N-Q

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: August 31, 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)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%a
DIRECT REAL ESTATE - 2.4%
	1,121,019	b,c	TIAA-CREF Real Property Fund LP (purchased 8/1/16-8/25/17; cost $11,523,650)	$	11,950,066
			TOTAL DIRECT REAL ESTATE		11,950,066
FIXED INCOME - 39.6%
	9,850,805		TIAA-CREF Bond Fund		103,334,946
	6,422,783		TIAA-CREF Bond Plus Fund		67,760,366
	903,423		TIAA-CREF Emerging Markets Debt Fund		9,513,039
	1,018,097		TIAA-CREF High-Yield Fund		10,018,078
	857,367		TIAA-CREF International Bond Fund		8,470,784
			TOTAL FIXED INCOME		199,097,213
INFLATION-PROTECTED ASSETS - 9.5%
	4,115,196		TIAA-CREF Inflation-Linked Bond Fund		47,612,822
			TOTAL INFLATION-PROTECTED ASSETS		47,612,822
INTERNATIONAL EQUITY - 11.9%
	819,641		TIAA-CREF Emerging Markets Equity Fund		10,007,811
	2,110,646		TIAA-CREF Enhanced International Equity Index Fund		16,927,383
	993,708		TIAA-CREF International Equity Fund		12,580,346
	971,591		TIAA-CREF International Opportunities Fund		12,212,905
	652,042		TIAA-CREF International Small-Cap Equity Fund		8,117,927
			TOTAL INTERNATIONAL EQUITY		59,846,372
SHORT-TERM FIXED INCOME - 10.0%
	4,817,845		TIAA-CREF Short-Term Bond Fund		49,961,055
			TOTAL SHORT-TERM FIXED INCOME		49,961,055
U.S. EQUITY - 26.5%
	1,667,562		TIAA-CREF Enhanced Large-Cap Growth Index Fund		21,911,765
	2,162,033		TIAA-CREF Enhanced Large-Cap Value Index Fund		21,879,771
	2,011,164		TIAA-CREF Growth & Income Fund		27,432,276
	1,287,055		TIAA-CREF Large-Cap Growth Fund		24,531,272
	1,297,471		TIAA-CREF Large-Cap Value Fund		24,470,306
	382,909		TIAA-CREF Small-Cap Equity Fund		7,409,280
	490,875		TIAA-CREF Small/Mid-Cap Equity Fund		5,649,968
			TOTAL U.S. EQUITY		133,284,638
			TOTAL AFFILIATED INVESTMENT COMPANIES		501,752,166
			(Cost $447,932,251)
			TOTAL INVESTMENTS - 99.9%		501,752,166
			(Cost $447,932,251)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		381,435
			NET ASSETS - 100.0%	$	502,133,601

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 8/31/17, the total value of these security amounted to $11,950,066 or 2.4% of net assets.

1

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2010 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%a
DIRECT REAL ESTATE - 2.4%
	2,778,760	b,c	TIAA-CREF Real Property Fund LP (purchased 7/1/16-8/25/17; cost $28,553,503)	$	29,621,580
			TOTAL DIRECT REAL ESTATE		29,621,580
FIXED INCOME - 39.0%
	24,110,045		TIAA-CREF Bond Fund		252,914,369
	15,734,260		TIAA-CREF Bond Plus Fund		165,996,444
	2,211,914		TIAA-CREF Emerging Markets Debt Fund		23,291,459
	2,492,173		TIAA-CREF High-Yield Fund		24,522,979
	2,091,865		TIAA-CREF International Bond Fund		20,667,627
			TOTAL FIXED INCOME		487,392,878
INFLATION-PROTECTED ASSETS - 8.3%
	8,987,515		TIAA-CREF Inflation-Linked Bond Fund		103,985,548
			TOTAL INFLATION-PROTECTED ASSETS		103,985,548
INTERNATIONAL EQUITY - 12.8%
	2,174,672		TIAA-CREF Emerging Markets Equity Fund		26,552,742
	5,592,617		TIAA-CREF Enhanced International Equity Index Fund		44,852,785
	2,653,765		TIAA-CREF International Equity Fund		33,596,659
	2,601,557		TIAA-CREF International Opportunities Fund		32,701,565
	1,744,058		TIAA-CREF International Small-Cap Equity Fund		21,713,519
			TOTAL INTERNATIONAL EQUITY		159,417,270
SHORT-TERM FIXED INCOME - 8.8%
	10,596,077		TIAA-CREF Short-Term Bond Fund		109,881,318
			TOTAL SHORT-TERM FIXED INCOME		109,881,318
U.S. EQUITY - 28.5%
	4,448,909		TIAA-CREF Enhanced Large-Cap Growth Index Fund		58,458,661
	5,770,828		TIAA-CREF Enhanced Large-Cap Value Index Fund		58,400,781
	5,378,140		TIAA-CREF Growth & Income Fund		73,357,836
	3,436,781		TIAA-CREF Large-Cap Growth Fund		65,505,053
	3,469,749		TIAA-CREF Large-Cap Value Fund		65,439,474
	1,023,546		TIAA-CREF Small-Cap Equity Fund		19,805,607
	1,312,134		TIAA-CREF Small/Mid-Cap Equity Fund		15,102,663
			TOTAL U.S. EQUITY		356,070,075
			TOTAL AFFILIATED INVESTMENT COMPANIES		1,246,368,669
			(Cost $1,056,871,260)
			TOTAL INVESTMENTS - 99.8%		1,246,368,669
			(Cost $1,056,871,260)
			OTHER ASSETS & LIABILITIES, NET - 0.2%		2,247,887
			NET ASSETS - 100.0%	$	1,248,616,556

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 8/31/17, the total value of these security amounted to $29,621,580 or 2.4% of net assets.

2

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2015 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%a
DIRECT REAL ESTATE - 2.4%
	4,326,582	b,c	TIAA-CREF Real Property Fund LP (purchased 8/1/16-8/15/17; cost $44,497,466)	$	46,121,367
			TOTAL DIRECT REAL ESTATE		46,121,367
FIXED INCOME - 38.1%
	36,573,163		TIAA-CREF Bond Fund		383,652,478
	23,900,296		TIAA-CREF Bond Plus Fund		252,148,118
	3,357,003		TIAA-CREF Emerging Markets Debt Fund		35,349,244
	3,783,124		TIAA-CREF High-Yield Fund		37,225,938
	3,155,180		TIAA-CREF International Bond Fund		31,173,181
			TOTAL FIXED INCOME		739,548,959
INFLATION-PROTECTED ASSETS - 6.3%
	10,645,064		TIAA-CREF Inflation-Linked Bond Fund		123,163,392
			TOTAL INFLATION-PROTECTED ASSETS		123,163,392
INTERNATIONAL EQUITY - 14.3%
	3,761,666		TIAA-CREF Emerging Markets Equity Fund		45,929,945
	9,677,704		TIAA-CREF Enhanced International Equity Index Fund		77,615,186
	4,643,428		TIAA-CREF International Equity Fund		58,785,802
	4,550,297		TIAA-CREF International Opportunities Fund		57,197,236
	3,049,831		TIAA-CREF International Small-Cap Equity Fund		37,970,392
			TOTAL INTERNATIONAL EQUITY		277,498,561
SHORT-TERM FIXED INCOME - 6.8%
	12,772,689		TIAA-CREF Short-Term Bond Fund		132,452,782
			TOTAL SHORT-TERM FIXED INCOME		132,452,782
U.S. EQUITY - 32.0%
	7,766,723		TIAA-CREF Enhanced Large-Cap Growth Index Fund		102,054,746
	10,070,665		TIAA-CREF Enhanced Large-Cap Value Index Fund		101,915,131
	9,407,645		TIAA-CREF Growth & Income Fund		128,320,280
	6,017,421		TIAA-CREF Large-Cap Growth Fund		114,692,038
	6,066,829		TIAA-CREF Large-Cap Value Fund		114,420,394
	1,789,641		TIAA-CREF Small-Cap Equity Fund		34,629,557
	2,295,456		TIAA-CREF Small/Mid-Cap Equity Fund		26,420,702
			TOTAL U.S. EQUITY		622,452,848
			TOTAL AFFILIATED INVESTMENT COMPANIES		1,941,237,909
			(Cost $1,837,774,162)
			TOTAL INVESTMENTS - 99.9%		1,941,237,909
			(Cost $1,837,774,162)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		1,144,593
			NET ASSETS - 100.0%	$	1,942,382,502

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 8/31/17, the total value of these security amounted to $46,121,367 or 2.4% of net assets.

3

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2020 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%a
DIRECT REAL ESTATE - 2.4%
	8,166,679	b,c	TIAA-CREF Real Property Fund LP (purchased 8/1/16-8/15/17; cost $83,988,554)	$	87,056,801
			TOTAL DIRECT REAL ESTATE		87,056,801
FIXED INCOME - 35.0%
	63,649,838		TIAA-CREF Bond Fund		667,686,803
	41,795,039		TIAA-CREF Bond Plus Fund		440,937,665
	5,860,577		TIAA-CREF Emerging Markets Debt Fund		61,711,871
	6,581,899		TIAA-CREF High-Yield Fund		64,765,888
	5,384,548		TIAA-CREF International Bond Fund		53,199,330
			TOTAL FIXED INCOME		1,288,301,557
INFLATION-PROTECTED ASSETS - 4.4%
	13,806,450		TIAA-CREF Inflation-Linked Bond Fund		159,740,622
			TOTAL INFLATION-PROTECTED ASSETS		159,740,622
INTERNATIONAL EQUITY - 16.4%
	8,123,313		TIAA-CREF Emerging Markets Equity Fund		99,185,655
	20,818,210		TIAA-CREF Enhanced International Equity Index Fund		166,962,043
	10,128,921		TIAA-CREF International Equity Fund		128,232,137
	9,921,607		TIAA-CREF International Opportunities Fund		124,714,599
	6,662,979		TIAA-CREF International Small-Cap Equity Fund		82,954,091
			TOTAL INTERNATIONAL EQUITY		602,048,525
SHORT-TERM FIXED INCOME - 4.8%
	17,128,090		TIAA-CREF Short-Term Bond Fund		177,618,292
			TOTAL SHORT-TERM FIXED INCOME		177,618,292
U.S. EQUITY - 36.9%
	16,910,827		TIAA-CREF Enhanced Large-Cap Growth Index Fund		222,208,269
	21,931,825		TIAA-CREF Enhanced Large-Cap Value Index Fund		221,950,067
	20,535,883		TIAA-CREF Growth & Income Fund		280,109,444
	13,130,796		TIAA-CREF Large-Cap Growth Fund		250,272,979
	13,251,958		TIAA-CREF Large-Cap Value Fund		249,931,936
	3,908,205		TIAA-CREF Small-Cap Equity Fund		75,623,764
	5,011,669		TIAA-CREF Small/Mid-Cap Equity Fund		57,684,306
			TOTAL U.S. EQUITY		1,357,780,765
			TOTAL AFFILIATED INVESTMENT COMPANIES		3,672,546,562
			(Cost $3,417,844,685)
			TOTAL INVESTMENTS - 99.9%		3,672,546,562
			(Cost $3,417,844,685)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		4,888,252
			NET ASSETS - 100.0%	$	3,677,434,814

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 8/31/17, the total value of these security amounted to $87,056,801 or 2.4% of net assets.

4

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2025 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%a
DIRECT REAL ESTATE - 2.4%
	8,988,942	b,c	TIAA-CREF Real Property Fund LP (purchased 7/1/16-8/25/17; cost $92,432,518)	$	95,822,126
			TOTAL DIRECT REAL ESTATE		95,822,126
FIXED INCOME - 30.6%
	61,079,989		TIAA-CREF Bond Fund		640,729,086
	40,484,310		TIAA-CREF Bond Plus Fund		427,109,466
	5,636,053		TIAA-CREF Emerging Markets Debt Fund		59,347,643
	6,344,603		TIAA-CREF High-Yield Fund		62,430,894
	4,979,596		TIAA-CREF International Bond Fund		49,198,408
			TOTAL FIXED INCOME		1,238,815,497
INFLATION-PROTECTED ASSETS - 2.4%
	8,244,408		TIAA-CREF Inflation-Linked Bond Fund		95,387,796
			TOTAL INFLATION-PROTECTED ASSETS		95,387,796
INTERNATIONAL EQUITY - 18.9%
	10,294,626		TIAA-CREF Emerging Markets Equity Fund		125,697,379
	26,313,460		TIAA-CREF Enhanced International Equity Index Fund		211,033,951
	12,971,817		TIAA-CREF International Equity Fund		164,223,204
	12,697,387		TIAA-CREF International Opportunities Fund		159,606,149
	8,529,607		TIAA-CREF International Small-Cap Equity Fund		106,193,613
			TOTAL INTERNATIONAL EQUITY		766,754,296
SHORT-TERM FIXED INCOME - 2.8%
	11,119,940		TIAA-CREF Short-Term Bond Fund		115,313,781
			TOTAL SHORT-TERM FIXED INCOME		115,313,781
U.S. EQUITY - 42.8%
	21,609,700		TIAA-CREF Enhanced Large-Cap Growth Index Fund		283,951,461
	28,020,743		TIAA-CREF Enhanced Large-Cap Value Index Fund		283,569,919
	26,295,578		TIAA-CREF Growth & Income Fund		358,671,686
	16,822,127		TIAA-CREF Large-Cap Growth Fund		320,629,750
	16,965,576		TIAA-CREF Large-Cap Value Fund		319,970,755
	5,007,930		TIAA-CREF Small-Cap Equity Fund		96,903,440
	6,418,456		TIAA-CREF Small/Mid-Cap Equity Fund		73,876,434
			TOTAL U.S. EQUITY		1,737,573,445
			TOTAL AFFILIATED INVESTMENT COMPANIES		4,049,666,941
			(Cost $3,702,994,330)
			TOTAL INVESTMENTS - 99.9%		4,049,666,941
			(Cost $3,702,994,330)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		4,077,590
			NET ASSETS - 100.0%	$	4,053,744,531

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 8/31/17, the total value of these security amounted to $95,822,126 or 2.4% of net assets.

