N-CSR 1 c93809_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Blvd.

Charlotte, N.C. 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: 704-595-1000

Date of fiscal year end: May 31

Date of reporting period: May 31, 2019

Item 1. Reports to Stockholders.

TIAA-CREF
Funds

May 31,
2019

TIAA-CREF

Lifecycle Funds

The annual report contains the audited financial statements.

Fund name	Institutional Class	Advisor Class	Premier Class	Retirement Class	Retail Class
Lifecycle Retirement Income Fund	TLRIX	TLRHX	TPILX	TLIRX	TLRRX
Lifecycle 2010 Fund	TCTIX	TCLHX	TCTPX	TCLEX	—
Lifecycle 2015 Fund	TCNIX	TCNHX	TCFPX	TCLIX	—
Lifecycle 2020 Fund	TCWIX	TCWHX	TCWPX	TCLTX	—
Lifecycle 2025 Fund	TCYIX	TCQHX	TCQPX	TCLFX	—
Lifecycle 2030 Fund	TCRIX	TCHHX	TCHPX	TCLNX	—
Lifecycle 2035 Fund	TCIIX	TCYHX	TCYPX	TCLRX	—
Lifecycle 2040 Fund	TCOIX	TCZHX	TCZPX	TCLOX	—
Lifecycle 2045 Fund	TTFIX	TTFHX	TTFPX	TTFRX	—
Lifecycle 2050 Fund	TFTIX	TFTHX	TCLPX	TLFRX	—
Lifecycle 2055 Fund	TTRIX	TTRHX	TTRPX	TTRLX	—
Lifecycle 2060 Fund	TLXNX	TLXHX	TLXPX	TLXRX	—

Annual
Report

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.

If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.

Contents

Understanding this report	3
Letter to investors	4
Information for investors	6
About the funds’ benchmarks	7
Important information about expenses	9
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
Audited financial statements
Statement of assets and liabilities	54
Statement of operations	58
Statements of changes in net assets	62
Financial highlights	70
Notes to financial statements	84
Report of independent registered public accounting firm	108
Important tax information	110
Trustees and officers	112
Approval of investment management agreement	117
Additional information about index providers	132
How to reach us	Inside back cover

Understanding this report

This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended May 31, 2019. The report contains four main sections:

	•	A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
	•	The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market index.
	•	The portfolios of investments list the underlying TIAA-CREF Funds in which each fund had investments as of May 31, 2019.
	•	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. To see the risks of investing in any fund, please read the 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 ■ 2019 Annual Report

Letter to investors

Global financial markets produced mixed results during the twelve months ended May 31, 2019. U.S. equities posted modest gains amid a healthy domestic economy and an uptick in market volatility. Foreign stocks declined, with emerging markets faring worse than developed international markets. By comparison, U.S. fixed-income markets achieved solid gains as bond prices rallied despite three increases to the federal funds target rate. These market conditions were reflected in the performance of the TIAA-CREF Lifecycle Funds by way of their investments in various asset classes through underlying TIAA-CREF Funds.

	•	Five of the twelve TIAA-CREF Lifecycle Funds delivered positive returns, while all twelve underperformed their respective composite benchmarks. (All fund returns are for the Retirement Class.)
	•	Returns for the Retirement Class ranged from –3.4% for the Lifecycle 2060 Fund to 2.2% for the Lifecycle Retirement Income Fund.
	•	Despite losses for some of the funds over the twelve-month period, results continued to support the solid performance of the TIAA-CREF Lifecycle Funds over longer periods of time.

Mixed results for stock prices around the world

U.S. equity markets achieved gains during the twelve months, despite a sharp downturn at the end of 2018. The broad stock market, as represented by the Russell 3000^® Index, gained 2.5%. The U.S. economy continued to grow at a moderate pace during the period, buoyed by the lowest unemployment rate in nearly 50 years, a generally stable inflation rate and strong consumer confidence. Against this backdrop, the Federal Reserve raised the federal funds target rate three times during the period—in June, September and December of 2018—pushing the key short-term interest-rate measure to 2.25%–2.50%.

Stock prices in most foreign markets declined. 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 26 emerging-markets countries, returned –7.1% in U.S.-dollar terms. Tensions weighed on foreign markets, including the unresolved trade conflict between the United States and China, concerns about a slowdown in global growth, and geopolitical risks, such as the United Kingdom’s controversial split from the European Union (Brexit).

U.S. investment-grade bonds performed well in spite of the Fed’s rate hikes. The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 6.4% for the period.

4	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Look to lessons of the past

Increased stock market volatility over the past twelve months reminds us that, despite what one might hear or read in the financial media, no one can predict the future with any accuracy.

Rather than trying to time your investments based on what you think may happen in the future, consider using what has happened in the past as your guide. History has shown that even during periodic downturns, investors who avoided jumping in and out of the markets have often received more consistent investment results over the long term. Please keep in mind that past performance cannot guarantee future results. The TIAA-CREF Lifecycle Funds use dynamic diversification strategies that are designed to help mitigate the effects of market volatility, keeping you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses.

We are always 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

Chief Operating Officer, Nuveen

President of the TIAA-CREF Funds and TIAA-CREF Life Funds

Brad Finkle

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Information for investors

Portfolio holdings

The complete portfolios of investments for the Lifecycle Funds begin on page 42 of this report. You can obtain complete 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 also 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-PORT or Form N-Q filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT or 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 can 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.

6	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

About the funds’ benchmarks

Composite benchmark

Each Lifecycle Fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include U.S. equity (stocks), international equity (foreign stocks), fixed income, short-term fixed income and inflation-protected assets. A fund’s composite benchmark combines the following public indexes in proportions that 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 26 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 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.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

About the funds’ benchmarks

Russell 3000 is a trademark and service mark of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. 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. For additional details about the benchmark indexes, please read the funds’ latest prospectus.

8	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

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

The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. 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 total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2018–May 31, 2019).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2019

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Institutional Class	(12/1/18		)	(5/31/19		)	(12/1/18–5/31/19		)	(12/1/18–5/31/19		)
Retirement Income Fund actual return		$ 1,000.00			$ 1,041.17			$ 1.78			$ 1.88
5% annual hypothetical return		1,000.00			1,023.19			1.77			1.87
2010 Fund actual return		1,000.00			1,040.48			1.78			1.93
5% annual hypothetical return		1,000.00			1,023.19			1.77			1.92
2015 Fund actual return		1,000.00			1,038.54			1.78			1.93
5% annual hypothetical return		1,000.00			1,023.19			1.77			1.92
2020 Fund actual return		1,000.00			1,037.40			1.83			1.98
5% annual hypothetical return		1,000.00			1,023.14			1.82			1.97
2025 Fund actual return		1,000.00			1,032.90			1.93			2.08
5% annual hypothetical return		1,000.00			1,023.04			1.92			2.07
2030 Fund actual return		1,000.00			1,028.00			1.97			2.12
5% annual hypothetical return		1,000.00			1,022.99			1.97			2.12
2035 Fund actual return		1,000.00			1,024.65			2.02			2.17
5% annual hypothetical return		1,000.00			1,022.94			2.02			2.17
2040 Fund actual return		1,000.00			1,018.37			2.06			2.21
5% annual hypothetical return		1,000.00			1,022.89			2.07			2.22
2045 Fund actual return		1,000.00			1,013.87			2.11			2.26
5% annual hypothetical return		1,000.00			1,022.84			2.12			2.27
2050 Fund actual return		1,000.00			1,012.48			2.11			2.26
5% annual hypothetical return		1,000.00			1,022.84			2.12			2.27
2055 Fund actual return		1,000.00			1,012.29			2.11			2.26
5% annual hypothetical return		1,000.00			1,022.84			2.12			2.27
2060 Fund actual return		1,000.00			1,011.23			2.11			2.26
5% annual hypothetical return		1,000.00			1,022.84			2.12			2.27

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 0.35% for the Retirement Income Fund, 0.35% for the 2010 Fund, 0.35% for the 2015 Fund, 0.36% for the 2020 Fund, 0.38% for the 2025 Fund, 0.39% for the 2030 Fund, 0.40% for the 2035 Fund, 0.41% for the 2040 Fund, 0.42% for the 2045 Fund, 0.42% for the 2050 Fund, 0.42% for the 2055 Fund and 0.42% for the 2060 Fund.

^†

10	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about 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, 0.38% for the 2015 Fund, 0.39% 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 Fund, 0.45% for the 2050 Fund, 0.45% for the 2055 Fund and 0.45% for the 2060 Fund.

Expense examples

Six months ended May 31, 2019

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Advisor Class	(12/1/18		)	(5/31/19		)	(12/1/18–5/31/19		)	(12/1/18–5/31/19		)
Retirement Income Fund actual return		$ 1,000.00			$ 1,040.94			$ 1.93			$ 2.09
5% annual hypothetical return		1,000.00			1,023.04			1.92			2.07
2010 Fund actual return		1,000.00			1,041.14			1.93			2.09
5% annual hypothetical return		1,000.00			1,023.04			1.92			2.07
2015 Fund actual return		1,000.00			1,038.45			1.93			2.08
5% annual hypothetical return		1,000.00			1,023.04			1.92			2.07
2020 Fund actual return		1,000.00			1,036.74			1.78			1.93
5% annual hypothetical return		1,000.00			1,023.19			1.77			1.92
2025 Fund actual return		1,000.00			1,032.41			2.08			2.23
5% annual hypothetical return		1,000.00			1,022.89			2.07			2.22
2030 Fund actual return		1,000.00			1,028.32			2.23			2.38
5% annual hypothetical return		1,000.00			1,022.74			2.22			2.37
2035 Fund actual return		1,000.00			1,023.34			2.17			2.32
5% annual hypothetical return		1,000.00			1,022.79			2.17			2.32
2040 Fund actual return		1,000.00			1,017.96			2.26			2.41
5% annual hypothetical return		1,000.00			1,022.69			2.27			2.42
2045 Fund actual return		1,000.00			1,012.97			2.16			2.31
5% annual hypothetical return		1,000.00			1,022.79			2.17			2.32
2050 Fund actual return		1,000.00			1,013.26			2.16			2.31
5% annual hypothetical return		1,000.00			1,022.79			2.17			2.32
2055 Fund actual return		1,000.00			1,012.23			2.16			2.31
5% annual hypothetical return		1,000.00			1,022.79			2.17			2.32
2060 Fund actual return		1,000.00			1,010.92			2.26			2.41
5% annual hypothetical return		1,000.00			1,022.69			2.27			2.42

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Important information about expenses

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 0.38% for the Retirement Income Fund, 0.38% for the 2010 Fund, 0.38% for the 2015 Fund, 0.35% for the 2020 Fund, 0.41% for the 2025 Fund, 0.44% for the 2030 Fund, 0.43% for the 2035 Fund, 0.45% for the 2040 Fund, 0.43% for the 2045 Fund, 0.43% for the 2050 Fund, 0.43% for the 2055 Fund and 0.45% for the 2060 Fund.

^†

“Effective expenses paid during period” is 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 0.41% for the Retirement Income Fund, 0.41% for the 2010 Fund, 0.41% for the 2015 Fund, 0.38% for the 2020 Fund, 0.44% for the 2025 Fund, 0.47% for the 2030 Fund, 0.46% for the 2035 Fund, 0.48% for the 2040 Fund, 0.46% for the 2045 Fund, 0.46% for the 2050 Fund, 0.46% for the 2055 Fund and 0.48% for the 2060 Fund.

12	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

Expense examples

Six months ended May 31, 2019

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Premier Class	(12/1/18		)	(5/31/19		)	(12/1/18–5/31/19		)	(12/1/18–5/31/19		)
Retirement Income Fund actual return		$ 1,000.00			$ 1,040.40			$ 2.49			$ 2.65
5% annual hypothetical return		1,000.00			1,022.49			2.47			2.62
2010 Fund actual return		1,000.00			1,039.75			2.54			2.64
5% annual hypothetical return		1,000.00			1,022.44			2.52			2.62
2015 Fund actual return		1,000.00			1,039.05			2.54			2.69
5% annual hypothetical return		1,000.00			1,022.44			2.52			2.67
2020 Fund actual return		1,000.00			1,035.68			2.59			2.74
5% annual hypothetical return		1,000.00			1,022.39			2.57			2.72
2025 Fund actual return		1,000.00			1,032.28			2.69			2.84
5% annual hypothetical return		1,000.00			1,022.29			2.67			2.82
2030 Fund actual return		1,000.00			1,028.32			2.73			2.88
5% annual hypothetical return		1,000.00			1,022.24			2.72			2.87
2035 Fund actual return		1,000.00			1,022.97			2.77			2.93
5% annual hypothetical return		1,000.00			1,022.19			2.77			2.92
2040 Fund actual return		1,000.00			1,016.54			2.82			2.97
5% annual hypothetical return		1,000.00			1,022.14			2.82			2.97
2045 Fund actual return		1,000.00			1,013.06			2.86			3.01
5% annual hypothetical return		1,000.00			1,022.09			2.87			3.02
2050 Fund actual return		1,000.00			1,011.67			2.86			3.01
5% annual hypothetical return		1,000.00			1,022.09			2.87			3.02
2055 Fund actual return		1,000.00			1,011.49			2.86			3.01
5% annual hypothetical return		1,000.00			1,022.09			2.87			3.02
2060 Fund actual return		1,000.00			1,010.73			2.86			3.01
5% annual hypothetical return		1,000.00			1,022.09			2.87			3.02

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 0.49% for the Retirement Income Fund, 0.50% for the 2010 Fund, 0.50% for the 2015 Fund, 0.51% for the 2020 Fund, 0.53% for the 2025 Fund, 0.54% for the 2030 Fund, 0.55% for the 2035 Fund, 0.56% for the 2040 Fund, 0.57% for the 2045 Fund, 0.57% for the 2050 Fund, 0.57% for the 2055 Fund and 0.57% for the 2060 Fund.

^†

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Important information about 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, 0.52% for the 2010 Fund, 0.53% for the 2015 Fund, 0.54% 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 Fund, 0.60% for the 2050 Fund, 0.60% for the 2055 Fund and 0.60% for the 2060 Fund.

Expense examples

Six months ended May 31, 2019

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Retirement Class	(12/1/18		)	(5/31/19		)	(12/1/18–5/31/19		)	(12/1/18–5/31/19		)
Retirement Income Fund actual return		$ 1,000.00			$ 1,039.92			$ 3.05			$ 3.15
5% annual hypothetical return		1,000.00			1,021.94			3.02			3.13
2010 Fund actual return		1,000.00			1,039.09			3.05			3.15
5% annual hypothetical return		1,000.00			1,021.94			3.02			3.13
2015 Fund actual return		1,000.00			1,038.45			3.05			3.20
5% annual hypothetical return		1,000.00			1,021.94			3.02			3.18
2020 Fund actual return		1,000.00			1,036.28			3.10			3.25
5% annual hypothetical return		1,000.00			1,021.89			3.07			3.23
2025 Fund actual return		1,000.00			1,031.41			3.19			3.34
5% annual hypothetical return		1,000.00			1,021.79			3.18			3.33
2030 Fund actual return		1,000.00			1,026.92			3.23			3.39
5% annual hypothetical return		1,000.00			1,021.74			3.23			3.38
2035 Fund actual return		1,000.00			1,022.24			3.28			3.43
5% annual hypothetical return		1,000.00			1,021.69			3.28			3.43
2040 Fund actual return		1,000.00			1,016.23			3.32			3.47
5% annual hypothetical return		1,000.00			1,021.64			3.33			3.48
2045 Fund actual return		1,000.00			1,012.82			3.36			3.51
5% annual hypothetical return		1,000.00			1,021.59			3.38			3.53
2050 Fund actual return		1,000.00			1,011.42			3.36			3.51
5% annual hypothetical return		1,000.00			1,021.59			3.38			3.53
2055 Fund actual return		1,000.00			1,011.13			3.36			3.51
5% annual hypothetical return		1,000.00			1,021.59			3.38			3.53
2060 Fund actual return		1,000.00			1,010.53			3.36			3.51
5% annual hypothetical return		1,000.00			1,021.59			3.38			3.53

14	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 0.60% for the Retirement Income Fund, 0.60% for the 2010 Fund, 0.60% for the 2015 Fund, 0.61% for the 2020 Fund, 0.63% for the 2025 Fund, 0.64% for the 2030 Fund, 0.65% for the 2035 Fund, 0.66% for the 2040 Fund, 0.67% for the 2045 Fund, 0.67% for the 2050 Fund, 0.67% for the 2055 Fund and 0.67% for the 2060 Fund.

^†

“Effective expenses paid during period” is 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, 0.62% for the 2010 Fund, 0.63% for the 2015 Fund, 0.64% 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 Fund, 0.70% for the 2050 Fund, 0.70% for the 2055 Fund and 0.70% for the 2060 Fund.

Expense examples

Six months ended May 31, 2019

Beginning

Ending

Effective

account

Expenses paid

expenses paid

Lifecycle Funds

value

during period

^†

Retail Class

(12/1/18

)

(5/31/19

)

(12/1/18–5/31/19

)

(12/1/18–5/31/19

)

Retirement Income Fund actual return

$ 1,000.00

$ 1,039.90

$ 3.05

$ 3.15

5% annual hypothetical return

1,000.00

1,021.94

3.02

3.13

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. The expense charges of this fund may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without 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 0.60% for the Retirement Income Fund.

^†

“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 six-month period, the total annualized weighted average expense ratio was 0.62% for the Retirement Income Fund.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Investment results of the Lifecycle Funds

Performance for the twelve months ended May 31, 2019

Five of the twelve TIAA-CREF Lifecycle Funds delivered positive returns, but all underperformed their respective composite benchmarks. Returns for the Retirement Class ranged from –3.41% for the Lifecycle 2060 Fund to 2.23% for the Retirement Income Fund. The performance tables show returns for all share classes of the funds.

The margin of underperformance of individual Lifecycle Funds, in relation to their respective composite benchmarks, ranged from 3.47 percentage points for the 2060 Fund to 1.24 percentage points for the Retirement Income Fund. (All results for the Lifecycle Funds are for the Retirement Class.)

U.S. economy continued to grow, pushing domestic stocks and bonds higher

The U.S. economic expansion continued over the twelve-month period while the unemployment rate touched its lowest level in nearly a half century and inflation remained modest. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at an annualized rate of 3.4% and 2.2% in the third and fourth quarters of 2018, respectively. Annualized GDP grew by 3.1% in the first quarter of 2019, according to the government’s “second” estimate. Unemployment remained at 3.6% in May, its lowest rate since December 1969. Core inflation, which includes all items except food and energy, rose 2.0% for the twelve months ended May 31, 2019.

The Federal Reserve raised the federal funds target rate three times during the period—in June, September and December 2018—boosting the key short-term interest-rate measure to 2.25%–2.50%.

For the twelve-month period, the Russell 3000^® Index, a broad measure of the U.S. stock market, advanced 2.50%. 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 26 emerging-markets countries, returned –7.14% in U.S.-dollar terms.

U.S. investment-grade bonds performed well amid a decline in long-term rates and an increase in short-term rates. The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 6.40% during the period. Short-term bonds, as measured by the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index, rose 3.70%.

16	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Funds turned in mixed results amid challenging stock markets

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 twelve-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were generally bolstered by the solid advances in all fixed-income categories but were hurt by the volatility in international stocks and some U.S. equities. The Bond Fund and the Bond Plus Fund produced the best absolute returns among fixed-income investments. The Large-Cap Growth Fund and the Quant Large-Cap Growth Fund were the best performers in the domestic equity category. All international equity funds recorded losses during the period. Within this category, the International Equity Fund had the largest loss.

International and U.S. equity funds influenced relative performance most

Each Lifecycle Fund underperformed its composite benchmark, primarily due to the performance of several underlying TIAA-CREF Funds that invest in stocks. Among equity funds, the Large-Cap Value Fund and the International Equity Fund detracted most from relative performance. The Growth & Income Fund, Quant Large-Cap Growth Fund and Quant Large-Cap Value Fund also had negative impacts on relative performance.

Those setbacks were offset in part by relative outperformance from the Quant Small-Cap Equity Fund and the Quant Small/Mid-Cap Equity Fund. In the fixed-income category, the Bond Fund narrowly outperformed its benchmark and made a positive contribution to relative performance.

Lifecycle Funds with larger fixed-income allocations were more likely to post gains for the period. For example, the Retirement Income Fund, which invests about 60% of its portfolio in fixed-income funds, returned 2.23%. The 2010, 2015, 2020 and 2025 Funds, all of which invest at least 39% of their portfolios in fixed-income securities, recorded positive returns. By contrast, the 2060 Fund, which invests 1% of its assets in fixed income, had the largest decline for the period. (Performance of the Lifecycle Funds’ underlying funds can be found at TIAA.org/performance.)

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle Retirement Income Fund

Performance as of May 31, 2019
Lifecycle Retirement Income Fund					Average annual						Annual operating
		Total Return			total return						expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	11/30/07		2.48	%		4.38	%		7.13	%		0.52	%		0.37	%
Advisor Class	12/4/15		2.43			4.29	^†		6.94	^†		0.60			0.45
Premier Class	9/30/09		2.33			4.23			6.96	^†		0.67			0.52
Retirement Class	11/30/07		2.23			4.13			6.86			0.77			0.62
Retail Class	11/30/07		2.14			4.13			6.88			0.80			0.62
Lifecycle Retirement Income Fund Composite Index^‡	—		3.47			4.24			6.88			—			—
Broad market index
S&P Target Date Retirement Income Index	—		2.95			3.49			5.74			—			—

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 would be lower.

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through September 30, 2021, 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 performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Retirement Income Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000^® Index; 12.0% MSCI All Country World Index ex USA Investable Market 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.

18	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle Retirement Income Fund

$10,000 over 10 years

Retirement Class

Ending amounts are as of May 31, 2019. For the purpose of comparison, the graph also shows the change in the values of the Fund’s composite benchmark and broad market index during the same period. The performance of the other share classes varies due to differences in expense charges.

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		23.81		24.50
International equity		10.52		10.50
Fixed income
Fixed income		39.65		40.00
Short-term fixed income		11.10		10.00
Inflation-protected assets		10.16		10.00
Direct real estate		4.60		5.00
Other assets & liabilities, net		0.16		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2010 Fund

Performance as of May 31, 2019
Lifecycle 2010 Fund					Average annual						Annual operating
		Total Return			total return						expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	1/17/07		2.26	%		4.57	%		7.75	%		0.49	%		0.37	%
Advisor Class	12/4/15		2.33			4.49	^†		7.58	^†		0.57			0.45
Premier Class	9/30/09		2.10			4.42			7.59	^†		0.64			0.52
Retirement Class	10/15/04		2.01			4.32			7.49			0.74			0.62
Lifecycle 2010 Fund Composite Index^‡	—		3.42			4.45			7.51			—			—
Broad market index
S&P Target Date 2010 Index	—		2.69			3.90			6.66			—			—

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 waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through September 30, 2021, 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 performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2010 Fund Composite Index consisted of: 39.8% Bloomberg Barclays U.S. Aggregate Bond Index; 28.7% Russell 3000^® Index; 12.3% MSCI All Country World Index ex USA Investable Market Index; 9.6% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 9.6% 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.

20	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2010 Fund

$10,000 over 10 years

Retirement Class

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		24.55		25.20
International equity		10.84		10.80
Fixed income
Fixed income		39.49		39.80
Short-term fixed income		10.65		9.60
Inflation-protected assets		9.72		9.60
Direct real estate		4.60		5.00
Other assets & liabilities, net		0.15		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2015 Fund

Performance as of May 31, 2019
Lifecycle 2015 Fund					Average annual						Annual operating
		Total Return			total return						expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	1/17/07		1.89	%		4.82	%		8.26	%		0.50	%		0.38	%
Advisor Class	12/4/15		1.88			4.72	^†		8.08	^†		0.58			0.46
Premier Class	9/30/09		1.83			4.66			8.10	^†		0.65			0.53
Retirement Class	10/15/04		1.74			4.57			8.00			0.75			0.63
Lifecycle 2015 Fund Composite Index^‡	—		3.19			4.72			8.06			—			—
Broad market index
S&P Target Date 2015 Index	—		2.34			4.31			7.52			—			—

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 waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through September 30, 2021, 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 performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2015 Fund Composite Index consisted of: 38.8% Bloomberg Barclays U.S. Aggregate Bond Index; 32.2% Russell 3000^® Index; 13.8% MSCI All Country World Index ex USA Investable Market Index; 7.6% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 7.6% 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.

