N-CSR 1 c81673_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT 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.
c/o TIAA-CREF
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: May 31, 2015

Item 1. Reports to Stockholders.

2015 Annual Report

TIAA-CREF Lifecycle Funds

of the TIAA-CREF Funds

May 31, 2015

Contents

Understanding your Lifecycle Funds report	2
Information for investors	3
About the funds’ composite benchmarks	4
Important information about expenses	5
Investment results of the Lifecycle Funds	12
Fund performance
Lifecycle Retirement Income Fund	14
Lifecycle 2010 Fund	16
Lifecycle 2015 Fund	18
Lifecycle 2020 Fund	20
Lifecycle 2025 Fund	22
Lifecycle 2030 Fund	24
Lifecycle 2035 Fund	26
Lifecycle 2040 Fund	28
Lifecycle 2045 Fund	30
Lifecycle 2050 Fund	32
Lifecycle 2055 Fund	34
Lifecycle 2060 Fund	36
Portfolios of investments	38
Audited financial statements
Statements of assets and liabilities	50
Statements of operations	54
Statements of changes in net assets	58
Financial highlights	66
Notes to financial statements	79
Report of independent registered public accounting firm	96
Trustees and officers	97
Renewal of investment management agreement	103
Important tax information	114
Additional information about index providers	116
How to reach us	Inside back cover

Understanding your Lifecycle Funds report

This annual report contains information about the investment performance and holdings of the Lifecycle Funds, an offering of the TIAA-CREF Funds, and describes the funds’ results for the twelve months ended May 31, 2015. The report contains three main sections:

	•	The fund performance section compares each fund’s investment returns with those of its composite benchmark and a broad market index.
	•	The portfolios of investments list the TIAA-CREF underlying funds in which each fund had investments as of May 31, 2015.
	•	The financial statements provide detailed information about the operations and financial condition of each fund.

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 842-2252 for the Institutional, Premier and Retirement classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

2	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Information for investors

Portfolio listings

The complete portfolios of investments for the TIAA-CREF Lifecycle Funds begin on page 38 of this report. You can also obtain lists of the holdings of the Lifecycle Funds and of the underlying funds in which the Lifecycle Funds invest (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

	•	By visiting our website at tiaa-cref.org; or
	•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.

You can obtain a complete list of the Lifecycle Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-Q filings. Form N-CSR filings are as of May 31 or November 30; Form N-Q filings are as of the last day of February or August 31. Copies of these forms are available:

	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or
	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

Proxy voting

A description of our proxy voting policies and procedures for the underlying funds of the Lifecycle Funds can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You may also call us at 800 842-2252 to request a free copy. A report of how the Lifecycle Funds’ underlying funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800 842-2252.

Fund management

The Lifecycle Funds are managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the funds.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

About the funds’ composite benchmarks

Each Lifecycle fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include U.S. equity (stocks), international equity (foreign stocks), fixed income, short-term fixed income and inflation-protected assets. A fund’s composite benchmark combines the following public indexes in proportions that reflect the fund’s target market sector allocations:

	•	The Russell 3000^® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
	•	The MSCI All Country World ex USA Index measures the performance of large- and mid-cap stocks in 45 developed and emerging market countries, excluding the United States.
	•	The Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic investment-grade, fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.
	•	The Barclays U.S. 1–3 Year Government/Credit Bond Index measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to 3-year maturities.
	•	The Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (inflation-protected assets) measures the performance of fixed-income securities with fixed-rate coupon payments that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U).

Russell 3000 is a trademark and service mark of Russell Investments. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investments. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

4	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

On pages 6 through 11, you will find expense examples for each share class of the funds. These expense examples are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the funds for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your costs of investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2014–May 31, 2015).

Actual expenses

The first line of the two lines listed for each fund in the tables uses the fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. All of the funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.

Hypothetical example for comparison purposes

The second line in each fund’s entry shows a hypothetical account value and hypothetical expenses based on the share class’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the fund’s actual return.

This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in the fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2015

Lifecycle Funds Institutional Class	Beginning account value (12/1/14		)	Ending account value (5/31/15		)	Expenses paid during period (12/1/14–5/31/15		* )	Effective expenses paid during period (12/1/14–5/31/15		^† )

Retirement Income Fund actual return		$1,000.00			$1,027.17			$0.00			$1.87
5% annual hypothetical return		1,000.00			1,024.93			0.00			1.87

2010 Fund actual return		1,000.00			1,029.47			0.00			1.92
5% annual hypothetical return		1,000.00			1,024.93			0.00			1.92

2015 Fund actual return		1,000.00			1,031.98			0.00			1.98
5% annual hypothetical return		1,000.00			1,024.93			0.00			1.97

2020 Fund actual return		1,000.00			1,035.71			0.00			2.08
5% annual hypothetical return		1,000.00			1,024.93			0.00			2.07

2025 Fund actual return		1,000.00			1,038.80			0.00			2.13
5% annual hypothetical return		1,000.00			1,024.93			0.00			2.12

2030 Fund actual return		1,000.00			1,042.18			0.00			2.19
5% annual hypothetical return		1,000.00			1,024.93			0.00			2.17

2035 Fund actual return		1,000.00			1,044.00			0.00			2.29
5% annual hypothetical return		1,000.00			1,024.93			0.00			2.27

2040 Fund actual return		1,000.00			1,047.56			0.00			2.30
5% annual hypothetical return		1,000.00			1,024.93			0.00			2.27

2045 Fund actual return		1,000.00			1,047.30			0.00			2.35
5% annual hypothetical return		1,000.00			1,024.93			0.00			2.32

2050 Fund actual return		1,000.00			1,047.05			0.00			2.35
5% annual hypothetical return		1,000.00			1,024.93			0.00			2.32

2055 Fund actual return		1,000.00			1,047.46			0.00			2.35
5% annual hypothetical return		1,000.00			1,024.93			0.00			2.32

2060 Fund actual return		1,000.00			1,047.20			0.00			2.35
5% annual hypothetical return		1,000.00			1,024.93			0.00			2.32

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2015. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date when this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.00% for the Institutional Class of the Lifecycle Funds.

6	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.37% for the Retirement Income Fund; 0.38% for the 2010 Fund; 0.39% for the 2015 Fund; 0.41% for the 2020 Fund; 0.42% for the 2025 Fund; 0.43% for the 2030 Fund; 0.45% for the 2035 and 2040 Funds; and 0.46% for the 2045, 2050, 2055 and 2060 Funds.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2015

Lifecycle Funds Premier Class	Beginning account value (12/1/14		)	Ending account value (5/31/15		)	Expenses paid during period (12/1/14–5/31/15		* )	Effective expenses paid during period (12/1/14–5/31/15		^† )

Retirement Income Fund actual return		$1,000.00			$1,026.42			$0.76			$2.63
5% annual hypothetical return		1,000.00			1,024.18			0.76			2.62

2010 Fund actual return		1,000.00			1,027.89			0.76			2.68
5% annual hypothetical return		1,000.00			1,024.18			0.76			2.67

2015 Fund actual return		1,000.00			1,031.37			0.76			2.73
5% annual hypothetical return		1,000.00			1,024.18			0.76			2.72

2020 Fund actual return		1,000.00			1,034.27			0.76			2.84
5% annual hypothetical return		1,000.00			1,024.18			0.76			2.82

2025 Fund actual return		1,000.00			1,037.34			0.76			2.90
5% annual hypothetical return		1,000.00			1,024.18			0.76			2.87

2030 Fund actual return		1,000.00			1,041.72			0.76			2.95
5% annual hypothetical return		1,000.00			1,024.18			0.76			2.92

2035 Fund actual return		1,000.00			1,044.42			0.76			3.06
5% annual hypothetical return		1,000.00			1,024.18			0.76			3.02

2040 Fund actual return		1,000.00			1,047.03			0.77			3.06
5% annual hypothetical return		1,000.00			1,024.18			0.76			3.02

2045 Fund actual return		1,000.00			1,046.99			0.77			3.11
5% annual hypothetical return		1,000.00			1,024.18			0.76			3.07

2050 Fund actual return		1,000.00			1,045.91			0.77			3.11
5% annual hypothetical return		1,000.00			1,024.18			0.76			3.07

2055 Fund actual return		1,000.00			1,046.39			0.77			3.11
5% annual hypothetical return		1,000.00			1,024.18			0.76			3.07

2060 Fund actual return		1,000.00			1,045.79			0.77			3.11
5% annual hypothetical return		1,000.00			1,024.18			0.76			3.07

8	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.52% for the Retirement Income Fund; 0.53% for the 2010 Fund; 0.54% for the 2015 Fund; 0.56% for the 2020 Fund; 0.57% for the 2025 Fund; 0.58% for the 2030 Fund; 0.60% for the 2035 and 2040 Funds; and 0.61% for the 2045, 2050, 2055 and 2060 Funds.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2015

Lifecycle Funds Retirement Class	Beginning account value (12/1/14		)	Ending account value (5/31/15		)	Expenses paid during period (12/1/14–5/31/15		* )	Effective expenses paid during period (12/1/14–5/31/15		^† )

Retirement Income Fund actual return		$1,000.00			$1,025.05			$1.26			$3.13
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.13

2010 Fund actual return		1,000.00			1,028.36			1.26			3.19
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.18

2015 Fund actual return		1,000.00			1,030.82			1.27			3.24
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.23

2020 Fund actual return		1,000.00			1,034.07			1.27			3.35
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.33

2025 Fund actual return		1,000.00			1,037.74			1.27			3.40
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.38

2030 Fund actual return		1,000.00			1,040.76			1.27			3.46
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.43

2035 Fund actual return		1,000.00			1,042.95			1.27			3.57
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.53

2040 Fund actual return		1,000.00			1,045.64			1.28			3.57
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.53

2045 Fund actual return		1,000.00			1,045.90			1.28			3.62
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.58

2050 Fund actual return		1,000.00			1,045.67			1.28			3.62
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.58

2055 Fund actual return		1,000.00			1,046.19			1.28			3.62
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.58

2060 Fund actual return		1,000.00			1,046.55			1.28			3.62
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.58

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2015. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date when this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.25% for the Retirement Class of the Lifecycle Funds.

10	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

concluded

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.62% for the Retirement Income Fund; 0.63% for the 2010 Fund; 0.64% for the 2015 Fund; 0.66% for the 2020 Fund; 0.67% for the 2025 Fund; 0.68% for the 2030 Fund; 0.70% for the 2035 and 2040 Funds; and 0.71% for the 2045, 2050, 2055 and 2060 Funds.

Expense example

Six months ended May 31, 2015

Lifecycle Funds Retail Class	Beginning account value (12/1/14		)	Ending account value (5/31/15		)	Expenses paid during period (12/1/14–5/31/15		* )	Effective expenses paid during period (12/1/14–5/31/15		^† )

Retirement Income Fund actual return		$1,000.00			$1,025.05			$1.26			$3.13
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.13

The amounts in the “Expenses paid during period” column are based on the fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2015. The expense charges of this fund may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date when this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the fund would be higher and its performance lower. The annualized expense ratio for the six-month period was 0.25% for the Retail Class of the Retirement Income Fund.

^†

The amounts in the “Effective expenses paid during period” column are based on the fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For that period, the total annualized weighted average expense ratio was 0.62% for the Retail Class of the Retirement Income Fund.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Investment results of the Lifecycle Funds

Performance for the twelve months ended May 31, 2015

The eleven TIAA-CREF Lifecycle Funds that were in operation for the entire twelve-month reporting period posted gains, surpassing their respective composite benchmarks. Returns ranged from 4.59% for the Retirement Income Fund to 8.03% for the 2040 Fund. The tables on the following pages show returns for all share classes of the funds. The outperformance of the individual Lifecycle Funds, in relation to their respective composite benchmarks, ranged from 0.53 of a percentage point for the 2040 Fund to 0.08 of a percentage point for the Retirement Income Fund.

The 2060 Fund, launched on September 26, 2014, posted a gain of 7.38% for the period ended May 31, 2015. (All results for the Lifecycle Funds are for the Retirement Class.)

U.S. markets rise amid volatility and mixed economic data

The domestic economy showed signs of life throughout much of the twelve-month period relative to many international markets’ economies but tapered off in 2015. Real gross domestic product, which measures the value of all goods and services produced in the nation, decreased 0.2% in the first calendar quarter of 2015. However, the national unemployment rate registered at 5.5% in the final month of the reporting period—down from 6.3% in May 2014. The U.S. dollar rose sharply against most foreign currencies, and inflation remained subdued.

Investors then turned their attention to when the U.S. central bank might start raising short-term interest rates. Conversely, central banks in some European markets, Japan and China boosted efforts to stimulate their sluggish economies, which helped fuel demand for equities in various international markets.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 11.86%. The MSCI ALL Country World ex USA Index, which measures the performance of large- and mid-cap stocks in 45 developed and emerging market nations excluding the United States, returned –0.90% in U.S. dollars, but gained 15.04% in local currency terms.

The broad investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, rose 3.03% for the period. Inflation-indexed bonds, as measured by the Barclays U.S. Treasury Inflation Protected Securities Index (Series-L), lost 0.47%. Short-term U.S. Treasury securities returned 0.91%, as measured by the Barclays U.S. 1–3 Year Government/Credit Bond Index.

12	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Strong results from stocks lift the funds’ returns higher

Each of the eleven Lifecycle Funds operating for the entire period advanced for the twelve months, fueled by double-digit gains in U.S. equities.

For the twelve months, the absolute returns of the funds—that is, without regard to the performance of their respective composite benchmarks—were driven by gains in the U.S. equity and fixed-income sectors. The Large-Cap Growth and Growth & Income funds were strong contributors. Conversely, absolute returns were constrained by weaker performance from the emerging market equity and high-yield bond sectors.

U.S. equity contributes most to relative performance

Each of the Lifecycle Funds outperformed their respective composite benchmarks, largely because of the results of several underlying funds in the U.S. equity, international and fixed-income sectors.

U.S. equity investments that contributed most to relative performance were the Large-Cap Growth and Growth & Income funds, respectively. Next in line was the Small-Cap Equity Fund. Among foreign investments, the International Opportunities Fund helped most, followed by the International Equity Fund. In the fixed-income sector, the Bond Plus Fund further boosted relative performance of the Lifecycle Funds.

These positive effects were offset most by the performance of the Emerging Markets Equity Fund. In the fixed-income sector, the High-Yield Fund further detracted from relative performance. Lastly, the Global Natural Resources Fund also hurt returns.

The Lifecycle Funds with larger allocations to stocks posted higher returns. For example, the 2040, 2045, 2050 and 2055 funds, each with approximately 90% of their assets invested in equities as of period-end, advanced 7.98% or higher. By comparison, the Retirement Income Fund, with approximately 60% of its portfolio invested in fixed income and 40% in equity funds at period-end, rose 4.59%. (Performance of the Lifecycle Funds’ underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle Retirement Income Fund

Performance as of May 31, 2015


		Total return			Average annual total return
Lifecycle Retirement								since
Income Fund	Inception date		1 year			5 years		inception
Institutional Class	11/30/2007		4.83	%		8.36	%	5.09	%
Premier Class	9/30/2009		4.68			8.19		4.91	*
Retirement Class	11/30/2007		4.59			8.09		4.82
Retail Class	11/30/2007		4.59			8.11		4.90

Retirement Income Fund
Composite Index^†	—		4.51			8.01		5.15	^‡

Broad market index
Barclays U.S. Aggregate Bond Index	—		3.03			3.90		4.62	^‡
Russell 3000^® Index	—		11.86			16.54		7.45	^‡

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Premier Class. If these lower expenses had been reflected, the performance of the Premier Class shown for this period would have been higher.
^†	As of the close of business on May 31, 2015, the Retirement Income Fund Composite Index consisted of: 40.0% Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000 Index; 12.0% MSCI All Country World ex USA Index; 10.0% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^‡	Performance is calculated from the inception date of the Retirement Class.

14	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle Retirement Income Fund

$10,000 invested at fund’s inception

Retirement Class (inception November 30, 2007)

For the purpose of comparison, the graph also shows the change in the values of the fund’s composite benchmark and broad market indexes during the same period. The performance of the other share classes varies due to differences in expense charges.

Asset allocation

	% of net assets as of 5/31/15		Target allocation for 6/30/15
Equity
U.S. equity	27.1	%	28.0	%
International equity	13.1		12.0
Fixed income
Fixed income	39.7		40.0
Short-term fixed income	10.0		10.0
Inflation-protected assets	9.9		10.0
Other assets & liabilities, net	0.2		—
Total	100.0		100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2010 Fund

Performance as of May 31, 2015


		Total return			Average annual total return
Lifecycle 2010 Fund	Inception date		1 year			5 years		10 years
Institutional Class	1/17/2007		5.25	%		9.22	%	5.85	%*
Premier Class	9/30/2009		5.10			9.06		5.68	*
Retirement Class	10/15/2004		5.09			8.95		5.63
2010 Fund Composite Index^†	—		4.91			8.87		5.78

Broad market index
Barclays U.S. Aggregate Bond Index	—		3.03			3.90		4.61
Russell 3000^® Index	—		11.86			16.54		8.41

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

The performance shown for the Institutional and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of the Institutional and Premier classes. If those lower expenses had been reflected, the performance of these two classes shown for these periods would have been higher.

^†

As of the close of business on May 31, 2015, the 2010 Fund Composite Index consisted of: 39.0% Barclays U.S. Aggregate Bond Index; 31.5% Russell 3000 Index; 13.5% MSCI All Country World ex USA Index; 8.0% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

16	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2010 Fund

$10,000 over 10 years

Retirement Class

Asset allocation
	% of net assets as of 5/31/15		Target allocation for 6/30/15
Equity
U.S. equity	30.7	%	31.5	%
International equity	14.6		13.5
Fixed income
Fixed income	38.7		39.0
Short-term fixed income	7.9		8.0
Inflation-protected assets	8.0		8.0
Other assets & liabilities, net	0.1		—
Total	100.0		100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2015 Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifecycle 2015 Fund	Inception date	1 year			5 years			10 years
Institutional Class	1/17/2007		5.78	%		9.91	%		5.98	%*
Premier Class	9/30/2009		5.53			9.74			5.81	*
Retirement Class	10/15/2004		5.52			9.65			5.76
2015 Fund Composite Index^†	—		5.29			9.60			5.95

Broad market index
Russell 3000^® Index	—		11.86			16.54			8.41
Barclays U.S. Aggregate Bond Index	—		3.03			3.90			4.61

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

^†

As of the close of business on May 31, 2015, the 2015 Fund Composite Index consisted of: 37.9% Barclays U.S. Aggregate Bond Index; 35.1% Russell 3000 Index; 15.0% MSCI All Country World ex USA Index; 6.0% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

18	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2015 Fund

$10,000 over 10 years

Retirement Class

Asset allocation
	% of			Target
		net assets as		allocation
		of 5/31/15		for 6/30/15
Equity
U.S. equity		34.2	%		35.0	%
International equity		16.1			15.0
Fixed income
Fixed income		37.7			38.0
Short-term fixed income		5.9			6.0
Inflation-protected assets		6.0			6.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2020 Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifecycle 2020 Fund	Inception date	1 year			5 years			10 years
Institutional Class	1/17/2007		6.34	%		10.79	%		6.10	%*
Premier Class	9/30/2009		6.10			10.61			5.94	*
Retirement Class	10/15/2004		6.04			10.49			5.87
2020 Fund Composite Index^†	—		5.80			10.48			6.08

Broad market index
Russell 3000^® Index	—		11.86			16.54			8.41
Barclays U.S. Aggregate Bond Index	—		3.03			3.90			4.61

The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

^†

As of the close of business on May 31, 2015, the 2020 Fund Composite Index consisted of: 40.7% Russell 3000 Index; 33.9% Barclays U.S. Aggregate Bond Index; 17.4% MSCI All Country World ex USA Index; 4.0% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

20	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2020 Fund

$10,000 over 10 years

Retirement Class

Asset allocation
	% of			Target
		net assets as		allocation
		of 5/31/15		for 6/30/15
Equity
U.S. equity		39.8	%		40.6	%
International equity		18.5			17.4
Fixed income
Fixed income		33.7			34.0
Short-term fixed income		3.9			4.0
Inflation-protected assets		4.0			4.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2025 Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifecycle 2025 Fund	Inception date	1 year			5 years			10 years
Institutional Class	1/17/2007		6.93	%		11.60	%		6.22	%*
Premier Class	9/30/2009		6.69			11.42			6.03	*
Retirement Class	10/15/2004		6.62			11.33			5.99
2025 Fund Composite Index^†	—		6.30			11.35			6.22

Broad market index
Russell 3000^® Index	—		11.86			16.54			8.41
Barclays U.S. Aggregate Bond Index	—		3.03			3.90			4.61

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

^†

As of the close of business on May 31, 2015, the 2025 Fund Composite Index consisted of: 46.3% Russell 3000 Index; 29.9% Barclays U.S. Aggregate Bond Index; 19.8% MSCI All Country World ex USA Index; 2.0% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

22	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2025 Fund

$10,000 over 10 years

Retirement Class

Asset allocation
	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		45.4	%		46.2	%
International equity		20.8			19.8
Fixed income
Fixed income		29.7			30.0
Short-term fixed income		1.9			2.0
Inflation-protected assets		2.0			2.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2030 Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifecycle 2030 Fund	Inception date	1 year			5 years			10 years
Institutional Class	1/17/2007		7.48	%		12.38	%		6.31	%*
Premier Class	9/30/2009		7.35			12.22			6.14	*
Retirement Class	10/15/2004		7.22			12.10			6.08
2030 Fund Composite Index^†	—		6.79			12.21			6.33

Broad market index
Russell 3000^® Index	—		11.86			16.54			8.41
Barclays U.S. Aggregate Bond Index	—		3.03			3.90			4.61

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

^†

As of the close of business on May 31, 2015, the 2030 Fund Composite Index consisted of: 51.9% Russell 3000 Index; 25.9% Barclays U.S. Aggregate Bond Index; and 22.2% MSCI All Country World ex USA Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

24	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2030 Fund

$10,000 over 10 years

Retirement Class

Asset allocation
	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		51.0	%		51.8	%
International equity		23.1			22.2
Fixed income		25.7			26.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2035 Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifecycle 2035 Fund	Inception date	1 year			5 years			10 years
Institutional Class	1/17/2007		7.83	%		13.08	%		6.56	%*
Premier Class	9/30/2009		7.78			12.92			6.41	*
Retirement Class	10/15/2004		7.60			12.79			6.34
2035 Fund Composite Index^†	—		7.16			13.02			6.64

Broad market index
Russell 3000^® Index	—		11.86			16.54			8.41
Barclays U.S. Aggregate Bond Index	—		3.03			3.90			4.61

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

^†

As of the close of business on May 31, 2015, the 2035 Fund Composite Index consisted of: 57.5% Russell 3000 Index; 24.6% MSCI All Country World ex USA Index; and 17.9% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

26	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2035 Fund

$10,000 over 10 years

Retirement Class

Asset allocation
	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		56.6	%		57.4	%
International equity		25.5			24.6
Fixed income		17.7			18.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2040 Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifecycle 2040 Fund	Inception date	1 year			5 years			10 years
Institutional Class	1/17/2007		8.35	%		13.47	%		6.92	%*
Premier Class	9/30/2009		8.21			13.29			6.76	*
Retirement Class	10/15/2004		8.03			13.18			6.69
2040 Fund Composite Index^†	—		7.50			13.42			6.97

Broad market index
Russell 3000^® Index	—		11.86			16.54			8.41
Barclays U.S. Aggregate Bond Index	—		3.03			3.90			4.61

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

^†

As of the close of business on May 31, 2015, the 2040 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI All Country World ex USA Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

28	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2040 Fund

$10,000 over 10 years

Retirement Class

Asset allocation
	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		62.1	%		63.0	%
International equity		27.8			27.0
Fixed income		9.9			10.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2045 Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
								since
Lifecycle 2045 Fund	Inception date	1 year			5 years			inception
Institutional Class	11/30/2007		8.31	%		13.41	%		4.97	%
Premier Class	9/30/2009		8.10			13.27			4.80	*
Retirement Class	11/30/2007		8.00			13.14			4.71
2045 Fund Composite Index^†	—		7.50			13.42			5.46	^‡

Broad market index
Russell 3000^® Index	—		11.86			16.54			7.45	^‡
Barclays U.S. Aggregate Bond Index	—		3.03			3.90			4.62	^‡

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

^*	The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Premier Class. If these lower expenses had been reflected, the performance of the Premier Class shown for this period would have been higher.
^†	As of the close of business on May 31, 2015, the 2045 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI All Country World ex USA Index; and 10.0% Barclays U.S. Aggregate Bond Index.
	The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^‡	Performance is calculated from the inception date of the Retirement Class.

30	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2045 Fund

$10,000 invested at fund’s inception

Retirement Class (inception November 30, 2007)

Asset allocation
	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		61.9	%		63.0	%
International equity		27.9			27.0
Fixed income		9.9			10.0
Other assets & liabilities, net		0.3			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2050 Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
								since
Lifecycle 2050 Fund	Inception date	1 year			5 years			inception
Institutional Class	11/30/2007		8.30	%		13.44	%		4.94	%
Premier Class	9/30/2009		8.09			13.26			4.75	*
Retirement Class	11/30/2007		7.98			13.14			4.68
2050 Fund Composite Index^†	—		7.50			13.42			5.46	^‡

Broad market index
Russell 3000^® Index	—		11.86			16.54			7.45	^‡
Barclays U.S. Aggregate Bond Index	—		3.03			3.90			4.62	^‡

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

^*	The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Premier Class. If these lower expenses had been reflected, the performance of the Premier Class shown for this period would have been higher.
^†	As of the close of business on May 31, 2015, the 2050 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI All Country World ex USA Index; and 10.0% Barclays U.S. Aggregate Bond Index.
	The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^‡	Performance is calculated from the inception date of the Retirement Class.

32	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2050 Fund

$10,000 invested at fund’s inception

Retirement Class (inception November 30, 2007)

Asset allocation
	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		61.9	%		63.0	%
International equity		27.9			27.0
Fixed income		9.9			10.0
Other assets & liabilities, net		0.3			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2055 Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifecycle 2055 Fund	Inception date	1 year			since inception
Institutional Class	4/29/2011		8.31	%		9.68	%
Premier Class	4/29/2011		8.13			9.51
Retirement Class	4/29/2011		8.02			9.40
2055 Fund Composite Index*	—		7.50			9.91	^†

Broad market index
Russell 3000^® Index	—		11.86			13.42	^†
Barclays U.S. Aggregate Bond Index	—		3.03			3.67	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

^*	As of the close of business on May 31, 2015, the 2055 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI All Country World ex USA Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Retirement Class.

34	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2055 Fund

$10,000 invested at fund’s inception

Retirement Class (inception April 29, 2011)

Asset allocation
	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		61.8	%		63.0	%
International equity		27.9			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.3			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Lifecycle 2060 Fund

Performance as of May 31, 2015

		Total return
Lifecycle 2060 Fund	Inception date	since inception
Institutional Class	9/26/2014		7.55	%
Premier Class	9/26/2014		7.40
Retirement Class	9/26/2014		7.38
2060 Fund Composite Index*	—		6.19	^†

Broad market index
Russell 3000^® Index	—		8.41	^†
Barclays U.S. Aggregate Bond Index	—		2.85	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

^*	As of the close of business on May 31, 2015, the 2060 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI All Country World ex USA Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Retirement Class.

36	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2060 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 26, 2014)

Asset allocation
	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		62.3	%		63.0	%
International equity		27.8			27.0
Fixed income		9.9			10.0
Total		100.0			100.0

Target allocation

For June 30, 3015

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Portfolio of investments

Lifecycle Retirement Income Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 39.7%
	8,727,136		TIAA-CREF Bond Fund		$	92,158,556		24.8	%
	3,801,658		TIAA-CREF Bond Plus Fund			40,601,702		10.9
	371,142		TIAA-CREF Emerging Markets Debt Fund			3,659,464		1.0
	1,111,671		TIAA-CREF High-Yield Fund			11,094,473		3.0
			TOTAL FIXED INCOME			147,514,195		39.7

INFLATION-PROTECTED ASSETS — 9.9%
	3,218,338		TIAA-CREF Inflation-Linked Bond Fund			36,914,332		9.9
			TOTAL INFLATION-PROTECTED ASSETS			36,914,332		9.9

INTERNATIONAL EQUITY — 13.1%
	882,641		TIAA-CREF Emerging Markets Equity Fund			9,320,689		2.5
	1,515,495		TIAA-CREF Enhanced International Equity Index Fund			11,790,552		3.2
	259,679		TIAA-CREF Global Natural Resources Fund			2,225,445		0.6
	1,182,026		TIAA-CREF International Equity Fund			14,018,827		3.8
	975,214		TIAA-CREF International Opportunities Fund			11,107,686		3.0
			TOTAL INTERNATIONAL EQUITY			48,463,199		13.1

SHORT-TERM FIXED INCOME — 10.0%
	27,890	*	TIAA-CREF Money Market Fund			27,890		0.0
	3,572,135		TIAA-CREF Short-Term Bond Fund			37,078,757		10.0
			TOTAL SHORT-TERM FIXED INCOME			37,106,647		10.0

U.S. EQUITY — 27.1%
	1,594,114		TIAA-CREF Enhanced Large-Cap Growth Index Fund			19,001,844		5.1
	1,677,817		TIAA-CREF Enhanced Large-Cap Value Index Fund			17,617,079		4.7
	1,304,013		TIAA-CREF Growth & Income Fund			16,574,010		4.5
	1,254,567		TIAA-CREF Large-Cap Growth Fund			20,185,979		5.4
	1,007,125		TIAA-CREF Large-Cap Value Fund			18,692,241		5.0
	18,002		TIAA-CREF Mid-Cap Growth Fund			405,229		0.1
	11,016		TIAA-CREF Mid-Cap Value Fund			277,711		0.1
	446,263		TIAA-CREF Small-Cap Equity Fund			8,099,674		2.2
			TOTAL U.S. EQUITY			100,853,767		27.1
			TOTAL TIAA-CREF FUNDS	(Cost $337,812,769)		370,852,140		99.8

			TOTAL PORTFOLIO	(Cost $337,812,769)		370,852,140		99.8
			OTHER ASSETS & LIABILITIES, NET			840,680		0.2
			NET ASSETS		$	371,692,820		100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2010 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 38.7%
	25,119,550		TIAA-CREF Bond Fund		$	265,262,445		23.8	%
	11,360,695		TIAA-CREF Bond Plus Fund			121,332,218		10.9
	1,112,454		TIAA-CREF Emerging Markets Debt Fund			10,968,801		1.0
	3,321,126		TIAA-CREF High-Yield Fund			33,144,838		3.0
			TOTAL FIXED INCOME			430,708,302		38.7

INFLATION-PROTECTED ASSETS — 8.0%
	7,771,209		TIAA-CREF Inflation-Linked Bond Fund			89,135,764		8.0
			TOTAL INFLATION-PROTECTED ASSETS			89,135,764		8.0

INTERNATIONAL EQUITY — 14.6%
	2,922,840		TIAA-CREF Emerging Markets Equity Fund			30,865,194		2.8
	5,144,125		TIAA-CREF Enhanced International Equity Index Fund			40,021,293		3.6
	879,534		TIAA-CREF Global Natural Resources Fund			7,537,604		0.7
	3,915,526		TIAA-CREF International Equity Fund			46,438,137		4.2
	3,290,113		TIAA-CREF International Opportunities Fund			37,474,392		3.3
			TOTAL INTERNATIONAL EQUITY			162,336,620		14.6

SHORT-TERM FIXED INCOME — 7.9%
	58,956	*	TIAA-CREF Money Market Fund			58,956		0.0
	8,478,750		TIAA-CREF Short-Term Bond Fund			88,009,424		7.9
			TOTAL SHORT-TERM FIXED INCOME			88,068,380		7.9

U.S. EQUITY — 30.7%
	5,422,063		TIAA-CREF Enhanced Large-Cap Growth Index Fund			64,630,985		5.8
	5,733,381		TIAA-CREF Enhanced Large-Cap Value Index Fund			60,200,504		5.4
	4,417,727		TIAA-CREF Growth & Income Fund			56,149,311		5.1
	4,249,020		TIAA-CREF Large-Cap Growth Fund			68,366,735		6.1
	3,371,335		TIAA-CREF Large-Cap Value Fund			62,571,976		5.6
	78,029		TIAA-CREF Mid-Cap Growth Fund			1,756,423		0.2
	54,127		TIAA-CREF Mid-Cap Value Fund			1,364,554		0.1
	1,494,734		TIAA-CREF Small-Cap Equity Fund			27,129,424		2.4
			TOTAL U.S. EQUITY			342,169,912		30.7
			TOTAL TIAA-CREF FUNDS	(Cost $961,066,082)		1,112,418,978		99.9

			TOTAL PORTFOLIO	(Cost $961,066,082)		1,112,418,978		99.9
			OTHER ASSETS & LIABILITIES, NET			1,587,015		0.1
			NET ASSETS		$	1,114,005,993		100.0	%

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

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Portfolio of investments

Lifecycle 2015 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 37.7%
	39,047,179		TIAA-CREF Bond Fund		$	412,338,205		22.8	%
	18,381,194		TIAA-CREF Bond Plus Fund			196,311,153		10.9
	1,800,121		TIAA-CREF Emerging Markets Debt Fund			17,749,195		1.0
	5,368,299		TIAA-CREF High-Yield Fund			53,575,625		3.0
			TOTAL FIXED INCOME			679,974,178		37.7

INFLATION-PROTECTED ASSETS — 6.0%
	9,435,199		TIAA-CREF Inflation-Linked Bond Fund			108,221,736		6.0
			TOTAL INFLATION-PROTECTED ASSETS			108,221,736		6.0

INTERNATIONAL EQUITY — 16.1%
	5,150,540		TIAA-CREF Emerging Markets Equity Fund			54,389,698		3.0
	9,251,402		TIAA-CREF Enhanced International Equity Index Fund			71,975,909		4.0
	1,587,583		TIAA-CREF Global Natural Resources Fund			13,605,586		0.8
	6,923,199		TIAA-CREF International Equity Fund			82,109,139		4.6
	5,934,784		TIAA-CREF International Opportunities Fund			67,597,194		3.7
			TOTAL INTERNATIONAL EQUITY			289,677,526		16.1

SHORT-TERM FIXED INCOME — 5.9%
	143,145	*	TIAA-CREF Money Market Fund			143,145		0.0
	10,258,836		TIAA-CREF Short-Term Bond Fund			106,486,716		5.9
			TOTAL SHORT-TERM FIXED INCOME			106,629,861		5.9

U.S. EQUITY — 34.2%
	9,813,781		TIAA-CREF Enhanced Large-Cap Growth Index Fund			116,980,270		6.5
	10,391,441		TIAA-CREF Enhanced Large-Cap Value Index Fund			109,110,135		6.0
	7,981,244		TIAA-CREF Growth & Income Fund			101,441,617		5.6
	7,589,661		TIAA-CREF Large-Cap Growth Fund			122,117,644		6.8
	6,080,627		TIAA-CREF Large-Cap Value Fund			112,856,441		6.2
	167,520		TIAA-CREF Mid-Cap Growth Fund			3,770,884		0.2
	118,861		TIAA-CREF Mid-Cap Value Fund			2,996,481		0.2
	2,694,586		TIAA-CREF Small-Cap Equity Fund			48,906,733		2.7
			TOTAL U.S. EQUITY			618,180,205		34.2
			TOTAL TIAA-CREF FUNDS	(Cost $1,695,293,050)		1,802,683,506		99.9

			TOTAL PORTFOLIO	(Cost $1,695,293,050)		1,802,683,506		99.9
			OTHER ASSETS & LIABILITIES, NET			2,503,129		0.1
			NET ASSETS		$	1,805,186,635		100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2020 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 33.7%
	50,636,608		TIAA-CREF Bond Fund		$	534,722,578		18.8	%
	28,887,556		TIAA-CREF Bond Plus Fund			308,519,103		10.9
	2,836,133		TIAA-CREF Emerging Markets Debt Fund			27,964,271		1.0
	8,525,785		TIAA-CREF High-Yield Fund			85,087,339		3.0
			TOTAL FIXED INCOME			956,293,291		33.7

INFLATION-PROTECTED ASSETS — 4.0%
	9,863,059		TIAA-CREF Inflation-Linked Bond Fund			113,129,291		4.0
			TOTAL INFLATION-PROTECTED ASSETS			113,129,291		4.0

INTERNATIONAL EQUITY — 18.5%
	9,066,338		TIAA-CREF Emerging Markets Equity Fund			95,740,526		3.4
	16,765,159		TIAA-CREF Enhanced International Equity Index Fund			130,432,937		4.6
	2,970,139		TIAA-CREF Global Natural Resources Fund			25,454,093		0.9
	12,476,946		TIAA-CREF International Equity Fund			147,976,574		5.2
	10,860,345		TIAA-CREF International Opportunities Fund			123,699,326		4.4
			TOTAL INTERNATIONAL EQUITY			523,303,456		18.5

SHORT-TERM FIXED INCOME — 3.9%
	191,587	*	TIAA-CREF Money Market Fund			191,587		0.0
	10,676,438		TIAA-CREF Short-Term Bond Fund			110,821,427		3.9
			TOTAL SHORT-TERM FIXED INCOME			111,013,014		3.9

U.S. EQUITY — 39.8%
	17,937,272		TIAA-CREF Enhanced Large-Cap Growth Index Fund			213,812,288		7.5
	18,990,112		TIAA-CREF Enhanced Large-Cap Value Index Fund			199,396,180		7.0
	14,473,587		TIAA-CREF Growth & Income Fund			183,959,289		6.5
	13,796,820		TIAA-CREF Large-Cap Growth Fund			221,990,838		7.8
	11,094,244		TIAA-CREF Large-Cap Value Fund			205,909,168		7.3
	365,635		TIAA-CREF Mid-Cap Growth Fund			8,230,434		0.3
	272,263		TIAA-CREF Mid-Cap Value Fund			6,863,750		0.2
	4,913,255		TIAA-CREF Small-Cap Equity Fund			89,175,577		3.2
			TOTAL U.S. EQUITY			1,129,337,524		39.8
			TOTAL TIAA-CREF FUNDS	(Cost $2,625,302,005)		2,833,076,576		99.9

			TOTAL PORTFOLIO	(Cost $2,625,302,005)		2,833,076,576		99.9
			OTHER ASSETS & LIABILITIES, NET			2,223,852		0.1
			NET ASSETS		$	2,835,300,428		100.0	%

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

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Portfolio of investments

Lifecycle 2025 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 29.7%
	38,087,414		TIAA-CREF Bond Fund		$	402,203,093		13.9	%
	29,159,752		TIAA-CREF Bond Plus Fund			311,426,146		10.8
	2,880,263		TIAA-CREF Emerging Markets Debt Fund			28,399,394		1.0
	11,492,830		TIAA-CREF High-Yield Fund			114,698,447		4.0
			TOTAL FIXED INCOME			856,727,080		29.7

INFLATION-PROTECTED ASSETS — 2.0%
	4,966,117		TIAA-CREF Inflation-Linked Bond Fund			56,961,365		2.0
			TOTAL INFLATION-PROTECTED ASSETS			56,961,365		2.0

INTERNATIONAL EQUITY — 20.8%
	10,214,505		TIAA-CREF Emerging Markets Equity Fund			107,865,171		3.7
	19,308,385		TIAA-CREF Enhanced International Equity Index Fund			150,219,236		5.2
	3,369,552		TIAA-CREF Global Natural Resources Fund			28,877,061		1.0
	14,217,022		TIAA-CREF International Equity Fund			168,613,876		5.9
	12,506,409		TIAA-CREF International Opportunities Fund			142,448,000		5.0
			TOTAL INTERNATIONAL EQUITY			598,023,344		20.8

SHORT-TERM FIXED INCOME — 1.9%
	187,740	*	TIAA-CREF Money Market Fund			187,740		0.0
	5,323,977		TIAA-CREF Short-Term Bond Fund			55,262,883		1.9
			TOTAL SHORT-TERM FIXED INCOME			55,450,623		1.9

U.S. EQUITY — 45.4%
	20,807,913		TIAA-CREF Enhanced Large-Cap Growth Index Fund			248,030,325		8.6
	21,990,139		TIAA-CREF Enhanced Large-Cap Value Index Fund			230,896,463		8.0
	16,675,670		TIAA-CREF Growth & Income Fund			211,947,764		7.3
	15,940,563		TIAA-CREF Large-Cap Growth Fund			256,483,664		8.9
	12,845,209		TIAA-CREF Large-Cap Value Fund			238,407,070		8.3
	471,810		TIAA-CREF Mid-Cap Growth Fund			10,620,443		0.4
	360,420		TIAA-CREF Mid-Cap Value Fund			9,086,194		0.3
	5,676,509		TIAA-CREF Small-Cap Equity Fund			103,028,644		3.6
			TOTAL U.S. EQUITY			1,308,500,567		45.4
			TOTAL TIAA-CREF FUNDS	(Cost $2,624,886,548)		2,875,662,979		99.8

			TOTAL PORTFOLIO	(Cost $2,624,886,548)		2,875,662,979		99.8
			OTHER ASSETS & LIABILITIES, NET			5,158,518		0.2
			NET ASSETS		$	2,880,821,497		100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2030 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 25.7%
	26,401,880		TIAA-CREF Bond Fund		$	278,803,848		9.9	%
	25,591,384		TIAA-CREF Bond Plus Fund			273,315,980		9.8
	2,789,653		TIAA-CREF Emerging Markets Debt Fund			27,505,981		1.0
	13,921,228		TIAA-CREF High-Yield Fund			138,933,852		5.0
			TOTAL FIXED INCOME			718,559,661		25.7

INTERNATIONAL EQUITY — 23.1%
	10,979,022		TIAA-CREF Emerging Markets Equity Fund			115,938,476		4.2
	20,998,617		TIAA-CREF Enhanced International Equity Index Fund			163,369,243		5.8
	3,629,625		TIAA-CREF Global Natural Resources Fund			31,105,884		1.1
	15,321,289		TIAA-CREF International Equity Fund			181,710,483		6.5
	13,600,540		TIAA-CREF International Opportunities Fund			154,910,155		5.5
			TOTAL INTERNATIONAL EQUITY			647,034,241		23.1

SHORT-TERM FIXED INCOME — 0.0%
	180,563	*	TIAA-CREF Money Market Fund			180,563		0.0
			TOTAL SHORT-TERM FIXED INCOME			180,563		0.0

U.S. EQUITY — 51.0%
	22,743,090		TIAA-CREF Enhanced Large-Cap Growth Index Fund			271,097,633		9.7
	24,014,671		TIAA-CREF Enhanced Large-Cap Value Index Fund			252,154,045		9.0
	18,141,491		TIAA-CREF Growth & Income Fund			230,578,349		8.2
	17,428,060		TIAA-CREF Large-Cap Growth Fund			280,417,488		10.0
	13,953,793		TIAA-CREF Large-Cap Value Fund			258,982,398		9.3
	550,422		TIAA-CREF Mid-Cap Growth Fund			12,389,998		0.4
	431,281		TIAA-CREF Mid-Cap Value Fund			10,872,601		0.4
	6,187,160		TIAA-CREF Small-Cap Equity Fund			112,296,960		4.0
			TOTAL U.S. EQUITY			1,428,789,472		51.0
			TOTAL TIAA-CREF FUNDS	(Cost $2,503,083,565)		2,794,563,937		99.8

			TOTAL PORTFOLIO	(Cost $2,503,083,565)		2,794,563,937		99.8
			OTHER ASSETS & LIABILITIES, NET			5,537,918		0.2
			NET ASSETS		$	2,800,101,855		100.0	%

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

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Portfolio of investments

Lifecycle 2035 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 17.7%
	15,651,048		TIAA-CREF Bond Fund		$	165,275,071		5.8	%
	15,500,858		TIAA-CREF Bond Plus Fund			165,549,162		5.9
	2,811,204		TIAA-CREF Emerging Markets Debt Fund			27,718,476		1.0
	14,019,285		TIAA-CREF High-Yield Fund			139,912,465		5.0
			TOTAL FIXED INCOME			498,455,174		17.7

INTERNATIONAL EQUITY — 25.5%
	12,091,302		TIAA-CREF Emerging Markets Equity Fund			127,684,152		4.5
	23,385,273		TIAA-CREF Enhanced International Equity Index Fund			181,937,422		6.5
	4,043,428		TIAA-CREF Global Natural Resources Fund			34,652,178		1.2
	16,954,882		TIAA-CREF International Equity Fund			201,084,905		7.2
	15,144,281		TIAA-CREF International Opportunities Fund			172,493,361		6.1
			TOTAL INTERNATIONAL EQUITY			717,852,018		25.5

SHORT-TERM FIXED INCOME — 0.0%
	186,513	*	TIAA-CREF Money Market Fund			186,513		0.0
			TOTAL SHORT-TERM FIXED INCOME			186,513		0.0

U.S. EQUITY — 56.6%
	25,387,125		TIAA-CREF Enhanced Large-Cap Growth Index Fund			302,614,535		10.7
	26,808,375		TIAA-CREF Enhanced Large-Cap Value Index Fund			281,487,942		10.0
	20,192,051		TIAA-CREF Growth & Income Fund			256,640,974		9.1
	19,414,866		TIAA-CREF Large-Cap Growth Fund			312,385,193		11.1
	15,578,983		TIAA-CREF Large-Cap Value Fund			289,145,928		10.2
	656,996		TIAA-CREF Mid-Cap Growth Fund			14,788,989		0.5
	517,840		TIAA-CREF Mid-Cap Value Fund			13,054,738		0.5
	6,954,256		TIAA-CREF Small-Cap Equity Fund			126,219,741		4.5
			TOTAL U.S. EQUITY			1,596,338,040		56.6
			TOTAL TIAA-CREF FUNDS	(Cost $2,478,512,360)		2,812,831,745		99.8

			TOTAL PORTFOLIO	(Cost $2,478,512,360)		2,812,831,745		99.8
			OTHER ASSETS & LIABILITIES, NET			5,576,407		0.2
			NET ASSETS		$	2,818,408,152		100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2040 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 9.9%
	13,531,483		TIAA-CREF Bond Plus Fund		$	144,516,234		4.0	%
	3,610,959		TIAA-CREF Emerging Markets Debt Fund			35,604,055		1.0
	18,085,092		TIAA-CREF High-Yield Fund			180,489,214		4.9
			TOTAL FIXED INCOME			360,609,503		9.9

INTERNATIONAL EQUITY — 27.8%
	16,972,014		TIAA-CREF Emerging Markets Equity Fund			179,224,473		4.9
	33,021,481		TIAA-CREF Enhanced International Equity Index Fund			256,907,123		7.1
	5,703,830		TIAA-CREF Global Natural Resources Fund			48,881,827		1.3
	23,833,245		TIAA-CREF International Equity Fund			282,662,286		7.8
	21,358,055		TIAA-CREF International Opportunities Fund			243,268,242		6.7
			TOTAL INTERNATIONAL EQUITY			1,010,943,951		27.8

SHORT-TERM FIXED INCOME — 0.0%
	273,442	*	TIAA-CREF Money Market Fund			273,442		0.0
			TOTAL SHORT-TERM FIXED INCOME			273,442		0.0

U.S. EQUITY — 62.1%
	35,875,399		TIAA-CREF Enhanced Large-Cap Growth Index Fund			427,634,756		11.8
	37,912,978		TIAA-CREF Enhanced Large-Cap Value Index Fund			398,086,271		11.0
	28,476,357		TIAA-CREF Growth & Income Fund			361,934,494		10.0
	27,380,578		TIAA-CREF Large-Cap Growth Fund			440,553,498		12.1
	21,935,957		TIAA-CREF Large-Cap Value Fund			407,131,367		11.2
	984,188		TIAA-CREF Mid-Cap Growth Fund			22,154,064		0.6
	766,111		TIAA-CREF Mid-Cap Value Fund			19,313,666		0.5
	9,820,523		TIAA-CREF Small-Cap Equity Fund			178,242,496		4.9
			TOTAL U.S. EQUITY			2,255,050,612		62.1
			TOTAL TIAA-CREF FUNDS	(Cost $3,139,045,459)		3,626,877,508		99.8

			TOTAL PORTFOLIO	(Cost $3,139,045,459)		3,626,877,508		99.8
			OTHER ASSETS & LIABILITIES, NET			7,379,583		0.2
			NET ASSETS		$	3,634,257,091		100.0	%

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

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Portfolio of investments

Lifecycle 2045 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.7% (a)

FIXED INCOME — 9.9%
	5,057,537		TIAA-CREF Bond Plus Fund		$	54,014,492		4.0	%
	1,336,145		TIAA-CREF Emerging Markets Debt Fund			13,174,386		1.0
	6,721,179		TIAA-CREF High-Yield Fund			67,077,366		4.9
			TOTAL FIXED INCOME			134,266,244		9.9

INTERNATIONAL EQUITY — 27.9%
	6,342,398		TIAA-CREF Emerging Markets Equity Fund			66,975,719		5.0
	12,370,672		TIAA-CREF Enhanced International Equity Index Fund			96,243,829		7.1
	2,108,109		TIAA-CREF Global Natural Resources Fund			18,066,490		1.3
	8,876,693		TIAA-CREF International Equity Fund			105,277,576		7.8
	7,882,773		TIAA-CREF International Opportunities Fund			89,784,779		6.7
			TOTAL INTERNATIONAL EQUITY			376,348,393		27.9

SHORT-TERM FIXED INCOME — 0.0%
	81,020	*	TIAA-CREF Money Market Fund			81,020		0.0
			TOTAL SHORT-TERM FIXED INCOME			81,020		0.0

U.S. EQUITY — 61.9%
	13,327,858		TIAA-CREF Enhanced Large-Cap Growth Index Fund			158,868,063		11.8
	14,063,336		TIAA-CREF Enhanced Large-Cap Value Index Fund			147,665,030		10.9
	10,570,571		TIAA-CREF Growth & Income Fund			134,351,959		9.9
	10,155,237		TIAA-CREF Large-Cap Growth Fund			163,397,760		12.1
	8,150,771		TIAA-CREF Large-Cap Value Fund			151,278,305		11.2
	369,748		TIAA-CREF Mid-Cap Growth Fund			8,323,026		0.6
	284,121		TIAA-CREF Mid-Cap Value Fund			7,162,694		0.5
	3,645,445		TIAA-CREF Small-Cap Equity Fund			66,164,818		4.9
			TOTAL U.S. EQUITY			837,211,655		61.9
			TOTAL TIAA-CREF FUNDS	(Cost $1,175,686,220)		1,347,907,312		99.7

			TOTAL PORTFOLIO	(Cost $1,175,686,220)		1,347,907,312		99.7
			OTHER ASSETS & LIABILITIES, NET			4,384,832		0.3
			NET ASSETS		$	1,352,292,144		100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2050 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.7% (a)

FIXED INCOME — 9.9%
	2,967,621		TIAA-CREF Bond Plus Fund		$	31,694,189		4.0	%
	779,544		TIAA-CREF Emerging Markets Debt Fund			7,686,306		1.0
	3,927,200		TIAA-CREF High-Yield Fund			39,193,456		4.9
			TOTAL FIXED INCOME			78,573,951		9.9

INTERNATIONAL EQUITY — 27.9%
	3,709,710		TIAA-CREF Emerging Markets Equity Fund			39,174,542		5.0
	7,269,156		TIAA-CREF Enhanced International Equity Index Fund			56,554,031		7.2
	1,228,628		TIAA-CREF Global Natural Resources Fund			10,529,338		1.3
	5,200,414		TIAA-CREF International Equity Fund			61,676,912		7.8
	4,593,707		TIAA-CREF International Opportunities Fund			52,322,322		6.6
			TOTAL INTERNATIONAL EQUITY			220,257,145		27.9

SHORT-TERM FIXED INCOME — 0.0%
	41,882	*	TIAA-CREF Money Market Fund			41,882		0.0
			TOTAL SHORT-TERM FIXED INCOME			41,882		0.0

U.S. EQUITY — 61.9%
	7,783,333		TIAA-CREF Enhanced Large-Cap Growth Index Fund			92,777,333		11.8
	8,208,979		TIAA-CREF Enhanced Large-Cap Value Index Fund			86,194,279		10.9
	6,170,198		TIAA-CREF Growth & Income Fund			78,423,220		9.9
	5,936,212		TIAA-CREF Large-Cap Growth Fund			95,513,657		12.1
	4,751,307		TIAA-CREF Large-Cap Value Fund			88,184,265		11.2
	214,184		TIAA-CREF Mid-Cap Growth Fund			4,821,272		0.6
	165,846		TIAA-CREF Mid-Cap Value Fund			4,180,971		0.5
	2,127,897		TIAA-CREF Small-Cap Equity Fund			38,621,332		4.9
			TOTAL U.S. EQUITY			488,716,329		61.9
			TOTAL TIAA-CREF FUNDS	(Cost $693,423,460)		787,589,307		99.7

			TOTAL PORTFOLIO	(Cost $693,423,460)		787,589,307		99.7
			OTHER ASSETS & LIABILITIES, NET			2,257,843		0.3
			NET ASSETS		$	789,847,150		100.0	%

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

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Portfolio of investments

Lifecycle 2055 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 99.7% (a)

FIXED INCOME — 10.0%
	532,625		TIAA-CREF Bond Plus Fund		$	5,688,437		4.0	%
	139,992		TIAA-CREF Emerging Markets Debt Fund			1,380,326		1.0
	708,321		TIAA-CREF High-Yield Fund			7,069,044		5.0
			TOTAL FIXED INCOME			14,137,807		10.0

INTERNATIONAL EQUITY — 27.9%
	665,686		TIAA-CREF Emerging Markets Equity Fund			7,029,644		5.0
	1,313,479		TIAA-CREF Enhanced International Equity Index Fund			10,218,870		7.2
	219,263		TIAA-CREF Global Natural Resources Fund			1,879,087		1.3
	933,697		TIAA-CREF International Equity Fund			11,073,649		7.8
	824,959		TIAA-CREF International Opportunities Fund			9,396,288		6.6
			TOTAL INTERNATIONAL EQUITY			39,597,538		27.9

SHORT-TERM FIXED INCOME — 0.0%
	6,591	*	TIAA-CREF Money Market Fund			6,591		0.0
			TOTAL SHORT-TERM FIXED INCOME			6,591		0.0

