UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact name of Registrant as specified in charter)

730 Third Avenue, New York, New York 10017-3206

(Address of Principal Executive Offices) (Zip code)

Terry H. Lin, Esq.

TIAA-CREF Funds

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-490-9000

Date of fiscal year end: May 31

Date of reporting period: February 28, 2017

Item 1. Schedule of Investments.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle Retirement Income Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
DIRECT REAL ESTATE - 0.6%
288,545	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $2,929,041)	$	2,931,616
		TOTAL DIRECT REAL ESTATE		2,931,616
FIXED INCOME - 39.4%
9,363,866		TIAA-CREF Bond Fund		96,635,094
5,820,066		TIAA-CREF Bond Plus Fund		60,412,289
872,497		TIAA-CREF Emerging Markets Debt Fund		8,786,049
936,237		TIAA-CREF High-Yield Fund		9,259,384
959,394		TIAA-CREF International Bond Fund		9,229,371
		TOTAL FIXED INCOME		184,322,187
INFLATION-PROTECTED ASSETS - 9.9%
4,036,958		TIAA-CREF Inflation-Linked Bond Fund		46,303,905
		TOTAL INFLATION-PROTECTED ASSETS		46,303,905
INTERNATIONAL EQUITY - 11.9%
839,742		TIAA-CREF Emerging Markets Equity Fund		8,422,612
2,215,523		TIAA-CREF Enhanced International Equity Index Fund		15,508,660
1,185,887		TIAA-CREF International Equity Fund		12,511,105
1,125,808		TIAA-CREF International Opportunities Fund		11,989,854
665,643		TIAA-CREF International Small-Cap Equity Fund		7,062,477
		TOTAL INTERNATIONAL EQUITY		55,494,708
SHORT-TERM FIXED INCOME - 9.9%
4,481,018		TIAA-CREF Short-Term Bond Fund		46,333,729
		TOTAL SHORT-TERM FIXED INCOME		46,333,729
U.S. EQUITY - 27.9%
1,769,017		TIAA-CREF Enhanced Large-Cap Growth Index Fund		21,245,891
2,124,229		TIAA-CREF Enhanced Large-Cap Value Index Fund		21,475,956
2,089,086		TIAA-CREF Growth & Income Fund		26,761,196
1,425,475		TIAA-CREF Large-Cap Growth Fund		23,734,158
1,270,562		TIAA-CREF Large-Cap Value Fund		23,962,795
389,913		TIAA-CREF Small-Cap Equity Fund		7,439,546
497,921		TIAA-CREF Small/Mid-Cap Equity Fund		5,551,820
		TOTAL U.S. EQUITY		130,171,362
		TOTAL AFFILIATED INVESTMENT COMPANIES		465,557,507
		(Cost $431,494,923)
		TOTAL INVESTMENTS - 99.6%		465,557,507
		(Cost $431,494,923)
		OTHER ASSETS & LIABILITIES, NET - 0.4%		1,918,615
		NET ASSETS - 100.0%	$	467,476,122

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $2,931,616 or 0.6% of net assets.

1

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
DIRECT REAL ESTATE - 0.6%
750,832	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $7,620,279)	$	7,628,456
		TOTAL DIRECT REAL ESTATE		7,628,456
FIXED INCOME - 38.8%
23,346,397		TIAA-CREF Bond Fund		240,934,813
14,519,834		TIAA-CREF Bond Plus Fund		150,715,874
2,178,308		TIAA-CREF Emerging Markets Debt Fund		21,935,561
2,335,621		TIAA-CREF High-Yield Fund		23,099,290
2,390,502		TIAA-CREF International Bond Fund		22,996,631
		TOTAL FIXED INCOME		459,682,169
INFLATION-PROTECTED ASSETS - 8.6%
8,853,224		TIAA-CREF Inflation-Linked Bond Fund		101,546,476
		TOTAL INFLATION-PROTECTED ASSETS		101,546,476
INTERNATIONAL EQUITY - 12.9%
2,313,502		TIAA-CREF Emerging Markets Equity Fund		23,204,422
6,108,424		TIAA-CREF Enhanced International Equity Index Fund		42,758,968
3,260,746		TIAA-CREF International Equity Fund		34,400,869
3,103,715		TIAA-CREF International Opportunities Fund		33,054,560
1,827,990		TIAA-CREF International Small-Cap Equity Fund		19,394,972
		TOTAL INTERNATIONAL EQUITY		152,813,791
SHORT-TERM FIXED INCOME - 8.6%
9,828,877		TIAA-CREF Short-Term Bond Fund		101,630,592
		TOTAL SHORT-TERM FIXED INCOME		101,630,592
U.S. EQUITY - 30.2%
4,871,823		TIAA-CREF Enhanced Large-Cap Growth Index Fund		58,510,589
5,847,399		TIAA-CREF Enhanced Large-Cap Value Index Fund		59,117,203
5,746,114		TIAA-CREF Growth & Income Fund		73,607,724
3,929,706		TIAA-CREF Large-Cap Growth Fund		65,429,609
3,494,299		TIAA-CREF Large-Cap Value Fund		65,902,471
1,074,524		TIAA-CREF Small-Cap Equity Fund		20,501,926
1,374,430		TIAA-CREF Small/Mid-Cap Equity Fund		15,324,894
		TOTAL U.S. EQUITY		358,394,416
		TOTAL AFFILIATED INVESTMENT COMPANIES		1,181,695,900
		(Cost $1,039,949,147)
		TOTAL INVESTMENTS - 99.7%		1,181,695,900
		(Cost $1,039,949,147)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		3,913,039
		NET ASSETS - 100.0%	$	1,185,608,939

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $7,628,456 or 0.6% of net assets.

2

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
DIRECT REAL ESTATE - 0.7%
1,189,355	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $12,070,118)	$	12,083,851
		TOTAL DIRECT REAL ESTATE		12,083,851
FIXED INCOME - 37.8%
36,113,534		TIAA-CREF Bond Fund		372,691,676
22,458,888		TIAA-CREF Bond Plus Fund		233,123,253
3,369,611		TIAA-CREF Emerging Markets Debt Fund		33,931,978
3,616,577		TIAA-CREF High-Yield Fund		35,767,947
3,693,300		TIAA-CREF International Bond Fund		35,529,544
		TOTAL FIXED INCOME		711,044,398
INFLATION-PROTECTED ASSETS - 6.6%
10,808,553		TIAA-CREF Inflation-Linked Bond Fund		123,974,106
		TOTAL INFLATION-PROTECTED ASSETS		123,974,106
INTERNATIONAL EQUITY - 14.4%
4,098,466		TIAA-CREF Emerging Markets Equity Fund		41,107,613
10,796,158		TIAA-CREF Enhanced International Equity Index Fund		75,573,103
5,765,297		TIAA-CREF International Equity Fund		60,823,882
5,500,946		TIAA-CREF International Opportunities Fund		58,585,071
3,249,185		TIAA-CREF International Small-Cap Equity Fund		34,473,853
		TOTAL INTERNATIONAL EQUITY		270,563,522
SHORT-TERM FIXED INCOME - 6.6%
11,996,442		TIAA-CREF Short-Term Bond Fund		124,043,214
		TOTAL SHORT-TERM FIXED INCOME		124,043,214
U.S. EQUITY - 33.8%
8,625,964		TIAA-CREF Enhanced Large-Cap Growth Index Fund		103,597,822
10,352,824		TIAA-CREF Enhanced Large-Cap Value Index Fund		104,667,049
10,185,997		TIAA-CREF Growth & Income Fund		130,482,627
6,968,255		TIAA-CREF Large-Cap Growth Fund		116,021,440
6,197,211		TIAA-CREF Large-Cap Value Fund		116,879,397
1,906,416		TIAA-CREF Small-Cap Equity Fund		36,374,409
2,439,770		TIAA-CREF Small/Mid-Cap Equity Fund		27,203,432
		TOTAL U.S. EQUITY		635,226,176
		TOTAL AFFILIATED INVESTMENT COMPANIES		1,876,935,267
		(Cost $1,847,550,878)
		TOTAL INVESTMENTS - 99.9%		1,876,935,267
		(Cost $1,847,550,878)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		2,687,557
		NET ASSETS - 100.0%	$	1,879,622,824

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $12,083,851 or 0.7% of net assets.

3

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.5%(a)
DIRECT REAL ESTATE - 0.6%
2,124,396	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $21,562,410)	$	21,583,862
		TOTAL DIRECT REAL ESTATE		21,583,862
FIXED INCOME - 34.6%
60,014,141		TIAA-CREF Bond Fund		619,345,933
37,354,242		TIAA-CREF Bond Plus Fund		387,737,027
5,598,502		TIAA-CREF Emerging Markets Debt Fund		56,376,916
6,006,253		TIAA-CREF High-Yield Fund		59,401,844
6,112,495		TIAA-CREF International Bond Fund		58,802,200
		TOTAL FIXED INCOME		1,181,663,920
INFLATION-PROTECTED ASSETS - 4.6%
13,689,256		TIAA-CREF Inflation-Linked Bond Fund		157,015,767
		TOTAL INFLATION-PROTECTED ASSETS		157,015,767
INTERNATIONAL EQUITY - 16.5%
8,530,135		TIAA-CREF Emerging Markets Equity Fund		85,557,259
22,340,078		TIAA-CREF Enhanced International Equity Index Fund		156,380,543
12,048,471		TIAA-CREF International Equity Fund		127,111,370
11,418,535		TIAA-CREF International Opportunities Fund		121,607,394
6,748,734		TIAA-CREF International Small-Cap Equity Fund		71,604,072
		TOTAL INTERNATIONAL EQUITY		562,260,638
SHORT-TERM FIXED INCOME - 4.6%
15,191,111		TIAA-CREF Short-Term Bond Fund		157,076,087
		TOTAL SHORT-TERM FIXED INCOME		157,076,087
U.S. EQUITY - 38.6%
17,868,156		TIAA-CREF Enhanced Large-Cap Growth Index Fund		214,596,552
21,446,986		TIAA-CREF Enhanced Large-Cap Value Index Fund		216,829,032
21,160,815		TIAA-CREF Growth & Income Fund		271,070,037
14,480,180		TIAA-CREF Large-Cap Growth Fund		241,095,005
12,882,789		TIAA-CREF Large-Cap Value Fund		242,969,402
3,965,741		TIAA-CREF Small-Cap Equity Fund		75,666,337
5,064,727		TIAA-CREF Small/Mid-Cap Equity Fund		56,471,704
		TOTAL U.S. EQUITY		1,318,698,069
		TOTAL AFFILIATED INVESTMENT COMPANIES		3,398,298,343
		(Cost $3,305,992,287)
		TOTAL INVESTMENTS - 99.5%		3,398,298,343
		(Cost $3,305,992,287)
		OTHER ASSETS & LIABILITIES, NET - 0.5%		15,981,107
		NET ASSETS - 100.0%	$	3,414,279,450

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $21,583,862 or 0.6% of net assets.

4

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.5%(a)
DIRECT REAL ESTATE - 0.6%
2,267,516	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $23,017,231)	$	23,037,958
		TOTAL DIRECT REAL ESTATE		23,037,958
FIXED INCOME - 30.5%
56,548,175		TIAA-CREF Bond Fund		583,577,164
35,246,087		TIAA-CREF Bond Plus Fund		365,854,378
5,281,397		TIAA-CREF Emerging Markets Debt Fund		53,183,668
5,669,093		TIAA-CREF High-Yield Fund		56,067,326
5,722,919		TIAA-CREF International Bond Fund		55,054,483
		TOTAL FIXED INCOME		1,113,737,019
INFLATION-PROTECTED ASSETS - 2.6%
8,343,562		TIAA-CREF Inflation-Linked Bond Fund		95,700,651
		TOTAL INFLATION-PROTECTED ASSETS		95,700,651
INTERNATIONAL EQUITY - 18.9%
10,454,592		TIAA-CREF Emerging Markets Equity Fund		104,859,555
27,308,025		TIAA-CREF Enhanced International Equity Index Fund		191,156,175
14,764,198		TIAA-CREF International Equity Fund		155,762,293
14,009,239		TIAA-CREF International Opportunities Fund		149,198,392
8,282,278		TIAA-CREF International Small-Cap Equity Fund		87,874,972
		TOTAL INTERNATIONAL EQUITY		688,851,387
SHORT-TERM FIXED INCOME - 2.6%
9,264,614		TIAA-CREF Short-Term Bond Fund		95,796,114
		TOTAL SHORT-TERM FIXED INCOME		95,796,114
U.S. EQUITY - 44.3%
21,855,372		TIAA-CREF Enhanced Large-Cap Growth Index Fund		262,483,023
26,219,327		TIAA-CREF Enhanced Large-Cap Value Index Fund		265,077,398
25,917,122		TIAA-CREF Growth & Income Fund		331,998,331
17,739,655		TIAA-CREF Large-Cap Growth Fund		295,365,253
15,814,322		TIAA-CREF Large-Cap Value Fund		298,258,106
4,861,434		TIAA-CREF Small-Cap Equity Fund		92,756,167
6,208,052		TIAA-CREF Small/Mid-Cap Equity Fund		69,219,776
		TOTAL U.S. EQUITY		1,615,158,054
		TOTAL AFFILIATED INVESTMENT COMPANIES		3,632,281,183
		(Cost $3,492,723,490)
		TOTAL INVESTMENTS - 99.5%		3,632,281,183
		(Cost $3,492,723,490)
		OTHER ASSETS & LIABILITIES, NET - 0.5%		17,140,963
		NET ASSETS - 100.0%	$	3,649,422,146

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $23,037,958 or 0.6% of net assets.

5

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
DIRECT REAL ESTATE - 0.6%
2,209,939	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $22,433,560)	$	22,452,983
		TOTAL DIRECT REAL ESTATE		22,452,983
FIXED INCOME - 26.5%
47,830,006		TIAA-CREF Bond Fund		493,605,657
29,869,974		TIAA-CREF Bond Plus Fund		310,050,327
4,477,323		TIAA-CREF Emerging Markets Debt Fund		45,086,639
4,804,361		TIAA-CREF High-Yield Fund		47,515,126
4,802,573		TIAA-CREF International Bond Fund		46,200,753
		TOTAL FIXED INCOME		942,458,502
INFLATION-PROTECTED ASSETS - 0.6%
2,012,748		TIAA-CREF Inflation-Linked Bond Fund		23,086,217
		TOTAL INFLATION-PROTECTED ASSETS		23,086,217
INTERNATIONAL EQUITY - 21.3%
11,538,009		TIAA-CREF Emerging Markets Equity Fund		115,726,227
30,047,324		TIAA-CREF Enhanced International Equity Index Fund		210,331,268
16,290,728		TIAA-CREF International Equity Fund		171,867,185
15,447,584		TIAA-CREF International Opportunities Fund		164,516,765
9,141,849		TIAA-CREF International Small-Cap Equity Fund		96,995,023
		TOTAL INTERNATIONAL EQUITY		759,436,468
SHORT-TERM FIXED INCOME - 0.7%
2,233,297		TIAA-CREF Short-Term Bond Fund		23,092,295
		TOTAL SHORT-TERM FIXED INCOME		23,092,295
U.S. EQUITY - 50.0%
24,049,879		TIAA-CREF Enhanced Large-Cap Growth Index Fund		288,839,044
28,869,072		TIAA-CREF Enhanced Large-Cap Value Index Fund		291,866,320
28,632,100		TIAA-CREF Growth & Income Fund		366,777,204
19,573,522		TIAA-CREF Large-Cap Growth Fund		325,899,136
17,429,465		TIAA-CREF Large-Cap Value Fund		328,719,707
5,358,424		TIAA-CREF Small-Cap Equity Fund		102,238,737
6,842,660		TIAA-CREF Small/Mid-Cap Equity Fund		76,295,656
		TOTAL U.S. EQUITY		1,780,635,804
		TOTAL AFFILIATED INVESTMENT COMPANIES		3,551,162,269
		(Cost $3,373,130,410)
		TOTAL INVESTMENTS - 99.7%		3,551,162,269
		(Cost $3,373,130,410)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		10,096,083
		NET ASSETS - 100.0%	$	3,561,258,352

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $22,452,983 or 0.6% of net assets.