5

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2030 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%a
DIRECT REAL ESTATE - 2.4%
	8,779,019	b,c	TIAA-CREF Real Property Fund LP (purchased 7/1/16-8/25/17; cost $90,269,991)	$	93,584,347
			TOTAL DIRECT REAL ESTATE		93,584,347
FIXED INCOME - 25.6%
	50,889,551		TIAA-CREF Bond Fund		533,831,387
	32,268,423		TIAA-CREF Bond Plus Fund		340,431,860
	4,722,163		TIAA-CREF Emerging Markets Debt Fund		49,724,379
	5,309,981		TIAA-CREF High-Yield Fund		52,250,218
	3,936,466		TIAA-CREF International Bond Fund		38,892,287
			TOTAL FIXED INCOME		1,015,130,131
INFLATION-PROTECTED ASSETS - 0.9%
	2,935,079		TIAA-CREF Inflation-Linked Bond Fund		33,958,859
			TOTAL INFLATION-PROTECTED ASSETS		33,958,859
INTERNATIONAL EQUITY - 21.4%
	11,374,334		TIAA-CREF Emerging Markets Equity Fund		138,880,624
	29,019,628		TIAA-CREF Enhanced International Equity Index Fund		232,737,413
	14,440,415		TIAA-CREF International Equity Fund		182,815,655
	14,152,365		TIAA-CREF International Opportunities Fund		177,895,228
	9,491,342		TIAA-CREF International Small-Cap Equity Fund		118,167,207
			TOTAL INTERNATIONAL EQUITY		850,496,127
SHORT-TERM FIXED INCOME - 0.9%
	3,267,374		TIAA-CREF Short-Term Bond Fund		33,882,668
			TOTAL SHORT-TERM FIXED INCOME		33,882,668
U.S. EQUITY - 48.7%
	24,014,160		TIAA-CREF Enhanced Large-Cap Growth Index Fund		315,546,067
	31,133,064		TIAA-CREF Enhanced Large-Cap Value Index Fund		315,066,611
	29,266,326		TIAA-CREF Growth & Income Fund		399,192,693
	18,727,574		TIAA-CREF Large-Cap Growth Fund		356,947,557
	18,890,604		TIAA-CREF Large-Cap Value Fund		356,276,788
	5,573,129		TIAA-CREF Small-Cap Equity Fund		107,840,043
	7,147,326		TIAA-CREF Small/Mid-Cap Equity Fund		82,265,726
			TOTAL U.S. EQUITY		1,933,135,485
			TOTAL AFFILIATED INVESTMENT COMPANIES		3,960,187,617
			(Cost $3,559,292,712)
			TOTAL INVESTMENTS - 99.9%		3,960,187,617
			(Cost $3,559,292,712)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		4,681,779
			NET ASSETS - 100.0%	$	3,964,869,396

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 8/31/17, the total value of these security amounted to $93,584,347 or 2.4% of net assets.

6

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2035 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%a
DIRECT REAL ESTATE - 2.4%
	8,870,822	b,c	TIAA-CREF Real Property Fund LP (purchased 7/1/16-8/25/17; cost $91,217,279)	$	94,562,963
			TOTAL DIRECT REAL ESTATE		94,562,963
FIXED INCOME - 18.8%
	37,920,295		TIAA-CREF Bond Fund		397,783,890
	24,295,404		TIAA-CREF Bond Plus Fund		256,316,510
	3,552,605		TIAA-CREF Emerging Markets Debt Fund		37,408,927
	3,998,750		TIAA-CREF High-Yield Fund		39,347,702
	2,553,956		TIAA-CREF International Bond Fund		25,233,081
			TOTAL FIXED INCOME		756,090,110
INTERNATIONAL EQUITY - 24.0%
	12,829,410		TIAA-CREF Emerging Markets Equity Fund		156,647,100
	32,679,463		TIAA-CREF Enhanced International Equity Index Fund		262,089,297
	16,395,173		TIAA-CREF International Equity Fund		207,562,884
	16,060,691		TIAA-CREF International Opportunities Fund		201,882,882
	10,773,876		TIAA-CREF International Small-Cap Equity Fund		134,134,761
			TOTAL INTERNATIONAL EQUITY		962,316,924
U.S. EQUITY - 54.7%
	27,217,341		TIAA-CREF Enhanced Large-Cap Growth Index Fund		357,635,857
	35,285,665		TIAA-CREF Enhanced Large-Cap Value Index Fund		357,090,927
	33,215,403		TIAA-CREF Growth & Income Fund		453,058,096
	21,251,335		TIAA-CREF Large-Cap Growth Fund		405,050,453
	21,434,841		TIAA-CREF Large-Cap Value Fund		404,261,099
	6,325,984		TIAA-CREF Small-Cap Equity Fund		122,407,798
	8,107,825		TIAA-CREF Small/Mid-Cap Equity Fund		93,321,063
			TOTAL U.S. EQUITY		2,192,825,293
			TOTAL AFFILIATED INVESTMENT COMPANIES		4,005,795,290
			(Cost $3,537,760,586)
			TOTAL INVESTMENTS - 99.9%		4,005,795,290
			(Cost $3,537,760,586)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		5,717,660
			NET ASSETS - 100.0%	$	4,011,512,950

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 8/31/17, the total value of these security amounted to $94,562,963 or 2.4% of net assets.

7

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2040 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%a
DIRECT REAL ESTATE - 2.4%
	11,025,580	b,c	TIAA-CREF Real Property Fund LP (purchased 7/1/16-8/15/17; cost $113,373,497)	$	117,532,687
			TOTAL DIRECT REAL ESTATE		117,532,687
FIXED INCOME - 10.4%
	26,090,831		TIAA-CREF Bond Fund		273,692,821
	17,237,319		TIAA-CREF Bond Plus Fund		181,853,719
	2,515,341		TIAA-CREF Emerging Markets Debt Fund		26,486,539
	2,836,053		TIAA-CREF High-Yield Fund		27,906,760
	950,090		TIAA-CREF International Bond Fund		9,386,890
			TOTAL FIXED INCOME		519,326,729
INTERNATIONAL EQUITY - 26.5%
	17,573,356		TIAA-CREF Emerging Markets Equity Fund		214,570,675
	44,773,626		TIAA-CREF Enhanced International Equity Index Fund		359,084,478
	22,597,296		TIAA-CREF International Equity Fund		286,081,772
	22,134,642		TIAA-CREF International Opportunities Fund		278,232,453
	14,846,052		TIAA-CREF International Small-Cap Equity Fund		184,833,352
			TOTAL INTERNATIONAL EQUITY		1,322,802,730
U.S. EQUITY - 60.6%
	37,447,521		TIAA-CREF Enhanced Large-Cap Growth Index Fund		492,060,422
	48,554,005		TIAA-CREF Enhanced Large-Cap Value Index Fund		491,366,527
	45,759,393		TIAA-CREF Growth & Income Fund		624,158,116
	29,272,521		TIAA-CREF Large-Cap Growth Fund		557,934,245
	29,528,063		TIAA-CREF Large-Cap Value Fund		556,899,261
	8,714,627		TIAA-CREF Small-Cap Equity Fund		168,628,035
	11,166,697		TIAA-CREF Small/Mid-Cap Equity Fund		128,528,681
			TOTAL U.S. EQUITY		3,019,575,287
			TOTAL AFFILIATED INVESTMENT COMPANIES		4,979,237,433
			(Cost $4,317,224,239)
			TOTAL INVESTMENTS - 99.9%		4,979,237,433
			(Cost $4,317,224,239)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		6,272,231
			NET ASSETS - 100.0%	$	4,985,509,664

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 8/31/17, the total value of these security amounted to $117,532,687 or 2.4% of net assets.

8

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2045 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%a
DIRECT REAL ESTATE - 2.4%
	5,378,832	b,c	TIAA-CREF Real Property Fund LP (purchased 7/1/16-8/25/17; cost $55,345,395)	$	57,338,354
			TOTAL DIRECT REAL ESTATE		57,338,354
FIXED INCOME - 6.2%
	7,489,930		TIAA-CREF Bond Fund		78,569,371
	5,179,545		TIAA-CREF Bond Plus Fund		54,644,197
	761,583		TIAA-CREF Emerging Markets Debt Fund		8,019,464
	850,919		TIAA-CREF High-Yield Fund		8,373,046
	156,739		TIAA-CREF International Bond Fund		1,548,586
			TOTAL FIXED INCOME		151,154,664
INTERNATIONAL EQUITY - 27.7%
	9,008,297		TIAA-CREF Emerging Markets Equity Fund		109,991,303
	22,614,257		TIAA-CREF Enhanced International Equity Index Fund		181,366,339
	11,601,637		TIAA-CREF International Equity Fund		146,876,726
	11,356,955		TIAA-CREF International Opportunities Fund		142,756,926
	7,622,933		TIAA-CREF International Small-Cap Equity Fund		94,905,517
			TOTAL INTERNATIONAL EQUITY		675,896,811
U.S. EQUITY - 63.5%
	19,224,710		TIAA-CREF Enhanced Large-Cap Growth Index Fund		252,612,693
	24,920,433		TIAA-CREF Enhanced Large-Cap Value Index Fund		252,194,779
	23,497,176		TIAA-CREF Growth & Income Fund		320,501,477
	15,035,838		TIAA-CREF Large-Cap Growth Fund		286,583,065
	15,165,426		TIAA-CREF Large-Cap Value Fund		286,019,925
	4,475,951		TIAA-CREF Small-Cap Equity Fund		86,609,647
	5,734,218		TIAA-CREF Small/Mid-Cap Equity Fund		66,000,844
			TOTAL U.S. EQUITY		1,550,522,430
			TOTAL AFFILIATED INVESTMENT COMPANIES		2,434,912,259
			(Cost $2,024,364,958)
			TOTAL INVESTMENTS - 99.8%		2,434,912,259
			(Cost $2,024,364,958)
			OTHER ASSETS & LIABILITIES, NET - 0.2%		4,628,463
			NET ASSETS - 100.0%	$	2,439,540,722

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 8/31/17, the total value of these security amounted to $57,338,354 or 2.4% of net assets.

9

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2050 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%a
DIRECT REAL ESTATE - 2.4%
	3,422,807	b,c	TIAA-CREF Real Property Fund LP (purchased 7/1/16-8/25/17; cost $35,228,948)	$	36,487,125
			TOTAL DIRECT REAL ESTATE		36,487,125
FIXED INCOME - 5.0%
	3,797,227		TIAA-CREF Bond Fund		39,832,913
	2,698,186		TIAA-CREF Bond Plus Fund		28,465,860
	396,847		TIAA-CREF Emerging Markets Debt Fund		4,178,794
	443,468		TIAA-CREF High-Yield Fund		4,363,725
	74,356		TIAA-CREF International Bond Fund		734,633
			TOTAL FIXED INCOME		77,575,925
INTERNATIONAL EQUITY - 28.0%
	5,804,043		TIAA-CREF Emerging Markets Equity Fund		70,867,359
	14,485,202		TIAA-CREF Enhanced International Equity Index Fund		116,171,321
	7,482,972		TIAA-CREF International Equity Fund		94,734,428
	7,319,944		TIAA-CREF International Opportunities Fund		92,011,693
	4,916,225		TIAA-CREF International Small-Cap Equity Fund		61,207,005
			TOTAL INTERNATIONAL EQUITY		434,991,806
U.S. EQUITY - 64.5%
	12,400,440		TIAA-CREF Enhanced Large-Cap Growth Index Fund		162,941,779
	16,073,618		TIAA-CREF Enhanced Large-Cap Value Index Fund		162,665,010
	15,155,711		TIAA-CREF Growth & Income Fund		206,723,901
	9,697,272		TIAA-CREF Large-Cap Growth Fund		184,830,011
	9,777,820		TIAA-CREF Large-Cap Value Fund		184,409,681
	2,887,224		TIAA-CREF Small-Cap Equity Fund		55,867,788
	3,699,709		TIAA-CREF Small/Mid-Cap Equity Fund		42,583,649
			TOTAL U.S. EQUITY		1,000,021,819
			TOTAL AFFILIATED INVESTMENT COMPANIES		1,549,076,675
			(Cost $1,297,855,150)
			TOTAL INVESTMENTS - 99.9%		1,549,076,675
			(Cost $1,297,855,150)
			OTHER ASSETS & LIABILITIES, NET - 0.1%		2,301,346
			NET ASSETS - 100.0%	$	1,551,378,021

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 8/31/17, the total value of these security amounted to $36,487,125 or 2.4% of net assets.