U.S. EQUITY — 61.8%
	1,396,290		TIAA-CREF Enhanced Large-Cap Growth Index Fund			16,643,779		11.8
	1,472,612		TIAA-CREF Enhanced Large-Cap Value Index Fund			15,462,422		10.9
	1,103,866		TIAA-CREF Growth & Income Fund			14,030,132		9.9
	1,060,434		TIAA-CREF Large-Cap Growth Fund			17,062,381		12.0
	853,182		TIAA-CREF Large-Cap Value Fund			15,835,067		11.2
	38,894		TIAA-CREF Mid-Cap Growth Fund			875,505		0.6
	29,897		TIAA-CREF Mid-Cap Value Fund			753,708		0.5
	381,479		TIAA-CREF Small-Cap Equity Fund			6,923,839		4.9
			TOTAL U.S. EQUITY			87,586,833		61.8
			TOTAL TIAA-CREF FUNDS	(Cost $131,697,837)		141,328,769		99.7

			TOTAL PORTFOLIO	(Cost $131,697,837)		141,328,769		99.7
			OTHER ASSETS & LIABILITIES, NET			441,783		0.3
			NET ASSETS		$	141,770,552		100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2060 Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 100.0% (a)

FIXED INCOME — 9.9%
	42,086		TIAA-CREF Bond Plus Fund		$	449,483		3.9	%
	11,398		TIAA-CREF Emerging Markets Debt Fund			112,388		1.0
	57,209		TIAA-CREF High-Yield Fund			570,950		5.0
			TOTAL FIXED INCOME			1,132,821		9.9

INTERNATIONAL EQUITY — 27.8%
	53,493		TIAA-CREF Emerging Markets Equity Fund			564,891		4.9
	104,926		TIAA-CREF Enhanced International Equity Index Fund			816,321		7.1
	18,085		TIAA-CREF Global Natural Resources Fund			154,991		1.3
	75,312		TIAA-CREF International Equity Fund			893,198		7.8
	67,138		TIAA-CREF International Opportunities Fund			764,702		6.7
			TOTAL INTERNATIONAL EQUITY			3,194,103		27.8

SHORT-TERM FIXED INCOME — 0.0%
	100	*	TIAA-CREF Money Market Fund			100		0.0
			TOTAL SHORT-TERM FIXED INCOME			100		0.0

U.S. EQUITY — 62.3%
	113,713		TIAA-CREF Enhanced Large-Cap Growth Index Fund			1,355,454		11.8
	120,242		TIAA-CREF Enhanced Large-Cap Value Index Fund			1,262,541		11.0
	90,103		TIAA-CREF Growth & Income Fund			1,145,214		10.0
	86,939		TIAA-CREF Large-Cap Growth Fund			1,398,843		12.2
	69,547		TIAA-CREF Large-Cap Value Fund			1,290,790		11.3
	3,178		TIAA-CREF Mid-Cap Growth Fund			71,547		0.6
	2,430		TIAA-CREF Mid-Cap Value Fund			61,259		0.5
	30,868		TIAA-CREF Small-Cap Equity Fund			560,263		4.9
			TOTAL U.S. EQUITY			7,145,911		62.3
			TOTAL TIAA-CREF FUNDS	(Cost $11,416,524)		11,472,935		100.0

			TOTAL PORTFOLIO	(Cost $11,416,524)		11,472,935		100.0
			OTHER ASSETS & LIABILITIES, NET			18		0.0
			NET ASSETS		$	11,472,953		100.0	%

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

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Statements of assets and liabilities

TIAA-CREF Lifecycle Funds ■ May 31, 2015

	Lifecycle
	Retirement		Lifecycle		Lifecycle		Lifecycle		Lifecycle		Lifecycle
	Income Fund		2010 Fund		2015 Fund		2020 Fund		2025 Fund		2030 Fund

ASSETS
Affiliated investments, at value^‡	$	370,852,140	$	1,112,418,978	$	1,802,683,506	$	2,833,076,576	$	2,875,662,979	$	2,794,563,937
Cash		11,476		941,495		3,289,633		4,842,710		5,647,390		6,391,135
Receivable from securities transactions		72,837		1,046,264		2,913,527		3,364,306		2,519,683		1,467,996
Receivable from Fund shares sold		705,995		1,334,396		2,006,498		4,734,784		5,771,123		6,255,211
Dividends and interest receivable		379,509		1,091,722		1,679,336		2,327,441		2,123,397		1,817,904
Due from affiliates		7,544		18,608		29,257		45,036		45,753		44,463
Other		8,577		41,474		58,793		76,313		74,083		70,958
Total assets		372,038,078		1,116,892,937		1,812,660,550		2,848,467,166		2,891,844,408		2,810,611,604

LIABILITIES
Management fees payable		5,095		15,276		24,745		38,894		39,477		38,375
Service agreement fees payable		4,512		15,884		24,969		36,263		35,288		31,563
Distribution fees payable		20,442		15,603		27,257		47,686		48,291		48,468
Due to affiliates		1,960		6,669		10,628		15,800		15,845		15,143
Payable for securities transactions		154,087		2,757,014		6,910,028		10,464,058		10,696,686		10,192,997
Payable for Fund shares redeemed		125,839		—		356,126		2,376,140		—		1,009
Payable for trustee compensation		9,045		42,890		60,735		79,153		76,892		73,632
Accrued expenses and other payables		24,278		33,608		59,427		108,744		110,432		108,562
Total liabilities		345,258		2,886,944		7,473,915		13,166,738		11,022,911		10,509,749

NET ASSETS	$	371,692,820	$	1,114,005,993	$	1,805,186,635	$	2,835,300,428	$	2,880,821,497	$	2,800,101,855

NET ASSETS CONSIST OF:
Paid-in-capital	$	335,470,227	$	951,986,984	$	1,621,363,812	$	2,508,282,466	$	2,500,654,893	$	2,379,061,217
Undistributed net investment income (loss)		654,657		4,945,929		7,549,411		10,416,265		9,554,014		8,229,292
Accumulated net realized gain (loss) on total investments		2,528,565		5,720,184		68,882,956		108,827,126		119,836,159		121,330,974
Net unrealized appreciation (depreciation) on total investments		33,039,371		151,352,896		107,390,456		207,774,571		250,776,431		291,480,372

NET ASSETS	$	371,692,820	$	1,114,005,993	$	1,805,186,635	$	2,835,300,428	$	2,880,821,497	$	2,800,101,855

INSTITUTIONAL CLASS:
Net assets	$	132,538,542	$	527,313,337	$	861,906,437	$	1,403,171,699	$	1,468,702,212	$	1,495,151,872
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,651,482		45,533,560		81,626,084		130,931,453		135,926,519		138,294,878
Net asset value per share		$11.38		$11.58		$10.56		$10.72		$10.81		$10.81

PREMIER CLASS:
Net assets	$	27,088,100	$	123,046,936	$	215,361,966	$	377,734,036	$	382,955,766	$	384,809,101
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,382,890		10,649,433		20,472,933		35,333,259		35,577,122		35,740,329
Net asset value per share		$11.37		$11.55		$10.52		$10.69		$10.76		$10.77

RETIREMENT CLASS:
Net assets	$	130,925,791	$	463,645,720	$	727,918,232	$	1,054,394,693	$	1,029,163,519	$	920,140,882
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,534,795		34,794,638		58,113,297		81,349,620		78,029,969		68,711,994
Net asset value per share		$11.35		$13.33		$12.53		$12.96		$13.19		$13.39

RETAIL CLASS:
Net assets	$	81,140,387	$	—	$	—	$	—	$	—	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,142,266		—		—		—		—		—
Net asset value per share		$11.36	$	—	$	—	$	—	$	—	$	—
^‡ Affiliated investments, cost	$	337,812,769	$	961,066,082	$	1,695,293,050	$	2,625,302,005	$	2,624,886,548	$	2,503,083,565

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Statements of assets and liabilities

concluded

TIAA-CREF Lifecycle Funds ■ May 31, 2015

	Lifecycle		Lifecycle		Lifecycle		Lifecycle		Lifecycle		Lifecycle
	2035 Fund		2040 Fund		2045 Fund		2050 Fund		2055 Fund		2060 Fund

ASSETS
Affiliated investments, at value^‡	$	2,812,831,745	$	3,626,877,508	$	1,347,907,312	$	787,589,307	$	141,328,769	$	11,472,935
Cash		6,150,674		7,271,186		3,536,267		2,377,382		555,987		17,440
Receivable from securities transactions		169,161		—		—		—		—		7,268
Receivable from Fund shares sold		6,817,564		8,407,674		5,595,455		3,511,025		733,393		6,803
Dividends and interest receivable		1,345,866		1,151,879		425,939		248,424		44,051		3,659
Due from affiliates		44,815		57,254		22,360		13,612		3,494		2,388
Other		71,329		97,866		22,202		12,285		1,464		45
Total assets		2,827,431,154		3,643,863,367		1,357,509,535		793,752,035		142,667,158		11,510,538

LIABILITIES
Management fees payable		38,628		49,851		18,502		10,800		1,934		158
Service agreement fees payable		29,896		38,324		13,532		8,075		1,900		109
Distribution fees payable		48,461		65,028		26,058		16,377		3,184		342
Due to affiliates		15,384		19,904		6,725		3,796		568		62
Payable for securities transactions		8,707,911		9,163,500		5,066,000		3,810,500		853,250		15,768
Payable for Fund shares redeemed		—		33,834		—		3,644		21,540		—
Payable for trustee compensation		74,082		101,481		23,885		13,255		1,608		59
Accrued expenses and other payables		108,640		134,354		62,689		38,438		12,622		21,087
Total liabilities		9,023,002		9,606,276		5,217,391		3,904,885		896,606		37,585

NET ASSETS	$	2,818,408,152	$	3,634,257,091	$	1,352,292,144	$	789,847,150	$	141,770,552	$	11,472,953

NET ASSETS CONSIST OF:
Paid-in-capital	$	2,345,369,282	$	2,959,648,505	$	1,134,494,969	$	669,914,685	$	128,273,378	$	10,964,899
Undistributed net investment income (loss)		6,133,303		5,312,444		2,131,333		1,262,735		188,616		16,548
Accumulated net realized gain (loss) on total investments		132,586,182		181,464,093		43,444,750		24,503,883		3,677,626		435,095
Net unrealized appreciation (depreciation) on total investments		334,319,385		487,832,049		172,221,092		94,165,847		9,630,932		56,411

NET ASSETS	$	2,818,408,152	$	3,634,257,091	$	1,352,292,144	$	789,847,150	$	141,770,552	$	11,472,953

INSTITUTIONAL CLASS:
Net assets	$	1,562,158,157	$	2,002,920,806	$	749,747,138	$	423,230,253	$	59,786,694	$	5,621,570
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		142,992,578		181,310,403		65,527,493		37,052,517		4,682,261		536,377
Net asset value per share		$10.92		$11.05		$11.44		$11.42		$12.77		$10.48

PREMIER CLASS:
Net assets	$	384,422,771	$	514,930,041	$	207,327,657	$	130,717,776	$	26,406,886	$	2,686,155
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		35,276,401		46,739,783		18,188,444		11,481,604		2,073,744		256,454
Net asset value per share		$10.90		$11.02		$11.40		$11.38		$12.73		$10.47

RETIREMENT CLASS:
Net assets	$	871,827,224	$	1,116,406,244	$	395,217,349	$	235,899,121	$	55,576,972	$	3,165,228
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		63,489,534		79,174,526		34,758,197		20,782,708		4,365,205		302,315
Net asset value per share		$13.73		$14.10		$11.37		$11.35		$12.73		$10.47
^‡ Affiliated investments, cost	$	2,478,512,360	$	3,139,045,459	$	1,175,686,220	$	693,423,460	$	131,697,837	$	11,416,524

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Statements of operations

TIAA-CREF Lifecycle Funds ■ For the period or year ended May 31, 2015

	Lifecycle
	Retirement			Lifecycle			Lifecycle			Lifecycle			Lifecycle			Lifecycle
	Income Fund			2010 Fund			2015 Fund			2020 Fund			2025 Fund			2030 Fund

INVESTMENT INCOME
Dividends from affiliated investments	$	6,179,883		$	19,923,565		$	31,769,224		$	46,761,766		$	46,609,457		$	44,273,723
Total income		6,179,883			19,923,565			31,769,224			46,761,766			46,609,457			44,273,723

EXPENSES
Management fees		334,422			1,076,689			1,720,629			2,588,789			2,600,910			2,504,884
Shareholder servicing — Institutional Class		490			744			1,025			1,480			1,505			1,467
Shareholder servicing — Premier Class		218			238			312			439			428			498
Shareholder servicing — Retirement Class		304,282			1,145,685			1,784,378			2,498,968			2,412,484			2,151,917
Shareholder servicing — Retail Class		21,953			—			—			—			—			—
Distribution fees — Premier Class		38,652			186,683			319,016			547,346			534,502			540,563
Distribution fees — Retirement Class		60,761			228,967			356,655			499,519			482,220			430,117
Distribution fees — Retail Class		187,078			—			—			—			—			—
Registration fees		62,845			77,814			84,738			92,472			97,210			92,336
Professional fees		24,440			27,683			29,980			33,738			33,837			33,411
Shareholder reports		24,089			55,467			84,156			122,577			125,250			122,300
Custody and accounting fees		15,225			12,238			12,236			12,236			12,237			12,115
Administrative service fees		10,516			33,840			53,895			80,893			81,242			77,773
Trustee fees and expenses		2,834			8,581			13,522			20,659			20,665			19,821
Other expenses		17,837			20,447			41,512			77,115			81,192			81,043
Total expenses		1,105,642			2,875,076			4,502,054			6,576,231			6,483,682			6,068,245
Less: Expenses reimbursed by the investment adviser		(180,256	)		(237,227	)		(321,952	)		(442,875	)		(454,897	)		(441,966	)
Fee waiver by investment adviser and TPIS		(395,183	)		(1,305,657	)		(2,077,284	)		(3,088,308	)		(3,083,130	)		(2,935,001	)
Net expenses		530,203			1,332,192			2,102,818			3,045,048			2,945,655			2,691,278

Net investment income (loss)		5,649,680			18,591,373			29,666,406			43,716,718			43,663,802			41,582,445

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		442,205			4,760,637			53,848,483			69,522,430			68,981,659			63,994,416
Realized gain distributions from affiliated investments		9,379,742			33,618,626			59,277,194			101,483,791			114,557,563			121,799,090
Net realized gain (loss) from investments		9,821,947			38,379,263			113,125,677			171,006,221			183,539,222			185,793,506
Net change in unrealized appreciation (depreciation) from affiliated investments		83,308			(2,268,628	)		(48,012,542	)		(55,633,851	)		(51,870,508	)		(44,404,916	)
Net realized and unrealized gain (loss) from investments		9,905,255			36,110,635			65,113,135			115,372,370			131,668,714			141,388,590
Net increase (decrease) in net assets from operations	$	15,554,935		$	54,702,008		$	94,779,541		$	159,089,088		$	175,332,516		$	182,971,035

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Statements of operations

concluded

TIAA-CREF Lifecycle Funds ■ For the period or year ended May 31, 2015

	Lifecycle			Lifecycle			Lifecycle			Lifecycle			Lifecycle			Lifecycle
	2035 Fund			2040 Fund			2045 Fund			2050 Fund			2055 Fund			2060 Fund		*

INVESTMENT INCOME
Dividends from affiliated investments	$	42,517,506		$	52,736,110		$	18,180,147		$	10,459,585		$	1,672,349		$	146,651
Total income		42,517,506			52,736,110			18,180,147			10,459,585			1,672,349			146,651

EXPENSES
Management fees		2,534,383			3,288,735			1,132,011			652,427			104,886			7,118
Shareholder servicing — Institutional Class		1,519			1,816			862			660			432			1,374
Shareholder servicing — Premier Class		427			604			268			281			208			1,377
Shareholder servicing — Retirement Class		2,068,040			2,693,643			887,832			521,414			111,008			6,099
Distribution fees — Premier Class		536,222			731,692			265,519			164,407			27,994			2,610
Distribution fees — Retirement Class		413,367			538,463			177,416			104,164			22,135			937
Registration fees		95,033			105,436			80,367			67,853			43,260			52,000
Professional fees		33,661			36,823			28,135			26,032			23,646			28,290
Shareholder reports		127,600			154,101			65,082			41,067			18,518			13,831
Custody and accounting fees		12,115			12,183			12,223			12,223			12,073			8,278
Administrative service fees		78,856			101,997			35,011			20,087			3,150			235
Trustee fees and expenses		20,127			26,018			9,616			5,553			1,004			75
Other expenses		79,009			99,013			52,527			32,858			12,697			4,910
Total expenses		6,000,359			7,790,524			2,746,869			1,649,026			381,011			127,134
Less: Expenses reimbursed by the investment adviser		(449,348	)		(539,045	)		(284,645	)		(207,131	)		(115,163	)		(111,714	)
Fee waiver by investment adviser and TPIS		(2,947,750	)		(3,827,199	)		(1,309,427	)		(756,590	)		(127,021	)		(8,055	)
Net expenses		2,603,261			3,424,280			1,152,797			685,305			138,827			7,365

Net investment income (loss)		39,914,245			49,311,830			17,027,350			9,774,280			1,533,522			139,286

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		68,943,395			88,638,717			(2,470,843	)		(1,526,848	)		(343,916	)		(15,286	)
Realized gain distributions from affiliated investments		134,253,383			186,617,762			64,410,467			37,034,088			5,919,427			585,827
Realized gain (loss) from sale of unaffiliated investments		—			—			—			—			—			632
Net realized gain (loss) from investments		203,196,778			275,256,479			61,939,624			35,507,240			5,575,511			571,173
Net change in unrealized appreciation (depreciation) from affiliated investments		(47,039,061	)		(57,526,754	)		14,745,310			8,874,709			1,806,087			56,411
Net realized and unrealized gain (loss) from investments		156,157,717			217,729,725			76,684,934			44,381,949			7,381,598			627,584
Net increase (decrease) in net assets from operations	$	196,071,962		$	267,041,555		$	93,712,284		$	54,156,229		$	8,915,120		$	766,870
* For the period September 26, 2014 to May 31, 2015.

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Statements of changes in net assets

TIAA-CREF Lifecycle Funds ■ For the period or year ended

		Lifecycle Retirement Income Fund						Lifecycle 2010 Fund						Lifecycle 2015 Fund
		May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014

OPERATIONS
Net investment income (loss)		$	5,649,680		$	4,367,245		$	18,591,373		$	16,821,242		$	29,666,406		$	25,537,938
Net realized gain (loss) from investments			9,821,947			5,747,089			38,379,263			34,129,016			113,125,677			97,784,713
Net change in unrealized appreciation (depreciation) from affiliated investments			83,308			11,372,002			(2,268,628	)		42,136,471			(48,012,542	)		34,810,066
Net increase (decrease) in net assets from operations			15,554,935			21,486,336			54,702,008			93,086,729			94,779,541			158,132,717

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(2,956,534	)		(2,253,935	)		(14,527,313	)		(14,201,758	)		(23,808,739	)		(20,738,963	)
	Premier Class		(661,122	)		(483,438	)		(3,296,647	)		(3,827,733	)		(5,795,677	)		(5,943,811	)
	Retirement Class		(2,862,013	)		(2,542,530	)		(10,205,994	)		(12,041,135	)		(15,900,900	)		(16,299,640	)
	Retail Class		(1,813,022	)		(1,449,080	)		—			—			—			—
From realized gains:	Institutional Class		(1,295,044	)		(780,037	)		(11,436,377	)		(4,051,351	)		(37,223,043	)		(25,595,944	)
	Premier Class		(305,716	)		(170,243	)		(2,744,182	)		(1,146,215	)		(9,558,343	)		(7,707,738	)
	Retirement Class		(1,359,788	)		(927,336	)		(8,934,542	)		(3,751,109	)		(27,608,066	)		(22,126,018	)
	Retail Class		(877,137	)		(539,124	)		—			—			—			—
Total distributions			(12,130,376	)		(9,145,723	)		(51,145,055	)		(39,019,301	)		(119,894,768	)		(98,412,114	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		46,802,468			44,081,188			99,399,537			137,969,805			159,420,442			189,394,683
	Premier Class		12,535,930			17,203,474			30,176,295			60,319,489			47,815,691			88,954,529
	Retirement Class		34,406,461			29,855,663			49,609,071			53,677,492			75,865,954			91,117,375
	Retail Class		23,914,936			23,426,558			—			—			—			—
Reinvestments of distributions:	Institutional Class		4,251,578			3,033,972			25,963,690			18,253,109			61,031,782			46,334,907
	Premier Class		966,838			653,681			6,040,829			4,973,948			15,354,020			13,651,549
	Retirement Class		4,221,801			3,469,866			19,140,536			15,792,244			43,508,966			38,425,658
	Retail Class		2,554,405			1,915,290			—			—			—			—
Redemptions:	Institutional Class		(17,635,236	)		(18,672,013	)		(80,901,949	)		(48,513,851	)		(93,984,438	)		(44,366,145	)
	Premier Class		(11,003,609	)		(8,019,309	)		(50,760,509	)		(61,079,202	)		(71,489,599	)		(80,556,771	)
	Retirement Class		(22,910,520	)		(23,562,432	)		(71,010,925	)		(81,059,285	)		(95,883,562	)		(105,910,118	)
	Retail Class		(12,388,441	)		(11,844,495	)		—			—			—			—
Net increase (decrease) from shareholder transactions			65,716,611			61,541,443			27,656,575			100,333,749			141,639,256			237,045,667
Net increase (decrease) in net assets			69,141,170			73,882,056			31,213,528			154,401,177			116,524,029			296,766,270

NET ASSETS
Beginning of period			302,551,650			228,669,594			1,082,792,465			928,391,288			1,688,662,606			1,391,896,336
End of period		$	371,692,820		$	302,551,650		$	1,114,005,993		$	1,082,792,465		$	1,805,186,635		$	1,688,662,606
Undistributed net investment income (loss) included in net assets		$	654,657		$	554,219		$	4,945,929		$	4,848,724		$	7,549,411		$	7,003,628

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		4,161,365			4,015,083			8,603,023			12,220,886			14,913,972			17,773,215
	Premier Class		1,113,267			1,569,836			2,612,404			5,350,847			4,477,382			8,391,288
	Retirement Class		3,061,383			2,727,827			3,739,917			4,177,370			6,039,996			7,370,104
	Retail Class		2,121,297			2,138,982			—			—			—			—
Shares reinvested:	Institutional Class		382,978			278,368			2,322,334			1,635,583			6,007,065			4,463,864
	Premier Class		87,130			59,943			541,293			446,494			1,515,698			1,318,991
	Retirement Class		381,162			319,070			1,487,221			1,237,637			3,604,720			3,154,816
	Retail Class		230,463			175,877			—			—			—			—
Shares redeemed:	Institutional Class		(1,564,925	)		(1,707,929	)		(6,971,073	)		(4,296,195	)		(8,751,651	)		(4,189,282	)
	Premier Class		(985,392	)		(731,123	)		(4,413,557	)		(5,391,211	)		(6,705,126	)		(7,510,693	)
	Retirement Class		(2,037,112	)		(2,176,204	)		(5,352,656	)		(6,325,403	)		(7,609,607	)		(8,522,421	)
	Retail Class		(1,099,639	)		(1,091,577	)		—			—			—			—
Net increase (decrease) from shareholder transactions			5,851,977			5,578,153			2,568,906			9,056,008			13,492,449			22,249,882

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Statements of changes in net assets

continued

TIAA-CREF Lifecycle Funds ■ For the period or year ended

		Lifecycle 2020 Fund						Lifecycle 2025 Fund						Lifecycle 2030 Fund
		May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014

OPERATIONS
Net investment income (loss)		$	43,716,718		$	34,443,861		$	43,663,802		$	33,639,111		$	41,582,445		$	31,510,528
Net realized gain (loss) from investments			171,006,221			132,392,211			183,539,222			134,882,884			185,793,506			135,232,828
Net change in unrealized appreciation (depreciation) from affiliated investments			(55,633,851	)		75,837,424			(51,870,508	)		94,897,911			(44,404,916	)		107,684,349
Net increase (decrease) in net assets from operations			159,089,088			242,673,496			175,332,516			263,419,906			182,971,035			274,427,705

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(36,711,697	)		(30,792,295	)		(39,784,137	)		(33,316,205	)		(40,184,610	)		(34,917,244	)
	Premier Class		(10,453,318	)		(9,582,854	)		(10,161,110	)		(9,778,218	)		(10,683,801	)		(10,605,615	)
	Retirement Class		(21,919,913	)		(21,720,394	)		(21,390,664	)		(21,855,499	)		(19,154,190	)		(20,052,338	)
From realized gains:	Institutional Class		(52,216,696	)		(32,856,276	)		(55,319,973	)		(33,642,557	)		(56,364,296	)		(33,785,264	)
	Premier Class		(15,615,516	)		(10,671,814	)		(14,836,168	)		(10,288,612	)		(15,711,973	)		(10,665,642	)
	Retirement Class		(34,586,070	)		(25,394,652	)		(32,951,155	)		(24,045,639	)		(29,748,923	)		(21,114,621	)
Total distributions			(171,503,210	)		(131,018,285	)		(174,443,207	)		(132,926,730	)		(171,847,793	)		(131,140,724	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		314,679,986			317,371,607			328,429,903			308,747,261			335,449,249			312,355,939
	Premier Class		83,988,576			165,077,341			90,169,325			145,001,999			93,779,924			148,160,481
	Retirement Class		136,109,550			148,111,470			138,041,429			146,234,257			121,627,648			127,399,100
Reinvestments of distributions:	Institutional Class		88,928,393			63,648,571			95,104,110			66,958,762			96,548,906			68,702,508
	Premier Class		26,068,834			20,254,668			24,997,278			20,066,830			26,395,774			21,271,257
	Retirement Class		56,505,983			47,115,046			54,341,819			45,901,138			48,903,113			41,166,959
Redemptions:	Institutional Class		(94,198,386	)		(47,284,151	)		(90,837,690	)		(37,516,901	)		(78,468,456	)		(39,099,325	)
	Premier Class		(95,067,896	)		(99,498,511	)		(88,145,287	)		(90,480,977	)		(92,163,339	)		(100,852,623	)
	Retirement Class		(104,891,663	)		(115,406,437	)		(98,956,980	)		(99,681,351	)		(86,271,130	)		(112,226,896	)
Net increase (decrease) from shareholder transactions			412,123,377			499,389,604			453,143,907			505,231,018			465,801,689			466,877,400
Net increase (decrease) in net assets			399,709,255			611,044,815			454,033,216			635,724,194			476,924,931			610,164,381

NET ASSETS
Beginning of period			2,435,591,173			1,824,546,358			2,426,788,281			1,791,064,087			2,323,176,924			1,713,012,543
End of period		$	2,835,300,428		$	2,435,591,173		$	2,880,821,497		$	2,426,788,281		$	2,800,101,855		$	2,323,176,924
Undistributed net investment income (loss) included in net assets		$	10,416,265		$	8,836,287		$	9,554,014		$	7,903,520		$	8,229,292		$	6,490,200

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		29,335,124			29,791,859			30,360,953			28,951,652			31,189,162			29,450,012
	Premier Class		7,795,200			15,541,584			8,366,111			13,661,797			8,715,573			14,069,369
	Retirement Class		10,528,289			11,751,616			10,544,186			11,494,501			9,166,088			9,942,124
Shares reinvested:	Institutional Class		8,650,622			6,102,452			9,215,515			6,401,411			9,382,790			6,593,331
	Premier Class		2,540,822			1,945,693			2,429,279			1,923,953			2,572,687			2,047,282
	Retirement Class		4,538,633			3,778,271			4,306,008			3,640,059			3,832,532			3,231,316
Shares redeemed:	Institutional Class		(8,630,389	)		(4,457,976	)		(8,285,545	)		(3,529,539	)		(7,146,855	)		(3,699,683	)
	Premier Class		(8,948,528	)		(9,256,517	)		(8,191,642	)		(8,428,762	)		(8,674,147	)		(9,451,192	)
	Retirement Class		(8,092,188	)		(9,138,934	)		(7,535,331	)		(7,822,962	)		(6,509,772	)		(8,778,804	)
Net increase (decrease) from shareholder transactions			37,717,585			46,058,048			41,209,534			46,292,110			42,528,058			43,403,755

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Statements of changes in net assets

continued

TIAA-CREF Lifecycle Funds ■ For the period or year ended

		Lifecycle 2035 Fund						Lifecycle 2040 Fund						Lifecycle 2045 Fund
		May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014

OPERATIONS
Net investment income (loss)		$	39,914,245		$	30,037,941		$	49,311,830		$	37,934,239		$	17,027,350		$	10,867,343
Net realized gain (loss) from investments			203,196,778			146,599,385			275,256,479			203,732,081			61,939,624			40,578,994
Net change in unrealized appreciation (depreciation) from affiliated investments			(47,039,061	)		122,318,552			(57,526,754	)		171,985,147			14,745,310			66,044,738
Net increase (decrease) in net assets from operations			196,071,962			298,955,878			267,041,555			413,651,467			93,712,284			117,491,075

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(42,321,736	)		(37,804,974	)		(54,395,878	)		(50,014,881	)		(17,479,047	)		(13,341,976	)
	Premier Class		(10,444,217	)		(11,057,343	)		(14,699,004	)		(16,125,733	)		(4,905,615	)		(4,345,423	)
	Retirement Class		(17,869,977	)		(19,915,660	)		(22,780,862	)		(27,539,329	)		(8,859,324	)		(8,940,290	)
From realized gains:	Institutional Class		(63,778,999	)		(37,471,039	)		(84,134,666	)		(51,147,227	)		(12,964,480	)		(3,594,056	)
	Premier Class		(16,515,022	)		(11,374,069	)		(23,839,842	)		(17,099,882	)		(3,812,663	)		(1,208,211	)
	Retirement Class		(29,942,460	)		(21,458,228	)		(39,348,432	)		(30,634,624	)		(7,181,281	)		(2,575,719	)
Total distributions			(180,872,411	)		(139,081,313	)		(239,198,684	)		(192,561,676	)		(55,202,410	)		(34,005,675	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		336,056,103			331,745,158			444,394,058			408,380,045			235,724,680			177,566,071
	Premier Class		91,498,919			147,470,633			121,259,955			194,427,906			66,046,671			80,727,673
	Retirement Class		111,142,732			119,196,821			117,781,547			123,648,281			84,073,561			82,514,531
Reinvestments of distributions:	Institutional Class		106,100,735			75,276,013			138,530,544			101,162,108			30,443,527			16,936,032
	Premier Class		26,959,239			22,431,412			38,538,846			33,225,615			8,718,278			5,553,634
	Retirement Class		47,812,437			41,373,888			62,129,294			58,173,953			16,040,605			11,516,009
Redemptions:	Institutional Class		(93,664,260	)		(42,692,699	)		(113,978,260	)		(55,214,825	)		(27,629,247	)		(12,031,104	)
	Premier Class		(90,367,748	)		(102,227,886	)		(141,125,115	)		(143,079,556	)		(31,384,577	)		(25,319,434	)
	Retirement Class		(99,586,392	)		(119,014,145	)		(155,372,139	)		(180,648,478	)		(42,205,921	)		(46,854,226	)
Net increase (decrease) from shareholder transactions			435,951,765			473,559,195			512,158,730			540,075,049			339,827,577			290,609,186
Net increase (decrease) in net assets			451,151,316			633,433,760			540,001,601			761,164,840			378,337,451			374,094,586

NET ASSETS
Beginning of period			2,367,256,836			1,733,823,076			3,094,255,490			2,333,090,650			973,954,693			599,860,107
End of period		$	2,818,408,152		$	2,367,256,836		$	3,634,257,091		$	3,094,255,490		$	1,352,292,144		$	973,954,693
Undistributed net investment income (loss) included in net assets		$	6,133,303		$	4,811,372		$	5,312,444		$	4,524,990		$	2,131,333		$	1,385,112

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		30,884,529			31,011,374			40,571,633			37,754,300			21,123,124			16,706,722
	Premier Class		8,393,018			13,886,874			10,994,779			18,171,027			5,919,677			7,696,826
	Retirement Class		8,182,400			9,129,820			8,467,797			9,254,217			7,561,953			7,830,161
Shares reinvested:	Institutional Class		10,231,508			7,155,515			13,243,838			9,525,622			2,811,036			1,588,746
	Premier Class		2,604,757			2,136,325			3,691,460			3,134,492			807,248			522,449
	Retirement Class		3,663,788			3,175,279			4,650,396			4,360,866			1,487,997			1,085,392
Shares redeemed:	Institutional Class		(8,421,124	)		(3,996,935	)		(10,165,824	)		(5,128,056	)		(2,435,449	)		(1,134,114	)
	Premier Class		(8,367,102	)		(9,491,912	)		(13,006,072	)		(13,153,073	)		(2,854,961	)		(2,416,795	)
	Retirement Class		(7,334,702	)		(9,121,443	)		(11,164,171	)		(13,570,245	)		(3,800,139	)		(4,506,036	)
Net increase (decrease) from shareholder transactions			39,837,072			43,884,897			47,283,836			50,349,150			30,620,486			27,373,351

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Statements of changes in net assets

concluded

TIAA-CREF Lifecycle Funds ■ For the period or year ended

		Lifecycle 2050 Fund						Lifecycle 2055 Fund						Lifecycle 2060 Fund*
		May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014			May 31, 2015

OPERATIONS
Net investment income (loss)		$	9,774,280		$	6,034,450		$	1,533,522		$	754,972		$	139,286
Net realized gain (loss) from investments			35,507,240			22,617,448			5,575,511			2,766,722			571,173
Net change in unrealized appreciation (depreciation) from affiliated investments			8,874,709			36,541,663			1,806,087			4,494,771			56,411
Net increase (decrease) in net assets from operations			54,156,229			65,193,561			8,915,120			8,016,465			766,870

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(9,576,775	)		(7,188,905	)		(1,180,087	)		(675,234	)		(130,025	)
	Premier Class		(3,142,585	)		(2,527,665	)		(511,713	)		(355,838	)		(64,027	)
	Retirement Class		(5,167,514	)		(5,091,001	)		(1,126,545	)		(839,498	)		(65,973	)
From realized gains:	Institutional Class		(6,831,447	)		(1,830,509	)		(676,624	)		(124,831	)		—
	Premier Class		(2,342,137	)		(663,308	)		(305,822	)		(67,261	)		—
	Retirement Class		(4,026,822	)		(1,386,424	)		(697,817	)		(164,719	)		—
Total distributions			(31,087,280	)		(18,687,812	)		(4,498,608	)		(2,227,381	)		(260,025	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		140,857,333			102,117,080			32,160,104			18,694,554			5,244,215
	Premier Class		46,991,549			51,093,966			14,594,332			11,480,034			2,500,000
	Retirement Class		57,479,006			51,818,003			21,820,551			17,635,996			3,160,728
Reinvestments of distributions:	Institutional Class		16,408,222			9,019,414			1,856,711			800,065			130,025
	Premier Class		5,484,722			3,190,973			817,535			423,099			64,027
	Retirement Class		9,194,336			6,477,425			1,824,362			1,004,217			65,973
Redemptions:	Institutional Class		(13,401,527	)		(7,482,802	)		(5,772,194	)		(1,868,516	)		—
	Premier Class		(18,125,571	)		(12,734,597	)		(3,733,920	)		(3,289,528	)		—
	Retirement Class		(27,065,179	)		(29,289,050	)		(4,999,250	)		(5,152,326	)		(198,860	)
Net increase (decrease) from shareholder transactions			217,822,891			174,210,412			58,568,231			39,727,595			10,966,108
Net increase (decrease) in net assets			240,891,840			220,716,161			62,984,743			45,516,679			11,472,953

NET ASSETS
Beginning of period			548,955,310			328,239,149			78,785,809			33,269,130			—
End of period		$	789,847,150		$	548,955,310		$	141,770,552		$	78,785,809		$	11,472,953
Undistributed net investment income (loss) included in net assets		$	1,262,735		$	771,291		$	188,616		$	98,302		$	16,548

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		12,654,042			9,630,361			2,590,836			1,586,405			523,270
	Premier Class		4,218,680			4,904,966			1,170,319			971,757			250,000
	Retirement Class		5,183,750			4,927,555			1,758,059			1,493,667			315,045
Shares reinvested:	Institutional Class		1,517,874			848,487			153,574			67,630			13,107
	Premier Class		508,787			300,752			67,789			35,825			6,454
	Retirement Class		854,492			612,233			151,149			85,031			6,651
Shares redeemed:	Institutional Class		(1,187,305	)		(712,803	)		(460,387	)		(156,340	)		—
	Premier Class		(1,659,793	)		(1,209,029	)		(305,607	)		(278,918	)		—
	Retirement Class		(2,436,607	)		(2,850,443	)		(402,995	)		(435,427	)		(19,381	)
Net increase (decrease) from shareholder transactions			19,653,920			16,452,079			4,722,737			3,369,630			1,095,146

*	For the period September 26, 2014 to May 31, 2015.

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Financial highlights

TIAA-CREF Lifecycle Funds

			Selected per share data																										Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain		Less distributions from							Total			Net asset					Net assets										Net
	period or year ended		value, beginning of period			investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE RETIREMENT INCOME FUND
Institutional Class:	5/31/15			$11.28			$0.21			$0.32			$0.53			$(0.30	)		$(0.13	)		$(0.43	)		$11.38		4.83	%		$132,539			0.15	%		0.00	%		1.84	%		19	%
	5/31/14			10.76			0.21			0.72			0.93			(0.31	)		(0.10	)		(0.41	)		11.28		8.84			97,792			0.17			0.00			1.88			31
	5/31/13			9.90			0.21			0.99			1.20			(0.28	)		(0.06	)		(0.34	)		10.76		12.24			65,475			0.18			0.00			2.01			19
	5/31/12			10.08			0.21			(0.09	)		0.12			(0.30	)		—			(0.30	)		9.90		1.27			32,323			0.22			0.00			2.18			13
	5/31/11	^†		9.43			0.14			0.69			0.83			(0.18	)		—			(0.18	)		10.08		8.89	^b		20,560			0.23	^c		0.00	^c		2.15	^c		7	^b
	9/30/10			8.85			0.21			0.58			0.79			(0.21	)		—			(0.21	)		9.43		9.01			11,111			0.41			0.00			2.27			33
Premier Class:	5/31/15			11.27			0.19			0.32			0.51			(0.28	)		(0.13	)		(0.41	)		11.37		4.68			27,088			0.30			0.15			1.72			19
	5/31/14			10.75			0.19			0.72			0.91			(0.29	)		(0.10	)		(0.39	)		11.27		8.69			24,433			0.32			0.15			1.77			31
	5/31/13			9.89			0.19			0.99			1.18			(0.26	)		(0.06	)		(0.32	)		10.75		12.08			13,648			0.33			0.15			1.80			19
	5/31/12			10.08			0.20			(0.11	)		0.09			(0.28	)		—			(0.28	)		9.89		1.03			9,322			0.37			0.15			2.00			13
	5/31/11	^†		9.43			0.12			0.70			0.82			(0.17	)		—			(0.17	)		10.08		8.82	^b		4,387			0.39	^c		0.15	^c		1.91	^c		7	^b
	9/30/10			8.85			0.17			0.61			0.78			(0.20	)		—			(0.20	)		9.43		8.86			1,453			0.58			0.15			1.91			33
Retirement Class:	5/31/15			11.25			0.18			0.32			0.50			(0.27	)		(0.13	)		(0.40	)		11.35		4.59			130,926			0.45			0.25			1.59			19
	5/31/14			10.74			0.18			0.71			0.89			(0.28	)		(0.10	)		(0.38	)		11.25		8.49			113,987			0.47			0.25			1.62			31
	5/31/13			9.88			0.18			0.99			1.17			(0.25	)		(0.06	)		(0.31	)		10.74		12.00			99,400			0.48			0.25			1.77			19
	5/31/12			10.06			0.19			(0.10	)		0.09			(0.27	)		—			(0.27	)		9.88		1.01			72,109			0.52			0.25			1.89			13
	5/31/11	^†		9.41			0.13			0.69			0.82			(0.17	)		—			(0.17	)		10.06		8.78	^b		57,288			0.53	^c		0.25	^c		1.93	^c		7	^b
	9/30/10			8.84			0.18			0.58			0.76			(0.19	)		—			(0.19	)		9.41		8.65			39,682			0.70			0.25			2.04			33
Retail Class:	5/31/15			11.26			0.18			0.32			0.50			(0.27	)		(0.13	)		(0.40	)		11.36		4.59			81,140			0.43			0.25			1.61			19
	5/31/14			10.75			0.18			0.71			0.89			(0.28	)		(0.10	)		(0.38	)		11.26		8.49			66,340			0.46			0.25			1.63			31
	5/31/13			9.89			0.18			0.99			1.17			(0.25	)		(0.06	)		(0.31	)		10.75		11.99			50,147			0.47			0.25			1.75			19
	5/31/12			10.07			0.19			(0.10	)		0.09			(0.27	)		—			(0.27	)		9.89		1.03			31,296			0.47			0.25			1.90			13
	5/31/11	^†		9.42			0.13			0.69			0.82			(0.17	)		—			(0.17	)		10.07		8.82	^b		26,758			0.39	^c		0.16	^c		2.01	^c		7	^b
	9/30/10			8.85			0.19			0.58			0.77			(0.20	)		—			(0.20	)		9.42		8.76			16,652			0.55			0.15			2.14			33

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

			Selected per share data																											Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																								Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain			Less distributions from							Total			Net asset					Net assets										Net
	period or year ended		value, beginning of period			investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations				Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE 2010 FUND
Institutional Class:	5/31/15			$11.60			$0.21			$0.38			$0.59				$(0.34	)		$(0.27	)		$(0.61	)		$11.58		5.25	%		$527,313			0.12	%		0.00	%		1.85	%		20	%
	5/31/14			11.02			0.21			0.87			1.08				(0.39	)		(0.11	)		(0.50	)		11.60		10.03			482,193			0.13			0.00			1.83			28
	5/31/13			9.94			0.21			1.19			1.40				(0.30	)		(0.02	)		(0.32	)		11.02		14.21			352,956			0.13			0.00			1.99			18
	5/31/12			10.30			0.20			(0.24	)		(0.04	)			(0.32	)		—			(0.32	)		9.94		(0.23	)		226,848			0.14			0.00			2.07			13
	5/31/11	^†		9.58			0.14			0.87			1.01				(0.29	)		—			(0.29	)		10.30		10.76	^b		102,505			0.15	^c		0.00	^c		2.17	^c		8	^b
	9/30/10			8.97			0.20			0.63			0.83				(0.22	)		—			(0.22	)		9.58		9.48			38,539			0.16			0.00			2.20			24
Premier Class:	5/31/15			11.57			0.20			0.37			0.57				(0.32	)		(0.27	)		(0.59	)		11.55		5.10			123,047			0.27			0.15			1.69			20
	5/31/14			11.00			0.20			0.85			1.05				(0.37	)		(0.11	)		(0.48	)		11.57		9.78			137,806			0.28			0.15			1.77			28
	5/31/13			9.92			0.20			1.18			1.38				(0.28	)		(0.02	)		(0.30	)		11.00		14.08			126,525			0.28			0.15			1.85			18
	5/31/12			10.28			0.19			(0.24	)		(0.05	)			(0.31	)		—			(0.31	)		9.92		(0.34	)		98,192			0.29			0.15			1.92			13
	5/31/11	^†		9.57			0.14			0.86			1.00				(0.29	)		—			(0.29	)		10.28		10.61	^b		50,526			0.30	^c		0.15	^c		2.10	^c		8	^b
	9/30/10			8.97			0.14			0.68			0.82				(0.22	)		—			(0.22	)		9.57		9.32			27,054			0.31			0.15			1.50			24
Retirement Class:	5/31/15			13.25			0.21			0.45			0.66				(0.31	)		(0.27	)		(0.58	)		13.33		5.09			463,646			0.42			0.25			1.60			20
	5/31/14			12.53			0.20			0.99			1.19				(0.36	)		(0.11	)		(0.47	)		13.25		9.66			462,794			0.43			0.25			1.59			28
	5/31/13			11.26			0.22			1.34			1.56				(0.27	)		(0.02	)		(0.29	)		12.53		13.94			448,911			0.43			0.25			1.79			18
	5/31/12			11.61			0.20			(0.26	)		(0.06	)			(0.29	)		—			(0.29	)		11.26		(0.40	)		432,315			0.44			0.25			1.82			13
	5/31/11	^†		10.76			0.15			0.96			1.11				(0.26	)		—			(0.26	)		11.61		10.51	^b		498,029			0.45	^c		0.25	^c		1.97	^c		8	^b
	9/30/10			10.05			0.21			0.70			0.91				(0.20	)		—			(0.20	)		10.76		9.23			469,156			0.46			0.25			2.07			24

LIFECYCLE 2015 FUND
Institutional Class:	5/31/15			10.80			0.20			0.39			0.59				(0.32	)		(0.51	)		(0.83	)		10.56		5.78			861,906			0.12			0.00			1.85			16
	5/31/14			10.46			0.19			0.93			1.12				(0.35	)		(0.43	)		(0.78	)		10.80		10.93			750,459			0.13			0.00			1.81			20
	5/31/13			9.54			0.20			1.28			1.48				(0.30	)		(0.26	)		(0.56	)		10.46		15.85			537,761			0.13			0.00			1.99			13
	5/31/12			10.21			0.19			(0.35	)		(0.16	)			(0.30	)		(0.21	)		(0.51	)		9.54		(1.26	)		331,069			0.13			0.00			2.02			11
	5/31/11	^†		9.37			0.14			0.98			1.12				(0.28	)		—			(0.28	)		10.21		12.11	^b		150,938			0.15	^c		0.00	^c		2.13	^c		5	^b
	9/30/10			8.75			0.18			0.65			0.83				(0.21	)		—			(0.21	)		9.37		9.62			50,118			0.16			0.00			2.03			19
Premier Class:	5/31/15			10.77			0.18			0.39			0.57				(0.31	)		(0.51	)		(0.82	)		10.52		5.53			215,362			0.27			0.15			1.69			16
	5/31/14			10.42			0.18			0.93			1.11				(0.33	)		(0.43	)		(0.76	)		10.77		10.90			228,069			0.28			0.15			1.72			20
	5/31/13			9.51			0.19			1.26			1.45				(0.28	)		(0.26	)		(0.54	)		10.42		15.64			197,915			0.28			0.15			1.85			13
	5/31/12			10.19			0.18			(0.36	)		(0.18	)			(0.29	)		(0.21	)		(0.50	)		9.51		(1.46	)		152,161			0.28			0.15			1.84			11
	5/31/11	^†		9.36			0.13			0.97			1.10				(0.27	)		—			(0.27	)		10.19		11.96	^b		63,101			0.30	^c		0.15	^c		2.07	^c		5	^b
	9/30/10			8.75			0.12			0.69			0.81				(0.20	)		—			(0.20	)		9.36		9.47			31,743			0.31			0.15			1.36			19
Retirement Class:	5/31/15			12.66			0.20			0.47			0.67				(0.29	)		(0.51	)		(0.80	)		12.53		5.52			727,918			0.42			0.25			1.60			16
	5/31/14			12.14			0.19			1.07			1.26				(0.31	)		(0.43	)		(0.74	)		12.66		10.62			710,134			0.43			0.25			1.55			20
	5/31/13			10.98			0.21			1.48			1.69				(0.27	)		(0.26	)		(0.53	)		12.14		15.67			656,220			0.43			0.25			1.78			13
	5/31/12			11.67			0.20			(0.41	)		(0.21	)			(0.27	)		(0.21	)		(0.48	)		10.98		(1.55	)		575,517			0.43			0.25			1.77			11
	5/31/11	^†		10.67			0.14			1.11			1.25				(0.25	)		—			(0.25	)		11.67		11.87	^b		661,257			0.45	^c		0.25	^c		1.92	^c		5	^b
	9/30/10			9.94			0.20			0.72			0.92				(0.19	)		—			(0.19	)		10.67		9.36			580,270			0.46			0.25			1.96			19

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

			Selected per share data																											Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																								Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain			Less distributions from							Total			Net asset					Net assets										Net
	period or year ended		value, beginning of period			investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations				Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE 2020 FUND
Institutional Class:	5/31/15			$10.86			$0.19			$0.47			$ 0.66				$(0.33	)		$(0.47	)		$(0.80	)		$10.72		6.34	%		$1,403,172			0.12	%		0.00	%		1.80	%		13	%
	5/31/14			10.36			0.19			1.05			1.24				(0.36	)		(0.38	)		(0.74	)		10.86		12.28			1,103,076			0.13			0.00			1.76			15
	5/31/13			9.25			0.20			1.43			1.63				(0.28	)		(0.24	)		(0.52	)		10.36		18.04			726,575			0.13			0.00			2.00			12
	5/31/12			9.99			0.18			(0.47	)		(0.29	)			(0.28	)		(0.17	)		(0.45	)		9.25		(2.60	)		419,753			0.13			0.00			1.98			8
	5/31/11	^†		9.04			0.13			1.08			1.21				(0.26	)		(0.00	)^d		(0.26	)		9.99		13.64	^b		175,206			0.15	^c		0.00	^c		2.06	^c		4	^b
	9/30/10			8.43			0.16			0.64			0.80				(0.19	)		(0.00	)^d		(0.19	)		9.04		9.63			51,076			0.16			0.00			1.86			16
Premier Class:	5/31/15			10.84			0.18			0.45			0.63				(0.31	)		(0.47	)		(0.78	)		10.69		6.10			377,734			0.27			0.15			1.67			13
	5/31/14			10.34			0.18			1.04			1.22				(0.34	)		(0.38	)		(0.72	)		10.84		12.15			367,841			0.28			0.15			1.70			15
	5/31/13			9.23			0.18			1.44			1.62				(0.27	)		(0.24	)		(0.51	)		10.34		17.92			265,878			0.28			0.15			1.86			12
	5/31/12			9.98			0.17			(0.48	)		(0.31	)			(0.27	)		(0.17	)		(0.44	)		9.23		(2.80	)		190,954			0.28			0.15			1.85			8
	5/31/11	^†		9.04			0.13			1.07			1.20				(0.26	)		0.00	^d		(0.26	)		9.98		13.47	^b		84,846			0.30	^c		0.15	^c		2.00	^c		4	^b
	9/30/10			8.43			0.10			0.70			0.80				(0.19	)		—			(0.19	)		9.04		9.59			38,234			0.31			0.15			1.16			16
Retirement Class:	5/31/15			12.97			0.20			0.56			0.76				(0.30	)		(0.47	)		(0.77	)		12.96		6.04			1,054,395			0.42			0.25			1.56			13
	5/31/14			12.24			0.19			1.25			1.44				(0.33	)		(0.38	)		(0.71	)		12.97		12.00			964,674			0.43			0.25			1.50			15
	5/31/13			10.84			0.21			1.68			1.89				(0.25	)		(0.24	)		(0.49	)		12.24		17.78			832,093			0.43			0.25			1.79			12
	5/31/12			11.62			0.19			(0.55	)		(0.36	)			(0.25	)		(0.17	)		(0.42	)		10.84		(2.85	)		711,358			0.43			0.25			1.71			8
	5/31/11	^†		10.47			0.14			1.24			1.38				(0.23	)		0.00	^d		(0.23	)		11.62		13.43	^b		795,642			0.45	^c		0.25	^c		1.85	^c		4	^b
	9/30/10			9.74			0.18			0.72			0.90				(0.17	)		—			(0.17	)		10.47		9.36			672,342			0.46			0.25			1.80			16

LIFECYCLE 2025 FUND
Institutional Class:	5/31/15			10.90			0.19			0.53			0.72				(0.34	)		(0.47	)		(0.81	)		10.81		6.93			1,468,702			0.12			0.00			1.79			12
	5/31/14			10.29			0.18			1.19			1.37				(0.38	)		(0.38	)		(0.76	)		10.90		13.64			1,140,353			0.13			0.00			1.73			12
	5/31/13			9.00			0.19			1.60			1.79				(0.27	)		(0.23	)		(0.50	)		10.29		20.37			749,263			0.13			0.00			1.99			11
	5/31/12			9.83			0.18			(0.60	)		(0.42	)			(0.27	)		(0.14	)		(0.41	)		9.00		(4.00	)		403,396			0.13			0.00			1.94			7
	5/31/11	^†		8.78			0.12			1.18			1.30				(0.25	)		—			(0.25	)		9.83		15.01	^b		166,006			0.15	^c		0.00	^c		2.01	^c		4	^b
	9/30/10			8.17			0.14			0.65			0.79				(0.18	)		—			(0.18	)		8.78		9.76			50,809			0.16			0.00			1.72			15
Premier Class:	5/31/15			10.86			0.18			0.51			0.69				(0.32	)		(0.47	)		(0.79	)		10.76		6.69			382,956			0.27			0.15			1.63			12
	5/31/14			10.26			0.18			1.16			1.34				(0.36	)		(0.38	)		(0.74	)		10.86		13.42			358,098			0.28			0.15			1.67			12
	5/31/13			8.98			0.18			1.58			1.76				(0.25	)		(0.23	)		(0.48	)		10.26		20.14			264,821			0.28			0.15			1.86			11
	5/31/12			9.80			0.16			(0.58	)		(0.42	)			(0.26	)		(0.14	)		(0.40	)		8.98		(4.01	)		181,859			0.28			0.15			1.81			7
	5/31/11	^†		8.76			0.12			1.16			1.28				(0.24	)		—			(0.24	)		9.80		14.88	^b		84,577			0.30	^c		0.15	^c		1.99	^c		4	^b
	9/30/10			8.17			0.08			0.68			0.76				(0.17	)		—			(0.17	)		8.76		9.47			36,184			0.31			0.15			0.97			15
Retirement Class:	5/31/15			13.13			0.20			0.63			0.83				(0.30	)		(0.47	)		(0.77	)		13.19		6.62			1,029,164			0.42			0.25			1.54			12
	5/31/14			12.25			0.19			1.42			1.61				(0.35	)		(0.38	)		(0.73	)		13.13		13.39			928,337			0.43			0.25			1.47			12
	5/31/13			10.64			0.21			1.87			2.08				(0.24	)		(0.23	)		(0.47	)		12.25		19.94			776,980			0.43			0.25			1.81			11
	5/31/12			11.52			0.18			(0.68	)		(0.50	)			(0.24	)		(0.14	)		(0.38	)		10.64		(4.11	)		665,020			0.43			0.25			1.65			7
	5/31/11	^†		10.25			0.13			1.36			1.49				(0.22	)		—			(0.22	)		11.52		14.74	^b		750,162			0.45	^c		0.25	^c		1.80	^c		4	^b
	9/30/10			9.51			0.16			0.74			0.90				(0.16	)		—			(0.16	)		10.25		9.55			630,705			0.46			0.25			1.67			15

