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.
TIAA-CREF Funds
730 Third Avenue
New York, New York 10017-3206
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-490-9000
Date of fiscal year end: May 31
Date of reporting period: November 30, 2017
Item 1. Reports to Stockholders.
Semiannual Report
November 30, 2017
TIAA-CREF Lifecycle Funds
of the TIAA-CREF Funds
The semiannual report contains the financial statements (unaudited).
| Lifecycle Retirement | Lifecycle 2025 Fund | Lifecycle 2050 Fund |
| Income Fund | Lifecycle 2030 Fund | Lifecycle 2055 Fund |
| Lifecycle 2010 Fund | Lifecycle 2035 Fund | Lifecycle 2060 Fund |
| Lifecycle 2015 Fund | Lifecycle 2040 Fund | |
| Lifecycle 2020 Fund | Lifecycle 2045 Fund |
| Contents | |||
| Understanding your Lifecycle Funds report | 3 | ||
| Letter to investors | 4 | ||
| Information for investors | 6 | ||
| About the funds’ benchmarks | 6 | ||
| Important information about expenses | 8 | ||
| Investment results of the Lifecycle Funds | 16 | ||
| Fund performance | |||
| Lifecycle Retirement Income Fund | 18 | ||
| Lifecycle 2010 Fund | 20 | ||
| Lifecycle 2015 Fund | 22 | ||
| Lifecycle 2020 Fund | 24 | ||
| Lifecycle 2025 Fund | 26 | ||
| Lifecycle 2030 Fund | 28 | ||
| Lifecycle 2035 Fund | 30 | ||
| Lifecycle 2040 Fund | 32 | ||
| Lifecycle 2045 Fund | 34 | ||
| Lifecycle 2050 Fund | 36 | ||
| Lifecycle 2055 Fund | 38 | ||
| Lifecycle 2060 Fund | 40 | ||
| Portfolios of investments | 42 | ||
| Financial statements (unaudited) | |||
| Statements of assets and liabilities | 54 | ||
| Statements of operations | 58 | ||
| Statements of changes in net assets | 62 | ||
| Financial highlights | 70 | ||
| Notes to financial statements | 84 | ||
| Additional information about index providers | 105 | ||
| 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, 2017. The report contains four main sections:
| • | A letter from Brad Finkle, President of TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments. |
| • | The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market indexes. |
| • | The portfolios of investments list the underlying funds in which each fund had investments as of November 30, 2017. |
| • | 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.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 3 |
Global financial markets delivered positive returns during the six months ended November 30, 2017, albeit with varying degrees of strength. U.S. equities posted solid returns, modestly outperforming international stocks, while fixed-income securities produced only scant gains.
The TIAA-CREF Lifecycle Funds performed in-line with expectations consistent with their mix of investments in multiple asset classes through underlying TIAA-CREF Funds.
| • | All twelve of the TIAA-CREF Lifecycle Funds posted positive returns for the period and outperformed their respective composite benchmarks. (All fund returns are for the Retirement Class.) |
| • | Returns for the Retirement Class ranged from 4.9% for the Lifecycle Retirement Income Fund to 10.8% for the Lifecycle 2060 Fund. |
| • | Relative results were helped by the outperformance of nearly all of the underlying mutual funds, including U.S. equity and bond funds, as well as international stock funds. |
| • | These positive results continue to support the solid gains earned by the TIAA-CREF Lifecycle Funds over longer periods of time. |
U.S. stocks lead the way
The broad U.S. stock market, as represented by the Russell 3000® Index, returned 11.1% for the six months. The advance of domestic stocks was supported by solid growth in the U.S. economy, as well as expectations for business-friendly federal tax reforms.
The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries, advanced 9.6% for the six months. International stocks benefited from continued global economic growth, while stocks in emerging markets recorded strong gains that were bolstered by higher oil prices.
Returns were more muted in the U.S. fixed-income sector, amid a further hike in short-term interest rates by the Federal Reserve. The domestic investment-grade fixed-rate bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 0.7% for the period.
| 4 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Brad Finkle
TIAA-CREF Lifecycle Funds:
strategies for a dynamic marketplace
Reaching your financial goals may still be a long way off, or it may be right around the corner. Either way, your investment savings portfolio will always be affected by the inevitable seesaw movements of the financial markets.
The TIAA-CREF Lifecycle Funds are built around dynamic diversification strategies designed to help mitigate the effects of market volatility. Diversification does not guarantee against market loss, but over time it has proven to be one of the most effective ways for investors to reach their long-term financial goals. Under the stewardship of highly experienced investment professionals, our funds are aimed at helping investors minimize portfolio risk and reduce the long-term effects of market volatility.
We always stand ready to assist you with any questions or concerns regarding your investments in the TIAA-CREF Lifecycle Funds. You may reach us online by visiting TIAA.org or by calling a TIAA financial consultant at 800-842-2252.
/s/ Brad Finkle
Brad Finkle
President
TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 5 |
Portfolio listings
The complete portfolios of investments for the TIAA-CREF Lifecycle Funds begin on page 42 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.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 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.org or on the SEC’s website at 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 sec.gov.
Contacting TIAA
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, 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, LLC. The members of this team are responsible for the day-to-day investment management of the funds.
Composite benchmarks
Each Lifecycle fund uses a composite benchmark that represents the general market sectors in which that fund invests across the equity and fixed-income asset classes. These may include U.S. equity (stocks), international equity (foreign
| 6 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
About the funds’ benchmarks
stocks), fixed income, short-term fixed income, inflation-protected assets and direct real estate. A fund’s composite benchmark combines the following public indexes in proportions that correspond to the fund’s target 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 ACWI ex USA Investable Market Index (IMI)* (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries. The index is a free-float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States. |
| • | The MSCI All Country World ex USA Index (international equity) measures the performance of large- and mid-cap stocks in 46 developed- and emerging-markets countries, excluding the United States. |
| • | The Bloomberg 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 Bloomberg 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 Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index (inflation-protected assets) measures the performance of fixed-income securities with maturities between 1 and 10 years that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). |
Broad market indexes
The returns shown against the broad-based securities market index compare a Fund’s average annual returns with a broad measure of market performance. The S&P Target Date Index Series represents a broadly derived consensus of asset class exposure for the target retirement dates in the series based on market observations acquired through an annual survey of target-date fund managers. The returns of the S&P Target Date Index Series reflect multi-asset class exposure for the same target dates as the Funds.
| * | On February 1, 2017, the international equity component of the Funds’ composite benchmarks was changed from the MSCI ACWI (All World Country Index) ex USA Index to the MSCI ACWI ex USA Investable Market Index (IMI). |
Russell 3000 is a trademark and service mark of Russell Investments. TIAA 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.
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 7 |
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 9 through 15, 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, 2017–November 30, 2017).
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 may 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’ 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.
| 8 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Expense examples
Six months ended November 30, 2017
| Lifecycle Funds Institutional Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses
paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Retirement Income Fund actual return | $1,000.00 | $1,050.83 | $0.00 | $1.90 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 1.88 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,054.01 | 0.00 | 1.96 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 1.93 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,059.18 | 0.00 | 2.01 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 1.98 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,066.54 | 0.00 | 2.07 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 2.03 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,075.51 | 0.00 | 2.13 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 2.08 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,085.19 | 0.00 | 2.20 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 2.13 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,093.87 | 0.00 | 2.26 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 2.18 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,101.81 | 0.00 | 2.32 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 2.23 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,106.56 | 0.00 | 2.38 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 2.28 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,107.90 | 0.00 | 2.38 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 2.28 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,108.94 | 0.00 | 2.38 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 2.28 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,110.08 | 0.00 | 2.43 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 2.33 |
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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. |
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 9 |
Important information about expenses
| † | The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.37% for the Retirement Income Fund; 0.38% for the 2010 Fund; 0.39% for the 2015 Fund; 0.40% for the 2020 Fund; 0.41% for the 2025 Fund; 0.42% for the 2030 Fund; 0.43% for the 2035 Fund; 0.44% for the 2040 Fund; 0.45% for the 2045, 2050 and 2055 Funds; and 0.46% for the 2060 Fund. |
Expense examples
Six months ended November 30, 2017
| Lifecycle Funds Advisor Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Retirement Income Fund actual return | $1,000.00 | $1,049.85 | $0.05 | $2.00 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 1.98 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,054.01 | 0.05 | 2.01 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 1.98 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,059.24 | 0.10 | 2.12 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.97 | 0.10 | 2.08 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,066.60 | 0.05 | 2.12 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 2.08 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,074.54 | 0.31 | 2.44 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.77 | 0.30 | 2.38 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,084.14 | 0.16 | 2.40 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.92 | 0.15 | 2.33 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,093.96 | 0.26 | 2.52 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.82 | 0.25 | 2.43 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,101.90 | 0.11 | 2.42 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.97 | 0.10 | 2.33 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,106.56 | 0.05 | 2.43 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 2.33 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,107.90 | 0.05 | 2.43 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 2.33 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,108.94 | 0.05 | 2.43 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 2.33 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,110.08 | 0.26 | 2.70 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.82 | 0.25 | 2.59 |
| 10 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 0.01% for the Retirement Income, 2010, 2020, 2045, 2050 and 2055 Funds; 0.02% for the 2015 and 2040 Funds; 0.03% for the 2030 Fund; 0.05% for the 2035 and 2060 Funds; and 0.06% for the 2025 Fund. |
| † | 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 0.39% for the Retirement Income and 2010 Funds; 0.41% for the 2015 and 2020 Funds; 0.46% for the 2030, 2040, 2045, 2050 and 2055 Funds; 0.47% for the 2025 Fund; 0.48% for the 2035 Fund; and 0.51% for the 2060 Fund. |
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 11 |
Important information about expenses
Expense examples
Six months ended November 30, 2017
| Lifecycle Funds Premier Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Retirement Income Fund actual return | $1,000.00 | $1,049.17 | $0.77 | $2.67 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 2.64 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,053.28 | 0.77 | 2.73 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 2.69 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,058.47 | 0.77 | 2.79 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 2.74 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,065.75 | 0.78 | 2.85 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 2.79 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,074.90 | 0.78 | 2.91 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 2.84 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,084.63 | 0.78 | 2.98 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 2.89 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,092.22 | 0.79 | 3.04 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 2.94 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,102.20 | 0.79 | 3.11 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 2.99 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,105.31 | 0.79 | 3.17 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 3.04 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,107.51 | 0.79 | 3.17 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 3.04 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,108.60 | 0.79 | 3.17 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 3.04 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,109.26 | 0.79 | 3.23 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 3.09 |
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 |
| 12 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| 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 0.15% for the Premier Class of the Lifecycle 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 0.52% for the Retirement Income Fund; 0.53% for the 2010 Fund; 0.54% for the 2015 Fund; 0.55% for the 2020 Fund; 0.56% for the 2025 Fund; 0.57% for the 2030 Fund; 0.58% for the 2035 Fund; 0.59% for the 2040 Fund; 0.60% for the 2045, 2050 and 2055 Funds; and 0.61% for the 2060 Fund. |
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 13 |
Important information about expenses
Expense examples
Six months ended November 30, 2017
| Lifecycle Funds Retirement Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Retirement Income Fund actual return | $1,000.00 | $1,048.74 | $1.28 | $3.18 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.14 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,052.28 | 1.29 | 3.24 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.19 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,058.58 | 1.29 | 3.30 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.24 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,065.41 | 1.29 | 3.37 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.29 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,074.02 | 1.30 | 3.43 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.35 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,083.27 | 1.31 | 3.50 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.40 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,092.05 | 1.31 | 3.57 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.45 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,101.22 | 1.32 | 3.63 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.50 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,104.72 | 1.32 | 3.69 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.55 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,107.02 | 1.32 | 3.70 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.55 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,107.84 | 1.32 | 3.70 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.55 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,108.43 | 1.32 | 3.75 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.60 |
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 |
| 14 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
concluded
| 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. | |
| † | The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.62% for the Retirement Income Fund; 0.63% for the 2010 Fund; 0.64% for the 2015 Fund; 0.65% for the 2020 Fund; 0.66% for the 2025 Fund; 0.67% for the 2030 Fund; 0.68% for the 2035 Fund; 0.69% for the 2040 Fund; 0.70% for the 2045, 2050 and 2055 Funds; and 0.71% for the 2060 Fund. |
Expense example
Six months ended November 30, 2017
| Lifecycle Funds Retail Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Retirement Income Fund actual return | $1,000.00 | $1,048.70 | $1.28 | $3.18 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.14 |
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 ■ 2017 Semiannual Report | 15 |
Investment results of the Lifecycle Funds
Performance for the six months ended November 30, 2017
All of the twelve TIAA-CREF Lifecycle Funds delivered positive returns and outperformed their respective composite benchmarks. Returns for the Retirement Class ranged from 4.87% for the Retirement Income Fund to 10.84% for the Lifecycle 2060 Fund. The tables on the following pages show returns for all share classes of the funds.
The outperforming returns of individual Lifecycle Funds, in relation to their respective composite benchmarks, ranged from 0.43 of a percentage point for the Retirement Income Fund to 0.88 of a percentage point for the Lifecycle 2050 Fund. (All results for the Lifecycle Funds are for the Retirement Class.)
Growing economy, modest inflation bolster stock markets
The U.S. economy recorded strong gains during the six months, while unemployment declined and inflation remained muted. Real U.S. gross domestic product (GDP), which measures the value of all goods and services produced in the United States, advanced at an annualized rate of 3.2% during the third quarter of 2017, according to the U.S. government’s “third” estimate—an increase over the 3.1% annualized rate of the previous three months. Unemployment declined to 4.1% in October, its lowest level in 17 years, and remained unchanged in November. Annual core inflation, which includes all items except food and energy, rose modestly by 1.7% for the twelve months ended November 30, 2017. The price per barrel of West Texas Intermediate crude oil rose from $48 on June 1, 2017, to more than $57 on November 30, 2017.
The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2009.
For the six-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 11.09%. The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries, advanced 9.61% in U.S.-dollar terms. Stocks in emerging markets recorded strong gains, helped by a boost in oil prices.
U.S. investment-grade bond investors earned modest gains amid rising short-term interest rates as the Federal Reserve continued to slowly shift monetary policy in response to the growing economy. The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 0.68% during the period. Short-term bonds, as measured by the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index, gained a modest 0.06%.
| 16 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Stocks power most funds to strong gains
Each Lifecycle Fund covered in this report posted positive results for the period, as most equity funds delivered double-digit returns and all fixed-income funds recorded gains. The Lifecycle Funds may invest in up to six sectors of the investment markets, including U.S. equity (stocks), international equity (foreign stocks), fixed income, short-term fixed income, inflation-protected assets and direct real estate. The Lifecycle Funds do this by investing in various underlying funds that, in turn, buy stocks, fixed-income instruments and commercial real estate in these six market sectors.
For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were driven by higher stock prices domestically and internationally. The Small/Mid-Cap Equity Fund was the best performer within U.S. equities. The Emerging Markets Equity Fund recorded the best absolute return among international equities. The Emerging Markets Debt Fund recorded the largest absolute return in the fixed-income category.
International equities provide largest boost to relative performance
Each Lifecycle Fund outperformed its composite benchmark primarily as a result of the performance of several underlying TIAA-CREF funds that invest in stocks and bonds. Two international equity funds—the International Opportunities Fund and the International Equity Fund—contributed the most to relative performance, respectively. In the fixed-income asset category, the Bond Fund and Bond Plus Fund were the biggest relative contributors.
Those gains were offset in part by the detracting impact of the Large-Cap Value Fund. It was the only fund having a negative effect, on average, on the Lifecycle Funds’ returns relative to their respective benchmarks.
The Lifecycle Funds with larger allocations to stocks posted bigger gains. For example, the 2040, 2045, 2050, 2055 and 2060 funds, each with at least 85% of its assets invested in equities at period-end, all recorded double-digit gains for the six-month period. By comparison, the Retirement Income Fund, with about 60% of its portfolio invested in fixed-income funds and 40% in equity funds and direct real estate at period-end, earned 4.87%. (Returns of the Lifecycle Funds’ underlying funds can be found at TIAA.org/performance.)
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 17 |
Lifecycle Retirement Income Fund
Performance as of November 30, 2017
| Lifecycle Retirement Income Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||
| Institutional Class | TLRIX | 11/30/07 | 5.08 | % | 12.12 | % | 6.50 | % | 5.19 | % | 0.54 | % | 0.38 | % | ||||||||||||||
| Advisor Class | TLRHX | 12/4/15 | 4.99 | 12.10 | 6.33 | † | 4.98 | † | 0.62 | 0.46 | ||||||||||||||||||
| Premier Class | TPILX | 9/30/09 | 4.92 | 11.97 | 6.34 | 5.02 | † | 0.69 | 0.53 | |||||||||||||||||||
| Retirement Class | TLIRX | 11/30/07 | 4.87 | 11.87 | 6.23 | 4.93 | 0.79 | 0.63 | ||||||||||||||||||||
| Retail Class | TLRRX | 11/30/07 | 4.87 | 11.86 | 6.22 | 4.99 | 0.82 | 0.63 | ||||||||||||||||||||
| Retirement Income Fund Composite Index‡ | — | 4.44 | 10.69 | 6.11 | 5.11 | — | — | |||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date Retirement Income Index | — | 3.79 | 8.65 | 4.84 | 3.99 | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor 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, 2017, the Retirement Income Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000 Index; 12.0% MSCI ACWI ex USA IMI Index; 10.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Bloomberg Barclays U.S. Aggregate Bond Index and the Russell 3000 Index to the S&P Target Date Retirement Income Index. For additional information, please see the funds’ current prospectus. |
| 18 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle Retirement Income Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 26.39 | % | 24.50 | % | ||||
| International equity | 11.66 | 10.50 | ||||||
| Fixed income | ||||||||
| Fixed income | 40.40 | 40.00 | ||||||
| Short-term fixed income | 9.92 | 10.00 | ||||||
| Inflation-protected assets | 8.44 | 10.00 | ||||||
| Direct real estate | 2.99 | 5.00 | ||||||
| Other assets & liabilities, net | 0.20 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 19 |
Performance as of November 30, 2017
| Lifecycle 2010 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||
| Institutional Class | TCTIX | 1/17/07 | 5.40 | % | 12.92 | % | 7.16 | % | 5.08 | % | 0.50 | % | 0.38 | % | ||||||||||||||
| Advisor Class | TCLHX | 12/4/15 | 5.40 | 12.81 | 6.97 | † | 4.86 | † | 0.58 | 0.46 | ||||||||||||||||||
| Premier Class | TCTPX | 9/30/09 | 5.33 | 12.70 | 7.00 | 4.90 | † | 0.65 | 0.53 | |||||||||||||||||||
| Retirement Class | TCLEX | 10/15/04 | 5.23 | 12.57 | 6.88 | 4.81 | 0.75 | 0.63 | ||||||||||||||||||||
| 2010 Fund Composite Index‡ | — | 4.74 | 11.38 | 6.80 | 4.96 | — | — | |||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2010 Index | — | 4.31 | 10.23 | 5.97 | 4.41 | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor 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, 2017, the 2010 Fund Composite Index consisted of: 39.5% Bloomberg Barclays U.S. Aggregate Bond Index; 29.8% Russell 3000 Index; 12.7% MSCI ACWI ex USA IMI Index; 9.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 9.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Bloomberg Barclays U.S. Aggregate Bond Index and the Russell 3000 Index to the S&P Target Date 2010 Index. For additional information, please see the funds’ current prospectus. |
| 20 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2010 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 28.23 | % | 25.90 | % | ||||
| International equity | 12.43 | 11.10 | ||||||
| Fixed income | ||||||||
| Fixed income | 39.83 | 39.60 | ||||||
| Short-term fixed income | 8.87 | 9.20 | ||||||
| Inflation-protected assets | 7.38 | 9.20 | ||||||
| Direct real estate | 2.98 | 5.00 | ||||||
| Other assets & liabilities, net | 0.28 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 21 |
Performance as of November 30, 2017
| Lifecycle 2015 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||
| Institutional Class | TCNIX | 1/17/07 | 5.92 | % | 14.08 | % | 7.85 | % | 5.16 | % | 0.51 | % | 0.39 | % | ||||||||||||||
| Advisor Class | TCNHX | 12/4/15 | 5.92 | 13.95 | 7.66 | † | 4.93 | † | 0.59 | 0.47 | ||||||||||||||||||
| Premier Class | TCFPX | 9/30/09 | 5.85 | 13.87 | 7.68 | 4.97 | † | 0.66 | 0.54 | |||||||||||||||||||
| Retirement Class | TCLIX | 10/15/04 | 5.86 | 13.78 | 7.58 | 4.89 | 0.76 | 0.64 | ||||||||||||||||||||
| 2015 Fund Composite Index‡ | — | 5.26 | 12.50 | 7.52 | 5.06 | — | — | |||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2015 Index | — | 4.96 | 11.87 | 7.07 | 4.80 | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor 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, 2017, the 2015 Fund Composite Index consisted of: 38.5% Bloomberg Barclays U.S. Aggregate Bond Index; 33.3% Russell 3000 Index; 14.2% MSCI ACWI ex USA IMI Index; 7.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 7.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Bloomberg Barclays U.S. Aggregate Bond Index and the Russell 3000 Index to the S&P Target Date 2015 Index. For additional information, please see the funds’ current prospectus. |
| 22 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2015 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 31.77 | % | 29.40 | % | ||||
| International equity | 13.93 | 12.60 | ||||||
| Fixed income | ||||||||
| Fixed income | 38.84 | 38.60 | ||||||
| Short-term fixed income | 6.89 | 7.20 | ||||||
| Inflation-protected assets | 5.40 | 7.20 | ||||||
| Direct real estate | 2.99 | 5.00 | ||||||
| Other assets & liabilities, net | 0.18 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 23 |
Performance as of November 30, 2017
| Lifecycle 2020 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||
| Institutional Class | TCWIX | 1/17/07 | 6.65 | % | 15.68 | % | 8.75 | % | 5.29 | % | 0.51 | % | 0.40 | % | ||||||||||||||
| Advisor Class | TCWHX | 12/4/15 | 6.66 | 15.55 | 8.56 | † | 5.08 | † | 0.59 | 0.48 | ||||||||||||||||||
| Premier Class | TCWPX | 9/30/09 | 6.58 | 15.45 | 8.57 | 5.12 | † | 0.66 | 0.55 | |||||||||||||||||||
| Retirement Class | TCLTX | 10/15/04 | 6.54 | 15.33 | 8.47 | 5.03 | 0.76 | 0.65 | ||||||||||||||||||||
| 2020 Fund Composite Index‡ | — | 5.96 | 14.01 | 8.44 | 5.24 | — | — | |||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2020 Index | — | 5.60 | 13.43 | 8.04 | 5.09 | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor 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, 2017, the 2020 Fund Composite Index consisted of: 37.9% Russell 3000 Index; 35.9% Bloomberg Barclays U.S. Aggregate Bond Index; 16.2% MSCI ACWI ex USA IMI Index; 5.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 5.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2020 Index. For additional information, please see the funds’ current prospectus. |
| 24 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2020 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 36.61 | % | 34.02 | % | ||||
| International equity | 15.98 | 14.58 | ||||||
| Fixed income | ||||||||
| Fixed income | 35.94 | 36.00 | ||||||
| Short-term fixed income | 4.90 | 5.20 | ||||||
| Inflation-protected assets | 3.43 | 5.20 | ||||||
| Direct real estate | 2.99 | 5.00 | ||||||
| Other assets & liabilities, net | 0.15 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 25 |
Performance as of November 30, 2017
| Lifecycle 2025 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||
| Institutional Class | TCYIX | 1/17/07 | 7.55 | % | 17.56 | % | 9.68 | % | 5.44 | % | 0.52 | % | 0.41 | % | ||||||||||||||
| Advisor Class | TCQHX | 12/4/15 | 7.45 | 17.42 | 9.48 | † | 5.21 | † | 0.60 | 0.49 | ||||||||||||||||||
| Premier Class | TCQPX | 9/30/09 | 7.49 | 17.37 | 9.50 | 5.25 | † | 0.67 | 0.56 | |||||||||||||||||||
| Retirement Class | TCLFX | 10/15/04 | 7.40 | 17.16 | 9.40 | 5.17 | 0.77 | 0.66 | ||||||||||||||||||||
| 2025 Fund Composite Index‡ | — | 6.79 | 15.79 | 9.42 | 5.43 | — | — | |||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2025 Index | — | 6.57 | 15.26 | 8.91 | 5.32 | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor 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, 2017, the 2025 Fund Composite Index consisted of: 43.5% Russell 3000 Index; 31.9% Bloomberg Barclays U.S. Aggregate Bond Index; 18.6% MSCI ACWI ex USA IMI Index; 3.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 3.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2025 Index. For additional information, please see the funds’ current prospectus. |
| 26 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2025 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 42.61 | % | 40.32 | % | ||||
| International equity | 18.53 | 17.28 | ||||||
| Fixed income | ||||||||
| Fixed income | 31.38 | 31.00 | ||||||
| Short-term fixed income | 2.92 | 3.20 | ||||||
| Inflation-protected assets | 1.45 | 3.20 | ||||||
| Direct real estate | 2.98 | 5.00 | ||||||
| Other assets & liabilities, net | 0.13 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 27 |
Performance as of November 30, 2017
| Lifecycle 2030 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||
| Institutional Class | TCRIX | 1/17/07 | 8.52 | % | 19.46 | % | 10.58 | % | 5.52 | % | 0.53 | % | 0.42 | % | ||||||||||||||
| Advisor Class | TCHHX | 12/4/15 | 8.41 | 19.44 | 10.40 | † | 5.31 | † | 0.61 | 0.50 | ||||||||||||||||||
| Premier Class | TCHPX | 9/30/09 | 8.46 | 19.28 | 10.41 | 5.34 | † | 0.68 | 0.57 | |||||||||||||||||||
| Retirement Class | TCLNX | 10/15/04 | 8.33 | 19.11 | 10.31 | 5.26 | 0.78 | 0.67 | ||||||||||||||||||||
| 2030 Fund Composite Index‡ | — | 7.63 | 17.59 | 10.39 | 5.60 | — | — | |||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2030 Index | — | 7.49 | 16.98 | 9.75 | 5.49 | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor 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, 2017, the 2030 Fund Composite Index consisted of: 49.1% Russell 3000 Index; 27.9% Bloomberg Barclays U.S. Aggregate Bond Index; 21.0% MSCI ACWI ex USA IMI Index; 1.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 1.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2030 Index. For additional information, please see the funds’ current prospectus. |
| 28 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2030 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 48.63 | % | 46.62 | % | ||||
| International equity | 21.06 | 19.98 | ||||||
| Fixed income | ||||||||
| Fixed income | 25.31 | 26.00 | ||||||
| Short-term fixed income | 0.92 | 1.20 | ||||||
| Inflation-protected assets | 0.96 | 1.20 | ||||||
| Direct real estate | 2.98 | 5.00 | ||||||
| Other assets & liabilities, net | 0.14 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 29 |
Performance as of November 30, 2017
| Lifecycle 2035 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||
| Institutional Class | TCIIX | 1/17/07 | 9.39 | % | 21.30 | % | 11.43 | % | 5.78 | % | 0.54 | % | 0.43 | % | ||||||||||||||
| Advisor Class | TCYHX | 12/4/15 | 9.40 | 21.30 | 11.23 | † | 5.57 | † | 0.62 | 0.51 | ||||||||||||||||||
| Premier Class | TCYPX | 9/30/09 | 9.22 | 21.11 | 11.24 | 5.61 | † | 0.69 | 0.58 | |||||||||||||||||||
| Retirement Class | TCLRX | 10/15/04 | 9.20 | 21.01 | 11.13 | 5.52 | 0.79 | 0.68 | ||||||||||||||||||||
| 2035 Fund Composite Index‡ | — | 8.45 | 19.35 | 11.29 | 5.93 | — | — | |||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2035 Index | — | 8.36 | 18.64 | 10.48 | 5.65 | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor 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, 2017, the 2035 Fund Composite Index consisted of: 54.7% Russell 3000 Index; 23.4% MSCI ACWI ex USA IMI Index; and 21.9% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2035 Index. For additional information, please see the funds’ current prospectus. |
| 30 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2035 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 54.63 | % | 52.92 | % | ||||
| International equity | 23.59 | 22.68 | ||||||
| Fixed income | 18.64 | 19.40 | ||||||
| Direct real estate | 2.98 | 5.00 | ||||||
| Other assets & liabilities, net | 0.16 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 31 |
Performance as of November 30, 2017
| Lifecycle 2040 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||
| Institutional Class | TCOIX | 1/17/07 | 10.18 | % | 23.05 | % | 12.03 | % | 6.09 | % | 0.55 | % | 0.44 | % | ||||||||||||||
| Advisor Class | TCZHX | 12/4/15 | 10.19 | 23.05 | 11.85 | † | 5.87 | † | 0.63 | 0.52 | ||||||||||||||||||
| Premier Class | TCZPX | 9/30/09 | 10.22 | 22.96 | 11.86 | 5.92 | † | 0.70 | 0.59 | |||||||||||||||||||
| Retirement Class | TCLOX | 10/15/04 | 10.12 | 22.80 | 11.76 | 5.83 | 0.80 | 0.69 | ||||||||||||||||||||
| 2040 Fund Composite Index‡ | — | 9.27 | 21.10 | 11.97 | 6.26 | — | — | |||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2040 Index | — | 8.95 | 19.79 | 10.99 | 5.78 | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor 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, 2017, the 2040 Fund Composite Index consisted of: 60.3% Russell 3000 Index; 25.8% MSCI ACWI ex USA IMI Index; and 13.9% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2040 Index. For additional information, please see the funds’ current prospectus. |
| 32 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2040 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 60.60 | % | 59.22 | % | ||||
| International equity | 26.13 | 25.38 | ||||||
| Fixed income | 10.14 | 10.40 | ||||||
| Direct real estate | 2.98 | 5.00 | ||||||
| Other assets & liabilities, net | 0.15 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 33 |
Performance as of November 30, 2017
| Lifecycle 2045 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||
| Institutional Class | TTFIX | 11/30/07 | 10.66 | % | 23.95 | % | 12.21 | % | 6.02 | % | 0.57 | % | 0.45 | % | ||||||||||||||
| Advisor Class | TTFHX | 12/4/15 | 10.66 | 23.93 | 12.03 | † | 5.80 | † | 0.65 | 0.53 | ||||||||||||||||||
| Premier Class | TTFPX | 9/30/09 | 10.53 | 23.71 | 12.04 | 5.85 | † | 0.72 | 0.60 | |||||||||||||||||||
| Retirement Class | TTFRX | 11/30/07 | 10.47 | 23.56 | 11.93 | 5.76 | 0.82 | 0.70 | ||||||||||||||||||||
| 2045 Fund Composite Index‡ | — | 9.70 | 21.94 | 12.19 | 6.36 | — | — | |||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2045 Index | — | 9.25 | 20.53 | 11.37 | 5.81 | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor 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, 2017, the 2045 Fund Composite Index consisted of: 63.4% Russell 3000 Index; 27.2% MSCI ACWI ex USA IMI Index; and 9.4% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2045 Index. For additional information, please see the funds’ current prospectus. |
| 34 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2045 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 63.84 | % | 63.35 | % | ||||
| International equity | 27.40 | 27.15 | ||||||
| Fixed income | 5.56 | 4.50 | ||||||
| Direct real estate | 2.97 | 5.00 | ||||||
| Other assets & liabilities, net | 0.23 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 35 |
Performance as of November 30, 2017
| Lifecycle 2050 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||
| Institutional Class | TFTIX | 11/30/07 | 10.79 | % | 24.22 | % | 12.29 | % | 6.04 | % | 0.57 | % | 0.45 | % | ||||||||||||||
| Advisor Class | TFTHX | 12/4/15 | 10.79 | 24.20 | 12.12 | † | 5.82 | † | 0.65 | 0.53 | ||||||||||||||||||
| Premier Class | TCLPX | 9/30/09 | 10.75 | 24.08 | 12.12 | 5.86 | † | 0.72 | 0.60 | |||||||||||||||||||
| Retirement Class | TLFRX | 11/30/07 | 10.70 | 23.84 | 12.02 | 5.77 | 0.82 | 0.70 | ||||||||||||||||||||
| 2050 Fund Composite Index‡ | — | 9.82 | 22.22 | 12.27 | 6.41 | — | — | |||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2050 Index | — | 9.49 | 21.21 | 11.72 | 5.96 | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor 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, 2017, the 2050 Fund Composite Index consisted of: 64.3% Russell 3000 Index; 27.6% MSCI ACWI ex USA IMI Index; and 8.1% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2050 Index. For additional information, please see the funds’ current prospectus. |
| 36 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2050 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 64.68 | % | 64.23 | % | ||||
| International equity | 27.74 | 27.52 | ||||||
| Fixed income | 4.39 | 3.25 | ||||||
| Direct real estate | 2.97 | 5.00 | ||||||
| Other assets & liabilities, net | 0.22 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 37 |
Performance as of November 30, 2017
| Lifecycle 2055 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since fund inception | gross | net | |||||||||||||||||||||
| Institutional Class | TTRIX | 4/29/11 | 10.89 | % | 24.49 | % | 12.36 | % | 9.62 | % | 0.61 | % | 0.45 | % | ||||||||||||||
| Advisor Class | TTRHX | 12/4/15 | 10.89 | 24.47 | 12.19 | † | 9.42 | † | 0.69 | 0.53 | ||||||||||||||||||
| Premier Class | TTRPX | 4/29/11 | 10.86 | 24.26 | 12.20 | 9.45 | 0.76 | 0.60 | ||||||||||||||||||||
| Retirement Class | TTRLX | 4/29/11 | 10.78 | 24.16 | 12.08 | 9.34 | 0.86 | 0.70 | ||||||||||||||||||||
| 2055 Fund Composite Index‡ | — | 9.95 | 22.50 | 12.36 | 9.74 | § | — | — | ||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2055 Index | — | 9.57 | 21.54 | 11.95 | 9.16 | § | — | — | ||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 12.65 | § | — | — | ||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.07 | § | — | — | ||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the 2055 Fund Composite Index consisted of: 65.2% Russell 3000 Index; 27.9% MSCI ACWI ex USA IMI Index; and 6.9% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2055 Index. For additional information, please see the funds’ current prospectus. |
| 38 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2055 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 65.59 | % | 65.10 | % | ||||
| International equity | 28.03 | 27.90 | ||||||
| Fixed income | 3.27 | 2.00 | ||||||
| Direct real estate | 2.97 | 5.00 | ||||||
| Other assets & liabilities, net | 0.14 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 39 |
Performance as of November 30, 2017
| Lifecycle 2060 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | since fund inception | gross | net | ||||||||||||||||||
| Institutional Class | TLXNX | 9/26/14 | 11.01 | % | 24.57 | % | 10.00 | % | 1.20 | % | 0.45 | % | ||||||||||||
| Advisor Class | TLXHX | 12/4/15 | 11.01 | 24.55 | 9.90 | † | 1.28 | 0.53 | ||||||||||||||||
| Premier Class | TLXPX | 9/26/14 | 10.93 | 24.47 | 9.83 | 1.35 | 0.60 | |||||||||||||||||
| Retirement Class | TLXRX | 9/26/14 | 10.84 | 24.31 | 9.73 | 1.45 | 0.70 | |||||||||||||||||
| 2060 Fund Composite Index‡ | — | 10.08 | 22.78 | 9.55 | § | — | — | |||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||
| S&P Target Date 2060+ Index | — | 9.69 | 21.84 | 9.16 | § | — | — | |||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 11.68 | § | — | — | |||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 2.55 | § | — | — | |||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, and the waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the 2060 Fund Composite Index consisted of: 66.1% Russell 3000 Index; 28.3% MSCI ACWI ex USA IMI Index; and 5.6% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2060+ Index. For additional information, please see the funds’ current prospectus. |
| 40 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2060 Fund
Asset allocation
| % of | Target | |||||||
| net assets as | allocation | |||||||
| of 11/30/17 | for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 66.29 | % | 65.98 | % | ||||
| International equity | 28.17 | 28.27 | ||||||
| Fixed income | 2.22 | 0.75 | ||||||
| Direct real estate | 2.92 | 5.00 | ||||||
| Other assets & liabilities, net | 0.40 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 41 |
Portfolio of investments (unaudited)
Lifecycle Retirement Income Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—3.0% | ||||||||||||||
| 1,442,651 | b,c | TIAA-CREF Real Property Fund LP (purchased 8/1/16–11/27/17; cost $14,998,205) | $ | 15,566,208 | 3.0 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 15,566,208 | 3.0 | ||||||||||||
| FIXED INCOME—40.4% | ||||||||||||||
| 10,249,609 | TIAA-CREF Bond Fund | 106,390,942 | 20.4 | |||||||||||
| 7,173,430 | TIAA-CREF Bond Plus Fund | 74,962,343 | 14.4 | |||||||||||
| 934,992 | TIAA-CREF Emerging Markets Debt Fund | 9,798,713 | 1.9 | |||||||||||
| 1,052,793 | TIAA-CREF High-Yield Fund | 10,338,429 | 2.0 | |||||||||||
| 878,681 | TIAA-CREF International Bond Fund | 8,734,087 | 1.7 | |||||||||||
| TOTAL FIXED INCOME | 210,224,514 | 40.4 | ||||||||||||
| INFLATION-PROTECTED ASSETS—8.4% | ||||||||||||||
| 3,813,995 | TIAA-CREF Inflation-Linked Bond Fund | 43,899,083 | 8.4 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 43,899,083 | 8.4 | ||||||||||||
| INTERNATIONAL EQUITY—11.7% | ||||||||||||||
| 792,627 | TIAA-CREF Emerging Markets Equity Fund | 10,193,177 | 2.0 | |||||||||||
| 2,041,581 | TIAA-CREF Enhanced International Equity Index Fund | 17,190,112 | 3.3 | |||||||||||
| 951,027 | TIAA-CREF International Equity Fund | 12,724,743 | 2.4 | |||||||||||
| 934,386 | TIAA-CREF International Opportunities Fund | 12,315,205 | 2.4 | |||||||||||
| 636,933 | TIAA-CREF International Small-Cap Equity Fund | 8,248,281 | 1.6 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 60,671,518 | 11.7 | ||||||||||||
| SHORT-TERM FIXED INCOME—9.9% | ||||||||||||||
| 5,002,067 | TIAA-CREF Short-Term Bond Fund | 51,621,330 | 9.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 51,621,330 | 9.9 | ||||||||||||
| U.S. EQUITY—26.4% | ||||||||||||||
| 1,555,877 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 22,326,830 | 4.3 | |||||||||||
| 1,998,552 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 21,784,214 | 4.2 | |||||||||||
| 1,914,327 | TIAA-CREF Growth & Income Fund | 28,159,756 | 5.4 | |||||||||||
| 1,231,796 | TIAA-CREF Large-Cap Growth Fund | 25,424,266 | 4.9 | |||||||||||
| 1,243,342 | TIAA-CREF Large-Cap Value Fund | 24,866,849 | 4.8 | |||||||||||
| 416,453 | TIAA-CREF Small-Cap Equity Fund | 8,857,952 | 1.7 | |||||||||||
| 460,254 | TIAA-CREF Small/Mid-Cap Equity Fund | 5,891,246 | 1.1 | |||||||||||
| TOTAL U.S. EQUITY | 137,311,113 | 26.4 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $456,362,666) | 519,293,766 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $456,362,666) | 519,293,766 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,045,523 | 0.2 | ||||||||||||
| NET ASSETS | $ | 520,339,289 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $15,566,208 or 3.0% of net assets. |
| 42 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2010 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.7%a | ||||||||||||||
| DIRECT REAL ESTATE—3.0% | ||||||||||||||
| 3,484,544 | b,c | TIAA-CREF Real Property Fund LP (purchased 7/1/16–11/27/17; cost $36,162,936) | $ | 37,598,233 | 3.0 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 37,598,233 | 3.0 | ||||||||||||
| FIXED INCOME—39.8% | ||||||||||||||
| 24,496,196 | TIAA-CREF Bond Fund | 254,270,513 | 20.1 | |||||||||||
| 17,189,944 | TIAA-CREF Bond Plus Fund | 179,634,912 | 14.2 | |||||||||||
| 2,233,160 | TIAA-CREF Emerging Markets Debt Fund | 23,403,514 | 1.9 | |||||||||||
| 2,517,648 | TIAA-CREF High-Yield Fund | 24,723,306 | 2.0 | |||||||||||
| 2,093,037 | TIAA-CREF International Bond Fund | 20,804,783 | 1.6 | |||||||||||
| TOTAL FIXED INCOME | 502,837,028 | 39.8 | ||||||||||||
| INFLATION-PROTECTED ASSETS—7.4% | ||||||||||||||
| 8,100,305 | TIAA-CREF Inflation-Linked Bond Fund | 93,234,508 | 7.4 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 93,234,508 | 7.4 | ||||||||||||
| INTERNATIONAL EQUITY—12.4% | ||||||||||||||
| 2,047,166 | TIAA-CREF Emerging Markets Equity Fund | 26,326,550 | 2.1 | |||||||||||
| 5,255,213 | TIAA-CREF Enhanced International Equity Index Fund | 44,248,897 | 3.5 | |||||||||||
| 2,469,845 | TIAA-CREF International Equity Fund | 33,046,526 | 2.6 | |||||||||||
| 2,424,060 | TIAA-CREF International Opportunities Fund | 31,949,104 | 2.5 | |||||||||||
| 1,653,903 | TIAA-CREF International Small-Cap Equity Fund | 21,418,048 | 1.7 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 156,989,125 | 12.4 | ||||||||||||
| SHORT-TERM FIXED INCOME—8.9% | ||||||||||||||
| 10,852,041 | TIAA-CREF Short-Term Bond Fund | 111,993,065 | 8.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 111,993,065 | 8.9 | ||||||||||||
| U.S. EQUITY—28.2% | ||||||||||||||
| 4,042,022 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 58,003,012 | 4.6 | |||||||||||
| 5,190,738 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 56,579,048 | 4.5 | |||||||||||
| 4,970,605 | TIAA-CREF Growth & Income Fund | 73,117,605 | 5.8 | |||||||||||
| 3,196,739 | TIAA-CREF Large-Cap Growth Fund | 65,980,701 | 5.2 | |||||||||||
| 3,228,939 | TIAA-CREF Large-Cap Value Fund | 64,578,782 | 5.1 | |||||||||||
| 1,072,714 | TIAA-CREF Small-Cap Equity Fund | 22,816,626 | 1.8 | |||||||||||
| 1,194,631 | TIAA-CREF Small/Mid-Cap Equity Fund | 15,291,271 | 1.2 | |||||||||||
| TOTAL U.S. EQUITY | 356,367,045 | 28.2 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,048,436,684) | 1,259,019,004 | 99.7 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,048,436,684) | 1,259,019,004 | 99.7 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 3,533,515 | 0.3 | ||||||||||||
| NET ASSETS | $ | 1,262,552,519 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $37,598,233 or 3.0% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 43 |
Portfolio of investments (unaudited)
Lifecycle 2015 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—3.0% | ||||||||||||||
| 5,460,322 | b,c | TIAA-CREF Real Property Fund LP (purchased 8/1/16–11/27/17; cost $56,791,531) | $ | 58,916,870 | 3.0 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 58,916,870 | 3.0 | ||||||||||||
| FIXED INCOME—38.8% | ||||||||||||||
| 37,290,125 | TIAA-CREF Bond Fund | 387,071,498 | 19.6 | |||||||||||
| 26,219,549 | TIAA-CREF Bond Plus Fund | 273,994,290 | 13.9 | |||||||||||
| 3,404,076 | TIAA-CREF Emerging Markets Debt Fund | 35,674,712 | 1.8 | |||||||||||
| 3,836,669 | TIAA-CREF High-Yield Fund | 37,676,088 | 1.9 | |||||||||||
| 3,165,538 | TIAA-CREF International Bond Fund | 31,465,451 | 1.6 | |||||||||||
| TOTAL FIXED INCOME | 765,882,039 | 38.8 | ||||||||||||
| INFLATION-PROTECTED ASSETS—5.4% | ||||||||||||||
| 9,258,263 | TIAA-CREF Inflation-Linked Bond Fund | 106,562,606 | 5.4 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 106,562,606 | 5.4 | ||||||||||||
| INTERNATIONAL EQUITY—13.9% | ||||||||||||||
| 3,548,767 | TIAA-CREF Emerging Markets Equity Fund | 45,637,139 | 2.3 | |||||||||||
| 9,148,172 | TIAA-CREF Enhanced International Equity Index Fund | 77,027,607 | 3.9 | |||||||||||
| 4,341,366 | TIAA-CREF International Equity Fund | 58,087,479 | 2.9 | |||||||||||
| 4,264,910 | TIAA-CREF International Opportunities Fund | 56,211,512 | 2.9 | |||||||||||
| 2,906,427 | TIAA-CREF International Small-Cap Equity Fund | 37,638,233 | 1.9 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 274,601,970 | 13.9 | ||||||||||||
| SHORT-TERM FIXED INCOME—6.9% | ||||||||||||||
| 13,162,318 | TIAA-CREF Short-Term Bond Fund | 135,835,127 | 6.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 135,835,127 | 6.9 | ||||||||||||
| U.S. EQUITY—31.8% | ||||||||||||||
| 7,117,513 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 102,136,318 | 5.2 | |||||||||||
| 9,140,451 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 99,630,920 | 5.0 | |||||||||||
| 8,749,328 | TIAA-CREF Growth & Income Fund | 128,702,612 | 6.5 | |||||||||||
| 5,619,331 | TIAA-CREF Large-Cap Growth Fund | 115,983,000 | 5.9 | |||||||||||
| 5,672,459 | TIAA-CREF Large-Cap Value Fund | 113,449,174 | 5.8 | |||||||||||
| 1,865,278 | TIAA-CREF Small-Cap Equity Fund | 39,674,471 | 2.0 | |||||||||||
| 2,103,701 | TIAA-CREF Small/Mid-Cap Equity Fund | 26,927,369 | 1.4 | |||||||||||
| TOTAL U.S. EQUITY | 626,503,864 | 31.8 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,827,492,867) | 1,968,302,476 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,827,492,867) | 1,968,302,476 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 3,564,559 | 0.2 | ||||||||||||
| NET ASSETS | $ | 1,971,867,035 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $58,916,870 or 3.0% of net assets. |
| 44 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2020 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—3.0% | ||||||||||||||
| 10,519,870 | b,c | TIAA-CREF Real Property Fund LP (purchased 8/1/16–11/27/17; cost $109,387,523) | $ | 113,509,393 | 3.0 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 113,509,393 | 3.0 | ||||||||||||
| FIXED INCOME—35.9% | ||||||||||||||
| 66,367,245 | TIAA-CREF Bond Fund | 688,892,000 | 18.1 | |||||||||||
| 47,167,976 | TIAA-CREF Bond Plus Fund | 492,905,346 | 12.9 | |||||||||||
| 6,059,442 | TIAA-CREF Emerging Markets Debt Fund | 63,502,957 | 1.7 | |||||||||||
| 6,841,075 | TIAA-CREF High-Yield Fund | 67,179,361 | 1.8 | |||||||||||
| 5,528,246 | TIAA-CREF International Bond Fund | 54,950,762 | 1.4 | |||||||||||
| TOTAL FIXED INCOME | 1,367,430,426 | 35.9 | ||||||||||||
| INFLATION-PROTECTED ASSETS—3.4% | ||||||||||||||
| 11,295,290 | TIAA-CREF Inflation-Linked Bond Fund | 130,008,785 | 3.4 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 130,008,785 | 3.4 | ||||||||||||
| INTERNATIONAL EQUITY—16.0% | ||||||||||||||
| 7,814,362 | TIAA-CREF Emerging Markets Equity Fund | 100,492,695 | 2.6 | |||||||||||
| 20,064,783 | TIAA-CREF Enhanced International Equity Index Fund | 168,945,477 | 4.5 | |||||||||||
| 9,655,140 | TIAA-CREF International Equity Fund | 129,185,775 | 3.4 | |||||||||||
| 9,484,786 | TIAA-CREF International Opportunities Fund | 125,009,484 | 3.3 | |||||||||||
| 6,453,559 | TIAA-CREF International Small-Cap Equity Fund | 83,573,584 | 2.2 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 607,207,015 | 16.0 | ||||||||||||
| SHORT-TERM FIXED INCOME—4.9% | ||||||||||||||
| 18,068,933 | TIAA-CREF Short-Term Bond Fund | 186,471,387 | 4.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 186,471,387 | 4.9 | ||||||||||||
| U.S. EQUITY—36.6% | ||||||||||||||
| 15,832,692 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 227,199,129 | 6.0 | |||||||||||
| 20,326,184 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 221,555,407 | 5.8 | |||||||||||
| 19,446,746 | TIAA-CREF Growth & Income Fund | 286,061,628 | 7.5 | |||||||||||
| 12,495,598 | TIAA-CREF Large-Cap Growth Fund | 257,909,136 | 6.8 | |||||||||||
| 12,613,695 | TIAA-CREF Large-Cap Value Fund | 252,273,903 | 6.6 | |||||||||||
| 4,092,292 | TIAA-CREF Small-Cap Equity Fund | 87,043,043 | 2.3 | |||||||||||
