N-CSRS 1 c83255_ncsrs.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: November 30, 2015

Item 1. Reports to Stockholders.

	2015 Semiannual Report

	TIAA-CREF Lifecycle Funds

	of the TIAA-CREF Funds

	November 30, 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			25
	Lifecycle 2040 Fund			26
	Lifecycle 2045 Fund			27
	Lifecycle 2050 Fund			28
	Lifecycle 2055 Fund			29
	Lifecycle 2060 Fund			30
	Portfolios of investments			31
	Financial statements (unaudited)
	Statements of assets and liabilities			44
	Statements of operations			48
	Statements of changes in net assets			52
	Financial highlights			60
	Notes to financial statements			74
	Additional information about index providers			90
	How to reach us			Inside back cover

Understanding your Lifecycle Funds report

This semiannual 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 six months ended November 30, 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 November 30, 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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Information for investors

Portfolio listings

The complete portfolios of investments for the TIAA-CREF Lifecycle Funds begin on page 31 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 Semiannual 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 (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 (short-term fixed income) 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 Semiannual 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 (June 1, 2015–November 30, 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 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2015

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Institutional Class	(6/1/15		)	(11/30/15		)	(6/1/15–11/30/15		)	(6/1/15–11/30/15		)
Retirement Income Fund actual return	$	1,000.00		$	982.16			$0.00			$1.83
5% annual hypothetical return		1,000.00			1,025.00			0.00			1.87
2010 Fund actual return		1,000.00			981.00			0.00			1.88
5% annual hypothetical return		1,000.00			1,025.00			0.00			1.92
2015 Fund actual return		1,000.00			979.17			0.00			1.88
5% annual hypothetical return		1,000.00			1,025.00			0.00			1.92
2020 Fund actual return		1,000.00			976.68			0.00			1.98
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.02
2025 Fund actual return		1,000.00			974.10			0.00			2.02
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.07
2030 Fund actual return		1,000.00			971.32			0.00			2.07
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.12
2035 Fund actual return		1,000.00			968.86			0.00			2.17
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.23
2040 Fund actual return		1,000.00			965.61			0.00			2.21
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.28
2045 Fund actual return		1,000.00			965.91			0.00			2.21
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.28
2050 Fund actual return		1,000.00			965.85			0.00			2.21
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.28
2055 Fund actual return		1,000.00			965.54			0.00			2.21
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.28
2060 Fund actual return		1,000.00			965.65			0.00			2.21
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.28

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 183/366. There were 183 days in the six months ended November 30, 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 Semiannual 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 and 2015 Funds; 0.40% for the 2020 Fund; 0.41% for the 2025 Fund; 0.42% for the 2030 Fund; 0.44% for the 2035 Fund; 0.45% for the 2040, 2045, 2050, 2055 and 2060 Funds.

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2015

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Premier Class	(6/1/15		)	(11/30/15		)	(6/1/15–11/30/15		)	(6/1/15–11/30/15		)
Retirement Income Fund actual return	$	1,000.00		$	981.41			$0.74			$2.58
5% annual hypothetical return		1,000.00			1,024.25			0.76			2.63
2010 Fund actual return		1,000.00			980.95			0.74			2.62
5% annual hypothetical return		1,000.00			1,024.25			0.76			2.68
2015 Fund actual return		1,000.00			979.09			0.74			2.62
5% annual hypothetical return		1,000.00			1,024.25			0.76			2.68
2020 Fund actual return		1,000.00			976.61			0.74			2.72
5% annual hypothetical return		1,000.00			1,024.25			0.76			2.78
2025 Fund actual return		1,000.00			973.98			0.74			2.76
5% annual hypothetical return		1,000.00			1,024.25			0.76			2.83
2030 Fund actual return		1,000.00			970.29			0.74			2.81
5% annual hypothetical return		1,000.00			1,024.25			0.76			2.88
2035 Fund actual return		1,000.00			967.89			0.74			2.90
5% annual hypothetical return		1,000.00			1,024.25			0.76			2.98
2040 Fund actual return		1,000.00			964.61			0.74			2.95
5% annual hypothetical return		1,000.00			1,024.25			0.76			3.03
2045 Fund actual return		1,000.00			964.91			0.74			2.95
5% annual hypothetical return		1,000.00			1,024.25			0.76			3.03
2050 Fund actual return		1,000.00			965.73			0.74			2.95
5% annual hypothetical return		1,000.00			1,024.25			0.76			3.03
2055 Fund actual return		1,000.00			965.44			0.74			2.95
5% annual hypothetical return		1,000.00			1,024.25			0.76			3.03
2060 Fund actual return		1,000.00			965.62			0.74			2.95
5% annual hypothetical return		1,000.00			1,024.25			0.76			3.03

8	2015 Semiannual 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 and 2015 Funds; 0.55% for the 2020 Fund; 0.56% for the 2025 Fund; 0.57% for the 2030 Fund; 0.59% for the 2035 Fund; and 0.60% for the 2040, 2045, 2050, 2055 and 2060 Funds.

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2015

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Retirement Class	(6/1/15		)	(11/30/15		)	(6/1/15–11/30/15		)	(6/1/15–11/30/15		)
Retirement Income Fund actual return	$	1,000.00		$	981.75			$1.24			$3.07
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.13
2010 Fund actual return		1,000.00			979.74			1.24			3.12
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.18
2015 Fund actual return		1,000.00			978.45			1.24			3.12
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.18
2020 Fund actual return		1,000.00			976.08			1.24			3.21
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.29
2025 Fund actual return		1,000.00			972.71			1.23			3.25
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.34
2030 Fund actual return		1,000.00			970.13			1.23			3.30
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.39
2035 Fund actual return		1,000.00			967.23			1.23			3.39
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.49
2040 Fund actual return		1,000.00			964.54			1.23			3.44
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.54
2045 Fund actual return		1,000.00			964.82			1.23			3.44
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.54
2050 Fund actual return		1,000.00			964.76			1.23			3.44
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.54
2055 Fund actual return		1,000.00			964.65			1.23			3.44
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.54
2060 Fund actual return		1,000.00			964.66			1.23			3.44
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.54

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 183/366. There were 183 days in the six months ended November 30, 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 Semiannual 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 and 2015 Funds; 0.65% for the 2020 Fund; 0.66% for the 2025 Fund; 0.67% for the 2030 Fund; 0.69% for the 2035 Fund; and 0.70% for the 2040, 2045, 2050, 2055 and 2060 Funds.

Expense example

Six months ended November 30, 2015

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Retail Class		(6/1/15	)		(11/30/15	)		(6/1/15–11/30/15	)		(6/1/15–11/30/15	)
Retirement Income Fund actual return	$	1,000.00		$	981.79			$1.24			$3.07
5% annual hypothetical return		1,000.00			1,023.75			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 183/366. There were 183 days in the six months ended November 30, 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 Semiannual Report

Investment results of the Lifecycle Funds

Performance for the six months ended November 30, 2015

All twelve TIAA-CREF Lifecycle Funds underperformed their respective composite benchmarks in a declining market for the six-month period. Returns for the Retirement Class ranged from –1.82% for the Retirement Income Fund to –3.55% for the Lifecycle 2040 Fund. The tables on the following pages show returns for all share classes of the funds.

The underperformance of the individual Lifecycle Funds, in relation to their respective composite benchmarks, ranged from 0.21 of a percentage point for the Lifecycle 2010 and 2025 funds to 0.08 of a percentage point for the Lifecycle 2045 and 2050 funds. (All results for the Lifecycle Funds are for the Retirement Class.)

Worldwide financial markets mostly retreat in an uncertain environment

The broad U.S. stock market, as measured by the Russell 3000^® Index, declined 1.05% for the six months. Although many international markets rose late in the period, they couldn’t overcome earlier losses amid concerns about Greece’s debt problems and slowing growth in China. The MSCI All Country World ex USA Index, which measures the performance of large- and mid-cap stocks in 45 developed and emerging market countries outside the United States, returned –10.16% for the reporting period in terms of U.S. dollars.

The broad domestic investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.12% for the six months. The yield on the 10-year U.S. Treasury bond began the period at 2.12% on May 29, then fluctuated considerably before landing at 2.21% on November 30. Inflation-indexed bonds, as measured by the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), returned –1.96%. Short-term bonds performed better as the Barclays U.S. 1–3 Year Government/Credit Bond Index rose 0.03%.

12	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Funds suffer losses as most equity and bond markets decline

Each Lifecycle Fund delivered negative returns for the period as most of their underlying equity and bond funds suffered losses.

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

For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were hampered by declines in both stocks and bonds. The Large-Cap Value Fund and Mid-Cap Value Fund were among the largest detractors from performance within U.S. equities. Each of the underlying funds in the international equity sector posted a negative absolute return. The Bond Fund and Bond Plus Fund had small losses, while returns of the High-Yield Fund and Inflation-Linked Bond Fund fell more substantially. In contrast, the Large-Cap Growth Fund, Enhanced Large-Cap Growth Index Fund, Small-Cap Equity Fund and Short-Term Bond Fund achieved positive results.

Security selections add to decline

All twelve Lifecycle Funds were affected by the turmoil in the global stock markets, underperforming their respective composite benchmarks because several of the underlying funds lagged the broad market indexes used to calculate the composite benchmarks. In the U.S. equity sector, the Large-Cap Value Fund and the Enhanced Large-Cap Value Index Fund were the largest detractors from the Lifecycle Funds’ relative performance. The biggest contributions came from the Large-Cap Growth Fund and the Small-Cap Equity Fund, both of which outperformed their respective benchmarks.

In the international sector, equities in nearly every country declined. The International Equity Fund’s return was almost one percentage point less than its benchmark, the MSCI EAFE Index, while the International Opportunities Fund topped its benchmark, the MSCI All Country World ex USA Index by more than two percentage points.

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

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Lifecycle Retirement Income Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Retirement Income Fund	Inception date		6 months			1 year			5 years			since fund inception
Institutional Class		11/30/2007		–1.78	%		0.88	%		6.43	%		4.53	%
Premier Class		9/30/2009		–1.86			0.73			6.25			4.35	*
Retirement Class		11/30/2007		–1.82			0.63			6.18			4.28
Retail Class		11/30/2007		–1.82			0.64			6.19			4.35
Retirement Income Fund Composite Index^†		—		–1.66			0.31			6.24			4.60	^‡
Broad market index
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			4.31	^‡
Russell 3000^®Index		—		–1.05			2.58			14.13			6.83	^‡

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 November 30, 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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle Retirement Income Fund

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		26.9	%		28.0	%
International equity		13.2			12.0
Fixed income
Fixed income		39.9			40.0
Short-term fixed income		10.0			10.0
Inflation-protected assets		10.0			10.0
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Lifecycle 2010 Fund

Performance as of November 30, 2015

		Total return						Average annual total return
Lifecycle 2010 Fund	Inception date	6 months			1 year			5 years			10 years
Institutional Class	1/17/2007		–1.90	%		0.99	%		7.05	%		5.31	%*
Premier Class	9/30/2009		–1.90			0.83			6.89			5.14	*
Retirement Class	10/15/2004		–2.03			0.75			6.79			5.07
2010 Fund Composite Index^†	—		–1.82			0.31			6.90			5.23
Broad market index
Barclays U.S. Aggregate Bond Index	—		–0.12			0.97			3.09			4.65
Russell 3000^®Index	—		–1.05			2.58			14.13			7.59

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 November 30, 2015, the 2010 Fund Composite Index consisted of: 39.1% Barclays U.S. Aggregate Bond Index; 31.2% Russell 3000 Index; 13.3% MSCI All Country World ex USA Index; 8.2% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 8.2% 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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2010 Fund

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		30.1	%		30.8	%
International equity		14.5			13.2
Fixed income
Fixed income		39.0			39.2
Short-term fixed income		8.2			8.4
Inflation-protected assets		8.1			8.4
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Lifecycle 2015 Fund

Performance as of November 30, 2015

								Average annual
		Total return						total return
Lifecycle 2015 Fund	Inception date	6 months			1 year			5 years			10 years
Institutional Class	1/17/2007		–2.08	%		1.05	%		7.56	%		5.39	%*
Premier Class	9/30/2009		–2.09			0.98			7.41			5.22	*
Retirement Class	10/15/2004		–2.15			0.86			7.31			5.17
2015 Fund Composite Index^†	—		–1.97			0.30			7.48			5.33
Broad market index
Barclays U.S. Aggregate Bond Index	—		–0.12			0.97			3.09			4.65
Russell 3000^® Index	—		–1.05			2.58			14.13			7.59

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 November 30, 2015, the 2015 Fund Composite Index consisted of: 38.1% Barclays U.S. Aggregate Bond Index; 34.7% Russell 3000 Index; 14.8% MSCI All Country World ex USA Index; 6.2% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 6.2% 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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2015 Fund

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		33.6	%		34.3	%
International equity		16.0			14.7
Fixed income
Fixed income		38.0			38.2
Short-term fixed income		6.2			6.4
Inflation-protected assets		6.1			6.4
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Lifecycle 2020 Fund

Performance as of November 30, 2015

		Total return						Average annual total return
Lifecycle 2020 Fund	Inception date	6 months			1 year			5 years			10 years
Institutional Class	1/17/2007		–2.33	%		1.16	%		8.22	%		5.43	%*
Premier Class	9/30/2009		–2.34			1.01			8.04			5.27	*
Retirement Class	10/15/2004		–2.39			0.93			7.94			5.20
2020 Fund Composite Index^†	—		–2.25			0.25			8.17			5.39
Broad market index
Russell 3000^® Index	—		–1.05			2.58			14.13			7.59
Barclays U.S. Aggregate Bond Index	—		–0.12			0.97			3.09			4.65

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 November 30, 2015, the 2020 Fund Composite Index consisted of: 40.1% Russell 3000 Index; 34.3% Barclays U.S. Aggregate Bond Index; 17.2% MSCI All Country World ex USA Index; 4.2% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 4.2% 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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2020 Fund

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		39.1	%		39.5	%
International equity		18.3			16.9
Fixed income
Fixed income		34.2			34.8
Short-term fixed income		4.2			4.4
Inflation-protected assets		4.1			4.4
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Lifecycle 2025 Fund

Performance as of November 30, 2015

		Total return						Average annual total return
Lifecycle 2025 Fund	Inception date	6 months			1 year			5 years			10 years
Institutional Class	1/17/2007		–2.59	%		1.19	%		8.85	%		5.48	%*
Premier Class	9/30/2009		–2.60			1.03			8.68			5.29	*
Retirement Class	10/15/2004		–2.73			0.94			8.56			5.24
2025 Fund Composite Index^†	—		–2.52			0.18			8.85			5.45
Broad market index
Russell 3000^® Index	—		–1.05			2.58			14.13			7.59
Barclays U.S. Aggregate Bond Index	—		–0.12			0.97			3.09			4.65

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 November 30, 2015, the 2025 Fund Composite Index consisted of: 45.7% Russell 3000 Index; 30.3% Barclays U.S. Aggregate Bond Index; 19.6% MSCI All Country World ex USA Index; 2.2% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 2.2% 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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2025 Fund

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		44.6	%		45.1	%
International equity		20.7			19.3
Fixed income
Fixed income		30.2			30.8
Short-term fixed income		2.2			2.4
Inflation-protected assets		2.2			2.4
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Lifecycle 2030 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle 2030 Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		1/17/2007		–2.87	%		1.23	%		9.41	%		5.49	%*
Premier Class		9/30/2009		–2.97			1.08			9.25			5.32	*
Retirement Class		10/15/2004		–2.99			0.97			9.15			5.26
2030 Fund Composite Index^†		—		–2.80			0.10			9.52			5.50
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			7.59
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			4.65

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 November 30, 2015, the 2030 Fund Composite Index consisted of: 51.3% Russell 3000 Index; 26.3% Barclays U.S. Aggregate Bond Index; 22.0% MSCI All Country World ex USA Index; 0.2% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 0.2% 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		50.2	%		50.7	%
International equity		23.1			21.7
Fixed income
Fixed income		26.2			26.8
Short-term fixed income		0.2			0.4
Inflation-protected assets		0.2			0.4
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2016

24	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2035 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle 2035 Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		1/17/2007		–3.11	%		1.15	%		9.92	%		5.67	%*
Premier Class		9/30/2009		–3.21			1.09			9.77			5.51	*
Retirement Class		10/15/2004		–3.28			0.88			9.64			5.44
2035 Fund Composite Index^†		—		–3.12			–0.05			10.14			5.73
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			7.59
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			4.65

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 November 30, 2015, the 2035 Fund Composite Index consisted of: 56.9% Russell 3000 Index; 24.4% MSCI All Country World ex USA Index; and 18.7% 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		55.8	%		56.3	%
International equity		25.5			24.1
Fixed income		18.6			19.6
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Lifecycle 2040 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle 2040 Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		1/17/2007		–3.44	%		1.15	%		10.22	%		5.96	%*
Premier Class		9/30/2009		–3.54			1.00			10.05			5.78	*
Retirement Class		10/15/2004		–3.55			0.86			9.93			5.72
2040 Fund Composite Index^†		—		–3.45			–0.21			10.45			5.98
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			7.59
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			4.65

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 November 30, 2015, the 2040 Fund Composite Index consisted of: 62.5% Russell 3000 Index; 26.8% MSCI All Country World ex USA Index; and 10.7% 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		61.4	%		61.9	%
International equity		27.9			26.5
Fixed income		10.6			11.6
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2016

26	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2045 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
												since fund
Lifecycle 2045 Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		11/30/2007		–3.41	%		1.16	%		10.19	%		4.20	%
Premier Class		9/30/2009		–3.51			1.03			10.02			4.03	*
Retirement Class		11/30/2007		–3.52			0.91			9.92			3.94
2045 Fund Composite Index^†		—		–3.44			–0.20			10.45			4.65	^‡
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			6.83	^‡
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			4.31	^‡

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 November 30, 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		61.7	%		63.0	%
International equity		28.2			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Lifecycle 2050 Fund

Performance as of November 30, 2015

		Total return					Average annual total return
										since fund
Lifecycle 2050 Fund	Inception date		6 months		1 year			5 years			inception
Institutional Class	11/30/2007		–3.42	%	1.13	%		10.19	%		4.17	%
Premier Class	9/30/2009		–3.43		1.01			10.04			3.99	*
Retirement Class	11/30/2007		–3.52		0.88			9.92			3.91
2050 Fund Composite Index^†	—		–3.44		–0.20			10.45			4.65	^‡
Broad market index
Russell 3000^® Index	—		–1.05		2.58			14.13			6.83	^‡
Barclays U.S. Aggregate Bond Index	—		–0.12		0.97			3.09			4.31	^‡

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 November 30, 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		61.7	%		63.0	%
International equity		28.2			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2016

28	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2055 Fund

Performance as of November 30, 2015

Total return

Average annual
total return

Lifecycle 2055 Fund

Inception date

6 months

1 year

since fund
inception

Institutional Class

4/29/2011

–3.45

1.14

7.76

Premier Class

4/29/2011

–3.46

1.02

7.60

Retirement Class

4/29/2011

–3.53

0.92

7.49

2055 Fund Composite Index*

—

–3.44

–0.20

7.96

^†

Broad market index

Russell 3000^® Index

—

–1.05

2.58

11.61

^†

Barclays U.S. Aggregate Bond Index

—

–0.12

0.97

3.24

^†

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 November 30, 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		61.7	%		63.0	%
International equity		28.2			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Lifecycle 2060 Fund

Performance as of November 30, 2015

Total return

Average annual
total return

Lifecycle 2060 Fund

Inception date

6 months

1 year

since fund
inception

Institutional Class

9/26/2014

–3.44

1.12

3.26

Premier Class

9/26/2014

–3.44

0.98

3.14

Retirement Class

9/26/2014

–3.53

0.96

3.03

2060 Fund Composite Index*

—

–3.44

–0.20

2.15

^†

Broad market index

Russell 3000^® Index

—

–1.05

2.58

6.14

^†

Barclays U.S. Aggregate Bond Index

—

–0.12

0.97

2.31

^†

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 November 30, 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		61.8	%		63.0	%
International equity		28.0			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.2			–
Total		100.0			100.0

Target allocation

For June 30, 2016

30	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Portfolio of investments (unaudited)

Lifecycle Retirement Income Fund ■ November 30, 2015

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

FIXED INCOME — 39.9%
	9,188,574	TIAA-CREF Bond Fund		$	95,653,052		24.9	%
	4,023,473	TIAA-CREF Bond Plus Fund			42,125,765		11.0
	408,596	TIAA-CREF Emerging Markets Debt Fund			3,816,285		1.0
	1,249,886	TIAA-CREF High-Yield Fund			11,486,453		3.0
		TOTAL FIXED INCOME			153,081,555		39.9

INFLATION-PROTECTED ASSETS — 10.0%
	3,398,811	TIAA-CREF Inflation-Linked Bond Fund			38,304,600		10.0
		TOTAL INFLATION-PROTECTED ASSETS			38,304,600		10.0

INTERNATIONAL EQUITY — 13.2%
	1,052,299	TIAA-CREF Emerging Markets Equity Fund			9,291,799		2.4
	1,737,411	TIAA-CREF Enhanced International Equity Index Fund			12,561,481		3.3
	294,254	TIAA-CREF Global Natural Resources Fund			2,109,800		0.6
	1,371,786	TIAA-CREF International Equity Fund			14,925,027		3.9
	1,095,423	TIAA-CREF International Opportunities Fund			11,480,030		3.0
		TOTAL INTERNATIONAL EQUITY			50,368,137		13.2

SHORT-TERM FIXED INCOME — 10.0%
	27,894	TIAA-CREF Money Market Fund			27,894		0.0
	3,710,132	TIAA-CREF Short-Term Bond Fund			38,288,563		10.0
		TOTAL SHORT-TERM FIXED INCOME			38,316,457		10.0

U.S. EQUITY — 26.9%
	1,582,955	TIAA-CREF Enhanced Large-Cap Growth Index Fund			19,264,565		5.0
	1,782,857	TIAA-CREF Enhanced Large-Cap Value Index Fund			18,131,655		4.7
	1,335,886	TIAA-CREF Growth & Income Fund			16,858,886		4.4
	1,232,617	TIAA-CREF Large-Cap Growth Fund			20,399,812		5.3
	1,088,331	TIAA-CREF Large-Cap Value Fund			19,285,222		5.1
	15,604	TIAA-CREF Mid-Cap Growth Fund			337,518		0.1
	14,591	TIAA-CREF Mid-Cap Value Fund			344,349		0.1
	463,798	TIAA-CREF Small-Cap Equity Fund			8,455,041		2.2
		TOTAL U.S. EQUITY			103,077,048		26.9
		TOTAL TIAA-CREF FUNDS	(Cost $358,929,304)		383,147,797		100.0

		TOTAL PORTFOLIO	(Cost $358,929,304)		383,147,797		100.0
		OTHER ASSETS & LIABILITIES, NET			149,076		0.0
		NET ASSETS		$	383,296,873		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 Funds ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2010 Fund ■ November 30, 2015

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

FIXED INCOME — 39.0%
	25,086,141	TIAA-CREF Bond Fund		$	261,146,729		24.0	%
	11,407,736	TIAA-CREF Bond Plus Fund			119,438,996		11.0
	1,157,284	TIAA-CREF Emerging Markets Debt Fund			10,809,029		1.0
	3,546,613	TIAA-CREF High-Yield Fund			32,593,370		3.0
		TOTAL FIXED INCOME			423,988,124		39.0

INFLATION-PROTECTED ASSETS — 8.1%
	7,854,615	TIAA-CREF Inflation-Linked Bond Fund			88,521,515		8.1
		TOTAL INFLATION-PROTECTED ASSETS			88,521,515		8.1

INTERNATIONAL EQUITY — 14.5%
	3,238,167	TIAA-CREF Emerging Markets Equity Fund			28,593,016		2.6
	5,493,176	TIAA-CREF Enhanced International Equity Index Fund			39,715,660		3.7
	931,211	TIAA-CREF Global Natural Resources Fund			6,676,783		0.6
	4,269,424	TIAA-CREF International Equity Fund			46,451,336		4.3
	3,459,941	TIAA-CREF International Opportunities Fund			36,260,183		3.3
		TOTAL INTERNATIONAL EQUITY			157,696,978		14.5

SHORT-TERM FIXED INCOME — 8.2%
	58,965	TIAA-CREF Money Market Fund			58,965		0.0
	8,573,574	TIAA-CREF Short-Term Bond Fund			88,479,285		8.2
		TOTAL SHORT-TERM FIXED INCOME			88,538,250		8.2

U.S. EQUITY — 30.1%
	5,039,760	TIAA-CREF Enhanced Large-Cap Growth Index Fund			61,333,880		5.7
	5,669,824	TIAA-CREF Enhanced Large-Cap Value Index Fund			57,662,107		5.3
	4,227,571	TIAA-CREF Growth & Income Fund			53,351,951		4.9
	3,897,665	TIAA-CREF Large-Cap Growth Fund			64,506,361		5.9
	3,452,472	TIAA-CREF Large-Cap Value Fund			61,177,809		5.6
	66,720	TIAA-CREF Mid-Cap Growth Fund			1,443,161		0.1
	62,291	TIAA-CREF Mid-Cap Value Fund			1,470,066		0.1
	1,467,776	TIAA-CREF Small-Cap Equity Fund			26,757,564		2.5
		TOTAL U.S. EQUITY			327,702,899		30.1
		TOTAL TIAA-CREF FUNDS	(Cost $963,020,399)		1,086,447,766		99.9

		TOTAL PORTFOLIO	(Cost $963,020,399)		1,086,447,766		99.9
		OTHER ASSETS & LIABILITIES, NET			1,550,308		0.1
		NET ASSETS		$	1,087,998,074		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2015 Fund ■ November 30, 2015

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

FIXED INCOME — 38.0%
	38,522,059	TIAA-CREF Bond Fund		$	401,014,637		23.0	%
	18,267,822	TIAA-CREF Bond Plus Fund			191,264,092		11.0
	1,850,490	TIAA-CREF Emerging Markets Debt Fund			17,283,576		1.0
	5,677,340	TIAA-CREF High-Yield Fund			52,174,752		3.0
		TOTAL FIXED INCOME			661,737,057		38.0

INFLATION-PROTECTED ASSETS — 6.1%
	9,489,746	TIAA-CREF Inflation-Linked Bond Fund			106,949,443		6.1
		TOTAL INFLATION-PROTECTED ASSETS			106,949,443		6.1

INTERNATIONAL EQUITY — 16.0%
	5,655,334	TIAA-CREF Emerging Markets Equity Fund			49,936,599		2.9
	9,781,466	TIAA-CREF Enhanced International Equity Index Fund			70,720,000		4.0
	1,652,975	TIAA-CREF Global Natural Resources Fund			11,851,829		0.7
	7,502,532	TIAA-CREF International Equity Fund			81,627,553		4.7
	6,166,939	TIAA-CREF International Opportunities Fund			64,629,519		3.7
		TOTAL INTERNATIONAL EQUITY			278,765,500		16.0

SHORT-TERM FIXED INCOME — 6.2%
	143,165	TIAA-CREF Money Market Fund			143,165		0.0
	10,363,523	TIAA-CREF Short-Term Bond Fund			106,951,558		6.2
		TOTAL SHORT-TERM FIXED INCOME			107,094,723		6.2

U.S. EQUITY — 33.6%
	9,013,923	TIAA-CREF Enhanced Large-Cap Growth Index Fund			109,699,444		6.3
	10,147,992	TIAA-CREF Enhanced Large-Cap Value Index Fund			103,205,078		5.9
	7,537,665	TIAA-CREF Growth & Income Fund			95,125,327		5.5
	6,946,847	TIAA-CREF Large-Cap Growth Fund			114,970,317		6.6
	6,127,574	TIAA-CREF Large-Cap Value Fund			108,580,603		6.2
	144,678	TIAA-CREF Mid-Cap Growth Fund			3,129,377		0.2
	133,457	TIAA-CREF Mid-Cap Value Fund			3,149,591		0.2
	2,606,995	TIAA-CREF Small-Cap Equity Fund			47,525,523		2.7
		TOTAL U.S. EQUITY			585,385,260		33.6
		TOTAL TIAA-CREF FUNDS	(Cost $1,703,947,585)		1,739,931,983		99.9

		TOTAL PORTFOLIO	(Cost $1,703,947,585)		1,739,931,983		99.9
		OTHER ASSETS & LIABILITIES, NET			2,366,227		0.1
		NET ASSETS		$	1,742,298,210		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 Funds ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2020 Fund ■ November 30, 2015

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

FIXED INCOME — 34.2%
	53,062,174	TIAA-CREF Bond Fund		$	552,377,228		19.2	%
	30,075,868	TIAA-CREF Bond Plus Fund			314,894,339		11.0
	3,053,381	TIAA-CREF Emerging Markets Debt Fund			28,518,576		1.0
	9,348,812	TIAA-CREF High-Yield Fund			85,915,580		3.0
		TOTAL FIXED INCOME			981,705,723		34.2

INFLATION-PROTECTED ASSETS — 4.1%
	10,554,795	TIAA-CREF Inflation-Linked Bond Fund			118,952,542		4.1
		TOTAL INFLATION-PROTECTED ASSETS			118,952,542		4.1

INTERNATIONAL EQUITY — 18.3%
	10,471,855	TIAA-CREF Emerging Markets Equity Fund			92,466,481		3.2
	18,631,864	TIAA-CREF Enhanced International Equity Index Fund			134,708,377		4.7
	3,158,011	TIAA-CREF Global Natural Resources Fund			22,642,938		0.8
	14,012,320	TIAA-CREF International Equity Fund			152,454,043		5.3
	11,741,082	TIAA-CREF International Opportunities Fund			123,046,540		4.3
		TOTAL INTERNATIONAL EQUITY			525,318,379		18.3

SHORT-TERM FIXED INCOME — 4.2%
	191,615	TIAA-CREF Money Market Fund			191,615		0.0
	11,521,076	TIAA-CREF Short-Term Bond Fund			118,897,503		4.2
		TOTAL SHORT-TERM FIXED INCOME			119,089,118		4.2

U.S. EQUITY — 39.1%
	17,275,853	TIAA-CREF Enhanced Large-Cap Growth Index Fund			210,247,132		7.3
	19,448,697	TIAA-CREF Enhanced Large-Cap Value Index Fund			197,793,246		6.9
	14,402,903	TIAA-CREF Growth & Income Fund			181,764,637		6.3
	13,225,468	TIAA-CREF Large-Cap Growth Fund			218,881,492		7.6
	11,679,772	TIAA-CREF Large-Cap Value Fund			206,965,554		7.2
	338,633	TIAA-CREF Mid-Cap Growth Fund			7,324,627		0.3
	313,093	TIAA-CREF Mid-Cap Value Fund			7,388,999		0.3
	4,970,570	TIAA-CREF Small-Cap Equity Fund			90,613,499		3.2
		TOTAL U.S. EQUITY			1,120,979,186		39.1
		TOTAL TIAA-CREF FUNDS	(Cost $2,770,458,201)		2,866,044,948		99.9

		TOTAL PORTFOLIO	(Cost $2,770,458,201)		2,866,044,948		99.9
		OTHER ASSETS & LIABILITIES, NET			3,676,993		0.1
		NET ASSETS		$	2,869,721,941		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2025 Fund ■ November 30, 2015

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

FIXED INCOME — 30.2%
	40,504,766	TIAA-CREF Bond Fund		$	421,654,609		14.3	%
	30,821,773	TIAA-CREF Bond Plus Fund			322,703,964		11.0
	3,127,409	TIAA-CREF Emerging Markets Debt Fund			29,209,998		1.0
	12,510,837	TIAA-CREF High-Yield Fund			114,974,595		3.9
		TOTAL FIXED INCOME			888,543,166		30.2

INFLATION-PROTECTED ASSETS — 2.2%
	5,607,587	TIAA-CREF Inflation-Linked Bond Fund			63,197,503		2.2
		TOTAL INFLATION-PROTECTED ASSETS			63,197,503		2.2

INTERNATIONAL EQUITY — 20.7%
	11,961,666	TIAA-CREF Emerging Markets Equity Fund			105,621,511		3.6
	21,749,028	TIAA-CREF Enhanced International Equity Index Fund			157,245,474		5.3
	3,679,762	TIAA-CREF Global Natural Resources Fund			26,383,892		0.9
	16,142,775	TIAA-CREF International Equity Fund			175,633,395		6.0
	13,713,930	TIAA-CREF International Opportunities Fund			143,721,982		4.9
		TOTAL INTERNATIONAL EQUITY			608,606,254		20.7

SHORT-TERM FIXED INCOME — 2.2%
	187,767	TIAA-CREF Money Market Fund			187,767		0.0
	6,122,573	TIAA-CREF Short-Term Bond Fund			63,184,956		2.2
		TOTAL SHORT-TERM FIXED INCOME			63,372,723		2.2

U.S. EQUITY — 44.6%
	20,262,434	TIAA-CREF Enhanced Large-Cap Growth Index Fund			246,593,822		8.4
	22,819,849	TIAA-CREF Enhanced Large-Cap Value Index Fund			232,077,863		7.9
	16,765,899	TIAA-CREF Growth & Income Fund			211,585,647		7.2
	15,416,576	TIAA-CREF Large-Cap Growth Fund			255,144,338		8.7
	13,617,417	TIAA-CREF Large-Cap Value Fund			241,300,634		8.2
	451,959	TIAA-CREF Mid-Cap Growth Fund			9,775,866		0.3
	417,848	TIAA-CREF Mid-Cap Value Fund			9,861,219		0.3
	5,801,826	TIAA-CREF Small-Cap Equity Fund			105,767,283		3.6
		TOTAL U.S. EQUITY			1,312,106,672		44.6
		TOTAL TIAA-CREF FUNDS	(Cost $2,804,156,579)		2,935,826,318		99.9

		TOTAL PORTFOLIO	(Cost $2,804,156,579)		2,935,826,318		99.9
		OTHER ASSETS & LIABILITIES, NET			3,033,449		0.1
		NET ASSETS		$	2,938,859,767		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 Funds ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2030 Fund ■ November 30, 2015

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

FIXED INCOME — 26.2%
	28,183,537	TIAA-CREF Bond Fund		$	293,390,623		10.3	%
	27,418,811	TIAA-CREF Bond Plus Fund			287,074,947		10.0
	3,037,591	TIAA-CREF Emerging Markets Debt Fund			28,371,104		1.0
	15,270,455	TIAA-CREF High-Yield Fund			140,335,481		4.9
		TOTAL FIXED INCOME			749,172,155		26.2

INFLATION-PROTECTED ASSETS — 0.2%
	389,579	TIAA-CREF Inflation-Linked Bond Fund			4,390,552		0.2
		TOTAL INFLATION-PROTECTED ASSETS			4,390,552		0.2

INTERNATIONAL EQUITY — 23.1%
	12,794,347	TIAA-CREF Emerging Markets Equity Fund			112,974,081		4.0
	23,699,622	TIAA-CREF Enhanced International Equity Index Fund			171,348,268		6.0
	4,015,781	TIAA-CREF Global Natural Resources Fund			28,793,147		1.0
	17,416,235	TIAA-CREF International Equity Fund			189,488,639		6.6
	14,935,271	TIAA-CREF International Opportunities Fund			156,521,635		5.5
		TOTAL INTERNATIONAL EQUITY			659,125,770		23.1

SHORT-TERM FIXED INCOME — 0.2%
	180,589	TIAA-CREF Money Market Fund			180,589		0.0
	425,434	TIAA-CREF Short-Term Bond Fund			4,390,478		0.2
		TOTAL SHORT-TERM FIXED INCOME			4,571,067		0.2