6

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
DIRECT REAL ESTATE - 0.6%
2,228,326	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $22,621,188)	$	22,639,795
		TOTAL DIRECT REAL ESTATE		22,639,795
FIXED INCOME - 19.7%
35,822,546		TIAA-CREF Bond Fund		369,688,672
22,490,062		TIAA-CREF Bond Plus Fund		233,446,846
3,371,148		TIAA-CREF Emerging Markets Debt Fund		33,947,462
3,617,307		TIAA-CREF High-Yield Fund		35,775,165
3,519,379		TIAA-CREF International Bond Fund		33,856,430
		TOTAL FIXED INCOME		706,714,575
INTERNATIONAL EQUITY - 23.8%
12,954,981		TIAA-CREF Emerging Markets Equity Fund		129,938,455
33,690,868		TIAA-CREF Enhanced International Equity Index Fund		235,836,073
18,284,425		TIAA-CREF International Equity Fund		192,900,683
17,348,647		TIAA-CREF International Opportunities Fund		184,763,087
10,263,866		TIAA-CREF International Small-Cap Equity Fund		108,899,617
		TOTAL INTERNATIONAL EQUITY		852,337,915
U.S. EQUITY - 55.7%
26,974,149		TIAA-CREF Enhanced Large-Cap Growth Index Fund		323,959,528
32,377,466		TIAA-CREF Enhanced Large-Cap Value Index Fund		327,336,178
32,151,609		TIAA-CREF Growth & Income Fund		411,862,115
21,974,280		TIAA-CREF Large-Cap Growth Fund		365,871,754
19,562,765		TIAA-CREF Large-Cap Value Fund		368,953,757
6,017,295		TIAA-CREF Small-Cap Equity Fund		114,809,994
7,684,010		TIAA-CREF Small/Mid-Cap Equity Fund		85,676,711
		TOTAL U.S. EQUITY		1,998,470,037
		TOTAL AFFILIATED INVESTMENT COMPANIES		3,580,162,322
		(Cost $3,356,594,522)
		TOTAL INVESTMENTS - 99.8%		3,580,162,322
		(Cost $3,356,594,522)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		9,096,595
		NET ASSETS - 100.0%	$	3,589,258,917

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $22,639,795 or 0.6% of net assets.

7

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
DIRECT REAL ESTATE - 0.6%
2,782,171	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $28,242,700)	$	28,266,861
		TOTAL DIRECT REAL ESTATE		28,266,861
FIXED INCOME - 11.6%
26,384,112		TIAA-CREF Bond Fund		272,284,038
16,778,934		TIAA-CREF Bond Plus Fund		174,165,336
2,515,029		TIAA-CREF Emerging Markets Debt Fund		25,326,343
2,698,815		TIAA-CREF High-Yield Fund		26,691,281
2,438,797		TIAA-CREF International Bond Fund		23,461,227
		TOTAL FIXED INCOME		521,928,225
INTERNATIONAL EQUITY - 26.2%
17,849,913		TIAA-CREF Emerging Markets Equity Fund		179,034,626
46,347,285		TIAA-CREF Enhanced International Equity Index Fund		324,430,992
25,197,514		TIAA-CREF International Equity Fund		265,833,773
23,901,330		TIAA-CREF International Opportunities Fund		254,549,170
14,150,005		TIAA-CREF International Small-Cap Equity Fund		150,131,550
		TOTAL INTERNATIONAL EQUITY		1,173,980,111
U.S. EQUITY - 61.4%
37,105,543		TIAA-CREF Enhanced Large-Cap Growth Index Fund		445,637,566
44,541,021		TIAA-CREF Enhanced Large-Cap Value Index Fund		450,309,725
44,278,795		TIAA-CREF Growth & Income Fund		567,211,368
30,262,926		TIAA-CREF Large-Cap Growth Fund		503,877,724
26,939,004		TIAA-CREF Large-Cap Value Fund		508,069,607
8,285,518		TIAA-CREF Small-Cap Equity Fund		158,087,676
10,580,449		TIAA-CREF Small/Mid-Cap Equity Fund		117,972,004
		TOTAL U.S. EQUITY		2,751,165,670
		TOTAL AFFILIATED INVESTMENT COMPANIES		4,475,340,867
		(Cost $4,140,380,492)
		TOTAL INVESTMENTS - 99.8%		4,475,340,867
		(Cost $4,140,380,492)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		8,375,457
		NET ASSETS - 100.0%	$	4,483,716,324

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $28,266,861 or 0.6% of net assets.

8

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
DIRECT REAL ESTATE - 0.6%
1,280,187	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $12,998,807)	$	13,006,705
		TOTAL DIRECT REAL ESTATE		13,006,705
FIXED INCOME - 8.2%
8,544,815		TIAA-CREF Bond Fund		88,182,496
5,506,214		TIAA-CREF Bond Plus Fund		57,154,498
825,258		TIAA-CREF Emerging Markets Debt Fund		8,310,351
885,790		TIAA-CREF High-Yield Fund		8,760,459
738,130		TIAA-CREF International Bond Fund		7,100,809
		TOTAL FIXED INCOME		169,508,613
INTERNATIONAL EQUITY - 27.3%
8,582,128		TIAA-CREF Emerging Markets Equity Fund		86,078,747
22,261,152		TIAA-CREF Enhanced International Equity Index Fund		155,828,066
12,116,098		TIAA-CREF International Equity Fund		127,824,829
11,498,001		TIAA-CREF International Opportunities Fund		122,453,709
6,822,721		TIAA-CREF International Small-Cap Equity Fund		72,389,071
		TOTAL INTERNATIONAL EQUITY		564,574,422
U.S. EQUITY - 63.7%
17,797,321		TIAA-CREF Enhanced Large-Cap Growth Index Fund		213,745,829
21,364,031		TIAA-CREF Enhanced Large-Cap Value Index Fund		215,990,351
21,292,753		TIAA-CREF Growth & Income Fund		272,760,172
14,528,138		TIAA-CREF Large-Cap Growth Fund		241,893,491
12,936,515		TIAA-CREF Large-Cap Value Fund		243,982,674
3,974,600		TIAA-CREF Small-Cap Equity Fund		75,835,364
5,075,443		TIAA-CREF Small/Mid-Cap Equity Fund		56,591,187
		TOTAL U.S. EQUITY		1,320,799,068
		TOTAL AFFILIATED INVESTMENT COMPANIES		2,067,888,808
		(Cost $1,843,938,204)
		TOTAL INVESTMENTS - 99.8%		2,067,888,808
		(Cost $1,843,938,204)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		4,647,052
		NET ASSETS - 100.0%	$	2,072,535,860

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $13,006,705 or 0.6% of net assets.

9

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
DIRECT REAL ESTATE - 0.6%
798,994	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $8,113,335)	$	8,117,778
		TOTAL DIRECT REAL ESTATE		8,117,778
FIXED INCOME - 7.0%
4,524,303		TIAA-CREF Bond Fund		46,690,810
2,938,905		TIAA-CREF Bond Plus Fund		30,505,832
440,458		TIAA-CREF Emerging Markets Debt Fund		4,435,408
472,786		TIAA-CREF High-Yield Fund		4,675,858
374,313		TIAA-CREF International Bond Fund		3,600,892
		TOTAL FIXED INCOME		89,908,800
INTERNATIONAL EQUITY - 27.6%
5,438,755		TIAA-CREF Emerging Markets Equity Fund		54,550,714
14,103,899		TIAA-CREF Enhanced International Equity Index Fund		98,727,291
7,678,232		TIAA-CREF International Equity Fund		81,005,348
7,287,610		TIAA-CREF International Opportunities Fund		77,613,047
4,326,570		TIAA-CREF International Small-Cap Equity Fund		45,904,907
		TOTAL INTERNATIONAL EQUITY		357,801,307
U.S. EQUITY - 64.6%
11,274,901		TIAA-CREF Enhanced Large-Cap Growth Index Fund		135,411,560
13,536,059		TIAA-CREF Enhanced Large-Cap Value Index Fund		136,849,558
13,489,549		TIAA-CREF Growth & Income Fund		172,801,117
9,204,196		TIAA-CREF Large-Cap Growth Fund		153,249,871
8,196,119		TIAA-CREF Large-Cap Value Fund		154,578,809
2,517,163		TIAA-CREF Small-Cap Equity Fund		48,027,462
3,214,332		TIAA-CREF Small/Mid-Cap Equity Fund		35,839,801
		TOTAL U.S. EQUITY		836,758,178
		TOTAL AFFILIATED INVESTMENT COMPANIES		1,292,586,063
		(Cost $1,160,442,977)
		TOTAL INVESTMENTS - 99.8%		1,292,586,063
		(Cost $1,160,442,977)
		OTHER ASSETS & LIABILITIES, NET - 0.2%		2,921,941
		NET ASSETS - 100.0%	$	1,295,508,004

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $8,117,778 or 0.6% of net assets.

10

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2055 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2055 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
DIRECT REAL ESTATE - 0.6%
191,841	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $1,948,678)	$	1,949,106
		TOTAL DIRECT REAL ESTATE		1,949,106
FIXED INCOME - 5.7%
903,642		TIAA-CREF Bond Fund		9,325,589
593,693		TIAA-CREF Bond Plus Fund		6,162,532
88,939		TIAA-CREF Emerging Markets Debt Fund		895,615
95,581		TIAA-CREF High-Yield Fund		945,294
70,090		TIAA-CREF International Bond Fund		674,267
		TOTAL FIXED INCOME		18,003,297
INTERNATIONAL EQUITY - 28.0%
1,339,745		TIAA-CREF Emerging Markets Equity Fund		13,437,639
3,473,316		TIAA-CREF Enhanced International Equity Index Fund		24,313,211
1,891,422		TIAA-CREF International Equity Fund		19,954,500
1,796,417		TIAA-CREF International Opportunities Fund		19,131,838
1,069,322		TIAA-CREF International Small-Cap Equity Fund		11,345,502
		TOTAL INTERNATIONAL EQUITY		88,182,690
U.S. EQUITY - 65.3%
2,772,672		TIAA-CREF Enhanced Large-Cap Growth Index Fund		33,299,786
3,327,673		TIAA-CREF Enhanced Large-Cap Value Index Fund		33,642,775
3,317,277		TIAA-CREF Growth & Income Fund		42,494,321
2,263,351		TIAA-CREF Large-Cap Growth Fund		37,684,790
2,016,656		TIAA-CREF Large-Cap Value Fund		38,034,136
618,728		TIAA-CREF Small-Cap Equity Fund		11,805,322
789,053		TIAA-CREF Small/Mid-Cap Equity Fund		8,797,944
		TOTAL U.S. EQUITY		205,759,074
		TOTAL AFFILIATED INVESTMENT COMPANIES		313,894,167
		(Cost $290,457,688)
		TOTAL INVESTMENTS - 99.6%		313,894,167
		(Cost $290,457,688)
		OTHER ASSETS & LIABILITIES, NET - 0.4%		1,298,927
		NET ASSETS - 100.0%	$	315,193,094

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $1,949,106 or 0.6% of net assets.

11

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2060 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2060 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017
SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 96.2%(a)
DIRECT REAL ESTATE - 0.6%
16,027	(b)(c)	TIAA-CREF Real Property Fund LP (purchased 7/1/16-2/10/17, cost $162,885)	$	162,832
		TOTAL DIRECT REAL ESTATE		162,832
FIXED INCOME - 4.4%
61,078		TIAA-CREF Bond Fund		630,327
40,821		TIAA-CREF Bond Plus Fund		423,727
6,117		TIAA-CREF Emerging Markets Debt Fund		61,598
6,571		TIAA-CREF High-Yield Fund		64,984
4,251		TIAA-CREF International Bond Fund		40,898
		TOTAL FIXED INCOME		1,221,534
INTERNATIONAL EQUITY - 27.4%
116,948		TIAA-CREF Emerging Markets Equity Fund		1,172,984
303,261		TIAA-CREF Enhanced International Equity Index Fund		2,122,825
165,088		TIAA-CREF International Equity Fund		1,741,677
156,853		TIAA-CREF International Opportunities Fund		1,670,488
93,691		TIAA-CREF International Small-Cap Equity Fund		994,062
		TOTAL INTERNATIONAL EQUITY		7,702,036
U.S. EQUITY - 63.8%
241,401		TIAA-CREF Enhanced Large-Cap Growth Index Fund		2,899,222
289,501		TIAA-CREF Enhanced Large-Cap Value Index Fund		2,926,851
288,899		TIAA-CREF Growth & Income Fund		3,700,799
197,119		TIAA-CREF Large-Cap Growth Fund		3,282,029
175,695		TIAA-CREF Large-Cap Value Fund		3,313,612
53,875		TIAA-CREF Small-Cap Equity Fund		1,027,939
68,703		TIAA-CREF Small/Mid-Cap Equity Fund		766,035
		TOTAL U.S. EQUITY		17,916,487
		TOTAL AFFILIATED INVESTMENT COMPANIES		27,002,889
		(Cost $25,693,879)
		TOTAL INVESTMENTS - 96.2%		27,002,889
		(Cost $25,693,879)
		OTHER ASSETS & LIABILITIES, NET - 3.8%		1,076,126
		NET ASSETS - 100.0%	$	28,079,015

(a)	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds.
(b)	Indicates a security that has been deemed illiquid.
(c)	Restricted security. At 2/28/17, the total value of these securities amounted to $162,832 or 0.6% of net assets.

12

TIAA-CREF LIFECYCLE FUNDS – Notes to Schedules of Investments (unaudited)

Note 1—organization and significant accounting policies

The Lifecycle Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to five share classes, although any one Fund may not necessarily offer all five classes. The Funds may offer Institutional, Advisor, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying schedules of investments were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The following is a summary of the significant accounting policies consistently followed by the Funds.

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of investments.

Investment transactions: Security transactions are accounted for as of the trade date for financial reporting purposes. 

New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10234, Investment Company Swing Pricing. This rule permits certain funds to use swing pricing during periods of heavy redemptions and requires certain disclosures regarding the use of swing pricing in forms filed with the Commission. Management may elect to adopt the provisions of this final rule by November 19, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)

• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the schedules of investments.

13

TIAA-CREF LIFECYCLE FUNDS – Notes to Schedules of Investments (unaudited)

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Investments in unregistered limited partnerships: These investments are measured at fair value as of the valuation date using the NAV per share practical expedient and are not categorized within the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the period ended February 28, 2017, there were no transfers between levels by the Funds.