| 4,677,962 | TIAA-CREF Small/Mid-Cap Equity Fund | 59,877,914 | 1.6 | |||||||||||
| TOTAL U.S. EQUITY | 1,391,920,160 | 36.6 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,450,390,905) | 3,796,547,166 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $3,450,390,905) | 3,796,547,166 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 5,769,262 | 0.2 | ||||||||||||
| NET ASSETS | $ | 3,802,316,428 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $113,509,393 or 3.0% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 45 |
Portfolio of investments (unaudited)
Lifecycle 2025 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| DIRECT REAL ESTATE—3.0% | ||||||||||||||
| 11,761,603 | b,c | TIAA-CREF Real Property Fund LP (purchased 8/1/16–11/27/17; cost $122,304,900) | $ | 126,907,698 | 3.0 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 126,907,698 | 3.0 | ||||||||||||
| FIXED INCOME—31.4% | ||||||||||||||
| 64,451,765 | TIAA-CREF Bond Fund | 669,009,321 | 15.7 | |||||||||||
| 46,767,002 | TIAA-CREF Bond Plus Fund | 488,715,166 | 11.5 | |||||||||||
| 5,908,518 | TIAA-CREF Emerging Markets Debt Fund | 61,921,268 | 1.5 | |||||||||||
| 6,661,098 | TIAA-CREF High-Yield Fund | 65,411,984 | 1.5 | |||||||||||
| 5,170,328 | TIAA-CREF International Bond Fund | 51,393,057 | 1.2 | |||||||||||
| TOTAL FIXED INCOME | 1,336,450,796 | 31.4 | ||||||||||||
| INFLATION-PROTECTED ASSETS—1.5% | ||||||||||||||
| 5,311,287 | TIAA-CREF Inflation-Linked Bond Fund | 61,132,910 | 1.5 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 61,132,910 | 1.5 | ||||||||||||
| INTERNATIONAL EQUITY—18.5% | ||||||||||||||
| 10,123,411 | TIAA-CREF Emerging Markets Equity Fund | 130,187,061 | 3.0 | |||||||||||
| 25,827,032 | TIAA-CREF Enhanced International Equity Index Fund | 217,463,610 | 5.1 | |||||||||||
| 12,617,533 | TIAA-CREF International Equity Fund | 168,822,588 | 4.0 | |||||||||||
| 12,379,248 | TIAA-CREF International Opportunities Fund | 163,158,487 | 3.8 | |||||||||||
| 8,433,623 | TIAA-CREF International Small-Cap Equity Fund | 109,215,423 | 2.6 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 788,847,169 | 18.5 | ||||||||||||
| SHORT-TERM FIXED INCOME—2.9% | ||||||||||||||
| 12,057,917 | TIAA-CREF Short-Term Bond Fund | 124,437,703 | 2.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 124,437,703 | 2.9 | ||||||||||||
| U.S. EQUITY—42.6% | ||||||||||||||
| 20,658,093 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 296,443,633 | 7.0 | |||||||||||
| 26,511,546 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 288,975,857 | 6.8 | |||||||||||
| 25,368,513 | TIAA-CREF Growth & Income Fund | 373,170,819 | 8.8 | |||||||||||
| 16,320,957 | TIAA-CREF Large-Cap Growth Fund | 336,864,554 | 7.9 | |||||||||||
| 16,478,732 | TIAA-CREF Large-Cap Value Fund | 329,574,637 | 7.7 | |||||||||||
| 5,274,651 | TIAA-CREF Small-Cap Equity Fund | 112,191,825 | 2.6 | |||||||||||
| 6,103,766 | TIAA-CREF Small/Mid-Cap Equity Fund | 78,128,207 | 1.8 | |||||||||||
| TOTAL U.S. EQUITY | 1,815,349,532 | 42.6 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,776,955,181) | 4,253,125,808 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $3,776,955,181) | 4,253,125,808 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 5,587,606 | 0.1 | ||||||||||||
| NET ASSETS | $ | 4,258,713,414 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $126,907,698 or 3.0% of net assets. |
| 46 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2030 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| DIRECT REAL ESTATE—3.0% | ||||||||||||||
| 11,560,535 | b,c | TIAA-CREF Real Property Fund LP (purchased 7/1/16–11/27/17; cost $120,209,473) | $ | 124,738,172 | 3.0 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 124,738,172 | 3.0 | ||||||||||||
| FIXED INCOME—25.3% | ||||||||||||||
| 53,666,162 | TIAA-CREF Bond Fund | 557,054,761 | 13.3 | |||||||||||
| 34,045,108 | TIAA-CREF Bond Plus Fund | 355,771,382 | 8.5 | |||||||||||
| 4,943,205 | TIAA-CREF Emerging Markets Debt Fund | 51,804,793 | 1.2 | |||||||||||
| 5,571,021 | TIAA-CREF High-Yield Fund | 54,707,422 | 1.3 | |||||||||||
| 4,075,923 | TIAA-CREF International Bond Fund | 40,514,675 | 1.0 | |||||||||||
| TOTAL FIXED INCOME | 1,059,853,033 | 25.3 | ||||||||||||
| INFLATION-PROTECTED ASSETS—1.0% | ||||||||||||||
| 3,428,756 | TIAA-CREF Inflation-Linked Bond Fund | 39,464,983 | 1.0 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 39,464,983 | 1.0 | ||||||||||||
| INTERNATIONAL EQUITY—21.1% | ||||||||||||||
| 11,258,857 | TIAA-CREF Emerging Markets Equity Fund | 144,788,897 | 3.5 | |||||||||||
| 28,685,990 | TIAA-CREF Enhanced International Equity Index Fund | 241,536,032 | 5.8 | |||||||||||
| 14,174,273 | TIAA-CREF International Equity Fund | 189,651,778 | 4.5 | |||||||||||
| 13,907,958 | TIAA-CREF International Opportunities Fund | 183,306,884 | 4.4 | |||||||||||
| 9,452,023 | TIAA-CREF International Small-Cap Equity Fund | 122,403,696 | 2.9 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 881,687,287 | 21.1 | ||||||||||||
| SHORT-TERM FIXED INCOME—0.9% | ||||||||||||||
| 3,817,842 | TIAA-CREF Short-Term Bond Fund | 39,400,133 | 0.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 39,400,133 | 0.9 | ||||||||||||
| U.S. EQUITY—48.6% | ||||||||||||||
| 23,169,168 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 332,477,562 | 7.9 | |||||||||||
| 29,754,987 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 324,329,358 | 7.8 | |||||||||||
| 28,487,053 | TIAA-CREF Growth & Income Fund | 419,044,543 | 10.0 | |||||||||||
| 18,323,834 | TIAA-CREF Large-Cap Growth Fund | 378,203,943 | 9.0 | |||||||||||
| 18,476,446 | TIAA-CREF Large-Cap Value Fund | 369,528,923 | 8.8 | |||||||||||
| 5,863,001 | TIAA-CREF Small-Cap Equity Fund | 124,706,023 | 3.0 | |||||||||||
| 6,857,451 | TIAA-CREF Small/Mid-Cap Equity Fund | 87,775,374 | 2.1 | |||||||||||
| TOTAL U.S. EQUITY | 2,036,065,726 | 48.6 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,625,594,429) | 4,181,209,334 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $3,625,594,429) | 4,181,209,334 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 6,166,951 | 0.1 | ||||||||||||
| NET ASSETS | $ | 4,187,376,285 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $124,738,172 or 3.0% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 47 |
Portfolio of investments (unaudited)
Lifecycle 2035 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—3.0% | ||||||||||||||
| 11,744,548 | b,c | TIAA-CREF Real Property Fund LP (purchased 7/1/16–11/27/17; cost $122,146,667) | $ | 126,723,671 | 3.0 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 126,723,671 | 3.0 | ||||||||||||
| FIXED INCOME—18.6% | ||||||||||||||
| 40,155,117 | TIAA-CREF Bond Fund | 416,810,111 | 9.8 | |||||||||||
| 25,738,106 | TIAA-CREF Bond Plus Fund | 268,963,206 | 6.3 | |||||||||||
| 3,757,334 | TIAA-CREF Emerging Markets Debt Fund | 39,376,861 | 0.9 | |||||||||||
| 4,212,027 | TIAA-CREF High-Yield Fund | 41,362,101 | 1.0 | |||||||||||
| 2,644,161 | TIAA-CREF International Bond Fund | 26,282,960 | 0.6 | |||||||||||
| TOTAL FIXED INCOME | 792,795,239 | 18.6 | ||||||||||||
| INTERNATIONAL EQUITY—23.6% | ||||||||||||||
| 12,723,681 | TIAA-CREF Emerging Markets Equity Fund | 163,626,537 | 3.9 | |||||||||||
| 32,503,727 | TIAA-CREF Enhanced International Equity Index Fund | 273,681,383 | 6.4 | |||||||||||
| 16,179,437 | TIAA-CREF International Equity Fund | 216,480,865 | 5.1 | |||||||||||
| 15,868,322 | TIAA-CREF International Opportunities Fund | 209,144,487 | 4.9 | |||||||||||
| 10,774,845 | TIAA-CREF International Small-Cap Equity Fund | 139,534,243 | 3.3 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,002,467,515 | 23.6 | ||||||||||||
| U.S. EQUITY—54.6% | ||||||||||||||
| 26,441,040 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 379,428,924 | 8.9 | |||||||||||
| 33,952,028 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 370,077,101 | 8.7 | |||||||||||
| 32,496,914 | TIAA-CREF Growth & Income Fund | 478,029,605 | 11.2 | |||||||||||
| 20,907,928 | TIAA-CREF Large-Cap Growth Fund | 431,539,629 | 10.2 | |||||||||||
| 21,123,079 | TIAA-CREF Large-Cap Value Fund | 422,461,575 | 9.9 | |||||||||||
| 6,638,225 | TIAA-CREF Small-Cap Equity Fund | 141,195,046 | 3.3 | |||||||||||
| 7,820,317 | TIAA-CREF Small/Mid-Cap Equity Fund | 100,100,056 | 2.4 | |||||||||||
| TOTAL U.S. EQUITY | 2,322,831,936 | 54.6 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,593,288,993) | 4,244,818,361 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $3,593,288,993) | 4,244,818,361 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 6,929,204 | 0.2 | ||||||||||||
| NET ASSETS | $ | 4,251,747,565 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $126,723,671 or 3.0% of net assets. |
| 48 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2040 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—3.0% | ||||||||||||||
| 14,565,318 | b,c | TIAA-CREF Real Property Fund LP (purchased 7/1/16–11/27/17; cost $151,472,750) | $ | 157,159,777 | 3.0 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 157,159,777 | 3.0 | ||||||||||||
| FIXED INCOME—10.1% | ||||||||||||||
| 27,210,181 | TIAA-CREF Bond Fund | 282,441,678 | 5.3 | |||||||||||
| 18,012,245 | TIAA-CREF Bond Plus Fund | 188,227,959 | 3.6 | |||||||||||
| 2,615,401 | TIAA-CREF Emerging Markets Debt Fund | 27,409,398 | 0.5 | |||||||||||
| 2,947,463 | TIAA-CREF High-Yield Fund | 28,944,086 | 0.5 | |||||||||||
| 926,492 | TIAA-CREF International Bond Fund | 9,209,335 | 0.2 | |||||||||||
| TOTAL FIXED INCOME | 536,232,456 | 10.1 | ||||||||||||
| INTERNATIONAL EQUITY—26.1% | ||||||||||||||
| 17,491,309 | TIAA-CREF Emerging Markets Equity Fund | 224,938,231 | 4.3 | |||||||||||
| 44,549,875 | TIAA-CREF Enhanced International Equity Index Fund | 375,109,951 | 7.1 | |||||||||||
| 22,284,391 | TIAA-CREF International Equity Fund | 298,165,153 | 5.6 | |||||||||||
| 21,899,246 | TIAA-CREF International Opportunities Fund | 288,632,062 | 5.5 | |||||||||||
| 14,869,095 | TIAA-CREF International Small-Cap Equity Fund | 192,554,785 | 3.6 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,379,400,182 | 26.1 | ||||||||||||
| U.S. EQUITY—60.6% | ||||||||||||||
| 36,490,489 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 523,638,514 | 9.9 | |||||||||||
| 46,848,157 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 510,644,916 | 9.7 | |||||||||||
| 44,746,793 | TIAA-CREF Growth & Income Fund | 658,225,327 | 12.4 | |||||||||||
| 28,822,578 | TIAA-CREF Large-Cap Growth Fund | 594,898,019 | 11.3 | |||||||||||
| 29,082,780 | TIAA-CREF Large-Cap Value Fund | 581,655,596 | 11.0 | |||||||||||
| 9,104,484 | TIAA-CREF Small-Cap Equity Fund | 193,652,377 | 3.7 | |||||||||||
| 10,781,992 | TIAA-CREF Small/Mid-Cap Equity Fund | 138,009,494 | 2.6 | |||||||||||
| TOTAL U.S. EQUITY | 3,200,724,243 | 60.6 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,354,556,149) | 5,273,516,658 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $4,354,556,149) | 5,273,516,658 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 7,973,284 | 0.2 | ||||||||||||
| NET ASSETS | $ | 5,281,489,942 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $157,159,777 or 3.0% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 49 |
Portfolio of investments (unaudited)
Lifecycle 2045 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—3.0% | ||||||||||||||
| 7,348,298 | b,c | TIAA-CREF Real Property Fund LP (purchased 7/1/16–11/27/17; cost $76,531,509) | $ | 79,288,133 | 3.0 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 79,288,133 | 3.0 | ||||||||||||
| FIXED INCOME—5.6% | ||||||||||||||
| 7,396,646 | TIAA-CREF Bond Fund | 76,777,183 | 2.9 | |||||||||||
| 5,183,319 | TIAA-CREF Bond Plus Fund | 54,165,683 | 2.1 | |||||||||||
| 760,124 | TIAA-CREF Emerging Markets Debt Fund | 7,966,104 | 0.3 | |||||||||||
| 848,165 | TIAA-CREF High-Yield Fund | 8,328,982 | 0.3 | |||||||||||
| 76,451 | TIAA-CREF International Bond Fund | 759,927 | 0.0 | |||||||||||
| TOTAL FIXED INCOME | 147,997,879 | 5.6 | ||||||||||||
| INTERNATIONAL EQUITY—27.4% | ||||||||||||||
| 9,290,816 | TIAA-CREF Emerging Markets Equity Fund | 119,479,893 | 4.5 | |||||||||||
| 23,308,325 | TIAA-CREF Enhanced International Equity Index Fund | 196,256,093 | 7.4 | |||||||||||
| 11,843,449 | TIAA-CREF International Equity Fund | 158,465,352 | 5.9 | |||||||||||
| 11,641,911 | TIAA-CREF International Opportunities Fund | 153,440,387 | 5.8 | |||||||||||
| 7,901,168 | TIAA-CREF International Small-Cap Equity Fund | 102,320,128 | 3.8 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 729,961,853 | 27.4 | ||||||||||||
| U.S. EQUITY—63.8% | ||||||||||||||
| 19,377,590 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 278,068,413 | 10.4 | |||||||||||
| 24,881,564 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 271,209,044 | 10.2 | |||||||||||
| 23,802,196 | TIAA-CREF Growth & Income Fund | 350,130,310 | 13.1 | |||||||||||
| 15,326,228 | TIAA-CREF Large-Cap Growth Fund | 316,333,355 | 11.9 | |||||||||||
| 15,473,321 | TIAA-CREF Large-Cap Value Fund | 309,466,430 | 11.6 | |||||||||||
| 4,821,907 | TIAA-CREF Small-Cap Equity Fund | 102,561,969 | 3.8 | |||||||||||
| 5,735,030 | TIAA-CREF Small/Mid-Cap Equity Fund | 73,408,390 | 2.8 | |||||||||||
| TOTAL U.S. EQUITY | 1,701,177,911 | 63.8 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $2,088,488,679) | 2,658,425,776 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $2,088,488,679) | 2,658,425,776 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 6,072,363 | 0.2 | ||||||||||||
| NET ASSETS | $ | 2,664,498,139 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $79,288,133 or 3.0% of net assets. |
| 50 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2050 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—3.0% | ||||||||||||||
| 4,715,540 | b,c | TIAA-CREF Real Property Fund LP (purchased 7/1/16–11/27/17; cost $49,134,338) | $ | 50,880,674 | 3.0 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 50,880,674 | 3.0 | ||||||||||||
| FIXED INCOME—4.4% | ||||||||||||||
| 3,703,292 | TIAA-CREF Bond Fund | 38,440,171 | 2.3 | |||||||||||
| 2,683,923 | TIAA-CREF Bond Plus Fund | 28,046,998 | 1.6 | |||||||||||
| 393,750 | TIAA-CREF Emerging Markets Debt Fund | 4,126,502 | 0.2 | |||||||||||
| 439,062 | TIAA-CREF High-Yield Fund | 4,311,587 | 0.3 | |||||||||||
| 25,623 | TIAA-CREF International Bond Fund | 254,691 | 0.0 | |||||||||||
| TOTAL FIXED INCOME | 75,179,949 | 4.4 | ||||||||||||
| INTERNATIONAL EQUITY—27.7% | ||||||||||||||
| 6,078,752 | TIAA-CREF Emerging Markets Equity Fund | 78,172,757 | 4.6 | |||||||||||
| 15,062,881 | TIAA-CREF Enhanced International Equity Index Fund | 126,829,456 | 7.4 | |||||||||||
| 7,710,447 | TIAA-CREF International Equity Fund | 103,165,780 | 6.0 | |||||||||||
| 7,588,696 | TIAA-CREF International Opportunities Fund | 100,019,014 | 5.8 | |||||||||||
| 5,152,397 | TIAA-CREF International Small-Cap Equity Fund | 66,723,546 | 3.9 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 474,910,553 | 27.7 | ||||||||||||
| U.S. EQUITY—64.7% | ||||||||||||||
| 12,616,358 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 181,044,734 | 10.6 | |||||||||||
| 16,197,369 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 176,551,324 | 10.3 | |||||||||||
| 15,501,210 | TIAA-CREF Growth & Income Fund | 228,022,802 | 13.3 | |||||||||||
| 9,981,639 | TIAA-CREF Large-Cap Growth Fund | 206,021,031 | 12.0 | |||||||||||
| 10,071,248 | TIAA-CREF Large-Cap Value Fund | 201,424,957 | 11.8 | |||||||||||
| 3,137,067 | TIAA-CREF Small-Cap Equity Fund | 66,725,408 | 3.9 | |||||||||||
| 3,733,395 | TIAA-CREF Small/Mid-Cap Equity Fund | 47,787,460 | 2.8 | |||||||||||
| TOTAL U.S. EQUITY | 1,107,577,716 | 64.7 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,353,899,608) | 1,708,548,892 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,353,899,608) | 1,708,548,892 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 3,719,807 | 0.2 | ||||||||||||
| NET ASSETS | $ | 1,712,268,699 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $50,880,674 or 3.0% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 51 |
Portfolio of investments (unaudited)
Lifecycle 2055 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
||||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | |||||||||||||||
| DIRECT REAL ESTATE—3.0% | |||||||||||||||
| 1,318,600 | b,c | TIAA-CREF Real Property Fund LP (purchased 7/1/16–11/27/17; cost $13,765,790) | $ | 14,227,697 | 3.0 | % | |||||||||
| TOTAL DIRECT REAL ESTATE | 14,227,697 | 3.0 | |||||||||||||
| FIXED INCOME—3.3% | |||||||||||||||
| 739,943 | TIAA-CREF Bond Fund | 7,680,610 | 1.6 | ||||||||||||
| 568,587 | TIAA-CREF Bond Plus Fund | 5,941,735 | 1.2 | ||||||||||||
| 82,804 | TIAA-CREF Emerging Markets Debt Fund | 867,791 | 0.2 | ||||||||||||
| 93,009 | TIAA-CREF High-Yield Fund | 913,349 | 0.2 | ||||||||||||
| 24,154 | TIAA-CREF International Bond Fund | 240,091 | 0.1 | ||||||||||||
| TOTAL FIXED INCOME | 15,643,576 | 3.3 | |||||||||||||
| INTERNATIONAL EQUITY—28.0% | |||||||||||||||
| 1,727,143 | TIAA-CREF Emerging Markets Equity Fund | 22,211,065 | 4.6 | ||||||||||||
| 4,224,322 | TIAA-CREF Enhanced International Equity Index Fund | 35,568,790 | 7.4 | ||||||||||||
| 2,185,361 | TIAA-CREF International Equity Fund | 29,240,128 | 6.1 | ||||||||||||
| 2,153,884 | TIAA-CREF International Opportunities Fund | 28,388,186 | 5.9 | ||||||||||||
| 1,463,423 | TIAA-CREF International Small-Cap Equity Fund | 18,951,333 | 4.0 | ||||||||||||
| TOTAL INTERNATIONAL EQUITY | 134,359,502 | 28.0 | |||||||||||||
| U.S. EQUITY—65.6% | |||||||||||||||
| 3,583,872 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 51,428,558 | 10.7 | ||||||||||||
| 4,600,963 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 50,150,495 | 10.5 | ||||||||||||
| 4,399,249 | TIAA-CREF Growth & Income Fund | 64,712,959 | 13.5 | ||||||||||||
| 2,833,368 | TIAA-CREF Large-Cap Growth Fund | 58,480,725 | 12.2 | ||||||||||||
| 2,856,062 | TIAA-CREF Large-Cap Value Fund | 57,121,248 | 11.9 | ||||||||||||
| 890,320 | TIAA-CREF Small-Cap Equity Fund | 18,937,100 | 4.0 | ||||||||||||
| 1,059,339 | TIAA-CREF Small/Mid-Cap Equity Fund | 13,559,534 | 2.8 | ||||||||||||
| TOTAL U.S. EQUITY | 314,390,619 | 65.6 | |||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $395,074,204) | 478,621,394 | 99.9 | ||||||||||||
| TOTAL PORTFOLIO | (Cost $395,074,204) | 478,621,394 | 99.9 | ||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 712,912 | 0.1 | |||||||||||||
| NET ASSETS | $ | 479,334,306 | 100.0 | % | |||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $14,227,697 or 3.0% of net assets. |
| 52 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2060 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
||||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.6%a | |||||||||||||||
| DIRECT REAL ESTATE—2.9% | |||||||||||||||
| 168,901 | b,c | TIAA-CREF Real Property Fund LP (purchased 7/1/16–11/27/17; cost $1,772,940) | $ | 1,822,443 | 2.9 | % | |||||||||
| TOTAL DIRECT REAL ESTATE | 1,822,443 | 2.9 | |||||||||||||
| FIXED INCOME—2.2% | |||||||||||||||
| 58,468 | TIAA-CREF Bond Fund | 606,895 | 1.0 | ||||||||||||
| 50,524 | TIAA-CREF Bond Plus Fund | 527,978 | 0.9 | ||||||||||||
| 7,662 | TIAA-CREF Emerging Markets Debt Fund | 80,294 | 0.1 | ||||||||||||
| 8,288 | TIAA-CREF High-Yield Fund | 81,386 | 0.1 | ||||||||||||
| 8,551 | TIAA-CREF International Bond Fund | 84,997 | 0.1 | ||||||||||||
| TOTAL FIXED INCOME | 1,381,550 | 2.2 | |||||||||||||
| INTERNATIONAL EQUITY—28.2% | |||||||||||||||
| 227,456 | TIAA-CREF Emerging Markets Equity Fund | 2,925,089 | 4.7 | ||||||||||||
| 542,049 | TIAA-CREF Enhanced International Equity Index Fund | 4,564,053 | 7.3 | ||||||||||||
| 287,582 | TIAA-CREF International Equity Fund | 3,847,841 | 6.2 | ||||||||||||
| 283,299 | TIAA-CREF International Opportunities Fund | 3,733,885 | 6.0 | ||||||||||||
| 192,643 | TIAA-CREF International Small-Cap Equity Fund | 2,494,722 | 4.0 | ||||||||||||
| TOTAL INTERNATIONAL EQUITY | 17,565,590 | 28.2 | |||||||||||||
| U.S. EQUITY—66.3% | |||||||||||||||
| 470,361 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 6,749,677 | 10.8 | ||||||||||||
| 604,316 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 6,587,044 | 10.6 | ||||||||||||
| 578,834 | TIAA-CREF Growth & Income Fund | 8,514,655 | 13.7 | ||||||||||||
| 372,570 | TIAA-CREF Large-Cap Growth Fund | 7,689,846 | 12.3 | ||||||||||||
| 375,889 | TIAA-CREF Large-Cap Value Fund | 7,517,788 | 12.1 | ||||||||||||
| 116,877 | TIAA-CREF Small-Cap Equity Fund | 2,485,964 | 4.0 | ||||||||||||
| 139,072 | TIAA-CREF Small/Mid-Cap Equity Fund | 1,780,124 | 2.8 | ||||||||||||
| TOTAL U.S. EQUITY | 41,325,098 | 66.3 | |||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $54,106,773) | 62,094,681 | 99.6 | ||||||||||||
| TOTAL PORTFOLIO | (Cost $54,106,773) | 62,094,681 | 99.6 | ||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 247,726 | 0.4 | |||||||||||||
| NET ASSETS | $ | 62,342,407 | 100.0 | % | |||||||||||
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Institutional Class shares of the affiliated TIAA-CREF Funds. |
| b | Indicates a security that has been deemed illiquid. |
| c | Restricted security. At 11/30/17, the total value of this security amounted to $1,822,443 or 2.9% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 53 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Lifecycle Funds ■ November 30, 2017
| Lifecycle Retirement Income Fund | Lifecycle 2010 Fund | Lifecycle 2015 Fund | Lifecycle 2020 Fund | Lifecycle 2025 Fund | Lifecycle 2030 Fund | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Affiliated investments, at value‡ | $ | 519,293,766 | $ | 1,259,019,004 | $ | 1,968,302,476 | $ | 3,796,547,166 | $ | 4,253,125,808 | $ | 4,181,209,334 | ||||||||||||
| Cash | — | 1,366,948 | 390,831 | 1,202,524 | 1,722,657 | 1,214,667 | ||||||||||||||||||
| Receivable from securities transactions | 1,459,296 | 3,105,373 | 5,315,891 | 10,886,445 | 11,569,110 | 10,731,318 | ||||||||||||||||||
| Receivable from Fund shares sold | 438,200 | 2,214,240 | 2,542,571 | 4,676,982 | 6,851,016 | 7,527,711 | ||||||||||||||||||
| Dividends and interest receivable | 590,378 | 1,390,542 | 2,054,429 | 3,573,725 | 3,386,419 | 2,582,540 | ||||||||||||||||||
| Due from affiliates | 6,731 | 12,522 | 18,832 | 35,018 | 39,041 | 38,301 | ||||||||||||||||||
| Other | 74,294 | 83,260 | 110,000 | 152,476 | 154,951 | 147,435 | ||||||||||||||||||
| Total assets | 521,862,665 | 1,267,191,889 | 1,978,735,030 | 3,817,074,336 | 4,276,849,002 | 4,203,451,306 | ||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||
| Management fees payable | 4,274 | 10,334 | 16,181 | 31,172 | 34,868 | 34,261 | ||||||||||||||||||
| Service agreement fees payable | 3,770 | 8,940 | 13,943 | 24,794 | 25,630 | 23,621 | ||||||||||||||||||
| Distribution fees payable | 27,397 | 18,652 | 31,809 | 66,218 | 75,489 | 75,267 | ||||||||||||||||||
| Due to affiliates | 14,878 | 17,012 | 20,970 | 30,929 | 33,100 | 32,605 | ||||||||||||||||||
| Overdraft payable | 268,851 | — | — | — | — | — | ||||||||||||||||||
| Payable for securities transactions | 1,032,626 | 4,418,459 | 5,811,966 | 14,131,521 | 15,833,669 | 15,140,130 | ||||||||||||||||||
| Payable for Fund shares redeemed | 140,421 | 80,086 | 844,796 | 280,394 | 1,930,758 | 572,294 | ||||||||||||||||||
| Payable for trustee compensation | 18,367 | 68,497 | 101,661 | 149,426 | 150,526 | 145,054 | ||||||||||||||||||
| Accrued expenses and other payables | 12,792 | 17,390 | 26,669 | 43,454 | 51,548 | 51,789 | ||||||||||||||||||
| Total liabilities | 1,523,376 | 4,639,370 | 6,867,995 | 14,757,908 | 18,135,588 | 16,075,021 | ||||||||||||||||||
| NET ASSETS | $ | 520,339,289 | $ | 1,262,552,519 | $ | 1,971,867,035 | $ | 3,802,316,428 | $ | 4,258,713,414 | $ | 4,187,376,285 | ||||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
| Paid-in-capital | $ | 457,461,817 | $ | 1,032,121,126 | $ | 1,744,836,538 | $ | 3,300,086,138 | $ | 3,619,937,259 | $ | 3,472,043,862 | ||||||||||||
| Undistributed net investment income (loss) | 1,098,079 | 15,395,063 | 22,470,410 | 38,199,683 | 36,348,516 | 29,572,818 | ||||||||||||||||||
| Accumulated net realized gain (loss) on total investments | (1,151,707 | ) | 4,454,010 | 63,750,478 | 117,874,346 | 126,257,012 | 130,144,700 | |||||||||||||||||
| Net unrealized appreciation (depreciation) on total investments | 62,931,100 | 210,582,320 | 140,809,609 | 346,156,261 | 476,170,627 | 555,614,905 | ||||||||||||||||||
| NET ASSETS | $ | 520,339,289 | $ | 1,262,552,519 | $ | 1,971,867,035 | $ | 3,802,316,428 | $ | 4,258,713,414 | $ | 4,187,376,285 | ||||||||||||
| INSTITUTIONAL CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 187,115,382 | $ | 676,154,687 | $ | 1,035,386,489 | $ | 2,055,443,279 | $ | 2,392,924,229 | $ | 2,419,380,257 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 15,735,929 | 55,888,475 | 98,085,842 | 188,620,181 | 215,363,468 | 215,803,801 | ||||||||||||||||||
| Net asset value per share | $11.89 | $12.10 | $10.56 | $10.90 | $11.11 | $11.21 | ||||||||||||||||||
| ADVISOR CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 112,073 | $ | 113,578 | $ | 112,304 | $ | 114,131 | $ | 128,882 | $ | 126,941 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 9,424 | 9,386 | 10,644 | 10,478 | 11,606 | 11,323 | ||||||||||||||||||
| Net asset value per share | $11.89 | $12.10 | $10.55 | $10.89 | $11.10 | $11.21 | ||||||||||||||||||
| PREMIER CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 38,679,970 | $ | 153,550,693 | $ | 260,137,679 | $ | 543,145,589 | $ | 619,666,552 | $ | 619,450,028 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 3,255,271 | 12,734,402 | 24,772,635 | 50,019,416 | 56,062,069 | 55,562,772 | ||||||||||||||||||
| Net asset value per share | $11.88 | $12.06 | $10.50 | $10.86 | $11.05 | $11.15 | ||||||||||||||||||
| RETIREMENT CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 183,596,959 | $ | 432,733,561 | $ | 676,230,563 | $ | 1,203,613,429 | $ | 1,245,993,751 | $ | 1,148,419,059 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 15,476,415 | 30,714,170 | 52,723,832 | 89,028,121 | 89,422,156 | 80,269,773 | ||||||||||||||||||
| Net asset value per share | $11.86 | $14.09 | $12.83 | $13.52 | $13.93 | $14.31 | ||||||||||||||||||
| RETAIL CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 110,834,905 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 9,334,309 | — | — | — | — | — | ||||||||||||||||||
| Net asset value per share | $11.87 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
| ‡ Affiliated investments, cost | $ | 456,362,666 | $ | 1,048,436,684 | $ | 1,827,492,867 | $ | 3,450,390,905 | $ | 3,776,955,181 | $ | 3,625,594,429 |
| 54 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 55 |
| Statements of assets and liabilities (unaudited) | concluded |
| TIAA-CREF Lifecycle Funds ■ November 30, 2017 |
| Lifecycle 2035 Fund | Lifecycle 2040 Fund | Lifecycle 2045 Fund | Lifecycle 2050 Fund | Lifecycle 2055 Fund | Lifecycle 2060 Fund | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Affiliated investments, at value‡ | $ | 4,244,818,361 | $ | 5,273,516,658 | $ | 2,658,425,776 | $ | 1,708,548,892 | $ | 478,621,394 | $ | 62,094,681 | ||||||||||||
| Cash | 1,523,055 | 1,756,901 | 2,189,809 | 1,529,792 | 531,637 | 108,500 | ||||||||||||||||||
| Receivable from securities transactions | 11,613,724 | 12,123,944 | 4,605,977 | 2,291,903 | 634,107 | 57,255 | ||||||||||||||||||
| Receivable from Fund shares sold | 8,605,929 | 9,391,375 | 8,743,777 | 5,878,810 | 2,267,693 | 309,150 | ||||||||||||||||||
| Dividends and interest receivable | 1,901,334 | 1,323,060 | 383,064 | 196,714 | 41,270 | 3,401 | ||||||||||||||||||
| Due from affiliates | 38,843 | 47,817 | 24,963 | 16,528 | 5,617 | 1,814 | ||||||||||||||||||
| Other | 147,062 | 190,115 | 75,913 | 55,398 | 7,066 | 20,734 | ||||||||||||||||||
| Total assets | 4,268,648,308 | 5,298,349,870 | 2,674,449,279 | 1,718,518,037 | 482,108,784 | 62,595,535 | ||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||
| Management fees payable | 34,795 | 43,154 | 21,771 | 13,970 | 3,909 | 504 | ||||||||||||||||||
| Service agreement fees payable | 21,594 | 26,538 | 12,434 | 8,026 | 2,580 | 330 | ||||||||||||||||||
| Distribution fees payable | 80,863 | 101,975 | 55,463 | 38,714 | 13,222 | 1,181 | ||||||||||||||||||
| Due to affiliates | 32,877 | 38,450 | 23,965 | 18,865 | 12,366 | 10,206 | ||||||||||||||||||
| Payable for securities transactions | 13,618,772 | 16,278,490 | 6,566,791 | 5,932,977 | 1,889,895 | 213,564 | ||||||||||||||||||
| Payable for Fund shares redeemed | 2,917,018 | 122,953 | 3,165,230 | 171,415 | 825,073 | 19,546 | ||||||||||||||||||
| Payable for trustee compensation | 145,767 | 191,892 | 62,194 | 36,669 | 6,892 | 532 | ||||||||||||||||||
| Accrued expenses and other payables | 49,057 | 56,476 | 43,292 | 28,702 | 20,541 | 7,265 | ||||||||||||||||||
| Total liabilities | 16,900,743 | 16,859,928 | 9,951,140 | 6,249,338 | 2,774,478 | 253,128 | ||||||||||||||||||
| NET ASSETS | $ | 4,251,747,565 | $ | 5,281,489,942 | $ | 2,664,498,139 | $ | 1,712,268,699 | $ | 479,334,306 | $ | 62,342,407 | ||||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
| Paid-in-capital | $ | 3,438,118,260 | $ | 4,156,805,651 | $ | 2,080,162,077 | $ | 1,348,810,216 | $ | 394,413,078 | $ | 54,710,401 | ||||||||||||
| Undistributed net investment income (loss) | 22,851,178 | 18,063,278 | 13,994,020 | 8,089,209 | 1,504,045 | 100,107 | ||||||||||||||||||
| Accumulated net realized gain (loss) on total investments | 139,248,759 | 187,660,504 | 404,945 | 719,990 | (130,007 | ) | (456,009 | ) | ||||||||||||||||
| Net unrealized appreciation (depreciation) on total investments | 651,529,368 | 918,960,509 | 569,937,097 | 354,649,284 | 83,547,190 | 7,987,908 | ||||||||||||||||||
| NET ASSETS | $ | 4,251,747,565 | $ | 5,281,489,942 | $ | 2,664,498,139 | $ | 1,712,268,699 | $ | 479,334,306 | $ | 62,342,407 | ||||||||||||
| INSTITUTIONAL CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 2,537,486,261 | $ | 3,148,867,681 | $ | 1,601,255,585 | $ | 1,001,208,082 | $ | 243,199,653 | $ | 35,964,122 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 222,263,860 | 271,883,632 | 123,369,010 | 76,786,242 | 16,478,372 | 2,996,553 | ||||||||||||||||||
| Net asset value per share | $11.42 | $11.58 | $12.98 | $13.04 | $14.76 | $12.00 | ||||||||||||||||||
| ADVISOR CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 124,947 | $ | 123,200 | $ | 127,174 | $ | 127,866 | $ | 128,867 | $ | 132,580 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 10,953 | 10,644 | 9,796 | 9,806 | 8,732 | 11,048 | ||||||||||||||||||
| Net asset value per share | $11.41 | $11.57 | $12.98 | $13.04 | $14.76 | $12.00 | ||||||||||||||||||
| PREMIER CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 666,789,777 | $ | 841,546,240 | $ | 460,112,509 | $ | 321,762,994 | $ | 110,647,613 | $ | 10,110,282 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 58,633,717 | 72,952,482 | 35,633,199 | 24,792,613 | 7,529,075 | 843,728 | ||||||||||||||||||
| Net asset value per share | $11.37 | $11.54 | $12.91 | $12.98 | $14.70 | $11.98 | ||||||||||||||||||
| RETIREMENT CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 1,047,346,580 | $ | 1,290,952,821 | $ | 603,002,871 | $ | 389,169,757 | $ | 125,358,173 | $ | 16,135,423 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 70,633,177 | 84,159,980 | 46,845,258 | 30,100,284 | 8,532,922 | 1,348,656 | ||||||||||||||||||
| Net asset value per share | $14.83 | $15.34 | $12.87 | $12.93 | $14.69 | $11.96 | ||||||||||||||||||
| ‡ Affiliated investments, cost | $ | 3,593,288,993 | $ | 4,354,556,149 | $ | 2,088,488,679 | $ | 1,353,899,608 | $ | 395,074,204 | $ | 54,106,773 |
| 56 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 57 |
Statements of operations (unaudited)
TIAA-CREF Lifecycle Funds ■ For the period ended November 30, 2017
| 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 | $ | 3,955,276 | $ | 9,532,853 | $ | 14,323,336 | $ | 24,953,182 | $ | 24,252,663 | $ | 20,035,636 | ||||||||||||
| Total income | 3,955,276 | 9,532,853 | 14,323,336 | 24,953,182 | 24,252,663 | 20,035,636 | ||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||
| Management fees | 252,631 | 622,192 | 972,334 | 1,841,197 | 2,028,445 | 1,983,738 | ||||||||||||||||||
| Shareholder servicing — Institutional Class | 546 | 606 | 748 | 1,150 | 1,264 | 1,288 | ||||||||||||||||||
| Shareholder servicing — Advisor Class | 7 | 7 | 10 | 7 | 39 | 20 | ||||||||||||||||||
| Shareholder servicing — Premier Class | 65 | 101 | 149 | 261 | 280 | 281 | ||||||||||||||||||
| Shareholder servicing — Retirement Class | 221,618 | 543,835 | 848,790 | 1,475,247 | 1,497,296 | 1,377,568 | ||||||||||||||||||
| Shareholder servicing — Retail Class | 12,472 | — | — | — | — | — | ||||||||||||||||||
| Distribution fees — Premier Class | 28,025 | 113,059 | 194,076 | 394,974 | 446,809 | 441,134 | ||||||||||||||||||
| Distribution fees — Retail Class | 134,033 | — | — | — | — | — | ||||||||||||||||||
| Shareholder reports | 42,303 | 30,548 | 43,085 | 70,564 | 73,859 | 72,022 | ||||||||||||||||||
| Registration fees | 41,423 | 37,965 | 38,442 | 43,425 | 43,663 | 39,388 | ||||||||||||||||||
| Administrative service fees | 21,829 | 24,894 | 30,542 | 45,360 | 48,862 | 48,223 | ||||||||||||||||||
| Professional fees | 15,643 | 13,981 | 15,204 | 19,262 | 19,633 | 19,481 | ||||||||||||||||||
| Trustee fees and expenses | 3,850 | 9,425 | 14,795 | 27,728 | 30,321 | 29,597 | ||||||||||||||||||
| Other expenses | 14,111 | 14,029 | 16,078 | 22,000 | 33,577 | 34,400 | ||||||||||||||||||
| Total expenses | 788,556 | 1,410,642 | 2,174,253 | 3,941,175 | 4,224,048 | 4,047,140 | ||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (151,707 | ) | (130,877 | ) | (158,699 | ) | (230,467 | ) | (252,305 | ) | (245,482 | ) | ||||||||||||
| Fee waiver by investment adviser and TPIS | (252,631 | ) | (622,192 | ) | (972,334 | ) | (1,841,197 | ) | (2,028,444 | ) | (1,983,738 | ) | ||||||||||||
| Net expenses | 384,218 | 657,573 | 1,043,220 | 1,869,511 | 1,943,299 | 1,817,920 | ||||||||||||||||||
| Net investment income (loss) | 3,571,058 | 8,875,280 | 13,280,116 | 23,083,671 | 22,309,364 | 18,217,716 | ||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||
| Realized gain (loss) from sale of affiliated investments | 3,673,813 | 15,134,091 | 29,990,560 | 53,563,845 | 55,508,028 | 53,382,554 | ||||||||||||||||||
| Net realized gain (loss) from investments | 3,673,813 | 15,134,091 | 29,990,560 | 53,563,845 | 55,508,028 | 53,382,554 | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 17,271,998 | 40,367,320 | 67,407,903 | 159,532,525 | 217,470,285 | 250,799,060 | ||||||||||||||||||
| Net realized and unrealized gain (loss) from investments | 20,945,811 | 55,501,411 | 97,398,463 | 213,096,370 | 272,978,313 | 304,181,614 | ||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 24,516,869 | $ | 64,376,691 | $ | 110,678,579 | $ | 236,180,041 | $ | 295,287,677 | $ | 322,399,330 | ||||||||||||
| 58 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 59 |
| Statements of operations (unaudited) | concluded |
| TIAA-CREF Lifecycle Funds ■ For the period ended November 30, 2017 |
| Lifecycle | Lifecycle | Lifecycle | Lifecycle | Lifecycle | Lifecycle | |||||||||||||||||||
| 2035 Fund | 2040 Fund | 2045 Fund | 2050 Fund | 2055 Fund | 2060 Fund | |||||||||||||||||||
| INVESTMENT INCOME | ||||||||||||||||||||||||
| Dividends from affiliated investments | $ | 16,056,051 | $ | 13,822,987 | $ | 5,245,181 | $ | 3,050,897 | $ | 748,598 | $ | 74,971 | ||||||||||||
| Total income | 16,056,051 | 13,822,987 | 5,245,181 | 3,050,897 | 748,598 | 74,971 | ||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||
| Management fees | 2,007,440 | 2,495,970 | 1,224,740 | 779,047 | 211,068 | 23,754 | ||||||||||||||||||
| Shareholder servicing — Institutional Class | 1,257 | 1,565 | 952 | 806 | 585 | 352 | ||||||||||||||||||
| Shareholder servicing — Advisor Class | 27 | 12 | 7 | 7 | 8 | 28 | ||||||||||||||||||
| Shareholder servicing — Premier Class | 284 | 351 | 206 | 160 | 99 | 65 | ||||||||||||||||||
| Shareholder servicing — Retirement Class | 1,257,117 | 1,537,343 | 707,999 | 451,676 | 141,927 | 16,806 | ||||||||||||||||||
| Distribution fees — Premier Class | 469,663 | 594,023 | 315,885 | 219,625 | 72,558 | 6,022 | ||||||||||||||||||
| Shareholder reports | 72,541 | 89,871 | 53,323 | 39,737 | 18,473 | 8,689 | ||||||||||||||||||
| Registration fees | 38,736 | 39,155 | 36,437 | 34,920 | 33,302 | 32,342 | ||||||||||||||||||
| Administrative service fees | 48,688 | 56,874 | 35,871 | 27,916 | 18,290 | 15,005 | ||||||||||||||||||
| Professional fees | 19,639 | 22,283 | 17,248 | 15,538 | 13,084 | 12,318 | ||||||||||||||||||
| Trustee fees and expenses | 29,882 | 37,221 | 18,044 | 11,470 | 3,043 | 370 | ||||||||||||||||||
| Other expenses | 34,794 | 36,539 | 39,109 | 28,977 | 18,816 | 9,518 | ||||||||||||||||||
| Total expenses | 3,980,068 | 4,911,207 | 2,449,821 | 1,609,879 | 531,253 | 125,269 | ||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (246,472 | ) | (284,675 | ) | (201,772 | ) | (160,140 | ) | (106,109 | ) | (78,771 | ) | ||||||||||||
| Fee waiver by investment adviser and TPIS | (2,007,440 | ) | (2,495,970 | ) | (1,224,739 | ) | (779,047 | ) | (211,068 | ) | (23,754 | ) | ||||||||||||
| Net expenses | 1,726,156 | 2,130,562 | 1,023,310 | 670,692 | 214,076 | 22,744 | ||||||||||||||||||
| Net investment income (loss) | 14,329,895 | 11,692,425 | 4,221,871 | 2,380,205 | 534,522 | 52,227 | ||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||
| Realized gain (loss) from sale of affiliated investments | 55,476,933 | 76,350,966 | 1,378,168 | 688,365 | 84,307 | (15,941 | ) | |||||||||||||||||
| Realized gain (loss) from sale of unaffiliated investments | — | — | — | — | — | (3,979 | ) | |||||||||||||||||
| Net realized gain (loss) from investments | 55,476,933 | 76,350,966 | 1,378,168 | 688,365 | 84,307 | (19,920 | ) | |||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 289,774,259 | 398,884,832 | 244,265,005 | 157,848,340 | 43,676,092 | 5,090,732 | ||||||||||||||||||
| Net realized and unrealized gain (loss) from investments | 345,251,192 | 475,235,798 | 245,643,173 | 158,536,705 | 43,760,399 | 5,070,812 | ||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 359,581,087 | $ | 486,928,223 | $ | 249,865,044 | $ | 160,916,910 | $ | 44,294,921 | $ | 5,123,039 | ||||||||||||
| 60 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 61 |
Statements of changes in net assets
TIAA-CREF Lifecycle Funds ■ For the period or year ended
| Lifecycle Retirement Income Fund | Lifecycle 2010 Fund | Lifecycle 2015 Fund | ||||||||||||||||||||||||
| November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ 3,571,058 | $ 8,705,407 | $ 8,875,280 | $ | 23,256,544 | $ 13,280,116 | $ | 36,533,943 | ||||||||||||||||||
| Net realized gain (loss) from investments | 3,673,813 | 3,339,573 | 15,134,091 | 18,335,734 | 29,990,560 | 53,943,946 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 17,271,998 | 26,167,483 | 40,367,320 | 64,421,724 | 67,407,903 | 91,256,986 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 24,516,869 | 38,212,463 | 64,376,691 | 106,014,002 | 110,678,579 | 181,734,875 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| From net investment income: | Institutional Class | (1,367,939 | ) | (3,709,139 | ) | — | (14,563,499 | ) | — | (23,608,049 | ) | |||||||||||||||
| Advisor Class | (811 | ) | (2,543 | ) | — | (2,642 | ) | — | (2,703 | ) | ||||||||||||||||
| Premier Class | (251,314 | ) | (772,233 | ) | — | (3,502,572 | ) | — | (5,943,868 | ) | ||||||||||||||||
| Retirement Class | (1,100,412 | ) | (3,389,518 | ) | — | (8,196,781 | ) | — | (12,384,439 | ) | ||||||||||||||||
| Retail Class | (664,237 | ) | (2,113,782 | ) | — | — | — | — | ||||||||||||||||||
| From realized gains: | Institutional Class | — | (2,188,139 | ) | — | (9,486,952 | ) | — | (32,510,050 | ) | ||||||||||||||||
| Advisor Class | — | (1,512 | ) | — | (1,731 | ) | — | (3,744 | ) | |||||||||||||||||
| Premier Class | — | (481,510 | ) | — | (2,421,212 | ) | — | (8,661,924 | ) | |||||||||||||||||
| Retirement Class | — | (2,193,675 | ) | — | (6,031,489 | ) | — | (19,328,913 | ) | |||||||||||||||||
| Retail Class | — | (1,386,559 | ) | — | — | — | — | |||||||||||||||||||
| Total distributions | (3,384,713 | ) | (16,238,610 | ) | — | (44,206,878 | ) | — | (102,443,690 | ) | ||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 18,657,100 | 53,146,040 | 56,573,220 | 116,820,889 | 60,454,116 | 143,229,473 | |||||||||||||||||||
| Premier Class | 4,578,546 | 10,898,551 | 7,935,406 | 27,878,233 | 10,780,706 | 42,411,281 | ||||||||||||||||||||
| Retirement Class | 15,519,061 | 38,645,071 | 14,931,458 | 50,369,717 | 16,467,315 | 54,965,689 | ||||||||||||||||||||
| Retail Class | 8,683,356 | 17,546,068 | — | — | — | — | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 1,367,939 | 5,897,278 | — | 24,050,451 | — | 56,118,099 | |||||||||||||||||||
| Premier Class | 251,314 | 1,253,743 | — | 5,923,784 | — | 14,605,792 | ||||||||||||||||||||
| Retirement Class | 1,100,412 | 5,583,193 | — | 14,228,270 | — | 31,713,352 | ||||||||||||||||||||
| Retail Class | 635,651 | 3,348,947 | — | — | — | — | ||||||||||||||||||||
| Redemptions: | Institutional Class | (19,633,550 | ) | (18,847,698 | ) | (54,377,405 | ) | (67,867,519 | ) | (71,260,469 | ) | (104,427,870 | ) | |||||||||||||
| Premier Class | (4,753,629 | ) | (7,246,115 | ) | (13,082,300 | ) | (32,233,703 | ) | (21,847,280 | ) | (37,669,939 | ) | ||||||||||||||
| Retirement Class | (15,375,064 | ) | (20,640,492 | ) | (38,784,369 | ) | (77,043,880 | ) | (61,407,082 | ) | (102,375,266 | ) | ||||||||||||||
| Retail Class | (7,134,616 | ) | (13,298,713 | ) | — | — | — | — | ||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 3,896,520 | 76,285,873 | (26,803,990 | ) | 62,126,242 | (66,812,694 | ) | 98,570,611 | ||||||||||||||||||
| Net increase (decrease) in net assets | 25,028,676 | 98,259,726 | 37,572,701 | 123,933,366 | 43,865,885 | 177,861,796 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 495,310,613 | 397,050,887 | 1,224,979,818 | 1,101,046,452 | 1,928,001,150 | 1,750,139,354 | ||||||||||||||||||||
| End of period | $520,339,289 | $495,310,613 | $1,262,552,519 | $1,224,979,818 | $1,971,867,035 | $1,928,001,150 | ||||||||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ 1,098,079 | $ 911,734 | $ 15,395,063 | $ 6,519,783 | $ 22,470,410 | $ 9,190,294 | ||||||||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 1,604,650 | 4,801,574 | 4,792,953 | 10,455,711 | 5,876,643 | 14,710,993 | |||||||||||||||||||
| Premier Class | 394,014 | 985,163 | 672,793 | 2,523,916 | 1,059,974 | 4,367,038 | ||||||||||||||||||||
| Retirement Class | 1,335,607 | 3,491,398 | 1,082,979 | 3,887,637 | 1,321,126 | 4,656,944 | ||||||||||||||||||||
| Retail Class | 749,473 | 1,584,062 | — | — | — | — | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | 118,483 | 542,271 | — | 2,231,025 | — | 6,021,255 | |||||||||||||||||||
| Premier Class | 21,772 | 115,424 | — | 550,538 | — | 1,573,900 | ||||||||||||||||||||
| Retirement Class | 95,477 | 514,675 | — | 1,131,023 | — | 2,794,128 | ||||||||||||||||||||
| Retail Class | 55,103 | 308,517 | — | — | — | — | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (1,687,490 | ) | (1,693,194 | ) | (4,600,678 | ) | (6,058,006 | ) | (6,953,872 | ) | (10,654,416 | ) | |||||||||||||
| Premier Class | (411,415 | ) | (652,554 | ) | (1,117,506 | ) | (2,907,132 | ) | (2,148,287 | ) | (3,881,083 | ) | ||||||||||||||
| Retirement Class | (1,331,501 | ) | (1,867,849 | ) | (2,819,530 | ) | (5,965,179 | ) | (4,939,190 | ) | (8,697,730 | ) | ||||||||||||||
| Retail Class | (616,625 | ) | (1,201,417 | ) | — | — | — | — | ||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 327,548 | 6,928,070 | (1,988,989 | ) | 5,849,533 | (5,783,606 | ) | 10,891,029 | ||||||||||||||||||
| 62 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 63 |
| Statements of changes in net assets | continued |
| TIAA-CREF Lifecycle Funds ■ For the period or year ended |
| Lifecycle 2020 Fund | Lifecycle 2025 Fund | Lifecycle 2030 Fund | ||||||||||||||||||||||||
| November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 23,083,671 | $ | 63,194,705 | $ | 22,309,364 | $ | 64,576,805 | $ | 18,217,716 | $ | 60,231,396 | ||||||||||||||
| Net realized gain (loss) from investments | 53,563,845 | 100,670,908 | 55,508,028 | 109,598,503 | 53,382,554 | 115,931,280 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 159,532,525 | 194,815,784 | 217,470,285 | 246,544,902 | 250,799,060 | 270,496,194 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 236,180,041 | 358,681,397 | 295,287,677 | 420,720,210 | 322,399,330 | 446,658,870 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| From net investment income: | Institutional Class | — | (41,050,712 | ) | — | (42,737,431 | ) | — | (41,356,339 | ) | ||||||||||||||||
| Advisor Class | — | (2,586 | ) | — | (2,685 | ) | — | (2,366 | ) | |||||||||||||||||
| Premier Class | — | (10,899,392 | ) | — | (11,388,545 | ) | — | (10,486,960 | ) | |||||||||||||||||
| Retirement Class | — | (18,857,802 | ) | — | (17,325,872 | ) | — | (14,604,570 | ) | |||||||||||||||||
| From realized gains: | Institutional Class | — | (63,519,879 | ) | — | (72,022,692 | ) | — | (78,359,669 | ) | ||||||||||||||||
| Advisor Class | — | (4,025 | ) | — | (4,577 | ) | — | (4,512 | ) | |||||||||||||||||
| Premier Class | — | (17,892,237 | ) | — | (20,392,135 | ) | — | (21,178,334 | ) | |||||||||||||||||
| Retirement Class | — | (33,178,434 | ) | — | (33,418,126 | ) | — | (31,899,691 | ) | |||||||||||||||||
| Total distributions | — | (185,405,067 | ) | — | (197,292,063 | ) | — | (197,892,441 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 125,806,120 | 318,949,151 | 177,732,157 | 379,180,635 | 167,579,024 | 354,512,521 | |||||||||||||||||||
| Advisor Class | — | — | — | 15,397 | 8,188 | — | ||||||||||||||||||||
| Premier Class | 24,028,701 | 76,329,167 | 29,132,052 | 88,001,424 | 32,320,478 | 78,537,765 | ||||||||||||||||||||
| Retirement Class | 49,037,317 | 115,280,415 | 59,649,486 | 135,447,562 | 53,907,530 | 131,467,404 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 104,570,591 | — | 114,760,123 | — | 119,716,008 | |||||||||||||||||||
| Advisor Class | — | — | — | 627 | — | — | ||||||||||||||||||||
| Premier Class | — | 28,791,629 | — | 31,780,680 | — | 31,665,294 | ||||||||||||||||||||
| Retirement Class | — | 52,036,236 | — | 50,743,998 | — | 46,504,261 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (92,634,869 | ) | (136,699,636 | ) | (86,725,243 | ) | (107,861,517 | ) | (74,497,804 | ) | (113,274,790 | ) | |||||||||||||
| Advisor Class | — | — | (5,200 | ) | — | — | — | |||||||||||||||||||
| Premier Class | (27,846,210 | ) | (53,810,383 | ) | (26,437,775 | ) | (46,903,274 | ) | (23,052,341 | ) | (41,265,987 | ) | ||||||||||||||
| Retirement Class | (71,255,603 | ) | (113,465,770 | ) | (64,076,777 | ) | (99,234,331 | ) | (58,581,930 | ) | (78,635,062 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 7,135,456 | 391,981,400 | 89,268,700 | 545,931,324 | 97,683,145 | 529,227,414 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 243,315,497 | 565,257,730 | 384,556,377 | 769,359,471 | 420,082,475 | 777,993,843 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 3,559,000,931 | 2,993,743,201 | 3,874,157,037 | 3,104,797,566 | 3,767,293,810 | 2,989,299,967 | ||||||||||||||||||||
| End of period | $ | 3,802,316,428 | $ | 3,559,000,931 | $ | 4,258,713,414 | $ | 3,874,157,037 | $ | 4,187,376,285 | $ | 3,767,293,810 | ||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | 38,199,683 | $ | 15,116,012 | $ | 36,348,516 | $ | 14,039,152 | $ | 29,572,818 | $ | 11,355,102 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 11,934,227 | 32,234,757 | 16,615,235 | 38,084,733 | 15,622,688 | 35,714,237 | |||||||||||||||||||
| Advisor Class | — | — | — | 1,548 | 778 | — | ||||||||||||||||||||
| Premier Class | 2,285,042 | 7,738,841 | 2,735,639 | 8,883,613 | 3,025,564 | 7,959,788 | ||||||||||||||||||||
| Retirement Class | 3,753,049 | 9,404,687 | 4,440,237 | 10,885,573 | 3,930,381 | 10,460,784 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 11,007,431 | — | 12,016,767 | — | 12,601,685 | |||||||||||||||||||
| Advisor Class | — | — | — | 66 | — | — | ||||||||||||||||||||
| Premier Class | — | 3,037,092 | — | 3,338,307 | — | 3,347,283 | ||||||||||||||||||||
| Retirement Class | — | 4,402,389 | — | 4,225,145 | — | 3,824,364 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (8,752,927 | ) | (13,633,401 | ) | (8,042,121 | ) | (10,667,452 | ) | (6,878,804 | ) | (11,205,601 | ) | |||||||||||||
| Advisor Class | — | — | (481 | ) | — | — | — | |||||||||||||||||||
| Premier Class | (2,662,818 | ) | (5,429,638 | ) | (2,484,217 | ) | (4,730,894 | ) | (2,172,294 | ) | (4,186,879 | ) | ||||||||||||||
| Retirement Class | (5,443,291 | ) | (9,291,350 | ) | (4,801,247 | ) | (8,025,443 | ) | (4,281,586 | ) | (6,253,553 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 1,113,282 | 39,470,808 | 8,463,045 | 54,011,963 | 9,246,727 | 52,262,108 | ||||||||||||||||||||
| 64 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 65 |
| Statements of changes in net assets | continued |
| TIAA-CREF Lifecycle Funds ■ For the period or year ended |
| Lifecycle 2035 Fund | Lifecycle 2040 Fund | Lifecycle 2045 Fund | ||||||||||||||||||||||||
| November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 14,329,895 | $ | 57,227,961 | $ | 11,692,425 | $ | 66,394,467 | $ | 4,221,871 | $ | 28,947,446 | ||||||||||||||
| Net realized gain (loss) from investments | 55,476,933 | 125,466,542 | 76,350,966 | 170,843,181 | 1,378,168 | 16,553,556 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 289,774,259 | 304,064,509 | 398,884,832 | 415,894,563 | 244,265,005 | 260,399,078 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 359,581,087 | 486,759,012 | 486,928,223 | 653,132,211 | 249,865,044 | 305,900,080 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| From net investment income: | Institutional Class | — | (40,058,924 | ) | — | (46,215,290 | ) | — | (14,202,510 | ) | ||||||||||||||||
| Advisor Class | — | (2,190 | ) | — | (2,021 | ) | — | (1,384 | ) | |||||||||||||||||
| Premier Class | — | (9,968,999 | ) | — | (11,573,622 | ) | — | (3,825,853 | ) | |||||||||||||||||
| Retirement Class | — | (11,962,751 | ) | — | (12,928,753 | ) | — | (4,943,221 | ) | |||||||||||||||||
| From realized gains: | Institutional Class | — | (86,983,288 | ) | — | (120,948,075 | ) | — | (28,071,100 | ) | ||||||||||||||||
| Advisor Class | — | (4,790 | ) | — | (5,330 | ) | — | (2,767 | ) | |||||||||||||||||
| Premier Class | — | (23,178,637 | ) | — | (32,642,871 | ) | — | (8,405,152 | ) | |||||||||||||||||
| Retirement Class | — | (30,416,301 | ) | — | (40,468,553 | ) | — | (11,792,756 | ) | |||||||||||||||||
| Total distributions | — | (202,575,880 | ) | — | (264,784,515 | ) | — | (71,244,743 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 171,773,585 | 345,257,719 | 176,320,997 | 367,676,423 | 149,526,394 | 298,751,043 | |||||||||||||||||||
| Advisor Class | — | 4,412 | 1,400 | — | — | — | ||||||||||||||||||||
| Premier Class | 37,108,250 | 85,215,442 | 36,572,173 | 92,608,299 | 37,759,990 | 76,112,810 | ||||||||||||||||||||
| Retirement Class | 47,437,532 | 115,298,988 | 52,241,608 | 115,627,165 | 45,738,138 | 92,478,256 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 127,042,212 | — | 167,163,365 | — | 42,273,609 | |||||||||||||||||||
| Premier Class | — | 33,147,636 | — | 44,216,493 | — | 12,231,005 | ||||||||||||||||||||
| Retirement Class | — | 42,379,052 | — | 53,397,306 | — | 16,735,977 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (87,578,584 | ) | (114,903,979 | ) | (117,988,155 | ) | (131,869,674 | ) | (35,395,662 | ) | (64,086,241 | ) | |||||||||||||
| Premier Class | (18,580,922 | ) | (35,023,835 | ) | (24,015,858 | ) | (40,125,224 | ) | (11,068,241 | ) | (19,072,558 | ) | ||||||||||||||
| Retirement Class | (59,186,632 | ) | (78,119,360 | ) | (63,013,887 | ) | (97,548,163 | ) | (32,497,875 | ) | (35,391,154 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 90,973,229 | 520,298,287 | 60,118,278 | 571,145,990 | 154,062,744 | 420,032,747 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 450,554,316 | 804,481,419 | 547,046,501 | 959,493,686 | 403,927,788 | 654,688,084 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 3,801,193,249 | 2,996,711,830 | 4,734,443,441 | 3,774,949,755 | 2,260,570,351 | 1,605,882,267 | ||||||||||||||||||||
| End of period | $ | 4,251,747,565 | $ | 3,801,193,249 | $ | 5,281,489,942 | $ | 4,734,443,441 | $ | 2,664,498,139 | $ | 2,260,570,351 | ||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | 22,851,178 | $ | 8,521,283 | $ | 18,063,278 | $ | 6,370,853 | $ | 13,994,020 | $ | 9,772,149 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 15,778,482 | 34,665,685 | 16,032,983 | 36,845,370 | 12,182,572 | 27,341,218 | |||||||||||||||||||
| Advisor Class | — | 425 | 124 | — | — | — | ||||||||||||||||||||
| Premier Class | 3,425,395 | 8,600,977 | 3,346,275 | 9,326,347 | 3,093,295 | 7,010,420 | ||||||||||||||||||||
| Retirement Class | 3,358,415 | 8,958,936 | 3,587,151 | 8,803,833 | 3,758,401 | 8,510,319 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 13,302,849 | — | 17,485,708 | — | 3,969,353 | |||||||||||||||||||
| Premier Class | — | 3,481,895 | — | 4,634,852 | — | 1,152,781 | ||||||||||||||||||||
| Retirement Class | — | 3,409,417 | — | 4,207,825 | — | 1,580,357 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (7,958,106 | ) | (11,311,842 | ) | (10,596,843 | ) | (12,921,213 | ) | (2,833,390 | ) | (5,778,387 | ) | |||||||||||||