U.S. EQUITY — 50.2%
	22,162,250	TIAA-CREF Enhanced Large-Cap Growth Index Fund			269,714,585		9.5
	24,954,580	TIAA-CREF Enhanced Large-Cap Value Index Fund			253,788,077		8.9
	18,254,316	TIAA-CREF Growth & Income Fund			230,369,470		8.1
	16,798,634	TIAA-CREF Large-Cap Growth Fund			278,017,390		9.7
	14,841,952	TIAA-CREF Large-Cap Value Fund			262,999,381		9.2
	540,482	TIAA-CREF Mid-Cap Growth Fund			11,690,632		0.4
	500,522	TIAA-CREF Mid-Cap Value Fund			11,812,326		0.4
	6,319,745	TIAA-CREF Small-Cap Equity Fund			115,208,943		4.0
		TOTAL U.S. EQUITY			1,433,600,804		50.2
		TOTAL TIAA-CREF FUNDS	(Cost $2,682,638,422)		2,850,860,348		99.9

		TOTAL PORTFOLIO	(Cost $2,682,638,422)		2,850,860,348		99.9
		OTHER ASSETS & LIABILITIES, NET			2,711,968		0.1
		NET ASSETS		$	2,853,572,316		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2035 Fund ■ November 30, 2015

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

FIXED INCOME — 18.6%
	17,271,004	TIAA-CREF Bond Fund		$	179,791,150		6.3	%
	17,190,141	TIAA-CREF Bond Plus Fund			179,980,773		6.3
	3,038,589	TIAA-CREF Emerging Markets Debt Fund			28,380,422		1.0
	15,516,334	TIAA-CREF High-Yield Fund			142,595,114		5.0
		TOTAL FIXED INCOME			530,747,459		18.6

INTERNATIONAL EQUITY — 25.5%
	14,011,227	TIAA-CREF Emerging Markets Equity Fund			123,719,137		4.3
	26,312,113	TIAA-CREF Enhanced International Equity Index Fund			190,236,577		6.7
	4,457,675	TIAA-CREF Global Natural Resources Fund			31,961,531		1.1
	19,162,158	TIAA-CREF International Equity Fund			208,484,276		7.3
	16,584,342	TIAA-CREF International Opportunities Fund			173,803,908		6.1
		TOTAL INTERNATIONAL EQUITY			728,205,429		25.5

SHORT-TERM FIXED INCOME — 0.0%
	186,540	TIAA-CREF Money Market Fund			186,540		0.0
		TOTAL SHORT-TERM FIXED INCOME			186,540		0.0

U.S. EQUITY — 55.8%
	24,640,915	TIAA-CREF Enhanced Large-Cap Growth Index Fund			299,879,930		10.5
	27,772,958	TIAA-CREF Enhanced Large-Cap Value Index Fund			282,450,985		9.9
	20,234,984	TIAA-CREF Growth & Income Fund			255,365,498		8.9
	18,672,090	TIAA-CREF Large-Cap Growth Fund			309,023,085		10.8
	16,492,768	TIAA-CREF Large-Cap Value Fund			292,251,856		10.2
	642,188	TIAA-CREF Mid-Cap Growth Fund			13,890,524		0.5
	592,871	TIAA-CREF Mid-Cap Value Fund			13,991,745		0.5
	7,009,270	TIAA-CREF Small-Cap Equity Fund			127,778,983		4.5
		TOTAL U.S. EQUITY			1,594,632,606		55.8
		TOTAL TIAA-CREF FUNDS	(Cost $2,648,662,802)		2,853,772,034		99.9

		TOTAL PORTFOLIO	(Cost $2,648,662,802)		2,853,772,034		99.9
		OTHER ASSETS & LIABILITIES, NET			1,792,350		0.1
		NET ASSETS		$	2,855,564,384		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 Funds ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2040 Fund ■ November 30, 2015

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

FIXED INCOME — 10.6%
	1,877,148	TIAA-CREF Bond Fund		$	19,541,108		0.5	%
	14,134,221	TIAA-CREF Bond Plus Fund			147,985,292		4.1
	3,873,101	TIAA-CREF Emerging Markets Debt Fund			36,174,763		1.0
	19,768,585	TIAA-CREF High-Yield Fund			181,673,297		5.0
		TOTAL FIXED INCOME			385,374,460		10.6

INTERNATIONAL EQUITY — 27.9%
	19,336,039	TIAA-CREF Emerging Markets Equity Fund			170,737,225		4.7
	36,808,537	TIAA-CREF Enhanced International Equity Index Fund			266,125,726		7.3
	6,238,961	TIAA-CREF Global Natural Resources Fund			44,733,349		1.2
	26,610,325	TIAA-CREF International Equity Fund			289,520,336		8.0
	23,192,607	TIAA-CREF International Opportunities Fund			243,058,518		6.7
		TOTAL INTERNATIONAL EQUITY			1,014,175,154		27.9

SHORT-TERM FIXED INCOME — 0.0%
	273,445	TIAA-CREF Money Market Fund			273,445		0.0
		TOTAL SHORT-TERM FIXED INCOME			273,445		0.0

U.S. EQUITY — 61.4%
	34,587,963	TIAA-CREF Enhanced Large-Cap Growth Index Fund			420,935,511		11.6
	38,964,186	TIAA-CREF Enhanced Large-Cap Value Index Fund			396,265,775		10.9
	28,296,198	TIAA-CREF Growth & Income Fund			357,098,014		9.8
	26,131,955	TIAA-CREF Large-Cap Growth Fund			432,483,861		11.9
	23,053,735	TIAA-CREF Large-Cap Value Fund			408,512,191		11.2
	948,058	TIAA-CREF Mid-Cap Growth Fund			20,506,497		0.5
	877,505	TIAA-CREF Mid-Cap Value Fund			20,709,127		0.6
	9,815,953	TIAA-CREF Small-Cap Equity Fund			178,944,831		4.9
		TOTAL U.S. EQUITY			2,235,455,807		61.4
		TOTAL TIAA-CREF FUNDS	(Cost $3,321,714,091)		3,635,278,866		99.9

		TOTAL PORTFOLIO	(Cost $3,321,714,091)		3,635,278,866		99.9
		OTHER ASSETS & LIABILITIES, NET			3,229,597		0.1
		NET ASSETS		$	3,638,508,463		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2045 Fund ■ November 30, 2015

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

FIXED INCOME — 10.0%
	5,497,909	TIAA-CREF Bond Plus Fund		$	57,563,108		4.0	%
	1,534,865	TIAA-CREF Emerging Markets Debt Fund			14,335,637		1.0
	7,834,894	TIAA-CREF High-Yield Fund			72,002,673		5.0
		TOTAL FIXED INCOME			143,901,418		10.0

INTERNATIONAL EQUITY — 28.2%
	7,744,677	TIAA-CREF Emerging Markets Equity Fund			68,385,494		4.8
	14,684,730	TIAA-CREF Enhanced International Equity Index Fund			106,170,595		7.4
	2,491,939	TIAA-CREF Global Natural Resources Fund			17,867,200		1.2
	10,606,076	TIAA-CREF International Equity Fund			115,394,107		8.0
	9,264,329	TIAA-CREF International Opportunities Fund			97,090,171		6.8
		TOTAL INTERNATIONAL EQUITY			404,907,567		28.2

SHORT-TERM FIXED INCOME — 0.0%
	81,032	TIAA-CREF Money Market Fund			81,032		0.0
		TOTAL SHORT-TERM FIXED INCOME			81,032		0.0

U.S. EQUITY — 61.7%
	13,751,024	TIAA-CREF Enhanced Large-Cap Growth Index Fund			167,349,962		11.6
	15,492,516	TIAA-CREF Enhanced Large-Cap Value Index Fund			157,558,889		10.9
	11,233,040	TIAA-CREF Growth & Income Fund			141,760,968		9.9
	10,368,328	TIAA-CREF Large-Cap Growth Fund			171,595,830		11.9
	9,169,026	TIAA-CREF Large-Cap Value Fund			162,475,137		11.3
	378,342	TIAA-CREF Mid-Cap Growth Fund			8,183,543		0.6
	351,978	TIAA-CREF Mid-Cap Value Fund			8,306,677		0.6
	3,900,997	TIAA-CREF Small-Cap Equity Fund			71,115,183		4.9
		TOTAL U.S. EQUITY			888,346,189		61.7
		TOTAL TIAA-CREF FUNDS	(Cost $1,311,159,002)		1,437,236,206		99.9

		TOTAL PORTFOLIO	(Cost $1,311,159,002)		1,437,236,206		99.9
		OTHER ASSETS & LIABILITIES, NET			1,950,191		0.1
		NET ASSETS		$	1,439,186,397		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 Funds ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2050 Fund ■ November 30, 2015

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

FIXED INCOME — 10.0%
	3,254,247	TIAA-CREF Bond Plus Fund		$	34,071,968		4.0	%
	908,531	TIAA-CREF Emerging Markets Debt Fund			8,485,675		1.0
	4,637,700	TIAA-CREF High-Yield Fund			42,620,465		5.0
		TOTAL FIXED INCOME			85,178,108		10.0

INTERNATIONAL EQUITY — 28.2%
	4,585,642	TIAA-CREF Emerging Markets Equity Fund			40,491,215		4.8
	8,691,906	TIAA-CREF Enhanced International Equity Index Fund			62,842,482		7.4
	1,474,671	TIAA-CREF Global Natural Resources Fund			10,573,393		1.2
	6,276,844	TIAA-CREF International Equity Fund			68,292,062		8.0
	5,483,876	TIAA-CREF International Opportunities Fund			57,471,021		6.8
		TOTAL INTERNATIONAL EQUITY			239,670,173		28.2

SHORT-TERM FIXED INCOME — 0.0%
	41,888	TIAA-CREF Money Market Fund			41,888		0.0
		TOTAL SHORT-TERM FIXED INCOME			41,888		0.0

U.S. EQUITY — 61.7%
	8,139,954	TIAA-CREF Enhanced Large-Cap Growth Index Fund			99,063,243		11.6
	9,167,740	TIAA-CREF Enhanced Large-Cap Value Index Fund			93,235,913		10.9
	6,648,100	TIAA-CREF Growth & Income Fund			83,899,023		9.9
	6,135,229	TIAA-CREF Large-Cap Growth Fund			101,538,032		11.9
	5,421,735	TIAA-CREF Large-Cap Value Fund			96,073,149		11.3
	224,149	TIAA-CREF Mid-Cap Growth Fund			4,848,343		0.6
	208,128	TIAA-CREF Mid-Cap Value Fund			4,911,813		0.6
	2,308,973	TIAA-CREF Small-Cap Equity Fund			42,092,574		4.9
		TOTAL U.S. EQUITY			525,662,090		61.7
		TOTAL TIAA-CREF FUNDS	(Cost $783,180,973)		850,552,259		99.9

		TOTAL PORTFOLIO	(Cost $783,180,973)		850,552,259		99.9
		OTHER ASSETS & LIABILITIES, NET			1,176,511		0.1
		NET ASSETS		$	851,728,770		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2055 Fund ■ November 30, 2015

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

FIXED INCOME — 10.0%
	604,380	TIAA-CREF Bond Plus Fund		$	6,327,860		4.0	%
	168,687	TIAA-CREF Emerging Markets Debt Fund			1,575,533		1.0
	860,843	TIAA-CREF High-Yield Fund			7,911,147		5.0
		TOTAL FIXED INCOME			15,814,540		10.0

INTERNATIONAL EQUITY — 28.2%
	854,927	TIAA-CREF Emerging Markets Equity Fund			7,549,004		4.8
	1,613,714	TIAA-CREF Enhanced International Equity Index Fund			11,667,155		7.4
	273,900	TIAA-CREF Global Natural Resources Fund			1,963,863		1.2
	1,164,588	TIAA-CREF International Equity Fund			12,670,717		8.0
	1,018,888	TIAA-CREF International Opportunities Fund			10,677,942		6.8
		TOTAL INTERNATIONAL EQUITY			44,528,681		28.2

SHORT-TERM FIXED INCOME — 0.0%
	6,592	TIAA-CREF Money Market Fund			6,592		0.0
		TOTAL SHORT-TERM FIXED INCOME			6,592		0.0

U.S. EQUITY — 61.7%
	1,505,538	TIAA-CREF Enhanced Large-Cap Growth Index Fund			18,322,400		11.6
	1,695,894	TIAA-CREF Enhanced Large-Cap Value Index Fund			17,247,238		10.9
	1,230,233	TIAA-CREF Growth & Income Fund			15,525,535		9.9
	1,135,019	TIAA-CREF Large-Cap Growth Fund			18,784,556		11.9
	1,002,939	TIAA-CREF Large-Cap Value Fund			17,772,073		11.3
	41,405	TIAA-CREF Mid-Cap Growth Fund			895,601		0.6
	38,420	TIAA-CREF Mid-Cap Value Fund			906,717		0.6
	427,214	TIAA-CREF Small-Cap Equity Fund			7,788,120		4.9
		TOTAL U.S. EQUITY			97,242,240		61.7
		TOTAL TIAA-CREF FUNDS	(Cost $151,685,991)		157,592,053		99.9

		TOTAL PORTFOLIO	(Cost $151,685,991)		157,592,053		99.9
		OTHER ASSETS & LIABILITIES, NET			207,156		0.1
		NET ASSETS		$	157,799,209		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 Funds ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2060 Fund ■ November 30, 2015

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

FIXED INCOME — 10.0%
	44,904	TIAA-CREF Bond Plus Fund		$	470,146		4.0	%
	12,529	TIAA-CREF Emerging Markets Debt Fund			117,022		1.0
	64,020	TIAA-CREF High-Yield Fund			588,346		5.0
		TOTAL FIXED INCOME			1,175,514		10.0

INTERNATIONAL EQUITY — 28.0%
	62,518	TIAA-CREF Emerging Markets Equity Fund			552,031		4.7
	120,062	TIAA-CREF Enhanced International Equity Index Fund			868,048		7.4
	20,345	TIAA-CREF Global Natural Resources Fund			145,877		1.2
	86,811	TIAA-CREF International Equity Fund			944,502		8.0
	75,587	TIAA-CREF International Opportunities Fund			792,148		6.7
		TOTAL INTERNATIONAL EQUITY			3,302,606		28.0

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 — 61.8%
	113,034	TIAA-CREF Enhanced Large-Cap Growth Index Fund			1,375,618		11.6
	127,411	TIAA-CREF Enhanced Large-Cap Value Index Fund			1,295,772		11.0
	92,377	TIAA-CREF Growth & Income Fund			1,165,801		9.9
	85,123	TIAA-CREF Large-Cap Growth Fund			1,408,778		11.9
	75,438	TIAA-CREF Large-Cap Value Fund			1,336,768		11.3
	3,114	TIAA-CREF Mid-Cap Growth Fund			67,364		0.6
	2,893	TIAA-CREF Mid-Cap Value Fund			68,264		0.6
	32,065	TIAA-CREF Small-Cap Equity Fund			584,554		4.9
		TOTAL U.S. EQUITY			7,302,919		61.8
		TOTAL TIAA-CREF FUNDS	(Cost $12,099,791)		11,781,139		99.8

		TOTAL PORTFOLIO	(Cost $12,099,791)		11,781,139		99.8
		OTHER ASSETS & LIABILITIES, NET			25,409		0.2
		NET ASSETS		$	11,806,548		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifecycle Funds ■ November 30, 2015

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

ASSETS
Affiliated investments, at value^‡		$	383,147,797	$	1,086,447,766	$	1,739,931,983	$	2,866,044,948	$	2,935,826,318	$	2,850,860,348
Cash			537,631		1,029,529		2,722,012		4,690,986		5,659,725		4,901,373
Receivable from securities transactions			362,102		1,338,195		2,032,466		4,049,280		3,922,851		3,731,256
Receivable from Fund shares sold			532,145		1,374,471		2,547,011		4,896,634		5,186,670		4,929,443
Dividends and interest receivable			431,486		1,175,619		1,789,884		2,622,481		2,408,651		2,066,106
Due from affiliates			11,005		21,211		37,689		63,980		65,504		63,607
Other			29,961		50,647		69,519		99,306		88,434		85,019
Total assets			385,052,127		1,091,437,438		1,749,130,564		2,882,467,615		2,953,158,153		2,866,637,152

LIABILITIES
Management fees payable			7,328		20,800		33,270		54,780		56,066		54,432
Service agreement fees payable			6,472		21,120		33,053		49,714		48,366		43,498
Distribution fees payable			21,454		16,147		27,036		50,332		52,331		51,700
Due to affiliates			1,003		2,327		3,727		6,670		6,301		5,916
Payable for securities transactions			1,031,103		3,161,698		6,535,723		12,395,788		13,961,609		12,764,513
Payable for Fund shares redeemed			656,278		143,589		91,247		38,687		23,191		—
Payable for trustee compensation			10,121		44,979		65,155		87,371		85,615		82,355
Accrued expenses and other payables			21,495		28,704		43,143		62,332		64,907		62,422
Total liabilities			1,755,254		3,439,364		6,832,354		12,745,674		14,298,386		13,064,836

NET ASSETS		$	383,296,873	$	1,087,998,074	$	1,742,298,210	$	2,869,721,941	$	2,938,859,767	$	2,853,572,316

NET ASSETS CONSIST OF:
Paid-in-capital		$	356,127,513	$	947,448,339	$	1,595,807,760	$	2,607,934,398	$	2,632,851,182	$	2,513,145,569
Undistributed net investment income (loss)			748,564		11,701,215		17,951,218		25,445,105		23,499,832		20,400,659
Accumulated net realized gain (loss) on total investments			2,202,303		5,421,153		92,554,834		140,755,691		150,839,014		151,804,162
Net unrealized appreciation (depreciation) on total investments			24,218,493		123,427,367		35,984,398		95,586,747		131,669,739		168,221,926

NET ASSETS		$	383,296,873	$	1,087,998,074	$	1,742,298,210	$	2,869,721,941	$	2,938,859,767	$	2,853,572,316

INSTITUTIONAL CLASS:
Net assets		$	131,234,267	$	514,801,401	$	828,361,749	$	1,415,738,087	$	1,495,034,971	$	1,516,382,025
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			11,823,337		45,306,394		80,076,121		135,176,901		142,013,156		144,410,356
Net asset value per share			$11.10		$11.36		$10.34		$10.47		$10.53		$10.50

PREMIER CLASS:
Net assets		$	28,744,111	$	131,199,058	$	221,554,187	$	413,123,788	$	430,893,149	$	426,184,021
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,591,356		11,581,833		21,514,506		39,571,885		41,116,906		40,784,519
Net asset value per share			$11.09		$11.33		$10.30		$10.44		$10.48		$10.45

RETIREMENT CLASS:
Net assets		$	135,376,984	$	441,997,615	$	692,382,274	$	1,040,860,066	$	1,012,931,647	$	911,006,270
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			12,223,041		33,849,562		56,492,972		82,275,814		78,923,557		70,130,167
Net asset value per share			$11.08		$13.06		$12.26		$12.65		$12.83		$12.99

RETAIL CLASS:
Net assets		$	87,941,511	$	—	$	—	$	—	$	—	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			7,933,303		—		—		—		—		—
Net asset value per share			$11.09	$	—	$	—	$	—	$	—	$	—
^‡ Affiliated investments, cost		$	358,929,304	$	963,020,399	$	1,703,947,585	$	2,770,458,201	$	2,804,156,579	$	2,682,638,422

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Statements of assets and liabilities (unaudited)

concluded

TIAA-CREF Lifecycle Funds ■ November 30, 2015

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

ASSETS
Affiliated investments, at value^‡	$	2,853,772,034	$	3,635,278,866	$	1,437,236,206	$	850,552,259	$	157,592,053	$	11,781,139
Cash		5,591,325		6,115,158		3,823,007		2,208,228		604,849		18,512
Receivable from securities transactions		3,541,426		4,645,777		762,198		422,171		2,774		16,653
Receivable from Fund shares sold		5,025,998		6,745,353		4,557,729		2,848,508		817,458		10,213
Dividends and interest receivable		1,534,488		1,277,628		485,897		287,008		53,910		3,971
Due from affiliates		63,734		80,535		33,675		20,671		5,328		1,405
Other		85,198		114,200		43,506		30,459		2,000		9,751
Total assets		2,869,614,203		3,654,257,517		1,446,942,218		856,369,304		159,078,372		11,841,644

LIABILITIES
Management fees payable		54,499		69,462		27,401		16,195		2,989		226
Service agreement fees payable		40,964		51,893		19,292		11,598		2,516		167
Distribution fees payable		51,661		67,748		29,543		18,474		4,131		319
Due to affiliates		6,298		8,601		3,452		1,401		263		37
Payable for securities transactions		13,749,934		15,344,777		7,612,201		4,553,673		1,251,274		26,903
Payable for Fund shares redeemed		—		15,734		—		—		—		—
Payable for trustee compensation		82,864		112,209		28,520		16,007		2,177		112
Accrued expenses and other payables		63,599		78,630		35,412		23,186		15,813		7,332
Total liabilities		14,049,819		15,749,054		7,755,821		4,640,534		1,279,163		35,096

NET ASSETS	$	2,855,564,384	$	3,638,508,463	$	1,439,186,397	$	851,728,770	$	157,799,209	$	11,806,548

NET ASSETS CONSIST OF:
Paid-in-capital	$	2,470,412,936	$	3,087,212,199	$	1,266,546,487	$	758,049,405	$	148,836,548	$	11,713,661
Undistributed net investment income (loss)		15,422,648		13,497,328		5,235,357		3,073,383		513,588		42,056
Accumulated net realized gain (loss) on total investments		164,619,568		224,234,161		41,327,349		23,234,696		2,543,011		369,483
Net unrealized appreciation (depreciation) on total investments		205,109,232		313,564,775		126,077,204		67,371,286		5,906,062		(318,652	)

NET ASSETS	$	2,855,564,384	$	3,638,508,463	$	1,439,186,397	$	851,728,770	$	157,799,209	$	11,806,548

INSTITUTIONAL CLASS:
Net assets	$	1,572,728,667	$	1,995,909,268	$	790,230,910	$	454,642,678	$	70,446,564	$	5,693,041
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		148,630,200		187,101,756		71,518,758		41,214,673		5,714,265		562,359
Net asset value per share		$10.58		$10.67		$11.05		$11.03		$12.33		$10.12

PREMIER CLASS:
Net assets	$	425,169,658	$	556,479,379	$	244,116,585	$	153,514,495	$	34,260,674	$	2,603,361
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		40,311,603		52,346,301		22,193,070		13,972,410		2,788,750		257,510
Net asset value per share		$10.55		$10.63		$11.00		$10.99		$12.29		$10.11

RETIREMENT CLASS:
Net assets	$	857,666,059	$	1,086,119,816	$	404,838,902	$	243,571,597	$	53,091,971	$	3,510,146
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		64,566,006		79,865,941		36,914,530		22,247,362		4,324,410		347,511
Net asset value per share		$13.28		$13.60		$10.97		$10.95		$12.28		$10.10
^‡ Affiliated investments, cost	$	2,648,662,802	$	3,321,714,091	$	1,311,159,002	$	783,180,973	$	151,685,991	$	12,099,791

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Lifecycle Funds ■ For the period ended November 30, 2015

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

INVESTMENT INCOME
Dividends from affiliated investments		$	2,652,668		$	7,409,377		$	11,436,416		$	16,610,675		$	15,499,281		$	13,592,461
Total income			2,652,668			7,409,377			11,436,416			16,610,675			15,499,281			13,592,461

EXPENSES
Management fees			186,739			541,578			870,578			1,400,420			1,427,686			1,383,442
Shareholder servicing — Institutional Class			365			309			525			743			750			841
Shareholder servicing — Premier Class			72			88			135			200			226			237
Shareholder servicing — Retirement Class			164,335			558,676			871,903			1,286,615			1,251,581			1,121,068
Shareholder servicing — Retail Class			12,807			—			—			—			—			—
Distribution fees — Premier Class			20,937			95,404			162,955			295,735			302,485			300,696
Distribution fees — Retirement Class			32,823			111,672			174,290			257,202			250,184			224,065
Distribution fees — Retail Class			106,048			—			—			—			—			—
Registration fees			31,167			24,534			31,786			30,123			28,585			26,776
Professional fees			12,793			15,859			18,691			22,840			22,896			22,509
Shareholder reports			12,682			28,706			48,092			67,935			68,131			65,873
Custody and accounting fees			7,902			6,143			6,143			6,143			6,144			6,127
Administrative service fees			4,953			13,101			21,217			35,550			35,883			34,805
Trustee fees and expenses			1,665			4,927			8,361			13,351			13,717			13,482
Other expenses			7,107			7,860			7,608			19,879			24,691			24,829
Total expenses			602,395			1,408,857			2,222,284			3,436,736			3,432,959			3,224,750
Less: Expenses reimbursed by the investment adviser			(91,540	)		(101,516	)		(142,807	)		(197,279	)		(201,626	)		(196,149	)
Fee waiver by investment adviser and TPIS			(219,562	)		(653,250	)		(1,044,868	)		(1,657,622	)		(1,677,870	)		(1,607,507	)
Net expenses			291,293			654,091			1,034,609			1,581,835			1,553,463			1,421,094

Net investment income (loss)			2,361,375			6,755,286			10,401,807			15,028,840			13,945,818			12,171,367

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments			(326,262	)		(299,031	)		23,671,878			31,928,565			31,002,855			30,473,188
Net realized gain (loss) from investments			(326,262	)		(299,031	)		23,671,878			31,928,565			31,002,855			30,473,188
Net change in unrealized appreciation (depreciation) from affiliated investments			(8,820,878	)		(27,925,529	)		(71,406,058	)		(112,187,824	)		(119,106,692	)		(123,258,446	)
Net realized and unrealized gain (loss) from investments			(9,147,140	)		(28,224,560	)		(47,734,180	)		(80,259,259	)		(88,103,837	)		(92,785,258	)
Net increase (decrease) in net assets from operations		$	(6,785,765	)	$	(21,469,274	)	$	(37,332,373	)	$	(65,230,419	)	$	(74,158,019	)	$	(80,613,891	)

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Statements of operations (unaudited)

concluded

TIAA-CREF Lifecycle Funds ■ For the period ended November 30, 2015

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

INVESTMENT INCOME
Dividends from affiliated investments	$	10,646,282		$	9,929,332		$	3,759,168		$	2,209,319		$	419,817		$	31,618
Total income		10,646,282			9,929,332			3,759,168			2,209,319			419,817			31,618

EXPENSES
Management fees		1,384,323			1,774,108			678,808			398,924			75,603			5,713
Shareholder servicing — Institutional Class		839			1,008			437			343			164			76
Shareholder servicing — Premier Class		226			291			139			117			77			26
Shareholder servicing — Retirement Class		1,057,808			1,349,287			488,531			294,420			72,249			4,230
Distribution fees — Premier Class		299,606			395,796			167,020			104,472			22,716			1,945
Distribution fees — Retirement Class		211,459			269,721			97,616			58,822			14,408			824
Registration fees		24,813			24,308			26,012			24,086			18,298			25,602
Professional fees		22,562			25,898			16,796			14,670			12,212			11,853
Shareholder reports		68,266			84,654			32,828			20,734			7,773			4,288
Custody and accounting fees		6,127			6,114			6,354			6,354			6,065			6,129
Administrative service fees		35,061			45,444			18,098			10,122			2,017			157
Trustee fees and expenses		13,520			17,218			6,100			3,576			683			57
Other expenses		22,391			27,413			19,479			13,174			7,194			978
Total expenses		3,147,001			4,021,260			1,558,218			949,814			239,459			61,878
Less: Expenses reimbursed by the investment adviser		(194,282	)		(232,983	)		(126,650	)		(93,397	)		(54,602	)		(49,231	)
Fee waiver by investment adviser and TPIS		(1,595,782	)		(2,043,829	)		(776,424	)		(457,746	)		(90,012	)		(6,537	)
Net expenses		1,356,937			1,744,448			655,144			398,671			94,845			6,110

Net investment income (loss)		9,289,345			8,184,884			3,104,024			1,810,648			324,972			25,508

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		32,033,386			42,770,068			(2,117,401	)		(1,269,187	)		(1,116,370	)		(65,572	)
Realized gain (loss) from sale of unaffiliated investments		—			—			—			—			(18,245	)		(40	)
Net realized gain (loss) from investments		32,033,386			42,770,068			(2,117,401	)		(1,269,187	)		(1,134,615	)		(65,612	)
Net change in unrealized appreciation (depreciation) from affiliated investments		(129,210,153	)		(174,267,274	)		(46,143,888	)		(26,794,561	)		(3,724,870	)		(375,063	)
Net realized and unrealized gain (loss) from investments		(97,176,767	)		(131,497,206	)		(48,261,289	)		(28,063,748	)		(4,859,485	)		(440,675	)
Net increase (decrease) in net assets from operations	$	(87,887,422	)	$	(123,312,322	)	$	(45,157,265	)	$	(26,253,100	)	$	(4,534,513	)	$	(415,167	)

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Statements of changes in net assets (unaudited)

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

		Lifecycle Retirement Income Fund						Lifecycle 2010 Fund						Lifecycle 2015 Fund
		November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	2,361,375		$	5,649,680		$	6,755,286		$	18,591,373		$	10,401,807		$	29,666,406
Net realized gain (loss) from investments			(326,262	)		9,821,947			(299,031	)		38,379,263			23,671,878			113,125,677
Net change in unrealized appreciation (depreciation) from affiliated investments			(8,820,878	)		83,308			(27,925,529	)		(2,268,628	)		(71,406,058	)		(48,012,542	)
Net increase (decrease) in net assets from operations			(6,785,765	)		15,554,935			(21,469,274	)		54,702,008			(37,332,373	)		94,779,541
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(896,435	)		(2,956,534	)		—			(14,527,313	)		—			(23,808,739	)
	Premier Class		(168,324	)		(661,122	)		—			(3,296,647	)		—			(5,795,677	)
	Retirement Class		(728,894	)		(2,862,013	)		—			(10,205,994	)		—			(15,900,900	)
	Retail Class		(473,815	)		(1,813,022	)		—			—			—			—
From realized gains:	Institutional Class		—			(1,295,044	)		—			(11,436,377	)		—			(37,223,043	)
	Premier Class		—			(305,716	)		—			(2,744,182	)		—			(9,558,343	)
	Retirement Class		—			(1,359,788	)		—			(8,934,542	)		—			(27,608,066	)
	Retail Class		—			(877,137	)		—			—			—			—
Total distributions			(2,267,468	)		(12,130,376	)		—			(51,145,055	)		—			(119,894,768	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		15,600,305			46,802,468			35,692,553			99,399,537			40,519,305			159,420,442
	Premier Class		5,549,599			12,535,930			18,442,907			30,176,295			22,925,612			47,815,691
	Retirement Class		20,183,327			34,406,461			24,803,106			49,609,071			34,325,615			75,865,954
	Retail Class		14,611,691			23,914,936			—			—			—			—
Reinvestments of distributions:	Institutional Class		896,435			4,251,578			—			25,963,690			—			61,031,782
	Premier Class		168,324			966,838			—			6,040,829			—			15,354,020
	Retirement Class		728,894			4,221,801			—			19,140,536			—			43,508,966
	Retail Class		450,865			2,554,405			—			—			—			—
Redemptions:	Institutional Class		(14,650,744	)		(17,635,236	)		(38,496,246	)		(80,901,949	)		(56,861,735	)		(93,984,438	)
	Premier Class		(3,377,739	)		(11,003,609	)		(7,889,047	)		(50,760,509	)		(12,209,340	)		(71,489,599	)
	Retirement Class		(13,256,078	)		(22,910,520	)		(37,091,918	)		(71,010,925	)		(54,255,509	)		(95,883,562	)
	Retail Class		(6,247,593	)		(12,388,441	)		—			—			—			—
Net increase (decrease) from shareholder transactions			20,657,286			65,716,611			(4,538,645	)		27,656,575			(25,556,052	)		141,639,256
Net increase (decrease) in net assets			11,604,053			69,141,170			(26,007,919	)		31,213,528			(62,888,425	)		116,524,029
NET ASSETS
Beginning of period			371,692,820			302,551,650			1,114,005,993			1,082,792,465			1,805,186,635			1,688,662,606
End of period		$	383,296,873		$	371,692,820		$	1,087,998,074		$	1,114,005,993		$	1,742,298,210		$	1,805,186,635
Undistributed net investment income (loss) included in net assets		$	748,564		$	654,657		$	11,701,215		$	4,945,929		$	17,951,218		$	7,549,411
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,402,349			4,161,365			3,155,934			8,603,023			3,929,579			14,913,972
	Premier Class		498,944			1,113,267			1,629,506			2,612,404			2,228,904			4,477,382
	Retirement Class		1,820,422			3,061,383			1,896,631			3,739,917			2,803,167			6,039,996
	Retail Class		1,313,791			2,121,297			—			—			—			—
Shares reinvested:	Institutional Class		81,347			382,978			—			2,322,334			—			6,007,065
	Premier Class		15,300			87,130			—			541,293			—			1,515,698
	Retirement Class		66,317			381,162			—			1,487,221			—			3,604,720
	Retail Class		40,987			230,463			—			—			—			—
Shares redeemed:	Institutional Class		(1,311,841	)		(1,564,925	)		(3,383,100	)		(6,971,073	)		(5,479,542	)		(8,751,651	)
	Premier Class		(305,778	)		(985,392	)		(697,106	)		(4,413,557	)		(1,187,331	)		(6,705,126	)
	Retirement Class		(1,198,493	)		(2,037,112	)		(2,841,707	)		(5,352,656	)		(4,423,492	)		(7,609,607	)
	Retail Class		(563,741	)		(1,099,639	)		—			—			—			—
Net increase (decrease) from shareholder transactions			1,859,604			5,851,977			(239,842	)		2,568,906			(2,128,715	)		13,492,449