The following table summarizes the market value of the Funds’ investments as of February 28, 2017, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Fair Value using Practical Expedient (a)		Total
Lifecycle Retirement Income
Registered investment companies	$	462,625,891	$	—	$	—	$	—	$	462,625,891
TIAA-CREF Real Property Fund LP		—		—		—		2,931,616		2,931,616
Total	$	462,625,891	$	—	$	—	$	2,931,616	$	465,557,507
Lifecycle 2010
Registered investment companies	$	1,174,067,444	$	—	$	—	$	—	$	1,174,067,444
TIAA-CREF Real Property Fund LP		—		—		—		7,628,456		7,628,456
Total	$	1,174,067,444	$	—	$	—	$	7,628,456	$	1,181,695,900
Lifecycle 2015
Registered investment companies	$	1,864,851,416	$	—	$	—	$	—	$	1,864,851,416
TIAA-CREF Real Property Fund LP		—		—		—		12,083,851		12,083,851
Total	$	1,864,851,416	$	—	$	—	$	12,083,851	$	1,876,935,267
Lifecycle 2020
Registered investment companies	$	3,376,714,481	$	—	$	—	$	—	$	3,376,714,481
TIAA-CREF Real Property Fund LP		—		—		—		21,583,862		21,583,862
Total	$	3,376,714,481	$	—	$	—	$	21,583,862	$	3,398,298,343
Lifecycle 2025
Registered investment companies	$	3,609,243,225	$	—	$	—	$	—	$	3,609,243,225
TIAA-CREF Real Property Fund LP		—		—		—		23,037,958		23,037,958
Total	$	3,609,243,225	$	—	$	—	$	23,037,958	$	3,632,281,183
Lifecycle 2030
Registered investment companies	$	3,528,709,286	$	—	$	—	$	—	$	3,528,709,286
TIAA-CREF Real Property Fund LP		—		—		—		22,452,983		22,452,983
Total	$	3,528,709,286	$	—	$	—	$	22,452,983	$	3,551,162,269
Lifecycle 2035
Registered investment companies	$	3,557,522,527	$	—	$	—	$	—	$	3,557,522,527
TIAA-CREF Real Property Fund LP		—		—		—		22,639,795		22,639,795
Total	$	3,557,522,527	$	—	$	—	$	22,639,795	$	3,580,162,322
Lifecycle 2040
Registered investment companies	$	4,447,074,006	$	—	$	—	$	—	$	4,447,074,006
TIAA-CREF Real Property Fund LP		—		—		—		28,266,861		28,266,861
Total	$	4,447,074,006	$	—	$	—	$	28,266,861	$	4,475,340,867
Lifecycle 2045
Registered investment companies	$	2,054,882,103	$	—	$	—	$	—	$	2,054,882,103
TIAA-CREF Real Property Fund LP		—		—		—		13,006,705		13,006,705
Total	$	2,054,882,103	$	—	$	—	$	13,006,705	$	2,067,888,808

14

TIAA-CREF LIFECYCLE FUNDS – Notes to Schedules of Investments (unaudited)

Fund	Level 1		Level 2		Level 3		Fair Value using Practical Expedient (a)		Total
Lifecycle 2050
Registered investment companies	$	1,284,468,285	$	—	$	—	$	—	$	1,284,468,285
TIAA-CREF Real Property Fund LP		—		—		—		8,117,778		8,117,778
Total	$	1,284,468,285	$	—	$	—	$	8,117,778	$	1,292,586,063
Lifecycle 2055
Registered investment companies	$	311,945,061	$	—	$	—	$	—	$	311,945,061
TIAA-CREF Real Property Fund LP		—		—		—		1,949,106		1,949,106
Total	$	311,945,061	$	—	$	—	$	1,949,106	$	313,894,167
Lifecycle 2060
Registered investment companies	$	26,840,057	$	—	$	—	$	—	$	26,840,057
TIAA-CREF Real Property Fund LP		—		—		—		162,832		162,832
Total	$	26,840,057	$	—	$	—	$	162,832	$	27,002,889

^(a) In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the schedules of investments.

Note 3—investment adviser and affiliates

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds and the TIAA-CREF Real Property Fund LP. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at February 28, 2017
Lifecycle Retirement Income Fund
TIAA-CREF Bond	$	98,853,644	$	21,294,070	$	22,176,552	$	803,407		$	1,997,083	$	96,635,094
TIAA-CREF Bond Plus		43,498,213		18,836,722		1,094,481		519,158			1,148,198		60,412,289
TIAA-CREF Emerging Markets Debt		3,956,958		4,905,678		315,602		14,372			236,626		8,786,049
TIAA-CREF Emerging Markets Equity		8,665,114		2,237,169		3,896,921		(422,339	)		83,937		8,422,612
TIAA-CREF Enhanced International Equity Index		12,773,201		4,739,860		2,340,607		(211,525	)		432,252		15,508,660
TIAA-CREF Enhanced Large-Cap Growth Index		19,865,585		3,708,047		4,265,412		444,867			300,387		21,245,891
TIAA-CREF Enhanced Large-Cap Value Index		19,059,727		4,724,775		3,871,159		919,151			428,473		21,475,956
TIAA-CREF Global Natural Resources		2,401,177		397,733		3,044,301		(179,064	)		10,967		—
TIAA-CREF Growth & Income		17,561,975		8,959,558		1,994,636		399,587			203,256		26,761,196
TIAA-CREF High-Yield		11,871,555		1,146,411		4,409,087		(291,338	)		425,404		9,259,384
TIAA-CREF Inflation-Linked Bond		39,458,747		8,752,657		1,830,865		(4,536	)		653,638		46,303,905
TIAA-CREF International Bond		—		9,546,257		92,209		1,260			144,640		9,229,371
TIAA-CREF International Equity		15,123,136		3,528,348		6,329,397		(71,008	)		201,296		12,511,105
TIAA-CREF International Opportunities		11,809,637		2,791,909		3,304,517		(81,948	)		164,605		11,989,854
TIAA-CREF International Small-Cap Equity		—		6,948,238		3,210		—			—		7,062,477
TIAA-CREF Large-Cap Growth		21,142,253		4,024,180		2,942,418		250,655			127,448		23,734,158
TIAA-CREF Large-Cap Value		20,329,472		4,079,896		3,167,133		568,376			389,290		23,962,795
TIAA-CREF Mid-Cap Growth		927,828		142,619		1,080,831		59,004			910		—
TIAA-CREF Mid-Cap Value		978,407		205,888		1,234,403		110,118			4,072		—
TIAA-CREF Money Market		27,929		58		27,987		—			66		—
TIAA-CREF Real Property Fund LP(a)		—		2,929,041		—		—			53,772		2,931,616
TIAA-CREF Short-Term Bond		39,504,069		8,379,503		1,547,188		1,079			563,096		46,333,729
TIAA-CREF Small-Cap Equity		8,373,987		1,042,302		3,410,671		260,771			66,473		7,439,546
TIAA-CREF Small/Mid-Cap Equity		—		5,129,697		130,909		1,202			10,233		5,551,820
	$	396,182,614	$	128,450,616	$	72,510,496	$	3,091,249		$	7,646,122	$	465,557,507

15

TIAA-CREF LIFECYCLE FUNDS – Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at February 28, 2017
Lifecycle 2010 Fund
TIAA-CREF Bond	$	265,160,510	$	43,926,900	$	64,754,029	$	2,443,584		$	5,228,780	$	240,934,813
TIAA-CREF Bond Plus		120,650,562		38,572,039		6,414,678		1,283,695			3,043,194		150,715,874
TIAA-CREF Emerging Markets Debt		10,965,127		12,443,557		2,109,262		5,301			631,173		21,935,561
TIAA-CREF Emerging Markets Equity		26,167,411		4,973,543		12,119,717		(887,058	)		240,833		23,204,422
TIAA-CREF Enhanced International Equity Index		39,090,264		11,444,217		8,718,688		(354,869	)		1,243,840		42,758,968
TIAA-CREF Enhanced Large-Cap Growth Index		61,164,659		5,925,495		14,214,960		2,385,858			867,128		58,510,589
TIAA-CREF Enhanced Large-Cap Value Index		58,648,827		10,032,727		14,145,627		3,485,879			1,235,806		59,117,203
TIAA-CREF Global Natural Resources		7,333,405		951,676		9,045,025		(427,500	)		34,779		—
TIAA-CREF Growth & Income		53,771,171		21,322,317		7,915,270		1,302,399			602,028		73,607,724
TIAA-CREF High-Yield		32,949,334		2,063,584		13,669,492		(572,821	)		1,137,453		23,099,290
TIAA-CREF Inflation-Linked Bond		91,439,259		15,853,980		5,594,963		(43,701	)		1,479,175		101,546,476
TIAA-CREF International Bond		—		24,483,540		890,687		(30,217	)		374,185		22,996,631
TIAA-CREF International Equity		45,598,666		7,753,004		19,453,585		604,742			577,647		34,400,869
TIAA-CREF International Opportunities		36,137,062		5,928,163		10,987,642		(219,859	)		475,108		33,054,560
TIAA-CREF International Small-Cap Equity		—		19,118,832		54,038		83			—		19,394,972
TIAA-CREF Large-Cap Growth		64,568,080		8,384,001		11,816,186		1,071,085			366,163		65,429,609
TIAA-CREF Large-Cap Value		62,178,355		8,145,237		12,366,593		2,414,986			1,116,225		65,902,471
TIAA-CREF Mid-Cap Growth		3,018,440		239,069		3,296,891		541,689			2,607		—
TIAA-CREF Mid-Cap Value		3,164,059		441,639		3,762,655		756,532			10,895		—
TIAA-CREF Money Market		58,970		—		58,970		—			139		—
TIAA-CREF Real Property Fund LP(a)		—		7,620,279		—		—			141,742		7,628,456
TIAA-CREF Short-Term Bond		91,537,031		15,664,365		5,569,051		(16,706	)		1,284,913		101,630,592
TIAA-CREF Small-Cap Equity		25,612,568		1,768,526		11,104,859		1,818,241			191,487		20,501,926
TIAA-CREF Small/Mid-Cap Equity		—		14,427,780		692,074		4,800			28,267		15,324,894
	$	1,099,213,760	$	281,484,470	$	238,754,942	$	15,566,143		$	20,313,567	$	1,181,695,900
Lifecycle 2015 Fund
TIAA-CREF Bond	$	404,396,208	$	64,633,710	$	90,993,596	$	4,554,974		$	8,030,551	$	372,691,676
TIAA-CREF Bond Plus		191,900,432		54,465,041		10,057,969		2,312,482			4,770,349		233,123,253
TIAA-CREF Emerging Markets Debt		17,475,792		18,364,773		2,922,706		162,729			990,421		33,931,978
TIAA-CREF Emerging Markets Equity		45,799,688		7,224,206		19,271,321		(512,473	)		425,349		41,107,613
TIAA-CREF Enhanced International Equity Index		69,211,377		17,854,766		13,174,168		382,348			2,198,898		75,573,103
TIAA-CREF Enhanced Large-Cap Growth Index		108,836,814		8,924,647		24,158,767		6,909,690			1,538,006		103,597,822
TIAA-CREF Enhanced Large-Cap Value Index		104,471,225		15,254,297		23,201,481		9,269,907			2,192,965		104,667,049
TIAA-CREF Global Natural Resources		13,002,310		1,079,638		15,495,802		(3,321,428	)		68,163		—
TIAA-CREF Growth & Income		95,225,675		35,866,919		11,994,304		5,239,649			1,067,246		130,482,627
TIAA-CREF High-Yield		52,373,829		3,293,440		22,676,073		(529,676	)		1,788,809		35,767,947
TIAA-CREF Inflation-Linked Bond		110,635,787		19,547,002		6,011,424		166,634			1,802,038		123,974,106
TIAA-CREF International Bond		—		37,778,021		1,322,928		20,209			579,478		35,529,544
TIAA-CREF International Equity		79,456,592		11,924,307		31,454,296		1,284,593			1,028,039		60,823,882
TIAA-CREF International Opportunities		63,893,225		9,201,423		18,032,460		552,297			841,194		58,585,071
TIAA-CREF International Small-Cap Equity		—		33,979,744		88,132		1,898			—		34,473,853
TIAA-CREF Large-Cap Growth		114,205,838		12,012,150		17,805,063		6,645,691			650,364		116,021,440
TIAA-CREF Large-Cap Value		110,112,680		14,115,782		21,455,653		7,842,269			1,984,289		116,879,397
TIAA-CREF Mid-Cap Growth		5,635,748		190,794		5,906,185		(387,758	)		4,650		—
TIAA-CREF Mid-Cap Value		5,936,923		624,072		6,846,218		394,195			21,516		—
TIAA-CREF Money Market		143,165		—		143,165		—			336		—
TIAA-CREF Real Property Fund LP(a)		—		12,070,118		—		—			224,527		12,083,851
TIAA-CREF Short-Term Bond		110,751,814		18,830,897		5,533,929		34,167			1,561,188		124,043,214
TIAA-CREF Small-Cap Equity		45,343,588		3,060,949		19,529,601		3,180,947			339,590		36,374,409
TIAA-CREF Small/Mid-Cap Equity		—		25,317,018		920,134		112,821			50,173		27,203,432
	$	1,748,808,710	$	425,613,714	$	368,995,375	$	44,316,165		$	32,158,139	$	1,876,935,267

16

TIAA-CREF LIFECYCLE FUNDS – Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at February 28, 2017
Lifecycle 2020 Fund
TIAA-CREF Bond	$	587,689,841	$	127,706,901	$	86,637,882	$	6,898,573		$	12,457,794	$	619,345,933
TIAA-CREF Bond Plus		327,980,305		74,294,454		9,634,703		3,711,192			8,000,366		387,737,027
TIAA-CREF Emerging Markets Debt		29,796,731		28,600,233		3,793,638		281,578			1,663,112		56,376,916
TIAA-CREF Emerging Markets Equity		88,691,511		17,531,492		35,368,174		930,862			863,596		85,557,259
TIAA-CREF Enhanced International Equity Index		136,317,741		38,993,586		22,391,092		862,082			4,481,116		156,380,543
TIAA-CREF Enhanced Large-Cap Growth Index		215,411,553		22,324,761		43,407,046		13,847,812			3,142,007		214,596,552
TIAA-CREF Enhanced Large-Cap Value Index		206,828,175		33,684,126		40,086,032		18,717,279			4,481,716		216,829,032
TIAA-CREF Global Natural Resources		25,561,070		1,871,122		30,372,816		(5,388,344	)		153,485		—
TIAA-CREF Growth & Income		187,324,563		76,293,330		15,757,701		8,551,139			2,149,880		271,070,037
TIAA-CREF High-Yield		89,540,623		6,145,770		41,014,016		(582,130	)		3,026,534		59,401,844
TIAA-CREF Inflation-Linked Bond		129,580,963		31,941,837		4,189,563		147,402			2,225,304		157,015,767
TIAA-CREF International Bond		—		61,806,462		1,533,152		30,731			937,614		58,802,200
TIAA-CREF International Equity		153,837,856		26,764,074		55,405,086		3,707,871			2,102,102		127,111,370
TIAA-CREF International Opportunities		126,057,036		20,443,730		32,180,389		1,480,923			1,712,265		121,607,394
TIAA-CREF International Small-Cap Equity		—		70,624,849		228,470		4,644			—		71,604,072
TIAA-CREF Large-Cap Growth		224,869,274		27,819,855		27,176,026		11,575,374			1,329,697		241,095,005
TIAA-CREF Large-Cap Value		216,422,866		27,509,975		29,412,454		13,864,778			4,056,989		242,969,402
TIAA-CREF Mid-Cap Growth		11,780,960		442,950		12,387,936		(787,833	)		9,507		—
TIAA-CREF Mid-Cap Value		12,293,336		1,324,352		14,213,772		883,676			44,186		—
TIAA-CREF Money Market		191,615		—		191,615		—			450		—
TIAA-CREF Real Property Fund LP(a)		—		21,562,410		—		—			399,036		21,583,862
TIAA-CREF Short-Term Bond		129,717,610		30,699,200		3,322,418		39,177			1,894,423		157,076,087
TIAA-CREF Small-Cap Equity		89,216,033		6,847,689		35,496,765		6,531,740			694,316		75,666,337
TIAA-CREF Small/Mid-Cap Equity		—		52,094,892		1,343,112		171,356			102,597		56,471,704
	$	2,989,109,662	$	807,328,050	$	545,543,858	$	85,479,882		$	55,928,092	$	3,398,298,343
Lifecycle 2025 Fund
TIAA-CREF Bond	$	485,791,745	$	143,174,599	$	35,967,123	$	5,735,188		$	10,999,743	$	583,577,164
TIAA-CREF Bond Plus		340,100,452		63,622,369		33,705,316		4,141,515			7,890,062		365,854,378
TIAA-CREF Emerging Markets Debt		30,953,848		24,466,907		4,068,093		292,489			1,651,172		53,183,668
TIAA-CREF Emerging Markets Equity		103,594,328		20,715,181		36,933,532		1,858,450			1,044,390		104,859,555
TIAA-CREF Enhanced International Equity Index		161,459,364		48,656,804		23,212,897		1,164,192			5,418,344		191,156,175
TIAA-CREF Enhanced Large-Cap Growth Index		255,718,567		31,156,450		48,874,097		16,674,765			3,804,037		262,483,023
TIAA-CREF Enhanced Large-Cap Value Index		245,813,214		43,828,251		44,258,709		22,118,944			5,429,050		265,077,398
TIAA-CREF Global Natural Resources		30,356,346		1,668,320		35,619,785		(5,887,469	)		201,093		—
TIAA-CREF Growth & Income		221,616,622		94,911,118		12,589,842		8,866,848			2,579,223		331,998,331
TIAA-CREF High-Yield		92,840,148		6,261,631		47,795,023		(2,184,013	)		3,022,847		56,067,326
TIAA-CREF Inflation-Linked Bond		72,681,300		24,959,744		1,695,685		50,741			1,322,687		95,700,651
TIAA-CREF International Bond		—		58,197,568		1,786,046		31,270			866,356		55,054,483
TIAA-CREF International Equity		179,452,421		33,941,835		59,795,797		5,567,919			2,547,705		155,762,293
TIAA-CREF International Opportunities		149,104,951		26,448,341		35,112,523		1,815,489			2,075,786		149,198,392
TIAA-CREF International Small-Cap Equity		—		86,397,646		—		—			—		87,874,972
TIAA-CREF Large-Cap Growth		266,991,118		36,600,055		27,100,906		12,674,446			1,612,777		295,365,253
TIAA-CREF Large-Cap Value		256,113,199		36,872,338		28,993,919		15,594,409			4,915,932		298,258,106
TIAA-CREF Mid-Cap Growth		14,587,395		279,319		15,096,311		(997,128	)		12,702		—
TIAA-CREF Mid-Cap Value		15,232,992		1,689,952		17,654,978		1,344,954			53,230		—
TIAA-CREF Money Market		187,767		—		187,767		—			442		—
TIAA-CREF Real Property Fund LP(a)		—		23,017,231		—		—			423,009		23,037,958
TIAA-CREF Short-Term Bond		72,742,135		24,589,560		1,519,440		20,005			1,103,254		95,796,114
TIAA-CREF Small-Cap Equity		105,557,243		8,220,025		39,117,726		8,218,574			842,137		92,756,167
TIAA-CREF Small/Mid-Cap Equity		—		63,419,486		1,129,978		149,502			124,378		69,219,776
	$	3,100,895,155	$	903,094,730	$	552,215,493	$	97,251,090		$	57,940,356	$	3,632,281,183