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE 2030 FUND
Institutional Class:	5/31/15			$10.86		$0.19			$0.58			$0.77			$(0.34	)		$(0.48	)		$(0.82	)		$10.81		7.48	%		$1,495,152			0.12	%		0.00	%		1.77	%		11	%
	5/31/14			10.16		0.18			1.29			1.47			(0.39	)		(0.38	)		(0.77	)		10.86		14.82			1,139,305			0.13			0.00			1.69			11
	5/31/13			8.73		0.19			1.73			1.92			(0.24	)		(0.25	)		(0.49	)		10.16		22.50			736,779			0.13			0.00			1.97			12
	5/31/12			9.61		0.16			(0.68	)		(0.52	)		(0.25	)		(0.11	)		(0.36	)		8.73		(5.25	)		407,473			0.13			0.00			1.86			5
	5/31/11	^†		8.47		0.11			1.26			1.37			(0.23	)		—			(0.23	)		9.61		16.41	^b		166,564			0.15	^c		0.00	^c		1.89	^c		4	^b
	9/30/10			7.87		0.12			0.64			0.76			(0.16	)		—			(0.16	)		8.47		9.80			45,757			0.16			0.00			1.52			14
Premier Class:	5/31/15			10.82		0.17			0.59			0.76			(0.33	)		(0.48	)		(0.81	)		10.77		7.35			384,809			0.27			0.15			1.62			11
	5/31/14			10.12		0.17			1.29			1.46			(0.38	)		(0.38	)		(0.76	)		10.82		14.72			358,491			0.28			0.15			1.65			11
	5/31/13			8.71		0.17			1.72			1.89			(0.23	)		(0.25	)		(0.48	)		10.12		22.16			267,879			0.28			0.15			1.83			12
	5/31/12			9.58		0.15			(0.67	)		(0.52	)		(0.24	)		(0.11	)		(0.35	)		8.71		(5.26	)		180,029			0.28			0.15			1.74			5
	5/31/11	^†		8.45		0.11			1.25			1.36			(0.23	)		—			(0.23	)		9.58		16.28	^b		84,355			0.30	^c		0.15	^c		1.88	^c		4	^b
	9/30/10			7.87		0.06			0.68			0.74			(0.16	)		—			(0.16	)		8.45		9.50			32,600			0.31			0.15			0.75			14
Retirement Class:	5/31/15			13.26		0.20			0.72			0.92			(0.31	)		(0.48	)		(0.79	)		13.39		7.22			920,141			0.42			0.25			1.52			11
	5/31/14			12.25		0.18			1.57			1.75			(0.36	)		(0.38	)		(0.74	)		13.26		14.54			825,381			0.43			0.25			1.41			11
	5/31/13			10.44		0.20			2.07			2.27			(0.21	)		(0.25	)		(0.46	)		12.25		22.15			708,355			0.43			0.25			1.78			12
	5/31/12			11.40		0.16			(0.79	)		(0.63	)		(0.22	)		(0.11	)		(0.33	)		10.44		(5.40	)		599,240			0.43			0.25			1.55			5
	5/31/11	^†		10.01		0.12			1.48			1.60			(0.21	)		—			(0.21	)		11.40		16.12	^b		717,292			0.45	^c		0.25	^c		1.68	^c		4	^b
	9/30/10			9.28		0.14			0.73			0.87			(0.14	)		—			(0.14	)		10.01		9.51			607,051			0.46			0.25			1.50			14

LIFECYCLE 2035 FUND
Institutional Class:	5/31/15			10.97		0.18			0.63			0.81			(0.34	)		(0.52	)		(0.86	)		10.92		7.83			1,562,158			0.12			0.00			1.67			11
	5/31/14			10.18		0.17			1.44			1.61			(0.41	)		(0.41	)		(0.82	)		10.97		16.10			1,209,710			0.13			0.00			1.58			10
	5/31/13			8.61		0.18			1.87			2.05			(0.22	)		(0.26	)		(0.48	)		10.18		24.45			775,166			0.13			0.00			1.90			12
	5/31/12			9.59		0.15			(0.80	)		(0.65	)		(0.23	)		(0.10	)		(0.33	)		8.61		(6.55	)		406,001			0.13			0.00			1.75			4
	5/31/11	^†		8.34		0.11			1.36			1.47			(0.22	)		—			(0.22	)		9.59		17.84	^b		170,381			0.15	^c		0.00	^c		1.76	^c		7	^b
	9/30/10			7.75		0.11			0.63			0.74			(0.15	)		—			(0.15	)		8.34		9.67			42,535			0.16			0.00			1.33			11
Premier Class:	5/31/15			10.94		0.17			0.64			0.81			(0.33	)		(0.52	)		(0.85	)		10.90		7.78			384,423			0.27			0.15			1.52			11
	5/31/14			10.16		0.17			1.41			1.58			(0.39	)		(0.41	)		(0.80	)		10.94		15.87			357,264			0.28			0.15			1.56			10
	5/31/13			8.60		0.17			1.86			2.03			(0.21	)		(0.26	)		(0.47	)		10.16		24.20			265,404			0.28			0.15			1.76			12
	5/31/12			9.57		0.14			(0.79	)		(0.65	)		(0.22	)		(0.10	)		(0.32	)		8.60		(6.55	)		180,502			0.28			0.15			1.63			4
	5/31/11	^†		8.33		0.10			1.35			1.45			(0.21	)		—			(0.21	)		9.57		17.68	^b		85,514			0.30	^c		0.15	^c		1.74	^c		7	^b
	9/30/10			7.75		0.04			0.69			0.73			(0.15	)		—			(0.15	)		8.33		9.50			37,314			0.31			0.15			0.51			11
Retirement Class:	5/31/15			13.57		0.19			0.80			0.99			(0.31	)		(0.52	)		(0.83	)		13.73		7.60			871,827			0.42			0.25			1.43			11
	5/31/14			12.43		0.17			1.76			1.93			(0.38	)		(0.41	)		(0.79	)		13.57		15.72			800,282			0.43			0.25			1.31			10
	5/31/13			10.42		0.20			2.26			2.46			(0.19	)		(0.26	)		(0.45	)		12.43		24.12			693,253			0.43			0.25			1.74			12
	5/31/12			11.51		0.15			(0.94	)		(0.79	)		(0.20	)		(0.10	)		(0.30	)		10.42		(6.68	)		594,181			0.43			0.25			1.43			4
	5/31/11	^†		9.96		0.11			1.63			1.74			(0.19	)		—			(0.19	)		11.51		17.68	^b		716,085			0.45	^c		0.25	^c		1.56	^c		7	^b
	9/30/10			9.24		0.13			0.72			0.85			(0.13	)		—			(0.13	)		9.96		9.33			598,803			0.46			0.25			1.33			11

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE 2040 FUND
Institutional Class:	5/31/15			$11.07		$0.17			$0.70			$0.87			$(0.35	)		$(0.54	)		$(0.89	)		$11.05		8.35	%		$2,002,921			0.12	%		0.00	%		1.60	%		11	%
	5/31/14			10.25		0.16			1.52			1.68			(0.43	)		(0.43	)		(0.86	)		11.07		16.75			1,524,091			0.12			0.00			1.51			9
	5/31/13			8.65		0.18			1.96			2.14			(0.22	)		(0.32	)		(0.54	)		10.25		25.40			978,672			0.13			0.00			1.88			13
	5/31/12			9.67		0.15			(0.82	)		(0.67	)		(0.23	)		(0.12	)		(0.35	)		8.65		(6.71	)		526,001			0.13			0.00			1.72			5
	5/31/11	^†		8.40		0.11			1.38			1.49			(0.22	)		—			(0.22	)		9.67		18.01	^b		221,307			0.15	^c		0.00	^c		1.76	^c		8	^b
	9/30/10			7.81		0.11			0.63			0.74			(0.15	)		—			(0.15	)		8.40		9.65			60,554			0.15			0.00			1.32			10
Premier Class:	5/31/15			11.04		0.16			0.69			0.85			(0.33	)		(0.54	)		(0.87	)		11.02		8.21			514,930			0.27			0.15			1.47			11
	5/31/14			10.22		0.16			1.50			1.66			(0.41	)		(0.43	)		(0.84	)		11.04		16.64			497,618			0.27			0.15			1.50			9
	5/31/13			8.63		0.16			1.96			2.12			(0.21	)		(0.32	)		(0.53	)		10.22		25.17			377,355			0.28			0.15			1.72			13
	5/31/12			9.66		0.14			(0.83	)		(0.69	)		(0.22	)		(0.12	)		(0.34	)		8.63		(6.92	)		261,785			0.28			0.15			1.61			5
	5/31/11	^†		8.40		0.10			1.38			1.48			(0.22	)		—			(0.22	)		9.66		17.83	^b		125,013			0.30	^c		0.15	^c		1.71	^c		8	^b
	9/30/10			7.81		0.04			0.70			0.74			(0.15	)		—			(0.15	)		8.40		9.61			49,852			0.31			0.15			0.50			10
Retirement Class:	5/31/15			13.89		0.19			0.87			1.06			(0.31	)		(0.54	)		(0.85	)		14.10		8.03			1,116,406			0.42			0.25			1.36			11
	5/31/14			12.66		0.16			1.89			2.05			(0.39	)		(0.43	)		(0.82	)		13.89		16.51			1,072,547			0.42			0.25			1.23			9
	5/31/13			10.57		0.20			2.40			2.60			(0.19	)		(0.32	)		(0.51	)		12.66		25.10			977,063			0.43			0.25			1.69			13
	5/31/12			11.73		0.15			(0.99	)		(0.84	)		(0.20	)		(0.12	)		(0.32	)		10.57		(7.00	)		857,435			0.43			0.25			1.39			5
	5/31/11	^†		10.14		0.11			1.68			1.79			(0.20	)		—			(0.20	)		11.73		17.81	^b		1,070,202			0.45	^c		0.25	^c		1.54	^c		8	^b
	9/30/10			9.40		0.13			0.75			0.88			(0.14	)		—			(0.14	)		10.14		9.42			893,915			0.45			0.25			1.35			10

LIFECYCLE 2045 FUND
Institutional Class:	5/31/15			11.11		0.18			0.71			0.89			(0.32	)		(0.24	)		(0.56	)		11.44		8.31			749,747			0.13			0.00			1.59			8
	5/31/14			9.94		0.16			1.49			1.65			(0.38	)		(0.10	)		(0.48	)		11.11		16.79			489,349			0.14			0.00			1.51			6
	5/31/13			8.14		0.17			1.87			2.04			(0.18	)		(0.06	)		(0.24	)		9.94		25.33			267,192			0.15			0.00			1.89			9
	5/31/12			8.94		0.14			(0.76	)		(0.62	)		(0.18	)		—			(0.18	)		8.14		(6.77	)		115,021			0.17			0.00			1.68			9
	5/31/11	^†		7.73		0.09			1.28			1.37			(0.16	)		—			(0.16	)		8.94		17.92	^b		39,323			0.19	^c		0.00	^c		1.55	^c		8	^b
	9/30/10			7.16		0.09			0.59			0.68			(0.11	)		—			(0.11	)		7.73		9.58			7,970			0.35			0.00			1.29			18
Premier Class:	5/31/15			11.08		0.16			0.71			0.87			(0.31	)		(0.24	)		(0.55	)		11.40		8.10			207,328			0.28			0.15			1.47			8
	5/31/14			9.92		0.16			1.47			1.63			(0.37	)		(0.10	)		(0.47	)		11.08		16.60			158,576			0.29			0.15			1.48			6
	5/31/13			8.12		0.16			1.87			2.03			(0.17	)		(0.06	)		(0.23	)		9.92		25.25			84,430			0.30			0.15			1.72			9
	5/31/12			8.92		0.13			(0.75	)		(0.62	)		(0.18	)		—			(0.18	)		8.12		(6.87	)		38,862			0.32			0.15			1.53			9
	5/31/11	^†		7.72		0.08			1.28			1.36			(0.16	)		—			(0.16	)		8.92		17.76	^b		14,136			0.34	^c		0.15	^c		1.51	^c		8	^b
	9/30/10			7.16		0.06			0.61			0.67			(0.11	)		—			(0.11	)		7.72		9.39			2,975			0.50			0.15			0.79			18
Retirement Class:	5/31/15			11.05		0.15			0.71			0.86			(0.30	)		(0.24	)		(0.54	)		11.37		8.00			395,217			0.43			0.25			1.37			8
	5/31/14			9.89		0.13			1.48			1.61			(0.35	)		(0.10	)		(0.45	)		11.05		16.52			326,030			0.44			0.25			1.23			6
	5/31/13			8.10		0.15			1.86			2.01			(0.16	)		(0.06	)		(0.22	)		9.89		25.07			248,237			0.45			0.25			1.68			9
	5/31/12			8.90		0.12			(0.76	)		(0.64	)		(0.16	)		—			(0.16	)		8.10		(7.03	)		155,417			0.48			0.25			1.41			9
	5/31/11	^†		7.70		0.08			1.27			1.35			(0.15	)		—			(0.15	)		8.90		17.65	^b		130,113			0.49	^c		0.25	^c		1.45	^c		8	^b
	9/30/10			7.14		0.09			0.57			0.66			(0.10	)		—			(0.10	)		7.70		9.32			84,309			0.64			0.25			1.17			18

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE 2050 FUND
Institutional Class:	5/31/15			$11.08		$0.18			$0.71			$0.89			$(0.32	)		$(0.23	)		$(0.55	)		$11.42		8.30	%		$423,230			0.13	%		0.00	%		1.59	%		7	%
	5/31/14			9.91		0.16			1.49			1.65			(0.38	)		(0.10	)		(0.48	)		11.08		16.76			266,715			0.15			0.00			1.51			6
	5/31/13			8.11		0.17			1.86			2.03			(0.18	)		(0.05	)		(0.23	)		9.91		25.33			141,731			0.17			0.00			1.89			8
	5/31/12			8.90		0.14			(0.75	)		(0.61	)		(0.18	)		—			(0.18	)		8.11		(6.72	)		59,624			0.21			0.00			1.68			6
	5/31/11	^†		7.75		0.09			1.28			1.37			(0.16	)		(0.06	)		(0.22	)		8.90		17.89	^b		19,661			0.24	^c		0.00	^c		1.56	^c		8	^b
	9/30/10			7.18		0.10			0.58			0.68			(0.11	)		—			(0.11	)		7.75		9.63			5,599			0.54			0.00			1.35			24
Premier Class:	5/31/15			11.05		0.17			0.70			0.87			(0.31	)		(0.23	)		(0.54	)		11.38		8.09			130,718			0.28			0.15			1.51			7
	5/31/14			9.89		0.16			1.46			1.62			(0.36	)		(0.10	)		(0.46	)		11.05		16.57			92,974			0.30			0.15			1.47			6
	5/31/13			8.09		0.16			1.86			2.02			(0.17	)		(0.05	)		(0.22	)		9.89		25.25			43,678			0.32			0.15			1.74			8
	5/31/12			8.89		0.12			(0.75	)		(0.63	)		(0.17	)		—			(0.17	)		8.09		(6.93	)		21,343			0.36			0.15			1.53			6
	5/31/11	^†		7.74		0.08			1.29			1.37			(0.16	)		(0.06	)		(0.22	)		8.89		17.86	^b		6,904			0.39	^c		0.15	^c		1.49	^c		8	^b
	9/30/10			7.18		0.08			0.59			0.67			(0.11	)		—			(0.11	)		7.74		9.45			1,100			0.70			0.15			1.09			24
Retirement Class:	5/31/15			11.02		0.15			0.70			0.85			(0.29	)		(0.23	)		(0.52	)		11.35		7.98			235,899			0.43			0.25			1.35			7
	5/31/14			9.86		0.13			1.48			1.61			(0.35	)		(0.10	)		(0.45	)		11.02		16.48			189,266			0.45			0.25			1.23			6
	5/31/13			8.07		0.15			1.85			2.00			(0.16	)		(0.05	)		(0.21	)		9.86		25.07			142,830			0.47			0.25			1.66			8
	5/31/12			8.86		0.11			(0.74	)		(0.63	)		(0.16	)		—			(0.16	)		8.07		(6.97	)		85,178			0.52			0.25			1.40			6
	5/31/11	^†		7.71		0.08			1.28			1.36			(0.15	)		(0.06	)		(0.21	)		8.86		17.79	^b		69,466			0.53	^c		0.25	^c		1.44	^c		8	^b
	9/30/10			7.15		0.09			0.57			0.66			(0.10	)		—			(0.10	)		7.71		9.38			40,745			0.83			0.25			1.16			24

LIFECYCLE 2055 FUND
Institutional Class:	5/31/15			12.33		0.20			0.79			0.99			(0.35	)		(0.20	)		(0.55	)		12.77		8.31			59,787			0.21			0.00			1.58			9
	5/31/14			11.00		0.17			1.65			1.82			(0.41	)		(0.08	)		(0.49	)		12.33		16.70			29,574			0.32			0.00			1.49			10
	5/31/13			9.00		0.18			2.07			2.25			(0.19	)		(0.06	)		(0.25	)		11.00		25.40			9,903			0.51			0.00			1.79			26
	5/31/12			9.85		0.15			(0.81	)		(0.66	)		(0.19	)		(0.00	)^d		(0.19	)		9.00		(6.55	)		2,072			1.12			0.00			1.61			44
	5/31/11	*		10.00		(0.00	)^d		(0.15	)		(0.15	)		—			—			—			9.85		(1.50	)^b		985			8.94	^c		0.00	^c		0.47	^c		1	^b
Premier Class:	5/31/15			12.30		0.18			0.79			0.97			(0.34	)		(0.20	)		(0.54	)		12.73		8.13			26,407			0.36			0.15			1.47			9
	5/31/14			10.98		0.19			1.61			1.80			(0.40	)		(0.08	)		(0.48	)		12.30		16.55			14,041			0.47			0.15			1.65			10
	5/31/13			8.99		0.17			2.06			2.23			(0.18	)		(0.06	)		(0.24	)		10.98		25.19			4,531			0.66			0.15			1.72			26
	5/31/12			9.85		0.14			(0.82	)		(0.68	)		(0.18	)		(0.00	)^d		(0.18	)		8.99		(6.73	)		1,335			1.28			0.15			1.50			44
	5/31/11	*		10.00		(0.00	)^d		(0.15	)		(0.15	)		—			—			—			9.85		(1.50	)^b		985			9.09	^c		0.15	^c		0.32	^c		1	^b
Retirement Class:	5/31/15			12.30		0.17			0.79			0.96			(0.33	)		(0.20	)		(0.53	)		12.73		8.02			55,577			0.51			0.25			1.35			9
	5/31/14			10.98		0.15			1.64			1.79			(0.39	)		(0.08	)		(0.47	)		12.30		16.41			35,171			0.62			0.25			1.26			10
	5/31/13			8.99		0.16			2.06			2.22			(0.17	)		(0.06	)		(0.23	)		10.98		25.06			18,835			0.81			0.25			1.64			26
	5/31/12			9.85		0.13			(0.81	)		(0.68	)		(0.18	)		(0.00	)^d		(0.18	)		8.99		(6.79	)		10,725			1.41			0.25			1.38			44
	5/31/11	*		10.00		(0.00	)^d		(0.15	)		(0.15	)		—			—			—			9.85		(1.50	)^b		7,877			8.55	^c		0.25	^c		0.23	^c		1	^b

LIFECYCLE 2060 FUND
Institutional Class:	5/31/15	^{^}		10.00		0.14			0.60			0.74			(0.26	)		—			(0.26	)		10.48		7.55	^b		5,622			1.64	^c		0.00	^c		2.06	^c		12	^b
Premier Class:	5/31/15	^{^}		10.00		0.13			0.60			0.73			(0.26	)		—			(0.26	)		10.47		7.40	^b		2,686			1.82	^c		0.15	^c		1.92	^c		12	^b
Retirement Class:	5/31/15	^{^}		10.00		0.12			0.60			0.72			(0.25	)		—			(0.25	)		10.47		7.38	^b		3,165			1.99	^c		0.25	^c		1.77	^c		12	^b

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Financial highlights

concluded

TIAA-CREF Lifecycle Funds

^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
^e	The Fund’s expenses do not include the expenses of the Underlying Funds.
^j	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods presented.
^†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
*	The Fund commenced operations on April 29, 2011.
^	The Fund commenced operations on September 26, 2014.

2015 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Notes to financial statements

TIAA-CREF Lifecycle Funds

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. The Lifecycle 2060 Fund commenced operations on September 26, 2014.

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 Inc. (“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 four share classes, although any one Fund may not necessarily offer all four classes. The Funds may offer Institutional, 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 financial statements 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 and the evaluation of subsequent events. 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 Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. 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 financial statements.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Dividends from investments are recorded on the ex-dividend date. Dividends from investments are recorded as dividend income, while capital gain distributions, including short-term capital gain distributions, are recorded as gain distributions from investments on the Statements of Operations. Realized gains and losses on sales from investments in investment companies are based upon the specific identification method.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Notes to financial statements

Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended May 31, 2015, permanent book and tax differences resulting primarily from the reclassification of short-term capital gain distributions received from underlying funds from realized gain (loss) to ordinary income, and the utilization of tax equalization credits were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

80	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

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.

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 net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the year ended May 31, 2015, there were no transfers between levels by the Funds.

As of May 31, 2015, all of the investments in the Funds were valued based on Level 1 inputs.

Note 3—investment adviser and affiliates

Under the terms of its Investment Management Agreement, each Fund pays Advisors a monthly fee based on the annual rate of 0.10% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. Advisors has contractually agreed to waive its 0.10% management fee on each Lifecycle Fund through at least September 30, 2015. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Notes to financial statements

maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement.

Under the terms of the distribution Rule 12b-1 plan, the Retirement Class of each Fund and the Retail Class of the Retirement Income Fund compensated TPIS for providing distribution, promotional and/or shareholder services to the Retirement Class of each Fund and the Retail Class of the Retirement Income Fund at the maximum annual rates of 0.05% and 0.25% of the average daily net assets attributable to each Fund’s Retirement Class and the Retirement Income Fund’s Retail Class, respectively. However, TPIS has agreed not to seek any reimbursements under the distribution Rule 12b-1 plan from the Retirement Class through September 30, 2015. This agreement may be terminated before this date with the approval of the Board. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensated TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of average daily net assets attributable to the Fund’s Premier Class.

The following is the percentage of the Funds’ shares owned by TIAA and its registered separate account (collectively “TIAA Access”) as of May 31, 2015:

Fund	TIAA			TIAA Access
Lifecycle Retirement Income		—	%		8	%
Lifecycle 2010		—			8
Lifecycle 2015		—			9
Lifecycle 2020		—			9
Lifecycle 2025		—			9
Lifecycle 2030		—			9
Lifecycle 2035		—			9
Lifecycle 2040		—			9
Lifecycle 2045		—			11
Lifecycle 2050		—			15
Lifecycle 2055		10			2
Lifecycle 2060		94			—

82	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

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

	Value at		Purchases		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifecycle Retirement Income Fund
TIAA-CREF Bond	$	75,513,293	$	26,895,721	$	10,212,660	$	671,997		$	1,993,692	$	92,158,556
TIAA-CREF Bond Plus		33,001,056		8,853,698		1,057,268		444,276			986,472		40,601,702
TIAA-CREF Emerging Markets Debt		—		3,844,105		181,041		(4,768	)		50,843		3,659,464
TIAA-CREF Emerging Markets Equity		7,414,628		3,043,741		767,433		(53,418	)		103,226		9,320,689
TIAA-CREF Enhanced International Equity Index		9,001,491		4,411,254		1,004,119		283,661			347,196		11,790,552
TIAA-CREF Enhanced Large-Cap Growth Index		16,044,408		5,872,693		3,679,321		1,653,581			190,505		19,001,844
TIAA-CREF Enhanced Large-Cap Value Index		15,524,166		5,617,169		3,284,257		1,510,413			258,974		17,617,079
TIAA-CREF Global Natural Resources		1,957,141		923,895		288,771		(47,703	)		36,925		2,225,445
TIAA-CREF Growth & Income		13,356,160		4,203,846		1,532,087		1,348,101			165,914		16,574,010
TIAA-CREF High-Yield		12,026,222		5,562,441		6,145,096		46,186			508,087		11,094,473
TIAA-CREF Inflation-Linked Bond		15,258,903		24,394,784		2,152,516		4,037			279,563		36,914,332
TIAA-CREF International Equity		9,906,118		6,553,199		2,738,706		2,181			169,711		14,018,827
TIAA-CREF International Opportunities		9,688,239		2,958,880		1,948,127		(40,436	)		105,301		11,107,686
TIAA-CREF Large-Cap Growth		15,996,113		7,954,907		4,829,168		2,143,577			51,380		20,185,979
TIAA-CREF Large-Cap Value		15,337,765		4,976,480		2,159,959		830,805			296,321		18,692,241
TIAA-CREF Mid-Cap Growth		395,871		339,645		327,196		88,243			1,869		405,229
TIAA-CREF Mid-Cap Value		287,167		265,397		286,214		101,294			4,672		277,711
TIAA-CREF Money Market		27,890		—		—		—			—		27,890
TIAA-CREF Short-Term Bond		44,861,967		11,632,788		19,137,632		(70,580	)		577,468		37,078,757
TIAA-CREF Small-Cap Equity		6,464,858		3,800,541		2,110,442		910,500			51,764		8,099,674
	$	302,063,456	$	132,105,184	$	63,842,013	$	9,821,947		$	6,179,883	$	370,852,140

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Notes to financial statements

	Value at		Purchases		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifecycle 2010 Fund
TIAA-CREF Bond	$	257,660,401	$	48,832,121	$	41,097,336	$	2,141,309		$	6,123,080	$	265,262,445
TIAA-CREF Bond Plus		118,303,534		12,998,154		9,333,233		1,441,178			3,178,400		121,332,218
TIAA-CREF Emerging Markets Debt		—		11,845,377		856,997		(22,387	)		158,168		10,968,801
TIAA-CREF Emerging Markets Equity		29,767,861		5,991,832		3,556,697		(106,744	)		367,169		30,865,194
TIAA-CREF Enhanced International Equity Index		37,739,461		9,097,261		4,394,663		1,299,423			1,275,934		40,021,293
TIAA-CREF Enhanced Large-Cap Growth Index		66,381,857		11,574,512		16,209,892		6,324,727			696,720		64,630,985
TIAA-CREF Enhanced Large-Cap Value Index		64,293,019		11,191,908		14,509,706		6,179,401			943,342		60,200,504
TIAA-CREF Global Natural Resources		8,096,288		1,822,398		1,058,310		(131,803	)		132,346		7,537,604
TIAA-CREF Growth & Income		55,397,980		7,701,987		8,950,405		5,058,579			617,069		56,149,311
TIAA-CREF High-Yield		43,099,822		12,926,937		21,707,029		146,219			1,640,037		33,144,838
TIAA-CREF Inflation-Linked Bond		55,786,085		42,121,874		7,004,500		1,954			1,000,324		89,135,764
TIAA-CREF International Equity		40,670,253		16,389,667		11,209,273		193,474			614,473		46,438,137
TIAA-CREF International Opportunities		39,478,347		4,096,827		7,370,921		(4,229	)		377,140		37,474,392
TIAA-CREF Large-Cap Growth		66,321,001		17,267,761		19,282,530		8,362,809			187,301		68,366,735
TIAA-CREF Large-Cap Value		63,500,669		7,422,824		10,381,832		3,342,311			1,082,131		62,571,976
TIAA-CREF Mid-Cap Growth		2,103,822		661,936		1,004,110		325,960			8,711		1,756,423
TIAA-CREF Mid-Cap Value		1,669,288		376,216		750,613		218,619			22,108		1,364,554
TIAA-CREF Money Market		58,956		—		—		—			—		58,956
TIAA-CREF Short-Term Bond		106,831,865		12,124,912		30,324,070		(116,482	)		1,310,527		88,009,424
TIAA-CREF Small-Cap Equity		26,815,469		9,563,000		9,054,396		3,724,945			188,585		27,129,424
	$	1,083,975,978	$	244,007,504	$	218,056,513	$	38,379,263		$	19,923,565	$	1,112,418,978

84	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

	Value at		Purchases		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifecycle 2015 Fund
TIAA-CREF Bond	$	372,237,572	$	93,456,503	$	53,192,628	$	4,428,614		$	9,244,872	$	412,338,205
TIAA-CREF Bond Plus		184,237,639		24,198,531		11,117,629		2,701,937			5,076,089		196,311,153
TIAA-CREF Emerging Markets Debt		—		19,145,075		1,364,206		17,948			254,464		17,749,195
TIAA-CREF Emerging Markets Equity		50,749,909		10,663,934		4,629,159		359,798			641,209		54,389,698
TIAA-CREF Enhanced International Equity Index		66,357,900		15,709,192		5,666,291		3,320,687			2,293,617		71,975,909
TIAA-CREF Enhanced Large-Cap Growth Index		115,633,910		19,584,964		23,354,155		16,395,519			1,249,763		116,980,270
TIAA-CREF Enhanced Large-Cap Value Index		112,060,496		19,044,354		20,526,298		16,218,559			1,691,023		109,110,135
TIAA-CREF Global Natural Resources		14,115,776		3,273,215		1,406,155		28,040			240,978		13,605,586
TIAA-CREF Growth & Income		96,588,544		15,833,034		14,642,181		13,428,440			1,101,759		101,441,617
TIAA-CREF High-Yield		66,291,417		22,442,194		33,286,953		1,514,579			2,617,639		53,575,625
TIAA-CREF Inflation-Linked Bond		86,443,603		30,730,731		6,407,920		492,076			1,584,186		108,221,736
TIAA-CREF International Equity		71,720,947		27,723,456		18,376,186		4,949,075			1,088,653		82,109,139
TIAA-CREF International Opportunities		69,292,382		7,191,517		11,232,432		918,210			662,774		67,597,194
TIAA-CREF Large-Cap Growth		115,581,883		30,460,590		31,187,259		26,021,394			334,531		122,117,644
TIAA-CREF Large-Cap Value		110,570,486		13,478,999		14,723,659		10,317,417			1,937,236		112,856,441
TIAA-CREF Mid-Cap Growth		4,237,343		1,505,375		1,943,416		733,185			18,185		3,770,884
TIAA-CREF Mid-Cap Value		3,492,719		568,140		1,207,528		494,830			47,111		2,996,481
TIAA-CREF Money Market		143,145		—		—		—			—		143,145
TIAA-CREF Short-Term Bond		100,088,040		16,682,534		9,706,748		376,650			1,348,984		106,486,716
TIAA-CREF Small-Cap Equity		46,799,203		16,300,579		13,817,463		10,408,719			336,151		48,906,733
	$	1,686,642,914	$	387,992,917	$	277,788,266	$	113,125,677		$	31,769,224	$	1,802,683,506

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Notes to financial statements

	Value at		Purchases		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifecycle 2020 Fund
TIAA-CREF Bond	$	432,819,374	$	165,478,858	$	63,368,879	$	5,479,884		$	11,447,692	$	534,722,578
TIAA-CREF Bond Plus		265,537,206		52,903,696		8,407,902		3,844,945			7,638,165		308,519,103
TIAA-CREF Emerging Markets Debt		—		29,408,380		1,415,450		21,560			390,089		27,964,271
TIAA-CREF Emerging Markets Equity		82,231,577		23,955,617		6,465,646		532,951			1,090,182		95,740,526
TIAA-CREF Enhanced International Equity Index		110,984,123		33,388,160		6,532,964		5,414,067			4,040,148		130,432,937
TIAA-CREF Enhanced Large-Cap Growth Index		191,871,024		40,666,547		27,532,282		25,577,461			2,192,377		213,812,288
TIAA-CREF Enhanced Large-Cap Value Index		185,845,682		40,616,642		24,380,065		25,105,870			2,972,201		199,396,180
TIAA-CREF Global Natural Resources		23,485,203		7,304,774		1,172,822		79,394			419,421		25,454,093
TIAA-CREF Growth & Income		160,320,929		34,885,088		17,490,643		20,639,162			1,902,636		183,959,289
TIAA-CREF High-Yield		101,368,751		36,429,826		49,773,717		3,076,719			4,118,804		85,087,339
TIAA-CREF Inflation-Linked Bond		85,827,983		35,666,088		5,895,619		545,325			1,600,474		113,129,291
TIAA-CREF International Equity		119,049,072		49,111,530		22,269,221		6,298,899			1,856,739		147,976,574
TIAA-CREF International Opportunities		114,520,343		18,711,014		14,053,869		1,236,659			1,155,076		123,699,326
TIAA-CREF Large-Cap Growth		191,881,975		55,535,005		37,830,867		39,299,715			583,881		221,990,838
TIAA-CREF Large-Cap Value		183,872,882		30,477,816		14,556,867		14,316,709			3,361,790		205,909,168
TIAA-CREF Mid-Cap Growth		8,061,533		2,726,686		2,524,494		1,491,390			36,955		8,230,434
TIAA-CREF Mid-Cap Value		6,796,303		1,527,274		1,768,641		849,923			99,791		6,863,750
TIAA-CREF Money Market		191,587		—		—		—			—		191,587
TIAA-CREF Short-Term Bond		85,802,974		26,730,602		1,197,052		120,224			1,269,883		110,821,427
TIAA-CREF Small-Cap Equity		77,674,226		30,923,911		18,765,264		17,075,364			585,462		89,175,577
	$	2,428,142,747	$	716,447,514	$	325,402,264	$	171,006,221		$	46,761,766	$	2,833,076,576

86	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

	Value at		Purchases		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifecycle 2025 Fund
TIAA-CREF Bond	$	316,073,151	$	150,282,105	$	64,044,402	$	4,343,112		$	8,563,069	$	402,203,093
TIAA-CREF Bond Plus		260,210,406		60,618,318		7,861,505		3,840,599			7,584,174		311,426,146
TIAA-CREF Emerging Markets Debt		—		29,938,646		1,514,059		27,419			393,632		28,399,394
TIAA-CREF Emerging Markets Equity		90,995,416		26,340,413		4,985,932		503,993			1,221,174		107,865,171
TIAA-CREF Enhanced International Equity Index		125,978,380		39,436,035		6,626,584		6,141,918			4,657,561		150,219,236
TIAA-CREF Enhanced Large-Cap Growth Index		216,250,322		49,529,363		27,733,524		28,871,294			2,506,985		248,030,325
TIAA-CREF Enhanced Large-Cap Value Index		210,026,229		50,131,617		26,258,541		28,574,812			3,406,105		230,896,463
TIAA-CREF Global Natural Resources		26,493,415		8,969,746		1,893,248		86,056			475,349		28,877,061
TIAA-CREF Growth & Income		180,871,988		40,501,417		16,596,419		22,625,097			2,170,390		211,947,764
TIAA-CREF High-Yield		125,756,792		40,428,010		47,447,759		3,595,273			5,551,210		114,698,447
TIAA-CREF Inflation-Linked Bond		37,116,815		22,792,745		1,817,959		105,553			709,558		56,961,365
TIAA-CREF International Equity		134,301,967		51,460,042		19,374,991		5,498,855			2,094,022		168,613,876
TIAA-CREF International Opportunities		128,737,394		22,435,701		14,014,302		1,257,622			1,316,699		142,448,000
TIAA-CREF Large-Cap Growth		216,537,079		61,798,443		35,878,767		42,734,994			670,398		256,483,664
TIAA-CREF Large-Cap Value		207,810,726		33,806,943		10,008,840		13,832,140			3,846,452		238,407,070
TIAA-CREF Mid-Cap Growth		9,989,507		3,446,033		2,745,929		1,873,879			46,868		10,620,443
TIAA-CREF Mid-Cap Value		8,524,379		1,743,542		1,582,917		906,203			126,684		9,086,194
TIAA-CREF Money Market		187,740		—		—		—			—		187,740
TIAA-CREF Short-Term Bond		37,118,614		18,858,340		478,197		40,419			596,481		55,262,883
TIAA-CREF Small-Cap Equity		87,694,063		33,712,174		17,488,313		18,679,984			672,646		103,028,644
	$	2,420,674,383	$	746,229,633	$	308,352,188	$	183,539,222		$	46,609,457	$	2,875,662,979

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Notes to financial statements

	Value at		Purchases		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifecycle 2030 Fund
TIAA-CREF Bond	$	209,864,237	$	126,867,374	$	57,939,974	$	3,474,145		$	5,921,628	$	278,803,848
TIAA-CREF Bond Plus		210,095,960		72,646,317		8,105,675		3,302,109			6,381,553		273,315,980
TIAA-CREF Emerging Markets Debt		—		28,511,227		978,903		16,789			382,731		27,505,981
TIAA-CREF Emerging Markets Equity		95,852,318		30,006,778		5,156,017		517,556			1,296,758		115,938,476
TIAA-CREF Enhanced International Equity Index		135,444,809		43,461,285		6,228,983		6,465,553			5,049,154		163,369,243
TIAA-CREF Enhanced Large-Cap Growth Index		231,168,373		55,028,105		25,771,550		30,686,320			2,707,635		271,097,633
TIAA-CREF Enhanced Large-Cap Value Index		224,447,404		53,967,503		23,031,277		29,553,617			3,672,963		252,154,045
TIAA-CREF Global Natural Resources		28,344,729		10,116,817		2,303,423		80,799			511,825		31,105,884
TIAA-CREF Growth & Income		193,459,428		43,681,203		14,202,407		23,197,983			2,337,715		230,578,349
TIAA-CREF High-Yield		138,906,594		49,291,424		44,475,501		3,720,821			6,553,693		138,933,852
TIAA-CREF International Equity		143,160,684		53,247,048		16,873,416		4,872,790			2,250,008		181,710,483
TIAA-CREF International Opportunities		137,303,314		24,847,444		13,011,276		1,268,901			1,424,033		154,910,155
TIAA-CREF Large-Cap Growth		231,638,478		64,028,736		30,391,030		42,988,755			721,401		280,417,488
TIAA-CREF Large-Cap Value		222,145,278		36,166,331		6,607,692		13,317,502			4,137,152		258,982,398
TIAA-CREF Mid-Cap Growth		11,456,911		3,241,617		2,231,443		2,145,223			54,030		12,389,998
TIAA-CREF Mid-Cap Value		9,873,069		1,877,411		1,345,300		924,815			147,777		10,872,601
TIAA-CREF Money Market		180,563		—		—		—			—		180,563
TIAA-CREF Small-Cap Equity		93,886,903		34,274,739		14,862,108		19,259,828			723,667		112,296,960
’	$	2,317,229,052	$	731,261,359	$	273,515,975	$	185,793,506		$	44,273,723	$	2,794,563,937

88	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

	Value at		Purchases		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifecycle 2035 Fund
TIAA-CREF Bond	$	97,348,080	$	117,492,351	$	49,642,256	$	2,475,299		$	3,366,961	$	165,275,071
TIAA-CREF Bond Plus		141,654,456		38,585,498		13,888,601		2,489,604			4,061,241		165,549,162
TIAA-CREF Emerging Markets Debt		—		29,742,771		1,992,935		28,908			384,732		27,718,476
TIAA-CREF Emerging Markets Equity		106,507,837		34,099,844		7,578,187		750,449			1,435,330		127,684,152
TIAA-CREF Enhanced International Equity Index		152,954,117		48,048,846		8,338,648		7,562,104			5,685,475		181,937,422
TIAA-CREF Enhanced Large-Cap Growth Index		260,511,037		57,124,133		26,849,025		34,076,090			3,045,520		302,614,535
TIAA-CREF Enhanced Large-Cap Value Index		252,987,277		55,647,359		23,440,393		32,493,380			4,123,234		281,487,942
TIAA-CREF Global Natural Resources		31,866,241		10,740,445		2,293,962		98,425			577,149		34,652,178
TIAA-CREF Growth & Income		217,523,556		44,447,287		13,737,897		25,319,001			2,624,819		256,640,974
TIAA-CREF High-Yield		141,788,819		50,363,965		47,390,301		3,690,586			6,631,549		139,912,465
TIAA-CREF International Equity		161,440,700		57,136,307		19,636,702		5,801,594			2,497,776		201,084,905
TIAA-CREF International Opportunities		153,898,259		26,096,467		13,871,116		1,405,925			1,586,426		172,493,361
TIAA-CREF Large-Cap Growth		260,271,142		67,730,179		32,504,842		47,076,498			808,526		312,385,193
TIAA-CREF Large-Cap Value		250,877,470		38,376,243		8,190,387		15,488,802			4,635,006		289,145,928
TIAA-CREF Mid-Cap Growth		13,563,166		3,450,336		2,119,232		2,436,805			63,499		14,788,989
TIAA-CREF Mid-Cap Value		11,774,192		2,159,326		1,437,499		1,043,306			175,727		13,054,738
TIAA-CREF Money Market		186,513		—		—		—			—		186,513
TIAA-CREF Small-Cap Equity		105,740,004		35,352,288		13,647,117		20,960,002			814,536		126,219,741
	$	2,360,892,866	$	716,593,645	$	286,559,100	$	203,196,778		$	42,517,506	$	2,812,831,745

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Notes to financial statements

	Value at		Purchases		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifecycle 2040 Fund
TIAA-CREF Bond Plus	$	123,129,110	$	98,114,170	$	76,080,880	$	3,915,830		$	4,124,957	$	144,516,234
TIAA-CREF Emerging Markets Debt		—		38,479,638		2,825,113		37,598			499,279		35,604,055
TIAA-CREF Emerging Markets Equity		147,943,801		47,486,737		8,703,481		839,498			1,996,544		179,224,473
TIAA-CREF Enhanced International Equity Index		216,059,869		65,800,775		9,817,775		10,276,505			8,017,034		256,907,123
TIAA-CREF Enhanced Large-Cap Growth Index		366,328,859		76,874,609		32,240,722		46,208,222			4,289,916		427,634,756
TIAA-CREF Enhanced Large-Cap Value Index		354,751,443		75,516,489		26,901,060		43,905,672			5,801,772		398,086,271
TIAA-CREF Global Natural Resources		44,739,857		15,832,737		3,677,120		86,682			816,838		48,881,827
TIAA-CREF Growth & Income		305,150,208		61,776,791		16,755,146		34,688,515			3,692,012		361,934,494
TIAA-CREF High-Yield		185,333,351		63,980,735		62,449,946		4,366,457			8,607,871		180,489,214
TIAA-CREF International Equity		226,592,970		80,480,274		27,285,930		8,198,467			3,485,343		282,662,286
TIAA-CREF International Opportunities		214,352,348		32,405,578		12,349,328		1,335,317			2,234,164		243,268,242
TIAA-CREF Large-Cap Growth		364,287,940		97,817,437		45,353,462		66,102,638			1,134,276		440,553,498
TIAA-CREF Large-Cap Value		351,751,567		56,631,418		12,478,255		22,295,588			6,543,914		407,131,367
TIAA-CREF Mid-Cap Growth		19,655,179		5,530,416		2,869,888		3,591,267			93,297		22,154,064
TIAA-CREF Mid-Cap Value		17,151,603		2,968,524		1,628,877		1,370,100			256,619		19,313,666
TIAA-CREF Money Market		273,442		—		—		—			—		273,442
TIAA-CREF Small-Cap Equity		148,458,630		47,045,772		15,519,749		28,038,123			1,142,274		178,242,496
	$	3,085,960,177	$	866,742,100	$	356,936,732	$	275,256,479		$	52,736,110	$	3,626,877,508
Lifecycle 2045 Fund
TIAA-CREF Bond Plus	$	38,696,961	$	38,701,302	$	23,148,888	$	695,284		$	1,419,256	$	54,014,492
TIAA-CREF Emerging Markets Debt		—		13,634,158		449,434		(10,501	)		178,263		13,174,386
TIAA-CREF Emerging Markets Equity		46,318,843		26,025,037		2,906,621		(189,397	)		689,899		66,975,719
TIAA-CREF Enhanced International Equity Index		67,543,365		36,502,146		2,954,431		2,642,272			2,770,640		96,243,829
TIAA-CREF Enhanced Large-Cap Growth Index		115,312,197		45,130,853		7,253,378		10,838,889			1,480,595		158,868,063
TIAA-CREF Enhanced Large-Cap Value Index		111,491,037		43,289,968		5,224,092		10,940,889			2,003,055		147,665,030
TIAA-CREF Global Natural Resources		14,186,862		7,752,011		1,153,228		(189,480	)		277,963		18,066,490
TIAA-CREF Growth & Income		95,892,930		35,451,054		1,030,560		9,331,428			1,255,717		134,351,959
TIAA-CREF High-Yield		58,246,499		27,983,503		17,069,284		226,179			2,962,177		67,077,366
TIAA-CREF International Equity		70,816,942		39,504,054		6,758,322		(270,983	)		1,193,079		105,277,576
TIAA-CREF International Opportunities		67,401,417		22,289,220		3,463,010		(59,121	)		781,209		89,784,779
TIAA-CREF Large-Cap Growth		114,652,928		51,763,035		11,083,292		14,123,081			391,461		163,397,760
TIAA-CREF Large-Cap Value		111,024,956		38,170,920		1,772,048		5,821,517			2,261,910		151,278,305
TIAA-CREF Mid-Cap Growth		6,120,983		2,726,612		455,774		973,211			32,356		8,323,026
TIAA-CREF Mid-Cap Value		5,368,356		1,898,859		385,713		278,501			88,510		7,162,694
TIAA-CREF Money Market		81,020		—		—		—			—		81,020
TIAA-CREF Small-Cap Equity		46,698,816		23,378,301		3,314,224		6,787,855			394,057		66,164,818
	$	969,854,112	$	454,201,033	$	88,422,299	$	61,939,624		$	18,180,147	$	1,347,907,312

90	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at May 31, 2014		Purchases cost		Sales proceeds		Realized gain (loss		)^a	Dividend income		Value at May 31, 2015
Lifecycle 2050 Fund
TIAA-CREF Bond Plus	$	21,812,428	$	23,059,160	$	13,041,905	$	398,269		$	818,206	$	31,694,189
TIAA-CREF Emerging Markets Debt		—		7,817,966		127,930		(2,760	)		102,494		7,686,306
TIAA-CREF Emerging Markets Equity		26,128,159		15,787,674		1,322,659		(100,884	)		396,558		39,174,542
TIAA-CREF Enhanced International Equity Index		38,087,943		22,724,503		1,500,765		1,513,453			1,592,443		56,554,031
TIAA-CREF Enhanced Large-Cap Growth Index		64,998,415		28,201,423		3,706,959		6,230,841			851,427		92,777,333
TIAA-CREF Enhanced Large-Cap Value Index		62,844,457		27,599,116		3,165,280		6,292,702			1,152,205		86,194,279
TIAA-CREF Global Natural Resources		7,999,434		4,969,006		878,117		(150,409	)		159,768		10,529,338
TIAA-CREF Growth & Income		54,052,244		22,335,550		315,385		5,371,780			721,670		78,423,220
TIAA-CREF High-Yield		32,831,958		16,749,466		9,194,595		137,325			1,706,403		39,193,456
TIAA-CREF International Equity		39,900,116		24,218,506		3,505,979		(175,041	)		688,323		61,676,912
TIAA-CREF International Opportunities		37,976,638		14,607,064		2,367,344		(63,286	)		449,004		52,322,322
TIAA-CREF Large-Cap Growth		64,626,764		31,995,311		5,789,409		8,101,339			225,046		95,513,657
TIAA-CREF Large-Cap Value		62,581,777		23,961,612		581,993		3,343,313			1,300,388		88,184,265
TIAA-CREF Mid-Cap Growth		3,447,250		1,598,185		182,294		558,589			18,602		4,821,272
TIAA-CREF Mid-Cap Value		3,025,997		1,227,876		237,537		160,039			50,968		4,180,971
TIAA-CREF Money Market		41,882		—		—		—			—		41,882
TIAA-CREF Small-Cap Equity		26,324,831		14,705,331		2,078,445		3,891,970			226,080		38,621,332
	$	546,680,293	$	281,557,749	$	47,996,596	$	35,507,240		$	10,459,585	$	787,589,307
Lifecycle 2055 Fund
TIAA-CREF Bond Plus	$	3,125,681	$	4,523,368	$	1,938,442	$	63,360		$	131,296	$	5,688,437
TIAA-CREF Emerging Markets Debt		—		1,395,145		15,543		(352	)		17,189		1,380,326
TIAA-CREF Emerging Markets Equity		3,751,860		3,802,301		316,349		(25,975	)		63,187		7,029,644
TIAA-CREF Enhanced International Equity Index		5,489,168		5,459,615		333,102		236,800			253,984		10,218,870
TIAA-CREF Enhanced Large-Cap Growth Index		9,313,507		7,697,713		896,441		985,765			136,204		16,643,779
TIAA-CREF Enhanced Large-Cap Value Index		9,004,890		7,495,548		874,185		994,922			183,704		15,462,422
TIAA-CREF Global Natural Resources		1,145,846		1,129,557		146,418		(22,489	)		25,869		1,879,087
TIAA-CREF Growth & Income		7,745,067		6,181,444		286,934		850,819			114,539		14,030,132
TIAA-CREF High-Yield		4,704,638		3,772,556		1,229,936		29,399			273,662		7,069,044
TIAA-CREF International Equity		5,698,564		5,709,847		595,039		(43,518	)		110,421		11,073,649
TIAA-CREF International Opportunities		5,409,787		4,012,828		439,028		(20,907	)		71,558		9,396,288
TIAA-CREF Large-Cap Growth		9,260,387		8,205,504		1,148,786		1,274,352			36,088		17,062,381
TIAA-CREF Large-Cap Value		8,967,282		6,896,133		395,409		528,641			207,399		15,835,067
TIAA-CREF Mid-Cap Growth		501,657		452,595		72,642		87,368			2,966		875,505
TIAA-CREF Mid-Cap Value		433,592		341,465		48,065		25,353			8,124		753,708
TIAA-CREF Money Market		6,591		—		—		—			—		6,591
TIAA-CREF Small-Cap Equity		3,772,276		3,667,826		471,322		611,973			36,159		6,923,839
	$	78,330,793	$	70,743,445	$	9,207,641	$	5,575,511		$	1,672,349	$	141,328,769

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Notes to financial statements

	Value at		Purchases		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifecycle 2060 Fund*
TIAA-CREF Bond Plus		$—	$	696,510	$	248,410	$	7,525		$	9,200	$	449,483
TIAA-CREF Emerging Markets Debt		—		121,131		8,591		(226	)		1,543		112,388
TIAA-CREF Emerging Markets Equity		—		606,579		22,893		(621	)		6,283		564,891
TIAA-CREF Enhanced International Equity Index		—		863,432		30,332		24,834			25,090		816,321
TIAA-CREF Enhanced Large-Cap Growth Index		—		1,423,810		76,872		98,679			13,451		1,355,454
TIAA-CREF Enhanced Large-Cap Value Index		—		1,400,780		91,630		97,579			18,306		1,262,541
TIAA-CREF Global Natural Resources		—		182,812		11,179		(1,166	)		2,527		154,991
TIAA-CREF Growth & Income		—		1,204,725		65,473		84,448			6,150		1,145,214
TIAA-CREF High-Yield		—		635,398		59,575		4,351			17,470		570,950
TIAA-CREF International Equity		—		931,587		103,787		1,014			10,876		893,198
TIAA-CREF International Opportunities		—		769,957		61,135		597			7,011		764,702
TIAA-CREF Large-Cap Growth		—		1,493,550		106,497		127,846			3,562		1,398,843
TIAA-CREF Large-Cap Value		—		1,323,529		36,095		51,642			20,501		1,290,790
TIAA-CREF Mid-Cap Growth		—		80,372		6,197		8,594			294		71,547
TIAA-CREF Mid-Cap Value		—		65,630		6,254		2,597			811		61,259
TIAA-CREF Money Market		—		100		—		—			—		100
TIAA-CREF Small-Cap Equity		—		620,533		53,705		62,848			3,576		560,263
		$—	$	12,420,435	$	988,625	$	570,541		$	146,651	$	11,472,935

*	The Fund commenced operations on September 26, 2014.
^a	Includes realized gain distributions received.