10

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2055 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2055 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%a
DIRECT REAL ESTATE - 2.4%
	931,012	b,c	TIAA-CREF Real Property Fund LP (purchased 7/1/16-8/25/17; cost $9,597,815)	$	9,924,583
			TOTAL DIRECT REAL ESTATE		9,924,583
FIXED INCOME - 3.8%
	772,188		TIAA-CREF Bond Fund		8,100,251
	573,922		TIAA-CREF Bond Plus Fund		6,054,876
	84,315		TIAA-CREF Emerging Markets Debt Fund		887,834
	94,203		TIAA-CREF High-Yield Fund		926,962
	13,923		TIAA-CREF International Bond Fund		137,555
			TOTAL FIXED INCOME		16,107,478
INTERNATIONAL EQUITY - 28.3%
	1,603,091		TIAA-CREF Emerging Markets Equity Fund		19,573,745
	3,973,265		TIAA-CREF Enhanced International Equity Index Fund		31,865,583
	2,067,552		TIAA-CREF International Equity Fund		26,175,206
	2,018,793		TIAA-CREF International Opportunities Fund		25,376,230
	1,358,731		TIAA-CREF International Small-Cap Equity Fund		16,916,202
			TOTAL INTERNATIONAL EQUITY		119,906,966
U.S. EQUITY - 65.3%
	3,426,216		TIAA-CREF Enhanced Large-Cap Growth Index Fund		45,020,479
	4,441,095		TIAA-CREF Enhanced Large-Cap Value Index Fund		44,943,878
	4,187,797		TIAA-CREF Growth & Income Fund		57,121,553
	2,679,474		TIAA-CREF Large-Cap Growth Fund		51,070,773
	2,702,126		TIAA-CREF Large-Cap Value Fund		50,962,093
	797,829		TIAA-CREF Small-Cap Equity Fund		15,437,998
	1,022,464		TIAA-CREF Small/Mid-Cap Equity Fund		11,768,563
			TOTAL U.S. EQUITY		276,325,337
			TOTAL AFFILIATED INVESTMENT COMPANIES		422,264,364
			(Cost $367,669,828)
			TOTAL INVESTMENTS - 99.8%		422,264,364
			(Cost $367,669,828)
			OTHER ASSETS & LIABILITIES, NET - 0.2%		946,056
			NET ASSETS - 100.0%	$	423,210,420

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 8/31/17, the total value of these security amounted to $9,924,583 or 2.4% of net assets.

11

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2060 Fund

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2060 FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES			SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%a
DIRECT REAL ESTATE - 2.3%
	103,732	b,c	TIAA-CREF Real Property Fund LP (purchased 7/1/16-8/25/17; cost $1,072,656)	$	1,105,783
			TOTAL DIRECT REAL ESTATE		1,105,783
FIXED INCOME - 2.8%
	57,367		TIAA-CREF Bond Fund		601,777
	46,339		TIAA-CREF Bond Plus Fund		488,879
	6,765		TIAA-CREF Emerging Markets Debt Fund		71,241
	7,628		TIAA-CREF High-Yield Fund		75,055
	7,939		TIAA-CREF International Bond Fund		78,434
			TOTAL FIXED INCOME		1,315,386
INTERNATIONAL EQUITY - 28.5%
	181,788		TIAA-CREF Emerging Markets Equity Fund		2,219,631
	439,402		TIAA-CREF Enhanced International Equity Index Fund		3,524,006
	234,869		TIAA-CREF International Equity Fund		2,973,445
	229,431		TIAA-CREF International Opportunities Fund		2,883,953
	154,172		TIAA-CREF International Small-Cap Equity Fund		1,919,436
			TOTAL INTERNATIONAL EQUITY		13,520,471
U.S. EQUITY - 66.1%
	388,687		TIAA-CREF Enhanced Large-Cap Growth Index Fund		5,107,343
	503,884		TIAA-CREF Enhanced Large-Cap Value Index Fund		5,099,306
	475,238		TIAA-CREF Growth & Income Fund		6,482,242
	304,079		TIAA-CREF Large-Cap Growth Fund		5,795,748
	306,572		TIAA-CREF Large-Cap Value Fund		5,781,941
	90,531		TIAA-CREF Small-Cap Equity Fund		1,751,770
	116,005		TIAA-CREF Small/Mid-Cap Equity Fund		1,335,217
			TOTAL U.S. EQUITY		31,353,567
			TOTAL AFFILIATED INVESTMENT COMPANIES		47,295,207
			(Cost $42,821,649)
			TOTAL INVESTMENTS - 99.7%		47,295,207
			(Cost $42,821,649)
			OTHER ASSETS & LIABILITIES, NET - 0.3%		165,606
			NET ASSETS - 100.0%	$	47,460,813

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 8/31/17, the total value of these security amounted to $1,105,783 or 2.3% 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. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On August 1, 2017, the Funds adopted amendments to Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but has resulted in minor changes to financial statement disclosures. 

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 Funds’ financial statements and other filings.

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact 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)

13

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

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.

In accordance with ASC 820, certain portfolio investments that are measured at fair value using the net asset value (“NAV”) 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.

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 as 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 August 31, 2017, there were no transfers between levels by the Funds.

The following table summarizes the market value of the Funds’ investments as of August 31, 2017, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Fair Value using Practical Expedienta		Total
Lifecycle Retirement Income Fund
Registered investment companies	$	489,802,100	$	—	$	—	$	—	$	489,802,100
TIAA-CREF Real Property Fund LP		—		—		—		11,950,066		11,950,066
Total	$	489,802,100	$	—	$	—	$	11,950,066	$	501,752,166
Lifecycle 2010 Fund
Registered investment companies	$	1,216,747,089	$	—	$	—	$	—	$	1,216,747,089
TIAA-CREF Real Property Fund LP		—		—		—		29,621,580		29,621,580
Total	$	1,216,747,089	$	—	$	—	$	29,621,580	$	1,246,368,669
Lifecycle 2015 Fund
Registered investment companies	$	1,895,116,542	$	—	$	—	$	—	$	1,895,116,542
TIAA-CREF Real Property Fund LP		—		—		—		46,121,367		46,121,367
Total	$	1,895,116,542	$	—	$	—	$	46,121,367	$	1,941,237,909
Lifecycle 2020 Fund
Registered investment companies	$	3,585,489,761	$	—	$	—	$	—	$	3,585,489,761
TIAA-CREF Real Property Fund LP		—		—		—		87,056,801		87,056,801
Total	$	3,585,489,761	$	—	$	—	$	87,056,801	$	3,672,546,562
Lifecycle 2025 Fund
Registered investment companies	$	3,953,844,815	$	—	$	—	$	—	$	3,953,844,815
TIAA-CREF Real Property Fund LP		—		—		—		95,822,126		95,822,126
Total	$	3,953,844,815	$	—	$	—	$	95,822,126	$	4,049,666,941
Lifecycle 2030 Fund
Registered investment companies	$	3,866,603,270	$	—	$	—	$	—	$	3,866,603,270
TIAA-CREF Real Property Fund LP		—		—		—		93,584,347		93,584,347
Total	$	3,866,603,270	$	—	$	—	$	93,584,347	$	3,960,187,617
Lifecycle 2035 Fund
Registered investment companies	$	3,911,232,327	$	—	$	—	$	—	$	3,911,232,327
TIAA-CREF Real Property Fund LP		—		—		—		94,562,963		94,562,963
Total	$	3,911,232,327	$	—	$	—	$	94,562,963	$	4,005,795,290

14

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

Fund	Level 1		Level 2		Level 3		Fair Value using Practical Expedienta		Total
Lifecycle 2040 Fund
Registered investment companies	$	4,861,704,746	$	—	$	—	$	—	$	4,861,704,746
TIAA-CREF Real Property Fund LP		—		—		—		117,532,687		117,532,687
Total	$	4,861,704,746	$	—	$	—	$	117,532,687	$	4,979,237,433
Lifecycle 2045 Fund
Registered investment companies	$	2,377,573,905	$	—	$	—	$	—	$	2,377,573,905
TIAA-CREF Real Property Fund LP		—		—		—		57,338,354		57,338,354
Total	$	2,377,573,905	$	—	$	—	$	57,338,354	$	2,434,912,259
Lifecycle 2050 Fund
Registered investment companies	$	1,512,589,550	$	—	$	—	$	—	$	1,512,589,550
TIAA-CREF Real Property Fund LP		—		—		—		36,487,125		36,487,125
Total	$	1,512,589,550	$	—	$	—	$	36,487,125	$	1,549,076,675
Lifecycle 2055 Fund
Registered investment companies	$	412,339,781	$	—	$	—	$	—	$	412,339,781
TIAA-CREF Real Property Fund LP		—		—		—		9,924,583		9,924,583
Total	$	412,339,781	$	—	$	—	$	9,924,583	$	422,264,364
Lifecycle 2060 Fund
Registered investment companies	$	46,189,424	$	—	$	—	$	—	$	46,189,424
TIAA-CREF Real Property Fund LP		—		—		—		1,105,783		1,105,783
Total	$	46,189,424	$	—	$	—	$	1,105,783	$	47,295,207

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.

15

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

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 (dollar amounts are in thousands):

Issue	Value at 5/31/17		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 8/31/17
Lifecycle Retirement Income Fund
TIAA-CREF Funds:
Bond	$	101,950	$	3,265	$	2,572	$	(19	)	$	711		$	777	$	103,335
Bond Plus		66,823		2,037		1,551		(34	)		485			556		67,760
Emerging Markets Debt		9,351		289		311		10			174			140		9,513
Emerging Markets Equity		9,673		166		701		79			791			—		10,008
Enhanced International Equity Index		16,587		609		832		28			535			—		16,927
Enhanced Large-Cap Growth Index		22,584		228		1,801		250			651			—		21,912
Enhanced Large-Cap Value Index		21,224		1,231		1,055		21			459			—		21,880
Growth & Income		27,507		521		1,227		114			517			94		27,432
High-Yield		9,865		468		265		(2	)		(48	)		126		10,018
Inflation-Linked Bond		44,402		4,228		1,247		(5	)		235			—		47,613
International Bond		9,066		248		971		(27	)		155			—		8,471
International Equity		12,886		313		1,169		212			339			—		12,581
International Opportunities		12,312		153		1,114		144			718			—		12,213
International Small-Cap Equity		8,026		83		572		65			516			—		8,118
Large-Cap Growth		25,218		658		2,532		404			783			—		24,531
Large-Cap Value		23,634		1,590		1,213		72			387			—		24,470
Short-Term Bond		51,850		1,771		3,704		(14	)		58			215		49,961
Small-Cap Equity		7,331		206		389		45			216			—		7,409
Small/Mid-Cap Equity		5,491		291		330		3			195			—		5,650
TIAA-CREF Real Property Fund LPa		9,146		2,794		280		6			284			32		11,950
	$	494,926	$	21,149	$	23,836	$	1,352		$	8,161		$	1,940	$	501,752
Lifecycle 2010 Fund
TIAA-CREF Funds:
Bond	$	247,807	$	8,112	$	4,698	$	(4	)	$	1,697		$	1,895	$	252,914
Bond Plus		162,599		4,212		1,919		(41	)		1,145			1,357		165,996
Emerging Markets Debt		22,738		942		841		7			445			341		23,291
Emerging Markets Equity		25,674		342		1,768		95			2,210			—		26,553
Enhanced International Equity Index		44,037		1,271		1,950		109			1,386			—		44,853
Enhanced Large-Cap Growth Index		60,302		567		4,803		1,253			1,140			—		58,459
Enhanced Large-Cap Value Index		56,686		2,937		2,500		30			1,248			—		58,401
Growth & Income		73,547		847		2,717		220			1,461			253		73,358
High-Yield		23,984		952		292		—			(121	)		309		24,523
Inflation-Linked Bond		94,377		11,165		2,071		(4	)		518			—		103,985
International Bond		22,012		596		2,252		(63	)		375			—		20,668
International Equity		34,476		598		2,948		817			654			—		33,597
International Opportunities		32,924		203		2,731		375			1,930			—		32,701
International Small-Cap Equity		21,477		152		1,468		168			1,385			—		21,714
Large-Cap Growth		67,445		1,241		6,342		2,384			777			—		65,505
Large-Cap Value		63,179		3,386		2,348		65			1,157			—		65,439
Short-Term Bond		112,809		3,996		7,020		(44	)		140			470		109,881
Small-Cap Equity		19,608		444		943		191			506			—		19,806
Small/Mid-Cap Equity		14,683		712		819		9			518			—		15,103
TIAA-CREF Real Property Fund LPa		22,576		6,838		509		6			711			78		29,622
	$	1,222,940	$	49,513	$	50,939	$	5,573		$	19,282		$	4,703	$	1,246,369