22	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2015 Fund

$10,000 over 10 years

Retirement Class

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		28.03		28.70
International equity		12.33		12.30
Fixed income
Fixed income		38.51		38.80
Short-term fixed income		8.65		7.60
Inflation-protected assets		7.70		7.60
Direct real estate		4.60		5.00
Other assets & liabilities, net		0.18		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2020 Fund

Performance as of May 31, 2019

Lifecycle 2020 Fund		Total Return				Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			10 years			gross			net
Institutional Class	1/17/07			1.45	%		5.13	%		8.86	%		0.50	%		0.39	%
Advisor Class	12/4/15			1.39			5.04	^†		8.68	^†		0.58			0.47
Premier Class	9/30/09			1.27			4.97			8.71	^†		0.65			0.54
Retirement Class	10/15/04			1.18			4.88			8.60			0.75			0.64
Lifecycle 2020 Fund Composite Index^‡	—			2.90			5.07			8.71			—			—
Broad market index
S&P Target Date 2020 Index	—			1.98			4.67			8.25			—			—

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 waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through September 30, 2021, 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 performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2020 Fund Composite Index consisted of: 37.1% Bloomberg Barclays U.S. Aggregate Bond Index; 36.2% Russell 3000^® Index; 15.5% MSCI All Country World Index ex USA Investable Market Index; 5.6% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 5.6% 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.

24	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2020 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/19	% of target allocation for 6/30/19
Equity
U.S. equity	32.11	32.76
International equity	14.10	14.04
Fixed income
Fixed income	36.67	37.00
Short-term fixed income	6.63	5.60
Inflation-protected assets	5.67	5.60
Direct real estate	4.61	5.00
Other assets & liabilities, net	0.21	—
Total	100.00	100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2025 Fund

Performance as of May 31, 2019

Lifecycle 2025 Fund		Total Return				Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			10 years			gross			net
Institutional Class	1/17/07			0.58	%		5.43	%		9.45	%		0.52	%		0.41	%
Advisor Class	12/4/15			0.53			5.31	^†		9.24	^†		0.60			0.49
Premier Class	9/30/09			0.51			5.28			9.27	^†		0.67			0.56
Retirement Class	10/15/04			0.33			5.16			9.16			0.77			0.66
Lifecycle 2025 Fund Composite Index^‡	—			2.44			5.45			9.36			—			—
Broad market index
S&P Target Date 2025 Index	—			1.35			4.97			8.86			—			—

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 waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through September 30, 2021, 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 performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2025 Fund Composite Index consisted of: 41.8% Russell 3000^®Index; 33.1% Bloomberg Barclays U.S. Aggregate Bond Index; 17.9% MSCI All Country World Index ex USA Investable Market Index; 3.6% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 3.6% 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.

26	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2025 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/19	% of target allocation for 6/30/19
Equity
U.S. equity	38.32	39.06
International equity	16.79	16.74
Fixed income
Fixed income	31.79	32.00
Short-term fixed income	4.62	3.60
Inflation-protected assets	3.64	3.60
Direct real estate	4.61	5.00
Other assets & liabilities, net	0.23	—
Total	100.00	100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2030 Fund

Performance as of May 31, 2019

Lifecycle 2030 Fund		Total Return				Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			10 years			gross			net
Institutional Class	1/17/07			–0.25	%		5.72	%		9.98	%		0.53	%		0.42	%
Advisor Class	12/4/15			–0.32			5.60	^†		9.78	^†		0.61			0.50
Premier Class	9/30/09			–0.33			5.56			9.81	^†		0.68			0.57
Retirement Class	10/15/04			–0.54			5.45			9.70			0.78			0.67
Lifecycle 2030 Fund Composite Index^‡	—			1.97			5.82			10.00			—			—
Broad market index
S&P Target Date 2030 Index	—			0.63			5.25			9.37			—			—

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 waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through September 30, 2021, 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 performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2030 Fund Composite Index consisted of: 47.4% Russell 3000^®Index; 29.1% Bloomberg Barclays U.S. Aggregate Bond Index; 20.3% MSCI All Country World Index ex USA Investable Market Index; 1.6% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 1.6% 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.

28	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2030 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/19	% of target allocation for 6/30/19
Equity
U.S. equity	44.64	45.36
International equity	19.51	19.44
Fixed income
Fixed income	26.87	27.00
Short-term fixed income	2.59	1.60
Inflation-protected assets	1.60	1.60
Direct real estate	4.61	5.00
Other assets & liabilities, net	0.18	—
Total	100.00	100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2035 Fund

Performance as of May 31, 2019

Lifecycle 2035 Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			10 years			gross			net
Institutional Class		1/17/07		–1.08	%		5.95	%		10.46	%		0.54	%		0.43	%
Advisor Class		12/4/15		–1.11			5.85	^†		10.26	^†		0.62			0.51
Premier Class		9/30/09		–1.25			5.79			10.29	^†		0.69			0.58
Retirement Class		10/15/04		–1.37			5.68			10.17			0.79			0.68
Lifecycle 2035 Fund Composite Index^‡		—		1.45			6.14			10.57			—			—
Broad market index
S&P Target Date 2035 Index		—		–0.10			5.52			9.80			—			—

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 waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through September 30, 2021, 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 performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2035 Fund Composite Index consisted of: 53.0% Russell 3000^® Index; 24.3% Bloomberg Barclays U.S. Aggregate Bond Index; and 22.7% MSCI All Country World Index ex USA Investable Market 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.

30	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2035 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		50.92		51.66
International equity		22.23		22.14
Fixed income		22.01		21.20
Direct real estate		4.62		5.00
Other assets & liabilities, net		0.22		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2040 Fund

Performance as of May 31, 2019

Lifecycle 2040 Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			10 years			gross			net
Institutional Class		1/17/07		–2.09	%		6.16	%		10.69	%		0.55	%		0.44	%
Advisor Class		12/4/15		–2.13			6.04	^†		10.49	^†		0.63			0.52
Premier Class		9/30/09		–2.28			5.99			10.52	^†		0.70			0.59
Retirement Class		10/15/04		–2.37			5.88			10.41			0.80			0.69
Lifecycle 2040 Fund Composite Index^‡		—		0.84			6.43			10.89			—			—
Broad market index
S&P Target Date 2040 Index		—		–0.55			5.70			10.09			—			—

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 waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through September 30, 2021, 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 performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2040 Fund Composite Index consisted of: 58.6% Russell 3000^® Index; 25.1% MSCI All Country World Index ex USA Investable Market Index; and 16.3% 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.

32	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2040 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		57.29		57.96
International equity		24.99		24.84
Fixed income		12.88		12.20
Direct real estate		4.63		5.00
Other assets & liabilities, net		0.21		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2045 Fund

Performance as of May 31, 2019

Lifecycle 2045 Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			10 years			gross			net
Institutional Class		11/30/07		–2.79	%		6.23	%		10.72	%		0.56	%		0.45	%
Advisor Class		12/4/15		–2.79			6.11	^†		10.51	^†		0.64			0.53
Premier Class		9/30/09		–2.96			6.05			10.54	^†		0.71			0.60
Retirement Class		11/30/07		–3.00			5.95			10.43			0.81			0.70
Lifecycle 2045 Fund Composite Index^‡		—		0.35			6.56			10.95			—			—
Broad market index
S&P Target Date 2045 Index		—		–0.86			5.81			10.28			—			—

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 Fund’s 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, 2019, and the waiver will remain in effect through September 30, 2021, 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 performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2045 Fund Composite Index consisted of: 63.2% Russell 3000^® Index; 27.1% MSCI All Country World Index ex USA Investable Market Index; and 9.7% 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.

34	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2045 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		62.45		63.18
International equity		27.23		27.07
Fixed income		5.46		4.75
Direct real estate		4.63		5.00
Other assets & liabilities, net		0.23		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2050 Fund

Performance as of May 31, 2019

Lifecycle 2050 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year		5 years			10 years			gross			net
Institutional Class	11/30/07		–2.97	%		6.27	%		10.74	%		0.57	%		0.45	%
Advisor Class	12/4/15		–2.90			6.17	^†		10.56	^†		0.65			0.53
Premier Class	9/30/09		–3.07			6.11			10.57	^†		0.72			0.60
Retirement Class	11/30/07		–3.19			6.00			10.47			0.82			0.70
Lifecycle 2050 Fund Composite Index^‡	—		0.26			6.63			10.99			—			—
Broad market index
S&P Target Date 2050 Index	—		–1.08			5.93			10.43			—			—

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 Fund’s 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, 2019, and the waiver will remain in effect through September 30, 2021, 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 performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the performance of these two classes shown for these periods would have been different because the Advisor and Premier classes have different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2050 Fund Composite Index consisted of: 64.0% Russell 3000^® Index; 27.5% MSCI All Country World Index ex USA Investable Market Index; and 8.5% 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.

36	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2050 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		63.30		64.05
International equity		27.60		27.45
Fixed income		4.16		3.50
Direct real estate		4.63		5.00
Other assets & liabilities, net		0.31		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2055 Fund

Performance as of May 31, 2019

Lifecycle 2055 Fund		Total Return			Average annual total return					Annual operating expenses*^#
	Inception date		1 year			5 years		since inception			gross		net
Institutional Class	4/29/11		–3.04	%		6.32	%	7.76	%		0.59	%	0.45	%
Advisor Class	12/4/15		–3.05			6.23	^†	7.60	^†		0.67		0.53
Premier Class	4/29/11		–3.14			6.17		7.60			0.74		0.60
Retirement Class	4/29/11		–3.24			6.06		7.49			0.84		0.70
Lifecycle 2055 Fund Composite Index^‡	—		0.16			6.70		8.21^§			—		—
Broad market index
S&P Target Date 2055 Index	—		–1.14			5.99		7.54^§			—		—

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 waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through September 30, 2021, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2055 Fund Composite Index consisted of: 65.0% Russell 3000^® Index; 27.8% MSCI All Country World Index ex USA Investable Market Index; and 7.2% 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.

38	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2055 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception April 29, 2011)

Asset allocation

	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		64.19		64.93
International equity		27.97		27.82
Fixed income		2.88		2.25
Direct real estate		4.62		5.00
Other assets & liabilities, net		0.34		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Lifecycle 2060 Fund

Performance as of May 31, 2019

Lifecycle 2060 Fund		Total Return			Average annual total return			Annual operating expenses*^#
	Inception date		1 year			since inception			gross		net
Institutional Class	9/26/14		–3.17	%		6.66	%		0.79	%	0.45	%
Advisor Class	12/4/15		–3.20			6.58	^†		0.87		0.53
Premier Class	9/26/14		–3.31			6.50			0.94		0.60
Retirement Class	9/26/14		–3.41			6.41			1.04		0.70
Lifecycle 2060 Fund Composite Index^‡	—		0.06			6.97^§			—		—
Broad market index
S&P Target Date 2060+ Index	—		–1.08			6.41^§			—		—

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 waiver or reimbursement of various expenses. The expense reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through September 30, 2021, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle 2060 Fund Composite Index consisted of: 65.8% Russell 3000^® Index; 28.2% MSCI All Country World Index ex USA Investable Market Index; and 6.0% 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 Retirement Class.

40	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2060 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 26, 2014)

Asset allocation

	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		65.05		65.80
International equity		28.27		28.20
Fixed income		1.59		1.00
Direct real estate		4.59		5.00
Other assets & liabilities, net		0.50		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle Retirement Income Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—4.6%
	2,078,963	^b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/30/19; cost $22,074,170)		$	23,908,073		4.6	%
			TOTAL DIRECT REAL ESTATE			23,908,073		4.6
FIXED INCOME—39.6%
	10,162,248		TIAA-CREF Bond Fund			105,890,622		20.4
	6,572,364		TIAA-CREF Bond Plus Fund			68,746,930		13.2
	1,151,674		TIAA-CREF Emerging Markets Debt Fund			11,251,857		2.2
	959,138		TIAA-CREF High-Yield Fund			9,130,990		1.7
	1,091,510		TIAA-CREF International Bond Fund			11,013,339		2.1
			TOTAL FIXED INCOME			206,033,738		39.6
INFLATION-PROTECTED ASSETS—10.2%
	4,603,830		TIAA-CREF Inflation-Linked Bond Fund			52,805,928		10.2
			TOTAL INFLATION-PROTECTED ASSETS			52,805,928		10.2
INTERNATIONAL EQUITY—10.5%
	939,719		TIAA-CREF Emerging Markets Equity Fund			9,961,018		1.9
	1,158,750		TIAA-CREF International Equity Fund			11,645,440		2.3
	933,614		TIAA-CREF International Opportunities Fund			11,614,161		2.2
	2,052,125		TIAA-CREF Quant International Equity Fund			14,118,618		2.7
	764,291		TIAA-CREF Quant International Small-Cap Equity Fund			7,298,983		1.4
			TOTAL INTERNATIONAL EQUITY			54,638,220		10.5
SHORT-TERM FIXED INCOME—11.1%
	5,583,486		TIAA-CREF Short-Term Bond Fund			57,677,408		11.1
			TOTAL SHORT-TERM FIXED INCOME			57,677,408		11.1
U.S. EQUITY—23.8%
	1,927,907		TIAA-CREF Growth & Income Fund			26,180,974		5.0
	1,181,841		TIAA-CREF Large-Cap Growth Fund			23,565,901		4.5
	1,428,497		TIAA-CREF Large-Cap Value Fund			22,713,101		4.4
	1,539,951		TIAA-CREF Quant Large-Cap Growth Fund			20,650,743		4.0
	2,107,013		TIAA-CREF Quant Large-Cap Value Fund			19,869,136		3.8
	366,409		TIAA-CREF Quant Small-Cap Equity Fund			5,712,313		1.1
	439,496		TIAA-CREF Quant Small/Mid-Cap Equity Fund			4,992,671		1.0
			TOTAL U.S. EQUITY			123,684,839		23.8
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $483,373,228)		518,748,206		99.8

			TOTAL PORTFOLIO	(Cost $483,373,228)		518,748,206		99.8
			OTHER ASSETS & LIABILITIES, NET			820,242		0.2
			NET ASSETS		$	519,568,448		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $23,908,073 or 4.6% of net assets.

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2010 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
DIRECT REAL ESTATE—4.6%
	4,658,164	^b	TIAA-CREF Real Property Fund LP (purchased 7/01/16–5/30/19; cost $49,134,237)		$	53,568,892		4.6	%
			TOTAL DIRECT REAL ESTATE			53,568,892		4.6
FIXED INCOME—39.5%
	22,660,356		TIAA-CREF Bond Fund			236,120,914		20.3
	14,662,585		TIAA-CREF Bond Plus Fund			153,370,643		13.2
	2,575,280		TIAA-CREF Emerging Markets Debt Fund			25,160,490		2.2
	2,132,729		TIAA-CREF High-Yield Fund			20,303,579		1.7
	2,434,411		TIAA-CREF International Bond Fund			24,563,203		2.1
			TOTAL FIXED INCOME			459,518,829		39.5
INFLATION-PROTECTED ASSETS—9.7%
	9,858,228		TIAA-CREF Inflation-Linked Bond Fund			113,073,880		9.7
			TOTAL INFLATION-PROTECTED ASSETS			113,073,880		9.7
INTERNATIONAL EQUITY—10.8%
	2,157,693		TIAA-CREF Emerging Markets Equity Fund			22,871,541		2.0
	2,683,881		TIAA-CREF International Equity Fund			26,973,001		2.3
	2,170,023		TIAA-CREF International Opportunities Fund			26,995,087		2.3
	4,717,786		TIAA-CREF Quant International Equity Fund			32,458,365		2.8
	1,764,669		TIAA-CREF Quant International Small-Cap Equity Fund			16,852,585		1.4
			TOTAL INTERNATIONAL EQUITY			126,150,579		10.8
SHORT-TERM FIXED INCOME—10.7%
	11,995,823		TIAA-CREF Short-Term Bond Fund			123,916,855		10.7
			TOTAL SHORT-TERM FIXED INCOME			123,916,855		10.7
U.S. EQUITY—24.6%
	4,450,953		TIAA-CREF Growth & Income Fund			60,443,942		5.2
	2,733,134		TIAA-CREF Large-Cap Growth Fund			54,498,696		4.7
	3,298,578		TIAA-CREF Large-Cap Value Fund			52,447,392		4.5
	3,553,730		TIAA-CREF Quant Large-Cap Growth Fund			47,655,516		4.1
	4,864,775		TIAA-CREF Quant Large-Cap Value Fund			45,874,828		4.0
	849,281		TIAA-CREF Quant Small-Cap Equity Fund			13,240,295		1.1
	1,016,322		TIAA-CREF Quant Small/Mid-Cap Equity Fund			11,545,421		1.0
			TOTAL U.S. EQUITY			285,706,090		24.6
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $1,028,249,353)		1,161,935,125		99.9

			TOTAL PORTFOLIO	(Cost $1,028,249,353)		1,161,935,125		99.9
			OTHER ASSETS & LIABILITIES, NET			1,710,268		0.1
			NET ASSETS		$	1,163,645,393		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $53,568,892 or 4.6% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle 2015 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—4.6%
	7,141,542	^b	TIAA-CREF Real Property Fund LP (purchased 11/28/16–5/30/19; cost $75,878,172)		$	82,127,737		4.6	%
			TOTAL DIRECT REAL ESTATE			82,127,737		4.6
FIXED INCOME—38.5%
	33,855,665		TIAA-CREF Bond Fund			352,776,031		19.8
	21,928,464		TIAA-CREF Bond Plus Fund			229,371,732		12.9
	3,868,302		TIAA-CREF Emerging Markets Debt Fund			37,793,311		2.1
	3,161,507		TIAA-CREF High-Yield Fund			30,097,550		1.7
	3,641,776		TIAA-CREF International Bond Fund			36,745,515		2.0
			TOTAL FIXED INCOME			686,784,139		38.5
INFLATION-PROTECTED ASSETS—7.7%
	11,969,418		TIAA-CREF Inflation-Linked Bond Fund			137,289,219		7.7
			TOTAL INFLATION-PROTECTED ASSETS			137,289,219		7.7
INTERNATIONAL EQUITY—12.3%
	3,737,068		TIAA-CREF Emerging Markets Equity Fund			39,612,917		2.2
	4,676,146		TIAA-CREF International Equity Fund			46,995,264		2.6
	3,773,708		TIAA-CREF International Opportunities Fund			46,944,931		2.6
	8,274,968		TIAA-CREF Quant International Equity Fund			56,931,781		3.2
	3,088,461		TIAA-CREF Quant International Small-Cap Equity Fund			29,494,798		1.7
			TOTAL INTERNATIONAL EQUITY			219,979,691		12.3
SHORT-TERM FIXED INCOME—8.7%
	14,931,701		TIAA-CREF Short-Term Bond Fund			154,244,474		8.7
			TOTAL SHORT-TERM FIXED INCOME			154,244,474		8.7
U.S. EQUITY—28.0%
	7,791,467		TIAA-CREF Growth & Income Fund			105,808,118		5.9
	4,771,281		TIAA-CREF Large-Cap Growth Fund			95,139,344		5.3
	5,761,116		TIAA-CREF Large-Cap Value Fund			91,601,740		5.2
	6,221,352		TIAA-CREF Quant Large-Cap Growth Fund			83,428,337		4.7
	8,510,582		TIAA-CREF Quant Large-Cap Value Fund			80,254,788		4.5
	1,506,888		TIAA-CREF Quant Small-Cap Equity Fund			23,492,377		1.3
	1,774,155		TIAA-CREF Quant Small/Mid-Cap Equity Fund			20,154,403		1.1
			TOTAL U.S. EQUITY			499,879,107		28.0
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $1,759,810,843)		1,780,304,367		99.8

			TOTAL PORTFOLIO	(Cost $1,759,810,843)		1,780,304,367		99.8
			OTHER ASSETS & LIABILITIES, NET			3,235,918		0.2
			NET ASSETS		$	1,783,540,285		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $82,127,737 or 4.6% of net assets.

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2020 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—4.6%
	14,751,013	^b	TIAA-CREF Real Property Fund LP (purchased 11/28/16–5/30/19; cost $156,959,707)		$	169,636,653		4.6	%
			TOTAL DIRECT REAL ESTATE			169,636,653		4.6
FIXED INCOME—36.7%
	66,494,082		TIAA-CREF Bond Fund			692,868,334		18.8
	43,146,327		TIAA-CREF Bond Plus Fund			451,310,582		12.3
	7,651,464		TIAA-CREF Emerging Markets Debt Fund			74,754,805		2.0
	6,178,923		TIAA-CREF High-Yield Fund			58,823,345		1.6
	7,173,225		TIAA-CREF International Bond Fund			72,377,842		2.0
			TOTAL FIXED INCOME			1,350,134,908		36.7
INFLATION-PROTECTED ASSETS—5.7%
	18,197,375		TIAA-CREF Inflation-Linked Bond Fund			208,723,890		5.7
			TOTAL INFLATION-PROTECTED ASSETS			208,723,890		5.7
INTERNATIONAL EQUITY—14.1%
	8,738,983		TIAA-CREF Emerging Markets Equity Fund			92,633,223		2.5
	11,045,083		TIAA-CREF International Equity Fund			111,003,080		3.0
	8,963,667		TIAA-CREF International Opportunities Fund			111,508,011		3.0
	19,542,576		TIAA-CREF Quant International Equity Fund			134,452,925		3.7
	7,280,918		TIAA-CREF Quant International Small-Cap Equity Fund			69,532,763		1.9
			TOTAL INTERNATIONAL EQUITY			519,130,002		14.1
SHORT-TERM FIXED INCOME—6.6%
	23,641,747		TIAA-CREF Short-Term Bond Fund			244,219,245		6.6
			TOTAL SHORT-TERM FIXED INCOME			244,219,245		6.6
U.S. EQUITY—32.1%
	18,397,452		TIAA-CREF Growth & Income Fund			249,837,395		6.8
	11,290,016		TIAA-CREF Large-Cap Growth Fund			225,122,913		6.1
	13,626,430		TIAA-CREF Large-Cap Value Fund			216,660,239		5.9
	14,690,766		TIAA-CREF Quant Large-Cap Growth Fund			197,003,175		5.4
	20,090,462		TIAA-CREF Quant Large-Cap Value Fund			189,453,052		5.1
	3,608,378		TIAA-CREF Quant Small-Cap Equity Fund			56,254,605		1.5
	4,192,251		TIAA-CREF Quant Small/Mid-Cap Equity Fund			47,623,974		1.3
			TOTAL U.S. EQUITY			1,181,955,353		32.1
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $3,604,488,026)		3,673,800,051		99.8

			TOTAL PORTFOLIO	(Cost $3,604,488,026)		3,673,800,051		99.8
			OTHER ASSETS & LIABILITIES, NET			7,619,225		0.2
			NET ASSETS		$	3,681,419,276		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $169,636,653 or 4.6% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle 2025 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—4.6%
	17,667,914	^b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/30/19; cost $188,000,907)		$	203,181,012		4.6	%
			TOTAL DIRECT REAL ESTATE			203,181,012		4.6
FIXED INCOME—31.8%
	68,681,769		TIAA-CREF Bond Fund			715,664,034		16.2
	44,948,653		TIAA-CREF Bond Plus Fund			470,162,915		10.7
	8,118,506		TIAA-CREF Emerging Markets Debt Fund			79,317,805		1.8
	6,310,982		TIAA-CREF High-Yield Fund			60,080,548		1.4
	7,472,538		TIAA-CREF International Bond Fund			75,397,909		1.7
			TOTAL FIXED INCOME			1,400,623,211		31.8
INFLATION-PROTECTED ASSETS—3.7%
	13,976,859		TIAA-CREF Inflation-Linked Bond Fund			160,314,572		3.7
			TOTAL INFLATION-PROTECTED ASSETS			160,314,572		3.7
INTERNATIONAL EQUITY—16.8%
	12,353,444		TIAA-CREF Emerging Markets Equity Fund			130,946,509		3.0
	15,795,874		TIAA-CREF International Equity Fund			158,748,533		3.6
	12,803,154		TIAA-CREF International Opportunities Fund			159,271,236		3.6
	27,871,741		TIAA-CREF Quant International Equity Fund			191,757,575		4.4
	10,382,681		TIAA-CREF Quant International Small-Cap Equity Fund			99,154,602		2.2
			TOTAL INTERNATIONAL EQUITY			739,878,455		16.8
SHORT-TERM FIXED INCOME—4.6%
	19,706,890		TIAA-CREF Short-Term Bond Fund			203,572,171		4.6
			TOTAL SHORT-TERM FIXED INCOME			203,572,171		4.6
U.S. EQUITY—38.3%
	26,268,249		TIAA-CREF Growth & Income Fund			356,722,827		8.1
	16,118,296		TIAA-CREF Large-Cap Growth Fund			321,398,813		7.3
	19,457,186		TIAA-CREF Large-Cap Value Fund			309,369,263		7.0
	20,972,901		TIAA-CREF Quant Large-Cap Growth Fund			281,246,597		6.4
	28,669,924		TIAA-CREF Quant Large-Cap Value Fund			270,357,385		6.1
	5,238,495		TIAA-CREF Quant Small-Cap Equity Fund			81,668,135		1.9
	5,987,176		TIAA-CREF Quant Small/Mid-Cap Equity Fund			68,014,316		1.5
			TOTAL U.S. EQUITY			1,688,777,336		38.3
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $4,291,526,283)		4,396,346,757		99.8

			TOTAL PORTFOLIO	(Cost $4,291,526,283)		4,396,346,757		99.8
			OTHER ASSETS & LIABILITIES, NET			9,971,238		0.2
			NET ASSETS		$	4,406,317,995		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $203,181,012 or 4.6% of net assets.