Note 4—investments

Net Unrealized appreciation (Depreciation): At May 31, 2015, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Lifecycle Retirement Income	$	342,128,043	$	28,955,234	$	(231,137	)	$	28,724,097
Lifecycle 2010		982,052,335		131,103,615		(736,972	)		130,366,643
Lifecycle 2015		1,698,470,579		116,056,968		(11,844,041	)		104,212,927
Lifecycle 2020		2,629,912,296		218,414,109		(15,249,829	)		203,164,280
Lifecycle 2025		2,628,813,432		262,615,681		(15,766,134	)		246,849,547
Lifecycle 2030		2,508,143,941		301,096,710		(14,676,714	)		286,419,996
Lifecycle 2035		2,483,355,462		344,579,997		(15,103,714	)		329,476,283
Lifecycle 2040		3,148,449,844		499,414,180		(20,986,516	)		478,427,664
Lifecycle 2045		1,181,532,477		168,418,572		(2,043,737	)		166,374,835
Lifecycle 2050		697,045,097		91,786,479		(1,242,269	)		90,544,210
Lifecycle 2055		132,555,885		9,047,357		(274,473	)		8,772,884
Lifecycle 2060		11,436,574		138,318		(101,957	)		36,361

92	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended May 31, 2015 were as follows:

Fund	Purchases		Sales
Lifecycle Retirement Income	$	132,105,184	$	63,842,013
Lifecycle 2010		244,007,504		218,056,513
Lifecycle 2015		387,992,917		277,788,266
Lifecycle 2020		716,447,514		325,402,264
Lifecycle 2025		746,229,633		308,352,188
Lifecycle 2030		731,261,359		273,515,975
Lifecycle 2035		716,593,645		286,559,100
Lifecycle 2040		866,742,100		356,936,732
Lifecycle 2045		454,201,033		88,422,299
Lifecycle 2050		281,557,749		47,996,596
Lifecycle 2055		70,743,445		9,207,641
Lifecycle 2060		12,603,107		1,171,929

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended May 31, 2015 and May 31, 2014 was as follows:

	5/31/2015
Fund	Ordinary income		Long-term capital gains		Total
Lifecycle Retirement Income	$	8,296,812	$	3,833,564	$	12,130,376
Lifecycle 2010		31,515,393		19,629,662		51,145,055
Lifecycle 2015		46,591,143		73,303,625		119,894,768
Lifecycle 2020		70,226,984		101,276,226		171,503,210
Lifecycle 2025		72,440,742		102,002,465		174,443,207
Lifecycle 2030		70,951,027		100,896,766		171,847,793
Lifecycle 2035		71,420,312		109,452,099		180,872,411
Lifecycle 2040		92,757,430		146,441,254		239,198,684
Lifecycle 2045		32,176,209		23,026,201		55,202,410
Lifecycle 2050		18,242,532		12,844,748		31,087,280
Lifecycle 2055		2,854,554		1,644,054		4,498,608
Lifecycle 2060		260,025		—		260,025

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Notes to financial statements

	5/31/2014
Fund	Ordinary income		Long-term capital gains		Total
Lifecycle Retirement Income	$	7,055,820	$	2,089,903	$	9,145,723
Lifecycle 2010		31,232,087		7,787,214		39,019,301
Lifecycle 2015		44,344,789		54,067,325		98,412,114
Lifecycle 2020		63,509,333		67,508,952		131,018,285
Lifecycle 2025		66,098,275		66,828,455		132,926,730
Lifecycle 2030		67,137,431		64,003,293		131,140,724
Lifecycle 2035		70,313,932		68,767,381		139,081,313
Lifecycle 2040		95,753,146		96,808,530		192,561,676
Lifecycle 2045		27,556,468		6,449,207		34,005,675
Lifecycle 2050		15,207,533		3,480,279		18,687,812
Lifecycle 2055		1,894,724		332,657		2,227,381

As of May 31, 2015, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Capital loss carryover			Total
Lifecycle Retirement Income	$	746,697	$	6,760,376	$	28,724,098		$	—		$	36,231,171
Lifecycle 2010		7,008,823		24,685,016		130,366,645			—			162,060,484
Lifecycle 2015		8,081,086		71,587,601		104,212,928			—			183,881,615
Lifecycle 2020		11,364,392		112,565,601		203,164,282			—			327,094,275
Lifecycle 2025		10,612,986		122,778,155		246,849,547			—			380,240,688
Lifecycle 2030		8,964,563		125,727,038		286,419,995			—			421,111,596
Lifecycle 2035		6,900,439		136,733,474		329,476,285			—			473,110,198
Lifecycle 2040		6,267,753		190,011,033		478,427,665			—			674,706,451
Lifecycle 2045		2,990,630		48,453,914		166,374,833			—			217,819,377
Lifecycle 2050		1,614,443		27,875,981		90,544,210			(89,883	)		119,944,751
Lifecycle 2055		291,944		4,433,809		8,772,884			—			13,498,637
Lifecycle 2060		35,309		436,429		36,361			—			508,099

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the utilization of capital loss carryovers, and the treatment of short term gain as ordinary income for tax purposes.

At May 31, 2015, the following Funds had capital loss carryovers, which will expire as follows:

	Date of expiration
Fund		5/31/2018		Total
Lifecycle 2050			$89,883		$89,883

94	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

concluded

For the year ended May 31, 2015, the Lifecycle 2050 Fund utilized $108,817 of its capital loss carryover available from prior years.

Due to large shifts in the ownership percentage of the Lifecycle 2050 Fund during the fiscal year ended September 30, 2009, the future utilization of the Lifecycle 2050 Fund’s capital losses and capital loss carryovers may be subject to limitations under the Internal Revenue Code and Regulations thereunder.

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryovers may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Note 6—line of credit

Each of the Funds participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2015. A new facility was entered into on June 23, 2015 expiring June 21, 2016. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended May 31, 2015, there were no borrowings under this credit facility by the Funds.

Note 7—indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Report of independent registered public accounting firm

To the Board of Trustees and Shareholders of the TIAA-CREF Funds:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Lifecycle Retirement Income Fund, Lifecycle 2010 Fund, Lifecycle 2015 Fund, Lifecycle 2020 Fund, Lifecycle 2025 Fund, Lifecycle 2030 Fund, Lifecycle 2035 Fund, Lifecycle 2040 Fund, Lifecycle 2045 Fund, Lifecycle 2050 Fund, Lifecycle 2055 Fund, and Lifecycle 2060 Fund (twelve of the portfolios constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) at May 31, 2015, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2015 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
July 17, 2015

96	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2015

Trustees

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	82	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation; and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	82	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; and Independent Trustee, Lazard Alternative Emerging Markets 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	82	Director of Copper Rock Capital Partners, LLC (investment adviser).

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2015

Trustees — continued

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by trustee
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	82	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1943	Trustee	Indefinite term. Trustee since 1999.	Principal, NL Jacob Consultant (economic and business consultant) (since 2012); President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	82	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	82	Director, Aflac Insurance. Inc., Sansum Clinic and cielo24; Investment committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.

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Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	82	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance, Prep for Prep; and Close Brothers Group plc.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	82	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	82	Director, SCANA Corporation (energy holding company).

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2015

Trustees — concluded

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by trustee
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	82	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.

Officers

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Managing Director, Senior Compliance officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).

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Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President, Chief Executive Officer of TIAA-CREF Asset Management LLC (“TCAM”) and Executive Vice President of the TIAA-CREF Fund Complex.
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Senior Vice President, Corporate Controller of TIAA. Treasurer of CREF; Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President and President of Asset Management of TIAA. Principal Executive Officer and Executive Vice President of CREF and VA-1. Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds. Prior to joining TIAA, Mr. Leary served as a Representative, Securities Research, Inc., President and Chief Operating Officer, U.S., ING Americas, Chief Executive Officer, ING Insurance US, and Chairman and Chief Executive Officer, ING Investment Management, Americas.
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.

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Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2015

Officers — concluded

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director, Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President, since 2006.	Executive Vice President, President of Retirement and Individual Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex.
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Weaver served as Senior Vice President, The Hartford Financial Services Group, Inc.

Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by calling 800 223–1200.

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Renewal of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Lifecycle Funds

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each TIAA-CREF Lifecycle Funds’ series (the “Funds”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Funds.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

Overview of the renewal process

The Board held meetings on March 12, 2015 and March 26, 2015, at which it considered the annual renewal of the Agreement with respect to each Lifecycle Fund other than the Lifecycle 2060 Fund using its previously-established process. (The Board did not consider the renewal of the Agreement for the Lifecycle 2060 Fund at these meetings because the Fund’s Agreement was initially approved in mid-2014 with a two-year term. Accordingly, in the discussion below, the references to “Funds” do not include the Lifecycle 2060 Fund.) As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2014 renewal process. During a series of meetings held prior to the March 12 and March 26, 2015 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

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Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios and short-term and long-term investment performance. Lipper also compared much of this data for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies it employed to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that the purpose of its materials is to provide an unbiased view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Lipper (and not TAI).

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this regard, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI, which is also true of their assessment of each Fund’s management fee rate and other aspects of the proposed renewal of the Agreement.

In advance of the Board meetings held on March 12 and March 26, 2015, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of TAI; (8) a copy of

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continued

TAI’s Form ADV registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided or to be provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by TAI and its affiliates from their relationship with the Fund; (4) fees charged by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (8) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the Board considered the Agreement with respect to all Funds, the Board received and considered Fund-specific information and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 26, 2015, the Board voted unanimously to renew the Agreement for each Fund. Set forth below are certain general factors the Board considered for all of the Funds, followed by a summary of certain specific factors the Board considered for each particular Fund.

The nature, extent and quality of services

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Renewal of investment management agreement (unaudited)

their assets in the securities of other investment companies managed by TAI, referred to as “underlying funds”), including selecting underlying funds and allocating the Funds’ assets among the underlying funds, conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of each Fund before any reductions for fees or expenses. This analysis considered the impact of net asset value rounding and excluded the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on each Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. The Board considered that, in those cases in which a Fund had underperformed its benchmark, peer group or peer universe of mutual funds for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative actions reasonably designed to enhance the Fund’s investment performance, or TAI had explained to the Board’s satisfaction that no such actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was within an acceptable range or that appropriate action, if any, had been or were being implemented.

Cost and profitability

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continued

to maintain and improve the quality of services provided to the Funds. The Board also noted TAI’s waiver of the entire amount of each Fund’s management fees since their inception. The Board also acknowledged certain permanent fee rate reductions, temporary fee waivers and reimbursements of expenses above specified amounts undertaken by TAI with respect to the underlying funds in which the Funds invest that, in turn, reduce the Funds’ expenses. The Board considered that TAI had incurred a net loss with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2014, and expected this trend to continue. The Board also considered that TAI may have indirect earnings or losses with respect to the Funds based on the Funds’ investment in underlying funds also managed by TAI.

During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management and other functions, especially any effect of the purchase of Nuveen Investments by TAI’s parent on such resources, so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rates charged to a Fund under the Agreement typically were lower than the management fee rates charged to many or most other comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. Additionally, the Board also considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered that because TAI operated each Fund at a loss, and has waived the entire amount of its management fee since inception, there was little opportunity to pass economies of scale on to Fund shareholders. Based on all factors considered, the Board concluded that the Funds’ fee schedules were within an acceptable range in light of current economies of scale considerations and current asset levels.

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Renewal of investment management agreement (unaudited)

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other investment companies. The Board noted that TAI provides funds of funds management services to the TIAA-CREF Lifestyle Funds and the TIAA-CREF Life Balanced Fund, with annual management fee rates of 0.10% of average daily net assets, the TIAA-CREF Lifecycle Index Funds, which also have an annual management fee rate of 0.10%, with partial, voluntary waivers for some of these funds, and the TIAA-CREF Managed Allocation Fund, for which TAI receives no management fee. TAI also manages other asset allocation products, such as education savings plans (529 plans).

Other benefits

The Board also considered additional benefits to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain Funds managed by TAI or its affiliates may benefit from economies of scale to the extent that these Funds are managed in the same manner and by the same personnel as certain of the CREF Accounts, the Life Funds and other series of the Trust. TAI and the Funds may also benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements. Additionally, the Funds may be utilized as investment options for other products and businesses of TAI and its affiliates, such as variable products.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the Retirement, Premier and Retail Classes of these Funds, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2014. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2014 under the Agreement.

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continued

Lifecycle Retirement Income Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”). With respect to both the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 3 funds within its Expense Group. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were each in the 1st quintile of the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”).
•	The Fund was in the 1st quintile of the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”) for each of the one-, three- and five-year periods. The Fund was in the 2nd, 1st and 1st quintiles of the universe of comparable funds selected by Lipper for performance comparison purposes (“Performance Universe”) for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle 2010 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 5 and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 1st quintile of its Performance Group for the one-year period and ranked 1 out of 5 and 1 out of 4 funds within its Performance Group for the three- and five-year periods, respectively. The Fund was in the 2nd, 1st and 1st quintiles of its Performance Universe for each of the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

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Renewal of investment management agreement (unaudited)

Lifecycle 2015 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 4 and 2 out of 4 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 3rd and 1st quintiles of its Performance Group for the one-and three-year periods, respectively, and ranked 1 out of 5 funds within its Performance Group for the five-year period. The Fund was in the 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle 2020 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 4 and 2 out of 4 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 3rd, 1st and 1st quintiles of its Performance Group for the one-, three-and five-year periods, respectively. The Fund was in the 3rd, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle 2025 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and

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continued

	contractual management fee, the Fund ranked 1 out of 5 and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th, 2nd and 1st quintiles of its Performance Group for the one-, three-and five-year periods, respectively. The Fund was in the 3rd, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle 2030 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 4 and 2 out of 4 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th, 1st and 2nd quintiles of its Performance Group for the one-, three-and five-year periods, respectively. The Fund was in the 4th, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle 2035 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.
•	The Fund’s total expenses and actual management fee (including the waiver) were each in the 1st quintile of its Expense Group. With respect to the Fund’s contractual management fee, the Fund ranked 2 out of 5 funds within its Expense Group. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th, 1st and 1st quintiles of both its Performance Group and its Performance Universe for the one-, three-and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

111

Renewal of investment management agreement (unaudited)

•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle 2040 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 5 and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th, 1st and 1st quintiles of both its Performance Group and its Performance Universe for the one-, three-and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle 2045 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 5 and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th, 1st and 2nd quintiles of its Performance Group for the one-, three-and five-year periods, respectively. The Fund was in the 4th, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle 2050 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.

112	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

concluded

•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 4 and 2 out of 4 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th, 2nd and 2nd quintiles of its Performance Group for the one-, three-and five-year periods, respectively. The Fund was in the 4th, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle 2055 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to both the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 3 funds within its Expense Group. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were each in the 1st quintile of its Expense Universe.
•	The Fund was in the 3rd quintile of its Performance Group for the one-year period and ranked 1 out of 4 funds within its Performance Group for the three-year period. The Fund was in the 4th and 1st quintiles of its Performance Universe for the one- and three-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

113

Important tax information (unaudited)

TIAA-CREF Lifecycle Funds

For the year ended May 31, 2015, the Lifecycle Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

	Long-term
Fund	capital gains
Lifecycle Retirement Income	$	4,251,602
Lifecycle 2010		19,629,662
Lifecycle 2015		73,303,625
Lifecycle 2020		101,276,226
Lifecycle 2025		102,002,465
Lifecycle 2030		100,896,766
Lifecycle 2035		109,452,099
Lifecycle 2040		146,441,254
Lifecycle 2045		23,026,201
Lifecycle 2050		12,844,748
Lifecycle 2055		1,644,054
Lifecycle 2060		—

For the year ended May 31, 2015, the Lifecycle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.

Fund	Percentage
Lifecycle Retirement Income		20.45	%
Lifecycle 2010		19.97	%
Lifecycle 2015		24.38	%
Lifecycle 2020		27.58	%
Lifecycle 2025		30.41	%
Lifecycle 2030		33.48	%
Lifecycle 2035		37.44	%
Lifecycle 2040		40.90	%
Lifecycle 2045		39.99	%
Lifecycle 2050		40.41	%
Lifecycle 2055		40.22	%
Lifecycle 2060		39.17	%

For the year ended May 31, 2015, the Lifecycle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Lifecycle Retirement Income		12.83	%
Lifecycle 2010		12.41	%
Lifecycle 2015		15.24	%
Lifecycle 2020		17.32	%
Lifecycle 2025		19.17	%
Lifecycle 2030		22.59	%
Lifecycle 2035		23.72	%
Lifecycle 2040		25.99	%
Lifecycle 2045		25.40	%
Lifecycle 2050		25.68	%
Lifecycle 2055		25.57	%
Lifecycle 2060		25.53	%

114	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

Important tax information (unaudited)

concluded

TIAA-CREF Lifecycle Funds

For the year ended May 31, 2015, the Lifecycle Funds received the following amounts of income from their respective underlying funds that was from foreign sources:

	Foreign		Foreign source
Fund	source income		income per share
Lifecycle Retirement Income Fund	$	506,208	$	0.01720
Lifecycle Fund 2010		1,835,760		0.02126
Lifecycle Fund 2015		3,264,804		0.02225
Lifecycle Fund 2020		5,668,232		0.02581
Lifecycle Fund 2025		6,460,850		0.02941
Lifecycle Fund 2030		6,964,589		0.03278
Lifecycle Fund 2035		7,787,117		0.03663
Lifecycle Fund 2040		10,933,612		0.04030
Lifecycle Fund 2045		3,775,670		0.03771
Lifecycle Fund 2050		2,171,764		0.03755
Lifecycle Fund 2055		346,874		0.04167
Lifecycle Fund 2060		34,227		0.03388

For the year ended May 31, 2015, the Lifecycle Funds have elected to pass through the following amounts of foreign taxes paid by their respective underlying funds:

	Foreign taxes		Foreign taxes
Fund	paid		paid per share
Lifecycle Retirement Income Fund	$	45,981	$	0.00156
Lifecycle Fund 2010		165,681		0.00192
Lifecycle Fund 2015		293,018		0.00200
Lifecycle Fund 2020		505,467		0.00230
Lifecycle Fund 2025		573,098		0.00261
Lifecycle Fund 2030		615,717		0.00290
Lifecycle Fund 2035		686,141		0.00323
Lifecycle Fund 2040		961,226		0.00354
Lifecycle Fund 2045		332,032		0.00332
Lifecycle Fund 2050		191,004		0.00330
Lifecycle Fund 2055		30,508		0.00367
Lifecycle Fund 2060		3,011		0.00298

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2015, which will be reported in conjunction with your 2015 Form 1099-DIV.

By early 2016, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax adviser.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

115

Additional information about index providers (unaudited)

Russell Indexes

The Russell 3000^® Index is a trademark/service mark of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

MSCI Indexes

The funds are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, Inc. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of this fund or any other person or entity regarding the advisability of investing in funds generally or in this fund particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to this fund or the issuer or owners of this fund or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of this fund or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of this fund to be issued or in the determination or calculation of the equation by or the consideration into which

116	2015 Annual Report ■ TIAA-CREF Lifecycle Funds

concluded

this fund is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of this fund or any other person or entity in connection with the administration, marketing or offering of this fund.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of this security, product or fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

TIAA-CREF Lifecycle Funds ■ 2015 Annual Report

117

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How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

9 a.m. to 6 p.m. (ET), Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252 for the Institutional, Premier and Retirement classes or 800 223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC

insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products.

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2015 Annual Report

TIAA-CREF
Lifecycle Index Funds

of the TIAA-CREF Funds

May 31, 2015

Contents

Understanding your Lifecycle Index Funds report	2
Information for investors	3
About the funds’ composite benchmarks	4
Important information about expenses	5
Investment results of the Lifecycle Index Funds	10
Fund performance
Lifecycle Index Retirement Income Fund	12
Lifecycle Index 2010 Fund	14
Lifecycle Index 2015 Fund	16
Lifecycle Index 2020 Fund	18
Lifecycle Index 2025 Fund	20
Lifecycle Index 2030 Fund	22
Lifecycle Index 2035 Fund	24
Lifecycle Index 2040 Fund	26
Lifecycle Index 2045 Fund	28
Lifecycle Index 2050 Fund	30
Lifecycle Index 2055 Fund	32
Lifecycle Index 2060 Fund	34
Portfolios of investments	36
Audited financial statements
Statements of assets and liabilities	42
Statements of operations	46
Statements of changes in net assets	50
Financial highlights	58
Notes to financial statements	70
Report of independent registered public accounting firm	80
Trustees and officers	81
Renewal of investment management agreement	87
Important tax information	98
Additional information about index providers	101
How to reach us	Inside back cover

Understanding your Lifecycle Index Funds report

This annual report contains information about the investment performance and holdings of the Lifecycle Index Funds, an offering of the TIAA-CREF Funds, and describes the funds’ results for the twelve months ended May 31, 2015. The report contains three main sections:

	•	The fund performance section compares each fund’s investment returns with those of its composite benchmark and a broad market index.
	•	The portfolios of investments list the TIAA-CREF underlying funds in which each fund had investments as of May 31, 2015.
	•	The financial statements provide detailed information about the operations and financial condition of each fund.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 842-2252. We urge you to read the prospectus carefully before investing.

2	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Information for investors

Portfolio listings

The complete portfolios of investments for the TIAA-CREF Lifecycle Index Funds begin on page 36 of this report. You can also obtain lists of the holdings of the Lifecycle Index Funds and of the underlying funds in which the Lifecycle Index Funds invest (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

	•	By visiting our website at tiaa-cref.org; or
	•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.

You can obtain a complete list of the Lifecycle Index Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-Q filings. Form N-CSR filings are as of May 31 or November 30; Form N-Q filings are as of the last day of February or August 31. Copies of these forms are available:

	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or
	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

Proxy voting

A description of our proxy voting policies and procedures for the underlying funds of the Lifecycle Index Funds can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You may also call us at 800 842-2252 to request a free copy. A report of how the Lifecycle Index Funds’ underlying funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800 842-2252.

Fund management

The Lifecycle Index Funds are managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the funds.

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

About the funds’ composite benchmarks

Each Lifecycle Index fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include U.S. equity (stocks), international equity (foreign stocks), fixed income and inflation-protected assets. A fund’s composite benchmark combines the following public indexes in proportions that reflect the fund’s target market sector allocations:

	•	The Russell 3000^® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
	•	The MSCI EAFE+EM Index (international equity) measures the performance of the leading stocks in 21 developed market countries outside North America—in Europe, Australasia and the Far East—and in 23 emerging market countries in Europe, Asia, Africa, Latin America and the Middle East.
	•	The Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic investment-grade, fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.
	•	The Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (inflation-protected assets) measures the performance of fixed-income securities with fixed-rate coupon payments that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U).

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

4	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

On pages 6 through 9, you will find expense examples for each share class of the funds. These expense examples are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the funds for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2014–May 31, 2015).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2015

Lifecycle Index Funds Institutional Class	Beginning account value (12/1/14		)	Ending account value (5/31/15		)	Expenses paid during period (12/1/14–5/31/15		* )	Effective expenses paid during period (12/1/14–5/31/15		^† )
Retirement Income Fund actual return		$1,000.00			$1,021.38			$0.20			$0.76
5% annual hypothetical return		1,000.00			1,024.73			0.20			0.76
2010 Fund actual return		1,000.00			1,022.72			0.20			0.76
5% annual hypothetical return		1,000.00			1,024.73			0.20			0.76
2015 Fund actual return		1,000.00			1,024.70			0.25			0.76
5% annual hypothetical return		1,000.00			1,024.68			0.25			0.76

2020 Fund actual return		1,000.00			1,027.35			0.30			0.76
5% annual hypothetical return		1,000.00			1,024.63			0.30			0.76
2025 Fund actual return		1,000.00			1,029.62			0.35			0.81
5% annual hypothetical return		1,000.00			1,024.58			0.35			0.81
2030 Fund actual return		1,000.00			1,031.88			0.35			0.76
5% annual hypothetical return		1,000.00			1,024.58			0.35			0.76
2035 Fund actual return		1,000.00			1,033.30			0.41			0.76
5% annual hypothetical return		1,000.00			1,024.53			0.40			0.76
2040 Fund actual return		1,000.00			1,035.96			0.41			0.76
5% annual hypothetical return		1,000.00			1,024.53			0.40			0.76
2045 Fund actual return		1,000.00			1,035.84			0.41			0.76
5% annual hypothetical return		1,000.00			1,024.53			0.40			0.76
2050 Fund actual return		1,000.00			1,036.01			0.41			0.76
5% annual hypothetical return		1,000.00			1,024.53			0.40			0.76
2055 Fund actual return		1,000.00			1,036.04			0.41			0.76
5% annual hypothetical return		1,000.00			1,024.53			0.40			0.76
2060 Fund actual return		1,000.00			1,036.12			0.41			0.76
5% annual hypothetical return		1,000.00			1,024.53			0.40			0.76

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2015. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date when this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.04% for the Retirement Income and 2010 Funds; 0.05% for the 2015 Fund; 0.06% for the 2020 Fund; 0.07% for the 2025 and 2030 Funds; and 0.08% for the 2035, 2040, 2045, 2050, 2055 and 2060 Funds.

6	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized, weighted average expense ratio was 0.15% for the Retirement Income, 2010, 2015, 2020, 2030, 2035, 2040, 2045, 2050, 2055 and 2060 Funds; and 0.16% for the 2025 Fund.

Expense examples

Six months ended May 31, 2015

Lifecycle Index Funds Premier Class	Beginning account value (12/1/14		)	Ending account value (5/31/15		)	Expenses paid during period (12/1/14–5/31/15		* )	Effective expenses paid during period (12/1/14–5/31/15		^† )
Retirement Income Fund actual return		$1,000.00			$1,019.82			$0.96			$1.51
5% annual hypothetical return		1,000.00			1,023.98			0.96			1.51
2010 Fund actual return		1,000.00			1,022.02			0.96			1.51
5% annual hypothetical return		1,000.00			1,023.98			0.96			1.51
2015 Fund actual return		1,000.00			1,023.28			1.01			1.51
5% annual hypothetical return		1,000.00			1,023.93			1.01			1.51
2020 Fund actual return		1,000.00			1,026.02			1.06			1.52
5% annual hypothetical return		1,000.00			1,023.88			1.06			1.51
2025 Fund actual return		1,000.00			1,028.30			1.11			1.57
5% annual hypothetical return		1,000.00			1,023.83			1.11			1.56
2030 Fund actual return		1,000.00			1,031.23			1.11			1.52
5% annual hypothetical return		1,000.00			1,023.83			1.11			1.51
2035 Fund actual return		1,000.00			1,033.25			1.17			1.52
5% annual hypothetical return		1,000.00			1,023.78			1.16			1.51
2040 Fund actual return		1,000.00			1,035.27			1.17			1.52
5% annual hypothetical return		1,000.00			1,023.78			1.16			1.51
2045 Fund actual return		1,000.00			1,035.18			1.17			1.52
5% annual hypothetical return		1,000.00			1,023.78			1.16			1.51
2050 Fund actual return		1,000.00			1,035.40			1.17			1.52
5% annual hypothetical return		1,000.00			1,023.78			1.16			1.51
2055 Fund actual return		1,000.00			1,034.81			1.17			1.52
5% annual hypothetical return		1,000.00			1,023.78			1.16			1.51
2060 Fund actual return		1,000.00			1,035.72			1.17			1.52
5% annual hypothetical return		1,000.00			1,023.78			1.16			1.51

*	The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Important information about expenses

182/365. There were 182 days in the six months ended May 31, 2015. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date when this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.19% for the Retirement Income and 2010 Funds; 0.20% for the 2015 Fund; 0.21% for the 2020 Fund; 0.22% for the 2025 and 2030 Funds; and 0.23% for the 2035, 2040, 2045, 2050, 2055 and 2060 Funds.

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized, weighted average expense ratio was 0.30% for the Retirement Income, 2010, 2015, 2020, 2030, 2035, 2040, 2045, 2050, 2055 and 2060 Funds; and 0.31% for the 2025 Fund.

Expense examples

Six months ended May 31, 2015

Lifecycle Index Funds Retirement Class	Beginning account value (12/1/14		)	Ending account value (5/31/15		)	Expenses paid during period* (12/1/14–5/31/15		)	Effective expenses paid during period^† (12/1/14–5/31/15		)
Retirement Income Fund actual return		$1,000.00			$1,019.44			$1.46			$2.01
5% annual hypothetical return		1,000.00			1,023.49			1.46			2.02
2010 Fund actual return		1,000.00			1,021.56			1.46			2.02
5% annual hypothetical return		1,000.00			1,023.49			1.46			2.02
2015 Fund actual return		1,000.00			1,023.51			1.51			2.02
5% annual hypothetical return		1,000.00			1,023.44			1.51			2.02
2020 Fund actual return		1,000.00			1,025.16			1.57			2.02
5% annual hypothetical return		1,000.00			1,023.39			1.56			2.02
2025 Fund actual return		1,000.00			1,027.99			1.62			2.07
5% annual hypothetical return		1,000.00			1,023.34			1.61			2.07
2030 Fund actual return		1,000.00			1,029.79			1.62			2.02
5% annual hypothetical return		1,000.00			1,023.34			1.61			2.02
2035 Fund actual return		1,000.00			1,032.87			1.67			2.03
5% annual hypothetical return		1,000.00			1,023.29			1.66			2.02
2040 Fund actual return		1,000.00			1,034.38			1.67			2.03
5% annual hypothetical return		1,000.00			1,023.29			1.66			2.02
2045 Fund actual return		1,000.00			1,034.25			1.67			2.03
5% annual hypothetical return		1,000.00			1,023.29			1.66			2.02
2050 Fund actual return		1,000.00			1,034.51			1.67			2.03
5% annual hypothetical return		1,000.00			1,023.29			1.66			2.02

8	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

Lifecycle Index Funds Retirement Class	Beginning account value (12/1/14		)	Ending account value (5/31/15		)	Expenses paid during period (12/1/14–5/31/15		* )	Effective expenses paid during period (12/1/14–5/31/15		^† )
2055 Fund actual return		$1,000.00			$1,034.58			$1.67			$2.03
5% annual hypothetical return		1,000.00			1,023.29			1.66			2.02
2060 Fund actual return		1,000.00			1,034.46			1.67			2.03
5% annual hypothetical return		1,000.00			1,023.29			1.66			2.02

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2015. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date when this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.29% for the Retirement Income and 2010 Funds; 0.30% for the 2015 Fund; 0.31% for the 2020 Fund; 0.32% for the 2025 and 2030 Funds; and 0.33% for the 2035, 2040, 2045, 2050, 2055 and 2060 Funds.

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized, weighted average expense ratio was 0.40% for the Retirement Income, 2010, 2015, 2020, 2030, 2035, 2040, 2045, 2050, 2055 and 2060 Funds; and 0.41% for the 2025 Fund.

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Investment results of the Lifecycle Index Funds

Performance for the twelve months ended May 31, 2015

The eleven TIAA-CREF Lifecycle Index Funds that were in operation for the entire twelve-month period achieved solid results that approximated the performance of their respective composite benchmarks. Returns ranged from 4.35% for the Retirement Income Fund to 7.33% for the 2055 Fund. The tables on the following pages show returns for all share classes of the funds.

While lower, the funds’ returns were similar to those of their benchmarks, which represent market performance without any fees or expenses. The difference between the individual Lifecycle Index Funds’ returns and those of their respective benchmarks ranged from 0.33 of a percentage point for the 2055 Fund to 0.45 of a percentage point for the 2010 Fund. The 2060 Fund, launched on September 26, 2014, gained 6.14% for the period ended May 31, 2015. (All results are for the Retirement Class.)

U.S. markets rise amid volatility and mixed economic data

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 11.86%. The MSCI EAFE (Europe, Australasia, Far East)+EM (Emerging Markets) Index, which measures stock performance in 21 developed market nations outside North America and in 23 emerging market nations, returned –0.38% in U.S. dollars, but gained 15.75% in local currency terms.

10	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Strong results from stocks lift the funds’ returns higher

Each of the eleven Lifecycle Index Funds operating for the entire period advanced for the twelve months, fueled by gains in U.S. equities. Funds with greater exposure to U.S. stocks had higher returns.

The Lifecycle Index Funds may invest in up to four sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income and inflation-linked assets. The Lifecycle Index Funds do this by investing in various underlying funds that are managed to track individual benchmark indexes. Those underlying funds may include the TIAA-CREF Equity Index Fund, the International Equity Index Fund, the Emerging Markets Equity Index Fund, the Bond Index Fund and the Inflation-Linked Bond Fund.

For the twelve months, the absolute returns of the funds—that is, without regard to the performance of their respective composite benchmarks—were driven by gains in the U.S. equity and fixed-income sectors. The Equity Index and the Bond Index funds were strong contributors. Conversely, absolute returns were constrained by weaker performance from the emerging market equity and inflation-linked asset sectors.

As a result, those Lifecycle Index Funds with larger allocations to the U.S. equity sector had higher returns than those with larger allocations to the fixed-income and inflation-linked asset sectors. For example, both the 2050 and 2055 funds, each with about 90% of their portfolios invested in equity-based funds, returned 7.25% and 7.33%, respectively, while the Retirement Income Fund, with 40% of its assets allocated to equities, returned 4.35%.

(Performance of the Lifecycle Index Funds’ underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index Retirement Income Fund

Performance as of May 31, 2015

			Total			Average annual
			return			total return
Lifecycle Index Retirement									since
Income Fund	Inception date		1 year			5 years			inception
Institutional Class		9/30/2009		4.66	%		8.10	%		7.66	%
Premier Class		9/30/2009		4.50			7.93			7.50
Retirement Class		9/30/2009		4.35			7.84			7.39
Lifecycle Index Retirement
Income Fund Composite Index*		—		4.79			8.25			7.85	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		3.03			3.90			4.14	^†
Russell 3000^® Index		—		11.86			16.54			15.56	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

As of the close of business on May 31, 2015, the Lifecycle Index Retirement Income Fund Composite Index consisted of: 50.0% Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000 Index; 12.0% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

^†

Performance is calculated from the inception date of the Retirement Class.

12	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index Retirement Income Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		28.1	%		28.0	%
International equity		11.7			12.0
Fixed income
Fixed income		50.0			50.0
Inflation-protected assets		10.1			10.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2010 Fund

Performance as of May 31, 2015

			Total			Average annual
			return			total return
									since
Lifecycle Index 2010 Fund	Inception date		1 year			5 years			inception
Institutional Class		9/30/2009		4.96	%		8.87	%		8.32	%
Premier Class		9/30/2009		4.89			8.73			8.16
Retirement Class		9/30/2009		4.70			8.61			8.04
Lifecycle Index 2010 Fund
Composite Index*		—		5.15			9.04			8.50	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		3.03			3.90			4.14	^†
Russell 3000^® Index		—		11.86			16.54			15.56	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

As of the close of business on May 31, 2015, the Lifecycle Index 2010 Fund Composite Index consisted of: 46.9% Barclays U.S. Aggregate Bond Index; 31.6% Russell 3000 Index; 13.5% MSCI EAFE+EM Index; and 8.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

^†

Performance is calculated from the inception date of the Retirement Class.

14	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2010 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		31.7	%		31.5	%
International equity		13.3			13.5
Fixed income
Fixed income		46.9			47.0
Inflation-protected assets		7.9			8.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2015 Fund

Performance as of May 31, 2015

			Total			Average annual
			return			total return
									since
Lifecycle Index 2015 Fund	Inception date		1 year			5 years			inception
Institutional Class		9/30/2009		5.37	%		9.56	%		8.87	%
Premier Class		9/30/2009		5.16			9.40			8.71
Retirement Class		9/30/2009		5.12			9.31			8.60
Lifecycle Index 2015 Fund
Composite Index*		—		5.49			9.73			9.06	^†
Broad market index
Russell 3000^® Index		—		11.86			16.54			15.56	^†
Barclays U.S. Aggregate Bond Index		—		3.03			3.90			4.14	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

As of the close of business on May 31, 2015, the Lifecycle Index 2015 Fund Composite Index consisted of: 43.9% Barclays U.S. Aggregate Bond Index; 35.1% Russell 3000 Index; 15.0% MSCI EAFE+EM Index; and 6.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

^†

Performance is calculated from the inception date of the Retirement Class.

16	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2015 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		35.3	%		35.0	%
International equity		14.8			15.0
Fixed income
Fixed income		43.9			44.0
Inflation-protected assets		5.9			6.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2020 Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
								since
Lifecycle Index 2020 Fund	Inception date		1 year			5 years			inception
Institutional Class	9/30/2009		5.90	%		10.42	%		9.58	%
Premier Class	9/30/2009		5.70			10.23			9.40
Retirement Class	9/30/2009		5.55			10.14			9.30
Lifecycle Index 2020 Fund
Composite Index*	—		5.97			10.57			9.75	^†
Broad market index
Russell 3000^® Index	—		11.86			16.54			15.56	^†
Barclays U.S. Aggregate Bond Index	—		3.03			3.90			4.14	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

As of the close of business on May 31, 2015, the Lifecycle Index 2020 Fund Composite Index consisted of: 40.7% Russell 3000 Index; 37.9% Barclays U.S. Aggregate Bond Index; 17.4% MSCI EAFE+EM Index; and 4.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

^†

Performance is calculated from the inception date of the Retirement Class.

18	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2020 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		40.8	%		40.6	%
International equity		17.2			17.4
Fixed income
Fixed income		37.9			38.0
Inflation-protected assets		4.0			4.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2025 Fund

Performance as of May 31, 2015

			Total			Average annual
			return			total return
									since
Lifecycle Index 2025 Fund	Inception date		1 year			5 years			inception
Institutional Class		9/30/2009		6.31	%		11.24	%		10.27	%
Premier Class		9/30/2009		6.11			11.08			10.09
Retirement Class		9/30/2009		6.02			10.96			9.99
Lifecycle Index 2025 Fund
Composite Index*		—		6.45			11.40			10.43	^†
Broad market index
Russell 3000^® Index		—		11.86			16.54			15.56	^†
Barclays U.S. Aggregate Bond Index		—		3.03			3.90			4.14	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

As of the close of business on May 31, 2015, the Lifecycle Index 2025 Fund Composite Index consisted of: 46.3% Russell 3000 Index; 31.9% Barclays U.S. Aggregate Bond Index; and 19.8% MSCI EAFE+EM Index; and 2.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

^†

Performance is calculated from the inception date of the Retirement Class.

20	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2025 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		46.4	%		46.2	%
International equity		19.5			19.8
Fixed income
Fixed income		31.9			32.0
Inflation-protected assets		2.0			2.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2030 Fund

Performance as of May 31, 2015

			Total			Average annual
			return			total return
									since
Lifecycle Index 2030 Fund	Inception date		1 year			5 years			inception
Institutional Class		9/30/2009		6.77	%		12.09	%		10.97	%
Premier Class		9/30/2009		6.65			11.92			10.80
Retirement Class		9/30/2009		6.51			11.79			10.68
Lifecycle Index 2030 Fund
Composite Index*		—		6.91			12.24			11.11	^†

Broad market index
Russell 3000^®Index		—		11.86			16.54			15.56	^†
Barclays U.S. Aggregate Bond Index		—		3.03			3.90			4.14	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	As of the close of business on May 31, 2015, the Lifecycle Index 2030 Fund Composite Index consisted of: 51.9% Russell 3000 Index; 25.9% Barclays U.S. Aggregate Bond Index; and 22.2% MSCI EAFE+EM Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Retirement Class.

22	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2030 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		52.0	%		51.8	%
International equity		21.9			22.2
Fixed income		25.9			26.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2035 Fund

Performance as of May 31, 2015

			Total			Average annual
			return			total return
									since
Lifecycle Index 2035 Fund	Inception date		1 year			5 years			inception
Institutional Class		9/30/2009		7.14	%		12.87	%		11.61	%
Premier Class		9/30/2009		7.02			12.72			11.44
Retirement Class		9/30/2009		6.92			12.60			11.33
Lifecycle Index 2035 Fund
Composite Index*		—		7.30			13.05			11.77	^†
Broad market index
Russell 3000^® Index		—		11.86			16.54			15.56	^†
Barclays U.S. Aggregate Bond Index		—		3.03			3.90			4.14	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	As of the close of business on May 31, 2015, the Lifecycle Index 2035 Fund Composite Index consisted of: 57.5% Russell 3000 Index; 24.6% MSCI EAFE+EM Index; and 17.9% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Retirement Class.

24	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2035 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation

	% of			Target
	net assets as			allocation
		of 5/31/15			for 6/30/15
Equity
U.S. equity		57.7	%		57.4	%
International equity		24.2			24.6
Fixed income		17.9			18.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2040 Fund

Performance as of May 31, 2015

			Total			Average annual
			return			total return
									since
Lifecycle Index 2040 Fund	Inception date		1 year			5 years			inception
Institutional Class		9/30/2009		7.55	%		13.30	%		11.97	%
Premier Class		9/30/2009		7.36			13.12			11.80
Retirement Class		9/30/2009		7.28			13.01			11.69
Lifecycle Index 2040 Fund
Composite Index*		—		7.66			13.46			12.12	^†
Broad market index
Russell 3000^® Index		—		11.86			16.54			15.56	^†
Barclays U.S. Aggregate Bond Index		—		3.03			3.90			4.14	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	As of the close of business on May 31, 2015, the Lifecycle Index 2040 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Retirement Class.

26	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2040 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		63.1	%		63.0	%
International equity		26.6			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.3			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2045 Fund

Performance as of May 31, 2015

			Total			Average annual
			return			total return
									since
Lifecycle Index 2045 Fund	Inception date		1 year			5 years			inception
Institutional Class		9/30/2009		7.56	%		13.30	%		11.96	%
Premier Class		9/30/2009		7.44			13.13			11.80
Retirement Class		9/30/2009		7.29			13.02			11.68
Lifecycle Index 2045 Fund
Composite Index*		—		7.66			13.46			12.12	^†
Broad market index
Russell 3000^® Index		—		11.86			16.54			15.56	^†
Barclays U.S. Aggregate Bond Index		—		3.03			3.90			4.14	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	As of the close of business on May 31, 2015, the Lifecycle Index 2045 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Retirement Class.

28	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2045 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		62.9	%		63.0	%
International equity		26.7			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.4			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2050 Fund

Performance as of May 31, 2015

			Total			Average annual
			return			total return
									since
Lifecycle Index 2050 Fund	Inception date		1 year			5 years			inception
Institutional Class		9/30/2009		7.58	%		13.30	%		11.98	%
Premier Class		9/30/2009		7.40			13.14			11.81
Retirement Class		9/30/2009		7.25			13.00			11.68
Lifecycle Index 2050 Fund
Composite Index*		—		7.66			13.46			12.12	^†
Broad market index
Russell 3000^® Index		—		11.86			16.54			15.56	^†
Barclays U.S. Aggregate Bond Index		—		3.03			3.90			4.14	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	As of the close of business on May 31, 2015, the Lifecycle Index 2050 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Retirement Class.

30	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2050 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		62.9	%		63.0	%
International equity		26.6			27.0
Fixed income		9.9			10.0
Other assets & liabilities, net		0.6			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2055 Fund

Performance as of May 31, 2015

			Total			Average annual
			return			total return
Lifecycle Index 2055 Fund	Inception date		1 year			since inception
Institutional Class		4/29/2011		7.47	%		9.83	%
Premier Class		4/29/2011		7.35			9.67
Retirement Class		4/29/2011		7.33			9.57
Lifecycle Index 2055 Fund
Composite Index*		—		7.66			9.96	^†
Broad market index
Russell 3000^® Index		—		11.86			13.42	^†
Barclays U.S. Aggregate Bond Index		—		3.03			3.67	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	As of the close of business on May 31, 2015, the Lifecycle Index 2055 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Retirement Class.

32	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2055 Fund

$10,000 invested at fund’s inception

Retirement Class (inception April 29, 2011)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		62.7	%		63.0	%
International equity		26.6			27.0
Fixed income		9.9			10.0
Other assets & liabilities, net		0.8			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Lifecycle Index 2060 Fund

Performance as of May 31, 2015

			Total return
Lifecycle Index 2060 Fund	Inception date		since inception
Institutional Class		9/26/2014		6.31	%
Premier Class		9/26/2014		6.26
Retirement Class		9/26/2014		6.14
Lifecycle Index 2060 Fund
Composite Index*		—		6.45	^†
Broad market index
Russell 3000^® Index		—		8.41	^†
Barclays U.S. Aggregate Bond Index		—		2.85	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	As of the close of business on May 31, 2015, the Lifecycle Index 2060 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Retirement Class.

34	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2060 Fund

$10,000 invested at fund’s inception

Retirement Class (inception September 26, 2014)

Asset allocation

	% of			Target
	net assets as			allocation
	of 5/31/15			for 6/30/15
Equity
U.S. equity		63.3	%		63.0	%
International equity		26.6			27.0
Fixed income		10.1			10.0
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Portfolio of investments

Lifecycle Index Retirement Income Fund ■ May 31, 2015

						% of net
Shares		Security		Value		assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 50.0%
	2,157,503	TIAA-CREF Bond Index Fund		$	23,538,355		50.0	%
		TOTAL FIXED INCOME			23,538,355		50.0

INFLATION-PROTECTED ASSETS — 10.1%
	412,647	TIAA-CREF Inflation-Linked Bond Fund			4,733,065		10.1
		TOTAL INFLATION-PROTECTED ASSETS			4,733,065		10.1

INTERNATIONAL EQUITY — 11.7%
	122,794	TIAA-CREF Emerging Markets Equity Index Fund			1,280,745		2.7
	222,407	TIAA-CREF International Equity Index Fund			4,252,414		9.0
		TOTAL INTERNATIONAL EQUITY			5,533,159		11.7

U.S. EQUITY — 28.1%
	823,999	TIAA-CREF Equity Index Fund			13,249,909		28.1
		TOTAL U.S. EQUITY			13,249,909		28.1
		TOTAL TIAA-CREF FUNDS	(Cost $41,550,839)		47,054,488		99.9


		TOTAL PORTFOLIO	(Cost $41,550,839)		47,054,488		99.9
		OTHER ASSETS & LIABILITIES, NET			48,246		0.1
		NET ASSETS		$	47,102,734		100.0	%

Lifecycle Index 2010 Fund ■ May 31, 2015

							% of net
	Shares	Security			Value		assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 46.9%
	8,058,085	TIAA-CREF Bond Index Fund		$	87,913,710		46.9	%
		TOTAL FIXED INCOME			87,913,710		46.9

INFLATION-PROTECTED ASSETS — 7.9%
	1,299,052	TIAA-CREF Inflation-Linked Bond Fund			14,900,125		7.9
		TOTAL INFLATION-PROTECTED ASSETS			14,900,125		7.9

INTERNATIONAL EQUITY — 13.3%
	554,177	TIAA-CREF Emerging Markets Equity Index Fund			5,780,066		3.1
	1,005,863	TIAA-CREF International Equity Index Fund			19,232,104		10.2
		TOTAL INTERNATIONAL EQUITY			25,012,170		13.3

U.S. EQUITY — 31.7%
	3,698,315	TIAA-CREF Equity Index Fund			59,468,910		31.7
		TOTAL U.S. EQUITY			59,468,910		31.7
		TOTAL TIAA-CREF FUNDS	(Cost $158,381,795)		187,294,915		99.8

		TOTAL PORTFOLIO	(Cost $158,381,795)		187,294,915		99.8
		OTHER ASSETS & LIABILITIES, NET			288,109		0.2
		NET ASSETS		$	187,583,024		100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2015 Fund ■ May 31, 2015

						% of net
Shares		Security		Value		assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 43.9%
	13,734,989	TIAA-CREF Bond Index Fund		$	149,848,729		43.9	%
		TOTAL FIXED INCOME			149,848,729		43.9

INFLATION-PROTECTED ASSETS — 5.9%
	1,764,072	TIAA-CREF Inflation-Linked Bond Fund			20,233,907		5.9
		TOTAL INFLATION-PROTECTED ASSETS			20,233,907		5.9

INTERNATIONAL EQUITY — 14.8%
	1,122,908	TIAA-CREF Emerging Markets Equity Index Fund			11,711,932		3.4
	2,038,149	TIAA-CREF International Equity Index Fund			38,969,408		11.4
		TOTAL INTERNATIONAL EQUITY			50,681,340		14.8

U.S. EQUITY — 35.3%
	7,487,042	TIAA-CREF Equity Index Fund			120,391,640		35.3
		TOTAL U.S. EQUITY			120,391,640		35.3
		TOTAL TIAA-CREF FUNDS	(Cost $285,842,813)		341,155,616		99.9

		TOTAL PORTFOLIO	(Cost $285,842,813)		341,155,616		99.9
		OTHER ASSETS & LIABILITIES, NET			338,100		0.1
		NET ASSETS		$	341,493,716		100.0	%

Lifecycle Index 2020 Fund ■ May 31, 2015

							% of net
	Shares	Security			Value		assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 37.9%
	19,333,318	TIAA-CREF Bond Index Fund		$	210,926,497		37.9	%
		TOTAL FIXED INCOME			210,926,497		37.9

INFLATION-PROTECTED ASSETS — 4.0%
	1,927,068	TIAA-CREF Inflation-Linked Bond Fund			22,103,475		4.0
		TOTAL INFLATION-PROTECTED ASSETS			22,103,475		4.0

INTERNATIONAL EQUITY — 17.2%
	2,120,984	TIAA-CREF Emerging Markets Equity Index Fund			22,121,864		4.0
	3,843,078	TIAA-CREF International Equity Index Fund			73,479,642		13.2
		TOTAL INTERNATIONAL EQUITY			95,601,506		17.2

U.S. EQUITY — 40.8%
	14,142,776	TIAA-CREF Equity Index Fund			227,415,832		40.8
		TOTAL U.S. EQUITY			227,415,832		40.8
		TOTAL TIAA-CREF FUNDS	(Cost $469,870,996)		556,047,310		99.9

		TOTAL PORTFOLIO	(Cost $469,870,996)		556,047,310		99.9
		OTHER ASSETS & LIABILITIES, NET			807,958		0.1
		NET ASSETS		$	556,855,268		100.0	%

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

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Portfolio of investments

Lifecycle Index 2025 Fund ■ May 31, 2015

						% of net
Shares		Security		Value		assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 31.9%
	16,298,790	TIAA-CREF Bond Index Fund		$	177,819,801		31.9	%
		TOTAL FIXED INCOME			177,819,801		31.9

INFLATION-PROTECTED ASSETS — 2.0%
	960,167	TIAA-CREF Inflation-Linked Bond Fund			11,013,110		2.0
		TOTAL INFLATION-PROTECTED ASSETS			11,013,110		2.0

INTERNATIONAL EQUITY — 19.5%
	2,403,077	TIAA-CREF Emerging Markets Equity Index Fund			25,064,096		4.5
	4,354,539	TIAA-CREF International Equity Index Fund			83,258,784		15.0
		TOTAL INTERNATIONAL EQUITY			108,322,880		19.5

U.S. EQUITY — 46.4%
	16,071,612	TIAA-CREF Equity Index Fund			258,431,516		46.4
		TOTAL U.S. EQUITY			258,431,516		46.4
		TOTAL TIAA-CREF FUNDS	(Cost $461,361,642)		555,587,307		99.8

		TOTAL PORTFOLIO	(Cost $461,361,642)		555,587,307		99.8
		OTHER ASSETS & LIABILITIES, NET			1,212,458		0.2
		NET ASSETS		$	556,799,765		100.0	%

Lifecycle Index 2030 Fund ■ May 31, 2015

							% of net
	Shares	Security			Value		assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 25.9%
	13,898,804	TIAA-CREF Bond Index Fund		$	151,635,949		25.9	%
		TOTAL FIXED INCOME			151,635,949		25.9

INTERNATIONAL EQUITY — 21.9%
	2,834,426	TIAA-CREF Emerging Markets Equity Index Fund			29,563,063		5.1
	5,133,408	TIAA-CREF International Equity Index Fund			98,150,767		16.8
		TOTAL INTERNATIONAL EQUITY			127,713,830		21.9

U.S. EQUITY — 52.0%
	18,924,500	TIAA-CREF Equity Index Fund			304,305,967		52.0
		TOTAL U.S. EQUITY			304,305,967		52.0
		TOTAL TIAA-CREF FUNDS	(Cost $475,062,075)		583,655,746		99.8

		TOTAL PORTFOLIO	(Cost $475,062,075)		583,655,746		99.8
		OTHER ASSETS & LIABILITIES, NET			1,185,687		0.2
		NET ASSETS		$	584,841,433		100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2035 Fund ■ May 31, 2015

						% of net
Shares		Security		Value		assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 17.9%
	9,061,536	TIAA-CREF Bond Index Fund		$	98,861,355		17.9	%
		TOTAL FIXED INCOME			98,861,355		17.9

INTERNATIONAL EQUITY — 24.2%
	2,963,410	TIAA-CREF Emerging Markets Equity Index Fund			30,908,365		5.6
	5,366,276	TIAA-CREF International Equity Index Fund			102,603,196		18.6
		TOTAL INTERNATIONAL EQUITY			133,511,561		24.2

U.S. EQUITY — 57.7%
	19,764,107	TIAA-CREF Equity Index Fund			317,806,845		57.7
		TOTAL U.S. EQUITY			317,806,845		57.7
		TOTAL TIAA-CREF FUNDS	(Cost $436,431,227)		550,179,761		99.8

		TOTAL PORTFOLIO	(Cost $436,431,227)		550,179,761		99.8
		OTHER ASSETS & LIABILITIES, NET			1,122,748		0.2
		NET ASSETS		$	551,302,509		100.0	%

Lifecycle Index 2040 Fund ■ May 31, 2015

							% of net
	Shares	Security			Value		assets
TIAA-CREF FUNDS — 99.7% (a)

FIXED INCOME — 10.0%
	5,860,146	TIAA-CREF Bond Index Fund		$	63,934,195		10.0	%
		TOTAL FIXED INCOME			63,934,195		10.0

INTERNATIONAL EQUITY — 26.6%
	3,779,810	TIAA-CREF Emerging Markets Equity Index Fund			39,423,423		6.2
	6,844,165	TIAA-CREF International Equity Index Fund			130,860,435		20.4
		TOTAL INTERNATIONAL EQUITY			170,283,858		26.6

U.S. EQUITY — 63.1%
	25,125,856	TIAA-CREF Equity Index Fund			404,023,770		63.1
		TOTAL U.S. EQUITY			404,023,770		63.1
		TOTAL TIAA-CREF FUNDS	(Cost $490,839,672)		638,241,823		99.7

		TOTAL PORTFOLIO	(Cost $490,839,672)		638,241,823		99.7
		OTHER ASSETS & LIABILITIES, NET			1,843,575		0.3
		NET ASSETS		$	640,085,398		100.0	%

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

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Portfolio of investments

Lifecycle Index 2045 Fund ■ May 31, 2015

						% of net
Shares		Security		Value		assets
TIAA-CREF FUNDS — 99.6% (a)

FIXED INCOME — 10.0%
	2,876,549	TIAA-CREF Bond Index Fund		$	31,383,152		10.0	%
		TOTAL FIXED INCOME			31,383,152		10.0

INTERNATIONAL EQUITY — 26.7%
	1,863,767	TIAA-CREF Emerging Markets Equity Index Fund			19,439,089		6.2
	3,374,634	TIAA-CREF International Equity Index Fund			64,523,003		20.5
		TOTAL INTERNATIONAL EQUITY			83,962,092		26.7

U.S. EQUITY — 62.9%
	12,294,942	TIAA-CREF Equity Index Fund			197,702,671		62.9
		TOTAL U.S. EQUITY			197,702,671		62.9
		TOTAL TIAA-CREF FUNDS	(Cost $255,636,037)		313,047,915		99.6

		TOTAL PORTFOLIO	(Cost $255,636,037)		313,047,915		99.6
		OTHER ASSETS & LIABILITIES, NET			1,240,740		0.4
		NET ASSETS		$	314,288,655		100.0	%

Lifecycle Index 2050 Fund ■ May 31, 2015

							% of net
	Shares	Security			Value		assets
TIAA-CREF FUNDS — 99.4% (a)

FIXED INCOME — 9.9%
	1,897,095	TIAA-CREF Bond Index Fund		$	20,697,309		9.9	%
		TOTAL FIXED INCOME			20,697,309		9.9