16

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

Issue	Value at 5/31/17		Purchases cost		Sales proceeds		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Dividend income		Value at 8/31/17
Lifecycle 2015 Fund
TIAA-CREF Funds:
Bond	$	380,071	$	9,033	$	8,026	$	101	$	2,474		$	2,894	$	383,653
Bond Plus		249,758		4,567		3,858		94		1,587			2,076		252,148
Emerging Markets Debt		34,891		973		1,200		81		604			523		35,349
Emerging Markets Equity		44,850		382		3,318		265		3,751			—		45,930
Enhanced International Equity Index		77,142		1,439		3,565		459		2,140			—		77,615
Enhanced Large-Cap Growth Index		106,189		487		8,824		2,184		2,019			—		102,055
Enhanced Large-Cap Value Index		99,767		4,352		4,452		746		1,502			—		101,915
Growth & Income		129,797		812		5,251		1,584		1,378			445		128,320
High-Yield		36,809		1,031		429		5		(190	)		471		37,226
Inflation-Linked Bond		110,257		14,855		2,573		16		608			—		123,163
International Bond		33,649		615		3,563		63		409			—		31,173
International Equity		60,826		314		4,940		667		1,919			—		58,786
International Opportunities		58,117		40		5,018		734		3,324			—		57,197
International Small-Cap Equity		37,887		209		2,856		450		2,281			—		37,971
Large-Cap Growth		119,027		1,362		11,253		3,397		2,159			—		114,692
Large-Cap Value		111,534		4,933		4,199		935		1,217			—		114,420
Short-Term Bond		139,253		3,763		10,674		31		80			573		132,453
Small-Cap Equity		34,602		476		1,681		229		1,004			—		34,630
Small/Mid-Cap Equity		25,913		903		1,328		208		725			—		26,421
TIAA-CREF Real Property Fund LPa		35,598		10,499		1,101		54		1,071			122		46,121
	$	1,925,937	$	61,045	$	88,109	$	12,303	$	30,062		$	7,104	$	1,941,238
Lifecycle 2020 Fund
TIAA-CREF Funds:
Bond	$	643,704	$	24,317	$	4,808	$	90	$	4,384		$	4,975	$	667,687
Bond Plus		425,031		14,136		1,163		32		2,902			3,585		440,938
Emerging Markets Debt		59,226		2,108		822		64		1,136			893		61,712
Emerging Markets Equity		94,011		1,179		4,588		557		8,027			—		99,186
Enhanced International Equity Index		162,879		3,571		4,996		724		4,784			—		166,962
Enhanced Large-Cap Growth Index		225,395		1,540		13,791		3,615		5,449			—		222,208
Enhanced Large-Cap Value Index		211,804		9,745		4,370		822		3,949			—		221,950
Growth & Income		276,167		2,918		5,367		1,734		4,657			953		280,109
High-Yield		62,410		2,689		13		—		(320	)		808		64,766
Inflation-Linked Bond		132,826		27,235		1,187		6		861			—		159,741
International Bond		56,379		1,561		5,543		111		691			—		53,199
International Equity		129,583		1,103		8,014		1,245		4,315			—		128,232
International Opportunities		123,720		229		7,972		1,213		7,525			—		124,715
International Small-Cap Equity		80,740		415		4,090		649		5,240			—		82,954
Large-Cap Growth		253,486		3,163		18,405		7,120		4,909			—		250,273
Large-Cap Value		237,216		12,302		4,192		1,184		3,422			—		249,932
Short-Term Bond		186,213		7,857		16,593		48		93			762		177,618
Small-Cap Equity		73,657		1,653		2,311		375		2,250			—		75,624
Small/Mid-Cap Equity		55,122		2,150		1,584		247		1,749			—		57,684
TIAA-CREF Real Property Fund LPa		65,535		20,294		872		45		2,055			230		87,057
	$	3,555,104	$	140,165	$	110,681	$	19,881	$	68,078		$	12,206	$	3,672,547

17

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

Issue	Value at 5/31/17		Purchases cost		Sales proceeds		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Dividend income		Value at 8/31/17
Lifecycle 2025 Fund
TIAA-CREF Funds:
Bond	$	612,338	$	28,431	$	4,346	$	86	$	4,220		$	4,748	$	640,729
Bond Plus		408,043		17,795		1,573		40		2,804			3,451		427,109
Emerging Markets Debt		56,494		2,604		912		68		1,094			851		59,348
Emerging Markets Equity		117,426		2,282		4,804		688		10,105			—		125,697
Enhanced International Equity Index		203,190		4,973		4,024		608		6,287			—		211,034
Enhanced Large-Cap Growth Index		283,062		3,636		14,223		3,889		7,587			—		283,951
Enhanced Large-Cap Value Index		265,958		13,963		2,337		476		5,510			—		283,570
Growth & Income		347,851		6,055		3,337		1,141		6,962			1,204		358,672
High-Yield		59,596		3,361		220		5		(311	)		774		62,431
Inflation-Linked Bond		67,663		28,174		1,043		—		594			—		95,388
International Bond		52,513		1,908		5,961		108		630			—		49,198
International Equity		163,256		1,555		7,650		1,346		5,716			—		164,223
International Opportunities		155,458		456		7,380		1,189		9,883			—		159,606
International Small-Cap Equity		101,460		1,058		3,777		602		6,851			—		106,194
Large-Cap Growth		318,891		5,932		19,472		7,975		7,304			—		320,630
Large-Cap Value		298,731		18,167		2,743		828		4,988			—		319,971
Short-Term Bond		125,782		7,210		17,755		50		27			498		115,314
Small-Cap Equity		92,730		2,186		1,328		236		3,079			—		96,903
Small/Mid-Cap Equity		69,386		2,948		977		158		2,362			—		73,877
TIAA-CREF Real Property Fund LPa		71,249		22,607		331		17		2,280			254		95,822
	$	3,871,077	$	175,301	$	104,193	$	19,510	$	87,972		$	11,780	$	4,049,667
Lifecycle 2030 Fund
TIAA-CREF Funds:
Bond	$	508,567	$	27,431	$	5,758	$	107	$	3,484		$	3,952	$	533,831
Bond Plus		324,176		16,888		2,904		54		2,218			2,747		340,432
Emerging Markets Debt		47,130		2,676		1,057		72		903			708		49,724
Emerging Markets Equity		128,518		2,972		4,489		627		11,253			—		138,881
Enhanced International Equity Index		223,427		6,594		4,914		734		6,896			—		232,737
Enhanced Large-Cap Growth Index		312,067		4,642		13,876		3,855		8,858			—		315,546
Enhanced Large-Cap Value Index		293,087		16,982		1,608		368		6,238			—		315,067
Growth & Income		383,944		9,264		3,000		1,060		7,925			1,329		399,193
High-Yield		49,688		3,113		297		3		(257	)		648		52,250
Inflation-Linked Bond		28,270		5,639		112		3		159			—		33,959
International Bond		42,524		1,494		5,708		88		494			—		38,892
International Equity		179,989		2,672		7,659		1,397		6,417			—		182,816
International Opportunities		171,916		1,482		7,802		1,267		11,032			—		177,895
International Small-Cap Equity		112,114		1,404		3,613		574		7,688			—		118,167
Large-Cap Growth		352,236		7,630		19,906		8,546		8,442			—		356,948
Large-Cap Value		329,730		21,923		1,805		625		5,804			—		356,277
Short-Term Bond		28,289		5,705		146		1		34			132		33,883
Small-Cap Equity		102,422		2,592		828		153		3,501			—		107,840
Small/Mid-Cap Equity		76,612		3,077		214		36		2,755			—		82,266
TIAA-CREF Real Property Fund LPa		69,412		22,022		89		4		2,235			247		93,584
	$	3,764,118	$	166,202	$	85,785	$	19,574	$	96,079		$	9,763	$	3,960,188

18

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

Issue	Value at 5/31/17		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 8/31/17
Lifecycle 2035 Fund
TIAA-CREF Funds:
Bond	$	376,234	$	26,495	$	7,628	$	125		$	2,558		$	2,935	$	397,784
Bond Plus		242,304		16,031		3,732		61			1,652			2,060		256,316
Emerging Markets Debt		35,229		2,512		1,068		72			664			529		37,409
Emerging Markets Equity		144,082		3,340		4,126		575			12,776			—		156,647
Enhanced International Equity Index		250,753		6,711		3,917		580			7,962			—		262,089
Enhanced Large-Cap Growth Index		351,655		7,217		15,594		4,371			9,987			—		357,636
Enhanced Large-Cap Value Index		330,207		21,182		1,745		406			7,041			—		357,091
Growth & Income		433,472		13,411		3,991		1,493			8,673			1,501		453,058
High-Yield		37,141		2,700		302		2			(193	)		486		39,348
International Bond		29,298		1,633		6,074		9			367			—		25,233
International Equity		203,059		3,674		7,995		1,479			7,346			—		207,563
International Opportunities		193,955		1,652		7,635		1,254			12,657			—		201,883
International Small-Cap Equity		126,673		2,124		4,017		626			8,729			—		134,135
Large-Cap Growth		397,413		9,746		21,335		9,290			9,936			—		405,050
Large-Cap Value		372,088		26,479		1,571		587			6,678			—		404,261
Small-Cap Equity		115,565		3,067		363		75			4,064			—		122,408
Small/Mid-Cap Equity		86,348		3,964		138		22			3,125			—		93,321
TIAA-CREF Real Property Fund LPa		70,007		22,349		53		2			2,258			250		94,563
	$	3,795,483	$	174,287	$	91,284	$	21,029		$	106,280		$	7,761	$	4,005,795
Lifecycle 2040 Fund
TIAA-CREF Funds:
Bond	$	261,272	$	23,442	$	12,883	$	183		$	1,679		$	2,032	$	273,693
Bond Plus		173,428		14,056		6,855		73			1,152			1,468		181,854
Emerging Markets Debt		25,217		2,097		1,352		59			466			376		26,487
Emerging Markets Equity		197,426		4,468		5,647		817			17,507			—		214,571
Enhanced International Equity Index		344,625		8,599		5,851		868			10,843			—		359,084
Enhanced Large-Cap Growth Index		484,140		9,582		21,434		6,269			13,503			—		492,060
Enhanced Large-Cap Value Index		454,677		28,844		2,397		595			9,647			—		491,366
Growth & Income		597,318		17,193		4,359		1,705			12,301			2,071		624,158
High-Yield		26,585		2,157		698		3			(140	)		346		27,907
International Bond		15,908		1,292		7,950		(132	)		269			—		9,387
International Equity		279,821		4,544		10,459		1,949			10,227			—		286,082
International Opportunities		267,159		2,006		10,107		1,675			17,499			—		278,232
International Small-Cap Equity		174,692		2,123		4,903		768			12,153			—		184,833
Large-Cap Growth		547,770		13,245		29,578		13,295			13,202			—		557,934
Large-Cap Value		512,846		36,387		2,277		867			9,076			—		556,899
Small-Cap Equity		159,208		4,664		937		193			5,500			—		168,628
Small/Mid-Cap Equity		119,124		5,591		519		81			4,252			—		128,529
TIAA-CREF Real Property Fund LPa		87,188		27,781		252		14			2,802			311		117,533
	$	4,728,404	$	208,071	$	128,458	$	29,282		$	141,938		$	6,604	$	4,979,237