| Premier Class | (1,722,539 | ) | (3,534,478 | ) | (2,209,564 | ) | (4,043,470 | ) | (917,115 | ) | (1,772,880 | ) | ||||||||||||||
| Retirement Class | (4,185,356 | ) | (6,093,158 | ) | (4,338,063 | ) | (7,432,083 | ) | (2,657,630 | ) | (3,258,530 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 8,696,291 | 51,480,706 | 5,822,063 | 56,907,169 | 12,626,133 | 38,754,651 | ||||||||||||||||||||
| 66 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 67 |
| Statements of changes in net assets | concluded |
| TIAA-CREF Lifecycle Funds ■ For the period or year ended |
| Lifecycle 2050 Fund | Lifecycle 2055 Fund | Lifecycle 2060 Fund | ||||||||||||||||||||||||
| November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 2,380,205 | $ | 17,648,217 | $ | 534,522 | $ | 3,977,262 | $ | 52,227 | $ | 282,378 | ||||||||||||||
| Net realized gain (loss) from investments | 688,365 | 10,145,255 | 84,307 | 2,862,136 | (19,920 | ) | 52,624 | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 157,848,340 | 164,018,558 | 43,676,092 | 39,077,681 | 5,090,732 | 3,414,445 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 160,916,910 | 191,812,030 | 44,294,921 | 45,917,079 | 5,123,039 | 3,749,447 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| From net investment income: | Institutional Class | — | (8,429,624 | ) | — | (1,759,220 | ) | — | (137,207 | ) | ||||||||||||||||
| Advisor Class | — | (1,360 | ) | — | (1,429 | ) | — | (1,443 | ) | |||||||||||||||||
| Premier Class | — | (2,517,668 | ) | — | (765,084 | ) | — | (43,885 | ) | |||||||||||||||||
| Retirement Class | — | (2,986,003 | ) | — | (857,087 | ) | — | (74,484 | ) | |||||||||||||||||
| From realized gains: | Institutional Class | — | (16,165,891 | ) | — | (2,605,441 | ) | — | (198,338 | ) | ||||||||||||||||
| Advisor Class | — | (2,638 | ) | — | (2,139 | ) | — | (2,113 | ) | |||||||||||||||||
| Premier Class | — | (5,358,783 | ) | — | (1,240,313 | ) | — | (69,258 | ) | |||||||||||||||||
| Retirement Class | — | (6,922,403 | ) | — | (1,501,096 | ) | — | (123,796 | ) | |||||||||||||||||
| Total distributions | — | (42,384,370 | ) | — | (8,731,809 | ) | — | (650,524 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 108,498,101 | 194,202,110 | 50,660,940 | 68,066,111 | 16,933,940 | 14,290,307 | |||||||||||||||||||
| Advisor Class | — | — | — | — | — | 3,000 | ||||||||||||||||||||
| Premier Class | 29,509,410 | 60,323,603 | 17,335,921 | 30,188,293 | 4,182,240 | 3,138,527 | ||||||||||||||||||||
| Retirement Class | 32,135,610 | 69,869,554 | 19,729,339 | 34,329,370 | 5,634,412 | 7,845,759 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 24,595,515 | — | 4,364,251 | — | 165,040 | |||||||||||||||||||
| Premier Class | — | 7,876,451 | — | 2,005,000 | — | 30,852 | ||||||||||||||||||||
| Retirement Class | — | 9,908,406 | — | 2,357,798 | — | 117,620 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (21,084,632 | ) | (35,480,602 | ) | (12,420,030 | ) | (5,945,330 | ) | (3,762,615 | ) | (1,628,014 | ) | |||||||||||||
| Premier Class | (7,166,534 | ) | (7,373,939 | ) | (1,262,110 | ) | (2,262,143 | ) | (756,452 | ) | (396,755 | ) | ||||||||||||||
| Retirement Class | (18,142,558 | ) | (20,545,196 | ) | (7,188,314 | ) | (6,024,382 | ) | (1,797,728 | ) | (2,694,080 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 123,749,397 | 303,375,902 | 66,855,746 | 127,078,968 | 20,433,797 | 20,872,256 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 284,666,307 | 452,803,562 | 111,150,667 | 164,264,238 | 25,556,836 | 23,971,179 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 1,427,602,392 | 974,798,830 | 368,183,639 | 203,919,401 | 36,785,571 | 12,814,392 | ||||||||||||||||||||
| End of period | $ | 1,712,268,699 | $ | 1,427,602,392 | $ | 479,334,306 | $ | 368,183,639 | $ | 62,342,407 | $ | 36,785,571 | ||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | 8,089,209 | $ | 5,709,004 | $ | 1,504,045 | $ | 969,523 | $ | 100,107 | $ | 47,880 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 8,799,171 | 17,721,040 | 3,633,464 | 5,489,157 | 1,484,354 | 1,404,612 | |||||||||||||||||||
| Advisor Class | — | — | — | — | — | 291 | ||||||||||||||||||||
| Premier Class | 2,407,022 | 5,540,814 | 1,251,581 | 2,452,190 | 370,129 | 310,096 | ||||||||||||||||||||
| Retirement Class | 2,625,503 | 6,415,807 | 1,423,729 | 2,777,314 | 493,905 | 778,357 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 2,302,951 | — | 361,878 | — | 16,841 | |||||||||||||||||||
| Premier Class | — | 740,268 | — | 166,667 | — | 3,148 | ||||||||||||||||||||
| Retirement Class | — | 933,874 | — | 195,830 | — | 12,014 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (1,685,701 | ) | (3,203,637 | ) | (875,168 | ) | (474,593 | ) | (331,431 | ) | (159,783 | ) | |||||||||||||
| Premier Class | (589,717 | ) | (685,903 | ) | (91,585 | ) | (184,917 | ) | (65,767 | ) | (39,822 | ) | ||||||||||||||
| Retirement Class | (1,482,367 | ) | (1,887,962 | ) | (512,367 | ) | (490,530 | ) | (156,166 | ) | (269,351 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 10,073,911 | 27,877,252 | 4,829,654 | 10,292,996 | 1,795,024 | 2,056,403 | ||||||||||||||||||||
| 68 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 69 |
TIAA-CREF Lifecycle Funds
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||
| period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE RETIREMENT INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $11.40 | $0.09 | $ 0.49 | $ 0.58 | $(0.09 | ) | $ — | $(0.09 | ) | $11.89 | 5.08 | %b | $187,115 | 0.16 | %c | 0.00 | %c | 1.57 | %c | 9 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.87 | 0.24 | 0.72 | 0.96 | (0.27 | ) | (0.16 | ) | (0.43 | ) | 11.40 | 9.09 | 179,048 | 0.16 | 0.00 | 2.14 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.38 | 0.22 | (0.27 | ) | (0.05 | ) | (0.26 | ) | (0.20 | ) | (0.46 | ) | 10.87 | (0.29 | ) | 131,032 | 0.15 | 0.00 | 2.02 | 18 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 11.41 | 0.09 | 0.48 | 0.57 | (0.09 | ) | — | (0.09 | ) | 11.89 | 4.99 | b | 112 | 0.17 | c | 0.01 | c | 1.55 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.88 | 0.24 | 0.72 | 0.96 | (0.27 | ) | (0.16 | ) | (0.43 | ) | 11.41 | 9.07 | 107 | 0.17 | 0.02 | 2.14 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 11.10 | 0.08 | 0.08 | 0.16 | (0.18 | ) | (0.20 | ) | (0.38 | ) | 10.88 | 1.57 | b | 102 | 0.18 | c | 0.03 | c | 1.62 | c | 18 | ||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 11.40 | 0.08 | 0.48 | 0.56 | (0.08 | ) | — | (0.08 | ) | 11.88 | 4.92 | b | 38,680 | 0.31 | c | 0.15 | c | 1.42 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.87 | 0.22 | 0.73 | 0.95 | (0.26 | ) | (0.16 | ) | (0.42 | ) | 11.40 | 8.93 | 37,047 | 0.31 | 0.15 | 2.01 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.37 | 0.20 | (0.26 | ) | (0.06 | ) | (0.24 | ) | (0.20 | ) | (0.44 | ) | 10.87 | (0.35 | ) | 30,459 | 0.30 | 0.15 | 1.87 | 18 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 11.38 | 0.08 | 0.47 | 0.55 | (0.07 | ) | — | (0.07 | ) | 11.86 | 4.87 | b | 183,597 | 0.41 | c | 0.25 | c | 1.31 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.85 | 0.21 | 0.72 | 0.93 | (0.24 | ) | (0.16 | ) | (0.40 | ) | 11.38 | 8.84 | 174,950 | 0.41 | 0.25 | 1.89 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.35 | 0.19 | (0.26 | ) | (0.07 | ) | (0.23 | ) | (0.20 | ) | (0.43 | ) | 10.85 | (0.45 | ) | 143,639 | 0.45 | 0.25 | 1.77 | 18 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/17 | # | 11.39 | 0.08 | 0.47 | 0.55 | (0.07 | ) | — | (0.07 | ) | 11.87 | 4.87 | b | 110,835 | 0.43 | c | 0.25 | c | 1.31 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.86 | 0.21 | 0.72 | 0.93 | (0.24 | ) | (0.16 | ) | (0.40 | ) | 11.39 | 8.82 | 104,158 | 0.44 | 0.25 | 1.90 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.36 | 0.19 | (0.26 | ) | (0.07 | ) | (0.23 | ) | (0.20 | ) | (0.43 | ) | 10.86 | (0.45 | ) | 91,818 | 0.43 | 0.25 | 1.77 | 18 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| 70 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 71 |
| Financial highlights | continued |
| TIAA-CREF Lifecycle Funds |
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||
| period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2010 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $11.48 | $0.09 | $ 0.53 | $ 0.62 | $ — | $ — | $ — | $12.10 | 5.40 | %b | $ 676,155 | 0.12 | %c | 0.00 | %c | 1.53 | %c | 9 | %b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.93 | 0.24 | 0.77 | 1.01 | (0.28 | ) | (0.18 | ) | (0.46 | ) | 11.48 | 9.59 | 639,496 | 0.12 | 0.00 | 2.11 | 26 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.58 | 0.22 | (0.30 | ) | (0.08 | ) | (0.27 | ) | (0.30 | ) | (0.57 | ) | 10.93 | (0.44 | ) | 536,150 | 0.12 | 0.00 | 2.02 | 19 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17# | 11.48 | 0.09 | 0.53 | 0.62 | — | — | — | 12.10 | 5.40 | b | 114 | 0.13 | c | 0.01 | c | 1.52 | c | 9 | b | ||||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.93 | 0.24 | 0.77 | 1.01 | (0.28 | ) | (0.18 | ) | (0.46 | ) | 11.48 | 9.57 | 108 | 0.14 | 0.02 | 2.13 | 26 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 11.37 | 0.08 | 0.05 | 0.13 | (0.27 | ) | (0.30 | ) | (0.57 | ) | 10.93 | 1.39 | b | 103 | 0.15 | c | 0.03 | c | 1.59 | c | 19 | ||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 11.45 | 0.08 | 0.53 | 0.61 | — | — | — | 12.06 | 5.33 | b | 153,551 | 0.27 | c | 0.15 | c | 1.38 | c | 9 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.90 | 0.22 | 0.78 | 1.00 | (0.27 | ) | (0.18 | ) | (0.45 | ) | 11.45 | 9.45 | 150,928 | 0.27 | 0.15 | 2.00 | 26 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.55 | 0.20 | (0.29 | ) | (0.09 | ) | (0.26 | ) | (0.30 | ) | (0.56 | ) | 10.90 | (0.58 | ) | 141,824 | 0.27 | 0.15 | 1.87 | 19 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 13.39 | 0.09 | 0.61 | 0.70 | — | — | — | 14.09 | 5.23 | b | 432,734 | 0.37 | c | 0.25 | c | 1.28 | c | 9 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 12.66 | 0.25 | 0.91 | 1.16 | (0.25 | ) | (0.18 | ) | (0.43 | ) | 13.39 | 9.42 | 434,448 | 0.37 | 0.25 | 1.90 | 26 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 13.33 | 0.22 | (0.35 | ) | (0.13 | ) | (0.24 | ) | (0.30 | ) | (0.54 | ) | 12.66 | (0.80 | ) | 422,969 | 0.42 | 0.25 | 1.76 | 19 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2015 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 9.97 | 0.08 | 0.51 | 0.59 | — | — | — | 10.56 | 5.92 | b | 1,035,386 | 0.12 | c | 0.00 | c | 1.47 | c | 7 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.61 | 0.20 | 0.77 | 0.97 | (0.26 | ) | (0.35 | ) | (0.61 | ) | 9.97 | 10.51 | 988,229 | 0.12 | 0.00 | 2.10 | 25 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.56 | 0.20 | (0.32 | ) | (0.12 | ) | (0.25 | ) | (0.58 | ) | (0.83 | ) | 9.61 | (0.79 | ) | 856,233 | 0.12 | 0.00 | 2.01 | 18 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 9.96 | 0.07 | 0.52 | 0.59 | — | — | — | 10.55 | 5.92 | b | 112 | 0.14 | c | 0.02 | c | 1.45 | c | 7 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.61 | 0.20 | 0.75 | 0.95 | (0.25 | ) | (0.35 | ) | (0.60 | ) | 9.96 | 10.38 | 106 | 0.15 | 0.03 | 2.10 | 25 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 10.35 | 0.07 | 0.02 | 0.09 | (0.25 | ) | (0.58 | ) | (0.83 | ) | 9.61 | 1.21 | b | 102 | 0.14 | c | 0.02 | c | 1.54 | c | 18 | ||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 9.92 | 0.07 | 0.51 | 0.58 | — | — | — | 10.50 | 5.85 | b | 260,138 | 0.27 | c | 0.15 | c | 1.32 | c | 7 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.57 | 0.19 | 0.75 | 0.94 | (0.24 | ) | (0.35 | ) | (0.59 | ) | 9.92 | 10.28 | 256,577 | 0.27 | 0.15 | 1.97 | 25 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.52 | 0.18 | (0.31 | ) | (0.13 | ) | (0.24 | ) | (0.58 | ) | (0.82 | ) | 9.57 | (0.94 | ) | 227,814 | 0.27 | 0.15 | 1.87 | 18 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 12.12 | 0.08 | 0.63 | 0.71 | — | — | — | 12.83 | 5.86 | b | 676,231 | 0.37 | c | 0.25 | c | 1.22 | c | 7 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.56 | 0.22 | 0.92 | 1.14 | (0.23 | ) | (0.35 | ) | (0.58 | ) | 12.12 | 10.18 | 683,089 | 0.37 | 0.25 | 1.86 | 25 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.53 | 0.21 | (0.38 | ) | (0.17 | ) | (0.22 | ) | (0.58 | ) | (0.80 | ) | 11.56 | (1.09 | ) | 665,990 | 0.42 | 0.25 | 1.76 | 18 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| 72 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 73 |
| Financial highlights | continued |
| TIAA-CREF Lifecycle Funds |
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||
| period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2020 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $10.22 | $0.07 | $ 0.61 | $ 0.68 | $ — | $ — | $ — | $10.90 | 6.65 | %b | $2,055,443 | 0.11 | %c | 0.00 | %c | 1.36 | %c | 8 | %b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.77 | 0.20 | 0.88 | 1.08 | (0.25 | ) | (0.38 | ) | (0.63 | ) | 10.22 | 11.57 | 1,894,346 | 0.11 | 0.00 | 2.04 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.72 | 0.20 | (0.36 | ) | (0.16 | ) | (0.25 | ) | (0.54 | ) | (0.79 | ) | 9.77 | (1.26 | ) | 1,521,819 | 0.12 | 0.00 | 1.98 | 14 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 10.21 | 0.07 | 0.61 | 0.68 | — | — | — | 10.89 | 6.66 | b | 114 | 0.13 | c | 0.01 | c | 1.34 | c | 8 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.76 | 0.21 | 0.87 | 1.08 | (0.25 | ) | (0.38 | ) | (0.63 | ) | 10.21 | 11.56 | 107 | 0.13 | 0.02 | 2.06 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16‡ | 10.48 | 0.07 | (0.01 | ) | 0.06 | (0.24 | ) | (0.54 | ) | (0.78 | ) | 9.76 | 0.88 | b | 102 | 0.14 | c | 0.03 | c | 1.43 | c | 14 | ||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 10.19 | 0.06 | 0.61 | 0.67 | — | — | — | 10.86 | 6.58 | b | 543,146 | 0.26 | c | 0.15 | c | 1.21 | c | 8 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.74 | 0.19 | 0.87 | 1.06 | (0.23 | ) | (0.38 | ) | (0.61 | ) | 10.19 | 11.44 | 513,388 | 0.26 | 0.15 | 1.90 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.69 | 0.18 | (0.36 | ) | (0.18 | ) | (0.23 | ) | (0.54 | ) | (0.77 | ) | 9.74 | (1.42 | ) | 438,819 | 0.27 | 0.15 | 1.83 | 14 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 12.69 | 0.07 | 0.76 | 0.83 | — | — | — | 13.52 | 6.54 | b | 1,203,613 | 0.36 | c | 0.25 | c | 1.11 | c | 8 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.98 | 0.22 | 1.09 | 1.31 | (0.22 | ) | (0.38 | ) | (0.60 | ) | 12.69 | 11.33 | 1,151,160 | 0.36 | 0.25 | 1.80 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.96 | 0.21 | (0.44 | ) | (0.23 | ) | (0.21 | ) | (0.54 | ) | (0.75 | ) | 11.98 | (1.54 | ) | 1,033,003 | 0.42 | 0.25 | 1.73 | 14 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2025 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 10.33 | 0.06 | 0.72 | 0.78 | — | — | — | 11.11 | 7.55 | b | 2,392,924 | 0.11 | c | 0.00 | c | 1.20 | c | 7 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.76 | 0.20 | 1.01 | 1.21 | (0.24 | ) | (0.40 | ) | (0.64 | ) | 10.33 | 12.89 | 2,135,802 | 0.11 | 0.00 | 1.97 | 20 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.81 | 0.19 | (0.43 | ) | (0.24 | ) | (0.24 | ) | (0.57 | ) | (0.81 | ) | 9.76 | (1.96 | ) | 1,633,946 | 0.12 | 0.00 | 1.96 | 11 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 10.33 | 0.06 | 0.71 | 0.77 | — | — | — | 11.10 | 7.45 | b | 129 | 0.17 | c | 0.06 | c | 1.13 | c | 7 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.76 | 0.20 | 1.00 | 1.20 | (0.23 | ) | (0.40 | ) | (0.63 | ) | 10.33 | 12.86 | 125 | 0.15 | 0.04 | 1.97 | 20 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 10.54 | 0.06 | (0.03 | ) | 0.03 | (0.24 | ) | (0.57 | ) | (0.81 | ) | 9.76 | 0.54 | b | 102 | 0.14 | c | 0.02 | c | 1.31 | c | 11 | |||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 10.28 | 0.06 | 0.71 | 0.77 | — | — | — | 11.05 | 7.49 | b | 619,667 | 0.26 | c | 0.15 | c | 1.05 | c | 7 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.72 | 0.18 | 1.00 | 1.18 | (0.22 | ) | (0.40 | ) | (0.62 | ) | 10.28 | 12.67 | 573,869 | 0.26 | 0.15 | 1.84 | 20 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.76 | 0.18 | (0.42 | ) | (0.24 | ) | (0.23 | ) | (0.57 | ) | (0.80 | ) | 9.72 | (2.02 | ) | 469,798 | 0.27 | 0.15 | 1.82 | 11 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 12.97 | 0.06 | 0.90 | 0.96 | — | — | — | 13.93 | 7.40 | b | 1,245,994 | 0.36 | c | 0.25 | c | 0.95 | c | 7 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 12.10 | 0.22 | 1.26 | 1.48 | (0.21 | ) | (0.40 | ) | (0.61 | ) | 12.97 | 12.60 | 1,164,361 | 0.36 | 0.25 | 1.74 | 20 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 13.19 | 0.21 | (0.52 | ) | (0.31 | ) | (0.21 | ) | (0.57 | ) | (0.78 | ) | 12.10 | (2.17 | ) | 1,000,951 | 0.42 | 0.25 | 1.71 | 11 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| 74 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 75 |
| Financial highlights | continued |
| TIAA-CREF Lifecycle Funds |
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||
| period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2030 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $10.33 | $0.05 | $ 0.83 | $ 0.88 | $ — | $ — | $ — | $11.21 | 8.52 | %b | $2,419,380 | 0.11 | %c | 0.00 | %c | 1.01 | %c | 5 | %b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.68 | 0.19 | 1.12 | 1.31 | (0.23 | ) | (0.43 | ) | (0.66 | ) | 10.33 | 14.06 | 2,139,891 | 0.11 | 0.00 | 1.90 | 20 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.81 | 0.19 | (0.49 | ) | (0.30 | ) | (0.24 | ) | (0.59 | ) | (0.83 | ) | 9.68 | (2.51 | ) | 1,645,188 | 0.12 | 0.00 | 1.93 | 12 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 10.34 | 0.05 | 0.82 | 0.87 | — | — | — | 11.21 | 8.41 | b | 127 | 0.15 | c | 0.03 | c | 0.97 | c | 5 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.68 | 0.19 | 1.12 | 1.31 | (0.22 | ) | (0.43 | ) | (0.65 | ) | 10.34 | 14.15 | 109 | 0.13 | 0.02 | 1.92 | 20 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 10.52 | 0.05 | (0.06 | ) | (0.01 | ) | (0.24 | ) | (0.59 | ) | (0.83 | ) | 9.68 | 0.15 | b | 102 | 0.14 | c | 0.03 | c | 1.19 | c | 12 | ||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 10.28 | 0.05 | 0.82 | 0.87 | — | — | — | 11.15 | 8.46 | b | 619,450 | 0.26 | c | 0.15 | c | 0.86 | c | 5 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.64 | 0.17 | 1.11 | 1.28 | (0.21 | ) | (0.43 | ) | (0.64 | ) | 10.28 | 13.85 | 562,680 | 0.26 | 0.15 | 1.76 | 20 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.77 | 0.18 | (0.50 | ) | (0.32 | ) | (0.22 | ) | (0.59 | ) | (0.81 | ) | 9.64 | (2.67 | ) | 458,645 | 0.27 | 0.15 | 1.80 | 12 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 13.21 | 0.05 | 1.05 | 1.10 | — | — | — | 14.31 | 8.33 | b | 1,148,419 | 0.36 | c | 0.25 | c | 0.76 | c | 5 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 12.20 | 0.21 | 1.43 | 1.64 | (0.20 | ) | (0.43 | ) | (0.63 | ) | 13.21 | 13.83 | 1,064,614 | 0.36 | 0.25 | 1.66 | 20 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 13.39 | 0.21 | (0.60 | ) | (0.39 | ) | (0.21 | ) | (0.59 | ) | (0.80 | ) | 12.20 | (2.73 | ) | 885,365 | 0.42 | 0.25 | 1.69 | 12 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2035 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 10.44 | 0.04 | 0.94 | 0.98 | — | — | — | 11.42 | 9.39 | b | 2,537,486 | 0.11 | c | 0.00 | c | 0.80 | c | 6 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.68 | 0.18 | 1.24 | 1.42 | (0.21 | ) | (0.45 | ) | (0.66 | ) | 10.44 | 15.36 | 2,238,549 | 0.11 | 0.00 | 1.79 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.92 | 0.18 | (0.55 | ) | (0.37 | ) | (0.22 | ) | (0.65 | ) | (0.87 | ) | 9.68 | (3.08 | ) | 1,721,118 | 0.12 | 0.00 | 1.82 | 11 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 10.43 | 0.04 | 0.94 | 0.98 | — | — | — | 11.41 | 9.40 | b | 125 | 0.16 | c | 0.05 | c | 0.75 | c | 6 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.68 | 0.18 | 1.23 | 1.41 | (0.21 | ) | (0.45 | ) | (0.66 | ) | 10.43 | 15.24 | 114 | 0.13 | 0.02 | 1.82 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 10.60 | 0.04 | (0.09 | ) | (0.05 | ) | (0.22 | ) | (0.65 | ) | (0.87 | ) | 9.68 | (0.17 | )b | 102 | 0.14 | c | 0.03 | c | 0.99 | c | 11 | ||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 10.41 | 0.04 | 0.92 | 0.96 | — | — | — | 11.37 | 9.22 | b | 666,790 | 0.26 | c | 0.15 | c | 0.65 | c | 6 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.65 | 0.16 | 1.25 | 1.41 | (0.20 | ) | (0.45 | ) | (0.65 | ) | 10.41 | 15.25 | 592,434 | 0.26 | 0.15 | 1.65 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.90 | 0.17 | (0.56 | ) | (0.39 | ) | (0.21 | ) | (0.65 | ) | (0.86 | ) | 9.65 | (3.33 | ) | 467,084 | 0.27 | 0.15 | 1.68 | 11 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 13.58 | 0.04 | 1.21 | 1.25 | — | — | — | 14.83 | 9.20 | b | 1,047,347 | 0.36 | c | 0.25 | c | 0.55 | c | 6 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 12.40 | 0.20 | 1.61 | 1.81 | (0.18 | ) | (0.45 | ) | (0.63 | ) | 13.58 | 15.10 | 970,096 | 0.36 | 0.25 | 1.55 | 21 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 13.73 | 0.20 | (0.69 | ) | (0.49 | ) | (0.19 | ) | (0.65 | ) | (0.84 | ) | 12.40 | (3.36 | ) | 808,408 | 0.42 | 0.25 | 1.58 | 11 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| 76 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 77 |
| Financial highlights | continued |
| TIAA-CREF Lifecycle Funds |
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||
| period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2040 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $10.51 | $0.03 | $ 1.04 | $ 1.07 | $ — | $ — | $ — | $11.58 | 10.18 | %b | $3,148,868 | 0.11 | %c | 0.00 | %c | 0.55 | %c | 6 | %b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.67 | 0.17 | 1.37 | 1.54 | (0.19 | ) | (0.51 | ) | (0.70 | ) | 10.51 | 16.65 | 2,799,289 | 0.11 | 0.00 | 1.67 | 25 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.05 | 0.17 | (0.62 | ) | (0.45 | ) | (0.21 | ) | (0.72 | ) | (0.93 | ) | 9.67 | (3.83 | ) | 2,177,059 | 0.11 | 0.00 | 1.70 | 11 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 10.50 | 0.03 | 1.04 | 1.07 | — | — | — | 11.57 | 10.19 | b | 123 | 0.13 | c | 0.02 | c | 0.53 | c | 6 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.67 | 0.17 | 1.36 | 1.53 | (0.19 | ) | (0.51 | ) | (0.70 | ) | 10.50 | 16.52 | 110 | 0.13 | 0.02 | 1.70 | 25 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 10.69 | 0.04 | (0.13 | ) | (0.09 | ) | (0.21 | ) | (0.72 | ) | (0.93 | ) | 9.67 | (0.60 | )b | 102 | 0.14 | c | 0.03 | c | 0.78 | c | 11 | ||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 10.47 | 0.02 | 1.05 | 1.07 | — | — | — | 11.54 | 10.22 | b | 841,546 | 0.26 | c | 0.15 | c | 0.40 | c | 6 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.65 | 0.15 | 1.36 | 1.51 | (0.18 | ) | (0.51 | ) | (0.69 | ) | 10.47 | 16.30 | 752,059 | 0.26 | 0.15 | 1.52 | 25 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.02 | 0.15 | (0.60 | ) | (0.45 | ) | (0.20 | ) | (0.72 | ) | (0.92 | ) | 9.65 | (3.89 | ) | 597,044 | 0.26 | 0.15 | 1.56 | 11 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 13.93 | 0.02 | 1.39 | 1.41 | — | — | — | 15.34 | 10.12 | b | 1,290,953 | 0.36 | c | 0.25 | c | 0.30 | c | 6 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 12.61 | 0.19 | 1.80 | 1.99 | (0.16 | ) | (0.51 | ) | (0.67 | ) | 13.93 | 16.29 | 1,182,985 | 0.36 | 0.25 | 1.43 | 25 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 14.10 | 0.19 | (0.78 | ) | (0.59 | ) | (0.18 | ) | (0.72 | ) | (0.90 | ) | 12.61 | (4.03 | ) | 1,000,745 | 0.41 | 0.25 | 1.47 | 11 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2045 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 11.73 | 0.03 | 1.22 | 1.25 | — | — | — | 12.98 | 10.66 | b | 1,601,256 | 0.12 | c | 0.00 | c | 0.43 | c | 4 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.42 | 0.18 | 1.55 | 1.73 | (0.14 | ) | (0.28 | ) | (0.42 | ) | 11.73 | 17.07 | 1,337,130 | 0.12 | 0.00 | 1.61 | 23 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.44 | 0.18 | (0.63 | ) | (0.45 | ) | (0.20 | ) | (0.37 | ) | (0.57 | ) | 10.42 | (3.71 | ) | 922,057 | 0.12 | 0.00 | 1.68 | 8 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 11.73 | 0.03 | 1.22 | 1.25 | — | — | — | 12.98 | 10.66 | b | 127 | 0.13 | c | 0.01 | c | 0.42 | c | 4 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.42 | 0.18 | 1.55 | 1.73 | (0.14 | ) | (0.28 | ) | (0.42 | ) | 11.73 | 17.05 | 115 | 0.13 | 0.01 | 1.64 | 23 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 11.08 | 0.04 | (0.13 | ) | (0.09 | ) | (0.20 | ) | (0.37 | ) | (0.57 | ) | 10.42 | (0.60 | )b | 102 | 0.15 | c | 0.03 | c | 0.73 | c | 8 | ||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 11.68 | 0.02 | 1.21 | 1.23 | — | — | — | 12.91 | 10.53 | b | 460,113 | 0.27 | c | 0.15 | c | 0.28 | c | 4 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.38 | 0.16 | 1.55 | 1.71 | (0.13 | ) | (0.28 | ) | (0.41 | ) | 11.68 | 16.88 | 390,630 | 0.27 | 0.15 | 1.47 | 23 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.40 | 0.16 | (0.62 | ) | (0.46 | ) | (0.19 | ) | (0.37 | ) | (0.56 | ) | 10.38 | (3.86 | ) | 280,898 | 0.27 | 0.15 | 1.55 | 8 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 11.65 | 0.01 | 1.21 | 1.22 | — | — | — | 12.87 | 10.47 | b | 603,003 | 0.37 | c | 0.25 | c | 0.18 | c | 4 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.35 | 0.15 | 1.55 | 1.70 | (0.12 | ) | (0.28 | ) | (0.40 | ) | 11.65 | 16.82 | 532,695 | 0.37 | 0.25 | 1.38 | 23 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.37 | 0.15 | (0.63 | ) | (0.48 | ) | (0.17 | ) | (0.37 | ) | (0.54 | ) | 10.35 | (3.98 | ) | 402,825 | 0.42 | 0.25 | 1.45 | 8 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| 78 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 79 |
| Financial highlights | continued |
| TIAA-CREF Lifecycle Funds |
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||
| period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2050 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $11.77 | $0.02 | $ 1.25 | $ 1.27 | $ — | $ — | $ — | $13.04 | 10.79 | %b | $1,001,208 | 0.12 | %c | 0.00 | %c | 0.39 | %c | 4 | %b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.42 | 0.17 | 1.59 | 1.76 | (0.14 | ) | (0.27 | ) | (0.41 | ) | 11.77 | 17.29 | 819,879 | 0.12 | 0.00 | 1.59 | 22 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.42 | 0.17 | (0.61 | ) | (0.44 | ) | (0.20 | ) | (0.36 | ) | (0.56 | ) | 10.42 | (3.67 | ) | 550,907 | 0.13 | 0.00 | 1.66 | 9 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 11.77 | 0.02 | 1.25 | 1.27 | — | — | — | 13.04 | 10.79 | b | 128 | 0.13 | c | 0.01 | c | 0.38 | c | 4 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.42 | 0.18 | 1.58 | 1.76 | (0.14 | ) | (0.27 | ) | (0.41 | ) | 11.77 | 17.27 | 115 | 0.14 | 0.01 | 1.62 | 22 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 11.06 | 0.03 | (0.11 | ) | (0.08 | ) | (0.20 | ) | (0.36 | ) | (0.56 | ) | 10.42 | (0.55 | )b | 102 | 0.16 | c | 0.03 | c | 0.70 | c | 9 | ||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 11.72 | 0.01 | 1.25 | 1.26 | — | — | — | 12.98 | 10.75 | b | 321,763 | 0.27 | c | 0.15 | c | 0.24 | c | 4 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.39 | 0.16 | 1.57 | 1.73 | (0.13 | ) | (0.27 | ) | (0.40 | ) | 11.72 | 16.99 | 269,303 | 0.27 | 0.15 | 1.45 | 22 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.38 | 0.16 | (0.60 | ) | (0.44 | ) | (0.19 | ) | (0.36 | ) | (0.55 | ) | 10.39 | (3.73 | ) | 180,517 | 0.28 | 0.15 | 1.53 | 9 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 11.68 | 0.01 | 1.24 | 1.25 | — | — | — | 12.93 | 10.70 | b | 389,170 | 0.37 | c | 0.25 | c | 0.14 | c | 4 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.35 | 0.15 | 1.57 | 1.72 | (0.12 | ) | (0.27 | ) | (0.39 | ) | 11.68 | 16.95 | 338,305 | 0.37 | 0.25 | 1.35 | 22 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.35 | 0.15 | (0.62 | ) | (0.47 | ) | (0.17 | ) | (0.36 | ) | (0.53 | ) | 10.35 | (3.93 | ) | 243,273 | 0.43 | 0.25 | 1.44 | 9 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2055 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 13.31 | 0.02 | 1.43 | 1.45 | — | — | — | 14.76 | 10.89 | b | 243,200 | 0.15 | c | 0.00 | c | 0.36 | c | 5 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.72 | 0.19 | 1.82 | 2.01 | (0.17 | ) | (0.25 | ) | (0.42 | ) | 13.31 | 17.43 | 182,552 | 0.16 | 0.00 | 1.56 | 18 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.77 | 0.19 | (0.67 | ) | (0.48 | ) | (0.22 | ) | (0.35 | ) | (0.57 | ) | 11.72 | (3.62 | ) | 97,784 | 0.19 | 0.00 | 1.62 | 24 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 13.31 | 0.02 | 1.43 | 1.45 | — | — | — | 14.76 | 10.89 | b | 129 | 0.16 | c | 0.01 | c | 0.34 | c | 5 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.72 | 0.20 | 1.80 | 2.00 | (0.16 | ) | (0.25 | ) | (0.41 | ) | 13.31 | 17.41 | 116 | 0.18 | 0.02 | 1.59 | 18 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 12.36 | 0.04 | (0.11 | ) | (0.07 | ) | (0.22 | ) | (0.35 | ) | (0.57 | ) | 11.72 | (0.44 | )b | 102 | 0.21 | c | 0.03 | c | 0.67 | c | 24 | ||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 13.26 | 0.01 | 1.43 | 1.44 | — | — | — | 14.70 | 10.86 | b | 110,648 | 0.30 | c | 0.15 | c | 0.20 | c | 5 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.68 | 0.17 | 1.81 | 1.98 | (0.15 | ) | (0.25 | ) | (0.40 | ) | 13.26 | 17.27 | 84,446 | 0.31 | 0.15 | 1.42 | 18 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.73 | 0.17 | (0.66 | ) | (0.49 | ) | (0.21 | ) | (0.35 | ) | (0.56 | ) | 11.68 | (3.76 | ) | 45,977 | 0.34 | 0.15 | 1.49 | 24 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 13.26 | 0.01 | 1.42 | 1.43 | — | — | — | 14.69 | 10.78 | b | 125,358 | 0.40 | c | 0.25 | c | 0.10 | c | 5 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.69 | 0.16 | 1.80 | 1.96 | (0.14 | ) | (0.25 | ) | (0.39 | ) | 13.26 | 17.06 | 101,070 | 0.41 | 0.25 | 1.31 | 18 | |||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.73 | 0.16 | (0.66 | ) | (0.50 | ) | (0.19 | ) | (0.35 | ) | (0.54 | ) | 11.69 | (3.81 | ) | 60,056 | 0.49 | 0.25 | 1.33 | 24 | ||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| 80 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 81 |
| 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 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 | ||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2060 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $10.81 | $0.02 | $ 1.17 | $ 1.19 | $ — | $ — | $ — | $12.00 | 11.01 | %b | $35,964 | 0.43 | %c | 0.00 | %c | 0.31 | %c | 23 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.51 | 0.14 | 1.50 | 1.64 | (0.14 | ) | (0.20 | ) | (0.34 | ) | 10.81 | 17.52 | 19,932 | 0.75 | 0.00 | 1.44 | 79 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.48 | 0.16 | (0.55 | ) | (0.39 | ) | (0.19 | ) | (0.39 | ) | (0.58 | ) | 9.51 | (3.52 | ) | 5,533 | 1.15 | 0.00 | 1.67 | 54 | ||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 10.81 | 0.02 | 1.17 | 1.19 | — | — | — | 12.00 | 11.01 | b | 133 | 0.48 | c | 0.05 | c | 0.27 | c | 23 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.51 | 0.15 | 1.48 | 1.63 | (0.13 | ) | (0.20 | ) | (0.33 | ) | 10.81 | 17.50 | 119 | 0.77 | 0.03 | 1.53 | 79 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/16‡ | 10.15 | 0.03 | (0.09 | ) | (0.06 | ) | (0.19 | ) | (0.39 | ) | (0.58 | ) | 9.51 | (0.39 | )b | 102 | 1.16 | c | 0.02 | c | 0.65 | c | 54 | |||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 10.80 | 0.01 | 1.17 | 1.18 | — | — | — | 11.98 | 10.93 | b | 10,110 | 0.58 | c | 0.15 | c | 0.16 | c | 23 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.50 | 0.13 | 1.49 | 1.62 | (0.12 | ) | (0.20 | ) | (0.32 | ) | 10.80 | 17.41 | 5,826 | 0.90 | 0.15 | 1.32 | 79 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.47 | 0.15 | (0.56 | ) | (0.41 | ) | (0.17 | ) | (0.39 | ) | (0.56 | ) | 9.50 | (3.68 | ) | 2,527 | 1.30 | 0.15 | 1.52 | 54 | ||||||||||||||||||||||||||||||||||||||
| 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: | 11/30/17 | # | 10.79 | 0.00 | d | 1.17 | 1.17 | — | — | — | 11.96 | 10.84 | b | 16,135 | 0.68 | c | 0.25 | c | 0.07 | c | 23 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 9.50 | 0.12 | 1.49 | 1.61 | (0.12 | ) | (0.20 | ) | (0.32 | ) | 10.79 | 17.23 | 10,908 | 1.00 | 0.25 | 1.20 | 79 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 10.47 | 0.15 | (0.56 | ) | (0.41 | ) | (0.17 | ) | (0.39 | ) | (0.56 | ) | 9.50 | (3.74 | ) | 4,652 | 1.45 | 0.25 | 1.55 | 54 | ||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||
| # | Unaudited |
| ^ | The Fund commenced operations on September 26, 2014. |
| ‡ | The Advisor Class commenced operations on December 4, 2015. |
| 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. |
| 82 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 83 |
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, LLC (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to five share classes, although any one Fund may not necessarily offer all five classes. The Funds may offer Institutional, Advisor, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
The accompanying 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.
| 84 | 2017 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.
New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new Forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 1, 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 85 |
Notes to financial statements (unaudited)
during the deferral period. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On August 1, 2017, the Funds implemented amendments to Regulation S-X related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but resulted in new disclosures in the schedules of investments for certain investment types. Please refer to Note 3 of the financial statements disclosures for details.
In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds’ liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.
In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact the Funds’ financial statements and other filings.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
| • | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
In accordance with ASC 820, certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statements of Assets and Liabilities.
| 86 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:
Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.
Investments in unregistered limited partnerships: These investments are measured at fair value as of the valuation date using the NAV per share practical expedient and are not categorized within the fair value hierarchy.
Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2017, there were no transfers between levels by the Funds.
The following table summarizes the market value of the Funds’ investments as of November 30, 2017, based on the inputs used to value them:
| Fair value | ||||||||||||||||||||
| using practical | ||||||||||||||||||||
| Fund | Level 1 | Level 2 | Level 3 | expedienta | Total | |||||||||||||||
| Lifecycle Retirement Income | ||||||||||||||||||||
| Registered investment companies | $ | 503,727,558 | $ | — | $ | — | $ | — | $ | 503,727,558 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 15,566,208 | 15,566,208 | |||||||||||||||
| Total | $ | 503,727,558 | $ | — | $ | — | $ | 15,566,208 | $ | 519,293,766 | ||||||||||
| Lifecycle 2010 | ||||||||||||||||||||
| Registered investment companies | $ | 1,221,420,771 | $ | — | $ | — | $ | — | $ | 1,221,420,771 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 37,598,233 | 37,598,233 | |||||||||||||||
| Total | $ | 1,221,420,771 | $ | — | $ | — | $ | 37,598,233 | $ | 1,259,019,004 | ||||||||||
| Lifecycle 2015 | ||||||||||||||||||||
| Registered investment companies | $ | 1,909,385,606 | $ | — | $ | — | $ | — | $ | 1,909,385,606 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 58,916,870 | 58,916,870 | |||||||||||||||
| Total | $ | 1,909,385,606 | $ | — | $ | — | $ | 58,916,870 | $ | 1,968,302,476 | ||||||||||
| Lifecycle 2020 | ||||||||||||||||||||
| Registered investment companies | $ | 3,683,037,773 | $ | — | $ | — | $ | — | $ | 3,683,037,773 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 113,509,393 | 113,509,393 | |||||||||||||||
| Total | $ | 3,683,037,773 | $ | — | $ | — | $ | 113,509,393 | $ | 3,796,547,166 | ||||||||||
| Lifecycle 2025 | ||||||||||||||||||||
| Registered investment companies | $ | 4,126,218,110 | $ | — | $ | — | $ | — | $ | 4,126,218,110 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 126,907,698 | 126,907,698 | |||||||||||||||
| Total | $ | 4,126,218,110 | $ | — | $ | — | $ | 126,907,698 | $ | 4,253,125,808 | ||||||||||
| Lifecycle 2030 | ||||||||||||||||||||
| Registered investment companies | $ | 4,056,471,162 | $ | — | $ | — | $ | — | $ | 4,056,471,162 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 124,738,172 | 124,738,172 | |||||||||||||||
| Total | $ | 4,056,471,162 | $ | — | $ | — | $ | 124,738,172 | $ | 4,181,209,334 | ||||||||||
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 87 |
Notes to financial statements (unaudited)
| Fair value | ||||||||||||||||||||
| using practical | ||||||||||||||||||||
| Fund | Level 1 | Level 2 | Level 3 | expedienta | Total | |||||||||||||||
| Lifecycle 2035 | ||||||||||||||||||||
| Registered investment companies | $ | 4,118,094,690 | $ | — | $ | — | $ | — | $ | 4,118,094,690 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 126,723,671 | 126,723,671 | |||||||||||||||
| Total | $ | 4,118,094,690 | $ | — | $ | — | $ | 126,723,671 | $ | 4,244,818,361 | ||||||||||
| Lifecycle 2040 | ||||||||||||||||||||
| Registered investment companies | $ | 5,116,356,881 | $ | — | $ | — | $ | — | $ | 5,116,356,881 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 157,159,777 | 157,159,777 | |||||||||||||||
| Total | $ | 5,116,356,881 | $ | — | $ | — | $ | 157,159,777 | $ | 5,273,516,658 | ||||||||||
| Lifecycle 2045 | ||||||||||||||||||||
| Registered investment companies | $ | 2,579,137,643 | $ | — | $ | — | $ | — | $ | 2,579,137,643 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 79,288,133 | 79,288,133 | |||||||||||||||
| Total | $ | 2,579,137,643 | $ | — | $ | — | $ | 79,288,133 | $ | 2,658,425,776 | ||||||||||
| Lifecycle 2050 | ||||||||||||||||||||
| Registered investment companies | $ | 1,657,668,218 | $ | — | $ | — | $ | — | $ | 1,657,668,218 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 50,880,674 | 50,880,674 | |||||||||||||||
| Total | $ | 1,657,668,218 | $ | — | $ | — | $ | 50,880,674 | $ | 1,708,548,892 | ||||||||||
| Lifecycle 2055 | ||||||||||||||||||||
| Registered investment companies | $ | 464,393,697 | $ | — | $ | — | $ | — | $ | 464,393,697 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 14,227,697 | 14,227,697 | |||||||||||||||
| Total | $ | 464,393,697 | $ | — | $ | — | $ | 14,227,697 | $ | 478,621,394 | ||||||||||
| Lifecycle 2060 | ||||||||||||||||||||
| Registered investment companies | $ | 60,272,238 | $ | — | $ | — | $ | — | $ | 60,272,238 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 1,822,443 | 1,822,443 | |||||||||||||||
| Total | $ | 60,272,238 | $ | — | $ | — | $ | 1,822,443 | $ | 62,094,681 | ||||||||||
| a | In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of assets and liabilities. |
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, 2020. 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
| 88 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
maintenance of Retirement Class shares on retirement plan or other platforms. Substantially, all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement.
Under the terms of the distribution Rule 12b-1 plan, the Retirement Class of each Fund and the Retail Class of the Retirement Income Fund compensated TPIS for providing distribution, promotional and/or shareholder services to the Retirement Class of each Fund and the Retail Class of the Retirement Income Fund at the maximum annual rates of 0.05% and 0.25% of the average daily net assets attributable to each Fund’s Retirement Class and the Retirement Income Fund’s Retail Class, respectively. However, TPIS has agreed not to seek any reimbursements under the distribution Rule 12b-1 plan from the Retirement Class and the plan is suspended through September 30, 2018. 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.
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 0.00% of average daily net assets for the Institutional Class shares; 0.15% of average daily net assets for the Advisor Class shares; 0.15% of average daily net assets for the Premier Class shares; 0.25% of average daily net assets for the Retirement Class shares; and 0.25% of average daily net assets for the Retail Class shares of the Retirement Income Fund. The expense reimbursement arrangements will continue through at least September 30, 2018, unless changed with approval of the Board.
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended November 30, 2017, these transactions did not materially impact the Funds.
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 89 |
Notes to financial statements (unaudited)
The following is the percentage of the Funds’ shares owned by TIAA and its registered separate account (collectively “TIAA Access”) as of November 30, 2017:
| Fund | TIAA | TIAA Access | ||||||
| Lifecycle Retirement Income | — | % | 9 | % | ||||
| Lifecycle 2010 | — | 8 | ||||||
| Lifecycle 2015 | — | 9 | ||||||
| Lifecycle 2020 | — | 10 | ||||||
| Lifecycle 2025 | — | 10 | ||||||
| Lifecycle 2030 | — | 10 | ||||||
| Lifecycle 2035 | — | 10 | ||||||
| Lifecycle 2040 | — | 10 | ||||||
| Lifecycle 2045 | — | 11 | ||||||
| Lifecycle 2050 | — | 16 | ||||||
| Lifecycle 2055 | — | 7 | ||||||
| Lifecycle 2060 | 20 | 7 | ||||||
| 90 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in the TIAA-CREF Real Property Fund LP and in the Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle Retirement Income Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 101,950 | $ | 8,337 | $ | 3,486 | $ | (22 | ) | $ | (388 | ) | $ | 1,525 | $ | 106,391 | ||||||||||||
| Bond Plus | 66,823 | 10,442 | 2,079 | (43 | ) | (180 | ) | 1,114 | 74,963 | |||||||||||||||||||
| Emerging Markets Debt | 9,351 | 756 | 450 | 16 | 126 | 270 | 9,799 | |||||||||||||||||||||
| Emerging Markets Equity | 9,673 | 682 | 1,555 | 221 | 1,172 | — | 10,193 | |||||||||||||||||||||
| Enhanced International Equity Index | 16,587 | 937 | 1,739 | 111 | 1,294 | — | 17,190 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 22,585 | 786 | 3,913 | 705 | 2,164 | — | 22,327 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 21,224 | 1,677 | 3,235 | 170 | 1,949 | — | 21,785 | |||||||||||||||||||||
| Growth & Income | 27,507 | 1,240 | 3,333 | 444 | 2,302 | 174 | 28,160 | |||||||||||||||||||||
| High-Yield | 9,865 | 999 | 455 | (3 | ) | (68 | ) | 255 | 10,338 | |||||||||||||||||||
| Inflation-Linked Bond | 44,402 | 5,857 | 6,350 | (48 | ) | 38 | — | 43,899 | ||||||||||||||||||||
| International Bond | 9,065 | 631 | 1,144 | (29 | ) | 211 | — | 8,734 | ||||||||||||||||||||
| International Equity | 12,886 | 842 | 2,265 | 455 | 807 | — | 12,725 | |||||||||||||||||||||
| International Opportunities | 12,312 | 545 | 1,992 | 299 | 1,151 | — | 12,315 | |||||||||||||||||||||
| International Small-Cap Equity | 8,026 | 333 | 1,015 | 89 | 815 | — | 8,248 | |||||||||||||||||||||
| Large-Cap Growth | 25,218 | 1,380 | 4,361 | 817 | 2,370 | — | 25,424 | |||||||||||||||||||||
| Large-Cap Value | 23,634 | 2,611 | 3,293 | 251 | 1,664 | — | 24,867 | |||||||||||||||||||||
| Short-Term Bond | 51,850 | 4,319 | 4,345 | (15 | ) | (188 | ) | 463 | 51,621 | |||||||||||||||||||
| Small-Cap Equity | 7,331 | 1,377 | 878 | 145 | 883 | — | 8,858 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 5,491 | 428 | 848 | 95 | 725 | — | 5,891 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 9,146 | 6,437 | 458 | 16 | 425 | 154 | 15,566 | |||||||||||||||||||||
| $ | 494,926 | $ | 50,616 | $ | 47,194 | $ | 3,674 | $ | 17,272 | $ | 3,955 | $ | 519,294 | |||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 91 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2010 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 247,807 | $ | 17,487 | $ | 10,051 | $ | (15 | ) | $ | (957 | ) | $ | 3,700 | $ | 254,271 | ||||||||||||
| Bond Plus | 162,599 | 22,041 | 4,476 | (89 | ) | (440 | ) | 2,705 | 179,635 | |||||||||||||||||||
| Emerging Markets Debt | 22,738 | 1,894 | 1,577 | 22 | 327 | 657 | 23,404 | |||||||||||||||||||||
| Emerging Markets Equity | 25,675 | 1,242 | 4,278 | 547 | 3,140 | — | 26,326 | |||||||||||||||||||||
| Enhanced International Equity Index | 44,037 | 1,651 | 5,138 | 591 | 3,108 | — | 44,249 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 60,301 | 1,374 | 11,221 | 3,056 | 4,493 | — | 58,003 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 56,686 | 3,644 | 9,337 | 916 | 4,670 | — | 56,579 | |||||||||||||||||||||
| Growth & Income | 73,547 | 2,036 | 9,704 | 1,136 | 6,103 | 463 | 73,118 | |||||||||||||||||||||
| High-Yield | 23,984 | 1,861 | 954 | — | (168 | ) | 619 | 24,723 | ||||||||||||||||||||
| Inflation-Linked Bond | 94,376 | 13,215 | 14,357 | 31 | (31 | ) | — | 93,234 | ||||||||||||||||||||
| International Bond | 22,012 | 1,216 | 2,859 | (70 | ) | 506 | — | 20,805 | ||||||||||||||||||||
| International Equity | 34,476 | 1,689 | 6,469 | 1,681 | 1,670 | — | 33,047 | |||||||||||||||||||||
| International Opportunities | 32,924 | 769 | 5,602 | 864 | 2,993 | — | 31,948 | |||||||||||||||||||||
| International Small-Cap Equity | 21,477 | 534 | 3,002 | 345 | 2,064 | — | 21,418 | |||||||||||||||||||||
| Large-Cap Growth | 67,445 | 2,333 | 12,208 | 4,635 | 3,776 | — | 65,981 | |||||||||||||||||||||
| Large-Cap Value | 63,180 | 5,101 | 8,775 | 946 | 4,127 | — | 64,579 | |||||||||||||||||||||
| Short-Term Bond | 112,809 | 9,360 | 9,737 | (57 | ) | (382 | ) | 1,008 | 111,993 | |||||||||||||||||||
| Small-Cap Equity | 19,608 | 3,042 | 2,546 | 397 | 2,316 | — | 22,817 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 14,683 | 908 | 2,462 | 188 | 1,974 | — | 15,291 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 22,576 | 15,233 | 1,299 | 10 | 1,078 | 379 | 37,598 | |||||||||||||||||||||
| $ | 1,222,940 | $ | 106,630 | $ | 126,052 | $ | 15,134 | $ | 40,367 | $ | 9,531 | $ | 1,259,019 | |||||||||||||||
| 92 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2015 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 380,071 | $ | 22,749 | $ | 14,285 | $ | 167 | $ | (1,630 | ) | $ | 5,631 | $ | 387,072 | |||||||||||||
| Bond Plus | 249,758 | 31,185 | 6,153 | 143 | (939 | ) | 4,125 | 273,994 | ||||||||||||||||||||
| Emerging Markets Debt | 34,891 | 2,446 | 2,193 | 163 | 368 | 1,001 | 35,675 | |||||||||||||||||||||
| Emerging Markets Equity | 44,850 | 1,765 | 7,386 | 846 | 5,562 | — | 45,637 | |||||||||||||||||||||
| Enhanced International Equity Index | 77,142 | 1,612 | 8,135 | 1,203 | 5,206 | — | 77,028 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 106,189 | 1,348 | 18,619 | 4,969 | 8,249 | — | 102,136 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 99,767 | 4,666 | 14,581 | 2,627 | 7,152 | — | 99,631 | |||||||||||||||||||||
| Growth & Income | 129,797 | 1,453 | 15,228 | 4,753 | 7,928 | 812 | 128,703 | |||||||||||||||||||||
| High-Yield | 36,809 | 2,414 | 1,288 | 10 | (269 | ) | 942 | 37,676 | ||||||||||||||||||||
| Inflation-Linked Bond | 110,257 | 17,481 | 21,204 | 177 | (148 | ) | — | 106,563 | ||||||||||||||||||||
| International Bond | 33,649 | 1,632 | 4,479 | 79 | 584 | — | 31,465 | |||||||||||||||||||||
| International Equity | 60,826 | 1,164 | 9,771 | 1,537 | 4,331 | — | 58,087 | |||||||||||||||||||||
| International Opportunities | 58,117 | 568 | 9,250 | 1,557 | 5,220 | — | 56,212 | |||||||||||||||||||||
| International Small-Cap Equity | 37,887 | 455 | 4,932 | 863 | 3,365 | — | 37,638 | |||||||||||||||||||||
| Large-Cap Growth | 119,027 | 2,743 | 20,524 | 6,185 | 8,552 | — | 115,983 | |||||||||||||||||||||
| Large-Cap Value | 111,534 | 6,477 | 13,449 | 3,151 | 5,736 | — | 113,449 | |||||||||||||||||||||
| Short-Term Bond | 139,253 | 10,694 | 13,577 | 41 | (576 | ) | 1,222 | 135,835 | ||||||||||||||||||||
| Small-Cap Equity | 34,602 | 4,310 | 3,978 | 670 | 4,070 | — | 39,674 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 25,913 | 1,094 | 3,872 | 718 | 3,074 | — | 26,927 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 35,598 | 23,958 | 2,343 | 132 | 1,572 | 591 | 58,917 | |||||||||||||||||||||
| $ | 1,925,937 | $ | 140,214 | $ | 195,247 | $ | 29,991 | $ | 67,407 | $ | 14,324 | $ | 1,968,302 | |||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 93 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2020 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 643,703 | $ | 55,878 | $ | 8,050 | $ | 139 | $ | (2,778 | ) | $ | 9,811 | $ | 688,892 | |||||||||||||
| Bond Plus | 425,031 | 71,801 | 2,461 | 62 | (1,528 | ) | 7,232 | 492,905 | ||||||||||||||||||||
| Emerging Markets Debt | 59,226 | 4,938 | 1,583 | 130 | 792 | 1,731 | 63,503 | |||||||||||||||||||||
| Emerging Markets Equity | 94,011 | 4,514 | 11,847 | 1,841 | 11,974 | — | 100,493 | |||||||||||||||||||||
| Enhanced International Equity Index | 162,879 | 4,745 | 12,468 | 2,071 | 11,719 | — | 168,946 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 225,395 | 3,680 | 30,855 | 8,757 | 20,222 | — | 227,199 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 211,804 | 11,215 | 22,859 | 4,698 | 16,697 | — | 221,555 | |||||||||||||||||||||
| Growth & Income | 276,167 | 3,832 | 21,818 | 7,428 | 20,453 | 1,761 | 286,062 | |||||||||||||||||||||
| High-Yield | 62,410 | 5,776 | 553 | 12 | (466 | ) | 1,642 | 67,179 | ||||||||||||||||||||
| Inflation-Linked Bond | 132,826 | 31,540 | 34,464 | 301 | (194 | ) | — | 130,009 | ||||||||||||||||||||
| International Bond | 56,379 | 4,210 | 6,772 | 146 | 988 | — | 54,951 | |||||||||||||||||||||
| International Equity | 129,584 | 3,182 | 16,365 | 2,888 | 9,897 | — | 129,186 | |||||||||||||||||||||
| International Opportunities | 123,720 | 1,807 | 15,255 | 2,706 | 12,031 | — | 125,009 | |||||||||||||||||||||
| International Small-Cap Equity | 80,740 | 910 | 7,264 | 1,289 | 7,899 | — | 83,574 | |||||||||||||||||||||
| Large-Cap Growth | 253,486 | 4,409 | 32,309 | 12,781 | 19,542 | — | 257,909 | |||||||||||||||||||||
| Large-Cap Value | 237,216 | 14,882 | 19,290 | 5,686 | 13,780 | — | 252,274 | |||||||||||||||||||||
| Short-Term Bond | 186,213 | 19,895 | 18,896 | 53 | (794 | ) | 1,646 | 186,471 | ||||||||||||||||||||
| Small-Cap Equity | 73,657 | 9,554 | 6,508 | 1,225 | 9,115 | — | 87,043 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 55,122 | 2,815 | 6,378 | 1,246 | 7,073 | — | 59,878 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 65,535 | 46,582 | 1,821 | 104 | 3,109 | 1,129 | 113,509 | |||||||||||||||||||||
| $ | 3,555,104 | $ | 306,165 | $ | 277,816 | $ | 53,563 | $ | 159,531 | $ | 24,952 | $ | 3,796,547 | |||||||||||||||
| 94 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2025 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 612,338 | $ | 67,631 | $ | 8,409 | $ | 152 | $ | (2,703 | ) | $ | 9,418 | $ | 669,009 | |||||||||||||
| Bond Plus | 408,043 | 84,057 | 1,923 | 49 | (1,511 | ) | 7,026 | 488,715 | ||||||||||||||||||||
| Emerging Markets Debt | 56,494 | 5,838 | 1,301 | 100 | 790 | 1,662 | 61,921 | |||||||||||||||||||||
| Emerging Markets Equity | 117,426 | 7,949 | 12,556 | 2,220 | 15,148 | — | 130,187 | |||||||||||||||||||||
| Enhanced International Equity Index | 203,189 | 8,477 | 11,631 | 2,028 | 15,400 | — | 217,463 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 283,062 | 8,102 | 31,852 | 9,337 | 27,795 | — | 296,444 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 265,958 | 16,247 | 20,628 | 4,537 | 22,862 | — | 288,976 | |||||||||||||||||||||
| Growth & Income | 347,851 | 9,378 | 19,870 | 7,297 | 28,515 | 2,239 | 373,171 | |||||||||||||||||||||
| High-Yield | 59,596 | 6,996 | 741 | 13 | (452 | ) | 1,583 | 65,412 | ||||||||||||||||||||
| Inflation-Linked Bond | 67,663 | 31,466 | 38,174 | 258 | (80 | ) | — | 61,133 | ||||||||||||||||||||
| International Bond | 52,513 | 4,894 | 7,063 | 139 | 910 | — | 51,393 | |||||||||||||||||||||
| International Equity | 163,256 | 5,027 | 15,823 | 3,081 | 13,282 | — | 168,823 | |||||||||||||||||||||
| International Opportunities | 155,458 | 3,159 | 14,219 | 2,623 | 16,137 | — | 163,158 | |||||||||||||||||||||
| International Small-Cap Equity | 101,460 | 2,538 | 6,484 | 1,150 | 10,551 | — | 109,215 | |||||||||||||||||||||
| Large-Cap Growth | 318,891 | 8,673 | 32,134 | 13,576 | 27,859 | — | 336,865 | |||||||||||||||||||||
| Large-Cap Value | 298,732 | 25,873 | 20,007 | 6,283 | 18,694 | — | 329,575 | |||||||||||||||||||||
| Short-Term Bond | 125,782 | 17,568 | 18,410 | 52 | (554 | ) | 1,076 | 124,438 | ||||||||||||||||||||
| Small-Cap Equity | 92,730 | 12,067 | 5,836 | 1,293 | 11,938 | — | 112,192 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 69,386 | 4,278 | 6,211 | 1,279 | 9,396 | — | 78,128 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 71,249 | 52,837 | 712 | 41 | 3,493 | 1,249 | 126,908 | |||||||||||||||||||||
| $ | 3,871,077 | $ | 383,055 | $ | 273,984 | $ | 55,508 | $ | 217,470 | $ | 24,253 | $ | 4,253,126 | |||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 95 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2030 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 508,567 | $ | 64,356 | $ | 13,755 | $ | 227 | $ | (2,340 | ) | $ | 7,849 | $ | 557,055 | |||||||||||||
| Bond Plus | 324,176 | 38,582 | 5,975 | 104 | (1,116 | ) | 5,463 | 355,771 | ||||||||||||||||||||
| Emerging Markets Debt | 47,131 | 6,020 | 2,094 | 153 | 594 | 1,388 | 51,804 | |||||||||||||||||||||