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Statements of changes in net assets (unaudited)

continued

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

		Lifecycle 2020 Fund						Lifecycle 2025 Fund						Lifecycle 2030 Fund
		November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	15,028,840		$	43,716,718		$	13,945,818		$	43,663,802		$	12,171,367		$	41,582,445
Net realized gain (loss) from investments			31,928,565			171,006,221			31,002,855			183,539,222			30,473,188			185,793,506
Net change in unrealized appreciation (depreciation) from affiliated investments			(112,187,824	)		(55,633,851	)		(119,106,692	)		(51,870,508	)		(123,258,446	)		(44,404,916	)
Net increase (decrease) in net assets from operations			(65,230,419	)		159,089,088			(74,158,019	)		175,332,516			(80,613,891	)		182,971,035
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		—			(36,711,697	)		—			(39,784,137	)		—			(40,184,610	)
	Premier Class		—			(10,453,318	)		—			(10,161,110	)		—			(10,683,801	)
	Retirement Class		—			(21,919,913	)		—			(21,390,664	)		—			(19,154,190	)
From realized gains:	Institutional Class		—			(52,216,696	)		—			(55,319,973	)		—			(56,364,296	)
	Premier Class		—			(15,615,516	)		—			(14,836,168	)		—			(15,711,973	)
	Retirement Class		—			(34,586,070	)		—			(32,951,155	)		—			(29,748,923	)
Total distributions			—			(171,503,210	)		—			(174,443,207	)		—			(171,847,793	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		100,089,102			314,679,986			112,253,450			328,429,903			108,722,318			335,449,249
	Premier Class		53,319,213			83,988,576			62,067,351			90,169,325			57,356,192			93,779,924
	Retirement Class		68,883,958			136,109,550			62,282,115			138,041,429			64,832,149			121,627,648
Reinvestments of distributions:	Institutional Class		—			88,928,393			—			95,104,110			—			96,548,906
	Premier Class		—			26,068,834			—			24,997,278			—			26,395,774
	Retirement Class		—			56,505,983			—			54,341,819			—			48,903,113
Redemptions:	Institutional Class		(56,228,312	)		(94,198,386	)		(49,040,572	)		(90,837,690	)		(45,460,200	)		(78,468,456	)
	Premier Class		(9,012,385	)		(95,067,896	)		(4,210,448	)		(88,145,287	)		(4,657,007	)		(92,163,339	)
	Retirement Class		(57,399,644	)		(104,891,663	)		(51,155,607	)		(98,956,980	)		(46,709,100	)		(86,271,130	)
Net increase (decrease) from shareholder transactions			99,651,932			412,123,377			132,196,289			453,143,907			134,084,352			465,801,689
Net increase (decrease) in net assets			34,421,513			399,709,255			58,038,270			454,033,216			53,470,461			476,924,931
NET ASSETS
Beginning 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
End of period		$	2,869,721,941		$	2,835,300,428		$	2,938,859,767		$	2,880,821,497		$	2,853,572,316		$	2,800,101,855
Undistributed net investment income (loss) included in net assets		$	25,445,105		$	10,416,265		$	23,499,832		$	9,554,014		$	20,400,659		$	8,229,292
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		9,574,539			29,335,124			10,688,560			30,360,953			10,377,466			31,189,162
	Premier Class		5,107,155			7,795,200			5,940,904			8,366,111			5,489,476			8,715,573
	Retirement Class		5,458,568			10,528,289			4,853,728			10,544,186			4,993,665			9,166,088
Shares reinvested:	Institutional Class		—			8,650,622			—			9,215,515			—			9,382,790
	Premier Class		—			2,540,822			—			2,429,279			—			2,572,687
	Retirement Class		—			4,538,633			—			4,306,008			—			3,832,532
Shares redeemed:	Institutional Class		(5,329,091	)		(8,630,389	)		(4,601,923	)		(8,285,545	)		(4,261,988	)		(7,146,855	)
	Premier Class		(868,529	)		(8,948,528	)		(401,120	)		(8,191,642	)		(445,286	)		(8,674,147	)
	Retirement Class		(4,532,374	)		(8,092,188	)		(3,960,140	)		(7,535,331	)		(3,575,492	)		(6,509,772	)
Net increase (decrease) from shareholder transactions			9,410,268			37,717,585			12,520,009			41,209,534			12,577,841			42,528,058

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Statements of changes in net assets (unaudited)

continued

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

		Lifecycle 2035 Fund						Lifecycle 2040 Fund						Lifecycle 2045 Fund
		November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	9,289,345		$	39,914,245		$	8,184,884		$	49,311,830		$	3,104,024		$	17,027,350
Net realized gain (loss) from investments			32,033,386			203,196,778			42,770,068			275,256,479			(2,117,401	)		61,939,624
Net change in unrealized appreciation (depreciation) from affiliated investments			(129,210,153	)		(47,039,061	)		(174,267,274	)		(57,526,754	)		(46,143,888	)		14,745,310
Net increase (decrease) in net assets from operations			(87,887,422	)		196,071,962			(123,312,322	)		267,041,555			(45,157,265	)		93,712,284
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		—			(42,321,736	)		—			(54,395,878	)		—			(17,479,047	)
	Premier Class		—			(10,444,217	)		—			(14,699,004	)		—			(4,905,615	)
	Retirement Class		—			(17,869,977	)		—			(22,780,862	)		—			(8,859,324	)
From realized gains:	Institutional Class		—			(63,778,999	)		—			(84,134,666	)		—			(12,964,480	)
	Premier Class		—			(16,515,022	)		—			(23,839,842	)		—			(3,812,663	)
	Retirement Class		—			(29,942,460	)		—			(39,348,432	)		—			(7,181,281	)
Total distributions			—			(180,872,411	)		—			(239,198,684	)		—			(55,202,410	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		112,967,093			336,056,103			134,958,733			444,394,058			101,950,838			235,724,680
	Premier Class		57,219,083			91,498,919			63,529,239			121,259,955			44,865,134			66,046,671
	Retirement Class		58,873,042			111,142,732			63,449,701			117,781,547			42,974,124			84,073,561
Reinvestments of distributions:	Institutional Class		—			106,100,735			—			138,530,544			—			30,443,527
	Premier Class		—			26,959,239			—			38,538,846			—			8,718,278
	Retirement Class		—			47,812,437			—			62,129,294			—			16,040,605
Redemptions:	Institutional Class		(54,945,272	)		(93,664,260	)		(75,685,960	)		(113,978,260	)		(37,180,223	)		(27,629,247	)
	Premier Class		(4,179,897	)		(90,367,748	)		(4,116,745	)		(141,125,115	)		(872,115	)		(31,384,577	)
	Retirement Class		(44,890,395	)		(99,586,392	)		(54,571,274	)		(155,372,139	)		(19,686,240	)		(42,205,921	)
Net increase (decrease) from shareholder transactions			125,043,654			435,951,765			127,563,694			512,158,730			132,051,518			339,827,577
Net increase (decrease) in net assets			37,156,232			451,151,316			4,251,372			540,001,601			86,894,253			378,337,451
NET ASSETS
Beginning 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
End of period		$	2,855,564,384		$	2,818,408,152		$	3,638,508,463		$	3,634,257,091		$	1,439,186,397		$	1,352,292,144
Undistributed net investment income (loss) included in net assets		$	15,422,648		$	6,133,303		$	13,497,328		$	5,312,444		$	5,235,357		$	2,131,333
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		10,723,281			30,884,529			12,707,357			40,571,633			9,255,030			21,123,124
	Premier Class		5,434,036			8,393,018			5,994,615			10,994,779			4,083,305			5,919,677
	Retirement Class		4,445,210			8,182,400			4,687,753			8,467,797			3,935,852			7,561,953
Shares reinvested:	Institutional Class		—			10,231,508			—			13,243,838			—			2,811,036
	Premier Class		—			2,604,757			—			3,691,460			—			807,248
	Retirement Class		—			3,663,788			—			4,650,396			—			1,487,997
Shares redeemed:	Institutional Class		(5,085,659	)		(8,421,124	)		(6,916,004	)		(10,165,824	)		(3,263,765	)		(2,435,449	)
	Premier Class		(398,834	)		(8,367,102	)		(388,097	)		(13,006,072	)		(78,679	)		(2,854,961	)
	Retirement Class		(3,368,738	)		(7,334,702	)		(3,996,338	)		(11,164,171	)		(1,779,519	)		(3,800,139	)
Net increase (decrease) from shareholder transactions			11,749,296			39,837,072			12,089,286			47,283,836			12,152,224			30,620,486

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Statements of changes in net assets (unaudited)

concluded

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

		Lifecycle 2050 Fund						Lifecycle 2055 Fund						Lifecycle 2060 Fund
		November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015*
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	1,810,648		$	9,774,280		$	324,972		$	1,533,522		$	25,508			$	139,286
Net realized gain (loss) from investments			(1,269,187	)		35,507,240			(1,134,615	)		5,575,511			(65,612	)			571,173
Net change in unrealized appreciation (depreciation) from affiliated investments			(26,794,561	)		8,874,709			(3,724,870	)		1,806,087			(375,063	)			56,411
Net increase (decrease) in net assets from operations			(26,253,100	)		54,156,229			(4,534,513	)		8,915,120			(415,167	)			766,870
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		—			(9,576,775	)		—			(1,180,087	)		—				(130,025	)
	Premier Class		—			(3,142,585	)		—			(511,713	)		—				(64,027	)
	Retirement Class		—			(5,167,514	)		—			(1,126,545	)		—				(65,973	)
From realized gains:	Institutional Class		—			(6,831,447	)		—			(676,624	)		—				—
	Premier Class		—			(2,342,137	)		—			(305,822	)		—				—
	Retirement Class		—			(4,026,822	)		—			(697,817	)		—				—
Total distributions			—			(31,087,280	)		—			(4,498,608	)		—				(260,025	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		68,406,339			140,857,333			24,829,369			32,160,104			437,096				5,244,215
	Premier Class		28,784,987			46,991,549			10,273,055			14,594,332			10,577				2,500,000
	Retirement Class		28,507,606			57,479,006			13,412,878			21,820,551			1,023,110				3,160,728
Reinvestments of distributions:	Institutional Class		—			16,408,222			—			1,856,711			—				130,025
	Premier Class		—			5,484,722			—			817,535			—				64,027
	Retirement Class		—			9,194,336			—			1,824,362			—				65,973
Redemptions:	Institutional Class		(23,460,003	)		(13,401,527	)		(12,415,739	)		(5,772,194	)		(171,734	)			—
	Premier Class		(1,444,673	)		(18,125,571	)		(1,527,560	)		(3,733,920	)		—				—
	Retirement Class		(12,659,536	)		(27,065,179	)		(14,008,833	)		(4,999,250	)		(550,287	)			(198,860	)
Net increase (decrease) from shareholder transactions			88,134,720			217,822,891			20,563,170			58,568,231			748,762				10,966,108
Net increase (decrease) in net assets			61,881,620			240,891,840			16,028,657			62,984,743			333,595				11,472,953
NET ASSETS
Beginning of period			789,847,150			548,955,310			141,770,552			78,785,809			11,472,953				—
End of period		$	851,728,770		$	789,847,150		$	157,799,209		$	141,770,552		$	11,806,548			$	11,472,953
Undistributed net investment income (loss) included in net assets		$	3,073,383		$	1,262,735		$	513,588		$	188,616		$	42,056			$	16,548
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		6,222,626			12,654,042			2,009,884			2,590,836			42,855				523,270
	Premier Class		2,623,539			4,218,680			838,589			1,170,319			1,056				250,000
	Retirement Class		2,615,943			5,183,750			1,095,824			1,758,059			100,726				315,045
Shares reinvested:	Institutional Class		—			1,517,874			—			153,574			—				13,107
	Premier Class		—			508,787			—			67,789			—				6,454
	Retirement Class		—			854,492			—			151,149			—				6,651
Shares redeemed:	Institutional Class		(2,060,470	)		(1,187,305	)		(977,880	)		(460,387	)		(16,873	)			—
	Premier Class		(132,733	)		(1,659,793	)		(123,583	)		(305,607	)		—				—
	Retirement Class		(1,151,289	)		(2,436,607	)		(1,136,619	)		(402,995	)		(55,530	)			(19,381	)
Net increase (decrease) from shareholder transactions			8,117,616			19,653,920			1,706,215			4,722,737			72,234				1,095,146

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual 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			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE RETIREMENT INCOME
Institutional Class:		11/30/15	^#		$11.38		$0.08			$(0.28	)		$(0.20	)		$(0.08	)		$ —			$(0.08	)		$11.10		(1.78	)%^b		$131,234			0.14	%^c		0.00	%^c		1.42	%^c		7	%^b
		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:		11/30/15	^#		11.37		0.07			(0.28	)		(0.21	)		(0.07	)		—			(0.07	)		11.09		(1.86	)^b		28,744			0.29	^c		0.15	^c		1.27	^c		7	^b
		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:		11/30/15	^#		11.35		0.06			(0.27	)		(0.21	)		(0.06	)		—			(0.06	)		11.08		(1.82	)^b		135,377			0.44	^c		0.25	^c		1.17	^c		7	^b
		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:		11/30/15	^#		11.36		0.06			(0.27	)		(0.21	)		(0.06	)		—			(0.06	)		11.09		(1.82	)^b		87,942			0.42	^c		0.25	^c		1.17	^c		7	^b
		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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual 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			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE 2010
Institutional Class:		11/30/15	^#		$11.58		$0.08			$(0.30	)		$(0.22	)		$ —			$ —			$ —			$11.36		(1.90	)%^b		$514,801			0.12	%^c		0.00	%^c		1.37	%^c		9	%^b
		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:		11/30/15	^#		11.55		0.07			(0.29	)		(0.22	)		—			—			—			11.33		(1.90	)^b		131,199			0.27	^c		0.15	^c		1.22	^c		9	^b
		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:		11/30/15	^#		13.33		0.07			(0.34	)		(0.27	)		—			—			—			13.06		(2.03	)^b		441,998			0.42	^c		0.25	^c		1.12	^c		9	^b
		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

TIAA-CREF LIFECYCLE 2015
Institutional Class:		11/30/15	^#		10.56		0.07			(0.29	)		(0.22	)		—			—			—			10.34		(2.08	)^b		828,362			0.12	^c		0.00	^c		1.31	^c		8	^b
		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:		11/30/15	^#		10.52		0.06			(0.28	)		(0.22	)		—			—			—			10.30		(2.09	)^b		221,554			0.27	^c		0.15	^c		1.16	^c		8	^b
		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:		11/30/15	^#		12.53		0.07			(0.34	)		(0.27	)		—			—			—			12.26		(2.15	)^b		692,382			0.42	^c		0.25	^c		1.06	^c		8	^b
		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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual 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			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE 2020
Institutional Class:		11/30/15	^#		$10.72		$0.06			$(0.31	)		$(0.25	)		$ —			$ —			$ —			$10.47		(2.33	)%^b		$1,415,738			0.11	%^c		0.00	%^c		1.19	%^c		6	%^b
		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:		11/30/15	^#		10.69		0.05			(0.30	)		(0.25	)		—			—			—			10.44		(2.34	)^b		413,124			0.26	^c		0.15	^c		1.04	^c		6	^b
		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:		11/30/15	^#		12.96		0.06			(0.37	)		(0.31	)		—			—			—			12.65		(2.39	)^b		1,040,860			0.41	^c		0.25	^c		0.94	^c		6	^b
		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

TIAA-CREF LIFECYCLE 2025
Institutional Class:		11/30/15	^#		10.81		0.06			(0.34	)		(0.28	)		—			—			—			10.53		(2.59	)^b		1,495,035			0.11	^c		0.00	^c		1.09	^c		6	^b
		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:		11/30/15	^#		10.76		0.05			(0.33	)		(0.28	)		—			—			—			10.48		(2.60	)^b		430,893			0.26	^c		0.15	^c		0.94	^c		6	^b
		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:		11/30/15	^#		13.19		0.05			(0.41	)		(0.36	)		—			—			—			12.83		(2.73	)^b		1,012,932			0.41	^c		0.25	^c		0.84	^c		6	^b
		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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual 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			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE 2030
Institutional Class:		11/30/15	^#		$10.81		$0.05			$(0.36	)		$(0.31	)		$ —			$ —			$ —			$10.50		(2.87	)%^b		$1,516,382			0.11	%^c		0.00	%^c		0.98	%^c		5	%^b
		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:		11/30/15	^#		10.77		0.04			(0.36	)		(0.32	)		—			—			—			10.45		(2.97	)^b		426,184			0.26	^c		0.15	^c		0.83	^c		5	^b
		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:		11/30/15	^#		13.39		0.05			(0.45	)		(0.40	)		—			—			—			12.99		(2.99	)^b		911,006			0.41	^c		0.25	^c		0.73	^c		5	^b
		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

TIAA-CREF LIFECYCLE 2035
Institutional Class:		11/30/15	^#		10.92		0.04			(0.38	)		(0.34	)		—			—			—			10.58		(3.11	)^b		1,572,729			0.11	^c		0.00	^c		0.77	^c		5	^b
		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:		11/30/15	^#		10.90		0.03			(0.38	)		(0.35	)		—			—			—			10.55		(3.21	)^b		425,170			0.26	^c		0.15	^c		0.62	^c		5	^b
		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:		11/30/15	^#		13.73		0.03			(0.48	)		(0.45	)		—			—			—			13.28		(3.28	)^b		857,666			0.41	^c		0.25	^c		0.52	^c		5	^b
		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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual 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			value,		investment			gain (loss		)	(loss) from				Net		Net			dividends				value,					at end of									investment			Portfolio
	or year ended			beginning of period		income (loss		)^a	on total investments		^j	investment operations			investment income			realized gains			and distributions				end of period		Total return			period (in thousands		)	Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

TIAA-CREF LIFECYCLE 2040
Institutional Class:		11/30/15	^#		$11.05		$0.03			$(0.41	)		$(0.38	)		$ —			$ —			$ —				$10.67		(3.44	)%^b		$1,995,909			0.11	%^c		0.00	%^c		0.56	%^c		4	%^b
		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:		11/30/15	^#		11.02		0.02			(0.41	)		(0.39	)		—			—			—				10.63		(3.54	)^b		556,479			0.26	^c		0.15	^c		0.41	^c		4	^b
		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:		11/30/15	^#		14.10		0.02			(0.52	)		(0.50	)		—			—			—				13.60		(3.55	)^b		1,086,120			0.41	^c		0.25	^c		0.31	^c		4	^b
		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

TIAA-CREF LIFECYCLE 2045
Institutional Class:		11/30/15	^#		11.44		0.03			(0.42	)		(0.39	)		—			—			—				11.05		(3.41	)^b		790,231			0.12	^c		0.00	^c		0.55	^c		4	^b
		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:		11/30/15	^#		11.40		0.02			(0.42	)		(0.40	)		—			—			—				11.00		(3.51	)^b		244,117			0.27	^c		0.15	^c		0.40	^c		4	^b
		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:		11/30/15	^#		11.37		0.02			(0.42	)		(0.40	)		—			—			—				10.97		(3.52	)^b		404,839			0.42	^c		0.25	^c		0.30	^c		4	^b
		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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual 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			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE 2050
Institutional Class:		11/30/15	^#		$11.42		$0.03			$(0.42	)		$(0.39	)		$ —			$ —			$ —			$11.03		(3.42	)%^b		$454,643			0.12	%^c		0.00	%^c		0.55	%^c		4	%^b
		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:		11/30/15	^#		11.38		0.02			(0.41	)		(0.39	)		—			—			—			10.99		(3.43	)^b		153,514			0.27	^c		0.15	^c		0.40	^c		4	^b
		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:		11/30/15	^#		11.35		0.02			(0.42	)		(0.40	)		—			—			—			10.95		(3.52	)^b		243,572			0.42	^c		0.25	^c		0.30	^c		4	^b
		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

TIAA-CREF LIFECYCLE 2055
Institutional Class:		11/30/15	^#		12.77		0.03			(0.47	)		(0.44	)		—			—			—			12.33		(3.45	)^b		70,447			0.17	^c		0.00	^c		0.56	^c		18	^b
		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	)		(0.15	)		(0.15	)		—			—			—			9.85		(1.50	)^b		985			8.94	^c		0.00	^c		0.47	^c		1	^b
Premier Class:		11/30/15	^#		12.73		0.02			(0.46	)		(0.44	)		—			—			—			12.29		(3.46	)^b		34,261			0.32	^c		0.15	^c		0.40	^c		18	^b
		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	)		(0.15	)		(0.15	)		—			—			—			9.85		(1.50	)^b		985			9.09	^c		0.15	^c		0.32	^c		1	^b
Retirement Class:		11/30/15	^#		12.73		0.02			(0.47	)		(0.45	)		—			—			—			12.28		(3.53	)^b		53,092			0.47	^c		0.25	^c		0.31	^c		18	^b
		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	)		(0.15	)		(0.15	)		—			—			—			9.85		(1.50	)^b		7,877			8.55	^c		0.25	^c		0.23	^c		1	^b

2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Financial highlights

concluded

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			value,		investment			gain (loss		)	(loss) from			Net			Net		dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized		and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains		distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE 2060
Institutional Class:		11/30/15	^#		$10.48		$0.03			$(0.39	)		$(0.36	)		$ —			$ —		$ —			$10.12		(3.44	)%^b		$5,693			0.96	%^c		0.00	%^c		0.55	%^c		11	%^b
		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:		11/30/15	^#		10.47		0.02			(0.38	)		(0.36	)		—			—		—			10.11		(3.44	)^b		2,603			1.11	^c		0.15	^c		0.40	^c		11	^b
		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:		11/30/15	^#		10.47		0.02			(0.39	)		(0.37	)		—			—		—			10.10		(3.53	)^b		3,510			1.26	^c		0.25	^c		0.30	^c		11	^b
		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

^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.
^#	Unaudited.
^†	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 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

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.

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.

74	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

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 being 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.

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.

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.)

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

•	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 period ended November 30, 2015, there were no transfers between levels by the Funds.

As of November 30, 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, 2016. 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.

76	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

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, 2016. 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.

During the period ended November 30, 2015, TIAA received total proceeds of $13,000,000 from redemptions from the Lifecycle 2055 Fund.

The following is the percentage of the Funds’ shares owned by TIAA and its registered separate account (collectively “TIAA Access”) as of November 30, 2015:

Fund	TIAA			TIAA Access
Lifecycle Retirement Income		—	%		8	%
Lifecycle 2010		—			8
Lifecycle 2015		—			9
Lifecycle 2020		—			10
Lifecycle 2025		—			9
Lifecycle 2030		—			9
Lifecycle 2035		—			9
Lifecycle 2040		—			9
Lifecycle 2045		—			11
Lifecycle 2050		—			15
Lifecycle 2055		—			2
Lifecycle 2060		88			—

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

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
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle Retirement Income Fund
TIAA-CREF Bond		$	92,158,556	$	11,269,076	$	6,436,498		$	(105,611	)	$	1,243,104		$	95,653,052
TIAA-CREF Bond Plus			40,601,702		4,675,955		2,335,437			(46,644	)		614,140			42,125,765
TIAA-CREF Emerging Markets Debt			3,659,464		672,513		318,560			(20,942	)		82,787			3,816,285
TIAA-CREF Emerging Markets Equity			9,320,689		2,044,115		488,568			(84,672	)		—			9,291,799
TIAA-CREF Enhanced International Equity Index			11,790,552		2,168,255		550,978			(46,802	)		—			12,561,481
TIAA-CREF Enhanced Large-Cap Growth Index			19,001,844		1,690,427		1,871,406			27,332			—			19,264,565
TIAA-CREF Enhanced Large-Cap Value Index			17,617,079		2,211,708		1,187,203			(32,408	)		—			18,131,655
TIAA-CREF Global Natural Resources			2,225,445		508,333		258,857			(56,095	)		—			2,109,800
TIAA-CREF Growth & Income			16,574,010		1,749,793		1,430,066			2,716			87,836			16,858,886
TIAA-CREF High-Yield			11,094,473		1,943,755		635,848			(31,278	)		319,703			11,486,453
TIAA-CREF Inflation-Linked Bond			36,914,332		4,501,502		2,460,670			(82,022	)		—			38,304,600
TIAA-CREF International Equity			14,018,827		3,189,531		1,109,432			(8,685	)		—			14,925,027
TIAA-CREF International Opportunities			11,107,686		1,939,360		682,187			(23,404	)		—			11,480,030
TIAA-CREF Large-Cap Growth			20,185,979		2,290,614		2,755,600			242,781			—			20,399,812
TIAA-CREF Large-Cap Value			18,692,241		2,689,094		1,331,531			(67,217	)		—			19,285,222
TIAA-CREF Mid-Cap Growth			405,229		130,587		186,102			41,264			—			337,518
TIAA-CREF Mid-Cap Value			277,711		270,962		183,715			(10,689	)		—			344,349
TIAA-CREF Money Market			27,890		4		—			—			4			27,894
TIAA-CREF Short-Term Bond			37,078,757		4,319,442		2,892,179			(9,678	)		305,094			38,288,563
TIAA-CREF Small-Cap Equity			8,099,674		1,119,016		826,408			(14,208	)		—			8,455,041
		$	370,852,140	$	49,384,042	$	27,941,245		$	(326,262	)	$	2,652,668		$	383,147,797

78	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle 2010 Fund
TIAA-CREF Bond		$	265,262,445	$	21,957,017	$	22,279,483		$	(260,915	)	$	3,462,068		$	261,146,729
TIAA-CREF Bond Plus			121,332,218		9,305,253		8,804,798			(97,400	)		1,780,283			119,438,996
TIAA-CREF Emerging Markets Debt			10,968,801		1,017,680		596,041			(41,513	)		240,636			10,809,029
TIAA-CREF Emerging Markets Equity			30,865,194		4,593,139		1,780,191			(403,627	)		—			28,593,016
TIAA-CREF Enhanced International Equity Index			40,021,293		4,159,240		1,691,131			(83,277	)		—			39,715,660
TIAA-CREF Enhanced Large-Cap Growth Index			64,630,985		3,322,290		8,036,218			370,905			—			61,333,880
TIAA-CREF Enhanced Large-Cap Value Index			60,200,504		4,467,094		5,267,546			3,328			—			57,662,107
TIAA-CREF Global Natural Resources			7,537,604		1,163,788		816,493			(266,391	)		—			6,676,783
TIAA-CREF Growth & Income			56,149,311		3,097,801		5,708,662			333,634			287,889			53,351,951
TIAA-CREF High-Yield			33,144,838		3,598,946		1,490,380			(119,896	)		926,200			32,593,370
TIAA-CREF Inflation-Linked Bond			89,135,764		7,868,779		6,942,346			(201,230	)		—			88,521,515
TIAA-CREF International Equity			46,438,137		7,637,550		3,795,522			(108,815	)		—			46,451,336
TIAA-CREF International Opportunities			37,474,392		4,122,318		2,396,927			(66,761	)		—			36,260,183
TIAA-CREF Large-Cap Growth			68,366,735		4,963,422		10,979,802			444,034			—			64,506,361
TIAA-CREF Large-Cap Value			62,571,976		6,855,666		5,672,243			56,500			—			61,177,809
TIAA-CREF Mid-Cap Growth			1,756,423		273,482		531,887			122,013			—			1,443,161
TIAA-CREF Mid-Cap Value			1,364,554		380,323		188,169			(12,588	)		—			1,470,066
TIAA-CREF Money Market			58,956		9		—			—			9			58,965
TIAA-CREF Short-Term Bond			88,009,424		8,743,824		7,765,267			(49,039	)		712,292			88,479,285
TIAA-CREF Small-Cap Equity			27,129,424		3,007,051		3,538,218			82,007			—			26,757,564
		$	1,112,418,978	$	100,534,672	$	98,281,324		$	(299,031	)	$	7,409,377		$	1,086,447,766

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle 2015 Fund
TIAA-CREF Bond		$	412,338,205	$	29,892,518	$	35,333,108		$	41,261		$	5,329,715		$	401,014,637
TIAA-CREF Bond Plus			196,311,153		13,896,390		15,083,748			217,410			2,859,119			191,264,092
TIAA-CREF Emerging Markets Debt			17,749,195		1,761,697		1,278,537			(11,786	)		386,008			17,283,576
TIAA-CREF Emerging Markets Equity			54,389,698		6,905,124		2,423,664			97,992			—			49,936,599
TIAA-CREF Enhanced International Equity Index			71,975,909		6,100,005		2,330,215			191,039			—			70,720,000
TIAA-CREF Enhanced Large-Cap Growth Index			116,980,270		4,666,356		14,387,398			3,910,392			—			109,699,444
TIAA-CREF Enhanced Large-Cap Value Index			109,110,135		7,557,386		10,285,487			2,732,326			—			103,205,078
TIAA-CREF Global Natural Resources			13,605,586		1,748,200		1,334,317			76,702			—			11,851,829
TIAA-CREF Growth & Income			101,441,617		4,727,352		10,709,481			3,574,640			513,743			95,125,327
TIAA-CREF High-Yield			53,575,625		6,067,465		3,193,271			(17,691	)		1,487,444			52,174,752
TIAA-CREF Inflation-Linked Bond			108,221,736		8,871,261		8,267,454			180,156			—			106,949,443
TIAA-CREF International Equity			82,109,139		12,102,294		5,832,340			1,073,997			—			81,627,553
TIAA-CREF International Opportunities			67,597,194		6,414,966		4,122,477			183,007			—			64,629,519
TIAA-CREF Large-Cap Growth			122,117,644		7,360,913		18,262,019			6,889,246			—			114,970,317
TIAA-CREF Large-Cap Value			112,856,441		10,355,231		9,857,016			2,909,474			—			108,580,603
TIAA-CREF Mid-Cap Growth			3,770,884		400,006		923,867			36,417			—			3,129,377
TIAA-CREF Mid-Cap Value			2,996,481		847,638		501,351			106,352			—			3,149,591
TIAA-CREF Money Market			143,145		20		—			—			20			143,165
TIAA-CREF Short-Term Bond			106,486,716		10,347,916		9,267,024			70,303			860,367			106,951,558
TIAA-CREF Small-Cap Equity			48,906,733		4,494,662		6,141,969			1,410,641			—			47,525,523
		$	1,802,683,506	$	144,517,400	$	159,534,743		$	23,671,878		$	11,436,416		$	1,739,931,983

80	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle 2020 Fund
TIAA-CREF Bond		$	534,722,578	$	59,556,608	$	34,139,141		$	21,161		$	7,115,098		$	552,377,228
TIAA-CREF Bond Plus			308,519,103		31,247,110		18,692,508			364,274			4,601,114			314,894,339
TIAA-CREF Emerging Markets Debt			27,964,271		3,733,636		1,671,668			(4,661	)		618,210			28,518,576
TIAA-CREF Emerging Markets Equity			95,740,526		15,747,466		2,916,388			116,820			—			92,466,481
TIAA-CREF Enhanced International Equity Index			130,432,937		17,094,079		3,494,205			334,272			—			134,708,377
TIAA-CREF Enhanced Large-Cap Growth Index			213,812,288		9,156,193		17,448,106			5,356,462			—			210,247,132
TIAA-CREF Enhanced Large-Cap Value Index			199,396,180		14,602,948		10,381,564			3,054,603			—			197,793,246
TIAA-CREF Global Natural Resources			25,454,093		3,122,433		1,892,442			106,595			—			22,642,938
TIAA-CREF Growth & Income			183,959,289		10,937,416		12,615,256			4,463,686			953,063			181,764,637
TIAA-CREF High-Yield			85,087,339		11,883,554		4,160,177			584			2,397,642			85,915,580
TIAA-CREF Inflation-Linked Bond			113,129,291		13,395,527		5,573,822			155,604			—			118,952,542
TIAA-CREF International Equity			147,976,574		24,945,925		8,005,051			1,890,069			—			152,454,043
TIAA-CREF International Opportunities			123,699,326		13,923,508		4,757,474			178,381			—			123,046,540
TIAA-CREF Large-Cap Growth			221,990,838		13,630,012		23,735,580			9,960,665			—			218,881,492
TIAA-CREF Large-Cap Value			205,909,168		20,842,733		11,079,169			3,617,402			—			206,965,554
TIAA-CREF Mid-Cap Growth			8,230,434		737,773		1,368,236			88,603			—			7,324,627
TIAA-CREF Mid-Cap Value			6,863,750		1,405,145		433,198			95,032			—			7,388,999
TIAA-CREF Money Market			191,587		28		—			—			28			191,615
TIAA-CREF Short-Term Bond			110,821,427		15,905,363		7,169,139			118,367			925,520			118,897,503
TIAA-CREF Small-Cap Equity			89,175,577		8,741,538		7,848,240			2,010,646			—			90,613,499
		$	2,833,076,576	$	290,608,995	$	177,381,364		$	31,928,565		$	16,610,675		$	2,866,044,948

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle 2025 Fund
TIAA-CREF Bond		$	402,203,093	$	53,238,742	$	27,928,188		$	(63,766	)	$	5,365,108		$	421,654,609
TIAA-CREF Bond Plus			311,426,146		37,142,174		19,577,635			563,199			4,688,402			322,703,964
TIAA-CREF Emerging Markets Debt			28,399,394		4,656,113		2,314,309			787			630,273			29,209,998
TIAA-CREF Emerging Markets Equity			107,865,171		17,532,412		1,460,394			79,108			—			105,621,511
TIAA-CREF Enhanced International Equity Index			150,219,236		19,981,494		2,070,271			227,764			—			157,245,474
TIAA-CREF Enhanced Large-Cap Growth Index			248,030,325		9,741,564		16,663,448			5,334,782			—			246,593,822
TIAA-CREF Enhanced Large-Cap Value Index			230,896,463		16,953,124		8,983,971			2,673,777			—			232,077,863
TIAA-CREF Global Natural Resources			28,877,061		4,100,665		1,912,323			128,674			—			26,383,892
TIAA-CREF Growth & Income			211,947,764		11,960,256		11,751,971			4,348,945			1,104,228			211,585,647
TIAA-CREF High-Yield			114,698,447		18,059,781		8,435,483			(31,338	)		3,234,076			114,974,595
TIAA-CREF Inflation-Linked Bond			56,961,365		9,718,930		2,461,277			11,642			—			63,197,503
TIAA-CREF International Equity			168,613,876		27,191,112		5,936,859			1,470,462			—			175,633,395
TIAA-CREF International Opportunities			142,448,000		15,669,991		3,015,553			86,222			—			143,721,982
TIAA-CREF Large-Cap Growth			256,483,664		14,479,934		23,897,752			10,676,604			—			255,144,338
TIAA-CREF Large-Cap Value			238,407,070		21,702,000		8,724,008			3,053,708			—			241,300,634
TIAA-CREF Mid-Cap Growth			10,620,443		735,883		1,212,650			85,345			—			9,775,866
TIAA-CREF Mid-Cap Value			9,086,194		1,623,666		277,571			73,387			—			9,861,219
TIAA-CREF Money Market			187,740		27		—			—			27			187,767
TIAA-CREF Short-Term Bond			55,262,883		11,110,229		2,849,767			3,152			477,167			63,184,956
TIAA-CREF Small-Cap Equity			103,028,644		10,091,975		7,949,466			2,280,401			—			105,767,283
		$	2,875,662,979	$	305,690,072	$	157,422,896		$	31,002,855		$	15,499,281		$	2,935,826,318

82	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle 2030 Fund
TIAA-CREF Bond		$	278,803,848	$	41,425,337	$	22,768,153		$	(65,247	)	$	3,714,549		$	293,390,623
TIAA-CREF Bond Plus			273,315,980		37,780,678		18,481,944			444,127			4,135,576			287,074,947
TIAA-CREF Emerging Markets Debt			27,505,981		4,589,035		2,234,323			(4,848	)		609,664			28,371,104
TIAA-CREF Emerging Markets Equity			115,938,476		18,020,066		1,352,102			75,466			—			112,974,081
TIAA-CREF Enhanced International Equity Index			163,369,243		21,206,434		1,257,025			166,482			—			171,348,268
TIAA-CREF Enhanced Large-Cap Growth Index			271,097,633		8,856,082		16,042,962			5,399,834			—			269,714,585
TIAA-CREF Enhanced Large-Cap Value Index			252,154,045		15,609,346		6,464,319			2,062,949			—			253,788,077
TIAA-CREF Global Natural Resources			31,105,884		4,623,865		1,832,160			127,931			—			28,793,147
TIAA-CREF Growth & Income			230,578,349		11,027,100		10,388,584			3,995,193			1,199,862			230,369,470
TIAA-CREF High-Yield			138,933,852		24,159,564		11,420,148			(70,805	)		3,920,675			140,335,481
TIAA-CREF Inflation-Linked Bond			—		4,553,782		144,337			17			—			4,390,552
TIAA-CREF International Equity			181,710,483		28,311,114		5,082,294			1,270,274			—			189,488,639
TIAA-CREF International Opportunities			154,910,155		16,284,255		2,177,691			51,717			—			156,521,635
TIAA-CREF Large-Cap Growth			280,417,488		14,172,094		25,106,087			11,786,395			—			278,017,390
TIAA-CREF Large-Cap Value			258,982,398		22,561,877		7,477,132			2,728,878			—			262,999,381
TIAA-CREF Mid-Cap Growth			12,389,998		859,399		1,113,598			135,522			—			11,690,632
TIAA-CREF Mid-Cap Value			10,872,601		1,925,989		279,722			80,297			—			11,812,326
TIAA-CREF Money Market			180,563		26		—			—			26			180,589
TIAA-CREF Short-Term Bond			—		4,547,050		147,676			4			12,109			4,390,478
TIAA-CREF Small-Cap Equity			112,296,960		9,193,409		6,854,576			2,289,002			—			115,208,943
		$	2,794,563,937	$	289,706,502	$	140,624,833		$	30,473,188		$	13,592,461		$	2,850,860,348