INTERNATIONAL EQUITY — 26.6%
	1,228,724	TIAA-CREF Emerging Markets Equity Index Fund			12,815,587		6.2
	2,224,812	TIAA-CREF International Equity Index Fund			42,538,415		20.4
		TOTAL INTERNATIONAL EQUITY			55,354,002		26.6

U.S. EQUITY — 62.9%
	8,136,768	TIAA-CREF Equity Index Fund			130,839,226		62.9
		TOTAL U.S. EQUITY			130,839,226		62.9
		TOTAL TIAA-CREF FUNDS	(Cost $169,587,602)		206,890,537		99.4

		TOTAL PORTFOLIO	(Cost $169,587,602)		206,890,537		99.4
		OTHER ASSETS & LIABILITIES, NET			1,145,520		0.6
		NET ASSETS		$	208,036,057		100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2055 Fund ■ May 31, 2015

							% of net
Shares		Security		Value			assets
TIAA-CREF FUNDS — 99.2% (a)

FIXED INCOME — 9.9%
	452,889	TIAA-CREF Bond Index Fund		$	4,941,017			9.9	%
		TOTAL FIXED INCOME			4,941,017			9.9

INTERNATIONAL EQUITY — 26.6%
	293,369	TIAA-CREF Emerging Markets Equity Index Fund			3,059,841			6.2
	531,193	TIAA-CREF International Equity Index Fund			10,156,407			20.4
		TOTAL INTERNATIONAL EQUITY			13,216,248			26.6

U.S. EQUITY — 62.7%
	1,939,959	TIAA-CREF Equity Index Fund			31,194,534			62.7
		TOTAL U.S. EQUITY			31,194,534			62.7
		TOTAL TIAA-CREF FUNDS	(Cost $42,493,393)		49,351,799			99.2

		TOTAL PORTFOLIO	(Cost $42,493,393)		49,351,799			99.2
		OTHER ASSETS & LIABILITIES, NET			377,788			0.8
		NET ASSETS		$	49,729,587			100.0	%

Lifecycle Index 2060 Fund ■ May 31, 2015

								% of net
	Shares	Security			Value			assets
TIAA-CREF FUNDS — 100.0% (a)

FIXED INCOME — 10.1%
	98,588	TIAA-CREF Bond Index Fund		$	1,075,600			10.1	%
		TOTAL FIXED INCOME			1,075,600			10.1

INTERNATIONAL EQUITY — 26.6%
	63,133	TIAA-CREF Emerging Markets Equity Index Fund			658,474			6.1
	114,459	TIAA-CREF International Equity Index Fund			2,188,453			20.5
		TOTAL INTERNATIONAL EQUITY			2,846,927			26.6

U.S. EQUITY — 63.3%
	420,791	TIAA-CREF Equity Index Fund			6,766,318			63.3
		TOTAL U.S. EQUITY			6,766,318			63.3
		TOTAL TIAA-CREF FUNDS	(Cost $10,309,969)		10,688,845			100.0

		TOTAL PORTFOLIO	(Cost $10,309,969)		10,688,845			100.0
		OTHER ASSETS & LIABILITIES, NET			(3,277	)		0.0
		NET ASSETS		$	10,685,568			100.0	%

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

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Statements of assets and liabilities

TIAA-CREF Lifecycle Index Funds ■ May 31, 2015

	Lifecycle Index
	Retirement			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index
	Income Fund			2010 Fund			2015 Fund			2020 Fund			2025 Fund			2030 Fund

ASSETS
Affiliated investments, at value^‡	$	47,054,488		$	187,294,915		$	341,155,616		$	556,047,310		$	555,587,307		$	583,655,746
Cash		446,656			506,541			727,149			1,730,225			2,498,907			1,491,908
Receivable from securities transactions		—			435,079			989,839			1,519,928			969,390			1,525,216
Receivable from Fund shares sold		28,617			279,104			642,777			768,036			1,479,166			1,331,598
Dividends and interest receivable		39,910			157,072			266,121			371,137			311,843			267,020
Due from affiliates		1,679			3,143			4,213			5,313			4,536			4,722
Other		959			4,521			7,643			10,428			10,160			10,709
Total assets		47,572,309			188,680,375			343,793,358			560,452,377			560,861,309			588,286,919

LIABILITIES
Management fees payable		641			2,569			4,682			7,626			7,610			8,020
Service agreement fees payable		293			1,411			2,209			3,827			3,380			3,201
Distribution fees payable		1,241			2,976			7,065			14,937			15,090			16,536
Due to affiliates		245			987			1,860			2,811			2,855			2,949
Payable for securities transactions		459,750			1,045,329			2,014,589			3,525,678			3,991,640			3,370,716
Payable for Fund shares redeemed		38			27,359			242,759			71			30			31
Payable for trustee compensation		1,010			4,749			8,097			11,152			10,881			11,471
Accrued expenses and other payables		6,357			11,971			18,381			31,007			30,058			32,562
Total liabilities		469,575			1,097,351			2,299,642			3,597,109			4,061,544			3,445,486
NET ASSETS	$	47,102,734		$	187,583,024		$	341,493,716		$	556,855,268		$	556,799,765		$	584,841,433

NET ASSETS CONSIST OF:
Paid-in-capital	$	41,843,046		$	159,344,014		$	286,599,958		$	470,410,852		$	462,078,164		$	475,564,751
Undistributed net investment income (loss)		69,914			683,046			1,130,610			1,470,323			1,169,876			934,300
Accumulated net realized gain (loss) on total investments		(313,875	)		(1,357,156	)		(1,549,655	)		(1,202,221	)		(673,940	)		(251,289	)
Net unrealized appreciation (depreciation) on total investments		5,503,649			28,913,120			55,312,803			86,176,314			94,225,665			108,593,671
NET ASSETS	$	47,102,734		$	187,583,024		$	341,493,716		$	556,855,268		$	556,799,765		$	584,841,433

INSTITUTIONAL CLASS:
Net assets	$	28,536,969		$	122,842,405		$	221,139,122		$	327,209,243		$	337,861,674		$	360,424,417
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,138,398			8,729,112			15,178,596			21,604,971			21,539,025			22,184,110
Net asset value per share		$13.35			$14.07			$14.57			$15.15			$15.69			$16.25

PREMIER CLASS:
Net assets	$	9,788,249		$	23,378,582		$	55,573,970		$	117,292,998		$	118,946,701		$	130,175,267
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		733,870			1,665,650			3,827,639			7,774,897			7,607,948			8,042,765
Net asset value per share		$13.34			$14.04			$14.52			$15.09			$15.63			$16.19


RETIREMENT CLASS:
Net assets	$	8,777,516		$	41,362,037		$	64,780,624		$	112,353,027		$	99,991,390		$	94,241,749
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		658,467			2,960,492			4,475,057			7,468,540			6,417,187			5,840,849
Net asset value per share		$13.33			$13.97			$14.48			$15.04			$15.58			$16.13
‡ Affiliated investments, cost	$	41,550,839		$	158,381,795		$	285,842,813		$	469,870,996		$	461,361,642		$	475,062,075

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Statements of assets and liabilities

concluded

TIAA-CREF Lifecycle Index Funds ■ May 31, 2015

	Lifecycle Index		Lifecycle Index		Lifecycle Index		Lifecycle Index		Lifecycle Index		Lifecycle Index
	2035 Fund		2040 Fund		2045 Fund		2050 Fund		2055 Fund		2060 Fund

ASSETS
Affiliated investments, at value^‡	$	550,179,761	$	638,241,823	$	313,047,915	$	206,890,537	$	49,351,799	$	10,688,845
Cash		2,313,213		1,994,629		1,578,617		724,680		164,400		15,788
Receivable from securities transactions		597,762		258,324		—		—		—		24,542
Receivable from Fund shares sold		1,405,485		1,997,389		1,655,576		1,458,443		484,140		4,307
Dividends and interest receivable		172,872		114,381		55,431		36,740		8,702		1,893
Due from affiliates		3,759		4,172		2,708		2,234		1,420		2,253
Other		10,265		12,691		4,856		3,157		683		45
Total assets		554,683,117		642,623,409		316,345,103		209,115,791		50,011,144		10,737,673

LIABILITIES
Management fees payable		7,546		8,771		4,290		2,839		677		147
Service agreement fees payable		2,429		2,510		1,529		1,041		253		36
Distribution fees payable		13,830		13,083		10,003		6,855		967		136
Due to affiliates		2,870		3,489		1,556		1,005		214		58
Payable for securities transactions		3,313,762		2,463,075		2,013,500		1,049,000		272,500		30,792
Payable for Fund shares redeemed		23		23		17		14		3		—
Payable for trustee compensation		10,981		13,529		5,254		3,409		737		59
Accrued expenses and other payables		29,167		33,531		20,299		15,571		6,206		20,877
Total liabilities		3,380,608		2,538,011		2,056,448		1,079,734		281,557		52,105
NET ASSETS	$	551,302,509	$	640,085,398	$	314,288,655	$	208,036,057	$	49,729,587	$	10,685,568


NET ASSETS CONSIST OF:
Paid-in-capital	$	436,978,310	$	492,080,904	$	256,456,532	$	170,440,096	$	42,834,267	$	10,264,429
Undistributed net investment income (loss)		506,903		210,111		74,990		47,929		13,962		3,987
Accumulated net realized gain (loss) on total investments		68,762		392,232		345,255		245,097		22,952		38,276
Net unrealized appreciation (depreciation) on total investments		113,748,534		147,402,151		57,411,878		37,302,935		6,858,406		378,876
NET ASSETS	$	551,302,509	$	640,085,398	$	314,288,655	$	208,036,057	$	49,729,587	$	10,685,568

INSTITUTIONAL CLASS:
Net assets	$	370,682,232	$	462,813,520	$	189,643,577	$	122,783,173	$	34,367,093	$	8,556,393
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		22,098,516		27,101,394		11,156,290		7,228,343		2,543,444		821,730
Net asset value per share		$16.77		$17.08		$17.00		$16.99		$13.51		$10.41


PREMIER CLASS:
Net assets	$	108,817,145	$	102,990,701	$	78,808,976	$	54,208,077	$	7,694,973	$	1,062,252
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,513,330		6,055,413		4,653,421		3,204,247		570,380		102,079
Net asset value per share		$16.71		$17.01		$16.94		$16.92		$13.49		$10.41

RETIREMENT CLASS:
Net assets	$	71,803,132	$	74,281,177	$	45,836,102	$	31,044,807	$	7,667,521	$	1,066,923
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,310,967		4,379,248		2,715,258		1,840,898		568,981		102,571
Net asset value per share		$16.66		$16.96		$16.88		$16.86		$13.48		$10.40
‡ Affiliated investments, cost	$	436,431,227	$	490,839,672	$	255,636,037	$	169,587,602	$	42,493,393	$	10,309,969

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Statements of operations

TIAA-CREF Lifecycle Index Funds ■ For the period or year ended May 31, 2015

	Lifecycle Index
	Retirement			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index
	Income Fund			2010 Fund			2015 Fund			2020 Fund			2025 Fund			2030 Fund

INVESTMENT INCOME
Dividends from affiliated investments	$	837,702		$	3,741,432		$	6,843,964		$	10,617,476		$	10,737,060		$	11,369,169
Total income		837,702			3,741,432			6,843,964			10,617,476			10,737,060			11,369,169


EXPENSES
Management fees		39,338			173,452			314,619			483,047			484,728			508,253
Shareholder servicing — Institutional Class		261			304			431			534			525			570
Shareholder servicing — Premier Class		239			229			255			300			297			305
Shareholder servicing — Retirement Class		11,407			83,133			129,519			196,307			178,656			164,705
Distribution fees — Premier Class		15,063			35,399			82,601			166,421			162,475			179,831
Distribution fees — Retirement Class		2,205			16,556			25,821			39,169			35,639			32,844
Registration fees		39,833			44,995			46,892			47,960			47,520			47,988
Professional fees		23,345			23,929			24,347			25,115			25,192			25,236
Custody and accounting fees		12,214			12,139			12,151			12,185			12,139			12,138
Shareholder reports		9,930			17,432			25,440			34,973			35,717			37,036
Administrative service fees		1,200			5,469			9,828			14,822			14,992			15,670
Trustee fees and expenses		372			1,466			2,688			4,137			4,119			4,326
Other expenses		7,230			11,066			14,775			26,142			24,506			26,787
Total expenses		162,637			425,569			689,367			1,051,112			1,026,505			1,055,689
Less: Expenses reimbursed by the investment adviser		(94,627	)		(116,429	)		(136,750	)		(166,206	)		(165,388	)		(170,462	)
Fee waiver by investment adviser and TPIS		(25,807	)		(115,420	)		(173,695	)		(232,388	)		(181,058	)		(170,733	)
Net expenses		42,203			193,720			378,922			652,518			680,059			714,494


Net Investment income (loss)		795,499			3,547,712			6,465,042			9,964,958			10,057,001			10,654,675

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		(108,264	)		(230,515	)		(262,848	)		(623,110	)		(516,758	)		(467,157	)
Realized gain distributions from affiliated investments		83,977			405,257			792,086			1,350,070			1,478,640			1,684,548
Realized gain (loss) from sale of unaffiliated investments		5,224			(841	)		(10,307	)		(8,311	)		—			—
Net realized gain (loss) from investments		(19,063	)		173,901			518,931			718,649			961,882			1,217,391
Net change in unrealized appreciation (depreciation) from affiliated investments		1,005,686			4,614,260			9,304,103			16,807,467			18,867,924			22,020,411
Net realized and unrealized gain (loss) from investments		986,623			4,788,161			9,823,034			17,526,116			19,829,806			23,237,802
Net increase (decrease) in net assets from operations	$	1,782,122		$	8,335,873		$	16,288,076		$	27,491,074		$	29,886,807		$	33,892,477

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Statements of operations

concluded

TIAA-CREF Lifecycle Index Funds ■ For the period or year ended May 31, 2015

	Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index
	2035 Fund			2040 Fund			2045 Fund			2050 Fund			2055 Fund			2060 Fund		*

INVESTMENT INCOME
Dividends from affiliated investments	$	10,803,245		$	12,862,170		$	5,923,280		$	3,839,961		$	880,288		$	219,819
Total income		10,803,245			12,862,170			5,923,280			3,839,961			880,288			219,819

EXPENSES
Management fees		484,781			573,663			264,583			171,484			38,829			6,957
Shareholder servicing — Institutional Class		565			672			402			449			340			1,326
Shareholder servicing — Premier Class		288			285			263			243			227			1,324
Shareholder servicing — Retirement Class		128,117			128,929			77,752			50,539			12,476			3,109
Distribution fees — Premier Class		148,791			142,250			105,455			69,442			8,690			1,042
Distribution fees — Retirement Class		25,533			25,698			15,469			10,017			2,416			347
Registration fees		47,768			47,600			46,972			44,590			37,746			52,000
Professional fees		25,217			25,462			24,273			23,851			23,333			28,081
Custody and accounting fees		12,134			12,135			12,126			12,123			12,119			8,155
Shareholder reports		35,649			40,273			23,986			18,966			10,524			13,312
Administrative service fees		15,020			17,806			8,186			5,269			1,131			229
Trustee fees and expenses		4,100			4,829			2,310			1,481			360			74
Other expenses		23,206			26,773			18,396			14,681			7,994			4,962
Total expenses		951,169			1,046,375			600,173			423,135			156,185			120,918
Less: Expenses reimbursed by the investment adviser		(164,281	)		(176,221	)		(137,234	)		(122,046	)		(94,115	)		(110,782	)
Fee waiver by investment adviser and TPIS		(122,489	)		(140,430	)		(68,385	)		(44,313	)		(10,182	)		(1,738	)
Net expenses		664,399			729,724			394,554			256,776			51,888			8,398


Net investment income (loss)		10,138,846			12,132,446			5,528,726			3,583,185			828,400			211,421

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		(469,430	)		(404,701	)		(257,377	)		(111,703	)		(55,793	)		2,523
Realized gain distributions from affiliated investments		1,718,667			2,172,286			1,000,241			648,427			148,920			38,349
Realized gain (loss) from sale of unaffiliated investments		—			—			—			15,000			6,963			—
Net realized gain (loss) from investments		1,249,237			1,767,585			742,864			551,724			100,090			40,872
Net change in unrealized appreciation (depreciation)
from affiliated investments		22,603,252			28,744,406			13,354,063			8,710,548			2,024,770			378,876
Net realized and unrealized gain (loss) from investments		23,852,489			30,511,991			14,096,927			9,262,272			2,124,860			419,748
Net increase (decrease) in net assets from operations	$	33,991,335		$	42,644,437		$	19,625,653		$	12,845,457		$	2,953,260		$	631,169

* For the period September 26, 2014 to May 31, 2015.

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Statements of changes in net assets

TIAA-CREF Lifecycle Index Funds ■ For the period or year ended

		Lifecycle Index Retirement Income Fund							Lifecycle Index 2010 Fund						Lifecycle Index 2015 Fund
			May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014

OPERATIONS
Net investment income (loss)			$	795,499		$	550,196		$	3,547,712		$	2,449,524		$	6,465,042		$	4,504,344
Net realized gain (loss) from investments				(19,063	)		21,904			173,901			719,473			518,931			1,091,128
Net change in unrealized appreciation (depreciation) from affiliated investments				1,005,686			2,043,549			4,614,260			9,852,506			9,304,103			20,387,867
Net increase (decrease) in net assets from operations				1,782,122			2,615,649			8,335,873			13,021,503			16,288,076			25,983,339

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			(518,390	)		(361,875	)		(2,414,274	)		(1,721,001	)		(4,333,850	)		(3,048,575	)
	Premier Class			(189,858	)		(155,653	)		(453,838	)		(331,844	)		(1,042,037	)		(773,216	)
	Retirement Class			(84,418	)		(18,891	)		(612,078	)		(205,425	)		(959,955	)		(366,278	)
From realized gains:	Institutional Class			(55,112	)		(105,311	)		(287,213	)		(858,871	)		(351,286	)		(1,307,482	)
	Premier Class			(21,423	)		(48,997	)		(58,065	)		(184,751	)		(90,921	)		(364,512	)
	Retirement Class			(12,017	)		(6,047	)		(80,636	)		(115,731	)		(86,080	)		(177,500	)
Total distributions				(881,218	)		(696,774	)		(3,906,104	)		(3,417,623	)		(6,864,129	)		(6,037,563	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			8,742,200			8,927,123			23,468,563			30,332,071			44,357,564			49,237,790
	Premier Class			4,166,644			1,719,790			4,110,939			4,762,753			7,480,789			10,290,022
	Retirement Class			7,885,953			672,499			20,086,523			16,326,388			31,910,565			20,691,879
Reinvestments of distributions:	Institutional Class			573,502			467,186			2,701,487			2,579,872			4,685,136			4,356,057
	Premier Class			211,281			204,650			511,903			516,595			1,132,958			1,137,728
	Retirement Class			96,435			24,938			692,714			321,156			1,046,035			543,778
Redemptions:	Institutional Class			(4,240,103	)		(4,512,279	)		(16,102,027	)		(14,375,897	)		(25,269,513	)		(21,138,860	)
	Premier Class			(4,371,219	)		(1,379,478	)		(4,670,172	)		(10,096,937	)		(8,649,851	)		(15,467,876	)
	Retirement Class			(1,015,491	)		(70,976	)		(6,547,665	)		(2,262,754	)		(8,973,555	)		(3,457,820	)
Net increase (decrease) from shareholder transactions				12,049,202			6,053,453			24,252,265			28,103,247			47,720,128			46,192,698
Net increase (decrease) in net assets				12,950,106			7,972,328			28,682,034			37,707,127			57,144,075			66,138,474

NET ASSETS
Beginning of period				34,152,628			26,180,300			158,900,990			121,193,863			284,349,641			218,211,167
End of period			$	47,102,734		$	34,152,628		$	187,583,024		$	158,900,990		$	341,493,716		$	284,349,641
Undistributed net investment income (loss) included in net assets			$	69,914		$	55,895		$	683,046		$	565,893		$	1,130,610		$	911,509

CHANGE IN FUND SHARES
Shares sold:	Institutional Class			663,016			710,428			1,687,681			2,295,886			3,090,084			3,643,472
	Premier Class			318,370			138,589			297,755			364,264			523,890			765,090
	Retirement Class			598,002			53,172			1,454,284			1,242,247			2,238,633			1,532,696
Shares reinvested:	Institutional Class			43,841			37,486			197,189			197,238			331,105			323,390
	Premier Class			16,157			16,427			37,447			39,586			80,294			84,715
	Retirement Class			7,379			1,999			50,897			24,704			74,292			40,581
Shares redeemed:	Institutional Class			(322,379	)		(356,785	)		(1,158,700	)		(1,093,283	)		(1,758,855	)		(1,567,952	)
	Premier Class			(332,318	)		(110,170	)		(337,390	)		(765,331	)		(603,967	)		(1,146,007	)
	Retirement Class			(76,824	)		(5,574	)		(475,002	)		(174,548	)		(627,986	)		(261,162	)
Net increase (decrease) from shareholder transactions				915,244			485,572			1,754,161			2,130,763			3,347,490			3,414,823

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Statements of changes in net assets

continued

TIAA-CREF Lifecycle Index Funds ■ For the period or year ended

		Lifecycle Index 2020 Fund						Lifecycle Index 2025 Fund						Lifecycle Index 2030 Fund
		May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014

OPERATIONS
Net investment income (loss)		$	9,964,958		$	6,382,732		$	10,057,001		$	6,379,830		$	10,654,675		$	6,569,309
Net realized gain (loss) from investments			718,649			1,509,877			961,882			1,362,598			1,217,391			1,675,208
Net change in unrealized appreciation (depreciation) from affiliated investments			16,807,467			33,053,555			18,867,924			37,335,491			22,020,411			42,173,442
Net increase (decrease) in net assets from operations			27,491,074			40,946,164			29,886,807			45,077,919			33,892,477			50,417,959

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(6,028,814	)		(4,020,935	)		(6,378,810	)		(4,256,470	)		(6,772,553	)		(4,443,637	)
	Premier Class		(2,120,136	)		(1,509,911	)		(2,087,528	)		(1,424,084	)		(2,365,235	)		(1,599,383	)
	Retirement Class		(1,564,206	)		(470,311	)		(1,416,729	)		(409,377	)		(1,356,997	)		(348,974	)
From realized gains:	Institutional Class		(346,917	)		(1,344,769	)		(389,005	)		(1,230,986	)		(334,829	)		(1,492,359	)
	Premier Class		(130,923	)		(549,988	)		(136,350	)		(452,262	)		(125,053	)		(581,173	)
	Retirement Class		(97,770	)		(176,416	)		(94,381	)		(134,113	)		(72,604	)		(131,599	)
Total distributions			(10,288,766	)		(8,072,330	)		(10,502,803	)		(7,907,292	)		(11,027,271	)		(8,597,125	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		67,681,085			64,297,407			65,200,809			64,872,966			71,167,801			66,895,555
	Premier Class		17,079,376			18,834,832			19,879,291			20,164,290			21,196,094			22,046,650
	Retirement Class		67,723,842			25,700,053			52,537,480			35,610,972			55,812,744			25,465,119
Reinvestments of distributions:	Institutional Class		6,375,731			5,365,704			6,767,815			5,487,456			7,107,382			5,935,996
	Premier Class		2,251,059			2,059,899			2,223,878			1,876,346			2,490,288			2,180,556
	Retirement Class		1,661,976			646,727			1,511,110			543,490			1,429,601			480,573
Redemptions:	Institutional Class		(17,431,342	)		(13,163,866	)		(16,549,470	)		(11,347,961	)		(16,194,562	)		(10,566,390	)
	Premier Class		(10,161,502	)		(15,115,884	)		(6,150,362	)		(14,448,566	)		(8,108,961	)		(12,590,150	)
	Retirement Class		(9,583,421	)		(2,763,099	)		(6,389,425	)		(9,099,716	)		(5,477,662	)		(8,032,383	)
Net increase (decrease) from shareholder transactions			125,596,804			85,861,773			119,031,126			93,659,277			129,422,725			91,815,526
Net increase (decrease) in net assets			142,799,112			118,735,607			138,415,130			130,829,904			152,287,931			133,636,360

NET ASSETS
Beginning of period			414,056,156			295,320,549			418,384,635			287,554,731			432,553,502			298,917,142
End of period		$	556,855,268		$	414,056,156		$	556,799,765		$	418,384,635		$	584,841,433		$	432,553,502
Undistributed net investment income (loss) included in net assets		$	1,470,323		$	1,081,662		$	1,169,876		$	860,938		$	934,300		$	635,147

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		4,548,510			4,610,155			4,245,226			4,540,498			4,480,450			4,540,611
	Premier Class		1,153,348			1,357,041			1,299,479			1,419,038			1,343,295			1,512,549
	Retirement Class		4,587,108			1,840,223			3,439,698			2,482,926			3,554,266			1,726,879
Shares reinvested:	Institutional Class		434,610			386,022			446,721			383,202			454,146			402,713
	Premier Class		153,971			148,622			147,179			131,397			159,634			148,438
	Retirement Class		113,912			46,763			100,273			38,140			91,877			32,759
Shares redeemed:	Institutional Class		(1,170,897	)		(945,904	)		(1,067,929	)		(791,680	)		(1,004,460	)		(721,019	)
	Premier Class		(683,637	)		(1,077,711	)		(401,175	)		(1,003,805	)		(510,811	)		(848,543	)
	Retirement Class		(651,333	)		(205,919	)		(418,963	)		(639,209	)		(347,750	)		(566,767	)
Net increase (decrease) from shareholder transactions			8,485,592			6,159,292			7,790,509			6,560,507			8,220,647			6,227,620

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Statements of changes in net assets

continued

TIAA-CREF Lifecycle Index Funds ■ For the period or year ended

		Lifecycle Index 2035 Fund						Lifecycle Index 2040 Fund						Lifecycle Index 2045 Fund
		May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014

OPERATIONS
Net investment income (loss)		$	10,138,846		$	6,520,424		$	12,132,446		$	7,874,694		$	5,528,726		$	3,214,055
Net realized gain (loss) from investments			1,249,237			1,580,625			1,767,585			2,150,938			742,864			559,573
Net change in unrealized appreciation (depreciation) from affiliated investments			22,603,252			45,284,338			28,744,406			57,069,543			13,354,063			24,113,913
Net increase (decrease) in net assets from operations			33,991,335			53,385,387			42,644,437			67,095,175			19,625,653			27,887,541

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(7,134,521	)		(4,822,566	)		(9,292,874	)		(6,284,563	)		(3,543,871	)		(2,102,157	)
	Premier Class		(1,973,182	)		(1,339,108	)		(1,915,825	)		(1,335,079	)		(1,424,060	)		(958,103	)
	Retirement Class		(1,000,812	)		(326,909	)		(1,045,690	)		(377,089	)		(613,377	)		(205,594	)
From realized gains:	Institutional Class		(379,448	)		(1,427,292	)		(491,064	)		(1,990,988	)		(168,379	)		(444,520	)
	Premier Class		(112,168	)		(427,443	)		(108,162	)		(455,110	)		(72,182	)		(217,102	)
	Retirement Class		(58,208	)		(108,222	)		(60,082	)		(133,373	)		(31,740	)		(48,250	)
Total distributions			(10,658,339	)		(8,451,540	)		(12,913,697	)		(10,576,202	)		(5,853,609	)		(3,975,726	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		69,315,705			64,310,909			82,291,825			72,784,443			52,984,952			40,316,174
	Premier Class		19,074,538			22,489,647			18,660,791			18,905,337			14,480,480			14,488,294
	Retirement Class		41,247,673			21,330,321			42,391,440			16,554,780			27,078,595			10,631,671
Reinvestments of distributions:	Institutional Class		7,513,969			6,249,858			9,783,938			8,275,551			3,712,250			2,546,677
	Premier Class		2,085,350			1,766,551			2,023,987			1,790,189			1,496,242			1,175,205
	Retirement Class		1,059,020			435,131			1,105,772			510,462			645,117			253,844
Redemptions:	Institutional Class		(18,969,804	)		(9,383,744	)		(30,640,010	)		(9,289,872	)		(10,604,630	)		(5,664,290	)
	Premier Class		(8,037,624	)		(12,240,426	)		(10,107,035	)		(10,608,277	)		(4,359,870	)		(4,103,385	)
	Retirement Class		(6,999,170	)		(7,286,332	)		(5,688,540	)		(5,281,152	)		(3,508,908	)		(1,779,235	)
Net increase (decrease) from shareholder transactions			106,289,657			87,671,915			109,822,168			93,641,461			81,924,228			57,864,955
Net increase (decrease) in net assets			129,622,653			132,605,762			139,552,908			150,160,434			95,696,272			81,776,770

NET ASSETS
Beginning of period			421,679,856			289,074,094			500,532,490			350,372,056			218,592,383			136,815,613
End of period		$	551,302,509		$	421,679,856		$	640,085,398		$	500,532,490		$	314,288,655		$	218,592,383
Undistributed net investment income (loss) included in net assets		$	506,903		$	349,044		$	210,111		$	185,013		$	74,990		$	59,869

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		4,238,091			4,272,866			4,955,693			4,780,939			3,205,296			2,667,752
	Premier Class		1,173,039			1,507,143			1,129,196			1,253,665			880,497			961,849
	Retirement Class		2,539,670			1,411,155			2,567,249			1,082,451			1,646,111			699,654
Shares reinvested:	Institutional Class		466,416			412,804			598,040			539,475			227,885			166,777
	Premier Class		129,847			117,067			124,095			117,006			92,133			77,164
	Retirement Class		66,106			28,893			67,964			33,429			39,846			16,700
Shares redeemed:	Institutional Class		(1,141,888	)		(620,353	)		(1,791,709	)		(612,485	)		(626,029	)		(372,317	)
	Premier Class		(492,345	)		(804,106	)		(609,590	)		(688,021	)		(264,850	)		(269,117	)
	Retirement Class		(433,395	)		(505,204	)		(343,834	)		(377,351	)		(215,095	)		(126,864	)
Net increase (decrease) from shareholder transactions			6,545,541			5,820,265			6,697,104			6,129,108			4,985,794			3,821,598

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Statements of changes in net assets

concluded

TIAA-CREF Lifecycle Index Funds ■ For the period or year ended

		Lifecycle Index 2050 Fund						Lifecycle Index 2055 Fund						Lifecycle Index 2060 Fund*
		May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014			May 31, 2015

OPERATIONS
Net investment income (loss)		$	3,583,185		$	2,048,682		$	828,400		$	417,571		$	211,421
Net realized gain (loss) from investments			551,724			386,741			100,090			70,965			40,872
Net change in unrealized appreciation (depreciation) from affiliated investments			8,710,548			15,591,645			2,024,770			3,083,966			378,876
Net increase (decrease) in net assets from operations			12,845,457			18,027,068			2,953,260			3,572,502			631,169

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(2,290,860	)		(1,360,609	)		(613,877	)		(334,323	)		(169,184	)
	Premier Class		(931,907	)		(593,959	)		(115,459	)		(57,620	)		(20,752	)
	Retirement Class		(394,733	)		(128,769	)		(105,568	)		(31,206	)		(20,489	)
From realized gains:	Institutional Class		(135,206	)		(284,325	)		(30,939	)		(72,259	)		—
	Premier Class		(58,601	)		(132,660	)		(6,170	)		(13,229	)		—
	Retirement Class		(25,268	)		(29,828	)		(5,711	)		(7,541	)		—
Total distributions			(3,836,575	)		(2,530,150	)		(877,724	)		(516,178	)		(210,425	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		34,992,367			25,476,811			11,122,335			6,873,016			8,049,017
	Premier Class		13,049,655			11,193,406			2,993,845			1,833,843			1,000,000
	Retirement Class		19,577,086			6,113,222			5,316,312			771,230			1,005,382
Reinvestments of distributions:	Institutional Class		2,426,066			1,644,934			644,816			406,582			169,184
	Premier Class		990,508			726,619			121,629			70,849			20,752
	Retirement Class		420,001			158,597			111,279			38,747			20,489
Redemptions:	Institutional Class		(6,233,167	)		(8,325,852	)		(1,334,672	)		(570,556	)		—
	Premier Class		(2,891,620	)		(2,703,286	)		(242,514	)		(139,514	)		—
	Retirement Class		(1,822,832	)		(1,050,195	)		(439,525	)		(56,843	)		—
Net increase (decrease) from shareholder transactions			60,508,064			33,234,256			18,293,505			9,227,354			10,264,824
Net increase (decrease) in net assets			69,516,946			48,731,174			20,369,041			12,283,678			10,685,568

NET ASSETS
Beginning of period			138,519,111			89,787,937			29,360,546			17,076,868			—
End of period		$	208,036,057		$	138,519,111		$	49,729,587		$	29,360,546		$	10,685,568
Undistributed net investment income (loss) included in net assets		$	47,929		$	38,354		$	13,962		$	10,385		$	3,987

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		2,120,273			1,690,102			847,602			566,855			804,778
	Premier Class		794,071			742,580			228,174			151,334			100,000
	Retirement Class		1,191,267			401,043			405,560			63,341			100,518
Shares reinvested:	Institutional Class		149,021			107,794			49,792			33,491			16,952
	Premier Class		61,067			47,773			9,400			5,841			2,079
	Retirement Class		25,958			10,448			8,606			3,192			2,053
Shares redeemed:	Institutional Class		(366,713	)		(544,657	)		(99,045	)		(47,010	)		—
	Premier Class		(175,684	)		(179,983	)		(18,466	)		(11,719	)		—
	Retirement Class		(111,288	)		(71,112	)		(33,534	)		(4,689	)		—
Net increase (decrease) from shareholder transactions			3,687,972			2,203,988			1,398,089			760,636			1,026,380

*	For the period September 26, 2014 to May 31, 2015.

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Financial highlights

TIAA-CREF Lifecycle Index Funds

			Selected per share data																								Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																					Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain	Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations		Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE INDEX RETIREMENT INCOME FUND
Institutional Class:	5/31/15			$13.06		$0.27			$0.33			$0.60		$(0.28	)		$(0.03	)		$(0.31	)		$13.35		4.66	%		$28,537			0.34	%		0.04	%		2.08	%		35	%
	5/31/14			12.29		0.24			0.84			1.08		(0.24	)		(0.07	)		(0.31	)		13.06		8.87			22,907			0.44			0.04			1.90			26
	5/31/13			11.35		0.22			0.94			1.16		(0.22	)		(0.00	)^d		(0.22	)		12.29		10.28			16,754			0.56			0.05			1.82			24
	5/31/12			11.36		0.23			0.03			0.26		(0.24	)		(0.03	)		(0.27	)		11.35		2.36			11,470			0.82			0.06			2.06			25
	5/31/11	^†		10.65		0.18			0.73			0.91		(0.16	)		(0.04	)		(0.20	)		11.36		8.56	^b		7,447			0.76	^c		0.06	^c		2.47	^c		13	^b
	9/30/10			10.00		0.22			0.65			0.87		(0.22	)		—			(0.22	)		10.65		8.82			5,690			1.74			0.08			2.19			39
Premier Class:	5/31/15			13.05		0.25			0.33			0.58		(0.26	)		(0.03	)		(0.29	)		13.34		4.50			9,788			0.49			0.19			1.90			35
	5/31/14			12.29		0.22			0.83			1.05		(0.22	)		(0.07	)		(0.29	)		13.05		8.63			9,550			0.59			0.19			1.75			26
	5/31/13			11.34		0.22			0.93			1.15		(0.20	)		(0.00	)^d		(0.20	)		12.29		10.23			8,439			0.69			0.20			1.85			24
	5/31/12			11.35		0.22			0.02			0.24		(0.22	)		(0.03	)		(0.25	)		11.34		2.21			2,568			0.98			0.21			1.96			25
	5/31/11	^†		10.65		0.16			0.73			0.89		(0.15	)		(0.04	)		(0.19	)		11.35		8.40	^b		1,833			0.93	^c		0.21	^c		2.26	^c		13	^b
	9/30/10			10.00		0.23			0.63			0.86		(0.21	)		—			(0.21	)		10.65		8.67			272			1.91			0.23			2.24			39
Retirement Class:	5/31/15			13.05		0.25			0.31			0.56		(0.25	)		(0.03	)		(0.28	)		13.33		4.35			8,778			0.65			0.29			1.95			35
	5/31/14			12.29		0.20			0.84			1.04		(0.21	)		(0.07	)		(0.28	)		13.05		8.53			1,696			0.76			0.29			1.60			26
	5/31/13			11.34		0.20			0.94			1.14		(0.19	)		(0.00	)^d		(0.19	)		12.29		10.12			987			0.88			0.30			1.65			24
	5/31/12			11.36		0.21			0.01			0.22		(0.21	)		(0.03	)		(0.24	)		11.34		2.02			622			1.16			0.31			1.89			25
	5/31/11	^†		10.65		0.16			0.73			0.89		(0.14	)		(0.04	)		(0.18	)		11.36		8.44	^b		342			1.14	^c		0.31	^c		2.16	^c		13	^b
	9/30/10			10.00		0.22			0.63			0.85		(0.20	)		—			(0.20	)		10.65		8.56			274			2.07			0.33			2.13			39

LIFECYCLE INDEX 2010 FUND
Institutional Class:	5/31/15			13.72		0.29			0.38			0.67		(0.29	)		(0.03	)		(0.32	)		14.07		4.96			122,842			0.17			0.04			2.12			14
	5/31/14			12.81		0.25			1.02			1.27		(0.24	)		(0.12	)		(0.36	)		13.72		10.02			109,776			0.19			0.05			1.92			17
	5/31/13			11.60		0.23			1.20			1.43		(0.21	)		(0.01	)		(0.22	)		12.81		12.45			84,599			0.21			0.06			1.83			13
	5/31/12			11.75		0.23			(0.13	)		0.10		(0.22	)		(0.03	)		(0.25	)		11.60		0.92			64,002			0.26			0.07			2.02			25
	5/31/11	^†		10.84		0.20			0.89			1.09		(0.17	)		(0.01	)		(0.18	)		11.75		10.14	^b		49,573			0.28	^c		0.07	^c		2.63	^c		38	^b
	9/30/10			10.00		0.17			0.72			0.89		(0.05	)		—			(0.05	)		10.84		8.94			30,599			0.80			0.07			1.65			43
Premier Class:	5/31/15			13.68		0.27			0.39			0.66		(0.27	)		(0.03	)		(0.30	)		14.04		4.89			23,379			0.32			0.19			1.97			14
	5/31/14			12.77		0.21			1.03			1.24		(0.21	)		(0.12	)		(0.33	)		13.68		9.85			22,820			0.34			0.20			1.62			17
	5/31/13			11.57		0.22			1.19			1.41		(0.20	)		(0.01	)		(0.21	)		12.77		12.28			25,923			0.36			0.21			1.79			13
	5/31/12			11.73		0.21			(0.13	)		0.08		(0.21	)		(0.03	)		(0.24	)		11.57		0.74			12,701			0.41			0.22			1.86			25
	5/31/11	^†		10.83		0.17			0.91			1.08		(0.17	)		(0.01	)		(0.18	)		11.73		10.02	^b		7,766			0.43	^c		0.22	^c		2.33	^c		38	^b
	9/30/10			10.00		0.21			0.67			0.88		(0.05	)		—			(0.05	)		10.83		8.79			753			1.04			0.23			2.08			43
Retirement Class:	5/31/15			13.63		0.25			0.38			0.63		(0.26	)		(0.03	)		(0.29	)		13.97		4.70			41,362			0.47			0.29			1.83			14
	5/31/14			12.74		0.19			1.03			1.22		(0.21	)		(0.12	)		(0.33	)		13.63		9.70			26,305			0.49			0.30			1.49			17
	5/31/13			11.54		0.20			1.21			1.41		(0.20	)		(0.01	)		(0.21	)		12.74		12.26			10,672			0.51			0.31			1.63			13
	5/31/12			11.72		0.21			(0.15	)		0.06		(0.21	)		(0.03	)		(0.24	)		11.54		0.58			4,044			0.56			0.32			1.80			25
	5/31/11	^†		10.82		0.15			0.92			1.07		(0.16	)		(0.01	)		(0.17	)		11.72		9.98	^b		695			0.63	^c		0.32	^c		2.00	^c		38	^b
	9/30/10			10.00		0.21			0.65			0.86		(0.04	)		—			(0.04	)		10.82		8.67			300			1.22			0.33			2.01			43

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																						Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain		Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE INDEX 2015 FUND
Institutional Class:	5/31/15			$14.14		$0.31			$0.44			$0.75			$(0.30	)		$(0.02	)		$(0.32	)		$14.57		5.37	%		$221,139			0.14	%		0.05	%		2.13	%		12	%
	5/31/14			13.07		0.26			1.15			1.41			(0.24	)		(0.10	)		(0.34	)		14.14		10.97			191,164			0.16			0.06			1.94			16
	5/31/13			11.64		0.23			1.42			1.65			(0.21	)		(0.01	)		(0.22	)		13.07		14.26			145,288			0.18			0.07			1.82			10
	5/31/12			11.90		0.23			(0.27	)		(0.04	)		(0.21	)		(0.01	)		(0.22	)		11.64		(0.21	)		102,292			0.22			0.08			1.96			21
	5/31/11	^†		10.85		0.19			1.03			1.22			(0.17	)		—			(0.17	)		11.90		11.43	^b		74,426			0.24	^c		0.08	^c		2.49	^c		13	^b
	9/30/10			10.00		0.14			0.75			0.89			(0.04	)		—			(0.04	)		10.85		8.96			43,294			0.64			0.07			1.38			23
Premier Class:	5/31/15			14.10		0.28			0.43			0.71			(0.27	)		(0.02	)		(0.29	)		14.52		5.16			55,574			0.29			0.20			1.96			12
	5/31/14			13.02		0.22			1.18			1.40			(0.22	)		(0.10	)		(0.32	)		14.10		10.92			53,952			0.31			0.21			1.67			16
	5/31/13			11.61		0.24			1.38			1.62			(0.20	)		(0.01	)		(0.21	)		13.02		14.04			53,709			0.33			0.22			1.91			10
	5/31/12			11.88		0.21			(0.27	)		(0.06	)		(0.20	)		(0.01	)		(0.21	)		11.61		(0.39	)		15,447			0.37			0.23			1.81			21
	5/31/11	^†		10.83		0.18			1.04			1.22			(0.17	)		—			(0.17	)		11.88		11.41	^b		9,054			0.40	^c		0.22	^c		2.44	^c		13	^b
	9/30/10			10.00		0.20			0.67			0.87			(0.04	)		—			(0.04	)		10.83		8.72			758			0.90			0.23			1.97			23
Retirement Class:	5/31/15			14.06		0.26			0.45			0.71			(0.27	)		(0.02	)		(0.29	)		14.48		5.12			64,781			0.44			0.30			1.85			12
	5/31/14			13.00		0.21			1.16			1.37			(0.21	)		(0.10	)		(0.31	)		14.06		10.73			39,234			0.46			0.31			1.53			16
	5/31/13			11.59		0.20			1.41			1.61			(0.19	)		(0.01	)		(0.20	)		13.00		13.95			19,214			0.48			0.32			1.61			10
	5/31/12			11.86		0.19			(0.25	)		(0.06	)		(0.20	)		(0.01	)		(0.21	)		11.59		(0.40	)		9,527			0.51			0.33			1.63			21
	5/31/11	^†		10.83		0.11			1.09			1.20			(0.17	)		—			(0.17	)		11.86		11.18	^b		1,880			0.56	^c		0.33	^c		1.46	^c		13	^b
	9/30/10			10.00		0.20			0.67			0.87			(0.04	)		—			(0.04	)		10.83		8.69			327			1.07			0.33			1.89			23

LIFECYCLE INDEX 2020 FUND
Institutional Class:	5/31/15			14.62		0.32			0.53			0.85			(0.30	)		(0.02	)		(0.32	)		15.15		5.90			327,209			0.13			0.06			2.13			9
	5/31/14			13.32		0.27			1.36			1.63			(0.25	)		(0.08	)		(0.33	)		14.62		12.42			260,171			0.15			0.06			1.95			10
	5/31/13			11.63		0.23			1.67			1.90			(0.21	)		(0.00	)^d		(0.21	)		13.32		16.51			183,056			0.17			0.07			1.83			8
	5/31/12			12.04		0.22			(0.41	)		(0.19	)		(0.21	)		(0.01	)		(0.22	)		11.63		(1.49	)		121,899			0.21			0.09			1.87			14
	5/31/11	^†		10.85		0.19			1.18			1.37			(0.18	)		—			(0.18	)		12.04		12.74	^b		84,549			0.23	^c		0.08	^c		2.46	^c		11	^b
	9/30/10			10.00		0.12			0.78			0.90			(0.05	)		—			(0.05	)		10.85		9.00			51,737			0.62			0.07			1.16			22
Premier Class:	5/31/15			14.57		0.29			0.53			0.82			(0.28	)		(0.02	)		(0.30	)		15.09		5.70			117,293			0.28			0.21			1.98			9
	5/31/14			13.27		0.24			1.37			1.61			(0.23	)		(0.08	)		(0.31	)		14.57		12.30			104,180			0.30			0.21			1.71			10
	5/31/13			11.60		0.25			1.62			1.87			(0.20	)		(0.00	)^d		(0.20	)		13.27		16.29			89,233			0.32			0.22			1.96			8
	5/31/12			12.02		0.20			(0.41	)		(0.21	)		(0.20	)		(0.01	)		(0.21	)		11.60		(1.67	)		27,047			0.36			0.24			1.69			14
	5/31/11	^†		10.83		0.18			1.18			1.36			(0.17	)		—			(0.17	)		12.02		12.72	^b		19,670			0.38	^c		0.23	^c		2.35	^c		11	^b
	9/30/10			10.00		0.18			0.69			0.87			(0.04	)		—			(0.04	)		10.83		8.76			1,851			0.85			0.23			1.73			22
Retirement Class:	5/31/15			14.54		0.28			0.52			0.80			(0.28	)		(0.02	)		(0.30	)		15.04		5.55			112,353			0.43			0.31			1.93			9
	5/31/14			13.25		0.22			1.38			1.60			(0.23	)		(0.08	)		(0.31	)		14.54		12.19			49,705			0.45			0.31			1.58			10
	5/31/13			11.59		0.21			1.64			1.85			(0.19	)		(0.00	)^d		(0.19	)		13.25		16.13			23,032			0.47			0.32			1.64			8
	5/31/12			12.01		0.18			(0.40	)		(0.22	)		(0.19	)		(0.01	)		(0.20	)		11.59		(1.70	)		8,485			0.51			0.34			1.54			14
	5/31/11	^†		10.83		0.09			1.26			1.35			(0.17	)		—			(0.17	)		12.01		12.58	^b		2,363			0.54	^c		0.33	^c		1.19	^c		11	^b
	9/30/10			10.00		0.19			0.68			0.87			(0.04	)		—			(0.04	)		10.83		8.73			304			1.06			0.33			1.80			22

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																						Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain		Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE INDEX 2025 FUND
Institutional Class:	5/31/15			$15.09		$0.33			$0.61			$0.94			$(0.32	)		$(0.02	)		$(0.34	)		$15.69		6.31	%		$337,862			0.13	%		0.07	%		2.15	%		6	%
	5/31/14			13.57		0.28			1.58			1.86			(0.26	)		(0.08	)		(0.34	)		15.09		13.85			270,258			0.15			0.07			1.96			11
	5/31/13			11.63		0.23			1.93			2.16			(0.22	)		(0.00	)^d		(0.22	)		13.57		18.71			187,069			0.17			0.08			1.84			8
	5/31/12			12.18		0.21			(0.55	)		(0.34	)		(0.20	)		(0.01	)		(0.21	)		11.63		(2.70	)		120,360			0.21			0.09			1.80			12
	5/31/11	^†		10.84		0.19			1.33			1.52			(0.18	)		—			(0.18	)		12.18		14.21	^b		86,413			0.23	^c		0.08	^c		2.47	^c		9	^b
	9/30/10			10.00		0.10			0.79			0.89			(0.05	)		—			(0.05	)		10.84		8.96			51,228			0.65			0.07			0.97			16
Premier Class:	5/31/15			15.04		0.30			0.61			0.91			(0.30	)		(0.02	)		(0.32	)		15.63		6.11			118,947			0.28			0.22			1.97			6
	5/31/14			13.53		0.24			1.59			1.83			(0.24	)		(0.08	)		(0.32	)		15.04		13.63			98,691			0.30			0.22			1.70			11
	5/31/13			11.61		0.27			1.86			2.13			(0.21	)		(0.00	)^d		(0.21	)		13.53		18.50			81,393			0.32			0.23			2.11			8
	5/31/12			12.16		0.19			(0.54	)		(0.35	)		(0.19	)		(0.01	)		(0.20	)		11.61		(2.79	)		18,118			0.36			0.24			1.64			12
	5/31/11	^†		10.83		0.18			1.33			1.51			(0.18	)		—			(0.18	)		12.16		14.09	^b		11,066			0.39	^c		0.23	^c		2.38	^c		9	^b
	9/30/10			10.00		0.16			0.72			0.88			(0.05	)		—			(0.05	)		10.83		8.82			1,664			0.89			0.23			1.61			16
Retirement Class:	5/31/15			15.00		0.29			0.60			0.89			(0.29	)		(0.02	)		(0.31	)		15.58		6.02			99,991			0.43			0.32			1.93			6
	5/31/14			13.50		0.21			1.60			1.81			(0.23	)		(0.08	)		(0.31	)		15.00		13.53			49,436			0.45			0.32			1.46			11
	5/31/13			11.58		0.21			1.91			2.12			(0.20	)		(0.00	)^d		(0.20	)		13.50		18.46			19,093			0.47			0.33			1.69			8
	5/31/12			12.15		0.19			(0.56	)		(0.37	)		(0.19	)		(0.01	)		(0.20	)		11.58		(2.97	)		5,837			0.51			0.34			1.64			12
	5/31/11	^†		10.82		0.13			1.38			1.51			(0.18	)		—			(0.18	)		12.15		14.06	^b		1,125			0.57	^c		0.33	^c		1.64	^c		9	^b
	9/30/10			10.00		0.17			0.70			0.87			(0.05	)		—			(0.05	)		10.82		8.69			324			1.10			0.33			1.69			16

LIFECYCLE INDEX 2030 FUND
Institutional Class:	5/31/15			15.56		0.34			0.70			1.04			(0.33	)		(0.02	)		(0.35	)		16.25		6.77			360,424			0.13			0.07			2.15			5
	5/31/14			13.84		0.29			1.80			2.09			(0.28	)		(0.09	)		(0.37	)		15.56		15.24			283,951			0.15			0.08			1.95			10
	5/31/13			11.65		0.24			2.17			2.41			(0.22	)		(0.00	)^d		(0.22	)		13.84		20.90			194,258			0.17			0.09			1.84			4
	5/31/12			12.35		0.20			(0.70	)		(0.50	)		(0.19	)		(0.01	)		(0.20	)		11.65		(3.89	)		124,802			0.21			0.10			1.74			10
	5/31/11	^†		10.86		0.19			1.49			1.68			(0.19	)		—			(0.19	)		12.35		15.64	^b		91,910			0.22	^c		0.09	^c		2.45	^c		9	^b
	9/30/10			10.00		0.07			0.83			0.90			(0.04	)		—			(0.04	)		10.86		9.06			56,944			0.59			0.07			0.71			16
Premier Class:	5/31/15			15.50		0.32			0.70			1.02			(0.31	)		(0.02	)		(0.33	)		16.19		6.65			130,175			0.28			0.22			2.00			5
	5/31/14			13.80		0.25			1.80			2.05			(0.26	)		(0.09	)		(0.35	)		15.50		14.98			109,285			0.30			0.23			1.70			10
	5/31/13			11.62		0.26			2.14			2.40			(0.22	)		(0.00	)^d		(0.22	)		13.80		20.79			86,071			0.32			0.24			2.05			4
	5/31/12			12.32		0.18			(0.69	)		(0.51	)		(0.18	)		(0.01	)		(0.19	)		11.62		(4.00	)		22,673			0.36			0.25			1.55			10
	5/31/11	^†		10.84		0.18			1.49			1.67			(0.19	)		—			(0.19	)		12.32		15.54	^b		15,655			0.37	^c		0.24	^c		2.32	^c		9	^b
	9/30/10			10.00		0.16			0.72			0.88			(0.04	)		—			(0.04	)		10.84		8.82			1,095			0.83			0.23			1.56			16
Retirement Class:	5/31/15			15.46		0.31			0.69			1.00			(0.31	)		(0.02	)		(0.33	)		16.13		6.51			94,242			0.43			0.32			2.00			5
	5/31/14			13.77		0.21			1.82			2.03			(0.25	)		(0.09	)		(0.34	)		15.46		14.87			39,318			0.45			0.33			1.45			10
	5/31/13			11.60		0.21			2.16			2.37			(0.20	)		(0.00	)^d		(0.20	)		13.77		20.62			18,588			0.47			0.34			1.62			4
	5/31/12			12.31		0.18			(0.70	)		(0.52	)		(0.18	)		(0.01	)		(0.19	)		11.60		(4.10	)		7,553			0.51			0.35			1.53			10
	5/31/11	^†		10.83		0.12			1.54			1.66			(0.18	)		—			(0.18	)		12.31		15.52	^b		2,415			0.54	^c		0.34	^c		1.61	^c		9	^b
	9/30/10			10.00		0.15			0.72			0.87			(0.04	)		—			(0.04	)		10.83		8.69			455			1.01			0.33			1.48			16