| Emerging Markets Equity | 128,518 | 9,754 | 12,657 | 2,288 | 16,886 | — | 144,789 | |||||||||||||||||||||
| Enhanced International Equity Index | 223,428 | 10,508 | 11,664 | 1,996 | 17,268 | — | 241,536 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 312,067 | 9,460 | 30,367 | 9,181 | 32,137 | — | 332,478 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 293,086 | 19,713 | 18,958 | 4,610 | 25,878 | — | 324,329 | |||||||||||||||||||||
| Growth & Income | 383,945 | 12,555 | 17,389 | 6,471 | 33,463 | 2,482 | 419,045 | |||||||||||||||||||||
| High-Yield | 49,687 | 6,456 | 1,070 | 7 | (373 | ) | 1,325 | 54,707 | ||||||||||||||||||||
| Inflation-Linked Bond | 28,270 | 12,360 | 1,152 | 36 | (49 | ) | — | 39,465 | ||||||||||||||||||||
| International Bond | 42,524 | 4,124 | 6,962 | 115 | 714 | — | 40,515 | |||||||||||||||||||||
| International Equity | 179,989 | 5,898 | 14,423 | 2,886 | 15,302 | — | 189,652 | |||||||||||||||||||||
| International Opportunities | 171,916 | 4,632 | 14,114 | 2,599 | 18,274 | — | 183,307 | |||||||||||||||||||||
| International Small-Cap Equity | 112,114 | 3,582 | 6,288 | 1,106 | 11,890 | — | 122,404 | |||||||||||||||||||||
| Large-Cap Growth | 352,236 | 10,717 | 30,952 | 13,577 | 32,626 | — | 378,204 | |||||||||||||||||||||
| Large-Cap Value | 329,731 | 28,550 | 16,540 | 5,833 | 21,955 | — | 369,529 | |||||||||||||||||||||
| Short-Term Bond | 28,288 | 12,388 | 1,135 | 7 | (148 | ) | 305 | 39,400 | ||||||||||||||||||||
| Small-Cap Equity | 102,422 | 12,508 | 4,903 | 1,135 | 13,544 | — | 124,706 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 76,611 | 4,214 | 4,943 | 1,048 | 10,845 | — | 87,775 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 69,412 | 51,962 | 89 | 4 | 3,449 | 1,223 | 124,738 | |||||||||||||||||||||
| $ | 3,764,118 | $ | 328,339 | $ | 215,430 | $ | 53,383 | $ | 250,799 | $ | 20,035 | $ | 4,181,209 | |||||||||||||||
| 96 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2035 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 376,234 | $ | 60,395 | $ | 18,253 | $ | 247 | $ | (1,813 | ) | $ | 5,853 | $ | 416,810 | |||||||||||||
| Bond Plus | 242,304 | 36,866 | 9,446 | 130 | (891 | ) | 4,113 | 268,963 | ||||||||||||||||||||
| Emerging Markets Debt | 35,230 | 5,080 | 1,498 | 105 | 460 | 1,041 | 39,377 | |||||||||||||||||||||
| Emerging Markets Equity | 144,083 | 10,150 | 12,170 | 2,190 | 19,374 | — | 163,627 | |||||||||||||||||||||
| Enhanced International Equity Index | 250,753 | 11,646 | 10,383 | 1,780 | 19,885 | — | 273,681 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 351,654 | 13,384 | 32,497 | 9,848 | 37,040 | — | 379,429 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 330,207 | 24,610 | 19,343 | 4,802 | 29,801 | — | 370,077 | |||||||||||||||||||||
| Growth & Income | 433,472 | 18,208 | 19,006 | 7,341 | 38,015 | 2,812 | 478,030 | |||||||||||||||||||||
| High-Yield | 37,141 | 5,630 | 1,130 | 4 | (283 | ) | 998 | 41,362 | ||||||||||||||||||||
| International Bond | 29,298 | 4,295 | 7,849 | 24 | 515 | — | 26,283 | |||||||||||||||||||||
| International Equity | 203,059 | 6,572 | 13,748 | 2,785 | 17,813 | — | 216,481 | |||||||||||||||||||||
| International Opportunities | 193,955 | 5,183 | 13,647 | 2,526 | 21,127 | — | 209,144 | |||||||||||||||||||||
| International Small-Cap Equity | 126,672 | 4,386 | 6,259 | 1,065 | 13,670 | — | 139,534 | |||||||||||||||||||||
| Large-Cap Growth | 397,413 | 12,771 | 31,099 | 13,781 | 38,674 | — | 431,540 | |||||||||||||||||||||
| Large-Cap Value | 372,088 | 35,547 | 16,787 | 6,364 | 25,250 | — | 422,462 | |||||||||||||||||||||
| Small-Cap Equity | 115,565 | 14,810 | 5,821 | 1,497 | 15,144 | — | 141,195 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 86,348 | 4,883 | 4,622 | 986 | 12,505 | — | 100,100 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 70,007 | 53,278 | 53 | 2 | 3,489 | 1,239 | 126,723 | |||||||||||||||||||||
| $ | 3,795,483 | $ | 327,694 | $ | 223,611 | $ | 55,477 | $ | 289,775 | $ | 16,056 | $ | 4,244,818 | |||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 97 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2040 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 261,272 | $ | 52,116 | $ | 29,922 | $ | 355 | $ | (1,379 | ) | $ | 4,040 | $ | 282,442 | |||||||||||||
| Bond Plus | 173,428 | 31,400 | 16,089 | 116 | (627 | ) | 2,921 | 188,228 | ||||||||||||||||||||
| Emerging Markets Debt | 25,217 | 4,708 | 2,922 | 143 | 264 | 739 | 27,410 | |||||||||||||||||||||
| Emerging Markets Equity | 197,426 | 14,340 | 16,367 | 2,955 | 26,584 | — | 224,938 | |||||||||||||||||||||
| Enhanced International Equity Index | 344,625 | 15,719 | 14,896 | 2,540 | 27,122 | — | 375,110 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 484,140 | 19,332 | 44,309 | 13,758 | 50,718 | — | 523,639 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 454,677 | 34,514 | 26,163 | 7,172 | 40,445 | — | 510,645 | |||||||||||||||||||||
| Growth & Income | 597,318 | 21,630 | 23,124 | 9,208 | 53,193 | 3,876 | 658,225 | |||||||||||||||||||||
| High-Yield | 26,585 | 4,916 | 2,357 | — | (200 | ) | 709 | 28,944 | ||||||||||||||||||||
| International Bond | 15,908 | 3,887 | 10,785 | (122 | ) | 321 | — | 9,209 | ||||||||||||||||||||
| International Equity | 279,821 | 8,730 | 18,774 | 3,837 | 24,551 | — | 298,165 | |||||||||||||||||||||
| International Opportunities | 267,159 | 6,757 | 17,861 | 3,309 | 29,268 | — | 288,632 | |||||||||||||||||||||
| International Small-Cap Equity | 174,692 | 5,681 | 8,140 | 1,399 | 18,923 | — | 192,555 | |||||||||||||||||||||
| Large-Cap Growth | 547,770 | 17,492 | 42,550 | 19,392 | 52,794 | — | 594,898 | |||||||||||||||||||||
| Large-Cap Value | 512,846 | 47,604 | 22,219 | 8,676 | 34,749 | — | 581,656 | |||||||||||||||||||||
| Small-Cap Equity | 159,208 | 19,923 | 8,333 | 2,129 | 20,725 | — | 193,652 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 119,124 | 7,311 | 7,001 | 1,470 | 17,105 | — | 138,009 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 87,188 | 65,883 | 254 | 14 | 4,329 | 1,539 | 157,160 | |||||||||||||||||||||
| $ | 4,728,404 | $ | 381,943 | $ | 312,066 | $ | 76,351 | $ | 398,885 | $ | 13,824 | $ | 5,273,517 | |||||||||||||||
| 98 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2045 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 78,279 | $ | 16,042 | $ | 17,272 | $ | (366 | ) | $ | 94 | $ | 1,182 | $ | 76,777 | |||||||||||||
| Bond Plus | 54,066 | 9,894 | 9,649 | (7 | ) | (138 | ) | 889 | 54,166 | |||||||||||||||||||
| Emerging Markets Debt | 7,857 | 1,159 | 1,175 | 12 | 113 | 227 | 7,966 | |||||||||||||||||||||
| Emerging Markets Equity | 98,383 | 10,292 | 4,281 | 175 | 14,911 | — | 119,480 | |||||||||||||||||||||
| Enhanced International Equity Index | 171,382 | 12,291 | 2,480 | 10 | 15,053 | — | 196,256 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 241,450 | 20,170 | 17,065 | 258 | 33,256 | — | 278,069 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 226,917 | 27,691 | 8,061 | 81 | 24,581 | — | 271,209 | |||||||||||||||||||||
| Growth & Income | 298,072 | 24,304 | 4,715 | 33 | 32,436 | 1,970 | 350,130 | |||||||||||||||||||||
| High-Yield | 8,284 | 1,435 | 1,330 | — | (60 | ) | 216 | 8,329 | ||||||||||||||||||||
| International Bond | 2,992 | 1,205 | 3,475 | 53 | (15 | ) | — | 760 | ||||||||||||||||||||
| International Equity | 139,743 | 8,764 | 4,641 | 167 | 14,433 | — | 158,466 | |||||||||||||||||||||
| International Opportunities | 133,049 | 7,184 | 3,495 | 181 | 16,521 | — | 153,440 | |||||||||||||||||||||
| International Small-Cap Equity | 86,968 | 6,802 | 1,853 | 36 | 10,368 | — | 102,321 | |||||||||||||||||||||
| Large-Cap Growth | 273,528 | 21,385 | 16,059 | 542 | 36,937 | — | 316,333 | |||||||||||||||||||||
| Large-Cap Value | 256,105 | 36,716 | 5,781 | 96 | 22,330 | — | 309,466 | |||||||||||||||||||||
| Small-Cap Equity | 79,473 | 13,403 | 2,116 | 59 | 11,743 | — | 102,562 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 59,480 | 6,097 | 1,797 | 49 | 9,579 | — | 73,408 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 41,562 | 35,603 | — | — | 2,123 | 762 | 79,288 | |||||||||||||||||||||
| $ | 2,257,590 | $ | 260,437 | $ | 105,245 | $ | 1,379 | $ | 244,265 | $ | 5,246 | $ | 2,658,426 | |||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 99 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2050 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 40,117 | $ | 9,922 | $ | 11,467 | $ | (221 | ) | $ | 89 | $ | 603 | $ | 38,440 | |||||||||||||
| Bond Plus | 28,374 | 6,062 | 6,315 | (1 | ) | (73 | ) | 464 | 28,047 | |||||||||||||||||||
| Emerging Markets Debt | 4,123 | 729 | 792 | 9 | 57 | 118 | 4,126 | |||||||||||||||||||||
| Emerging Markets Equity | 63,014 | 7,994 | 2,543 | 70 | 9,638 | — | 78,173 | |||||||||||||||||||||
| Enhanced International Equity Index | 109,627 | 9,558 | 2,028 | 7 | 9,665 | — | 126,829 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 154,609 | 15,216 | 10,441 | 140 | 21,521 | — | 181,045 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 145,269 | 19,894 | 4,540 | 46 | 15,882 | — | 176,551 | |||||||||||||||||||||
| Growth & Income | 190,869 | 18,831 | 2,668 | 16 | 20,975 | 1,267 | 228,023 | |||||||||||||||||||||
| High-Yield | 4,350 | 911 | 918 | (1 | ) | (30 | ) | 113 | 4,312 | |||||||||||||||||||
| International Bond | 964 | 1,314 | 2,035 | 29 | (17 | ) | — | 255 | ||||||||||||||||||||
| International Equity | 89,315 | 7,209 | 2,756 | 97 | 9,301 | — | 103,166 | |||||||||||||||||||||
| International Opportunities | 85,153 | 6,046 | 1,940 | 79 | 10,681 | — | 100,019 | |||||||||||||||||||||
| International Small-Cap Equity | 55,696 | 5,576 | 1,243 | 20 | 6,675 | — | 66,724 | |||||||||||||||||||||
| Large-Cap Growth | 175,077 | 16,440 | 9,710 | 305 | 23,909 | — | 206,021 | |||||||||||||||||||||
| Large-Cap Value | 164,000 | 26,779 | 3,827 | 44 | 14,429 | — | 201,425 | |||||||||||||||||||||
| Small-Cap Equity | 50,878 | 9,300 | 1,076 | 27 | 7,596 | — | 66,725 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 38,106 | 4,572 | 1,115 | 22 | 6,202 | — | 47,787 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 26,224 | 23,309 | — | — | 1,348 | 486 | 50,881 | |||||||||||||||||||||
| $ | 1,425,765 | $ | 189,662 | $ | 65,414 | $ | 688 | $ | 157,848 | $ | 3,051 | $ | 1,708,549 | |||||||||||||||
| 100 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2055 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 7,960 | $ | 2,900 | $ | 3,153 | $ | (55 | ) | $ | 29 | $ | 124 | $ | 7,681 | |||||||||||||
| Bond Plus | 5,836 | 1,885 | 1,764 | (2 | ) | (13 | ) | 98 | 5,942 | |||||||||||||||||||
| Emerging Markets Debt | 855 | 195 | 196 | 1 | 12 | 25 | 867 | |||||||||||||||||||||
| Emerging Markets Equity | 16,435 | 3,866 | 737 | 6 | 2,641 | — | 22,211 | |||||||||||||||||||||
| Enhanced International Equity Index | 28,385 | 5,435 | 892 | 2 | 2,639 | — | 35,569 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 40,426 | 8,009 | 3,016 | 26 | 5,984 | — | 51,429 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 37,968 | 9,291 | 1,514 | 11 | 4,394 | — | 50,150 | |||||||||||||||||||||
| Growth & Income | 49,899 | 10,310 | 1,331 | 11 | 5,824 | 344 | 64,713 | |||||||||||||||||||||
| High-Yield | 897 | 250 | 227 | (1 | ) | (6 | ) | 24 | 913 | |||||||||||||||||||
| International Bond | 202 | 299 | 265 | 4 | — | — | 240 | |||||||||||||||||||||
| International Equity | 23,356 | 4,103 | 804 | 6 | 2,579 | — | 29,240 | |||||||||||||||||||||
| International Opportunities | 22,234 | 3,895 | 690 | 6 | 2,943 | — | 28,388 | |||||||||||||||||||||
| International Small-Cap Equity | 14,518 | 2,990 | 389 | 1 | 1,831 | — | 18,951 | |||||||||||||||||||||
| Large-Cap Growth | 45,748 | 9,178 | 3,154 | 28 | 6,681 | — | 58,481 | |||||||||||||||||||||
| Large-Cap Value | 42,872 | 11,589 | 1,328 | 21 | 3,967 | — | 57,121 | |||||||||||||||||||||
| Small-Cap Equity | 13,297 | 4,025 | 489 | 10 | 2,094 | — | 18,937 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 9,961 | 2,255 | 380 | 9 | 1,715 | — | 13,560 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 6,736 | 7,129 | — | — | 363 | 133 | 14,228 | |||||||||||||||||||||
| $ | 367,585 | $ | 87,604 | $ | 20,329 | $ | 84 | $ | 43,677 | $ | 748 | $ | 478,621 | |||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 101 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle 2060 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 552 | $ | 574 | $ | 517 | $ | (1 | ) | $ | (1 | ) | $ | 10 | $ | 607 | ||||||||||||
| Bond Plus | 434 | 362 | 267 | — | (1 | ) | 8 | 528 | ||||||||||||||||||||
| Emerging Markets Debt | 63 | 42 | 26 | — | 1 | 2 | 80 | |||||||||||||||||||||
| Emerging Markets Equity | 1,652 | 1,142 | 160 | (1 | ) | 292 | — | 2,925 | ||||||||||||||||||||
| Enhanced International Equity Index | 2,847 | 1,720 | 300 | (1 | ) | 298 | — | 4,564 | ||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 4,067 | 2,456 | 483 | 1 | 709 | — | 6,750 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 3,819 | 2,638 | 389 | (7 | ) | 526 | — | 6,587 | ||||||||||||||||||||
| Growth & Income | 5,020 | 3,197 | 396 | (1 | ) | 695 | 38 | 8,515 | ||||||||||||||||||||
| High-Yield | 67 | 49 | 35 | — | — | 2 | 81 | |||||||||||||||||||||
| International Bond | 7 | 119 | 42 | — | 1 | — | 85 | |||||||||||||||||||||
| International Equity | 2,342 | 1,419 | 207 | — | 294 | — | 3,848 | |||||||||||||||||||||
| International Opportunities | 2,238 | 1,322 | 156 | — | 330 | — | 3,734 | |||||||||||||||||||||
| International Small-Cap Equity | 1,460 | 950 | 122 | — | 207 | — | 2,495 | |||||||||||||||||||||
| Large-Cap Growth | 4,601 | 2,827 | 523 | — | 785 | — | 7,690 | |||||||||||||||||||||
| Large-Cap Value | 4,313 | 3,082 | 341 | (3 | ) | 467 | — | 7,518 | ||||||||||||||||||||
| Small-Cap Equity | 1,338 | 1,020 | 116 | (2 | ) | 246 | — | 2,486 | ||||||||||||||||||||
| Small/Mid-Cap Equity | 1,002 | 673 | 97 | — | 202 | — | 1,780 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 664 | 1,119 | — | — | 39 | 16 | 1,822 | |||||||||||||||||||||
| $ | 36,486 | $ | 24,711 | $ | 4,177 | $ | (15 | ) | $ | 5,090 | $ | 76 | $ | 62,095 | ||||||||||||||
| a | Restricted security. |
Note 4—investments
TIAA-CREF Real Property Fund LP (“RPF”): The Funds invest in the RPF, which is an affiliated real estate limited partnership. The RPF is an unregistered open-end fund that intends to invest in direct real estate holdings and may invest a portion of its assets in REIT securities, mortgage related securitization and money market instruments in accordance with exemptive relief received from the Commission. The Funds are not liable for the debts of the RPF beyond the amounts the Funds have contributed. The Funds can redeem from RPF daily subject to certain approvals. Investments in the RPF are illiquid and the Funds may be unable to dispose of such investments at opportune times. As such, this investment has been designated as restricted and the value is reflected in the portfolio of investments.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
| 102 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Net unrealized appreciation (depreciation): At November 30, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):
| Gross | Gross | Net unrealized | ||||||||||||||
| unrealized | unrealized | appreciation | ||||||||||||||
| Fund | Tax cost | appreciation | (depreciation | ) | (depreciation | ) | ||||||||||
| Lifecycle Retirement Income | $ | 462,879 | $ | 56,683 | $ | (269 | ) | $ | 56,414 | |||||||
| Lifecycle 2010 | 1,071,821 | 187,198 | — | 187,198 | ||||||||||||
| Lifecycle 2015 | 1,828,836 | 157,095 | (17,629 | ) | 139,466 | |||||||||||
| Lifecycle 2020 | 3,452,752 | 367,867 | (24,072 | ) | 343,795 | |||||||||||
| Lifecycle 2025 | 3,779,048 | 495,318 | (21,240 | ) | 474,078 | |||||||||||
| Lifecycle 2030 | 3,627,832 | 570,237 | (16,860 | ) | 553,377 | |||||||||||
| Lifecycle 2035 | 3,595,750 | 661,574 | (12,506 | ) | 649,068 | |||||||||||
| Lifecycle 2040 | 4,358,507 | 926,352 | (11,342 | ) | 915,010 | |||||||||||
| Lifecycle 2045 | 2,110,212 | 548,792 | (578 | ) | 548,214 | |||||||||||
| Lifecycle 2050 | 1,367,439 | 341,312 | (202 | ) | 341,110 | |||||||||||
| Lifecycle 2055 | 398,972 | 79,651 | (1 | ) | 79,650 | |||||||||||
| Lifecycle 2060 | 54,858 | 7,237 | — | 7,237 | ||||||||||||
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2017 were as follows (dollar amounts are in thousands):
| Fund | Purchases | Sales | ||||||
| Lifecycle Retirement Income | $ | 50,616 | $ | 47,194 | ||||
| Lifecycle 2010 | 106,630 | 126,052 | ||||||
| Lifecycle 2015 | 140,214 | 195,247 | ||||||
| Lifecycle 2020 | 306,165 | 277,816 | ||||||
| Lifecycle 2025 | 383,055 | 273,984 | ||||||
| Lifecycle 2030 | 328,339 | 215,430 | ||||||
| Lifecycle 2035 | 327,694 | 223,611 | ||||||
| Lifecycle 2040 | 381,943 | 312,066 | ||||||
| Lifecycle 2045 | 260,437 | 105,245 | ||||||
| Lifecycle 2050 | 189,662 | 65,414 | ||||||
| Lifecycle 2055 | 87,604 | 20,329 | ||||||
| Lifecycle 2060 | 31,750 | 11,212 | ||||||
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 103 |
| 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, 2017 was as follows:
| Ordinary | Long-term | |||||||||||
| Fund | income | capital gains | Total | |||||||||
| Lifecycle Retirement Income | $ | 9,987,215 | $ | 6,251,395 | $ | 16,238,610 | ||||||
| Lifecycle 2010 | 26,554,416 | 17,652,462 | 44,206,878 | |||||||||
| Lifecycle 2015 | 45,886,584 | 56,557,106 | 102,443,690 | |||||||||
| Lifecycle 2020 | 79,912,308 | 105,492,759 | 185,405,067 | |||||||||
| Lifecycle 2025 | 77,861,438 | 119,430,625 | 197,292,063 | |||||||||
| Lifecycle 2030 | 67,847,935 | 130,044,506 | 197,892,441 | |||||||||
| Lifecycle 2035 | 63,476,036 | 139,099,844 | 202,575,880 | |||||||||
| Lifecycle 2040 | 73,247,918 | 191,536,597 | 264,784,515 | |||||||||
| Lifecycle 2045 | 22,972,968 | 48,271,775 | 71,244,743 | |||||||||
| Lifecycle 2050 | 13,934,655 | 28,449,715 | 42,384,370 | |||||||||
| Lifecycle 2055 | 3,382,820 | 5,348,989 | 8,731,809 | |||||||||
| Lifecycle 2060 | 257,019 | 393,505 | 650,524 | |||||||||
The tax character of the fiscal year 2018 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. The current facility was entered into on June 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. 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, 2017, 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.
| 104 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Additional information about index providers (unaudited)
Russell Indexes
The Russell 3000® Index is a trademark/service mark of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.
Russell 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 marks of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, LLC. 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
| TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report | 105 |
| Additional information about index providers (unaudited) | 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.
Standard & Poor’s Index
The S&P 500® Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the TIAA-CREF Lifecycle Funds. The funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the TIAA-CREF Lifecycle Funds.
| 106 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
TIAA website
TIAA.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.org, or call 800-842-2252 for the Institutional, Advisor, 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.
Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC, distribute securities products.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
©2018 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
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Semiannual Report
November 30, 2017
TIAA-CREF Lifecycle Index Funds
of the TIAA-CREF Funds
The semiannual report contains the financial statements (unaudited).
| Lifecycle Index Retirement | Lifecycle Index 2025 Fund | Lifecycle Index 2050 Fund |
| Income Fund | Lifecycle Index 2030 Fund | Lifecycle Index 2055 Fund |
| Lifecycle Index 2010 Fund | Lifecycle Index 2035 Fund | Lifecycle Index 2060 Fund |
| Lifecycle Index 2015 Fund | Lifecycle Index 2040 Fund | |
| Lifecycle Index 2020 Fund | Lifecycle Index 2045 Fund |
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, 2017. The report contains four main sections:
| • | A letter from Brad Finkle, President of TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments. |
| • | The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market indexes. |
| • | The portfolios of investments list the underlying TIAA-CREF Funds in which each fund had investments as of November 30, 2017. |
| • | 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.org, or call 800-842-2252. We urge you to read the prospectus carefully before investing.
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 3 |
Global financial markets delivered positive returns during the six months ended November 30, 2017, albeit with varying degrees of strength. U.S. equities posted solid returns, modestly outperforming international stocks, while fixed-income securities produced only scant gains.
The TIAA-CREF Lifecycle Index Funds performed in-line with expectations consistent with their mix of investments in multiple asset classes through underlying TIAA-CREF Funds.
| • | All twelve of the TIAA-CREF Lifecycle Index Funds posted positive returns for the period, and funds with longer target dates outperformed those with shorter target dates. (All fund returns are for the Retirement Class.) |
| • | Returns for the Retirement Class ranged from 4.3% for the Retirement Income Fund to 9.8% for the 2060 Fund. |
| • | These positive results continue to support the solid gains earned by the TIAA-CREF Lifecycle Index Funds over longer periods of time. |
U.S. stocks lead the way
The broad U.S. stock market, as represented by the Russell 3000® Index, returned 11.1% for the six months. The advance of domestic stocks was supported by solid growth in the U.S. economy, as well as expectations for business-friendly federal tax reforms.
The MSCI EAFE+Emerging Markets (EM) Index, which measures the performance of leading stocks in 21 developed-markets countries outside North America and 23 emerging-markets countries, advanced 9.2% for the six months. International stocks benefited from continued global economic growth, while stocks in emerging markets recorded strong gains that were bolstered by higher oil prices.
Returns were more muted in the U.S. fixed-income sector, amid a further hike in short-term interest rates by the Federal Reserve. The domestic investment-grade fixed-rate bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 0.7% for the period.
| 4 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Brad Finkle
TIAA-CREF Lifecycle Index Funds:
strategies for a dynamic
marketplace
Reaching your financial goals may still be a long way off, or it may be right around the corner. Either way, your investment savings portfolio will always be affected by the inevitable seesaw movements of the financial markets.
The TIAA-CREF Lifecycle Index Funds are built around dynamic diversification strategies designed to help mitigate the effects of market volatility. Diversification does not guarantee against market loss, but over time it has proven to be one of the most effective ways for investors to reach their long-term financial goals. Under the stewardship of highly experienced investment professionals, our funds are aimed at helping investors minimize portfolio risk and reduce the long-term effects of market volatility.
We always stand ready to assist you with any questions or concerns regarding your investments in the TIAA-CREF Lifecycle Index Funds. You may reach us online by visiting TIAA.org or by calling a TIAA financial consultant at 800-842-2252.
/s/ Brad Finkle
Brad Finkle
President
TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 5 |
Portfolio listings
The complete portfolios of investments for the TIAA-CREF Lifecycle Index Funds begin on page 40 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.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 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.org or on the SEC’s website at 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 sec.gov.
Contacting TIAA
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, 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, LLC. The members of this team are responsible for the day-to-day investment management of the funds.
| 6 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index 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-markets countries outside North America—in Europe, Australasia and the Far East—and in 23 emerging-markets countries in Europe, Asia, Africa, Latin America and the Middle East. |
| • | The Bloomberg 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 Bloomberg 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 Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index (inflation-protected assets) measures the performance of fixed-income securities with maturities between 1 and 10 years that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). |
Broad market indexes
The returns shown against the broad-based securities market index compare a Fund’s average annual returns with a broad measure of market performance. The S&P Target Date Index Series represents a broadly derived consensus of asset class exposure for the target retirement dates in the series based on market observations acquired through an annual survey of target-date fund managers. The returns of the S&P Target Date Index Series reflect multi-asset class exposure for the same target dates as the Funds.
Russell 3000 is a trademark and service mark of Russell Investments. TIAA 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.
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 7 |
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 9 through 13, 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, 2017–November 30, 2017).
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 may 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’ 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.
| 8 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Expense examples
Six months ended November 30, 2017
| Lifecycle Index Funds Institutional Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Retirement Income Fund actual return | $1,000.00 | $1,043.71 | $0.00 | $0.56 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 0.56 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,045.92 | 0.00 | 0.56 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 0.56 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,052.15 | 0.00 | 0.51 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 0.51 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,058.60 | 0.05 | 0.52 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 0.51 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,066.51 | 0.05 | 0.52 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 0.51 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,074.87 | 0.10 | 0.52 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.97 | 0.10 | 0.51 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,082.73 | 0.10 | 0.47 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.97 | 0.10 | 0.46 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,091.26 | 0.16 | 0.52 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.92 | 0.15 | 0.51 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,095.52 | 0.16 | 0.53 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.92 | 0.15 | 0.51 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,096.95 | 0.16 | 0.53 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.92 | 0.15 | 0.51 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,098.16 | 0.16 | 0.53 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.92 | 0.15 | 0.51 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,098.32 | 0.16 | 0.53 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.92 | 0.15 | 0.51 | ||||||||||||
| * | The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2017. 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 Retirement Income, 2010 and 2015 Funds; 0.01% for the 2020 and 2025 Funds; 0.02% for the 2030 and 2035 Funds; and 0.03% for the 2040, 2045, 2050, 2055 and 2060 Funds. |
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 9 |
Important information about expenses
| † | 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 0.09% for the 2035 Fund; 0.10% for the 2015, 2020, 2025, 2030, 2040, 2045, 2050, 2055 and 2060 Funds; and 0.11% for the Retirement Income and 2010 Funds. |
Expense examples
Six months ended November 30, 2017
| Lifecycle Index Funds Advisor Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Retirement Income Fund actual return | $1,000.00 | $1,043.61 | $0.05 | $0.56 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 0.56 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,046.61 | 0.05 | 0.62 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 0.61 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,051.45 | 0.05 | 0.57 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.02 | 0.05 | 0.56 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,058.64 | 0.36 | 0.83 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.72 | 0.36 | 0.81 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,066.55 | 0.31 | 0.78 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.77 | 0.30 | 0.76 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,074.33 | 0.73 | 1.14 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.37 | 0.71 | 1.12 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,083.33 | 0.16 | 0.57 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.92 | 0.15 | 0.56 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,091.31 | 0.42 | 0.84 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.67 | 0.41 | 0.81 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,094.98 | 0.68 | 1.05 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.42 | 0.66 | 1.01 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,096.46 | 0.53 | 0.89 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 0.86 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,097.48 | 0.21 | 0.58 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.87 | 0.20 | 0.56 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,099.20 | 0.21 | 0.58 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.87 | 0.20 | 0.56 | ||||||||||||
| * | 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 |
| 10 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
| 183/365. There were 183 days in the six months ended November 30, 2017. 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 0.01% for the Retirement Income, 2010 and 2015 Funds; 0.03% for the 2035 Fund; 0.04% for the 2055 and 2060 Funds; 0.06% for the 2025 Fund; 0.07% for the 2020 Fund; 0.08% for the 2040 Fund; 0.10% for the 2050 Fund; 0.13% for the 2045 Fund; and 0.14% for the 2030 Fund. | |
| † | 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 0.11% for the Retirement Income, 2015, 2035, 2055 and 2060 Funds; 0.12% for the 2010 Fund; 0.15% for the 2025 Fund; 0.16% for the 2020 and 2040 Funds; 0.17% for the 2050 Fund; 0.20% for the 2045 Fund; and 0.22% for the 2030 Fund. |
Expense examples
Six months ended November 30, 2017
| Lifecycle Index Funds Premier Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Retirement Income Fund actual return | $1,000.00 | $1,042.26 | $0.77 | $1.33 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 1.32 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,046.08 | 0.77 | 1.33 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 1.32 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,050.99 | 0.77 | 1.29 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.32 | 0.76 | 1.27 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,057.59 | 0.83 | 1.29 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.27 | 0.81 | 1.27 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,066.18 | 0.83 | 1.29 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.27 | 0.81 | 1.27 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,074.64 | 0.88 | 1.30 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.22 | 0.86 | 1.27 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,081.98 | 0.89 | 1.25 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.22 | 0.86 | 1.22 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,090.61 | 0.94 | 1.31 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.17 | 0.91 | 1.27 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,094.85 | 0.95 | 1.31 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.17 | 0.91 | 1.27 | ||||||||||||
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 11 |
Important information about expenses
| Lifecycle
Index Funds Premier Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses
paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| 2050 Fund actual return | $1,000.00 | $1,095.73 | $0.95 | $1.31 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.17 | 0.91 | 1.27 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,096.99 | 0.95 | 1.31 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.17 | 0.91 | 1.27 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,098.40 | 0.95 | 1.32 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.17 | 0.91 | 1.27 | ||||||||||||
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 0.15% for the Retirement Income, 2010 and 2015 Funds; 0.16% for the 2020 and 2025 Funds; 0.17% for the 2030 and 2035 Funds; and 0.18% for the 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 0.24% for the 2035 Fund; 0.25% for the 2015, 2020, 2025, 2030, 2040, 2045, 2050, 2055 and 2060 Funds; and 0.26% for the Retirement Income and 2010 Funds. |
Expense examples
Six months ended November 30, 2017
| Lifecycle
Index Funds Retirement Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses
paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Retirement Income Fund actual return | $1,000.00 | $1,042.49 | $1.28 | $1.84 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 1.83 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,044.92 | 1.28 | 1.85 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 1.83 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,049.83 | 1.28 | 1.80 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 1.78 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,057.18 | 1.34 | 1.80 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.76 | 1.32 | 1.78 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,065.85 | 1.35 | 1.81 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.76 | 1.32 | 1.78 | ||||||||||||
| 12 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
concluded
Expense examples
Six months ended November 30, 2017
| Lifecycle Index Funds Retirement Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses
paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| 2030 Fund actual return | $1,000.00 | $1,073.77 | $1.40 | $1.82 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.71 | 1.37 | 1.78 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,081.78 | 1.41 | 1.77 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.71 | 1.37 | 1.72 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,089.81 | 1.47 | 1.83 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.66 | 1.42 | 1.78 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,094.16 | 1.47 | 1.84 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.66 | 1.42 | 1.78 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,095.60 | 1.47 | 1.84 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.66 | 1.42 | 1.78 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,096.51 | 1.47 | 1.84 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.66 | 1.42 | 1.78 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,097.69 | 1.47 | 1.84 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.66 | 1.42 | 1.78 | ||||||||||||
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 Income, 2010 and 2015 Funds; 0.26% for the 2020 and 2025 Funds; 0.27% for the 2030 and 2035 Funds; and 0.28% for the 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 0.34% for the 2035 Fund; 0.35% for the 2015, 2020, 2025, 2030, 2040, 2045, 2050, 2055 and 2060 Funds; and 0.36% for the Retirement Income and 2010 Funds. |
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 13 |
Investment results of the Lifecycle Index Funds
Performance for the six months ended November 30, 2017
All of the twelve TIAA-CREF Lifecycle Index Funds delivered positive returns that approximated the performance of their respective composite benchmarks. Returns for the Retirement Class ranged from 4.25% for the Retirement Income Fund to 9.77% for the 2060 Fund. The tables on the following pages show returns for all share classes of the funds.
While lower, the funds’ returns were similar to those of their benchmarks, which represent market performance without any fees or expenses. The difference between the returns of the individual Lifecycle Index Funds and those of their respective benchmarks ranged from 0.13 of a percentage point for the 2025 Fund to 0.23 of a percentage point for the 2015 Fund. (All results for the Lifecycle Index Funds are for the Retirement Class.)
Growing economy, modest inflation bolster stock markets
The U.S. economy recorded strong gains during the six months, while unemployment declined and inflation remained muted. Real U.S. gross domestic product (GDP), which measures the value of all goods and services produced in the United States, advanced at an annualized rate of 3.2% during the third quarter of 2017, according to the U.S. government’s “third” estimate—an increase over the 3.1% annualized rate of the previous three months. Unemployment declined to 4.1% in October, its lowest level in 17 years, and remained unchanged in November. Annual core inflation, which includes all items except food and energy, rose modestly by 1.7% for the twelve months ended November 30, 2017. The price per barrel of West Texas Intermediate crude oil rose from $48 on June 1, 2017, to more than $57 on November 30, 2017.
The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2009.
For the six-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 11.09%. The MSCI EAFE+Emerging Markets (EM) Index, which measures the performance of leading stocks in 21 developed-markets countries outside North America and 23 emerging-markets countries, advanced 9.22% in U.S.-dollar terms. Stocks in emerging markets recorded strong gains, helped by a boost in oil prices.
| 14 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
U.S. investment-grade bond investors earned modest gains amid rising short-term interest rates as the Federal Reserve continued to slowly shift monetary policy in response to the growing economy. The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 0.68% during the period. Short-term bonds, as measured by the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index, gained a modest 0.06%.
Stocks propel most funds to solid gains
Each Lifecycle Index Fund covered in this report delivered positive returns for the period, as most equity funds recorded gains.
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.
For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were driven by gains in the U.S. and international equity markets. The Emerging Markets Equity Index and Equity Index Funds both recorded double-digit gains, while the International Equity Index Fund delivered a solid but smaller return. The Bond Index Fund earned a modest gain, and the Short-Term Bond Index Fund recorded a small loss.
Funds with largest equity exposures perform best
The Lifecycle Index Funds with larger allocations to stocks posted the highest returns. For example, the 2040, 2045, 2050, 2055 and 2060 funds, each with at least 85% of its assets invested in equities as of November 30, 2017, had gains that ranged from 8.98% for the 2040 Fund to 9.77% for the 2060 Fund. By comparison, the Retirement Income Fund, with about 60% of its portfolio invested in fixed income and 40% in equities at period-end, earned 4.25%. (Returns of the Lifecycle Index Funds’ underlying funds can be found at TIAA.org/performance.)
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 15 |
Lifecycle Index Retirement Income Fund
Performance as of November 30, 2017
| Lifecycle Index Retirement Income Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Inception | since fund | |||||||||||||||||||||||||||
| Ticker | date | 6 months | 1 year | 5 years | inception | gross | net | |||||||||||||||||||||
| Institutional Class | TRILX | 9/30/09 | 4.37 | % | 10.57 | % | 6.04 | % | 6.80 | % | 0.37 | % | 0.10 | % | ||||||||||||||
| Advisor Class | TLIHX | 12/4/15 | 4.36 | 10.62 | 5.87 | † | 6.60 | † | 0.44 | 0.18 | ||||||||||||||||||
| Premier Class | TLIPX | 9/30/09 | 4.23 | 10.42 | 5.87 | 6.64 | 0.51 | 0.25 | ||||||||||||||||||||
| Retirement Class | TRCIX | 9/30/09 | 4.25 | 10.40 | 5.77 | 6.54 | 0.61 | 0.35 | ||||||||||||||||||||
| Lifecycle Index Retirement Income Fund Composite Index‡ | — | 4.40 | 10.76 | 6.18 | 6.96 | § | — | — | ||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date Retirement Income Index | — | 3.79 | 8.65 | 4.84 | 5.64 | § | — | — | ||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.51 | § | — | — | ||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 14.28 | § | — | — | ||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index Retirement Income Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000 Index; 12.0% MSCI EAFE+EM Index; 10.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Bloomberg Barclays U.S. Aggregate Bond Index and the Russell 3000 Index to the S&P Target Date Retirement Income Index. For additional information, please see the funds’ current prospectus. |
| 16 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index Retirement Income Fund
Asset allocation
| % of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 28.23 | % | 28.00 | % | ||||
| International equity | 11.91 | 12.00 | ||||||
| Fixed income | ||||||||
| Fixed income | 39.59 | 40.00 | ||||||
| Inflation-protected assets | 9.90 | 10.00 | ||||||
| Short-term fixed income | 9.90 | 10.00 | ||||||
| Other assets & liabilities, net | 0.47 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 17 |
Performance as of November 30, 2017
| Lifecycle Index 2010 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since fund inception | gross | net | |||||||||||||||||||||
| Institutional Class | TLTIX | 9/30/09 | 4.59 | % | 11.27 | % | 6.73 | % | 7.33 | % | 0.26 | % | 0.10 | % | ||||||||||||||
| Advisor Class | TLTHX | 12/4/15 | 4.66 | 11.33 | 6.57 | † | 7.13 | † | 0.34 | 0.18 | ||||||||||||||||||
| Premier Class | TLTPX | 9/30/09 | 4.61 | 11.15 | 6.58 | 7.18 | 0.41 | 0.25 | ||||||||||||||||||||
| Retirement Class | TLTRX | 9/30/09 | 4.49 | 11.06 | 6.46 | 7.06 | 0.51 | 0.35 | ||||||||||||||||||||
| Lifecycle Index 2010 Fund Composite Index‡ | — | 4.69 | 11.46 | 6.86 | 7.48 | § | — | — | ||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||
| S&P Target Date 2010 Index | — | 4.31 | 10.23 | 5.97 | 6.56 | § | — | — | ||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.51 | § | — | — | ||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 14.28 | § | — | — | ||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2010 Fund Composite Index consisted of: 39.5% Bloomberg Barclays U.S. Aggregate Bond Index; 29.8% Russell 3000 Index; 12.7% MSCI EAFE+EM Index; 9.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 9.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Bloomberg Barclays U.S. Aggregate Bond Index and the Russell 3000 Index to the S&P Target Date 2010 Index. For additional information, please see the funds’ current prospectus. |
| 18 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2010 Fund
Asset allocation
| % of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 30.12 | % | 29.40 | % | ||||
| International equity | 12.70 | 12.60 | ||||||
| Fixed income | ||||||||
| Fixed income | 39.07 | 39.60 | ||||||
| Inflation-protected assets | 8.87 | 9.20 | ||||||
| Short-term fixed income | 8.85 | 9.20 | ||||||
| Other assets & liabilities, net | 0.39 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 19 |
Performance as of November 30, 2017
| Lifecycle Index 2015 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since fund inception | gross | net | |||||||||||||||||||||||
| Institutional Class | TLFIX | 9/30/09 | 5.21 | % | 12.44 | % | 7.46 | % | 7.86 | % | 0.24 | % | 0.10 | % | ||||||||||||||||
| Advisor Class | TLFAX | 12/4/15 | 5.15 | 12.42 | 7.29 | † | 7.65 | † | 0.32 | 0.18 | ||||||||||||||||||||
| Premier Class | TLFPX | 9/30/09 | 5.10 | 12.33 | 7.29 | 7.70 | 0.39 | 0.25 | ||||||||||||||||||||||
| Retirement Class | TLGRX | 9/30/09 | 4.98 | 12.16 | 7.18 | 7.58 | 0.49 | 0.35 | ||||||||||||||||||||||
| Lifecycle Index 2015 Fund Composite Index‡ | — | 5.21 | 12.58 | 7.57 | 8.01 | § | — | — | ||||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||||
| S&P Target Date 2015 Index | — | 4.96 | 11.87 | 7.07 | 7.45 | § | — | — | ||||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.51 | § | — | — | ||||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 14.28 | § | — | — | ||||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2015 Fund Composite Index consisted of: 38.5% Bloomberg Barclays U.S. Aggregate Bond Index; 33.3% Russell 3000 Index; 14.2% MSCI EAFE+EM Index; 7.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 7.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Bloomberg Barclays U.S. Aggregate Bond Index and the Russell 3000 Index to the S&P Target Date 2015 Index. For additional information, please see the funds’ current prospectus. |
| 20 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2015 Fund
Asset allocation
| %
of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 33.66 | % | 32.90 | % | ||||
| International equity | 14.20 | 14.10 | ||||||
| Fixed income | ||||||||
| Fixed income | 38.13 | 38.60 | ||||||
| Inflation-protected assets | 6.90 | 7.20 | ||||||
| Short-term fixed income | 6.89 | 7.20 | ||||||
| Other assets & liabilities, net | 0.22 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 21 |
Performance as of November 30, 2017
| Lifecycle Index 2020 Fund | Total return | Average
annual total return | Annual
operating expenses*# | |||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since
fund inception | gross | net | |||||||||||||||||||||||
| Institutional Class | TLWIX | 9/30/09 | 5.86 | % | 14.03 | % | 8.37 | % | 8.51 | % | 0.22 | % | 0.10 | % | ||||||||||||||||
| Advisor Class | TLWHX | 12/4/15 | 5.86 | 13.95 | 8.20 | † | 8.29 | † | 0.30 | 0.18 | ||||||||||||||||||||
| Premier Class | TLWPX | 9/30/09 | 5.76 | 13.80 | 8.20 | 8.34 | 0.37 | 0.25 | ||||||||||||||||||||||
| Retirement Class | TLWRX | 9/30/09 | 5.72 | 13.64 | 8.10 | 8.23 | 0.47 | 0.35 | ||||||||||||||||||||||
| Lifecycle Index 2020 Fund Composite Index‡ | — | 5.90 | 14.11 | 8.49 | 8.65 | § | — | — | ||||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||||
| S&P Target Date 2020 Index | — | 5.60 | 13.43 | 8.04 | 8.21 | § | — | — | ||||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 14.28 | § | — | — | ||||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.51 | § | — | — | ||||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2020 Fund Composite Index consisted of: 37.9% Russell 3000 Index; 35.9% Bloomberg Barclays U.S. Aggregate Bond Index; 16.2% MSCI EAFE+EM Index; 5.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 5.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2020 Index. For additional information, please see the funds’ current prospectus. |
| 22 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2020 Fund
Asset allocation
| %
of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 38.28 | % | 37.24 | % | ||||
| International equity | 16.15 | 15.96 | ||||||
| Fixed income | ||||||||
| Fixed income | 35.59 | 36.40 | ||||||
| Inflation-protected assets | 4.92 | 5.20 | ||||||
| Short-term fixed income | 4.91 | 5.20 | ||||||
| Other assets & liabilities, net | 0.15 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 23 |
Performance as of November 30, 2017
| Lifecycle Index 2025 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since fund inception | gross | net | |||||||||||||||||||||||
| Institutional Class | TLQIX | 9/30/09 | 6.65 | % | 15.75 | % | 9.34 | % | 9.19 | % | 0.22 | % | 0.10 | % | ||||||||||||||||
| Advisor Class | TLQHX | 12/4/15 | 6.65 | 15.74 | 9.16 | † | 8.98 | † | 0.30 | 0.18 | ||||||||||||||||||||
| Premier Class | TLVPX | 9/30/09 | 6.62 | 15.60 | 9.18 | 9.03 | 0.37 | 0.25 | ||||||||||||||||||||||
| Retirement Class | TLQRX | 9/30/09 | 6.59 | 15.47 | 9.07 | 8.92 | 0.47 | 0.35 | ||||||||||||||||||||||
| Lifecycle Index 2025 Fund Composite Index‡ | — | 6.72 | 15.90 | 9.46 | 9.32 | § | — | — | ||||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||||
| S&P Target Date 2025 Index | — | 6.57 | 15.26 | 8.91 | 8.88 | § | — | — | ||||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 14.28 | § | — | — | ||||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.51 | § | — | — | ||||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2025 Fund Composite Index consisted of: 43.5% Russell 3000 Index; 31.9% Bloomberg Barclays U.S. Aggregate Bond Index; 18.6% MSCI EAFE+EM Index; 3.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 3.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2025 Index. For additional information, please see the funds’ current prospectus. |
| 24 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2025 Fund
Asset allocation
| %
of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 43.84 | % | 42.84 | % | ||||
| International equity | 18.50 | 18.36 | ||||||
| Fixed income | ||||||||
| Fixed income | 31.58 | 32.40 | ||||||
| Inflation-protected assets | 2.93 | 3.20 | ||||||
| Short-term fixed income | 2.93 | 3.20 | ||||||
| Other assets & liabilities, net | 0.22 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 25 |
Performance as of November 30, 2017
| Lifecycle Index 2030 Fund | Total return | Average
annual total return | Annual
operating expenses*# | |||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since
fund inception | gross | net | |||||||||||||||||||||||
| Institutional Class | TLHIX | 9/30/09 | 7.49 | % | 17.53 | % | 10.30 | % | 9.87 | % | 0.21 | % | 0.10 | % | ||||||||||||||||
| Advisor Class | TLHHX | 12/4/15 | 7.43 | 17.46 | 10.10 | † | 9.65 | † | 0.29 | 0.18 | ||||||||||||||||||||
| Premier Class | TLHPX | 9/30/09 | 7.46 | 17.40 | 10.14 | 9.71 | 0.36 | 0.25 | ||||||||||||||||||||||
| Retirement Class | TLHRX | 9/30/09 | 7.38 | 17.22 | 10.02 | 9.60 | 0.46 | 0.35 | ||||||||||||||||||||||
| Lifecycle Index 2030 Fund Composite Index‡ | — | 7.55 | 17.72 | 10.42 | 10.00 | § | — | — | ||||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||||
| S&P Target Date 2030 Index | — | 7.49 | 16.98 | 9.75 | 9.47 | § | — | — | ||||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 14.28 | § | — | — | ||||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.51 | § | — | — | ||||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2030 Fund Composite Index consisted of: 49.1% Russell 3000 Index; 27.9% Bloomberg Barclays U.S. Aggregate Bond Index; 21.0% MSCI EAFE+EM Index; 1.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 1.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2030 Index. For additional information, please see the funds’ current prospectus. |
| 26 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2030 Fund
Asset allocation
| % of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 49.49 | % | 48.44 | % | ||||
| International equity | 20.89 | 20.76 | ||||||
| Fixed income | ||||||||
| Fixed income | 27.62 | 28.40 | ||||||
| Inflation-protected assets | 0.95 | 1.20 | ||||||
| Short-term fixed income | 0.95 | 1.20 | ||||||
| Other assets & liabilities, net | 0.10 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 27 |
Performance as of November 30, 2017
| Lifecycle Index 2035 Fund | Total return | Average
annual total return | Annual
operating expenses*# | |||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since
fund inception | gross | net | |||||||||||||||||||||||
| Institutional Class | TLYIX | 9/30/09 | 8.27 | % | 19.31 | % | 11.20 | % | 10.50 | % | 0.21 | % | 0.10 | % | ||||||||||||||||
| Advisor Class | TLYHX | 12/4/15 | 8.33 | 19.36 | 11.05 | † | 10.29 | † | 0.29 | 0.18 | ||||||||||||||||||||
| Premier Class | TLYPX | 9/30/09 | 8.20 | 19.12 | 11.05 | 10.34 | 0.36 | 0.25 | ||||||||||||||||||||||
| Retirement Class | TLYRX | 9/30/09 | 8.18 | 19.02 | 10.94 | 10.23 | 0.46 | 0.35 | ||||||||||||||||||||||
| Lifecycle Index 2035 Fund Composite Index‡ | — | 8.36 | 19.50 | 11.33 | 10.64 | § | — | — | ||||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||||
| S&P Target Date 2035 Index | — | 8.36 | 18.64 | 10.48 | 9.99 | § | — | |||||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 14.28 | § | — | — | ||||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.51 | § | — | — | ||||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2035 Fund Composite Index consisted of: 54.7% Russell 3000 Index; 23.4% MSCI EAFE+EM Index; and 21.9% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2035 Index. For additional information, please see the funds’ current prospectus. |
| 28 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2035 Fund
Asset allocation
| % of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 55.06 | % | 54.04 | % | ||||
| International equity | 23.25 | 23.16 | ||||||
| Fixed income | 21.59 | 22.80 | ||||||
| Other assets & liabilities, net | 0.10 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 29 |