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle 2035 Fund
TIAA-CREF Bond		$	165,275,071	$	31,704,697	$	14,765,638		$	19,075		$	2,241,803		$	179,791,150
TIAA-CREF Bond Plus			165,549,162		29,155,937		11,339,060			257,465			2,523,655			179,980,773
TIAA-CREF Emerging Markets Debt			27,718,476		4,433,726		2,266,785			(13,826	)		609,524			28,380,422
TIAA-CREF Emerging Markets Equity			127,684,152		18,699,199		1,121,615			40,212			—			123,719,137
TIAA-CREF Enhanced International Equity Index			181,937,422		23,226,993		1,680,498			267,805			—			190,236,577
TIAA-CREF Enhanced Large-Cap Growth Index			302,614,535		8,307,586		17,423,651			6,089,386			—			299,879,930
TIAA-CREF Enhanced Large-Cap Value Index			281,487,942		16,247,034		6,831,074			2,282,197			—			282,450,985
TIAA-CREF Global Natural Resources			34,652,178		4,766,870		1,775,560			128,978			—			31,961,531
TIAA-CREF Growth & Income			256,640,974		10,935,502		11,118,884			4,384,677			1,331,428			255,365,498
TIAA-CREF High-Yield			139,912,465		27,245,745		13,132,509			(69,385	)		3,939,845			142,595,114
TIAA-CREF International Equity			201,084,905		29,263,209		4,816,403			1,233,571			—			208,484,276
TIAA-CREF International Opportunities			172,493,361		17,662,635		2,462,382			142,431			—			173,803,908
TIAA-CREF Large-Cap Growth			312,385,193		12,535,965		25,261,264			11,918,381			—			309,023,085
TIAA-CREF Large-Cap Value			289,145,928		21,987,686		6,349,423			2,467,279			—			292,251,856
TIAA-CREF Mid-Cap Growth			14,788,989		921,751		1,303,000			184,850			—			13,890,524
TIAA-CREF Mid-Cap Value			13,054,738		1,803,987		43,482			12,696			—			13,991,745
TIAA-CREF Money Market			186,513		27		—			—			27			186,540
TIAA-CREF Small-Cap Equity			126,219,741		8,199,770		7,290,035			2,687,594			—			127,778,983
		$	2,812,831,745	$	267,098,319	$	128,981,263		$	32,033,386		$	10,646,282		$	2,853,772,034

84	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle 2040 Fund
TIAA-CREF Bond		$	—	$	19,686,664	$	65,803		$	244		$	90,748		$	19,541,108
TIAA-CREF Bond Plus			144,516,234		26,964,149		20,604,237			(110,295	)		2,130,894			147,985,292
TIAA-CREF Emerging Markets Debt			35,604,055		6,149,288		3,649,986			(41,885	)		781,833			36,174,763
TIAA-CREF Emerging Markets Equity			179,224,473		23,845,915		2,255,918			69,988			—			170,737,225
TIAA-CREF Enhanced International Equity Index			256,907,123		31,179,160		3,146,755			478,443			—			266,125,726
TIAA-CREF Enhanced Large-Cap Growth Index			427,634,756		8,976,547		24,506,117			9,153,339			—			420,935,511
TIAA-CREF Enhanced Large-Cap Value Index			398,086,271		18,363,174		8,068,277			2,854,170			—			396,265,775
TIAA-CREF Global Natural Resources			48,881,827		6,086,913		2,144,192			63,504			—			44,733,349
TIAA-CREF Growth & Income			361,934,494		12,179,340		15,349,622			6,193,566			1,876,530			357,098,014
TIAA-CREF High-Yield			180,489,214		33,600,973		17,736,400			(155,415	)		5,049,287			181,673,297
TIAA-CREF International Equity			282,662,286		35,693,725		4,867,638			1,280,937			—			289,520,336
TIAA-CREF International Opportunities			243,268,242		21,791,522		2,362,870			115,273			—			243,058,518
TIAA-CREF Large-Cap Growth			440,553,498		11,529,816		32,436,350			15,486,129			—			432,483,861
TIAA-CREF Large-Cap Value			407,131,367		26,560,305		7,207,587			2,845,665			—			408,512,191
TIAA-CREF Mid-Cap Growth			22,154,064		1,236,292		2,100,755			345,776			—			20,506,497
TIAA-CREF Mid-Cap Value			19,313,666		3,073,183		414,632			118,833			—			20,709,127
TIAA-CREF Money Market			273,442		3		—			—			40			273,445
TIAA-CREF Small-Cap Equity			178,242,496		10,448,729		10,549,995			4,071,796			—			178,944,831
		$	3,626,877,508	$	297,365,698	$	157,467,134		$	42,770,068		$	9,929,332		$	3,635,278,866

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle 2045 Fund
TIAA-CREF Bond Plus		$	54,014,492	$	12,197,708	$	7,552,563		$	(139,534	)	$	811,700		$	57,563,108
TIAA-CREF Emerging Markets Debt			13,174,386		3,122,927		1,231,864			(83,558	)		298,979			14,335,637
TIAA-CREF Emerging Markets Equity			66,975,719		14,217,695		1,470,098			(204,265	)		—			68,385,494
TIAA-CREF Enhanced International Equity Index			96,243,829		18,268,297		1,280,599			(115,705	)		—			106,170,595
TIAA-CREF Enhanced Large-Cap Growth Index			158,868,063		12,102,078		7,225,225			(41,839	)		—			167,349,962
TIAA-CREF Enhanced Large-Cap Value Index			147,665,030		17,006,052		2,705,867			(172,107	)		—			157,558,889
TIAA-CREF Global Natural Resources			18,066,490		4,009,760		1,133,528			(422,427	)		—			17,867,200
TIAA-CREF Growth & Income			134,351,959		10,775,301		2,904,446			(65,346	)		714,044			141,760,968
TIAA-CREF High-Yield			67,077,366		16,457,335		5,912,770			(581,438	)		1,934,433			72,002,673
TIAA-CREF International Equity			105,277,576		20,785,647		1,652,802			(16,303	)		—			115,394,107
TIAA-CREF International Opportunities			89,784,779		16,342,838		1,556,207			(66,936	)		—			97,090,171
TIAA-CREF Large-Cap Growth			163,397,760		12,337,760		9,415,430			170,814			—			171,595,830
TIAA-CREF Large-Cap Value			151,278,305		20,980,426		3,294,049			(185,126	)		—			162,475,137
TIAA-CREF Mid-Cap Growth			8,323,026		912,913		768,795			(32,693	)		—			8,183,543
TIAA-CREF Mid-Cap Value			7,162,694		1,717,826		101,052			(10,151	)		—			8,306,677
TIAA-CREF Money Market			81,020		12		—			—			12			81,032
TIAA-CREF Small-Cap Equity			66,164,818		6,459,435		1,898,532			(150,787	)		—			71,115,183
		$	1,347,907,312	$	187,694,010	$	50,103,827		$	(2,117,401	)	$	3,759,168		$	1,437,236,206
Lifecycle 2050 Fund
TIAA-CREF Bond Plus			$ 31,694,189	$	7,224,657	$	4,203,760		$	(80,554	)	$	477,030			$ 34,071,968
TIAA-CREF Emerging Markets Debt			7,686,306		1,937,036		709,347			(46,985	)		175,559			8,485,675
TIAA-CREF Emerging Markets Equity			39,174,542		9,005,774		1,045,311			(153,217	)		—			40,491,215
TIAA-CREF Enhanced International Equity Index			56,554,031		11,235,636		823,150			(75,097	)		—			62,842,482
TIAA-CREF Enhanced Large-Cap Growth Index			92,777,333		8,548,237		4,416,494			(13,547	)		—			99,063,243
TIAA-CREF Enhanced Large-Cap Value Index			86,194,279		11,769,224		2,170,256			(155,248	)		—			93,235,913
TIAA-CREF Global Natural Resources			10,529,338		2,272,935		430,493			(137,523	)		—			10,573,393
TIAA-CREF Growth & Income			78,423,220		7,495,360		1,782,976			(41,220	)		419,719			83,899,023
TIAA-CREF High-Yield			39,193,456		10,216,696		3,488,021			(348,686	)		1,137,005			42,620,465
TIAA-CREF International Equity			61,676,912		13,314,909		1,433,558			(13,998	)		—			68,292,062
TIAA-CREF International Opportunities			52,322,322		10,471,729		950,309			(45,145	)		—			57,471,021
TIAA-CREF Large-Cap Growth			95,513,657		8,690,527		5,785,041			96,231			—			101,538,032
TIAA-CREF Large-Cap Value			88,184,265		14,063,656		2,389,500			(127,551	)		—			96,073,149
TIAA-CREF Mid-Cap Growth			4,821,272		672,047		479,871			(27,393	)		—			4,848,343
TIAA-CREF Mid-Cap Value			4,180,971		1,079,600		74,142			(6,332	)		—			4,911,813
TIAA-CREF Money Market			41,882		6		—			—			6			41,888
TIAA-CREF Small-Cap Equity			38,621,332		4,544,164		1,333,264			(92,922	)		—			42,092,574
			$787,589,307	$	122,542,193	$	31,515,493		$	(1,269,187	)	$	2,209,319			$850,552,259

86	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle 2055 Fund
TIAA-CREF Bond Plus		$	5,688,437	$	2,217,028	$	1,457,761		$	(29,574	)	$	90,341		$	6,327,860
TIAA-CREF Emerging Markets Debt			1,380,326		596,421		323,779			(19,258	)		33,673			1,575,533
TIAA-CREF Emerging Markets Equity			7,029,644		2,763,517		1,022,831			(196,691	)		—			7,549,004
TIAA-CREF Enhanced International Equity Index			10,218,870		3,708,567		1,497,475			(185,617	)		—			11,667,155
TIAA-CREF Enhanced Large-Cap Growth Index			16,643,779		4,207,326		3,003,831			22,468			—			18,322,400
TIAA-CREF Enhanced Large-Cap Value Index			15,462,422		4,740,834		2,541,669			(141,351	)		—			17,247,238
TIAA-CREF Global Natural Resources			1,879,087		713,865		296,017			(103,006	)		—			1,963,863
TIAA-CREF Growth & Income			14,030,132		3,764,904		2,279,574			(21,684	)		80,458			15,525,535
TIAA-CREF High-Yield			7,069,044		2,892,876		1,436,065			(136,477	)		215,344			7,911,147
TIAA-CREF International Equity			11,073,649		4,368,471		1,803,656			(94,776	)		—			12,670,717
TIAA-CREF International Opportunities			9,396,288		3,613,530		1,520,291			(80,064	)		—			10,677,942
TIAA-CREF Large-Cap Growth			17,062,381		4,152,799		3,088,055			49,817			—			18,784,556
TIAA-CREF Large-Cap Value			15,835,067		5,113,366		2,525,232			(103,071	)		—			17,772,073
TIAA-CREF Mid-Cap Growth			875,505		221,849		172,414			(9,530	)		—			895,601
TIAA-CREF Mid-Cap Value			753,708		327,791		124,517			(6,484	)		—			906,717
TIAA-CREF Money Market			6,591		1		—			—			1			6,592
TIAA-CREF Small-Cap Equity			6,923,839		1,916,082		1,121,536			(61,072	)		—			7,788,120
		$	141,328,769	$	45,319,227	$	24,214,703		$	(1,116,370	)	$	419,817		$	157,592,053
Lifecycle 2060 Fund
TIAA-CREF Bond Plus			$ 449,483		$ 119,072		$ 89,222			$ (1,247	)		$ 6,822			$ 470,146
TIAA-CREF Emerging Markets Debt			112,388		28,906		17,980			(1,174	)		2,513			117,022
TIAA-CREF Emerging Markets Equity			564,891		122,739		38,175			(7,624	)		—			552,031
TIAA-CREF Enhanced International Equity Index			816,321		169,252		55,747			(6,273	)		—			868,048
TIAA-CREF Enhanced Large-Cap Growth Index			1,355,454		137,779		144,446			(2,416	)		—			1,375,618
TIAA-CREF Enhanced Large-Cap Value Index			1,262,541		172,129		97,630			(10,144	)		—			1,295,772
TIAA-CREF Global Natural Resources			154,991		36,235		19,304			(5,036	)		—			145,877
TIAA-CREF Growth & Income			1,145,214		132,310		103,943			(3,115	)		6,007			1,165,801
TIAA-CREF High-Yield			570,950		152,871		88,065			(6,106	)		16,276			588,346
TIAA-CREF International Equity			893,198		202,679		72,244			(5,617	)		—			944,502
TIAA-CREF International Opportunities			764,702		149,218		56,325			(4,025	)		—			792,148
TIAA-CREF Large-Cap Growth			1,398,843		136,132		165,661			(1,990	)		—			1,408,778
TIAA-CREF Large-Cap Value			1,290,790		203,280		97,204			(6,156	)		—			1,336,768
TIAA-CREF Mid-Cap Growth			71,547		7,597		9,213			(729	)		—			67,364
TIAA-CREF Mid-Cap Value			61,259		15,821		4,723			(293	)		—			68,264
TIAA-CREF Money Market			100		—		—			—			—			100
TIAA-CREF Small-Cap Equity			560,263		81,594		58,893			(3,627	)		—			584,554
			$11,472,935		$1,867,614		$1,118,775			$(65,572	)		$31,618			$11,781,139

TIAA-CREF Lifecycle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 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:

				Gross			Gross			Net unrealized
				unrealized			unrealized			appreciation
Fund	Tax cost		appreciation			(depreciation			)	(depreciation			)
Lifecycle Retirement Income	$	363,950,586		$	22,430,309		$	(3,233,098	)		$	19,197,211
Lifecycle 2010		985,647,501			109,310,987			(8,510,722	)			100,800,265
Lifecycle 2015		1,706,520,007			80,770,146			(47,358,170	)			33,411,976
Lifecycle 2020		2,773,948,571			158,475,902			(66,379,525	)			92,096,377
Lifecycle 2025		2,807,622,201			196,670,706			(68,466,589	)			128,204,117
Lifecycle 2030		2,687,043,338			231,501,350			(67,684,340	)			163,817,010
Lifecycle 2035		2,653,408,436			268,426,070			(68,062,472	)			200,363,598
Lifecycle 2040		3,330,314,251			392,988,102			(88,023,487	)			304,964,615
Lifecycle 2045		1,319,252,054			140,208,039			(22,223,887	)			117,984,152
Lifecycle 2050		788,155,617			75,709,589			(13,312,947	)			62,396,642
Lifecycle 2055		153,680,147			6,399,438			(2,487,532	)			3,911,906
Lifecycle 2060		12,184,440			14,046			(417,347	)			(403,301	)

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2015 were as follows:

Fund	Purchases		Sales
Lifecycle Retirement Income	$	49,384,042	$	27,941,245
Lifecycle 2010		100,534,672		98,281,324
Lifecycle 2015		144,517,400		159,534,743
Lifecycle 2020		290,608,995		177,381,364
Lifecycle 2025		305,690,072		157,422,896
Lifecycle 2030		289,706,502		140,624,833
Lifecycle 2035		267,098,319		128,981,263
Lifecycle 2040		297,365,698		157,467,134
Lifecycle 2045		187,694,010		50,103,827
Lifecycle 2050		122,542,193		31,515,493
Lifecycle 2055		48,553,728		27,430,958
Lifecycle 2060		1,974,810		1,225,931

88	2015 Semiannual Report ■ TIAA-CREF Lifecycle Funds

concluded

Note 5—distributions to shareholders and other tax items

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

	Ordinary		Long-term
Fund	income		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

The tax character of the fiscal year 2016 distributions will be determined at the end of the fiscal year.

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 period ended November 30, 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 Semiannual Report

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

90	2015 Semiannual 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 Semiannual Report

[This page intentionally left blank.]

How to reach us

TIAA-CREF website

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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.

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2015 Semiannual Report

TIAA-CREF Lifecycle Index Funds

of the TIAA-CREF Funds

November 30, 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		13
Lifecycle Index 2015 Fund		14
Lifecycle Index 2020 Fund		15
Lifecycle Index 2025 Fund		16
Lifecycle Index 2030 Fund		17
Lifecycle Index 2035 Fund		18
Lifecycle Index 2040 Fund		19
Lifecycle Index 2045 Fund		20
Lifecycle Index 2050 Fund		21
Lifecycle Index 2055 Fund		22
Lifecycle Index 2060 Fund		23
Portfolios of investments		24
Financial statements (unaudited)
Statements of assets and liabilities		34
Statements of operations		38
Statements of changes in net assets		42
Financial highlights		50
Notes to financial statements		62
Additional information about index providers		71
How to reach us	Inside back cover

Understanding your Lifecycle Index Funds report

This semiannual 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 six months ended November 30, 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 November 30, 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 Semiannual 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 24 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 Semiannual 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, 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 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. 1–3 Year Government/Credit Bond Index (short-term fixed income) 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).

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

4	2015 Semiannual 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 (June 1, 2015–November 30, 2015).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2015

Lifecycle Index Funds Institutional Class	Beginning account value (6/1/15		)	Ending account Value (11/30/15		)	Expenses paid during period (6/1/15–11/30/15		* )	Effective expenses paid during period (6/1/15–11/30/15		^† )
Retirement Income Fund actual return		$1,000.00			$ 983.97			$0.15			$0.69
5% annual hypothetical return		1,000.00			1,024.85			0.15			0.71
2010 Fund actual return		1,000.00			982.94			0.15			0.64
5% annual hypothetical return		1,000.00			1,024.85			0.15			0.66
2015 Fund actual return		1,000.00			981.47			0.20			0.69
5% annual hypothetical return		1,000.00			1,024.80			0.20			0.71
2020 Fund actual return		1,000.00			978.22			0.25			0.69
5% annual hypothetical return		1,000.00			1,024.75			0.25			0.71
2025 Fund actual return		1,000.00			975.78			0.30			0.69
5% annual hypothetical return		1,000.00			1,024.70			0.30			0.71
2030 Fund actual return		1,000.00			972.92			0.30			0.69
5% annual hypothetical return		1,000.00			1,024.70			0.30			0.71
2035 Fund actual return		1,000.00			969.59			0.34			0.69
5% annual hypothetical return		1,000.00			1,024.65			0.35			0.71
2040 Fund actual return		1,000.00			966.04			0.34			0.69
5% annual hypothetical return		1,000.00			1,024.65			0.35			0.71
2045 Fund actual return		1,000.00			966.47			0.34			0.69
5% annual hypothetical return		1,000.00			1,024.65			0.35			0.71
2050 Fund actual return		1,000.00			966.45			0.34			0.69
5% annual hypothetical return		1,000.00			1,024.65			0.35			0.71
2055 Fund actual return		1,000.00			966.69			0.34			0.69
5% annual hypothetical return		1,000.00			1,024.65			0.35			0.71
2060 Fund actual return		1,000.00			966.38			0.34			0.69
5% annual hypothetical return		1,000.00			1,024.65			0.35			0.71

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 183/366. There were 183 days in the six months ended November 30, 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 0.03% for the Retirement Income and 2010 Funds; 0.04% for the 2015 Fund; 0.05% for the 2020 Fund; 0.06% for the 2025 and 2030 Funds; and 0.07% for the 2035, 2040, 2045, 2050, 2055 and 2060 Funds.

6	2015 Semiannual 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 0.13% for the 2010 Fund; 0.14% for the Retirement Income, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055 and 2060 Funds.

Expense examples

Six months ended November 30, 2015

Lifecycle Index Funds Premier Class	Beginning account value (6/1/15		)	Ending account value (11/30/15		)	Expenses paid during period (6/1/15–11/30/15		* )	Effective expenses paid during period (6/1/15–11/30/15		^† )
Retirement Income Fund actual return		$1,000.00			$ 983.23			$0.89			$1.44
5% annual hypothetical return		1,000.00			1,024.10			0.91			1.47
2010 Fund actual return		1,000.00			982.19			0.89			1.39
5% annual hypothetical return		1,000.00			1,024.10			0.91			1.42
2015 Fund actual return		1,000.00			980.72			0.94			1.44
5% annual hypothetical return		1,000.00			1,024.05			0.96			1.47
2020 Fund actual return		1,000.00			977.47			0.99			1.43
5% annual hypothetical return		1,000.00			1,024.00			1.01			1.47
2025 Fund actual return		1,000.00			975.69			1.04			1.43
5% annual hypothetical return		1,000.00			1,023.95			1.06			1.47
2030 Fund actual return		1,000.00			972.21			1.04			1.43
5% annual hypothetical return		1,000.00			1,023.95			1.06			1.47
2035 Fund actual return		1,000.00			968.88			1.08			1.43
5% annual hypothetical return		1,000.00			1,023.90			1.11			1.47
2040 Fund actual return		1,000.00			965.31			1.08			1.42
5% annual hypothetical return		1,000.00			1,023.90			1.11			1.47
2045 Fund actual return		1,000.00			965.17			1.08			1.42
5% annual hypothetical return		1,000.00			1,023.90			1.11			1.47
2050 Fund actual return		1,000.00			965.72			1.08			1.43
5% annual hypothetical return		1,000.00			1,023.90			1.11			1.47
2055 Fund actual return		1,000.00			965.16			1.08			1.42
5% annual hypothetical return		1,000.00			1,023.90			1.11			1.47
2060 Fund actual return		1,000.00			965.42			1.08			1.42
5% annual hypothetical return		1,000.00			1,023.90			1.11			1.47

*	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 Semiannual Report

Important information about expenses

183/366. There were 183 days in the six months ended November 30, 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 0.18% for the Retirement Income and 2010 Funds; 0.19% for the 2015 Fund; 0.20% for the 2020 Fund; 0.21% for the 2025 and 2030 Funds; and 0.22% 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 0.28% for the 2010 Fund; 0.29% for the Retirement Income, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055 and 2060 Funds.

Expense examples

Six months ended November 30, 2015

Lifecycle Index Funds Retirement Class	Beginning account value (6/1/15		)	Ending account value (11/30/15		)	Expenses paid during period (6/1/15–11/30/15		* )	Effective expenses paid during period (6/1/15–11/30/15		^† )
Retirement Income Fund actual return		$1,000.00			$ 982.95			$1.39			$1.93
5% annual hypothetical return		1,000.00			1,023.60			1.42			1.97
2010 Fund actual return		1,000.00			982.10			1.39			1.88
5% annual hypothetical return		1,000.00			1,023.60			1.42			1.92
2015 Fund actual return		1,000.00			979.97			1.44			1.93
5% annual hypothetical return		1,000.00			1,023.55			1.47			1.97
2020 Fund actual return		1,000.00			977.39			1.48			1.93
5% annual hypothetical return		1,000.00			1,023.50			1.52			1.97
2025 Fund actual return		1,000.00			974.97			1.53			1.93
5% annual hypothetical return		1,000.00			1,023.45			1.57			1.97
2030 Fund actual return		1,000.00			972.10			1.53			1.92
5% annual hypothetical return		1,000.00			1,023.45			1.57			1.97
2035 Fund actual return		1,000.00			968.19			1.57			1.92
5% annual hypothetical return		1,000.00			1,023.40			1.62			1.97
2040 Fund actual return		1,000.00			965.21			1.57			1.92
5% annual hypothetical return		1,000.00			1,023.40			1.62			1.97
2045 Fund actual return		1,000.00			965.05			1.57			1.92
5% annual hypothetical return		1,000.00			1,023.40			1.62			1.97
2050 Fund actual return		1,000.00			965.60			1.57			1.92
5% annual hypothetical return		1,000.00			1,023.40			1.62			1.97

8	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

Lifecycle Index Funds Retirement Class	Beginning account value (6/1/15		)	Ending account value (11/30/15		)	Expenses paid during period (6/1/15–11/30/15		* )	Effective expenses paid during period (6/1/15–11/30/15		^† )
2055 Fund actual return		$1,000.00			$ 964.39			$1.57			$1.92
5% annual hypothetical return		1,000.00			1,023.40			1.62			1.97
2060 Fund actual return		1,000.00			965.38			1.57			1.92
5% annual hypothetical return		1,000.00			1,023.40			1.62			1.97

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 183/366. There were 183 days in the six months ended November 30, 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 0.28% for the Retirement Income and 2010 Funds; 0.29% for the 2015 Fund; 0.30% for the 2020 Fund; 0.31% for the 2025 and 2030 Funds; and 0.32% 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 0.38% for the 2010 Fund; 0.39% for the Retirement Income, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055 and 2060 Funds.

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Investment results of the Lifecycle Index Funds

Performance for the six months ended November 30, 2015

All twelve TIAA-CREF Lifecycle Index Funds covered in this report delivered negative total returns for the six-month period but performed within range of their respective composite benchmarks. Returns for the Retirement Class ranged from –1.70% for the Retirement Income Fund to –3.56% for the Lifecycle Index 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 composite benchmarks, which measure market performance without deducting any fees or expenses. The difference between the individual Lifecycle Index Funds’ returns and those of their benchmarks ranged from 0.01 of a percentage point for the Lifecycle Index 2010 Fund to 0.22 of a percentage point for the Lifecycle Index 2055 Fund. (All results for the Lifecycle Index Funds are for the Retirement Class.)

Worldwide financial markets mostly retreat in an uncertain environment

The U.S. economy continued to expand during the six months, albeit at a slower pace. The unemployment rate remained at 5.0% in November 2015, its lowest level since early 2008. Furthermore, the nation’s gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annual rate of 2.0% in the third quarter—a slowdown from the 3.9% increase in the prior quarter. Investors maintained a cautious stance in the wake of uncertainty regarding a hike in U.S. interest rates, ongoing geopolitical conflicts and concerns over the pace of growth overseas. In late September, the Federal Reserve decided to hold the federal funds target rate near 0.0%, which pushed stocks higher in October. However, with renewed speculation of a rate hike before the end of 2015, financial market returns were mixed in November.

The broad U.S. stock market, as measured by the Russell 3000^® Index, declined 1.05% for the six months. Stocks of large-capitalization companies in the index collectively outpaced their smaller-cap counterparts, with large-cap growth stocks being one of the few positive performers. Although many international markets rose late in the period, they couldn’t overcome earlier losses amid concerns about Greece’s debt problems and slowing growth in China. The MSCI EAFE+EM (Europe, Australasia, Far East + Emerging Markets) Index, which measures the stock performance in 21 developed market nations outside North America and in 23 emerging market nations, returned –9.82% for the reporting period in terms of U.S. dollars.

10	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Funds suffer losses, but returns are similar to their respective benchmarks

Each Lifecycle Index Fund covered in this report delivered negative returns for the period as most equity and bond funds—both domestic and foreign—suffered losses.

The Lifecycle Index Funds may invest in up to five sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income, short-term fixed income and inflation-protected 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 Equity Index Fund, the International Equity Index Fund, the Emerging Markets Equity Index Fund, the Bond Index Fund, the Short-Term Bond Index Fund and the Inflation-Linked Bond Fund.

For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were hampered by declines in both the equity and fixed-income markets.

In all of the Lifecycle Index Funds, the performance of U.S. and foreign equity and fixed-income allocations was mostly negative. Returns for all funds, however, were kept within a narrow range of their respective benchmarks. (Returns of the Lifecycle Index Funds’ underlying funds can be found at tiaa-cref.org/performance.)

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Lifecycle Index Retirement Income Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Index Retirement Income Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		9/30/2009		–1.60	%		0.50	%		6.32	%		6.74	%
Premier Class		9/30/2009		–1.68			0.27			6.17			6.58
Retirement Class		9/30/2009		–1.70			0.21			6.07			6.47
Lifecycle Index Retirement
Income Fund Composite Index*		—		–1.63			0.49			6.45			6.90	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			3.77	^†
Russell 3000^®Index		—		–1.05			2.58			14.13			14.02	^†

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 November 30, 2015, the Lifecycle Index Retirement Income Fund Composite Index consisted of: 40.0% Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000 Index; 12.0% MSCI EAFE+EM 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		28.1	%		28.0	%
International equity		11.9			12.0
Fixed income
Fixed income		39.9			40.0
Inflation-protected assets		10.0			10.0
Short-term fixed income		10.0			10.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2016

12	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2010 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Index 2010 Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		9/30/2009		–1.71	%		0.53	%		6.95	%		7.31	%
Premier Class		9/30/2009		–1.78			0.38			6.79			7.16
Retirement Class		9/30/2009		–1.79			0.33			6.70			7.05
Lifecycle Index 2010 Fund
Composite Index*		—		–1.78			0.49			7.07			7.47	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			3.77	^†
Russell 3000^® Index		—		–1.05			2.58			14.13			14.02	^†

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 November 30, 2015, the Lifecycle Index 2010 Fund Composite Index consisted of: 39.1% Barclays U.S. Aggregate Bond Index; 31.2% Russell 3000 Index; 13.3% MSCI EAFE+EM Index; 8.2% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 8.2% 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		31.3	%		30.8	%
International equity		13.3			13.2
Fixed income
Fixed income		39.0			39.2
Inflation-protected assets		8.2			8.4
Short-term fixed income		8.1			8.4
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Lifecycle Index 2015 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Index 2015 Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		9/30/2009		–1.85	%		0.57	%		7.50	%		7.80	%
Premier Class		9/30/2009		–1.93			0.36			7.32			7.63
Retirement Class		9/30/2009		–2.00			0.30			7.22			7.52
Lifecycle Index 2015 Fund
Composite Index*		—		–1.93			0.50			7.61			7.95	^†
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			14.02	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			3.77	^†

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 November 30, 2015, the Lifecycle Index 2015 Fund Composite Index consisted of: 38.1% Barclays U.S. Aggregate Bond Index; 34.7% Russell 3000 Index; 14.8% MSCI EAFE+EM Index; 6.2% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 6.2% 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		34.8	%		34.3	%
International equity		14.8			14.7
Fixed income
Fixed income		38.0			38.2
Inflation-protected assets		6.1			6.4
Short-term fixed income		6.2			6.4
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2016

14	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2020 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Index 2020 Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		9/30/2009		–2.18	%		0.50	%		8.15	%		8.38	%
Premier Class		9/30/2009		–2.25			0.29			7.99			8.21
Retirement Class		9/30/2009		–2.26			0.20			7.89			8.11
Lifecycle Index 2020 Fund
Composite Index*		—		–2.19			0.46			8.27			8.53	^†
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			14.02	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			3.77	^†

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 November 30, 2015, the Lifecycle Index 2020 Fund Composite Index consisted of: 40.1% Russell 3000 Index; 34.3% Barclays U.S. Aggregate Bond Index; 17.2% MSCI EAFE+EM Index; 4.2% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 4.2% 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		40.2	%		39.5	%
International equity		17.1			16.9
Fixed income
Fixed income		34.2			34.8
Inflation-protected assets		4.2			4.4
Short-term fixed income		4.1			4.4
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Lifecycle Index 2025 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Index 2025 Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		9/30/2009		–2.42	%		0.47	%		8.82	%		8.96	%
Premier Class		9/30/2009		–2.43			0.33			8.65			8.80
Retirement Class		9/30/2009		–2.50			0.23			8.54			8.69
Lifecycle Index 2025 Fund
Composite Index*		—		–2.45			0.41			8.92			9.10	^†
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			14.02	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			3.77	^†

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 November 30, 2015, the Lifecycle Index 2025 Fund Composite Index consisted of: 45.7% Russell 3000 Index; 30.3% Barclays U.S. Aggregate Bond Index; and 19.6% MSCI EAFE+EM Index; 2.2% Barclays U.S. 1–3 Year Government/Credit Bond Index; 2.2% 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		45.8	%		45.1	%
International equity		19.5			19.3
Fixed income
Fixed income		30.3			30.8
Inflation-protected assets		2.2			2.4
Short-term fixed income		2.1			2.4
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2016

16	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2030 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Index 2030 Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		9/30/2009		–2.71	%		0.39	%		9.46	%		9.54	%
Premier Class		9/30/2009		–2.78			0.26			9.30			9.38
Retirement Class		9/30/2009		–2.79			0.11			9.19			9.27
Lifecycle Index 2030 Fund
Composite Index*		—		–2.72			0.35			9.57			9.67	^†
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			14.02	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			3.77	^†

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 November 30, 2015, the Lifecycle Index 2030 Fund Composite Index consisted of: 51.3% Russell 3000 Index; 26.3% Barclays U.S. Aggregate Bond Index; 22.0% MSCI EAFE+EM Index; 0.2% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 0.2% 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		51.4	%		50.7	%
International equity		21.8			21.7
Fixed income
Fixed income		26.3			26.8
Inflation-protected assets		0.2			0.4
Short-term fixed income		0.2			0.4
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Lifecycle Index 2035 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Index 2035 Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		9/30/2009		–3.04	%		0.19	%		10.06	%		10.06	%
Premier Class		9/30/2009		–3.11			0.11			9.91			9.90
Retirement Class		9/30/2009		–3.18			0.00			9.80			9.79
Lifecycle Index 2035 Fund
Composite Index*		—		–3.03			0.22			10.19			10.21	^†
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			14.02	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			3.77	^†

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 November 30, 2015, the Lifecycle Index 2035 Fund Composite Index consisted of: 56.9% Russell 3000 Index; 24.4% MSCI EAFE+EM Index; and 18.7% 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		57.0	%		56.3	%
International equity		24.2			24.1
Fixed income		18.6			19.6
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2016

18	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2040 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Index 2040 Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		9/30/2009		–3.40	%		0.08	%		10.40	%		10.33	%
Premier Class		9/30/2009		–3.47			–0.06			10.23			10.15
Retirement Class		9/30/2009		–3.48			–0.16			10.12			10.06
Lifecycle Index 2040 Fund
Composite Index*		—		–3.35			0.08			10.51			10.47	^†
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			14.02	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			3.77	^†

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 November 30, 2015, the Lifecycle Index 2040 Fund Composite Index consisted of: 62.5% Russell 3000 Index; 26.8% MSCI EAFE+EM Index; and 10.7% 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		62.6	%		61.9	%
International equity		26.6			26.5
Fixed income		10.6			11.6
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Lifecycle Index 2045 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Index 2045 Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		9/30/2009		–3.35	%		0.11	%		10.40	%		10.33	%
Premier Class		9/30/2009		–3.48			–0.09			10.22			10.16
Retirement Class		9/30/2009		–3.50			–0.19			10.11			10.05
Lifecycle Index 2045 Fund
Composite Index*		—		–3.34			0.09			10.51			10.48	^†
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			14.02	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			3.77	^†

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 November 30, 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		63.0	%		63.0	%
International equity		26.8			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2016

20	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2050 Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifecycle Index 2050 Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		9/30/2009		–3.35	%		0.12	%		10.40	%		10.34	%
Premier Class		9/30/2009		–3.43			–0.01			10.24			10.17
Retirement Class		9/30/2009		–3.44			–0.11			10.11			10.06
Lifecycle Index 2050 Fund
Composite Index*		—		–3.34			0.09			10.51			10.48	^†
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13			14.02	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09			3.77	^†

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 November 30, 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		63.0	%		63.0	%
International equity		26.7			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.3			—
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Lifecycle Index 2055 Fund

Performance as of November 30, 2015

Total return

Average annual
total return

Lifecycle Index 2055 Fund

Inception date

6 months

1 year

since inception

Institutional Class

4/29/2011

–3.33

0.15

7.91

Premier Class

4/29/2011

–3.48

–0.12

7.73

Retirement Class

4/29/2011

–3.56

–0.23

7.62

Lifecycle Index 2055 Fund

Composite Index*

—

–3.34

0.09

8.02

^†

Broad market index

Russell 3000^® Index

—

–1.05

2.58

11.61

^†

Barclays U.S. Aggregate Bond Index

—

–0.12

0.97

3.24

^†

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 November 30, 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
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, 2016

22	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2060 Fund

Performance as of November 30, 2015

Total return

Average annual
total return

Lifecycle Index 2060 Fund

Inception date

6 months

1 year

since inception

Institutional Class

9/26/2014

–3.36

0.13

2.31

Premier Class

9/26/2014

–3.46

–0.01

2.19

Retirement Class

9/26/2014

–3.46

–0.14

2.09

Lifecycle Index 2060 Fund

Composite Index*

—

–3.34

0.09

2.45

^†

Broad market index

Russell 3000^® Index

—

–1.05

2.58

6.14

^†

Barclays U.S. Aggregate Bond Index

—

–0.12

0.97

2.31

^†

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 November 30, 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.