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2030 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—4.6%
	17,502,650	^b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/30/19; cost $186,007,879)		$	201,280,472		4.6	%
			TOTAL DIRECT REAL ESTATE			201,280,472		4.6
FIXED INCOME—26.9%
	57,164,091		TIAA-CREF Bond Fund			595,649,825		13.7
	37,830,248		TIAA-CREF Bond Plus Fund			395,704,395		9.1
	7,005,405		TIAA-CREF Emerging Markets Debt Fund			68,442,805		1.6
	5,140,203		TIAA-CREF High-Yield Fund			48,934,733		1.1
	6,288,490		TIAA-CREF International Bond Fund			63,450,861		1.4
			TOTAL FIXED INCOME			1,172,182,619		26.9
INFLATION-PROTECTED ASSETS—1.6%
	6,068,440		TIAA-CREF Inflation-Linked Bond Fund			69,605,002		1.6
			TOTAL INFLATION-PROTECTED ASSETS			69,605,002		1.6
INTERNATIONAL EQUITY—19.5%
	14,130,595		TIAA-CREF Emerging Markets Equity Fund			149,784,311		3.4
	18,225,192		TIAA-CREF International Equity Fund			183,163,178		4.2
	14,713,829		TIAA-CREF International Opportunities Fund			183,040,033		4.2
	32,101,583		TIAA-CREF Quant International Equity Fund			220,858,894		5.1
	11,956,772		TIAA-CREF Quant International Small-Cap Equity Fund			114,187,173		2.6
			TOTAL INTERNATIONAL EQUITY			851,033,589		19.5
SHORT-TERM FIXED INCOME—2.6%
	10,944,203		TIAA-CREF Short-Term Bond Fund			113,053,616		2.6
			TOTAL SHORT-TERM FIXED INCOME			113,053,616		2.6
U.S. EQUITY—44.6%
	30,255,147		TIAA-CREF Growth & Income Fund			410,864,892		9.4
	18,546,225		TIAA-CREF Large-Cap Growth Fund			369,811,726		8.5
	22,434,905		TIAA-CREF Large-Cap Value Fund			356,714,991		8.2
	24,147,914		TIAA-CREF Quant Large-Cap Growth Fund			323,823,521		7.4
	32,995,422		TIAA-CREF Quant Large-Cap Value Fund			311,146,832		7.1
	6,137,713		TIAA-CREF Quant Small-Cap Equity Fund			95,686,946		2.2
	6,905,560		TIAA-CREF Quant Small/Mid-Cap Equity Fund			78,447,157		1.8
			TOTAL U.S. EQUITY			1,946,496,065		44.6
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $4,224,423,806)		4,353,651,363		99.8

			TOTAL PORTFOLIO	(Cost $4,224,423,806)		4,353,651,363		99.8
			OTHER ASSETS & LIABILITIES, NET			8,040,062		0.2
			NET ASSETS		$	4,361,691,425		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $201,280,472 or 4.6% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle 2035 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—4.6%
	17,620,784	^b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–4/01/19; cost $187,246,876)		$	202,639,020		4.6	%
			TOTAL DIRECT REAL ESTATE			202,639,020		4.6
FIXED INCOME—22.0%
	48,760,173		TIAA-CREF Bond Fund			508,081,007		11.6
	30,019,458		TIAA-CREF Bond Plus Fund			314,003,535		7.2
	5,796,336		TIAA-CREF Emerging Markets Debt Fund			56,630,202		1.3
	3,829,092		TIAA-CREF High-Yield Fund			36,452,956		0.8
	4,990,402		TIAA-CREF International Bond Fund			50,353,155		1.1
			TOTAL FIXED INCOME			965,520,855		22.0
INTERNATIONAL EQUITY—22.3%
	16,131,100		TIAA-CREF Emerging Markets Equity Fund			170,989,659		3.9
	20,914,443		TIAA-CREF International Equity Fund			210,190,152		4.8
	16,885,794		TIAA-CREF International Opportunities Fund			210,059,275		4.8
	36,816,548		TIAA-CREF Quant International Equity Fund			253,297,849		5.8
	13,701,294		TIAA-CREF Quant International Small-Cap Equity Fund			130,847,354		3.0
			TOTAL INTERNATIONAL EQUITY			975,384,289		22.3
U.S. EQUITY—50.9%
	34,690,850		TIAA-CREF Growth & Income Fund			471,101,748		10.7
	21,290,855		TIAA-CREF Large-Cap Growth Fund			424,539,646		9.7
	25,704,296		TIAA-CREF Large-Cap Value Fund			408,698,300		9.3
	27,694,985		TIAA-CREF Quant Large-Cap Growth Fund			371,389,752		8.5
	37,853,261		TIAA-CREF Quant Large-Cap Value Fund			356,956,250		8.1
	7,092,809		TIAA-CREF Quant Small-Cap Equity Fund			110,576,898		2.5
	7,936,862		TIAA-CREF Quant Small/Mid-Cap Equity Fund			90,162,754		2.1
			TOTAL U.S. EQUITY			2,233,425,348		50.9
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $4,210,446,195)		4,376,969,512		99.8

			TOTAL PORTFOLIO	(Cost $4,210,446,195)		4,376,969,512		99.8
			OTHER ASSETS & LIABILITIES, NET			9,755,177		0.2
			NET ASSETS		$	4,386,724,689		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $202,639,020 or 4.6% of net assets.

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2040 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—4.6%
	20,930,363	^b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–12/21/18; cost $222,217,961)		$	240,699,170		4.6	%
			TOTAL DIRECT REAL ESTATE			240,699,170		4.6
FIXED INCOME—12.9%
	33,832,714		TIAA-CREF Bond Fund			352,536,884		6.8
	20,806,058		TIAA-CREF Bond Plus Fund			217,631,366		4.2
	4,588,253		TIAA-CREF Emerging Markets Debt Fund			44,827,227		0.8
	2,081,203		TIAA-CREF High-Yield Fund			19,813,057		0.4
	3,464,045		TIAA-CREF International Bond Fund			34,952,213		0.7
			TOTAL FIXED INCOME			669,760,747		12.9
INTERNATIONAL EQUITY—25.0%
	21,437,541		TIAA-CREF Emerging Markets Equity Fund			227,237,935		4.4
	27,891,142		TIAA-CREF International Equity Fund			280,305,976		5.4
	22,523,740		TIAA-CREF International Opportunities Fund			280,195,324		5.4
	49,113,269		TIAA-CREF Quant International Equity Fund			337,899,291		6.5
	18,267,554		TIAA-CREF Quant International Small-Cap Equity Fund			174,455,141		3.3
			TOTAL INTERNATIONAL EQUITY			1,300,093,667		25.0
U.S. EQUITY—57.3%
	46,273,784		TIAA-CREF Growth & Income Fund			628,397,984		12.1
	28,398,553		TIAA-CREF Large-Cap Growth Fund			566,267,143		10.9
	34,285,326		TIAA-CREF Large-Cap Value Fund			545,136,676		10.5
	36,933,563		TIAA-CREF Quant Large-Cap Growth Fund			495,279,081		9.5
	50,520,741		TIAA-CREF Quant Large-Cap Value Fund			476,410,587		9.2
	9,508,373		TIAA-CREF Quant Small-Cap Equity Fund			148,235,538		2.8
	10,572,473		TIAA-CREF Quant Small/Mid-Cap Equity Fund			120,103,291		2.3
			TOTAL U.S. EQUITY			2,979,830,300		57.3
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $4,956,307,556)		5,190,383,884		99.8

			TOTAL PORTFOLIO	(Cost $4,956,307,556)		5,190,383,884		99.8
			OTHER ASSETS & LIABILITIES, NET			11,035,399		0.2
			NET ASSETS		$	5,201,419,283		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $240,699,170 or 4.6% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle 2045 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—4.6%
	11,871,239	^b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–4/17/19; cost $126,682,118)		$	136,519,247		4.6	%
			TOTAL DIRECT REAL ESTATE			136,519,247		4.6
FIXED INCOME—5.5%
	8,139,261		TIAA-CREF Bond Fund			84,811,095		2.9
	4,996,096		TIAA-CREF Bond Plus Fund			52,259,159		1.8
	1,362,512		TIAA-CREF Emerging Markets Debt Fund			13,311,745		0.4
	243,186		TIAA-CREF High-Yield Fund			2,315,131		0.1
	833,783		TIAA-CREF International Bond Fund			8,412,873		0.3
			TOTAL FIXED INCOME			161,110,003		5.5
INTERNATIONAL EQUITY—27.2%
	13,232,706		TIAA-CREF Emerging Markets Equity Fund			140,266,685		4.7
	17,240,767		TIAA-CREF International Equity Fund			173,269,704		5.9
	13,911,901		TIAA-CREF International Opportunities Fund			173,064,050		5.9
	30,329,491		TIAA-CREF Quant International Equity Fund			208,666,897		7.1
	11,296,250		TIAA-CREF Quant International Small-Cap Equity Fund			107,879,191		3.6
			TOTAL INTERNATIONAL EQUITY			803,146,527		27.2
U.S. EQUITY—62.5%
	28,592,386		TIAA-CREF Growth & Income Fund			388,284,602		13.2
	17,550,154		TIAA-CREF Large-Cap Growth Fund			349,950,073		11.9
	21,187,476		TIAA-CREF Large-Cap Value Fund			336,880,870		11.4
	22,827,195		TIAA-CREF Quant Large-Cap Growth Fund			306,112,690		10.4
	31,216,805		TIAA-CREF Quant Large-Cap Value Fund			294,374,475		10.0
	5,923,199		TIAA-CREF Quant Small-Cap Equity Fund			92,342,676		3.1
	6,532,034		TIAA-CREF Quant Small/Mid-Cap Equity Fund			74,203,901		2.5
			TOTAL U.S. EQUITY			1,842,149,287		62.5
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $2,686,438,512)		2,942,925,064		99.8

			TOTAL PORTFOLIO	(Cost $2,686,438,512)		2,942,925,064		99.8
			OTHER ASSETS & LIABILITIES, NET			6,928,941		0.2
			NET ASSETS		$	2,949,854,005		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $136,519,247 or 4.6% of net assets.

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2050 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.7%^a
DIRECT REAL ESTATE—4.6%
	7,993,599	^b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–4/17/19; cost $85,513,572)		$	91,926,393		4.6	%
			TOTAL DIRECT REAL ESTATE			91,926,393		4.6
FIXED INCOME—4.2%
	4,174,400		TIAA-CREF Bond Fund			43,497,251		2.2
	2,566,417		TIAA-CREF Bond Plus Fund			26,844,726		1.4
	668,243		TIAA-CREF Emerging Markets Debt Fund			6,528,733		0.3
	155,305		TIAA-CREF High-Yield Fund			1,478,508		0.1
	428,234		TIAA-CREF International Bond Fund			4,320,884		0.2
			TOTAL FIXED INCOME			82,670,102		4.2
INTERNATIONAL EQUITY—27.6%
	9,032,441		TIAA-CREF Emerging Markets Equity Fund			95,743,870		4.8
	11,778,895		TIAA-CREF International Equity Fund			118,377,899		6.0
	9,496,048		TIAA-CREF International Opportunities Fund			118,130,835		5.9
	20,717,889		TIAA-CREF Quant International Equity Fund			142,539,074		7.2
	7,710,783		TIAA-CREF Quant International Small-Cap Equity Fund			73,637,978		3.7
			TOTAL INTERNATIONAL EQUITY			548,429,656		27.6
U.S. EQUITY—63.3%
	19,520,620		TIAA-CREF Growth & Income Fund			265,090,022		13.3
	11,983,990		TIAA-CREF Large-Cap Growth Fund			238,960,754		12.0
	14,467,895		TIAA-CREF Large-Cap Value Fund			230,039,529		11.6
	15,588,737		TIAA-CREF Quant Large-Cap Growth Fund			209,044,968		10.5
	21,319,691		TIAA-CREF Quant Large-Cap Value Fund			201,044,685		10.1
	4,045,380		TIAA-CREF Quant Small-Cap Equity Fund			63,067,480		3.2
	4,459,947		TIAA-CREF Quant Small/Mid-Cap Equity Fund			50,664,994		2.6
			TOTAL U.S. EQUITY			1,257,912,432		63.3
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $1,835,908,051)		1,980,938,583		99.7

			TOTAL PORTFOLIO	(Cost $1,835,908,051)		1,980,938,583		99.7
			OTHER ASSETS & LIABILITIES, NET			6,165,548		0.3
			NET ASSETS		$	1,987,104,131		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $91,926,393 or 4.6% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle 2055 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.7%^a
DIRECT REAL ESTATE—4.6%
	2,795,170	^b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/30/19; cost $30,168,791)		$	32,144,453		4.6	%
			TOTAL DIRECT REAL ESTATE			32,144,453		4.6
FIXED INCOME—2.9%
	1,009,462		TIAA-CREF Bond Fund			10,518,593		1.5
	622,388		TIAA-CREF Bond Plus Fund			6,510,181		0.9
	146,846		TIAA-CREF Emerging Markets Debt Fund			1,434,683		0.2
	52,580		TIAA-CREF High-Yield Fund			500,560		0.1
	103,300		TIAA-CREF International Bond Fund			1,042,302		0.2
			TOTAL FIXED INCOME			20,006,319		2.9
INTERNATIONAL EQUITY—28.0%
	3,200,046		TIAA-CREF Emerging Markets Equity Fund			33,920,485		4.9
	4,180,174		TIAA-CREF International Equity Fund			42,010,749		6.0
	3,367,893		TIAA-CREF International Opportunities Fund			41,896,586		6.0
	7,353,857		TIAA-CREF Quant International Equity Fund			50,594,537		7.3
	2,738,142		TIAA-CREF Quant International Small-Cap Equity Fund			26,149,252		3.8
			TOTAL INTERNATIONAL EQUITY			194,571,609		28.0
U.S. EQUITY—64.2%
	6,926,963		TIAA-CREF Growth & Income Fund			94,068,163		13.5
	4,255,828		TIAA-CREF Large-Cap Growth Fund			84,861,206		12.2
	5,135,404		TIAA-CREF Large-Cap Value Fund			81,652,916		11.7
	5,529,435		TIAA-CREF Quant Large-Cap Growth Fund			74,149,726		10.7
	7,573,603		TIAA-CREF Quant Large-Cap Value Fund			71,419,076		10.3
	1,442,928		TIAA-CREF Quant Small-Cap Equity Fund			22,495,243		3.2
	1,581,904		TIAA-CREF Quant Small/Mid-Cap Equity Fund			17,970,426		2.6
			TOTAL U.S. EQUITY			446,616,756		64.2
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $676,815,801)		693,339,137		99.7

			TOTAL PORTFOLIO	(Cost $676,815,801)		693,339,137		99.7
			OTHER ASSETS & LIABILITIES, NET			2,340,018		0.3
			NET ASSETS		$	695,679,155		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $32,144,453 or 4.6% of net assets.

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2060 Fund ■ May 31, 2019

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.5%^a
DIRECT REAL ESTATE—4.6%
	507,310	^b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/30/19; cost $5,522,467)		$	5,834,070		4.6	%
			TOTAL DIRECT REAL ESTATE			5,834,070		4.6
FIXED INCOME—1.6%
	101,585		TIAA-CREF Bond Fund			1,058,518		0.8
	62,631		TIAA-CREF Bond Plus Fund			655,124		0.5
	9,902		TIAA-CREF Emerging Markets Debt Fund			96,739		0.1
	10,639		TIAA-CREF High-Yield Fund			101,284		0.1
	10,395		TIAA-CREF International Bond Fund			104,881		0.1
			TOTAL FIXED INCOME			2,016,546		1.6
INTERNATIONAL EQUITY—28.3%
	592,199		TIAA-CREF Emerging Markets Equity Fund			6,277,307		4.9
	771,599		TIAA-CREF International Equity Fund			7,754,575		6.1
	622,486		TIAA-CREF International Opportunities Fund			7,743,721		6.1
	1,358,874		TIAA-CREF Quant International Equity Fund			9,349,051		7.4
	506,611		TIAA-CREF Quant International Small-Cap Equity Fund			4,838,140		3.8
			TOTAL INTERNATIONAL EQUITY			35,962,794		28.3
U.S. EQUITY—65.0%
	1,281,835		TIAA-CREF Growth & Income Fund			17,407,320		13.7
	787,283		TIAA-CREF Large-Cap Growth Fund			15,698,419		12.3
	950,741		TIAA-CREF Large-Cap Value Fund			15,116,781		11.9
	1,024,071		TIAA-CREF Quant Large-Cap Growth Fund			13,732,788		10.8
	1,402,242		TIAA-CREF Quant Large-Cap Value Fund			13,223,141		10.4
	271,683		TIAA-CREF Quant Small-Cap Equity Fund			4,235,533		3.3
	292,414		TIAA-CREF Quant Small/Mid-Cap Equity Fund			3,321,822		2.6
			TOTAL U.S. EQUITY			82,735,804		65.0
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $129,114,335)		126,549,214		99.5

			TOTAL PORTFOLIO	(Cost $129,114,335)		126,549,214		99.5
			OTHER ASSETS & LIABILITIES, NET			640,356		0.5
			NET ASSETS		$	127,189,570		100.0	%

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
^b	Restricted security. At 5/31/19, the total value of this security amounted to $5,834,070 or 4.6% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Statements of assets and liabilities

TIAA-CREF Lifecycle Funds ■ May 31, 2019

	Lifecycle Retirement Income Fund		Lifecycle 2010 Fund		Lifecycle 2015 Fund		Lifecycle 2020 Fund		Lifecycle 2025 Fund		Lifecycle 2030 Fund
ASSETS
Affiliated investments, at value^‡	$	518,748,206	$	1,161,935,125	$	1,780,304,367	$	3,673,800,051	$	4,396,346,757	$	4,353,651,363
Cash		209,759		260,379		609,754		1,050,192		1,219,643		3,398,163
Receivable from securities transactions		4,335,451		9,716,618		14,789,325		29,544,495		34,077,758		30,736,130
Receivable from Fund shares sold		172,314		441,143		654,469		2,446,140		6,292,391		6,527,177
Dividends receivable		710,721		1,578,886		2,280,106		4,307,660		4,333,414		3,466,908
Due from affiliates		6,913		13,133		16,169		34,699		41,333		40,951
Other		22,866		78,180		116,593		180,558		187,200		181,538
Total assets		524,206,230		1,174,023,464		1,798,770,783		3,711,363,795		4,442,498,496		4,398,002,230
LIABILITIES
Management fees payable		17,837		40,205		62,868		132,605		163,599		166,835
Service agreement fees payable		3,745		7,744		11,328		21,318		23,384		21,996
Distribution fees payable		28,911		14,861		22,868		52,832		64,198		66,294
Due to affiliates		11,790		12,866		15,499		22,815		24,882		24,749
Payable for securities transactions		4,449,740		9,750,901		14,918,114		29,209,560		35,038,789		35,396,172
Payable for Fund shares redeemed		40,971		435,636		29,685		224,837		538,839		317,785
Payable for trustee compensation		23,312		79,205		118,154		183,701		190,905		185,213
Accrued expenses and other payables		61,476		36,653		51,982		96,851		135,905		131,761
Total liabilities		4,637,782		10,378,071		15,230,498		29,944,519		36,180,501		36,310,805
NET ASSETS	$	519,568,448	$	1,163,645,393	$	1,783,540,285	$	3,681,419,276	$	4,406,317,995	$	4,361,691,425
NET ASSETS CONSIST OF:
Paid-in-capital	$	484,845,857	$	1,024,194,666	$	1,739,448,354	$	3,546,992,774	$	4,210,854,722	$	4,123,701,384
Total Distributable Earnings (loss)		34,722,591		139,450,727		44,091,931		134,426,502		195,463,273		237,990,041
NET ASSETS	$	519,568,448	$	1,163,645,393	$	1,783,540,285	$	3,681,419,276	$	4,406,317,995	$	4,361,691,425
INSTITUTIONAL CLASS:
Net assets	$	192,831,533	$	675,842,600	$	1,061,155,660	$	2,247,876,801	$	2,786,750,785	$	2,793,594,456
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		17,082,226		60,644,529		112,243,299		231,017,286		281,868,716		283,014,147
Net asset value per share	$	11.29	$	11.14	$	9.45	$	9.73	$	9.89	$	9.87
ADVISOR CLASS:
Net assets	$	296,368	$	131,290	$	126,193	$	199,767	$	124,661	$	116,695
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		26,251		11,778		13,352		20,533		12,613		11,821
Net asset value per share	$	11.29	$	11.15	$	9.45	$	9.73	$	9.88	$	9.87
PREMIER CLASS:
Net assets	$	28,946,731	$	112,672,893	$	173,266,342	$	401,305,809	$	488,246,955	$	505,271,262
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,566,167		10,137,835		18,416,684		41,369,733		49,630,023		51,462,633
Net asset value per share	$	11.28	$	11.11	$	9.41	$	9.70	$	9.84	$	9.82
RETIREMENT CLASS:
Net assets	$	179,624,881	$	374,998,610	$	548,992,090	$	1,032,036,899	$	1,131,195,594	$	1,062,709,012
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		15,952,008		28,356,751		46,464,674		82,913,908		88,413,012		81,474,450
Net asset value per share	$	11.26	$	13.22	$	11.82	$	12.45	$	12.79	$	13.04
RETAIL CLASS:
Net assets	$	117,868,935	$	—	$	—	$	—	$	—	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		10,456,849		—		—		—		—		—
Net asset value per share	$	11.27	$	—	$	—	$	—	$	—	$	—
^‡ Affiliated investments, cost	$	483,373,228	$	1,028,249,353	$	1,759,810,843	$	3,604,488,026	$	4,291,526,283	$	4,224,423,806


54	2019 Annual Report ■ TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds ■ 2019 Annual Report	55