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																						Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain		Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE INDEX 2035 FUND
Institutional Class:	5/31/15			$16.01		$0.35			$0.78			$1.13			$(0.35	)		$(0.02	)		$(0.37	)		$16.77		7.14	%		$370,682			0.13	%		0.08	%		2.15	%		5	%
	5/31/14			14.08		0.29			2.02			2.31			(0.29	)		(0.09	)		(0.38	)		16.01		16.51			296,719			0.15			0.08			1.96			9
	5/31/13			11.63		0.24			2.44			2.68			(0.23	)		(0.00	)^d		(0.23	)		14.08		23.25			203,726			0.17			0.09			1.86			7
	5/31/12			12.48		0.20			(0.85	)		(0.65	)		(0.19	)		(0.01	)		(0.20	)		11.63		(5.07	)		125,358			0.21			0.10			1.68			19
	5/31/11	^†		10.84		0.19			1.65			1.84			(0.20	)		—			(0.20	)		12.48		17.12	^b		91,325			0.23	^c		0.09	^c		2.46	^c		10	^b
	9/30/10			10.00		0.05			0.84			0.89			(0.05	)		—			(0.05	)		10.84		8.91			56,430			0.61			0.07			0.52			10
Premier Class:	5/31/15			15.95		0.32			0.79			1.11			(0.33	)		(0.02	)		(0.35	)		16.71		7.02			108,817			0.28			0.23			1.99			5
	5/31/14			14.03		0.25			2.03			2.28			(0.27	)		(0.09	)		(0.36	)		15.95		16.34			90,943			0.30			0.23			1.69			9
	5/31/13			11.60		0.28			2.37			2.65			(0.22	)		(0.00	)^d		(0.22	)		14.03		23.06			68,495			0.32			0.24			2.17			7
	5/31/12			12.46		0.17			(0.84	)		(0.67	)		(0.18	)		(0.01	)		(0.19	)		11.60		(5.26	)		13,777			0.36			0.25			1.49			19
	5/31/11	^†		10.83		0.18			1.64			1.82			(0.19	)		—			(0.19	)		12.46		17.00	^b		7,916			0.38	^c		0.24	^c		2.31	^c		10	^b
	9/30/10			10.00		0.14			0.73			0.87			(0.04	)		—			(0.04	)		10.83		8.77			1,336			0.85			0.23			1.40			10
Retirement Class:	5/31/15			15.91		0.31			0.78			1.09			(0.32	)		(0.02	)		(0.34	)		16.66		6.92			71,803			0.43			0.33			1.91			5
	5/31/14			14.00		0.22			2.04			2.26			(0.26	)		(0.09	)		(0.35	)		15.91		16.23			34,019			0.45			0.33			1.45			9
	5/31/13			11.57		0.21			2.43			2.64			(0.21	)		(0.00	)^d		(0.21	)		14.00		23.00			16,853			0.47			0.34			1.63			7
	5/31/12			12.44		0.18			(0.86	)		(0.68	)		(0.18	)		(0.01	)		(0.19	)		11.57		(5.36	)		6,337			0.51			0.35			1.52			19
	5/31/11	^†		10.82		0.13			1.68			1.81			(0.19	)		—			(0.19	)		12.44		16.89	^b		1,597			0.55	^c		0.34	^c		1.61	^c		10	^b
	9/30/10			10.00		0.15			0.71			0.86			(0.04	)		—			(0.04	)		10.82		8.64			404			1.04			0.33			1.41			10

LIFECYCLE INDEX 2040 INDEX
Institutional Class:	5/31/15			16.25		0.36			0.85			1.21			(0.36	)		(0.02	)		(0.38	)		17.08		7.55			462,814			0.13			0.08			2.17			6
	5/31/14			14.19		0.30			2.15			2.45			(0.30	)		(0.09	)		(0.39	)		16.25		17.45			379,218			0.15			0.08			1.95			8
	5/31/13			11.62		0.24			2.57			2.81			(0.24	)		(0.00	)^d		(0.24	)		14.19		24.37			264,444			0.16			0.09			1.86			6
	5/31/12			12.52		0.20			(0.89	)		(0.69	)		(0.19	)		(0.02	)		(0.21	)		11.62		(5.42	)		170,934			0.19			0.10			1.70			17
	5/31/11	^†		10.87		0.19			1.66			1.85			(0.20	)		—			(0.20	)		12.52		17.19	^b		119,510			0.21	^c		0.09	^c		2.46	^c		10	^b
	9/30/10			10.00		0.04			0.86			0.90			(0.03	)		—			(0.03	)		10.87		8.98			79,123			0.47			0.07			0.42			11
Premier Class:	5/31/15			16.19		0.33			0.85			1.18			(0.34	)		(0.02	)		(0.36	)		17.01		7.36			102,991			0.28			0.23			1.99			6
	5/31/14			14.14		0.26			2.16			2.42			(0.28	)		(0.09	)		(0.37	)		16.19		17.28			87,589			0.30			0.23			1.70			8
	5/31/13			11.59		0.28			2.50			2.78			(0.23	)		(0.00	)^d		(0.23	)		14.14		24.18			66,876			0.31			0.24			2.12			6
	5/31/12			12.49		0.17			(0.87	)		(0.70	)		(0.18	)		(0.02	)		(0.20	)		11.59		(5.52	)		16,233			0.34			0.25			1.48			17
	5/31/11	^†		10.85		0.18			1.65			1.83			(0.19	)		—			(0.19	)		12.49		17.08	^b		11,311			0.37	^c		0.24	^c		2.32	^c		10	^b
	9/30/10			10.00		0.14			0.73			0.87			(0.02	)		—			(0.02	)		10.85		8.74			1,790			0.69			0.23			1.32			11
Retirement Class:	5/31/15			16.15		0.32			0.84			1.16			(0.33	)		(0.02	)		(0.35	)		16.96		7.28			74,281			0.43			0.33			1.92			6
	5/31/14			14.12		0.24			2.15			2.39			(0.27	)		(0.09	)		(0.36	)		16.15		17.09			33,725			0.45			0.33			1.58			8
	5/31/13			11.57		0.21			2.55			2.76			(0.21	)		(0.00	)^d		(0.21	)		14.12		24.10			19,052			0.46			0.34			1.65			6
	5/31/12			12.48		0.18			(0.89	)		(0.71	)		(0.18	)		(0.02	)		(0.20	)		11.57		(5.62	)		7,751			0.49			0.35			1.51			17
	5/31/11	^†		10.84		0.11			1.72			1.83			(0.19	)		—			(0.19	)		12.48		17.06	^b		1,882			0.54	^c		0.34	^c		1.37	^c		10	^b
	9/30/10			10.00		0.15			0.71			0.86			(0.02	)		—			(0.02	)		10.84		8.62			395			0.88			0.33			1.41			11

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																						Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain		Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE INDEX 2045 FUND
Institutional Class:	5/31/15			$16.17		$0.36			$0.85			$1.21			$(0.36	)		$(0.02	)		$(0.38	)		$17.00		7.56	%		$189,644			0.15	%		0.08	%		2.17	%		5	%
	5/31/14			14.10		0.29			2.14			2.43			(0.30	)		(0.06	)		(0.36	)		16.17		17.37			135,011			0.18			0.08			1.94			13
	5/31/13			11.54		0.25			2.54			2.79			(0.23	)		(0.00	)^d		(0.23	)		14.10		24.42			83,001			0.22			0.09			1.90			16
	5/31/12			12.42		0.19			(0.87	)		(0.68	)		(0.19	)		(0.01	)		(0.20	)		11.54		(5.36	)		45,913			0.34			0.10			1.65			25
	5/31/11	^†		10.79		0.19			1.64			1.83			(0.20	)		—			(0.20	)		12.42		17.13	^b		28,529			0.35	^c		0.09	^c		2.41	^c		11	^b
	9/30/10			10.00		0.09			0.80			0.89			(0.10	)		—			(0.10	)		10.79		8.94			17,294			1.15			0.08			0.90			10
Premier Class:	5/31/15			16.11		0.33			0.86			1.19			(0.34	)		(0.02	)		(0.36	)		16.94		7.44			78,809			0.30			0.23			2.00			5
	5/31/14			14.05		0.26			2.14			2.40			(0.28	)		(0.06	)		(0.34	)		16.11		17.21			63,580			0.33			0.23			1.75			13
	5/31/13			11.52		0.30			2.46			2.76			(0.23	)		(0.00	)^d		(0.23	)		14.05		24.14			44,631			0.36			0.24			2.35			16
	5/31/12			12.40		0.17			(0.86	)		(0.69	)		(0.18	)		(0.01	)		(0.19	)		11.52		(5.46	)		7,202			0.49			0.25			1.47			25
	5/31/11	^†		10.78		0.17			1.64			1.81			(0.19	)		—			(0.19	)		12.40		17.01	^b		4,521			0.51	^c		0.24	^c		2.25	^c		11	^b
	9/30/10			10.00		0.16			0.71			0.87			(0.09	)		—			(0.09	)		10.78		8.80			408			1.37			0.23			1.57			10
Retirement Class:	5/31/15			16.07		0.31			0.85			1.16			(0.33	)		(0.02	)		(0.35	)		16.88		7.29			45,836			0.45			0.33			1.88			5
	5/31/14			14.02		0.23			2.15			2.38			(0.27	)		(0.06	)		(0.33	)		16.07		17.10			20,002			0.48			0.33			1.51			13
	5/31/13			11.50		0.23			2.50			2.73			(0.21	)		(0.00	)^d		(0.21	)		14.02		23.98			9,184			0.52			0.34			1.75			16
	5/31/12			12.39		0.16			(0.86	)		(0.70	)		(0.18	)		(0.01	)		(0.19	)		11.50		(5.56	)		2,967			0.64			0.35			1.38			25
	5/31/11	^†		10.77		0.16			1.65			1.81			(0.19	)		—			(0.19	)		12.39		16.98	^b		596			0.70	^c		0.34	^c		1.99	^c		11	^b
	9/30/10			10.00		0.15			0.71			0.86			(0.09	)		—			(0.09	)		10.77		8.67			325			1.53			0.33			1.46			10

LIFECYCLE INDEX 2050 FUND
Institutional Class:	5/31/15			16.16		0.36			0.85			1.21			(0.36	)		(0.02	)		(0.38	)		16.99		7.58			122,783			0.17			0.08			2.18			5
	5/31/14			14.09		0.29			2.14			2.43			(0.30	)		(0.06	)		(0.36	)		16.16		17.38			86,068			0.21			0.08			1.91			20
	5/31/13			11.54		0.24			2.54			2.78			(0.23	)		—			(0.23	)		14.09		24.33			57,380			0.28			0.09			1.85			22
	5/31/12			12.42		0.19			(0.87	)		(0.68	)		(0.19	)		(0.01	)		(0.20	)		11.54		(5.36	)		30,943			0.44			0.10			1.66			30
	5/31/11	^†		10.78		0.18			1.66			1.84			(0.20	)		—			(0.20	)		12.42		17.26	^b		19,744			0.43	^c		0.09	^c		2.34	^c		12	^b
	9/30/10			10.00		0.11			0.78			0.89			(0.11	)		—			(0.11	)		10.78		8.94			11,539			1.46			0.08			1.10			11
Premier Class:	5/31/15			16.10		0.33			0.84			1.17			(0.33	)		(0.02	)		(0.35	)		16.92		7.40			54,208			0.32			0.23			1.99			5
	5/31/14			14.04		0.26			2.14			2.40			(0.28	)		(0.06	)		(0.34	)		16.10		17.23			40,648			0.36			0.23			1.76			20
	5/31/13			11.51		0.30			2.46			2.76			(0.23	)		—			(0.23	)		14.04		24.16			26,880			0.41			0.24			2.33			22
	5/31/12			12.39		0.17			(0.86	)		(0.69	)		(0.18	)		(0.01	)		(0.19	)		11.51		(5.46	)		3,683			0.59			0.25			1.46			30
	5/31/11	^†		10.77		0.18			1.64			1.82			(0.20	)		—			(0.20	)		12.39		17.04	^b		2,458			0.60	^c		0.24	^c		2.27	^c		12	^b
	9/30/10			10.00		0.16			0.71			0.87			(0.10	)		—			(0.10	)		10.77		8.80			328			1.65			0.23			1.59			11
Retirement Class:	5/31/15			16.06		0.30			0.85			1.15			(0.33	)		(0.02	)		(0.35	)		16.86		7.25			31,045			0.47			0.33			1.86			5
	5/31/14			14.01		0.23			2.15			2.38			(0.27	)		(0.06	)		(0.33	)		16.06		17.12			11,803			0.51			0.33			1.55			20
	5/31/13			11.49		0.22			2.51			2.73			(0.21	)		—			(0.21	)		14.01		24.00			5,528			0.58			0.34			1.67			22
	5/31/12			12.38		0.15			(0.85	)		(0.70	)		(0.18	)		(0.01	)		(0.19	)		11.49		(5.57	)		1,692			0.75			0.35			1.33			30
	5/31/11	^†		10.76		0.17			1.64			1.81			(0.19	)		—			(0.19	)		12.38		17.01	^b		404			0.80	^c		0.34	^c		2.13	^c		12	^b
	9/30/10			10.00		0.15			0.71			0.86			(0.10	)		—			(0.10	)		10.76		8.67			286			1.80			0.33			1.49			11

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Financial highlights

concluded

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																						Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain		Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE INDEX 2055 FUND
Institutional Class:	5/31/15			$12.86		$0.29			$0.65			$0.94			$(0.28	)		$(0.01	)		$(0.29	)		$13.51		7.47	%		$34,367			0.34	%		0.08	%		2.18	%		9	%
	5/31/14			11.21		0.23			1.70			1.93			(0.23	)		(0.05	)		(0.28	)		12.86		17.42			22,433			0.54			0.08			1.93			25
	5/31/13			9.18		0.19			2.03			2.22			(0.19	)		(0.00	)^d		(0.19	)		11.21		24.40			13,356			0.75			0.09			1.83			9
	5/31/12			9.87		0.15			(0.69	)		(0.54	)		(0.15	)		(0.00	)^d		(0.15	)		9.18		(5.33	)		8,376			1.15			0.10			1.61			7
	5/31/11	^‡		10.00		0.00	^d		(0.13	)		(0.13	)		—			—			—			9.87		(1.30	)^b		7,896			8.35	^c		0.10	^c		0.15	^c		1	^b
Premier Class:	5/31/15			12.84		0.26			0.67			0.93			(0.27	)		(0.01	)		(0.28	)		13.49		7.35			7,695			0.49			0.23			1.96			9
	5/31/14			11.20		0.21			1.70			1.91			(0.22	)		(0.05	)		(0.27	)		12.84		17.21			4,510			0.69			0.23			1.76			25
	5/31/13			9.17		0.19			2.02			2.21			(0.18	)		(0.00	)^d		(0.18	)		11.20		24.29			2,305			0.91			0.24			1.81			9
	5/31/12			9.87		0.14			(0.70	)		(0.56	)		(0.14	)		(0.00	)^d		(0.14	)		9.17		(5.53	)		986			1.31			0.25			1.50			7
	5/31/11	^‡		10.00		0.00	^d		(0.13	)		(0.13	)		—			—			—			9.87		(1.30	)^b		987			9.18	^c		0.25	^c		(0.01	)^c		1	^b
Retirement Class:	5/31/15			12.83		0.27			0.65			0.92			(0.26	)		(0.01	)		(0.27	)		13.48		7.33			7,668			0.65			0.33			2.06			9
	5/31/14			11.19		0.20			1.70			1.90			(0.21	)		(0.05	)		(0.26	)		12.83		17.12			2,417			0.85			0.33			1.64			25
	5/31/13			9.17		0.16			2.02			2.18			(0.16	)		(0.00	)^d		(0.16	)		11.19		24.03			1,416			1.06			0.34			1.55			9
	5/31/12			9.87		0.13			(0.70	)		(0.57	)		(0.13	)		(0.00	)^d		(0.13	)		9.17		(5.59	)		986			1.46			0.35			1.36			7
	5/31/11	^‡		10.00		0.00	^d		(0.13	)		(0.13	)		—			—			—			9.87		(1.30	)^b		987			9.33	^c		0.35	^c		(0.09	)^c		1	^b

LIFECYCLE INDEX 2060 FUND
Institutional Class:	5/31/15	^{^}		10.00		0.21			0.41			0.62			(0.21	)		—			(0.21	)		10.41		6.31	^b		8,556			1.65	^c		0.08	^c		3.06	^c		6	^b
Premier Class:	5/31/15	^{^}		10.00		0.20			0.42			0.62			(0.21	)		—			(0.21	)		10.41		6.26	^b		1,062			1.97	^c		0.23	^c		2.92	^c		6	^b
Retirement Class:	5/31/15	^{^}		10.00		0.19			0.41			0.60			(0.20	)		—			(0.20	)		10.40		6.14	^b		1,067			2.12	^c		0.33	^c		2.82	^c		6	^b

^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
^e	The Fund’s expenses do not include the expenses of the underlying funds.
^j	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods presented.
^†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
^‡	The Fund commenced operations on April 29, 2011.
^{^}	The Fund commenced operations on September 26, 2014.

2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Notes to financial statements

TIAA-CREF Lifecycle Index Funds

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. The Lifecycle Index 2060 Fund commenced operations on September 26, 2014.

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, Inc. (“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, 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.

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

70	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

For the year ended May 31, 2015, permanent book and tax differences resulting primarily from the reclassification of short-term capital gain distributions received from underlying funds from realized gain (loss) to ordinary income were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Notes to financial statements

Note 2—valuation of investments

•	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)

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

Transfers between levels are recognized at the end of the reporting period. For the year ended May 31, 2015, there were no transfers between levels by the Funds.

As of May 31, 2015, all of the investments in the Funds were valued based on Level 1 inputs.

Note 3—investment adviser and affiliates

Under the terms of its Investment Management Agreement, each Fund pays Advisors a monthly fee based on the annual rate of 0.10% of a Fund’s average daily net assets for the management of the Fund’s investment portfolio. Advisors has contractually agreed to waive a portion of the Funds’ management fees equal to, on an annual basis, the following percentages of the average daily net assets of each Fund: 0.06% for the Retirement Income Fund and the 2010 Fund; 0.05% for the 2015 Fund; 0.04% for the 2020 Fund; 0.03% for the 2025 and the 2030 Funds, and 0.02% for the 2035 Fund, the 2040 Fund, the 2045 Fund, the 2050 Fund, the 2055 Fund, and the 2060 Fund. These waivers will remain in effect through September 30, 2015, unless changed with the approval of the Board. Prior to September 26, 2014, Advisors had contractually agreed to waive a portion of certain Funds’ management fees equal to, on an annual

72	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

basis, the following percentages of the average daily net assets of each Fund: 0.05% for the 2010 Fund; 0.04% for the 2015 Fund; and 0.02% for the 2030 Fund. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement.

Under the terms of a distribution Rule 12b-1 plan, the Retirement Class and Premier Class of the Funds compensated TPIS for providing distribution, promotional and/or shareholder services to the Retirement Class and Premier Class at the annual rate of 0.05% and 0.15% of the average daily net assets attributable to the Retirement Class shares and Premier Class shares, respectively. TPIS has agreed not to seek any reimbursement from the Retirement Class shares under the distribution Rule 12b-1 plan through September 30, 2015. However, this agreement may be terminated before this date with the approval of the Board.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds: (i) 0.04% of average daily net assets for Institutional Class shares of the Retirement Income Fund and 2010 Fund; 0.05% of average daily net assets for Institutional Class shares of the 2015 Fund; 0.06% of average daily net assets for Institutional Class shares of the 2020 Fund; 0.07% of average daily net assets for Institutional Class shares of the 2025 Fund and the 2030 Fund; 0.08% of average daily net assets for Institutional Class shares of the 2035 Fund, the 2040 Fund, the 2045 Fund, the 2050 Fund, the 2055 Fund, and the 2060 Fund; (ii) 0.19% of average daily net assets for Premier Class shares of the Retirement Income Fund and the 2010 Fund; 0.20% of average daily net assets for Premier Class shares of the 2015 Fund; 0.21% of average daily net assets for Premier Class shares of the 2020 Fund; 0.22% of average daily net assets for Premier Class shares of the 2025 Fund and the 2030 Fund; 0.23% of average daily net assets for Premier Class shares of the 2035 Fund, the 2040 Fund, the 2045 Fund, the 2050 Fund, the 2055 Fund, and the 2060 Fund; and (iii) 0.29% of average daily net assets for Retirement Class shares of the Retirement Income Fund and the 2010 Fund; 0.30% of average daily net assets for Retirement Class shares of the 2015 Fund; 0.31% of average daily net assets for Retirement Class shares of the 2020 Fund; 0.32% of average daily net assets for Retirement Class shares of the 2025 Fund and the 2030 Fund; 0.33% of average daily net assets for Retirement Class shares of the 2035 Fund, the 2040 Fund, the 2045 Fund, the 2050 Fund, the 2055 Fund, and the 2060 Fund. The expense reimbursement arrangements will continue through at least September 30, 2015, unless changed with

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Notes to financial statements

the approval of the Board. Prior to September 26, 2014, Advisors agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds (i) 0.05%, 0.06%, and 0.08% of average daily net assets for Institutional Class shares of the 2010, 2015 and 2030 Funds, respectively; (ii) 0.20%, 0.21%, and 0.23% of average daily net assets for Premier Class shares of the 2010, 2015 and 2030 Funds, respectively; and (iii) 0.30%, 0.31%, and 0.33% of average daily net assets for Retirement Class shares of the 2010, 2015 and 2030 Funds, respectively.

The following is the percentage of the Funds’ shares owned by TIAA as of May 31, 2015:

Fund	TIAA
Lifecycle Index Retirement Income		13	%
Lifecycle Index 2055		29
Lifecycle Index 2060		90

Issue	Value at May 31, 2014		Purchases cost		Sales proceeds		Realized gain (loss		)^a	Dividend income		Value at May 31, 2015
Lifecycle Index Retirement Income Fund
TIAA-CREF Bond Index	$	17,318,318	$	10,534,728	$	4,428,368	$	185		$	425,593	$	23,538,355
TIAA-CREF Emerging Markets Equity Index		941,921		696,716		340,387		(9,002	)		22,314		1,280,745
TIAA-CREF Equity Index		9,776,225		5,468,325		2,983,805		63,512			195,714		13,249,909
TIAA-CREF Inflation-Linked Bond		3,486,035		2,263,703		922,737		(53,966	)		63,385		4,733,065
TIAA-CREF International Equity Index		3,237,507		2,206,222		1,097,337		(25,016	)		130,696		4,252,414
	$	34,760,006	$	21,169,694	$	9,772,634	$	(24,287	)	$	837,702	$	47,054,488
Lifecycle Index 2010 Fund
TIAA-CREF Bond Index	$	73,187,291	$	23,158,953	$	8,829,941	$	(8,690	)	$	1,750,093	$	87,913,710
TIAA-CREF Emerging Markets Equity Index		4,947,728		2,000,897		1,068,968		(45,117	)		113,325		5,780,066
TIAA-CREF Equity Index		51,353,161		12,068,342		8,937,783		381,929			993,920		59,468,910
TIAA-CREF Inflation-Linked Bond		11,952,031		4,809,044		1,518,165		(98,202	)		220,350		14,900,125
TIAA-CREF International Equity Index		17,006,236		6,308,111		3,525,767		(55,178	)		663,744		19,232,104
	$	158,446,447	$	48,345,347	$	23,880,624	$	174,742		$	3,741,432	$	187,294,915

74	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

Issue	Value at May 31, 2014		Purchases cost		Sales proceeds		Realized gain (loss		)^a	Dividend income		Value at May 31, 2015
Lifecycle Index 2015 Fund
TIAA-CREF Bond Index	$	120,446,402	$	40,383,421	$	11,657,060	$	(16,140	)	$	2,945,054	$	149,848,729
TIAA-CREF Emerging Markets Equity Index		9,941,695		3,720,851		1,747,527		(76,266	)		230,444		11,711,932
TIAA-CREF Equity Index		103,337,257		22,091,851		15,192,983		796,896			2,021,921		120,391,640
TIAA-CREF Inflation-Linked Bond		15,724,686		6,478,643		1,515,540		(102,163	)		294,470		20,233,907
TIAA-CREF International Equity Index		34,233,588		11,481,626		5,612,549		(73,089	)		1,352,075		38,969,408
	$	283,683,628	$	84,156,392	$	35,725,659	$	529,238		$	6,843,964	$	341,155,616
Lifecycle Index 2020 Fund
TIAA-CREF Bond Index	$	150,802,408	$	65,908,658	$	6,630,742	$	71,542		$	3,893,824	$	210,926,497
TIAA-CREF Emerging Markets Equity Index		16,700,305		8,029,576		2,265,358		(154,199	)		412,863		22,121,864
TIAA-CREF Equity Index		173,599,042		51,127,105		15,150,664		1,035,349			3,616,856		227,415,832
TIAA-CREF Inflation-Linked Bond		14,614,119		8,659,829		736,863		(50,312	)		279,067		22,103,475
TIAA-CREF International Equity Index		57,510,673		24,408,115		6,713,250		(175,420	)		2,414,866		73,479,642
	$	413,226,547	$	158,133,283	$	31,496,877	$	726,960		$	10,617,476	$	556,047,310
Lifecycle Index 2025 Fund
TIAA-CREF Bond Index	$	127,362,829	$	54,845,267	$	5,118,386	$	85,492		$	3,277,628	$	177,819,801
TIAA-CREF Emerging Markets Equity Index		19,120,269		8,471,312		2,130,509		(156,929	)		468,858		25,064,096
TIAA-CREF Equity Index		198,612,185		53,603,805		14,065,241		1,209,744			4,115,532		258,431,516
TIAA-CREF Inflation-Linked Bond		6,396,525		5,056,594		241,870		(14,446	)		124,961		11,013,110
TIAA-CREF International Equity Index		65,801,795		26,404,671		6,883,105		(161,979	)		2,750,081		83,258,784
	$	417,293,603	$	148,381,649	$	28,439,111	$	961,882		$	10,737,060	$	555,587,307
Lifecycle Index 2030 Fund
TIAA-CREF Bond Index	$	103,839,723	$	52,647,785	$	5,430,867	$	57,470		$	2,750,532	$	151,635,949
TIAA-CREF Emerging Markets Equity Index		22,040,806		10,066,812		2,065,243		(149,263	)		552,142		29,563,063
TIAA-CREF Equity Index		229,203,411		64,446,133		13,114,843		1,427,381			4,836,962		304,305,967
TIAA-CREF International Equity Index		75,936,947		31,288,802		6,756,974		(118,197	)		3,229,533		98,150,767
	$	431,020,887	$	158,449,532	$	27,367,927	$	1,217,391		$	11,369,169	$	583,655,746
Lifecycle Index 2035 Fund
TIAA-CREF Bond Index	$	67,878,093	$	34,913,645	$	4,304,141	$	23,635		$	1,783,870	$	98,861,355
TIAA-CREF Emerging Markets Equity Index		23,778,004		9,782,155		2,129,492		(154,864	)		577,331		30,908,365
TIAA-CREF Equity Index		247,165,387		58,946,196		13,280,593		1,485,982			5,060,935		317,806,845
TIAA-CREF International Equity Index		81,833,250		29,958,574		6,495,139		(105,516	)		3,381,109		102,603,196
	$	420,654,734	$	133,600,570	$	26,209,365	$	1,249,237		$	10,803,245	$	550,179,761

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Notes to financial statements

Issue	Value at May 31, 2014		Purchases cost		Sales proceeds		Realized gain (loss		)^a	Dividend income		Value at May 31, 2015
Lifecycle Index 2040 Fund
TIAA-CREF Bond Index	$	49,939,539	$	19,137,787	$	5,431,159	$	6,441		$	1,239,922	$	63,934,195
TIAA-CREF Emerging Markets Equity Index		30,287,947		13,059,176		3,274,134		(225,410	)		744,305		39,423,423
TIAA-CREF Equity Index		314,832,411		75,790,979		18,612,516		2,034,522			6,518,832		404,023,770
TIAA-CREF International Equity Index		104,237,016		38,781,199		8,846,127		(47,968	)		4,359,111		130,860,435
	$	499,296,913	$	146,769,141	$	36,163,936	$	1,767,585		$	12,862,170	$	638,241,823
Lifecycle Index 2045 Fund
TIAA-CREF Bond Index	$	21,772,293	$	11,097,336	$	1,605,026	$	5,757		$	571,847	$	31,383,152
TIAA-CREF Emerging Markets Equity Index		13,204,916		7,682,392		1,150,222		(69,300	)		342,559		19,439,089
TIAA-CREF Equity Index		137,258,372		51,760,247		5,974,507		876,587			3,001,657		197,702,671
TIAA-CREF International Equity Index		45,444,517		24,102,928		3,642,017		(70,180	)		2,007,217		64,523,003
	$	217,680,098	$	94,642,903	$	12,371,772	$	742,864		$	5,923,280	$	313,047,915
Lifecycle Index 2050 Fund
TIAA-CREF Bond Index	$	13,794,278	$	7,704,394	$	875,994	$	6,743		$	370,525	$	20,697,309
TIAA-CREF Emerging Markets Equity Index		8,366,123		5,240,487		608,423		(34,546	)		222,287		12,815,587
TIAA-CREF Equity Index		86,962,911		37,981,664		3,619,514		585,394			1,945,887		130,839,226
TIAA-CREF International Equity Index		28,792,300		16,631,555		2,078,089		(20,867	)		1,301,262		42,538,415
	$	137,915,612	$	67,558,100	$	7,182,020	$	536,724		$	3,839,961	$	206,890,537
Lifecycle Index 2055 Fund
TIAA-CREF Bond Index	$	2,929,927	$	2,211,541	$	215,911	$	1,099		$	83,887	$	4,941,017
TIAA-CREF Emerging Markets Equity Index		1,776,982		1,475,444		151,818		(23,242	)		51,019		3,059,841
TIAA-CREF Equity Index		18,471,072		11,518,778		942,137		129,382			446,961		31,194,534
TIAA-CREF International Equity Index		6,115,529		4,726,677		533,262		(14,112	)		298,421		10,156,407
	$	29,293,510	$	19,932,440	$	1,843,128	$	93,127		$	880,288	$	49,351,799
Lifecycle Index 2060 Fund*
TIAA-CREF Bond Index	$	—	$	1,168,643	$	104,453	$	1,840		$	14,923	$	1,075,600
TIAA-CREF Emerging Markets Equity Index		—		717,242		41,142		(931	)		13,093		658,474
TIAA-CREF Equity Index		—		6,675,996		283,257		38,691			115,125		6,766,318
TIAA-CREF International Equity Index		—		2,299,888		125,471		1,272			76,678		2,188,453
	$	—	$	10,861,769	$	554,323	$	40,872		$	219,819	$	10,688,845

*	The Fund commenced operations on September 26, 2014.
^a	Includes realized gain distributions received.

76	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

Note 4—investments

Net unrealized appreciation (depreciation): At May 31, 2015, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Lifecycle Index Retirement Income		$ 41,963,075	$	5,091,413		$ —		$	5,091,413
Lifecycle Index 2010		160,199,060		27,095,855		—			27,095,855
Lifecycle Index 2015		288,330,798		52,914,415		(89,597	)		52,824,818
Lifecycle Index 2020		472,352,761		83,959,486		(264,937	)		83,694,549
Lifecycle Index 2025		463,428,968		92,326,308		(167,969	)		92,158,339
Lifecycle Index 2030		476,909,511		106,746,235		—			106,746,235
Lifecycle Index 2035		438,011,067		112,168,694		—			112,168,694
Lifecycle Index 2040		492,633,453		145,608,370		—			145,608,370
Lifecycle Index 2045		256,255,946		56,791,969		—			56,791,969
Lifecycle Index 2050		169,982,683		36,907,854		—			36,907,854
Lifecycle Index 2055		42,618,939		6,741,945		(9,085	)		6,732,860
Lifecycle Index 2060		10,312,312		393,227		(16,694	)		376,533

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended May 31, 2015 were as follows:

Fund	Purchases		Sales
Lifecycle Index Retirement Income	$	25,265,814	$	13,873,978
Lifecycle Index 2010		49,256,546		24,790,982
Lifecycle Index 2015		85,980,599		37,539,559
Lifecycle Index 2020		167,754,295		41,109,578
Lifecycle Index 2025		148,381,649		28,439,111
Lifecycle Index 2030		158,449,532		27,367,927
Lifecycle Index 2035		133,600,570		26,209,365
Lifecycle Index 2040		146,769,141		36,163,936
Lifecycle Index 2045		94,642,903		12,371,772
Lifecycle Index 2050		69,469,574		9,108,494
Lifecycle Index 2055		21,560,263		3,477,914
Lifecycle Index 2060		10,861,769		554,323

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Notes to financial statements

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2015 and the year ended May 31, 2014 was as follows:

	5/31/2015						5/31/2014
	Ordinary		Long-term				Ordinary		Long-term
Fund	income		capital gains		Total		income		capital gains		Total
Lifecycle Index Retirement Income	$	855,076	$	26,142	$	881,218	$	645,051	$	51,723	$	696,774
Lifecycle Index 2010		3,607,902		298,202		3,906,104		3,145,645		271,978		3,417,623
Lifecycle Index 2015		6,608,471		255,658		6,864,129		5,545,809		491,754		6,037,563
Lifecycle Index 2020		9,891,760		397,006		10,288,766		7,378,425		693,905		8,072,330
Lifecycle Index 2025		10,073,340		429,463		10,502,803		7,192,304		714,988		7,907,292
Lifecycle Index 2030		10,548,745		478,526		11,027,271		7,803,877		793,248		8,597,125
Lifecycle Index 2035		10,146,413		511,926		10,658,339		7,644,237		807,303		8,451,540
Lifecycle Index 2040		12,266,835		646,862		12,913,697		9,540,107		1,036,095		10,576,202
Lifecycle Index 2045		5,586,265		267,344		5,853,609		3,582,980		392,746		3,975,726
Lifecycle Index 2050		3,665,686		170,889		3,836,575		2,290,474		239,676		2,530,150
Lifecycle Index 2055		843,204		34,520		877,724		466,869		49,309		516,178
Lifecycle Index 2060		210,425		—		210,425		—		—		—

As of May 31, 2015, the components of accumulated earnings on a tax basis were as follows:

	Undistributed		Undistributed		Unrealized
	ordinary		long-term		appreciation
Fund	income		capital gains		(depreciation)		Total
Lifecycle Index Retirement Income	$	91,810	$	77,427	$	5,091,410	$	5,260,647
Lifecycle Index 2010		786,647		361,029		27,095,854		28,243,530
Lifecycle Index 2015		1,360,791		715,788		52,824,820		54,901,399
Lifecycle Index 2020		1,549,459		1,210,834		83,694,551		86,454,844
Lifecycle Index 2025		1,234,793		1,338,624		92,158,344		94,731,761
Lifecycle Index 2030		1,000,857		1,540,301		106,746,233		109,287,391
Lifecycle Index 2035		584,425		1,581,346		112,168,693		114,334,464
Lifecycle Index 2040		390,641		2,018,176		145,608,369		148,017,186
Lifecycle Index 2045		115,286		929,726		56,791,968		57,836,980
Lifecycle Index 2050		89,692		601,575		36,907,851		37,599,118
Lifecycle Index 2055		25,170		137,974		6,732,859		6,896,003
Lifecycle Index 2060		8,992		35,659		376,533		421,184

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, and the treatment of short-term gain as ordinary income for tax purposes.

78	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

Note 6—line of credit

Note 7—indemnification

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Report of independent registered public accounting firm

To the Board of Trustees and Shareholders of the
TIAA-CREF Funds:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Lifecycle Index Retirement Income Fund, Lifecycle Index 2010 Fund, Lifecycle Index 2015 Fund, Lifecycle Index 2020 Fund, Lifecycle Index 2025 Fund, Lifecycle Index 2030 Fund, Lifecycle Index 2035 Fund, Lifecycle Index 2040 Fund, Lifecycle Index 2045 Fund, Lifecycle Index 2050 Fund, Lifecycle Index 2055 Fund, and Lifecycle Index 2060 Fund (twelve of the portfolios constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) at May 31, 2015, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2015 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
July 17, 2015

80	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2015

Trustees

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	82	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation; and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	82	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; and Independent Trustee, Lazard Alternative Emerging Markets 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	82	Director of Copper Rock Capital Partners, LLC (investment adviser).

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2015

Trustees — continued

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by trustee
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	82	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1943	Trustee	Indefinite term. Trustee since 1999.	Principal, NL Jacob Consultant (economic and business consultant) (since 2012); President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	82	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	82	Director, Aflac Insurance. Inc., Sansum Clinic and cielo24; Investment committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.

82	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	82	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance, Prep for Prep; and Close Brothers Group plc.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	82	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	82	Director, SCANA Corporation (energy holding company).

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2015

Trustees — concluded

Name, address and year of birth (“YOB”)		Position(s) held with fund		Term of office and length of time served		Principal occupation(s) during past 5 years		Number of portfolios in fund complex overseen by Trustee		Other directorship(s) held by trustee
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950		Trustee		Indefinite term. Trustee since 2006.		Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).		82		Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.

Officers

Name, address and year of birth (“YOB”)		Position(s) held with fund		Term of office and length of time served		Principal occupation(s) during past 5 years
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962		Chief Compliance Officer		One-year term. Vice President and Chief Compliance Officer since 2008.		Managing Director, Senior Compliance officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).

84	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President, Chief Executive Officer of TIAA-CREF Asset Management LLC (“TCAM”) and Executive Vice President of the TIAA-CREF Fund Complex.
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Senior Vice President, Corporate Controller of TIAA. Treasurer of CREF; Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President and President of Asset Management of TIAA. Principal Executive Officer and Executive Vice President of CREF and VA-1. Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds. Prior to joining TIAA, Mr. Leary served as a Representative, Securities Research, Inc., President and Chief Operating Officer, U.S., ING Americas, Chief Executive Officer, ING Insurance US, and Chairman and Chief Executive Officer, ING Investment Management, Americas.
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2015

Officers — concluded

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director, Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President, since 2006.	Executive Vice President, President of Retirement and Individual Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex.
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Weaver served as Senior Vice President, The Hartford Financial Services Group, Inc.
Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by calling 800 223–1200.

86	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Renewal of investment
management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Lifecycle Index Funds

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each TIAA-CREF Lifecycle Index Funds’ series (the “Funds”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Funds.

Overview of the renewal process

The Board held meetings on March 12, 2015 and March 26, 2015, at which it considered the annual renewal of the Agreement with respect to each Lifecycle Index Fund other than the Lifecycle Index 2060 Fund using its previously-established process. (The Board did not consider the renewal of the Agreement for the Lifecycle Index 2060 Fund at these meetings because the Fund’s Agreement was initially approved in mid-2014 with a two-year term. Accordingly, in the discussion below, the references to “Funds” do not include the Lifecycle Index 2060 Fund.) As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2014 renewal process. During a series of meetings held prior to the March 12 and March 26, 2015 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Renewal of investment
management agreement (unaudited)

In advance of the Board meetings held on March 12 and March 26, 2015, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements,

88	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s Form ADV registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Renewal of investment
management agreement (unaudited)

The nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI and its affiliates also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds (the “Life Funds”), the TIAA Separate Account VA-1 and other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds (which are funds of funds that invest their assets in the securities of other investment companies managed by TAI, referred to as “underlying funds”), including selecting underlying funds and allocating the Funds’ assets among the underlying funds, conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

Investment performance

90	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2014. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board also noted TAI’s voluntary waiver of a portion of some of the Funds’ management fees during 2014. The Board also acknowledged reimbursements of expenses above specified amounts undertaken by TAI with respect to the underlying funds in which the Funds invest that, in turn, reduce the Funds’ expenses. The Board considered that TAI had incurred a net loss with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2014, and expected this trend to continue. The Board also considered that TAI may have indirect earnings or losses with respect to the Funds based on the Funds’ investment in underlying funds also managed by TAI.

Fees charged by other advisers

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered that because TAI operated each Fund at a net loss, there was little opportunity to pass economies of scale on to Fund shareholders. Based on all factors

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Renewal of investment
management agreement (unaudited)

considered, the Board concluded that the Funds’ fee schedules were within an acceptable range in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other investment companies. The Board noted that TAI provides funds of funds management services to the TIAA-CREF Lifestyle Funds and the TIAA-CREF Life Balanced Fund, with annual management fee rates of 0.10% of average daily net assets, the TIAA-CREF Lifecycle Funds, which also have an annual management fee rate of 0.10% that is entirely waived by TAI, and the TIAA-CREF Managed Allocation Fund, for which TAI receives no management fee. TAI also manages other asset allocation products, such as education savings plans (529 plans).

Other benefits

The Board also considered additional benefits to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain Funds managed by TAI or its affiliates may benefit from economies of scale to the extent that these Funds are managed in the same manner and by the same personnel as certain of the CREF Accounts, the Life Funds and other series of the Trust. TAI and the Funds may also benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements. Additionally, the Funds may be utilized as investment options for other products and businesses of TAI and its affiliates, such as variable products.

Fund-by-fund factors

92	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

Lifecycle Index Retirement Income Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.06% of this fee through at least September 30, 2015.
•	The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee ranked 1 out of 5, 1 out of 3 and 2 out of 3 within the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”), respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”), respectively.
•	The Fund ranked 1 out of 5, 1 out of 5 and 1 out of 4 funds within the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”) for the one-, three- and five-year periods, respectively. The Fund was in the 1st quintile of the universe of comparable funds selected by Lipper for performance comparison purposes (“Performance Universe”) for each of the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle Index 2010 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.06% of this fee through at least September 30, 2015.
•	The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee ranked 1 out of 4, 1 out of 2 and 1 out of 2 within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were each in the 1st quintile of its Expense Universe.
•	The Fund ranked 1 out of 4 funds within its Performance Group for each of the one-, three- and five-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle Index 2015 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.05% of this fee through at least September 30, 2015.

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Renewal of investment
management agreement (unaudited)

•	The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee ranked 1 out of 5, 1 out of 3 and 1 out of 3 within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were each in the 1st quintile of its Expense Universe.
•	The Fund ranked 3 out of 5, 3 out of 5 and 2 out of 5 funds within its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 1st, 2nd and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle Index 2020 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.04% of this fee through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 4 and 2 out of 4 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 2nd and 1st quintiles of its Performance Group for the one-and three-year periods, respectively. The Fund ranked 2 out of 4 funds within its Performance Group for the five-year period. The Fund was in the 1st, 2nd and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle Index 2025 Fund

•

The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.03% of this fee through at least September 30, 2015.

•

The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to both the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 2 out of 4 funds within its Expense Group. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 2nd and 2nd quintiles of its Expense Universe, respectively.

94	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

•	The Fund was in the 2nd and 1st quintiles of its Performance Group for the one- and three-year periods, respectively. The Fund ranked 2 out of 5 funds within its Performance Group for the five-year period. The Fund was in the 1st, 2nd and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle Index 2030 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.03% of this fee through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to both the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 2 out of 4 funds within its Expense Group. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 2nd and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 2nd and 1st quintiles of its Performance Group for the one- and three-year periods, respectively. The Fund ranked 2 out of 4 funds within its Performance Group for the five-year period. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle Index 2035 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.02% of this fee through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to both the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 2 out of 4 funds within its Expense Group. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 2nd and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 2nd and 1st quintiles of its Performance Group for the one-and three-year periods, respectively. The Fund ranked 1 out of 5 funds within its Performance Group for the five-year period. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Renewal of investment
management agreement (unaudited)

•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle Index 2040 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.02% of this fee through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to both the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 2 out of 4 funds within its Expense Group. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 2nd and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 3rd and 1st quintiles of its Performance Group for the one-and three-year periods, respectively. The Fund ranked 1 out of 4 funds within its Performance Group for the five-year period. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle Index 2045 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.02% of this fee through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 4 and 2 out of 4 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 2nd and 1st quintiles of its Performance Group for the one-and three-year periods, respectively. The Fund ranked 1 out of 5 funds within its Performance Group for the five-year period. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three- and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

96	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

Lifecycle Index 2050 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.02% of this fee through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 4 and 2 out of 4 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 3rd and 1st quintiles of its Performance Group for the one-and three-year periods, respectively. The Fund ranked 1 out of 4 funds within its Performance Group for the five-year period. The Fund was in the 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifecycle Index 2055 Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets. TAI has agreed to continue to waive 0.02% of this fee through at least September 30, 2015.
•	The Fund’s total expenses were in the 1st quintile of its Expense Group. With respect to the Fund’s actual management fee (including the waiver) and contractual management fee, the Fund ranked 1 out of 4 and 2 out of 4 funds within its Expense Group, respectively. The Fund’s total expenses, actual management fee (including the waiver) and contractual management fee were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 2nd and 1st quintiles of its Performance Group and its Performance Universe for the one- and three-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Important tax information (unaudited)

TIAA-CREF Lifecycle Index Funds

For the year ended May 31, 2015, the Lifecycle Index Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains:

	Long-term
Fund	capital gains
Lifecycle Index Retirement Income	$	26,142
Lifecycle Index 2010		298,202
Lifecycle Index 2015		255,658
Lifecycle Index 2020		397,006
Lifecycle Index 2025		429,463
Lifecycle Index 2030		478,526
Lifecycle Index 2035		511,926
Lifecycle Index 2040		646,862
Lifecycle Index 2045		267,344
Lifecycle Index 2050		170,889
Lifecycle Index 2055		34,520
Lifecycle Index 2060		—

For the year ended May 31, 2015, the Lifecycle Index Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends:

Fund	Percentage
Lifecycle Index Retirement Income		28.75	%
Lifecycle Index 2010		32.55	%
Lifecycle Index 2015		36.58	%
Lifecycle Index 2020		44.04	%
Lifecycle Index 2025		49.77	%
Lifecycle Index 2030		55.36	%
Lifecycle Index 2035		60.78	%
Lifecycle Index 2040		65.06	%
Lifecycle Index 2045		66.30	%
Lifecycle Index 2050		66.05	%
Lifecycle Index 2055		65.40	%
Lifecycle Index 2060		65.39	%

98	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

For the year ended May 31, 2015, the Lifecycle Index Funds designate the following percentages (or maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction:

Fund			Percentage
Lifecycle Index Retirement Income			17.89%
Lifecycle Index 2010			20.34%
Lifecycle Index 2015			22.85%
Lifecycle Index 2020			27.43%
Lifecycle Index 2025			30.92%
Lifecycle Index 2030			34.32%
Lifecycle Index 2035			37.58%
Lifecycle Index 2040			40.17%
Lifecycle Index 2045			40.94%
Lifecycle Index 2050			40.83%
Lifecycle Index 2055			40.44%
Lifecycle Index 2060			40.47%

For the year ended May 31, 2015, the Lifecycle Index Funds received the following amounts of income from their respective underlying funds that was from foreign sources:

	Foreign source		Foreign source
Fund	income		income per share
Lifecycle Index Retirement Income Fund		$ 99,045		$ 0.03345
Lifecycle Index 2010 Fund		503,007		0.04033
Lifecycle Index 2015 Fund		1,024,279		0.04647
Lifecycle Index 2020 Fund		1,830,575		0.05565
Lifecycle Index 2025 Fund		2,083,482		0.06559
Lifecycle Index 2030 Fund		2,448,128		0.07577
Lifecycle Index 2035 Fund		2,562,366		0.08654
Lifecycle Index 2040 Fund		3,303,523		0.09555
Lifecycle Index 2045 Fund		1,521,003		0.09513
Lifecycle Index 2050 Fund		986,244		0.09476
Lifecycle Index 2055 Fund		226,215		0.07549
Lifecycle Index 2060 Fund		58,110		0.05811

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

Important tax information (unaudited)

concluded

TIAA-CREF Lifecycle Index Funds

For the year ended May 31, 2015, the Lifecycle Index Funds have elected to pass through the following amounts of foreign taxes paid by their respective underlying funds:

	Foreign taxes		Foreign taxes
Fund	paid		paid per share
Lifecycle Index Retirement Income Fund		$ 6,516		$ 0.00220
Lifecycle Index 2010 Fund		33,091		0.00265
Lifecycle Index 2015 Fund		67,359		0.00306
Lifecycle Index 2020 Fund		120,463		0.00366
Lifecycle Index 2025 Fund		137,023		0.00431
Lifecycle Index 2030 Fund		161,102		0.00499
Lifecycle Index 2035 Fund		168,574		0.00569
Lifecycle Index 2040 Fund		217,332		0.00629
Lifecycle Index 2045 Fund		100,053		0.00626
Lifecycle Index 2050 Fund		64,889		0.00623
Lifecycle Index 2055 Fund		14,886		0.00497
Lifecycle Index 2060 Fund		3,823		0.00382

By early 2016, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax adviser.

100	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Additional information about
index providers (unaudited)

Russell Indexes

The Russell 3000^® Index is a trademark/service mark of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. russell makes no representation, warranty or guarantee regarding the use or the results of use or the russell indexes or any data included therein, or any securities (or combination thereof) comprising the russell indexes. russell makes no other express or implied warranty, and expressly disclaims any warranty, of any kind, including without limitation, any warranty of merchantability or fitness for a particular purpose with respect to the russell index(es) or any data or any security (or combination thereof) included therein.

MSCI Indexes

TIAA-CREF Lifecycle Index Funds ■ 2015 Annual Report

101

Additional information about	concluded
index providers (unaudited)

although msci shall obtain information for inclusion in or for use in the calculation of the msci indexes from sources that msci considers reliable, none of the msci parties warrants or guarantees the originality, accuracy and/or the completeness of any msci index or any data included therein. none of the msci parties makes any warranty, express or implied, as to results to be obtained by the issuer of the fund, owners of the fund, or any other person or entity, from the use of any msci index or any data included therein. none of the msci parties shall have any liability for any errors, omissions or interruptions of or in connection with any msci index or any data included therein. further, none of the msci parties makes any express or implied warranties of any kind, and the msci parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each msci index and any data included therein. without limiting any of the foregoing, in no event shall any of the msci parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

102	2015 Annual Report ■ TIAA-CREF Lifecycle Index Funds

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How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

9 a.m. to 6 p.m. (ET), Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank

deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.

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2015 Annual Report

TIAA-CREF Lifestyle Funds

of the TIAA-CREF Funds

May 31, 2015

Contents

Understanding your Lifestyle Funds report	2
Information for investors	3
About the funds’ composite benchmarks	4
Important information about expenses	5
Investment results of the Lifestyle Funds	10
Fund performance
Lifestyle Income Fund	12
Lifestyle Conservative Fund	14
Lifestyle Moderate Fund	16
Lifestyle Growth Fund	18
Lifestyle Aggressive Growth Fund	20
Portfolios of investments	22
Audited financial statements
Statements of assets and liabilities	28
Statements of operations	30
Statements of changes in net assets	32
Financial highlights	36
Notes to financial statements	42
Report of independent registered public accounting firm	50
Trustees and officers	51
Renewal of investment management agreement	57
Important tax information	65
Additional information about index providers	67
How to reach us	Inside back cover

Understanding your Lifestyle Funds report

This annual report contains information about the investment performance and holdings of the Lifestyle Funds, an offering of the TIAA-CREF Funds, and describes the funds’ results for the twelve months ended May 31, 2015. The report contains three main sections:

•

The fund performance section compares each fund’s investment returns with those of its composite benchmark and a broad market index.

•

The portfolios of investments list the underlying TIAA-CREF Funds in which each fund had investments as of May 31, 2015.

•

The financial statements provide detailed information about the operations and financial condition of each fund.

2	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Information for investors

Portfolio listings

The complete portfolios of investments for the Lifestyle Funds begin on page 22 of this report. You can also obtain lists of the holdings of the Lifestyle Funds and of the underlying funds in which the Lifestyle Funds invest (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

•

By visiting our website at tiaa-cref.org; or

•

By calling us at 800 842-2252 to request a copy, which will be provided free of charge.

You can obtain a complete list of the Lifestyle Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-Q filings. Form N-CSR filings are as of May 31 or November 30; Form N-Q filings are as of the last day of February or August 31. Copies of these forms are available:

•

Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

•

From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

Proxy voting

A description of our proxy voting policies and procedures for the underlying funds of the Lifestyle Funds can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You may also call us at 800 842-2252 to request a free copy. A report of how the Lifestyle Funds’ underlying funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800 842-2252.

Fund management

The Lifestyle Funds are managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the funds.

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

About the funds’ composite benchmarks

Each Lifestyle fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include U.S. equity (stocks), international equity (foreign stocks), fixed income and short-term fixed income. A fund’s composite benchmark may combine the following public indexes in proportions that reflect the fund’s target market sector allocations:

•

The Russell 3000^® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.

•

The MSCI All Country World ex USA Index (international equity) measures the performance of large- and mid-cap stocks in 45 developed and emerging market countries, excluding the United States.

•

The Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic investment-grade, fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

•

The Barclays U.S. 1–3 Year Government/Credit Bond Index measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to 3-year maturities.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

4	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

The expense examples that appear in the tables on pages 6 through 9 are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the funds for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2014–May 31, 2015).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2015

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifestyle Funds	value			value			during period		*	during period		^†
Institutional Class	(12/1/14		)	(5/31/15		)	(12/1/14–5/31/15		)	(12/1/14–5/31/15		)
Income Fund actual return		$1,000.00			$1,017.84			$0.50			$2.16
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.17
Conservative Fund actual return		1,000.00			1,028.57			0.51			2.43
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.42
Moderate Fund actual return		1,000.00			1,037.66			0.51			2.64
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.62
Growth Fund actual return		1,000.00			1,045.00			0.51			2.80
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.77
Aggressive Growth Fund actual return		1,000.00			1,051.72			0.51			2.97
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.92

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2015. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. The expense ratio for the period was 0.10% for the Institutional Class of the Lifestyle Funds.

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.43% for the Income Fund; 0.48% for the Conservative Fund; 0.52% for the Moderate Fund; 0.55% for the Growth Fund; and 0.58% for the Aggressive Growth Fund.

6	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

Expense examples

Six months ended May 31, 2015

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifestyle Funds	value			value			during period		*	during period		^†
Premier Class	(12/1/14		)	(5/31/15		)	(12/1/14–5/31/15		)	(12/1/14–5/31/15		)
Income Fund actual return		$1,000.00			$1,017.91			$1.26			$2.92
5% annual hypothetical return		1,000.00			1,023.68			1.26			2.92
Conservative Fund actual return		1,000.00			1,026.92			1.26			3.18
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.18
Moderate Fund actual return		1,000.00			1,036.85			1.27			3.40
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.38
Growth Fund actual return		1,000.00			1,044.29			1.27			3.57
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.53
Aggressive Growth Fund actual return		1,000.00			1,050.32			1.28			3.73
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.68

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2015. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. The expense ratio for the period was 0.25% for the Premier Class of the Lifestyle Funds.