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/15			for 6/30/16
Equity
U.S. equity		63.1	%		63.0	%
International equity		26.8			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2016

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index Retirement Income Fund ■ November 30, 2015

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

FIXED INCOME — 39.9%
	2,096,642	TIAA-CREF Bond Index Fund		$	22,622,771		39.9	%
		TOTAL FIXED INCOME			22,622,771		39.9

INFLATION-PROTECTED ASSETS — 10.0%
	502,456	TIAA-CREF Inflation-Linked Bond Fund			5,662,675		10.0
		TOTAL INFLATION-PROTECTED ASSETS			5,662,675		10.0

INTERNATIONAL EQUITY — 11.9%
	169,308	TIAA-CREF Emerging Markets Equity Index Fund			1,459,435		2.5
	298,006	TIAA-CREF International Equity Index Fund			5,268,740		9.4
		TOTAL INTERNATIONAL EQUITY			6,728,175		11.9

SHORT-TERM FIXED INCOME — 10.0%
	566,973	TIAA-CREF Short-Term Bond Index Fund			5,658,394		10.0
		TOTAL SHORT-TERM FIXED INCOME			5,658,394		10.0

U.S. EQUITY — 28.1%
	1,000,524	TIAA-CREF Equity Index Fund			15,918,340		28.1
		TOTAL U.S. EQUITY			15,918,340		28.1
		TOTAL TIAA-CREF FUNDS	(Cost $51,856,693)		56,590,355		99.9

		TOTAL PORTFOLIO	(Cost $51,856,693)		56,590,355		99.9
		OTHER ASSETS & LIABILITIES, NET			91,288		0.1
		NET ASSETS		$	56,681,643		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle Index 2010 Fund ■ November 30, 2015

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

FIXED INCOME — 39.0%
	7,434,432	TIAA-CREF Bond Index Fund		$	80,217,520		39.0	%
		TOTAL FIXED INCOME			80,217,520		39.0

INFLATION-PROTECTED ASSETS — 8.2%
	1,486,057	TIAA-CREF Inflation-Linked Bond Fund			16,747,868		8.2
		TOTAL INFLATION-PROTECTED ASSETS			16,747,868		8.2

INTERNATIONAL EQUITY — 13.3%
	688,591	TIAA-CREF Emerging Markets Equity Index Fund			5,935,655		2.9
	1,206,605	TIAA-CREF International Equity Index Fund			21,332,778		10.4
		TOTAL INTERNATIONAL EQUITY			27,268,433		13.3

SHORT-TERM FIXED INCOME — 8.1%
	1,677,571	TIAA-CREF Short-Term Bond Index Fund			16,742,158		8.1
		TOTAL SHORT-TERM FIXED INCOME			16,742,158		8.1

U.S. EQUITY — 31.3%
	4,043,627	TIAA-CREF Equity Index Fund			64,334,098		31.3
		TOTAL U.S. EQUITY			64,334,098		31.3
		TOTAL TIAA-CREF FUNDS	(Cost $180,076,122)		205,310,077		99.9

		TOTAL PORTFOLIO	(Cost $180,076,122)		205,310,077		99.9
		OTHER ASSETS & LIABILITIES, NET			233,154		0.1
		NET ASSETS		$	205,543,231		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 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index 2015 Fund ■ November 30, 2015

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

FIXED INCOME — 38.0%
	12,832,845	TIAA-CREF Bond Index Fund		$	138,466,401		38.0	%
		TOTAL FIXED INCOME			138,466,401		38.0

INFLATION-PROTECTED ASSETS — 6.1%
	1,986,813	TIAA-CREF Inflation-Linked Bond Fund			22,391,381		6.1
		TOTAL INFLATION-PROTECTED ASSETS			22,391,381		6.1

INTERNATIONAL EQUITY — 14.8%
	1,358,313	TIAA-CREF Emerging Markets Equity Index Fund			11,708,659		3.2
	2,376,807	TIAA-CREF International Equity Index Fund			42,021,946		11.6
		TOTAL INTERNATIONAL EQUITY			53,730,605		14.8

SHORT-TERM FIXED INCOME — 6.2%
	2,243,150	TIAA-CREF Short-Term Bond Index Fund			22,386,636		6.2
		TOTAL SHORT-TERM FIXED INCOME			22,386,636		6.2

U.S. EQUITY — 34.8%
	7,961,908	TIAA-CREF Equity Index Fund			126,673,960		34.8
		TOTAL U.S. EQUITY			126,673,960		34.8
		TOTAL TIAA-CREF FUNDS	(Cost $315,352,830)		363,648,983		99.9

		TOTAL PORTFOLIO	(Cost $315,352,830)		363,648,983		99.9
		OTHER ASSETS & LIABILITIES, NET			453,596		0.1
		NET ASSETS		$	364,102,579		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle Index 2020 Fund ■ November 30, 2015

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

FIXED INCOME — 34.2%
	19,647,914	TIAA-CREF Bond Index Fund		$	212,000,996		34.2	%
		TOTAL FIXED INCOME			212,000,996		34.2

INFLATION-PROTECTED ASSETS — 4.2%
	2,279,029	TIAA-CREF Inflation-Linked Bond Fund			25,684,656		4.2
		TOTAL INFLATION-PROTECTED ASSETS			25,684,656		4.2

INTERNATIONAL EQUITY — 17.1%
	2,670,610	TIAA-CREF Emerging Markets Equity Index Fund			23,020,655		3.7
	4,671,382	TIAA-CREF International Equity Index Fund			82,590,041		13.4
		TOTAL INTERNATIONAL EQUITY			105,610,696		17.1

SHORT-TERM FIXED INCOME — 4.1%
	2,573,218	TIAA-CREF Short-Term Bond Index Fund			25,680,711		4.1
		TOTAL SHORT-TERM FIXED INCOME			25,680,711		4.1

U.S. EQUITY — 40.2%
	15,629,717	TIAA-CREF Equity Index Fund			248,668,798		40.2
		TOTAL U.S. EQUITY			248,668,798		40.2
		TOTAL TIAA-CREF FUNDS	(Cost $544,244,748)		617,645,857		99.8

		TOTAL PORTFOLIO	(Cost $544,244,748)		617,645,857		99.8
		OTHER ASSETS & LIABILITIES, NET			1,020,508		0.2
		NET ASSETS		$	618,666,365		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 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index 2025 Fund ■ November 30, 2015

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

FIXED INCOME — 30.3%
	17,636,865	TIAA-CREF Bond Index Fund		$	190,301,778		30.3	%
		TOTAL FIXED INCOME			190,301,778		30.3

INFLATION-PROTECTED ASSETS — 2.2%
	1,201,577	TIAA-CREF Inflation-Linked Bond Fund			13,541,778		2.2
		TOTAL INFLATION-PROTECTED ASSETS			13,541,778		2.2

INTERNATIONAL EQUITY — 19.5%
	3,096,627	TIAA-CREF Emerging Markets Equity Index Fund			26,692,927		4.3
	5,406,738	TIAA-CREF International Equity Index Fund			95,591,133		15.2
		TOTAL INTERNATIONAL EQUITY			122,284,060		19.5

SHORT-TERM FIXED INCOME — 2.1%
	1,356,875	TIAA-CREF Short-Term Bond Index Fund			13,541,613		2.1
		TOTAL SHORT-TERM FIXED INCOME			13,541,613		2.1

U.S. EQUITY — 45.8%
	18,088,956	TIAA-CREF Equity Index Fund			287,795,293		45.8
		TOTAL U.S. EQUITY			287,795,293		45.8
		TOTAL TIAA-CREF FUNDS	(Cost $547,481,541)		627,464,522		99.9

		TOTAL PORTFOLIO	(Cost $547,481,541)		627,464,522		99.9
		OTHER ASSETS & LIABILITIES, NET			685,459		0.1
		NET ASSETS		$	628,149,981		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle Index 2030 Fund ■ November 30, 2015

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

FIXED INCOME — 26.3%
	16,009,291	TIAA-CREF Bond Index Fund		$	172,740,252		26.3	%
		TOTAL FIXED INCOME			172,740,252		26.3

INFLATION-PROTECTED ASSETS — 0.2%
	91,177	TIAA-CREF Inflation-Linked Bond Fund			1,027,562		0.2
		TOTAL INFLATION-PROTECTED ASSETS			1,027,562		0.2

INTERNATIONAL EQUITY — 21.8%
	3,634,500	TIAA-CREF Emerging Markets Equity Index Fund			31,329,393		4.7
	6,345,727	TIAA-CREF International Equity Index Fund			112,192,451		17.1
		TOTAL INTERNATIONAL EQUITY			143,521,844		21.8

SHORT-TERM FIXED INCOME — 0.2%
	102,961	TIAA-CREF Short-Term Bond Index Fund			1,027,552		0.2
		TOTAL SHORT-TERM FIXED INCOME			1,027,552		0.2

U.S. EQUITY — 51.4%
	21,224,320	TIAA-CREF Equity Index Fund			337,678,929		51.4
		TOTAL U.S. EQUITY			337,678,929		51.4
		TOTAL TIAA-CREF FUNDS	(Cost $564,198,257)		655,996,139		99.9

		TOTAL PORTFOLIO	(Cost $564,198,257)		655,996,139		99.9
		OTHER ASSETS & LIABILITIES, NET			1,058,787		0.1
		NET ASSETS		$	657,054,926		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 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index 2035 Fund ■ November 30, 2015

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

FIXED INCOME — 18.6%
	10,933,974	TIAA-CREF Bond Index Fund		$	117,977,585		18.6	%
		TOTAL FIXED INCOME			117,977,585		18.6

INTERNATIONAL EQUITY — 24.2%
	3,888,058	TIAA-CREF Emerging Markets Equity Index Fund			33,515,059		5.3
	6,790,860	TIAA-CREF International Equity Index Fund			120,062,412		18.9
		TOTAL INTERNATIONAL EQUITY			153,577,471		24.2

U.S. EQUITY — 57.0%
	22,708,417	TIAA-CREF Equity Index Fund			361,290,911		57.0
		TOTAL U.S. EQUITY			361,290,911		57.0
		TOTAL TIAA-CREF FUNDS	(Cost $536,525,499)		632,845,967		99.8

		TOTAL PORTFOLIO	(Cost $536,525,499)		632,845,967		99.8
		OTHER ASSETS & LIABILITIES, NET			1,043,820		0.2
		NET ASSETS		$	633,889,787		100.0	%

Lifecycle Index 2040 Fund ■ November 30, 2015

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

FIXED INCOME — 10.6%
	7,258,924	TIAA-CREF Bond Index Fund		$	78,323,787		10.6	%
		TOTAL FIXED INCOME			78,323,787		10.6

INTERNATIONAL EQUITY — 26.6%
	4,969,777	TIAA-CREF Emerging Markets Equity Index Fund			42,839,480		5.8
	8,679,972	TIAA-CREF International Equity Index Fund			153,461,899		20.8
		TOTAL INTERNATIONAL EQUITY			196,301,379		26.6

U.S. EQUITY — 62.6%
	29,025,456	TIAA-CREF Equity Index Fund			461,795,007		62.6
		TOTAL U.S. EQUITY			461,795,007		62.6
		TOTAL TIAA-CREF FUNDS	(Cost $611,237,843)		736,420,173		99.8

		TOTAL PORTFOLIO	(Cost $611,237,843)		736,420,173		99.8
		OTHER ASSETS & LIABILITIES, NET			1,166,292		0.2
		NET ASSETS		$	737,586,465		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle Index 2045 Fund ■ November 30, 2015

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

FIXED INCOME — 10.0%
	3,535,394	TIAA-CREF Bond Index Fund		$	38,146,897		10.0	%
		TOTAL FIXED INCOME			38,146,897		10.0

INTERNATIONAL EQUITY — 26.8%
	2,586,199	TIAA-CREF Emerging Markets Equity Index Fund			22,293,035		5.8
	4,522,852	TIAA-CREF International Equity Index Fund			79,964,025		21.0
		TOTAL INTERNATIONAL EQUITY			102,257,060		26.8

U.S. EQUITY — 63.0%
	15,140,481	TIAA-CREF Equity Index Fund			240,885,059		63.0
		TOTAL U.S. EQUITY			240,885,059		63.0
		TOTAL TIAA-CREF FUNDS	(Cost $334,791,375)		381,289,016		99.8

		TOTAL PORTFOLIO	(Cost $334,791,375)		381,289,016		99.8
		OTHER ASSETS & LIABILITIES, NET			976,426		0.2
		NET ASSETS		$	382,265,442		100.0	%

Lifecycle Index 2050 Fund ■ November 30, 2015

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

FIXED INCOME — 10.0%
	2,382,986	TIAA-CREF Bond Index Fund		$	25,712,424		10.0	%
		TOTAL FIXED INCOME			25,712,424		10.0

INTERNATIONAL EQUITY — 26.7%
	1,744,085	TIAA-CREF Emerging Markets Equity Index Fund			15,034,008		5.8
	3,048,590	TIAA-CREF International Equity Index Fund			53,899,073		20.9
		TOTAL INTERNATIONAL EQUITY			68,933,081		26.7

U.S. EQUITY — 63.0%
	10,206,119	TIAA-CREF Equity Index Fund			162,379,355		63.0
		TOTAL U.S. EQUITY			162,379,355		63.0
		TOTAL TIAA-CREF FUNDS	(Cost $226,999,537)		257,024,860		99.7

		TOTAL PORTFOLIO	(Cost $226,999,537)		257,024,860		99.7
		OTHER ASSETS & LIABILITIES, NET			742,534		0.3
		NET ASSETS		$	257,767,394		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 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index 2055 Fund ■ November 30, 2015

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

FIXED INCOME — 10.0%
	476,134	TIAA-CREF Bond Index Fund		$	5,137,489		10.0	%
		TOTAL FIXED INCOME			5,137,489		10.0

INTERNATIONAL EQUITY — 26.7%
	349,530	TIAA-CREF Emerging Markets Equity Index Fund			3,012,945		5.8
	609,147	TIAA-CREF International Equity Index Fund			10,769,714		20.9
		TOTAL INTERNATIONAL EQUITY			13,782,659		26.7

U.S. EQUITY — 62.9%
	2,036,754	TIAA-CREF Equity Index Fund			32,404,762		62.9
		TOTAL U.S. EQUITY			32,404,762		62.9
		TOTAL TIAA-CREF FUNDS	(Cost $45,643,017)		51,324,910		99.6

		TOTAL PORTFOLIO	(Cost $45,643,017)		51,324,910		99.6
		OTHER ASSETS & LIABILITIES, NET			232,142		0.4
		NET ASSETS		$	51,557,052		100.0	%

Lifecycle Index 2060 Fund ■ November 30, 2015

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

FIXED INCOME — 10.0%
	98,090	TIAA-CREF Bond Index Fund		$	1,058,395		10.0	%
		TOTAL FIXED INCOME			1,058,395		10.0

INTERNATIONAL EQUITY — 26.8%
	71,604	TIAA-CREF Emerging Markets Equity Index Fund			617,228		5.8
	125,486	TIAA-CREF International Equity Index Fund			2,218,601		21.0
		TOTAL INTERNATIONAL EQUITY			2,835,829		26.8

U.S. EQUITY — 63.1%
	419,932	TIAA-CREF Equity Index Fund			6,681,115		63.1
		TOTAL U.S. EQUITY			6,681,115		63.1
		TOTAL TIAA-CREF FUNDS	(Cost $10,558,508)		10,575,339		99.9

		TOTAL PORTFOLIO	(Cost $10,558,508)		10,575,339		99.9
		OTHER ASSETS & LIABILITIES, NET			17,949		0.1
		NET ASSETS		$	10,593,288		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifecycle Index Funds ■ November 30, 2015

	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

ASSETS
Affiliated investments, at value^‡		$56,590,355		$	205,310,077		$	363,648,983		$	617,645,857		$	627,464,522		$	655,996,139
Cash		48,340			193,703			420,007			481,638			1,010,454			1,039,673
Receivable from securities transactions		51,204			321,047			582,842			1,475,170			1,296,103			1,472,045
Receivable from Fund shares sold		24,197			160,209			391,429			914,503			1,637,725			1,222,865
Dividends and interest receivable		48,215			164,087			280,846			420,692			369,376			328,095
Due from affiliates		2,978			5,981			7,172			12,311			11,016			11,729
Other		18,354			20,813			26,022			32,096			33,968			31,782
Total assets		56,783,643			206,175,917			365,357,301			620,982,267			631,823,164			660,102,328

LIABILITIES
Management fees payable		1,085			3,925			6,962			11,823			11,991			12,546
Service agreement fees payable		608			2,084			3,266			6,186			5,515			5,459
Distribution fees payable		1,519			3,061			7,180			15,662			15,727			17,000
Due to affiliates		77			460			938			1,203			1,321			1,257
Payable for securities transactions		88,454			567,297			1,209,342			2,242,670			2,833,854			2,970,045
Payable for Fund shares redeemed		46			37,080			111			115			765,878			55
Payable for trustee compensation		1,192			5,286			9,074			12,906			12,665			13,361
Accrued expenses and other payables		9,019			13,493			17,849			25,337			26,232			27,679
Total liabilities		102,000			632,686			1,254,722			2,315,902			3,673,183			3,047,402
NET ASSETS		$56,681,643		$	205,543,231		$	364,102,579		$	618,666,365		$	628,149,981		$	657,054,926

NET ASSETS CONSIST OF:
Paid-in-capital		$52,421,487		$	180,509,245		$	315,543,293		$	544,278,453		$	546,836,376		$	563,788,798
Undistributed net investment income (loss)		85,740			1,590,361			2,637,272			3,556,023			2,882,419			2,340,611
Accumulated net realized gain (loss) on total investments		(559,246	)		(1,790,330	)		(2,374,139	)		(2,569,220	)		(1,551,795	)		(872,365	)
Net unrealized appreciation (depreciation) on total investments		4,733,662			25,233,955			48,296,153			73,401,109			79,982,981			91,797,882
NET ASSETS		$56,681,643		$	205,543,231		$	364,102,579		$	618,666,365		$	628,149,981		$	657,054,926

INSTITUTIONAL CLASS:
Net assets		$31,714,685		$	136,763,380		$	236,275,042		$	359,161,599		$	382,719,137		$	401,813,473
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,426,572			9,886,933			16,524,217			24,234,442			25,003,870			25,419,312
Net asset value per share		$13.07			$13.83			$14.30			$14.82			$15.31			$15.81

PREMIER CLASS:
Net assets		$12,269,035		$	25,135,157		$	59,139,975		$	129,239,606		$	129,296,338		$	140,407,891
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		939,291			1,823,275			4,153,330			8,760,856			8,481,221			8,922,927
Net asset value per share		$13.06			$13.79			$14.24			$14.75			$15.25			$15.74

RETIREMENT CLASS:
Net assets		$12,697,923		$	43,644,694		$	68,687,562		$	130,265,160		$	116,134,506		$	114,833,562
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		972,941			3,182,122			4,840,662			8,859,708			7,647,644			7,324,158
Net asset value per share		$13.05			$13.72			$14.19			$14.70			$15.19			$15.68
‡ Affiliated investments, cost		$51,856,693		$	180,076,122		$	315,352,830		$	544,244,748		$	547,481,541		$	564,198,257

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Statements of assets and liabilities (unaudited)

concluded

TIAA-CREF Lifecycle Index Funds ■ November 30, 2015

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

ASSETS
Affiliated investments, at value^‡		$632,845,967		$	736,420,173	$	381,289,016	$	257,024,860	$	51,324,910		$	10,575,339
Cash		732,020			1,029,316		465,084		531,440		138,438			17,217
Receivable from securities transactions		1,604,045			1,736,302		405,482		159,882		—			23,559
Receivable from Fund shares sold		1,236,595			1,457,266		1,407,888		990,938		341,333			2,873
Dividends and interest receivable		223,023			147,423		72,304		48,657		10,491			2,038
Due from affiliates		10,032			11,067		6,614		6,247		3,008			1,516
Other		30,540			32,865		21,715		21,886		861			9,967
Total assets		636,682,222			740,834,412		383,668,103		258,783,910		51,819,041			10,632,509

LIABILITIES
Management fees payable		12,107			14,098		7,291		4,912		976			203
Service agreement fees payable		4,484			4,611		3,358		2,353		591			50
Distribution fees payable		14,561			13,814		10,361		7,207		1,074			127
Due to affiliates		1,378			1,501		435		553		119			23
Payable for securities transactions		2,716,045			3,168,302		1,356,982		980,132		246,500			31,809
Payable for Fund shares redeemed		4,989			428		37		22		4			—
Payable for trustee compensation		12,752			15,578		6,355		4,150		928			107
Accrued expenses and other payables		26,119			29,615		17,842		17,187		11,797			6,902
Total liabilities		2,792,435			3,247,947		1,402,661		1,016,516		261,989			39,221
NET ASSETS		$633,889,787		$	737,586,465	$	382,265,442	$	257,767,394	$	51,557,052		$	10,593,288

NET ASSETS CONSIST OF:
Paid-in-capital		$536,659,456		$	611,679,681	$	335,348,729	$	227,418,897	$	46,415,599		$	10,536,698
Undistributed net investment income (loss)		1,329,140			579,445		210,874		136,087		34,623			10,105
Accumulated net realized gain (loss) on total investments		(419,277	)		145,009		208,198		187,087		(575,063	)		29,654
Net unrealized appreciation (depreciation) on total investments		96,320,468			125,182,330		46,497,641		30,025,323		5,681,893			16,831
NET ASSETS		$633,889,787		$	737,586,465	$	382,265,442	$	257,767,394	$	51,557,052		$	10,593,288

INSTITUTIONAL CLASS:
Net assets		$420,019,441		$	526,767,502	$	226,635,696	$	148,542,248	$	30,824,943		$	8,522,285
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		25,824,017			31,917,545		13,795,972		9,048,267		2,361,084			846,806
Net asset value per share		$16.26			$16.50		$16.43		$16.42		$13.06			$10.06

PREMIER CLASS:
Net assets		$119,642,860		$	113,907,946	$	85,149,290	$	59,595,365	$	8,167,694		$	1,028,630
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,391,192			6,935,104		5,206,465		3,647,671		627,084			102,346
Net asset value per share		$16.19			$16.42		$16.35		$16.34		$13.02			$10.05

RETIREMENT CLASS:
Net assets		$ 94,227,486		$	96,911,017	$	70,480,456	$	49,629,781	$	12,564,415		$	1,042,373
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,841,709			5,919,035		4,325,899		3,048,741		966,187			103,810
Net asset value per share		$16.13			$16.37		$16.29		$16.28		$13.00			$10.04
‡ Affiliated investments, cost		$536,525,499		$	611,237,843	$	334,791,375	$	226,999,537	$	45,643,017		$	10,558,508

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Lifecycle Index Funds ■ For the period ended November 30, 2015

	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

INVESTMENT INCOME
Dividends from affiliated investments		$ 291,311		$	1,006,635		$	1,701,936		$	2,470,591		$	2,102,090		$	1,819,434
Total income		291,311			1,006,635			1,701,936			2,470,591			2,102,090			1,819,434

EXPENSES
Management fees		27,133			98,743			176,927			294,473			294,434			308,934
Shareholder servicing — Institutional Class		132			227			352			452			459			460
Shareholder servicing — Premier Class		69			47			66			109			104			103
Shareholder servicing — Retirement Class		13,831			51,797			81,959			147,516			132,634			129,673
Distribution fees — Premier Class		7,826			17,969			42,809			91,297			91,697			99,458
Distribution fees — Retirement Class		2,726			10,319			16,338			29,438			26,473			25,868
Registration fees		19,914			22,498			23,453			23,989			23,768			24,004
Professional fees		11,839			12,380			12,639			13,925			13,939			14,049
Custody and accounting fees		6,385			6,339			6,339			6,339			6,339			6,335
Shareholder reports		4,229			8,077			12,089			18,117			18,262			18,995
Administrative service fees		643			2,573			4,653			7,566			7,617			7,942
Trustee fees and expenses		260			847			1,486			2,471			2,479			2,601
Other expenses		4,359			5,726			7,730			12,136			12,955			13,508
Total expenses		99,346			237,542			386,840			647,828			631,160			651,930
Less: Expenses reimbursed by the investment adviser		(47,897	)		(58,508	)		(68,644	)		(85,313	)		(86,052	)		(88,279	)
Fee waiver by investment adviser and TPIS		(21,907	)		(79,714	)		(122,921	)		(177,624	)		(155,561	)		(150,528	)
Net expenses		29,542			99,320			195,275			384,891			389,547			413,123

Net Investment income (loss)		261,769			907,315			1,506,661			2,085,700			1,712,543			1,406,311

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		(240,893	)		(433,174	)		(824,483	)		(1,367,000	)		(877,855	)		(621,076	)
Realized gain (loss) from sale of unaffiliated investments		(4,478	)		—			—			—			—			—
Net realized gain (loss) from investments		(245,371	)		(433,174	)		(824,483	)		(1,367,000	)		(877,855	)		(621,076	)
Net change in unrealized appreciation (depreciation) from affiliated investments		(769,987	)		(3,679,165	)		(7,016,650	)		(12,775,204	)		(14,242,684	)		(16,795,789	)
Net realized and unrealized gain (loss) from investments		(1,015,358	)		(4,112,339	)		(7,841,133	)		(14,142,204	)		(15,120,539	)		(17,416,865	)
Net increase (decrease) in net assets from operations		$ (753,589	)	$	(3,205,024	)	$	(6,334,472	)	$	(12,056,504	)	$	(13,407,996	)	$	(16,010,554	)

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Statements of operations (unaudited)

concluded

TIAA-CREF Lifecycle Index Funds ■ For the period ended November 30, 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		$ 1,215,864			$ 795,815			$ 394,856			$ 263,745			$ 59,217			$ 11,885
Total income		1,215,864			795,815			394,856			263,745			59,217			11,885

EXPENSES
Management fees		296,220			345,116			175,130			116,949			26,307			5,278
Shareholder servicing — Institutional Class		477			528			380			345			188			64
Shareholder servicing — Premier Class		100			99			89			68			67			33
Shareholder servicing — Retirement Class		103,032			106,464			77,339			53,166			14,242			1,380
Distribution fees — Premier Class		84,652			80,037			60,287			41,529			6,240			769
Distribution fees — Retirement Class		20,554			21,233			15,399			10,573			2,800			259
Registration fees		23,892			23,808			23,494			22,300			18,964			25,311
Professional fees		13,921			13,845			13,014			12,550			11,848			11,915
Custody and accounting fees		6,335			6,427			6,381			6,381			6,326			6,233
Shareholder reports		18,404			21,168			11,935			9,500			4,720			4,130
Administrative service fees		7,686			8,744			4,232			3,108			721			134
Trustee fees and expenses		2,470			2,881			1,444			968			240			49
Other expenses		11,999			12,804			8,560			9,374			3,982			787
Total expenses		589,742			643,154			397,684			286,811			96,645			56,342
Less: Expenses reimbursed by the investment adviser		(85,506	)		(90,577	)		(69,829	)		(64,866	)		(47,271	)		(48,734	)
Fee waiver by investment adviser and TPIS		(110,609	)		(126,096	)		(68,883	)		(46,358	)		(10,818	)		(1,841	)
Net expenses		393,627			426,481			258,972			175,587			38,556			5,767

Net Investment income (loss)		822,237			369,334			135,884			88,158			20,661			6,118

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		(521,479	)		(292,585	)		(206,662	)		(103,815	)		(611,626	)		(8,071	)
Realized gain (loss) from sale of unaffiliated investments		33,440			45,362			69,606			45,805			13,611			(551	)
Net realized gain (loss) from investments		(488,039	)		(247,223	)		(137,056	)		(58,010	)		(598,015	)		(8,622	)
Net change in unrealized appreciation (depreciation) from affiliated investments		(17,428,066	)		(22,219,821	)		(10,914,238	)		(7,277,612	)		(1,176,513	)		(362,045	)
Net realized and unrealized gain (loss) from investments		(17,916,105	)		(22,467,044	)		(11,051,294	)		(7,335,622	)		(1,774,528	)		(370,667	)
Net increase (decrease) in net assets from operations		$(17,093,868	)		$(22,097,710	)		$(10,915,410	)		$(7,247,464	)		$(1,753,867	)		$(364,549	)

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual 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
		November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)			$ 261,769			$ 795,499			$ 907,315		$	3,547,712			$ 1,506,661		$	6,465,042
Net realized gain (loss) from investments			(245,371	)		(19,063	)		(433,174	)		173,901			(824,483	)		518,931
Net change in unrealized appreciation (depreciation)from affiliated investments			(769,987	)		1,005,686			(3,679,165	)		4,614,260			(7,016,650	)		9,304,103
Net increase (decrease) in net assets from operations			(753,589	)		1,782,122			(3,205,024	)		8,335,873			(6,334,472	)		16,288,076

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(159,161	)		(518,390	)		—			(2,414,274	)		—			(4,333,850	)
	Premier Class		(42,831	)		(189,858	)		—			(453,838	)		—			(1,042,037	)
	Retirement Class		(43,951	)		(84,418	)		—			(612,078	)		—			(959,955	)
From realized gains:	Institutional Class		—			(55,112	)		—			(287,213	)		—			(351,286	)
	Premier Class		—			(21,423	)		—			(58,065	)		—			(90,921	)
	Retirement Class		—			(12,017	)		—			(80,636	)		—			(86,080	)
Total distributions			(245,943	)		(881,218	)		—			(3,906,104	)		—			(6,864,129	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		10,341,439			8,742,200			21,351,299			23,468,563			34,063,644			44,357,564
	Premier Class		3,857,957			4,166,644			4,093,654			4,110,939			8,297,583			7,480,789
	Retirement Class		4,942,814			7,885,953			10,171,753			20,086,523			17,809,983			31,910,565
Reinvestments of distributions:	Institutional Class		145,612			573,502			—			2,701,487			—			4,685,136
	Premier Class		42,012			211,281			—			511,903			—			1,132,958
	Retirement Class		43,189			96,435			—			692,714			—			1,046,035
Redemptions:	Institutional Class		(6,673,954	)		(4,240,103	)		(5,338,780	)		(16,102,027	)		(14,913,295	)		(25,269,513	)
	Premier Class		(1,211,023	)		(4,371,219	)		(1,938,279	)		(4,670,172	)		(3,677,784	)		(8,649,851	)
	Retirement Class		(909,605	)		(1,015,491	)		(7,174,416	)		(6,547,665	)		(12,636,796	)		(8,973,555	)
Net increase (decrease) from shareholder transactions			10,578,441			12,049,202			21,165,231			24,252,265			28,943,335			47,720,128
Net increase (decrease) in net assets			9,578,909			12,950,106			17,960,207			28,682,034			22,608,863			57,144,075
NET ASSETS
Beginning of period			47,102,734			34,152,628			187,583,024			158,900,990			341,493,716			284,349,641
End of period			$56,681,643			$47,102,734			$205,543,231		$	187,583,024			$364,102,579		$	341,493,716
Undistributed net investment income (loss) included in net assets			$ 85,740			$ 69,914			$ 1,590,361		$	683,046			$ 2,637,272		$	1,130,610

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		789,908			663,016			1,544,315			1,687,681			2,388,092			3,090,084
	Premier Class		294,469			318,370			297,905			297,755			585,201			523,890
	Retirement Class		380,880			598,002			748,346			1,454,284			1,262,095			2,238,633
Shares reinvested:	Institutional Class		11,256			43,841			—			197,189			—			331,105
	Premier Class		3,247			16,157			—			37,447			—			80,294
	Retirement Class		3,348			7,379			—			50,897			—			74,292
Shares redeemed:	Institutional Class		(512,990	)		(322,379	)		(386,494	)		(1,158,700	)		(1,042,471	)		(1,758,855	)
	Premier Class		(92,295	)		(332,318	)		(140,280	)		(337,390	)		(259,510	)		(603,967	)
	Retirement Class		(69,754	)		(76,824	)		(526,716	)		(475,002	)		(896,490	)		(627,986	)
Net increase (decrease) from shareholder transactions			808,069			915,244			1,537,076			1,754,161			2,036,917			3,347,490

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual 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
		November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015			November 30, 2015			May 31, 2015
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)			$ 2,085,700		$	9,964,958			$ 1,712,543		$	10,057,001			$ 1,406,311		$	10,654,675
Net realized gain (loss) from investments			(1,367,000	)		718,649			(877,855	)		961,882			(621,076	)		1,217,391
Net change in unrealized appreciation (depreciation)from affiliated investments			(12,775,204	)		16,807,467			(14,242,684	)		18,867,924			(16,795,789	)		22,020,411
Net increase (decrease) in net assets from operations			(12,056,504	)		27,491,074			(13,407,996	)		29,886,807			(16,010,554	)		33,892,477

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		—			(6,028,814	)		—			(6,378,810	)		—			(6,772,553	)
	Premier Class		—			(2,120,136	)		—			(2,087,528	)		—			(2,365,235	)
	Retirement Class		—			(1,564,206	)		—			(1,416,729	)		—			(1,356,997	)
From realized gains:	Institutional Class		—			(346,917	)		—			(389,005	)		—			(334,829	)
	Premier Class		—			(130,923	)		—			(136,350	)		—			(125,053	)
	Retirement Class		—			(97,770	)		—			(94,381	)		—			(72,604	)
Total distributions			—			(10,288,766	)		—			(10,502,803	)		—			(11,027,271	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		56,274,781			67,681,085			61,330,540			65,200,809			58,214,469			71,167,801
	Premier Class		16,712,704			17,079,376			16,275,450			19,879,291			16,751,686			21,196,094
	Retirement Class		32,756,234			67,723,842			27,461,441			52,537,480			32,428,009			55,812,744
Reinvestments of distributions:	Institutional Class		—			6,375,731			—			6,767,815			—			7,107,382
	Premier Class		—			2,251,059			—			2,223,878			—			2,490,288
	Retirement Class		—			1,661,976			—			1,511,110			—			1,429,601
Redemptions:	Institutional Class		(17,184,882	)		(17,431,342	)		(8,454,620	)		(16,549,470	)		(7,054,638	)		(16,194,562	)
	Premier Class		(2,231,568	)		(10,161,502	)		(3,006,599	)		(6,150,362	)		(2,901,910	)		(8,108,961	)
	Retirement Class		(12,459,668	)		(9,583,421	)		(8,848,000	)		(6,389,425	)		(9,213,569	)		(5,477,662	)
Net increase (decrease) from shareholder transactions			73,867,601			125,596,804			84,758,212			119,031,126			88,224,047			129,422,725
Net increase (decrease) in net assets			61,811,097			142,799,112			71,350,216			138,415,130			72,213,493			152,287,931
NET ASSETS
Beginning of period			556,855,268			414,056,156			556,799,765			418,384,635			584,841,433			432,553,502
End of period			$618,666,365		$	556,855,268			$628,149,981		$	556,799,765			$657,054,926		$	584,841,433
Undistributed net investment income (loss) included in net assets			$ 3,556,023		$	1,470,323			$ 2,882,419		$	1,169,876			$ 2,340,611		$	934,300