Statements of assets and liabilities

concluded

TIAA-CREF Lifecycle Funds ■ May 31, 2019

	Lifecycle 2035 Fund		Lifecycle 2040 Fund		Lifecycle 2045 Fund		Lifecycle 2050 Fund		Lifecycle 2055 Fund		Lifecycle 2060 Fund
ASSETS
Affiliated investments, at value^‡	$	4,376,969,512	$	5,190,383,884	$	2,942,925,064	$	1,980,938,583	$	693,339,137	$	126,549,214
Cash		3,438,851		2,715,480		2,126,538		1,868,329		1,005,911		1,196,200
Receivable from securities transactions		26,972,543		23,903,337		11,023,125		6,856,862		2,183,149		318,799
Receivable from Fund shares sold		8,261,024		9,582,392		8,283,525		6,377,464		2,965,626		536,199
Dividends receivable		2,597,413		1,779,694		422,536		220,005		54,304		5,903
Due from affiliates		41,205		48,757		28,195		19,428		7,690		2,445
Other		182,898		236,732		87,153		53,134		12,192		1,416
Total assets		4,418,463,446		5,228,650,276		2,964,896,136		1,996,333,805		699,568,009		128,610,176
LIABILITIES
Management fees payable		172,590		209,440		120,837		81,558		28,577		5,202
Service agreement fees payable		20,289		24,376		12,437		8,280		3,220		554
Distribution fees payable		72,190		89,346		57,177		42,015		17,684		2,379
Due to affiliates		24,967		28,824		18,854		15,078		10,139		8,356
Payable for securities transactions		30,787,324		26,463,368		14,589,909		8,927,651		3,687,957		1,326,814
Payable for Fund shares redeemed		338,128		15,320		50,790		27,030		86,929		59,955
Payable for trustee compensation		186,628		241,207		89,621		54,769		12,726		1,510
Accrued expenses and other payables		136,641		159,112		102,506		73,293		41,622		15,836
Total liabilities		31,738,757		27,230,993		15,042,131		9,229,674		3,888,854		1,420,606
NET ASSETS	$	4,386,724,689	$	5,201,419,283	$	2,949,854,005	$	1,987,104,131	$	695,679,155	$	127,189,570
NET ASSETS CONSIST OF:
Paid-in-capital	$	4,095,025,419	$	4,800,264,090	$	2,605,813,715	$	1,781,047,294	$	658,888,646	$	128,914,078
Total Distributable Earnings (loss)		291,699,270		401,155,193		344,040,290		206,056,837		36,790,509		(1,724,508	)
NET ASSETS	$	4,386,724,689	$	5,201,419,283	$	2,949,854,005	$	1,987,104,131	$	695,679,155	$	127,189,570
INSTITUTIONAL CLASS:
Net assets	$	2,855,455,209	$	3,346,626,785	$	1,915,136,352	$	1,267,704,356	$	404,602,897	$	81,476,893
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		286,455,401		337,706,841		161,073,416		106,130,425		29,727,697		7,322,345
Net asset value per share	$	9.97	$	9.91	$	11.89	$	11.94	$	13.61	$	11.13
ADVISOR CLASS:
Net assets	$	109,777	$	130,152	$	116,506	$	117,143	$	118,851	$	114,655
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,021		13,142		9,796		9,806		8,732		10,305
Net asset value per share	$	9.96	$	9.90	$	11.89	$	11.95	$	13.61	$	11.13
PREMIER CLASS:
Net assets	$	550,501,161	$	678,439,062	$	435,003,518	$	319,986,651	$	135,603,059	$	18,553,026
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		55,422,014		68,708,321		36,764,176		26,905,558		10,003,270		1,670,118
Net asset value per share	$	9.93	$	9.87	$	11.83	$	11.89	$	13.56	$	11.11
RETIREMENT CLASS:
Net assets	$	980,658,542	$	1,176,223,284	$	599,597,629	$	399,295,981	$	155,354,348	$	27,044,996
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		72,941,882		85,763,303		50,816,616		33,693,218		11,458,982		2,437,181
Net asset value per share	$	13.44	$	13.71	$	11.80	$	11.85	$	13.56	$	11.10
‡ Affiliated investments, cost	$	4,210,446,195	$	4,956,307,556	$	2,686,438,512	$	1,835,908,051	$	676,815,801	$	129,114,335


56	2019 Annual Report ■ TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds ■ 2019 Annual Report	57

Statements of operations

TIAA-CREF Lifecycle Funds ■ For the year ended May 31, 2019

	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	$	14,732,714		$	33,244,299		$	49,686,492		$	96,513,063		$	107,201,013		$	100,035,861
Total income		14,732,714			33,244,299			49,686,492			96,513,063			107,201,013			100,035,861

EXPENSES
Management fees		1,667,154			3,808,372			5,927,142			12,209,703			14,756,916			14,974,439
Shareholder servicing — Institutional Class		1,547			1,576			1,888			3,034			3,363			3,382
Shareholder servicing — Advisor Class		155			44			25			8			50			75
Shareholder servicing — Premier Class		77			135			182			362			381			418
Shareholder servicing — Retirement Class		467,721			979,479			1,477,673			2,727,612			2,959,682			2,762,935
Shareholder servicing — Retail Class		30,382			—			—			—			—			—
Distribution fees — Premier Class		49,230			200,542			309,897			682,109			802,188			813,078
Distribution fees — Retail Class		292,079			—			—			—			—			—
Registration fees		81,234			75,098			84,917			81,564			81,914			79,892
Administrative service fees		45,191			48,801			58,396			85,882			94,674			94,107
Trustee fees and expenses		7,832			17,693			27,005			54,209			63,352			62,722
Other expenses		241,186			313,894			450,179			855,344			1,022,994			1,014,726
Total expenses		2,883,788			5,445,634			8,337,304			16,699,827			19,785,514			19,805,774
Less: Expenses reimbursed by the investment adviser		(329,835	)		(293,228	)		(392,823	)		(544,844	)		(638,263	)		(636,647	)
Fee waiver by investment adviser and TPIS		(535,783	)		(1,215,010	)		(1,863,129	)		(3,746,299	)		(4,398,222	)		(4,358,985	)
Net expenses		2,018,170			3,937,396			6,081,352			12,408,684			14,749,029			14,810,142

Net investment income (loss)		12,714,544			29,306,903			43,605,140			84,104,379			92,451,984			85,225,719

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		2,746,702			16,174,645			(5,514,158	)		(1,405,892	)		(4,208,908	)		5,452,447
Realized gain distributions from affiliated investments		11,863,515			28,445,130			49,061,826			113,003,159			157,419,699			179,847,422
Realized gain (loss) from sale of unaffiliated investments		(32,131	)		—			—			—			—			—
Net realized gain (loss) from investments		14,578,086			44,619,775			43,547,668			111,597,267			153,210,791			185,299,869
Net change in unrealized appreciation (depreciation) from affiliated investments		(15,942,081	)		(47,854,405	)		(53,346,663	)		(145,396,372	)		(221,913,440	)		(281,176,267	)
Net realized and unrealized gain (loss) from investments		(1,363,995	)		(3,234,630	)		(9,798,995	)		(33,799,105	)		(68,702,649	)		(95,876,398	)
Net increase (decrease) in net assets from operations	$	11,350,549		$	26,072,273		$	33,806,145		$	50,305,274		$	23,749,335		$	(10,650,679	)


58	2019 Annual Report ■ TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds ■ 2019 Annual Report	59

Statements of operations	concluded

TIAA-CREF Lifecycle Funds ■ For the year ended May 31, 2019

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

INVESTMENT INCOME
Dividends from affiliated investments	$	94,870,047		$	104,683,448		$	53,254,250		$	34,609,208		$	11,196,389		$	2,024,418
Total income		94,870,047			104,683,448			53,254,250			34,609,208			11,196,389			2,024,418

EXPENSES
Management fees		15,529,124			19,008,077			10,592,514			7,031,629			2,344,011			414,994
Shareholder servicing — Institutional Class		3,402			3,972			2,846			2,376			1,787			1,497
Shareholder servicing — Advisor Class		34			46			10			10			10			36
Shareholder servicing — Premier Class		423			519			341			256			143			58
Shareholder servicing — Retirement Class		2,544,288			3,095,836			1,527,790			1,004,249			368,947			65,262
Distribution fees — Premier Class		883,671			1,094,720			661,144			474,003			187,632			23,137
Registration fees		78,198			79,196			73,042			70,111			70,714			66,170
Administrative service fees		95,047			108,827			72,633			58,252			39,494			32,324
Trustee fees and expenses		63,562			76,681			39,786			26,442			8,856			1,623
Other expenses		1,013,164			1,194,279			689,305			483,762			211,744			90,979
Total expenses		20,210,913			24,662,153			13,659,411			9,151,090			3,233,338			696,080
Less: Expenses reimbursed by the investment adviser		(633,314	)		(729,984	)		(478,844	)		(377,949	)		(245,289	)		(176,760	)
Fee waiver by investment adviser and TPIS		(4,426,373	)		(5,342,221	)		(2,912,290	)		(1,923,094	)		(629,795	)		(111,066	)
Net expenses		15,151,226			18,589,948			10,268,277			6,850,047			2,358,254			408,254
Net investment income (loss)		79,718,821			86,093,500			42,985,973			27,759,161			8,838,135			1,616,164


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		1,865,814			20,611,200			(15,375,836	)		(9,287,348	)		(4,646,796	)		(2,961,721	)
Realized gain distributions from affiliated investments		207,224,343			279,513,857			163,788,342			109,260,012			36,294,927			6,801,763
Realized gain (loss) from sale of unaffiliated investments		—			—			—			—			—			(1,561	)
Net realized gain (loss) from investments		209,090,157			300,125,057			148,412,506			99,972,664			31,648,131			3,838,481
Net change in unrealized appreciation (depreciation) from affiliated investments		(336,226,863	)		(494,058,015	)		(271,478,903	)		(183,421,581	)		(59,995,399	)		(9,824,821	)
Net realized and unrealized gain (loss) from investments		(127,136,706	)		(193,932,958	)		(123,066,397	)		(83,448,917	)		(28,347,268	)		(5,986,340	)
Net increase (decrease) in net assets from operations	$	(47,417,885	)	$	(107,839,458	)	$	(80,080,424	)	$	(55,689,756	)	$	(19,509,133	)	$	(4,370,176	)

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Statements of changes in net assets

TIAA-CREF Lifecycle Funds ■ For the year ended

		Lifecycle Retirement Income Fund						Lifecycle 2010 Fund						Lifecycle 2015 Fund
		May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a
OPERATIONS
Net investment income (loss)		$	12,714,544		$	10,916,317		$	29,306,903		$	26,714,248		$	43,605,140		$	40,688,057
Net realized gain (loss) from investments			14,578,086			12,296,442			44,619,775			38,776,948			43,547,668			91,990,783
Net change in unrealized appreciation (depreciation) from affiliated investments			(15,942,081	)		5,657,957			(47,854,405	)		11,325,177			(53,346,663	)		438,481
Net increase (decrease) in net assets from operations			11,350,549			28,870,716			26,072,273			76,816,373			33,806,145			133,117,321
DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(10,878,435	)		(6,536,829	)		(43,397,812	)		(32,471,658	)		(78,932,398	)		(62,396,131	)
	Advisor Class		(19,153	)		(3,858	)		(6,827	)		(5,307	)		(7,919	)		(6,582	)
	Premier Class		(1,801,281	)		(1,253,087	)		(8,456,781	)		(6,954,540	)		(15,177,590	)		(14,962,908	)
	Retirement Class		(9,880,057	)		(5,978,630	)		(20,064,809	)		(16,225,283	)		(34,028,675	)		(30,858,820	)
	Retail Class		(6,266,370	)		(3,582,472	)		—			—			—			—
Total distributions			(28,845,296	)		(17,354,876	)		(71,926,229	)		(55,656,788	)		(128,146,582	)		(108,224,441	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		52,083,262			52,345,446			89,546,815			120,173,221			144,225,314			174,175,096
	Advisor Class		186,161			104,500			25,000			7,681			25,000			—
	Premier Class		6,500,658			9,180,882			15,687,422			19,644,896			21,532,165			22,331,348
	Retirement Class		21,605,747			37,874,769			31,365,132			34,765,497			34,478,290			39,218,394
	Retail Class		16,491,497			20,847,696			—			—			—			—
Reinvestments of distributions:	Institutional Class		10,772,035			6,536,815			43,378,623			32,471,658			78,885,324			62,396,131
	Advisor Class		13,176			—			—			—			—			—
	Premier Class		1,798,894			1,253,087			8,456,781			6,954,540			15,177,590			14,962,908
	Retirement Class		9,880,004			5,978,630			20,064,809			16,225,283			34,028,675			30,858,820
	Retail Class		6,041,473			3,426,662			—			—			—			—
Redemptions:	Institutional Class		(66,179,816	)		(39,708,331	)		(127,946,585	)		(102,645,606	)		(174,652,920	)		(162,589,816	)
	Advisor Class		(102,759	)		—			(7,582	)		—			—			—
	Premier Class		(14,931,233	)		(11,612,828	)		(53,528,726	)		(31,888,905	)		(86,767,875	)		(61,078,675	)
	Retirement Class		(38,557,867	)		(30,002,115	)		(74,088,838	)		(85,301,170	)		(130,204,824	)		(132,014,253	)
	Retail Class		(16,501,473	)		(15,088,230	)		—			—			—			—
Net increase (decrease) from shareholder transactions			(10,900,241	)		41,136,983			(47,047,149	)		10,407,095			(63,273,261	)		(11,740,047	)
Net increase (decrease) in net assets			(28,394,988	)		52,652,823			(92,901,105	)		31,566,680			(157,613,698	)		13,152,833
NET ASSETS
Beginning of period			547,963,436			495,310,613			1,256,546,498			1,224,979,818			1,941,153,983			1,928,001,150
End of period		$	519,568,448		$	547,963,436		$	1,163,645,393		$	1,256,546,498		$	1,783,540,285		$	1,941,153,983
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		4,568,362			4,476,474			7,882,469			10,198,202			14,975,629			17,067,111
	Advisor Class		16,101			9,039			2,392			659			2,708			—
	Premier Class		573,135			787,464			1,386,508			1,677,165			2,215,288			2,208,399
	Retirement Class		1,889,877			3,245,751			2,340,448			2,529,411			2,859,267			3,159,767
	Retail Class		1,448,425			1,784,491			—			—			—			—
Shares reinvested:	Institutional Class		986,765			562,743			4,127,367			2,806,539			8,853,572			6,258,388
	Advisor Class		1,219			—			—			—			—			—
	Premier Class		165,065			107,917			806,175			602,125			1,711,115			1,506,838
	Retirement Class		908,210			515,671			1,606,470			1,192,159			3,054,639			2,512,933
	Retail Class		555,229			295,307			—			—			—			—
Shares redeemed:	Institutional Class		(5,807,236	)		(3,405,168	)		(11,334,338	)		(8,731,910	)		(18,059,857	)		(16,014,615	)
	Advisor Class		(9,532	)		—			(659	)		—			—			—
	Premier Class		(1,320,206	)		(998,108	)		(4,779,366	)		(2,733,887	)		(9,005,020	)		(6,080,884	)
	Retirement Class		(3,399,058	)		(2,585,275	)		(5,551,312	)		(6,211,146	)		(10,828,683	)		(10,635,145	)
	Retail Class		(1,477,173	)		(1,295,788	)		—			—			—			—
Net increase (decrease) from shareholder transactions			(900,817	)		3,500,518			(3,513,846	)		1,329,317			(4,221,342	)		(17,208	)

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Statements of changes in net assets	continued

TIAA-CREF Lifecycle Funds ■ For the year ended

		Lifecycle 2020 Fund						Lifecycle 2025 Fund						Lifecycle 2030 Fund
		May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a
OPERATIONS
Net investment income (loss)		$	84,104,379		$	75,694,002		$	92,451,984		$	80,381,485		$	85,225,719		$	74,826,749
Net realized gain (loss) from investments			111,597,267			185,073,367			153,210,791			219,238,722			185,299,869			226,878,149
Net change in unrealized appreciation (depreciation) from affiliated investments			(145,396,372	)		28,084,661			(221,913,440	)		68,033,572			(281,176,267	)		105,587,979
Net increase (decrease) in net assets from operations			50,305,274			288,852,030			23,749,335			367,653,779			(10,650,679	)		407,292,877
DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(166,958,620	)		(118,814,215	)		(202,260,214	)		(135,774,567	)		(210,935,845	)		(143,255,642	)
	Advisor Class		(15,487	)		(11,876	)		(9,907	)		(7,112	)		(9,566	)		(7,348	)
	Premier Class		(34,321,546	)		(30,108,908	)		(40,306,669	)		(33,781,499	)		(41,792,255	)		(35,285,673	)
	Retirement Class		(63,044,009	)		(52,086,223	)		(67,431,222	)		(52,316,229	)		(63,331,471	)		(49,497,368	)
Total distributions			(264,339,662	)		(201,021,222	)		(310,008,012	)		(221,879,407	)		(316,069,137	)		(228,046,031	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		303,027,548			357,719,837			453,261,295			461,296,229			463,179,579			451,900,366
	Advisor Class		—			115,406			—			12,000			2,450			9,756
	Premier Class		36,140,574			49,725,790			53,236,156			60,418,325			66,165,397			69,665,064
	Retirement Class		71,637,681			90,782,196			92,521,437			115,394,195			93,402,890			111,537,109
Reinvestments of distributions:	Institutional Class		166,716,253			118,814,214			201,151,668			135,774,567			210,322,271			143,255,642
	Advisor Class		7,266			5,401			1,570			694			899			514
	Premier Class		34,320,532			30,108,908			40,306,668			33,781,499			41,792,255			35,285,673
	Retirement Class		63,041,396			52,086,223			67,430,291			52,316,229			63,330,664			49,497,368
Redemptions:	Institutional Class		(275,724,019	)		(222,334,583	)		(263,467,861	)		(225,330,266	)		(292,836,167	)		(202,678,109	)
	Advisor Class		(19,290	)		—			—			(9,085	)		(300	)		—
	Premier Class		(143,845,671	)		(99,739,382	)		(141,055,667	)		(113,380,488	)		(143,813,397	)		(105,998,506	)
	Retirement Class		(198,398,966	)		(185,565,389	)		(185,316,248	)		(165,697,945	)		(164,258,202	)		(147,892,631	)
Net increase (decrease) from shareholder transactions			56,903,304			191,718,621			318,069,309			354,575,954			337,288,339			404,582,246
Net increase (decrease) in net assets			(157,131,084	)		279,549,429			31,810,632			500,350,326			10,568,523			583,829,092
NET ASSETS
Beginning of period			3,838,550,360			3,559,000,931			4,374,507,363			3,874,157,037			4,351,122,902			3,767,293,810
End of period		$	3,681,419,276		$	3,838,550,360		$	4,406,317,995		$	4,374,507,363		$	4,361,691,425		$	4,351,122,902
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		30,482,074			34,052,939			44,551,854			43,037,527			45,341,554			41,839,171
	Advisor Class		—			10,656			—			1,128			239			922
	Premier Class		3,589,904			4,748,618			5,199,010			5,671,329			6,431,946			6,496,272
	Retirement Class		5,644,130			6,931,137			7,024,995			8,539,140			6,936,995			8,051,607
Shares reinvested:	Institutional Class		18,220,356			11,513,005			21,652,494			12,894,071			22,712,989			13,514,683
	Advisor Class		794			524			169			66			97			48
	Premier Class		3,759,095			2,926,036			4,357,478			3,220,353			4,532,782			3,344,614
	Retirement Class		5,378,959			4,012,806			5,605,178			3,904,196			5,169,850			3,602,428
Shares redeemed:	Institutional Class		(27,512,496	)		(21,177,473	)		(26,004,240	)		(21,053,344	)		(28,645,895	)		(18,808,272	)
	Advisor Class		(1,919	)		—			—			(837	)		(30	)		—
	Premier Class		(14,441,960	)		(9,609,152	)		(13,904,205	)		(10,724,589	)		(14,087,222	)		(9,965,261	)
	Retirement Class		(15,600,750	)		(14,170,737	)		(14,143,315	)		(12,300,348	)		(12,236,709	)		(10,670,699	)
Net increase (decrease) from shareholder transactions			9,518,187			19,238,359			34,339,418			33,188,692			36,156,596			37,405,513

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Statements of changes in net assets	continued

TIAA-CREF Lifecycle Funds ■ For the year ended

		Lifecycle 2035 Fund						Lifecycle 2040 Fund						Lifecycle 2045 Fund
		May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a
OPERATIONS
Net investment income (loss)		$	79,718,821		$	70,466,396		$	86,093,500		$	79,188,855		$	42,985,973		$	37,726,168
Net realized gain (loss) from investments			209,090,157			248,644,976			300,125,057			342,702,426			148,412,506			87,530,160
Net change in unrealized appreciation (depreciation) from affiliated investments			(336,226,863	)		140,995,071			(494,058,015	)		208,058,666			(271,478,903	)		202,293,363
Net increase (decrease) in net assets from operations			(47,417,885	)		460,106,443			(107,839,458	)		629,949,947			(80,080,424	)		327,549,691
DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(220,695,695	)		(155,233,004	)		(291,784,706	)		(202,763,085	)		(87,943,574	)		(59,273,011	)
	Advisor Class		(9,233	)		(7,481	)		(12,121	)		(7,829	)		(5,785	)		(4,633	)
	Premier Class		(45,820,731	)		(39,277,115	)		(63,091,667	)		(52,405,087	)		(20,260,640	)		(16,304,151	)
	Retirement Class		(57,267,632	)		(45,941,335	)		(75,391,179	)		(59,074,630	)		(27,372,085	)		(20,945,189	)
Total distributions			(323,793,291	)		(240,458,935	)		(430,279,673	)		(314,250,631	)		(135,582,084	)		(96,526,984	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		454,103,998			447,606,578			474,851,567			450,890,999			394,682,048			354,110,646
	Advisor Class		—			—			27,000			1,400			—			—
	Premier Class		58,715,615			70,454,849			65,470,433			73,261,333			64,447,499			76,025,859
	Retirement Class		89,299,429			93,907,000			90,015,655			105,390,972			77,997,480			84,295,015
Reinvestments of distributions:	Institutional Class		220,129,178			155,233,004			291,113,943			202,763,085			87,700,664			59,273,011
	Advisor Class		380			290			2,237			91			—			—
	Premier Class		45,820,731			39,277,115			63,091,666			52,405,087			20,260,640			16,304,151
	Retirement Class		57,257,728			45,941,335			75,375,861			59,074,630			27,370,315			20,945,189
Redemptions:	Institutional Class		(300,918,966	)		(233,107,121	)		(388,118,387	)		(306,671,046	)		(186,757,570	)		(132,936,505	)
	Advisor Class		—			—			—			(1,457	)		—			—
	Premier Class		(128,234,451	)		(105,846,098	)		(151,441,013	)		(141,684,441	)		(68,106,450	)		(70,291,326	)
	Retirement Class		(134,321,075	)		(138,224,411	)		(168,025,052	)		(158,398,906	)		(69,782,963	)		(81,614,248	)
Net increase (decrease) from shareholder transactions			361,852,567			375,242,541			352,363,910			337,031,747			347,811,663			326,111,792
Net increase (decrease) in net assets			(9,358,609	)		594,890,049			(185,755,221	)		652,731,063			132,149,155			557,134,499
NET ASSETS
Beginning of period			4,396,083,298			3,801,193,249			5,387,174,504			4,734,443,441			2,817,704,850			2,260,570,351
End of period		$	4,386,724,689		$	4,396,083,298		$	5,201,419,283		$	5,387,174,504		$	2,949,854,005		$	2,817,704,850
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		43,843,406			40,774,826			45,667,715			40,633,885			32,046,722			28,082,681
	Advisor Class		—			—			2,381			124			—			—
	Premier Class		5,652,203			6,471,012			6,186,286			6,647,518			5,235,857			6,085,062
	Retirement Class		6,428,862			6,563,161			6,298,288			7,125,704			6,351,065			6,781,023
Shares reinvested:	Institutional Class		23,568,435			14,413,463			31,370,037			18,636,313			7,872,591			4,722,949
	Advisor Class		41			27			241			8			—			—
	Premier Class		4,921,668			3,657,087			6,813,355			4,829,962			1,826,929			1,304,332
	Retirement Class		4,540,660			3,228,485			5,861,265			4,021,418			2,472,477			1,679,647
Shares redeemed:	Institutional Class		(29,317,239	)		(21,270,974	)		(37,394,385	)		(27,654,216	)		(15,200,815	)		(10,470,540	)
	Advisor Class		—			—			—			(132	)		—			—
	Premier Class		(12,437,585	)		(9,773,232	)		(14,659,796	)		(12,924,775	)		(5,537,970	)		(5,607,053	)
	Retirement Class		(9,651,023	)		(9,628,381	)		(11,781,673	)		(10,672,591	)		(5,707,722	)		(6,504,361	)
Net increase (decrease) from shareholder transactions			37,549,428			34,435,474			38,363,714			30,643,218			29,359,134			26,073,740

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Statements of changes in net assets	concluded