17

TIAA-CREF LIFECYCLE FUNDS – Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at February 28, 2017
Lifecycle 2030 Fund
TIAA-CREF Bond	$	372,704,851	$	144,714,226	$	15,509,459	$	4,632,196		$	8,875,909	$	493,605,657
TIAA-CREF Bond Plus		302,714,825		58,155,621		47,505,059		3,929,209			6,850,240		310,050,327
TIAA-CREF Emerging Markets Debt		29,703,298		17,239,512		3,594,202		246,487			1,497,861		45,086,639
TIAA-CREF Emerging Markets Equity		110,902,295		23,975,041		38,074,267		2,156,268			1,139,836		115,726,227
TIAA-CREF Enhanced International Equity Index		174,378,746		54,796,605		23,452,077		1,253,337			5,910,661		210,331,268
TIAA-CREF Enhanced Large-Cap Growth Index		278,299,091		33,141,783		49,333,165		17,960,904			4,154,930		288,839,044
TIAA-CREF Enhanced Large-Cap Value Index		267,047,746		49,409,701		46,033,140		24,391,885			5,920,769		291,866,320
TIAA-CREF Global Natural Resources		32,692,412		1,545,074		38,215,246		(6,311,104	)		232,416		—
TIAA-CREF Growth & Income		239,568,748		107,078,153		10,480,607		8,954,610			2,805,226		366,777,204
TIAA-CREF High-Yield		89,336,192		5,753,879		52,003,000		(2,963,732	)		2,776,849		47,515,126
TIAA-CREF Inflation-Linked Bond		10,546,037		12,858,281		198,485		8,758			282,998		23,086,217
TIAA-CREF International Bond		—		48,653,472		1,323,360		16,564			720,585		46,200,753
TIAA-CREF International Equity		191,954,632		37,736,669		60,094,187		7,061,688			2,782,790		171,867,185
TIAA-CREF International Opportunities		161,407,803		29,221,744		35,568,012		1,852,757			2,284,032		164,516,765
TIAA-CREF International Small-Cap Equity		—		95,373,211		—		—			—		96,995,023
TIAA-CREF Large-Cap Growth		287,584,318		39,985,470		22,333,084		12,017,258			1,763,158		325,899,136
TIAA-CREF Large-Cap Value		276,844,555		38,607,562		23,911,556		15,513,484			5,390,137		328,719,707
TIAA-CREF Mid-Cap Growth		16,347,833		271,614		16,880,995		(955,252	)		13,885		—
TIAA-CREF Mid-Cap Value		17,012,011		1,984,036		19,805,177		1,793,254			58,268		—
TIAA-CREF Money Market		180,589		—		180,589		—			424		—
TIAA-CREF Real Property Fund LP(a)		—		22,433,560		—		—			410,475		22,452,983
TIAA-CREF Short-Term Bond		10,556,405		12,785,138		236,741		4,131			211,347		23,092,295
TIAA-CREF Small-Cap Equity		114,168,157		8,771,760		40,346,932		9,687,732			920,956		102,238,737
TIAA-CREF Small/Mid-Cap Equity		—		69,869,427		1,124,629		142,429			135,852		76,295,656
	$	2,983,950,544	$	914,361,539	$	546,203,969	$	101,392,863		$	55,139,604	$	3,551,162,269
Lifecycle 2035 Fund
TIAA-CREF Bond	$	235,271,603	$	154,744,292	$	13,630,629	$	3,380,262		$	6,210,886	$	369,688,672
TIAA-CREF Bond Plus		224,704,985		50,960,145		39,728,492		3,316,576			5,119,672		233,446,846
TIAA-CREF Emerging Markets Debt		29,766,147		7,457,991		4,992,397		296,582			1,337,409		33,947,462
TIAA-CREF Emerging Markets Equity		122,389,038		26,059,486		39,576,869		2,618,548			1,276,465		129,938,455
TIAA-CREF Enhanced International Equity Index		194,042,101		62,093,561		25,392,205		1,361,662			6,635,825		235,836,073
TIAA-CREF Enhanced Large-Cap Growth Index		309,556,439		38,766,197		54,146,821		20,476,205			4,653,572		323,959,528
TIAA-CREF Enhanced Large-Cap Value Index		297,853,067		55,578,363		49,960,440		27,242,592			6,646,730		327,336,178
TIAA-CREF Global Natural Resources		36,507,128		1,807,265		42,857,760		(6,951,544	)		273,192		—
TIAA-CREF Growth & Income		266,457,903		117,747,855		6,508,292		8,454,800			3,141,083		411,862,115
TIAA-CREF High-Yield		89,561,745		5,768,844		63,727,244		(3,830,522	)		2,543,987		35,775,165
TIAA-CREF International Bond		—		35,921,195		1,244,972		11,784			521,109		33,856,430
TIAA-CREF International Equity		211,630,120		41,392,798		62,614,333		8,267,704			3,122,840		192,900,683
TIAA-CREF International Opportunities		179,768,931		32,449,460		38,065,707		2,163,134			2,565,259		184,763,087
TIAA-CREF International Small-Cap Equity		—		107,083,786		5,176		122			—		108,899,617
TIAA-CREF Large-Cap Growth		320,878,807		44,018,893		22,103,912		12,576,751			1,981,837		365,871,754
TIAA-CREF Large-Cap Value		307,952,117		41,736,443		22,112,812		16,378,226			6,049,516		368,953,757
TIAA-CREF Mid-Cap Growth		18,663,797		434,217		19,400,343		(1,064,390	)		15,700		—
TIAA-CREF Mid-Cap Value		19,397,835		2,122,462		22,426,885		2,095,005			65,916		—
TIAA-CREF Money Market		186,540		—		186,540		—			438		—
TIAA-CREF Real Property Fund LP(a)		—		22,621,188		—		—			414,417		22,639,795
TIAA-CREF Small-Cap Equity		127,083,487		8,712,641		42,904,184		11,542,428			1,038,448		114,809,994
TIAA-CREF Small/Mid-Cap Equity		—		78,266,163		1,050,166		134,861			152,411		85,676,711
	$	2,991,671,790	$	935,743,245	$	572,636,179	$	108,470,786		$	53,766,712	$	3,580,162,322

18

TIAA-CREF LIFECYCLE FUNDS – Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at February 28, 2017
Lifecycle 2040 Fund
TIAA-CREF Bond	$	53,464,563	$	235,942,949	$	10,970,600	$	2,299,621		$	3,279,760	$	272,284,038
TIAA-CREF Bond Plus		225,442,975		67,533,428		117,462,345		3,732,231			4,573,623		174,165,336
TIAA-CREF Emerging Markets Debt		37,534,954		5,861,848		20,138,421		768,999			1,429,112		25,326,343
TIAA-CREF Emerging Markets Equity		168,424,155		36,093,672		54,417,694		3,289,184			1,752,775		179,034,626
TIAA-CREF Enhanced International Equity Index		268,694,767		82,573,994		33,780,363		1,966,145			9,127,631		324,430,992
TIAA-CREF Enhanced Large-Cap Growth Index		430,334,531		49,474,230		75,180,167		29,123,653			6,397,175		445,637,566
TIAA-CREF Enhanced Large-Cap Value Index		412,964,895		71,547,795		67,034,567		38,383,069			9,145,048		450,309,725
TIAA-CREF Global Natural Resources		50,410,054		2,351,407		59,097,187		(9,867,533	)		388,661		—
TIAA-CREF Growth & Income		369,005,125		158,005,501		6,747,356		10,900,476			4,322,559		567,211,368
TIAA-CREF High-Yield		112,821,648		5,356,106		96,293,240		(6,339,014	)		2,822,728		26,691,281
TIAA-CREF International Bond		—		25,530,457		1,503,069		(7,567	)		352,384		23,461,227
TIAA-CREF International Equity		290,671,577		53,797,386		81,868,197		12,018,399			4,295,378		265,833,773
TIAA-CREF International Opportunities		248,993,691		42,736,180		51,668,063		2,949,589			3,520,238		254,549,170
TIAA-CREF International Small-Cap Equity		—		147,627,531		—		—			—		150,131,550
TIAA-CREF Large-Cap Growth		444,206,138		56,375,168		28,404,283		17,206,271			2,727,558		503,877,724
TIAA-CREF Large-Cap Value		426,765,737		54,157,706		29,667,158		22,465,739			8,322,186		508,069,607
TIAA-CREF Mid-Cap Growth		26,411,918		346,093		27,194,866		(1,585,280	)		21,574		—
TIAA-CREF Mid-Cap Value		27,522,966		2,671,573		31,458,829		2,917,797			90,570		—
TIAA-CREF Money Market		273,445		—		273,445		—			644		—
TIAA-CREF Real Property Fund LP(a)		—		28,242,700		—		—			517,239		28,266,861
TIAA-CREF Small-Cap Equity		175,766,614		11,626,313		59,432,407		16,717,981			1,432,550		158,087,676
TIAA-CREF Small/Mid-Cap Equity		—		107,826,016		1,455,059		177,839			209,696		117,972,004
	$	3,769,709,753	$	1,245,678,053	$	854,047,316	$	147,117,599		$	64,729,089	$	4,475,340,867
Lifecycle 2045 Fund
TIAA-CREF Bond	$	—	$	94,613,651	$	4,273,403	$	553,440		$	853,631	$	88,182,496
TIAA-CREF Bond Plus		79,570,209		29,014,458		51,007,156		541,494			1,609,876		57,154,498
TIAA-CREF Emerging Markets Debt		15,998,547		2,462,352		11,023,814		216,883			582,312		8,310,351
TIAA-CREF Emerging Markets Equity		73,682,604		21,685,731		22,522,215		(2,770,298	)		815,899		86,078,747
TIAA-CREF Enhanced International Equity Index		117,643,945		50,919,108		16,100,799		(2,621,658	)		4,258,364		155,828,066
TIAA-CREF Enhanced Large-Cap Growth Index		188,298,804		36,381,606		29,964,130		3,668,437			2,988,730		213,745,829
TIAA-CREF Enhanced Large-Cap Value Index		180,692,013		46,950,837		26,664,266		7,462,707			4,266,241		215,990,351
TIAA-CREF Global Natural Resources		22,134,982		1,345,439		26,357,258		(601,216	)		182,769		—
TIAA-CREF Growth & Income		160,754,969		93,004,319		2,933,687		3,842,509			1,970,568		272,760,172
TIAA-CREF High-Yield		47,983,538		2,573,255		43,814,738		304,038			1,170,081		8,760,459
TIAA-CREF International Bond		—		8,057,898		778,927		(22,210	)		105,815		7,100,809
TIAA-CREF International Equity		126,842,370		33,887,494		34,570,364		(2,054,936	)		2,002,343		127,824,829
TIAA-CREF International Opportunities		108,788,016		29,625,889		22,882,025		(1,096,772	)		1,644,269		122,453,709
TIAA-CREF International Small-Cap Equity		—		71,195,376		—		—			—		72,389,071
TIAA-CREF Large-Cap Growth		193,484,333		44,582,540		11,167,498		2,247,281			1,272,391		241,893,491
TIAA-CREF Large-Cap Value		186,096,470		40,776,758		9,031,384		5,017,524			3,874,382		243,982,674
TIAA-CREF Mid-Cap Growth		11,627,244		498,137		12,316,305		192,137			9,981		—
TIAA-CREF Mid-Cap Value		12,061,303		2,031,879		14,666,843		1,655,830			41,887		—
TIAA-CREF Money Market		81,040		—		81,040		—			190		—
TIAA-CREF Real Property Fund LP(a)		—		12,998,807		—		—			234,274		13,006,705
TIAA-CREF Small-Cap Equity		76,807,100		10,115,027		24,830,099		456,262			665,905		75,835,364
TIAA-CREF Small/Mid-Cap Equity		—		51,617,142		441,037		4,295			97,804		56,591,187
	$	1,602,547,487	$	684,337,703	$	365,426,988	$	16,995,747		$	28,647,712	$	2,067,888,808