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		3,793,239			4,548,510			4,016,003			4,245,226			3,679,494			4,480,450
	Premier Class		1,138,755			1,153,348			1,070,997			1,299,479			1,066,902			1,343,295
	Retirement Class		2,238,514			4,587,108			1,812,985			3,439,698			2,071,675			3,554,266
Shares reinvested:	Institutional Class		—			434,610			—			446,721			—			454,146
	Premier Class		—			153,971			—			147,179			—			159,634
	Retirement Class		—			113,912			—			100,273			—			91,877
Shares redeemed:	Institutional Class		(1,163,768	)		(1,170,897	)		(551,158	)		(1,067,929	)		(444,292	)		(1,004,460	)
	Premier Class		(152,796	)		(683,637	)		(197,724	)		(401,175	)		(186,740	)		(510,811	)
	Retirement Class		(847,346	)		(651,333	)		(582,528	)		(418,963	)		(588,366	)		(347,750	)
Net increase (decrease) from shareholder transactions			5,006,598			8,485,592			5,568,575			7,790,509			5,598,673			8,220,647

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual 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
		November 30, 2015				May 31, 2015			November 30, 2015				May 31, 2015			November 30, 2015				May 31, 2015
		(unaudited			)				(unaudited			)				(unaudited			)
OPERATIONS
Net investment income (loss)			$	822,237		$	10,138,846			$	369,334		$	12,132,446			$	135,884		$	5,528,726
Net realized gain (loss) from investments				(488,039	)		1,249,237				(247,223	)		1,767,585				(137,056	)		742,864
Net change in unrealized appreciation (depreciation) from affiliated investments				(17,428,066	)		22,603,252				(22,219,821	)		28,744,406				(10,914,238	)		13,354,063
Net increase (decrease) in net assets from operations				(17,093,868	)		33,991,335				(22,097,710	)		42,644,437				(10,915,410	)		19,625,653

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			—			(7,134,521	)			—			(9,292,874	)			—			(3,543,871	)
	Premier Class			—			(1,973,182	)			—			(1,915,825	)			—			(1,424,060	)
	Retirement Class			—			(1,000,812	)			—			(1,045,690	)			—			(613,377	)
From realized gains:	Institutional Class			—			(379,448	)			—			(491,064	)			—			(168,379	)
	Premier Class			—			(112,168	)			—			(108,162	)			—			(72,182	)
	Retirement Class			—			(58,208	)			—			(60,082	)			—			(31,740	)
Total distributions				—			(10,658,339	)			—			(12,913,697	)			—			(5,853,609	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			64,125,248			69,315,705				84,079,111			82,291,825				45,693,505			52,984,952
	Premier Class			16,442,440			19,074,538				15,960,731			18,660,791				10,173,984			14,480,480
	Retirement Class			32,417,715			41,247,673				32,770,101			42,391,440				31,047,189			27,078,595
Reinvestments of distributions:	Institutional Class			—			7,513,969				—			9,783,938				—			3,712,250
	Premier Class			—			2,085,350				—			2,023,987				—			1,496,242
	Retirement Class			—			1,059,020				—			1,105,772				—			645,117
Redemptions:	Institutional Class			(3,381,410	)		(18,969,804	)			(4,233,829	)		(30,640,010	)			(2,372,287	)		(10,604,630	)
	Premier Class			(2,162,213	)		(8,037,624	)			(1,523,154	)		(10,107,035	)			(1,149,501	)		(4,359,870	)
	Retirement Class			(7,760,634	)		(6,999,170	)			(7,454,183	)		(5,688,540	)			(4,500,693	)		(3,508,908	)
Net increase (decrease) from shareholder transactions				99,681,146			106,289,657				119,598,777			109,822,168				78,892,197			81,924,228
Net increase (decrease) in net assets				82,587,278			129,622,653				97,501,067			139,552,908				67,976,787			95,696,272
NET ASSETS
Beginning of period				551,302,509			421,679,856				640,085,398			500,532,490				314,288,655			218,592,383
End of period			$	633,889,787		$	551,302,509			$	737,586,465		$	640,085,398			$	382,265,442		$	314,288,655
Undistributed net investment income (loss) included in net assets			$	1,329,140		$	506,903			$	579,445		$	210,111			$	210,874		$	74,990

CHANGE IN FUND SHARES
Shares sold:	Institutional Class			3,933,379			4,238,091				5,072,781			4,955,693				2,784,550			3,205,296
	Premier Class			1,013,441			1,173,039				973,447			1,129,196				623,305			880,497
	Retirement Class			2,009,386			2,539,670				1,992,524			2,567,249				1,885,242			1,646,111
Shares reinvested:	Institutional Class			—			466,416				—			598,040				—			227,885
	Premier Class			—			129,847				—			124,095				—			92,133
	Retirement Class			—			66,106				—			67,964				—			39,846
Shares redeemed:	Institutional Class			(207,878	)		(1,141,888	)			(256,630	)		(1,791,709	)			(144,868	)		(626,029	)
	Premier Class			(135,579	)		(492,345	)			(93,756	)		(609,590	)			(70,261	)		(264,850	)
	Retirement Class			(478,644	)		(433,395	)			(452,737	)		(343,834	)			(274,601	)		(215,095	)
Net increase (decrease) from shareholder transactions				6,134,105			6,545,541				7,235,629			6,697,104				4,803,367			4,985,794

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual 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
		November 30, 2015				May 31, 2015				November 30, 2015				May 31, 2015			November 30, 2015				May 31, 2015*
			(unaudited		)						(unaudited		)					(unaudited		)
OPERATIONS
Net investment income (loss)			$	88,158			$	3,583,185			$	20,661			$ 828,400				$ 6,118			$ 211,421
Net realized gain (loss) from investments				(58,010	)			551,724				(598,015	)		100,090				(8,622	)		40,872
Net change in unrealized appreciation (depreciation) from affiliated investments				(7,277,612	)			8,710,548				(1,176,513	)		2,024,770				(362,045	)		378,876
Net increase (decrease) in net assets from operations				(7,247,464	)			12,845,457				(1,753,867	)		2,953,260				(364,549	)		631,169

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			—				(2,290,860	)			—			(613,877	)			—			(169,184	)
	Premier Class			—				(931,907	)			—			(115,459	)			—			(20,752	)
	Retirement Class			—				(394,733	)			—			(105,568	)			—			(20,489	)
From realized gains:	Institutional Class			—				(135,206	)			—			(30,939	)			—			—
	Premier Class			—				(58,601	)			—			(6,170	)			—			—
	Retirement Class			—				(25,268	)			—			(5,711	)			—			—
Total distributions				—				(3,836,575	)			—			(877,724	)			—			(210,425	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			31,580,866				34,992,367				9,338,671			11,122,335				404,078			8,049,017
	Premier Class			8,241,181				13,049,655				2,201,306			2,993,845				2,657			1,000,000
	Retirement Class			22,572,175				19,577,086				7,113,187			5,316,312				13,517			1,005,382
Reinvestments of distributions:	Institutional Class			—				2,426,066				—			644,816				—			169,184
	Premier Class			—				990,508				—			121,629				—			20,752
	Retirement Class			—				420,001				—			111,279				—			20,489
Redemptions:	Institutional Class			(1,671,479	)			(6,233,167	)			(11,758,134	)		(1,334,672	)			(147,022	)		—
	Premier Class			(1,021,238	)			(2,891,620	)			(1,445,235	)		(242,514	)			—			—
	Retirement Class			(2,722,704	)			(1,822,832	)			(1,868,463	)		(439,525	)			(961	)		—
Net increase (decrease) from shareholder transactions				56,978,801				60,508,064				3,581,332			18,293,505				272,269			10,264,824
Net increase (decrease) in net assets				49,731,337				69,516,946				1,827,465			20,369,041				(92,280	)		10,685,568
NET ASSETS
Beginning of period				208,036,057				138,519,111				49,729,587			29,360,546				10,685,568			—
End of period			$	257,767,394			$	208,036,057			$	51,557,052			$49,729,587				$10,593,288			$10,685,568
Undistributed net investment income (loss) included in net assets			$	136,087			$	47,929			$	34,623			$ 13,962				$ 10,105			$ 3,987

CHANGE IN FUND SHARES
Shares sold:	Institutional Class			1,921,998				2,120,273				718,602			847,602				39,660			804,778
	Premier Class			506,033				794,071				169,039			228,174				267			100,000
	Retirement Class			1,373,893				1,191,267				542,301			405,560				1,332			100,518
Shares reinvested:	Institutional Class			—				149,021				—			49,792				—			16,952
	Premier Class			—				61,067				—			9,400				—			2,079
	Retirement Class			—				25,958				—			8,606				—			2,053
Shares redeemed:	Institutional Class			(102,074	)			(366,713	)			(900,962	)		(99,045	)			(14,584	)		—
	Premier Class			(62,609	)			(175,684	)			(112,335	)		(18,466	)			—			—
	Retirement Class			(166,050	)			(111,288	)			(145,095	)		(33,534	)			(93	)		—
Net increase (decrease) from shareholder transactions				3,471,191				3,687,972				271,550			1,398,089				26,582			1,026,380
* For the period September 26, 2014 to May 31, 2015.

2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual 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			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE INDEX RETIREMENT INCOME
Institutional Class:		11/30/15	^#		$13.35		$0.07			$(0.28	)		$(0.21	)		$(0.07	)		$ —			$(0.07	)		$13.07		(1.60	)%^b		$ 31,715			0.28	%^c		0.03	%^c		1.04	%^c		30	%^b
		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:		11/30/15	^#		13.34		0.06			(0.28	)		(0.22	)		(0.06	)		—			(0.06	)		13.06		(1.68	)^b		12,269			0.43	^c		0.18	^c		0.89	^c		30	^b
		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:		11/30/15	^#		13.33		0.05			(0.28	)		(0.23	)		(0.05	)		—			(0.05	)		13.05		(1.70	)^b		12,698			0.58	^c		0.28	^c		0.79	^c		30	^b
		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

TIAA-CREF LIFECYCLE INDEX 2010
Institutional Class:		11/30/15	^#		14.07		0.07			(0.31	)		(0.24	)		—			—			—			13.83		(1.71	)^b		136,763			0.16	^c		0.03	^c		0.99	^c		16	^b
		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:		11/30/15	^#		14.04		0.06			(0.31	)		(0.25	)		—			—			—			13.79		(1.78	)^b		25,135			0.31	^c		0.18	^c		0.84	^c		16	^b
		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:		11/30/15	^#		13.97		0.05			(0.30	)		(0.25	)		—			—			—			13.72		(1.79	)^b		43,645			0.46	^c		0.28	^c		0.74	^c		16	^b
		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 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual 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		value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended		of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE INDEX 2015
Institutional Class:	11/30/15	^#		$14.57		$0.07			$(0.34	)		$(0.27	)		$ —			$ —			$ —			$14.30		(1.85	)%^b		$236,275			0.14	%^c		0.04	%^c		0.92	%^c		15	%^b
	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:	11/30/15	^#		14.52		0.05			(0.33	)		(0.28	)		—			—			—			14.24		(1.93	)^b		59,140			0.29	^c		0.19	^c		0.77	^c		15	^b
	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:	11/30/15	^#		14.48		0.05			(0.34	)		(0.29	)		—			—			—			14.19		(2.00	)^b		68,688			0.44	^c		0.29	^c		0.67	^c		15	^b
	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

TIAA-CREF LIFECYCLE INDEX 2020
Institutional Class:	11/30/15	^#		15.15		0.06			(0.39	)		(0.33	)		—			—			—			14.82		(2.18	)^b		359,161			0.13	^c		0.05	^c		0.79	^c		10	^b
	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:	11/30/15	^#		15.09		0.05			(0.39	)		(0.34	)		—			—			—			14.75		(2.25	)^b		129,240			0.28	^c		0.20	^c		0.64	^c		10	^b
	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:	11/30/15	^#		15.04		0.04			(0.38	)		(0.34	)		—			—			—			14.70		(2.26	)^b		130,265			0.43	^c		0.30	^c		0.54	^c		10	^b
	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 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual 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		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended		of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE INDEX 2025
Institutional Class:	11/30/15	^#		$15.69		$0.05			$(0.43	)		$(0.38	)		$ —			$ —			$ —			$15.31		(2.42	)%^b		$382,719			0.13	%^c		0.06	%^c		0.66	%^c		6	%^b
	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:	11/30/15	^#		15.63		0.04			(0.42	)		(0.38	)		—			—			—			15.25		(2.43	)^b		129,296			0.28	^c		0.21	^c		0.51	^c		6	^b
	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:	11/30/15	^#		15.58		0.03			(0.42	)		(0.39	)		—			—			—			15.19		(2.50	)^b		116,135			0.43	^c		0.31	^c		0.41	^c		6	^b
	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

TIAA-CREF LIFECYCLE INDEX 2030
Institutional Class:	11/30/15	^#		16.25		0.04			(0.48	)		(0.44	)		—			—			—			15.81		(2.71	)^b		401,813			0.13	^c		0.06	^c		0.53	^c		4	^b
	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:	11/30/15	^#		16.19		0.03			(0.48	)		(0.45	)		—			—			—			15.74		(2.78	)^b		140,408			0.28	^c		0.21	^c		0.38	^c		4	^b
	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:	11/30/15	^#		16.13		0.02			(0.47	)		(0.45	)		—			—			—			15.68		(2.79	)^b		114,834			0.43	^c		0.31	^c		0.28	^c		4	^b
	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 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual 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		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended		of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE INDEX 2035
Institutional Class:	11/30/15	^#		$16.77		$0.03			$(0.54	)		$(0.51	)		$ —			$ —			$ —			$16.26		(3.04	)%^b		$420,019			0.13	%^c		0.07	%^c		0.34	%^c		4	%^b
	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:	11/30/15	^#		16.71		0.02			(0.54	)		(0.52	)		—			—			—			16.19		(3.11	)^b		119,643			0.28	^c		0.22	^c		0.19	^c		4	^b
	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:	11/30/15	^#		16.66		0.01			(0.54	)		(0.53	)		—			—			—			16.13		(3.18	)^b		94,228			0.43	^c		0.32	^c		0.09	^c		4	^b
	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

TIAA-CREF LIFECYCLE INDEX 2040
Institutional Class:	11/30/15	^#		17.08		0.01			(0.59	)		(0.58	)		—			—			—			16.50		(3.40	)^b		526,768			0.13	^c		0.07	^c		0.16	^c		3	^b
	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:	11/30/15	^#		17.01		0.00	^d		(0.59	)		(0.59	)		—			—			—			16.42		(3.47	)^b		113,908			0.28	^c		0.22	^c		0.01	^c		3	^b
	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:	11/30/15	^#		16.96		(0.01	)		(0.58	)		(0.59	)		—			—			—			16.37		(3.48	)^b		96,911			0.43	^c		0.32	^c		(0.09	)^c		3	^b
	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 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual 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		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended		of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE INDEX 2045
Institutional Class:	11/30/15	^#		$17.00		$0.01			$(0.58	)		$(0.57	)		$ —			$ —			$ —			$16.43		(3.35	)%^b		$226,636			0.14	%^c		0.07	%^c		0.16	%^c		5	%^b
	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:	11/30/15	^#		16.94		0.00	^d		(0.59	)		(0.59	)		—			—			—			16.35		(3.48	)^b		85,149			0.29	^c		0.22	^c		0.01	^c		5	^b
	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:	11/30/15	^#		16.88		(0.01	)		(0.58	)		(0.59	)		—			—			—			16.29		(3.50	)^b		70,480			0.44	^c		0.32	^c		(0.09	)^c		5	^b
	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

TIAA-CREF LIFECYCLE INDEX 2050
Institutional Class:	11/30/15	^#		16.99		0.01			(0.58	)		(0.57	)		—			—			—			16.42		(3.35	)^b		148,542			0.16	^c		0.07	^c		0.16	^c		5	^b
	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:	11/30/15	^#		16.92		0.00	^d		(0.58	)		(0.58	)		—			—			—			16.34		(3.43	)^b		59,595			0.31	^c		0.22	^c		0.01	^c		5	^b
	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:	11/30/15	^#		16.86		(0.01	)		(0.57	)		(0.58	)		—			—			—			16.28		(3.44	)^b		49,630			0.46	^c		0.32	^c		(0.09	)^c		5	^b
	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 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual 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		value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended		of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

TIAA-CREF LIFECYCLE INDEX 2055
Institutional Class:	11/30/15	^#		$13.51		$0.01			$(0.46	)		$(0.45	)		$ —			$ —			$ —			$13.06		(3.33	)%^b		$30,825			0.28	%^c		0.07	%^c		0.16	%^c		30	%^b
	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:	11/30/15	^#		13.49		0.00	^d		(0.47	)		(0.47	)		—			—			—			13.02		(3.48	)^b		8,168			0.43	^c		0.22	^c		0.01	^c		30	^b
	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:	11/30/15	^#		13.48		(0.01	)		(0.47	)		(0.48	)		—			—			—			13.00		(3.56	)^b		12,564			0.58	^c		0.32	^c		(0.09	)^c		30	^b
	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

TIAA-CREF LIFECYCLE INDEX 2060
Institutional Class:	11/30/15	^#		10.41		0.01			(0.36	)		(0.35	)		—			—			—			10.06		(3.36	)^b		8,522			1.02	^c		0.07	^c		0.15	^c		6	^b
	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:	11/30/15	^#		10.41		0.00	^d		(0.36	)		(0.36	)		—			—			—			10.05		(3.46	)^b		1,029			1.18	^c		0.22	^c		0.01	^c		6	^b
	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:	11/30/15	^#		10.40		(0.00	)^d		(0.36	)		(0.36	)		—			—			—			10.04		(3.46	)^b		1,042			1.34	^c		0.32	^c		(0.10	)^c		6	^b
	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.
^#	Unaudited.
^†	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 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

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.

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.

62	2015 Semiannual 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.

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)

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

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:

Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2015, there were no transfers between levels by the Funds.

As of November 30, 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: 0.09% for the Retirement Income Fund and the 2010 Fund; 0.08% for the 2015 Fund; 0.07% for the 2020 Fund and the 2025 Fund; 0.06% for the 2030 Fund, and 0.05% for the 2035, 2040, 2045, 2050, 2055 and 2060 Funds. These waivers will remain in effect through September 30, 2016, unless changed with the approval of the Board. Prior to October 1, 2015, Advisors had contractually agreed to waive a portion of certain 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 2010 Fund; 0.05% for the 2015 Fund; 0.04% for the 2020 Fund; 0.03% for the 2025 Fund and the 2030 Fund; 0.02% for the 2035, 2040, 2045, 2050, 2055 and the 2060 Funds. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its cost 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

64	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

continued

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, 2016. 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) 0.01% of average daily net assets for Institutional Class shares of the Retirement Income Fund and 2010 Fund; 0.02% of average daily net assets for Institutional Class shares of the 2015 Fund; 0.03% of average daily net assets for Institutional Class shares of the 2020 Fund and the 2025 Fund; 0.04% of average daily net assets for Institutional Class shares of the 2030 Fund; 0.05% of average daily net assets for Institutional Class shares of the 2035, 2040, 2045, 2050, 2055, and 2060 Funds; (ii) 0.16% of average daily net assets for Premier Class shares of the Retirement Income Fund and the 2010 Fund; 0.17% of average daily net assets for Premier Class shares of the 2015 Fund; 0.18% of average daily net assets for Premier Class shares of the 2020 Fund and 2025 Fund; 0.19% of average daily net assets for Premier Class shares of the 2030 Fund; 0.20% of average daily net assets for Premier Class shares of the 2035, 2040, 2045, 2050, 2055 and 2060 Funds; and (iii) 0.26% of average daily net assets for Retirement Class shares of the Retirement Income Fund and the 2010 Fund; 0.27% of average daily net assets for Retirement Class shares of the 2015 Fund; 0.28% of average daily net assets for Retirement Class shares of the 2020 Fund and 2025 Fund; 0.29% of average daily net assets for Retirement Class shares of the 2030 Fund; 0.30% of average daily net assets for Retirement Class shares of the 2035, 2040, 2045, 2050, 2055 and 2060 Funds. The expense reimbursement arrangements will continue through at least September 30, 2016, unless changed with the approval of the Board. Prior to October 1, 2015, 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) 0.04%, 0.05%, 0.06%, 0.07% and 0.08% of average daily net assets for Institutional Class shares of the Retirement Income Fund and the 2010 Fund; the 2015 Fund; the 2020 Fund; the 2025 Fund and the 2030 Fund; and the 2035, 2040, 2045, 2050, 2055, and 2060 Funds, respectively; (ii) 0.19%, 0.20%, 0.21%, 0.22%, and 0.23% of average daily net assets for Premier Class shares of the Retirement Income Fund and the 2010 Fund; the 2015 Fund; the 2020 Fund; the 2025 and the 2030 Funds; and the 2035, 2040, 2045, 2050, 2055 and 2060 Funds, respectively; and (iii) 0.29%, 0.30%, 0.31%, 0.32% and 0.33% of average daily net assets for Retirement Class shares of the Retirement Income Fund and the 2010 Fund; the 2015 Fund; the 2020 Fund; the 2025 and 2030 Funds; and the 2035, 2040, 2045, 2050, 2055 and 2060 Funds, respectively.

During the period ended November 30, 2015, TIAA received total proceeds of $5,700,000 and $8,400,000 from redemptions from the Lifecycle Index Retirement Income Fund and the Lifecycle Index 2055 Fund, respectively.

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

The following is the percentage of the Funds’ shares owned by TIAA as of November 30, 2015:

Fund	TIAA
Lifecycle Index Retirement Income	0	%*
Lifecycle Index 2055	0	*
Lifecycle Index 2060	97
* Amount is less than 1%.

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle Index Retirement Income Fund
TIAA-CREF Bond Index		$	23,538,355	$	8,873,319	$	9,538,613		$	(63,025	)	$	284,155		$	22,622,771
TIAA-CREF Emerging Markets Equity Index			1,280,745		657,946		218,749			(39,439	)		—			1,459,435
TIAA-CREF Equity Index			13,249,909		5,118,855		2,427,746			(46,049	)		—			15,918,340
TIAA-CREF Inflation-Linked Bond			4,733,065		1,908,241		883,453			(35,981	)		—			5,662,675
TIAA-CREF International Equity Index			4,252,414		2,023,768		649,409			(53,952	)		—			5,268,740
TIAA-CREF Short-Term Bond Index			—		6,302,525		619,937			(2,447	)		7,156			5,658,394
		$	47,054,488	$	24,884,654	$	14,337,907		$	(240,893	)	$	291,311		$	56,590,355
Lifecycle Index 2010 Fund
TIAA-CREF Bond Index		$	87,913,710	$	15,896,199	$	22,714,541		$	(131,374	)	$	986,281		$	80,217,520
TIAA-CREF Emerging Markets Equity Index			5,780,066		1,801,860		551,783			(97,227	)		—			5,935,655
TIAA-CREF Equity Index			59,468,910		11,498,628		6,328,739			(64,196	)		—			64,334,098
TIAA-CREF Inflation-Linked Bond			14,900,125		3,094,452		974,632			(69,431	)		—			16,747,868
TIAA-CREF International Equity Index			19,232,104		4,929,074		1,330,788			(70,582	)		—			21,332,778
TIAA-CREF Short-Term Bond Index			—		17,041,266		233,495			(364	)		20,354			16,742,158
		$	187,294,915	$	54,261,479	$	32,133,978		$	(433,174	)	$	1,006,635		$	205,310,077
Lifecycle Index 2015 Fund
TIAA-CREF Bond Index		$	149,848,729	$	24,139,471	$	33,987,388		$	(343,322	)	$	1,674,580		$	138,466,401
TIAA-CREF Emerging Markets Equity Index			11,711,932		3,289,995		1,115,600			(190,856	)		—			11,708,659
TIAA-CREF Equity Index			120,391,640		19,248,411		12,291,127			(5,375	)		—			126,673,960
TIAA-CREF Inflation-Linked Bond			20,233,907		4,065,408		1,538,435			(143,523	)		—			22,391,381
TIAA-CREF International Equity Index			38,969,408		8,829,233		2,780,402			(140,456	)		—			42,021,946
TIAA-CREF Short-Term Bond Index			—		22,805,831		330,897			(951	)		27,356			22,386,636
		$	341,155,616	$	82,378,349	$	52,043,849		$	(824,483	)	$	1,701,936		$	363,648,983

66	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle Index 2020 Fund
TIAA-CREF Bond Index		$	210,926,497	$	42,980,403	$	39,691,091		$	(587,531	)	$	2,439,743		$	212,000,996
TIAA-CREF Emerging Markets Equity Index			22,121,864		6,425,220		1,310,697			(256,064	)		—			23,020,655
TIAA-CREF Equity Index			227,415,832		38,616,954		15,976,533			(205,053	)		—			248,668,798
TIAA-CREF Inflation-Linked Bond			22,103,475		5,204,137		1,216,233			(129,623	)		—			25,684,656
TIAA-CREF International Equity Index			73,479,642		17,878,526		2,950,151			(188,179	)		—			82,590,041
TIAA-CREF Short-Term Bond Index			—		25,945,824		165,607			(550	)		30,848			25,680,711
		$	556,047,310	$	137,051,064	$	61,310,312		$	(1,367,000	)	$	2,470,591		$	617,645,857
Lifecycle Index 2025 Fund
TIAA-CREF Bond Index		$	177,819,801	$	37,885,158	$	23,473,591		$	(377,654	)	$	2,086,163		$	190,301,778
TIAA-CREF Emerging Markets Equity Index			25,064,096		7,382,598		975,609			(179,265	)		—			26,692,927
TIAA-CREF Equity Index			258,431,516		41,882,997		10,968,938			(159,860	)		—			287,795,293
TIAA-CREF Inflation-Linked Bond			11,013,110		3,074,593		342,124			(37,486	)		—			13,541,778
TIAA-CREF International Equity Index			83,258,784		20,681,707		1,742,210			(123,590	)		—			95,591,133
TIAA-CREF Short-Term Bond Index			—		13,597,473		4,300			—			15,927			13,541,613
		$	555,587,307	$	124,504,526	$	37,506,772		$	(877,855	)	$	2,102,090		$	627,464,522
Lifecycle Index 2030 Fund
TIAA-CREF Bond Index		$	151,635,949	$	33,958,888	$	11,151,576		$	(208,028	)	$	1,818,511		$	172,740,252
TIAA-CREF Emerging Markets Equity Index			29,563,063		7,958,880		527,478			(115,253	)		—			31,329,393
TIAA-CREF Equity Index			304,305,967		46,196,524		10,647,011			(175,594	)		—			337,678,929
TIAA-CREF Inflation-Linked Bond			—		1,036,550		5,046			(58	)		—			1,027,562
TIAA-CREF International Equity Index			98,150,767		23,417,295		1,510,396			(122,137	)		—			112,192,451
TIAA-CREF Short-Term Bond Index			—		1,031,983		1,355			(6	)		923			1,027,552
		$	583,655,746	$	113,600,120	$	23,842,862		$	(621,076	)	$	1,819,434		$	655,996,139
Lifecycle Index 2035 Fund
TIAA-CREF Bond Index		$	98,861,355	$	26,678,612	$	6,433,369		$	(120,293	)	$	1,215,864		$	117,977,585
TIAA-CREF Emerging Markets Equity Index			30,908,365		9,198,112		552,030			(167,645	)		—			33,515,059
TIAA-CREF Equity Index			317,806,845		54,050,430		8,164,861			(179,386	)		—			361,290,911
TIAA-CREF International Equity Index			102,603,196		26,652,653		813,796			(54,155	)		—			120,062,412
		$	550,179,761	$	116,579,807	$	15,964,056		$	(521,479	)	$	1,215,864		$	632,845,967
Lifecycle Index 2040 Fund
TIAA-CREF Bond Index		$	63,934,195	$	18,476,850	$	3,354,070		$	(50,007	)	$	795,815		$	78,323,787
TIAA-CREF Emerging Markets Equity Index			39,423,423		11,515,298		335,094			(98,327	)		—			42,839,480
TIAA-CREF Equity Index			404,023,770		67,526,551		6,489,198			(127,606	)		—			461,795,007
TIAA-CREF International Equity Index			130,860,435		33,552,509		202,090			(16,645	)		—			153,461,899
		$	638,241,823	$	131,071,208	$	10,380,452		$	(292,585	)	$	795,815		$	736,420,173

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2015			cost		proceeds		gain (loss			)	income			2015
Lifecycle Index 2045 Fund
TIAA-CREF Bond Index		$	31,383,152	$	9,495,203	$	2,371,244		$	(43,859	)	$	394,856		$	38,146,897
TIAA-CREF Emerging Markets Equity Index			19,439,089		7,072,003		317,590			(84,560	)		—			22,293,035
TIAA-CREF Equity Index			197,702,671		46,718,431		2,083,478			(55,938	)		—			240,885,059
TIAA-CREF International Equity Index			64,523,003		21,057,309		208,634			(22,305	)		—			79,964,025
		$	313,047,915	$	84,342,946	$	4,980,946		$	(206,662	)	$	394,856		$	381,289,016
Lifecycle Index 2050 Fund
TIAA-CREF Bond Index		$	20,697,309	$	6,831,759	$	1,577,944		$	(29,417	)	$	263,745		$	25,712,424
TIAA-CREF Emerging Markets Equity Index			12,815,587		4,879,794		62,984			(18,548	)		—			15,034,008
TIAA-CREF Equity Index			130,839,226		34,141,495		1,658,000			(39,621	)		—			162,379,355
TIAA-CREF International Equity Index			42,538,415		15,118,219		156,589			(16,229	)		—			53,899,073
		$	206,890,537	$	60,971,267	$	3,455,517		$	(103,815	)	$	263,745		$	257,024,860
Lifecycle Index 2055 Fund
TIAA-CREF Bond Index		$	4,941,017	$	1,866,086	$	1,609,200		$	(25,443	)	$	59,217		$	5,137,489
TIAA-CREF Emerging Markets Equity Index			3,059,841		1,287,225		756,903			(186,594	)		—			3,012,945
TIAA-CREF Equity Index			31,194,534		9,665,366		8,148,802			(184,038	)		—			32,404,762
TIAA-CREF International Equity Index			10,156,407		3,954,323		2,496,845			(215,551	)		—			10,769,714
		$	49,351,799	$	16,773,000	$	13,011,750		$	(611,626	)	$	59,217		$	51,324,910
Lifecycle Index 2060 Fund
TIAA-CREF Bond Index		$	1,075,600	$	127,616	$	132,999		$	(1,182	)	$	11,885		$	1,058,395
TIAA-CREF Emerging Markets Equity Index			658,474		110,710		32,151			(5,028	)		—			617,228
TIAA-CREF Equity Index			6,766,318		270,750		287,205			614			—			6,681,115
TIAA-CREF International Equity Index			2,188,453		246,534		46,645			(2,475	)		—			2,218,601
		$	10,688,845	$	755,610	$	499,000		$	(8,071	)	$	11,885		$	10,575,339

68	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

continued

Note 4—investments

			Gross		Gross			Net unrealized
			unrealized		unrealized			appreciation
Fund	Tax cost		appreciation		(depreciation		)	(depreciation		)
Lifecycle Index Retirement Income	$	52,423,711	$	4,369,747	$	(203,103	)	$	4,166,644
Lifecycle Index 2010		182,250,103		24,019,242		(959,268	)		23,059,974
Lifecycle Index 2015		318,533,241		47,078,440		(1,962,698	)		45,115,742
Lifecycle Index 2020		547,871,058		73,857,735		(4,082,936	)		69,774,799
Lifecycle Index 2025		550,346,671		81,522,812		(4,404,961	)		77,117,851
Lifecycle Index 2030		566,643,209		94,461,943		(5,109,013	)		89,352,930
Lifecycle Index 2035		538,623,428		99,692,009		(5,469,470	)		94,222,539
Lifecycle Index 2040		613,310,013		130,262,412		(7,152,252	)		123,110,160
Lifecycle Index 2045		335,615,311		49,258,171		(3,584,466	)		45,673,705
Lifecycle Index 2050		227,498,433		31,942,666		(2,416,239	)		29,526,427
Lifecycle Index 2055		46,287,046		5,475,845		(437,981	)		5,037,864
Lifecycle Index 2060		10,569,661		288,504		(282,826	)		5,678

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2015 were as follows:

Fund	Purchases		Sales
Lifecycle Index Retirement Income	$	26,982,844	$	16,431,619
Lifecycle Index 2010		54,261,479		32,133,978
Lifecycle Index 2015		82,378,349		52,043,849
Lifecycle Index 2020		137,051,064		61,310,312
Lifecycle Index 2025		124,504,526		37,506,772
Lifecycle Index 2030		113,600,120		23,842,862
Lifecycle Index 2035		122,771,885		22,189,574
Lifecycle Index 2040		139,470,452		18,825,058
Lifecycle Index 2045		97,231,979		17,939,585
Lifecycle Index 2050		69,452,589		11,982,644
Lifecycle Index 2055		19,293,782		15,546,143
Lifecycle Index 2060		933,019		675,858

TIAA-CREF Lifecycle Index Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

concluded

Note 5—distributions to shareholders and other tax items

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

	Ordinary		Long-term
Fund	income		capital gains		Total
Lifecycle Index Retirement Income	$	855,076		$ 26,142	$	881,218
Lifecycle Index 2010		3,607,902		298,202		3,906,104
Lifecycle Index 2015		6,608,471		255,658		6,864,129
Lifecycle Index 2020		9,891,760		397,006		10,288,766
Lifecycle Index 2025		10,073,340		429,463		10,502,803
Lifecycle Index 2030		10,548,745		478,526		11,027,271
Lifecycle Index 2035		10,146,413		511,926		10,658,339
Lifecycle Index 2040		12,266,835		646,862		12,913,697
Lifecycle Index 2045		5,586,265		267,344		5,853,609
Lifecycle Index 2050		3,665,686		170,889		3,836,575
Lifecycle Index 2055		843,204		34,520		877,724
Lifecycle Index 2060		210,425		—		210,425

The tax character of the fiscal year 2016 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

Note 7—indemnification

70	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Additional information about index providers (unaudited)

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 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 Semiannual Report

Additional information about index providers (unaudited)

concluded

72	2015 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

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How to reach us

TIAA-CREF website

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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.

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2015 Semiannual Report

TIAA-CREF Lifestyle Funds

of the TIAA-CREF Funds

November 30, 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		13
Lifestyle Moderate Fund		14
Lifestyle Growth Fund		15
Lifestyle Aggressive Growth Fund		16
Portfolios of investments		17
Financial statements (unaudited)
Statements of assets and liabilities		22
Statements of operations		24
Statements of changes in net assets		26
Financial highlights		30
Notes to financial statements		36
Additional information about index providers		44
How to reach us	Inside back cover

Understanding your Lifestyle Funds report

This semiannual 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 six months ended November 30, 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 November 30, 2015.
	•	The financial statements provide detailed information about the operations and financial condition of each fund.

2	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Information for investors

Portfolio listings

The complete portfolios of investments for the Lifestyle Funds begin on page 17 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 Semiannual 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 (short-term fixed income) 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 Semiannual 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 (June 1, 2015–November 30, 2015).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2015


	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifestyle Funds	value			value			during period		*	during period		^†
Institutional Class		(6/1/15	)	(11/30/15		)	(6/1/15–11/30/15		)	(6/1/15–11/30/15		)
Income Fund actual return	$	1,000.00		$	992.87			$0.50			$2.14
5% annual hypothetical return		1,000.00			1,024.50			0.51			2.17
Conservative Fund actual return		1,000.00			984.44			0.50			2.33
5% annual hypothetical return		1,000.00			1,024.50			0.51			2.38
Moderate Fund actual return		1,000.00			976.82			0.49			2.52
5% annual hypothetical return		1,000.00			1,024.50			0.51			2.58
Growth Fund actual return		1,000.00			969.70			0.49			2.66
5% annual hypothetical return		1,000.00			1,024.50			0.51			2.73
Aggressive Growth Fund actual return		1,000.00			963.67			0.49			2.75
5% annual hypothetical return		1,000.00			1,024.50			0.51			2.83

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 183/366. There were 183 days in the six months ended November 30, 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; 0.47% for the Conservative Fund; 0.51% for the Moderate Fund; 0.54% for the Growth Fund; and 0.56% for the Aggressive Growth Fund.