19

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

Issue	Value at 5/31/17		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 8/31/17
Lifecycle 2045 Fund
TIAA-CREF Funds:
Bond	$	78,279	$	6,624	$	6,878	$	(160	)	$	704		$	600	$	78,569
Bond Plus		54,066		3,927		3,722		(1	)		374			450		54,644
Emerging Markets Debt		7,857		602		601		9			152			117		8,019
Emerging Markets Equity		98,383		3,784		1,468		55			9,237			—		109,991
Enhanced International Equity Index		171,382		5,113		975		6			5,840			—		181,366
Enhanced Large-Cap Growth Index		241,449		10,526		9,396		150			9,884			—		252,613
Enhanced Large-Cap Value Index		226,917		20,652		493		(12	)		5,131			—		252,195
Growth & Income		298,072		16,629		1,318		(6	)		7,124			1,040		320,501
High-Yield		8,284		699		569		2			(43	)		106		8,373
International Bond		2,992		561		2,032		13			15			—		1,549
International Equity		139,744		3,997		3,016		153			5,999			—		146,877
International Opportunities		133,049		2,893		2,924		149			9,590			—		142,757
International Small-Cap Equity		86,968		2,787		1,399		36			6,514			—		94,906
Large-Cap Growth		273,528		13,092		13,559		531			12,991			—		286,583
Large-Cap Value		256,105		25,150		210		(1	)		4,976			—		286,020
Small-Cap Equity		79,473		4,287		—		—			2,850			—		86,610
Small/Mid-Cap Equity		59,480		4,349		6		—			2,178			—		66,001
TIAA-CREF Real Property Fund LPa		41,562		14,417		—		—			1,359			151		57,338
	$	2,257,590	$	140,089	$	48,566	$	924		$	84,875		$	2,464	$	2,434,912
Lifecycle 2050 Fund
TIAA-CREF Funds:
Bond	$	40,117	$	4,099	$	4,661	$	(92	)	$	370		$	306	$	39,833
Bond Plus		28,374		2,407		2,510		1			194			235		28,466
Emerging Markets Debt		4,123		375		404		7			78			61		4,179
Emerging Markets Equity		63,014		2,709		827		14			5,957			—		70,867
Enhanced International Equity Index		109,627		3,874		1,083		4			3,749			—		116,171
Enhanced Large-Cap Growth Index		154,609		7,646		5,766		86			6,367			—		162,942
Enhanced Large-Cap Value Index		145,269		14,120		—		—			3,276			—		162,665
Growth & Income		190,869		12,121		840		(4	)		4,578			667		206,724
High-Yield		4,350		389		354		—			(21	)		55		4,364
International Bond		964		887		1,123		22			(15	)		—		735
International Equity		89,315		3,680		2,202		96			3,845			—		94,734
International Opportunities		85,153		2,188		1,590		79			6,182			—		92,012
International Small-Cap Equity		55,696		2,263		955		21			4,182			—		61,207
Large-Cap Growth		175,077		9,324		8,274		303			8,400			—		184,830
Large-Cap Value		164,000		17,803		572		(13	)		3,192			—		184,410
Small-Cap Equity		50,878		3,187		24		(1	)		1,828			—		55,868
Small/Mid-Cap Equity		38,106		3,102		23		(1	)		1,399			—		42,583
TIAA-CREF Real Property Fund LPa		26,224		9,403		—		—			860			96		36,487
	$	1,425,765	$	99,577	$	31,208	$	522		$	54,421		$	1,420	$	1,549,077

20

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

Issue	Value at 5/31/17		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 8/31/17
Lifecycle 2055 Fund
TIAA-CREF Funds:
Bond	$	7,960	$	1,301	$	1,217	$	(22	)	$	78		$	62	$	8,100
Bond Plus		5,836		833		655		(1	)		42			49		6,055
Emerging Markets Debt		855		82		66		—			17			13		888
Emerging Markets Equity		16,434		1,688		164		1			1,615			—		19,574
Enhanced International Equity Index		28,385		2,698		218		—			1,000			—		31,865
Enhanced Large-Cap Growth Index		40,426		4,289		1,439		7			1,737			—		45,020
Enhanced Large-Cap Value Index		37,968		6,127		10		—			859			—		44,944
Growth & Income		49,898		6,175		189		(2	)		1,239			177		57,121
High-Yield		897		121		87		—			(4	)		12		927
International Bond		201		66		132		2			1			—		138
International Equity		23,357		2,060		300		1			1,057			—		26,175
International Opportunities		22,234		1,652		205		3			1,692			—		25,376
International Small-Cap Equity		14,518		1,439		179		1			1,137			—		16,916
Large-Cap Growth		45,748		4,891		1,931		20			2,343			—		51,071
Large-Cap Value		42,873		7,273		14		—			830			—		50,962
Small-Cap Equity		13,297		1,680		19		(1	)		481			—		15,438
Small/Mid-Cap Equity		9,962		1,436		—		—			371			—		11,769
TIAA-CREF Real Property Fund LPa		6,736		2,961		—		—			228			26		9,925
	$	367,585	$	46,772	$	6,825	$	9		$	14,723		$	339	$	422,264
Lifecycle 2060 Fund
TIAA-CREF Funds:
Bond	$	552	$	246	$	200	$	(1	)	$	5		$	5	$	602
Bond Plus		434		149		97		—			3			4		489
Emerging Markets Debt		63		18		11		—			1			1		71
Emerging Markets Equity		1,652		438		45		—			175			—		2,220
Enhanced International Equity Index		2,847		738		167		(1	)		107			—		3,524
Enhanced Large-Cap Growth Index		4,067		1,085		233		—			188			—		5,107
Enhanced Large-Cap Value Index		3,819		1,320		126		(6	)		92			—		5,099
Growth & Income		5,020		1,480		151		(1	)		134			17		6,482
High-Yield		67		20		12		—			—			1		75
International Bond		7		83		11		—			—			—		79
International Equity		2,342		602		83		—			112			—		2,973
International Opportunities		2,238		530		67		—			183			—		2,884
International Small-Cap Equity		1,460		385		49		—			123			—		1,919
Large-Cap Growth		4,601		1,235		299		1			258			—		5,796
Large-Cap Value		4,313		1,518		131		(2	)		84			—		5,782
Small-Cap Equity		1,338		402		37		—			49			—		1,752
Small/Mid-Cap Equity		1,002		325		30		—			38			—		1,335
TIAA-CREF Real Property Fund LPa		664		418		—		—			24			3		1,106
	$	36,486	$	10,992	$	1,749	$	(10	)	$	1,576		$	31	$	47,295

a Restricted security.

21

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

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 schedule 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 August 31, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of all 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	$	447,932,251	$	53,819,915	$	—		$	53,819,915
Lifecycle 2010		1,056,871,260		189,497,409		—			189,497,409
Lifecycle 2015		1,837,774,162		113,665,417		(10,201,670	)		103,463,747
Lifecycle 2020		3,417,844,685		266,571,038		(11,869,161	)		254,701,877
Lifecycle 2025		3,702,994,330		356,109,399		(9,436,788	)		346,672,611
Lifecycle 2030		3,559,292,712		408,591,098		(7,696,193	)		400,894,905
Lifecycle 2035		3,537,760,586		473,682,990		(5,648,286	)		468,034,704
Lifecycle 2040		4,317,224,239		668,509,363		(6,496,169	)		662,013,194
Lifecycle 2045		2,024,364,958		410,547,301		—			410,547,301
Lifecycle 2050		1,297,855,150		251,221,525		—			251,221,525
Lifecycle 2055		367,669,828		54,594,536		—			54,594,536
Lifecycle 2060		42,821,649		4,473,558		—			4,473,558

22

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

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX RETIREMENT INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.5%(a)
FIXED INCOME - 39.8%
5,354,382	TIAA-CREF Bond Index Fund	$	58,523,400
	TOTAL FIXED INCOME		58,523,400
INFLATION-PROTECTED ASSETS - 9.9%
1,264,511	TIAA-CREF Inflation-Linked Bond Fund		14,630,388
	TOTAL INFLATION-PROTECTED ASSETS		14,630,388
INTERNATIONAL EQUITY - 12.0%
403,185	TIAA-CREF Emerging Markets Equity Index Fund		4,640,656
663,506	TIAA-CREF International Equity Index Fund		12,958,268
	TOTAL INTERNATIONAL EQUITY		17,598,924
SHORT-TERM FIXED INCOME - 9.9%
1,460,818	TIAA-CREF Short-Term Bond Index Fund		14,593,573
	TOTAL SHORT-TERM FIXED INCOME		14,593,573
U.S. EQUITY - 27.9%
2,223,009	TIAA-CREF Equity Index Fund		41,014,515
	TOTAL U.S. EQUITY		41,014,515
	TOTAL AFFILIATED INVESTMENT COMPANIES		146,360,800
	(Cost $132,744,828)
	TOTAL INVESTMENTS - 99.5%		146,360,800
	(Cost $132,744,828)
	OTHER ASSETS & LIABILITIES, NET - 0.5%		734,850
	NET ASSETS - 100.0%	$	147,095,650

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 100.0%(a)
FIXED INCOME - 39.3%
11,536,649	TIAA-CREF Bond Index Fund	$	126,095,574
	TOTAL FIXED INCOME		126,095,574
INFLATION-PROTECTED ASSETS - 8.9%
2,452,482	TIAA-CREF Inflation-Linked Bond Fund		28,375,213
	TOTAL INFLATION-PROTECTED ASSETS		28,375,213
INTERNATIONAL EQUITY - 12.9%
946,860	TIAA-CREF Emerging Markets Equity Index Fund		10,898,357
1,556,181	TIAA-CREF International Equity Index Fund		30,392,219
	TOTAL INTERNATIONAL EQUITY		41,290,576
SHORT-TERM FIXED INCOME - 8.8%
2,838,337	TIAA-CREF Short-Term Bond Index Fund		28,354,983
	TOTAL SHORT-TERM FIXED INCOME		28,354,983
U.S. EQUITY - 30.1%
5,224,904	TIAA-CREF Equity Index Fund		96,399,488
	TOTAL U.S. EQUITY		96,399,488
	TOTAL AFFILIATED INVESTMENT COMPANIES		320,515,834
	(Cost $272,943,433)
	TOTAL INVESTMENTS - 100.0%		320,515,834
	(Cost $272,943,433)
	OTHER ASSETS & LIABILITIES, NET - 0.0%		85,637
	NET ASSETS - 100.0%	$	320,601,471

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 38.3%
22,144,062	TIAA-CREF Bond Index Fund	$	242,034,593
	TOTAL FIXED INCOME		242,034,593
INFLATION-PROTECTED ASSETS - 6.9%
3,740,439	TIAA-CREF Inflation-Linked Bond Fund		43,276,881
	TOTAL INFLATION-PROTECTED ASSETS		43,276,881
INTERNATIONAL EQUITY - 14.4%
2,082,420	TIAA-CREF Emerging Markets Equity Index Fund		23,968,656
3,422,396	TIAA-CREF International Equity Index Fund		66,839,403
	TOTAL INTERNATIONAL EQUITY		90,808,059
SHORT-TERM FIXED INCOME - 6.8%
4,328,944	TIAA-CREF Short-Term Bond Index Fund		43,246,150
	TOTAL SHORT-TERM FIXED INCOME		43,246,150
U.S. EQUITY - 33.5%
11,490,868	TIAA-CREF Equity Index Fund		212,006,518
	TOTAL U.S. EQUITY		212,006,518
	TOTAL AFFILIATED INVESTMENT COMPANIES		631,372,201
	(Cost $538,297,539)
	TOTAL INVESTMENTS - 99.9%		631,372,201
	(Cost $538,297,539)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		753,778
	NET ASSETS - 100.0%	$	632,125,979

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.7%(a)
FIXED INCOME - 35.5%
42,411,651	TIAA-CREF Bond Index Fund	$	463,559,347
	TOTAL FIXED INCOME		463,559,347
INFLATION-PROTECTED ASSETS - 4.8%
5,460,969	TIAA-CREF Inflation-Linked Bond Fund		63,183,410
	TOTAL INFLATION-PROTECTED ASSETS		63,183,410
INTERNATIONAL EQUITY - 16.4%
4,890,607	TIAA-CREF Emerging Markets Equity Index Fund		56,290,884
8,037,618	TIAA-CREF International Equity Index Fund		156,974,681
	TOTAL INTERNATIONAL EQUITY		213,265,565
SHORT-TERM FIXED INCOME - 4.8%
6,320,184	TIAA-CREF Short-Term Bond Index Fund		63,138,640
	TOTAL SHORT-TERM FIXED INCOME		63,138,640
U.S. EQUITY - 38.2%
26,986,638	TIAA-CREF Equity Index Fund		497,903,466
	TOTAL U.S. EQUITY		497,903,466
	TOTAL AFFILIATED INVESTMENT COMPANIES		1,301,050,428
	(Cost $1,126,256,621)
	TOTAL INVESTMENTS - 99.7%		1,301,050,428
	(Cost $1,126,256,621)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		3,871,374
	NET ASSETS - 100.0%	$	1,304,921,802