19

TIAA-CREF LIFECYCLE FUNDS – Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at February 28, 2017
Lifecycle 2050 Fund
TIAA-CREF Bond	$	—	$	50,706,118	$	2,871,752	$	275,708		$	451,252	$	46,690,810
TIAA-CREF Bond Plus		36,177,244		16,810,486		22,178,394		285,898			787,468		30,505,832
TIAA-CREF Emerging Markets Debt		9,711,323		1,423,071		7,224,878		156,822			345,010		4,435,408
TIAA-CREF Emerging Markets Equity		45,295,680		14,321,075		13,283,011		(1,614,998	)		511,752		54,550,714
TIAA-CREF Enhanced International Equity Index		72,413,556		34,050,498		9,857,869		(1,651,348	)		2,671,907		98,727,291
TIAA-CREF Enhanced Large-Cap Growth Index		115,835,393		25,551,131		17,870,625		2,218,251			1,876,028		135,411,560
TIAA-CREF Enhanced Large-Cap Value Index		111,116,520		32,310,817		15,925,349		4,682,974			2,677,432		136,849,558
TIAA-CREF Global Natural Resources		13,632,731		1,050,124		16,465,974		(337,980	)		115,163		—
TIAA-CREF Growth & Income		98,811,530		61,716,221		1,468,218		2,428,059			1,226,626		172,801,117
TIAA-CREF High-Yield		29,137,142		1,737,139		27,408,416		166,542			698,454		4,675,858
TIAA-CREF International Bond		—		4,308,464		617,030		(15,939	)		52,717		3,600,892
TIAA-CREF International Equity		78,011,122		23,181,249		21,217,321		(1,354,374	)		1,256,347		81,005,348
TIAA-CREF International Opportunities		66,961,781		20,169,995		13,884,349		(674,961	)		1,032,479		77,613,047
TIAA-CREF International Small-Cap Equity		—		45,150,759		—		—			—		45,904,907
TIAA-CREF Large-Cap Growth		118,939,673		31,036,308		6,153,870		1,404,018			798,546		153,249,871
TIAA-CREF Large-Cap Value		114,404,232		28,873,463		4,997,667		3,161,520			2,431,536		154,578,809
TIAA-CREF Mid-Cap Growth		7,143,514		401,680		7,662,016		94,143			6,270		—
TIAA-CREF Mid-Cap Value		7,432,466		1,349,602		9,137,136		973,673			26,323		—
TIAA-CREF Money Market		41,908		28		41,936		—			99		—
TIAA-CREF Real Property Fund LP(a)		—		8,113,335		—		—			145,129		8,117,778
TIAA-CREF Small-Cap Equity		47,224,015		7,006,469		14,754,288		273,495			417,786		48,027,462
TIAA-CREF Small/Mid-Cap Equity		—		32,662,240		224,979		1,262			61,370		35,839,801
	$	972,289,830	$	441,930,272	$	213,245,078	$	10,472,765		$	17,589,694	$	1,292,586,063
Lifecycle 2055 Fund
TIAA-CREF Bond	$	—	$	10,312,602	$	770,309	$	46,340		$	87,302	$	9,325,589
TIAA-CREF Bond Plus		5,058,455		4,036,957		2,850,754		34,039			132,003		6,162,532
TIAA-CREF Emerging Markets Debt		2,041,478		431,805		1,689,147		48,931			72,887		895,615
TIAA-CREF Emerging Markets Equity		9,647,673		4,745,965		2,819,850		(266,767	)		120,099		13,437,639
TIAA-CREF Enhanced International Equity Index		15,450,328		10,590,320		2,245,832		(302,124	)		627,150		24,313,211
TIAA-CREF Enhanced Large-Cap Growth Index		24,624,529		9,289,536		3,393,845		522,133			440,352		33,299,786
TIAA-CREF Enhanced Large-Cap Value Index		23,616,756		10,928,928		3,045,708		1,180,717			628,493		33,642,775
TIAA-CREF Global Natural Resources		2,908,887		401,007		3,707,401		105,098			26,994		—
TIAA-CREF Growth & Income		21,019,823		18,342,955		106,928		585,053			277,142		42,494,321
TIAA-CREF High-Yield		6,124,291		668,083		6,104,469		101,102			148,821		945,294
TIAA-CREF International Bond		—		870,945		180,648		(4,601	)		9,243		674,267
TIAA-CREF International Equity		16,606,593		7,321,065		4,233,882		(262,839	)		294,635		19,954,500
TIAA-CREF International Opportunities		14,272,832		6,966,234		3,151,540		(135,216	)		242,574		19,131,838
TIAA-CREF International Small-Cap Equity		—		11,162,889		—		—			—		11,345,502
TIAA-CREF Large-Cap Growth		25,241,857		11,284,788		1,092,216		331,430			187,379		37,684,790
TIAA-CREF Large-Cap Value		24,296,397		10,779,137		797,872		772,459			570,708		38,034,136
TIAA-CREF Mid-Cap Growth		1,527,225		175,842		1,727,890		(21,147	)		1,538		—
TIAA-CREF Mid-Cap Value		1,579,711		408,048		2,066,234		136,036			6,485		—
TIAA-CREF Money Market		6,600		14		6,614		—			15		—
TIAA-CREF Real Property Fund LP(a)		—		1,948,678		—		—			33,840		1,949,106
TIAA-CREF Small-Cap Equity		10,031,303		2,788,627		2,963,941		80,155			97,897		11,805,322
TIAA-CREF Small/Mid-Cap Equity		—		8,021,615		28,004		256			14,430		8,797,944
	$	204,054,738	$	131,476,040	$	42,983,084	$	2,951,055		$	4,019,987	$	313,894,167

20

TIAA-CREF LIFECYCLE FUNDS – Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at February 28, 2017
Lifecycle 2060 Fund
TIAA-CREF Bond	$	—	$	714,865	$	73,243	$	1,391		$	5,236	$	630,327
TIAA-CREF Bond Plus		148,565		398,890		117,988		1,591			6,103		423,727
TIAA-CREF Emerging Markets Debt		121,970		67,688		135,168		3,573			4,380		61,598
TIAA-CREF Emerging Markets Equity		583,852		720,314		263,662		(38,265	)		8,808		1,172,984
TIAA-CREF Enhanced International Equity Index		933,399		1,460,898		315,753		(52,270	)		45,924		2,122,825
TIAA-CREF Enhanced Large-Cap Growth Index		1,502,115		1,668,597		479,545		20,606			32,207		2,899,222
TIAA-CREF Enhanced Large-Cap Value Index		1,441,899		1,774,599		442,036		42,156			46,061		2,926,851
TIAA-CREF Global Natural Resources		175,349		77,921		278,971		9,938			1,962		—
TIAA-CREF Growth & Income		1,283,470		2,370,282		196,720		31,827			18,551		3,700,799
TIAA-CREF High-Yield		366,398		124,392		441,652		8,838			9,127		64,984
TIAA-CREF International Bond		—		56,219		14,605		(400	)		452		40,898
TIAA-CREF International Equity		1,003,795		1,145,268		429,407		(16,836	)		21,554		1,741,677
TIAA-CREF International Opportunities		862,540		1,052,102		328,674		(6,835	)		17,824		1,670,488
TIAA-CREF International Small-Cap Equity		—		990,144		11,397		10			—		994,062
TIAA-CREF Large-Cap Growth		1,539,440		1,874,007		308,460		18,712			13,719		3,282,029
TIAA-CREF Large-Cap Value		1,481,557		1,862,540		296,060		39,960			41,825		3,313,612
TIAA-CREF Mid-Cap Growth		93,383		34,951		129,646		(4,860	)		112		—
TIAA-CREF Mid-Cap Value		96,722		52,361		154,007		3,624			471		—
TIAA-CREF Money Market		100		—		100		—			—		—
TIAA-CREF Real Property Fund LP(a)		—		162,885		—		—			2,484		162,832
TIAA-CREF Small-Cap Equity		611,656		573,649		288,895		(6,141	)		7,178		1,027,939
TIAA-CREF Small/Mid-Cap Equity		—		724,912		18,397		(109	)		1,056		766,035
	$	12,246,210	$	17,907,484	$	4,724,386	$	56,510		$	285,034	$	27,002,889
(a)  Restricted security.

Note 4—investments

TIAA-CREF Real Property Fund LP (“RPF”): The Funds invest in the RPF, which is an affiliated real estate limited partnership. The RPF is an unregistered open-end fund that intends to invest in direct real estate holdings and may invest a portion of its assets in REIT securities, mortgage related securitization and money market instruments in accordance with exemptive relief received from the Commission. The Funds are not liable for the debts of the RPF beyond the amounts the Funds have contributed. The Funds can redeem from RPF daily subject to certain approvals. Investments in the RPF are illiquid and the Funds may be unable to dispose of such investments at opportune times. As such, this investment has been designated as restricted and the value is reflected in the schedules of investments.

Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Net unrealized appreciation (depreciation): At February 28, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Book cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Lifecycle Retirement Income	$	431,494,923	$	35,019,858	$	(957,274	)	$	34,062,584
Lifecycle 2010		1,039,949,147		143,400,764		(1,654,011	)		141,746,753
Lifecycle 2015		1,847,550,878		70,290,950		(40,906,561	)		29,384,389
Lifecycle 2020		3,305,992,287		151,508,923		(59,202,867	)		92,306,056
Lifecycle 2025		3,492,723,490		196,900,194		(57,342,501	)		139,557,693
Lifecycle 2030		3,373,130,410		230,361,451		(52,329,592	)		178,031,859
Lifecycle 2035		3,356,594,522		271,176,713		(47,608,913	)		223,567,800
Lifecycle 2040		4,140,380,492		392,819,213		(57,858,838	)		334,960,375
Lifecycle 2045		1,843,938,204		226,143,354		(2,192,750	)		223,950,604
Lifecycle 2050		1,160,442,977		133,284,562		(1,141,476	)		132,143,086
Lifecycle 2055		290,457,688		23,663,358		(226,879	)		23,436,479
Lifecycle 2060		25,693,879		1,321,092		(12,082	)		1,309,010

21

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index Retirement Income Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 39.8%
4,163,834	TIAA-CREF Bond Index Fund	$	44,886,130
	TOTAL FIXED INCOME		44,886,130
INFLATION-PROTECTED ASSETS - 9.9%
975,745	TIAA-CREF Inflation-Linked Bond Fund		11,191,791
	TOTAL INFLATION-PROTECTED ASSETS		11,191,791
INTERNATIONAL EQUITY - 12.0%
350,817	TIAA-CREF Emerging Markets Equity Index Fund		3,406,430
583,603	TIAA-CREF International Equity Index Fund		10,096,336
	TOTAL INTERNATIONAL EQUITY		13,502,766
SHORT-TERM FIXED INCOME - 10.0%
1,122,035	TIAA-CREF Short-Term Bond Index Fund		11,197,906
	TOTAL SHORT-TERM FIXED INCOME		11,197,906
U.S. EQUITY - 28.2%
1,814,463	TIAA-CREF Equity Index Fund		31,807,536
	TOTAL U.S. EQUITY		31,807,536
	TOTAL AFFILIATED INVESTMENT COMPANIES		112,586,129
	(Cost $103,784,877)
	TOTAL INVESTMENTS - 99.9%		112,586,129
	(Cost $103,784,877)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		127,695
	NET ASSETS - 100.0%	$	112,713,824

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

1

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2010 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
FIXED INCOME - 39.1%
10,216,870	TIAA-CREF Bond Index Fund	$	110,137,857
	TOTAL FIXED INCOME		110,137,857
INFLATION-PROTECTED ASSETS - 8.6%
2,107,760	TIAA-CREF Inflation-Linked Bond Fund		24,176,003
	TOTAL INFLATION-PROTECTED ASSETS		24,176,003
INTERNATIONAL EQUITY - 12.9%
948,794	TIAA-CREF Emerging Markets Equity Index Fund		9,212,794
1,578,299	TIAA-CREF International Equity Index Fund		27,304,576
	TOTAL INTERNATIONAL EQUITY		36,517,370
SHORT-TERM FIXED INCOME - 8.6%
2,423,831	TIAA-CREF Short-Term Bond Index Fund		24,189,836
	TOTAL SHORT-TERM FIXED INCOME		24,189,836
U.S. EQUITY - 30.5%
4,906,842	TIAA-CREF Equity Index Fund		86,016,937
	TOTAL U.S. EQUITY		86,016,937
	TOTAL AFFILIATED INVESTMENT COMPANIES		281,038,003
	(Cost $245,119,170)
	TOTAL INVESTMENTS - 99.7%		281,038,003
	(Cost $245,119,170)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		974,284
	NET ASSETS - 100.0%	$	282,012,287

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

2

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2015 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 38.1%
17,808,896	TIAA-CREF Bond Index Fund	$	191,979,900
	TOTAL FIXED INCOME		191,979,900
INFLATION-PROTECTED ASSETS - 6.6%
2,897,153	TIAA-CREF Inflation-Linked Bond Fund		33,230,344
	TOTAL INFLATION-PROTECTED ASSETS		33,230,344
INTERNATIONAL EQUITY - 14.5%
1,893,921	TIAA-CREF Emerging Markets Equity Index Fund		18,389,974
3,150,640	TIAA-CREF International Equity Index Fund		54,506,068
	TOTAL INTERNATIONAL EQUITY		72,896,042
SHORT-TERM FIXED INCOME - 6.6%
3,331,452	TIAA-CREF Short-Term Bond Index Fund		33,247,887
	TOTAL SHORT-TERM FIXED INCOME		33,247,887
U.S. EQUITY - 34.0%
9,795,092	TIAA-CREF Equity Index Fund		171,707,956
	TOTAL U.S. EQUITY		171,707,956
	TOTAL AFFILIATED INVESTMENT COMPANIES		503,062,129
	(Cost $434,168,383)
	TOTAL INVESTMENTS - 99.8%		503,062,129
	(Cost $434,168,383)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		1,140,512
	NET ASSETS - 100.0%	$	504,202,641

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

3

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2020 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 35.1%
33,004,686	TIAA-CREF Bond Index Fund	$	355,790,515
	TOTAL FIXED INCOME		355,790,515
INFLATION-PROTECTED ASSETS - 4.6%
4,078,611	TIAA-CREF Inflation-Linked Bond Fund		46,781,669
	TOTAL INFLATION-PROTECTED ASSETS		46,781,669
INTERNATIONAL EQUITY - 16.5%
4,360,006	TIAA-CREF Emerging Markets Equity Index Fund		42,335,661
7,252,693	TIAA-CREF International Equity Index Fund		125,471,596
	TOTAL INTERNATIONAL EQUITY		167,807,257
SHORT-TERM FIXED INCOME - 4.6%
4,690,203	TIAA-CREF Short-Term Bond Index Fund		46,808,223
	TOTAL SHORT-TERM FIXED INCOME		46,808,223
U.S. EQUITY - 39.0%
22,539,488	TIAA-CREF Equity Index Fund		395,117,222
	TOTAL U.S. EQUITY		395,117,222
	TOTAL AFFILIATED INVESTMENT COMPANIES		1,012,304,886
	(Cost $892,165,711)
	TOTAL INVESTMENTS - 99.8%		1,012,304,886
	(Cost $892,165,711)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		1,800,860
	NET ASSETS - 100.0%	$	1,014,105,746

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

4

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2025 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 31.1%
30,845,789	TIAA-CREF Bond Index Fund	$	332,517,609
	TOTAL FIXED INCOME		332,517,609
INFLATION-PROTECTED ASSETS - 2.6%
2,452,747	TIAA-CREF Inflation-Linked Bond Fund		28,133,008
	TOTAL INFLATION-PROTECTED ASSETS		28,133,008
INTERNATIONAL EQUITY - 18.9%
5,256,556	TIAA-CREF Emerging Markets Equity Index Fund		51,041,158
8,743,689	TIAA-CREF International Equity Index Fund		151,265,814
	TOTAL INTERNATIONAL EQUITY		202,306,972
SHORT-TERM FIXED INCOME - 2.7%
2,820,604	TIAA-CREF Short-Term Bond Index Fund		28,149,627
	TOTAL SHORT-TERM FIXED INCOME		28,149,627
U.S. EQUITY - 44.5%
27,155,052	TIAA-CREF Equity Index Fund		476,028,064
	TOTAL U.S. EQUITY		476,028,064
	TOTAL AFFILIATED INVESTMENT COMPANIES		1,067,135,280
	(Cost $932,890,031)
	TOTAL INVESTMENTS - 99.8%		1,067,135,280
	(Cost $932,890,031)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		2,386,225
	NET ASSETS - 100.0%	$	1,069,521,505