6	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

continued

Expense examples

Six months ended November 30, 2015


	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifestyle Funds	value			value			during period		*	during period		^†
Premier Class		(6/1/15	)	(11/30/15		)	(6/1/15–11/30/15		)	(6/1/15–11/30/15		)
Income Fund actual return	$	1,000.00		$	991.38			$1.24			$2.89
5% annual hypothetical return		1,000.00			1,023.75			1.26			2.93
Conservative Fund actual return		1,000.00			983.75			1.24			3.07
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.13
Moderate Fund actual return		1,000.00			975.43			1.23			3.26
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.34
Growth Fund actual return		1,000.00			968.97			1.23			3.40
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.49
Aggressive Growth Fund actual return		1,000.00			963.62			1.23			3.49
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.59

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 183/366. There were 183 days in the six months ended November 30, 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; 0.62% for the Conservative Fund; 0.66% for the Moderate Fund; 0.69% for the Growth Fund; and 0.71% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2015


	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifestyle Funds	value			value			during period		*	during period		^†
Retirement Class		(6/1/15	)	(11/30/15		)	(6/1/15–11/30/15		)	(6/1/15–11/30/15		)
Income Fund actual return	$	1,000.00		$	990.88			$1.74			$3.38
5% annual hypothetical return		1,000.00			1,023.25			1.77			3.44
Conservative Fund actual return		1,000.00			983.34			1.74			3.57
5% annual hypothetical return		1,000.00			1,023.25			1.77			3.64
Moderate Fund actual return		1,000.00			975.70			1.73			3.75
5% annual hypothetical return		1,000.00			1,023.25			1.77			3.84
Growth Fund actual return		1,000.00			968.90			1.72			3.89
5% annual hypothetical return		1,000.00			1,023.25			1.77			3.99
Aggressive Growth Fund actual return		1,000.00			962.25			1.72			3.97
5% annual hypothetical return		1,000.00			1,023.25			1.77			4.09

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 183/366. There were 183 days in the six months ended November 30, 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; 0.72% for the Conservative Fund; 0.76% for the Moderate Fund; 0.79% for the Growth Fund; and 0.81% for the Aggressive Growth Fund.

8	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

concluded

Expense examples

Six months ended November 30, 2015


	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifestyle Funds	value			value			during period		*	during period		^†
Retail Class		(6/1/15	)	(11/30/15		)	(6/1/15–11/30/15		)	(6/1/15–11/30/15		)
Income Fund actual return	$	1,000.00		$	990.59			$1.89			$3.53
5% annual hypothetical return		1,000.00			1,023.10			1.92			3.59
Conservative Fund actual return		1,000.00			983.08			1.88			3.67
5% annual hypothetical return		1,000.00			1,023.10			1.92			3.74
Moderate Fund actual return		1,000.00			975.47			1.88			3.85
5% annual hypothetical return		1,000.00			1,023.10			1.92			3.94
Growth Fund actual return		1,000.00			968.86			1.92			4.09
5% annual hypothetical return		1,000.00			1,023.05			1.97			4.19
Aggressive Growth Fund actual return		1,000.00			962.20			2.06			4.32
5% annual hypothetical return		1,000.00			1,022.90			2.12			4.45

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 183/366. There were 183 days in the six months ended November 30, 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 0.38% for the Income, Conservative and Moderate Funds; 0.39% for the Growth Fund; and 0.42% 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 0.71% for the Income Fund; 0.74% for the Conservative Fund; 0.78% for the Moderate Fund; 0.83% for the Growth Fund; and 0.88% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Investment results of the Lifestyle Funds

Performance for the six months ended November 30, 2015

For the six-month period, two of the five TIAA-CREF Lifestyle Funds outperformed their composite benchmark indexes, two trailed their benchmarks and one matched its benchmark. Returns for the Institutional Class ranged from –0.71% for the Income Fund to –3.63% for the Aggressive Growth Fund. The tables on the following pages show returns for all share classes of the funds. (All fund results are for the Institutional Class.)

U.S. economy gains momentum, growth overseas lags

The domestic economy strengthened on many fronts. Gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose 3.9% in the second calendar quarter and 2.0% in the third. National unemployment dropped further, inflation rose modestly and the price of oil plunged. Overseas, Europe’s economy picked up, Japan’s economy improved, but China’s growth slowed. The Federal Reserve did not raise its target for the federal funds rate but signaled a possible rate hike in December 2015. Central banks in Europe, Japan and China cut rates.

For the six months, the Russell 3000^®Index, a broad measure of the U.S. stock market, returned –1.05%. Large-cap stocks topped mid- and small-cap stocks. Growth stocks rose, but their value counterparts dropped sharply. However, small-cap and value stocks rallied later in the period. (Returns are based on Russell indexes.)

International stocks and bond prices languish

The MSCI All Country World ex USA Index, which measures the performance of large- and mid-cap stocks in 45 developed and emerging market countries outside the United States, returned –10.16% for the six months in U.S. dollars. During the summer, U.S. and international stocks—particularly in emerging markets—dropped sharply in reaction to concerns about China’s slow growth and currency devaluation, the Greek credit crisis, geopolitical conflicts, oil prices and U.S. interest rates. In the fall, stocks rose after China introduced fresh stimulus, and U.S. wages, corporate earnings and labor participation improved. Stocks performed better in the second half of the period than the first.

Bond markets, particularly high-yield bonds, were volatile primarily due to interest rate uncertainties, as well as credit concerns within certain sectors, such as energy. The broad domestic investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.12%.

10	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Funds suffer losses as most equity and bond markets decline

All five Lifestyle Funds and their benchmarks posted negative results for the six months. The funds were negatively impacted by the broad weakness in stock and bond prices through their investments in underlying TIAA-CREF Funds.

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

For the six months, the Lifestyle Funds’ absolute returns—that is, without regard to the performance of their composite benchmarks—were hampered by declines in both stocks and bonds. Among the underlying U.S. equity funds, the worst performers were the Mid-Cap Value Fund, the Large-Cap Value Fund, the Mid-Cap Growth Fund and the Enhanced Large-Cap Value Index Fund. The Large-Cap Growth Fund performed best, followed by the Enhanced Large-Cap Growth Index Fund and the Small-Cap Equity Fund. In the fixed-income category, the Bond Plus Fund and the Short-Term Bond Fund ended slightly down and up, respectively. In absolute terms, the High-Yield Fund had the worst performance. All of the underlying international equity funds ended down. (All fund returns are for the Institutional Class.)

Domestic and international equities fuel relative performance

In terms of U.S. equity relative returns, the Large-Cap Growth Fund and the Small-Cap Equity Fund were the largest contributors to each of the five Lifestyle Funds, respectively. The Large-Cap Value Fund was the biggest detractor across all five funds.

In the international equity component, the International Opportunities Fund contributed most to each of the five funds and beat its benchmark. The Global Natural Resources Fund and the Emerging Markets Equity Fund also contributed significantly to all five funds. The International Equity Fund detracted from each of them.

In the fixed-income category, the Bond Plus Fund and the High-Yield Fund were the largest detractors in the five funds—with the exception of the Aggressive Growth Fund, whose target allocation is 100% equities. The Short-Term Bond Fund was a key contributor to the Income Fund and Conservative Fund and outperformed its benchmark. (Performance of the Lifestyle Funds’ underlying funds can be found at tiaa-cref.org/performance.)

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Lifestyle Income Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifestyle Income Fund	Inception date		6 months			1 year				since inception
Institutional Class		12/9/2011		–0.71	%		1.06	%		4.73	%
Premier Class		12/9/2011		–0.86			0.91			4.56
Retirement Class		12/9/2011		–0.91			0.82			4.46
Retail Class		12/9/2011		–0.94			0.78			4.41
Lifestyle Income Fund
Composite Index*		—		–0.72			0.66			3.94	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			2.41	^†
Russell 3000^® Index		—		–1.05			2.58			15.90	^†

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

On November 30, 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.

Asset allocation
	% of net assets
	as of 11/30/2015
Equity
U.S. equity		13.4	%
International equity		6.6
Fixed income
Fixed income		39.9
Short-term fixed income		39.9
Other assets & liabilities, net		0.2
Total		100.0

Target allocation

12	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Conservative Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifestyle Conservative Fund	Inception date		6 months			1 year				since inception
Institutional Class		12/9/2011		–1.56	%		1.26	%		7.17	%
Premier Class		12/9/2011		–1.62			1.02			6.99
Retirement Class		12/9/2011		–1.67			0.93			6.89
Retail Class		12/9/2011		–1.69			0.90			6.85
Lifestyle Conservative Fund
Composite Index*		—		–1.46			0.54			6.29	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			2.41	^†
Russell 3000^®Index		—		–1.05			2.58			15.90	^†

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

On November 30, 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.

Asset allocation
	% of net assets
	as of 11/30/2015
Equity
U.S. equity		26.8	%
International equity		13.1
Fixed income
Fixed income		39.7
Short-term fixed income		19.9
Other assets & liabilities, net		0.5
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Lifestyle Moderate Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifestyle Moderate Fund	Inception date		6 months			1 year				since inception
Institutional Class		12/9/2011		–2.32	%		1.36	%		9.62	%
Premier Class		12/9/2011		–2.46			1.14			9.44
Retirement Class		12/9/2011		–2.43			1.12			9.36
Retail Class		12/9/2011		–2.45			1.02			9.30
Lifestyle Moderate Fund
Composite Index*		—		–2.24			0.36			8.65	^†
Broad market index
Russell 3000^®Index		—		–1.05			2.58			15.90	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			2.41	^†

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

*	On November 30, 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.

Asset allocation
	% of net assets
	as of 11/30/2015
Equity
U.S. equity		40.9	%
International equity		19.1
Fixed income		39.9
Other assets & liabilities, net		0.1
Total		100.0

Target allocation

14	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Growth Fund

Performance as of November 30, 2015

			Total return						Average annual total return
Lifestyle Growth Fund	Inception date		6 months			1 year				since inception
Institutional Class		12/9/2011		–3.03	%		1.33	%		11.46	%
Premier Class		12/9/2011		–3.10			1.19			11.30
Retirement Class		12/9/2011		–3.11			1.04			11.19
Retail Class		12/9/2011		–3.11			1.02			11.13
Lifestyle Growth Fund
Composite Index*		—		–3.03			0.00			10.69	^†
Broad market index
Russell 3000^® Index		—		–1.05			2.58			15.90	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			2.41	^†

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

*	On November 30, 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.

Asset allocation
	% of net assets
	as of 11/30/2015
Equity
U.S. equity		54.7	%
International equity		25.0
Fixed income		19.9
Other assets & liabilities, net		0.4
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Lifestyle Aggressive Growth Fund

Performance as of November 30, 2015

Total return

Average annual
total return

Lifestyle Aggressive
Growth Fund

Inception date

6 months

1 year

since inception

Institutional Class

12/9/2011

–3.63

1.35

13.34

Premier Class

12/9/2011

–3.64

1.21

13.18

Retirement Class

12/9/2011

–3.77

1.04

13.06

Retail Class

12/9/2011

–3.78

1.00

12.97

Lifestyle Aggressive Growth Fund

Composite Index*

—

–3.86

–0.42

12.71

^†

Broad market index

Russell 3000^®Index

—

–1.05

2.58

15.90

^†

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

*	On November 30, 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.

Asset allocation
	% of net assets
	as of 11/30/2015
Equity
U.S. equity		68.8	%
International equity		30.9
Other assets & liabilities, net		0.3
Total		100.0

Target allocation

16	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Portfolio of investments (unaudited)

Lifestyle Income Fund ■ November 30, 2015

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

FIXED INCOME — 39.9%
	894,012	TIAA-CREF Bond Fund		$	9,306,664		18.9	%
	937,259	TIAA-CREF Bond Plus Fund			9,813,098		20.0
	54,534	TIAA-CREF High-Yield Fund			501,166		1.0
		TOTAL FIXED INCOME			19,620,928		39.9

INTERNATIONAL EQUITY — 6.6%
	67,459	TIAA-CREF Emerging Markets Equity Fund			595,661		1.2
	89,011	TIAA-CREF Enhanced International Equity Index Fund			643,551		1.3
	18,874	TIAA-CREF Global Natural Resources Fund			135,324		0.3
	102,963	TIAA-CREF International Equity Fund			1,120,233		2.3
	70,127	TIAA-CREF International Opportunities Fund			734,932		1.5
		TOTAL INTERNATIONAL EQUITY			3,229,701		6.6

SHORT-TERM FIXED INCOME — 39.9%
	2,994	TIAA-CREF Money Market Fund			2,994		0.0
	1,901,111	TIAA-CREF Short-Term Bond Fund			19,619,467		39.9
		TOTAL SHORT-TERM FIXED INCOME			19,622,461		39.9

U.S. EQUITY — 13.4%
	47,705	TIAA-CREF Enhanced Large-Cap Growth Index Fund			580,566		1.2
	53,327	TIAA-CREF Enhanced Large-Cap Value Index Fund			542,338		1.1
	114,168	TIAA-CREF Growth & Income Fund			1,440,802		2.9
	105,394	TIAA-CREF Large-Cap Growth Fund			1,744,263		3.5
	93,137	TIAA-CREF Large-Cap Value Fund			1,650,385		3.4
	2,469	TIAA-CREF Mid-Cap Growth Fund			53,398		0.1
	2,309	TIAA-CREF Mid-Cap Value Fund			54,487		0.1
	29,701	TIAA-CREF Small-Cap Equity Fund			541,453		1.1
		TOTAL U.S. EQUITY			6,607,692		13.4
		TOTAL TIAA-CREF FUNDS	(Cost $48,430,006)		49,080,782		99.8

		TOTAL PORTFOLIO	(Cost $48,430,006)		49,080,782		99.8
		OTHER ASSETS & LIABILITIES, NET			114,539		0.2
		NET ASSETS		$	49,195,321		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 Lifestyle Funds ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

Lifestyle Conservative Fund ■ November 30, 2015

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.5% (a)

FIXED INCOME — 39.7%
	1,064,201	TIAA-CREF Bond Fund		$	11,078,333		8.9	%
	3,538,878	TIAA-CREF Bond Plus Fund			37,052,053		29.8
	137,368	TIAA-CREF High-Yield Fund			1,262,410		1.0
		TOTAL FIXED INCOME			49,392,796		39.7

INTERNATIONAL EQUITY — 13.1%
	338,710	TIAA-CREF Emerging Markets Equity Fund			2,990,808		2.4
	447,995	TIAA-CREF Enhanced International Equity Index Fund			3,239,007		2.6
	94,898	TIAA-CREF Global Natural Resources Fund			680,422		0.6
	517,943	TIAA-CREF International Equity Fund			5,635,223		4.5
	352,709	TIAA-CREF International Opportunities Fund			3,696,391		3.0
		TOTAL INTERNATIONAL EQUITY			16,241,851		13.1

SHORT-TERM FIXED INCOME — 19.9%
	4,722	TIAA-CREF Money Market Fund			4,722		0.0
	2,393,369	TIAA-CREF Short-Term Bond Fund			24,699,572		19.9
		TOTAL SHORT-TERM FIXED INCOME			24,704,294		19.9

U.S. EQUITY — 26.8%
	240,240	TIAA-CREF Enhanced Large-Cap Growth Index Fund			2,923,724		2.4
	268,786	TIAA-CREF Enhanced Large-Cap Value Index Fund			2,733,556		2.2
	574,489	TIAA-CREF Growth & Income Fund			7,250,048		5.8
	530,130	TIAA-CREF Large-Cap Growth Fund			8,773,659		7.1
	468,320	TIAA-CREF Large-Cap Value Fund			8,298,631		6.7
	12,423	TIAA-CREF Mid-Cap Growth Fund			268,700		0.2
	11,588	TIAA-CREF Mid-Cap Value Fund			273,473		0.2
	149,647	TIAA-CREF Small-Cap Equity Fund			2,728,057		2.2
		TOTAL U.S. EQUITY			33,249,848		26.8
		TOTAL TIAA-CREF FUNDS	(Cost $121,041,383)		123,588,789		99.5

		TOTAL PORTFOLIO	(Cost $121,041,383)		123,588,789		99.5
		OTHER ASSETS & LIABILITIES, NET			598,595		0.5
		NET ASSETS		$	124,187,384		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifestyle Moderate Fund ■ November 30, 2015

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 39.9%
	6,063,412	TIAA-CREF Bond Plus Fund		$	63,483,918		38.9	%
	181,295	TIAA-CREF High-Yield Fund			1,666,100		1.0
		TOTAL FIXED INCOME			65,150,018		39.9

INTERNATIONAL EQUITY — 19.1%
	613,942	TIAA-CREF Emerging Markets Equity Fund			5,421,111		3.3
	886,379	TIAA-CREF Enhanced International Equity Index Fund			6,408,520		3.9
	187,676	TIAA-CREF Global Natural Resources Fund			1,345,640		0.8
	980,419	TIAA-CREF International Equity Fund			10,666,962		6.6
	697,506	TIAA-CREF International Opportunities Fund			7,309,863		4.5
		TOTAL INTERNATIONAL EQUITY			31,152,096		19.1

SHORT-TERM FIXED INCOME — 0.0%
	6,347	TIAA-CREF Money Market Fund			6,347		0.0
		TOTAL SHORT-TERM FIXED INCOME			6,347		0.0

U.S. EQUITY — 40.9%
	495,347	TIAA-CREF Enhanced Large-Cap Growth Index Fund			6,028,373		3.7
	555,699	TIAA-CREF Enhanced Large-Cap Value Index Fund			5,651,457		3.4
	1,137,128	TIAA-CREF Growth & Income Fund			14,350,560		8.8
	1,049,662	TIAA-CREF Large-Cap Growth Fund			17,371,910		10.6
	927,665	TIAA-CREF Large-Cap Value Fund			16,438,217		10.1
	35,829	TIAA-CREF Mid-Cap Growth Fund			774,976		0.5
	33,333	TIAA-CREF Mid-Cap Value Fund			786,653		0.5
	296,094	TIAA-CREF Small-Cap Equity Fund			5,397,788		3.3
		TOTAL U.S. EQUITY			66,799,934		40.9
		TOTAL TIAA-CREF FUNDS	(Cost $158,639,692)		163,108,395		99.9


		TOTAL PORTFOLIO	(Cost $158,639,692)		163,108,395		99.9
		OTHER ASSETS & LIABILITIES, NET			103,085		0.1
		NET ASSETS		$	163,211,480		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 Lifestyle Funds ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

Lifestyle Growth Fund ■ November 30, 2015

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

FIXED INCOME — 19.9%
	1,364,901	TIAA-CREF Bond Plus Fund		$	14,290,513		18.9	%
	83,650	TIAA-CREF High-Yield Fund			768,743		1.0
		TOTAL FIXED INCOME			15,059,256		19.9

INTERNATIONAL EQUITY — 25.0%
	360,698	TIAA-CREF Emerging Markets Equity Fund			3,184,967		4.2
	546,564	TIAA-CREF Enhanced International Equity Index Fund			3,951,656		5.2
	115,983	TIAA-CREF Global Natural Resources Fund			831,596		1.1
	590,543	TIAA-CREF International Equity Fund			6,425,108		8.5
	430,422	TIAA-CREF International Opportunities Fund			4,510,818		6.0
		TOTAL INTERNATIONAL EQUITY			18,904,145		25.0

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 — 54.7%
	310,990	TIAA-CREF Enhanced Large-Cap Growth Index Fund			3,784,748		5.0
	349,456	TIAA-CREF Enhanced Large-Cap Value Index Fund			3,553,971		4.7
	699,973	TIAA-CREF Growth & Income Fund			8,833,656		11.7
	645,594	TIAA-CREF Large-Cap Growth Fund			10,684,573		14.1
	571,011	TIAA-CREF Large-Cap Value Fund			10,118,310		13.4
	25,585	TIAA-CREF Mid-Cap Growth Fund			553,408		0.7
	23,605	TIAA-CREF Mid-Cap Value Fund			557,076		0.7
	182,136	TIAA-CREF Small-Cap Equity Fund			3,320,339		4.4
		TOTAL U.S. EQUITY			41,406,081		54.7
		TOTAL TIAA-CREF FUNDS	(Cost $70,748,325)		75,372,788		99.6

		TOTAL PORTFOLIO	(Cost $70,748,325)		75,372,788		99.6
		OTHER ASSETS & LIABILITIES, NET			325,902		0.4
		NET ASSETS		$	75,698,690		100.0	%

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

2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifestyle Aggressive Growth Fund ■ November 30, 2015

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

INTERNATIONAL EQUITY — 30.9%
	250,820	TIAA-CREF Emerging Markets Equity Fund		$	2,214,739		5.1	%
	389,548	TIAA-CREF Enhanced International Equity Index Fund			2,816,431		6.5
	82,497	TIAA-CREF Global Natural Resources Fund			591,501		1.4
	414,717	TIAA-CREF International Equity Fund			4,512,125		10.5
	306,570	TIAA-CREF International Opportunities Fund			3,212,851		7.4
		TOTAL INTERNATIONAL EQUITY			13,347,647		30.9

SHORT-TERM FIXED INCOME — 0.0%
	4,049	TIAA-CREF Money Market Fund			4,049		0.0
		TOTAL SHORT-TERM FIXED INCOME			4,049		0.0

U.S. EQUITY — 68.8%
	224,652	TIAA-CREF Enhanced Large-Cap Growth Index Fund			2,734,009		6.3
	252,648	TIAA-CREF Enhanced Large-Cap Value Index Fund			2,569,428		6.0
	499,500	TIAA-CREF Growth & Income Fund			6,303,687		14.6
	460,927	TIAA-CREF Large-Cap Growth Fund			7,628,339		17.7
	406,910	TIAA-CREF Large-Cap Value Fund			7,210,441		16.7
	19,699	TIAA-CREF Mid-Cap Growth Fund			426,082		1.0
	18,220	TIAA-CREF Mid-Cap Value Fund			429,990		1.0
	130,121	TIAA-CREF Small-Cap Equity Fund			2,372,097		5.5
		TOTAL U.S. EQUITY			29,674,073		68.8
		TOTAL TIAA-CREF FUNDS	(Cost $37,565,594)		43,025,769		99.7

		TOTAL PORTFOLIO	(Cost $37,565,594)		43,025,769		99.7
		OTHER ASSETS & LIABILITIES, NET			128,684		0.3
		NET ASSETS		$	43,154,453		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 Lifestyle Funds ■ 2015 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifestyle Funds ■ November 30, 2015

			Lifestyle						Lifestyle
	Lifestyle		Conservative		Lifestyle		Lifestyle		Aggressive
	Income Fund		Fund		Moderate Fund		Growth Fund		Growth Fund

ASSETS
Affiliated investments, at value^‡	$	49,080,782	$	123,588,789	$	163,108,395	$	75,372,788	$	43,025,769
Cash		47,493		94,752		91,661		—		71,174
Receivable from securities transactions		29,174		120,155		219,635		258,652		53,141
Receivable from Fund shares sold		80,266		558,887		29,607		262,645		88,482
Dividends and interest receivable		79,482		163,860		173,027		42,691		—
Due from affiliates		8,707		10,603		15,732		7,600		4,456
Other		20,663		22,101		23,574		21,718		21,256
Total assets		49,346,567		124,559,147		163,661,631		75,966,094		43,264,278

LIABILITIES
Management fees payable		939		2,367		3,120		1,448		820
Service agreement fees payable		606		1,142		2,112		1,059		771
Distribution fees payable		7,478		19,876		23,913		10,753		5,386
Due to affiliates		163		259		283		156		146
Overdraft payable		—		—		—		132,336		—
Payable for securities transactions		103,924		248,406		314,135		92,152		80,891
Payable for Fund shares redeemed		22,500		74,229		77,870		11,000		4,900
Payable for trustee compensation		1,080		1,968		2,409		1,319		1,106
Accrued expenses and other payables		14,556		23,516		26,309		17,181		15,805
Total liabilities		151,246		371,763		450,151		267,404		109,825

NET ASSETS	$	49,195,321	$	124,187,384	$	163,211,480	$	75,698,690	$	43,154,453

NET ASSETS CONSIST OF:
Paid-in-capital	$	48,216,444	$	120,164,263	$	155,957,282	$	69,347,068	$	36,132,319
Undistributed net investment income (loss)		136,921		259,369		253,966		239,338		(92,341	)
Accumulated net realized gain (loss) on total investments		191,180		1,216,346		2,531,529		1,487,821		1,654,300
Net unrealized appreciation (depreciation) on total investments		650,776		2,547,406		4,468,703		4,624,463		5,460,175

NET ASSETS	$	49,195,321	$	124,187,384	$	163,211,480	$	75,698,690	$	43,154,453

INSTITUTIONAL CLASS:
Net assets	$	751,189	$	2,615,826	$	1,255,614	$	2,234,085	$	1,566,632
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		69,125		220,610		97,578		162,354		107,369
Net asset value per share		$10.87		$11.86		$12.87		$13.76		$14.59

PREMIER CLASS:
Net assets	$	1,189,044	$	1,314,720	$	1,428,506	$	1,535,821	$	1,636,175
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		109,511		110,927		111,045		111,786		112,322
Net asset value per share		$10.86		$11.85		$12.86		$13.74		$14.57

RETIREMENT CLASS:
Net assets	$	12,688,784	$	23,632,086	$	44,135,628	$	22,039,152	$	16,370,888
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,168,911		1,995,441		3,433,296		1,607,803		1,126,494
Net asset value per share		$10.86		$11.84		$12.86		$13.71		$14.53

RETAIL CLASS:
Net assets	$	34,566,304	$	96,624,752	$	116,391,732	$	49,889,632	$	23,580,758
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,183,386		8,160,576		9,057,123		3,644,323		1,624,764
Net asset value per share		$10.86		$11.84		$12.85		$13.69		$14.51
^‡ Affiliated investments, cost	$	48,430,006	$	121,041,383	$	158,639,692	$	70,748,325	$	37,565,594

2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Lifestyle Funds ■ For the period ended November 30, 2015

					Lifestyle										Lifestyle
		Lifestyle			Conservative				Lifestyle			Lifestyle			Aggressive
	Income Fund				Fund			Moderate Fund				Growth Fund			Growth Fund
INVESTMENT INCOME
Dividends from affiliated investments		$	509,815		$	973,489			$	1,040,765		$	304,611		$	40,962
Total income			509,815			973,489				1,040,765			304,611			40,962

EXPENSES
Management fees			27,631			61,492				79,009			40,586			25,055
Shareholder servicing — Institutional Class			15			16				60			109			16
Shareholder servicing — Premier Class			48			44				11			41			11
Shareholder servicing — Retirement Class			19,090			31,595				52,119			31,790			24,089
Shareholder servicing — Retail Class			4,900			11,790				14,961			10,408			9,472
Distribution fees — Premier Class			902			986				1,072			1,150			1,225
Distribution fees — Retail Class			46,330			115,859				140,639			65,207			32,799
Registration fees			26,954			29,575				30,296			26,766			26,965
Professional fees			11,874			12,147				12,297			11,963			11,861
Custody and accounting fees			7,690			7,898				7,763			7,695			7,609
Administrative service fees			740			1,578				2,080			1,115			674
Trustee fees and expenses			253			596				687			367			257
Other expenses			10,599			17,925				19,933			12,949			9,750
Total expenses			157,026			291,501				360,927			210,146			149,783
Less: Expenses reimbursed by the investment adviser			(57,573	)		(69,221	)			(72,731	)		(61,055	)		(57,120	)
Net expenses			99,453			222,280				288,196			149,091			92,663

Net investment income (loss)			410,362			751,209				752,569			155,520			(51,701	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments			(105,160	)		(329,906	)			(437,952	)		(503,731	)		(185,368	)
Realized gain (loss) from sale of unaffiliated investments			916			(3,062	)			—			5,528			4,181
Net realized gain (loss) from investments			(104,244	)		(332,968	)			(437,952	)		(498,203	)		(181,187	)
Net change in unrealized appreciation (depreciation) from affiliated investments			(816,941	)		(2,217,265	)			(3,948,913	)		(2,102,647	)		(1,994,574	)
Net realized and unrealized gain (loss) from investments			(921,185	)		(2,550,233	)			(4,386,865	)		(2,600,850	)		(2,175,761	)
Net increase (decrease) in net assets from operations		$	(510,823	)	$	(1,799,024	)		$	(3,634,296	)	$	(2,445,330	)	$	(2,227,462	)

2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Statements of changes in net assets

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

		Lifestyle Income Fund								Lifestyle Conservative Fund								Lifestyle Moderate Fund
		November 30, 2015				May 31, 2015				November 30, 2015				May 31, 2015				November 30, 2015				May 31, 2015
			(unaudited		)						(unaudited		)						(unaudited		)
OPERATIONS
Net investment income (loss)			$	410,362			$	717,355			$	751,209			$	1,427,267			$	752,569			$	1,868,608
Net realized gain (loss) from investments				(104,244	)			752,669				(332,968	)			2,618,264				(437,952	)			4,838,194
Net change in unrealized appreciation (depreciation) from affiliated investments				(816,941	)			70,928				(2,217,265	)			625,863				(3,948,913	)			1,576,472
Net increase (decrease) in net assets from operations				(510,823	)			1,540,952				(1,799,024	)			4,671,394				(3,634,296	)			8,283,274

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			(15,894	)			(39,668	)			(26,633	)			(87,743	)			(14,943	)			(76,402	)
	Premier Class			(9,316	)			(24,362	)			(8,031	)			(30,882	)			(7,075	)			(38,593	)
	Retirement Class			(112,036	)			(262,824	)			(146,836	)			(472,510	)			(184,118	)			(961,718	)
	Retail Class			(257,293	)			(651,824	)			(501,618	)			(1,648,957	)			(476,824	)			(2,270,110	)
From realized gains:	Institutional Class			—				(12,308	)			—				(31,246	)			—				(31,900	)
	Premier Class			—				(8,095	)			—				(11,832	)			—				(16,784	)
	Retirement Class			—				(95,272	)			—				(188,573	)			—				(439,437	)
	Retail Class			—				(238,230	)			—				(670,160	)			—				(1,045,886	)
Total distributions				(394,539	)			(1,332,583	)			(683,118	)			(3,141,903	)			(682,960	)			(4,880,830	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			46,595				167,143				120,006				795,595				274,800				392,534
	Premier Class			—				13,337				—				10,001				—				—
	Retirement Class			3,611,582				5,732,677				9,335,885				7,608,930				9,186,955				16,050,262
	Retail Class			6,255,277				15,115,569				22,613,598				40,239,539				25,931,266				47,410,351
Reinvestments of distributions:	Institutional Class			10,810				51,976				22,123				118,989				10,823				108,302
	Premier Class			4,518				32,457				3,937				42,714				3,368				55,377
	Retirement Class			94,060				358,096				131,405				661,083				180,028				1,401,155
	Retail Class			234,704				855,893				476,000				2,257,937				456,739				3,270,489
Redemptions:	Institutional Class			(1,195,893	)			(16,269	)			(1,460,098	)			(61,631	)			(1,630,113	)			(400,487	)
	Premier Class			(13,137	)			—				—				—				—				—
	Retirement Class			(6,230,377	)			(1,670,985	)			(8,238,615	)			(3,761,578	)			(3,992,927	)			(11,142,210	)
	Retail Class			(8,272,087	)			(5,372,510	)			(10,694,395	)			(13,549,340	)			(14,248,642	)			(11,326,701	)
Net increase (decrease) from shareholder transactions				(5,453,948	)			15,267,384				12,309,846				34,362,239				16,172,297				45,819,072
Net increase (decrease) in net assets				(6,359,310	)			15,475,753				9,827,704				35,891,730				11,855,041				49,221,516

NET ASSETS
Beginning of period				55,554,631				40,078,878				114,359,680				78,467,950				151,356,439				102,134,923
End of period			$	49,195,321			$	55,554,631			$	124,187,384			$	114,359,680			$	163,211,480			$	151,356,439
Undistributed net investment income (loss) included in net assets			$	136,921			$	121,098			$	259,369			$	191,278			$	253,966			$	184,357

CHANGE IN FUND SHARES
Shares sold:	Institutional Class			4,307				15,235				10,109				67,080				21,326				30,464
	Premier Class			—				1,205				—				850				—				—
	Retirement Class			332,483				522,296				791,796				635,261				716,347				1,231,181
	Retail Class			576,423				1,374,648				1,907,590				3,357,932				2,017,414				3,647,914
Shares reinvested:	Institutional Class			995				4,776				1,870				10,068				839				8,478
	Premier Class			413				2,983				327				3,616				256				4,339
	Retirement Class			8,683				32,927				11,177				55,984				14,163				109,860
	Retail Class			21,688				78,703				40,487				191,388				35,892				256,632
Shares redeemed:	Institutional Class			(110,323	)			(1,487	)			(123,023	)			(5,166	)			(126,073	)			(31,239	)
	Premier Class			(1,215	)			—				—				—				—				—
	Retirement Class			(574,031	)			(151,979	)			(693,897	)			(315,579	)			(310,178	)			(855,698	)
	Retail Class			(762,715	)			(489,365	)			(900,800	)			(1,131,382	)			(1,107,190	)			(872,441	)
Net increase (decrease) from shareholder transactions				(503,292	)			1,389,942				1,045,636				2,870,052				1,262,796				3,529,490

2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Statements of changes in net assets

concluded

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

		Lifestyle Growth Fund								Lifestyle Aggressive Growth Fund
		November 30, 2015				May 31, 2015				November 30, 2015				May 31, 2015
			(unaudited		)						(unaudited		)
OPERATIONS
Net investment income (loss)			$	155,520			$	749,241			$	(51,701	)		$	445,496
Net realized gain (loss) from investments				(498,203	)			3,037,795				(181,187	)			2,865,993
Net change in unrealized appreciation (depreciation) from affiliated investments				(2,102,647	)			1,106,861				(1,994,574	)			949,541
Net increase (decrease) in net assets from operations				(2,445,330	)			4,893,897				(2,227,462	)			4,261,030

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			—				(50,078	)			—				(75,403	)
	Premier Class			—				(38,693	)			—				(40,130	)
	Retirement Class			—				(471,830	)			—				(477,773	)
	Retail Class			—				(1,001,757	)			—				(606,421	)
From realized gains:	Institutional Class			—				(30,968	)			—				(67,277	)
	Premier Class			—				(25,217	)			—				(37,720	)
	Retirement Class			—				(317,161	)			—				(468,495	)
	Retail Class			—				(676,882	)			—				(603,225	)
Total distributions				—				(2,612,586	)			—				(2,376,444	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			568,829				296,272				397,534				516,410
	Premier Class			—				5,000				—				—
	Retirement Class			6,869,635				8,824,049				3,614,021				5,110,754
	Retail Class			11,104,628				21,036,192				5,402,171				9,631,791
Reinvestments of distributions:	Institutional Class			—				81,046				—				142,680
	Premier Class			—				63,910				—				77,850
	Retirement Class			—				788,991				—				946,268
	Retail Class			—				1,663,779				—				1,197,845
Redemptions:	Institutional Class			(350,132	)			(139,678	)			(1,761,553	)			(238,345	)
	Premier Class			—				—				—				—
	Retirement Class			(8,619,159	)			(2,339,378	)			(8,270,379	)			(4,372,663	)
	Retail Class			(10,014,121	)			(4,160,455	)			(9,041,738	)			(4,566,766	)
Net increase (decrease) from shareholder transactions				(440,320	)			26,119,728				(9,659,944	)			8,445,824
Net increase (decrease) in net assets				(2,885,650	)			28,401,039				(11,887,406	)			10,330,410