TIAA-CREF Lifecycle Funds ■ For the year ended

		Lifecycle 2050 Fund						Lifecycle 2055 Fund						Lifecycle 2060 Fund
		May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a
OPERATIONS
Net investment income (loss)		$	27,759,161		$	23,774,006		$	8,838,135		$	6,490,352		$	1,616,164		$	836,196
Net realized gain (loss) from investments			99,972,664			56,332,799			31,648,131			15,709,554			3,838,481			1,991,204
Net change in unrealized appreciation (depreciation) from affiliated investments			(183,421,581	)		131,651,169			(59,995,399	)		36,647,637			(9,824,821	)		4,362,524
Net increase (decrease) in net assets from operations			(55,689,756	)		211,757,974			(19,509,133	)		58,847,543			(4,370,176	)		7,189,924
DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(55,935,412	)		(36,781,254	)		(14,874,386	)		(8,554,218	)		(3,009,247	)		(1,123,474	)
	Advisor Class		(5,734	)		(4,634	)		(5,170	)		(4,427	)		(5,239	)		(3,808	)
	Premier Class		(14,252,048	)		(11,350,880	)		(5,057,263	)		(3,716,575	)		(647,679	)		(293,422	)
	Retirement Class		(17,649,664	)		(13,435,930	)		(5,748,898	)		(4,113,764	)		(1,039,246	)		(439,955	)
Total distributions			(87,842,858	)		(61,572,698	)		(25,685,717	)		(16,388,984	)		(4,701,411	)		(1,860,659	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		281,446,250			252,759,033			143,993,317			121,809,239			47,693,214			44,203,361
	Advisor Class		—			—			—			—			—			—
	Premier Class		58,001,186			58,122,636			38,099,148			35,081,156			10,968,834			9,137,024
	Retirement Class		58,557,305			63,825,737			37,483,361			39,307,119			14,893,147			17,773,990
Reinvestments of distributions:	Institutional Class		55,877,289			36,781,254			14,830,575			8,553,709			2,760,397			944,553
	Advisor Class		—			—			—			—			141			100
	Premier Class		14,252,047			11,350,880			5,056,690			3,716,084			529,069			206,985
	Retirement Class		17,649,664			13,435,930			5,748,339			4,113,286			923,671			356,067
Redemptions:	Institutional Class		(111,616,691	)		(65,946,987	)		(36,410,720	)		(27,015,357	)		(22,046,649	)		(9,301,080	)
	Advisor Class		—			—			—			—			(8,187	)		(16	)
	Premier Class		(48,113,144	)		(46,631,289	)		(16,579,808	)		(14,469,923	)		(4,625,761	)		(2,963,824	)
	Retirement Class		(43,179,418	)		(53,722,605	)		(14,655,792	)		(18,428,616	)		(11,137,753	)		(6,160,962	)
Net increase (decrease) from shareholder transactions			282,874,488			269,974,589			177,565,110			152,666,697			39,950,123			54,196,198
Net increase (decrease) in net assets			139,341,874			420,159,865			132,370,260			195,125,256			30,878,536			59,525,463
NET ASSETS
Beginning of period			1,847,762,257			1,427,602,392			563,308,895			368,183,639			96,311,034			36,785,571
End of period		$	1,987,104,131		$	1,847,762,257		$	695,679,155		$	563,308,895		$	127,189,570		$	96,311,034
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		22,742,419			19,945,921			10,213,577			8,478,111			4,120,435			3,760,369
	Advisor Class		—			—			—			—			—			—
	Premier Class		4,684,222			4,630,991			2,699,716			2,466,424			948,846			781,497
	Retirement Class		4,764,186			5,094,421			2,665,610			2,762,836			1,296,770			1,507,302
Shares reinvested:	Institutional Class		4,993,502			2,916,832			1,163,182			598,162			264,659			80,800
	Advisor Class		—			—			—			—			13			8
	Premier Class		1,278,211			903,732			397,852			260,777			50,774			17,721
	Retirement Class		1,587,200			1,073,158			451,913			288,449			88,729			30,511
Shares redeemed:	Institutional Class		(8,970,245	)		(5,170,776	)		(2,576,219	)		(1,869,192	)		(1,958,872	)		(788,676	)
	Advisor Class		—			—			—			—			(763	)		(1	)
	Premier Class		(3,873,487	)		(3,693,419	)		(1,182,011	)		(1,008,567	)		(415,118	)		(252,968	)
	Retirement Class		(3,519,352	)		(4,263,543	)		(1,046,682	)		(1,284,704	)		(976,944	)		(520,104	)
Net increase (decrease) from shareholder transactions			23,686,656			21,437,317			12,786,938			10,692,296			3,418,529			4,616,459

^a	Prior period amounts have been conformed to current year presentation. See notes to financial statements, Note 1—organization and significant accounting policies for further details.
^b	The composition and per share amounts of the Funds’ distributions are presented in the Financial highlights. The distribution information for the Funds as of its most recent tax year end is presented within the notes to the financial statements, Note 5—distributions to shareholder and other tax items.
^c	For the fiscal year ended May 31, 2018, the distributions to shareholders were characterized as “From net investment income” and “From realized gains.” See notes to financial statements, Note 1—organization and significant accounting policies for further details.

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Financial highlights

TIAA-CREF Lifecycle Funds

		Selected per share data																									Ratios and supplemental data
				Gain (loss) from investment operations
							Net realized																							Ratios to average net assets
	For the	Net asset		Net			& unrealized			Total gain				Less distributions from					Total			Net asset					Net assets									Net
	period	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			expenses			(loss		)	rate
LIFECYCLE RETIREMENT INCOME FUND
Institutional Class:	5/31/19		$11.68		$0.29			$(0.04	)		$ 0.25			$(0.32	)		$(0.32	)		$(0.64	)		$11.29		2.48	%		$192,832			0.38	%^f		0.22	%^f		2.52	%		25	%
	5/31/18		11.40		0.26			0.43			0.69			(0.31	)		(0.10	)		(0.41	)		11.68		6.02			202,413			0.15	^e		0.00	^e		2.24			18
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.84			19
Advisor Class:	5/31/19		11.68		0.30			(0.05	)		0.25			(0.32	)		(0.32	)		(0.64	)		11.29		2.43			296			0.47	^f		0.31	^f		2.68			25
	5/31/18		11.41		0.25			0.43			0.68			(0.31	)		(0.10	)		(0.41	)		11.68		5.91			216			0.18	^e		0.03	^e		2.14			18
	5/31/17		10.88		0.24			0.72			0.96			(0.27	)		(0.16	)		(0.43	)		11.41		9.07			107			0.17	^e		0.02	^e		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,e		0.03	^c,e		1.62	^c		18
Premier Class:	5/31/19		11.67		0.27			(0.03	)		0.24			(0.31	)		(0.32	)		(0.63	)		11.28		2.33			28,947			0.53	^f		0.37	^f		2.40			25
	5/31/18		11.40		0.25			0.42			0.67			(0.30	)		(0.10	)		(0.40	)		11.67		5.77			36,733			0.30	^e		0.15	^e		2.11			18
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.72			19
Retirement Class:	5/31/19		11.65		0.26			(0.04	)		0.22			(0.29	)		(0.32	)		(0.61	)		11.26		2.23			179,625			0.63	^f		0.48	^f		2.27			25
	5/31/18		11.38		0.23			0.43			0.66			(0.29	)		(0.10	)		(0.39	)		11.65		5.68			192,819			0.40	^e		0.25	^e		2.00			18
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.59			19
Retail Class:	5/31/19		11.66		0.26			(0.04	)		0.22			(0.29	)		(0.32	)		(0.61	)		11.27		2.14			117,869			0.66	^f		0.48	^f		2.28			25
	5/31/18		11.39		0.23			0.43			0.66			(0.29	)		(0.10	)		(0.39	)		11.66		5.76			115,783			0.43	^e		0.25	^e		2.00			18
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.61			19

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Financial highlights	continued

TIAA-CREF Lifecycle Funds


		Selected per share data																									Ratios and supplemental data
				Gain (loss) from investment operations
							Net realized																							Ratios to average net assets
	For the	Net asset		Net			& unrealized			Total gain				Less distributions from					Total			Net asset					Net assets									Net
	period	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			expenses			(loss		)	rate
LIFECYCLE 2010 FUND
Institutional Class:	5/31/19		$11.65		$0.28			$(0.06	)		$ 0.22			$(0.35	)		$(0.38	)		$(0.73	)		$11.14		2.26	%		$675,843			0.35	%^f		0.23	%^f		2.50	%		22	%
	5/31/18		11.48		0.26			0.47			0.73			(0.33	)		(0.23	)		(0.56	)		11.65		6.45			698,687			0.12	^e		0.00	^e		2.23			21
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.85			20
Advisor Class:	5/31/19		11.66		0.27			(0.06	)		0.21			(0.34	)		(0.38	)		(0.72	)		11.15		2.33			131			0.39	^f		0.27	^f		2.39			22
	5/31/18		11.48		0.26			0.48			0.74			(0.33	)		(0.23	)		(0.56	)		11.66		6.44			117			0.13	^e		0.01	^e		2.24			21
	5/31/17		10.93		0.24			0.77			1.01			(0.28	)		(0.18	)		(0.46	)		11.48		9.57			108			0.14	^e		0.02	^e		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,e		0.03	^c,e		1.59	^c		19
Premier Class:	5/31/19		11.62		0.27			(0.07	)		0.20			(0.33	)		(0.38	)		(0.71	)		11.11		2.10			112,673			0.50	^f		0.37	^f		2.39			22
	5/31/18		11.45		0.24			0.47			0.71			(0.31	)		(0.23	)		(0.54	)		11.62		6.31			147,851			0.27	^e		0.15	^e		2.09			21
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.69			20
Retirement Class:	5/31/19		13.68		0.30			(0.07	)		0.23			(0.31	)		(0.38	)		(0.69	)		13.22		2.01			374,999			0.60	^f		0.48	^f		2.26			22
	5/31/18		13.39		0.27			0.55			0.82			(0.30	)		(0.23	)		(0.53	)		13.68		6.16			409,891			0.37	^e		0.25	^e		1.97			21
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.60			20
LIFECYCLE 2015 FUND
Institutional Class:	5/31/19		10.05		0.24			(0.10	)		0.14			(0.30	)		(0.44	)		(0.74	)		9.45		1.89			1,061,156			0.35	^f		0.23	^f		2.43			21
	5/31/18		9.97		0.22			0.48			0.70			(0.29	)		(0.33	)		(0.62	)		10.05		7.09			1,070,488			0.12	^e		0.00	^e		2.18			19
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.85			16
Advisor Class:	5/31/19		10.05		0.23			(0.09	)		0.14			(0.30	)		(0.44	)		(0.74	)		9.45		1.88			126			0.38	^f		0.26	^f		2.38			21
	5/31/18		9.96		0.22			0.49			0.71			(0.29	)		(0.33	)		(0.62	)		10.05		7.16			107			0.13	^e		0.02	^e		2.19			19
	5/31/17		9.61		0.20			0.75			0.95			(0.25	)		(0.35	)		(0.60	)		9.96		10.38			106			0.15	^e		0.03	^e		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,e		0.02	^c,e		1.54	^c		18
Premier Class:	5/31/19		10.01		0.22			(0.09	)		0.13			(0.29	)		(0.44	)		(0.73	)		9.41		1.83			173,266			0.49	^f		0.37	^f		2.31			21
	5/31/18		9.92		0.21			0.49			0.70			(0.28	)		(0.33	)		(0.61	)		10.01		6.96			235,104			0.27	^e		0.15	^e		2.04			19
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.69			16
Retirement Class:	5/31/19		12.37		0.26			(0.10	)		0.16			(0.27	)		(0.44	)		(0.71	)		11.82		1.74			548,992			0.60	^f		0.48	^f		2.19			21
	5/31/18		12.12		0.24			0.60			0.84			(0.26	)		(0.33	)		(0.59	)		12.37		6.87			635,454			0.37	^e		0.25	^e		1.93			19
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.60			16

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Financial highlights	continued

TIAA-CREF Lifecycle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain				Less distributions from					Total			Net asset					Net assets									Net
	period		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			expenses			(loss		)	rate
LIFECYCLE 2020 FUND
Institutional Class:	5/31/19			$10.43		$0.23			$(0.13	)		$ 0.10			$(0.31	)		$(0.49	)		$(0.80	)		$ 9.73		1.45	%		$2,247,877			0.36	%^f		0.24	%^f		2.33	%		23	%
	5/31/18			10.22		0.22			0.61			0.83			(0.30	)		(0.32	)		(0.62	)		10.43		8.07			2,188,054			0.11	^e		0.00	^e		2.11			17
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.80			13
Advisor Class:	5/31/19			10.42		0.23			(0.13	)		0.10			(0.30	)		(0.49	)		(0.79	)		9.73		1.39			200			0.35	^f		0.24	^f		2.32			23
	5/31/18			10.21		0.19			0.64			0.83			(0.30	)		(0.32	)		(0.62	)		10.42		8.17			226			0.17	^e		0.06	^e		1.85			17
	5/31/17			9.76		0.21			0.87			1.08			(0.25	)		(0.38	)		(0.63	)		10.21		11.56			107			0.13	^e		0.02	^e		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,e		0.03	^c,e		1.43	^c		14
Premier Class:	5/31/19			10.40		0.22			(0.14	)		0.08			(0.29	)		(0.49	)		(0.78	)		9.70		1.27			401,306			0.50	^f		0.38	^f		2.21			23
	5/31/18			10.19		0.21			0.61			0.82			(0.29	)		(0.32	)		(0.61	)		10.40		7.94			503,806			0.26	^e		0.15	^e		1.97			17
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.67			13
Retirement Class:	5/31/19			13.10		0.27			(0.16	)		0.11			(0.27	)		(0.49	)		(0.76	)		12.45		1.18			1,032,037			0.60	^f		0.49	^f		2.09			23
	5/31/18			12.69		0.24			0.76			1.00			(0.27	)		(0.32	)		(0.59	)		13.10		7.89			1,146,465			0.36	^e		0.25	^e		1.86			17
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.56			13
LIFECYCLE 2025 FUND
Institutional Class:	5/31/19			10.68		0.22			(0.21	)		0.01			(0.30	)		(0.50	)		(0.80	)		9.89		0.58			2,786,751			0.37	^f		0.25	^f		2.18			20
	5/31/18			10.33		0.21			0.75			0.96			(0.30	)		(0.31	)		(0.61	)		10.68		9.46			2,580,691			0.11	^e		0.00	^e		2.00			16
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.79			12
Advisor Class:	5/31/19			10.68		0.22			(0.22	)		0.00			(0.30	)		(0.50	)		(0.80	)		9.88		0.53			125			0.40	^f		0.28	^f		2.18			20
	5/31/18			10.33		0.21			0.75			0.96			(0.30	)		(0.31	)		(0.61	)		10.68		9.30			133			0.17	^e		0.05	^e		1.96			16
	5/31/17			9.76		0.20			1.00			1.20			(0.23	)		(0.40	)		(0.63	)		10.33		12.86			125			0.15	^e		0.04	^e		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,e		0.02	^c,e		1.31	^c		11
Premier Class:	5/31/19			10.63		0.21			(0.22	)		(0.01	)		(0.28	)		(0.50	)		(0.78	)		9.84		0.51			488,247			0.51	^f		0.39	^f		2.06			20
	5/31/18			10.28		0.20			0.75			0.95			(0.29	)		(0.31	)		(0.60	)		10.63		9.24			573,643			0.26	^e		0.15	^e		1.86			16
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.63			12
Retirement Class:	5/31/19			13.57		0.26			(0.27	)		(0.01	)		(0.27	)		(0.50	)		(0.77	)		12.79		0.33			1,131,196			0.61	^f		0.50	^f		1.95			20
	5/31/18			12.97		0.24			0.94			1.18			(0.27	)		(0.31	)		(0.58	)		13.57		9.12			1,220,041			0.36	^e		0.25	^e		1.75			16
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.54			12

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Financial highlights	continued

TIAA-CREF Lifecycle Funds

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

LIFECYCLE 2030 FUND
Institutional Class:	5/31/19			$10.78		$0.21			$(0.29	)		$(0.08	)		$(0.30	)		$(0.53	)		$(0.83	)		$ 9.87		(0.25	)%		$2,793,594		0.38	%^f		0.26	%^f		2.03	%		20	%
	5/31/18			10.33		0.20			0.90			1.10			(0.31	)		(0.34	)		(0.65	)		10.78		10.76			2,626,467		0.11	^e		0.00	^e		1.89			12
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.77			11
Advisor Class:	5/31/19			10.78		0.21			(0.30	)		(0.09	)		(0.29	)		(0.53	)		(0.82	)		9.87		(0.32	)		117		0.43	^f		0.32	^f		2.01			20
	5/31/18			10.34		0.20			0.89			1.09			(0.31	)		(0.34	)		(0.65	)		10.78		10.63			124		0.15	^e		0.04	^e		1.88			12
	5/31/17			9.68		0.19			1.12			1.31			(0.22	)		(0.43	)		(0.65	)		10.34		14.15			109		0.13	^e		0.02	^e		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,e		0.03	^c,e		1.19	^c		12
Premier Class:	5/31/19			10.73		0.20			(0.30	)		(0.10	)		(0.28	)		(0.53	)		(0.81	)		9.82		(0.33	)		505,271		0.52	^f		0.40	^f		1.90			20
	5/31/18			10.28		0.19			0.89			1.08			(0.29	)		(0.34	)		(0.63	)		10.73		10.56			585,462		0.26	^e		0.15	^e		1.76			12
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.62			11
Retirement Class:	5/31/19			13.96		0.24			(0.37	)		(0.13	)		(0.26	)		(0.53	)		(0.79	)		13.04		(0.54	)		1,062,709		0.62	^f		0.50	^f		1.79			20
	5/31/18			13.21		0.23			1.14			1.37			(0.28	)		(0.34	)		(0.62	)		13.96		10.43			1,139,069		0.36	^e		0.25	^e		1.64			12
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.52			11

LIFECYCLE 2035 FUND
Institutional Class:	5/31/19			10.99		0.20			(0.38	)		(0.18	)		(0.29	)		(0.55	)		(0.84	)		9.97		(1.08	)		2,855,455		0.38	^f		0.27	^f		1.87			17
	5/31/18			10.44		0.19			1.04			1.23			(0.31	)		(0.37	)		(0.68	)		10.99		11.98			2,729,789		0.11	^e		0.00	^e		1.76			13
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.67			11
Advisor Class:	5/31/19			10.98		0.20			(0.38	)		(0.18	)		(0.29	)		(0.55	)		(0.84	)		9.96		(1.11	)		110		0.40	^f		0.29	^f		1.89			17
	5/31/18			10.43		0.19			1.04			1.23			(0.31	)		(0.37	)		(0.68	)		10.98		11.96			121		0.15	^e		0.04	^e		1.74			13
	5/31/17			9.68		0.18			1.23			1.41			(0.21	)		(0.45	)		(0.66	)		10.43		15.24			114		0.13	^e		0.02	^e		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,e		0.03	^c,e		0.99	^c		11
Premier Class:	5/31/19			10.95		0.18			(0.38	)		(0.20	)		(0.27	)		(0.55	)		(0.82	)		9.93		(1.25	)		550,501		0.52	^f		0.41	^f		1.75			17
	5/31/18			10.41		0.18			1.03			1.21			(0.30	)		(0.37	)		(0.67	)		10.95		11.76			627,471		0.26	^e		0.15	^e		1.63			13
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.52			11
Retirement Class:	5/31/19			14.50		0.23			(0.49	)		(0.26	)		(0.25	)		(0.55	)		(0.80	)		13.44		(1.37	)		980,659		0.63	^f		0.51	^f		1.63			17
	5/31/18			13.58		0.22			1.35			1.57			(0.28	)		(0.37	)		(0.65	)		14.50		11.67			1,038,703		0.36	^e		0.25	^e		1.51			13
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.43			11

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Financial highlights	continued

TIAA-CREF Lifecycle Funds

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

LIFECYCLE 2040 FUND
Institutional Class:	5/31/19			$11.15		$0.18			$(0.47	)		$(0.29	)		$(0.29	)		$(0.66	)		$(0.95	)		$ 9.91		(2.09	)%		$3,346,627		0.39	%^f		0.27	%^f		1.68	%		18	%
	5/31/18			10.51		0.18			1.20			1.38			(0.32	)		(0.42	)		(0.74	)		11.15		13.28			3,322,450		0.11	^e		0.00	^e		1.60			14
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.60			11
Advisor Class:	5/31/19			11.14		0.18			(0.48	)		(0.30	)		(0.28	)		(0.66	)		(0.94	)		9.90		(2.13	)		130		0.41	^f		0.30	^f		1.70			18
	5/31/18			10.50		0.18			1.20			1.38			(0.32	)		(0.42	)		(0.74	)		11.14		13.27			117		0.14	^e		0.03	^e		1.62			14
	5/31/17			9.67		0.17			1.36			1.53			(0.19	)		(0.51	)		(0.70	)		10.50		16.52			110		0.13	^e		0.02	^e		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,e		0.03	^c,e		0.78	^c		11
Premier Class:	5/31/19			11.11		0.16			(0.47	)		(0.31	)		(0.27	)		(0.66	)		(0.93	)		9.87		(2.28	)		678,439		0.53	^f		0.41	^f		1.56			18
	5/31/18			10.47		0.16			1.20			1.36			(0.30	)		(0.42	)		(0.72	)		11.11		13.17			781,576		0.26	^e		0.15	^e		1.48			14
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.47			11
Retirement Class:	5/31/19			15.03		0.21			(0.62	)		(0.41	)		(0.25	)		(0.66	)		(0.91	)		13.71		(2.37	)		1,176,223		0.63	^f		0.52	^f		1.44			18
	5/31/18			13.93		0.20			1.60			1.80			(0.28	)		(0.42	)		(0.70	)		15.03		13.05			1,283,032		0.36	^e		0.25	^e		1.36			14
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.36			11

LIFECYCLE 2045 FUND
Institutional Class:	5/31/19			12.88		0.19			(0.59	)		(0.40	)		(0.30	)		(0.29	)		(0.59	)		11.89		(2.79	)		1,915,136		0.40	^f		0.28	^f		1.55			13
	5/31/18			11.73		0.19			1.44			1.63			(0.37	)		(0.11	)		(0.48	)		12.88		13.96			1,756,138		0.11	^e		0.00	^e		1.52			11
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.59			8
Advisor Class:	5/31/19			12.88		0.20			(0.60	)		(0.40	)		(0.30	)		(0.29	)		(0.59	)		11.89		(2.79	)		117		0.39	^f		0.28	^f		1.57			13
	5/31/18			11.73		0.19			1.44			1.63			(0.37	)		(0.11	)		(0.48	)		12.88		13.94			126		0.12	^e		0.01	^e		1.53			11
	5/31/17			10.42		0.18			1.55			1.73			(0.14	)		(0.28	)		(0.42	)		11.73		17.05			115		0.13	^e		0.01	^e		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,e		0.03	^c,e		0.73	^c		8
Premier Class:	5/31/19			12.82		0.17			(0.59	)		(0.42	)		(0.28	)		(0.29	)		(0.57	)		11.83		(2.96	)		435,004		0.54	^f		0.42	^f		1.41			13
	5/31/18			11.68		0.17			1.43			1.60			(0.35	)		(0.11	)		(0.46	)		12.82		13.78			451,707		0.26	^e		0.15	^e		1.39			11
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.47			8
Retirement Class:	5/31/19			12.78		0.16			(0.58	)		(0.42	)		(0.27	)		(0.29	)		(0.56	)		11.80		(3.00	)		599,598		0.64	^f		0.52	^f		1.30			13
	5/31/18			11.65		0.16			1.42			1.58			(0.34	)		(0.11	)		(0.45	)		12.78		13.62			609,733		0.36	^e		0.25	^e		1.27			11
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.37			8

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Financial highlights	continued

TIAA-CREF Lifecycle Funds

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

LIFECYCLE 2050 FUND
Institutional Class:	5/31/19			$12.95		$0.19			$(0.61	)		$(0.42	)		$(0.30	)		$(0.29	)		$(0.59	)		$11.94		(2.97	)%		$1,267,704		0.40	%^f		0.28	%^f		1.52	%		12	%
	5/31/18			11.77		0.19			1.47			1.66			(0.37	)		(0.11	)		(0.48	)		12.95		14.16			1,131,187		0.12	^e		0.00	^e		1.49			10
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.59			7
Advisor Class:	5/31/19			12.95		0.19			(0.60	)		(0.41	)		(0.30	)		(0.29	)		(0.59	)		11.95		(2.90	)		117		0.40	^f		0.28	^f		1.55			12
	5/31/18			11.77		0.19			1.47			1.66			(0.37	)		(0.11	)		(0.48	)		12.95		14.15			127		0.13	^e		0.01	^e		1.50			10
	5/31/17			10.42		0.18			1.58			1.76			(0.14	)		(0.27	)		(0.41	)		11.77		17.27			115		0.14	^e		0.01	^e		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,e		0.03	^c,e		0.70	^c		9
Premier Class:	5/31/19			12.89		0.17			(0.60	)		(0.43	)		(0.28	)		(0.29	)		(0.57	)		11.89		(3.07	)		319,987		0.55	^f		0.43	^f		1.38			12
	5/31/18			11.72		0.17			1.46			1.63			(0.35	)		(0.11	)		(0.46	)		12.89		13.99			319,950		0.27	^e		0.15	^e		1.37			10
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.51			7
Retirement Class:	5/31/19			12.85		0.16			(0.60	)		(0.44	)		(0.27	)		(0.29	)		(0.56	)		11.85		(3.19	)		399,296		0.65	^f		0.53	^f		1.27			12
	5/31/18			11.68		0.16			1.46			1.62			(0.34	)		(0.11	)		(0.45	)		12.85		13.93			396,498		0.37	^e		0.25	^e		1.25			10
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.35			7