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

5

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2030 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
FIXED INCOME - 27.1%
28,625,093	TIAA-CREF Bond Index Fund	$	308,578,499
	TOTAL FIXED INCOME		308,578,499
INFLATION-PROTECTED ASSETS - 0.6%
641,209	TIAA-CREF Inflation-Linked Bond Fund		7,354,668
	TOTAL INFLATION-PROTECTED ASSETS		7,354,668
INTERNATIONAL EQUITY - 21.3%
6,305,484	TIAA-CREF Emerging Markets Equity Index Fund		61,226,248
10,489,167	TIAA-CREF International Equity Index Fund		181,462,591
	TOTAL INTERNATIONAL EQUITY		242,688,839
SHORT-TERM FIXED INCOME - 0.6%
737,327	TIAA-CREF Short-Term Bond Index Fund		7,358,526
	TOTAL SHORT-TERM FIXED INCOME		7,358,526
U.S. EQUITY - 50.1%
32,593,093	TIAA-CREF Equity Index Fund		571,356,929
	TOTAL U.S. EQUITY		571,356,929
	TOTAL AFFILIATED INVESTMENT COMPANIES		1,137,337,461
	(Cost $981,710,837)
	TOTAL INVESTMENTS - 99.7%		1,137,337,461
	(Cost $981,710,837)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		3,305,950
	NET ASSETS - 100.0%	$	1,140,643,411

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

6

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2035 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
FIXED INCOME - 20.4%
20,451,197	TIAA-CREF Bond Index Fund	$	220,463,904
	TOTAL FIXED INCOME		220,463,904
INTERNATIONAL EQUITY - 23.7%
6,630,451	TIAA-CREF Emerging Markets Equity Index Fund		64,381,675
11,029,084	TIAA-CREF International Equity Index Fund		190,803,150
	TOTAL INTERNATIONAL EQUITY		255,184,825
U.S. EQUITY - 55.6%
34,239,877	TIAA-CREF Equity Index Fund		600,225,045
	TOTAL U.S. EQUITY		600,225,045
	TOTAL AFFILIATED INVESTMENT COMPANIES		1,075,873,774
	(Cost $913,201,779)
	TOTAL INVESTMENTS - 99.7%		1,075,873,774
	(Cost $913,201,779)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		3,120,425
	NET ASSETS - 100.0%	$	1,078,994,199

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

7

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2040 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
FIXED INCOME - 12.5%
13,806,662	TIAA-CREF Bond Index Fund	$	148,835,818
	TOTAL FIXED INCOME		148,835,818
INTERNATIONAL EQUITY - 26.0%
8,052,823	TIAA-CREF Emerging Markets Equity Index Fund		78,192,912
13,395,009	TIAA-CREF International Equity Index Fund		231,733,656
	TOTAL INTERNATIONAL EQUITY		309,926,568
U.S. EQUITY - 61.2%
41,578,836	TIAA-CREF Equity Index Fund		728,876,990
	TOTAL U.S. EQUITY		728,876,990
	TOTAL AFFILIATED INVESTMENT COMPANIES		1,187,639,376
	(Cost $982,425,148)
	TOTAL INVESTMENTS - 99.7%		1,187,639,376
	(Cost $982,425,148)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		2,858,658
	NET ASSETS - 100.0%	$	1,190,498,034

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

8

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2045 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
FIXED INCOME - 9.1%
5,889,448	TIAA-CREF Bond Index Fund	$	63,488,246
	TOTAL FIXED INCOME		63,488,246
INTERNATIONAL EQUITY - 27.1%
4,914,619	TIAA-CREF Emerging Markets Equity Index Fund		47,720,951
8,174,317	TIAA-CREF International Equity Index Fund		141,415,686
	TOTAL INTERNATIONAL EQUITY		189,136,637
U.S. EQUITY - 63.5%
25,332,066	TIAA-CREF Equity Index Fund		444,071,117
	TOTAL U.S. EQUITY		444,071,117
	TOTAL AFFILIATED INVESTMENT COMPANIES		696,696,000
	(Cost $600,692,749)
	TOTAL INVESTMENTS - 99.7%		696,696,000
	(Cost $600,692,749)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		2,402,324
	NET ASSETS - 100.0%	$	699,098,324

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

9

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2050 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
FIXED INCOME - 7.8%
3,550,779	TIAA-CREF Bond Index Fund	$	38,277,397
	TOTAL FIXED INCOME		38,277,397
INTERNATIONAL EQUITY - 27.4%
3,478,600	TIAA-CREF Emerging Markets Equity Index Fund		33,777,211
5,785,856	TIAA-CREF International Equity Index Fund		100,095,312
	TOTAL INTERNATIONAL EQUITY		133,872,523
U.S. EQUITY - 64.4%
17,930,341	TIAA-CREF Equity Index Fund		314,318,875
	TOTAL U.S. EQUITY		314,318,875
	TOTAL AFFILIATED INVESTMENT COMPANIES		486,468,795
	(Cost $421,229,788)
	TOTAL INVESTMENTS - 99.6%		486,468,795
	(Cost $421,229,788)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		1,737,386
	NET ASSETS - 100.0%	$	488,206,181

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

10

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2055 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2055 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
FIXED INCOME - 6.6%
858,719	TIAA-CREF Bond Index Fund	$	9,256,989
	TOTAL FIXED INCOME		9,256,989
INTERNATIONAL EQUITY - 27.8%
1,011,540	TIAA-CREF Emerging Markets Equity Index Fund		9,822,055
1,682,311	TIAA-CREF International Equity Index Fund		29,103,983
	TOTAL INTERNATIONAL EQUITY		38,926,038
U.S. EQUITY - 65.2%
5,202,905	TIAA-CREF Equity Index Fund		91,206,930
	TOTAL U.S. EQUITY		91,206,930
	TOTAL AFFILIATED INVESTMENT COMPANIES		139,389,957
	(Cost $123,710,137)
	TOTAL INVESTMENTS - 99.6%		139,389,957
	(Cost $123,710,137)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		613,714
	NET ASSETS - 100.0%	$	140,003,671

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

11

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2060 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2060 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 28, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
FIXED INCOME - 5.4%
98,530	TIAA-CREF Bond Index Fund	$	1,062,149
	TOTAL FIXED INCOME		1,062,149
INTERNATIONAL EQUITY - 28.3%
144,445	TIAA-CREF Emerging Markets Equity Index Fund		1,402,560
240,187	TIAA-CREF International Equity Index Fund		4,155,227
	TOTAL INTERNATIONAL EQUITY		5,557,787
U.S. EQUITY - 65.9%
739,126	TIAA-CREF Equity Index Fund		12,956,881
	TOTAL U.S. EQUITY		12,956,881
	TOTAL AFFILIATED INVESTMENT COMPANIES		19,576,817
	(Cost $18,150,816)
	TOTAL INVESTMENTS - 99.6%		19,576,817
	(Cost $18,150,816)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		85,803
	NET ASSETS - 100.0%	$	19,662,620

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

12

TIAA-CREF Lifecycle Index Funds - Notes to Schedules of Investments (unaudited)

Note 1—organization and significant accounting policies

The Lifecycle Index Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer Institutional, Advisor, Premier and Retirement Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying schedules of investments were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The following is a summary of the significant accounting policies consistently followed by the Funds.

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of investments.

Investment transactions: Security transactions are accounted for as of the trade date for financial reporting purposes. 

New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10234, Investment Company Swing Pricing. This rule permits certain funds to use swing pricing during periods of heavy redemptions and requires certain disclosures regarding the use of swing pricing in forms filed with the Commission. Management may elect to adopt the provisions of this final rule by November 19, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)

• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

13

TIAA-CREF Lifecycle Index Funds - Notes to Schedules of Investments (unaudited)

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. As of February 28, 2017, no investments were valued utilizing the practical expedient.

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the period ended February 28, 2017, there were no transfers between levels by the Funds.

As of February 28, 2017, all of the investments in the Funds were valued based on Level 1 inputs.

Note 3—investment adviser and affiliates

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at February 28, 2017
Lifecycle Index Retirement Income Fund
TIAA-CREF Bond Index	$	29,087,829	$	24,301,977	$	7,880,145	$	(193,999	)	$	622,242	$	44,886,130
TIAA-CREF Emerging Markets Equity Index		1,963,812		1,901,955		862,308		(51,682	)		49,069		3,406,430
TIAA-CREF Equity Index		20,539,495		16,239,306		8,153,704		196,979			488,975		31,807,536
TIAA-CREF Inflation-Linked Bond		7,257,466		6,023,531		2,089,042		(20,468	)		136,273		11,191,791
TIAA-CREF International Equity Index		6,715,631		5,462,625		2,427,920		(94,241	)		235,747		10,096,336
TIAA-CREF Short-Term Bond Index		7,265,072		6,024,417		2,066,083		(9,966	)		71,690		11,197,906
	$	72,829,305	$	59,953,811	$	23,479,202	$	(173,377	)	$	1,603,996	$	112,586,129
Lifecycle Index 2010 Fund
TIAA-CREF Bond Index	$	90,165,261	$	29,931,041	$	8,194,946	$	(153,289	)	$	1,685,420	$	110,137,857
TIAA-CREF Emerging Markets Equity Index		6,855,666		2,593,758		1,434,270		(144,106	)		156,317		9,212,794
TIAA-CREF Equity Index		71,578,111		18,583,780		13,581,049		528,192			1,562,624		86,016,937
TIAA-CREF Inflation-Linked Bond		19,195,274		6,718,485		1,688,126		(21,672	)		342,391		24,176,003
TIAA-CREF International Equity Index		23,444,238		6,428,412		3,544,965		(221,767	)		753,628		27,304,576
TIAA-CREF Short-Term Bond Index		19,218,328		6,717,341		1,679,373		(7,502	)		168,137		24,189,836
	$	230,456,878	$	70,972,817	$	30,122,729	$	(20,144	)	$	4,668,517	$	281,038,003
Lifecycle Index 2015 Fund
TIAA-CREF Bond Index	$	156,310,603	$	50,995,911	$	12,390,564	$	(120,010	)	$	2,903,270	$	191,979,900
TIAA-CREF Emerging Markets Equity Index		13,575,201		5,113,333		2,688,586		(308,655	)		302,703		18,389,974
TIAA-CREF Equity Index		141,893,007		33,758,733		22,622,492		1,034,384			3,026,045		171,707,956
TIAA-CREF Inflation-Linked Bond		25,966,224		9,365,407		2,052,780		(32,154	)		455,943		33,230,344
TIAA-CREF International Equity Index		46,422,800		11,971,012		5,833,004		(394,959	)		1,459,414		54,506,068
TIAA-CREF Short-Term Bond Index		26,000,037		9,273,036		1,937,447		(6,175	)		227,315		33,247,887
	$	410,167,872	$	120,477,432	$	47,524,873	$	172,431		$	8,374,690	$	503,062,129
Lifecycle Index 2020 Fund
TIAA-CREF Bond Index	$	254,026,081	$	117,014,237	$	9,765,768	$	(206,372	)	$	5,073,459	$	355,790,515
TIAA-CREF Emerging Markets Equity Index		27,957,067		12,803,069		3,539,172		(496,317	)		681,807		42,335,661
TIAA-CREF Equity Index		292,352,640		95,078,979		33,679,439		1,933,716			6,815,906		395,117,222
TIAA-CREF Inflation-Linked Bond		31,796,956		16,239,353		1,143,488		(66,366	)		622,563		46,781,669
TIAA-CREF International Equity Index		95,572,145		34,619,769		9,099,657		(950,906	)		3,287,206		125,471,596
TIAA-CREF Short-Term Bond Index		31,840,580		16,176,598		1,084,008		(8,402	)		301,018		46,808,223
	$	733,545,469	$	291,932,005	$	58,311,532	$	205,353		$	16,781,959	$	1,012,304,886

14

TIAA-CREF Lifecycle Index Funds - Notes to Schedules of Investments (unaudited)

Issue	Value at May 31, 2016		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at February 28, 2017
Lifecycle Index 2025 Fund
TIAA-CREF Bond Index	$	230,909,631	$	115,555,442	$	8,968,616	$	(160,955	)	$	4,637,561	$	332,517,609
TIAA-CREF Emerging Markets Equity Index		32,775,939		15,957,635		3,752,450		(531,841	)		804,757		51,041,158
TIAA-CREF Equity Index		342,720,953		116,730,418		32,334,042		2,104,661			8,043,443		476,028,064
TIAA-CREF Inflation-Linked Bond		17,666,673		10,991,310		451,112		(33,200	)		361,078		28,133,008
TIAA-CREF International Equity Index		112,084,691		42,361,873		8,367,365		(962,418	)		3,878,201		151,265,814
TIAA-CREF Short-Term Bond Index		17,690,545		11,026,589		494,573		(3,561	)		172,928		28,149,627
	$	753,848,432	$	312,623,267	$	54,368,158	$	412,686		$	17,897,968	$	1,067,135,280

Lifecycle Index 2030 Fund
TIAA-CREF Bond Index	$	210,410,156	$	108,426,959	$	5,607,774	$	(117,033	)	$	4,265,612	$	308,578,499
TIAA-CREF Emerging Markets Equity Index		38,599,071		18,048,134		2,559,022		(435,100	)		963,410		61,226,248
TIAA-CREF Equity Index		403,215,104		139,178,198		29,068,341		2,438,851			9,631,061		571,356,929
TIAA-CREF Inflation-Linked Bond		2,799,692		4,651,690		61,534		(1,561	)		84,804		7,354,668
TIAA-CREF International Equity Index		131,981,816		50,333,675		6,999,543		(841,589	)		4,644,954		181,462,591
TIAA-CREF Short-Term Bond Index		2,803,142		4,642,798		69,056		(727	)		37,184		7,358,526
	$	789,808,981	$	325,281,454	$	44,365,270	$	1,042,841		$	19,627,025	$	1,137,337,461
Lifecycle Index 2035 Fund
TIAA-CREF Bond Index	$	145,815,985	$	80,923,316	$	3,041,255	$	(51,926	)	$	2,987,722	$	220,463,904
TIAA-CREF Emerging Markets Equity Index		40,838,406		18,636,814		2,657,143		(510,808	)		1,007,198		64,381,675
TIAA-CREF Equity Index		426,784,921		135,242,552		22,750,410		2,509,233			10,068,713		600,225,045
TIAA-CREF International Equity Index		139,656,798		50,736,739		6,112,649		(756,563	)		4,855,990		190,803,150
	$	753,096,110	$	285,539,421	$	34,561,457	$	1,189,936		$	18,919,623	$	1,075,873,774
Lifecycle Index 2040 Fund
TIAA-CREF Bond Index	$	98,104,130	$	55,170,893	$	2,228,870	$	(31,260	)	$	2,010,703	$	148,835,818
TIAA-CREF Emerging Markets Equity Index		51,352,658		20,327,650		2,779,158		(583,666	)		1,246,018		78,192,912
TIAA-CREF Equity Index		536,065,312		142,184,558		24,109,100		3,004,742			12,456,128		728,876,990
TIAA-CREF International Equity Index		175,585,738		55,082,892		6,806,806		(889,065	)		6,007,427		231,733,656
	$	861,107,838	$	272,765,993	$	35,923,934	$	1,500,751		$	21,720,276	$	1,187,639,376
Lifecycle Index 2045 Fund
TIAA-CREF Bond Index	$	41,758,138	$	23,914,963	$	1,247,871	$	(21,928	)	$	857,856	$	63,488,246
TIAA-CREF Emerging Markets Equity Index		28,612,793		15,062,925		1,350,560		(244,719	)		739,923		47,720,951
TIAA-CREF Equity Index		297,926,175		113,600,033		11,593,811		1,763,627			7,396,830		444,071,117
TIAA-CREF International Equity Index		97,847,738		41,628,512		2,770,087		(413,128	)		3,567,384		141,415,686
	$	466,144,844	$	194,206,433	$	16,962,329	$	1,083,852		$	12,561,993	$	696,696,000
Lifecycle Index 2050 Fund
TIAA-CREF Bond Index	$	24,632,400	$	14,857,779	$	650,808	$	(7,508	)	$	511,590	$	38,277,397
TIAA-CREF Emerging Markets Equity Index		19,881,810		10,924,101		794,439		(143,977	)		521,939		33,777,211
TIAA-CREF Equity Index		206,722,245		83,164,141		6,538,426		1,244,023			5,217,746		314,318,875
TIAA-CREF International Equity Index		67,990,077		30,673,283		1,870,668		(289,485	)		2,516,471		100,095,312
	$	319,226,532	$	139,619,304	$	9,854,341	$	803,053		$	8,767,746	$	486,468,795
Lifecycle Index 2055 Fund
TIAA-CREF Bond Index	$	4,785,013	$	4,748,433	$	152,477	$	(779	)	$	111,475	$	9,256,989
TIAA-CREF Emerging Markets Equity Index		4,672,155		4,309,403		145,589		(20,173	)		140,869		9,822,055
TIAA-CREF Equity Index		48,314,715		36,178,223		1,599,864		323,824			1,408,241		91,206,930
TIAA-CREF International Equity Index		15,977,311		12,587,050		386,075		(42,450	)		679,178		29,103,983
	$	73,749,194	$	57,823,109	$	2,284,005	$	260,422		$	2,339,763	$	139,389,957
Lifecycle Index 2060 Fund
TIAA-CREF Bond Index	$	608,945	$	537,256	$	70,687	$	(1,228	)	$	12,883	$	1,062,149
TIAA-CREF Emerging Markets Equity Index		746,190		635,359		125,587		(20,813	)		20,059		1,402,560
TIAA-CREF Equity Index		7,792,325		4,983,078		1,019,666		45,156			200,071		12,956,881
TIAA-CREF International Equity Index		2,551,187		1,856,258		386,436		(51,686	)		96,421		4,155,227
	$	11,698,647	$	8,011,951	$	1,602,376	$	(28,571	)	$	329,434	$	19,576,817