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.58% for the Income Fund; 0.63% for the Conservative Fund; 0.67% for the Moderate Fund; 0.70% for the Growth Fund; and 0.73% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2015

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifestyle Funds	value			value			during period		*	during period		^†
Retirement Class	(12/1/14		)	(5/31/15		)	(12/1/14–5/31/15		)	(12/1/14–5/31/15		)
Income Fund actual return		$1,000.00			$1,017.44			$1.76			$3.42
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.43
Conservative Fund actual return		1,000.00			1,026.42			1.77			3.69
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.68
Moderate Fund actual return		1,000.00			1,036.37			1.78			3.91
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.88
Growth Fund actual return		1,000.00			1,042.80			1.78			4.07
5% annual hypothetical return		1,000.00			1,023.19			1.77			4.03
Aggressive Growth Fund actual return		1,000.00			1,049.99			1.79			4.24
5% annual hypothetical return		1,000.00			1,023.19			1.77			4.18

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2015. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. The expense ratio for the period was 0.35% for the Retirement Class of the Lifestyle Funds.

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.68% for the Income Fund; 0.73% for the Conservative Fund; 0.77% for the Moderate Fund; 0.80% for the Growth Fund; and 0.83% for the Aggressive Growth Fund.

8	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

concluded

Expense examples

Six months ended May 31, 2015

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifestyle Funds	value			value			during period		*	during period		^†
Retail Class	(12/1/14		)	(5/31/15		)	(12/1/14–5/31/15		)	(12/1/14–5/31/15		)
Income Fund actual return		$1,000.00			$1,017.40			$1.86			$3.52
5% annual hypothetical return		1,000.00			1,023.09			1.87			3.53
Conservative Fund actual return		1,000.00			1,026.39			1.92			3.79
5% annual hypothetical return		1,000.00			1,023.04			1.92			3.78
Moderate Fund actual return		1,000.00			1,035.57			1.88			4.01
5% annual hypothetical return		1,000.00			1,023.09			1.87			3.98
Growth Fund actual return		1,000.00			1,042.66			1.94			4.23
5% annual hypothetical return		1,000.00			1,023.04			1.92			4.18
Aggressive Growth Fund actual return		1,000.00			1,049.67			2.10			4.55
5% annual hypothetical return		1,000.00			1,022.89			2.07			4.48

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2015. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. The expense ratio for the period was 0.37% for the Income and Moderate Funds; 0.38% for the Conservative and Growth Funds; and 0.41% for the Aggressive Growth Fund for the Retail Class of the Lifestyle Funds.

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.70% for the Income Fund; 0.75% for the Conservative Fund; 0.79% for the Moderate Fund; 0.83% for the Growth Fund; and 0.89% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Investment results of the Lifestyle Funds

Performance for the twelve months ended May 31, 2015

For the twelve-month reporting period, all five TIAA-CREF Lifestyle Funds outperformed their respective composite benchmarks. Institutional Class returns ranged from 3.34% for the Lifestyle Income Fund to 9.13% for the Lifestyle Aggressive Growth Fund. The tables on the following pages show returns for all share classes of the funds.

The outperformance of the individual Lifestyle Funds, in relation to their respective composite benchmarks, ranged from 0.13 of a percentage point for the Income Fund to 1.16 percentage points for the Aggressive Growth Fund. (All results for the Lifestyle Funds are for the Institutional Class.)

U.S. markets rise amid volatility and mixed economic data

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, rose 11.86%. The MSCI All Country World ex USA Index, which measures the performance of large- and mid-cap stocks in 45 developed and emerging market nations excluding the United States, returned –0.90% in terms of U.S. dollars, but climbed substantially to 15.04% in local currency terms. Although emerging markets finished lower for the twelve months, many markets rose in the final quarter of the period as oil prices stabilized following their sharp drop from June 2014 through January 2015.

Returns of U.S. investment-grade bonds were somewhat constrained by the prospect of rising interest rates. The broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 3.03% for the period. Short-term Treasury securities, as measured by the Barclay’s U.S. 1–3 Year Government/Credit Bond Index, gained 0.91%.

10	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Each of the five Lifestyle Funds produced a solid gain for the twelve-month period aided by the strength of the U.S. equity markets.

The Lifestyle Funds may invest in up to four sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income and short-term fixed income. The Lifestyle Funds do this by investing in various underlying funds that in turn buy stocks, bonds and other securities in these market sectors.

For the period, the U.S. equity sector contributed the most to the funds’ absolute returns—that is, without regard to performance relative to their respective composite benchmarks. Within U.S. equity, the Large-Cap Growth and Enhanced Large-Cap Growth Index funds had the highest returns. The International Opportunities Fund had the best performance within the international equity sector.

Strong results from stocks lift the funds’ returns higher

All of the Lifestyle Funds outperformed their respective composite benchmarks driven by the U.S. equity sector. Performance within the U.S. equity sector was led by the Large-Cap Growth Fund, which beat its benchmark, the Russell 1000^® Growth Index, by over four percentage points. The International Opportunities Fund was the second best contributor to each of the funds’ relative performance surpassing its benchmark, the MSCI All Country World ex USA Index, by nearly five percentage points.

For the Lifestyle Conservative, Moderate, Growth and Aggressive Growth funds, the third-best contributor was the Growth & Income Fund, which outperformed the S&P 500^® Index by almost two percentage points.

Within the fixed-income sector, the Bond Plus Fund aided the relative performance of the Income, Conservative, Moderate and Growth funds.

The biggest detractor from relative performance for each of the Lifestyle Funds was the Emerging Markets Equity Fund, which lagged the return of its benchmark, the MSCI Emerging Markets Index, by nearly four percentage points. (Performance of the Lifestyle Funds’ underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Lifestyle Income Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifestyle Income Fund	Inception date	1 year			since inception
Institutional Class	12/9/2011		3.34	%		5.64	%
Premier Class	12/9/2011		3.18			5.50
Retirement Class	12/9/2011		3.09			5.39
Retail Class	12/9/2011		3.06			5.35
Lifestyle Income Fund
Composite Index*	—		3.21			4.74	^†
Broad market index
Barclays U.S. Aggregate Bond Index	—		3.03			2.80	^†
Russell 3000^® Index	—		11.86			18.75	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

On May 31, 2015, the Lifestyle Income Fund Composite Index consisted of: 40.0% Barclays U.S. Aggregate Bond Index; 40.0% Barclays U.S. 1–3 Year Government/Credit Bond Index; 14.0% Russell 3000^® Index; and 6.0% MSCI All Country World ex USA Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

^†

Performance is calculated from the inception date of the Institutional Class.

12	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Income Fund

$10,000 invested at fund’s inception

Institutional Class (inception December 9, 2011)

Asset allocation
	% of net assets
	as of 5/31/2015
Equity
U.S. equity		13.6	%
International equity		6.5
Fixed income
Fixed income		39.9
Short-term fixed income		39.9
Other assets & liabilities, net		0.1
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Lifestyle Conservative Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifestyle Conservative Fund	Inception date	1 year			since inception
Institutional Class	12/9/2011		5.13	%		8.74	%
Premier Class	12/9/2011		4.88			8.55
Retirement Class	12/9/2011		4.79			8.44
Retail Class	12/9/2011		4.77			8.41
Lifestyle Conservative Fund
Composite Index*	—		4.65			7.69	^†
Broad market index
Barclays U.S. Aggregate Bond Index	—		3.03			2.80	^†
Russell 3000^® Index	—		11.86			18.75	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

On May 31, 2015, the Lifestyle Conservative Fund Composite Index consisted of: 40.0% Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000^® Index; 20.0% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 12.0% MSCI All Country World ex USA Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

^†

Performance is calculated from the inception date of the Institutional Class.

14	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Conservative Fund

$10,000 invested at fund’s inception

Institutional Class (inception December 9, 2011)

Asset allocation
	% of net assets
	as of 5/31/2015
Equity
U.S. equity		27.1	%
International equity		13.0
Fixed income
Fixed income		39.9
Short-term fixed income		19.9
Other assets & liabilities, net		0.1
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Lifestyle Moderate Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifestyle Moderate Fund	Inception date	1 year			since inception
Institutional Class	12/9/2011		6.81	%		11.83	%
Premier Class	12/9/2011		6.65			11.67
Retirement Class	12/9/2011		6.56			11.56
Retail Class	12/9/2011		6.46			11.50
Lifestyle Moderate Fund
Composite Index*	—		6.07			10.67	^†
Broad market index
Russell 3000^® Index	—		11.86			18.75	^†
Barclays U.S. Aggregate Bond Index	—		3.03			2.80	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	On May 31, 2015, the Lifestyle Moderate Fund Composite Index consisted of: 42.0% Russell 3000 Index; 40.0% Barclays U.S. Aggregate Bond Index; and 18.0% MSCI All Country World ex USA Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Institutional Class.

16	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Moderate Fund

$10,000 invested at fund’s inception

Institutional Class (inception December 9, 2011)

Asset allocation
	% of net assets as of 5/31/2015
Equity
U.S. equity		41.2	%
International equity		18.9
Fixed income		39.8
Other assets & liabilities, net		0.1
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Lifestyle Growth Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifestyle Growth Fund	Inception date	1 year			since inception
Institutional Class	12/9/2011		7.92	%		14.23	%
Premier Class	12/9/2011		7.77			14.06
Retirement Class	12/9/2011		7.62			13.93
Retail Class	12/9/2011		7.61			13.86
Lifestyle Growth Fund
Composite Index*	—		7.04			13.32	^†
Broad market index
Russell 3000^® Index	—		11.86			18.75	^†
Barclays U.S. Aggregate Bond Index	—		3.03			2.80	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	On May 31, 2015, the Lifestyle Growth Fund Composite Index consisted of: 56.0% Russell 3000 Index; 24.0% MSCI All Country World ex USA Index; and 20.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Institutional Class.

18	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Growth Fund

$10,000 invested at fund’s inception

Institutional Class (inception December 9, 2011)

Asset allocation
	% of net assets
	as of 5/31/2015
Equity
U.S. equity		55.1	%
International equity		24.7
Fixed income		19.9
Other assets & liabilities, net		0.3
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Lifestyle Aggressive Growth Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
Lifestyle Aggressive Growth Fund	Inception date	1 year			since inception
Institutional Class	12/9/2011		9.13	%		16.64	%
Premier Class	12/9/2011		8.92			16.46
Retirement Class	12/9/2011		8.89			16.36
Retail Class	12/9/2011		8.79			16.26
Lifestyle Aggressive Growth Fund
Composite Index*	—		7.97			15.97	^†
Broad market index
Russell 3000^® Index	—		11.86			18.75	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	On May 31, 2015, the Lifestyle Aggressive Growth Fund Composite Index consisted of: 70.0% Russell 3000 Index and 30.0% MSCI All Country World ex USA Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Institutional Class.

20	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Aggressive Growth Fund

$10,000 invested at fund’s inception

Institutional Class (inception December 9, 2011)

For the purpose of comparison, the graph also shows the change in the values of the fund’s composite benchmark and that of a broad market index during the same period. The performance of the other share classes varies due to differences in expense charges.

Asset allocation
	% of net assets
	as of 5/31/2015
Equity
U.S. equity		69.1	%
International equity		30.7
Other assets & liabilities, net		0.2
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Portfolio of investments

Lifestyle Income Fund ■ May 31, 2015

						% of net
Shares		Security		Value		assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 39.9%
997,734		TIAA-CREF Bond Fund		$	10,536,070		19.0	%
1,033,245		TIAA-CREF Bond Plus Fund			11,035,052		19.9
56,675		TIAA-CREF High-Yield Fund			565,614		1.0
		TOTAL FIXED INCOME			22,136,736		39.9

INTERNATIONAL EQUITY — 6.5%
66,295		TIAA-CREF Emerging Markets Equity Fund			700,071		1.2
91,078		TIAA-CREF Enhanced International Equity Index Fund			708,588		1.3
19,320		TIAA-CREF Global Natural Resources Fund			165,574		0.3
103,128		TIAA-CREF International Equity Fund			1,223,092		2.2
72,649		TIAA-CREF International Opportunities Fund			827,472		1.5
		TOTAL INTERNATIONAL EQUITY			3,624,797		6.5

SHORT-TERM FIXED INCOME — 39.9%
2,993	*	TIAA-CREF Money Market Fund			2,993		0.0
2,136,450		TIAA-CREF Short-Term Bond Fund			22,176,351		39.9
		TOTAL SHORT-TERM FIXED INCOME			22,179,344		39.9

U.S. EQUITY — 13.6%
56,305		TIAA-CREF Enhanced Large-Cap Growth Index Fund			671,160		1.2
58,852		TIAA-CREF Enhanced Large-Cap Value Index Fund			617,951		1.1
130,235		TIAA-CREF Growth & Income Fund			1,655,285		3.0
125,099		TIAA-CREF Large-Cap Growth Fund			2,012,844		3.6
100,550		TIAA-CREF Large-Cap Value Fund			1,866,212		3.4
3,124		TIAA-CREF Mid-Cap Growth Fund			70,314		0.1
2,168		TIAA-CREF Mid-Cap Value Fund			54,659		0.1
33,671		TIAA-CREF Small-Cap Equity Fund			611,134		1.1
		TOTAL U.S. EQUITY			7,559,559		13.6
		TOTAL TIAA-CREF FUNDS	(Cost $54,032,719)		55,500,436		99.9

		TOTAL PORTFOLIO	(Cost $54,032,719)		55,500,436		99.9
		OTHER ASSETS & LIABILITIES, NET			54,195		0.1
		NET ASSETS		$	55,554,631		100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments

Lifestyle Conservative Fund ■ May 31, 2015

						% of net
Shares		Security			Value	assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 39.9%
973,648		TIAA-CREF Bond Fund		$	10,281,719		9.0	%
3,199,080		TIAA-CREF Bond Plus Fund			34,166,169		29.9
116,831		TIAA-CREF High-Yield Fund			1,165,973		1.0
		TOTAL FIXED INCOME			45,613,861		39.9

INTERNATIONAL EQUITY — 13.0%
271,603		TIAA-CREF Emerging Markets Equity Fund			2,868,128		2.5
373,442		TIAA-CREF Enhanced International Equity Index Fund			2,905,381		2.5
79,309		TIAA-CREF Global Natural Resources Fund			679,681		0.6
424,481		TIAA-CREF International Equity Fund			5,034,350		4.4
297,870		TIAA-CREF International Opportunities Fund			3,392,743		3.0
		TOTAL INTERNATIONAL EQUITY			14,880,283		13.0

SHORT-TERM FIXED INCOME — 19.9%
4,722	*	TIAA-CREF Money Market Fund			4,722		0.0
2,193,222		TIAA-CREF Short-Term Bond Fund			22,765,641		19.9
		TOTAL SHORT-TERM FIXED INCOME			22,770,363		19.9

U.S. EQUITY — 27.1%
230,797		TIAA-CREF Enhanced Large-Cap Growth Index Fund			2,751,095		2.4
241,471		TIAA-CREF Enhanced Large-Cap Value Index Fund			2,535,443		2.2
534,135		TIAA-CREF Growth & Income Fund			6,788,855		5.9
512,512		TIAA-CREF Large-Cap Growth Fund			8,246,311		7.2
412,101		TIAA-CREF Large-Cap Value Fund			7,648,592		6.7
12,670		TIAA-CREF Mid-Cap Growth Fund			285,197		0.3
8,967		TIAA-CREF Mid-Cap Value Fund			226,064		0.2
138,264		TIAA-CREF Small-Cap Equity Fund			2,509,500		2.2
		TOTAL U.S. EQUITY			30,991,057		27.1
		TOTAL TIAA-CREF FUNDS	(Cost $109,490,893)		114,255,564		99.9

		TOTAL PORTFOLIO	(Cost $109,490,893)		114,255,564		99.9
		OTHER ASSETS & LIABILITIES, NET			104,116		0.1
		NET ASSETS		$	114,359,680		100.0	%

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

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Portfolio of investments

Lifestyle Moderate Fund ■ May 31, 2015

						% of net
Shares		Security			Value	assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 39.8%
5,495,631		TIAA-CREF Bond Plus Fund		$	58,693,339	38.8	%
154,989		TIAA-CREF High-Yield Fund			1,546,792	1.0
		TOTAL FIXED INCOME			60,240,131	39.8

INTERNATIONAL EQUITY — 18.9%
496,832		TIAA-CREF Emerging Markets Equity Fund			5,246,545	3.5
740,076		TIAA-CREF Enhanced International Equity Index Fund			5,757,794	3.8
158,022		TIAA-CREF Global Natural Resources Fund			1,354,249	0.9
804,553		TIAA-CREF International Equity Fund			9,541,996	6.3
590,733		TIAA-CREF International Opportunities Fund			6,728,451	4.4
		TOTAL INTERNATIONAL EQUITY			28,629,035	18.9

SHORT-TERM FIXED INCOME — 0.0%
6,346	*	TIAA-CREF Money Market Fund			6,346	0.0
		TOTAL SHORT-TERM FIXED INCOME			6,346	0.0

U.S. EQUITY — 41.2%
476,625		TIAA-CREF Enhanced Large-Cap Growth Index Fund			5,681,368	3.8
500,270		TIAA-CREF Enhanced Large-Cap Value Index Fund			5,252,833	3.5
1,059,565		TIAA-CREF Growth & Income Fund			13,467,074	8.9
1,017,691		TIAA-CREF Large-Cap Growth Fund			16,374,656	10.8
817,438		TIAA-CREF Large-Cap Value Fund			15,171,643	10.0
34,417		TIAA-CREF Mid-Cap Growth Fund			774,729	0.5
26,654		TIAA-CREF Mid-Cap Value Fund			671,942	0.4
270,588		TIAA-CREF Small-Cap Equity Fund			4,911,169	3.3
		TOTAL U.S. EQUITY			62,305,414	41.2
		TOTAL TIAA-CREF FUNDS	(Cost $142,763,310)		151,180,926	99.9

		TOTAL PORTFOLIO	(Cost $142,763,310)		151,180,926	99.9
		OTHER ASSETS & LIABILITIES, NET			175,513	0.1
		NET ASSETS		$	151,356,439	100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments

Lifestyle Growth Fund ■ May 31, 2015

						% of net
Shares		Security			Value	assets
TIAA-CREF FUNDS — 99.7% (a)

FIXED INCOME — 19.9%
1,389,448		TIAA-CREF Bond Plus Fund		$	14,839,300	18.9	%
80,481		TIAA-CREF High-Yield Fund			803,201	1.0
		TOTAL FIXED INCOME			15,642,501	19.9

INTERNATIONAL EQUITY — 24.7%
328,736		TIAA-CREF Emerging Markets Equity Fund			3,471,457	4.4
509,656		TIAA-CREF Enhanced International Equity Index Fund			3,965,121	5.0
108,872		TIAA-CREF Global Natural Resources Fund			933,035	1.2
540,213		TIAA-CREF International Equity Fund			6,406,922	8.2
407,940		TIAA-CREF International Opportunities Fund			4,646,442	5.9
		TOTAL INTERNATIONAL EQUITY			19,422,977	24.7

SHORT-TERM FIXED INCOME — 0.0%
3,306	*	TIAA-CREF Money Market Fund			3,306	0.0
		TOTAL SHORT-TERM FIXED INCOME			3,306	0.0

U.S. EQUITY — 55.1%
335,388		TIAA-CREF Enhanced Large-Cap Growth Index Fund			3,997,822	5.1
352,412		TIAA-CREF Enhanced Large-Cap Value Index Fund			3,700,328	4.7
730,705		TIAA-CREF Growth & Income Fund			9,287,264	11.8
702,128		TIAA-CREF Large-Cap Growth Fund			11,297,237	14.4
564,312		TIAA-CREF Large-Cap Value Fund			10,473,631	13.3
27,425		TIAA-CREF Mid-Cap Growth Fund			617,340	0.8
21,403		TIAA-CREF Mid-Cap Value Fund			539,559	0.7
187,308		TIAA-CREF Small-Cap Equity Fund			3,399,638	4.3
		TOTAL U.S. EQUITY			43,312,819	55.1
		TOTAL TIAA-CREF FUNDS	(Cost $71,654,493)		78,381,603	99.7

		TOTAL PORTFOLIO	(Cost $71,654,493)		78,381,603	99.7
		OTHER ASSETS & LIABILITIES, NET			202,737	0.3
		NET ASSETS		$	78,584,340	100.0	%

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

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Portfolio of investments

Lifestyle Aggressive Growth Fund ■ May 31, 2015

						% of net
Shares		Security			Value	assets
TIAA-CREF FUNDS - 99.8% (a)

INTERNATIONAL EQUITY — 30.7%
280,597		TIAA-CREF Emerging Markets Equity Fund		$	2,963,104	5.4	%
445,552		TIAA-CREF Enhanced International Equity Index Fund			3,466,391	6.3
95,502		TIAA-CREF Global Natural Resources Fund			818,455	1.5
473,109		TIAA-CREF International Equity Fund			5,611,073	10.2
355,908		TIAA-CREF International Opportunities Fund			4,053,797	7.3
		TOTAL INTERNATIONAL EQUITY			16,912,820	30.7

SHORT-TERM FIXED INCOME — 0.0%
4,048	*	TIAA-CREF Money Market Fund			4,048	0.0
		TOTAL SHORT-TERM FIXED INCOME			4,048	0.0

U.S. EQUITY — 69.1%
295,333		TIAA-CREF Enhanced Large-Cap Growth Index Fund			3,520,366	6.4
311,770		TIAA-CREF Enhanced Large-Cap Value Index Fund			3,273,584	5.9
638,879		TIAA-CREF Growth & Income Fund			8,120,155	14.8
614,907		TIAA-CREF Large-Cap Growth Fund			9,893,858	18.0
491,393		TIAA-CREF Large-Cap Value Fund			9,120,254	16.6
25,976		TIAA-CREF Mid-Cap Growth Fund			584,714	1.1
20,298		TIAA-CREF Mid-Cap Value Fund			511,717	0.9
165,281		TIAA-CREF Small-Cap Equity Fund			2,999,842	5.4
		TOTAL U.S. EQUITY			38,024,490	69.1
		TOTAL TIAA-CREF FUNDS	(Cost $47,486,609)		54,941,358	99.8

		TOTAL PORTFOLIO	(Cost $47,486,609)		54,941,358	99.8
		OTHER ASSETS & LIABILITIES, NET			100,501	0.2
		NET ASSETS		$	55,041,859	100.0	%

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

2015 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Statements of assets and liabilities

TIAA-CREF Lifestyle Funds ■ May 31, 2015

		Lifestyle Income Fund		Lifestyle Conservative Fund		Lifestyle Moderate Fund		Lifestyle Growth Fund		Lifestyle Aggressive Growth Fund

ASSETS
Affiliated investments, at value^‡		$	55,500,436	$	114,255,564	$	151,180,926	$	78,381,603	$	54,941,358
Cash			58,152		283,848		246,937		175,757		148,823
Receivable from securities transactions			—		—		74,075		30,935		—
Receivable from Fund shares sold			20,406		22,882		63,787		146,447		77,454
Dividends and interest receivable			78,857		132,682		140,751		37,538		—
Due from affiliates			1,661		1,931		2,091		1,729		1,641
Other			813		1,365		1,659		935		841
Total assets			55,660,325		114,698,272		151,710,226		78,774,944		55,170,117

LIABILITIES
Management fees payable			762		1,566		2,076		1,077		756
Service agreement fees payable			533		781		1,377		843		751
Distribution fees payable			7,997		18,102		22,482		10,814		6,226
Due to affiliates			313		580		663		322		299
Payable for securities transactions			73,500		288,500		295,325		161,185		92,750
Payable for Fund shares redeemed			8,971		7,000		5,898		198		13,300
Payable for trustee compensation			877		1,489		1,846		1,021		902
Accrued expenses and other payables			12,741		20,574		24,120		15,144		13,274
Total liabilities			105,694		338,592		353,787		190,604		128,258

NET ASSETS		$	55,554,631	$	114,359,680	$	151,356,439	$	78,584,340	$	55,041,859

NET ASSETS CONSIST OF:
Paid-in-capital		$	53,670,392	$	107,854,417	$	139,784,985	$	69,787,388	$	45,792,263
Undistributed net investment income (loss)			121,098		191,278		184,357		83,818		(40,640	)
Accumulated net realized gain (loss) on total investments			295,424		1,549,314		2,969,481		1,986,024		1,835,487
Net unrealized appreciation (depreciation) on total investments			1,467,717		4,764,671		8,417,616		6,727,110		7,454,749

NET ASSETS		$	55,554,631	$	114,359,680	$	151,356,439	$	78,584,340	$	55,041,859

INSTITUTIONAL CLASS:
Net assets		$	1,922,611	$	4,021,485	$	2,670,249	$	2,082,962	$	3,093,996
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			174,146		331,654		201,486		146,826		204,384
Net asset value per share			$11.04		$12.13		$13.25		$14.19		$15.14

PREMIER CLASS:
Net assets		$	1,217,407	$	1,340,784	$	1,467,665	$	1,584,604	$	1,698,784
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			110,313		110,600		110,789		111,786		112,322
Net asset value per share			$11.04		$12.12		$13.25		$14.18		$15.12

RETIREMENT CLASS:
Net assets		$	15,468,804	$	22,851,677	$	39,886,215	$	24,526,584	$	21,899,797
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			1,401,776		1,886,365		3,012,964		1,733,138		1,450,688
Net asset value per share			$11.04		$12.11		$13.24		$14.15		$15.10

RETAIL CLASS:
Net assets		$	36,945,809	$	86,145,734	$	107,332,310	$	50,390,190	$	28,349,282
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			3,347,990		7,113,299		8,111,007		3,564,946		1,879,669
Net asset value per share			$11.04		$12.11		$13.23		$14.13		$15.08
‡	Affiliated investments, cost	$	54,032,719	$	109,490,893	$	142,763,310	$	71,654,493	$	47,486,609

2015 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Statements of operations

TIAA-CREF Lifestyle Funds ■ For the year ended May 31, 2015

	Lifestyle Income Fund			Lifestyle Conservative Fund			Lifestyle Moderate Fund			Lifestyle Growth Fund			Lifestyle Aggressive Growth Fund

INVESTMENT INCOME
Dividends from affiliated investments	$	893,226			$1,778,196		$	2,321,811		$	977,745		$	627,360
Total income		893,226			1,778,196			2,321,811			977,745			627,360

EXPENSES
Management fees		49,429			97,245			124,531			62,441			49,567
Shareholder servicing — Institutional Class		197			197			198			197			198
Shareholder servicing — Premier Class		114			123			114			153			114
Shareholder servicing — Retirement Class		33,617			51,671			89,206			48,611			50,891
Shareholder servicing — Retail Class		9,160			20,843			26,036			17,025			17,005
Distribution fees — Premier Class		1,775			1,943			2,116			2,265			2,413
Distribution fees — Retail Class		82,724			179,525			212,493			99,411			62,203
Registration fees		53,941			59,185			60,499			53,438			53,843
Professional fees		23,450			23,657			23,756			23,475			23,478
Shareholder reports		16,270			27,421			34,782			18,997			17,208
Custody and accounting fees		15,253			15,212			15,220			15,135			15,137
Administrative service fees		1,551			3,116			3,845			1,891			1,586
Trustee fees and expenses		461			878			1,156			590			467
Other expenses		8,535			11,123			12,293			9,627			7,662
Total expenses		296,477			492,139			606,245			353,256			301,772
Less: Expenses reimbursed by the investment adviser		(120,606	)		(141,210	)		(153,042	)		(124,752	)		(119,908	)
Net expenses		175,871			350,929			453,203			228,504			181,864

Net investment income (loss)		717,355			1,427,267			1,868,608			749,241			445,496

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		(51,472	)		(143,006	)		(369,374	)		(138,629	)		(158,983	)
Realized gain distributions from affiliated investments		804,426			2,761,270			5,207,568			3,172,246			3,021,481
Realized gain (loss) from sale of unaffiliated investments		(285	)		—			—			4,178			3,495
Net realized gain (loss) from investments		752,669			2,618,264			4,838,194			3,037,795			2,865,993
Net change in unrealized appreciation (depreciation) from affiliated investments		70,928			625,863			1,576,472			1,106,861			949,541
Net realized and unrealized gain (loss) from investments		823,597			3,244,127			6,414,666			4,144,656			3,815,534
Net increase (decrease) in net assets from operations	$	1,540,952			$4,671,394		$	8,283,274		$	4,893,897		$	4,261,030

2015 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Statements of changes in net assets

TIAA-CREF Lifestyle Funds ■ For the year ended

		Lifestyle Income Fund						Lifestyle Conservative Fund						Lifestyle Moderate Fund
		May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014

OPERATIONS
Net investment income (loss)		$	717,355		$	464,220		$	1,427,267		$	812,580		$	1,868,608		$	1,005,733
Net realized gain (loss) from investments			752,669			546,081			2,618,264			1,649,539			4,838,194			2,828,156
Net change in unrealized appreciation (depreciation) from affiliated investments			70,928			662,361			625,863			2,296,883			1,576,472			4,029,888
Net increase (decrease) in net assets from operations			1,540,952			1,672,662			4,671,394			4,759,002			8,283,274			7,863,777

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(39,668	)		(34,957	)		(87,743	)		(61,731	)		(76,402	)		(62,701	)
	Premier Class		(24,362	)		(25,308	)		(30,882	)		(33,692	)		(38,593	)		(37,427	)
	Retirement Class		(262,824	)		(175,812	)		(472,510	)		(333,883	)		(961,718	)		(642,842	)
	Retail Class		(651,824	)		(379,800	)		(1,648,957	)		(870,628	)		(2,270,110	)		(1,195,290	)
From realized gains:	Institutional Class		(12,308	)		(14,161	)		(31,246	)		(20,727	)		(31,900	)		(17,602	)
	Premier Class		(8,095	)		(9,654	)		(11,832	)		(9,806	)		(16,784	)		(10,571	)
	Retirement Class		(95,272	)		(76,597	)		(188,573	)		(114,947	)		(439,437	)		(195,743	)
	Retail Class		(238,230	)		(169,340	)		(670,160	)		(305,112	)		(1,045,886	)		(365,708	)
Total distributions			(1,332,583	)		(885,629	)		(3,141,903	)		(1,750,526	)		(4,880,830	)		(2,527,884	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		167,143			511,711			795,595			1,528,055			392,534			886,219
	Premier Class		13,337			39,988			10,001			290,512			—			276,701
	Retirement Class		5,732,677			5,229,975			7,608,930			10,190,680			16,050,262			21,038,141
	Retail Class		15,115,569			15,195,298			40,239,539			37,468,503			47,410,351			46,627,570
Reinvestments of distributions:	Institutional Class		51,976			49,118			118,989			82,458			108,302			80,303
	Premier Class		32,457			34,962			42,714			43,498			55,377			47,998
	Retirement Class		358,096			252,409			661,083			448,830			1,401,155			838,585
	Retail Class		855,893			520,240			2,257,937			1,132,910			3,270,489			1,541,357
Redemptions:	Institutional Class		(16,269	)		(319,953	)		(61,631	)		(123,140	)		(400,487	)		(26,534	)
	Premier Class		—			(287,601	)		—			(929,708	)		—			(323,057	)
	Retirement Class		(1,670,985	)		(1,568,150	)		(3,761,578	)		(2,370,035	)		(11,142,210	)		(3,272,915	)
	Retail Class		(5,372,510	)		(3,672,257	)		(13,549,340	)		(6,058,240	)		(11,326,701	)		(7,699,017	)
Net increase (decrease) from shareholder transactions			15,267,384			15,985,740			34,362,239			41,704,323			45,819,072			60,015,351
Net increase (decrease) in net assets			15,475,753			16,772,773			35,891,730			44,712,799			49,221,516			65,351,244

NET ASSETS
Beginning of period			40,078,878			23,306,105			78,467,950			33,755,151			102,134,923			36,783,679
End of period		$	55,554,631		$	40,078,878		$	114,359,680		$	78,467,950		$	151,356,439		$	102,134,923
Undistributed net investment income (loss) included in net assets		$	121,098		$	81,199		$	191,278		$	127,784		$	184,357		$	125,014

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		15,235			46,900			67,080			129,368			30,464			70,765
	Premier Class		1,205			3,758			850			25,254			—			23,091
	Retirement Class		522,296			484,069			635,261			881,499			1,231,181			1,691,824
	Retail Class		1,374,648			1,405,672			3,357,932			3,226,846			3,647,914			3,746,806
Shares reinvested:	Institutional Class		4,776			4,579			10,068			7,127			8,478			6,465
	Premier Class		2,983			3,261			3,616			3,772			4,339			3,868
	Retirement Class		32,927			23,515			55,984			38,825			109,860			67,462
	Retail Class		78,703			48,458			191,388			97,961			256,632			123,965
Shares redeemed:	Institutional Class		(1,487	)		(30,034	)		(5,166	)		(10,653	)		(31,239	)		(2,093	)
	Premier Class		—			(26,511	)		—			(78,549	)		—			(25,558	)
	Retirement Class		(151,979	)		(144,666	)		(315,579	)		(203,505	)		(855,698	)		(261,003	)
	Retail Class		(489,365	)		(340,370	)		(1,131,382	)		(519,948	)		(872,441	)		(617,460	)
Net increase (decrease) from shareholder transactions			1,389,942			1,478,631			2,870,052			3,597,997			3,529,490			4,828,132

2015 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Statements of changes in net assets

concluded

TIAA-CREF Lifestyle Funds ■ For the year ended

		Lifestyle Growth Fund						Lifestyle Aggressive Growth Fund
		May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014

OPERATIONS
Net investment income (loss)		$	749,241		$	408,967		$	445,496		$	260,613
Net realized gain (loss) from investments			3,037,795			2,000,188			2,865,993			2,314,411
Net change in unrealized appreciation (depreciation) from affiliated investments			1,106,861			2,550,252			949,541			2,838,055
Net increase (decrease) in net assets from operations			4,893,897			4,959,407			4,261,030			5,413,079

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(50,078	)		(51,855	)		(75,403	)		(73,339	)
	Premier Class		(38,693	)		(40,178	)		(40,130	)		(45,781	)
	Retirement Class		(471,830	)		(377,035	)		(477,773	)		(483,608	)
	Retail Class		(1,001,757	)		(589,584	)		(606,421	)		(483,075	)
From realized gains:	Institutional Class		(30,968	)		(27,111	)		(67,277	)		(44,827	)
	Premier Class		(25,217	)		(22,186	)		(37,720	)		(29,479	)
	Retirement Class		(317,161	)		(210,158	)		(468,495	)		(312,993	)
	Retail Class		(676,882	)		(331,556	)		(603,225	)		(317,739	)
Total distributions			(2,612,586	)		(1,649,663	)		(2,376,444	)		(1,790,841	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		296,272			236,413			516,410			786,657
	Premier Class		5,000			39,535			—			256,301
	Retirement Class		8,824,049			7,172,573			5,110,754			9,303,152
	Retail Class		21,036,192			17,012,475			9,631,791			11,338,814
Reinvestments of distributions:	Institutional Class		81,046			78,966			142,680			118,166
	Premier Class		63,910			62,364			77,850			75,260
	Retirement Class		788,991			587,193			946,268			796,601
	Retail Class		1,663,779			912,941			1,197,845			789,212
Redemptions:	Institutional Class		(139,678	)		(97,458	)		(238,345	)		(41,820	)
	Premier Class		—			(353,622	)		—			(515,576	)
	Retirement Class		(2,339,378	)		(2,397,551	)		(4,372,663	)		(2,813,367	)
	Retail Class		(4,160,455	)		(2,207,171	)		(4,566,766	)		(2,755,449	)
Net increase (decrease) from shareholder transactions			26,119,728			21,046,658			8,445,824			17,337,951
Net increase (decrease) in net assets			28,401,039			24,356,402			10,330,410			20,960,189

NET ASSETS
Beginning of period			50,183,301			25,826,899			44,711,449			23,751,260
End of period		$	78,584,340		$	50,183,301		$	55,041,859		$	44,711,449
Undistributed net investment income (loss) included in net assets		$	83,818		$	58,440		$	(40,640	)	$	(37,682	)

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		21,071			17,371			34,736			54,212
	Premier Class		359			3,058			—			18,149
	Retirement Class		636,241			543,338			347,764			667,786
	Retail Class		1,527,553			1,286,968			658,618			812,670
Shares reinvested:	Institutional Class		6,012			5,978			9,992			8,422
	Premier Class		4,741			4,721			5,452			5,364
	Retirement Class		58,617			44,484			66,358			56,859
	Retail Class		123,701			69,214			84,059			56,332
Shares redeemed:	Institutional Class		(9,967	)		(7,210	)		(16,377	)		(2,952	)
	Premier Class		—			(27,537	)		—			(35,295	)
	Retirement Class		(170,094	)		(182,407	)		(301,471	)		(201,453	)
	Retail Class		(301,644	)		(166,509	)		(312,960	)		(197,410	)
Net increase (decrease) from shareholder transactions			1,896,590			1,591,469			576,171			1,242,684

2015 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Financial highlights

TIAA-CREF Lifestyle Funds

			Selected per share data																								Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																					Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain	Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations		Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFESTYLE INCOME FUND
Institutional Class:	5/31/15			$11.00		$0.19			$0.17			$0.36		$(0.24	)		$(0.08	)		$(0.32	)		$11.04		3.34	%		$1,923			0.35	%		0.10	%		1.69	%		13	%
	5/31/14			10.76		0.19			0.38			0.57		(0.24	)		(0.09	)		(0.33	)		11.00		5.47			1,712			0.52			0.10			1.75			16
	5/31/13			10.24		0.20			0.60			0.80		(0.26	)		(0.02	)		(0.28	)		10.76		7.86			1,444			0.82			0.10			1.88			21
	5/31/12	^‡		10.00		0.09			0.21			0.30		(0.06	)		—			(0.06	)		10.24		2.95	^b		1,030			2.98	^{^c}		0.10	^{^c}		1.81	^{^c}		3	^b
Premier Class:	5/31/15			11.00		0.17			0.18			0.35		(0.23	)		(0.08	)		(0.31	)		11.04		3.18			1,217			0.50			0.25			1.54			13
	5/31/14			10.76		0.18			0.38			0.56		(0.23	)		(0.09	)		(0.32	)		11.00		5.32			1,167			0.67			0.25			1.62			16
	5/31/13			10.24		0.18			0.60			0.78		(0.24	)		(0.02	)		(0.26	)		10.76		7.71			1,352			0.96			0.25			1.74			21
	5/31/12	^‡		10.00		0.08			0.21			0.29		(0.05	)		—			(0.05	)		10.24		2.91	^b		1,065			3.13	^{^c}		0.25	^{^c}		1.66	^{^c}		3	^b
Retirement Class:	5/31/15			11.00		0.16			0.18			0.34		(0.22	)		(0.08	)		(0.30	)		11.04		3.09			15,469			0.59			0.35			1.46			13
	5/31/14			10.76		0.16			0.39			0.55		(0.22	)		(0.09	)		(0.31	)		11.00		5.23			10,981			0.76			0.35			1.51			16
	5/31/13			10.24		0.18			0.59			0.77		(0.23	)		(0.02	)		(0.25	)		10.76		7.56			6,840			1.05			0.35			1.65			21
	5/31/12	^‡		10.00		0.08			0.21			0.29		(0.05	)		—			(0.05	)		10.24		2.88	^b		4,127			2.83	^{^c}		0.35	^{^c}		1.56	^{^c}		3	^b
Retail Class:	5/31/15			11.00		0.16			0.17			0.33		(0.21	)		(0.08	)		(0.29	)		11.04		3.06			36,946			0.62			0.38			1.43			13
	5/31/14			10.76		0.16			0.39			0.55		(0.22	)		(0.09	)		(0.31	)		11.00		5.20			26,218			0.79			0.38			1.48			16
	5/31/13			10.23		0.17			0.60			0.77		(0.22	)		(0.02	)		(0.24	)		10.76		7.63			13,670			1.08			0.38			1.61			21
	5/31/12	^‡		10.00		0.07			0.20			0.27		(0.04	)		—			(0.04	)		10.23		2.73	^b		4,979			2.82	^{^c}		0.48	^{^c}		1.43	^{^c}		3	^b

LIFESTYLE CONSERVATIVE FUND
Institutional Class:	5/31/15			11.95		0.20			0.40			0.60		(0.31	)		(0.11	)		(0.42	)		12.13		5.13			4,021			0.25			0.10			1.70			13
	5/31/14			11.36		0.19			0.79			0.98		(0.30	)		(0.09	)		(0.39	)		11.95		8.82			3,103			0.37			0.10			1.66			9
	5/31/13			10.29		0.21			1.12			1.33		(0.25	)		(0.01	)		(0.26	)		11.36		13.12			1,520			0.70			0.10			1.94			24
	5/31/12	^‡		10.00		0.08			0.26			0.34		(0.05	)		—			(0.05	)		10.29		3.38	^b		1,033			2.81	^{^c}		0.10	^{^c}		1.54	^{^c}		17	^b
Premier Class:	5/31/15			11.95		0.19			0.38			0.57		(0.29	)		(0.11	)		(0.40	)		12.12		4.88			1,341			0.41			0.25			1.57			13
	5/31/14			11.36		0.20			0.76			0.96		(0.28	)		(0.09	)		(0.37	)		11.95		8.66			1,268			0.52			0.25			1.69			9
	5/31/13			10.28		0.20			1.13			1.33		(0.24	)		(0.01	)		(0.25	)		11.36		13.07			1,768			0.83			0.25			1.83			24
	5/31/12	^‡		10.00		0.07			0.25			0.32		(0.04	)		—			(0.04	)		10.28		3.23	^b		1,505			2.90	^{^c}		0.25	^{^c}		1.39	^{^c}		17	^b
Retirement Class:	5/31/15			11.94		0.18			0.38			0.56		(0.28	)		(0.11	)		(0.39	)		12.11		4.79			22,852			0.50			0.35			1.47			13
	5/31/14			11.35		0.17			0.79			0.96		(0.28	)		(0.09	)		(0.37	)		11.94		8.59			18,039			0.61			0.35			1.49			9
	5/31/13			10.28		0.19			1.12			1.31		(0.23	)		(0.01	)		(0.24	)		11.35		12.87			9,012			0.92			0.35			1.70			24
	5/31/12	^‡		10.00		0.06			0.26			0.32		(0.04	)		—			(0.04	)		10.28		3.20	^b		4,189			2.66	^{^c}		0.35	^{^c}		1.29	^{^c}		17	^b
Retail Class:	5/31/15			11.94		0.17			0.39			0.56		(0.28	)		(0.11	)		(0.39	)		12.11		4.77			86,146			0.52			0.38			1.45			13
	5/31/14			11.35		0.17			0.78			0.95		(0.27	)		(0.09	)		(0.36	)		11.94		8.55			56,057			0.64			0.39			1.45			9
	5/31/13			10.28		0.18			1.13			1.31		(0.23	)		(0.01	)		(0.24	)		11.35		12.86			21,456			0.96			0.38			1.64			24
	5/31/12	^‡		10.00		0.06			0.26			0.32		(0.04	)		—			(0.04	)		10.28		3.16	^b		5,624			2.65	^{^c}		0.47	^{^c}		1.18	^{^c}		17	^b

2015 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Financial highlights	continued

TIAA-CREF Lifestyle Funds

			Selected per share data																								Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																					Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain	Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations		Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFESTYLE MODERATE FUND
Institutional Class:	5/31/15			$12.93		$0.23			$0.63			$0.86		$(0.38	)		$(0.16	)		$(0.54	)		$13.25		6.81	%		$2,670			0.23	%		0.10	%		1.78	%		13	%
	5/31/14			11.96		0.21			1.23			1.44		(0.37	)		(0.10	)		(0.47	)		12.93		12.29			2,506			0.33			0.10			1.67			17
	5/31/13			10.33		0.23			1.67			1.90		(0.26	)		(0.01	)		(0.27	)		11.96		18.60			1,419			0.69			0.10			2.04			34
	5/31/12	^‡		10.00		0.06			0.31			0.37		(0.04	)		—			(0.04	)		10.33		3.69	^b		1,037			2.77	^c		0.10	^c		1.28	^c		11	^b
Premier Class:	5/31/15			12.93		0.21			0.63			0.84		(0.36	)		(0.16	)		(0.52	)		13.25		6.65			1,468			0.38			0.25			1.59			13
	5/31/14			11.95		0.20			1.24			1.44		(0.36	)		(0.10	)		(0.46	)		12.93		12.22			1,376			0.47			0.25			1.62			17
	5/31/13			10.33		0.21			1.67			1.88		(0.25	)		(0.01	)		(0.26	)		11.95		18.33			1,256			0.83			0.25			1.90			34
	5/31/12	^‡		10.00		0.06			0.31			0.37		(0.04	)		—			(0.04	)		10.33		3.65	^b		1,036			2.92	^c		0.25	^c		1.13	^c		11	^b
Retirement Class:	5/31/15			12.92		0.20			0.63			0.83		(0.35	)		(0.16	)		(0.51	)		13.24		6.56			39,886			0.47			0.35			1.52			13
	5/31/14			11.95		0.18			1.24			1.42		(0.35	)		(0.10	)		(0.45	)		12.92		12.06			32,655			0.57			0.35			1.49			17
	5/31/13			10.32		0.19			1.69			1.88		(0.24	)		(0.01	)		(0.25	)		11.95		18.35			12,300			0.92			0.35			1.72			34
	5/31/12	^‡		10.00		0.05			0.30			0.35		(0.03	)		—			(0.03	)		10.32		3.52	^b		4,244			2.63	^c		0.35	^c		1.03	^c		11	^b
Retail Class:	5/31/15			12.92		0.19			0.63			0.82		(0.35	)		(0.16	)		(0.51	)		13.23		6.46			107,332			0.50			0.38			1.48			13
	5/31/14			11.95		0.18			1.23			1.41		(0.34	)		(0.10	)		(0.44	)		12.92		12.01			65,598			0.61			0.39			1.43			17
	5/31/13			10.32		0.19			1.68			1.87		(0.23	)		(0.01	)		(0.24	)		11.95		18.31			21,809			0.97			0.39			1.67			34
	5/31/12	^‡		10.00		0.05			0.30			0.35		(0.03	)		—			(0.03	)		10.32		3.48	^b		6,648			2.60	^c		0.46	^c		0.92	^c		11	^b

LIFESTYLE GROWTH FUND
Institutional Class:	5/31/15			13.75		0.20			0.86			1.06		(0.38	)		(0.24	)		(0.62	)		14.19		7.92			2,083			0.31			0.10			1.47			14
	5/31/14			12.50		0.18			1.71			1.89		(0.42	)		(0.22	)		(0.64	)		13.75		15.28			1,783			0.47			0.10			1.37			16
	5/31/13			10.32		0.21			2.20			2.41		(0.22	)		(0.01	)		(0.23	)		12.50		23.63			1,420			0.77			0.10			1.80			30
	5/31/12	^‡		10.00		0.03			0.29			0.32		(0.00	)^d		—			(0.00	)^d		10.32		3.24	^b		1,033			2.77	^c		0.10	^c		0.64	^c		7	^b
Premier Class:	5/31/15			13.74		0.18			0.86			1.04		(0.36	)		(0.24	)		(0.60	)		14.18		7.77			1,585			0.46			0.25			1.31			14
	5/31/14			12.50		0.17			1.68			1.85		(0.39	)		(0.22	)		(0.61	)		13.74		15.01			1,465			0.62			0.25			1.28			16
	5/31/13			10.32		0.18			2.22			2.40		(0.21	)		(0.01	)		(0.22	)		12.50		23.46			1,580			0.91			0.25			1.55			30
	5/31/12	^‡		10.00		0.02			0.30			0.32		(0.00	)^d		—			(0.00	)^d		10.32		3.23	^b		1,065			2.92	^c		0.25	^c		0.49	^c		7	^b
Retirement Class:	5/31/15			13.72		0.17			0.85			1.02		(0.35	)		(0.24	)		(0.59	)		14.15		7.62			24,527			0.55			0.35			1.20			14
	5/31/14			12.49		0.15			1.69			1.84		(0.39	)		(0.22	)		(0.61	)		13.72		14.91			16,575			0.71			0.35			1.14			16
	5/31/13			10.31		0.16			2.23			2.39		(0.20	)		(0.01	)		(0.21	)		12.49		23.39			10,027			1.00			0.35			1.41			30
	5/31/12	^‡		10.00		0.02			0.29			0.31		(0.00	)^d		—			(0.00	)^d		10.31		3.13	^b		4,203			2.63	^c		0.35	^c		0.39	^c		7	^b
Retail Class:	5/31/15			13.70		0.16			0.86			1.02		(0.35	)		(0.24	)		(0.59	)		14.13		7.61			50,390			0.59			0.39			1.18			14
	5/31/14			12.48		0.14			1.69			1.83		(0.39	)		(0.22	)		(0.61	)		13.70		14.81			30,360			0.76			0.41			1.07			16
	5/31/13			10.31		0.16			2.22			2.38		(0.20	)		(0.01	)		(0.21	)		12.48		23.26			12,800			1.06			0.40			1.40			30
	5/31/12	^‡		10.00		0.01			0.30			0.31		(0.00	)^d		—			(0.00	)^d		10.31		3.12	^b		5,249			2.63	^c		0.48	^c		0.27	^c		7	^b

2015 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Financial highlights	concluded

TIAA-CREF Lifestyle Funds

			Selected per share data																								Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																					Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain	Less distributions from						Total			Net asset					Net assets									Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations		Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFESTYLE AGGRESSIVE GROWTH FUND
Institutional Class:	5/31/15			$14.60		$0.17			$1.12			$1.29		$(0.40	)		$(0.35	)		$(0.75	)		$15.14		9.13	%		$3,094			0.35	%		0.10	%		1.18	%		14	%
	5/31/14			13.01		0.13			2.23			2.36		(0.48	)		(0.29	)		(0.77	)		14.60		18.34			2,570			0.49			0.10			0.91			24
	5/31/13			10.29		0.17			2.74			2.91		(0.18	)		(0.01	)		(0.19	)		13.01		28.51			1,514			0.82			0.10			1.48			29
	5/31/12	^‡		10.00		0.00	^d		0.29			0.29		—			—			—			10.29		2.90	^b		1,029			2.79	^c		0.10	^c		0.01	^c		2	^b
Premier Class:	5/31/15			14.59		0.15			1.11			1.26		(0.38	)		(0.35	)		(0.73	)		15.12		8.92			1,699			0.50			0.25			1.01			14
	5/31/14			13.00		0.15			2.18			2.33		(0.45	)		(0.29	)		(0.74	)		14.59		18.16			1,559			0.64			0.25			1.09			24
	5/31/13			10.28		0.15			2.75			2.90		(0.17	)		(0.01	)		(0.18	)		13.00		28.36			1,543			0.95			0.25			1.28			29
	5/31/12	^‡		10.00		(0.01	)		0.29			0.28		—			—			—			10.28		2.80	^b		1,038			2.94	^c		0.25	^c		(0.14	)^c		2	^b
Retirement Class:	5/31/15			14.56		0.13			1.12			1.25		(0.36	)		(0.35	)		(0.71	)		15.10		8.89			21,900			0.59			0.35			0.89			14
	5/31/14			12.99		0.11			2.20			2.31		(0.45	)		(0.29	)		(0.74	)		14.56		18.00			19,483			0.73			0.35			0.77			24
	5/31/13			10.28		0.12			2.76			2.88		(0.16	)		(0.01	)		(0.17	)		12.99		28.19			10,585			1.05			0.35			1.04			29
	5/31/12	^‡		10.00		(0.01	)		0.29			0.28		—			—			—			10.28		2.80	^b		4,224			2.65	^c		0.35	^c		(0.24	)^c		2	^b
Retail Class:	5/31/15			14.55		0.13			1.10			1.23		(0.35	)		(0.35	)		(0.70	)		15.08		8.79			28,349			0.66			0.42			0.87			14
	5/31/14			12.99		0.10			2.19			2.29		(0.44	)		(0.29	)		(0.73	)		14.55		17.86			21,100			0.82			0.44			0.71			24
	5/31/13			10.27		0.13			2.75			2.88		(0.15	)		(0.01	)		(0.16	)		12.99		28.21			10,109			1.12			0.42			1.09			29
	5/31/12	^‡		10.00		(0.02	)		0.29			0.27		—			—			—			10.27		2.70	^b		5,039			2.66	^c		0.49	^c		(0.37	)^c		2	^b

^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
^e	The Fund’s expenses do not include the expenses of the Underlying Funds.
^j	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods presented.
^‡	The Fund commenced operations on December 9, 2011.

2015 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Notes to financial statements

TIAA-CREF Lifestyle Funds

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, Inc. (“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, 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.

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

42	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

For the year ended May 31, 2015, permanent book and tax differences resulting primarily from the reclassification of short-term capital gain distributions received from underlying funds from realized gain(loss) to ordinary income, dividend reclassifications, and the utilization of tax equalization credits were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

Note 2—valuation of investments

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Notes to financial statements

•	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)

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

Transfers between levels are recognized at the end of the reporting period. For the year ended May 31, 2015, there were no transfers between levels by the Funds.

As of May 31, 2015, all of the investments in the Funds were valued based on Level 1 inputs.

Note 3—investment adviser and affiliates

Under the terms of its Investment Management Agreement, each Fund pays Advisors a monthly fee based on the annual rate of 0.10% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of a Fund’s average daily net assets attributable to Retirement Class shares of a Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Premier Class and the Retail Class of each Fund compensates TPIS for providing distribution, promotional and/or shareholder services to the Premier Class and Retail Class of the Fund at the annual rate of 0.15% and 0.25% of the average daily net assets attributable to the Fund’s Premier Class and Retail Class, respectively.