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 31.6%
42,999,219	TIAA-CREF Bond Index Fund	$	469,981,458
	TOTAL FIXED INCOME		469,981,458
INFLATION-PROTECTED ASSETS - 2.8%
3,672,356	TIAA-CREF Inflation-Linked Bond Fund		42,489,155
	TOTAL INFLATION-PROTECTED ASSETS		42,489,155
INTERNATIONAL EQUITY - 18.8%
6,402,441	TIAA-CREF Emerging Markets Equity Index Fund		73,692,093
10,522,180	TIAA-CREF International Equity Index Fund		205,498,170
	TOTAL INTERNATIONAL EQUITY		279,190,263
SHORT-TERM FIXED INCOME - 2.8%
4,250,173	TIAA-CREF Short-Term Bond Index Fund		42,459,226
	TOTAL SHORT-TERM FIXED INCOME		42,459,226
U.S. EQUITY - 43.8%
35,328,736	TIAA-CREF Equity Index Fund		651,815,174
	TOTAL U.S. EQUITY		651,815,174
	TOTAL AFFILIATED INVESTMENT COMPANIES		1,485,935,276
	(Cost $1,285,101,932)
	TOTAL INVESTMENTS - 99.8%		1,485,935,276
	(Cost $1,285,101,932)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		2,850,856
	NET ASSETS - 100.0%	$	1,488,786,132

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 27.6%
38,377,614	TIAA-CREF Bond Index Fund	$	419,467,323
	TOTAL FIXED INCOME		419,467,323
INFLATION-PROTECTED ASSETS - 0.9%
1,133,794	TIAA-CREF Inflation-Linked Bond Fund		13,118,002
	TOTAL INFLATION-PROTECTED ASSETS		13,118,002
INTERNATIONAL EQUITY - 21.1%
7,374,955	TIAA-CREF Emerging Markets Equity Index Fund		84,885,727
12,121,243	TIAA-CREF International Equity Index Fund		236,727,878
	TOTAL INTERNATIONAL EQUITY		321,613,605
SHORT-TERM FIXED INCOME - 0.9%
1,312,204	TIAA-CREF Short-Term Bond Index Fund		13,108,923
	TOTAL SHORT-TERM FIXED INCOME		13,108,923
U.S. EQUITY - 49.4%
40,697,230	TIAA-CREF Equity Index Fund		750,863,892
	TOTAL U.S. EQUITY		750,863,892
	TOTAL AFFILIATED INVESTMENT COMPANIES		1,518,171,745
	(Cost $1,286,011,042)
	TOTAL INVESTMENTS - 99.9%		1,518,171,745
	(Cost $1,286,011,042)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		2,106,734
	NET ASSETS - 100.0%	$	1,520,278,479

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 21.3%
27,896,062	TIAA-CREF Bond Index Fund	$	304,903,959
	TOTAL FIXED INCOME		304,903,959
INTERNATIONAL EQUITY - 23.6%
7,711,213	TIAA-CREF Emerging Markets Equity Index Fund		88,756,060
12,674,178	TIAA-CREF International Equity Index Fund		247,526,691
	TOTAL INTERNATIONAL EQUITY		336,282,751
U.S. EQUITY - 55.0%
42,553,547	TIAA-CREF Equity Index Fund		785,112,941
	TOTAL U.S. EQUITY		785,112,941
	TOTAL AFFILIATED INVESTMENT COMPANIES		1,426,299,651
	(Cost $1,184,552,462)
	TOTAL INVESTMENTS - 99.9%		1,426,299,651
	(Cost $1,184,552,462)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		1,614,593
	NET ASSETS - 100.0%	$	1,427,914,244

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 13.4%
19,025,482	TIAA-CREF Bond Index Fund	$	207,948,513
	TOTAL FIXED INCOME		207,948,513
INTERNATIONAL EQUITY - 25.9%
9,237,410	TIAA-CREF Emerging Markets Equity Index Fund		106,322,589
15,183,785	TIAA-CREF International Equity Index Fund		296,539,321
	TOTAL INTERNATIONAL EQUITY		402,861,910
U.S. EQUITY - 60.5%
50,978,774	TIAA-CREF Equity Index Fund		940,558,375
	TOTAL U.S. EQUITY		940,558,375
	TOTAL AFFILIATED INVESTMENT COMPANIES		1,551,368,798
	(Cost $1,252,967,885)
	TOTAL INVESTMENTS - 99.8%		1,551,368,798
	(Cost $1,252,967,885)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		2,719,302
	NET ASSETS - 100.0%	$	1,554,088,100

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 9.2%
7,912,590	TIAA-CREF Bond Index Fund	$	86,484,611
	TOTAL FIXED INCOME		86,484,611
INTERNATIONAL EQUITY - 27.2%
5,836,604	TIAA-CREF Emerging Markets Equity Index Fund		67,179,309
9,593,553	TIAA-CREF International Equity Index Fund		187,362,092
	TOTAL INTERNATIONAL EQUITY		254,541,401
U.S. EQUITY - 63.4%
32,210,037	TIAA-CREF Equity Index Fund		594,275,191
	TOTAL U.S. EQUITY		594,275,191
	TOTAL AFFILIATED INVESTMENT COMPANIES		935,301,203
	(Cost $781,824,015)
	TOTAL INVESTMENTS - 99.8%		935,301,203
	(Cost $781,824,015)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		1,531,351
	NET ASSETS - 100.0%	$	936,832,554

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.8%(a)
FIXED INCOME - 8.0%
4,907,467	TIAA-CREF Bond Index Fund	$	53,638,612
	TOTAL FIXED INCOME		53,638,612
INTERNATIONAL EQUITY - 27.5%
4,240,235	TIAA-CREF Emerging Markets Equity Index Fund		48,805,105
6,969,883	TIAA-CREF International Equity Index Fund		136,121,807
	TOTAL INTERNATIONAL EQUITY		184,926,912
U.S. EQUITY - 64.3%
23,400,932	TIAA-CREF Equity Index Fund		431,747,197
	TOTAL U.S. EQUITY		431,747,197
	TOTAL AFFILIATED INVESTMENT COMPANIES		670,312,721
	(Cost $564,020,300)
	TOTAL INVESTMENTS - 99.8%		670,312,721
	(Cost $564,020,300)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		1,517,670
	NET ASSETS - 100.0%	$	671,830,391

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.1%(a)
FIXED INCOME - 6.7%
1,295,319	TIAA-CREF Bond Index Fund	$	14,157,835
	TOTAL FIXED INCOME		14,157,835
INTERNATIONAL EQUITY - 27.7%
1,341,006	TIAA-CREF Emerging Markets Equity Index Fund		15,434,976
2,205,900	TIAA-CREF International Equity Index Fund		43,081,225
	TOTAL INTERNATIONAL EQUITY		58,516,201
U.S. EQUITY - 64.7%
7,399,199	TIAA-CREF Equity Index Fund		136,515,227
	TOTAL U.S. EQUITY		136,515,227
	TOTAL AFFILIATED INVESTMENT COMPANIES		209,189,263
	(Cost $181,039,752)
	TOTAL INVESTMENTS - 99.1%		209,189,263
	(Cost $181,039,752)
	OTHER ASSETS & LIABILITIES, NET - 0.9%		1,797,982
	NET ASSETS - 100.0%	$	210,987,245

(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)

August 31, 2017

SHARES	SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.2%(a)
FIXED INCOME - 5.5%
171,998	TIAA-CREF Bond Index Fund	$	1,879,940
	TOTAL FIXED INCOME		1,879,940
INTERNATIONAL EQUITY - 28.1%
221,500	TIAA-CREF Emerging Markets Equity Index Fund		2,549,463
364,096	TIAA-CREF International Equity Index Fund		7,110,792
	TOTAL INTERNATIONAL EQUITY		9,660,255
U.S. EQUITY - 65.6%
1,222,423	TIAA-CREF Equity Index Fund		22,553,707
	TOTAL U.S. EQUITY		22,553,707
	TOTAL AFFILIATED INVESTMENT COMPANIES		34,093,902
	(Cost $30,779,498)
	TOTAL INVESTMENTS - 99.2%		34,093,902
	(Cost $30,779,498)
	OTHER ASSETS & LIABILITIES, NET - 0.8%		284,603
	NET ASSETS - 100.0%	$	34,378,505

(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. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On August 1, 2017, the Funds adopted amendments to Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but has resulted in minor changes to financial statement disclosures. 

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 Funds’ financial statements and other filings.

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact 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.

In accordance with ASC 820, certain portfolio investments that are measured at fair value using the net asset value (“NAV”) 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. As of August 31, 2017, no investments were valued utilizing the practical expedient.

13

TIAA-CREF Lifecycle Index 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 as Level 1 of the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the period ended August 31, 2017, there were no transfers between levels by the Funds.

As of August 31, 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 (dollar amounts are in thousands):

Issue	Value at 5/31/17		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)		Dividend income		Value at 8/31/17
Lifecycle Index Retirement Income Fund
TIAA-CREF Funds:
Bond Index	$	50,858	$	9,529	$	2,236	$	(19	)	$	391	$	328	$	58,523
Emerging Markets Equity Index		3,897		646		294		—			392		—		4,641
Equity Index		35,673		6,043		1,806		(13	)		1,118		—		41,015
Inflation-Linked Bond		12,676		2,448		563		(2	)		71		—		14,630
International Equity Index		11,576		1,800		772		(1	)		355		—		12,958
Short-Term Bond Index		12,681		2,446		549		(2	)		18		44		14,594
	$	127,361	$	22,912	$	6,220	$	(37	)	$	2,345	$	372	$	146,361
Lifecycle Index 2010 Fund
TIAA-CREF Funds:
Bond Index	$	115,968	$	12,546	$	3,207	$	(36	)	$	825	$	722	$	126,096
Emerging Markets Equity Index		9,731		962		734		27			912		—		10,898
Equity Index		89,065		8,387		3,763		4			2,707		—		96,400
Inflation-Linked Bond		25,714		3,212		677		(8	)		134		—		28,375
International Equity Index		28,901		2,385		1,760		62			804		—		30,392
Short-Term Bond Index		25,715		3,230		619		(3	)		32		87		28,355
	$	295,094	$	30,722	$	10,760	$	46		$	5,414	$	809	$	320,516
Lifecycle Index 2015 Fund
TIAA-CREF Funds:
Bond Index	$	216,562	$	26,715	$	2,742	$	(46	)	$	1,546	$	1,358	$	242,035
Emerging Markets Equity Index		20,797		2,218		1,070		9			2,015		—		23,969
Equity Index		190,358		20,055		4,223		(22	)		5,838		—		212,006
Inflation-Linked Bond		38,039		5,571		528		(8	)		203		—		43,277
International Equity Index		61,768		5,904		2,681		10			1,838		—		66,839
Short-Term Bond Index		38,052		5,799		648		(4	)		47		130		43,246
	$	565,576	$	66,262	$	11,892	$	(61	)	$	11,487	$	1,488	$	631,372
Lifecycle Index 2020 Fund
TIAA-CREF Funds:
Bond Index	$	407,598	$	55,109	$	2,020	$	(51	)	$	2,923	$	2,578	$	463,559
Emerging Markets Equity Index		48,317		4,953		1,715		24			4,712		—		56,291
Equity Index		442,326		46,788		4,798		(33	)		13,620		—		497,903
Inflation-Linked Bond		54,479		8,597		179		(7	)		293		—		63,183
International Equity Index		143,499		12,957		3,804		61			4,262		—		156,975
Short-Term Bond Index		54,493		8,774		192		(1	)		65		187		63,139
	$	1,150,712	$	137,178	$	12,708	$	(7	)	$	25,875	$	2,765	$	1,301,050