Performance as of November 30, 2017
| Lifecycle Index 2040 Fund | Total return | Average
annual total return | Annual
operating expenses*# | |||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since
fund inception | gross | net | |||||||||||||||||||||||
| Institutional Class | TLZIX | 9/30/09 | 9.13 | % | 21.14 | % | 11.91 | % | 10.94 | % | 0.20 | % | 0.10 | % | ||||||||||||||||
| Advisor Class | TLZHX | 12/4/15 | 9.13 | 21.07 | 11.74 | † | 10.73 | † | 0.28 | 0.18 | ||||||||||||||||||||
| Premier Class | TLPRX | 9/30/09 | 9.06 | 20.90 | 11.74 | 10.77 | 0.35 | 0.25 | ||||||||||||||||||||||
| Retirement Class | TLZRX | 9/30/09 | 8.98 | 20.79 | 11.64 | 10.67 | 0.45 | 0.35 | ||||||||||||||||||||||
| Lifecycle Index 2040 Fund Composite Index‡ | — | 9.17 | 21.27 | 12.01 | 11.07 | § | — | — | ||||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||||
| S&P Target Date 2040 Index | — | 8.95 | 19.79 | 10.99 | 10.35 | § | — | — | ||||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 14.28 | § | — | — | ||||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.51 | § | — | — | ||||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2040 Fund Composite Index consisted of: 60.3% Russell 3000 Index; 25.8% MSCI EAFE+EM Index; and 13.9% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2040 Index. For additional information, please see the funds’ current prospectus. |
| 30 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2040 Fund
Asset allocation
| % of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 60.61 | % | 59.64 | % | ||||
| International equity | 25.59 | 25.56 | ||||||
| Fixed income | 13.66 | 14.80 | ||||||
| Other assets & liabilities, net | 0.14 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 31 |
Performance as of November 30, 2017
| Lifecycle Index 2045 Fund | Total return | Average
annual total return | Annual
operating expenses*# | |||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since
fund inception | gross | net | |||||||||||||||||||||||
| Institutional Class | TLXIX | 9/30/09 | 9.55 | % | 21.97 | % | 12.10 | % | 11.06 | % | 0.21 | % | 0.10 | % | ||||||||||||||||
| Advisor Class | TLMHX | 12/4/15 | 9.50 | 21.89 | 11.93 | † | 10.84 | † | 0.29 | 0.18 | ||||||||||||||||||||
| Premier Class | TLMPX | 9/30/09 | 9.48 | 21.72 | 11.94 | 10.89 | 0.36 | 0.25 | ||||||||||||||||||||||
| Retirement Class | TLMRX | 9/30/09 | 9.42 | 21.64 | 11.82 | 10.78 | 0.46 | 0.35 | ||||||||||||||||||||||
| Lifecycle Index 2045 Fund Composite Index‡ | — | 9.59 | 22.11 | 12.22 | 11.19 | § | — | — | ||||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||||
| S&P Target Date 2045 Index | — | 9.25 | 20.53 | 11.37 | 10.60 | § | — | — | ||||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 14.28 | § | — | — | ||||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.51 | § | — | — | ||||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2045 Fund Composite Index consisted of: 63.4% Russell 3000 Index; 27.2% MSCI EAFE+EM Index; and 9.4% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2045 Index. For additional information, please see the funds’ current prospectus. |
| 32 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2045 Fund
Asset allocation
| %
of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 63.65 | % | 63.35 | % | ||||
| International equity | 26.93 | 27.15 | ||||||
| Fixed income | 9.26 | 9.50 | ||||||
| Other assets & liabilities, net | 0.16 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 33 |
Performance as of November 30, 2017
| Lifecycle Index 2050 Fund | Total return | Average
annual total return | Annual
operating expenses*# | |||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since
fund inception | gross | net | |||||||||||||||||||||||
| Institutional Class | TLLIX | 9/30/09 | 9.69 | % | 22.23 | % | 12.20 | % | 11.12 | % | 0.22 | % | 0.10 | % | ||||||||||||||||
| Advisor Class | TLLHX | 12/4/15 | 9.65 | 22.10 | 12.00 | † | 10.89 | † | 0.30 | 0.18 | ||||||||||||||||||||
| Premier Class | TLLPX | 9/30/09 | 9.57 | 22.00 | 12.03 | 10.95 | 0.37 | 0.25 | ||||||||||||||||||||||
| Retirement Class | TLLRX | 9/30/09 | 9.56 | 21.91 | 11.92 | 10.84 | 0.47 | 0.35 | ||||||||||||||||||||||
| Lifecycle Index 2050 Fund Composite Index‡ | — | 9.72 | 22.39 | 12.31 | 11.25 | § | — | — | ||||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||||
| S&P Target Date 2050 Index | — | 9.49 | 21.21 | 11.72 | 10.80 | § | — | — | ||||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 14.28 | § | — | — | ||||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.51 | § | — | — | ||||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2050 Fund Composite Index consisted of: 64.3% Russell 3000 Index; 27.6% MSCI EAFE+EM Index; and 8.1% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2050 Index. For additional information, please see the funds’ current prospectus. |
| 34 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2050 Fund
Asset allocation
| %
of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 64.51 | % | 64.23 | % | ||||
| International equity | 27.29 | 27.52 | ||||||
| Fixed income | 8.02 | 8.25 | ||||||
| Other assets & liabilities, net | 0.18 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 35 |
Performance as of November 30, 2017
| Lifecycle Index 2055 Fund | Total return | Average
annual total return | Annual
operating expenses*# | |||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since
fund inception | gross | net | |||||||||||||||||||||||
| Institutional Class | TTIIX | 4/29/11 | 9.82 | % | 22.51 | % | 12.29 | % | 9.66 | % | 0.31 | % | 0.10 | % | ||||||||||||||||
| Advisor Class | TTIHX | 12/4/15 | 9.75 | 22.51 | 12.10 | † | 9.45 | † | 0.39 | 0.18 | ||||||||||||||||||||
| Premier Class | TTIPX | 4/29/11 | 9.70 | 22.28 | 12.11 | 9.49 | 0.46 | 0.25 | ||||||||||||||||||||||
| Retirement Class | TTIRX | 4/29/11 | 9.65 | 22.18 | 12.01 | 9.38 | 0.56 | 0.35 | ||||||||||||||||||||||
| Lifecycle Index 2055 Fund Composite Index‡ | — | 9.85 | 22.68 | 12.40 | 9.77 | § | — | — | ||||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||||
| S&P Target Date 2055 Index | — | 9.57 | 21.54 | 11.95 | 9.16 | § | — | — | ||||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 12.65 | § | — | — | ||||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.07 | § | — | — | ||||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2055 Fund Composite Index consisted of: 65.2% Russell 3000 Index; 27.9% MSCI EAFE+EM Index; and 6.9% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2055 Index. For additional information, please see the funds’ current prospectus. |
| 36 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2055 Fund
Asset allocation
| %
of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 65.40 | % | 65.10 | % | ||||
| International equity | 27.68 | 27.90 | ||||||
| Fixed income | 6.78 | 7.00 | ||||||
| Other assets & liabilities, net | 0.14 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 37 |
Performance as of November 30, 2017
| Lifecycle Index 2060 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | since fund inception | gross | net | ||||||||||||||||||||
| Institutional Class | TVIIX | 9/26/14 | 9.83 | % | 22.67 | % | 9.52 | % | 1.00 | % | 0.10 | % | ||||||||||||||
| Advisor Class | TVIHX | 12/4/15 | 9.92 | 22.74 | 9.41 | † | 1.08 | 0.18 | ||||||||||||||||||
| Premier Class | TVIPX | 9/26/14 | 9.84 | 22.61 | 9.37 | 1.15 | 0.25 | |||||||||||||||||||
| Retirement Class | TVITX | 9/26/14 | 9.77 | 22.43 | 9.24 | 1.25 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2060 Fund Composite Index‡ | — | 9.97 | 22.96 | 9.63 | § | — | — | |||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||
| S&P Target Date 2060+ Index | — | 9.69 | 21.84 | 9.16 | § | — | — | |||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 11.68 | § | — | — | |||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 2.55 | § | — | — | |||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor 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 Advisor Class. If these lower expenses had been reflected, the performance of the Advisor Class shown for this period would have been higher. |
| ‡ | As of the close of business on November 30, 2017, the Lifecycle Index 2060 Fund Composite Index consisted of: 66.1% Russell 3000 Index; 28.3% MSCI EAFE+EM Index; and 5.6% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the S&P Target Date 2060+ Index. For additional information, please see the funds’ current prospectus. |
| 38 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2060 Fund
Asset allocation
| %
of net assets as of 11/30/17 | Target allocation for 6/30/18 | |||||||
| Equity | ||||||||
| U.S. equity | 66.15 | % | 65.98 | % | ||||
| International equity | 28.01 | 28.27 | ||||||
| Fixed income | 5.54 | 5.75 | ||||||
| Other assets & liabilities, net | 0.30 | — | ||||||
| Total | 100.00 | 100.00 | ||||||
Target allocation
For June 30, 2018
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 39 |
Portfolio of investments (unaudited)
Lifecycle Index Retirement Income Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.5% (a) | ||||||||||||||
| FIXED INCOME—39.6% | ||||||||||||||
| 6,431,956 | TIAA-CREF Bond Index Fund | $ | 69,465,122 | 39.6 | % | |||||||||
| TOTAL FIXED INCOME | 69,465,122 | 39.6 | ||||||||||||
| INFLATION-PROTECTED ASSETS—9.9% | ||||||||||||||
| 1,510,119 | TIAA-CREF Inflation-Linked Bond Fund | 17,381,474 | 9.9 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 17,381,474 | 9.9 | ||||||||||||
| INTERNATIONAL EQUITY—11.9% | ||||||||||||||
| 468,092 | TIAA-CREF Emerging Markets Equity Index Fund | 5,560,937 | 3.2 | |||||||||||
| 749,187 | TIAA-CREF International Equity Index Fund | 15,343,343 | 8.7 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 20,904,280 | 11.9 | ||||||||||||
| SHORT-TERM FIXED INCOME—9.9% | ||||||||||||||
| 1,752,123 | TIAA-CREF Short-Term Bond Index Fund | 17,363,536 | 9.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 17,363,536 | 9.9 | ||||||||||||
| U.S. EQUITY—28.2% | ||||||||||||||
| 2,490,524 | TIAA-CREF Equity Index Fund | 49,536,518 | 28.2 | |||||||||||
| TOTAL U.S. EQUITY | 49,536,518 | 28.2 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $157,696,513) | 174,650,930 | 99.5 | |||||||||||
| TOTAL PORTFOLIO | (Cost $157,696,513) | 174,650,930 | 99.5 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 824,856 | 0.5 | ||||||||||||
| NET ASSETS | $ | 175,475,786 | 100.0 | % | ||||||||||
| (a) | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
| 40 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2010 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.6% (a) | ||||||||||||||
| FIXED INCOME—39.1% | ||||||||||||||
| 12,585,628 | TIAA-CREF Bond Index Fund | $ | 135,924,779 | 39.1 | % | |||||||||
| TOTAL FIXED INCOME | 135,924,779 | 39.1 | ||||||||||||
| INFLATION-PROTECTED ASSETS—8.9% | ||||||||||||||
| 2,679,674 | TIAA-CREF Inflation-Linked Bond Fund | 30,843,048 | 8.9 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 30,843,048 | 8.9 | ||||||||||||
| INTERNATIONAL EQUITY—12.7% | ||||||||||||||
| 985,364 | TIAA-CREF Emerging Markets Equity Index Fund | 11,706,126 | 3.4 | |||||||||||
| 1,585,224 | TIAA-CREF International Equity Index Fund | 32,465,381 | 9.3 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 44,171,507 | 12.7 | ||||||||||||
| SHORT-TERM FIXED INCOME—8.8% | ||||||||||||||
| 3,107,428 | TIAA-CREF Short-Term Bond Index Fund | 30,794,609 | 8.8 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 30,794,609 | 8.8 | ||||||||||||
| U.S. EQUITY—30.1% | ||||||||||||||
| 5,269,507 | TIAA-CREF Equity Index Fund | 104,810,488 | 30.1 | |||||||||||
| TOTAL U.S. EQUITY | 104,810,488 | 30.1 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $291,502,118) | 346,544,431 | 99.6 | |||||||||||
| TOTAL PORTFOLIO | (Cost $291,502,118) | 346,544,431 | 99.6 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,364,110 | 0.4 | ||||||||||||
| NET ASSETS | $ | 347,908,541 | 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 ■ 2017 Semiannual Report | 41 |
Portfolio of investments (unaudited)
Lifecycle Index 2015 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8% (a) | ||||||||||||||
| FIXED INCOME—38.1% | ||||||||||||||
| 23,818,036 | TIAA-CREF Bond Index Fund | $ | 257,234,792 | 38.1 | % | |||||||||
| TOTAL FIXED INCOME | 257,234,792 | 38.1 | ||||||||||||
| INFLATION-PROTECTED ASSETS—6.9% | ||||||||||||||
| 4,043,173 | TIAA-CREF Inflation-Linked Bond Fund | 46,536,926 | 6.9 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 46,536,926 | 6.9 | ||||||||||||
| INTERNATIONAL EQUITY—14.2% | ||||||||||||||
| 2,143,315 | TIAA-CREF Emerging Markets Equity Index Fund | 25,462,587 | 3.8 | |||||||||||
| 3,434,438 | TIAA-CREF International Equity Index Fund | 70,337,286 | 10.4 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 95,799,873 | 14.2 | ||||||||||||
| SHORT-TERM FIXED INCOME—6.9% | ||||||||||||||
| 4,690,617 | TIAA-CREF Short-Term Bond Index Fund | 46,484,011 | 6.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 46,484,011 | 6.9 | ||||||||||||
| U.S. EQUITY—33.7% | ||||||||||||||
| 11,417,113 | TIAA-CREF Equity Index Fund | 227,086,383 | 33.7 | |||||||||||
| TOTAL U.S. EQUITY | 227,086,383 | 33.7 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $563,233,296) | 673,141,985 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $563,233,296) | 673,141,985 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,512,870 | 0.2 | ||||||||||||
| NET ASSETS | $ | 674,654,855 | 100.0 | % | ||||||||||
| (a) | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
| 42 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2020 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8% (a) | ||||||||||||||
| FIXED INCOME—35.6% | ||||||||||||||
| 48,424,494 | TIAA-CREF Bond Index Fund | $ | 522,984,532 | 35.6 | % | |||||||||
| TOTAL FIXED INCOME | 522,984,532 | 35.6 | ||||||||||||
| INFLATION-PROTECTED ASSETS—4.9% | ||||||||||||||
| 6,276,581 | TIAA-CREF Inflation-Linked Bond Fund | 72,243,443 | 4.9 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 72,243,443 | 4.9 | ||||||||||||
| INTERNATIONAL EQUITY—16.1% | ||||||||||||||
| 5,316,982 | TIAA-CREF Emerging Markets Equity Index Fund | 63,165,748 | 4.3 | |||||||||||
| 8,505,803 | TIAA-CREF International Equity Index Fund | 174,198,853 | 11.8 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 237,364,601 | 16.1 | ||||||||||||
| SHORT-TERM FIXED INCOME—4.9% | ||||||||||||||
| 7,282,644 | TIAA-CREF Short-Term Bond Index Fund | 72,170,998 | 4.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 72,170,998 | 4.9 | ||||||||||||
| U.S. EQUITY—38.3% | ||||||||||||||
| 28,275,656 | TIAA-CREF Equity Index Fund | 562,402,805 | 38.3 | |||||||||||
| TOTAL U.S. EQUITY | 562,402,805 | 38.3 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,249,432,940) | 1,467,166,379 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,249,432,940) | 1,467,166,379 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 2,204,374 | 0.2 | ||||||||||||
| NET ASSETS | $ | 1,469,370,753 | 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 ■ 2017 Semiannual Report | 43 |
Portfolio of investments (unaudited)
Lifecycle Index 2025 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8% (a) | ||||||||||||||
| FIXED INCOME—31.6% | ||||||||||||||
| 48,957,896 | TIAA-CREF Bond Index Fund | $ | 528,745,280 | 31.6 | % | |||||||||
| TOTAL FIXED INCOME | 528,745,280 | 31.6 | ||||||||||||
| INFLATION-PROTECTED ASSETS—2.9% | ||||||||||||||
| 4,260,155 | TIAA-CREF Inflation-Linked Bond Fund | 49,034,379 | 2.9 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 49,034,379 | 2.9 | ||||||||||||
| INTERNATIONAL EQUITY—18.5% | ||||||||||||||
| 6,944,144 | TIAA-CREF Emerging Markets Equity Index Fund | 82,496,425 | 4.9 | |||||||||||
| 11,099,699 | TIAA-CREF International Equity Index Fund | 227,321,841 | 13.6 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 309,818,266 | 18.5 | ||||||||||||
| SHORT-TERM FIXED INCOME—2.9% | ||||||||||||||
| 4,943,205 | TIAA-CREF Short-Term Bond Index Fund | 48,987,165 | 2.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 48,987,165 | 2.9 | ||||||||||||
| U.S. EQUITY—43.9% | ||||||||||||||
| 36,898,248 | TIAA-CREF Equity Index Fund | 733,906,149 | 43.9 | |||||||||||
| TOTAL U.S. EQUITY | 733,906,149 | 43.9 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,411,243,860) | 1,670,491,239 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,411,243,860) | 1,670,491,239 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 3,604,489 | 0.2 | ||||||||||||
| NET ASSETS | $ | 1,674,095,728 | 100.0 | % | ||||||||||
| (a) | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
| 44 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2030 Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9% (a) | ||||||||||||||
| FIXED INCOME—27.6% | ||||||||||||||
| 44,257,176 | TIAA-CREF Bond Index Fund | $ | 477,977,496 | 27.6 | % | |||||||||
| TOTAL FIXED INCOME | 477,977,496 | 27.6 | ||||||||||||
| INFLATION-PROTECTED ASSETS—1.0% | ||||||||||||||
| 1,423,753 | TIAA-CREF Inflation-Linked Bond Fund | 16,387,395 | 1.0 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 16,387,395 | 1.0 | ||||||||||||
| INTERNATIONAL EQUITY—20.9% | ||||||||||||||
| 8,097,163 | TIAA-CREF Emerging Markets Equity Index Fund | 96,194,291 | 5.6 | |||||||||||
| 12,951,318 | TIAA-CREF International Equity Index Fund | 265,243,000 | 15.3 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 361,437,291 | 20.9 | ||||||||||||
| SHORT-TERM FIXED INCOME—0.9% | ||||||||||||||
| 1,651,925 | TIAA-CREF Short-Term Bond Index Fund | 16,370,572 | 0.9 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 16,370,572 | 0.9 | ||||||||||||
| U.S. EQUITY—49.5% | ||||||||||||||
| 43,053,330 | TIAA-CREF Equity Index Fund | 856,330,739 | 49.5 | |||||||||||
| TOTAL U.S. EQUITY | 856,330,739 | 49.5 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,426,450,903) | 1,728,503,493 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,426,450,903) | 1,728,503,493 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,750,337 | 0.1 | ||||||||||||
| NET ASSETS | $ | 1,730,253,830 | 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 ■ 2017 Semiannual Report | 45 |
Portfolio of investments (unaudited)
Lifecycle Index 2035 Fund ■ November 30, 2017
| % of net | ||||||||||||||
| Shares | Security | Value | assets | |||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9% (a) | ||||||||||||||
| FIXED INCOME—21.6% | ||||||||||||||
| 32,516,027 | TIAA-CREF Bond Index Fund | $ | 351,173,095 | 21.6 | % | |||||||||
| TOTAL FIXED INCOME | 351,173,095 | 21.6 | ||||||||||||
| INTERNATIONAL EQUITY—23.2% | ||||||||||||||
| 8,477,039 | TIAA-CREF Emerging Markets Equity Index Fund | 100,707,226 | 6.2 | |||||||||||
| 13,549,701 | TIAA-CREF International Equity Index Fund | 277,497,881 | 17.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 378,205,107 | 23.2 | ||||||||||||
| U.S. EQUITY—55.1% | ||||||||||||||
| 45,042,082 | TIAA-CREF Equity Index Fund | 895,887,016 | 55.1 | |||||||||||
| TOTAL U.S. EQUITY | 895,887,016 | 55.1 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,308,807,752) | 1,625,265,218 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,308,807,752) | 1,625,265,218 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,654,306 | 0.1 | ||||||||||||
| NET ASSETS | $ | 1,626,919,524 | 100.0 | % | ||||||||||
| (a) | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
| 46 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2040 Fund ■ November 30, 2017
| % of net | ||||||||||||||
| Shares | Security | Value | assets | |||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9% (a) | ||||||||||||||
| FIXED INCOME—13.7% | ||||||||||||||
| 22,186,492 | TIAA-CREF Bond Index Fund | $ | 239,614,110 | 13.7 | % | |||||||||
| TOTAL FIXED INCOME | 239,614,110 | 13.7 | ||||||||||||
| INTERNATIONAL EQUITY—25.6% | ||||||||||||||
| 10,065,931 | TIAA-CREF Emerging Markets Equity Index Fund | 119,583,263 | 6.8 | |||||||||||
| 16,081,126 | TIAA-CREF International Equity Index Fund | 329,341,456 | 18.8 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 448,924,719 | 25.6 | ||||||||||||
| U.S. EQUITY—60.6% | ||||||||||||||
| 53,456,881 | TIAA-CREF Equity Index Fund | 1,063,257,366 | 60.6 | |||||||||||
| TOTAL U.S. EQUITY | 1,063,257,366 | 60.6 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,362,209,460) | 1,751,796,195 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,362,209,460) | 1,751,796,195 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 2,491,502 | 0.1 | ||||||||||||
| NET ASSETS | $ | 1,754,287,697 | 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 ■ 2017 Semiannual Report | 47 |
Portfolio of investments (unaudited)
Lifecycle Index 2045 Fund ■ November 30, 2017
| % of net | ||||||||||||||
| Shares | Security | Value | assets | |||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8% (a) | ||||||||||||||
| FIXED INCOME—9.3% | ||||||||||||||
| 9,280,205 | TIAA-CREF Bond Index Fund | $ | 100,226,218 | 9.3 | % | |||||||||
| TOTAL FIXED INCOME | 100,226,218 | 9.3 | ||||||||||||
| INTERNATIONAL EQUITY—26.9% | ||||||||||||||
| 6,569,628 | TIAA-CREF Emerging Markets Equity Index Fund | 78,047,186 | 7.2 | |||||||||||
| 10,425,106 | TIAA-CREF International Equity Index Fund | 213,506,179 | 19.7 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 291,553,365 | 26.9 | ||||||||||||
| U.S. EQUITY—63.6% | ||||||||||||||
| 34,649,170 | TIAA-CREF Equity Index Fund | 689,171,992 | 63.6 | |||||||||||
| TOTAL U.S. EQUITY | 689,171,992 | 63.6 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $868,428,537) | 1,080,951,575 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $868,428,537) | 1,080,951,575 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,708,114 | 0.2 | ||||||||||||
| NET ASSETS | $ | 1,082,659,689 | 100.0 | % | ||||||||||
| (a) | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
| 48 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2050 Fund ■ November 30, 2017
| % of net | ||||||||||||||
| Shares | Security | Value | assets | |||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8% (a) | ||||||||||||||
| FIXED INCOME—8.0% | ||||||||||||||
| 5,762,128 | TIAA-CREF Bond Index Fund | $ | 62,230,986 | 8.0 | % | |||||||||
| TOTAL FIXED INCOME | 62,230,986 | 8.0 | ||||||||||||
| INTERNATIONAL EQUITY—27.3% | ||||||||||||||
| 4,773,158 | TIAA-CREF Emerging Markets Equity Index Fund | 56,705,113 | 7.3 | |||||||||||
| 7,575,376 | TIAA-CREF International Equity Index Fund | 155,143,700 | 20.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 211,848,813 | 27.3 | ||||||||||||
| U.S. EQUITY—64.5% | ||||||||||||||
| 25,177,247 | TIAA-CREF Equity Index Fund | 500,775,434 | 64.5 | |||||||||||
| TOTAL U.S. EQUITY | 500,775,434 | 64.5 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $625,548,710) | 774,855,233 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $625,548,710) | 774,855,233 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,435,014 | 0.2 | ||||||||||||
| NET ASSETS | $ | 776,290,247 | 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 ■ 2017 Semiannual Report | 49 |
Portfolio of investments (unaudited)
Lifecycle Index 2055 Fund ■ November 30, 2017
| % of net | ||||||||||||||
| Shares | Security | Value | assets | |||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9% (a) | ||||||||||||||
| FIXED INCOME—6.8% | ||||||||||||||
| 1,593,196 | TIAA-CREF Bond Index Fund | $ | 17,206,518 | 6.8 | % | |||||||||
| TOTAL FIXED INCOME | 17,206,518 | 6.8 | ||||||||||||
| INTERNATIONAL EQUITY—27.7% | ||||||||||||||
| 1,582,307 | TIAA-CREF Emerging Markets Equity Index Fund | 18,797,810 | 7.4 | |||||||||||
| 2,509,222 | TIAA-CREF International Equity Index Fund | 51,388,861 | 20.3 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 70,186,671 | 27.7 | ||||||||||||
| U.S. EQUITY—65.4% | ||||||||||||||
| 8,338,324 | TIAA-CREF Equity Index Fund | 165,849,259 | 65.4 | |||||||||||
| TOTAL U.S. EQUITY | 165,849,259 | 65.4 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $211,055,964) | 253,242,448 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $211,055,964) | 253,242,448 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 345,344 | 0.1 | ||||||||||||
| NET ASSETS | $ | 253,587,792 | 100.0 | % | ||||||||||
| (a) | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
| 50 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2060 Fund ■ November 30, 2017
| % of net | ||||||||||||||
| Shares | Security | Value | assets | |||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.7% (a) | ||||||||||||||
| FIXED INCOME—5.5% | ||||||||||||||
| 228,319 | TIAA-CREF Bond Index Fund | $ | 2,465,847 | 5.5 | % | |||||||||
| TOTAL FIXED INCOME | 2,465,847 | 5.5 | ||||||||||||
| INTERNATIONAL EQUITY—28.0% | ||||||||||||||
| 281,163 | TIAA-CREF Emerging Markets Equity Index Fund | 3,340,218 | 7.5 | |||||||||||
| 445,548 | TIAA-CREF International Equity Index Fund | 9,124,829 | 20.5 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 12,465,047 | 28.0 | ||||||||||||
| U.S. EQUITY—66.2% | ||||||||||||||
| 1,480,381 | TIAA-CREF Equity Index Fund | 29,444,781 | 66.2 | |||||||||||
| TOTAL U.S. EQUITY | 29,444,781 | 66.2 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $38,677,849) | 44,375,675 | 99.7 | |||||||||||
| TOTAL PORTFOLIO | (Cost $38,677,849) | 44,375,675 | 99.7 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 133,726 | 0.3 | ||||||||||||
| NET ASSETS | $ | 44,509,401 | 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 ■ 2017 Semiannual Report | 51 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Lifecycle Index Funds ■ November 30, 2017
| Lifecycle Index | |||||||||||||||||||||||||
| Retirement | Lifecycle Index | Lifecycle Index | Lifecycle Index | Lifecycle Index | Lifecycle Index | ||||||||||||||||||||
| Income Fund | 2010 Fund | 2015 Fund | 2020 Fund | 2025 Fund | 2030 Fund | ||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||
| Affiliated investments, at value‡ | $ | 174,650,930 | $ | 346,544,431 | $ | 673,141,985 | $ | 1,467,166,379 | $ | 1,670,491,239 | $ | 1,728,503,493 | |||||||||||||
| Cash | 469,429 | — | 1,662,264 | 4,343,757 | 5,980,243 | 4,116,607 | |||||||||||||||||||
| Receivable from securities transactions | 376,318 | 1,143,086 | 1,807,612 | 3,876,196 | 4,127,394 | 4,254,469 | |||||||||||||||||||
| Receivable from Fund shares sold | 866,375 | 1,088,013 | 1,024,820 | 1,968,011 | 2,631,452 | 1,811,391 | |||||||||||||||||||
| Dividends and interest receivable | 159,736 | 307,904 | 565,192 | 1,116,183 | 1,096,246 | 959,560 | |||||||||||||||||||
| Due from affiliates | 2,997 | 4,430 | 7,351 | 13,365 | 15,285 | 14,192 | |||||||||||||||||||
| Other | 22,585 | 28,221 | 40,150 | 42,842 | 52,976 | 51,634 | |||||||||||||||||||
| Total assets | 176,548,370 | 349,116,085 | 678,249,374 | 1,478,526,733 | 1,684,394,835 | 1,739,711,346 | |||||||||||||||||||
| LIABILITIES | |||||||||||||||||||||||||
| Management fees payable | 1,432 | 2,837 | 5,504 | 11,975 | 13,631 | 14,100 | |||||||||||||||||||
| Service agreement fees payable | 801 | 1,540 | 2,589 | 6,025 | 6,761 | 6,776 | |||||||||||||||||||
| Distribution fees payable | 1,713 | 5,392 | 12,442 | 29,825 | 33,154 | 34,495 | |||||||||||||||||||
| Due to affiliates | 10,788 | 11,753 | 13,485 | 17,388 | 18,424 | 18,681 | |||||||||||||||||||
| Overdraft payable | — | 55,056 | — | — | — | — | |||||||||||||||||||
| Payable for securities transactions | 824,591 | 1,038,611 | 3,342,635 | 8,832,962 | 9,998,420 | 9,073,241 | |||||||||||||||||||
| Payable for Fund shares redeemed | 208,511 | 63,230 | 176,299 | 180,077 | 139,629 | 218,005 | |||||||||||||||||||
| Payable for trustee compensation | 3,012 | 10,134 | 17,823 | 30,080 | 30,907 | 32,409 | |||||||||||||||||||
| Accrued expenses and other payables | 21,736 | 18,991 | 23,742 | 47,648 | 58,181 | 59,809 | |||||||||||||||||||
| Total liabilities | 1,072,584 | 1,207,544 | 3,594,519 | 9,155,980 | 10,299,107 | 9,457,516 | |||||||||||||||||||
| NET ASSETS | $ | 175,475,786 | $ | 347,908,541 | $ | 674,654,855 | $ | 1,469,370,753 | $ | 1,674,095,728 | $ | 1,730,253,830 | |||||||||||||
| NET ASSETS CONSIST OF: | |||||||||||||||||||||||||
| Paid-in-capital | $ | 159,299,251 | $ | 293,120,568 | $ | 564,263,382 | $ | 1,248,771,488 | $ | 1,410,995,056 | $ | 1,424,693,573 | |||||||||||||
| Undistributed net investment income (loss) | 289,295 | 2,715,615 | 4,863,506 | 8,852,451 | 8,350,283 | 7,075,818 | |||||||||||||||||||
| Accumulated net realized gain (loss) on total investments | (1,067,177 | ) | (2,969,955 | ) | (4,380,722 | ) | (5,986,625 | ) | (4,496,990 | ) | (3,568,151 | ) | |||||||||||||
| Net unrealized appreciation (depreciation) on total investments | 16,954,417 | 55,042,313 | 109,908,689 | 217,733,439 | 259,247,379 | 302,052,590 | |||||||||||||||||||
| NET ASSETS | $ | 175,475,786 | $ | 347,908,541 | $ | 674,654,855 | $ | 1,469,370,753 | $ | 1,674,095,728 | $ | 1,730,253,830 | |||||||||||||
| INSTITUTIONAL CLASS: | |||||||||||||||||||||||||
| Net assets | $ | 122,062,700 | $ | 228,841,600 | $ | 446,459,797 | $ | 931,471,317 | $ | 1,070,600,022 | $ | 1,114,803,336 | |||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 8,510,303 | 14,991,618 | 28,010,992 | 55,454,574 | 60,692,876 | 60,196,965 | |||||||||||||||||||
| Net asset value per share | $14.34 | $15.26 | $15.94 | $16.80 | $17.64 | $18.52 | |||||||||||||||||||
| ADVISOR CLASS: | |||||||||||||||||||||||||
| Net assets | $ | 112,486 | $ | 114,033 | $ | 115,415 | $ | 258,688 | $ | 182,287 | $ | 162,649 | |||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 7,841 | 7,469 | 7,240 | 15,410 | 10,341 | 8,791 | |||||||||||||||||||
| Net asset value per share | $14.35 | $15.27 | $15.94 | $16.79 | $17.63 | $18.50 | |||||||||||||||||||
| PREMIER CLASS: | |||||||||||||||||||||||||
| Net assets | $ | 14,283,487 | $ | 43,811,699 | $ | 101,456,452 | $ | 243,994,615 | $ | 272,846,630 | $ | 284,207,318 | |||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 996,522 | 2,880,581 | 6,393,252 | 14,599,387 | 15,536,054 | 15,422,944 | |||||||||||||||||||
| Net asset value per share | $14.33 | $15.21 | $15.87 | $16.71 | $17.56 | $18.43 | |||||||||||||||||||
| RETIREMENT CLASS: | |||||||||||||||||||||||||
| Net assets | $ | 39,017,113 | $ | 75,141,209 | $ | 126,623,191 | $ | 293,646,133 | $ | 330,466,789 | $ | 331,080,527 | |||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,725,409 | 4,968,746 | 8,011,615 | 17,642,100 | 18,908,773 | 18,049,960 | |||||||||||||||||||
| Net asset value per share | $14.32 | $15.12 | $15.80 | $16.64 | $17.48 | $18.34 | |||||||||||||||||||
| ‡ Affiliated investments, cost | $ | 157,696,513 | $ | 291,502,118 | $ | 563,233,296 | $ | 1,249,432,940 | $ | 1,411,243,860 | $ | 1,426,450,903 | |||||||||||||
| 52 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 53 |
| Statements of assets and liabilities (unaudited) | concluded |
TIAA-CREF Lifecycle Index Funds ■ November 30, 2017
| Lifecycle Index | Lifecycle Index | Lifecycle Index | Lifecycle Index | Lifecycle Index | Lifecycle Index | ||||||||||||||||||||
| 2035 Fund | 2040 Fund | 2045 Fund | 2050 Fund | 2055 Fund | 2060 Fund | ||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||
| Affiliated investments, at value‡ | $ | 1,625,265,218 | $ | 1,751,796,195 | $ | 1,080,951,575 | $ | 774,855,233 | $ | 253,242,448 | $ | 44,375,675 | |||||||||||||
| Cash | 4,148,641 | 4,094,532 | 3,178,662 | 2,444,837 | 601,296 | 149,183 | |||||||||||||||||||
| Receivable from securities transactions | 3,539,548 | 3,280,564 | 755,943 | 534,697 | 147,201 | 21,477 | |||||||||||||||||||
| Receivable from Fund shares sold | 1,724,148 | 2,592,934 | 2,490,127 | 1,575,034 | 926,311 | 142,694 | |||||||||||||||||||
| Dividends and interest receivable | 686,469 | 468,422 | 195,395 | 121,458 | 33,264 | 4,726 | |||||||||||||||||||
| Due from affiliates | 13,278 | 12,904 | 8,477 | 6,580 | 3,039 | 1,587 | |||||||||||||||||||
| Other | 47,252 | 52,542 | 37,921 | 31,544 | 2,492 | 18,676 | |||||||||||||||||||
| Total assets | 1,635,424,554 | 1,762,298,093 | 1,087,618,100 | 779,569,383 | 254,956,051 | 44,714,018 | |||||||||||||||||||
| LIABILITIES | |||||||||||||||||||||||||
| Management fees payable | 13,221 | 14,256 | 8,756 | 6,282 | 2,050 | 361 | |||||||||||||||||||
| Service agreement fees payable | 5,978 | 5,396 | 3,894 | 3,076 | 1,231 | 184 | |||||||||||||||||||
| Distribution fees payable | 30,490 | 29,538 | 21,262 | 15,854 | 4,415 | 369 | |||||||||||||||||||
| Due to affiliates | 18,150 | 18,894 | 15,366 | 13,829 | 11,160 | 10,128 | |||||||||||||||||||
| Payable for securities transactions | 7,929,819 | 7,581,829 | 4,546,452 | 3,124,960 | 1,028,204 | 180,242 | |||||||||||||||||||
| Payable for Fund shares redeemed | 424,418 | 267,067 | 302,333 | 65,368 | 288,196 | 772 | |||||||||||||||||||
| Payable for trustee compensation | 30,801 | 35,788 | 17,776 | 12,128 | 3,102 | 439 | |||||||||||||||||||
| Accrued expenses and other payables | 52,153 | 57,628 | 42,572 | 37,639 | 29,901 | 12,122 | |||||||||||||||||||
| Total liabilities | 8,505,030 | 8,010,396 | 4,958,411 | 3,279,136 | 1,368,259 | 204,617 | |||||||||||||||||||
| NET ASSETS | $ | 1,626,919,524 | $ | 1,754,287,697 | $ | 1,082,659,689 | $ | 776,290,247 | $ | 253,587,792 | $ | 44,509,401 | |||||||||||||
| NET ASSETS CONSIST OF: | |||||||||||||||||||||||||
| Paid-in-capital | $ | 1,308,343,271 | $ | 1,364,317,435 | $ | 870,386,267 | $ | 626,985,055 | $ | 211,839,659 | $ | 38,889,445 | |||||||||||||
| Undistributed net investment income (loss) | 4,818,874 | 2,817,069 | 902,373 | 472,380 | 122,752 | 9,744 | |||||||||||||||||||
| Accumulated net realized gain (loss) on total investments | (2,700,087 | ) | (2,433,542 | ) | (1,151,989 | ) | (473,711 | ) | (561,103 | ) | (87,614 | ) | |||||||||||||
| Net unrealized appreciation (depreciation) on total investments | 316,457,466 | 389,586,735 | 212,523,038 | 149,306,523 | 42,186,484 | 5,697,826 | |||||||||||||||||||
| NET ASSETS | $ | 1,626,919,524 | $ | 1,754,287,697 | $ | 1,082,659,689 | $ | 776,290,247 | $ | 253,587,792 | $ | 44,509,401 | |||||||||||||
| INSTITUTIONAL CLASS: | |||||||||||||||||||||||||
| Net assets | $ | 1,082,695,083 | $ | 1,245,759,983 | $ | 717,419,952 | $ | 494,105,367 | $ | 156,134,319 | $ | 32,147,584 | |||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 55,882,772 | 62,393,172 | 35,748,612 | 24,531,954 | 9,693,820 | 2,592,190 | |||||||||||||||||||
| Net asset value per share | $19.37 | $19.97 | $20.07 | $20.14 | $16.11 | $12.40 | |||||||||||||||||||
| ADVISOR CLASS: | |||||||||||||||||||||||||
| Net assets | $ | 124,557 | $ | 384,266 | $ | 345,049 | $ | 220,083 | $ | 130,088 | $ | 129,448 | |||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 6,432 | 19,256 | 17,204 | 10,938 | 8,080 | 10,435 | |||||||||||||||||||
| Net asset value per share | $19.37 | $19.96 | $20.06 | $20.12 | $16.10 | $12.41 | |||||||||||||||||||
| PREMIER CLASS: | |||||||||||||||||||||||||
| Net assets | $ | 251,622,006 | $ | 244,015,951 | $ | 176,092,344 | $ | 131,482,417 | $ | 36,616,587 | $ | 3,113,773 | |||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 13,055,596 | 12,286,605 | 8,817,705 | 6,562,988 | 2,279,780 | 251,365 | |||||||||||||||||||
| Net asset value per share | $19.27 | $19.86 | $19.97 | $20.03 | $16.06 | $12.39 | |||||||||||||||||||
| RETIREMENT CLASS: | |||||||||||||||||||||||||
| Net assets | $ | 292,477,878 | $ | 264,127,497 | $ | 188,802,344 | $ | 150,482,380 | $ | 60,706,798 | $ | 9,118,596 | |||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 15,246,064 | 13,354,499 | 9,500,758 | 7,548,073 | 3,789,928 | 737,565 | |||||||||||||||||||
| Net asset value per share | $19.18 | $19.78 | $19.87 | $19.94 | $16.02 | $12.36 | |||||||||||||||||||
| ‡ Affiliated investments, cost | $ | 1,308,807,752 | $ | 1,362,209,460 | $ | 868,428,537 | $ | 625,548,710 | $ | 211,055,964 | $ | 38,677,849 | |||||||||||||
| 54 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 55 |
Statements of operations (unaudited)
TIAA-CREF Lifecycle Index Funds ■ For the period ended November 30, 2017
| 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 | $ | 817,629 | $ | 1,701,086 | $ | 3,136,414 | $ | 5,966,980 | $ | 5,866,566 | $ | 5,106,313 | ||||||||||||
| Total income | 817,629 | 1,701,086 | 3,136,414 | 5,966,980 | 5,866,566 | 5,106,313 | ||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||
| Management fees | 74,660 | 159,882 | 309,731 | 648,107 | 735,408 | 756,914 | ||||||||||||||||||
| Shareholder servicing — Institutional Class | 5,285 | 2,721 | 4,336 | 6,292 | 6,226 | 6,477 | ||||||||||||||||||
| Shareholder servicing — Advisor Class | 4 | 7 | 7 | 75 | 45 | 90 | ||||||||||||||||||
| Shareholder servicing — Premier Class | 83 | 79 | 79 | 143 | 138 | 154 | ||||||||||||||||||
| Shareholder servicing — Retirement Class | 48,063 | 90,749 | 157,262 | 354,998 | 396,328 | 394,219 | ||||||||||||||||||
| Distribution fees — Premier Class | 9,566 | 28,766 | 65,710 | 158,964 | 174,172 | 187,225 | ||||||||||||||||||
| Registration fees | 33,894 | 35,180 | 36,707 | 40,602 | 47,661 | 39,347 | ||||||||||||||||||
| Administrative service fees | 15,866 | 17,248 | 19,790 | 25,735 | 27,312 | 27,737 | ||||||||||||||||||
| Shareholder reports | 13,152 | 11,298 | 15,628 | 28,493 | 31,204 | 32,495 | ||||||||||||||||||
| Professional fees | 12,532 | 12,874 | 13,405 | 14,766 | 15,164 | 15,358 | ||||||||||||||||||
| Custody and accounting fees | 5,727 | 5,618 | 5,623 | 5,623 | 5,704 | 5,617 | ||||||||||||||||||
| Trustee fees and expenses | 1,192 | 2,333 | 4,478 | 10,105 | 11,401 | 11,805 | ||||||||||||||||||
| Other expenses | 8,520 | 10,084 | 15,678 | 31,960 | 45,885 | 43,147 | ||||||||||||||||||
| Total expenses | 228,544 | 376,839 | 648,434 | 1,325,863 | 1,496,648 | 1,520,585 | ||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (96,104 | ) | (96,589 | ) | (114,602 | ) | (164,040 | ) | (190,598 | ) | (182,635 | ) | ||||||||||||
| Fee waiver by investment adviser and TPIS | (74,660 | ) | (159,882 | ) | (309,731 | ) | (583,297 | ) | (661,867 | ) | (605,531 | ) | ||||||||||||
| Net expenses | 57,780 | 120,368 | 224,101 | 578,526 | 644,183 | 732,419 | ||||||||||||||||||
| Net investment income (loss) | 759,849 | 1,580,718 | 2,912,313 | 5,388,454 | 5,222,383 | 4,373,894 | ||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||
| Realized gain (loss) from sale of affiliated investments | (53,352 | ) | 55,329 | 23,703 | 16,567 | 33,809 | 18,451 | |||||||||||||||||
| Realized gain (loss) from sale of unaffiliated investments‡ | 1,233 | — | — | — | (92,087 | ) | — | |||||||||||||||||
| Net realized gain (loss) from investments | (52,119 | ) | 55,329 | 23,703 | 16,567 | (58,278 | ) | 18,451 | ||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 5,682,115 | 12,885,182 | 28,321,314 | 68,814,673 | 90,674,069 | 106,392,365 | ||||||||||||||||||
| Net realized and unrealized gain (loss) from investments | 5,629,996 | 12,940,511 | 28,345,017 | 68,831,240 | 90,615,791 | 106,410,816 | ||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 6,389,845 | $ | 14,521,229 | $ | 31,257,330 | $ | 74,219,694 | $ | 95,838,174 | $ | 110,784,710 | ||||||||||||
| ‡ Includes net realized gain (loss) from securities sold to affiliates of | $ | — | $ | — | $ | — | $ | — | $ | (45,140 | ) | $ | — | |||||||||||
| 56 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 57 |
| Statements of operations (unaudited) | concluded |
| TIAA-CREF Lifecycle Index Funds ■ For the period ended November 30, 2017 |
| Lifecycle Index 2035 Fund | Lifecycle Index 2040 Fund | Lifecycle Index 2045 Fund | Lifecycle Index 2050 Fund | Lifecycle Index 2055 Fund | Lifecycle Index 2060 Fund | |||||||||||||||||||
| INVESTMENT INCOME | ||||||||||||||||||||||||
| Dividends from affiliated investments | $ | 3,658,919 | $ | 2,494,912 | $ | 1,049,406 | $ | 649,941 | $ | 173,444 | $ | 23,385 | ||||||||||||
| Total income | 3,658,919 | 2,494,912 | 1,049,406 | 649,941 | 173,444 | 23,385 | ||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||
| Management fees | 714,101 | 776,752 | 471,212 | 336,793 | 105,953 | 17,308 | ||||||||||||||||||
| Shareholder servicing — Institutional Class | 6,222 | 11,083 | 6,151 | 10,914 | 5,657 | 5,213 | ||||||||||||||||||
| Shareholder servicing — Advisor Class | 8 | 59 | 153 | 75 | 7 | 7 | ||||||||||||||||||
| Shareholder servicing — Premier Class | 136 | 145 | 118 | 113 | 87 | 95 | ||||||||||||||||||
| Shareholder servicing — Retirement Class | 348,529 | 312,778 | 232,602 | 179,199 | 70,814 | 9,726 | ||||||||||||||||||
| Distribution fees — Premier Class | 164,785 | 163,445 | 117,440 | 88,785 | 23,598 | 1,937 | ||||||||||||||||||
| Registration fees | 37,480 | 38,730 | 37,932 | 35,818 | 34,664 | 32,621 | ||||||||||||||||||
| Administrative service fees | 26,960 | 28,016 | 22,819 | 20,502 | 16,484 | 14,874 | ||||||||||||||||||
| Shareholder reports | 31,502 | 33,347 | 23,953 | 20,298 | 12,773 | 6,249 | ||||||||||||||||||
| Professional fees | 15,175 | 15,184 | 14,083 | 13,546 | 12,687 | 12,289 | ||||||||||||||||||
| Custody and accounting fees | 5,605 | 5,605 | 5,605 | 5,616 | 5,688 | 5,736 | ||||||||||||||||||
| Trustee fees and expenses | 11,124 | 12,070 | 7,348 | 5,245 | 1,664 | 263 | ||||||||||||||||||
| Other expenses | 37,559 | 39,208 | 29,015 | 23,962 | 11,237 | 3,596 | ||||||||||||||||||
| Total expenses | 1,399,186 | 1,436,422 | 968,431 | 740,866 | 301,313 | 109,914 | ||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (172,083 | ) | (183,843 | ) | (147,456 | ) | (136,391 | ) | (101,247 | ) | (81,096 | ) | ||||||||||||
| Fee waiver by investment adviser and TPIS | (571,280 | ) | (543,727 | ) | (329,849 | ) | (235,755 | ) | (74,167 | ) | (12,116 | ) | ||||||||||||
| Net expenses | 655,823 | 708,852 | 491,126 | 368,720 | 125,899 | 16,702 | ||||||||||||||||||
| Net investment income (loss) | 3,003,096 | 1,786,060 | 558,280 | 281,221 | 47,545 | 6,683 | ||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||
| Realized gain (loss) from sale of affiliated investments | 15,381 | 22,319 | (12,597 | ) | (4,127 | ) | (4,845 | ) | 1,443 | |||||||||||||||
| Realized gain (loss) from sale of unaffiliated investments‡ | — | — | — | — | (11,023 | ) | (177 | ) | ||||||||||||||||
| Net realized gain (loss) from investments | 15,381 | 22,319 | (12,597 | ) | (4,127 | ) | (15,868 | ) | 1,266 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 112,465,291 | 135,530,429 | 86,651,032 | 62,816,384 | 20,182,175 | 3,352,984 | ||||||||||||||||||
| Net realized and unrealized gain (loss) from investments | 112,480,672 | 135,552,748 | 86,638,435 | 62,812,257 | 20,166,307 | 3,354,250 | ||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 115,483,768 | $ | 137,338,808 | $ | 87,196,715 | $ | 63,093,478 | $ | 20,213,852 | $ | 3,360,933 | ||||||||||||
| ‡ Includes net realized gain (loss) from securities sold to affiliates of | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (374 | ) | |||||||||||
| 58 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 59 |
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, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 759,849 | $ | 1,827,774 | $ | 1,580,718 | $ | 5,224,076 | $ | 2,912,313 | $ | 9,317,028 | ||||||||||||||
| Net realized gain (loss) from investments | (52,119 | ) | (156,547 | ) | 55,329 | (49,241 | ) | 23,703 | (21,023 | ) | ||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 5,682,115 | 6,044,266 | 12,885,182 | 16,365,369 | 28,321,314 | 33,190,814 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 6,389,845 | 7,715,493 | 14,521,229 | 21,540,204 | 31,257,330 | 42,486,819 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| From net investment income: | Institutional Class | (466,188 | ) | (988,439 | ) | — | (3,390,060 | ) | — | (5,873,621 | ) | |||||||||||||||
| Advisor Class | (554 | ) | (2,091 | ) | — | (2,018 | ) | — | (2,090 | ) | ||||||||||||||||
| Premier Class | (56,618 | ) | (231,994 | ) | — | (527,821 | ) | — | (1,191,920 | ) | ||||||||||||||||
| Retirement Class | (148,717 | ) | (510,365 | ) | — | (1,055,148 | ) | — | (1,808,398 | ) | ||||||||||||||||
| From realized gains: | Institutional Class | — | (104,881 | ) | — | (560,071 | ) | — | (1,111,013 | ) | ||||||||||||||||
| Advisor Class | — | (238 | ) | — | (336 | ) | — | (398 | ) | |||||||||||||||||
| Premier Class | — | (28,661 | ) | — | (93,829 | ) | — | (242,843 | ) | |||||||||||||||||
| Retirement Class | — | (63,218 | ) | — | (195,778 | ) | — | (382,781 | ) | |||||||||||||||||
| Total distributions | (672,077 | ) | (1,929,887 | ) | — | (5,825,061 | ) | — | (10,613,064 | ) | ||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 57,129,037 | 52,481,834 | 43,731,058 | 62,572,840 | 79,865,433 | 137,127,436 | |||||||||||||||||||
| Advisor Class | — | 6,500 | — | — | — | — | ||||||||||||||||||||
| Premier Class | 3,167,819 | 2,334,605 | 11,949,732 | 8,324,969 | 30,697,639 | 15,409,370 | ||||||||||||||||||||
| Retirement Class | 7,633,501 | 27,585,461 | 15,192,605 | 25,705,528 | 21,572,051 | 53,148,583 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 466,116 | 1,093,032 | — | 3,950,131 | — | 6,984,634 | |||||||||||||||||||
| Advisor Class | — | 103 | — | — | — | — | ||||||||||||||||||||
| Premier Class | 54,947 | 260,388 | — | 621,650 | — | 1,434,763 | ||||||||||||||||||||
| Retirement Class | 148,662 | 573,327 | — | 1,250,926 | — | 2,191,179 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (18,621,629 | ) | (17,530,831 | ) | (19,859,245 | ) | (34,894,554 | ) | (31,198,368 | ) | (50,703,461 | ) | |||||||||||||
| Advisor Class | — | (6,463 | ) | — | — | — | — | |||||||||||||||||||
| Premier Class | (1,094,522 | ) | (4,256,134 | ) | (2,404,604 | ) | (4,924,077 | ) | (5,209,564 | ) | (10,769,097 | ) | ||||||||||||||
| Retirement Class | (7,411,591 | ) | (14,798,261 | ) | (12,106,706 | ) | (12,638,041 | ) | (19,312,022 | ) | (31,787,899 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 41,472,340 | 47,743,561 | 36,502,840 | 49,969,372 | 76,415,169 | 123,035,508 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 47,190,108 | 53,529,167 | 51,024,069 | 65,684,515 | 107,672,499 | 154,909,263 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 128,285,678 | 74,756,511 | 296,884,472 | 231,199,957 | 566,982,356 | 412,073,093 | ||||||||||||||||||||
| End of period | $ | 175,475,786 | $ | 128,285,678 | $ | 347,908,541 | $ | 296,884,472 | $ | 674,654,855 | $ | 566,982,356 | ||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | 289,295 | $ | 201,523 | $ | 2,715,615 | $ | 1,134,897 | $ | 4,863,506 | $ | 1,951,193 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 4,054,874 | 3,917,003 | 2,925,973 | 4,439,696 | 5,129,021 | 9,334,304 | |||||||||||||||||||
| Advisor Class | — | 483 | — | — | — | — | ||||||||||||||||||||
| Premier Class | 225,945 | 174,119 | 806,263 | 590,244 | 1,994,485 | 1,053,489 | ||||||||||||||||||||
| Retirement Class | 543,601 | 2,072,570 | 1,028,152 | 1,838,129 | 1,408,044 | 3,684,945 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | 33,328 | 82,719 | — | 286,449 | — | 489,463 | |||||||||||||||||||
| Advisor Class | — | 8 | — | — | — | — | ||||||||||||||||||||
| Premier Class | 3,932 | 19,751 | — | 45,178 | — | 100,827 | ||||||||||||||||||||
| Retirement Class | 10,647 | 43,487 | — | 91,375 | — | 154,417 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (1,317,892 | ) | (1,306,171 | ) | (1,332,921 | ) | (2,468,584 | ) | (2,009,610 | ) | (3,461,710 | ) | |||||||||||||
| Advisor Class | — | (491 | ) | — | — | — | — | |||||||||||||||||||
| Premier Class | (78,596 | ) | (318,931 | ) | (161,355 | ) | (351,371 | ) | (336,109 | ) | (738,812 | ) | ||||||||||||||
| Retirement Class | (527,331 | ) | (1,106,738 | ) | (817,830 | ) | (903,493 | ) | (1,251,707 | ) | (2,198,901 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 2,948,508 | 3,577,809 | 2,448,282 | 3,567,623 | 4,934,124 | 8,418,022 | ||||||||||||||||||||
| 60 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 61 |
| 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, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 5,388,454 | $ | 18,308,201 | $ | 5,222,383 | $ | 19,216,076 | $ | 4,373,894 | $ | 20,585,730 | ||||||||||||||
| Net realized gain (loss) from investments | 16,567 | 7,765 | (58,278 | ) | 111,335 | 18,451 | 604,028 | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 68,814,673 | 75,352,754 | 90,674,069 | 90,881,971 | 106,392,365 | 107,919,815 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 74,219,694 | 93,668,720 | 95,838,174 | 110,209,382 | 110,784,710 | 129,109,573 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| From net investment income: | Institutional Class | — | (10,281,344 | ) | — | (10,790,227 | ) | — | (11,834,918 | ) | ||||||||||||||||
| Advisor Class | — | (4,172 | ) | — | (2,109 | ) | — | (2,149 | ) | |||||||||||||||||
| Premier Class | — | (2,806,406 | ) | — | (3,004,857 | ) | — | (3,277,794 | ) | |||||||||||||||||
| Retirement Class | — | (3,981,997 | ) | — | (4,106,143 | ) | — | (4,248,905 | ) | |||||||||||||||||
| From realized gains: | Institutional Class | — | (1,825,689 | ) | — | (2,160,395 | ) | — | (2,541,931 | ) | ||||||||||||||||
| Advisor Class | — | (744 | ) | — | (425 | ) | — | (465 | ) | |||||||||||||||||
| Premier Class | — | (535,278 | ) | — | (644,974 | ) | — | (754,067 | ) | |||||||||||||||||
| Retirement Class | — | (785,711 | ) | — | (908,425 | ) | — | (1,002,454 | ) | |||||||||||||||||
| Total distributions | — | (20,221,341 | ) | — | (21,617,555 | ) | — | (23,662,683 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 222,503,021 | 267,321,786 | 274,960,806 | 305,158,715 | 259,983,997 | 289,155,856 | |||||||||||||||||||
| Advisor Class | 1,800 | 131,174 | 31,330 | 27,717 | 1,911 | 34,146 | ||||||||||||||||||||
| Premier Class | 66,574,846 | 35,696,976 | 76,564,334 | 33,952,408 | 65,836,860 | 39,082,069 | ||||||||||||||||||||
| Retirement Class | 41,553,788 | 118,702,840 | 48,126,235 | 133,019,041 | 50,284,642 | 141,693,499 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 12,107,033 | — | 12,950,622 | — | 14,376,849 | |||||||||||||||||||
| Advisor Class | — | 2,475 | — | — | — | — | ||||||||||||||||||||
| Premier Class | — | 3,341,684 | — | 3,649,831 | — | 4,031,861 | ||||||||||||||||||||
| Retirement Class | — | 4,767,708 | — | 5,014,568 | — | 5,251,359 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (47,212,548 | ) | (44,987,907 | ) | (42,831,925 | ) | (41,964,551 | ) | (33,181,203 | ) | (37,086,035 | ) | |||||||||||||
| Advisor Class | (1,318 | ) | (6,752 | ) | — | (814 | ) | (2 | ) | — | ||||||||||||||||
| Premier Class | (10,322,518 | ) | (11,273,362 | ) | (5,772,360 | ) | (7,678,053 | ) | (6,709,013 | ) | (7,273,350 | ) | ||||||||||||||
| Retirement Class | (31,678,877 | ) | (45,632,197 | ) | (31,805,668 | ) | (35,269,723 | ) | (29,570,746 | ) | (37,301,569 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 241,418,194 | 340,171,458 | 319,272,752 | 408,859,761 | 306,646,446 | 411,964,685 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 315,637,888 | 413,618,837 | 415,110,926 | 497,451,588 | 417,431,156 | 517,411,575 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 1,153,732,865 | 740,114,028 | 1,258,984,802 | 761,533,214 | 1,312,822,674 | 795,411,099 | ||||||||||||||||||||
| End of period | $ | 1,469,370,753 | $ | 1,153,732,865 | $ | 1,674,095,728 | $ | 1,258,984,802 | $ | 1,730,253,830 | $ | 1,312,822,674 | ||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | 8,852,451 | $ | 3,463,997 | $ | 8,350,283 | $ | 3,127,900 | $ | 7,075,818 | $ | 2,701,924 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 13,603,838 | 17,511,199 | 16,139,357 | 19,218,609 | 14,561,044 | 17,597,317 | |||||||||||||||||||
| Advisor Class | 111 | 8,649 | 1,868 | 1,722 | 106 | 2,085 | ||||||||||||||||||||
| Premier Class | 4,126,057 | 2,357,720 | 4,540,316 | 2,164,950 | 3,747,791 | 2,408,780 | ||||||||||||||||||||
| Retirement Class | 2,576,424 | 7,903,810 | 2,859,215 | 8,548,859 | 2,858,966 | 8,807,633 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 813,645 | — | 839,859 | — | 899,678 | |||||||||||||||||||
| Advisor Class | — | 166 | — | — | — | — | ||||||||||||||||||||
| Premier Class | — | 225,485 | — | 237,464 | — | 253,258 | ||||||||||||||||||||
| Retirement Class | — | 322,578 | — | 327,535 | — | 331,107 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (2,899,528 | ) | (2,946,400 | ) | (2,505,953 | ) | (2,655,927 | ) | (1,858,228 | ) | (2,256,656 | ) | |||||||||||||
| Advisor Class | (81 | ) | (434 | ) | — | (49 | ) | — | — | |||||||||||||||||
| Premier Class | (636,018 | ) | (747,209 | ) | (338,565 | ) | (489,927 | ) | (375,677 | ) | (449,458 | ) | ||||||||||||||
| Retirement Class | (1,952,802 | ) | (3,022,774 | ) | (1,871,048 | ) | (2,268,322 | ) | (1,657,222 | ) | (2,295,393 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 14,818,001 | 22,426,435 | 18,825,190 | 25,924,773 | 17,276,780 | 25,298,351 | ||||||||||||||||||||
| 62 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 63 |
| 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, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 3,003,096 | $ | 19,383,076 | $ | 1,786,060 | $ | 21,641,125 | $ | 558,280 | $ | 12,263,374 | ||||||||||||||
| Net realized gain (loss) from investments | 15,381 | 706,590 | 22,319 | 969,563 | (12,597 | ) | 783,098 | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 112,465,291 | 114,351,981 | 135,530,429 | 140,027,137 | 86,651,032 | 83,871,268 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 115,483,768 | 134,441,647 | 137,338,808 | 162,637,825 | 87,196,715 | 96,917,740 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| From net investment income: | Institutional Class | — | (11,951,962 | ) | — | (14,661,934 | ) | — | (7,360,454 | ) | ||||||||||||||||
| Advisor Class | — | (2,176 | ) | — | (5,832 | ) | — | (2,227 | ) | |||||||||||||||||
| Premier Class | — | (2,931,582 | ) | — | (2,917,908 | ) | — | (2,137,846 | ) | |||||||||||||||||
| Retirement Class | — | (3,580,105 | ) | — | (3,491,001 | ) | — | (2,557,464 | ) | |||||||||||||||||
| From realized gains: | Institutional Class | — | (2,844,285 | ) | — | (3,852,604 | ) | — | (1,738,432 | ) | ||||||||||||||||
| Advisor Class | — | (521 | ) | — | (1,538 | ) | — | (530 | ) | |||||||||||||||||
| Premier Class | — | (745,404 | ) | — | (817,528 | ) | — | (538,766 | ) | |||||||||||||||||
| Retirement Class | — | (936,931 | ) | — | (1,006,889 | ) | — | (663,138 | ) | |||||||||||||||||
| Total distributions | — | (22,992,966 | ) | — | (26,755,234 | ) | — | (14,998,857 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 213,038,717 | 277,304,919 | 217,573,455 | 259,050,206 | 162,350,822 | 190,194,052 | |||||||||||||||||||
| Advisor Class | — | — | 156,757 | 175,640 | 200,444 | — | ||||||||||||||||||||
| Premier Class | 54,574,356 | 35,373,129 | 45,268,428 | 41,566,037 | 31,701,063 | 25,604,423 | ||||||||||||||||||||
| Retirement Class | 44,127,708 | 117,506,520 | 39,246,668 | 102,059,814 | 28,420,793 | 71,058,792 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 14,796,247 | — | 18,514,538 | — | 9,098,886 | |||||||||||||||||||
| Advisor Class | — | — | — | 4,560 | — | — | ||||||||||||||||||||
| Premier Class | — | 3,676,986 | — | 3,735,436 | — | 2,676,612 | ||||||||||||||||||||
| Retirement Class | — | 4,517,036 | — | 4,497,890 | — | 3,220,602 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (28,264,632 | ) | (29,980,704 | ) | (21,279,806 | ) | (25,706,503 | ) | (14,504,219 | ) | (14,816,854 | ) | |||||||||||||
| Advisor Class | — | — | (6,001 | ) | (94,795 | ) | — | — | ||||||||||||||||||
| Premier Class | (5,013,247 | ) | (4,011,478 | ) | (6,453,622 | ) | (3,896,459 | ) | (3,973,613 | ) | (2,475,078 | ) | ||||||||||||||
| Retirement Class | (27,684,618 | ) | (29,718,685 | ) | (25,958,408 | ) | (33,797,463 | ) | (25,849,649 | ) | (19,415,736 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 250,778,284 | 389,463,970 | 248,547,471 | 366,108,901 | 178,345,641 | 265,145,699 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 366,262,052 | 500,912,651 | 385,886,279 | 501,991,492 | 265,542,356 | 347,064,582 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 1,260,657,472 | 759,744,821 | 1,368,401,418 | 866,409,926 | 817,117,333 | 470,052,751 | ||||||||||||||||||||
| End of period | $ | 1,626,919,524 | $ | 1,260,657,472 | $ | 1,754,287,697 | $ | 1,368,401,418 | $ | 1,082,659,689 | $ | 817,117,333 | ||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | 4,818,874 | $ | 1,815,778 | $ | 2,817,069 | $ | 1,031,009 | $ | 902,373 | $ | 344,093 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 11,424,863 | 16,295,968 | 11,415,188 | 14,951,263 | 8,469,125 | 11,010,620 | |||||||||||||||||||
| Advisor Class | — | — | 7,948 | 10,355 | 10,816 | — | ||||||||||||||||||||
| Premier Class | 2,982,172 | 2,114,014 | 2,416,161 | 2,451,423 | 1,688,316 | 1,505,447 | ||||||||||||||||||||
| Retirement Class | 2,414,202 | 7,070,625 | 2,086,654 | 6,042,340 | 1,510,186 | 4,218,068 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 896,199 | — | 1,101,400 | — | 541,923 | |||||||||||||||||||
| Advisor Class | — | — | — | 271 | — | — | ||||||||||||||||||||
| Premier Class | — | 223,661 | — | 223,144 | — | 159,989 | ||||||||||||||||||||
| Retirement Class | — | 275,765 | — | 269,496 | — | 193,198 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (1,521,335 | ) | (1,764,944 | ) | (1,115,193 | ) | (1,495,180 | ) | (756,985 | ) | (854,899 | ) | |||||||||||||
| Advisor Class | — | — | (319 | ) | (5,354 | ) | — | — | ||||||||||||||||||
| Premier Class | (269,926 | ) | (241,856 | ) | (335,716 | ) | (229,922 | ) | (207,629 | ) | (145,227 | ) | ||||||||||||||
| Retirement Class | (1,491,294 | ) | (1,777,673 | ) | (1,359,380 | ) | (1,980,580 | ) | (1,339,611 | ) | (1,134,805 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 13,538,682 | 23,091,759 | 13,115,343 | 21,338,656 | 9,374,218 | 15,494,314 | ||||||||||||||||||||
| 64 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 65 |
| 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, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 281,221 | $ | 8,499,974 | $ | 47,545 | $ | 2,254,640 | $ | 6,683 | $ | 322,189 | ||||||||||||||
| Net realized gain (loss) from investments | (4,127 | ) | 564,341 | (15,868 | ) | 235,809 | 1,266 | (31,555 | ) | |||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 62,816,384 | 59,180,512 | 20,182,175 | 16,504,480 | 3,352,984 | 2,464,134 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 63,093,478 | 68,244,827 | 20,213,852 | 18,994,929 | 3,360,933 | 2,754,768 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| From net investment income: | Institutional Class | — | (4,865,780 | ) | — | (1,270,158 | ) | — | (246,267 | ) | ||||||||||||||||
| Advisor Class | — | (5,988 | ) | — | (2,175 | ) | — | (2,258 | ) | |||||||||||||||||
| Premier Class | — | (1,567,588 | ) | — | (305,141 | ) | — | (24,895 | ) | |||||||||||||||||
| Retirement Class | — | (1,931,108 | ) | — | (613,714 | ) | — | (48,462 | ) | |||||||||||||||||
| From realized gains: | Institutional Class | — | (1,107,067 | ) | — | (206,861 | ) | — | (66,562 | ) | ||||||||||||||||
| Advisor Class | — | (1,368 | ) | — | (357 | ) | — | (615 | ) | |||||||||||||||||
| Premier Class | — | (380,299 | ) | — | (52,552 | ) | — | (7,294 | ) | |||||||||||||||||
| Retirement Class | — | (480,839 | ) | — | (108,807 | ) | — | (14,237 | ) | |||||||||||||||||
| Total distributions | — | (10,340,037 | ) | — | (2,559,765 | ) | — | (410,590 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 119,653,864 | 134,179,422 | 48,982,119 | 49,902,781 | 13,831,010 | 9,208,389 | |||||||||||||||||||
| Advisor Class | 490 | 192,277 | 630 | — | — | — | ||||||||||||||||||||
| Premier Class | 22,926,830 | 23,450,037 | 11,800,250 | 10,316,515 | 1,337,672 | 584,753 | ||||||||||||||||||||
| Retirement Class | 25,095,387 | 60,077,404 | 11,793,628 | 27,647,621 | 4,184,774 | 4,079,381 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 5,972,847 | — | 1,476,702 | — | 86,411 | |||||||||||||||||||
| Advisor Class | — | 4,608 | — | — | — | — | ||||||||||||||||||||
| Premier Class | — | 1,947,887 | — | 357,391 | — | 5,623 | ||||||||||||||||||||
| Retirement Class | — | 2,411,947 | — | 722,227 | — | 36,196 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (10,939,577 | ) | (11,465,540 | ) | (3,943,176 | ) | (4,988,683 | ) | (2,657,670 | ) | (1,906,980 | ) | |||||||||||||
| Advisor Class | (27,955 | ) | (99,329 | ) | — | — | — | — | ||||||||||||||||||
| Premier Class | (4,020,195 | ) | (2,698,258 | ) | (1,484,562 | ) | (743,092 | ) | (282,402 | ) | (13,025 | ) | ||||||||||||||
| Retirement Class | (15,946,775 | ) | (17,319,211 | ) | (6,891,676 | ) | (3,124,738 | ) | (1,200,826 | ) | (227,022 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 136,742,069 | 196,654,091 | 60,257,213 | 81,566,724 | 15,212,558 | 11,853,726 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 199,835,547 | 254,558,881 | 80,471,065 | 98,001,888 | 18,573,491 | 14,197,904 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 576,454,700 | 321,895,819 | 173,116,727 | 75,114,839 | 25,935,910 | 11,738,006 | ||||||||||||||||||||
| End of period | $ | 776,290,247 | $ | 576,454,700 | $ | 253,587,792 | $ | 173,116,727 | $ | 44,509,401 | $ | 25,935,910 | ||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | 472,380 | $ | 191,159 | $ | 122,752 | $ | 75,207 | $ | 9,744 | $ | 3,061 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 6,235,286 | 7,745,573 | 3,191,225 | 3,625,415 | 1,168,721 | 862,280 | |||||||||||||||||||
| Advisor Class | 26 | 11,322 | 40 | — | — | — | ||||||||||||||||||||
| Premier Class | 1,218,791 | 1,374,670 | 784,069 | 753,148 | 114,753 | 55,022 | ||||||||||||||||||||
| Retirement Class | 1,329,719 | 3,551,166 | 774,871 | 2,031,379 | 357,738 | 387,011 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 355,104 | — | 109,955 | — | 8,373 | |||||||||||||||||||
| Advisor Class | — | 274 | — | — | — | — | ||||||||||||||||||||
| Premier Class | — | 116,292 | — | 26,651 | — | 545 | ||||||||||||||||||||
| Retirement Class | — | 144,514 | — | 53,938 | — | 3,507 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (570,578 | ) | (664,948 | ) | (255,956 | ) | (362,210 | ) | (224,332 | ) | (182,358 | ) | |||||||||||||
| Advisor Class | (1,482 | ) | (5,594 | ) | — | — | — | — | ||||||||||||||||||
| Premier Class | (209,691 | ) | (158,196 | ) | (95,393 | ) | (53,259 | ) | (23,828 | ) | (1,244 | ) | ||||||||||||||
| Retirement Class | (825,851 | ) | (997,179 | ) | (444,981 | ) | (225,387 | ) | (100,698 | ) | (21,088 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 7,176,220 | 11,472,998 | 3,953,875 | 5,959,630 | 1,292,354 | 1,112,048 | ||||||||||||||||||||
| 66 |
2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 67 |
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 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 | ||||||||||||||||||||||||
| LIFECYCLE INDEX RETIREMENT INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $13.81 | $0.08 | $ 0.52 | $ 0.60 | $(0.07 | ) | $ — | $(0.07 | ) | $14.34 | 4.37 | %b | $122,063 | 0.23 | %c | 0.00 | %c | 1.10 | %c | 18 | %b | |||||||||||||||||||||
| 5/31/17 | 13.09 | 0.25 | 0.76 | 1.01 | (0.26 | ) | (0.03 | ) | (0.29 | ) | 13.81 | 7.81 | 79,296 | 0.27 | 0.00 | 1.90 | 40 | |||||||||||||||||||||||||||
| 5/31/16 | 13.35 | 0.24 | (0.24 | ) | 0.00 | d | (0.24 | ) | (0.02 | ) | (0.26 | ) | 13.09 | 0.10 | 39,882 | 0.31 | 0.02 | 1.88 | 41 | |||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 13.82 | 0.08 | 0.52 | 0.60 | (0.07 | ) | — | (0.07 | ) | 14.35 | 4.36 | b | 112 | 0.23 | c | 0.01 | c | 1.08 | c | 18 | b | |||||||||||||||||||||
| 5/31/17 | 13.09 | 0.27 | 0.75 | 1.02 | (0.26 | ) | (0.03 | ) | (0.29 | ) | 13.82 | 7.86 | 108 | 0.29 | 0.03 | 2.03 | 40 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 13.07 | 0.07 | 0.14 | 0.21 | (0.17 | ) | (0.02 | ) | (0.19 | ) | 13.09 | 1.68 | b | 103 | 0.34 | c | 0.03 | c | 1.20 | c | 41 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 13.81 | 0.07 | 0.51 | 0.58 | (0.06 | ) | — | (0.06 | ) | 14.33 | 4.23 | b | 14,283 | 0.37 | c | 0.15 | c | 0.94 | c | 18 | b | |||||||||||||||||||||
| 5/31/17 | 13.08 | 0.26 | 0.74 | 1.00 | (0.24 | ) | (0.03 | ) | (0.27 | ) | 13.81 | 7.73 | 11,670 | 0.41 | 0.15 | 1.95 | 40 | |||||||||||||||||||||||||||
| 5/31/16 | 13.34 | 0.24 | (0.26 | ) | (0.02 | ) | (0.22 | ) | (0.02 | ) | (0.24 | ) | 13.08 | (0.05 | ) | 12,694 | 0.46 | 0.17 | 1.87 | 41 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 13.79 | 0.06 | 0.52 | 0.58 | (0.05 | ) | — | (0.05 | ) | 14.32 | 4.25 | b | 39,017 | 0.47 | c | 0.25 | c | 0.84 | c | 18 | b | |||||||||||||||||||||
| 5/31/17 | 13.07 | 0.23 | 0.75 | 0.98 | (0.23 | ) | (0.03 | ) | (0.26 | ) | 13.79 | 7.57 | 37,211 | 0.51 | 0.25 | 1.70 | 40 | |||||||||||||||||||||||||||
| 5/31/16 | 13.33 | 0.21 | (0.23 | ) | (0.02 | ) | (0.22 | ) | (0.02 | ) | (0.24 | ) | 13.07 | (0.11 | ) | 22,078 | 0.61 | 0.27 | 1.65 | 41 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| LIFECYCLE INDEX 2010 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 14.59 | 0.08 | 0.59 | 0.67 | — | — | — | 15.26 | 4.59 | b | 228,842 | 0.16 | c | 0.00 | c | 1.06 | c | 7 | b | |||||||||||||||||||||||
| 5/31/17 | 13.76 | 0.29 | 0.85 | 1.14 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 14.59 | 8.47 | 195,420 | 0.16 | 0.00 | 2.04 | 16 | |||||||||||||||||||||||||||
| 5/31/16 | 14.07 | 0.27 | (0.29 | ) | (0.02 | ) | (0.26 | ) | (0.03 | ) | (0.29 | ) | 13.76 | (0.07 | ) | 153,329 | 0.17 | 0.02 | 2.01 | 24 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 14.59 | 0.08 | 0.60 | 0.68 | — | — | — | 15.27 | 4.66 | b | 114 | 0.17 | c | 0.01 | c | 1.05 | c | 7 | b | |||||||||||||||||||||||
| 5/31/17 | 13.77 | 0.29 | 0.84 | 1.13 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 14.59 | 8.38 | 109 | 0.18 | 0.02 | 2.04 | 16 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 13.84 | 0.08 | 0.14 | 0.22 | (0.26 | ) | (0.03 | ) | (0.29 | ) | 13.77 | 1.65 | b | 103 | 0.20 | c | 0.03 | c | 1.19 | c | 24 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 14.54 | 0.07 | 0.60 | 0.67 | — | — | — | 15.21 | 4.61 | b | 43,812 | 0.31 | c | 0.15 | c | 0.92 | c | 7 | b | |||||||||||||||||||||||
| 5/31/17 | 13.73 | 0.27 | 0.83 | 1.10 | (0.25 | ) | (0.04 | ) | (0.29 | ) | 14.54 | 8.19 | 32,513 | 0.31 | 0.15 | 1.92 | 16 | |||||||||||||||||||||||||||
| 5/31/16 | 14.04 | 0.25 | (0.29 | ) | (0.04 | ) | (0.24 | ) | (0.03 | ) | (0.27 | ) | 13.73 | (0.22 | ) | 26,787 | 0.32 | 0.17 | 1.86 | 24 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 14.47 | 0.06 | 0.59 | 0.65 | — | — | — | 15.12 | 4.49 | b | 75,141 | 0.41 | c | 0.25 | c | 0.81 | c | 7 | b | |||||||||||||||||||||||
| 5/31/17 | 13.66 | 0.26 | 0.83 | 1.09 | (0.24 | ) | (0.04 | ) | (0.28 | ) | 14.47 | 8.15 | 68,843 | 0.41 | 0.25 | 1.83 | 16 | |||||||||||||||||||||||||||
| 5/31/16 | 13.97 | 0.23 | (0.28 | ) | (0.05 | ) | (0.23 | ) | (0.03 | ) | (0.26 | ) | 13.66 | (0.30 | ) | 50,981 | 0.47 | 0.27 | 1.74 | 24 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| 68 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 69 |
| 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 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 | ||||||||||||||||||||||||
| LIFECYCLE INDEX 2015 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $15.15 | $0.08 | $ 0.71 | $ 0.79 | $ — | $ — | $ — | $15.94 | 5.21 | %b | $446,460 | 0.14 | %c | 0.00 | %c | 1.01 | %c | 5 | %b | |||||||||||||||||||||||
| 5/31/17 | 14.20 | 0.30 | 1.00 | 1.30 | (0.29 | ) | (0.06 | ) | (0.35 | ) | 15.15 | 9.28 | 377,197 | 0.14 | 0.01 | 2.05 | 14 | |||||||||||||||||||||||||||
| 5/31/16 | 14.57 | 0.29 | (0.34 | ) | (0.05 | ) | (0.28 | ) | (0.04 | ) | (0.32 | ) | 14.20 | (0.32 | ) | 263,164 | 0.15 | 0.03 | 2.05 | 22 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 15.16 | 0.08 | 0.70 | 0.78 | — | — | — | 15.94 | 5.15 | b | 115 | 0.15 | c | 0.01 | c | 1.00 | c | 5 | b | |||||||||||||||||||||||
| 5/31/17 | 14.21 | 0.30 | 1.00 | 1.30 | (0.29 | ) | (0.06 | ) | (0.35 | ) | 15.16 | 9.25 | 110 | 0.15 | 0.02 | 2.07 | 14 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 14.31 | 0.08 | 0.13 | 0.21 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 14.21 | 1.55 | b | 103 | 0.17 | c | 0.04 | c | 1.16 | c | 22 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 15.10 | 0.07 | 0.70 | 0.77 | — | — | — | 15.87 | 5.10 | b | 101,456 | 0.29 | c | 0.15 | c | 0.87 | c | 5 | b | |||||||||||||||||||||||
| 5/31/17 | 14.15 | 0.28 | 1.00 | 1.28 | (0.27 | ) | (0.06 | ) | (0.33 | ) | 15.10 | 9.15 | 71,489 | 0.29 | 0.16 | 1.92 | 14 | |||||||||||||||||||||||||||
| 5/31/16 | 14.52 | 0.27 | (0.35 | ) | (0.08 | ) | (0.25 | ) | (0.04 | ) | (0.29 | ) | 14.15 | (0.47 | ) | 61,129 | 0.30 | 0.18 | 1.91 | 22 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 15.05 | 0.06 | 0.69 | 0.75 | — | — | — | 15.80 | 4.98 | b | 126,623 | 0.39 | c | 0.25 | c | 0.76 | c | 5 | b | |||||||||||||||||||||||
| 5/31/17 | 14.11 | 0.26 | 1.00 | 1.26 | (0.26 | ) | (0.06 | ) | (0.32 | ) | 15.05 | 9.03 | 118,186 | 0.39 | 0.26 | 1.81 | 14 | |||||||||||||||||||||||||||
| 5/31/16 | 14.48 | 0.24 | (0.33 | ) | (0.09 | ) | (0.24 | ) | (0.04 | ) | (0.28 | ) | 14.11 | (0.56 | ) | 87,677 | 0.45 | 0.28 | 1.75 | 22 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| LIFECYCLE INDEX 2020 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 15.87 | 0.07 | 0.86 | 0.93 | — | — | — | 16.80 | 5.86 | b | 931,471 | 0.13 | c | 0.01 | c | 0.91 | c | 2 | b | |||||||||||||||||||||||
| 5/31/17 | 14.70 | 0.31 | 1.21 | 1.52 | (0.30 | ) | (0.05 | ) | (0.35 | ) | 15.87 | 10.50 | 710,053 | 0.13 | 0.02 | 2.07 | 9 | |||||||||||||||||||||||||||
| 5/31/16 | 15.15 | 0.30 | (0.43 | ) | (0.13 | ) | (0.29 | ) | (0.03 | ) | (0.32 | ) | 14.70 | (0.81 | ) | 431,790 | 0.13 | 0.04 | 2.08 | 15 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 15.86 | 0.07 | 0.86 | 0.93 | — | — | — | 16.79 | 5.86 | b | 259 | 0.18 | c | 0.07 | c | 0.85 | c | 2 | b | |||||||||||||||||||||||
| 5/31/17 | 14.70 | 0.37 | 1.14 | 1.51 | (0.30 | ) | (0.05 | ) | (0.35 | ) | 15.86 | 10.42 | 244 | 0.18 | 0.06 | 2.44 | 9 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 14.83 | 0.08 | 0.10 | 0.18 | (0.28 | ) | (0.03 | ) | (0.31 | ) | 14.70 | 1.32 | b | 103 | 0.16 | c | 0.05 | c | 1.09 | c | 15 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 15.80 | 0.06 | 0.85 | 0.91 | — | — | — | 16.71 | 5.76 | b | 243,995 | 0.27 | c | 0.16 | c | 0.76 | c | 2 | b | |||||||||||||||||||||||
| 5/31/17 | 14.64 | 0.30 | 1.19 | 1.49 | (0.28 | ) | (0.05 | ) | (0.33 | ) | 15.80 | 10.32 | 175,521 | 0.28 | 0.17 | 1.95 | 9 | |||||||||||||||||||||||||||
| 5/31/16 | 15.09 | 0.28 | (0.43 | ) | (0.15 | ) | (0.27 | ) | (0.03 | ) | (0.30 | ) | 14.64 | (0.95 | ) | 135,778 | 0.28 | 0.19 | 1.97 | 15 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 15.74 | 0.05 | 0.85 | 0.90 | — | — | — | 16.64 | 5.72 | b | 293,646 | 0.37 | c | 0.26 | c | 0.66 | c | 2 | b | |||||||||||||||||||||||
| 5/31/17 | 14.60 | 0.28 | 1.18 | 1.46 | (0.27 | ) | (0.05 | ) | (0.32 | ) | 15.74 | 10.14 | 267,914 | 0.38 | 0.27 | 1.85 | 9 | |||||||||||||||||||||||||||
| 5/31/16 | 15.04 | 0.26 | (0.41 | ) | (0.15 | ) | (0.26 | ) | (0.03 | ) | (0.29 | ) | 14.60 | (0.96 | ) | 172,443 | 0.43 | 0.29 | 1.84 | 15 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| 70 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 71 |
| 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 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 | ||||||||||||||||||||||||
| LIFECYCLE INDEX 2025 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $16.54 | $0.07 | $ 1.03 | $ 1.10 | $ — | $ — | $ — | $17.64 | 6.65 | %b | $1,070,600 | 0.13 | %c | 0.01 | %c | 0.79 | %c | 4 | %b | |||||||||||||||||||||||
| 5/31/17 | 15.14 | 0.33 | 1.44 | 1.77 | (0.31 | ) | (0.06 | ) | (0.37 | ) | 16.54 | 11.90 | 778,157 | 0.13 | 0.02 | 2.07 | 9 | |||||||||||||||||||||||||||
| 5/31/16 | 15.69 | 0.32 | (0.53 | ) | (0.21 | ) | (0.31 | ) | (0.03 | ) | (0.34 | ) | 15.14 | (1.26 | ) | 449,137 | 0.13 | 0.04 | 2.15 | 9 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 16.53 | 0.06 | 1.04 | 1.10 | — | — | — | 17.63 | 6.65 | b | 182 | 0.18 | c | 0.06 | c | 0.73 | c | 4 | b | |||||||||||||||||||||||
| 5/31/17 | 15.14 | 0.32 | 1.44 | 1.76 | (0.31 | ) | (0.06 | ) | (0.37 | ) | 16.53 | 11.82 | 140 | 0.15 | 0.04 | 2.06 | 9 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 15.32 | 0.07 | 0.08 | 0.15 | (0.30 | ) | (0.03 | ) | (0.33 | ) | 15.14 | 1.11 | b | 103 | 0.16 | c | 0.05 | c | 1.01 | c | 9 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 16.47 | 0.05 | 1.04 | 1.09 | — | — | — | 17.56 | 6.62 | b | 272,847 | 0.28 | c | 0.16 | c | 0.64 | c | 4 | b | |||||||||||||||||||||||
| 5/31/17 | 15.09 | 0.31 | 1.42 | 1.73 | (0.29 | ) | (0.06 | ) | (0.35 | ) | 16.47 | 11.66 | 186,729 | 0.28 | 0.17 | 1.98 | 9 | |||||||||||||||||||||||||||
| 5/31/16 | 15.63 | 0.30 | (0.52 | ) | (0.22 | ) | (0.29 | ) | (0.03 | ) | (0.32 | ) | 15.09 | (1.34 | ) | 142,200 | 0.28 | 0.19 | 2.01 | 9 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 16.40 | 0.05 | 1.03 | 1.08 | — | — | — | 17.48 | 6.59 | b | 330,467 | 0.37 | c | 0.26 | c | 0.54 | c | 4 | b | |||||||||||||||||||||||
| 5/31/17 | 15.04 | 0.29 | 1.41 | 1.70 | (0.28 | ) | (0.06 | ) | (0.34 | ) | 16.40 | 11.50 | 293,959 | 0.38 | 0.27 | 1.86 | 9 | |||||||||||||||||||||||||||
| 5/31/16 | 15.58 | 0.27 | (0.50 | ) | (0.23 | ) | (0.28 | ) | (0.03 | ) | (0.31 | ) | 15.04 | (1.41 | ) | 170,093 | 0.43 | 0.29 | 1.86 | 9 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| LIFECYCLE INDEX 2030 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 17.23 | 0.06 | 1.23 | 1.29 | — | — | — | 18.52 | 7.49 | b | 1,114,803 | 0.12 | c | 0.02 | c | 0.65 | c | 2 | b | |||||||||||||||||||||||
| 5/31/17 | 15.60 | 0.34 | 1.69 | 2.03 | (0.33 | ) | (0.07 | ) | (0.40 | ) | 17.23 | 13.20 | 818,138 | 0.13 | 0.03 | 2.09 | 6 | |||||||||||||||||||||||||||
| 5/31/16 | 16.25 | 0.34 | (0.62 | ) | (0.28 | ) | (0.33 | ) | (0.04 | ) | (0.37 | ) | 15.60 | (1.67 | ) | 487,539 | 0.13 | 0.05 | 2.19 | 7 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 17.22 | 0.05 | 1.23 | 1.28 | — | — | — | 18.50 | 7.43 | b | 163 | 0.24 | c | 0.14 | c | 0.54 | c | 2 | b | |||||||||||||||||||||||
| 5/31/17 | 15.60 | 0.32 | 1.70 | 2.02 | (0.33 | ) | (0.07 | ) | (0.40 | ) | 17.22 | 13.12 | 150 | 0.17 | 0.07 | 1.97 | 6 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 15.83 | 0.07 | 0.06 | 0.13 | (0.32 | ) | (0.04 | ) | (0.36 | ) | 15.60 | 0.93 | b | 103 | 0.16 | c | 0.07 | c | 0.93 | c | 7 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 17.15 | 0.04 | 1.24 | 1.28 | — | — | — | 18.43 | 7.46 | b | 284,207 | 0.27 | c | 0.17 | c | 0.51 | c | 2 | b | |||||||||||||||||||||||
| 5/31/17 | 15.54 | 0.32 | 1.67 | 1.99 | (0.31 | ) | (0.07 | ) | (0.38 | ) | 17.15 | 12.97 | 206,717 | 0.28 | 0.18 | 1.98 | 6 | |||||||||||||||||||||||||||
| 5/31/16 | 16.19 | 0.32 | (0.63 | ) | (0.31 | ) | (0.30 | ) | (0.04 | ) | (0.34 | ) | 15.54 | (1.82 | ) | 152,863 | 0.28 | 0.20 | 2.06 | 7 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 17.08 | 0.04 | 1.22 | 1.26 | — | — | — | 18.34 | 7.38 | b | 331,081 | 0.37 | c | 0.27 | c | 0.40 | c | 2 | b | |||||||||||||||||||||||
| 5/31/17 | 15.48 | 0.31 | 1.66 | 1.97 | (0.30 | ) | (0.07 | ) | (0.37 | ) | 17.08 | 12.90 | 287,818 | 0.38 | 0.28 | 1.92 | 6 | |||||||||||||||||||||||||||
| 5/31/16 | 16.13 | 0.29 | (0.61 | ) | (0.32 | ) | (0.29 | ) | (0.04 | ) | (0.33 | ) | 15.48 | (1.89 | ) | 154,906 | 0.43 | 0.30 | 1.93 | 7 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| 72 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 73 |
| 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 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 | ||||||||||||||||||||||||
| LIFECYCLE INDEX 2035 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $17.89 | $0.05 | $ 1.43 | $ 1.48 | $ — | $ — | $ — | $19.37 | 8.27 | %b | $1,082,695 | 0.12 | %c | 0.02 | %c | 0.49 | %c | 1 | %b | |||||||||||||||||||||||
| 5/31/17 | 16.01 | 0.35 | 1.95 | 2.30 | (0.34 | ) | (0.08 | ) | (0.42 | ) | 17.89 | 14.60 | 822,392 | 0.13 | 0.03 | 2.09 | 5 | |||||||||||||||||||||||||||
| 5/31/16 | 16.77 | 0.34 | (0.72 | ) | (0.38 | ) | (0.34 | ) | (0.04 | ) | (0.38 | ) | 16.01 | (2.18 | ) | 489,103 | 0.13 | 0.06 | 2.19 | 6 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 17.88 | 0.04 | 1.45 | 1.49 | — | — | — | 19.37 | 8.33 | b | 125 | 0.14 | c | 0.03 | c | 0.48 | c | 1 | b | |||||||||||||||||||||||
| 5/31/17 | 16.00 | 0.36 | 1.94 | 2.30 | (0.34 | ) | (0.08 | ) | (0.42 | ) | 17.88 | 14.59 | 115 | 0.14 | 0.04 | 2.13 | 5 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 16.29 | 0.06 | 0.02 | 0.08 | (0.33 | ) | (0.04 | ) | (0.37 | ) | 16.00 | 0.63 | b | 103 | 0.16 | c | 0.07 | c | 0.78 | c | 6 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 17.81 | 0.03 | 1.43 | 1.46 | — | — | — | 19.27 | 8.20 | b | 251,622 | 0.27 | c | 0.17 | c | 0.34 | c | 1 | b | |||||||||||||||||||||||
| 5/31/17 | 15.94 | 0.33 | 1.94 | 2.27 | (0.32 | ) | (0.08 | ) | (0.40 | ) | 17.81 | 14.45 | 184,167 | 0.28 | 0.18 | 1.98 | 5 | |||||||||||||||||||||||||||
| 5/31/16 | 16.71 | 0.32 | (0.74 | ) | (0.42 | ) | (0.31 | ) | (0.04 | ) | (0.35 | ) | 15.94 | (2.39 | ) | 131,478 | 0.28 | 0.21 | 2.06 | 6 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 17.73 | 0.02 | 1.43 | 1.45 | — | — | — | 19.18 | 8.18 | b | 292,478 | 0.37 | c | 0.27 | c | 0.24 | c | 1 | b | |||||||||||||||||||||||
| 5/31/17 | 15.88 | 0.31 | 1.93 | 2.24 | (0.31 | ) | (0.08 | ) | (0.39 | ) | 17.73 | 14.31 | 253,984 | 0.38 | 0.28 | 1.85 | 5 | |||||||||||||||||||||||||||
| 5/31/16 | 16.66 | 0.30 | (0.73 | ) | (0.43 | ) | (0.31 | ) | (0.04 | ) | (0.35 | ) | 15.88 | (2.51 | ) | 139,061 | 0.44 | 0.31 | 1.94 | 6 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| LIFECYCLE INDEX 2040 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 18.30 | 0.03 | 1.64 | 1.67 | — | — | — | 19.97 | 9.13 | b | 1,245,760 | 0.12 | c | 0.03 | c | 0.29 | c | 1 | b | |||||||||||||||||||||||
| 5/31/17 | 16.19 | 0.36 | 2.19 | 2.55 | (0.35 | ) | (0.09 | ) | (0.44 | ) | 18.30 | 16.02 | 953,151 | 0.13 | 0.04 | 2.08 | 5 | |||||||||||||||||||||||||||
| 5/31/16 | 17.08 | 0.35 | (0.84 | ) | (0.49 | ) | (0.35 | ) | (0.05 | ) | (0.40 | ) | 16.19 | (2.80 | ) | 607,811 | 0.13 | 0.06 | 2.20 | 4 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 18.29 | 0.02 | 1.65 | 1.67 | — | — | — | 19.96 | 9.13 | b | 384 | 0.18 | c | 0.08 | c | 0.24 | c | 1 | b | |||||||||||||||||||||||
| 5/31/17 | 16.19 | 0.55 | 1.99 | 2.54 | (0.35 | ) | (0.09 | ) | (0.44 | ) | 18.29 | 15.94 | 213 | 0.18 | 0.09 | 3.19 | 5 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 16.54 | 0.05 | (0.01 | ) | 0.04 | (0.34 | ) | (0.05 | ) | (0.39 | ) | 16.19 | 0.36 | b | 103 | 0.16 | c | 0.08 | c | 0.63 | c | 4 | |||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 18.21 | 0.01 | 1.64 | 1.65 | — | — | — | 19.86 | 9.06 | b | 244,016 | 0.27 | c | 0.18 | c | 0.14 | c | 1 | b | |||||||||||||||||||||||
| 5/31/17 | 16.12 | 0.33 | 2.18 | 2.51 | (0.33 | ) | (0.09 | ) | (0.42 | ) | 18.21 | 15.81 | 185,887 | 0.28 | 0.19 | 1.95 | 5 | |||||||||||||||||||||||||||
| 5/31/16 | 17.01 | 0.33 | (0.85 | ) | (0.52 | ) | (0.32 | ) | (0.05 | ) | (0.37 | ) | 16.12 | (2.95 | ) | 125,148 | 0.28 | 0.21 | 2.07 | 4 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 18.15 | 0.00 | d | 1.63 | 1.63 | — | — | — | 19.78 | 8.98 | b | 264,127 | 0.37 | c | 0.28 | c | 0.04 | c | 1 | b | ||||||||||||||||||||||
| 5/31/17 | 16.07 | 0.32 | 2.17 | 2.49 | (0.32 | ) | (0.09 | ) | (0.41 | ) | 18.15 | 15.73 | 229,150 | 0.38 | 0.29 | 1.89 | 5 | |||||||||||||||||||||||||||
| 5/31/16 | 16.96 | 0.31 | (0.84 | ) | (0.53 | ) | (0.31 | ) | (0.05 | ) | (0.36 | ) | 16.07 | (3.02 | ) | 133,347 | 0.43 | 0.31 | 1.94 | 4 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| 74 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 75 |
| 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 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 | ||||||||||||||||||||||||
| LIFECYCLE INDEX 2045 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $18.32 | $0.02 | $ 1.73 | $ 1.75 | $ — | $ — | $ — | $20.07 | 9.55 | %b | $717,420 | 0.13 | %c | 0.03 | %c | 0.19 | %c | 1 | %b | |||||||||||||||||||||||
| 5/31/17 | 16.13 | 0.35 | 2.27 | 2.62 | (0.35 | ) | (0.08 | ) | (0.43 | ) | 18.32 | 16.51 | 513,660 | 0.14 | 0.04 | 2.06 | 4 | |||||||||||||||||||||||||||
| 5/31/16 | 17.00 | 0.35 | (0.83 | ) | (0.48 | ) | (0.35 | ) | (0.04 | ) | (0.39 | ) | 16.13 | (2.73 | ) | 279,626 | 0.15 | 0.06 | 2.20 | 8 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 18.32 | 0.01 | 1.73 | 1.74 | — | — | — | 20.06 | 9.50 | b | 345 | 0.23 | c | 0.13 | c | 0.10 | c | 1 | b | |||||||||||||||||||||||
| 5/31/17 | 16.12 | 0.36 | 2.27 | 2.63 | (0.35 | ) | (0.08 | ) | (0.43 | ) | 18.32 | 16.57 | 117 | 0.15 | 0.05 | 2.11 | 4 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 16.46 | 0.04 | 0.00 | 0.04 | (0.34 | ) | (0.04 | ) | (0.38 | ) | 16.12 | 0.38 | b | 103 | 0.17 | c | 0.08 | c | 0.59 | c | 8 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 18.24 | 0.00 | d | 1.73 | 1.73 | — | — | — | 19.97 | 9.48 | b | 176,092 | 0.28 | c | 0.18 | c | 0.04 | c | 1 | b | ||||||||||||||||||||||
| 5/31/17 | 16.06 | 0.33 | 2.26 | 2.59 | (0.33 | ) | (0.08 | ) | (0.41 | ) | 18.24 | 16.37 | 133,862 | 0.29 | 0.19 | 1.96 | 4 | |||||||||||||||||||||||||||
| 5/31/16 | 16.94 | 0.33 | (0.85 | ) | (0.52 | ) | (0.32 | ) | (0.04 | ) | (0.36 | ) | 16.06 | (2.94 | ) | 93,446 | 0.30 | 0.21 | 2.06 | 8 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 18.16 | (0.01 | ) | 1.72 | 1.71 | — | — | — | 19.87 | 9.42 | b | 188,802 | 0.38 | c | 0.28 | c | (0.06 | )c | 1 | b | ||||||||||||||||||||||
| 5/31/17 | 16.00 | 0.32 | 2.24 | 2.56 | (0.32 | ) | (0.08 | ) | (0.40 | ) | 18.16 | 16.24 | 169,479 | 0.39 | 0.29 | 1.88 | 4 | |||||||||||||||||||||||||||
| 5/31/16 | 16.88 | 0.30 | (0.83 | ) | (0.53 | ) | (0.31 | ) | (0.04 | ) | (0.35 | ) | 16.00 | (3.00 | ) | 96,878 | 0.45 | 0.31 | 1.90 | 8 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| LIFECYCLE INDEX 2050 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 18.36 | 0.02 | 1.76 | 1.78 | — | — | — | 20.14 | 9.69 | b | 494,105 | 0.14 | c | 0.03 | c | 0.16 | c | 1 | b | |||||||||||||||||||||||
| 5/31/17 | 16.13 | 0.35 | 2.31 | 2.66 | (0.35 | ) | (0.08 | ) | (0.43 | ) | 18.36 | 16.75 | 346,490 | 0.15 | 0.04 | 2.06 | 7 | |||||||||||||||||||||||||||
| 5/31/16 | 16.99 | 0.35 | (0.83 | ) | (0.48 | ) | (0.34 | ) | (0.04 | ) | (0.38 | ) | 16.13 | (2.69 | ) | 184,432 | 0.16 | 0.06 | 2.18 | 10 | ||||||||||||||||||||||||
| 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 | ) | (0.00 | )d | (0.23 | ) | 14.09 | 24.33 | 57,380 | 0.28 | 0.09 | 1.85 | 22 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 18.35 | 0.01 | 1.76 | 1.77 | — | — | — | 20.12 | 9.65 | b | 220 | 0.20 | c | 0.10 | c | 0.10 | c | 1 | b | |||||||||||||||||||||||
| 5/31/17 | 16.13 | 0.55 | 2.10 | 2.65 | (0.35 | ) | (0.08 | ) | (0.43 | ) | 18.35 | 16.67 | 227 | 0.20 | 0.09 | 3.22 | 7 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 16.45 | 0.04 | 0.02 | 0.06 | (0.34 | ) | (0.04 | ) | (0.38 | ) | 16.13 | 0.49 | b | 103 | 0.19 | c | 0.07 | c | 0.57 | c | 10 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 18.28 | 0.00 | d | 1.75 | 1.75 | — | — | — | 20.03 | 9.57 | b | 131,482 | 0.29 | c | 0.18 | c | 0.01 | c | 1 | b | ||||||||||||||||||||||
| 5/31/17 | 16.06 | 0.33 | 2.30 | 2.63 | (0.33 | ) | (0.08 | ) | (0.41 | ) | 18.28 | 16.61 | 101,527 | 0.30 | 0.19 | 1.94 | 7 | |||||||||||||||||||||||||||
| 5/31/16 | 16.92 | 0.32 | (0.82 | ) | (0.50 | ) | (0.32 | ) | (0.04 | ) | (0.36 | ) | 16.06 | (2.84 | ) | 67,811 | 0.31 | 0.21 | 2.04 | 10 | ||||||||||||||||||||||||
| 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 | ) | (0.00 | )d | (0.23 | ) | 14.04 | 24.16 | 26,880 | 0.41 | 0.24 | 2.33 | 22 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 18.20 | (0.01 | ) | 1.75 | 1.74 | — | — | — | 19.94 | 9.56 | b | 150,482 | 0.39 | c | 0.28 | c | (0.09 | )c | 1 | b | ||||||||||||||||||||||
| 5/31/17 | 16.00 | 0.32 | 2.28 | 2.60 | (0.32 | ) | (0.08 | ) | (0.40 | ) | 18.20 | 16.49 | 128,210 | 0.40 | 0.29 | 1.89 | 7 | |||||||||||||||||||||||||||
| 5/31/16 | 16.86 | 0.30 | (0.81 | ) | (0.51 | ) | (0.31 | ) | (0.04 | ) | (0.35 | ) | 16.00 | (2.89 | ) | 69,550 | 0.46 | 0.31 | 1.93 | 10 | ||||||||||||||||||||||||
| 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 | ) | (0.00 | )d | (0.21 | ) | 14.01 | 24.00 | 5,528 | 0.58 | 0.34 | 1.67 | 22 | |||||||||||||||||||||||||||
| 76 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 77 |
| 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 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 | ||||||||||||||||||||||||
| LIFECYCLE INDEX 2055 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $14.67 | $ 0.01 | $ 1.43 | $ 1.44 | $ — | $ — | $ — | $16.11 | 9.82 | %b | $156,134 | 0.20 | %c | 0.03 | %c | 0.13 | %c | 3 | %b | |||||||||||||||||||||||
| 5/31/17 | 12.84 | 0.28 | 1.86 | 2.14 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 14.67 | 16.95 | 99,158 | 0.24 | 0.04 | 2.05 | 11 | |||||||||||||||||||||||||||
| 5/31/16 | 13.51 | 0.25 | (0.61 | ) | (0.36 | ) | (0.27 | ) | (0.04 | ) | (0.31 | ) | 12.84 | (2.56 | ) | 43,460 | 0.33 | 0.06 | 1.97 | 36 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 14.67 | 0.01 | 1.42 | 1.43 | — | — | — | 16.10 | 9.75 | b | 130 | 0.20 | c | 0.04 | c | 0.12 | c | 3 | b | |||||||||||||||||||||||
| 5/31/17 | 12.83 | 0.29 | 1.86 | 2.15 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 14.67 | 17.02 | 118 | 0.26 | 0.05 | 2.10 | 11 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 13.08 | 0.03 | 0.03 | 0.06 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 12.83 | 0.55 | b | 103 | 0.37 | c | 0.07 | c | 0.55 | c | 36 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 14.64 | (0.00 | )d | 1.42 | 1.42 | — | — | — | 16.06 | 9.70 | b | 36,617 | 0.34 | c | 0.18 | c | (0.02 | )c | 3 | b | ||||||||||||||||||||||
| 5/31/17 | 12.82 | 0.27 | 1.85 | 2.12 | (0.26 | ) | (0.04 | ) | (0.30 | ) | 14.64 | 16.77 | 23,295 | 0.39 | 0.19 | 1.95 | 11 | |||||||||||||||||||||||||||
| 5/31/16 | 13.49 | 0.24 | (0.61 | ) | (0.37 | ) | (0.26 | ) | (0.04 | ) | (0.30 | ) | 12.82 | (2.71 | ) | 11,080 | 0.48 | 0.21 | 1.88 | 36 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 14.61 | (0.01 | ) | 1.42 | 1.41 | — | — | — | 16.02 | 9.65 | b | 60,707 | 0.44 | c | 0.28 | c | (0.12 | )c | 3 | b | ||||||||||||||||||||||
| 5/31/17 | 12.79 | 0.25 | 1.86 | 2.11 | (0.25 | ) | (0.04 | ) | (0.29 | ) | 14.61 | 16.74 | 50,546 | 0.49 | 0.28 | 1.80 | 11 | |||||||||||||||||||||||||||
| 5/31/16 | 13.48 | 0.23 | (0.63 | ) | (0.40 | ) | (0.25 | ) | (0.04 | ) | (0.29 | ) | 12.79 | (2.90 | ) | 20,472 | 0.64 | 0.31 | 1.84 | 36 | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| LIFECYCLE INDEX 2060 FUND | ||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | 11.29 | 0.01 | 1.10 | 1.11 | — | — | — | 12.40 | 9.83 | b | 32,148 | 0.58 | c | 0.03 | c | 0.10 | c | 23 | b | |||||||||||||||||||||||
| 5/31/17 | 9.89 | 0.21 | 1.47 | 1.68 | (0.22 | ) | (0.06 | ) | (0.28 | ) | 11.29 | 17.22 | 18,596 | 0.93 | 0.04 | 2.02 | 36 | |||||||||||||||||||||||||||
| 5/31/16 | 10.41 | 0.21 | (0.48 | ) | (0.27 | ) | (0.21 | ) | (0.04 | ) | (0.25 | ) | 9.89 | (2.46 | ) | 9,488 | 1.20 | 0.06 | 2.12 | 21 | ||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 11.29 | 0.01 | 1.11 | 1.12 | — | — | — | 12.41 | 9.92 | b | 129 | 0.55 | c | 0.04 | c | 0.09 | c | 23 | b | |||||||||||||||||||||||
| 5/31/17 | 9.89 | 0.22 | 1.46 | 1.68 | (0.22 | ) | (0.06 | ) | (0.28 | ) | 11.29 | 17.20 | 118 | 0.94 | 0.05 | 2.10 | 36 | |||||||||||||||||||||||||||
| 5/31/16 | ‡ | 10.09 | 0.02 | 0.03 | 0.05 | (0.21 | ) | (0.04 | ) | (0.25 | ) | 9.89 | 0.61 | b | 103 | 1.29 | c | 0.07 | c | 0.53 | c | 21 | ||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 11.28 | (0.00 | )d | 1.11 | 1.11 | — | — | — | 12.39 | 9.84 | b | 3,114 | 0.69 | c | 0.18 | c | (0.05 | )c | 23 | b | ||||||||||||||||||||||
| 5/31/17 | 9.88 | 0.20 | 1.46 | 1.66 | (0.20 | ) | (0.06 | ) | (0.26 | ) | 11.28 | 17.05 | 1,810 | 1.07 | 0.19 | 1.92 | 36 | |||||||||||||||||||||||||||
| 5/31/16 | 10.41 | 0.20 | (0.49 | ) | (0.29 | ) | (0.20 | ) | (0.04 | ) | (0.24 | ) | 9.88 | (2.71 | ) | 1,049 | 1.35 | 0.21 | 2.02 | 21 | ||||||||||||||||||||||||
| 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: | 11/30/17 | # | 11.26 | (0.01 | ) | 1.11 | 1.10 | — | — | — | 12.36 | 9.77 | b | 9,119 | 0.79 | c | 0.28 | c | (0.15 | )c | 23 | b | ||||||||||||||||||||||
| 5/31/17 | 9.88 | 0.18 | 1.46 | 1.64 | (0.20 | ) | (0.06 | ) | (0.26 | ) | 11.26 | 16.84 | 5,413 | 1.15 | 0.28 | 1.71 | 36 | |||||||||||||||||||||||||||
| 5/31/16 | 10.40 | 0.19 | (0.48 | ) | (0.29 | ) | (0.19 | ) | (0.04 | ) | (0.23 | ) | 9.88 | (2.72 | ) | 1,098 | 1.51 | 0.31 | 1.91 | 21 | ||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||
| 78 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 79 |
| Financial highlights | concluded |
TIAA-CREF Lifecycle Index Funds
| # | Unaudited |
| ^ | The Fund commenced operations on September 26, 2014. |
| ‡ | The Advisor Class commenced operations on December 4, 2015. |
| 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. |
| 80 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
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, LLC (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer Institutional, Advisor, Premier and Retirement Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
The accompanying 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.
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
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 81 |
Notes to financial statements (unaudited)
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.
New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new Forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 1, 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On August 1, 2017, the Funds implemented amendments to Regulation S-X related to
| 82 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but resulted in new disclosures in the schedules of investments for certain investment types. Please refer to Note 3 of the financial statements disclosures for details.
In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds’ liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.
In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact the Funds’ financial statements and other filings.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
| • | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
In accordance with ASC 820, certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statements of Assets and Liabilities. As of November 30, 2017, no investments were valued utilizing the practical expedient.
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 83 |
Notes to financial statements (unaudited)
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:
Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.
Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2017, there were no transfers between levels by the Funds.
As of November 30, 2017, 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:
| Investment
management fee waiver | ||||||||
| Fund | Effective 10/1/17 | * | Prior
to 10/1/17 | |||||
| Lifecycle Index Retirement Income | 0.10 | % | 0.10 | % | ||||
| Lifecycle Index 2010 | 0.10 | 0.10 | ||||||
| Lifecycle Index 2015 | 0.10 | 0.10 | ||||||
| Lifecycle Index 2020 | 0.09 | 0.09 | ||||||
| Lifecycle Index 2025 | 0.09 | 0.09 | ||||||
| Lifecycle Index 2030 | 0.08 | 0.08 | ||||||
| Lifecycle Index 2035 | 0.08 | 0.08 | ||||||
| Lifecycle Index 2040 | 0.07 | 0.07 | ||||||
| Lifecycle Index 2045 | 0.07 | 0.07 | ||||||
| Lifecycle Index 2050 | 0.07 | 0.07 | ||||||
| Lifecycle Index 2055 | 0.07 | 0.07 | ||||||
| Lifecycle Index 2060 | 0.07 | 0.07 | ||||||
| * | These waivers will remain in effect through September 30, 2018, unless changed with approval of the Board. |
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.
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continued
Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement.
Under the terms of a distribution Rule 12b-1 plan, the Retirement Class and Premier Class of the Funds compensated TPIS for providing distribution, promotional and/or shareholder services to the Retirement Class and Premier Class at the annual rate of 0.05% and 0.15% of the average daily net assets attributable to the Retirement Class shares and Premier Class shares, respectively. However, TPIS has agreed not to seek any reimbursements under the distribution Rule 12b-1 plan from the Retirement Class and the plan is suspended through September 30, 2018. 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 the following percentages of average daily net assets for each class:
| Maximum expense amounts | ||||||||||||||||||||||||||||||||
| Institutional Class | Advisor Class | Premier Class | Retirement Class | |||||||||||||||||||||||||||||
| Fund | Effective 10/1/17 | * | Prior to 10/1/17 | Effective 10/1/17 | * | Prior to 10/1/17 | Effective 10/1/17 | * | Prior to 10/1/17 | Effective 10/1/17 | * | Prior to 10/1/17 | ||||||||||||||||||||
| Lifecycle Index Retirement Income | 0.00 | % | 0.00 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.25 | % | 0.25 | % | ||||||||||||||||
| Lifecycle Index 2010 | 0.00 | 0.00 | 0.15 | 0.15 | 0.15 | 0.15 | 0.25 | 0.25 | ||||||||||||||||||||||||
| Lifecycle Index 2015 | 0.00 | 0.00 | 0.15 | 0.15 | 0.15 | 0.15 | 0.25 | 0.25 | ||||||||||||||||||||||||
| Lifecycle Index 2020 | 0.01 | 0.01 | 0.16 | 0.16 | 0.16 | 0.16 | 0.26 | 0.26 | ||||||||||||||||||||||||
| Lifecycle Index 2025 | 0.01 | 0.01 | 0.16 | 0.16 | 0.16 | 0.16 | 0.26 | 0.26 | ||||||||||||||||||||||||
| Lifecycle Index 2030 | 0.02 | 0.02 | 0.17 | 0.17 | 0.17 | 0.17 | 0.27 | 0.27 | ||||||||||||||||||||||||
| Lifecycle Index 2035 | 0.02 | 0.02 | 0.17 | 0.17 | 0.17 | 0.17 | 0.27 | 0.27 | ||||||||||||||||||||||||
| Lifecycle Index 2040 | 0.03 | 0.03 | 0.18 | 0.18 | 0.18 | 0.18 | 0.28 | 0.28 | ||||||||||||||||||||||||
| Lifecycle Index 2045 | 0.03 | 0.03 | 0.18 | 0.18 | 0.18 | 0.18 | 0.28 | 0.28 | ||||||||||||||||||||||||
| Lifecycle Index 2050 | 0.03 | 0.03 | 0.18 | 0.18 | 0.18 | 0.18 | 0.28 | 0.28 | ||||||||||||||||||||||||
| Lifecycle Index 2055 | 0.03 | 0.03 | 0.18 | 0.18 | 0.18 | 0.18 | 0.28 | 0.28 | ||||||||||||||||||||||||
| Lifecycle Index 2060 | 0.03 | 0.03 | 0.18 | 0.18 | 0.18 | 0.18 | 0.28 | 0.28 | ||||||||||||||||||||||||
| * | The expense reimbursement arrangements will continue through at least September 30, 2018, unless changed with approval of the Board. |
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedure adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended November 30, 2017, the Funds engaged in the following security transactions with affiliated entities:
| Fund | Purchases | Sales | Realized gain (loss | ) | ||||||||
| Lifecycle Index Retirement Income | $241,283 | $ | — | $ — | ||||||||
| Lifecycle Index 2025 | — | 17,668,077 | (45,140 | ) | ||||||||
| Lifecycle Index 2060 | 172,826 | 300,510 | (374 | ) | ||||||||
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 85 |
Notes to financial statements (unaudited)
The following is the percentage of the Funds’ shares owned by TIAA as of November 30, 2017:
| Fund | TIAA | |||
| Lifecycle Index 2060 | 29 | % | ||
Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle Index Retirement Income Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 50,858 | $ | 24,298 | $ | 5,313 | $ | (43 | ) | $ | (335 | ) | $ | 716 | $ | 69,465 | ||||||||||||
| Emerging Markets Equity Index | 3,897 | 1,688 | 576 | 1 | 551 | — | 5,561 | |||||||||||||||||||||
| Equity Index | 35,673 | 14,262 | 4,949 | 1 | 4,550 | — | 49,537 | |||||||||||||||||||||
| Inflation-Linked Bond | 12,676 | 6,051 | 1,339 | (3 | ) | (4 | ) | — | 17,381 | |||||||||||||||||||
| International Equity Index | 11,576 | 4,396 | 1,655 | — | 1,026 | — | 15,343 | |||||||||||||||||||||
| Short-Term Bond Index | 12,681 | 6,116 | 1,318 | (9 | ) | (106 | ) | 102 | 17,364 | |||||||||||||||||||
| $ | 127,361 | $ | 56,811 | $ | 15,150 | $ | (53 | ) | $ | 5,682 | $ | 818 | $ | 174,651 | ||||||||||||||
| Lifecycle Index 2010 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 115,968 | $ | 26,994 | $ | 6,275 | $ | (68 | ) | $ | (694 | ) | $ | 1,510 | $ | 135,925 | ||||||||||||
| Emerging Markets Equity Index | 9,731 | 1,893 | 1,209 | 26 | 1,265 | — | 11,706 | |||||||||||||||||||||
| Equity Index | 89,065 | 14,768 | 9,307 | 50 | 10,234 | — | 104,810 | |||||||||||||||||||||
| Inflation-Linked Bond | 25,714 | 6,494 | 1,343 | (11 | ) | (11 | ) | — | 30,843 | |||||||||||||||||||
| International Equity Index | 28,901 | 4,280 | 3,075 | 66 | 2,293 | — | 32,465 | |||||||||||||||||||||
| Short-Term Bond Index | 25,715 | 6,599 | 1,309 | (8 | ) | (202 | ) | 191 | 30,795 | |||||||||||||||||||
| $ | 295,094 | $ | 61,028 | $ | 22,518 | $ | 55 | $ | 12,885 | $ | 1,701 | $ | 346,544 | |||||||||||||||
| Lifecycle Index 2015 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 216,562 | $ | 48,774 | $ | 6,652 | $ | (87 | ) | $ | (1,362 | ) | $ | 2,849 | $ | 257,235 | ||||||||||||
| Emerging Markets Equity Index | 20,797 | 3,782 | 1,899 | 8 | 2,775 | — | 25,463 | |||||||||||||||||||||
| Equity Index | 190,358 | 29,009 | 14,541 | 100 | 22,160 | — | 227,086 | |||||||||||||||||||||
| Inflation-Linked Bond | 38,039 | 9,756 | 1,227 | (15 | ) | (16 | ) | — | 46,537 | |||||||||||||||||||
| International Equity Index | 61,768 | 8,671 | 5,199 | 26 | 5,071 | — | 70,337 | |||||||||||||||||||||
| Short-Term Bond Index | 38,052 | 10,207 | 1,460 | (8 | ) | (307 | ) | 287 | 46,484 | |||||||||||||||||||
| $ | 565,576 | $ | 110,199 | $ | 30,978 | $ | 24 | $ | 28,321 | $ | 3,136 | $ | 673,142 | |||||||||||||||
| 86 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle Index 2020 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 407,598 | $ | 122,290 | $ | 3,954 | $ | (109 | ) | $ | (2,841 | ) | $ | 5,541 | $ | 522,984 | ||||||||||||
| Emerging Markets Equity Index | 48,317 | 10,432 | 2,142 | 19 | 6,540 | — | 63,166 | |||||||||||||||||||||
| Equity Index | 442,326 | 83,326 | 16,842 | 59 | 53,534 | — | 562,403 | |||||||||||||||||||||
| Inflation-Linked Bond | 54,479 | 18,109 | 294 | (12 | ) | (39 | ) | — | 72,243 | |||||||||||||||||||
| International Equity Index | 143,499 | 24,255 | 5,716 | 63 | 12,098 | — | 174,199 | |||||||||||||||||||||
| Short-Term Bond Index | 54,493 | 18,524 | 366 | (3 | ) | (477 | ) | 426 | 72,171 | |||||||||||||||||||
| $ | 1,150,712 | $ | 276,936 | $ | 29,314 | $ | 17 | $ | 68,815 | $ | 5,967 | $ | 1,467,166 | |||||||||||||||
| Lifecycle Index 2025 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 394,477 | $ | 139,744 | $ | 2,436 | $ | (73 | ) | $ | (2,967 | ) | $ | 5,582 | $ | 528,745 | ||||||||||||
| Emerging Markets Equity Index | 60,382 | 15,991 | 2,429 | 9 | 8,544 | — | 82,497 | |||||||||||||||||||||
| Equity Index | 552,836 | 130,173 | 18,788 | 80 | 69,605 | — | 733,906 | |||||||||||||||||||||
| Inflation-Linked Bond | 34,417 | 14,833 | 186 | (12 | ) | (18 | ) | — | 49,034 | |||||||||||||||||||
| International Equity Index | 179,335 | 38,642 | 6,517 | 33 | 15,829 | — | 227,322 | |||||||||||||||||||||
| Short-Term Bond Index | 34,428 | 15,114 | 233 | (3 | ) | (319 | ) | 285 | 48,987 | |||||||||||||||||||
| $ | 1,255,875 | $ | 354,497 | $ | 30,589 | $ | 34 | $ | 90,674 | $ | 5,867 | $ | 1,670,491 | |||||||||||||||
| Lifecycle Index 2030 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 359,362 | $ | 123,123 | $ | 1,822 | $ | (52 | ) | $ | (2,634 | ) | $ | 5,018 | $ | 477,977 | ||||||||||||
| Emerging Markets Equity Index | 70,901 | 17,892 | 2,504 | 1 | 9,904 | — | 96,194 | |||||||||||||||||||||
| Equity Index | 649,649 | 140,963 | 15,241 | 36 | 80,924 | — | 856,331 | |||||||||||||||||||||
| Inflation-Linked Bond | 9,872 | 6,563 | 40 | (1 | ) | (7 | ) | — | 16,387 | |||||||||||||||||||
| International Equity Index | 210,575 | 42,136 | 5,811 | 34 | 18,309 | — | 265,243 | |||||||||||||||||||||
| Short-Term Bond Index | 9,875 | 6,636 | 36 | — | (104 | ) | 88 | 16,371 | ||||||||||||||||||||
| $ | 1,310,234 | $ | 337,313 | $ | 25,454 | $ | 18 | $ | 106,392 | $ | 5,106 | $ | 1,728,503 | |||||||||||||||
| Lifecycle Index 2035 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 263,366 | $ | 90,760 | $ | 996 | $ | (33 | ) | $ | (1,924 | ) | $ | 3,659 | $ | 351,173 | ||||||||||||
| Emerging Markets Equity Index | 75,708 | 17,402 | 2,823 | (10 | ) | 10,430 | — | 100,707 | ||||||||||||||||||||
| Equity Index | 693,591 | 128,660 | 11,137 | 31 | 84,742 | — | 895,887 | |||||||||||||||||||||
| International Equity Index | 224,849 | 38,272 | 4,867 | 27 | 19,217 | — | 277,498 | |||||||||||||||||||||
| $ | 1,257,514 | $ | 275,094 | $ | 19,823 | $ | 15 | $ | 112,465 | $ | 3,659 | $ | 1,625,265 | |||||||||||||||
| Lifecycle Index 2040 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 177,045 | $ | 64,629 | $ | 738 | $ | (25 | ) | $ | (1,297 | ) | $ | 2,495 | $ | 239,614 | ||||||||||||
| Emerging Markets Equity Index | 90,497 | 18,453 | 1,882 | 1 | 12,515 | — | 119,584 | |||||||||||||||||||||
| Equity Index | 829,102 | 142,870 | 10,051 | 27 | 101,309 | — | 1,063,257 | |||||||||||||||||||||
| International Equity Index | 268,771 | 42,195 | 4,647 | 19 | 23,003 | — | 329,341 | |||||||||||||||||||||
| $ | 1,365,415 | $ | 268,147 | $ | 17,318 | $ | 22 | $ | 135,530 | $ | 2,495 | $ | 1,751,796 | |||||||||||||||
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 87 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifecycle Index 2045 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 74,812 | $ | 26,385 | $ | 416 | $ | (15 | ) | $ | (540 | ) | $ | 1,049 | $ | 100,226 | ||||||||||||
| Emerging Markets Equity Index | 56,322 | 15,054 | 1,257 | (2 | ) | 7,930 | — | 78,047 | ||||||||||||||||||||
| Equity Index | 516,210 | 114,641 | 6,300 | 8 | 64,613 | — | 689,172 | |||||||||||||||||||||
| International Equity Index | 167,272 | 33,782 | 2,191 | (4 | ) | 14,648 | — | 213,507 | ||||||||||||||||||||
| $ | 814,616 | $ | 189,862 | $ | 10,164 | $ | (13 | ) | $ | 86,651 | $ | 1,049 | $ | 1,080,952 | ||||||||||||||
| Lifecycle Index 2050 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 45,683 | $ | 17,048 | $ | 158 | $ | (5 | ) | $ | (337 | ) | $ | 650 | $ | 62,231 | ||||||||||||
| Emerging Markets Equity Index | 40,284 | 11,401 | 709 | (1 | ) | 5,730 | — | 56,705 | ||||||||||||||||||||
| Equity Index | 369,490 | 86,813 | 2,351 | 4 | 46,819 | — | 500,775 | |||||||||||||||||||||
| International Equity Index | 119,640 | 25,809 | 907 | (2 | ) | 10,604 | — | 155,144 | ||||||||||||||||||||
| $ | 575,097 | $ | 141,071 | $ | 4,125 | $ | (4 | ) | $ | 62,816 | $ | 650 | $ | 774,855 | ||||||||||||||
| Lifecycle Index 2055 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 11,550 | $ | 5,822 | $ | 70 | $ | (2 | ) | $ | (93 | ) | $ | 173 | $ | 17,207 | ||||||||||||
| Emerging Markets Equity Index | 12,267 | 4,898 | 175 | (1 | ) | 1,809 | — | 18,798 | ||||||||||||||||||||
| Equity Index | 112,378 | 39,248 | 850 | — | 15,073 | — | 165,849 | |||||||||||||||||||||
| International Equity Index | 36,431 | 11,918 | 352 | (2 | ) | 3,393 | — | 51,388 | ||||||||||||||||||||
| $ | 172,626 | $ | 61,886 | $ | 1,447 | $ | (5 | ) | $ | 20,182 | $ | 173 | $ | 253,242 | ||||||||||||||
| Lifecycle Index 2060 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 1,411 | $ | 1,154 | $ | 85 | $ | (2 | ) | $ | (12 | ) | $ | 23 | $ | 2,466 | ||||||||||||
| Emerging Markets Equity Index | 1,862 | 1,356 | 168 | (2 | ) | 292 | — | 3,340 | ||||||||||||||||||||
| Equity Index | 17,076 | 11,133 | 1,285 | 6 | 2,515 | — | 29,445 | |||||||||||||||||||||
| International Equity Index | 5,529 | 3,454 | 415 | (1 | ) | 558 | — | 9,125 | ||||||||||||||||||||
| $ | 25,878 | $ | 17,097 | $ | 1,953 | $ | 1 | $ | 3,353 | $ | 23 | $ | 44,376 | |||||||||||||||
| 88 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
Note 4—investments
Net unrealized appreciation (depreciation): At November 30, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):
| Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
| Lifecycle Index Retirement Income | $ | 158,990 | $ 15,783 | $(123 | ) | $ 15,660 | ||||||||||
| Lifecycle Index 2010 | 295,130 | 51,682 | (267 | ) | 51,415 | |||||||||||
| Lifecycle Index 2015 | 568,787 | 104,756 | (401 | ) | 104,355 | |||||||||||
| Lifecycle Index 2020 | 1,257,616 | 210,155 | (605 | ) | 209,550 | |||||||||||
| Lifecycle Index 2025 | 1,418,019 | 252,965 | (493 | ) | 252,472 | |||||||||||
| Lifecycle Index 2030 | 1,432,686 | 296,449 | (632 | ) | 295,817 | |||||||||||
| Lifecycle Index 2035 | 1,314,160 | 311,731 | (625 | ) | 311,106 | |||||||||||
| Lifecycle Index 2040 | 1,367,847 | 384,076 | (127 | ) | 383,949 | |||||||||||
| Lifecycle Index 2045 | 871,391 | 209,648 | (88 | ) | 209,560 | |||||||||||
| Lifecycle Index 2050 | 627,261 | 147,630 | (36 | ) | 147,594 | |||||||||||
| Lifecycle Index 2055 | 211,897 | 41,362 | (16 | ) | 41,346 | |||||||||||
| Lifecycle Index 2060 | 38,829 | 5,551 | (4 | ) | 5,547 | |||||||||||
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2017 were as follows (dollar amounts are in thousands):
| Fund | Purchases | Sales | ||||||
| Lifecycle Index Retirement Income | $ | 68,019 | $ | 26,359 | ||||
| Lifecycle Index 2010 | 61,028 | 22,518 | ||||||
| Lifecycle Index 2015 | 110,199 | 30,978 | ||||||
| Lifecycle Index 2020 | 276,936 | 29,314 | ||||||
| Lifecycle Index 2025 | 379,774 | 55,773 | ||||||
| Lifecycle Index 2030 | 337,313 | 25,454 | ||||||
| Lifecycle Index 2035 | 275,094 | 19,823 | ||||||
| Lifecycle Index 2040 | 268,147 | 17,318 | ||||||
| Lifecycle Index 2045 | 189,862 | 10,164 | ||||||
| Lifecycle Index 2050 | 141,071 | 4,125 | ||||||
| Lifecycle Index 2055 | 66,400 | 5,950 | ||||||
| Lifecycle Index 2060 | 22,982 | 7,838 | ||||||
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 89 |
| 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, 2017 was as follows:
| 5/31/2017 | ||||||||||||
| Fund | Ordinary income | Long-term capital gains | Total | |||||||||
| Lifecycle Index Retirement Income | $ | 1,732,889 | $ 196,998 | $ | 1,929,887 | |||||||
| Lifecycle Index 2010 | 5,055,362 | 769,699 | 5,825,061 | |||||||||
| Lifecycle Index 2015 | 9,006,780 | 1,606,284 | 10,613,064 | |||||||||
| Lifecycle Index 2020 | 17,155,616 | 3,065,725 | 20,221,341 | |||||||||
| Lifecycle Index 2025 | 17,970,457 | 3,647,098 | 21,617,555 | |||||||||
| Lifecycle Index 2030 | 19,407,097 | 4,255,586 | 23,662,683 | |||||||||
| Lifecycle Index 2035 | 18,493,195 | 4,499,771 | 22,992,966 | |||||||||
| Lifecycle Index 2040 | 21,096,980 | 5,658,254 | 26,755,234 | |||||||||
| Lifecycle Index 2045 | 12,057,991 | 2,940,866 | 14,998,857 | |||||||||
| Lifecycle Index 2050 | 8,370,464 | 1,969,573 | 10,340,037 | |||||||||
| Lifecycle Index 2055 | 2,191,188 | 368,577 | 2,559,765 | |||||||||
| Lifecycle Index 2060 | 327,072 | 83,518 | 410,590 | |||||||||
The tax character of the fiscal year 2018 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. The current facility was entered into on June 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. 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, 2017, 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.
| 90 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Additional information about index providers (unaudited)
Russell Indexes
The Russell 3000® Index is a trademark/service mark of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.
Russell 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 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
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 marks of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, LLC. 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
| TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report | 91 |
| Additional information about index providers (unaudited) | concluded |
the determination or calculation of the equation by or the consideration into which 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.
Standard & Poor’s Index
The S&P 500® Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the TIAA-CREF Lifecycle Index Funds. The funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the TIAA-CREF Lifecycle Index Funds.
| 92 | 2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
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TIAA website
TIAA.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.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.
Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC, distribute securities products.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
©2018 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
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Semiannual Report
November 30, 2017
TIAA-CREF Lifestyle Funds
of the TIAA-CREF Funds
The semiannual report contains the financial statements (unaudited).
Lifestyle Income Fund
Lifestyle Conservative Fund
Lifestyle Moderate Fund
Lifestyle Growth Fund
Lifestyle Aggressive Growth Fund
| Contents | |||
| Understanding your Lifestyle Funds report | 3 | ||
| Letter to investors | 4 | ||
| Information for investors | 6 | ||
| About the funds’ benchmarks | 6 | ||
| Important information about expenses | 8 | ||
| Investment results of the Lifestyle Funds | 14 | ||
| Fund performance | |||
| Lifestyle Income Fund | 16 | ||
| Lifestyle Conservative Fund | 18 | ||
| Lifestyle Moderate Fund | 20 | ||
| Lifestyle Growth Fund | 22 | ||
| Lifestyle Aggressive Growth Fund | 24 | ||
| Portfolios of investments | 26 | ||
| Financial statements (unaudited) | |||
| Statements of assets and liabilities | 32 | ||
| Statements of operations | 34 | ||
| Statements of changes in net assets | 36 | ||
| Financial highlights | 40 | ||
| Notes to financial statements | 50 | ||
| Additional information about index providers | 61 | ||
| 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, 2017. The report contains four main sections:
| • | A letter from Brad Finkle, President of TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments. | |
| • | The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market indexes. | |
| • | The portfolios of investments list the underlying TIAA-CREF Funds in which each fund had investments as of November 30, 2017. | |
| • | 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.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 3 |
Global financial markets delivered positive returns during the six months ended November 30, 2017, albeit with varying degrees of strength. U.S. equities posted solid returns, modestly outperforming international stocks, while fixed-income securities produced only scant gains.
The TIAA-CREF Lifestyle Funds performed in-line with expectations consistent with their mix of investments in multiple asset classes through underlying TIAA-CREF Funds.
| • | All five of the TIAA-CREF Lifestyle Funds posted positive returns for the period, and all five outperformed their respective composite benchmarks. (All fund returns are for the Institutional Class.) | |
| • | Returns for the Institutional Class ranged from 3.0% for the Lifestyle Income Fund to 11.3% for the Lifestyle Aggressive Growth Fund. | |
| • | Relative results were helped by the outperformance of nearly all of the underlying mutual funds, most notably fixed-income and international stock funds. | |
| • | These positive results continue to support the solid gains earned by the TIAA-CREF Lifestyle Funds over longer periods of time. |
U.S. stocks lead the way
The broad U.S. stock market, as represented by the Russell 3000® Index, returned 11.1% for the six months. The advance of domestic stocks was supported by solid growth in the U.S. economy, as well as expectations for business-friendly federal tax reforms.
The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries, advanced 9.6% for the six months. International stocks benefited from continued global growth, while stocks in emerging markets recorded strong gains, helped by a boost in oil prices.
Returns were more muted in the U.S. fixed-income sector, amid a further hike in short-term interest rates by the Federal Reserve. The domestic investment-grade fixed-rate bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 0.7% for the period.
| 4 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Brad Finkle
TIAA-CREF Lifestyle Funds:
strategies for a dynamic marketplace
Reaching your financial goals may still be a long way off, or it may be right around the corner. Either way, your investment savings portfolio will always be affected by the inevitable seesaw movements of the financial markets.
The TIAA-CREF Lifestyle Funds are built around dynamic diversification strategies designed to help mitigate the effects of market volatility. Diversification does not guarantee against market loss, but over time it has proven to be one of the most effective ways for investors to reach their long-term financial goals. Under the stewardship of highly experienced investment professionals, our funds are aimed at helping investors minimize portfolio risk and reduce the long-term effects of market volatility.
We always stand ready to assist you with any questions or concerns regarding your investments in the TIAA-CREF Lifestyle Funds. You may reach us online by visiting TIAA.org or by calling a TIAA financial consultant at 800-842-2252.
/s/ Brad Finkle
Brad Finkle
President
TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 5 |
Portfolio listings
The complete portfolios of investments for the Lifestyle Funds begin on page 26 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.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 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.org or on the SEC’s website at 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 sec.gov.
Contacting TIAA
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, 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, LLC. The members of this team are responsible for the day-to-day investment management of 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
| 6 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
About the funds’ benchmarks
(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 ACWI ex USA Investable Market Index (IMI)* (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries. The index is a free-float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States. |
| • | The MSCI All Country World ex USA Index (international equity) measures the performance of large- and mid-cap stocks in 46 developed- and emerging-markets countries, excluding the United States. |
| • | The Bloomberg 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 Bloomberg 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. |
Broad market indexes
The returns shown against the broad-based securities market index compare a Fund’s average annual returns with a broad measure of market performance. The Morningstar Target Risk Index Series is an asset allocation index series comprised of constituent Morningstar indices and reflects global equity market exposures of 20%, 40%, 60%, 80% or 95% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Target Risk Index Series reflect multi-asset class exposure and similar risk profiles as the Funds.
| * | On February 1, 2017, the international equity component of the Funds’ composite benchmarks was changed from the MSCI ACWI (All World Country Index) ex USA Index to the MSCI ACWI ex USA Investable Market Index (IMI). |
Russell 3000 is a trademark and service mark of Russell Investments. TIAA 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.
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 7 |
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 9 through 13 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, 2017–November 30, 2017).
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 may 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’ 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.
| 8 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Expense examples
Six months ended November 30, 2017
| Lifestyle Funds Institutional Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Income Fund actual return | $1,000.00 | $1,030.11 | $0.51 | $2.14 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.13 | ||||||||||||
| Conservative Fund actual return | 1,000.00 | 1,051.18 | 0.51 | 2.37 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.33 | ||||||||||||
| Moderate Fund actual return | 1,000.00 | 1,073.37 | 0.52 | 2.60 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.54 | ||||||||||||
| Growth Fund actual return | 1,000.00 | 1,093.60 | 0.52 | 2.78 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.69 | ||||||||||||
| Aggressive Growth Fund actual return | 1,000.00 | 1,113.22 | 0.53 | 2.97 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.84 | ||||||||||||
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 0.42% for the Income Fund; 0.46% for the Conservative Fund; 0.50% for the Moderate Fund; 0.53% for the Growth Fund; and 0.56% for the Aggressive Growth Fund. |
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 9 |
Important information about expenses
Expense examples
Six months ended November 30, 2017
| Lifestyle Funds Advisor Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Income Fund actual return | $1,000.00 | $1,029.14 | $0.61 | $2.24 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.47 | 0.61 | 2.23 | ||||||||||||
| Conservative Fund actual return | 1,000.00 | 1,051.05 | 0.57 | 2.42 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.52 | 0.56 | 2.38 | ||||||||||||
| Moderate Fund actual return | 1,000.00 | 1,072.97 | 0.94 | 3.01 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.17 | 0.91 | 2.94 | ||||||||||||
| Growth Fund actual return | 1,000.00 | 1,093.66 | 0.89 | 3.15 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.22 | 0.86 | 3.04 | ||||||||||||
| Aggressive Growth Fund actual return | 1,000.00 | 1,113.22 | 0.74 | 3.18 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.37 | 0.71 | 3.04 | ||||||||||||
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 0.11% for the Conservative Fund; 0.12% for the Income Fund; 0.14% for the Aggressive Growth Fund; 0.17% for the Growth Fund; and 0.18% for the Moderate Fund for the Advisor 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 0.44% for the Income Fund; 0.47% for the Conservative Fund; 0.58% for the Moderate Fund; and 0.60% for the Growth and Aggressive Growth Funds. |
| 10 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
Expense examples
Six months ended November 30, 2017
| Lifestyle Funds Premier Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Income Fund actual return | $1,000.00 | $1,029.38 | $1.27 | $2.90 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 2.89 | ||||||||||||
| Conservative Fund actual return | 1,000.00 | 1,050.36 | 1.28 | 3.14 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.09 | ||||||||||||
| Moderate Fund actual return | 1,000.00 | 1,071.73 | 1.30 | 3.38 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.29 | ||||||||||||
| Growth Fund actual return | 1,000.00 | 1,092.91 | 1.31 | 3.57 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.45 | ||||||||||||
| Aggressive Growth Fund actual return | 1,000.00 | 1,112.27 | 1.32 | 3.76 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.60 | ||||||||||||
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 0.57% for the Income Fund; 0.61% for the Conservative Fund; 0.65% for the Moderate Fund; 0.68% for the Growth Fund; and 0.71% for the Aggressive Growth Fund. |
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 11 |
Important information about expenses
Expense examples
Six months ended November 30, 2017
| Lifestyle Funds Retirement Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Income Fund actual return | $1,000.00 | $1,028.00 | $1.78 | $3.41 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 3.40 | ||||||||||||
| Conservative Fund actual return | 1,000.00 | 1,049.94 | 1.80 | 3.65 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 3.60 | ||||||||||||
| Moderate Fund actual return | 1,000.00 | 1,071.39 | 1.82 | 3.89 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 3.80 | ||||||||||||
| Growth Fund actual return | 1,000.00 | 1,092.54 | 1.84 | 4.09 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 3.95 | ||||||||||||
| Aggressive Growth Fund actual return | 1,000.00 | 1,112.20 | 1.85 | 4.29 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 4.10 | ||||||||||||
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 0.67% for the Income Fund; 0.71% for the Conservative Fund; 0.75% for the Moderate Fund; 0.78% for the Growth Fund; and 0.81% for the Aggressive Growth Fund. |
| 12 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
concluded
Expense examples
Six months ended November 30, 2017
| Lifestyle Funds Retail Class | Beginning account value (6/1/17 | ) | Ending account value (11/30/17 | ) | Expenses paid during period (6/1/17–11/30/17 | * ) | Effective expenses paid during period (6/1/17–11/30/17 | † ) | ||||||||
| Income Fund actual return | $1,000.00 | $1,027.85 | $1.93 | $3.56 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.16 | 1.93 | 3.55 | ||||||||||||
| Conservative Fund actual return | 1,000.00 | 1,049.92 | 1.85 | 3.75 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.26 | 1.83 | 3.70 | ||||||||||||
| Moderate Fund actual return | 1,000.00 | 1,072.09 | 1.92 | 3.95 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.21 | 1.88 | 3.85 | ||||||||||||
| Growth Fund actual return | 1,000.00 | 1,091.98 | 1.99 | 4.25 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.16 | 1.93 | 4.10 | ||||||||||||
| Aggressive Growth Fund actual return | 1,000.00 | 1,111.70 | 2.12 | 4.55 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.06 | 2.03 | 4.36 | ||||||||||||
| * | 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 183/365. There were 183 days in the six months ended November 30, 2017. 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 0.36% for the Conservative Fund; 0.37% for the Moderate Fund; 0.38% for the Income and Growth Funds; and 0.40% for the Aggressive Growth Fund for the Retail Class of the Lifestyle Funds. |
| † | The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.70% for the Income Fund; 0.73% for the Conservative Fund; 0.76% for the Moderate Fund; 0.81% for the Growth Fund; and 0.86% for the Aggressive Growth Fund. |
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 13 |
Investment results of the Lifestyle Funds
Performance for the six months ended November 30, 2017
All of the five Lifestyle Funds produced positive returns and outperformed their respective composite benchmarks. Institutional Class returns ranged from 3.01% for the Lifestyle Income Fund to 11.32% for the Lifestyle Aggressive Growth Fund. The tables on the following pages show returns for all share classes of the funds.
The outperformance of the individual Lifestyle Funds, in relation to their respective composite benchmarks, ranged from 0.65 of a percentage point for the Income Fund to 0.76 of a percentage point for the Moderate and Growth Funds. (All results for the Lifestyle Funds are for the Institutional Class.)
Growing economy, modest inflation bolster stock markets
The U.S. economy recorded strong gains during the six months, while unemployment declined and inflation remained muted. Real U.S. gross domestic product (GDP), which measures the value of all goods and services produced in the United States, advanced at an annualized rate of 3.2% during the third quarter of 2017, according to the U.S. government’s “third” estimate—an increase over the 3.1% annualized rate of the previous three months. Unemployment declined to 4.1% in October, its lowest level in 17 years, and remained unchanged in November. Annual core inflation, which includes all items except food and energy, rose modestly by 1.7% for the twelve months ended November 30, 2017. The price per barrel of West Texas Intermediate crude oil rose from $48 on June 1, 2017, to more than $57 on November 30, 2017.
The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2009.
For the six-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 11.09%. The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries, advanced 9.61% in U.S.-dollar terms. Stocks in emerging markets recorded strong gains, helped by a boost in oil prices.
U.S. investment-grade bond investors earned modest gains amid rising short-term interest rates as the Federal Reserve continued to slowly shift monetary policy in response to the growing economy. The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 0.68% during the period. Short-term bonds, as measured by the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index, gained a modest 0.06%.
| 14 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Most stock funds deliver double-digit returns
All of the five Lifestyle Funds advanced for the six-month period.
The Lifestyle Funds may invest in up to four sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income and short-term fixed income. The Lifestyle Funds do this by investing in various underlying TIAA-CREF Funds that, in turn, buy stocks, bonds and other securities in these market sectors.
For the period, the U.S. and international stock sectors contributed most to the funds’ absolute returns—that is, without regard to performance relative to their respective composite benchmarks. Within U.S. equities, nearly all of the underlying funds delivered double-digit returns. The Small/Mid-Cap Equity Fund advanced the most. Similarly, most of the underlying international equity funds also recorded double-digit returns. Among them, the Emerging Markets Equity Fund posted the biggest gains. (All fund returns are for the Institutional Class.)
Foreign-stock and fixed-income funds boost relative performance
All of the Lifestyle Funds outperformed their respective composite benchmarks. This was primarily due to the relative strength of funds in the international equity and the fixed-income sectors—with the exception of the Lifestyle Aggressive Growth Fund, which does not own bond funds.
For the Lifestyle Conservative and Moderate funds, the Bond Plus Fund was the top contributor to relative performance. The Short-Term Bond Fund was the leading relative performance contributor to the Lifestyle Income Fund. For the Lifestyle Growth Fund, the top contributors to relative performance were the International Opportunities Fund and International Equity Fund. This was also the case for the Lifestyle Aggressive Growth Fund, which has a target allocation of 100% equities.
The relative performance of each Lifestyle Fund was partially offset by the results of the Large-Cap Value Fund, which underperformed its benchmark for the six-month period. (Performance of the Lifestyle Funds’ underlying funds can be found at TIAA.org/performance.)
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 15 |
Performance as of November 30, 2017
| Lifestyle Income Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since fund inception | gross | net | ||||||||||||||||||||||
| Institutional Class | TSITX | 12/9/11 | 3.01 | % | 7.57 | % | 4.22 | % | 4.88 | % | 0.72 | % | 0.43 | % | |||||||||||||||
| Advisor Class | TSIHX | 12/4/15 | 2.91 | 7.46 | 4.18 | † | 4.86 | † | 0.80 | 0.51 | |||||||||||||||||||
| Premier Class | TSIPX | 12/9/11 | 2.94 | 7.41 | 4.05 | 4.72 | 0.88 | 0.58 | |||||||||||||||||||||
| Retirement Class | TLSRX | 12/9/11 | 2.80 | 7.22 | 3.94 | 4.60 | 0.97 | 0.68 | |||||||||||||||||||||
| Retail Class | TSILX | 12/9/11 | 2.78 | 7.19 | 3.91 | 4.56 | 0.99 | 0.71 | |||||||||||||||||||||
| Lifestyle Income Fund Composite Index‡ | — | 2.36 | 6.13 | 3.70 | 4.07 | § | — | — | |||||||||||||||||||||
| Broad market indexes** | |||||||||||||||||||||||||||||
| Morningstar Conservative Target Risk Index | — | 2.58 | 6.93 | 3.31 | 4.03 | § | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 2.51 | § | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 15.62 | § | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursement and waiver arrangements now in effect will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower. |
| ‡ | On November 30, 2017, the Lifestyle Income Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 40.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; 14.0% Russell 3000 Index; and 6.0% MSCI ACWI ex USA IMI 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Bloomberg Barclays U.S. Aggregate Bond Index and the Russell 3000 Index to the Morningstar Conservative Target Risk Index (20% global equity market exposure). For additional information, please see the funds’ current prospectus. |
| 16 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Income Fund
Asset allocation
| % of net assets as of 11/30/2017 | ||||
| Equity | ||||
| U.S. equity | 14.4 | % | ||
| International equity | 6.6 | |||
| Fixed income | ||||
| Fixed income | 39.0 | |||
| Short-term fixed income | 39.8 | |||
| Other assets & liabilities, net | 0.2 | |||
| Total | 100.0 | |||
Target allocation
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 17 |
Performance as of November 30, 2017
| Lifestyle Conservative Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since fund inception | gross | net | ||||||||||||||||||||||
| Institutional Class | TCSIX | 12/9/11 | 5.12 | % | 12.20 | % | 6.63 | % | 7.34 | % | 0.58 | % | 0.46 | % | |||||||||||||||
| Advisor Class | TLSHX | 12/4/15 | 5.11 | 12.16 | 6.63 | † | 7.34 | † | 0.66 | 0.54 | |||||||||||||||||||
| Premier Class | TLSPX | 12/9/11 | 5.04 | 12.02 | 6.48 | 7.17 | 0.75 | 0.61 | |||||||||||||||||||||
| Retirement Class | TSCTX | 12/9/11 | 4.99 | 11.93 | 6.38 | 7.08 | 0.83 | 0.71 | |||||||||||||||||||||
| Retail Class | TSCLX | 12/9/11 | 4.99 | 11.83 | 6.34 | 7.03 | 0.85 | 0.73 | |||||||||||||||||||||
| Lifestyle Conservative Fund Composite Index‡ | — | 4.45 | 10.62 | 6.17 | 6.54 | § | — | — | |||||||||||||||||||||
| Broad market indexes** | |||||||||||||||||||||||||||||
| Morningstar Moderately Conservative Target Risk Index | — | 4.55 | 10.94 | 5.81 | 6.41 | § | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 2.51 | § | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 15.62 | § | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursement and waiver arrangements now in effect will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower. |
| ‡ | On November 30, 2017, the Lifestyle Conservative Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000 Index; 20.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 12.0% MSCI ACWI ex USA IMI 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Bloomberg Barclays U.S. Aggregate Bond Index and the Russell 3000 Index to the Morningstar Moderately Conservative Target Risk Index (40% global equity market exposure). For additional information, please see the funds’ current prospectus. |
| 18 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Conservative Fund
Asset allocation
| % of net assets as of 11/30/2017 | ||||
| Equity | ||||
| U.S. equity | 28.5 | % | ||
| International equity | 12.6 | |||
| Fixed income | ||||
| Fixed income | 38.9 | |||
| Short-term fixed income | 19.8 | |||
| Other assets & liabilities, net | 0.2 | |||
| Total | 100.0 | |||
Target allocation
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 19 |
Performance as of November 30, 2017
| Lifestyle Moderate Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since fund inception | gross | net | ||||||||||||||||||||||
| Institutional Class | TSIMX | 12/9/11 | 7.34 | % | 17.12 | % | 9.09 | % | 9.82 | % | 0.59 | % | 0.50 | % | |||||||||||||||
| Advisor Class | TSMHX | 12/4/15 | 7.30 | 17.04 | 9.06 | † | 9.80 | † | 0.67 | 0.58 | |||||||||||||||||||
| Premier Class | TSMPX | 12/9/11 | 7.17 | 16.83 | 8.94 | 9.66 | 0.76 | 0.65 | |||||||||||||||||||||
| Retirement Class | TSMTX | 12/9/11 | 7.14 | 16.76 | 8.82 | 9.54 | 0.84 | 0.75 | |||||||||||||||||||||
| Retail Class | TSMLX | 12/9/11 | 7.21 | 16.74 | 8.79 | 9.51 | 0.86 | 0.77 | |||||||||||||||||||||
| Lifestyle Moderate Fund Composite Index‡ | — | 6.58 | 15.28 | 8.64 | 9.02 | § | — | — | |||||||||||||||||||||
| Broad market indexes** | |||||||||||||||||||||||||||||
| Morningstar Moderate Target Risk Index | — | 6.51 | 14.91 | 7.96 | 8.49 | § | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 15.62 | § | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 2.51 | § | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursement and waiver arrangements now in effect will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower. |
| ‡ | On November 30, 2017, the Lifestyle Moderate Fund Composite Index consisted of: 42.0% Russell 3000 Index; 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; and 18.0% MSCI ACWI ex USA IMI 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the Morningstar Moderate Target Risk Index (60% global equity market exposure). For additional information, please see the funds’ current prospectus. |
| 20 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Moderate Fund
Asset allocation
| % of net assets as of 11/30/2017 | ||||
| Equity | ||||
| U.S. equity | 42.5 | % | ||
| International equity | 18.5 | |||
| Fixed income | 38.9 | |||
| Other assets & liabilities, net | 0.1 | |||
| Total | 100.0 | |||
Target allocation
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 21 |
Performance as of November 30, 2017
| Lifestyle Growth Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since fund inception | gross | net | ||||||||||||||||||||||
| Institutional Class | TSGGX | 12/9/11 | 9.36 | % | 21.47 | % | 11.13 | % | 11.74 | % | 0.72 | % | 0.53 | % | |||||||||||||||
| Advisor Class | TSGHX | 12/4/15 | 9.37 | 21.36 | 11.11 | † | 11.72 | † | 0.80 | 0.61 | |||||||||||||||||||
| Premier Class | TSGPX | 12/9/11 | 9.29 | 21.25 | 10.93 | 11.55 | 0.89 | 0.68 | |||||||||||||||||||||
| Retirement Class | TSGRX | 12/9/11 | 9.25 | 21.13 | 10.83 | 11.45 | 0.97 | 0.78 | |||||||||||||||||||||
| Retail Class | TSGLX | 12/9/11 | 9.20 | 21.03 | 10.79 | 11.40 | 1.01 | 0.82 | |||||||||||||||||||||
| Lifestyle Growth Fund Composite Index‡ | — | 8.60 | 19.57 | 10.86 | 11.18 | § | — | — | |||||||||||||||||||||
| Broad market indexes** | |||||||||||||||||||||||||||||
| Morningstar Moderately Aggressive Target Risk Index | — | 8.54 | 19.32 | 10.11 | 10.52 | § | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 15.62 | § | — | — | |||||||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 2.51 | § | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursement and waiver arrangements now in effect will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower. |
| ‡ | On November 30, 2017, the Lifestyle Growth Fund Composite Index consisted of: 56.0% Russell 3000 Index; 24.0% MSCI ACWI ex USA IMI Index; and 20.0% Bloomberg 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the Morningstar Moderately Aggressive Target Risk Index (80% global equity market exposure). For additional information, please see the funds’ current prospectus. |
| 22 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Growth Fund
Asset allocation
| % of net assets as of 11/30/2017 | ||||
| Equity | ||||
| U.S. equity | 56.5 | % | ||
| International equity | 24.4 | |||
| Fixed income | 19.0 | |||
| Other assets & liabilities, net | 0.1 | |||
| Total | 100.0 | |||
Target allocation
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 23 |
Lifestyle Aggressive Growth Fund
Performance as of November 30, 2017
| Lifestyle Aggressive Growth Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||||||||||
| Ticker | Inception date | 6 months | 1 year | 5 years | since fund inception | gross | net | ||||||||||||||||||||||
| Institutional Class | TSAIX | 12/9/11 | 11.32 | % | 25.67 | % | 13.12 | % | 13.60 | % | 0.86 | % | 0.56 | % | |||||||||||||||
| Advisor Class | TSAHX | 12/4/15 | 11.32 | 25.74 | 13.12 | † | 13.60 | † | 0.94 | 0.64 | |||||||||||||||||||
| Premier Class | TSAPX | 12/9/11 | 11.23 | 25.60 | 12.97 | 13.45 | 1.02 | 0.71 | |||||||||||||||||||||
| Retirement Class | TSARX | 12/9/11 | 11.22 | 25.41 | 12.83 | 13.33 | 1.11 | 0.81 | |||||||||||||||||||||
| Retail Class | TSALX | 12/9/11 | 11.17 | 25.27 | 12.75 | 13.24 | 1.18 | 0.88 | |||||||||||||||||||||
| Lifestyle Aggressive Growth Fund Composite Index‡ | 10.65 | 24.00 | 13.08 | 13.32 | § | — | — | ||||||||||||||||||||||
| Broad market indexes** | |||||||||||||||||||||||||||||
| Morningstar Aggressive Target Risk Index | — | 10.09 | 22.53 | 11.74 | 12.06 | § | — | — | |||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 15.62 | § | — | — | |||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the funds’ prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursement and waiver arrangements now in effect will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its inception date is based on the performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect the higher expenses of the Advisor Class. If those higher expenses had been reflected, the performance of the Advisor Class shown for these periods would have been lower. |
| ‡ | On November 30, 2017, the Lifestyle Aggressive Growth Fund Composite Index consisted of: 70.0% Russell 3000 Index and 30.0% MSCI ACWI ex USA IMI 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparison was changed from the Russell 3000 Index to the Morningstar Aggressive Target Risk Index (95% global equity market exposure). For additional information, please see the funds’ current prospectus. |
| 24 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Aggressive Growth Fund
Asset allocation
| % of net assets as of 11/30/2017 | ||||
| Equity | ||||
| U.S. equity | 70.0 | % | ||
| International equity | 29.6 | |||
| Other assets & liabilities, net | 0.4 | |||
| Total | 100.0 | |||
Target allocation
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 25 |
Portfolio of investments (unaudited)
Lifestyle Income Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8% (a) | ||||||||||||||
| FIXED INCOME—39.0% | ||||||||||||||
| 1,316,304 | TIAA-CREF Bond Fund | $ | 13,663,235 | 19.9 | % | |||||||||
| 1,256,565 | TIAA-CREF Bond Plus Fund | 13,131,102 | 19.1 | |||||||||||
| TOTAL FIXED INCOME | 26,794,337 | 39.0 | ||||||||||||
| INTERNATIONAL EQUITY—6.6% | ||||||||||||||
| 61,696 | TIAA-CREF Emerging Markets Equity Fund | 793,411 | 1.1 | |||||||||||
| 139,463 | TIAA-CREF Enhanced International Equity Index Fund | 1,174,276 | 1.7 | |||||||||||
| 81,627 | TIAA-CREF International Equity Fund | 1,092,174 | 1.6 | |||||||||||
| 66,781 | TIAA-CREF International Opportunities Fund | 880,180 | 1.3 | |||||||||||
| 45,568 | TIAA-CREF International Small-Cap Equity Fund | 590,108 | 0.9 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 4,530,149 | 6.6 | ||||||||||||
| SHORT-TERM FIXED INCOME—39.8% | ||||||||||||||
| 2,650,020 | TIAA-CREF Short-Term Bond Fund | 27,348,211 | 39.8 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 27,348,211 | 39.8 | ||||||||||||
| U.S. EQUITY—14.4% | ||||||||||||||
| 63,666 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 913,601 | 1.3 | |||||||||||
| 81,747 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 891,038 | 1.3 | |||||||||||
| 145,919 | TIAA-CREF Growth & Income Fund | 2,146,473 | 3.1 | |||||||||||
| 117,318 | TIAA-CREF Large-Cap Growth Fund | 2,421,448 | 3.5 | |||||||||||
| 118,500 | TIAA-CREF Large-Cap Value Fund | 2,370,005 | 3.5 | |||||||||||
| 32,218 | TIAA-CREF Small-Cap Equity Fund | 685,282 | 1.0 | |||||||||||
| 35,142 | TIAA-CREF Small/Mid-Cap Equity Fund | 449,824 | 0.7 | |||||||||||
| TOTAL U.S. EQUITY | 9,877,671 | 14.4 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $65,216,254) | 68,550,368 | 99.8 | |||||||||||
| TOTAL INVESTMENTS | (Cost $65,216,254) | 68,550,368 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 117,956 | 0.2 | ||||||||||||
| NET ASSETS | $ | 68,668,324 | 100.0 | % | ||||||||||
| (a) | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
| 26 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifestyle Conservative Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8% (a) | ||||||||||||||
| FIXED INCOME—38.9% | ||||||||||||||
| 2,020,170 | TIAA-CREF Bond Fund | $ | 20,969,363 | 9.9 | % | |||||||||
| 5,864,862 | TIAA-CREF Bond Plus Fund | 61,287,813 | 29.0 | |||||||||||
| TOTAL FIXED INCOME | 82,257,176 | 38.9 | ||||||||||||
| INTERNATIONAL EQUITY—12.6% | ||||||||||||||
| 346,642 | TIAA-CREF Emerging Markets Equity Fund | 4,457,817 | 2.1 | |||||||||||
| 756,002 | TIAA-CREF Enhanced International Equity Index Fund | 6,365,539 | 3.0 | |||||||||||
| 500,986 | TIAA-CREF International Equity Fund | 6,703,194 | 3.2 | |||||||||||
| 409,763 | TIAA-CREF International Opportunities Fund | 5,400,676 | 2.6 | |||||||||||
| 279,375 | TIAA-CREF International Small-Cap Equity Fund | 3,617,907 | 1.7 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 26,545,133 | 12.6 | ||||||||||||
| SHORT-TERM FIXED INCOME—19.8% | ||||||||||||||
| 4,066,599 | TIAA-CREF Short-Term Bond Fund | 41,967,303 | 19.8 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 41,967,303 | 19.8 | ||||||||||||
| U.S. EQUITY—28.5% | ||||||||||||||
| 390,750 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 5,607,258 | 2.7 | |||||||||||
| 501,654 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 5,468,028 | 2.6 | |||||||||||
| 894,373 | TIAA-CREF Growth & Income Fund | 13,156,231 | 6.2 | |||||||||||
| 720,280 | TIAA-CREF Large-Cap Growth Fund | 14,866,585 | 7.0 | |||||||||||
| 727,323 | TIAA-CREF Large-Cap Value Fund | 14,546,468 | 6.9 | |||||||||||
| 177,693 | TIAA-CREF Small-Cap Equity Fund | 3,779,534 | 1.8 | |||||||||||
| 215,568 | TIAA-CREF Small/Mid-Cap Equity Fund | 2,759,276 | 1.3 | |||||||||||
| TOTAL U.S. EQUITY | 60,183,380 | 28.5 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $193,016,883) | 210,952,992 | 99.8 | |||||||||||
| TOTAL INVESTMENTS | (Cost $193,016,883) | 210,952,992 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 362,016 | 0.2 | ||||||||||||
| NET ASSETS | $ | 211,315,008 | 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 ■ 2017 Semiannual Report | 27 |
Portfolio of investments (unaudited)
Lifestyle Moderate Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9% (a) | ||||||||||||||
| FIXED INCOME—38.9% | ||||||||||||||
| 11,428,270 | TIAA-CREF Bond Plus Fund | $ | 119,425,426 | 38.9 | % | |||||||||
| TOTAL FIXED INCOME | 119,425,426 | 38.9 | ||||||||||||
| INTERNATIONAL EQUITY—18.5% | ||||||||||||||
| 730,236 | TIAA-CREF Emerging Markets Equity Fund | 9,390,829 | 3.1 | |||||||||||
| 1,573,240 | TIAA-CREF Enhanced International Equity Index Fund | 13,246,682 | 4.3 | |||||||||||
| 1,090,945 | TIAA-CREF International Equity Fund | 14,596,843 | 4.7 | |||||||||||
| 892,687 | TIAA-CREF International Opportunities Fund | 11,765,611 | 3.8 | |||||||||||
| 608,234 | TIAA-CREF International Small-Cap Equity Fund | 7,876,630 | 2.6 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 56,876,595 | 18.5 | ||||||||||||
| U.S. EQUITY—42.5% | ||||||||||||||
| 850,419 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 12,203,507 | 4.0 | |||||||||||
| 1,092,100 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 11,903,887 | 3.9 | |||||||||||
| 1,949,283 | TIAA-CREF Growth & Income Fund | 28,673,947 | 9.3 | |||||||||||
| 1,569,174 | TIAA-CREF Large-Cap Growth Fund | 32,387,756 | 10.5 | |||||||||||
| 1,584,557 | TIAA-CREF Large-Cap Value Fund | 31,691,134 | 10.3 | |||||||||||
| 372,393 | TIAA-CREF Small-Cap Equity Fund | 7,920,792 | 2.6 | |||||||||||
| 469,482 | TIAA-CREF Small/Mid-Cap Equity Fund | 6,009,373 | 1.9 | |||||||||||
| TOTAL U.S. EQUITY | 130,790,396 | 42.5 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $268,636,653) | 307,092,417 | 99.9 | |||||||||||
| TOTAL INVESTMENTS | (Cost $268,636,653) | 307,092,417 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 434,075 | 0.1 | ||||||||||||
| NET ASSETS | $ | 307,526,492 | 100.0 | % | ||||||||||
| (a) | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
| 28 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifestyle Growth Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9% (a) | ||||||||||||||
| FIXED INCOME—19.0% | ||||||||||||||
| 2,483,307 | TIAA-CREF Bond Plus Fund | $ | 25,950,563 | 19.0 | % | |||||||||
| TOTAL FIXED INCOME | 25,950,563 | 19.0 | ||||||||||||
| INTERNATIONAL EQUITY—24.4% | ||||||||||||||
| 424,940 | TIAA-CREF Emerging Markets Equity Fund | 5,464,729 | 4.0 | |||||||||||
| 910,498 | TIAA-CREF Enhanced International Equity Index Fund | 7,666,389 | 5.6 | |||||||||||
| 644,877 | TIAA-CREF International Equity Fund | 8,628,454 | 6.3 | |||||||||||
| 527,865 | TIAA-CREF International Opportunities Fund | 6,957,260 | 5.1 | |||||||||||
| 359,857 | TIAA-CREF International Small-Cap Equity Fund | 4,660,144 | 3.4 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 33,376,976 | 24.4 | ||||||||||||
| U.S. EQUITY—56.5% | ||||||||||||||
| 503,313 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 7,222,544 | 5.3 | |||||||||||
| 646,106 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 7,042,556 | 5.1 | |||||||||||
| 1,153,334 | TIAA-CREF Growth & Income Fund | 16,965,536 | 12.4 | |||||||||||
| 928,282 | TIAA-CREF Large-Cap Growth Fund | 19,159,732 | 14.0 | |||||||||||
| 936,824 | TIAA-CREF Large-Cap Value Fund | 18,736,488 | 13.7 | |||||||||||
| 216,024 | TIAA-CREF Small-Cap Equity Fund | 4,594,837 | 3.4 | |||||||||||
| 277,732 | TIAA-CREF Small/Mid-Cap Equity Fund | 3,554,964 | 2.6 | |||||||||||
| TOTAL U.S. EQUITY | 77,276,657 | 56.5 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $113,440,991) | 136,604,196 | 99.9 | |||||||||||
| TOTAL INVESTMENTS | (Cost $113,440,991) | 136,604,196 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 199,889 | 0.1 | ||||||||||||
| NET ASSETS | $ | 136,804,085 | 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 ■ 2017 Semiannual Report | 29 |
Portfolio of investments (unaudited)
Lifestyle Aggressive Growth Fund ■ November 30, 2017
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.6% (a) | ||||||||||||||
| INTERNATIONAL EQUITY—29.6% | ||||||||||||||
| 341,002 | TIAA-CREF Emerging Markets Equity Fund | $ | 4,385,285 | 4.8 | % | |||||||||
| 708,384 | TIAA-CREF Enhanced International Equity Index Fund | 5,964,593 | 6.5 | |||||||||||
| 541,110 | TIAA-CREF International Equity Fund | 7,240,053 | 7.8 | |||||||||||
| 443,942 | TIAA-CREF International Opportunities Fund | 5,851,156 | 6.3 | |||||||||||
| 301,990 | TIAA-CREF International Small-Cap Equity Fund | 3,910,777 | 4.2 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 27,351,864 | 29.6 | ||||||||||||
| U.S. EQUITY—70.0% | ||||||||||||||
| 415,589 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 5,963,703 | 6.5 | |||||||||||
| 533,359 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 5,813,614 | 6.3 | |||||||||||
| 968,086 | TIAA-CREF Growth & Income Fund | 14,240,550 | 15.4 | |||||||||||
| 778,850 | TIAA-CREF Large-Cap Growth Fund | 16,075,462 | 17.4 | |||||||||||
| 785,869 | TIAA-CREF Large-Cap Value Fund | 15,717,372 | 17.0 | |||||||||||
| 179,008 | TIAA-CREF Small-Cap Equity Fund | 3,807,494 | 4.1 | |||||||||||
| 232,950 | TIAA-CREF Small/Mid-Cap Equity Fund | 2,981,756 | 3.3 | |||||||||||
| TOTAL U.S. EQUITY | 64,599,951 | 70.0 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $72,494,806) | 91,951,815 | 99.6 | |||||||||||
| TOTAL INVESTMENTS | (Cost $72,494,806) | 91,951,815 | 99.6 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 345,579 | 0.4 | ||||||||||||
| NET ASSETS | $ | 92,297,394 | 100.0 | % | ||||||||||
| (a) | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
| 30 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements |
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| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 31 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Lifestyle Funds ■ November 30, 2017
| Lifestyle Income Fund | Lifestyle Conservative Fund | Lifestyle Moderate Fund | Lifestyle Growth Fund | Lifestyle Aggressive Growth Fund | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Affiliated investments, at value‡ | $ | 68,550,368 | $ | 210,952,992 | $ | 307,092,417 | $ | 136,604,196 | $ | 91,951,815 | ||||||||||
| Cash | 164,885 | 543,345 | 607,658 | 307,407 | 332,507 | |||||||||||||||
| Receivable from securities transactions | 86,276 | 388,234 | 631,763 | 250,512 | 92,976 | |||||||||||||||
| Receivable from Fund shares sold | 3,680 | 72,476 | 100,960 | 19,733 | 185,310 | |||||||||||||||
| Dividends and interest receivable | 116,109 | 285,681 | 314,216 | 67,919 | — | |||||||||||||||
| Due from affiliates | 254 | 1,794 | 1,770 | — | 1,477 | |||||||||||||||
| Other | 5,814 | 4,257 | 5,774 | 6,279 | 6,774 | |||||||||||||||
| Total assets | 68,927,386 | 212,248,779 | 308,754,558 | 137,256,046 | 92,570,859 | |||||||||||||||
| LIABILITIES | ||||||||||||||||||||
| Management fees payable | 565 | 1,733 | 2,519 | 1,119 | 751 | |||||||||||||||
| Service agreement fees payable | 311 | 800 | 1,799 | 797 | 766 | |||||||||||||||
| Distribution fees payable | 10,520 | 32,297 | 41,270 | 16,933 | 9,120 | |||||||||||||||
| Due to affiliates | 12,389 | 13,135 | 13,631 | 13,786 | 12,469 | |||||||||||||||
| Payable for securities transactions | 223,856 | 785,308 | 929,077 | 350,810 | 241,782 | |||||||||||||||
| Payable for Fund shares redeemed | 9,260 | 91,633 | 227,160 | 65,458 | 6,416 | |||||||||||||||
| Payable for trustee compensation | 2,161 | 4,692 | 6,271 | 3,058 | 2,161 | |||||||||||||||
| Accrued expenses and other payables | — | 4,173 | 6,339 | — | — | |||||||||||||||
| Total liabilities | 259,062 | 933,771 | 1,228,066 | 451,961 | 273,465 | |||||||||||||||
| NET ASSETS | $ | 68,668,324 | $ | 211,315,008 | $ | 307,526,492 | $ | 136,804,085 | $ | 92,297,394 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in-capital | $ | 65,184,614 | $ | 192,986,484 | $ | 268,851,592 | $ | 113,209,862 | $ | 72,592,068 | ||||||||||
| Undistributed net investment income (loss) | 183,726 | 427,199 | 434,645 | 836,269 | 83,750 | |||||||||||||||
| Accumulated net realized gain (loss) on total investments | (34,130 | ) | (34,784 | ) | (215,509 | ) | (405,251 | ) | 164,567 | |||||||||||
| Net unrealized appreciation (depreciation) on total investments | 3,334,114 | 17,936,109 | 38,455,764 | 23,163,205 | 19,457,009 | |||||||||||||||
| NET ASSETS | $ | 68,668,324 | $ | 211,315,008 | $ | 307,526,492 | $ | 136,804,085 | $ | 92,297,394 | ||||||||||
| INSTITUTIONAL CLASS: | ||||||||||||||||||||
| Net assets | $ | 1,948,624 | $ | 12,786,343 | $ | 16,207,877 | $ | 13,847,783 | $ | 8,888,111 | ||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 172,978 | 1,002,498 | 1,130,648 | 871,634 | 522,401 | |||||||||||||||
| Net asset value per share | $11.27 | $12.75 | $14.34 | $15.89 | $17.01 | |||||||||||||||
| ADVISOR CLASS: | ||||||||||||||||||||
| Net assets | $ | 106,558 | $ | 112,004 | $ | 171,837 | $ | 139,323 | $ | 155,891 | ||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 9,460 | 8,780 | 11,985 | 8,776 | 9,166 | |||||||||||||||
| Net asset value per share | $11.26 | $12.76 | $14.34 | $15.88 | $17.01 | |||||||||||||||
| PREMIER CLASS: | ||||||||||||||||||||
| Net assets | $ | 249,527 | $ | 267,345 | $ | 312,069 | $ | 358,965 | $ | 382,354 | ||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 22,127 | 20,949 | 21,720 | 22,603 | 22,440 | |||||||||||||||
| Net asset value per share | $11.28 | $12.76 | $14.37 | $15.88 | $17.04 | |||||||||||||||
| RETIREMENT CLASS: | ||||||||||||||||||||
| Net assets | $ | 15,153,758 | $ | 38,966,527 | $ | 87,095,596 | $ | 38,477,422 | $ | 37,333,667 | ||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,346,543 | 3,058,979 | 6,081,590 | 2,432,524 | 2,202,925 | |||||||||||||||
| Net asset value per share | $11.25 | $12.74 | $14.32 | $15.82 | $16.95 | |||||||||||||||
| RETAIL CLASS: | ||||||||||||||||||||
| Net assets | $ | 51,209,857 | $ | 159,182,789 | $ | 203,739,113 | $ | 83,980,592 | $ | 45,537,371 | ||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 4,550,165 | 12,501,123 | 14,232,166 | 5,318,053 | 2,690,659 | |||||||||||||||
| Net asset value per share | $11.25 | $12.73 | $14.32 | $15.79 | $16.92 | |||||||||||||||
| ‡ Affiliated investments, cost | $ | 65,216,254 | $ | 193,016,883 | $ | 268,636,653 | $ | 113,440,991 | $ | 72,494,806 | ||||||||||
| 32 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 33 |
Statements of operations (unaudited)
TIAA-CREF Lifestyle Funds ■ For the six months ended November 30, 2017
| Lifestyle Income Fund | Lifestyle Conservative Fund | Lifestyle Moderate Fund | Lifestyle Growth Fund | Lifestyle Aggressive Growth Fund | ||||||||||||||||
| INVESTMENT INCOME | ||||||||||||||||||||
| Dividends from affiliated investments | $ | 661,869 | $ | 1,639,891 | $ | 1,938,221 | $ | 461,212 | $ | 74,243 | ||||||||||
| Total income | 661,869 | 1,639,891 | 1,938,221 | 461,212 | 74,243 | |||||||||||||||
| EXPENSES | ||||||||||||||||||||
| Management fees | 33,589 | 98,215 | 141,664 | 60,343 | 39,707 | |||||||||||||||
| Shareholder servicing — Institutional Class | — | 4,788 | 44 | 130 | 161 | |||||||||||||||
| Shareholder servicing — Advisor Class | 7 | 9 | 69 | 47 | 27 | |||||||||||||||
| Shareholder servicing — Premier Class | 20 | 62 | 20 | 62 | 24 | |||||||||||||||
| Shareholder servicing — Retirement Class | 19,266 | 45,712 | 100,702 | 43,247 | 40,369 | |||||||||||||||
| Shareholder servicing — Retail Class | 5,786 | 11,934 | 15,225 | 11,940 | 10,394 | |||||||||||||||
| Distribution fees — Premier Class | 182 | 196 | 614 | 256 | 283 | |||||||||||||||
| Distribution fees — Retail Class | 62,326 | 186,412 | 234,433 | 95,987 | 50,064 | |||||||||||||||
| Registration fees | 39,428 | 40,940 | 42,509 | 39,274 | 39,179 | |||||||||||||||
| Administrative service fees | 18,180 | 19,278 | 20,023 | 18,638 | 18,304 | |||||||||||||||
| Professional fees | 12,361 | 12,593 | 15,162 | 12,448 | 12,377 | |||||||||||||||
| Shareholder reports | 11,314 | 15,192 | 20,103 | 11,023 | 8,443 | |||||||||||||||
| Trustee fees and expenses | 505 | 1,435 | 2,065 | 932 | 619 | |||||||||||||||
| Other expenses | 11,085 | 15,228 | 14,945 | 13,663 | 13,063 | |||||||||||||||
| Total expenses | 214,049 | 451,994 | 607,578 | 307,990 | 233,014 | |||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (92,231 | ) | (110,701 | ) | (114,922 | ) | (96,069 | ) | (92,909 | ) | ||||||||||
| Net expenses | 121,818 | 341,293 | 492,656 | 211,921 | 140,105 | |||||||||||||||
| Net investment income (loss) | 540,051 | 1,298,598 | 1,445,565 | 249,291 | (65,862 | ) | ||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||
| Realized gain (loss) from sale of affiliated investments | 261,003 | 672,581 | 834,259 | 407,977 | 494,312 | |||||||||||||||
| Realized gain (loss) from sale of unaffiliated investments | — | 9,171 | — | (665 | ) | 4,058 | ||||||||||||||
| Net realized gain (loss) from investments | 261,003 | 681,752 | 834,259 | 407,312 | 498,370 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 1,053,665 | 7,621,374 | 17,465,385 | 10,155,314 | 8,129,334 | |||||||||||||||
| Net realized and unrealized gain (loss) from investments | 1,314,668 | 8,303,126 | 18,299,644 | 10,562,626 | 8,627,704 | |||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 1,854,719 | $ | 9,601,724 | $ | 19,745,209 | $ | 10,811,917 | $ | 8,561,842 | ||||||||||
| 34 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 35 |
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, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | |||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 540,051 | $ | 1,043,209 | $ | 1,298,598 | $ | 2,625,994 | $ | 1,445,565 | $ | 3,655,458 | ||||||||||||||
| Net realized gain (loss) from investments | 261,003 | 329,874 | 681,752 | 1,074,895 | 834,259 | 1,805,525 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 1,053,665 | 1,774,887 | 7,621,374 | 9,340,571 | 17,465,385 | 20,134,486 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 1,854,719 | 3,147,970 | 9,601,724 | 13,041,460 | 19,745,209 | 25,595,469 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| From net investment income: | Institutional Class | (15,412 | ) | (23,592 | ) | (76,568 | ) | (93,203 | ) | (86,678 | ) | (149,347 | ) | |||||||||||||
| Advisor Class | (946 | ) | (2,456 | ) | (803 | ) | (2,454 | ) | (924 | ) | (2,898 | ) | ||||||||||||||
| Premier Class | (2,019 | ) | (4,549 | ) | (1,744 | ) | (5,117 | ) | (4,852 | ) | (5,507 | ) | ||||||||||||||
| Retirement Class | (120,748 | ) | (303,978 | ) | (222,611 | ) | (592,020 | ) | (378,273 | ) | (1,291,032 | ) | ||||||||||||||
| Retail Class | (380,656 | ) | (906,881 | ) | (908,517 | ) | (2,444,925 | ) | (864,221 | ) | (3,023,613 | ) | ||||||||||||||
| From realized gains: | Institutional Class | — | (6,384 | ) | — | (51,748 | ) | — | (134,458 | ) | ||||||||||||||||
| Advisor Class | — | (676 | ) | — | (1,325 | ) | — | (2,178 | ) | |||||||||||||||||
| Premier Class | — | (1,429 | ) | — | (3,152 | ) | — | (4,822 | ) | |||||||||||||||||
| Retirement Class | — | (94,500 | ) | — | (355,474 | ) | — | (1,117,901 | ) | |||||||||||||||||
| Retail Class | — | (285,128 | ) | — | (1,519,807 | ) | — | (2,574,893 | ) | |||||||||||||||||
| Total distributions | (519,781 | ) | (1,629,573 | ) | (1,210,243 | ) | (5,069,225 | ) | (1,334,948 | ) | (8,306,649 | ) | ||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 1,105,000 | 730,737 | 10,023,186 | 2,564,765 | 6,689,501 | 9,024,131 | |||||||||||||||||||
| Advisor Class | — | — | — | 10,000 | — | 47,311 | ||||||||||||||||||||
| Premier Class | 10,148 | 12,984 | 349 | — | 1,317,607 | 20,875 | ||||||||||||||||||||
| Retirement Class | 648,214 | 5,157,937 | 5,045,176 | 8,879,179 | 10,698,859 | 24,572,626 | ||||||||||||||||||||
| Retail Class | 6,016,715 | 15,369,862 | 21,015,065 | 43,839,236 | 26,542,914 | 49,592,704 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 15,311 | 29,643 | 76,475 | 144,524 | 86,596 | 283,286 | |||||||||||||||||||
| Advisor Class | — | — | — | 48 | 290 | 853 | ||||||||||||||||||||
| Premier Class | 158 | 39 | 78 | 353 | 3,591 | 692 | ||||||||||||||||||||
| Retirement Class | 120,660 | 398,174 | 222,534 | 947,097 | 378,207 | 2,408,447 | ||||||||||||||||||||
| Retail Class | 371,336 | 1,165,147 | 898,581 | 3,922,532 | 846,536 | 5,486,793 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (657,518 | ) | (134,831 | ) | (2,864,036 | ) | (606,385 | ) | (1,918,074 | ) | (1,307,672 | ) | |||||||||||||
| Advisor Class | — | — | — | (10,048 | ) | — | — | |||||||||||||||||||
| Premier Class | — | (11 | ) | — | — | (1,336,282 | ) | (13 | ) | |||||||||||||||||
| Retirement Class | (1,564,082 | ) | (4,014,187 | ) | (1,769,319 | ) | (3,761,781 | ) | (3,799,355 | ) | (12,062,320 | ) | ||||||||||||||
| Retail Class | (4,182,731 | ) | (6,839,741 | ) | (8,778,988 | ) | (17,898,863 | ) | (10,435,347 | ) | (23,723,638 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 1,883,211 | 11,875,753 | 23,869,101 | 38,030,657 | 29,075,043 | 54,344,075 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 3,218,149 | 13,394,150 | 32,260,582 | 46,002,892 | 47,485,304 | 71,632,895 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 65,450,175 | 52,056,025 | 179,054,426 | 133,051,534 | 260,041,188 | 188,408,293 | ||||||||||||||||||||
| End of period | $ | 68,668,324 | $ | 65,450,175 | $ | 211,315,008 | $ | 179,054,426 | $ | 307,526,492 | $ | 260,041,188 | ||||||||||||||
| Undistributed net investment income (loss) included in net assets | $ | 183,726 | $ | 163,456 | $ | 427,199 | $ | 338,844 | $ | 434,645 | $ | 324,028 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 98,795 | 67,549 | 809,239 | 218,495 | 486,465 | 711,791 | |||||||||||||||||||
| Advisor Class | — | — | — | 837 | — | 3,689 | ||||||||||||||||||||
| Premier Class | 909 | 1,201 | 29 | — | 97,106 | 1,631 | ||||||||||||||||||||
| Retirement Class | 58,105 | 475,801 | 405,893 | 750,720 | 773,361 | 1,910,185 | ||||||||||||||||||||
| Retail Class | 540,173 | 1,415,923 | 1,687,242 | 3,705,946 | 1,915,813 | 3,870,472 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | 1,378 | 2,764 | 6,157 | 12,426 | 6,301 | 22,565 | |||||||||||||||||||
| Advisor Class | — | — | — | 4 | 20 | 68 | ||||||||||||||||||||
| Premier Class | 14 | 4 | 6 | 30 | 265 | 55 | ||||||||||||||||||||
| Retirement Class | 10,879 | 37,155 | 17,975 | 81,495 | 27,543 | 192,194 | ||||||||||||||||||||
| Retail Class | 33,476 | 108,709 | 72,623 | 337,754 | 61,689 | 438,071 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (58,912 | ) | (12,437 | ) | (229,093 | ) | (50,964 | ) | (137,250 | ) | (101,801 | ) | |||||||||||||
| Advisor Class | — | — | — | (841 | ) | — | — | |||||||||||||||||||
| Premier Class | — | (1 | ) | — | — | (97,336 | ) | (1 | ) | |||||||||||||||||
| Retirement Class | (140,613 | ) | (370,994 | ) | (142,046 | ) | (317,596 | ) | (273,920 | ) | (942,510 | ) | ||||||||||||||
| Retail Class | (375,217 | ) | (629,559 | ) | (704,905 | ) | (1,517,065 | ) | (754,737 | ) | (1,852,472 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 168,987 | 1,096,115 | 1,923,120 | 3,221,241 | 2,105,320 | 4,253,937 | ||||||||||||||||||||
| 36 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 37 |
| 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, 2017 | May 31, 2017 | November 30, 2017 | May 31, 2017 | ||||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||||
| OPERATIONS | |||||||||||||||||||
| Net investment income (loss) | $ | 249,291 | $ | 1,180,303 | $ | (65,862 | ) | $ | 502,265 | ||||||||||
| Net realized gain (loss) from investments | 407,312 | 699,409 | 498,370 | 584,290 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 10,155,314 | 10,998,519 | 8,129,334 | 8,034,625 | |||||||||||||||
| Net increase (decrease) in net assets from operations | 10,811,917 | 12,878,231 | 8,561,842 | 9,121,180 | |||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | |||||||||||||||||||
| From net investment income: | Institutional Class | — | (28,005 | ) | — | (25,569 | ) | ||||||||||||
| Advisor Class | — | (1,406 | ) | — | (903 | ) | |||||||||||||
| Premier Class | — | (2,614 | ) | — | (1,387 | ) | |||||||||||||
| Retirement Class | — | (271,599 | ) | — | (126,431 | ) | |||||||||||||
| Retail Class | — | (587,160 | ) | — | (155,813 | ) | |||||||||||||
| From realized gains: | Institutional Class | — | (54,957 | ) | — | (92,622 | ) | ||||||||||||
| Advisor Class | — | (2,822 | ) | — | (3,335 | ) | |||||||||||||
| Premier Class | — | (7,090 | ) | — | (8,850 | ) | |||||||||||||
| Retirement Class | — | (649,334 | ) | — | (617,951 | ) | |||||||||||||
| Retail Class | — | (1,462,075 | ) | — | (864,485 | ) | |||||||||||||
| Total distributions | — | (3,067,062 | ) | — | (1,897,346 | ) | |||||||||||||
| SHAREHOLDER TRANSACTIONS | |||||||||||||||||||
| Subscriptions: | Institutional Class | 9,140,994 | 2,979,184 | 6,074,049 | 2,095,543 | ||||||||||||||
| Advisor Class | 5,000 | 8,233 | 25,000 | — | |||||||||||||||
| Premier Class | 1,344 | 28,630 | 4,605 | 66,377 | |||||||||||||||
| Retirement Class | 6,733,683 | 9,370,853 | 7,562,428 | 8,795,258 | |||||||||||||||
| Retail Class | 10,479,735 | 18,565,940 | 8,275,039 | 10,274,720 | |||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 82,583 | — | 117,627 | ||||||||||||||
| Advisor Class | — | 305 | — | — | |||||||||||||||
| Premier Class | — | 530 | — | — | |||||||||||||||
| Retirement Class | — | 920,458 | — | 743,849 | |||||||||||||||
| Retail Class | — | 2,027,927 | — | 1,012,177 | |||||||||||||||
| Redemptions: | Institutional Class | (1,084,666 | ) | (425,317 | ) | (2,297,051 | ) | (1,072,173 | ) | ||||||||||
| Advisor Class | — | — | — | — | |||||||||||||||
| Premier Class | — | (14 | ) | (37,716 | ) | (15 | ) | ||||||||||||
| Retirement Class | (1,933,581 | ) | (6,037,878 | ) | (1,612,191 | ) | (2,273,585 | ) | |||||||||||
| Retail Class | (4,290,257 | ) | (8,823,152 | ) | (2,292,519 | ) | (4,731,878 | ) | |||||||||||
| Net increase (decrease) from shareholder transactions | 19,052,252 | 18,698,282 | 15,701,644 | 15,027,900 | |||||||||||||||
| Net increase (decrease) in net assets | 29,864,169 | 28,509,451 | 24,263,486 | 22,251,734 | |||||||||||||||
| NET ASSETS | |||||||||||||||||||
| Beginning of period | 106,939,916 | 78,430,465 | 68,033,908 | 45,782,174 | |||||||||||||||
| End of period | $ | 136,804,085 | $ | 106,939,916 | $ | 92,297,394 | $ | 68,033,908 | |||||||||||
| Undistributed net investment income (loss) included in net assets | $ | 836,269 | $ | 586,978 | $ | 83,750 | $ | 149,612 | |||||||||||
| CHANGE IN FUND SHARES | |||||||||||||||||||
| Shares sold: | Institutional Class | 605,063 | 217,818 | 377,201 | 146,770 | ||||||||||||||
| Advisor Class | 334 | 607 | 1,628 | — | |||||||||||||||
| Premier Class | 87 | 2,083 | 285 | 4,518 | |||||||||||||||
| Retirement Class | 447,188 | 688,371 | 473,758 | 616,848 | |||||||||||||||
| Retail Class | 696,045 | 1,367,002 | 518,001 | 724,938 | |||||||||||||||
| Shares reinvested: | Institutional Class | — | 6,228 | — | 8,542 | ||||||||||||||
| Advisor Class | — | 23 | — | — | |||||||||||||||
| Premier Class | — | 40 | — | — | |||||||||||||||
| Retirement Class | — | 69,573 | — | 54,098 | |||||||||||||||
| Retail Class | — | 153,398 | — | 73,667 | |||||||||||||||
| Shares redeemed: | Institutional Class | (70,675 | ) | (30,970 | ) | (141,166 | ) | (73,421 | ) | ||||||||||
| Advisor Class | — | — | — | — | |||||||||||||||
| Premier Class | — | (1 | ) | (2,362 | ) | (1 | ) | ||||||||||||
| Retirement Class | (128,342 | ) | (444,501 | ) | (101,699 | ) | (160,726 | ) | |||||||||||
| Retail Class | (285,879 | ) | (652,311 | ) | (143,554 | ) | (337,292 | ) | |||||||||||
| Net increase (decrease) from shareholder transactions | 1,263,821 | 1,377,360 | 982,092 | 1,057,941 | |||||||||||||||
| 38 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 39 |
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 | and 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 | |||||||||||||||||||||||||||||||||||||||
| LIFESTYLE INCOME FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $11.04 | $0.10 | $ 0.23 | $0.33 | $(0.10 | ) | $ — | $(0.10 | ) | $11.27 | 3.01 | %b | $ 1,949 | 0.37 | %c | 0.10 | %c | 1.88 | %c | 7 | %b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.77 | 0.22 | 0.38 | 0.60 | (0.26 | ) | (0.07 | ) | (0.33 | ) | 11.04 | 5.72 | 1,455 | 0.39 | 0.10 | 2.03 | 18 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.04 | 0.21 | (0.12 | ) | 0.09 | (0.25 | ) | (0.11 | ) | (0.36 | ) | 10.77 | 0.89 | 796 | 0.37 | 0.10 | 1.91 | 33 | |||||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 11.04 | 0.10 | 0.22 | 0.32 | (0.10 | ) | — | (0.10 | ) | 11.26 | 2.91 | b | 107 | 0.39 | c | 0.12 | c | 1.85 | c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.77 | 0.22 | 0.38 | 0.60 | (0.26 | ) | (0.07 | ) | (0.33 | ) | 11.04 | 5.70 | 104 | 0.40 | 0.12 | 2.03 | 18 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 10.86 | 0.10 | 0.08 | 0.18 | (0.16 | ) | (0.11 | ) | (0.27 | ) | 10.77 | 1.67 | b | 102 | 0.39 | c | 0.12 | c | 1.95 | c | 33 | |||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 11.05 | 0.10 | 0.22 | 0.32 | (0.09 | ) | — | (0.09 | ) | 11.28 | 2.94 | b | 250 | 0.54 | c | 0.25 | c | 1.72 | c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.77 | 0.21 | 0.37 | 0.58 | (0.23 | ) | (0.07 | ) | (0.30 | ) | 11.05 | 5.46 | 234 | 0.55 | 0.25 | 1.89 | 18 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.04 | 0.21 | (0.13 | ) | 0.08 | (0.24 | ) | (0.11 | ) | (0.35 | ) | 10.77 | 0.76 | 215 | 0.53 | 0.25 | 1.89 | 33 | |||||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 11.03 | 0.09 | 0.22 | 0.31 | (0.09 | ) | — | (0.09 | ) | 11.25 | 2.80 | b | 15,154 | 0.63 | c | 0.35 | c | 1.62 | c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.76 | 0.20 | 0.37 | 0.57 | (0.23 | ) | (0.07 | ) | (0.30 | ) | 11.03 | 5.44 | 15,646 | 0.64 | 0.35 | 1.80 | 18 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.04 | 0.19 | (0.13 | ) | 0.06 | (0.23 | ) | (0.11 | ) | (0.34 | ) | 10.76 | 0.56 | 13,734 | 0.62 | 0.35 | 1.76 | 33 | |||||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/17 | # | 11.03 | 0.09 | 0.22 | 0.31 | (0.09 | ) | — | (0.09 | ) | 11.25 | 2.78 | b | 51,210 | 0.65 | c | 0.38 | c | 1.59 | c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 10.76 | 0.19 | 0.38 | 0.57 | (0.23 | ) | (0.07 | ) | (0.30 | ) | 11.03 | 5.43 | 48,011 | 0.66 | 0.38 | 1.77 | 18 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 11.04 | 0.19 | (0.14 | ) | 0.05 | (0.22 | ) | (0.11 | ) | (0.33 | ) | 10.76 | 0.52 | 37,209 | 0.65 | 0.38 | 1.75 | 33 | |||||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| 40 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 41 |
| 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 | and 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 | |||||||||||||||||||||||||||||||||||||||
| LIFESTYLE CONSERVATIVE FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $12.22 | $0.10 | $ 0.52 | $ 0.62 | $(0.09 | ) | $ — | $(0.09 | ) | $12.75 | 5.12 | %b | $ 12,786 | 0.30 | %c | 0.10 | %c | 1.58 | %c | 6 | %b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.64 | 0.23 | 0.78 | 1.01 | (0.28 | ) | (0.15 | ) | (0.43 | ) | 12.22 | 8.87 | 5,087 | 0.22 | 0.10 | 1.96 | 15 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.13 | 0.22 | (0.27 | ) | (0.05 | ) | (0.27 | ) | (0.17 | ) | (0.44 | ) | 11.64 | (0.28 | ) | 2,749 | 0.23 | 0.10 | 1.88 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 12.23 | 0.10 | 0.52 | 0.62 | (0.09 | ) | — | (0.09 | ) | 12.76 | 5.11 | b | 112 | 0.22 | c | 0.11 | c | 1.56 | c | 6 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.64 | 0.23 | 0.78 | 1.01 | (0.27 | ) | (0.15 | ) | (0.42 | ) | 12.23 | 8.94 | 107 | 0.24 | 0.12 | 1.97 | 15 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 11.86 | 0.09 | 0.04 | 0.13 | (0.18 | ) | (0.17 | ) | (0.35 | ) | 11.64 | 1.25 | b | 102 | 0.25 | c | 0.12 | c | 1.70 | c | 26 | |||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 12.23 | 0.09 | 0.52 | 0.61 | (0.08 | ) | — | (0.08 | ) | 12.76 | 5.04 | b | 267 | 0.40 | c | 0.25 | c | 1.42 | c | 6 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.63 | 0.22 | 0.77 | 0.99 | (0.24 | ) | (0.15 | ) | (0.39 | ) | 12.23 | 8.77 | 256 | 0.39 | 0.25 | 1.84 | 15 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.12 | 0.22 | (0.29 | ) | (0.07 | ) | (0.25 | ) | (0.17 | ) | (0.42 | ) | 11.63 | (0.43 | ) | 243 | 0.39 | 0.25 | 1.85 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 12.21 | 0.08 | 0.53 | 0.61 | (0.08 | ) | — | (0.08 | ) | 12.74 | 4.99 | b | 38,967 | 0.46 | c | 0.35 | c | 1.32 | c | 6 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.62 | 0.20 | 0.79 | 0.99 | (0.25 | ) | (0.15 | ) | (0.40 | ) | 12.21 | 8.70 | 33,907 | 0.47 | 0.35 | 1.71 | 15 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.11 | 0.20 | (0.28 | ) | (0.08 | ) | (0.24 | ) | (0.17 | ) | (0.41 | ) | 11.62 | (0.53 | ) | 26,300 | 0.48 | 0.35 | 1.71 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/17 | # | 12.20 | 0.08 | 0.53 | 0.61 | (0.08 | ) | — | (0.08 | ) | 12.73 | 4.99 | b | 159,183 | 0.47 | c | 0.36 | c | 1.30 | c | 6 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.62 | 0.20 | 0.77 | 0.97 | (0.24 | ) | (0.15 | ) | (0.39 | ) | 12.20 | 8.59 | 139,697 | 0.49 | 0.37 | 1.70 | 15 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.11 | 0.20 | (0.28 | ) | (0.08 | ) | (0.24 | ) | (0.17 | ) | (0.41 | ) | 11.62 | (0.56 | ) | 103,657 | 0.51 | 0.38 | 1.71 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| 42 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 43 |
| 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 | and 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 | |||||||||||||||||||||||||||||||||||||||
| LIFESTYLE MODERATE FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $13.44 | $0.09 | $ 0.89 | $ 0.98 | $(0.08 | ) | $ — | $(0.08 | ) | $14.34 | 7.34 | %b | $ 16,208 | 0.18 | %c | 0.10 | %c | 1.27 | %c | 4 | %b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 12.48 | 0.27 | 1.21 | 1.48 | (0.30 | ) | (0.22 | ) | (0.52 | ) | 13.44 | 12.19 | 10,416 | 0.19 | 0.10 | 2.10 | 19 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 13.25 | 0.21 | (0.42 | ) | (0.21 | ) | (0.29 | ) | (0.27 | ) | (0.56 | ) | 12.48 | (1.45 | ) | 1,779 | 0.21 | 0.10 | 1.67 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 13.44 | 0.08 | 0.90 | 0.98 | (0.08 | ) | — | (0.08 | ) | 14.34 | 7.30 | b | 172 | 0.26 | c | 0.18 | c | 1.19 | c | 4 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 12.48 | 0.24 | 1.23 | 1.47 | (0.29 | ) | (0.22 | ) | (0.51 | ) | 13.44 | 12.15 | 161 | 0.23 | 0.14 | 1.85 | 19 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 12.88 | 0.08 | — | 0.08 | (0.21 | ) | (0.27 | ) | (0.48 | ) | 12.48 | 0.76 | b | 102 | 0.23 | c | 0.13 | c | 1.44 | c | 17 | |||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 13.47 | 0.08 | 0.88 | 0.96 | (0.06 | ) | — | (0.06 | ) | 14.37 | 7.17 | b | 312 | 0.34 | c | 0.25 | c | 1.19 | c | 4 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 12.48 | 0.23 | 1.24 | 1.47 | (0.26 | ) | (0.22 | ) | (0.48 | ) | 13.47 | 12.10 | 292 | 0.36 | 0.25 | 1.79 | 19 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 13.25 | 0.23 | (0.46 | ) | (0.23 | ) | (0.27 | ) | (0.27 | ) | (0.54 | ) | 12.48 | (1.59 | ) | 250 | 0.36 | 0.25 | 1.81 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 13.43 | 0.07 | 0.89 | 0.96 | (0.07 | ) | — | (0.07 | ) | 14.32 | 7.14 | b | 87,096 | 0.43 | c | 0.35 | c | 1.02 | c | 4 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 12.46 | 0.22 | 1.23 | 1.45 | (0.26 | ) | (0.22 | ) | (0.48 | ) | 13.43 | 12.00 | 74,577 | 0.44 | 0.35 | 1.69 | 19 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 13.24 | 0.21 | (0.46 | ) | (0.25 | ) | (0.26 | ) | (0.27 | ) | (0.53 | ) | 12.46 | (1.77 | ) | 54,776 | 0.46 | 0.35 | 1.67 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/17 | # | 13.42 | 0.07 | 0.89 | 0.96 | (0.06 | ) | — | (0.06 | ) | 14.32 | 7.21 | b | 203,739 | 0.45 | c | 0.37 | c | 1.00 | c | 4 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 12.46 | 0.21 | 1.23 | 1.44 | (0.26 | ) | (0.22 | ) | (0.48 | ) | 13.42 | 11.90 | 174,595 | 0.46 | 0.37 | 1.64 | 19 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 13.23 | 0.20 | (0.45 | ) | (0.25 | ) | (0.25 | ) | (0.27 | ) | (0.52 | ) | 12.46 | (1.73 | ) | 131,501 | 0.48 | 0.38 | 1.65 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| 44 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 45 |
| 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 | and 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 | |||||||||||||||||||||||||||||||||||||||
| LIFESTYLE GROWTH FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $14.53 | $0.05 | $ 1.31 | $ 1.36 | $ — | $ — | $ — | $15.89 | 9.36 | %b | $13,848 | 0.26 | %c | 0.10 | %c | 0.66 | %c | 9 | %b | ||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 13.09 | 0.19 | 1.76 | 1.95 | (0.17 | ) | (0.34 | ) | (0.51 | ) | 14.53 | 15.24 | 4,899 | 0.29 | 0.10 | 1.36 | 22 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 14.19 | 0.20 | (0.64 | ) | (0.44 | ) | (0.25 | ) | (0.41 | ) | (0.66 | ) | 13.09 | (2.96 | ) | 1,887 | 0.29 | 0.10 | 1.55 | 35 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 14.52 | 0.04 | 1.32 | 1.36 | — | — | — | 15.88 | 9.37 | b | 139 | 0.33 | c | 0.17 | c | 0.59 | c | 9 | b | ||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 13.09 | 0.22 | 1.72 | 1.94 | (0.17 | ) | (0.34 | ) | (0.51 | ) | 14.52 | 15.12 | 123 | 0.32 | 0.14 | 1.60 | 22 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 13.79 | 0.05 | (0.09 | ) | (0.04 | ) | (0.25 | ) | (0.41 | ) | (0.66 | ) | 13.09 | (0.16 | )b | 102 | 0.31 | c | 0.13 | c | 0.87 | c | 35 | |||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 14.53 | 0.04 | 1.31 | 1.35 | — | — | — | 15.88 | 9.29 | b | 359 | 0.45 | c | 0.25 | c | 0.52 | c | 9 | b | ||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 13.07 | 0.20 | 1.72 | 1.92 | (0.12 | ) | (0.34 | ) | (0.46 | ) | 14.53 | 15.01 | 327 | 0.46 | 0.25 | 1.46 | 22 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 14.18 | 0.20 | (0.67 | ) | (0.47 | ) | (0.23 | ) | (0.41 | ) | (0.64 | ) | 13.07 | (3.19 | ) | 267 | 0.44 | 0.25 | 1.47 | 35 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 14.48 | 0.03 | 1.31 | 1.34 | — | — | — | 15.82 | 9.25 | b | 38,477 | 0.51 | c | 0.35 | c | 0.41 | c | 9 | b | ||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 13.06 | 0.18 | 1.72 | 1.90 | (0.14 | ) | (0.34 | ) | (0.48 | ) | 14.48 | 14.86 | 30,614 | 0.54 | 0.35 | 1.33 | 22 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 14.15 | 0.16 | (0.63 | ) | (0.47 | ) | (0.21 | ) | (0.41 | ) | (0.62 | ) | 13.06 | (3.18 | ) | 23,506 | 0.54 | 0.35 | 1.24 | 35 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/17 | # | 14.46 | 0.03 | 1.30 | 1.33 | — | — | — | 15.79 | 9.20 | b | 83,981 | 0.54 | c | 0.38 | c | 0.38 | c | 9 | b | ||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 13.04 | 0.18 | 1.71 | 1.89 | (0.13 | ) | (0.34 | ) | (0.47 | ) | 14.46 | 14.83 | 70,977 | 0.58 | 0.39 | 1.30 | 22 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 14.13 | 0.16 | (0.63 | ) | (0.47 | ) | (0.21 | ) | (0.41 | ) | (0.62 | ) | 13.04 | (3.19 | ) | 52,668 | 0.58 | 0.40 | 1.23 | 35 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| 46 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 47 |
| 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 | and 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 | |||||||||||||||||||||||||||||||||||||||
| LIFESTYLE AGGRESSIVE GROWTH FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $15.28 | $0.01 | $ 1.72 | $ 1.73 | $ — | $ — | $ — | $17.01 | 11.32 | %b | $ 8,888 | 0.34 | %c | 0.10 | %c | 0.08 | %c | 12 | %b | ||||||||||||||||||||||||||||||||||||||
| 5/31/17 | 13.47 | 0.16 | 2.21 | 2.37 | (0.12 | ) | (0.44 | ) | (0.56 | ) | 15.28 | 18.09 | 4,376 | 0.40 | 0.10 | 1.13 | 20 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 15.14 | 0.10 | (0.82 | ) | (0.72 | ) | (0.20 | ) | (0.75 | ) | (0.95 | ) | 13.47 | (4.53 | ) | 2,755 | 0.41 | 0.10 | 0.75 | 41 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/17 | # | 15.28 | 0.00 | d | 1.73 | 1.73 | — | — | — | 17.01 | 11.32 | b | 156 | 0.37 | c | 0.14 | c | 0.04 | c | 12 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 13.47 | 0.18 | 2.19 | 2.37 | (0.12 | ) | (0.44 | ) | (0.56 | ) | 15.28 | 18.07 | 115 | 0.41 | 0.12 | 1.27 | 20 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | ‡ | 14.63 | 0.02 | (0.23 | ) | (0.21 | ) | (0.20 | ) | (0.75 | ) | (0.95 | ) | 13.47 | (1.21 | )b | 102 | 0.43 | c | 0.12 | c | 0.26 | c | 41 | |||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/17 | # | 15.32 | (0.00 | )d | 1.72 | 1.72 | — | — | — | 17.04 | 11.23 | b | 382 | 0.49 | c | 0.25 | c | (0.06 | )c | 12 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 13.47 | 0.15 | 2.21 | 2.36 | (0.07 | ) | (0.44 | ) | (0.51 | ) | 15.32 | 17.95 | 375 | 0.56 | 0.25 | 1.08 | 20 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 15.12 | 0.15 | (0.87 | ) | (0.72 | ) | (0.18 | ) | (0.75 | ) | (0.93 | ) | 13.47 | (4.55 | ) | 269 | 0.56 | 0.25 | 1.11 | 41 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 15.24 | (0.01 | ) | 1.72 | 1.71 | — | — | — | 16.95 | 11.22 | b | 37,334 | 0.58 | c | 0.35 | c | (0.16 | )c | 12 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 13.44 | 0.13 | 2.20 | 2.33 | (0.09 | ) | (0.44 | ) | (0.53 | ) | 15.24 | 17.79 | 27,905 | 0.65 | 0.35 | 0.95 | 20 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 15.10 | 0.11 | (0.86 | ) | (0.75 | ) | (0.16 | ) | (0.75 | ) | (0.91 | ) | 13.44 | (4.77 | ) | 17,752 | 0.66 | 0.35 | 0.81 | 41 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/17 | # | 15.22 | (0.02 | ) | 1.72 | 1.70 | — | — | — | 16.92 | 11.17 | b | 45,537 | 0.63 | c | 0.40 | c | (0.21 | )c | 12 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/17 | 13.43 | 0.13 | 2.18 | 2.31 | (0.08 | ) | (0.44 | ) | (0.52 | ) | 15.22 | 17.64 | 35,262 | 0.72 | 0.42 | 0.91 | 20 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 15.08 | 0.10 | (0.85 | ) | (0.75 | ) | (0.15 | ) | (0.75 | ) | (0.90 | ) | 13.43 | (4.78 | ) | 24,905 | 0.74 | 0.43 | 0.76 | 41 | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||
| # | Unaudited |
| ‡ | The Advisor Class commenced operations on December 4, 2015. |
| 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 on 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. |
| 48 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 49 |
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, LLC (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer Institutional, Advisor, Premier, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
The accompanying 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.
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,
| 50 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
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.
New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new Forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 1, 2019, but still requires the Funds to maintain the data that would have been filed on Form N-PORT during the deferral period. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. On
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 51 |
Notes to financial statements (unaudited)
August 1, 2017, the Funds implemented amendments to Regulation S-X related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but resulted in new disclosures in the schedules of investments for certain investment types. Please refer to Note 3 of the financial statements disclosures for details.
In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds’ liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.
In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact the Funds’ financial statements and other filings.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
| • | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
In accordance with ASC 820, certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statements of Assets and Liabilities. As of November 30, 2017, no investments were valued utilizing the practical expedient.
| 52 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:
Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.
Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2017, there were no transfers between levels by the Funds.
As of November 30, 2017, 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.
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 0.10% of average daily net assets for the Institutional Class shares; 0.25% of average daily net assets for the Advisor Class shares; 0.25% of average daily net assets for the Premier Class shares; 0.35% of average daily net assets for the Retirement Class shares; and 0.49% of average daily net assets for the Retail Class shares. The expense reimbursement arrangements will continue through at least September 30, 2018, unless changed with the approval of the Board.
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 53 |
Notes to financial statements (unaudited)
the period ended November 30, 2017, these transactions did not materially impact the Funds.
The following is the percentage of the Funds’ shares owned by TIAA as of November 30, 2017:
| Fund | TIAA | |||
| Lifestyle Income | 1 | % | ||
| Lifestyle Aggressive Growth | 1 |
Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
| Issue | Value
at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifestyle Income Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 13,129 | $ | 1,223 | $ | 635 | $ | (11 | ) | $ | (43 | ) | $ | 197 | $ | 13,663 | ||||||||||||
| Bond Plus | 12,624 | 1,116 | 569 | (5 | ) | (34 | ) | 207 | 13,132 | |||||||||||||||||||
| Emerging Markets Equity | 736 | 89 | 139 | 23 | 84 | — | 793 | |||||||||||||||||||||
| Enhanced International Equity Index | 1,061 | 137 | 118 | 7 | 88 | — | 1,175 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 879 | 109 | 194 | 29 | 91 | — | 914 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 825 | 139 | 160 | 9 | 78 | — | 891 | |||||||||||||||||||||
| Growth & Income | 2,044 | 124 | 229 | 26 | 181 | 13 | 2,146 | |||||||||||||||||||||
| High-Yield | 26 | — | 26 | 3 | (3 | ) | — | — | ||||||||||||||||||||
| International Equity | 1,079 | 81 | 174 | 31 | 75 | — | 1,092 | |||||||||||||||||||||
| International Opportunities | 857 | 48 | 127 | 18 | 84 | — | 880 | |||||||||||||||||||||
| International Small-Cap Equity | 559 | 37 | 70 | 5 | 59 | — | 590 | |||||||||||||||||||||
| Large-Cap Growth | 2,342 | 171 | 393 | 67 | 234 | — | 2,421 | |||||||||||||||||||||
| Large-Cap Value | 2,195 | 260 | 267 | 20 | 162 | — | 2,370 | |||||||||||||||||||||
| Short-Term Bond | 26,232 | 2,465 | 1,244 | (4 | ) | (101 | ) | 245 | 27,348 | |||||||||||||||||||
| Small-Cap Equity | 696 | 168 | 259 | 37 | 43 | — | 685 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 408 | 38 | 58 | 6 | 56 | — | 450 | |||||||||||||||||||||
| $ | 65,692 | $ | 6,205 | $ | 4,662 | $ | 261 | $ | 1,054 | $ | 662 | $ | 68,550 | |||||||||||||||
| 54 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifestyle Conservative Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond | $ | 17,862 | $ | 3,566 | $ | 374 | $ | (9 | ) | $ | (76 | ) | $ | 289 | $ | 20,969 | ||||||||||||
| Bond Plus | 52,211 | 10,260 | 995 | (16 | ) | (172 | ) | 918 | 61,288 | |||||||||||||||||||
| Emerging Markets Equity | 3,646 | 691 | 444 | 57 | 508 | — | 4,458 | |||||||||||||||||||||
| Enhanced International Equity Index | 5,293 | 911 | 332 | 1 | 493 | — | 6,366 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 4,785 | 788 | 657 | 86 | 605 | — | 5,607 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 4,490 | 977 | 505 | 14 | 492 | — | 5,468 | |||||||||||||||||||||
| Growth & Income | 11,123 | 1,571 | 772 | 85 | 1,149 | 75 | 13,156 | |||||||||||||||||||||
| High-Yield | 72 | 2 | 74 | 8 | (8 | ) | — | — | ||||||||||||||||||||
| International Equity | 5,871 | 839 | 631 | 91 | 533 | — | 6,703 | |||||||||||||||||||||
| International Opportunities | 4,656 | 590 | 438 | 50 | 543 | — | 5,401 | |||||||||||||||||||||
| International Small-Cap Equity | 3,044 | 457 | 253 | 4 | 366 | — | 3,618 | |||||||||||||||||||||
| Large-Cap Growth | 12,745 | 1,669 | 1,325 | 168 | 1,610 | — | 14,867 | |||||||||||||||||||||
| Large-Cap Value | 11,946 | 2,353 | 820 | 35 | 1,032 | — | 14,546 | |||||||||||||||||||||
| Short-Term Bond | 35,740 | 7,152 | 765 | (2 | ) | (158 | ) | 358 | 41,967 | |||||||||||||||||||
| Small-Cap Equity | 3,253 | 848 | 761 | 74 | 366 | — | 3,780 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 2,221 | 356 | 183 | 27 | 338 | — | 2,759 | |||||||||||||||||||||
| $ | 178,958 | $ | 33,030 | $ | 9,329 | $ | 673 | $ | 7,621 | $ | 1,640 | $ | 210,953 | |||||||||||||||
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 55 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifestyle Moderate Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Plus | $ | 101,556 | $ | 19,809 | $ | 1,579 | $ | (29 | ) | $ | (332 | ) | $ | 1,777 | $ | 119,425 | ||||||||||||
| Emerging Markets Equity | 7,683 | 1,116 | 591 | 61 | 1,122 | — | 9,391 | |||||||||||||||||||||
| Enhanced International Equity Index | 11,146 | 1,468 | 381 | (3 | ) | 1,017 | — | 13,247 | ||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 10,398 | 1,343 | 1,017 | 121 | 1,358 | — | 12,203 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 9,771 | 1,724 | 675 | 3 | 1,081 | — | 11,904 | |||||||||||||||||||||
| Growth & Income | 24,184 | 3,102 | 1,269 | 100 | 2,557 | 161 | 28,674 | |||||||||||||||||||||
| High-Yield | 104 | 4 | 107 | 11 | (12 | ) | — | — | ||||||||||||||||||||
| International Equity | 12,761 | 1,227 | 732 | 87 | 1,254 | — | 14,597 | |||||||||||||||||||||
| International Opportunities | 10,146 | 898 | 555 | 54 | 1,222 | — | 11,765 | |||||||||||||||||||||
| International Small-Cap Equity | 6,620 | 709 | 249 | 4 | 793 | — | 7,877 | |||||||||||||||||||||
| Large-Cap Growth | 27,739 | 3,279 | 2,464 | 304 | 3,530 | — | 32,388 | |||||||||||||||||||||
| Large-Cap Value | 25,981 | 4,745 | 1,324 | 29 | 2,260 | — | 31,691 | |||||||||||||||||||||
| Small-Cap Equity | 6,689 | 1,385 | 1,073 | 62 | 858 | — | 7,921 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 4,828 | 645 | 251 | 30 | 757 | — | 6,009 | |||||||||||||||||||||
| $ | 259,606 | $ | 41,454 | $ | 12,267 | $ | 834 | $ | 17,465 | $ | 1,938 | $ | 307,092 | |||||||||||||||
| 56 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifestyle Growth Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Plus | $ | 20,448 | $ | 6,156 | $ | 568 | $ | (8 | ) | $ | (77 | ) | $ | 370 | $ | 25,951 | ||||||||||||
| Emerging Markets Equity | 4,126 | 902 | 213 | 20 | 630 | — | 5,465 | |||||||||||||||||||||
| Enhanced International Equity Index | 6,008 | 1,314 | 223 | — | 567 | — | 7,666 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 5,693 | 1,219 | 539 | 61 | 789 | — | 7,223 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 5,354 | 1,420 | 356 | — | 624 | — | 7,042 | |||||||||||||||||||||
| Growth & Income | 13,255 | 2,693 | 519 | 50 | 1,487 | 91 | 16,966 | |||||||||||||||||||||
| High-Yield | 43 | 1 | 44 | 5 | (5 | ) | — | — | ||||||||||||||||||||
| International Equity | 6,957 | 1,306 | 398 | 44 | 719 | — | 8,628 | |||||||||||||||||||||
| International Opportunities | 5,520 | 882 | 165 | 15 | 705 | — | 6,957 | |||||||||||||||||||||
| International Small-Cap Equity | 3,620 | 689 | 97 | — | 448 | — | 4,660 | |||||||||||||||||||||
| Large-Cap Growth | 15,207 | 2,931 | 1,175 | 159 | 2,038 | — | 19,160 | |||||||||||||||||||||
| Large-Cap Value | 14,239 | 3,883 | 700 | 26 | 1,288 | — | 18,736 | |||||||||||||||||||||
| Small-Cap Equity | 3,560 | 929 | 417 | 21 | 502 | — | 4,595 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 2,647 | 611 | 158 | 15 | 440 | — | 3,555 | |||||||||||||||||||||
| $ | 106,677 | $ | 24,936 | $ | 5,572 | $ | 408 | $ | 10,155 | $ | 461 | $ | 136,604 | |||||||||||||||
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 57 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Lifestyle Aggressive Growth Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Emerging Markets Equity | $ | 3,119 | $ | 998 | $ | 238 | $ | 13 | $ | 493 | $ | — | $ | 4,385 | ||||||||||||||
| Enhanced International Equity Index | 4,558 | 1,275 | 298 | 3 | 427 | — | 5,965 | |||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 4,430 | 1,318 | 471 | 72 | 615 | — | 5,964 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 4,157 | 1,424 | 265 | 9 | 489 | — | 5,814 | |||||||||||||||||||||
| Growth & Income | 10,540 | 3,021 | 580 | 63 | 1,197 | 74 | 14,241 | |||||||||||||||||||||
| International Equity | 5,558 | 1,482 | 420 | 69 | 551 | — | 7,240 | |||||||||||||||||||||
| International Opportunities | 4,408 | 1,143 | 290 | 29 | 561 | — | 5,851 | |||||||||||||||||||||
| International Small-Cap Equity | 2,884 | 825 | 166 | 1 | 367 | — | 3,911 | |||||||||||||||||||||
| Large-Cap Growth | 12,094 | 3,250 | 1,078 | 170 | 1,639 | — | 16,075 | |||||||||||||||||||||
| Large-Cap Value | 11,327 | 3,840 | 515 | 35 | 1,030 | — | 15,717 | |||||||||||||||||||||
| Small-Cap Equity | 2,782 | 948 | 343 | 13 | 407 | — | 3,807 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 2,106 | 632 | 126 | 17 | 353 | — | 2,982 | |||||||||||||||||||||
| $ | 67,963 | $ | 20,156 | $ | 4,790 | $ | 494 | $ | 8,129 | $ | 74 | $ | 91,952 | |||||||||||||||
Note 4—investments
Net unrealized appreciation (depreciation): At November 30, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):
| Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
| Lifestyle Income | $ 65,659 | $ 3,124 | $(232 | ) | $ 2,892 | |||||||||||
| Lifestyle Conservative | 194,413 | 17,228 | (688 | ) | 16,540 | |||||||||||
| Lifestyle Moderate | 271,071 | 36,597 | (576 | ) | 36,021 | |||||||||||
| Lifestyle Growth | 114,808 | 21,867 | (71 | ) | 21,796 | |||||||||||
| Lifestyle Aggressive Growth | 73,379 | 18,573 | — | 18,573 | ||||||||||||
| 58 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2017 were as follows (dollar amounts are in thousands):
| Fund | Purchases | Sales | ||||||
| Lifestyle Income | $ 6,205 | $ | 4,662 | |||||
| Lifestyle Conservative | 35,077 | 11,384 | ||||||
| Lifestyle Moderate | 41,454 | 12,267 | ||||||
| Lifestyle Growth | 30,308 | 10,944 | ||||||
| Lifestyle Aggressive Growth | 24,595 | 9,234 | ||||||
Note 5—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended May 31, 2017 was as follows:
| Fund | Ordinary income | Long-term capital gains | Total | |||||||||
| Lifestyle Income | $1,241,456 | $ 388,117 | $1,629,573 | |||||||||
| Lifestyle Conservative | 3,137,719 | 1,931,506 | 5,069,225 | |||||||||
| Lifestyle Moderate | 4,472,397 | 3,834,252 | 8,306,649 | |||||||||
| Lifestyle Growth | 890,784 | 2,176,278 | 3,067,062 | |||||||||
| Lifestyle Aggressive Growth | 310,103 | 1,587,243 | 1,897,346 | |||||||||
The tax character of the fiscal year 2018 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. The current facility was entered into on June 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. 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, 2017, there were no borrowings under this credit facility by the Funds.
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 59 |
| Notes to financial statements (unaudited) | concluded |
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.
| 60 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Additional information about index providers (unaudited)
Russell Indexes
The Russell 3000® Index is a trademark/service mark of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.
Russell 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 marks of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, LLC. 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
| TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report | 61 |
| Additional information about index providers (unaudited) | concluded |
the determination or calculation of the equation by or the consideration into which 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.
| 62 | 2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
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TIAA website
TIAA.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.org, or call 800-842-2252 for the Institutional, Advisor, 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.
Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC, distribute securities products.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
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Semiannual Report
November 30, 2017
TIAA-CREF Managed Allocation Fund
of the TIAA-CREF Funds
The semiannual report contains the financial statements (unaudited).
| Contents | |||
| Understanding your fund report | 3 | ||
| Letter to investors | 4 | ||
| Information for investors | 6 | ||
| About the fund’s benchmarks | 7 | ||
| Important information about expenses | 8 | ||
| Fund performance | |||
| Managed Allocation Fund | 10 | ||
| Portfolio of investments | 14 | ||
| Financial statements (unaudited) | |||
| Statement of assets and liabilities | 15 | ||
| Statement of operations | 16 | ||
| Statements of changes in net assets | 18 | ||
| Financial highlights | 20 | ||
| Notes to financial statements | 22 | ||
| Additional information about index providers | 28 | ||
| 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, 2017. The report contains four main sections:
| • | A letter from Brad Finkle, President of TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments. |
| • | The fund performance section compares the fund’s investment returns with those of its composite benchmark and broad market indexes. |
| • | The portfolio of investments lists the underlying TIAA-CREF Funds in which the Managed Allocation Fund had investments as of November 30, 2017. |
| • | The financial statements provide detailed information about the operations and financial condition of the 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.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.
| TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 3 |
Global financial markets delivered positive returns during the six months ended November 30, 2017, albeit with varying degrees of strength. U.S. equities posted solid returns, modestly outperforming international stocks, while fixed-income securities produced only scant gains.
The TIAA-CREF Managed Allocation Fund performed in-line with expectations consistent with its mix of investments in multiple asset classes through underlying TIAA-CREF Funds.
| • | The fund’s Institutional Class gained 7.5% for the period, surpassing the 6.6% return of its composite benchmark. |
| • | Relative results were helped by the outperformance of nearly all of the underlying mutual funds, most notably fixed-income and international stock funds. |
| • | These positive results continue to support the solid gains earned by the TIAA-CREF Managed Allocation Fund over longer periods of time. |
U.S. stocks lead the way
The broad U.S. stock market, as represented by the Russell 3000® Index, returned 11.1% for the six months. The advance of domestic stocks was supported by solid growth in the U.S. economy, as well as expectations for business-friendly federal tax reforms.
The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries, advanced 9.6% for the six months. International stocks benefited from continued global growth, while stocks in emerging markets recorded strong gains, helped by a boost in oil prices.
Returns were more muted in the U.S. fixed-income sector, amid a further hike in short-term interest rates by the Federal Reserve. The domestic investment-grade fixed-rate bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 0.7% for the period.
| 4 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Brad Finkle
TIAA-CREF Managed Allocation Fund:
strategy for a dynamic marketplace
Reaching your financial goals may still be a long way off, or it may be right around the corner. Either way, your investment savings portfolio will always be affected by the inevitable seesaw movements of the financial markets.
The TIAA-CREF Managed Allocation Fund is built around a dynamic diversification strategy designed to help mitigate the effects of market volatility. Diversification does not guarantee against market loss, but over time it has proven to be one of the most effective ways for investors to reach their long-term financial goals. Under the stewardship of highly experienced investment professionals, our fund is aimed at helping investors minimize portfolio risk and reduce the long-term effects of market volatility.
We always stand ready to assist you with any questions or concerns regarding your investment in the TIAA-CREF Managed Allocation Fund. You may reach us online by visiting TIAA.org or by calling a TIAA financial consultant at 800-842-2252.
/s/ Brad Finkle
Brad Finkle
President
TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments
| TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 5 |
Portfolio holdings
The complete portfolio of investments for the Managed Allocation Fund appears on page 14 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.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 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.org or on the SEC’s website at 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 sec.gov.
Contacting TIAA
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, 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, LLC. The members of this team are responsible for the day-to-day investment management of the fund.
| 6 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
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:
| • | 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 ACWI ex USA Investable Market Index (IMI)* (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries. The index is a free-float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States. |
| • | The MSCI All Country World ex USA Index (international equity) measures the performance of large- and mid-cap stocks in 46 developed- and emerging-markets countries, excluding the United States. |
| • | The Bloomberg 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. |
Broad market index
The returns shown against the broad-based securities market index compare the Fund’s average annual returns with a broad measure of market performance. The Morningstar Moderate Target Risk Index is an asset allocation index comprised of constituent Morningstar indices and reflects global equity market exposure of 60% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Moderate Target Risk Index reflect multi-asset class exposure and a similar risk profile as the Fund.
| * | On February 1, 2017, the international equity component of the Fund’s composite benchmark was changed from the MSCI ACWI (All World Country Index) ex USA Index to the MSCI ACWI ex USA Investable Market Index (IMI). |
Russell 3000 is a trademark and service mark of Russell Investments. TIAA 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.
| TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 7 |
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 9 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, 2017–November 30, 2017).
Actual expenses
The first line of the two lines listed for each share class in the table uses that class’ 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. The fund has a contractual fee reimbursement. Had it not been in effect, fund expenses may have been higher.
Hypothetical example for comparison purposes
The second line in each share class’ entry shows hypothetical account values and expenses based on the share class’ 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’ 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.
| 8 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Important information about expenses
Expense example
Six months ended November 30, 2017
| Beginning | Ending | Effective | ||||||||||||||
| account | account | Expenses paid | expenses paid | |||||||||||||
| value | value | during period | * | during period | † | |||||||||||
| Managed Allocation Fund | (6/1/17 | ) | (11/30/17 | ) | (6/1/17–11/30/17 | ) | (6/1/17–11/30/17 | ) | ||||||||
| Institutional Class | ||||||||||||||||
| Actual return | $1,000.00 | $1,074.47 | $0.00 | $2.03 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,025.07 | 0.00 | 1.98 | ||||||||||||
| Retirement Class | ||||||||||||||||
| Actual return | 1,000.00 | 1,072.38 | 1.30 | 3.32 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.24 | ||||||||||||
| Retail Class | ||||||||||||||||
| Actual return | 1,000.00 | 1,072.95 | 1.30 | 3.33 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.24 | ||||||||||||
| * | “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 183/365. There were 183 days in the six months ended November 30, 2017. 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 0.39% for the Institutional Class, 0.64% for the Retirement Class and 0.64% for the Retail Class. |
| TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 9 |
Performance for the six months ended November 30, 2017
The Managed Allocation Fund returned 7.45% for the Institutional Class, compared with the 6.58% return of its benchmark, the Managed Allocation Fund Composite Index. For the one-year period ended November 30, 2017, the fund returned 17.10%, versus 15.28% for the index. The table on page 12 shows returns for all share classes of the fund.
Growing economy, modest inflation bolster stock markets
The U.S. economy recorded strong gains during the six months, while unemployment declined and inflation remained muted. Real U.S. gross domestic product (GDP), which measures the value of all goods and services produced in the United States, advanced at an annualized rate of 3.2% during the third quarter of 2017, according to the U.S. government’s “third” estimate—an increase over the 3.1% annualized rate of the previous three months. Unemployment declined to 4.1% in October, its lowest level in 17 years, and remained unchanged in November. Annual core inflation, which includes all items except food and energy, rose modestly by 1.7% for the twelve months ended November 30, 2017. The price per barrel of West Texas Intermediate crude oil rose from $48 on June 1, 2017, to more than $57 on November 30, 2017.
The Federal Reserve raised the federal funds target rate in June, boosting the key short-term interest-rate measure to 1.00%–1.25%. This marked the second increase in 2017 and the fourth such hike since December 2015, when policymakers began to reverse course on a strategy of extremely low interest rates and easy monetary policy that had begun in 2009.
For the six-month period, the Russell 3000® Index, a broad measure of the U.S. stock market, gained 11.09%. The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries, advanced 9.61% in U.S.-dollar terms. Stocks in emerging markets recorded strong gains, helped by a boost in oil prices.
U.S. investment-grade bond investors earned modest gains amid rising short-term interest rates as the Federal Reserve continued to slowly shift monetary policy in response to the growing economy. The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 0.68% during the period.
| 10 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Most stock funds deliver double-digit returns
The Managed Allocation Fund may invest in up to three sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks) and fixed income. The fund does this by investing in various underlying TIAA-CREF Funds that, in turn, buy stocks, bonds and other securities in these market sectors.
For the six months, the U.S. and international stock sectors contributed most to the fund’s absolute return—that is, without regard to the performance of its composite benchmark. Nearly all of the underlying equity funds recorded double-digit gains, reflecting strong stock markets around the world. Within U.S. equity, the Small/Mid-Cap Equity Fund produced the strongest results. Internationally, the Emerging Markets Equity Fund gained the most. (All fund returns are for the Institutional Class.)
Foreign-stock and fixed-income funds boost relative performance
For the period, the fund outperformed its composite benchmark mainly due to the relative strength of its underlying investment in fixed income. The largest contributor to relative performance was the Bond Plus Fund, which outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.
In the international equity sector, the International Opportunities Fund and the International Equity Fund made the biggest contributions to relative performance.
In the U.S. stock segment, the Enhanced Large-Cap Value Index Fund contributed most to the fund’s relative performance. The performance of the Small/Mid-Cap Equity Fund, Large-Cap Growth Fund and the Enhanced Large-Cap Growth Index Fund also benefited the fund’s relative return for the six months.
The fund’s relative performance was partially offset by the results of the Large-Cap Value Fund, which underperformed its benchmark for the six-month period. (Performance of the Managed Allocation Fund’s underlying funds can be found at TIAA.org/performance.)
| TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 11 |
Managed Allocation Fund
Performance as of November 30, 2017
| Managed Allocation Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||||||
| Ticker | date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||||||||||
| Institutional Class | TIMIX | 3/31/06 | 7.45 | % | 17.10 | % | 9.21 | % | 5.74 | % | 0.43 | % | 0.40 | % | ||||||||||||||||
| Retirement Class | TITRX | 3/31/06 | 7.24 | 16.84 | 8.95 | 5.47 | 0.68 | 0.65 | ||||||||||||||||||||||
| Retail Class | TIMRX | 3/31/06 | 7.30 | 16.76 | 8.95 | 5.52 | 0.72 | 0.65 | ||||||||||||||||||||||
| Managed Allocation Fund Composite Index† | — | 6.58 | 15.28 | 8.74 | 5.81 | — | — | |||||||||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||||||||
| Morningstar Moderate | ||||||||||||||||||||||||||||||
| Target Risk Index | — | 6.51 | 14.91 | 7.96 | 5.66 | — | — | |||||||||||||||||||||||
| Russell 3000® Index | — | 11.09 | 22.27 | 15.63 | 8.43 | — | — | |||||||||||||||||||||||
| Bloomberg Barclays | ||||||||||||||||||||||||||||||
| U.S. Aggregate Bond Index | — | 0.68 | 3.21 | 1.98 | 3.99 | — | — | |||||||||||||||||||||||
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.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 gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement arrangements now in effect will continue through at least September 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | On November 30, 2017, the Managed Allocation Fund Composite Index consisted of: 42.0% Russell 3000 Index; 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; and 18.0% MSCI ACWI ex USA IMI 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. |
| ** | On October 1, 2017, the Fund’s broad-market index comparisons were changed from the Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index to the Morningstar Moderate Target Risk Index (60% global equity market exposure). For additional information, please see the Fund’s current prospectus. |
| 12 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Managed Allocation Fund
Asset allocation
| % of net assets | ||||
| as of 11/30/2017 | ||||
| Equity | ||||
| U.S. equity | 42.5 | % | ||
| International equity | 18.5 | |||
| Fixed income | 38.8 | |||
| Other assets & liabilities, net | 0.2 | |||
| Total | 100.0 | |||
Target allocation
| TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 13 |
Portfolio of investments (unaudited)
Managed Allocation Fund ■ November 30, 2017
| % of net | ||||||||||||||
| Shares | Security | Value | assets | |||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8% (a) | ||||||||||||||
| FIXED INCOME—38.8% | ||||||||||||||
| 32,143,104 | TIAA-CREF Bond Plus Fund | $ | 335,895,437 | 38.8 | % | |||||||||
| TOTAL FIXED INCOME | 335,895,437 | 38.8 | ||||||||||||
| INTERNATIONAL EQUITY—18.5% | ||||||||||||||
| 2,050,231 | TIAA-CREF Emerging Markets Equity Fund | 26,365,973 | 3.0 | |||||||||||
| 5,240,060 | TIAA-CREF Enhanced International Equity Index Fund | 44,121,307 | 5.1 | |||||||||||
| 2,558,919 | TIAA-CREF International Equity Fund | 34,238,335 | 4.0 | |||||||||||
| 2,516,789 | TIAA-CREF International Opportunities Fund | 33,171,281 | 3.8 | |||||||||||
| 1,704,940 | TIAA-CREF International Small-Cap Equity Fund | 22,078,974 | 2.6 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 159,975,870 | 18.5 | ||||||||||||
| U.S. EQUITY—42.5% | ||||||||||||||
| 4,188,169 | TIAA-CREF Enhanced Large-Cap Growth Index Fund | 60,100,230 | 7.0 | |||||||||||
| 5,377,272 | TIAA-CREF Enhanced Large-Cap Value Index Fund | 58,612,268 | 6.8 | |||||||||||
| 5,142,578 | TIAA-CREF Growth & Income Fund | 75,647,327 | 8.7 | |||||||||||
| 3,307,644 | TIAA-CREF Large-Cap Growth Fund | 68,269,775 | 7.9 | |||||||||||
| 3,340,026 | TIAA-CREF Large-Cap Value Fund | 66,800,526 | 7.7 | |||||||||||
| 1,069,008 | TIAA-CREF Small-Cap Equity Fund | 22,737,811 | 2.6 | |||||||||||
| 1,240,211 | TIAA-CREF Small/Mid-Cap Equity Fund | 15,874,695 | 1.8 | |||||||||||
| TOTAL U.S. EQUITY | 368,042,632 | 42.5 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $691,238,370) | 863,913,939 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $691,238,370) | 863,913,939 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,491,680 | 0.2 | ||||||||||||
| NET ASSETS | $ | 865,405,619 | 100.0 | % | ||||||||||
| (a) | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
| 14 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund | See notes to financial statements |
Statement of assets and liabilities (unaudited)
Managed Allocation Fund ■ November 30, 2017
| ASSETS | ||||
| Affiliated investments, at value‡ | $ | 863,913,939 | ||
| Cash | 1,752,977 | |||
| Receivable from securities transactions | 1,877,541 | |||
| Receivable from Fund shares sold | 99,333 | |||
| Dividends and interest receivable | 892,049 | |||
| Due from affiliates | 4,319 | |||
| Other | 67,490 | |||
| Total assets | 868,607,648 | |||
| LIABILITIES | ||||
| Service agreement fees payable | 1,415 | |||
| Distribution fees payable | 158,943 | |||
| Due to affiliates | 12,457 | |||
| Payable for securities transactions | 2,767,353 | |||
| Payable for Fund shares redeemed | 92,992 | |||
| Payable for trustee compensation | 69,411 | |||
| Accrued expenses and other payables | 99,458 | |||
| Total liabilities | 3,202,029 | |||
| NET ASSETS | $ | 865,405,619 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in-capital | $ | 683,985,036 | ||
| Undistributed net investment income (loss) | 1,384,720 | |||
| Accumulated net realized gain (loss) on total investments | 7,360,294 | |||
| Net unrealized appreciation (depreciation) on total investments | 172,675,569 | |||
| NET ASSETS | $ | 865,405,619 | ||
| INSTITUTIONAL CLASS: | ||||
| Net assets | $ | 15,432,599 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,173,606 | |||
| Net asset value per share | $13.15 | |||
| RETIREMENT CLASS: | ||||
| Net assets | $ | 69,126,910 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 5,263,966 | |||
| Net asset value per share | $13.13 | |||
| RETAIL CLASS: | ||||
| Net assets | $ | 780,846,110 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 59,241,267 | |||
| Net asset value per share | $13.18 | |||
| ‡ Affiliated investments, cost | $ | 691,238,370 |
| See notes to financial statements | TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 15 |
Statement of operations (unaudited)
Managed Allocation Fund ■ For the period ended November 30, 2017
| INVESTMENT INCOME | ||||
| Dividends from affiliated investments | $ | 5,698,684 | ||
| Total income | 5,698,684 | |||
| EXPENSES | ||||
| Shareholder servicing — Institutional Class | 153 | |||
| Shareholder servicing — Retirement Class | 82,102 | |||
| Shareholder servicing — Retail Class | 135,595 | |||
| Distribution fees — Retail Class | 946,008 | |||
| Administrative service fees | 18,821 | |||
| Trustee fees and expenses | 6,244 | |||
| Other expenses | 97,649 | |||
| Total expenses | 1,286,572 | |||
| Less: Expenses reimbursed by the investment adviser | (258,471 | ) | ||
| Net expenses | 1,028,101 | |||
| Net investment income (loss) | 4,670,583 | |||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||
| Net realized gain (loss) from investments | 5,614,199 | |||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 48,584,259 | |||
| Net realized and unrealized gain (loss) from investments | 54,198,458 | |||
| Net increase (decrease) in net assets from operations | $ | 58,869,041 |
| 16 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund | See notes to financial statements |
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| TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 17 |
Statements of changes in net assets
Managed Allocation Fund ■ For the period or year ended
| November 30, 2017 | May 31, 2017 | |||||||||
| (unaudited | ) | |||||||||
| OPERATIONS | ||||||||||
| Net investment income (loss) | $ | 4,670,583 | $ | 14,014,663 | ||||||
| Net realized gain (loss) from investments | 5,614,199 | 10,852,543 | ||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 48,584,259 | 64,355,334 | ||||||||
| Net increase (decrease) in net assets from operations | 58,869,041 | 89,222,540 | ||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||
| From net investment income: | Institutional Class | (92,662 | ) | (318,350 | ) | |||||
| Retirement Class | (348,625 | ) | (1,268,160 | ) | ||||||
| Retail Class | (4,028,096 | ) | (15,521,237 | ) | ||||||
| From realized gains: | Institutional Class | — | (302,319 | ) | ||||||
| Retirement Class | — | (1,399,256 | ) | |||||||
| Retail Class | — | (16,796,151 | ) | |||||||
| Total distributions | (4,469,383 | ) | (35,605,473 | ) | ||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||
| Subscriptions: | Institutional Class | 4,739,189 | 5,089,245 | |||||||
| Retirement Class | 7,326,114 | 16,868,351 | ||||||||
| Retail Class | 20,925,452 | 39,169,032 | ||||||||
| Reinvestments of distributions: | Institutional Class | 88,873 | 592,344 | |||||||
| Retirement Class | 348,625 | 2,667,416 | ||||||||
| Retail Class | 3,838,773 | 31,112,277 | ||||||||
| Redemptions: | Institutional Class | (3,643,530 | ) | (5,958,474 | ) | |||||
| Retirement Class | (6,871,220 | ) | (9,553,278 | ) | ||||||
| Retail Class | (30,787,317 | ) | (68,545,250 | ) | ||||||
| Net increase (decrease) from shareholder transactions | (4,035,041 | ) | 11,441,663 | |||||||
| Net increase (decrease) in net assets | 50,364,617 | 65,058,730 | ||||||||
| NET ASSETS | ||||||||||
| Beginning of period | 815,041,002 | 749,982,272 | ||||||||
| End of period | $ | 865,405,619 | $ | 815,041,002 | ||||||
| Undistributed net investment income (loss) included in net assets | $ | 1,384,720 | $ | 1,183,520 | ||||||
| 18 | 2017 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, 2017 | May 31, 2017 | |||||||||
| (unaudited | ) | |||||||||
| CHANGE IN FUND SHARES | ||||||||||
| Shares sold: | Institutional Class | 373,495 | 437,075 | |||||||
| Retirement Class | 577,017 | 1,422,766 | ||||||||
| Retail Class | 1,644,184 | 3,310,312 | ||||||||
| Shares reinvested: | Institutional Class | 7,061 | 51,376 | |||||||
| Retirement Class | 27,726 | 231,692 | ||||||||
| Retail Class | 304,259 | 2,693,294 | ||||||||
| Shares redeemed: | Institutional Class | (285,187 | ) | (505,842 | ) | |||||
| Retirement Class | (546,546 | ) | (807,855 | ) | ||||||
| Retail Class | (2,427,506 | ) | (5,789,814 | ) | ||||||
| Net increase (decrease) from shareholder transactions | (325,497 | ) | 1,043,004 | |||||||
| See notes to financial statements | TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 19 |
Managed Allocation Fund
| Selected per share data | Ratios and supplemental data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
| period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | investment income (loss | ) | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/17 | # | $12.32 | $0.09 | $ 0.82 | $ 0.91 | $(0.08 | ) | $ — | $(0.08 | ) | $13.15 | 7.45 | %b | $ 15,433 | 0.03 | %c | 0.00 | %c | 1.36 | %c | 5 | %b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.52 | 0.24 | 1.14 | 1.38 | (0.29 | ) | (0.29 | ) | (0.58 | ) | 12.32 | 12.39 | 13,288 | 0.03 | 0.00 | 2.02 | 21 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.42 | 0.25 | (0.44 | ) | (0.19 | ) | (0.29 | ) | (0.42 | ) | (0.71 | ) | 11.52 | (1.28 | ) | 12,625 | 0.03 | 0.00 | 2.12 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/17 | # | 12.31 | 0.07 | 0.82 | 0.89 | (0.07 | ) | — | (0.07 | ) | 13.13 | 7.24 | b | 69,127 | 0.28 | c | 0.25 | c | 1.11 | c | 5 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.51 | 0.21 | 1.14 | 1.35 | (0.26 | ) | (0.29 | ) | (0.55 | ) | 12.31 | 12.13 | 64,068 | 0.28 | 0.25 | 1.82 | 21 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.41 | 0.21 | (0.43 | ) | (0.22 | ) | (0.26 | ) | (0.42 | ) | (0.68 | ) | 11.51 | (1.53 | ) | 50,168 | 0.28 | 0.25 | 1.84 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/17 | # | 12.35 | 0.07 | 0.83 | 0.90 | (0.07 | ) | — | (0.07 | ) | 13.18 | 7.30 | b | 780,846 | 0.32 | c | 0.25 | c | 1.11 | c | 5 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/17 | 11.55 | 0.21 | 1.14 | 1.35 | (0.26 | ) | (0.29 | ) | (0.55 | ) | 12.35 | 12.07 | 737,685 | 0.32 | 0.25 | 1.80 | 21 | ||||||||||||||||||||||||||||||||||||||||||
| 5/31/16 | 12.45 | 0.21 | (0.43 | ) | (0.22 | ) | (0.26 | ) | (0.42 | ) | (0.68 | ) | 11.55 | (1.53 | ) | 687,189 | 0.33 | 0.25 | 1.84 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| # | Unaudited |
| 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. |
| 20 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund | See notes to financial statements | See notes to financial statements | TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 21 |
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, LLC (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Fund. The Fund offers three share classes: Institutional, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
The accompanying 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
| 22 | 2017 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.
New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new Forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to Forms N-PORT and N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 1, 2019, but still requires the Fund to maintain the data that would have been filed on Form N-PORT during the deferral period. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Fund’s various filings. On August 1, 2017, the Funds implemented
| TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 23 |
Notes to financial statements (unaudited)
amendments to Regulation S-X related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but resulted in new disclosures in the schedule of investments for certain investment types. Please refer to Note 3 of the financial statements disclosures for details.
In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding fund’s liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Fund’s financial statements and other filings.
In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact the Fund’s financial statements and other filings.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
| • | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
In accordance with ASC 820, certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statement of Assets and Liabilities. As of November 30, 2017, no investments were valued utilizing the practical expedient.
| 24 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
continued
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value follows:
Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.
Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2017, there were no transfers between levels by the Fund.
As of November 30, 2017, 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, 2018, unless changed with approval of the Board.
The Fund may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended November 30, 2017, these transactions did not materially impact the Fund.
| TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 25 |
Notes to financial statements (unaudited)
Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
| Issue | Value at 5/31/17 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/17 | |||||||||||||||||||
| Managed Allocation Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Plus | $ | 318,599 | $24,738 | $ 6,477 | $ (85 | ) | $ (879 | ) | $5,244 | $335,896 | ||||||||||||||||||
| Emerging Markets Equity | 24,049 | 1,460 | 2,664 | 209 | 3,312 | — | 26,366 | |||||||||||||||||||||
| Enhanced International Equity Index | 41,675 | 992 | 2,075 | (92 | ) | 3,621 | — | 44,121 | ||||||||||||||||||||
| Enhanced Large-Cap Growth Index | 57,049 | 1,664 | 6,110 | 1,041 | 6,456 | — | 60,100 | |||||||||||||||||||||
| Enhanced Large-Cap Value Index | 53,608 | 3,328 | 3,854 | 408 | 5,122 | — | 58,612 | |||||||||||||||||||||
| Growth & Income | 71,147 | 938 | 3,685 | 489 | 6,758 | 454 | 75,647 | |||||||||||||||||||||
| High-Yield | 325 | 4 | 327 | 38 | (40 | ) | 1 | — | ||||||||||||||||||||
| International Equity | 33,318 | 943 | 3,324 | 555 | 2,746 | — | 34,238 | |||||||||||||||||||||
| International Opportunities | 31,834 | 372 | 2,841 | 431 | 3,375 | — | 33,171 | |||||||||||||||||||||
| International Small-Cap Equity | 20,790 | 248 | 1,327 | 138 | 2,230 | — | 22,079 | |||||||||||||||||||||
| Large-Cap Growth | 65,341 | 1,418 | 6,889 | 1,377 | 7,023 | — | 68,270 | |||||||||||||||||||||
| Large-Cap Value | 61,159 | 4,106 | 3,512 | 378 | 4,670 | — | 66,801 | |||||||||||||||||||||
| Small-Cap Equity | 21,401 | 2,001 | 3,419 | 591 | 2,164 | — | 22,738 | |||||||||||||||||||||
| Small/Mid-Cap Equity | 14,205 | 549 | 1,041 | 136 | 2,026 | — | 15,875 | |||||||||||||||||||||
| $ | 814,500 | $42,761 | $47,545 | $5,614 | $48,584 | $5,699 | $863,914 | |||||||||||||||||||||
Note 4—investments
Net unrealized appreciation (depreciation): At November 30, 2017, the cost of portfolio investments for federal income tax purposes was $696,979. Net unrealized appreciation of portfolio investments for federal income tax purposes was $166,935 consisting of gross unrealized appreciation of $166,935 and gross unrealized depreciation of $0 (amounts shown in thousands).
Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended November 30, 2017 were $42,761 and $47,545, respectively (amounts shown in thousands).
| 26 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
concluded
Note 5—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended May 31, 2017 was as follows:
| Ordinary income | Long-term capital gains | Total | |||||
| 5/31/2017 | $17,107,747 | $18,497,726 | $35,605,473 |
The tax character of the fiscal year 2018 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. The current facility was entered into on June 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. 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, 2017, 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.
| TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report | 27 |
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 marks of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, LLC. 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
| 28 | 2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
the determination or calculation of the equation by or the consideration into which 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 Managed Allocation Fund ■ 2017 Semiannual Report | 29 |
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TIAA website
TIAA.org
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Automated telephone service
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For the hearing- or speech-impaired
800-842-2755
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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.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.
Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC, distribute securities products.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
©2018 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,
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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 16, 2018 | By: | /s/Bradley Finkle |
| Bradley Finkle | ||
| Principal Executive Officer and President | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Dated: January 16, 2018 | By: | /s/Bradley Finkle |
| Bradley Finkle | ||
| Principal Executive Officer and President (principal executive officer) |
| Dated: January 16, 2018 | By: | /s/E. Scott Wickerham |
| E. Scott Wickerham | ||
| 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