NET ASSETS
Beginning of period				78,584,340				50,183,301				55,041,859				44,711,449
End of period			$	75,698,690			$	78,584,340			$	43,154,453			$	55,041,859
Undistributed net investment income (loss) included in net assets			$	239,338			$	83,818			$	(92,341	)		$	(40,640	)

CHANGE IN FUND SHARES
Shares sold:	Institutional Class			41,498				21,071				27,111				34,736
	Premier Class			—				359				—				—
	Retirement Class			505,939				636,241				250,131				347,764
	Retail Class			811,919				1,527,553				372,352				658,618
Shares reinvested:	Institutional Class			—				6,012				—				9,992
	Premier Class			—				4,741				—				5,452
	Retirement Class			—				58,617				—				66,358
	Retail Class			—				123,701				—				84,059
Shares redeemed:	Institutional Class			(25,970	)			(9,967	)			(124,126	)			(16,377	)
	Premier Class			—				—				—				—
	Retirement Class			(631,274	)			(170,094	)			(574,325	)			(301,471	)
	Retail Class			(732,542	)			(301,644	)			(627,257	)			(312,960	)
Net increase (decrease) from shareholder transactions				(30,430	)			1,896,590				(676,114	)			576,171

2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual 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			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFESTYLE INCOME FUND
Institutional Class:		11/30/15	^#	$	11.04	$	0.10		$	(0.18	)	$	(0.08	)	$	(0.09	)	$	—		$	(0.09	)	$	10.87		(0.71	)%^b	$	751			0.31	%^c		0.10	%^c		1.74	%^c		15	%^b
		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:		11/30/15	^#		11.04		0.09			(0.19	)		(0.10	)		(0.08	)		—			(0.08	)		10.86		(0.86	)^b		1,189			0.47	^c		0.25	^c		1.60	^c		15	^b
		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:		11/30/15	^#		11.04		0.08			(0.18	)		(0.10	)		(0.08	)		—			(0.08	)		10.86		(0.91	)^b		12,689			0.56	^c		0.35	^c		1.49	^c		15	^b
		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:		11/30/15	^#		11.04		0.08			(0.18	)		(0.10	)		(0.08	)		—			(0.08	)		10.86		(0.94	)^b		34,566			0.59	^c		0.38	^c		1.47	^c		15	^b
		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:		11/30/15	^#		12.13		0.09			(0.28	)		(0.19	)		(0.08	)		—			(0.08	)		11.86		(1.56	)^b		2,616			0.21	^c		0.10	^c		1.47	^c		16	^b
		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:		11/30/15	^#		12.12		0.08			(0.28	)		(0.20	)		(0.07	)		—			(0.07	)		11.85		(1.62	)^b		1,315			0.37	^c		0.25	^c		1.33	^c		16	^b
		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:		11/30/15	^#		12.11		0.07			(0.27	)		(0.20	)		(0.07	)		—			(0.07	)		11.84		(1.67	)^b		23,632			0.46	^c		0.35	^c		1.23	^c		16	^b
		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:		11/30/15	^#		12.11		0.07			(0.28	)		(0.21	)		(0.06	)		—			(0.06	)		11.84		(1.69	)^b		96,625			0.49	^c		0.38	^c		1.21	^c		16	^b
		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 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual 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			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFESTYLE MODERATE FUND
Institutional Class:		11/30/15	^#	$	13.25	$	0.08		$	(0.39	)	$	(0.31	)	$	(0.07	)	$	—		$	(0.07	)	$	12.87		(2.32	)%^b	$	1,256			0.20	%^c		0.10	%^c		1.21	%^c		10	%^b
		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:		11/30/15	^#		13.25		0.07			(0.40	)		(0.33	)		(0.06	)		—			(0.06	)		12.86		(2.46	)^b		1,429			0.34	^c		0.25	^c		1.07	^c		10	^b
		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:		11/30/15	^#		13.24		0.06			(0.38	)		(0.32	)		(0.06	)		—			(0.06	)		12.86		(2.43	)^b		44,136			0.44	^c		0.35	^c		0.97	^c		10	^b
		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:		11/30/15	^#		13.23		0.06			(0.39	)		(0.33	)		(0.05	)		—			(0.05	)		12.85		(2.45	)^b		116,392			0.47	^c		0.38	^c		0.94	^c		10	^b
		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:		11/30/15	^#		14.19		0.04			(0.47	)		(0.43	)		—			—			—			13.76		(3.03	)^b		2,234			0.26	^c		0.10	^c		0.64	^c		22	^b
		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:		11/30/15	^#		14.18		0.03			(0.47	)		(0.44	)		—			—			—			13.74		(3.10	)^b		1,536			0.41	^c		0.25	^c		0.50	^c		22	^b
		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:		11/30/15	^#		14.15		0.03			(0.47	)		(0.44	)		—			—			—			13.71		(3.11	)^b		22,039			0.50	^c		0.35	^c		0.40	^c		22	^b
		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:		11/30/15	^#		14.13		0.02			(0.46	)		(0.44	)		—			—			—			13.69		(3.11	)^b		49,890			0.54	^c		0.39	^c		0.36	^c		22	^b
		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 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual 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			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFESTYLE AGGRESSIVE GROWTH FUND
Institutional Class:		11/30/15	^#	$	15.14	$	0.00	^d	$	(0.55	)	$	(0.55	)	$	—		$	—		$	—		$	14.59		(3.63	)%^b	$	1,567			0.33	%^c		0.10	%^c		0.06	%^c		16	%^b
		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:		11/30/15	^#		15.12		(0.01	)		(0.54	)		(0.55	)		—			—			—			14.57		(3.64	)^b		1,636			0.48	^c		0.25	^c		(0.09	)^c		16	^b
		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:		11/30/15	^#		15.10		(0.01	)		(0.56	)		(0.57	)		—			—			—			14.53		(3.77	)^b		16,371			0.58	^c		0.35	^c		(0.18	)^c		16	^b
		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:		11/30/15	^#		15.08		(0.02	)		(0.55	)		(0.57	)		—			—			—			14.51		(3.78	)^b		23,581			0.65	^c		0.42	^c		(0.26	)^c		16	^b
		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.
^#	Unaudited
^‡	The Fund commenced operations on December 9, 2011.

2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

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.

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.

36	2015 Semiannual 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.

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)

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

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:

Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2015, there were no transfers between levels by the Funds.

As of November 30, 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.

38	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

continued

reimbursement arrangements will continue through at least September 30, 2016, unless changed with the approval of the Board.

During the period ended November 30, 2015, TIAA received total proceeds from redemptions of $10,500,000 from the Lifestyle Income Fund, $11,300,000 from the Lifestyle Conservative Fund, $8,400,000 from the Lifestyle Moderate Fund, $11,400,000 from the Lifestyle Growth Fund and $11,000,000 from the Lifestyle Aggressive Growth Fund.

The following is the percentage of the Funds’ shares owned by TIAA as of November 30, 2015:

Fund	TIAA
Lifestyle Income		2	%
Lifestyle Conservative		1
Lifestyle Moderate		1
Lifestyle Growth		4
Lifestyle Aggressive Growth		4

												Value at
	Value at		Purchase		Sales		Realized			Dividend		November 30,
Issue	May 31, 2015		cost		proceeds		gain (loss		)	income		2015
Lifestyle Income Fund
TIAA-CREF Bond	$	10,536,070	$	1,415,281	$	2,488,496	$	(35,866	)	$	139,486	$	9,306,664
TIAA-CREF Bond Plus		11,035,052		1,528,712		2,527,663		(42,393	)		165,042		9,813,098
TIAA-CREF Emerging Markets Equity		700,071		185,345		172,860		(21,744	)		—		595,661
TIAA-CREF Enhanced International Equity Index		708,588		163,155		176,229		(11,835	)		—		643,551
TIAA-CREF Enhanced Large-Cap Growth Index		671,160		101,195		207,944		7,071			—		580,566
TIAA-CREF Enhanced Large-Cap Value Index		617,951		121,709		181,088		(5,382	)		—		542,338
TIAA-CREF Global Natural Resources		165,574		51,311		54,944		(10,199	)		—		135,324
TIAA-CREF Growth & Income		1,655,285		259,501		474,337		13,956			8,745		1,440,802
TIAA-CREF High-Yield		565,614		106,586		125,649		(7,715	)		16,073		501,166
TIAA-CREF International Equity		1,223,092		365,363		366,944		(12,376	)		—		1,120,233
TIAA-CREF International Opportunities		827,472		207,627		232,394		(7,406	)		—		734,932
TIAA-CREF Large-Cap Growth		2,012,844		294,440		633,153		70,811			—		1,744,263
TIAA-CREF Large-Cap Value		1,866,212		395,918		539,929		(12,653	)		—		1,650,385
TIAA-CREF Mid-Cap Growth		70,314		21,722		36,512		(1,712	)		—		53,398
TIAA-CREF Mid-Cap Value		54,659		31,773		28,118		(1,423	)		—		54,487
TIAA-CREF Money Market		2,993		—		—		—			—		2,994
TIAA-CREF Short-Term Bond		22,176,351		2,803,785		5,230,381		(29,718	)		180,469		19,619,467
TIAA-CREF Small-Cap Equity		611,134		126,860		201,195		3,424			—		541,453
	$	55,500,436	$	8,180,283	$	13,677,836	$	(105,160	)	$	509,815	$	49,080,782

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

												Value at
	Value at		Purchase		Sales		Realized			Dividend		November 30,
Issue	May 31, 2015		cost		proceeds		gain (loss		)	income		2015
Lifestyle Conservative Fund
TIAA-CREF Bond	$	10,281,719	$	2,695,457	$	1,745,804	$	(27,790	)	$	146,937	$	11,078,333
TIAA-CREF Bond Plus		34,166,169		8,484,886		4,891,984		(95,811	)		551,525		37,052,053
TIAA-CREF Emerging Markets Equity		2,868,128		1,022,472		404,875		(60,962	)		—		2,990,808
TIAA-CREF Enhanced International Equity Index		2,905,381		990,820		444,817		(29,913	)		—		3,239,007
TIAA-CREF Enhanced Large-Cap Growth Index		2,751,095		633,507		543,302		21,231			—		2,923,724
TIAA-CREF Enhanced Large-Cap Value Index		2,535,443		715,896		457,093		(6,890	)		—		2,733,556
TIAA-CREF Global Natural Resources		679,681		258,349		143,477		(24,446	)		—		680,422
TIAA-CREF Growth & Income		6,788,855		1,673,071		1,230,992		(1,276	)		38,772		7,250,048
TIAA-CREF High-Yield		1,165,973		340,559		143,773		(8,816	)		35,834		1,262,410
TIAA-CREF International Equity		5,034,350		1,896,753		865,721		(53,060	)		—		5,635,223
TIAA-CREF International Opportunities		3,392,743		1,166,858		577,845		(29,254	)		—		3,696,391
TIAA-CREF Large-Cap Growth		8,246,311		1,890,463		1,696,950		85,766			—		8,773,659
TIAA-CREF Large-Cap Value		7,648,592		2,365,315		1,426,757		(51,212	)		—		8,298,631
TIAA-CREF Mid-Cap Growth		285,197		94,686		102,087		(4,684	)		—		268,700
TIAA-CREF Mid-Cap Value		226,064		122,851		60,955		(2,651	)		—		273,473
TIAA-CREF Money Market		4,722		—		—		—			—		4,722
TIAA-CREF Short-Term Bond		22,765,641		5,818,596		3,743,902		(21,683	)		200,421		24,699,572
TIAA-CREF Small-Cap Equity		2,509,500		655,896		465,705		(18,455	)		—		2,728,057
	$	114,255,564	$	30,826,435	$	18,946,039	$	(329,906	)	$	973,489	$	123,588,789
Lifestyle Moderate Fund
TIAA-CREF Bond Plus	$	58,693,339	$	12,711,667	$	6,712,693	$	(148,893	)	$	920,426	$	63,483,918
TIAA-CREF Emerging Markets Equity		5,246,545		1,531,228		442,485		(78,430	)		—		5,421,111
TIAA-CREF Enhanced International Equity Index		5,757,794		1,491,211		413,192		(36,952	)		—		6,408,520
TIAA-CREF Enhanced Large-Cap Growth Index		5,681,368		924,543		725,776		16,386			—		6,028,373
TIAA-CREF Enhanced Large-Cap Value Index		5,252,833		1,090,636		546,488		(11,594	)		—		5,651,457
TIAA-CREF Global Natural Resources		1,354,249		380,839		158,183		(37,443	)		—		1,345,640
TIAA-CREF Growth & Income		13,467,074		2,364,001		1,468,133		(15,062	)		74,167		14,350,560
TIAA-CREF High-Yield		1,546,792		387,358		137,307		(6,946	)		46,171		1,666,100
TIAA-CREF International Equity		9,541,996		2,761,481		805,154		(57,418	)		—		10,666,962
TIAA-CREF International Opportunities		6,728,451		1,703,497		557,133		(33,771	)		—		7,309,863
TIAA-CREF Large-Cap Growth		16,374,656		2,590,282		2,173,933		58,747			—		17,371,910
TIAA-CREF Large-Cap Value		15,171,643		3,319,853		1,432,448		(62,559	)		—		16,438,217
TIAA-CREF Mid-Cap Growth		774,729		166,449		139,054		(6,759	)		—		774,976
TIAA-CREF Mid-Cap Value		671,942		236,346		78,004		(4,145	)		—		786,653
TIAA-CREF Money Market		6,346		1		—		—			1		6,347
TIAA-CREF Small-Cap Equity		4,911,169		1,008,390		563,465		(13,113	)		—		5,397,788
	$	151,180,926	$	32,667,782	$	16,353,448	$	(437,952	)	$	1,040,765	$	163,108,395

40	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

continued

												Value at
	Value at		Purchase		Sales		Realized			Dividend		November 30,
Issue	May 31, 2015		cost		proceeds		gain (loss		)	income		2015
Lifestyle Growth Fund
TIAA-CREF Bond Plus	$	14,839,300	$	3,575,962	$	3,814,842	$	(86,610	)	$	229,746	$	14,290,513
TIAA-CREF Emerging Markets Equity		3,471,457		942,757		624,409		(114,183	)		—		3,184,967
TIAA-CREF Enhanced International Equity Index		3,965,121		998,974		703,288		(64,072	)		—		3,951,656
TIAA-CREF Enhanced Large-Cap Growth Index		3,997,822		570,966		877,982		24,565			—		3,784,748
TIAA-CREF Enhanced Large-Cap Value Index		3,700,328		730,204		767,327		(22,157	)		—		3,553,971
TIAA-CREF Global Natural Resources		933,035		270,224		212,312		(46,278	)		—		831,596
TIAA-CREF Growth & Income		9,287,264		1,562,316		1,981,785		(27,377	)		51,173		8,833,656
TIAA-CREF High-Yield		803,201		222,203		189,892		(10,966	)		23,692		768,743
TIAA-CREF International Equity		6,406,922		1,918,713		1,326,020		(93,878	)		—		6,425,108
TIAA-CREF International Opportunities		4,646,442		1,174,234		906,314		(49,593	)		—		4,510,818
TIAA-CREF Large-Cap Growth		11,297,237		1,739,439		2,721,739		119,966			—		10,684,573
TIAA-CREF Large-Cap Value		10,473,631		2,277,041		2,174,793		(93,344	)		—		10,118,310
TIAA-CREF Mid-Cap Growth		617,340		101,424		142,718		(6,988	)		—		553,408
TIAA-CREF Mid-Cap Value		539,559		177,605		122,803		(6,723	)		—		557,076
TIAA-CREF Money Market		3,306		—		—		—			—		3,306
TIAA-CREF Small-Cap Equity		3,399,638		659,193		757,468		(26,093	)		—		3,320,339
	$	78,381,603	$	16,921,255	$	17,323,692	$	(503,731	)	$	304,611	$	75,372,788
Lifestyle Aggressive Growth Fund
TIAA-CREF Emerging Markets Equity	$	2,963,104	$	586,352	$	861,257	$	(93,064	)	$	—	$	2,214,739
TIAA-CREF Enhanced International Equity Index		3,466,391		699,588		1,089,092		(61,391	)		—		2,816,431
TIAA-CREF Enhanced Large-Cap Growth Index		3,520,366		350,824		1,175,955		41,315			—		2,734,009
TIAA-CREF Enhanced Large-Cap Value Index		3,273,584		368,164		956,241		(32,021	)		—		2,569,428
TIAA-CREF Global Natural Resources		818,455		195,131		290,308		(41,743	)		—		591,501
TIAA-CREF Growth & Income		8,120,155		869,795		2,582,856		9,352			40,961		6,303,687
TIAA-CREF International Equity		5,611,073		1,094,180		1,716,304		(61,177	)		—		4,512,125
TIAA-CREF International Opportunities		4,053,797		711,938		1,219,466		(35,532	)		—		3,212,851
TIAA-CREF Large-Cap Growth		9,893,858		957,022		3,410,239		216,785			—		7,628,339
TIAA-CREF Large-Cap Value		9,120,254		1,191,494		2,657,214		(68,976	)		—		7,210,441
TIAA-CREF Mid-Cap Growth		584,714		69,926		205,229		(11,396	)		—		426,082
TIAA-CREF Mid-Cap Value		511,717		93,839		140,271		(5,345	)		—		429,990
TIAA-CREF Money Market		4,048		1		—		—			1		4,049
TIAA-CREF Small-Cap Equity		2,999,842		297,657		917,126		(42,175	)		—		2,372,097
	$	54,941,358	$	7,485,911	$	17,221,558	$	(185,368	)	$	40,962	$	43,025,769


TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report	41

Notes to financial statements (unaudited)

Note 4—investments

			Gross		Gross			Net unrealized
	Tax		unrealized		unrealized			appreciation/
Fund	cost		appreciation		(depreciation		)	(depreciation		)
Lifestyle Income	$	48,655,872	$	851,599	$	(426,689	)	$	424,910
Lifestyle Conservative		121,712,743		3,268,988		(1,392,942	)		1,876,046
Lifestyle Moderate		159,663,129		5,602,853		(2,157,587	)		3,445,266
Lifestyle Growth		71,295,488		4,969,697		(892,397	)		4,077,300
Lifestyle Aggressive Growth		38,083,515		5,418,681		(476,427	)		4,942,254

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2015 were as follows:

Fund	Purchases		Sales
Lifestyle Income	$	8,381,427	$	13,879,896
Lifestyle Conservative		31,837,869		19,954,411
Lifestyle Moderate		32,667,782		16,353,448
Lifestyle Growth		17,606,900		18,014,865
Lifestyle Aggressive Growth		8,110,066		17,849,894

Note 5—distributions to shareholders and other tax items

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

	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

The tax character of the fiscal year 2016 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

42	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

concluded

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 period ended November 30, 2015, there were no borrowings under this credit facility by the Funds.

Note 7—indemnification

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

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.

MSCI Indexes

44	2015 Semiannual Report ■ TIAA-CREF Lifestyle Funds

TIAA-CREF Lifestyle Funds ■ 2015 Semiannual Report

[This page intentionally left blank.]

How to reach us

TIAA-CREF website

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For the hearing- or speech-impaired

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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 Semiannual Report

TIAA–CREF Managed Allocation Fund

of the TIAA–CREF Funds

November 30, 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		9
Portfolio of investments		10
Financial statements (unaudited)
Statement of assets and liabilities		11
Statement of operations		12
Statements of changes in net assets		13
Financial highlights		16
Notes to financial statements		18
Additional information about index providers		23
How to reach us	Inside back cover

Understanding your fund report

This semiannual report contains information about the Managed Allocation Fund and describes the fund’s results for the six months ended November 30, 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 November 30, 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 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

Information for investors

Portfolio holdings

The complete portfolio of investments for the Managed Allocation Fund appears on page 10 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 Semiannual 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 (June 1, 2015–November 30, 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 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

Important information about expenses

Expense example

Six months ended November 30, 2015

	Beginning account value			Ending account value			Expenses paid during period		*	Effective expenses paid during period		^†
Managed Allocation Fund	(6/1/15		)	(11/30/15		)	(6/1/15–11/30/15		)	(6/1/15–11/30/15		)
Institutional Class
Actual return	$	1,000.00		$	978.03			$0.00			$1.98
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.02
Retirement Class
Actual return		1,000.00			975.96			1.23			3.21
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.29
Retail Class
Actual return		1,000.00			976.03			1.24			3.21
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.29

“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 183/366. There were 183 days in the six months ended November 30, 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 0.40% for the Institutional Class, 0.65% for the Retirement Class and 0.65% for the Retail Class.

TIAA-CREF Managed Allocation Fund ■ 2015 Semiannual Report

Managed Allocation Fund

Performance for the six months ended November 30, 2015

For the six-month period ended November 30, 2015, the TIAA-CREF Managed Allocation Fund returned –2.20% for the Institutional Class, compared with the –2.24% return of its benchmark, the Managed Allocation Fund Composite Index. For the one-year period ended November 30, 2015, the fund returned 1.44% versus 0.36% for its composite index. The table on page 8 includes performance data for all share classes of the fund.

U.S. economy gains momentum, growth overseas lags

International stocks and bond prices languish

6	2015 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

Fund suffers a loss as most equity and bond markets decline

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 pursues this strategy by investing in various underlying funds that, in turn, buy stocks, bonds and other securities in these market sectors.

For the six months, the Managed Allocation Fund’s absolute returns—that is, without regard to the performance of their composite benchmarks—were hampered by declines in both stocks and bonds. Among the underlying U.S. equity funds, the worst performers were the Mid-Cap Value Fund, the Large-Cap Value Fund, the Mid-Cap Growth Fund and the Enhanced Large-Cap Value Index Fund. The Large-Cap Growth Fund performed best, followed by the Enhanced Large-Cap Growth Index Fund and the Small-Cap Equity Fund. In the fixed-income category, the Bond Plus Fund ended slightly lower. In absolute terms, the High-Yield Fund performed the worst. All of the underlying international equity funds ended down. (All fund returns are for the Institutional Class.)

Domestic and international equities fuel relative performance

In terms of relative returns, in the U.S. equity category, the Large-Cap Growth Fund and the Small-Cap Equity Fund made the strongest contributions to the fund’s relative returns. The Large-Cap Value Fund was the biggest detractor and underperformed its benchmark.

In the international equity component, the International Opportunities Fund contributed most to relative performance, beating its benchmark. The Global Natural Resources Fund and the Emerging Markets Equity Fund followed in terms of their contribution. The International Equity Fund detracted from the fund’s relative return and slightly underperformed its benchmark.

In the fixed-income category, the Bond Plus Fund was the largest detractor, trailing its benchmark. The High-Yield Fund slightly detracted and also under-performed its benchmark. (Performance of the Managed Allocation Fund’s underlying funds can be found at tiaa-cref.org/performance.)

TIAA-CREF Managed Allocation Fund ■ 2015 Semiannual Report

Managed Allocation Fund

Performance as of November 30, 2015

									Average annual
			Total return						total return
												since
Managed Allocation Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		3/31/2006		–2.20	%		1.44	%		8.45	%	5.53	%
Retirement Class		3/31/2006		–2.40			1.10			8.17		5.25
Retail Class		3/31/2006		–2.40			1.10			8.19		5.36
Managed Allocation Composite Index*		—		–2.24			0.36			8.12		5.64	^†
Broad market index
Russell 3000^® Index		—		–1.05			2.58			14.13		7.27	^†
Barclays U.S. Aggregate Bond Index		—		–0.12			0.97			3.09		4.78	^†

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

*	On November 30, 2015, the Managed Allocation 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.

Asset allocation

	% of net assets
	as of 11/30/2015
Equity
U.S. equity		40.9	%
International equity		19.1
Fixed income		39.9
Other assets & liabilities, net		0.1
Total		100.0

Target allocation

8	2015 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

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.

TIAA-CREF Managed Allocation Fund ■ 2015 Semiannual Report

Portfolio of investments (unaudited)

Managed Allocation Fund ■ November 30, 2015

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

FIXED INCOME — 39.9%
	28,120,134	TIAA-CREF Bond Plus Fund		$	294,417,802		38.9	%
	829,835	TIAA-CREF High-Yield Fund			7,626,187		1.0
		TOTAL FIXED INCOME			302,043,989		39.9

INTERNATIONAL EQUITY — 19.1%
	2,855,429	TIAA-CREF Emerging Markets Equity Fund			25,213,441		3.4
	5,143,817	TIAA-CREF Enhanced International Equity Index Fund			37,189,794		4.9
	866,560	TIAA-CREF Global Natural Resources Fund			6,213,232		0.8
	3,833,100	TIAA-CREF International Equity Fund			41,704,124		5.5
	3,241,180	TIAA-CREF International Opportunities Fund			33,967,563		4.5
		TOTAL INTERNATIONAL EQUITY			144,288,154		19.1

SHORT-TERM FIXED INCOME — 0.0%
	73,554	TIAA-CREF Money Market Fund			73,554		0.0
		TOTAL SHORT-TERM FIXED INCOME			73,554		0.0

U.S. EQUITY — 40.9%
	4,783,584	TIAA-CREF Enhanced Large-Cap Growth Index Fund			58,216,220		7.7
	5,388,134	TIAA-CREF Enhanced Large-Cap Value Index Fund			54,797,326		7.2
	3,962,997	TIAA-CREF Growth & Income Fund			50,013,020		6.6
	3,646,893	TIAA-CREF Large-Cap Growth Fund			60,356,076		8.0
	3,222,962	TIAA-CREF Large-Cap Value Fund			57,110,886		7.5
	98,366	TIAA-CREF Mid-Cap Growth Fund			2,127,654		0.3
	90,617	TIAA-CREF Mid-Cap Value Fund			2,138,571		0.3
	1,373,335	TIAA-CREF Small-Cap Equity Fund			25,035,906		3.3
		TOTAL U.S. EQUITY			309,795,659		40.9
		TOTAL TIAA-CREF FUNDS	(Cost $673,671,038)		756,201,356		99.9

		TOTAL PORTFOLIO	(Cost $673,671,038)		756,201,356		99.9
		OTHER ASSETS & LIABILITIES, NET			444,130		0.1
		NET ASSETS		$	756,645,486		100.0	%


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

2015 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

Statement of assets and liabilities (unaudited)

Managed Allocation Fund ■ November 30, 2015


ASSETS
Affiliated investments, at value^‡	$	756,201,356
Cash		828,046
Receivable from securities transactions		1,076,745
Receivable from Fund shares sold		199,118
Dividends receivable		804,409
Due from affiliates		5,613
Other		50,362
Total assets		759,165,649

LIABILITIES
Service agreement fees payable		2,350
Distribution fees payable		142,082
Due to affiliates		2,048
Payable for securities transactions		1,919,499
Payable for Fund shares redeemed		293,654
Payable for trustee compensation		51,474
Accrued expenses and other payables		109,056
Total liabilities		2,520,163
NET ASSETS	$	756,645,486

NET ASSETS CONSIST OF:
Paid-in-capital	$	649,616,253
Undistributed net investment income (loss)		1,273,275
Accumulated net realized gain (loss) on total investments		23,225,640
Net unrealized appreciation (depreciation) on total investments		82,530,318
NET ASSETS	$	756,645,486

INSTITUTIONAL CLASS:
Net assets	$	14,375,276
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,191,333
Net asset value per share		$12.07

RETIREMENT CLASS:
Net assets	$	49,124,375
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,075,869
Net asset value per share		$12.05

RETAIL CLASS:
Net assets	$	693,145,835
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		57,325,785
Net asset value per share		$12.09
‡ Affiliated investments, cost	$	673,671,038

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2015 Semiannual Report

Statement of operations (unaudited)

Managed Allocation Fund ■ For the period ended November 30, 2015


INVESTMENT INCOME
Dividends from affiliated investments	$	4,913,254
Total income		4,913,254

EXPENSES
Shareholder servicing — Institutional Class		124
Shareholder servicing — Retirement Class		60,563
Shareholder servicing — Retail Class		163,997
Distribution fees — Retail Class		872,282
Administrative service fees		9,599
Trustee fees and expenses		3,598
Other expenses		88,500
Total expenses		1,198,663
Less: Expenses reimbursed by the investment adviser		(265,736	)
Net expenses		932,927
Net investment income (loss)		3,980,327

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) from sale of affiliated investments		1,827,012
Net change in unrealized appreciation (depreciation) from affiliated investments		(24,640,153	)
Net realized and unrealized gain (loss) from affiliated investments		(22,813,141	)
Net increase (decrease) in net assets from operations	$	(18,832,814	)

2015 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

Statements of changes in net assets

Managed Allocation Fund ■ For the period or year ended

		November 30, 2015				May 31, 2015
			(unaudited		)
OPERATIONS
Net investment income (loss)			$	3,980,327		$	12,458,580
Net realized gain (loss) from sale of affiliated investments				1,827,012			36,264,857
Net change in unrealized appreciation (depreciation) from affiliated investments				(24,640,153	)		(617,712	)
Net increase (decrease) in net assets from operations				(18,832,814	)		48,105,725

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			(89,047	)		(385,463	)
	Retirement Class			(243,394	)		(1,286,820	)
	Retail Class			(3,514,197	)		(19,575,621	)
From realized gains:	Institutional Class			—			(324,092	)
	Retirement Class			—			(1,197,578	)
	Retail Class			—			(18,019,642	)
Total distributions				(3,846,638	)		(40,789,216	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			1,590,933			5,175,999
	Retirement Class			6,969,968			11,944,005
	Retail Class			23,237,195			50,840,780
Reinvestments of distributions:	Institutional Class			83,104			700,777
	Retirement Class			243,394			2,484,398
	Retail Class			3,368,280			36,231,334
Redemptions:	Institutional Class			(1,244,565	)		(4,104,843	)
	Retirement Class			(5,747,777	)		(7,004,494	)
	Retail Class			(32,757,868	)		(57,499,358	)
Net increase (decrease) from shareholder transactions				(4,257,336	)		38,768,598
Net increase (decrease) in net assets				(26,936,788	)		46,085,107

NET ASSETS
Beginning of period				783,582,274			737,497,167
End of period			$	756,645,486		$	783,582,274
Undistributed net investment income (loss) included in net assets			$	1,273,275		$	1,139,586

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2015 Semiannual Report

Statements of changes in net assets

concluded

Managed Allocation Fund ■ For the period or year ended

		November 30, 2015				May 31, 2015
			(unaudited		)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class			131,410			419,640
	Retirement Class			575,545			963,704
	Retail Class			1,917,942			4,120,190
Shares reinvested:	Institutional Class			6,959			58,386
	Retirement Class			20,400			207,380
	Retail Class			281,488			3,013,764
Shares redeemed:	Institutional Class			(103,335	)		(332,151	)
	Retirement Class			(476,383	)		(571,251	)
	Retail Class			(2,718,182	)		(4,664,101	)
Net increase (decrease) from shareholder transactions				(364,156	)		3,215,561

2015 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Managed Allocation Fund ■ 2015 Semiannual 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			value,		investment			gain (loss)			(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period or year			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate
Institutional Class:		11/30/15	^#	$	12.42	$	0.08		$	(0.35	)	$	(0.27	)	$	(0.08	)	$	—		$	(0.08	)	$	12.07		(2.20	)%^b	$	14,375			0.03	%^c		0.00	%^c		1.29	%^c		7	%^b
		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:		11/30/15	^#		12.41		0.06			(0.36	)		(0.30	)		(0.06	)		—			(0.06	)		12.05		(2.40	)^b		49,124			0.28	^c		0.25	^c		1.04	^c		7	^b
		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:		11/30/15	^#		12.45		0.06			(0.36	)		(0.30	)		(0.06	)		—			(0.06	)		12.09		(2.40	)^b		693,146			0.32	^c		0.25	^c		1.04	^c		7	^b
		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.
^#	Unaudited
^†	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 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

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.

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

18	2015 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

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 being 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.

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.

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)

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

TIAA-CREF Managed Allocation Fund ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

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 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 period ended November 30, 2015, there were no transfers between levels by the Fund.

As of November 30, 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 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, 2016, unless changed with approval of the Board.

20	2015 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

continued

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:

												Value at
	Value at		Purchase		Sales		Realized			Dividend		November 30,
Issue	May 31, 2015		cost		proceeds		gain (loss		)	income		2015
TIAA-CREF Managed Allocation Fund
TIAA-CREF Bond Plus	$	304,014,809	$	20,716,500	$	24,323,449	$	(438,204	)	$	4,423,334	$	294,417,802
TIAA-CREF Emerging Markets Equity		27,192,393		3,483,509		889,660		(154,726	)		—		25,213,441
TIAA-CREF Enhanced International Equity Index		37,321,504		3,902,468		1,349,389		(130,512	)		—		37,189,794
TIAA-CREF Enhanced Large-Cap Growth Index		61,026,641		1,487,943		5,563,396		889,775			—		58,216,220
TIAA-CREF Enhanced Large-Cap Value Index		57,004,112		3,223,843		3,734,489		(12,003	)		—		54,797,326
TIAA-CREF Global Natural Resources		7,118,834		770,497		529,861		(91,688	)		—		6,213,232
TIAA-CREF Growth & Income		52,517,958		1,834,203		4,114,070		334,596			269,530		50,013,020
TIAA-CREF High-Yield		7,966,678		582,155		287,347		(15,167	)		220,380		7,626,187
TIAA-CREF International Equity		41,836,665		5,463,765		2,068,639		(150,844	)		—		41,704,124
TIAA-CREF International Opportunities		35,059,811		3,512,251		1,822,501		(54,516	)		—		33,967,563
TIAA-CREF Large-Cap Growth		63,272,842		2,941,367		7,721,547		1,587,189			—		60,356,076
TIAA-CREF Large-Cap Value		58,958,824		4,713,711		3,988,276		(62,936	)		—		57,110,886
TIAA-CREF Mid-Cap Growth		2,423,962		74,959		284,610		(10,663	)		—		2,127,654
TIAA-CREF Mid-Cap Value		2,018,102		528,017		274,394		(11,621	)		—		2,138,571
TIAA-CREF Money Market		73,544		10		—		—			10		73,554
TIAA-CREF Small-Cap Equity		25,445,414		2,342,071		2,863,237		148,332			—		25,035,906
	$	783,252,093	$	55,577,269	$	59,814,865	$	1,827,012		$	4,913,254	$	756,201,356

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 2015, the cost of portfolio investments for federal income tax purposes was $677,653,569. Net unrealized appreciation of portfolio investments for federal income tax purposes was $78,547,787, consisting of gross unrealized appreciation of $88,346,463 and gross unrealized depreciation of ($9,798,676).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended November 30, 2015 were $55,577,269 and $59,814,865, respectively.

TIAA-CREF Managed Allocation Fund ■ 2015 Semiannual Report

Notes to financial statements (unaudited)

concluded

Note 5—distributions to shareholders and other tax items

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

		Long-term
	Ordinary income	capital gains	Total
5/31/2015	$21,322,086	$19,467,130	$40,789,216

The tax character of the fiscal year 2016 distributions will be determined at the end of the fiscal year.

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 period ended November 30, 2015, there were no borrowings under this credit facility by the Fund.

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.

22	2015 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

TIAA-CREF Managed Allocation Fund ■ 2015 Semiannual Report

Additional information about index providers (unaudited)

concluded

24	2015 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

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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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Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

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 semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-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)(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

Dated: January 13, 2016	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.

Dated: January 13, 2016	By:	/s/Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer
		(principal executive officer)

Dated: January 13, 2016	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)(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