LIFECYCLE 2055 FUND
Institutional Class:	5/31/19			14.69		0.21			(0.70	)		(0.49	)		(0.33	)		(0.26	)		(0.59	)		13.61		(3.04	)		404,603		0.43	^f		0.29	^f		1.49			10
	5/31/18			13.31		0.21			1.67			1.88			(0.39	)		(0.11	)		(0.50	)		14.69		14.29			307,441		0.14	^e		0.00	^e		1.45			9
	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	^e		0.00	^e		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	^e		0.00	^e		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	^e		0.00	^e		1.58			9
Advisor Class:	5/31/19			14.69		0.22			(0.71	)		(0.49	)		(0.33	)		(0.26	)		(0.59	)		13.61		(3.05	)		119		0.42	^f		0.28	^f		1.52			10
	5/31/18			13.31		0.21			1.67			1.88			(0.39	)		(0.11	)		(0.50	)		14.69		14.28			128		0.15	^e		0.01	^e		1.47			9
	5/31/17			11.72		0.20			1.80			2.00			(0.16	)		(0.25	)		(0.41	)		13.31		17.41			116		0.18	^e		0.02	^e		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,e		0.03	^c,e		0.67	^c		24
Premier Class:	5/31/19			14.63		0.19			(0.69	)		(0.50	)		(0.31	)		(0.26	)		(0.57	)		13.56		(3.14	)		135,603		0.57	^f		0.43	^f		1.35			10
	5/31/18			13.26		0.19			1.67			1.86			(0.38	)		(0.11	)		(0.49	)		14.63		14.13			118,351		0.29	^e		0.15	^e		1.35			9
	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	^e		0.15	^e		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	^e		0.15	^e		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	^e		0.15	^e		1.47			9
Retirement Class:	5/31/19			14.63		0.17			(0.68	)		(0.51	)		(0.30	)		(0.26	)		(0.56	)		13.56		(3.24	)		155,354		0.67	^f		0.53	^f		1.24			10
	5/31/18			13.26		0.17			1.67			1.84			(0.36	)		(0.11	)		(0.47	)		14.63		14.03			137,389		0.39	^e		0.25	^e		1.22			9
	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	^e		0.25	^e		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	^e		0.25	^e		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	^e		0.25	^e		1.35			9

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual 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			expenses			(loss)			rate

LIFECYCLE 2060 FUND
Institutional Class:	5/31/19			$12.02		$0.18			$(0.59	)		$(0.41	)		$(0.27	)		$(0.21	)		$(0.48	)		$11.13		(3.17	)%		$81,477		0.55	%^f		0.29	%^f		1.54	%		36	%
	5/31/18			10.81		0.16			1.39			1.55			(0.29	)		(0.05	)		(0.34	)		12.02		14.51			58,836		0.34	^e		0.00	^e		1.39			37
	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	^e		0.00	^e		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	^e		0.00	^e		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,e		0.00	^c,e		2.06	^c		12	^b
Advisor Class:	5/31/19			12.02		0.17			(0.58	)		(0.41	)		(0.27	)		(0.21	)		(0.48	)		11.13		(3.20	)		115		0.55	^f		0.30	^f		1.51			36
	5/31/18			10.81		0.16			1.39			1.55			(0.29	)		(0.05	)		(0.34	)		12.02		14.47			133		0.38	^e		0.04	^e		1.41			37
	5/31/17			9.51		0.15			1.48			1.63			(0.13	)		(0.20	)		(0.33	)		10.81		17.50			119		0.77	^e		0.03	^e		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,e		0.02	^c,e		0.65	^c		54
Premier Class:	5/31/19			12.00		0.16			(0.59	)		(0.43	)		(0.25	)		(0.21	)		(0.46	)		11.11		(3.31	)		18,553		0.70	^f		0.44	^f		1.39			36
	5/31/18			10.80		0.15			1.38			1.53			(0.28	)		(0.05	)		(0.33	)		12.00		14.32			13,028		0.49	^e		0.15	^e		1.30			37
	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	^e		0.15	^e		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	^e		0.15	^e		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,e		0.15	^c,e		1.92	^c		12	^b
Retirement Class:	5/31/19			11.99		0.15			(0.59	)		(0.44	)		(0.24	)		(0.21	)		(0.45	)		11.10		(3.41	)		27,045		0.79	^f		0.53	^f		1.27			36
	5/31/18			10.79		0.13			1.39			1.52			(0.27	)		(0.05	)		(0.32	)		11.99		14.24			24,314		0.59	^e		0.25	^e		1.07			37
	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	^e		0.25	^e		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	^e		0.25	^e		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,e		0.25	^c,e		1.77	^c		12	^b

^	The Fund commenced operations on September 26, 2014.
^‡	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.
^f	From June 1, 2018 through September 30, 2018, the Fund’s expenses do not include the expenses of the underlying Funds. Beginning October 1, 2018, the Lifecycle Funds expenses include the expenses of the underlying Funds, excluding the expenses of the Real Property Fund.
^j	Short-term and Long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

2019 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Notes to financial statements

TIAA-CREF Lifecycle Funds

Note 1—organization and significant accounting policies

The Lifecycle Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the U.S. 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 Class W 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.

On September 28, 2018, the Funds exchanged their shares held in the Institutional Class of the affiliated TIAA-CREF Funds for shares of Class W. Prior to October 1, 2018, the Funds incurred the fees of the affiliated TIAA-CREF Funds indirectly. Beginning October 1, 2018, the Funds directly incur their pro rata portion of the expenses of the affiliated TIAA-CREF Funds, excluding other investment pools or investment products. Refer to Note 3 for further details on the transaction and related impact.

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

84	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

recorded on the ex-dividend date. Dividends from investments are recorded as dividend income, while capital gain distributions, including short-term capital gain distributions, are recorded as gain distributions from investments on the Statements of Operations. Realized gains and losses on sales from investments in investment companies are based upon the specific identification method.

Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and 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.

For the year ended May 31, 2019, permanent book and tax differences resulting primarily from the utilization of equalization credits were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Notes to financial statements

Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

New accounting pronouncement: In August 2018, FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 removes or modifies certain disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. Management has early implemented this accounting pronouncement as of November 30, 2018. This implementation did not have a material impact on the Funds’ financial statements and various filings. Refer to Note 2 for further details.

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-CEN and N-PORT, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and various filings. The requirements of this final rule in relation to Forms N-CEN and N-PORT have been implemented and did not have an impact on net assets or results of operations.

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 have been implemented and did not have a material impact on the Funds’ financial statements and various filings.

In August 2018, the Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This final rule amends certain disclosure requirements that have become redundant or outdated in light of other Commission disclosure requirements, U.S. GAAP or changes in the information environment. This rule eliminates the requirements for funds to present the components of distributable earnings on the balance sheet and parenthetically on the statement of changes in net assets. This final rule was effective for filings after November 5, 2018. Management has implemented the above changes for the current reporting period. In addition, certain amounts within each Fund’s Statement of changes in net assets for the prior fiscal period have been modified to conform to the current year’s presentation of distributable earnings. This change did not impact the total amount of distributable earnings from the prior period.

86	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

The Funds’ distributions from the prior fiscal period were paid from net investment income and realized gains as indicated in the following table:

	Lifecycle Retirement Income Fund			Lifecycle 2010 Fund			Lifecycle 2015 Fund			Lifecycle 2020 Fund			Lifecycle 2025 Fund			Lifecycle 2030 Fund
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Institutional Class	$	(5,022,548	)	$	(19,032,957	)	$	(29,452,291)		$	(57,713,711)		$	(66,885,938	)	$	(68,293,172	)
Advisor Class		(2,954	)		(3,104	)		(3,089	)		(5,761	)		(3,471	)		(3,487	)
Premier Class		(948,986	)		(3,983,375	)		(6,861,024	)		(14,228,865	)		(16,202,926	)		(16,376,963	)
Retirement Class		(4,475,467	)		(9,063,524	)		(13,675,235	)		(23,817,520	)		(24,293,889	)		(22,195,414	)
Retail Class		(2,683,624	)		—			—			—			—			—
From realized gains:
Institutional Class		(1,514,281	)		(13,438,701	)		(32,943,840	)		(61,100,504	)		(68,888,629	)		(74,962,470	)
Advisor Class		(904	)		(2,203	)		(3,493	)		(6,115	)		(3,641	)		(3,861	)
Premier Class		(304,101	)		(2,971,165	)		(8,101,884	)		(15,880,043	)		(17,578,573	)		(18,908,710	)
Retirement Class		(1,503,163	)		(7,161,759	)		(17,183,585	)		(28,268,703	)		(28,022,340	)		(27,301,954	)
Retail Class		(898,848	)		—			—			—			—			—
Total distributions	$	(17,354,876	)	$	(55,656,788	)	$	(108,224,441	)	$	(201,021,222	)	$	(221,879,407	)	$	(228,046,031	)

	Lifecycle 2035 Fund			Lifecycle 2040 Fund			Lifecycle 2045 Fund			Lifecycle 2050 Fund			Lifecycle 2055 Fund			Lifecycle 2060 Fund
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Institutional Class	$	(71,013,152)		$	(87,240,107)		$	(46,038,357)		$	(28,460,318)		$	(6,640,332	)	$	(949,266	)
Advisor Class		(3,402	)		(3,356	)		(3,595	)		(3,582	)		(3,433	)		(3,211	)
Premier Class		(17,480,037	)		(21,899,149	)		(12,530,339	)		(8,689,645	)		(2,855,400	)		(246,351	)
Retirement Class		(19,692,567	)		(23,715,503	)		(15,966,295	)		(10,202,080	)		(3,135,070	)		(367,250	)
From realized gains:
Institutional Class		(84,219,852	)		(115,522,978	)		(13,234,654	)		(8,320,936	)		(1,913,886	)		(174,208	)
Advisor Class		(4,079	)		(4,473	)		(1,038	)		(1,052	)		(994	)		(597	)
Premier Class		(21,797,078	)		(30,505,938	)		(3,773,812	)		(2,661,235	)		(861,175	)		(47,071	)
Retirement Class		(26,248,768	)		(35,359,127	)		(4,978,894	)		(3,233,850	)		(978,694	)		(72,705	)
Total distributions	$	(240,458,935	)	$	(314,250,631	)	$	(96,526,984	)	$	(61,572,698	)	$	(16,388,984	)	$	(1,860,659	)

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Notes to financial statements

For the prior fiscal period, the following Undistributed net investment income (loss) included in net assets was disclosed:

	Lifecycle Retirement Income Fund		Lifecycle 2010 Fund		Lifecycle 2015 Fund		Lifecycle 2020 Fund		Lifecycle 2025 Fund		Lifecycle 2030 Fund
Undistributed net investment income (loss) included in net assets	$	1,409,235	$	8,124,829	$	11,975,929	$	21,610,750	$	21,302,334	$	17,389,393

	Lifecycle 2035 Fund		Lifecycle 2040 Fund		Lifecycle 2045 Fund		Lifecycle 2050 Fund		Lifecycle 2055 Fund		Lifecycle 2060 Fund
Undistributed net investment income (loss) included in net assets	$	13,765,900	$	11,162,006	$	4,001,746	$	2,297,604	$	560,241	$	74,128

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 net asset value 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.

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

88	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

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.

The following table summarizes the market value of the Funds’ investments as of May 31, 2019, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Fair value using practical expedient^a		Total
Lifecycle Retirement Income
Registered investment companies	$	494,840,133	$	—	$	—	$	—	$	494,840,133
TIAA-CREF Real Property Fund LP		—		—		—		23,908,073		23,908,073
Total	$	494,840,133	$	—	$	—	$	23,908,073	$	518,748,206
Lifecycle 2010
Registered investment companies	$	1,108,366,233	$	—	$	—	$	—	$	1,108,366,233
TIAA-CREF Real Property Fund LP		—		—		—		53,568,892		53,568,892
Total	$	1,108,366,233	$	—	$	—	$	53,568,892	$	1,161,935,125
Lifecycle 2015
Registered investment companies	$	1,698,176,630	$	—	$	—	$	—	$	1,698,176,630
TIAA-CREF Real Property Fund LP		—		—		—		82,127,737		82,127,737
Total	$	1,698,176,630	$	—	$	—	$	82,127,737	$	1,780,304,367
Lifecycle 2020
Registered investment companies	$	3,504,163,398	$	—	$	—	$	—	$	3,504,163,398
TIAA-CREF Real Property Fund LP		—		—		—		169,636,653		169,636,653
Total	$	3,504,163,398	$	—	$	—	$	169,636,653	$	3,673,800,051
Lifecycle 2025
Registered investment companies	$	4,193,165,745	$	—	$	—	$	—	$	4,193,165,745
TIAA-CREF Real Property Fund LP		—		—		—		203,181,012		203,181,012
Total	$	4,193,165,745	$	—	$	—	$	203,181,012	$	4,396,346,757
Lifecycle 2030
Registered investment companies	$	4,152,370,891	$	—	$	—	$	—	$	4,152,370,891
TIAA-CREF Real Property Fund LP		—		—		—		201,280,472		201,280,472
Total	$	4,152,370,891	$	—	$	—	$	201,280,472	$	4,353,651,363
Lifecycle 2035
Registered investment companies	$	4,174,330,492	$	—	$	—	$	—	$	4,174,330,492
TIAA-CREF Real Property Fund LP		—		—		—		202,639,020		202,639,020
Total	$	4,174,330,492	$	—	$	—	$	202,639,020	$	4,376,969,512
Lifecycle 2040
Registered investment companies	$	4,949,684,714	$	—	$	—	$	—	$	4,949,684,714
TIAA-CREF Real Property Fund LP		—		—		—		240,699,170		240,699,170
Total	$	4,949,684,714	$	—	$	—	$	240,699,170	$	5,190,383,884

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Notes to financial statements

Fund	Level 1		Level 2		Level 3		Fair value using practical expedient^a		Total
Lifecycle 2045
Registered investment companies	$	2,806,405,817	$	—	$	—	$	—	$	2,806,405,817
TIAA-CREF Real Property Fund LP		—		—		—		136,519,247		136,519,247
Total	$	2,806,405,817	$	—	$	—	$	136,519,247	$	2,942,925,064
Lifecycle 2050
Registered investment companies	$	1,889,012,190	$	—	$	—	$	—	$	1,889,012,190
TIAA-CREF Real Property Fund LP		—		—		—		91,926,393		91,926,393
Total	$	1,889,012,190	$	—	$	—	$	91,926,393	$	1,980,938,583
Lifecycle 2055
Registered investment companies	$	661,194,684	$	—	$	—	$	—	$	661,194,684
TIAA-CREF Real Property Fund LP		—		—		—		32,144,453		32,144,453
Total	$	661,194,684	$	—	$	—	$	32,144,453	$	693,339,137
Lifecycle 2060
Registered investment companies	$	120,715,144	$	—	$	—	$	—	$	120,715,144
TIAA-CREF Real Property Fund LP		—		—		—		5,834,070		5,834,070
Total	$	120,715,144	$	—	$	—	$	5,834,070	$	126,549,214

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 Statements of assets and liabilities.

Note 3—investment adviser and affiliates

Prior to October 1, 2018, the Funds invested in Institutional Class shares of the underlying Funds of the Trust in which fees from the underlying Funds were incurred indirectly. As part of the transition to investing in Class W shares, the Funds have agreed, pursuant to certain contractual arrangements, to incur directly their pro rata portion of the investment management fees and certain other expenses (net of other waivers/reimbursements) allocable to Class W shares of the underlying Funds of the Trust in which the Funds invest.

Effective October 1, 2018, 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, and the affiliated TIAA-CREF Funds management fee net of waiver and reimbursements (excluding the Class W investment management fee waiver and/or reimbursement). Advisors has contractually agreed to waive its 0.10% management fee on each Lifecycle Fund through at least September 30, 2021. 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

90	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

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 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, 2019. 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, extraordinary expenses and the management fees and certain other expenses originally attributable to Class W shares of the affiliated TIAA-CREF Funds) 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, 2019, unless changed with approval of the Board.

Effective May 1, 2019, Advisors has agreed to implement a voluntary waiver reducing the Advisor Class expense cap for the Lifecycle 2010 Fund to 0.02% and the Lifecycle 2015 Fund to 0.04%. Prior to May 1, 2019, the expense cap was 0.15%. The waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.

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 year ended May 31, 2019, there were no transactions with affiliated entities.

During the year ended May 31, 2019, TIAA received total proceeds of $10,882,174 from redemptions from the Lifecycle 2060 Fund.

The following is the percentage of the Funds’ shares owned by TIAA and its registered separate account (“TIAA Access”) as of May 31, 2019:

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Notes to financial statements

Fund	TIAA Access
Lifecycle Retirement Income		9	%
Lifecycle 2010		9
Lifecycle 2015		10
Lifecycle 2020		11
Lifecycle 2025		11
Lifecycle 2030		11
Lifecycle 2035		11
Lifecycle 2040		12
Lifecycle 2045		13
Lifecycle 2050		17
Lifecycle 2055		10
Lifecycle 2060		11

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 (“RPF”) and in Class W shares of the affiliated TIAA-CREF Funds. On September 28, 2018, the Funds exchanged Institutional Class shares of the affiliated TIAA-CREF Funds for Class W shares of the affiliated TIAA-CREF Funds. These exchanges did not have an impact on net assets and are not included in the following tables (see Note 1 for details). Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands^{^}):

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle Retirement Income Fund
TIAA CREF Funds:
Bond	$	110,889	$	19,810	$	28,103	$	(770	)	$	4,065		$	3,768	$	105,891
Bond Plus		71,084		9,076		13,242		(583	)		2,412			2,501		68,747
Emerging Markets Debt		10,283		3,448		2,597		(151	)		269			598		11,252
Emerging Markets Equity		10,698		4,792		4,280		195			(1,053	)		79		9,961
Growth & Income		29,041		7,749		8,775		2,890			(2,782	)		396		26,181
High-Yield		10,893		1,612		3,350		(23	)		(1	)		575		9,131
Inflation-Linked Bond		54,602		6,943		9,395		(80	)		736			1,406		52,806
International Bond		9,195		4,300		2,743		(30	)		291			437		11,013
International Equity		12,966		4,889		3,069		374			(2,968	)		282		11,645
International Opportunities		12,773		3,078		3,179		31			(1,089	)		171		11,614
Large-Cap Growth		27,393		8,672		11,040		4,582			(3,468	)		156		23,566
Large-Cap Value		24,537		9,504		7,783		2,079			(3,558	)		479		22,713
Quant International Equity		17,578		5,118		6,051		646			(2,551	)		493		14,119
Quant International Small-Cap Equity		8,507		2,107		1,469		(6	)		(1,625	)		230		7,299
Quant Large-Cap Growth		23,854		6,230		8,399		2,629			(2,189	)		257		20,651
Quant Large-Cap Value		21,504		6,770		7,192		841			(1,556	)		507		19,869
Quant Small-Cap Equity		8,374		3,653		4,899		1,354			(1,749	)		58		5,712
Quant Small/Mid-Cap Equity		6,191		1,796		2,421		680			(738	)		49		4,993
Short-Term Bond		57,257		14,587		14,668		(86	)		587			1,557		57,677
TIAA-CREF Real Property Fund LP^a		18,923		6,983		3,061		38			1,025			734		23,908
	$	546,542	$	131,117	$	145,716	$	14,610		$	(15,942	)	$	14,733	$	518,748

92	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2010 Fund
TIAA-CREF Funds:
Bond	$	251,589	$	41,654	$	64,661	$	(1,318	)	$	8,857		$	8,475	$	236,121
Bond Plus		161,327		14,543		26,703		(898	)		5,101			5,628		153,370
Emerging Markets Debt		23,319		7,916		6,367		(375	)		667			1,348		25,160
Emerging Markets Equity		25,722		9,188		9,118		942			(2,926	)		189		22,872
Growth & Income		70,494		15,950		21,685		7,431			(7,077	)		944		60,444
High-Yield		24,642		2,793		7,082		(184	)		135			1,295		20,304
Inflation-Linked Bond		114,639		16,240		19,329		(262	)		1,786			2,962		113,074
International Bond		20,803		8,992		5,828		(65	)		661			990		24,563
International Equity		31,414		10,575		7,559		976			(7,118	)		678		26,973
International Opportunities		30,981		5,977		7,464		512			(3,011	)		413		26,995
Large-Cap Growth		66,384		17,612		26,083		13,674			(10,958	)		373		54,499
Large-Cap Value		59,555		20,274		18,941		5,939			(9,422	)		1,149		52,447
Quant International Equity		42,315		10,570		14,460		1,917			(6,388	)		1,187		32,458
Quant International Small-Cap Equity		20,611		4,739		4,124		134			(3,991	)		552		16,853
Quant Large-Cap Growth		57,894		12,673		20,505		7,447			(6,306	)		618		47,656
Quant Large-Cap Value		52,128		13,139		16,582		2,423			(4,038	)		1,217		45,875
Quant Small-Cap Equity		20,327		8,090		11,838		4,294			(5,184	)		138		13,240
Quant Small/Mid-Cap Equity		15,019		3,789		5,919		2,010			(2,119	)		113		11,545
Short-Term Bond		120,585		30,476		28,241		(26	)		1,123			3,313		123,917
TIAA-CREF Real Property Fund LP^a		43,476		15,241		7,551		49			2,354			1,662		53,569
	$	1,253,224	$	270,431	$	330,040	$	44,620		$	(47,854	)	$	33,244	$	1,161,935

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Notes to financial statements

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2015 Fund
TIAA-CREF Funds:
Bond	$	377,792	$	61,766	$	98,015	$	(5,204	)	$	16,437		$	12,657	$	352,776
Bond Plus		242,603		19,890		39,373		(1,808	)		8,060			8,412		229,372
Emerging Markets Debt		35,198		11,655		9,489		(526	)		955			2,014		37,793
Emerging Markets Equity		44,310		14,412		14,089		98			(3,535	)		319		39,613
Growth & Income		122,720		24,920		34,482		11,283			(10,586	)		1,641		105,808
High-Yield		37,143		3,201		10,190		(603	)		547			1,927		30,098
Inflation-Linked Bond		138,161		19,628		22,365		(1,845	)		3,710			3,560		137,289
International Bond		31,114		13,565		8,841		(171	)		1,079			1,460		36,746
International Equity		54,832		14,491		9,519		387			(10,930	)		1,169		46,995
International Opportunities		53,894		9,410		12,046		151			(4,463	)		710		46,946
Large-Cap Growth		115,828		27,598		42,517		17,591			(12,754	)		645		95,139
Large-Cap Value		103,864		32,060		29,855		7,118			(13,036	)		1,982		91,602
Quant International Equity		72,695		15,045		20,634		(661	)		(6,933	)		2,048		56,932
Quant International Small-Cap Equity		35,885		6,842		5,621		65			(6,786	)		952		29,495
Quant Large-Cap Growth		100,912		19,669		33,098		10,228			(8,164	)		1,065		83,428
Quant Large-Cap Value		90,874		20,595		26,349		2,009			(4,805	)		2,107		80,255
Quant Small-Cap Equity		35,460		12,378		18,564		2,639			(4,200	)		238		23,491
Quant Small/Mid-Cap Equity		26,185		5,806		9,545		3,053			(3,216	)		198		20,154
Short-Term Bond		147,712		42,967		37,767		(505	)		1,837			4,034		154,244
TIAA-CREF Real Property Fund LP^a		67,051		21,739		10,347		249			3,436			2,548		82,128
	$	1,934,233	$	397,637	$	492,706	$	43,548		$	(53,347	)	$	49,686	$	1,780,304