44	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

At the commencement of operations of each Fund, TIAA, an affiliate, invested in each Fund. The following is the percentage of the Funds’ shares owned by TIAA as of May 31, 2015:

Fund	TIAA
Lifestyle Income		22	%
Lifestyle Conservative		12
Lifestyle Moderate		7
Lifestyle Growth		20
Lifestyle Aggressive Growth		31

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifestyle Income Fund
TIAA-CREF Bond	$	7,200,882	$	4,707,559	$	1,370,572	$	70,813		$	221,891	$	10,536,070
TIAA-CREF Bond Plus		7,992,250		3,794,345		693,608		119,612			265,085		11,035,052
TIAA-CREF Emerging Markets Equity		603,474		360,613		223,445		(17,331	)		9,693		700,071
TIAA-CREF Enhanced International Equity Index		419,568		376,442		61,659		14,522			18,486		708,588
TIAA-CREF Enhanced Large-Cap Growth Index		510,092		272,629		136,852		52,317			5,886		671,160
TIAA-CREF Enhanced Large-Cap Value Index		492,875		277,671		147,548		48,422			7,848		617,951
TIAA-CREF Global Natural Resources		130,749		95,007		33,296		(5,215	)		2,800		165,574
TIAA-CREF Growth & Income		1,186,424		580,731		162,422		121,696			16,222		1,655,285
TIAA-CREF High-Yield		796,759		628,308		850,273		(3,066	)		20,573		565,614
TIAA-CREF International Equity		787,186		870,021		474,008		(101	)		17,113		1,223,092
TIAA-CREF International Opportunities		672,666		331,701		212,138		(2,566	)		8,365		827,472
TIAA-CREF Large-Cap Growth		1,417,557		976,330		473,587		194,072			5,276		2,012,844
TIAA-CREF Large-Cap Value		1,365,362		653,504		203,985		77,817			30,017		1,866,212
TIAA-CREF Mid-Cap Growth		38,628		53,572		21,370		5,953			218		70,314
TIAA-CREF Mid-Cap Value		28,512		33,538		9,151		1,591			547		54,659
TIAA-CREF Money Market		2,993		—		—		—			—		2,993
TIAA-CREF Short-Term Bond		15,927,872		7,321,546		965,894		12,019			259,232		22,176,351
TIAA-CREF Small-Cap Equity		430,445		404,173		221,196		62,399			3,974		611,134
	$	40,004,294	$	21,737,690	$	6,261,004	$	752,954		$	893,226	$	55,500,436


TIAA-CREF Lifestyle Funds ■ 2015 Annual Report	45

Notes to financial statements

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifestyle Conservative Fund
TIAA-CREF Bond	$	6,267,190	$	6,341,696	$	2,334,455	$	73,770		$	209,973	$	10,281,719
TIAA-CREF Bond Plus		23,367,610		12,517,387		1,556,944		347,165			782,473		34,166,169
TIAA-CREF Emerging Markets Equity		1,913,523		1,264,306		194,105		(20,168	)		30,164		2,868,128
TIAA-CREF Enhanced International Equity Index		1,826,544		1,341,899		132,096		70,092			79,149		2,905,381
TIAA-CREF Enhanced Large-Cap Growth Index		2,114,162		1,296,393		766,669		212,925			26,607		2,751,095
TIAA-CREF Enhanced Large-Cap Value Index		2,043,161		1,255,308		729,025		190,960			35,941		2,535,443
TIAA-CREF Global Natural Resources		513,250		344,401		69,668		(12,148	)		10,715		679,681
TIAA-CREF Growth & Income		4,619,489		2,552,659		587,666		475,247			63,783		6,788,855
TIAA-CREF High-Yield		1,561,905		1,300,580		1,678,142		(8,739	)		40,733		1,165,973
TIAA-CREF International Equity		3,060,230		2,628,195		763,130		(33,090	)		58,419		5,034,350
TIAA-CREF International Opportunities		2,493,181		1,194,438		431,381		(8,301	)		30,694		3,392,743
TIAA-CREF Large-Cap Growth		5,513,932		3,597,423		1,271,488		739,227			19,990		8,246,311
TIAA-CREF Large-Cap Value		5,340,590		2,679,567		567,418		290,966			115,278		7,648,592
TIAA-CREF Mid-Cap Growth		210,397		171,727		93,391		32,110			1,167		285,197
TIAA-CREF Mid-Cap Value		170,964		149,468		102,946		14,164			3,008		226,064
TIAA-CREF Money Market		4,722		—		—		—			—		4,722
TIAA-CREF Short-Term Bond		15,631,526		8,177,242		939,760		12,569			255,023		22,765,641
TIAA-CREF Small-Cap Equity		1,685,808		1,405,023		564,905		241,515			15,079		2,509,500
	$	78,338,184	$	48,217,712	$	12,783,189	$	2,618,264		$	1,778,196	$	114,255,564
Lifestyle Moderate Fund
TIAA-CREF Bond Plus	$	38,707,494	$	25,320,058	$	5,066,784	$	581,193		$	1,311,405	$	58,693,339
TIAA-CREF Emerging Markets Equity		3,453,727		2,297,345		311,997		(28,066	)		54,436		5,246,545
TIAA-CREF Enhanced International Equity Index		3,680,683		2,634,346		302,149		146,333			160,131		5,757,794
TIAA-CREF Enhanced Large-Cap Growth Index		4,073,689		2,340,240		935,450		394,427			53,545		5,681,368
TIAA-CREF Enhanced Large-Cap Value Index		3,944,367		2,280,898		901,525		379,780			72,417		5,252,833
TIAA-CREF Global Natural Resources		995,088		729,325		168,268		(25,056	)		21,273		1,354,249
TIAA-CREF Growth & Income		8,976,999		4,967,281		862,508		906,532			121,993		13,467,074
TIAA-CREF High-Yield		2,028,178		1,672,345		2,131,670		(11,458	)		52,218		1,546,792
TIAA-CREF International Equity		5,942,807		4,499,903		1,113,573		(27,051	)		109,811		9,541,996
TIAA-CREF International Opportunities		4,757,631		2,500,590		818,988		(22,899	)		58,832		6,728,451
TIAA-CREF Large-Cap Growth		10,724,422		6,660,056		1,782,742		1,391,585			39,057		16,374,656
TIAA-CREF Large-Cap Value		10,376,182		5,272,234		852,538		561,465			225,817		15,171,643
TIAA-CREF Mid-Cap Growth		549,122		363,446		130,248		83,637			3,041		774,729
TIAA-CREF Mid-Cap Value		471,155		270,329		95,902		27,797			8,274		671,942
TIAA-CREF Money Market		6,346		—		—		—			—		6,346
TIAA-CREF Small-Cap Equity		3,265,227		2,532,542		845,885		479,975			29,561		4,911,169
	$	101,953,117	$	64,340,938	$	16,320,227	$	4,838,194		$	2,321,811	$	151,180,926


46	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

	Value at		Purchase		Sales		Realized			Dividend		Value at
Issue	May 31, 2014		cost		proceeds		gain (loss		)^a	income		May 31, 2015
Lifestyle Growth Fund
TIAA-CREF Bond Plus	$	8,992,716	$	7,526,719	$	1,612,869	$	144,312		$	321,988	$	14,839,300
TIAA-CREF Emerging Markets Equity		2,159,856		1,563,813		135,008		(8,302	)		34,088		3,471,457
TIAA-CREF Enhanced International Equity Index		2,459,587		1,821,855		145,226		99,610			106,627		3,965,121
TIAA-CREF Enhanced Large-Cap Growth Index		2,663,455		1,577,328		380,668		257,734			35,448		3,997,822
TIAA-CREF Enhanced Large-Cap Value Index		2,572,429		1,543,860		370,717		258,411			48,052		3,700,328
TIAA-CREF Global Natural Resources		653,308		497,420		85,658		(12,468	)		13,958		933,035
TIAA-CREF Growth & Income		5,874,334		3,425,069		279,392		598,391			81,721		9,287,264
TIAA-CREF High-Yield		989,284		896,146		1,070,413		(6,031	)		26,255		803,201
TIAA-CREF International Equity		3,886,128		2,840,986		454,673		(11,112	)		70,342		6,406,922
TIAA-CREF International Opportunities		3,080,114		1,731,891		367,014		(9,327	)		38,180		4,646,442
TIAA-CREF Large-Cap Growth		7,005,224		4,518,504		754,674		940,855			25,618		11,297,237
TIAA-CREF Large-Cap Value		6,788,966		3,710,019		281,047		372,345			147,693		10,473,631
TIAA-CREF Mid-Cap Growth		405,355		273,415		57,535		64,820			2,235		617,340
TIAA-CREF Mid-Cap Value		354,533		209,500		44,622		20,437			6,210		539,559
TIAA-CREF Money Market		3,306		—		—		—			—		3,306
TIAA-CREF Small-Cap Equity		2,145,971		1,614,392		332,596		323,942			19,330		3,399,638
	$	50,034,566	$	33,750,917	$	6,372,112	$	3,033,617		$	977,745	$	78,381,603
Lifestyle Aggressive Growth Fund
TIAA-CREF Emerging Markets Equity	$	2,348,330	$	1,024,897	$	277,319	$	(24,524	)	$	33,249	$	2,963,104
TIAA-CREF Enhanced International Equity Index		2,769,296		1,182,758		276,670		84,736			107,407		3,466,391
TIAA-CREF Enhanced Large-Cap Growth Index		2,959,829		1,001,378		576,737		272,002			35,741		3,520,366
TIAA-CREF Enhanced Large-Cap Value Index		2,862,070		981,876		525,527		263,963			48,161		3,273,584
TIAA-CREF Global Natural Resources		727,936		358,698		132,483		(20,683	)		13,611		818,455
TIAA-CREF Growth & Income		6,537,160		2,157,917		831,369		599,964			81,990		8,120,155
TIAA-CREF International Equity		4,332,253		2,046,104		805,760		(43,121	)		69,006		5,611,073
TIAA-CREF International Opportunities		3,419,404		947,791		455,472		(16,280	)		37,875		4,053,797
TIAA-CREF Large-Cap Growth		7,821,384		2,868,708		1,316,195		966,343			25,569		9,893,858
TIAA-CREF Large-Cap Value		7,573,903		1,999,177		694,638		366,029			146,418		9,120,254
TIAA-CREF Mid-Cap Growth		482,691		177,295		69,386		68,123			2,396		584,714
TIAA-CREF Mid-Cap Value		425,401		127,629		62,330		21,995			6,645		511,717
TIAA-CREF Money Market		4,048		—		—		—			—		4,048
TIAA-CREF Small-Cap Equity		2,389,618		1,040,261		393,126		323,951			19,292		2,999,842
	$	44,653,323	$	15,914,489	$	6,417,012	$	2,862,498		$	627,360	$	54,941,358


^a	Includes realized gain distributions received.


TIAA-CREF Lifestyle Funds ■ 2015 Annual Report	47

Notes to financial statements

Note 4—investments

			Gross		Gross			Net unrealized
			unrealized		unrealized			appreciation
Fund	Tax cost		appreciation		(depreciation		)	(depreciation)
Lifestyle Income	$	54,194,383		$1,370,344		$ (64,291	)		$1,306,053
Lifestyle Conservative		109,769,862		4,628,886		(143,184	)		4,485,702
Lifestyle Moderate		143,278,494		8,037,802		(135,370	)		7,902,432
Lifestyle Growth		71,930,539		6,541,162		(90,098	)		6,451,064
Lifestyle Aggressive Growth		47,823,715		7,200,059		(82,416	)		7,117,643

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended May 31, 2015 were as follows:

Fund	Purchases		Sales
Lifestyle Income	$	22,063,309	$	6,586,338
Lifestyle Conservative		48,217,712		12,783,189
Lifestyle Moderate		64,340,938		16,320,227
Lifestyle Growth		35,929,411		8,554,784
Lifestyle Aggressive Growth		16,624,009		7,130,027

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended May 31, 2015 and May 31, 2014 was as follows:

	5/31/2015
	Ordinary		Long-term
Fund	income		capital gains		Total
Lifestyle Income	$	982,833	$	349,750	$	1,332,583
Lifestyle Conservative		2,254,892		887,011		3,141,903
Lifestyle Moderate		3,354,446		1,526,384		4,880,830
Lifestyle Growth		1,571,319		1,041,267		2,612,586
Lifestyle Aggressive Growth		1,222,031		1,154,413		2,376,444

	5/31/2014
	Ordinary		Long-term
Fund	income		capital gains		Total
Lifestyle Income	$	618,920		$266,709	$	885,629
Lifestyle Conservative		1,303,180		447,346		1,750,526
Lifestyle Moderate		1,947,286		580,598		2,527,884
Lifestyle Growth		1,071,717		577,946		1,649,663
Lifestyle Aggressive Growth		1,093,062		697,779		1,790,841


48	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

concluded

As of May 31, 2015, the components of accumulated earnings on a tax basis were as follows:

	Undistributed		Undistributed		Unrealized
	ordinary		long-term		appreciation			Late-year
Fund	income		capital gains		(depreciation		)	loss deferrals			Total
Lifestyle Income		$121,911		$ 457,087		$1,306,054		$	—		$	1,885,052
Lifestyle Conservative		220,047		1,800,879		4,485,702			—			6,506,628
Lifestyle Moderate		306,741		3,363,940		7,902,433			—			11,573,114
Lifestyle Growth		147,815		2,199,007		6,451,065			—			8,797,887
Lifestyle Aggressive Growth		25,375		2,147,217		7,117,644			(39,800	)		9,250,436

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, and the treatment of short-term gain as ordinary income for tax purposes.

Note 6—line of credit

Note 7—indemnification

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Report of independent registered public accounting firm

To the Board of Trustees and Shareholders of the TIAA-CREF Funds:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Lifestyle Income Fund, Lifestyle Conservative Fund, Lifestyle Moderate Fund, Lifestyle Growth Fund, and Lifestyle Aggressive Growth Fund (five of the portfolios constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) at May 31, 2015, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2015 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
July 17, 2015

50	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2015

Trustees

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	82	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation; and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	82	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; and Independent Trustee, Lazard Alternative Emerging Markets 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	82	Director of Copper Rock Capital Partners, LLC (investment adviser).

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2015

Trustees — continued

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by trustee
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	82	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1943	Trustee	Indefinite term. Trustee since 1999.	Principal, NL Jacob Consultant (economic and business consultant) (since 2012); President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	82	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	82	Director, Aflac Insurance. Inc., Sansum Clinic and cielo24; Investment committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.

52	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	82	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance, Prep for Prep; and Close Brothers Group plc.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	82	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	82	Director, SCANA Corporation (energy holding company).

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2015

Trustees — concluded

Name, address and year of birth (“YOB”)		Position(s) held with fund		Term of office and length of time served		Principal occupation(s) during past 5 years		Number of portfolios in fund complex overseen by Trustee		Other directorship(s) held by trustee
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950		Trustee		Indefinite term. Trustee since 2006.		Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).		82		Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.

Officers

Name, address and year of birth (“YOB”)		Position(s) held with fund		Term of office and length of time served		Principal occupation(s) during past 5 years
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962		Chief Compliance Officer		One-year term. Vice President and Chief Compliance Officer since 2008.		Managing Director, Senior Compliance officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).

54	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President, Chief Executive Officer of TIAA-CREF Asset Management LLC (“TCAM”) and Executive Vice President of the TIAA-CREF Fund Complex.
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Senior Vice President, Corporate Controller of TIAA. Treasurer of CREF; Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President and President of Asset Management of TIAA. Principal Executive Officer and Executive Vice President of CREF and VA-1. Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds. Prior to joining TIAA, Mr. Leary served as a Representative, Securities Research, Inc., President and Chief Operating Officer, U.S., ING Americas, Chief Executive Officer, ING Insurance US, and Chairman and Chief Executive Officer, ING Investment Management, Americas.
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2015

Officers — concluded

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director, Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President, since 2006.	Executive Vice President, President of Retirement and Individual Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex.
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Weaver served as Senior Vice President, The Hartford Financial Services Group, Inc.
Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by calling 800 223–1200.

56	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Renewal of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Lifestyle Funds

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each TIAA-CREF Lifestyle Funds’ series (the “Funds”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Funds.

Overview of the renewal process

The Board held meetings on March 12, 2015 and March 26, 2015, at which it considered the annual renewal of the Agreement with respect to each Lifestyle Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2014 renewal process. During a series of meetings held prior to the March 12 and March 26, 2015 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Renewal of investment management agreement (unaudited)

rates, total expense ratios, short-term and long-term investment performance, portfolio turnover rates and brokerage commission costs. Lipper also compared much of this data for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies it employed to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that the purpose of its materials is to provide an unbiased view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Lipper (and not TAI).

In advance of the Board meetings held on March 12 and March 26, 2015, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its

58	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s Form ADV registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

The nature, extent and quality of services

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Renewal of investment management agreement (unaudited)

Account VA-1 and other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds (which are funds of funds that invest their assets in the securities of other investment companies managed by TAI, referred to as “underlying funds”), including selecting underlying funds and allocating the Funds’ assets among the underlying funds, conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

Investment performance

Cost and profitability

60	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board also acknowledged certain permanent fee rate reductions, temporary fee waivers and reimbursements of expenses above specified amounts undertaken by TAI with respect to the underlying funds in which the Funds invest that, in turn, reduce the Funds’ expenses. The Board considered that TAI had incurred a net loss with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2014, and expected this trend to continue. The Board also considered that TAI may have indirect earnings or losses with respect to the Funds based on the Funds’ investment in underlying funds also managed by TAI.

Fees charged by other advisers

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered that because TAI operated each Fund at a loss, there was little opportunity to pass economies of scale on to Fund shareholders. Based on all factors considered, the Board concluded that the Funds’ fee schedules were within an acceptable range in light of current economies of scale considerations and current asset levels.

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Renewal of investment management agreement (unaudited)

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other investment companies. The Board noted that TAI provides funds of funds management services to the TIAA-CREF Life Balanced Fund, with an annual management fee rate of 0.10% of average daily net assets, the TIAA-CREF Lifecycle Funds, which have an annual management fee rate of 0.10% of average daily net assets that is entirely waived by TAI, the TIAA-CREF Lifecycle Index Funds, which also have a 0.10% annual management fee rate that is subject to certain temporary, voluntary waivers by TAI, and the TIAA-CREF Managed Allocation Fund, for which TAI receives no management fee. TAI also manages other asset allocation products, such as education savings plans (529 plans).

Other benefits

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Retail Class shares of each Fund. Because the Retail Class generally has higher non-management expenses than the Retirement, Premier and Institutional Classes of these Funds, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Retail Class. All time periods referenced below are ended December 31, 2014. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2014 under the Agreement.

62	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

Lifestyle Aggressive Growth Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and in the 1st quintile of the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”).
•	The Fund was in the 3rd and 1st quintiles of the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”) for the one- and three-year periods, respectively. The Fund was in the 4th and 1st quintiles of the universe of comparable funds selected by Lipper for performance comparison purposes (“Performance Universe”) for the one- and three-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 2 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifestyle Growth Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of both its Expense Group and its Expense Universe.
•	The Fund was in the 5th and 1st quintiles of its Performance Group for the one-and three-year periods, respectively. The Fund was in the 4th and 1st quintiles of its Performance Universe for the one- and three-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifestyle Moderate Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of both its Expense Group and its Expense Universe.
•	The Fund was in the 2nd and 1st quintiles of its Performance Group for the one-and three-year periods, respectively. The Fund was in the 3rd and 2nd quintiles of its Performance Universe for the one- and three-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Renewal of investment management agreement (unaudited)

concluded

Lifestyle Conservative Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of both its Expense Group and its Expense Universe.
•	The Fund was in the 3rd and 2nd quintiles of its Performance Group for the one-and three-year periods, respectively. The Fund was in the 3rd and 1st quintiles of its Performance Universe for the one- and three-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Lifestyle Income Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expenses, actual management fee and contractual management fee were each in the 1st quintile of both its Expense Group and its Expense Universe.
•	The Fund was in the 4th quintile of its Performance Group and its Performance Universe for each of the one- and three-year periods.
•	The Fund received an Overall Morningstar Rating of 2 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.

64	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Important tax information (unaudited)

For the year ended May 31, 2015, the Lifestyle Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains:

	Long term
Fund	capital gains
Lifestyle Income		$	383,152
Lifestyle Conservative			993,761
Lifestyle Moderate			1,708,245
Lifestyle Growth			1,121,352
Lifestyle Aggressive Growth			1,289,475

For the year ended May 31, 2015, the Lifestyle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends:

Fund	Percentage
Lifestyle Income		12.39%
Lifestyle Conservative		21.01%
Lifestyle Moderate		27.17%
Lifestyle Growth		37.74%
Lifestyle Aggressive Growth		50.59%

For the year ended May 31, 2015, the Lifestyle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction:

Fund	Percentage
Lifestyle Income		7.50%
Lifestyle Conservative		13.06%
Lifestyle Moderate		17.04%
Lifestyle Growth		23.73%
Lifestyle Aggressive Growth		31.97%

For the year ended May 31, 2015, the Lifestyle Funds received the following amounts of income from their respective underlying funds that was from foreign sources:

	Foreign			Foreign source
Fund	source income			income per share
Lifestyle Income		$	37,920		$	0.00812
Lifestyle Conservative			139,228			0.01712
Lifestyle Moderate			268,349			0.02746
Lifestyle Growth			174,316			0.03910
Lifestyle Aggressive Growth			172,887			0.05186

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Important tax information (unaudited)

concluded

For the year ended May 31, 2015, the Lifestyle Funds have elected to pass through the following amounts of foreign taxes paid by their respective underlying funds:

	Foreign taxes			Foreign taxes
Fund	paid			paid per share
Lifestyle Income		$	3,821		$	0.00082
Lifestyle Conservative			13,327			0.00164
Lifestyle Moderate			25,206			0.00258
Lifestyle Growth			16,209			0.00364
Lifestyle Aggressive Growth			15,987			0.00480

By early 2016, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax adviser.

66	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

TIAA-CREF Lifestyle Funds ■ 2015 Annual Report

Additional information about index providers (unaudited)

concluded

68	2015 Annual Report ■ TIAA-CREF Lifestyle Funds

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How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

9 a.m. to 6 p.m. (ET), Saturday

insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products.

730 Third Avenue
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2015 Annual Report

TIAA-CREF
Managed Allocation Fund

of the TIAA-CREF Funds

May 31, 2015

Contents

Understanding your fund report	2
Information for investors	3
Important information about expenses	4
Fund performance
Managed Allocation Fund	6
About the fund’s composite benchmark	10
Portfolio of investments	11
Audited financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statements of changes in net assets	14
Financial highlights	16
Notes to financial statements	18
Report of independent registered public accounting firm	24
Trustees and officers	25
Renewal of investment management agreement	31
Important tax information	37
Additional information about index providers	38
How to reach us	Inside back cover

Understanding your fund report

This annual report contains information about the Managed Allocation Fund and describes the fund’s results for the twelve months ended May 31, 2015. The report contains three main sections:

	•	The fund performance section compares the fund’s investment returns with those of its composite benchmark and a broad market index.
	•	The portfolio of investments lists the underlying TIAA-CREF Funds in which the Managed Allocation Fund had investments as of May 31, 2015.
	•	The financial statements provide detailed information about the operations and financial condition of the fund.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 842-2252 for the Institutional and Retirement classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

2	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Information for investors

Portfolio holdings

The complete portfolio of investments for the Managed Allocation Fund appears on page 11 of this report. You can also obtain a list of the holdings of the Managed Allocation Fund and of the underlying funds in which the Managed Allocation Fund invests (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

	•	By visiting our website at tiaa-cref.org; or
	•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.

You can obtain a complete list of the Managed Allocation Fund’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-Q filings. Form N-CSR filings are as of May 31 or November 30; Form N-Q filings are as of the last day of February or August 31. Copies of these forms are available:

	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or
	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

Proxy voting

A description of our proxy voting policies and procedures for the underlying funds of the Managed Allocation Fund can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You can also call us at 800 842-2252 to request a free copy. A report of how the Managed Allocation Fund’s underlying funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800 842-2252.

Fund management

The Managed Allocation Fund is managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the fund.

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

The expense example that appears in the table on page 5 is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total cost of investing in the fund would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2014–May 31, 2015).

Actual expenses

The first line of the two lines listed for each share class in the table uses that class’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.

Hypothetical example for comparison purposes

The second line in each share class’s entry shows hypothetical account values and expenses based on the share class’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the share class’s actual return.

4	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Important information about expenses

Expense example

Six months ended May 31, 2015

Managed Allocation Fund	Beginning account value (12/1/14	)	Ending account value (5/31/15	)	Expenses paid during period (12/1/14–5/31/15	* )	Effective expenses paid during period (12/1/14–5/31/15	^† )
Institutional Class
Actual return	$1,000.00		$1,037.16		$0.00		$2.08
5% annual hypothetical return	1,000.00		1,024.93		0.00		2.07
Retirement Class
Actual return	1,000.00		1,035.95		1.27		3.35
5% annual hypothetical return	1,000.00		1,023.68		1.26		3.33
Retail Class
Actual return	1,000.00		1,035.79		1.27		3.35
5% annual hypothetical return	1,000.00		1,023.68		1.26		3.33

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2015. The fund’s annualized six-month expense ratio for that period was 0.00% for the Institutional Class, 0.25% for the Retirement Class and 0.25% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower.

^†

“Effective expenses paid during period” is based on the fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds) for the most recent fiscal half-year. For that period, the total annualized weighted average expense ratio was 0.41% for the Institutional Class, 0.66% for the Retirement Class and 0.66% for the Retail Class.

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Managed Allocation Fund

Performance for the twelve months ended May 31, 2015

The Managed Allocation Fund returned 6.79% for the Institutional Class, compared with the 6.07% return of its benchmark, the Managed Allocation Composite Index. The table on page 8 shows returns for all share classes of the fund.

Markets rise amid volatility and mixed economic data

The domestic economy showed signs of life throughout much of the twelve-month period relative to many international economies but tapered off in 2015. Real gross domestic product, which measures the value of all goods and services produced in the nation, decreased 0.2% in the first calendar quarter of 2015. However, the national unemployment rate registered at 5.5% in the final month of the reporting period—down from 6.3% in May 2014. The U.S. dollar rose sharply against most foreign currencies, and inflation remained subdued.

Investors then turned their attention to when the U.S. central bank might start raising short-term interest rates. Conversely, central banks in Europe, Japan and China boosted efforts to stimulate their sluggish economies, which helped fuel demand for equities in various international markets.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, rose 11.86%. The MSCI All Country World ex USA Index, which measures the performance of large- and mid-cap stocks in 45 developed and emerging market nations excluding the United States, returned –0.90% in terms of U.S. dollars, but gained 15.04% in local currency terms. Although emerging markets finished lower for the twelve months, many markets rose in the final quarter of the period as oil prices stabilized following their sharp drop from June 2014 through January 2015.

6	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Strong results from stocks lift the fund’s return higher

For the period, the absolute return of the Managed Allocation Fund—that is, without regard to the performance of its benchmark—was fueled primarily by the returns of the domestic equity funds in which the fund invests. In contrast, performance was constrained by weak performance of several underlying international equity and fixed-income funds. (All fund returns are for the Institutional Class.)

The Managed Allocation Fund may invest in up to three sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks) and fixed income. The fund does this by investing in various underlying funds that in turn buy stocks, bonds and other securities in these market sectors.

For the twelve months, the fund outperformed its composite benchmark by nearly three quarters of a percentage point primarily as a result of the performance of certain domestic and international equity underlying funds. In the U.S. equity category, the fund benefited from the outperformance of its allocation to the Large-Cap Growth Fund, which generated a double-digit return and surpassed its benchmark, the Russell 1000^® Growth Index. The fund also benefited from its position in the Growth & Income Fund, which outperformed its benchmark, the S&P 500^® Index. Among the fund’s international investments, the International Opportunities Fund and the International Equity Fund both contributed positively to relative returns. The largest contributor to the fund’s fixed-income component came from the Bond Plus Fund, which outperformed its benchmark, the Barclays U.S. Aggregate Bond Index.

Relative strength in the U.S. equity sector was partially offset by the Enhanced Large-Cap Growth Index Fund, which slightly trailed its benchmark, the Russell 1000 Growth Index. Among the fund’s international investments, the Emerging Markets Equity Fund and the Global Natural Resources Fund also detracted from relative performance due in part to the plunge in oil prices throughout much of the period. Concerns regarding growth in certain economies abroad, Greece and geopolitical conflicts such as the crisis in Ukraine, also weighed on emerging markets.

Among fixed-income investments, the Short-Term Bond Fund and High-Yield Fund were detractors from the fund’s returns, lagging their respective benchmarks for the period. (Performance of Managed Allocation Fund’s underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Managed Allocation Fund

Performance as of May 31, 2015

		Total			Average annual
		return			total return
								since
Managed Allocation Fund	Inception date	1 year			5 years			inception
Institutional Class	3/31/2006		6.79	%		10.97	%		6.09	%
Retirement Class	3/31/2006		6.53			10.70			5.83
Retail Class	3/31/2006		6.51			10.70			5.94
Managed Allocation Composite Index*	—		6.07			10.35			6.22	^†
Broad market index
Russell 3000^® Index	—		11.86			16.54			7.81	^†
Barclays U.S. Aggregate Bond Index	—		3.03			3.90			5.06	^†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

*	On May 31, 2015, the Managed Allocation Composite Index consisted of: 42.0% Russell 3000 Index; 40.0% Barclays U.S. Aggregate Bond Index; and 18.0% MSCI All Country World ex USA Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

^†	Performance is calculated from the inception date of the Institutional Class.

8	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Managed Allocation Fund

$10,000 invested at fund’s inception

Institutional Class (inception March 31, 2006)

Asset allocation
	% of net assets as of 5/31/2015
Equity
U.S. equity		41.2	%
International equity		19.0
Fixed income		39.8
Total		100.0

Target allocation

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

About the fund’s composite benchmark

The Managed Allocation Fund uses a composite benchmark that combines the following public indexes in proportions that reflect the fund’s target market sector allocations:

•	Russell 3000^® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
•	MSCI All Country World ex USA Index (international equity) measures the performance of large- and mid-cap stocks in 45 developed and emerging market countries, excluding the United States.
•	Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic investment-grade, fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

10	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Portfolio of investments

Managed Allocation Fund ■ May 31, 2015

							% of net
Shares			Security		Value		assets
TIAA-CREF FUNDS — 100.0% (a)
FIXED INCOME — 39.8%
	28,465,806		TIAA-CREF Bond Plus Fund		$	304,014,809		38.8	%
	798,264		TIAA-CREF High-Yield Fund			7,966,678		1.0
			TOTAL FIXED INCOME			311,981,487		39.8

INTERNATIONAL EQUITY — 19.0%
	2,575,037		TIAA-CREF Emerging Markets Equity Fund			27,192,393		3.5
	4,797,108		TIAA-CREF Enhanced International Equity Index Fund			37,321,504		4.8
	830,669		TIAA-CREF Global Natural Resources Fund			7,118,834		0.9
	3,527,543		TIAA-CREF International Equity Fund			41,836,665		5.3
	3,078,122		TIAA-CREF International Opportunities Fund			35,059,811		4.5
			TOTAL INTERNATIONAL EQUITY			148,529,207		19.0

SHORT-TERM FIXED INCOME — 0.0%
	73,544	*	TIAA-CREF Money Market Fund			73,544		0.0
			TOTAL SHORT-TERM FIXED INCOME			73,544		0.0

U.S. EQUITY — 41.2%
	5,119,685		TIAA-CREF Enhanced Large-Cap Growth Index Fund			61,026,641		7.8
	5,428,963		TIAA-CREF Enhanced Large-Cap Value Index Fund			57,004,112		7.3
	4,132,019		TIAA-CREF Growth & Income Fund			52,517,958		6.7
	3,932,433		TIAA-CREF Large-Cap Growth Fund			63,272,842		8.1
	3,176,661		TIAA-CREF Large-Cap Value Fund			58,958,824		7.5
	107,684		TIAA-CREF Mid-Cap Growth Fund			2,423,962		0.3
	80,052		TIAA-CREF Mid-Cap Value Fund			2,018,102		0.3
	1,401,951		TIAA-CREF Small-Cap Equity Fund			25,445,414		3.2
			TOTAL U.S. EQUITY			322,667,855		41.2
			TOTAL TIAA-CREF FUNDS	(Cost $676,081,622)		783,252,093		100.0

			TOTAL PORTFOLIO	(Cost $676,081,622)		783,252,093		100.0
			OTHER ASSETS & LIABILITIES, NET			330,181		0.0
			NET ASSETS		$	783,582,274		100.0	%

*	Non-income producing

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

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Statement of assets and liabilities

Managed Allocation Fund ■ May 31, 2015


ASSETS
Affiliated investments, at value^‡		$	783,252,093
Cash			1,095,391
Receivable from securities transactions			839,250
Receivable from Fund shares sold			53,070
Dividends receivable			738,368
Due from affiliates			7,457
Other			50,593
Total assets			786,036,222

LIABILITIES
Service agreement fees payable			1,685
Distribution fees payable			153,058
Due to affiliates			4,717
Payable for securities transactions			1,812,752
Payable for Fund shares redeemed			347,816
Payable for trustee compensation			51,461
Accrued expenses and other payables			82,459
Total liabilities			2,453,948
NET ASSETS		$	783,582,274

NET ASSETS CONSIST OF:
Paid-in-capital		$	653,873,589
Undistributed net investment income (loss)			1,139,586
Accumulated net realized gain (loss) on total investments			21,398,628
Net unrealized appreciation (depreciation) on total investments			107,170,471
NET ASSETS		$	783,582,274

INSTITUTIONAL CLASS:
Net assets		$	14,366,361
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			1,156,299
Net asset value per share			$12.42

RETIREMENT CLASS:
Net assets		$	49,095,563
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			3,956,307
Net asset value per share			$12.41

RETAIL CLASS:
Net assets		$	720,120,350
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			57,844,537
Net asset value per share			$12.45
‡	Affiliated investments, cost	$	676,081,622

2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

Statement of operations

Managed Allocation Fund ■ For the year ended May 31, 2015


INVESTMENT INCOME
Dividends from affiliated investments	$	14,315,705
Total income		14,315,705

EXPENSES
Shareholder servicing — Institutional Class		390
Shareholder servicing — Retirement Class		111,641
Shareholder servicing — Retail Class		321,683
Distribution fees — Retail Class		1,745,830
Administrative service fees		23,634
Trustee fees and expenses		5,918
Other expenses		184,173
Total expenses		2,393,269
Less: Expenses reimbursed by the investment adviser		(536,144	)
Net expenses		1,857,125
Net investment income (loss)		12,458,580

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		4,776,926
Realized gain distributions from affiliated investments		31,487,931
Net realized gain (loss) from affiliated investments		36,264,857
Net change in unrealized appreciation (depreciation) from affiliated investments		(617,712	)
Net realized and unrealized gain (loss) from affiliated investments		35,647,145
Net increase (decrease) in net assets from operations	$	48,105,725

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Statements of changes in net assets

Managed Allocation Fund ■ For the year ended

		May 31, 2015			May 31, 2014

OPERATIONS
Net investment income (loss)		$	12,458,580		$	11,018,702
Net realized gain (loss) from affiliated investments			36,264,857			28,139,388
Net change in unrealized appreciation (depreciation) from affiliated investments			(617,712	)		39,568,247
Net increase (decrease) in net assets from operations			48,105,725			78,726,337

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(385,463	)		(370,694	)
	Retirement Class		(1,286,820	)		(1,064,524	)
	Retail Class		(19,575,621	)		(18,937,433	)
From realized gains:	Institutional Class		(324,092	)		(104,677	)
	Retirement Class		(1,197,578	)		(320,451	)
	Retail Class		(18,019,642	)		(5,665,009	)
Total distributions			(40,789,216	)		(26,462,788	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		5,175,999			5,291,541
	Retirement Class		11,944,005			11,716,408
	Retail Class		50,840,780			62,813,265
Reinvestments of distributions:	Institutional Class		700,777			467,878
	Retirement Class		2,484,398			1,384,975
	Retail Class		36,231,334			23,669,880
Redemptions:	Institutional Class		(4,104,843	)		(3,612,804	)
	Retirement Class		(7,004,494	)		(5,713,192	)
	Retail Class		(57,499,358	)		(59,323,248	)
Net increase (decrease) from shareholder transactions			38,768,598			36,694,703
Net increase (decrease) in net assets			46,085,107			88,958,252
NET ASSETS
Beginning of period			737,497,167			648,538,915
End of period		$	783,582,274		$	737,497,167
Undistributed net investment income (loss) included in net assets		$	1,139,586		$	1,101,601

2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

Statements of changes in net assets

concluded

Managed Allocation Fund ■ For the year ended

		May 31, 2015			May 31, 2014
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		419,640			451,213
	Retirement Class		963,704			994,236
	Retail Class		4,120,190			5,287,428
Shares reinvested:	Institutional Class		58,386			39,550
	Retirement Class		207,380			117,126
	Retail Class		3,013,764			1,996,308
Shares redeemed:	Institutional Class		(332,151	)		(308,082	)
	Retirement Class		(571,251	)		(486,862	)
	Retail Class		(4,664,101	)		(4,996,167	)
Net increase (decrease) from shareholder transactions			3,215,561			3,094,750

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Financial highlights

Managed Allocation Fund

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																						Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets								Net
	period or year ended		value, beginning of period		investment income (loss)		^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period or year (in thousands)		Gross expenses		^e	Net expenses		^e	investment income (loss)			Portfolio turnover rate
Institutional Class:	5/31/15			$12.32		$0.23			$0.57			$0.80			$(0.38	)		$(0.32	)		$(0.70	)		$12.42		6.79	%		$14,366		0.03	%		0.00	%		1.88	%		14	%
	5/31/14			11.43		0.22			1.16			1.38			(0.38	)		(0.11	)		(0.49	)		12.32		12.29			12,453		0.04			0.00			1.86			15
	5/31/13			9.92		0.22			1.58			1.80			(0.29	)		—			(0.29	)		11.43		18.33			9,461		0.04			0.00			2.09			17
	5/31/12			10.39		0.22			(0.42	)		(0.20	)		(0.27	)		—			(0.27	)		9.92		(1.79	)		6,724		0.04			0.00			2.26			15
	5/31/11	^†		9.40		0.17			1.01			1.18			(0.19	)		—			(0.19	)		10.39		12.66	^b		4,142		0.06	^c		0.00	^c		2.53	^c		10	^b
	9/30/10			8.73		0.24			0.67			0.91			(0.24	)		—			(0.24	)		9.40		10.52			2,542		0.06			0.00			2.68			21
Retirement Class:	5/31/15			12.31		0.21			0.56			0.77			(0.35	)		(0.32	)		(0.67	)		12.41		6.53			49,096		0.28			0.25			1.67			14
	5/31/14			11.42		0.19			1.16			1.35			(0.35	)		(0.11	)		(0.46	)		12.31		12.02			41,320		0.29			0.25			1.60			15
	5/31/13			9.91		0.20			1.57			1.77			(0.26	)		—			(0.26	)		11.42		18.04			31,195		0.29			0.25			1.84			17
	5/31/12			10.38		0.19			(0.41	)		(0.22	)		(0.25	)		—			(0.25	)		9.91		(2.04	)		29,993		0.29			0.25			1.96			15
	5/31/11	^†		9.39		0.14			1.03			1.17			(0.18	)		—			(0.18	)		10.38		12.54	^b		32,622		0.31	^c		0.25	^c		2.18	^c		10	^b
	9/30/10			8.72		0.21			0.67			0.88			(0.21	)		—			(0.21	)		9.39		10.26			24,404		0.30			0.25			2.36			21
Retail Class:	5/31/15			12.35		0.20			0.57			0.77			(0.35	)		(0.32	)		(0.67	)		12.45		6.51			720,120		0.32			0.25			1.64			14
	5/31/14			11.45		0.19			1.17			1.36			(0.35	)		(0.11	)		(0.46	)		12.35		12.08			683,724		0.35			0.25			1.59			15
	5/31/13			9.94		0.21			1.56			1.77			(0.26	)		—			(0.26	)		11.45		18.00			607,883		0.36			0.25			1.92			17
	5/31/12			10.41		0.20			(0.42	)		(0.22	)		(0.25	)		—			(0.25	)		9.94		(2.03	)		525,266		0.33			0.25			1.97			15
	5/31/11	^†		9.42		0.15			1.02			1.17			(0.18	)		—			(0.18	)		10.41		12.52	^b		562,043		0.26	^c		0.21	^c		2.29	^c		10	^b
	9/30/10			8.75		0.22			0.67			0.89			(0.22	)		—			(0.22	)		9.42		10.34			505,725		0.21			0.16			2.47			21

^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^e	The Fund’s expenses do not include the expenses of the Underlying Funds.
^j	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods presented.
^†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Notes to financial statements

Managed Allocation Fund

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, Inc. (“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 financial statements 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 and the evaluation of subsequent events. 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 Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. 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 financial statements.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Dividends from investments are recorded on the ex-dividend date. Dividends from investments are recorded as dividend income, while capital gain distributions, including short-term capital gain distributions, are recorded as gain distributions from investments on the Statement of Operations. Realized gains and losses on sales from investments in investment companies are based upon the specific identification method.

18	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Income, expenses, realized gains and losses and unrealized appreciation and depreciation of the Fund are allocated on a pro rata basis to each class of shares of the Fund, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

Income taxes: The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that the Fund distributes all taxable income each year and complies with various other Code requirements. The Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. The Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended May 31, 2015, permanent book and tax differences resulting primarily from the reclassification of short-term capital gain distributions received from underlying funds from realized gain (loss) to ordinary income, dividend reclassifications, and the utilization of tax equalization credits were identified and reclassified among the components of the Fund’s net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

Trustee compensation: The Fund pays the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Fund until paid. Amounts payable to the trustees for compensation are included in the accompanying Statement of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statement of Operations.

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Notes to financial statements

Note 2—valuation of investments

•	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)

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

Transfers between levels are recognized at the end of the reporting period. For the year ended May 31, 2015, there were no transfers between levels by the Fund.

As of May 31, 2015, all of the investments in the Fund were valued based on Level 1 inputs.

Note 3—investment adviser and affiliates

Under the terms of its Investment Management Agreement, the Fund does not pay Advisors a fee for the management of the Fund’s investment portfolio. The Fund has entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and compliance services to the Fund.

Under the terms of the Fund’s Retirement Class Service Agreement, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to

20	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

continued

Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of the Fund compensated TPIS for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class.

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds 0.00% of average daily net assets for the Institutional Class shares; and 0.25% of average daily net assets for the Retirement and Retail Class shares. The expense reimbursement arrangements will continue through at least September 30, 2015, unless changed with approval of the Board.

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

Issue	Value at May 31, 2014		Purchase cost		Sales proceeds		Realized gain (loss)		^a	Dividend income		Value at May 31, 2015
TIAA-CREF Managed Allocation Fund
TIAA-CREF Bond Plus	$	277,892,585	$	55,860,990	$	28,206,186	$	3,562,876		$	7,936,002	$	304,014,809
TIAA-CREF Emerging Markets Equity		24,977,579		4,793,128		1,341,655		(90,911	)		323,956		27,192,393
TIAA-CREF Enhanced International Equity Index		34,211,263		7,599,574		2,155,861		1,109,214			1,204,697		37,321,504
TIAA-CREF Enhanced Large-Cap Growth Index		58,835,658		9,047,566		9,495,729		6,027,554			652,226		61,026,641
TIAA-CREF Enhanced Large-Cap Value Index		56,959,741		9,339,315		8,515,218		5,871,312			886,827		57,004,112
TIAA-CREF Global Natural Resources		7,201,937		1,562,350		414,721		(72,249	)		124,007		7,118,834
TIAA-CREF Growth & Income		48,988,384		7,178,382		5,469,653		4,915,296			566,839		52,517,958
TIAA-CREF High-Yield		14,593,820		7,912,328		14,368,880		31,482			327,157		7,966,678
TIAA-CREF International Equity		36,060,296		12,408,129		7,088,318		(175,249	)		554,309		41,836,665
TIAA-CREF International Opportunities		34,163,662		3,852,585		4,176,567		(20,331	)		348,931		35,059,811
TIAA-CREF Large-Cap Growth		58,320,941		13,290,392		12,019,583		8,025,821			173,964		63,272,842
TIAA-CREF Large-Cap Value		56,216,623		5,371,523		4,405,193		3,179,774			1,001,805		58,958,824
TIAA-CREF Mid-Cap Growth		2,477,443		687,052		725,318		357,103			11,095		2,423,962
TIAA-CREF Mid-Cap Value		2,093,054		352,352		519,832		179,422			29,435		2,018,102
TIAA-CREF Money Market		73,544		—		—		—			—		73,544
TIAA-CREF Small-Cap Equity		23,844,711		7,730,817		5,902,131		3,363,743			174,455		25,445,414
	$	736,911,241	$	146,986,483	$	104,804,845	$	36,264,857		$	14,315,705	$	783,252,093

^a	Includes realized gains distributions received.

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Notes to financial statements

Note 4—investments

Net unrealized appreciation (depreciation): At May 31, 2015, the cost of portfolio investments for federal income tax purposes was $679,051,997. Net unrealized appreciation of portfolio investments for federal income tax purposes was $104,200,096, consisting of gross unrealized appreciation of $105,968,479 and gross unrealized depreciation of $(1,768,383).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the year ended May 31, 2015 were $146,986,483 and $104,804,845, respectively.

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended May 31, 2015 and May 31, 2014 was as follows:

	Ordinary income	Long-term capital gains	Total
5/31/2015	$21,322,086	$19,467,130	$40,789,216
5/31/2014	20,372,651	6,090,137	26,462,788

As of May 31, 2015, the components of accumulated earnings on a tax basis consisted of $1,177,219 of undistributed ordinary income, $24,369,000 of undistributed long-term capital gains, and $104,200,099 of unrealized appreciation.

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, and the treatment of short term gain as ordinary income for tax purposes.

Note 6—line of credit

The Fund participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2015. A new facility was entered into on June 23, 2015 expiring June 21, 2016. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended May 31, 2015, there were no borrowings under this credit facility by the Fund.

22	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

concluded

Note 7—indemnification

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Fund’s organizational documents, the trustees and officers of the Fund are indemnified against certain liabilities that may arise out of their duties to the Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be unlikely.

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Report of independent registered public accounting firm

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of the TIAA-CREF Managed Allocation Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Managed Allocation Fund (the “Fund”) at May 31, 2015, the results of its operations, the changes in its net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2015 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
July 17, 2015

24	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2015

Trustees

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	82	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation; and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	82	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; and Independent Trustee, Lazard Alternative Emerging Markets 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	82	Director of Copper Rock Capital Partners, LLC (investment adviser).

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2015

Trustees — continued

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by trustee
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	82	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1943	Trustee	Indefinite term. Trustee since 1999.	Principal, NL Jacob Consultant (economic and business consultant) (since 2012); President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	82	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	82	Director, Aflac Insurance. Inc., Sansum Clinic and cielo24; Investment committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.

26	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	82	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance, Prep for Prep; and Close Brothers Group plc.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	82	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	82	Director, SCANA Corporation (energy holding company).

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2015

Trustees — concluded

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by trustee
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	82	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.

Officers

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Managing Director, Senior Compliance officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).

28	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President, Chief Executive Officer of TIAA-CREF Asset Management LLC (“TCAM”) and Executive Vice President of the TIAA-CREF Fund Complex.
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Senior Vice President, Corporate Controller of TIAA. Treasurer of CREF; Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President and President of Asset Management of TIAA. Principal Executive Officer and Executive Vice President of CREF and VA-1. Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds. Prior to joining TIAA, Mr. Leary served as a Representative, Securities Research, Inc., President and Chief Operating Officer, U.S., ING Americas, Chief Executive Officer, ING Insurance US, and Chairman and Chief Executive Officer, ING Investment Management, Americas.
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2015

Officers — concluded

Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director, Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President, since 2006.	Executive Vice President, President of Retirement and Individual Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex.
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1952	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Weaver served as Senior Vice President, The Hartford Financial Services Group, Inc.

30	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Renewal of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Managed Allocation Fund

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of its series, the TIAA-CREF Managed Allocation Fund (the “Fund”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Fund.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, the Agreement for the Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

Overview of the renewal process

The Board held meetings on March 12, 2015 and March 26, 2015, at which it considered the annual renewal of the Agreement with respect to the Fund using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewal. The Operations Committee also worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2014 renewal process. During a series of meetings held prior to the March 12 and March 26, 2015 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to the Fund by the Board Reporting and Compliance unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, performance and expense comparison data regarding the Fund, including data relating to the Fund’s total expense ratio and

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Renewal of investment management agreement (unaudited)

short-term and long-term investment performance. Lipper also compared much of this data for the Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies it employed to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that the purpose of its materials is to provide an unbiased view of the Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Lipper (and not TAI).

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to the Fund pursuant to the Agreement. In this regard, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI, which is also true of their assessment of the Fund’s management fee rate and other aspects of the proposed renewal of the Agreement.

In advance of the Board meetings held on March 12 and March 26, 2015, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for the Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to the Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Fund aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Fund; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Fund and affiliates of TAI; (8) a copy of TAI’s Form ADV

32	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

continued

registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to the Fund, the Board reviewed various factors, including: (1) the nature, extent and quality of services provided or to be provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by TAI and its affiliates from their relationship with the Fund; (4) fees charged by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (8) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for the Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Fund. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 26, 2015, the Board voted unanimously to renew the Agreement for the Fund. Set forth below are certain general factors the Board considered for the Fund.

The nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the Fund since its operations commenced. Investment professionals at TAI and its affiliates also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds (the “Life Funds”), the TIAA Separate Account VA-1 and other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Fund (which is a fund of funds that invests its assets in the securities of other investment companies managed by TAI, referred to as “underlying funds”), including selecting underlying funds and allocating the Fund’s assets among the underlying funds, conducting research, recommending investments and placing orders to buy and sell securities for the

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Renewal of investment management agreement (unaudited)

Fund’s investment portfolio; active daily monitoring of the investment portfolio by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Fund to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Fund. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

The Board also considered, among other factors, the performance of the Fund, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.

Investment performance

The Board considered the investment performance of the Fund over the periods indicated in the synopsis below. The Board considered the Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of the Fund before any reductions for fees or expenses. This analysis considered the impact of net asset value rounding and excluded the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on the Fund’s performance as compared to the performance of its benchmark index. For details regarding the Fund’s performance, see the synopsis below. The Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was within an acceptable range.

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2014. The Board considered TAI’s profit calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board also noted that TAI did not charge a management fee for its advisory services to the Fund. Additionally, the Board acknowledged certain permanent fee rate reductions, temporary fee waivers and reimbursements of expenses above specified amounts undertaken by TAI with respect to the underlying funds in which the Fund invests that, in turn, reduce the Fund’s expenses. The Board considered that TAI had incurred a net loss with respect to the Fund under the Agreement for the one-year period ended December 31, 2014, and expected this trend to continue. The Board also considered that TAI may have indirect earnings or losses with respect to the Fund based on the Fund’s investment in underlying funds also managed by TAI.

34	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

continued

TAI’s parent on such resources, so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board acknowledged that TAI did not charge a management fee to this Fund.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of the Fund. The Board also considered that because TAI operated the Fund at a loss, there was little opportunity to pass economies of scale on to Fund shareholders. Based on all factors considered, the Board concluded that the Fund’s fee schedule was within an acceptable range in light of current economies of scale considerations and current assets.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliates provide similar investment management services to other investment companies. The Board noted that TAI provides funds of funds management services to the TIAA-CREF Lifestyle Funds and the TIAA-CREF Life Balanced Fund, with an annual management fee rate of 0.10% of average daily net assets, the TIAA-CREF Lifecycle Funds, which have an annual management fee rate of 0.10% that is entirely waived by TAI, and the TIAA-CREF Lifecycle Index Funds, which also have a 0.10% annual management fee rate that is subject to certain temporary, voluntary waivers by TAI. TAI also manages other asset allocation products, such as education savings plans (529 plans).

Other benefits

The Board also considered additional benefits to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Fund to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and the Fund may benefit from economies of scale to the extent that the Fund is managed in the same manner and by the same personnel as certain of the CREF Accounts, the Life Funds and other series of the Trust. TAI and the Fund may also benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements. Additionally, the Fund may be utilized as investment options for other products and businesses of TAI and its affiliates, such as variable products.

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Renewal of investment management agreement (unaudited)

concluded

Specific factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. If the Fund is described as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of the Fund. Because the Institutional Class generally has lower non-management expenses than the Retirement, Premier and Retail Classes of the Fund, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2014. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The statement below regarding a “net loss” refers to TAI incurring a loss for the services that it rendered to the Fund during 2014 under the Agreement.

Managed Allocation Fund

•	The Fund’s annual contractual management fee rate is 0.00% of average daily net assets.
•	The Fund’s total expenses were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and in the 1st quintile of the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”). The Fund did not have an Expense Group or Expense Universe with respect to its actual management fee rate and contractual management fee rate.
•	The Fund was in the 1st quintile of the group of comparable funds selected by Lipper for performance comparison purposes for the one-, three- and five-year periods. The Fund was in the 3rd, 1st and 1st quintiles of the universe of comparable funds selected by Lipper for performance comparison purposes for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period without taking into account any profits TAI might have earned with respect to the underlying funds (which are also managed by TAI) in which this Fund invests.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for the Fund.

36	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

Important tax information (unaudited)

For the year ended May 31, 2015, the Fund designates $20,336,143 (or the maximum amount allowable) as being from net long-term capital gains.

For the year ended May 31, 2015, the Fund designates 27.83% (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.

For the year ended May 31, 2015, the Fund designates 17.59% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

During the year ended May 31, 2015, the Managed Allocation Fund received income of $1,692,327 ($0.02806 per share) from underlying funds that was from foreign sources, and has elected to pass through foreign taxes paid by underlying funds of $150,932 ($0.00250 per share).

By early 2016, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax adviser.

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

38	2015 Annual Report ■ TIAA-CREF Managed Allocation Fund

concluded

TIAA-CREF Managed Allocation Fund ■ 2015 Annual Report

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How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252 for the Institutional and Retirement classes or 800 223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not

bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products.

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A12452 (7/15)

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A12452 (7/15)

Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended May 31, 2015 and May 31, 2014, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $360,000 and $333,200, respectively.

4(b) Audit Related Fees.

For the fiscal years ended May 31, 2015 and May 31, 2014, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended May 31, 2015 and May 31, 2014, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended May 31, 2015 and May 31, 2014, PwC’s aggregate fees for tax services billed to the Registrant were $333,000 and $305,200, respectively.

For the fiscal years ended May 31, 2015 and May 31, 2014, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0.

4(d) All Other Fees.

For the fiscal years ended May 31, 2015 and May 31, 2014, PwC’s aggregate fees for all other services billed to the Registrant were $9,000 and $14,700, respectively.

For the fiscal years ended May 31, 2015 and May 31, 2014, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2015 and May 31, 2014 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2015 and May 31, 2014 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2015 and May 31, 2014 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2015 and May 31, 2014 on behalf of the Fund service providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2015 and May 31, 2014 on behalf of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended May 31, 2015 and May 31, 2014, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $394,625 and $301,500, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

Not Applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. 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 annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and 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

Date: July 13, 2015	By:	/s/Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer

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.

Date: July 13, 2015	By:	/s/Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer (principal executive officer)

Date: July 13, 2015	By:	/s/Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer