N-CSRS 1 c89816_ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Terry H. Lin, Esq.

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

Letter to investors

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

Information for investors

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.

About the funds’ benchmarks

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

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

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

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

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

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

14	2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

concluded

^†

The amounts in the “Effective expenses paid during period” column are based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.62% for the Retirement Income Fund; 0.63% for the 2010 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

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

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

Lifecycle 2010 Fund

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			—			—

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

Lifecycle 2015 Fund

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			—			—

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

Lifecycle 2020 Fund

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			—			—

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

Lifecycle 2025 Fund

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			—			—

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

Lifecycle 2030 Fund

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			—			—

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

Lifecycle 2035 Fund

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			—			—

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

Lifecycle 2040 Fund

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			—			—

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

Lifecycle 2045 Fund

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			—			—

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

Lifecycle 2050 Fund

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			—			—

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

Lifecycle 2055 Fund

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	^§		—			—

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

Lifecycle 2060 Fund

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	^§		—			—

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Statements of changes in net assets

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

		Lifecycle Retirement Income Fund						Lifecycle 2010 Fund						Lifecycle 2015 Fund
		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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Statements of changes in net assets	continued

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

		Lifecycle 2020 Fund						Lifecycle 2025 Fund						Lifecycle 2030 Fund
		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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Statements of changes in net assets	continued

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

		Lifecycle 2035 Fund						Lifecycle 2040 Fund						Lifecycle 2045 Fund
		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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Statements of changes in net assets	concluded

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

		Lifecycle 2050 Fund						Lifecycle 2055 Fund						Lifecycle 2060 Fund
		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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Financial highlights

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Financial highlights	continued

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Financial highlights	continued

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Financial highlights	continued

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Financial highlights	continued

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets			Net
	period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Financial highlights	continued

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets			Net
	period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Financial highlights	concluded

TIAA-CREF Lifecycle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning		income			on total			investment			investment			realized			and			end of		Total			period 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.

2017 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

TIAA-CREF Lifecycle Funds

Note 1—organization and significant accounting policies

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

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, 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

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		expedient^a		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

Notes to financial statements (unaudited)

							Fair value
							using practical
Fund	Level 1		Level 2		Level 3		expedient^a		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

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.

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

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 LP^a		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

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 LP^a		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 LP^a		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

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 LP^a		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 LP^a		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

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 LP^a		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 LP^a		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

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 LP^a		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 LP^a		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

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 LP^a		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 LP^a		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 LP^a		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

How to reach us

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 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

Contents


	Understanding your Lifecycle Index Funds report	3

	Letter to investors	4

	Information for investors	6

	About the funds’ benchmarks	7

	Important information about expenses	8

	Investment results of the Lifecycle Index Funds	14

	Fund performance
	Lifecycle Index Retirement Income Fund	16
	Lifecycle Index 2010 Fund	18
	Lifecycle Index 2015 Fund	20
	Lifecycle Index 2020 Fund	22
	Lifecycle Index 2025 Fund	24
	Lifecycle Index 2030 Fund	26
	Lifecycle Index 2035 Fund	28
	Lifecycle Index 2040 Fund	30
	Lifecycle Index 2045 Fund	32
	Lifecycle Index 2050 Fund	34
	Lifecycle Index 2055 Fund	36
	Lifecycle Index 2060 Fund	38

	Portfolios of investments	40

	Financial statements (unaudited)
	Statements of assets and liabilities	52
	Statements of operations	56
	Statements of changes in net assets	60
	Financial highlights	68
	Notes to financial statements	81

	Additional information about index providers	91

	How to reach us	Inside back cover

Understanding your Lifecycle Index Funds report

This semiannual report contains information about the investment performance and holdings of the Lifecycle Index Funds, an offering of the TIAA-CREF Funds, and describes the funds’ results for the six months ended November 30, 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.

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

Letter to investors

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.

4	2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Brad Finkle

TIAA-CREF Lifecycle Index Funds:
strategies for a dynamic marketplace

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

Information for investors

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

About the funds’ benchmarks

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

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

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 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

Hypothetical example for comparison purposes

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

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

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

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

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

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

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

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	^§		—		—

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

Lifecycle Index 2010 Fund

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	^§		—			—

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

Lifecycle Index 2015 Fund

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	^§		—			—

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

Lifecycle Index 2020 Fund

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	^§		—			—

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

Lifecycle Index 2025 Fund

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	^§		—			—

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

Lifecycle Index 2030 Fund

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	^§		—			—

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

Lifecycle Index 2035 Fund

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	^§		—			—

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

Lifecycle Index 2040 Fund

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	^§		—			—

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

Lifecycle Index 2045 Fund

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	^§		—			—

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

Lifecycle Index 2050 Fund

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	^§		—			—

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

Lifecycle Index 2055 Fund

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	^§		—			—

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

Lifecycle Index 2060 Fund

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	^§		—			—

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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

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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

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	)	$	—

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

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	)

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

Statements of changes in net assets

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

		Lifecycle Index Retirement Income Fund						Lifecycle Index 2010 Fund						Lifecycle Index 2015 Fund
		November 30, 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