94	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2020 Fund
TIAA-CREF Funds:
Bond	$	696,335	$	141,035	$	166,463	$	(8,450	)	$	30,411		$	23,976	$	692,868
Bond Plus		448,046		51,063		59,980		(2,956	)		15,138			15,936		451,311
Emerging Markets Debt		64,775		24,425		15,362		(887	)		1,804			3,815		74,755
Emerging Markets Equity		99,742		31,974		27,664		1,046			(8,871	)		725		92,633
Growth & Income		279,519		50,147		62,901		25,956			(24,392	)		3,785		249,837
High-Yield		68,670		8,474		18,185		(941	)		805			3,617		58,823
Inflation-Linked Bond		196,935		36,267		27,462		(2,352	)		5,336			5,149		208,724
International Bond		56,480		28,965		14,855		(279	)		2,067			2,765		72,378
International Equity		124,616		35,166		19,109		1,574			(26,026	)		2,693		111,003
International Opportunities		122,735		20,510		21,803		281			(10,215	)		1,633		111,508
Large-Cap Growth		263,630		60,595		85,437		39,189			(28,317	)		1,491		225,123
Large-Cap Value		236,335		70,092		56,127		17,638			(31,570	)		4,568		216,660
Quant International Equity		163,323		31,814		37,447		940			(18,243	)		4,710		134,452
Quant International Small-Cap Equity		81,733		14,473		9,159		520			(15,985	)		2,194		69,533
Quant Large-Cap Growth		229,657		40,021		63,151		22,569			(18,022	)		2,449		197,004
Quant Large-Cap Value		206,888		41,678		47,594		4,448			(11,202	)		4,853		189,453
Quant Small-Cap Equity		80,767		26,625		37,611		6,691			(10,489	)		548		56,255
Quant Small/Mid-Cap Equity		59,622		12,661		19,289		6,906			(7,370	)		456		47,624
Short-Term Bond		215,556		83,584		56,955		(655	)		2,689			6,020		244,219
TIAA-CREF Real Property Fund LP^a		132,820		43,058		13,656		359			7,056			5,130		169,637
	$	3,828,184	$	852,627	$	860,210	$	111,597		$	(145,396	)	$	96,513	$	3,673,800

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Notes to financial statements

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2025 Fund
TIAA-CREF Funds:
Bond	$	685,293	$	182,313	$	174,648	$	(8,861	)	$	31,567		$	24,350	$	715,664
Bond Plus		443,692		77,747		63,873		(3,772	)		16,369			16,227		470,163
Emerging Markets Debt		64,386		28,365		14,457		(1,083	)		2,107			3,952		79,318
Emerging Markets Equity		131,483		47,223		31,894		1,656			(12,589	)		996		130,947
Growth & Income		373,311		69,920		62,044		33,016			(31,726	)		5,254		356,723
High-Yield		67,987		13,178		20,877		(1,359	)		1,152			3,611		60,081
Inflation-Linked Bond		137,113		39,460		18,671		(1,639	)		4,052			3,738		160,315
International Bond		53,631		34,876		14,968		(322	)		2,181			2,812		75,398
International Equity		166,279		53,516		19,753		2,613			(36,639	)		3,749		158,749
International Opportunities		164,070		30,593		21,577		(629	)		(13,186	)		2,273		159,271
Large-Cap Growth		352,302		82,156		92,893		51,823			(37,770	)		2,080		321,399
Large-Cap Value		315,407		97,595		55,971		25,277			(45,436	)		6,376		309,369
Quant International Equity		214,991		49,729		41,081		2,204			(25,831	)		6,549		191,758
Quant International Small-Cap Equity		109,094		22,981		8,642		1,128			(22,554	)		3,053		99,155
Quant Large-Cap Growth		306,993		56,931		68,939		28,777			(22,930	)		3,409		281,247
Quant Large-Cap Value		276,500		59,518		48,855		5,888			(16,070	)		6,746		270,357
Quant Small-Cap Equity		107,900		34,416		41,499		10,130			(15,700	)		766		81,667
Quant Small/Mid-Cap Equity		79,629		15,758		19,678		8,666			(9,511	)		636		68,014
Short-Term Bond		158,662		94,482		51,164		(454	)		2,046			4,601		203,572
TIAA-CREF Real Property Fund LP^a		151,444		49,404		6,375		152			8,555			6,023		203,180
	$	4,360,167	$	1,140,161	$	877,859	$	153,211		$	(221,913	)	$	107,201	$	4,396,347

96	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2030 Fund
TIAA-CREF Funds:
Bond	$	596,582	$	172,113	$	191,856	$	(8,341	)	$	27,152		$	20,524	$	595,650
Bond Plus		375,215		77,094		67,092		(3,832	)		14,319			13,627		395,704
Emerging Markets Debt		54,445		27,858		14,720		(1,080	)		1,940			3,387		68,443
Emerging Markets Equity		148,981		51,882		33,069		2,234			(14,667	)		1,126		149,784
Growth & Income		425,933		76,549		63,401		36,980			(35,802	)		5,994		410,865
High-Yield		57,486		13,286		21,626		(1,497	)		1,286			2,936		48,935
Inflation-Linked Bond		49,811		24,397		5,754		(227	)		1,378			1,449		69,605
International Bond		42,673		33,950		14,733		(316	)		1,877			2,345		63,451
International Equity		189,756		60,973		20,225		3,960			(43,002	)		4,282		183,163
International Opportunities		187,367		34,903		23,402		(748	)		(15,080	)		2,597		183,040
Large-Cap Growth		402,224		85,318		94,317		60,382			(44,716	)		2,375		369,812
Large-Cap Value		359,976		100,829		49,279		29,864			(53,238	)		7,288		356,714
Quant International Equity		242,877		52,808		38,531		3,197			(30,074	)		7,473		220,859
Quant International Small-Cap Equity		124,507		26,493		9,011		1,503			(26,046	)		3,488		114,187
Quant Large-Cap Growth		350,319		60,888		71,678		33,780			(27,108	)		3,895		323,824
Quant Large-Cap Value		315,520		64,649		49,725		7,737			(19,472	)		7,701		311,147
Quant Small-Cap Equity		123,118		35,676		40,971		12,021			(18,573	)		879		95,687
Quant Small/Mid-Cap Equity		90,870		16,516		19,999		9,735			(10,814	)		730		78,447
Short-Term Bond		49,772		101,553		39,057		(120	)		906			1,967		113,054
TIAA-CREF Real Property Fund LP^a		150,742		43,435		1,523		68			8,558			5,973		201,280
	$	4,338,174	$	1,161,170	$	869,969	$	185,300		$	(281,176	)	$	100,036	$	4,353,651

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Notes to financial statements

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2035 Fund
TIAA-CREF Funds:
Bond	$	455,523	$	165,062	$	127,710	$	(6,393	)	$	21,599		$	16,314	$	508,081
Bond Plus		287,758		78,449		60,448		(3,617	)		11,861			10,665		314,003
Emerging Markets Debt		41,767		26,472		12,373		(961	)		1,725			2,758		56,630
Emerging Markets Equity		168,581		60,802		37,582		2,058			(16,502	)		1,285		170,990
Growth & Income		485,428		82,147		63,452		39,672			(38,814	)		6,887		471,102
High-Yield		44,013		13,182		20,539		(1,436	)		1,233			2,157		36,453
International Bond		28,490		34,350		13,724		(312	)		1,549			1,821		50,353
International Equity		216,192		69,368		20,752		3,932			(48,981	)		4,937		210,190
International Opportunities		213,489		40,078		25,019		(1,542	)		(16,947	)		3,000		210,059
Large-Cap Growth		458,474		90,547		97,426		67,245			(49,231	)		2,739		424,540
Large-Cap Value		410,253		114,340		52,399		33,411			(60,663	)		8,402		408,698
Quant International Equity		274,552		56,547		36,172		4,155			(34,944	)		8,601		253,298
Quant International Small-Cap Equity		141,819		31,443		10,285		1,220			(29,594	)		4,021		130,847
Quant Large-Cap Growth		399,246		63,987		73,331		37,691			(30,404	)		4,491		371,390
Quant Large-Cap Value		359,614		66,957		47,190		8,485			(22,194	)		8,875		356,957
Quant Small-Cap Equity		140,362		38,439		42,395		14,276			(22,178	)		1,012		110,577
Quant Small/Mid-Cap Equity		103,573		17,111		20,173		11,114			(12,402	)		842		90,163
TIAA-CREF Real Property Fund LP^a		152,406		43,953		2,472		92			8,660			6,063		202,639
	$	4,381,540	$	1,093,234	$	763,442	$	209,090		$	(336,227	)	$	94,870	$	4,376,970

98	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2040 Fund
TIAA-CREF Funds:
Bond	$	313,349	$	149,428	$	120,612	$	(5,159	)	$	15,531		$	11,182	$	352,537
Bond Plus		200,680		71,342		59,915		(3,402	)		8,926			7,340		217,631
Emerging Markets Debt		29,168		25,600		10,631		(810	)		1,500			2,134		44,827
Emerging Markets Equity		228,805		79,404		52,608		2,426			(22,281	)		1,717		227,237
Growth & Income		662,582		93,085		82,179		55,626			(55,007	)		9,319		628,398
High-Yield		30,644		11,879		22,539		(1,911	)		1,740			1,163		19,813
International Bond		10,593		35,991		12,522		(250	)		1,140			1,220		34,952
International Equity		295,139		86,063		26,620		5,476			(66,845	)		6,660		280,306
International Opportunities		291,316		50,668		36,422		(1,825	)		(23,542	)		4,051		280,195
Large-Cap Growth		625,731		108,460		130,815		94,881			(71,178	)		3,696		566,267
Large-Cap Value		559,939		137,045		65,646		46,208			(83,537	)		11,329		545,137
Quant International Equity		372,447		70,844		49,058		5,438			(47,154	)		11,600		337,899
Quant International Small-Cap Equity		193,609		38,997		14,560		1,770			(40,295	)		5,423		174,455
Quant Large-Cap Growth		544,917		73,332		97,709		52,870			(43,339	)		6,057		495,279
Quant Large-Cap Value		490,805		80,783		64,758		12,942			(31,608	)		11,970		476,411
Quant Small-Cap Equity		191,474		47,400		55,419		20,225			(31,194	)		1,367		148,236
Quant Small/Mid-Cap Equity		141,365		20,138		27,319		15,357			(17,213	)		1,136		120,103
TIAA-CREF Real Property Fund LP^a		186,999		50,797		7,656		263			10,298			7,319		240,701
	$	5,369,562	$	1,231,256	$	936,988	$	300,125			$(494,058)		$	104,683	$	5,190,384

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

Notes to financial statements

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2045 Fund
TIAA-CREF Funds:
Bond	$	82,483	$	54,538	$	54,605	$	(2,002	)	$	4,397		$	2,770	$	84,811
Bond Plus		54,554		24,437		27,954		(827	)		2,049			1,839		52,259
Emerging Markets Debt		7,930		9,584		4,410		(142	)		350			634		13,312
Emerging Markets Equity		127,388		54,689		25,474		2,088			(13,452	)		1,004		140,266
Growth & Income		368,870		74,783		28,057		26,100			(26,619	)		5,432		388,284
High-Yield		8,358		3,496		9,466		502			(576	)		169		2,314
International Bond		2,584		10,956		5,333		(67	)		273			289		8,413
International Equity		164,388		68,097		15,978		3,500			(39,150	)		3,915		173,270
International Opportunities		162,243		40,855		15,453		(1,589	)		(12,992	)		2,373		173,064
Large-Cap Growth		348,409		79,090		55,377		39,884			(26,467	)		2,163		349,950
Large-Cap Value		312,139		99,557		23,619		25,650			(48,173	)		6,647		336,881
Quant International Equity		201,571		60,639		20,692		4,780			(29,056	)		6,804		208,667
Quant International Small-Cap Equity		107,792		31,609		6,077		1,205			(23,653	)		3,209		107,879
Quant Large-Cap Growth		303,356		56,484		38,318		22,115			(17,166	)		3,544		306,113
Quant Large-Cap Value		273,259		63,554		23,660		7,270			(19,173	)		7,003		294,374
Quant Small-Cap Equity		106,664		31,445		24,872		12,164			(18,845	)		801		92,343
Quant Small/Mid-Cap Equity		78,698		14,628		10,761		7,671			(8,877	)		665		74,205
TIAA-CREF Real Property Fund LP^a		97,818		35,429		2,488		110			5,651			3,993		136,520
	$	2,808,504	$	813,870	$	392,594	$	148,412		$	(271,479	)	$	53,254	$	2,942,925

100	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2050 Fund
TIAA-CREF Funds:
Bond	$	42,000	$	32,912	$	32,630	$	(994	)	$	2,209		$	1,403	$	43,497
Bond Plus		28,298		14,394		16,452		(462	)		1,067			934		26,845
Emerging Markets Debt		4,113		4,688		2,354		(66	)		148			310		6,529
Emerging Markets Equity		84,616		39,066		17,064		1,336			(8,894	)		669		95,744
Growth & Income		245,104		53,841		15,522		17,365			(17,828	)		3,631		265,090
High-Yield		4,314		1,838		4,630		242			(285	)		104		1,479
International Bond		1,663		5,667		3,120		(42	)		153			138		4,321
International Equity		109,306		46,828		8,835		2,725			(26,578	)		2,615		118,378
International Opportunities		107,777		29,206		9,185		(1,003	)		(8,664	)		1,585		118,131
Large-Cap Growth		231,500		56,616		34,330		25,905			(16,992	)		1,443		238,961
Large-Cap Value		207,625		70,118		13,510		17,694			(32,758	)		4,434		230,040
Quant International Equity		132,722		43,433		11,646		3,521			(19,751	)		4,555		142,539
Quant International Small-Cap Equity		71,612		22,373		3,341		1,018			(16,024	)		2,141		73,638
Quant Large-Cap Growth		201,626		41,586		23,810		14,594			(11,378	)		2,363		209,045
Quant Large-Cap Value		181,566		43,767		11,568		4,828			(12,963	)		4,669		201,045
Quant Small-Cap Equity		70,871		21,441		15,238		8,312			(12,849	)		534		63,067
Quant Small/Mid-Cap Equity		52,294		10,342		6,359		4,933			(5,775	)		442		50,664
TIAA-CREF Real Property Fund LP^a		64,121		25,080		1,082		67			3,740			2,639		91,926
	$	1,841,128	$	563,196	$	230,676	$	99,973		$	(183,422	)	$	34,609	$	1,980,939

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

101

Notes to financial statements

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2055 Fund
TIAA-CREF Funds:
Bond	$	9,151	$	11,051	$	9,971	$	(213	)	$	501		$	326	$	10,519
Bond Plus		6,373		4,957		4,960		(131	)		271			215		6,510
Emerging Markets Debt		924		1,185		686		(21	)		33			65		1,435
Emerging Markets Equity		26,170		15,476		4,188		442			(2,879	)		222		33,920
Growth & Income		75,617		29,300		4,635		5,544			(5,817	)		1,202		94,068
High-Yield		980		611		1,077		38			(51	)		32		501
International Bond		508		1,514		1,007		(10	)		37			30		1,042
International Equity		33,892		19,731		2,090		1,056			(8,893	)		870		42,010
International Opportunities		33,247		14,493		2,766		(298	)		(2,779	)		529		41,897
Large-Cap Growth		71,396		27,552		9,067		7,964			(5,109	)		479		84,861
Large-Cap Value		64,055		32,899		3,844		5,815			(10,918	)		1,473		81,653
Quant International Equity		40,620		20,413		3,192		1,198			(6,533	)		1,516		50,595
Quant International Small-Cap Equity		22,180		10,601		1,061		328			(5,234	)		712		26,149
Quant Large-Cap Growth		62,202		21,617		6,039		4,422			(3,543	)		785		74,150
Quant Large-Cap Value		55,982		22,590		2,669		1,392			(4,353	)		1,552		71,419
Quant Small-Cap Equity		21,861		9,283		3,967		2,605			(4,143	)		177		22,495
Quant Small/Mid-Cap Equity		16,137		5,025		1,292		1,509			(1,824	)		146		17,971
TIAA-CREF Real Property Fund LP^a		19,504		11,472		79		8			1,239			865		32,144
	$	560,799	$	259,770	$	62,590	$	31,648		$	(59,995	)	$	11,196	$	693,339

102	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle 2060 Fund
TIAA-CREF Funds:
Bond	$	954	$	2,367	$	2,289	$	(13	)	$	40		$	34	$	1,059
Bond Plus		710		1,136		1,203		(15	)		27			22		655
Emerging Markets Debt		103		161		165		(5	)		3			5		97
Emerging Markets Equity		4,588		4,122		1,776		(78	)		(373	)		42		6,277
Growth & Income		13,072		8,616		2,978		868			(1,057	)		216		17,407
High-Yield		109		161		167		(2	)		—			6		101
International Bond		84		261		241		(2	)		3			3		105
International Equity		5,898		5,280		1,648		(78	)		(1,381	)		163		7,755
International Opportunities		5,784		4,214		1,659		(164	)		(431	)		99		7,744
Large-Cap Growth		12,329		7,916		3,453		1,272			(891	)		90		15,698
Large-Cap Value		11,074		9,206		2,935		749			(1,785	)		276		15,117
Quant International Equity		7,021		5,626		1,931		1			(1,009	)		284		9,350
Quant International Small-Cap Equity		3,864		2,983		983		(132	)		(769	)		133		4,838
Quant Large-Cap Growth		10,741		6,788		2,998		702			(655	)		147		13,733
Quant Large-Cap Value		9,668		6,958		2,492		128			(754	)		291		13,223
Quant Small-Cap Equity		3,775		2,762		1,395		368			(685	)		33		4,236
Quant Small/Mid-Cap Equity		2,786		1,672		751		239			(327	)		28		3,322
TIAA-CREF Real Property Fund LP^a		3,310		2,688		387		2			219			152		5,832
	$	95,870	$	72,917	$	29,451	$	3,840		$	(9,825	)	$	2,024	$	126,549


^	Some amounts represent less than $1,000.
^a	Restricted security.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

103

Notes to financial statements

Note 4—investments

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.

Net unrealized appreciation (depreciation): At May 31, 2019, 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
	Tax		unrealized		unrealized			appreciation
Fund	cost		appreciation		(depreciation		)	(depreciation		)
Lifecycle Retirement Income	$	493,025	$	26,315	$	(592	)	$	25,723
Lifecycle 2010		1,054,519		108,599		(1,183	)		107,416
Lifecycle 2015		1,776,742		41,052		(37,490	)		3,562
Lifecycle 2020		3,635,863		105,436		(67,499	)		37,937
Lifecycle 2025		4,330,992		151,519		(86,164	)		65,355
Lifecycle 2030		4,261,163		185,423		(92,935	)		92,488
Lifecycle 2035		4,248,131		226,357		(97,518	)		128,839
Lifecycle 2040		5,000,674		315,062		(125,352	)		189,710
Lifecycle 2045		2,731,311		232,598		(20,984	)		211,614
Lifecycle 2050		1,864,189		138,337		(21,587	)		116,750
Lifecycle 2055		686,258		26,908		(19,827	)		7,081
Lifecycle 2060		133,105		2,557		(9,113	)		(6,556	)

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as upfront fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

104	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended May 31, 2019 were as follows (dollar amounts are in thousands):

	Non-U.S.		Non-U.S.
	government		government
Fund	purchases		sales
Lifecycle Retirement Income	$	135,980		$150,546
Lifecycle 2010		270,431		330,040
Lifecycle 2015		397,637		492,705
Lifecycle 2020		852,627		860,210
Lifecycle 2025		1,140,161		877,860
Lifecycle 2030		1,161,170		869,969
Lifecycle 2035		1,093,234		763,442
Lifecycle 2040		1,231,256		936,988
Lifecycle 2045		813,870		392,594
Lifecycle 2050		563,196		230,676
Lifecycle 2055		259,770		62,590
Lifecycle 2060		83,777		40,310

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2019, and the year ended May 31, 2018 was as follows:

	5/31/2019						5/31/2018
	Ordinary		Long-term				Ordinary		Long-term
Fund	income		capital gains		Total		income		capital gains		Total
Lifecycle Retirement Income	$	14,258,580	$	14,586,716	$	28,845,296	$	13,194,764	$	4,160,112	$	17,354,876
Lifecycle 2010		35,376,146		36,550,083		71,926,229		36,984,588		18,672,200		55,656,788
Lifecycle 2015		50,960,796		77,185,786		128,146,582		54,133,380		54,091,061		108,224,441
Lifecycle 2020		100,776,963		163,562,699		264,339,662		103,723,512		97,297,710		201,021,222
Lifecycle 2025		115,502,335		194,505,677		310,008,012		117,893,567		103,985,840		221,879,407
Lifecycle 2030		111,490,044		204,579,093		316,069,137		118,585,742		109,460,289		228,046,031
Lifecycle 2035		110,370,526		213,422,765		323,793,291		121,223,637		119,235,298		240,458,935
Lifecycle 2040		128,640,553		301,639,120		430,279,673		149,354,622		164,896,009		314,250,631
Lifecycle 2045		74,182,461		61,399,623		135,582,084		77,327,865		19,199,119		96,526,984
Lifecycle 2050		47,745,048		40,097,810		87,842,858		49,013,952		12,558,746		61,572,698
Lifecycle 2055		14,668,738		11,016,979		25,685,717		13,063,123		3,325,861		16,388,984
Lifecycle 2060		2,650,754		2,050,657		4,701,411		1,612,758		247,901		1,860,659

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

105

Notes to financial statements

As of May 31, 2019, the components of accumulated earnings on a tax basis were as follows:

	Undistributed		Undistributed		Unrealized
	ordinary		long-term		appreciation
Fund	income		capital gains		(depreciation		)	Total
Lifecycle Retirement Income	$	1,275,549	$	7,746,929	$	25,722,980		$	34,745,458
Lifecycle 2010		10,851,649		21,260,872		107,416,387			139,528,908
Lifecycle 2015		10,719,121		29,926,819		3,562,582			44,208,522
Lifecycle 2020		19,760,066		76,909,903		37,937,091			134,607,060
Lifecycle 2025		19,268,044		111,027,272		65,355,159			195,650,475
Lifecycle 2030		14,963,051		130,720,619		92,487,908			238,171,578
Lifecycle 2035		10,622,835		152,420,337		128,838,995			291,882,167
Lifecycle 2040		5,996,978		205,685,182		189,709,764			401,391,924
Lifecycle 2045		1,741,567		130,771,679		211,614,196			344,127,442
Lifecycle 2050		1,066,192		88,294,105		116,749,674			206,109,971
Lifecycle 2055		193,783		29,528,107		7,080,810			36,802,700
Lifecycle 2060		37,872		4,795,304		(6,556,269	)		(1,723,093	)

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

Note 6—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended May 31, 2019, there were no inter-fund borrowing or lending transactions.

Note 7—line of credit

106	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

concluded

facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended May 31, 2019, there were no borrowings under this credit facility by the Funds.

Note 8—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.

Note 9—subsequent events

Effective June 18, 2019, the line of credit that each fund participates in will be reduced to $1 billion of an unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility will expire on June 16, 2020.

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Report of independent registered public accounting firm

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of the TIAA-CREF Lifecycle Retirement Income Fund, TIAA-CREF Lifecycle 2010 Fund, TIAA-CREF Lifecycle 2015 Fund, TIAA-CREF Lifecycle 2020 Fund, TIAA-CREF Lifecycle 2025 Fund, TIAA-CREF Lifecycle 2030 Fund, TIAA-CREF Lifecycle 2035 Fund, TIAA-CREF Lifecycle 2040 Fund, TIAA-CREF Lifecycle 2045 Fund, TIAA-CREF Lifecycle 2050 Fund, TIAA-CREF Lifecycle 2055 Fund, and TIAA-CREF Lifecycle 2060 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the TIAA-CREF Lifecycle Retirement Income Fund, TIAA-CREF Lifecycle 2010 Fund, TIAA-CREF Lifecycle 2015 Fund, TIAA-CREF Lifecycle 2020 Fund, TIAA-CREF Lifecycle 2025 Fund, TIAA-CREF Lifecycle 2030 Fund, TIAA-CREF Lifecycle 2035 Fund, TIAA-CREF Lifecycle 2040 Fund, TIAA-CREF Lifecycle 2045 Fund, TIAA-CREF Lifecycle 2050 Fund, TIAA-CREF Lifecycle 2055 Fund, and TIAA-CREF Lifecycle 2060 Fund (twelve of the funds constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of May 31, 2019, the related statements of operations for the year ended May 31, 2019, the statements of changes in net assets for each of the two years in the period ended May 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2019, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2019 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
July 18, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

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Important tax information (unaudited)

For the year ended May 31, 2019, the Lifecycle Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long term capital gains
Lifecycle Retirement Income	$	15,182,993
Lifecycle 2010		38,459,687
Lifecycle 2015		79,998,216
Lifecycle 2020		168,982,866
Lifecycle 2025		202,046,577
Lifecycle 2030		212,049,175
Lifecycle 2035		224,208,045
Lifecycle 2040		315,820,180
Lifecycle 2045		67,190,550
Lifecycle 2050		43,235,208
Lifecycle 2055		12,116,486
Lifecycle 2060		2,541,810

For the year ended May 31, 2019, the Lifecycle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.