14

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

Issue	Value at 5/31/17		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)		Dividend income		Value at 8/31/17
Lifecycle Index 2025 Fund
TIAA-CREF Funds:
Bond Index	$	394,477	$	73,440	$	798	$	(22	)	$	2,885	$	2,586	$	469,982
Emerging Markets Equity Index		60,382		8,788		1,633		17			6,138		—		73,692
Equity Index		552,836		84,725		3,151		(13	)		17,418		—		651,815
Inflation-Linked Bond		34,417		7,941		66		(5	)		202		—		42,489
International Equity Index		179,335		24,560		4,002		34			5,571		—		205,498
Short-Term Bond Index		34,428		8,063		76		(1	)		45		124		42,459
	$	1,255,875	$	207,517	$	9,726	$	10		$	32,259	$	2,710	$	1,485,935
Lifecycle Index 2030 Fund
TIAA-CREF Funds:
Bond Index	$	359,362	$	58,064	$	569	$	(14	)	$	2,624	$	2,321	$	419,467
Emerging Markets Equity Index		70,901		8,632		1,762		4			7,111		—		84,886
Equity Index		649,649		83,791		2,802		(33	)		20,259		—		750,864
Inflation-Linked Bond		9,872		3,199		16		—			63		—		13,118
International Equity Index		210,575		23,621		3,930		33			6,429		—		236,728
Short-Term Bond Index		9,875		3,235		15		—			14		36		13,109
	$	1,310,234	$	180,542	$	9,094	$	(10	)	$	36,500	$	2,357	$	1,518,172
Lifecycle Index 2035 Fund
TIAA-CREF Funds:
Bond Index	$	263,366	$	40,066	$	431	$	(14	)	$	1,917	$	1,696	$	304,904
Emerging Markets Equity Index		75,708		7,637		2,110		(5	)		7,526		—		88,756
Equity Index		693,591		71,929		1,878		(11	)		21,482		—		785,113
International Equity Index		224,849		19,510		3,690		28			6,830		—		247,527
	$	1,257,514	$	139,142	$	8,109	$	(2	)	$	37,755	$	1,696	$	1,426,300
Lifecycle Index 2040 Fund
TIAA-CREF Funds:
Bond Index	$	177,045	$	29,628	$	33	$	(1	)	$	1,310	$	1,153	$	207,949
Emerging Markets Equity Index		90,497		8,360		1,576		1			9,041		—		106,323
Equity Index		829,102		86,390		727		(7	)		25,800		—		940,558
International Equity Index		268,771		22,947		3,401		28			8,194		—		296,539
	$	1,365,415	$	147,325	$	5,737	$	21		$	44,345	$	1,153	$	1,551,369
Lifecycle Index 2045 Fund
TIAA-CREF Funds:
Bond Index	$	74,812	$	11,127	$	—	$	—		$	546	$	488	$	86,485
Emerging Markets Equity Index		56,322		5,787		629		—			5,699		—		67,179
Equity Index		516,210		62,091		201		(4	)		16,179		—		594,275
International Equity Index		167,272		15,837		931		3			5,181		—		187,362
	$	814,616	$	94,842	$	1,761	$	(1	)	$	27,605	$	488	$	935,301
Lifecycle Index 2050 Fund
TIAA-CREF Funds:
Bond Index	$	45,683	$	7,616	$	—	$	—		$	340	$	301	$	53,639
Emerging Markets Equity Index		40,284		4,803		394		—			4,112		—		48,805
Equity Index		369,490		50,630		—		—			11,627		—		431,747
International Equity Index		119,640		13,283		527		2			3,724		—		136,122
	$	575,097	$	76,332	$	921	$	2		$	19,803	$	301	$	670,313

15

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

Issue	Value at 5/31/17		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)		Dividend income		Value at 8/31/17
Lifecycle Index 2055 Fund
TIAA-CREF Funds:
Bond Index	$	11,550	$	2,540	$	22	$	—		$	90	$	78	$	14,158
Emerging Markets Equity Index		12,267		1,963		82		—			1,287		—		15,435
Equity Index		112,378		20,535		4		—			3,606		—		136,515
International Equity Index		36,431		5,670		182		—			1,162		—		43,081
	$	172,626	$	30,708	$	290	$	—		$	6,145	$	78	$	209,189
Lifecycle Index 2060 Fund
TIAA-CREF Funds:
Bond Index	$	1,411	$	467	$	10	$	—		$	12	$	10	$	1,880
Emerging Markets Equity Index		1,862		514		33		—			206		—		2,549
Equity Index		17,076		5,012		100		(1	)		567		—		22,554
International Equity Index		5,529		1,459		61		—			184		—		7,111
	$	25,878	$	7,452	$	204	$	(1	)	$	969	$	10	$	34,094

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of all 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	$	132,744,828	$	13,615,972	$	—		$	13,615,972
Lifecycle Index 2010		272,943,433		47,607,292		(34,891	)		47,572,401
Lifecycle Index 2015		538,297,539		93,122,566		(47,904	)		93,074,662
Lifecycle Index 2020		1,126,256,621		174,858,233		(64,426	)		174,793,807
Lifecycle Index 2025		1,285,101,932		200,864,137		(30,793	)		200,833,344
Lifecycle Index 2030		1,286,011,042		232,162,536		(1,833	)		232,160,703
Lifecycle Index 2035		1,184,552,462		241,747,189		—			241,747,189
Lifecycle Index 2040		1,252,967,885		298,400,913		—			298,400,913
Lifecycle Index 2045		781,824,015		153,477,188		—			153,477,188
Lifecycle Index 2050		564,020,300		106,292,421		—			106,292,421
Lifecycle Index 2055		181,039,752		28,149,511		—			28,149,511
Lifecycle Index 2060		30,779,498		3,314,404		—			3,314,404

16

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Income Fund

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 39.2%
	1,277,616	TIAA-CREF Bond Fund	$	13,402,188
	1,219,663	TIAA-CREF Bond Plus Fund		12,867,446
		TOTAL FIXED INCOME		26,269,634
INTERNATIONAL EQUITY - 6.6%
	63,461	TIAA-CREF Emerging Markets Equity Fund		774,854
	143,635	TIAA-CREF Enhanced International Equity Index Fund		1,151,956
	84,787	TIAA-CREF International Equity Fund		1,073,401
	69,072	TIAA-CREF International Opportunities Fund		868,233
	46,455	TIAA-CREF International Small-Cap Equity Fund		578,363
		TOTAL INTERNATIONAL EQUITY		4,446,807
SHORT-TERM FIXED INCOME - 39.9%
	2,577,697	TIAA-CREF Short-Term Bond Fund		26,730,720
		TOTAL SHORT-TERM FIXED INCOME		26,730,720
U.S. EQUITY - 14.2%
	71,434	TIAA-CREF Enhanced Large-Cap Growth Index Fund		938,646
	92,591	TIAA-CREF Enhanced Large-Cap Value Index Fund		937,021
	152,752	TIAA-CREF Growth & Income Fund		2,083,533
	122,165	TIAA-CREF Large-Cap Growth Fund		2,328,461
	123,165	TIAA-CREF Large-Cap Value Fund		2,322,898
	26,671	TIAA-CREF Small-Cap Equity Fund		516,076
	37,279	TIAA-CREF Small/Mid-Cap Equity Fund		429,077
		TOTAL U.S. EQUITY		9,555,712
		TOTAL AFFILIATED INVESTMENT COMPANIES		67,002,873
		(Cost $64,082,389)
		TOTAL INVESTMENTS - 99.9%		67,002,873
		(Cost $64,082,389)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		35,856
		NET ASSETS - 100.0%	$	67,038,729

(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)

August 31, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 39.1%
	1,891,199	TIAA-CREF Bond Fund	$	19,838,673
	5,491,389	TIAA-CREF Bond Plus Fund		57,934,152
		TOTAL FIXED INCOME		77,772,825
INTERNATIONAL EQUITY - 12.7%
	343,141	TIAA-CREF Emerging Markets Equity Fund		4,189,749
	750,969	TIAA-CREF Enhanced International Equity Index Fund		6,022,774
	502,119	TIAA-CREF International Equity Fund		6,356,828
	408,914	TIAA-CREF International Opportunities Fund		5,140,051
	274,950	TIAA-CREF International Small-Cap Equity Fund		3,423,123
		TOTAL INTERNATIONAL EQUITY		25,132,525
SHORT-TERM FIXED INCOME - 19.9%
	3,814,770	TIAA-CREF Short-Term Bond Fund		39,559,165
		TOTAL SHORT-TERM FIXED INCOME		39,559,165
U.S. EQUITY - 28.2%
	407,561	TIAA-CREF Enhanced Large-Cap Growth Index Fund		5,355,352
	528,402	TIAA-CREF Enhanced Large-Cap Value Index Fund		5,347,427
	904,056	TIAA-CREF Growth & Income Fund		12,331,322
	723,119	TIAA-CREF Large-Cap Growth Fund		13,782,649
	729,004	TIAA-CREF Large-Cap Value Fund		13,749,018
	157,833	TIAA-CREF Small-Cap Equity Fund		3,054,063
	220,686	TIAA-CREF Small/Mid-Cap Equity Fund		2,540,095
		TOTAL U.S. EQUITY		56,159,926
		TOTAL AFFILIATED INVESTMENT COMPANIES		198,624,441
		(Cost $184,916,761)
		TOTAL INVESTMENTS - 99.9%		198,624,441
		(Cost $184,916,761)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		250,547
		NET ASSETS - 100.0%	$	198,874,988

(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)

August 31, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 39.1%
	10,442,999	TIAA-CREF Bond Plus Fund	$	110,173,643
		TOTAL FIXED INCOME		110,173,643
INTERNATIONAL EQUITY - 18.6%
	705,819	TIAA-CREF Emerging Markets Equity Fund		8,618,046
	1,525,452	TIAA-CREF Enhanced International Equity Index Fund		12,234,121
	1,067,054	TIAA-CREF International Equity Fund		13,508,907
	868,611	TIAA-CREF International Opportunities Fund		10,918,434
	583,995	TIAA-CREF International Small-Cap Equity Fund		7,270,735
		TOTAL INTERNATIONAL EQUITY		52,550,243
U.S. EQUITY - 42.2%
	855,150	TIAA-CREF Enhanced Large-Cap Growth Index Fund		11,236,676
	1,108,675	TIAA-CREF Enhanced Large-Cap Value Index Fund		11,219,787
	1,920,687	TIAA-CREF Growth & Income Fund		26,198,177
	1,536,289	TIAA-CREF Large-Cap Growth Fund		29,281,668
	1,548,707	TIAA-CREF Large-Cap Value Fund		29,208,608
	335,372	TIAA-CREF Small-Cap Equity Fund		6,489,457
	468,786	TIAA-CREF Small/Mid-Cap Equity Fund		5,395,724
		TOTAL U.S. EQUITY		119,030,097
		TOTAL AFFILIATED INVESTMENT COMPANIES		281,753,983
		(Cost $253,900,467)
		TOTAL INVESTMENTS - 99.9%		281,753,983
		(Cost $253,900,467)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		248,460
		NET ASSETS - 100.0%	$	282,002,443

(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)

August 31, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 100.0%(a)
FIXED INCOME - 19.2%
	2,138,525	TIAA-CREF Bond Plus Fund	$	22,561,435
		TOTAL FIXED INCOME		22,561,435
INTERNATIONAL EQUITY - 24.6%
	386,450	TIAA-CREF Emerging Markets Equity Fund		4,718,560
	829,907	TIAA-CREF Enhanced International Equity Index Fund		6,655,856
	593,981	TIAA-CREF International Equity Fund		7,519,793
	484,485	TIAA-CREF International Opportunities Fund		6,089,974
	325,092	TIAA-CREF International Small-Cap Equity Fund		4,047,390
		TOTAL INTERNATIONAL EQUITY		29,031,573
U.S. EQUITY - 56.2%
	472,838	TIAA-CREF Enhanced Large-Cap Growth Index Fund		6,213,094
	613,363	TIAA-CREF Enhanced Large-Cap Value Index Fund		6,207,238
	1,069,155	TIAA-CREF Growth & Income Fund		14,583,276
	854,633	TIAA-CREF Large-Cap Growth Fund		16,289,299
	862,368	TIAA-CREF Large-Cap Value Fund		16,264,262
	186,425	TIAA-CREF Small-Cap Equity Fund		3,607,333
	260,903	TIAA-CREF Small/Mid-Cap Equity Fund		3,002,997
		TOTAL U.S. EQUITY		66,167,499
		TOTAL AFFILIATED INVESTMENT COMPANIES		117,760,507
		(Cost $101,202,129)
		TOTAL INVESTMENTS - 100.0%		117,760,507
		(Cost $101,202,129)
		OTHER ASSETS & LIABILITIES, NET - 0.0%		32,227
		NET ASSETS - 100.0%	$	117,792,734

(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)

August 31, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
INTERNATIONAL EQUITY - 30.0%
	310,309	TIAA-CREF Emerging Markets Equity Fund	$	3,788,873
	651,790	TIAA-CREF Enhanced International Equity Index Fund		5,227,359
	502,480	TIAA-CREF International Equity Fund		6,361,394
	408,723	TIAA-CREF International Opportunities Fund		5,137,648
	274,196	TIAA-CREF International Small-Cap Equity Fund		3,413,745
		TOTAL INTERNATIONAL EQUITY		23,929,019
U.S. EQUITY - 69.9%
	391,530	TIAA-CREF Enhanced Large-Cap Growth Index Fund		5,144,709
	507,835	TIAA-CREF Enhanced Large-Cap Value Index Fund		5,139,293
	902,526	TIAA-CREF Growth & Income Fund		12,310,448
	722,094	TIAA-CREF Large-Cap Growth Fund		13,763,105
	727,706	TIAA-CREF Large-Cap Value Fund		13,724,537
	157,567	TIAA-CREF Small-Cap Equity Fund		3,048,923
	220,221	TIAA-CREF Small/Mid-Cap Equity Fund		2,534,745
		TOTAL U.S. EQUITY		55,665,760
		TOTAL AFFILIATED INVESTMENT COMPANIES		79,594,779
		(Cost $65,596,404)
		TOTAL INVESTMENTS - 99.9%		79,594,779
		(Cost $65,596,404)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		109,891
		NET ASSETS - 100.0%	$	79,704,670

(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. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On August 1, 2017, the Funds adopted amendments to Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but has resulted in minor changes to financial statement disclosures. 