Statements of changes in net assets

continued

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

		Lifecycle Index 2020 Fund						Lifecycle Index 2025 Fund						Lifecycle Index 2030 Fund
		November 30, 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

Statements of changes in net assets

continued

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

		Lifecycle Index 2035 Fund						Lifecycle Index 2040 Fund						Lifecycle Index 2045 Fund
		November 30, 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

Statements of changes in net assets

concluded

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

		Lifecycle Index 2050 Fund						Lifecycle Index 2055 Fund						Lifecycle Index 2060 Fund
		November 30, 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

Financial highlights

TIAA-CREF Lifecycle Index Funds

			Selected per share data																							Ratios and supplemental data
				Gain (loss) from investment operations
						Net realized																							Ratios to average net assets
	For the		Net asset	Net		& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		value,	investment		gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning	income		on total			investment			investment			realized			and			end of		Total			period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																							Ratios and supplemental data
				Gain (loss) from investment operations
						Net realized																							Ratios to average net assets
	For the		Net asset	Net		& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		value,	investment		gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning	income		on total			investment			investment			realized			and			end of		Total			period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																							Ratios and supplemental data
				Gain (loss) from investment operations
						Net realized																							Ratios to average net assets
	For the		Net asset	Net		& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		value,	investment		gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning	income		on total			investment			investment			realized			and			end of		Total			period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																							Ratios and supplemental data
				Gain (loss) from investment operations
						Net realized																							Ratios to average net assets
	For the		Net asset	Net		& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		value,	investment		gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning	income		on total			investment			investment			realized			and			end of		Total			period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																							Ratios and supplemental data
				Gain (loss) from investment operations
						Net realized																							Ratios to average net assets
	For the		Net asset	Net		& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		value,	investment		gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning	income		on total			investment			investment			realized			and			end of		Total			period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																							Ratios and supplemental data
				Gain (loss) from investment operations
						Net realized																							Ratios to average net assets
	For the		Net asset	Net		& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		value,	investment		gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year		beginning	income		on total			investment			investment			realized			and			end of		Total			period 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

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

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.

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.

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

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.

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

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

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.

84	2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

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.

	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

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

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

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

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

Note 7—indemnification

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

MSCI Indexes

TIAA-CREF Lifecycle Index Funds ■ 2017 Semiannual Report

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.

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.

2017 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

[This page intentionally left blank.]

How to reach us

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.

TIAA
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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.

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Letter to investors

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.

4	2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Brad Finkle

TIAA-CREF Lifestyle Funds:
strategies for a dynamic marketplace

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

Information for investors

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.

About the funds’ benchmarks

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 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).

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

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 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

Hypothetical example for comparison purposes

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

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

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

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

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.

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

Lifestyle Income Fund

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	^§		—			—

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

Lifestyle Conservative Fund

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	^§		—			—

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

Lifestyle Moderate Fund

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	^§		—			—

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

Lifestyle Growth Fund

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	^§		—			—

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

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	^§		—			—

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

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.

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

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.

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

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.

2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

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

2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

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

2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Statements of changes in net assets

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

		Lifestyle Income Fund						Lifestyle Conservative Fund						Lifestyle Moderate Fund
		November 30, 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

2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Statements of changes in net assets

concluded

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

		Lifestyle Growth Fund						Lifestyle Aggressive Growth Fund
		November 30, 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

2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Financial highlights

TIAA-CREF Lifestyle Funds

			Selected per share data																								Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																						Ratios to average net assets
	For the		Net asset		Net			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

2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifestyle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			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

2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifestyle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			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

2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifestyle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			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

2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Financial highlights

concluded

TIAA-CREF Lifestyle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			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.

2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

TIAA-CREF Lifestyle Funds

Note 1—organization and significant accounting policies

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

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, 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.

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.

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

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.

Note 2—valuation of investments

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

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.

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

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

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

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

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

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

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

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

concluded

Note 7—indemnification

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’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

TIAA-CREF Lifestyle Funds ■ 2017 Semiannual Report

Additional information about index providers (unaudited)

concluded

62	2017 Semiannual Report ■ TIAA-CREF Lifestyle Funds

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How to reach us

TIAA website

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Automated telephone service

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For the hearing- or speech-impaired

800-842-2755

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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.

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

Letter to investors

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 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.

4	2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

Brad Finkle

TIAA-CREF Managed Allocation Fund:

strategy for a dynamic marketplace

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

Information for investors

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

About the fund’s benchmarks

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 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.

•

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).

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

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.

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

Managed Allocation Fund

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

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

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			—			—

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

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.

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

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

2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report

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

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

Financial highlights

Managed Allocation Fund

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

2017 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report

Notes to financial statements (unaudited)

Managed Allocation Fund

Note 1—organization and significant accounting policies

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

The Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, 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

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.

Note 2—valuation of investments

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

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

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

28	2017 Semiannual Report ■ TIAA-CREF Managed Allocation 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.

TIAA-CREF Managed Allocation Fund ■ 2017 Semiannual Report

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How to reach us

TIAA website

TIAA.org

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Automated telephone service

800-842-2252

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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 and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

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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