15

TIAA-CREF Lifecycle Index Funds - Notes to Schedules of Investments (unaudited)

Note 4—investments

Net unrealized appreciation (depreciation): At February 28, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Book cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Lifecycle Index Retirement Income	$	103,784,877	$	8,819,365	$	(18,113	)	$	8,801,252
Lifecycle Index 2010		245,119,170		35,990,913		(72,080	)		35,918,833
Lifecycle Index 2015		434,168,383		68,995,913		(102,167	)		68,893,746
Lifecycle Index 2020		892,165,711		120,275,650		(136,475	)		120,139,175
Lifecycle Index 2025		932,890,031		134,463,453		(218,204	)		134,245,249
Lifecycle Index 2030		981,710,837		156,244,092		(617,468	)		155,626,624
Lifecycle Index 2035		913,201,779		163,331,193		(659,198	)		162,671,995
Lifecycle Index 2040		982,425,148		205,369,162		(154,934	)		205,214,228
Lifecycle Index 2045		600,692,749		96,116,954		(113,703	)		96,003,251
Lifecycle Index 2050		421,229,788		65,293,353		(54,346	)		65,239,007
Lifecycle Index 2055		123,710,137		15,690,593		(10,773	)		15,679,820
Lifecycle Index 2060		18,150,816		1,480,711		(54,710	)		1,426,001

16

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Income Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 39.2%
	1,197,122	TIAA-CREF Bond Fund	$	12,354,304
	1,147,681	TIAA-CREF Bond Plus Fund		11,912,931
	2,501	TIAA-CREF High-Yield Fund		24,739
		TOTAL FIXED INCOME		24,291,974
INTERNATIONAL EQUITY - 6.4%
	69,065	TIAA-CREF Emerging Markets Equity Fund		692,725
	138,924	TIAA-CREF Enhanced International Equity Index Fund		972,470
	95,921	TIAA-CREF International Equity Fund		1,011,968
	76,182	TIAA-CREF International Opportunities Fund		811,340
	45,025	TIAA-CREF International Small-Cap Equity Fund		477,713
		TOTAL INTERNATIONAL EQUITY		3,966,216
SHORT-TERM FIXED INCOME - 39.9%
	2,386,270	TIAA-CREF Short-Term Bond Fund		24,674,030
		TOTAL SHORT-TERM FIXED INCOME		24,674,030
U.S. EQUITY - 14.4%
	66,952	TIAA-CREF Enhanced Large-Cap Growth Index Fund		804,099
	80,357	TIAA-CREF Enhanced Large-Cap Value Index Fund		812,408
	150,516	TIAA-CREF Growth & Income Fund		1,928,109
	128,637	TIAA-CREF Large-Cap Growth Fund		2,141,800
	114,421	TIAA-CREF Large-Cap Value Fund		2,157,981
	35,381	TIAA-CREF Small-Cap Equity Fund		675,069
	35,905	TIAA-CREF Small/Mid-Cap Equity Fund		400,340
		TOTAL U.S. EQUITY		8,919,806
		TOTAL AFFILIATED INVESTMENT COMPANIES		61,852,026
		(Cost $60,546,634)
		TOTAL INVESTMENTS - 99.9%		61,852,026
		(Cost $60,546,634)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		69,701
		NET ASSETS - 100.0%	$	61,921,727

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

1

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Conservative Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE CONSERVATIVE FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 39.1%
	1,582,958	TIAA-CREF Bond Fund	$	16,336,129
	4,612,690	TIAA-CREF Bond Plus Fund		47,879,727
	6,625	TIAA-CREF High-Yield Fund		65,526
		TOTAL FIXED INCOME		64,281,382
INTERNATIONAL EQUITY - 12.4%
	333,524	TIAA-CREF Emerging Markets Equity Fund		3,345,244
	688,701	TIAA-CREF Enhanced International Equity Index Fund		4,820,910
	510,034	TIAA-CREF International Equity Fund		5,380,861
	403,077	TIAA-CREF International Opportunities Fund		4,292,769
	238,087	TIAA-CREF International Small-Cap Equity Fund		2,526,105
		TOTAL INTERNATIONAL EQUITY		20,365,889
SHORT-TERM FIXED INCOME - 19.9%
	3,157,421	TIAA-CREF Short-Term Bond Fund		32,647,730
		TOTAL SHORT-TERM FIXED INCOME		32,647,730
U.S. EQUITY - 28.5%
	354,190	TIAA-CREF Enhanced Large-Cap Growth Index Fund		4,253,817
	425,187	TIAA-CREF Enhanced Large-Cap Value Index Fund		4,298,641
	798,689	TIAA-CREF Growth & Income Fund		10,231,205
	681,105	TIAA-CREF Large-Cap Growth Fund		11,340,397
	606,933	TIAA-CREF Large-Cap Value Fund		11,446,758
	161,990	TIAA-CREF Small-Cap Equity Fund		3,090,767
	190,237	TIAA-CREF Small/Mid-Cap Equity Fund		2,121,141
		TOTAL U.S. EQUITY		46,782,726
		TOTAL AFFILIATED INVESTMENT COMPANIES		164,077,727
		(Cost $158,158,148)
		TOTAL INVESTMENTS - 99.9%		164,077,727
		(Cost $158,158,148)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		190,227
		NET ASSETS - 100.0%	$	164,267,954

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

2

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Moderate Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE MODERATE FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 39.0%
	8,879,595	TIAA-CREF Bond Plus Fund	$	92,170,196
	9,522	TIAA-CREF High-Yield Fund		94,172
		TOTAL FIXED INCOME		92,264,368
INTERNATIONAL EQUITY - 18.4%
	695,300	TIAA-CREF Emerging Markets Equity Fund		6,973,859
	1,449,518	TIAA-CREF Enhanced International Equity Index Fund		10,146,623
	1,098,867	TIAA-CREF International Equity Fund		11,593,043
	868,949	TIAA-CREF International Opportunities Fund		9,254,309
	512,221	TIAA-CREF International Small-Cap Equity Fund		5,434,669
		TOTAL INTERNATIONAL EQUITY		43,402,503
U.S. EQUITY - 42.5%
	763,101	TIAA-CREF Enhanced Large-Cap Growth Index Fund		9,164,838
	915,096	TIAA-CREF Enhanced Large-Cap Value Index Fund		9,251,618
	1,720,703	TIAA-CREF Growth & Income Fund		22,042,207
	1,467,274	TIAA-CREF Large-Cap Growth Fund		24,430,117
	1,308,057	TIAA-CREF Large-Cap Value Fund		24,669,962
	330,891	TIAA-CREF Small-Cap Equity Fund		6,313,403
	409,189	TIAA-CREF Small/Mid-Cap Equity Fund		4,562,454
		TOTAL U.S. EQUITY		100,434,599
		TOTAL AFFILIATED INVESTMENT COMPANIES		236,101,470
		(Cost $223,934,695)
		TOTAL INVESTMENTS - 99.9%		236,101,470
		(Cost $223,934,695)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		207,617
		NET ASSETS - 100.0%	$	236,309,087

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

3

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Growth Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.6%(a)
FIXED INCOME - 19.1%
	1,782,169	TIAA-CREF Bond Plus Fund	$	18,498,915
	3,900	TIAA-CREF High-Yield Fund		38,574
		TOTAL FIXED INCOME		18,537,489
INTERNATIONAL EQUITY - 24.3%
	372,006	TIAA-CREF Emerging Markets Equity Fund		3,731,216
	782,391	TIAA-CREF Enhanced International Equity Index Fund		5,476,738
	597,525	TIAA-CREF International Equity Fund		6,303,893
	473,094	TIAA-CREF International Opportunities Fund		5,038,446
	280,140	TIAA-CREF International Small-Cap Equity Fund		2,972,285
		TOTAL INTERNATIONAL EQUITY		23,522,578
U.S. EQUITY - 56.2%
	415,832	TIAA-CREF Enhanced Large-Cap Growth Index Fund		4,994,147
	499,077	TIAA-CREF Enhanced Large-Cap Value Index Fund		5,045,665
	934,379	TIAA-CREF Growth & Income Fund		11,969,395
	798,414	TIAA-CREF Large-Cap Growth Fund		13,293,585
	710,624	TIAA-CREF Large-Cap Value Fund		13,402,367
	175,073	TIAA-CREF Small-Cap Equity Fund		3,340,384
	223,161	TIAA-CREF Small/Mid-Cap Equity Fund		2,488,250
		TOTAL U.S. EQUITY		54,533,793
		TOTAL AFFILIATED INVESTMENT COMPANIES		96,593,860
		(Cost $88,087,720)
		TOTAL INVESTMENTS - 99.6%		96,593,860
		(Cost $88,087,720)
		OTHER ASSETS & LIABILITIES, NET - 0.4%		416,486
		NET ASSETS - 100.0%	$	97,010,346

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

4

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Aggressive Growth Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
INTERNATIONAL EQUITY - 30.0%
	274,424	TIAA-CREF Emerging Markets Equity Fund	$	2,752,477
	585,837	TIAA-CREF Enhanced International Equity Index Fund		4,100,862
	464,867	TIAA-CREF International Equity Fund		4,904,344
	367,959	TIAA-CREF International Opportunities Fund		3,918,763
	219,194	TIAA-CREF International Small-Cap Equity Fund		2,325,651
		TOTAL INTERNATIONAL EQUITY		18,002,097
U.S. EQUITY - 69.9%
	313,810	TIAA-CREF Enhanced Large-Cap Growth Index Fund		3,768,860
	377,041	TIAA-CREF Enhanced Large-Cap Value Index Fund		3,811,882
	724,309	TIAA-CREF Growth & Income Fund		9,278,394
	617,810	TIAA-CREF Large-Cap Growth Fund		10,286,530
	550,447	TIAA-CREF Large-Cap Value Fund		10,381,437
	133,187	TIAA-CREF Small-Cap Equity Fund		2,541,212
	172,430	TIAA-CREF Small/Mid-Cap Equity Fund		1,922,595
		TOTAL U.S. EQUITY		41,990,910
		TOTAL AFFILIATED INVESTMENT COMPANIES		59,993,007
		(Cost $52,015,031)
		TOTAL INVESTMENTS - 99.9%		59,993,007
		(Cost $52,015,031)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		82,114
		NET ASSETS - 100.0%	$	60,075,121

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

5

TIAA-CREF Lifestyle Funds – Notes to Schedules of Investments (unaudited)

Note 1—organization and significant accounting policies

The Lifestyle Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer Institutional, Advisor, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying schedules of investments were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The following is a summary of the significant accounting policies consistently followed by the Funds.

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of investments.

Investment transactions: Security transactions are accounted for as of the trade date for financial reporting purposes.

New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10234, Investment Company Swing Pricing. This rule permits certain funds to use swing pricing during periods of heavy redemptions and requires certain disclosures regarding the use of swing pricing in forms filed with the Commission. Management may elect to adopt the provisions of this final rule by November 19, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)

• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

6

TIAA-CREF Lifestyle Funds – Notes to Schedules of Investments (unaudited)

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. As of February 28, 2017, no investments were valued utilizing the practical expedient.

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the period ended February 28, 2017, there were no transfers between levels by the Funds.

As of February 28, 2017, all of the investments in the Funds were valued based on Level 1 inputs.

Note 3—affiliates

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2016		cost		proceeds		gain (loss)			income		February 28, 2017
Lifestyle Income Fund
TIAA-CREF Bond	$	9,920,026	$	3,506,182	$	865,770	$	89,428		$	229,648	$	12,354,304
TIAA-CREF Bond Plus		10,453,399		2,998,200		1,394,862		88,281			251,592		11,912,931
TIAA-CREF Emerging Markets Equity		651,474		292,415		357,230		(30,139	)		6,636		692,725
TIAA-CREF Enhanced International Equity Index		675,445		501,427		224,928		(24,218	)		27,418		972,470
TIAA-CREF Enhanced Large-Cap Growth Index		618,099		301,770		185,851		18,786			11,704		804,099
TIAA-CREF Enhanced Large-Cap Value Index		590,074		348,280		180,018		33,186			16,705		812,408
TIAA-CREF Global Natural Resources		158,822		78,549		253,581		(7,838	)		1,640		—
TIAA-CREF Growth & Income		1,547,515		526,290		317,624		33,163			17,051		1,928,109
TIAA-CREF High-Yield		533,571		27,561		553,339		25,746			8,956		24,739
TIAA-CREF International Equity		1,167,343		399,652		570,092		(4,401	)		16,737		1,011,968
TIAA-CREF International Opportunities		780,516		215,748		233,354		(5,420	)		11,415		811,340
TIAA-CREF International Small-Cap Equity		—		472,434		2,735		8			—		477,713
TIAA-CREF Large-Cap Growth		1,858,203		533,508		387,339		22,777			11,797		2,141,800
TIAA-CREF Large-Cap Value		1,787,638		539,537		416,534		56,855			35,964		2,157,981
TIAA-CREF Mid-Cap Growth		55,774		33,586		89,550		(839	)		69		—
TIAA-CREF Mid-Cap Value		60,111		40,357		104,042		6,867			287		—
TIAA-CREF Money Market		2,998		6		3,004		—			7		—
TIAA-CREF Short-Term Bond		20,885,859		5,335,524		1,542,646		(5,607	)		303,763		24,674,030
TIAA-CREF Small-Cap Equity		553,865		246,912		240,861		19,618			6,120		675,069
TIAA-CREF Small/Mid-Cap Equity		—		378,921		19,635		(80	)		745		400,340
	$	52,300,732	$	16,776,859	$	7,942,995	$	316,173		$	958,254	$	61,852,026

7

TIAA-CREF Lifestyle Funds – Notes to Schedules of Investments (unaudited)