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 Funds’ financial statements and other filings.

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact 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 as 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)

In accordance with ASC 820, certain portfolio investments that are measured at fair value using the net asset value (“NAV”) 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. As of August 31, 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 as Level 1 of the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the period ended August 31, 2017, there were no transfers between levels by the Funds.

As of August 31, 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 (dollar amounts are in thousands):

										Change in
										unrealized
	Value at		Purchase		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/17		cost		proceeds		gain (loss)			(depreciation)			income		8/31/17
Lifestyle Income Fund
TIAA-CREF Funds:
Bond	$	13,129	$	554	$	371	$	(7	)	$	97		$	100	$	13,402
Bond Plus		12,624		522		363		(4	)		89			105		12,868
Emerging Markets Equity		736		36		64		8			59			—		775
Enhanced International Equity Index		1,061		101		47		1			36			—		1,152
Enhanced Large-Cap Growth Index		880		85		62		6			30			—		939
Enhanced Large-Cap Value Index		825		120		26		—			18			—		937
Growth & Income		2,043		83		90		6			42			7		2,084
High-Yield		26		—		26		3			(3	)		—		—
International Equity		1,079		39		91		15			31			—		1,073
International Opportunities		857		14		64		8			53			—		868
International Small-Cap Equity		559		17		39		3			38			—		578
Large-Cap Growth		2,342		108		233		33			78			—		2,328
Large-Cap Value		2,195		181		95		5			37			—		2,323
Short-Term Bond		26,232		1,128		655		(2	)		28			113		26,731
Small-Cap Equity		696		22		227		32			(7	)		—		516
Small/Mid-Cap Equity		408		31		24		—			14			—		429
	$	65,692	$	3,041	$	2,477	$	107		$	640		$	325	$	67,003

7

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

										Change in
										unrealized
	Value at		Purchase		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/17		cost		proceeds		gain (loss)			(depreciation)			income		8/31/17
Lifestyle Conservative Fund
TIAA-CREF Funds:
Bond	$	17,862	$	2,040	$	193	$	(5	)	$	135		$	143	$	19,839
Bond Plus		52,211		5,825		476		(8	)		382			453		57,934
Emerging Markets Equity		3,646		345		149		13			335			—		4,190
Enhanced International Equity Index		5,293		648		109		(2	)		193			—		6,023
Enhanced Large-Cap Growth Index		4,785		570		204		8			196			—		5,355
Enhanced Large-Cap Value Index		4,490		788		33		—			102			—		5,347
Growth & Income		11,123		1,085		148		(1	)		272			39		12,331
High-Yield		72		2		74		8			(8	)		—		—
International Equity		5,871		526		303		37			226			—		6,357
International Opportunities		4,656		327		188		18			327			—		5,140
International Small-Cap Equity		3,043		263		115		3			229			—		3,423
Large-Cap Growth		12,746		1,103		706		63			577			—		13,783
Large-Cap Value		11,946		1,657		92		3			235			—		13,749
Short-Term Bond		35,740		4,025		244		(1	)		39			160		39,559
Small-Cap Equity		3,253		273		592		51			69			—		3,054
Small/Mid-Cap Equity		2,221		262		26		—			83			—		2,540
	$	178,958	$	19,739	$	3,652	$	187		$	3,392		$	795	$	198,624
Lifestyle Moderate Fund
TIAA-CREF Funds:
Bond Plus	$	101,556	$	8,884	$	992	$	(18	)	$	744		$	879	$	110,174
Emerging Markets Equity		7,684		473		265		17			709			—		8,618
Enhanced International Equity Index		11,146		872		176		(4	)		396			—		12,234
Enhanced Large-Cap Growth Index		10,398		865		464		27			411			—		11,237
Enhanced Large-Cap Value Index		9,771		1,326		96		(1	)		220			—		11,220
Growth & Income		24,184		1,770		332		(2	)		578			86		26,198
High-Yield		104		4		107		11			(12	)		—		—
International Equity		12,761		566		381		43			520			—		13,509
International Opportunities		10,146		394		365		38			705			—		10,918
International Small-Cap Equity		6,620		317		167		4			497			—		7,271
Large-Cap Growth		27,739		1,873		1,706		173			1,202			—		29,281
Large-Cap Value		25,981		3,235		510		(4	)		507			—		29,209
Small-Cap Equity		6,688		388		829		35			207			—		6,489
Small/Mid-Cap Equity		4,828		449		59		(1	)		179			—		5,396
	$	259,606	$	21,416	$	6,449	$	318		$	6,863		$	965	$	281,754
Lifestyle Growth Fund
TIAA-CREF Funds:
Bond Plus	$	20,449	$	2,316	$	353	$	(6	)	$	156		$	178	$	22,562
Emerging Markets Equity		4,126		299		99		5			388			—		4,719
Enhanced International Equity Index		6,008		524		87		(2	)		213			—		6,656
Enhanced Large-Cap Growth Index		5,693		546		266		15			225			—		6,213
Enhanced Large-Cap Value Index		5,354		816		81		(2	)		121			—		6,208
Growth & Income		13,254		1,159		147		—			317			46		14,583
High-Yield		43		1		44		5			(5	)		—		—
International Equity		6,957		392		137		10			298			—		7,520
International Opportunities		5,520		229		67		3			405			—		6,090
International Small-Cap Equity		3,620		210		58		—			275			—		4,047
Large-Cap Growth		15,207		1,087		762		82			675			—		16,289
Large-Cap Value		14,239		2,052		298		2			269			—		16,264
Small-Cap Equity		3,560		264		344		11			116			—		3,607
Small/Mid-Cap Equity		2,647		323		64		(1	)		98			—		3,003
	$	106,677	$	10,218	$	2,807	$	122		$	3,551		$	224	$	117,761

8

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

										Change in
										unrealized
	Value at		Purchase		Sales		Realized			appreciation		Dividend		Value at
Issue	5/31/17		cost		proceeds		gain (loss)			(depreciation)		income		8/31/17
Lifestyle Aggressive Growth Fund
TIAA-CREF Funds:
Emerging Markets Equity	$	3,119	$	452	$	89	$	6		$	301	$	—	$	3,789
Enhanced International Equity Index		4,559		647		138		(2	)		161		—		5,227
Enhanced Large-Cap Growth Index		4,430		741		219		27			166		—		5,145
Enhanced Large-Cap Value Index		4,157		901		10		—			91		—		5,139
Growth & Income		10,540		1,670		158		(1	)		259		38		12,310
International Equity		5,558		776		222		30			219		—		6,361
International Opportunities		4,408		533		138		12			323		—		5,138
International Small-Cap Equity		2,884		386		83		1			226		—		3,414
Large-Cap Growth		12,093		1,739		695		90			536		—		13,763
Large-Cap Value		11,327		2,246		60		—			212		—		13,725
Small-Cap Equity		2,782		388		220		—			99		—		3,049
Small/Mid-Cap Equity		2,106		359		8		—			78		—		2,535
	$	67,963	$	10,838	$	2,040	$	163		$	2,671	$	38	$	79,595

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of all 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	$	64,082,389	$	2,933,734	$	(13,250	)	$	2,920,484
Lifestyle Conservative		184,916,761		13,727,669		(19,989	)		13,707,680
Lifestyle Moderate		253,900,467		27,853,516		—			27,853,516
Lifestyle Growth		101,202,129		16,558,378		—			16,558,378
Lifestyle Aggressive Growth		65,596,404		13,998,375		—			13,998,375

9

TIAA-CREF FUNDS – Managed Allocation Fund

TIAA-CREF FUNDS

MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS (unaudited)

August 31, 2017

SHARES		SECURITY	VALUE
AFFILIATED INVESTMENT COMPANIES - 99.9%(a)
FIXED INCOME - 39.1%
	30,857,638	TIAA-CREF Bond Plus Fund	$	325,548,085
		TOTAL FIXED INCOME		325,548,085
INTERNATIONAL EQUITY - 18.6%
	2,083,084	TIAA-CREF Emerging Markets Equity Fund		25,434,461
	5,326,595	TIAA-CREF Enhanced International Equity Index Fund		42,719,296
	2,622,248	TIAA-CREF International Equity Fund		33,197,660
	2,568,823	TIAA-CREF International Opportunities Fund		32,290,106
	1,723,004	TIAA-CREF International Small-Cap Equity Fund		21,451,394
		TOTAL INTERNATIONAL EQUITY		155,092,917
U.S. EQUITY - 42.2%
	4,363,264	TIAA-CREF Enhanced Large-Cap Growth Index Fund		57,333,288
	5,660,330	TIAA-CREF Enhanced Large-Cap Value Index Fund		57,282,544
	5,314,870	TIAA-CREF Growth & Income Fund		72,494,822
	3,396,965	TIAA-CREF Large-Cap Growth Fund		64,746,158
	3,426,999	TIAA-CREF Large-Cap Value Fund		64,633,194
	1,011,030	TIAA-CREF Small-Cap Equity Fund		19,563,438
	1,296,187	TIAA-CREF Small/Mid-Cap Equity Fund		14,919,108
		TOTAL U.S. EQUITY		350,972,552
		TOTAL AFFILIATED INVESTMENT COMPANIES		831,613,554
		(Cost $688,446,640)
		TOTAL INVESTMENTS - 99.9%		831,613,554
		(Cost $688,446,640)
		OTHER ASSETS & LIABILITIES, NET - 0.1%		704,709
		NET ASSETS - 100.0%	$	832,318,263

(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. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Fund’s various filings. On August 1, 2017, the Funds adopted amendments to Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but has resulted in minor changes to financial statement disclosures.

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 fund’s 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 March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact 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 as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

In accordance with ASC 820, certain portfolio investments that are measured at fair value using the net asset value (“NAV”) 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 schedule of investments. As of August 31, 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 as Level 1 of the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the period ended August 31, 2017, there were no transfers between levels by the Fund.

As of August 31, 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 (dollar amounts are in thousands):

Issue	Value at 5/31/17		Purchase cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 8/31/17
Managed Allocation Fund
TIAA-CREF Funds:
Bond Plus	$	318,599	$	8,485	$	3,699	$	(68	)	$	2,231		$	2,659	$	325,548
Emerging Markets Equity		24,049		352		1,156		55			2,135			—		25,435
Enhanced International Equity Index		41,675		777		1,136		(82	)		1,485			—		42,719
Enhanced Large-Cap Growth Index		57,049		1,275		3,294		443			1,860			—		57,333
Enhanced Large-Cap Value Index		53,608		3,185		711		61			1,140			—		57,283
Growth & Income		71,147		741		1,036		91			1,552			246		72,495
High-Yield		325		4		327		38			(40	)		1		—
International Equity		33,318		336		1,880		276			1,148			—		33,198
International Opportunities		31,834		46		1,842		242			2,010			—		32,290
International Small-Cap Equity		20,790		92		945		101			1,413			—		21,451
Large-Cap Growth		65,341		1,112		4,808		854			2,247			—		64,746
Large-Cap Value		61,159		3,533		1,244		80			1,105			—		64,633
Small-Cap Equity		21,401		320		2,925		488			280			—		19,564
Small/Mid-Cap Equity		14,205		533		334		5			510			—		14,919
	$	814,500	$	20,791	$	25,337	$	2,584		$	19,076		$	2,906	$	831,614

Note 4—investments

Net unrealized appreciation (depreciation): At August 31, 2017, the cost of all investments for federal income tax purposes was $688,446,640. Net unrealized appreciation of all investments for federal income tax purposes was $143,166,914, consisting of gross unrealized appreciation of $143,166,914, and gross unrealized depreciation of $0.

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: October 13, 2017	By:	/s/ Bradley Finkle
		Bradley Finkle
		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: October 13, 2017	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Dated: October 13, 2017	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		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

EX-99.CERT

Exhibit 3(a)

CERTIFICATION

I, Bradley Finkle, certify that:

1. I have reviewed this report on Form N-Q of the TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: October 13, 2017	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Exhibit 3(b)

CERTIFICATION

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-Q of the TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: October 13, 2017	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)