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2016		cost		proceeds		gain (loss)			income		February 28, 2017
Lifestyle Conservative Fund
TIAA-CREF Bond	$	11,887,322	$	5,460,916	$	733,650	$	129,793		$	291,382	$	16,336,129
TIAA-CREF Bond Plus		39,718,054		11,948,988		3,209,298		385,746			979,861		47,879,727
TIAA-CREF Emerging Markets Equity		2,904,652		1,294,678		1,353,519		(138,422	)		32,578		3,345,244
TIAA-CREF Enhanced International Equity Index		3,424,185		2,032,392		734,269		(50,189	)		131,910		4,820,910
TIAA-CREF Enhanced Large-Cap Growth Index		3,130,415		1,288,871		526,365		83,710			60,172		4,253,817
TIAA-CREF Enhanced Large-Cap Value Index		2,991,197		1,480,910		455,818		174,983			85,624		4,298,641
TIAA-CREF Global Natural Resources		803,923		184,309		1,071,493		(51,043	)		3,991		—
TIAA-CREF Growth & Income		7,843,077		2,527,212		1,021,140		147,698			87,687		10,231,205
TIAA-CREF High-Yield		1,352,656		58,389		1,387,473		55,690			22,789		65,526
TIAA-CREF International Equity		5,901,820		1,947,857		2,534,520		(110,539	)		85,886		5,380,861
TIAA-CREF International Opportunities		3,955,743		1,153,558		1,063,905		(36,917	)		58,422		4,292,769
TIAA-CREF International Small-Cap Equity		—		2,493,610		9,461		26			—		2,526,105
TIAA-CREF Large-Cap Growth		9,412,141		2,567,487		1,345,768		109,205			60,394		11,340,397
TIAA-CREF Large-Cap Value		9,051,412		2,476,348		1,351,715		234,914			183,928		11,446,758
TIAA-CREF Mid-Cap Growth		484,052		38,926		530,271		(5,174	)		352		—
TIAA-CREF Mid-Cap Value		503,696		105,677		633,449		35,244			1,741		—
TIAA-CREF Money Market		4,728		10		4,738		—			11		—
TIAA-CREF Short-Term Bond		26,452,969		7,660,118		1,459,488		(1,235	)		390,993		32,647,730
TIAA-CREF Small-Cap Equity		2,805,413		786,890		1,043,269		56,727			27,169		3,090,767
TIAA-CREF Small/Mid-Cap Equity		—		1,964,500		55,711		(87	)		3,813		2,121,141
	$	132,627,455	$	47,471,646	$	20,525,320	$	1,020,130		$	2,508,703	$	164,077,727
Lifestyle Moderate Fund
TIAA-CREF Bond Plus	$	73,132,064	$	26,279,381	$	6,030,146	$	718,759		$	1,855,957	$	92,170,196
TIAA-CREF Emerging Markets Equity		5,891,589		2,391,218		2,342,037		(242,894	)		68,546		6,973,859
TIAA-CREF Enhanced International Equity Index		7,277,494		4,161,459		1,508,272		(114,712	)		283,608		10,146,623
TIAA-CREF Enhanced Large-Cap Growth Index		6,931,329		2,405,520		961,538		181,834			131,598		9,164,838
TIAA-CREF Enhanced Large-Cap Value Index		6,635,582		2,870,334		867,107		376,484			188,072		9,251,618
TIAA-CREF Global Natural Resources		1,709,943		216,864		2,129,344		(48,456	)		12,020		—
TIAA-CREF Growth & Income		16,660,574		5,277,175		1,805,905		299,518			187,668		22,042,207
TIAA-CREF High-Yield		1,917,945		102,041		1,984,482		79,427			32,090		94,172
TIAA-CREF International Equity		11,993,295		3,736,216		4,273,006		(230,710	)		187,684		11,593,043
TIAA-CREF International Opportunities		8,408,076		2,523,523		2,210,616		(78,453	)		128,981		9,254,309
TIAA-CREF International Small-Cap Equity		—		5,371,203		27,132		(5	)		—		5,434,669
TIAA-CREF Large-Cap Growth		19,994,019		5,338,829		2,434,527		231,277			132,600		24,430,117
TIAA-CREF Large-Cap Value		19,227,894		5,159,652		2,442,981		530,067			404,162		24,669,962
TIAA-CREF Mid-Cap Growth		1,168,121		73,161		1,261,578		(53,984	)		847		—
TIAA-CREF Mid-Cap Value		1,211,104		201,603		1,469,002		68,630			3,550		—
TIAA-CREF Money Market		6,355		13		6,368		—			15		—
TIAA-CREF Small-Cap Equity		5,959,402		1,386,340		2,160,109		51,250			56,692		6,313,403
TIAA-CREF Small/Mid-Cap Equity		—		4,250,627		148,397		(1,449	)		8,349		4,562,454
	$	188,124,786	$	71,745,159	$	34,062,547	$	1,766,583		$	3,682,439	$	236,101,470

8

TIAA-CREF Lifestyle Funds – Notes to Schedules of Investments (unaudited)

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2016		cost		proceeds		gain (loss)			income		February 28, 2017
Lifestyle Growth Fund
TIAA-CREF Bond Plus	$	14,800,596	$	5,997,504	$	2,072,917	$	136,939		$	371,956	$	18,498,915
TIAA-CREF Emerging Markets Equity		3,186,366		1,175,323		1,192,853		(125,881	)		35,638		3,731,216
TIAA-CREF Enhanced International Equity Index		4,028,111		2,164,153		828,893		(58,105	)		148,980		5,476,738
TIAA-CREF Enhanced Large-Cap Growth Index		3,925,668		1,246,094		608,250		97,248			69,882		4,994,147
TIAA-CREF Enhanced Large-Cap Value Index		3,760,568		1,452,753		504,148		198,255			99,884		5,045,665
TIAA-CREF Global Natural Resources		949,413		106,216		1,174,484		(45,090	)		7,162		—
TIAA-CREF Growth & Income		9,247,040		2,565,462		870,087		171,155			102,110		11,969,395
TIAA-CREF High-Yield		797,582		43,847		827,171		36,371			13,291		38,574
TIAA-CREF International Equity		6,491,415		2,012,286		2,277,806		(127,846	)		99,614		6,303,893
TIAA-CREF International Opportunities		4,646,789		1,338,336		1,233,128		(44,589	)		68,585		5,038,446
TIAA-CREF International Small-Cap Equity		—		2,929,358		6,448		40			—		2,972,285
TIAA-CREF Large-Cap Growth		11,080,508		2,665,754		1,277,539		124,734			70,440		13,293,585
TIAA-CREF Large-Cap Value		10,686,321		2,778,438		1,542,941		269,373			214,681		13,402,367
TIAA-CREF Mid-Cap Growth		687,752		41,200		741,299		(30,942	)		408		—
TIAA-CREF Mid-Cap Value		711,296		118,492		862,152		57,753			1,716		—
TIAA-CREF Money Market		3,310		7		3,317		—			8		—
TIAA-CREF Small-Cap Equity		3,305,735		644,551		1,208,497		33,077			29,326		3,340,384
TIAA-CREF Small/Mid-Cap Equity		—		2,335,726		91,148		(97	)		4,455		2,488,250
	$	78,308,470	$	29,615,500	$	17,323,078	$	692,395		$	1,338,136	$	96,593,860
Lifestyle Aggressive Growth Fund
TIAA-CREF Emerging Markets Equity	$	2,286,307	$	736,887	$	678,620	$	(70,719	)	$	24,369	$	2,752,477
TIAA-CREF Enhanced International Equity Index		2,934,254		1,511,559		427,015		(34,915	)		103,341		4,100,862
TIAA-CREF Enhanced Large-Cap Growth Index		2,894,640		872,660		310,939		72,830			48,852		3,768,860
TIAA-CREF Enhanced Large-Cap Value Index		2,774,873		1,026,211		232,809		150,698			69,907		3,811,882
TIAA-CREF Global Natural Resources		688,359		60,687		837,281		(60,059	)		5,552		—
TIAA-CREF Growth & Income		6,739,885		2,130,036		339,454		125,851			73,543		9,278,394
TIAA-CREF International Equity		4,662,323		1,447,639		1,261,077		(32,876	)		71,378		4,904,344
TIAA-CREF International Opportunities		3,388,370		1,036,266		714,939		(14,557	)		49,173		3,918,763
TIAA-CREF International Small-Cap Equity		—		2,288,570		—		—			—		2,325,651
TIAA-CREF Large-Cap Growth		8,083,030		2,195,969		608,867		91,217			50,492		10,286,530
TIAA-CREF Large-Cap Value		7,779,357		2,203,860		665,553		215,242			153,876		10,381,437
TIAA-CREF Mid-Cap Growth		519,145		13,560		542,204		(10,059	)		308		—
TIAA-CREF Mid-Cap Value		535,881		54,076		613,464		67,834			1,289		—
TIAA-CREF Money Market		4,054		8		4,062		—			10		—
TIAA-CREF Small-Cap Equity		2,408,504		466,561		756,665		45,080			20,683		2,541,212
TIAA-CREF Small/Mid-Cap Equity		—		1,765,138		19,130		60			3,192		1,922,595
	$	45,698,982	$	17,809,687	$	8,012,079	$	545,627		$	675,965	$	59,993,007

Note 4—investments

Net unrealized appreciation (depreciation): At February 28, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows:

Fund	Book cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Lifestyle Income	$	60,546,634	$	1,670,064	$	(364,672	)	$	1,305,392
Lifestyle Conservative		158,158,148		7,002,545		(1,082,966	)		5,919,579
Lifestyle Moderate		223,934,695		13,522,563		(1,355,788	)		12,166,775
Lifestyle Growth		88,087,720		8,751,958		(245,818	)		8,506,140
Lifestyle Aggressive Growth		52,015,031		7,977,976		—			7,977,976

9

TIAA-CREF Funds – Managed Allocation Fund

TIAA-CREF FUNDS

MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 100.0%(a)
FIXED INCOME - 39.1%
	29,792,899	TIAA-CREF Bond Plus Fund	$	309,250,296
	31,977	TIAA-CREF High-Yield Fund		316,253
		TOTAL FIXED INCOME		309,566,549
INTERNATIONAL EQUITY - 18.4%
	2,329,277	TIAA-CREF Emerging Markets Equity Fund		23,362,649
	5,802,558	TIAA-CREF Enhanced International Equity Index Fund		40,617,908
	3,066,867	TIAA-CREF International Equity Fund		32,355,446
	2,914,789	TIAA-CREF International Opportunities Fund		31,042,501
	1,719,934	TIAA-CREF International Small-Cap Equity Fund		18,248,503
		TOTAL INTERNATIONAL EQUITY		145,627,007
U.S. EQUITY - 42.5%
	4,484,179	TIAA-CREF Enhanced Large-Cap Growth Index Fund		53,854,986
	5,383,073	TIAA-CREF Enhanced Large-Cap Value Index Fund		54,422,865
	5,395,966	TIAA-CREF Growth & Income Fund		69,122,325
	3,691,351	TIAA-CREF Large-Cap Growth Fund		61,460,989
	3,287,410	TIAA-CREF Large-Cap Value Fund		62,000,543
	1,132,162	TIAA-CREF Small-Cap Equity Fund		21,601,659
	1,291,229	TIAA-CREF Small/Mid-Cap Equity Fund		14,397,208
		TOTAL U.S. EQUITY		336,860,575
		TOTAL AFFILIATED INVESTMENT COMPANIES		792,054,131
		(Cost $695,122,723)
		TOTAL INVESTMENTS - 100.0%		792,054,131
		(Cost $695,122,723)
		OTHER ASSETS & LIABILITIES, NET - 0.0%		141,245
		NET ASSETS - 100.0%	$	792,195,376

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

1

TIAA-CREF Managed Allocation Fund – Notes to Schedule of Investments (unaudited)

Note 1—organization and significant accounting policies

The TIAA-CREF Managed Allocation Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

The Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Fund. The Fund offers three share classes: Institutional, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying schedule of investments was prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management. Actual results may differ from those estimates. The Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The following is a summary of the significant accounting policies consistently followed by the Fund.

Security valuation: The Fund’s investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedule of investments.

Investment transactions: Security transactions are accounted for as of the trade date for financial reporting purposes.

New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

In October 2016, the Commission issued Final Rule Release No. 33-10234, Investment Company Swing Pricing. This rule permits certain funds to use swing pricing during periods of heavy redemptions and requires certain disclosures regarding the use of swing pricing in forms filed with the Commission. Management may elect to adopt the provisions of this final rule by November 19, 2018. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

•  Level 1 – quoted prices in active markets for identical securities

•  Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)

•  Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. As of February 28, 2017, no investments were valued utilizing the practical expedient.

2

TIAA-CREF Managed Allocation Fund – Notes to Schedule of Investments (unaudited)

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value follows:

Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the period ended February 28, 2017, there were no transfers between levels by the Fund.

As of February 28, 2017, all of the investments in the Fund were valued based on Level 1 inputs.

Note 3—affiliates

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2016		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at February 28, 2017
Managed Allocation Fund
TIAA-CREF Bond Plus	$	291,256,378	$	46,622,786	$	24,766,189	$	2,621,001		$	6,702,192	$	309,250,296
TIAA-CREF Emerging Markets Equity		23,411,230		4,661,997		8,603,849		(1,147,113	)		238,189		23,362,649
TIAA-CREF Enhanced International Equity Index		36,191,845		9,623,790		6,057,837		(936,837	)		1,181,714		40,617,908
TIAA-CREF Enhanced Large-Cap Growth Index		57,347,449		5,313,492		14,058,074		2,044,385			813,979		53,854,986
TIAA-CREF Enhanced Large-Cap Value Index		55,111,340		7,966,378		12,926,561		2,984,662			1,161,068		54,422,865
TIAA-CREF Global Natural Resources		6,790,143		421,007		7,979,985		(902,469	)		41,765		—
TIAA-CREF Growth & Income		49,946,845		17,909,862		4,692,451		1,208,742			561,687		69,122,325
TIAA-CREF High-Yield		7,610,530		102,123		7,624,401		271,171			123,234		316,253
TIAA-CREF International Equity		40,602,962		5,690,126		14,274,142		(437,625	)		544,777		32,355,446
TIAA-CREF International Opportunities		33,487,934		4,090,296		8,382,183		(236,757	)		443,666		31,042,501
TIAA-CREF International Small-Cap Equity		—		17,961,161		20,999		48			—		18,248,503
TIAA-CREF Large-Cap Growth		59,921,729		4,609,532		7,044,375		810,690			344,996		61,460,989
TIAA-CREF Large-Cap Value		57,683,678		4,994,901		8,004,317		2,101,430			1,052,900		62,000,543
TIAA-CREF Mid-Cap Growth		3,204,051		96,651		3,346,244		269,959			2,471		—
TIAA-CREF Mid-Cap Value		3,340,547		293,683		3,790,235		829,015			11,183		—
TIAA-CREF Money Market		73,562		—		73,562		—			173		—
TIAA-CREF Small-Cap Equity		23,726,932		3,383,796		9,866,444		1,065,145			201,128		21,601,659
TIAA-CREF Small/Mid-Cap Equity		—		13,189,634		267,126		3,992			26,547		14,397,208
	$	749,707,155	$	146,931,215	$	141,778,974	$	10,549,439		$	13,451,669	$	792,054,131

Note 4—investments

Net unrealized appreciation (depreciation): At February 28, 2017, the cost of portfolio investments for federal income tax purposes was $695,122,723. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $96,931,408, consisting of gross unrealized appreciation of $99,056,677, and gross unrealized depreciation of $(2,125,269).

3

Item 2. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this quarterly reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF FUNDS
Dated: April 12, 2017	By:	/s/ Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: April 12, 2017	By:	/s/ Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and President
		(principal executive officer)

Dated: April 12, 2017	By:	/s/ Glenn E. Brightman
		Glenn E. Brightman
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the principal financial officer