Fund	Percentage
Lifecycle Retirement Income		22.00	%
Lifecycle 2010		20.15
Lifecycle 2015		25.33
Lifecycle 2020		29.48
Lifecycle 2025		35.63
Lifecycle 2030		42.21
Lifecycle 2035		49.47
Lifecycle 2040		58.23
Lifecycle 2045		59.99
Lifecycle 2050		61.63
Lifecycle 2055		66.04
Lifecycle 2060		67.20

For the year ended May 31, 2019, the Lifecycle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Lifecycle Retirement Income		13.42	%
Lifecycle 2010		12.46
Lifecycle 2015		15.55
Lifecycle 2020		18.09
Lifecycle 2025		21.84
Lifecycle 2030		25.80
Lifecycle 2035		30.17
Lifecycle 2040		35.42
Lifecycle 2045		36.43
Lifecycle 2050		37.36
Lifecycle 2055		39.96
Lifecycle 2060		40.58

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For the year ended May 31, 2019, the Lifecycle Funds received the following amounts of income from their respective underlying funds that was from foreign sources:

Fund	Foreign source income		Foreign source income per share
Lifecycle Retirement Income	$	1,032,799	$	0.02239
Lifecycle 2010		2,484,170		0.02478
Lifecycle 2015		4,277,526		0.02450
Lifecycle 2020		9,836,181		0.02904
Lifecycle 2025		13,674,458		0.03487
Lifecycle 2030		15,603,908		0.04042
Lifecycle 2035		17,969,483		0.04637
Lifecycle 2040		24,224,507		0.05255
Lifecycle 2045		14,234,834		0.06109
Lifecycle 2050		9,513,342		0.06237
Lifecycle 2055		3,165,825		0.07161
Lifecycle 2060		593,425		0.05921

For the year ended May 31, 2019, the Lifecycle Funds have elected to pass through the following amounts of foreign taxes paid by their respective underlying funds:

Fund	Foreign taxes paid		Foreign taxes paid per share
Lifecycle Retirement Income	$	164,994	$	0.00358
Lifecycle 2010		396,384		0.00395
Lifecycle 2015		679,459		0.00389
Lifecycle 2020		1,557,820		0.00460
Lifecycle 2025		2,159,466		0.00551
Lifecycle 2030		2,459,350		0.00637
Lifecycle 2035		2,827,283		0.00730
Lifecycle 2040		3,804,299		0.00825
Lifecycle 2045		2,233,096		0.00958
Lifecycle 2050		1,491,229		0.00978
Lifecycle 2055		496,087		0.01122
Lifecycle 2060		92,974		0.00928

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2019, which will be reported in conjunction with your 2019 Form 1099-DIV.

By early 2020, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax adviser.

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Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2019

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.

112	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since 2017.	Advisory Director (2010–2011), Partner (2004–2010) and Managing Director (1999–2004), and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Chair of the Finance Committee, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); and Head (2006–2008), and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. President and Chief Executive Officer (since 2008), and Program Director (1990–2008), National Bureau of Economic Research.	89	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

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Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2019

Trustees – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	89	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin.	89	Member of the Board of Governors of the Investment Company Institute and the Governing Council of Independent Directors Council (an association for mutual fund directors); Investment Advisory Committee Member, Employees Retirement System of Texas.

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Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex.”) Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2017.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary of AllianceBernstein L.P.
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head of Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, President and Chief Investment Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments and Senior Managing Director, President, Global Investments, TIAA.

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Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2019

Officers – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President, Chief Legal Officer, TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Christopher A. Van Buren TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head of Fund Administration, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds, and TIAA Separate Account VA-1; Treasurer of CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

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

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Approval of investment management agreement (unaudited)

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

The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to each series of the TIAA-CREF Lifecycle Funds (the “Funds”).

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held a meeting on March 28, 2019, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

Among other matters, the Operations Committee or certain of its designated members, following its consultations with Advisors’ representatives, the Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

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Approval of investment management agreement (unaudited)

including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.

In advance of the Board meeting held on March 28, 2019, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits

118	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

Prior to the March 28, 2019 meeting, the Board met informally to review and discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 2019 meeting, the Trustees were given the opportunity to and did ask additional questions and they reviewed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

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

In addition to the general session meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors’ representatives were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

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Approval of investment management agreement (unaudited)

Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 28, 2019, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds (which are funds of funds that may invest their assets in the securities of affiliated and unaffiliated investment companies or other investment pools, referred to as “Underlying Funds”), including conducting research, identifying investments and placing orders to buy and sell shares of Underlying Funds for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.

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

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continued

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below. The Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2018. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board considered that this data included the effect of the amendment of the Agreement in 2018 to restructure the Funds’ expenses. The Board noted that this restructuring entailed converting the Funds’ holdings from Institutional Class shares of other TIAA-CREF Underlying Funds to fee-waived Class W shares of these Underlying Funds and having the Funds pay the equivalent of these Underlying Funds’ management fees and other expenses directly as part of the Funds’ management fee rates under the Agreement, along with the Funds’ existing annual management fee rate of 0.10% of average daily net assets. The Board considered Advisors’ representation that the fee restructuring did not increase the Funds’ overall expenses, but that the Broadridge fee comparisons would be affected because most of the Funds’ peers do not have a similar fee structure.

The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board also noted Advisors’ waiver of 0.10% of each Fund’s management fee since inception, which will continue through at least September 30, 2021. The Board also acknowledged certain fee waivers and reimbursements of expense above specified amounts undertaken by Advisors with respect to many of the Underlying Funds which, in turn, reduce the management fees charged to the Funds. The Board also recognized Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. The Board considered that Advisors had calculated that it incurred losses with respect to each Fund under the Agreement for the one-year period ended December 31, 2018. The Board also considered that, in the aggregate, Advisors had generated indirect

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Approval of investment management agreement (unaudited)

earnings with respect to the Funds’ investment in Underlying Funds also managed by Advisors prior to the Funds’ expense restructuring.

Fees charged by other advisers

The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board acknowledged Advisors’ assertion that, while the Funds’ expense restructuring has increased the Funds’ contractual and effective management fee rates as compared to its peers (most of whom have a traditional funds of funds fee structure), the Funds’ total expenses were favorable as compared to most of their peers. In this connection, the Board also considered other inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered that because Advisors operated each Fund at a loss, and has waived 0.10% of its management fees for the Funds since inception, there had been little opportunity to pass on economies of scale to Fund shareholders. However, the Board recognized that Advisors’ might incur a smaller loss or earn a profit on the Funds in the future due to the Funds’ new fee structure. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

122	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

management fee. The Board also considered that Advisors also manages the TIAA-CREF Lifecycle Index Funds, which implemented the same new fee structure as the Funds in 2018. The Board also reviewed the performance of these other funds of funds while reviewing the performance of the Funds.

Other benefits

The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing Teachers Insurance and Annuity Association of America (“TIAA”), of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2018 under the Agreement.

Lifecycle Retirement Income Fund

•

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123

Approval of investment management agreement (unaudited)

	rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.27% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.
•	The Fund’s total expense ratio was in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”). With respect to both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate, the Fund ranked 1 out of 2 funds in its Expense Group. The Fund’s total expense ratio was in the 1st quintile of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”), while both the Fund’s contractual management fee rate and its actual management fee rate (including the waiver) were in the 4th quintile of its Expense Universe.
•	The Fund was in the 3rd and 1st quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one- and three-year periods, respectively. The Fund ranked 1 out of 5 funds within its Performance Group for both the five- and ten-year periods. The Fund was in the 3rd, 1st, 1st and 1st quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five-and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2010 Fund

•

As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.30% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.

•

The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 3 out of 4 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the

124	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

	waiver) and contractual management fee rate were in the 1st, 4th and 5th quintiles of its Expense Universe, respectively.
•	The Fund was in the 3rd quintile of its Performance Group for the one- and three-year periods, while the Fund ranked 1 out of 4 and 2 out of 4 funds within its Performance Group for the five- and ten-year periods, respectively. The Fund was in the 4th, 1st, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2015 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.31% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 2 out of 3 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 5th quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 3rd and 2nd quintiles of its Performance Group for the one- and three-year periods, respectively, while the Fund ranked 1 out of 3 funds within its Performance Group for each of the five- and ten-year periods. The Fund was in the 4th, 1st, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

125

Approval of investment management agreement (unaudited)

Lifecycle 2020 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.33% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 3 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 4th quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 4th and 2nd quintiles of its Performance Group for the one- and three-year periods, respectively, while the Fund ranked 1 out of 5 funds within its Performance Group for each of the five- and ten-year periods. The Fund was in the 4th, 1st, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2025 Fund

•

As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.34% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.

•

The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its

126	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

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

Lifecycle 2030 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.36% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 2 out of 4 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 4th quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 4th and 3rd quintiles of its Performance Group for the one- and three-year periods, respectively, while the Fund ranked 2 out of 5 funds within its Performance Group for each of the five- and ten-year periods. The Fund was in the 4th, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

127

Approval of investment management agreement (unaudited)

Lifecycle 2035 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.37% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 2 out of 4 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 4th quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 3rd and 2nd quintiles of its Performance Group for the one- and three-year periods, respectively, while the Fund ranked 2 out of 4 funds and 1 out of 4 funds within its Performance Group for the five- and ten-year periods, respectively. The Fund was in the 4th, 2nd 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2040 Fund

•

As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.38% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.

128	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

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

Lifecycle 2045 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.38% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 2 out of 4 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 4th quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 5th and 2nd quintiles of its Performance Group for the one- and three-year periods, respectively, while the Fund ranked 2 out of 4 funds and 1 out of 4 funds within its Performance Group for the five- and ten-year periods, respectively. The Fund was in the 5th, 2nd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

129

Approval of investment management agreement (unaudited)

Lifecycle 2050 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.38% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 2 out of 4 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 4th quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 5th and 1st quintiles of its Performance Group for the one- and three-year periods, respectively, while the Fund ranked 2 out of 4 funds and 1 out of 4 funds within its Performance Group for the five- and ten-year periods, respectively. The Fund was in the 5th, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2055 Fund

•

As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.36% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.

•

130	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

concluded

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

Lifecycle 2060 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.27% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2020. This voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2021.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 1 out of 3 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 3rd and 4th quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 4th and 1st quintiles of its Performance Group for the one-and three-year periods, respectively, while the Fund ranked in the 5th and 2nd quintiles within its Performance Universe for the one- and three-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

131

Additional information about index providers (unaudited)

Russell Indexes

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.

MSCI Indexes

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Bloomberg Barclays Indexes

Source: Bloomberg Index Services Limited. BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^®is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

Standard & Poor’s Index

The Indexes in the S&P Target Date Index Series are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed

132	2019 Annual Report ■ TIAA-CREF Lifecycle Funds

for use by the funds. Standard & Poor’s^® and S&P^®are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the funds or any member of the public regarding the advisability of investing in securities generally or in the funds particularly or the ability of the S&P Target Date Index Series to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the funds with respect to the S&P Target Date Index Series is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes in the S&P Target Date Index Series are determined, composed and calculated by S&P Dow Jones Indices without regard to the funds. S&P Dow Jones Indices has no obligation to take the needs of the funds or the owners of the funds into consideration in determining, composing or calculating the S&P Target Date Index Series. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the funds or the timing of the issuance or sale of fund shares or in the determination or calculation of the equation by which fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the funds. There is no assurance that investment products based on the S&P Target Date Index Series will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P TARGET DATE INDEX SERIES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUNDS, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P TARGET DATE INDEX SERIES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUNDS, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report

133

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How to reach us

Websites

TIAA.org

nuveen.com

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 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 Federal Deposit Insurance Corporation (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, sell or hold a security or an investment strategy, 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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TIAA-CREF
Funds

May 31,
2019

TIAA-CREF
Lifecycle Index Funds

The annual report contains the audited financial statements.

	Institutional	Advisor	Premier	Retirement
Fund name	Class	Class	Class	Class
Lifecycle Index Retirement Income Fund	TRILX	TLIHX	TLIPX	TRCIX
Lifecycle Index 2010 Fund	TLTIX	TLTHX	TLTPX	TLTRX
Lifecycle Index 2015 Fund	TLFIX	TLFAX	TLFPX	TLGRX
Lifecycle Index 2020 Fund	TLWIX	TLWHX	TLWPX	TLWRX
Lifecycle Index 2025 Fund	TLQIX	TLQHX	TLVPX	TLQRX
Lifecycle Index 2030 Fund	TLHIX	TLHHX	TLHPX	TLHRX
Lifecycle Index 2035 Fund	TLYIX	TLYHX	TLYPX	TLYRX
Lifecycle Index 2040 Fund	TLZIX	TLZHX	TLPRX	TLZRX
Lifecycle Index 2045 Fund	TLXIX	TLMHX	TLMPX	TLMRX
Lifecycle Index 2050 Fund	TLLIX	TLLHX	TLLPX	TLLRX
Lifecycle Index 2055 Fund	TTIIX	TTIHX	TTIPX	TTIRX
Lifecycle Index 2060 Fund	TVIIX	TVIHX	TVIPX	TVITX

Annual
Report

Contents

Understanding this report	3

Letter to investors	4

Information for investors	6

About the funds’ benchmarks	7

Important information about expenses	9

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

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

Report of independent registered public accounting firm	94

Important tax information	96

Trustees and officers	98

Approval of investment management agreement	103

Additional information about index providers	118

How to reach us	Inside back cover

Understanding this report

This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended May 31, 2019. The report contains four main sections:

	•	A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
	•	The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market index.
	•	The portfolios of investments list the underlying TIAA-CREF Funds in which each fund had investments as of May 31, 2019.
	•	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 ■ 2019 Annual Report

Letter to investors

Global financial markets produced mixed results during the twelve months ended May 31, 2019. U.S. equities posted modest gains amid a healthy domestic economy and an uptick in market volatility. Foreign stocks declined, with emerging markets faring worse than developed international markets. By comparison, U.S. fixed-income markets achieved solid gains as bond prices rallied despite three increases to the federal funds target rate. These market conditions were reflected in the performance of the TIAA-CREF Lifecycle Index Funds by way of their investments in various asset classes through underlying TIAA-CREF Funds.

	•	All twelve TIAA-CREF Lifecycle Index Funds delivered positive returns and came close to matching their respective composite benchmarks. (All fund returns are for the Retirement Class.)
	•	Returns for the Retirement Class ranged from 0.1% for the Lifecycle Index 2060 Fund to 3.4% for the Lifecycle Index Retirement Income Fund.
	•	These positive results continued to support the solid performance of the TIAA-CREF Lifecycle Index Funds over longer periods of time.

Mixed results for stock prices around the world

Stock prices in most foreign markets declined. The MSCI EAFE+Emerging Markets (EM) Index, which measures the performance of leading stocks in 21 developed-markets countries outside North America and 26 emerging-markets countries, returned –6.5% in U.S.-dollar terms. Tensions weighed on foreign markets, including the unresolved trade conflict between the United States and China, concerns about a slowdown in global growth, and geopolitical risks, such as the United Kingdom’s controversial split from the European Union (Brexit).

4	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Brad Finkle

Look to lessons of the past

Increased stock market volatility over the past twelve months reminds us that, despite what one might hear or read in the financial media, no one can predict the future with any accuracy.

Rather than trying to time your investments based on what you think may happen in the future, consider using what has happened in the past as your guide. History has shown that even during periodic downturns, investors who avoided jumping in and out of the markets have often received more consistent investment results over the long term. Please keep in mind that past performance cannot guarantee future results. The TIAA-CREF Lifecycle Index Funds use dynamic diversification strategies that are designed to help mitigate the effects of market volatility, keeping you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses.

We are always 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

Chief Operating Officer, Nuveen

President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Information for investors

Portfolio holdings

The complete portfolios of investments for the Lifecycle Index Funds begin on page 40 of this report. You can obtain complete 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 also 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-PORT or Form N-Q filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT or 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 can 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	2019 Annual 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 correspond to 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 26 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

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

About the funds’ benchmarks

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.

8	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Important information about expenses

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2018–May 31, 2019).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2019

Lifecycle Index Funds Institutional Class	Beginning account value (12/1/18		)	Ending account value (5/31/19		)	Expenses paid during period (12/1/18–5/31/19		* )
Retirement Income Fund actual return	$	1,000.00		$	1,041.01			$ 0.51
5% annual hypothetical return		1,000.00			1,024.43			0.50
2010 Fund actual return		1,000.00			1,039.88			0.56
5% annual hypothetical return		1,000.00			1,024.38			0.56
2015 Fund actual return		1,000.00			1,038.62			0.51
5% annual hypothetical return		1,000.00			1,024.43			0.50
2020 Fund actual return		1,000.00			1,036.27			0.51
5% annual hypothetical return		1,000.00			1,024.43			0.50
2025 Fund actual return		1,000.00			1,032.88			0.56
5% annual hypothetical return		1,000.00			1,024.38			0.56
2030 Fund actual return		1,000.00			1,029.15			0.51
5% annual hypothetical return		1,000.00			1,024.43			0.50
2035 Fund actual return		1,000.00			1,025.14			0.56
5% annual hypothetical return		1,000.00			1,024.38			0.56
2040 Fund actual return		1,000.00			1,020.51			0.50
5% annual hypothetical return		1,000.00			1,024.43			0.50
2045 Fund actual return		1,000.00			1,016.48			0.50
5% annual hypothetical return		1,000.00			1,024.43			0.50
2050 Fund actual return		1,000.00			1,015.25			0.50
5% annual hypothetical return		1,000.00			1,024.43			0.50
2055 Fund actual return		1,000.00			1,014.05			0.55
5% annual hypothetical return		1,000.00			1,024.38			0.56
2060 Fund actual return		1,000.00			1,013.13			0.55
5% annual hypothetical return		1,000.00			1,024.38			0.56

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 0.10% for the Retirement Income Fund, 0.11% for the 2010 Fund, 0.10% for the 2015 Fund, 0.10% for the 2020 Fund, 0.11% for the 2025 Fund, 0.10% for the 2030 Fund, 0.11% for the 2035 Fund, 0.10% for the 2040 Fund, 0.10% for the 2045 Fund, 0.10% for the 2050 Fund, 0.11% for the 2055 Fund and 0.11% for the 2060 Fund.

10	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Important information about expenses

Expense examples

Six months ended May 31, 2019

Lifecycle Index Funds Advisor Class	Beginning account value (12/1/18		)	Ending account value (5/31/19		)	Expenses paid during period (12/1/18–5/31/19		* )
Retirement Income Fund actual return	$	1,000.00		$	1,040.13			$ 0.76
5% annual hypothetical return		1,000.00			1,024.18			0.76
2010 Fund actual return		1,000.00			1,040.08			0.76
5% annual hypothetical return		1,000.00			1,024.18			0.76
2015 Fund actual return		1,000.00			1,038.42			0.76
5% annual hypothetical return		1,000.00			1,024.18			0.76
2020 Fund actual return		1,000.00			1,035.77			0.96
5% annual hypothetical return		1,000.00			1,023.98			0.96
2025 Fund actual return		1,000.00			1,032.19			1.01
5% annual hypothetical return		1,000.00			1,023.93			1.01
2030 Fund actual return		1,000.00			1,028.70			1.01
5% annual hypothetical return		1,000.00			1,023.93			1.01
2035 Fund actual return		1,000.00			1,024.76			1.01
5% annual hypothetical return		1,000.00			1,023.93			1.01
2040 Fund actual return		1,000.00			1,019.87			0.91
5% annual hypothetical return		1,000.00			1,024.03			0.91
2045 Fund actual return		1,000.00			1,015.72			0.95
5% annual hypothetical return		1,000.00			1,023.98			0.96
2050 Fund actual return		1,000.00			1,014.82			0.95
5% annual hypothetical return		1,000.00			1,023.98			0.96
2055 Fund actual return		1,000.00			1,014.34			0.95
5% annual hypothetical return		1,000.00			1,023.98			0.96
2060 Fund actual return		1,000.00			1,013.56			0.95
5% annual hypothetical return		1,000.00			1,023.98			0.96

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 Fund, 0.15% for the 2010 Fund, 0.15% for the 2015 Fund, 0.19% for the 2020 Fund, 0.20% for the 2025 Fund, 0.20% for the 2030 Fund, 0.20% for the 2035 Fund, 0.18% for the 2040 Fund, 0.19% for the 2045 Fund, 0.19% for the 2050 Fund, 0.19% for the 2055 Fund and 0.19% for the 2060 Fund.

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2019

Lifecycle Index Funds Premier Class	Beginning account value (12/1/18		)	Ending account value (5/31/19		)	Expenses paid during period (12/1/18–5/31/19		* )
Retirement Income Fund actual return	$	1,000.00		$	1,039.57			$ 1.27
5% annual hypothetical return		1,000.00			1,023.68			1.26
2010 Fund actual return		1,000.00			1,039.01			1.32
5% annual hypothetical return		1,000.00			1,023.64			1.31
2015 Fund actual return		1,000.00			1,037.16			1.27
5% annual hypothetical return		1,000.00			1,023.68			1.26
2020 Fund actual return		1,000.00			1,035.46			1.27
5% annual hypothetical return		1,000.00			1,023.68			1.26
2025 Fund actual return		1,000.00			1,031.45			1.27
5% annual hypothetical return		1,000.00			1,023.68			1.26
2030 Fund actual return		1,000.00			1,028.26			1.26
5% annual hypothetical return		1,000.00			1,023.68			1.26
2035 Fund actual return		1,000.00			1,024.23			1.31
5% annual hypothetical return		1,000.00			1,023.64			1.31
2040 Fund actual return		1,000.00			1,019.53			1.26
5% annual hypothetical return		1,000.00			1,023.68			1.26
2045 Fund actual return		1,000.00			1,015.48			1.26
5% annual hypothetical return		1,000.00			1,023.68			1.26
2050 Fund actual return		1,000.00			1,014.80			1.26
5% annual hypothetical return		1,000.00			1,023.68			1.26
2055 Fund actual return		1,000.00			1,013.95			1.31
5% annual hypothetical return		1,000.00			1,023.64			1.31
2060 Fund actual return		1,000.00			1,012.55			1.30
5% annual hypothetical return		1,000.00			1,023.64			1.31

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 Fund, 0.26% for the 2010 Fund, 0.25% for the 2015 Fund, 0.25% for the 2020 Fund, 0.25% for the 2025 Fund, 0.25% for the 2030 Fund, 0.26% for the 2035 Fund, 0.25% for the 2040 Fund, 0.25% for the 2045 Fund, 0.25% for the 2050 Fund, 0.26% for the 2055 Fund and 0.26% for the 2060 Fund.

12	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Important information about expenses

Expense examples

Six months ended May 31, 2019

Lifecycle Index Funds Retirement Class	Beginning account value (12/1/18		)	Ending account value (5/31/19		)	Expenses paid during period (12/1/18–5/31/19		* )
Retirement Income Fund actual return	$	1,000.00		$	1,039.06			$ 1.78
5% annual hypothetical return		1,000.00			1,023.19			1.77
2010 Fund actual return		1,000.00			1,038.80			1.83
5% annual hypothetical return		1,000.00			1,023.14			1.82
2015 Fund actual return		1,000.00			1,037.53			1.78
5% annual hypothetical return		1,000.00			1,023.19			1.77
2020 Fund actual return		1,000.00			1,034.45			1.78
5% annual hypothetical return		1,000.00			1,023.19			1.77
2025 Fund actual return		1,000.00			1,031.66			1.82
5% annual hypothetical return		1,000.00			1,023.14			1.82
2030 Fund actual return		1,000.00			1,027.29			1.77
5% annual hypothetical return		1,000.00			1,023.19			1.77
2035 Fund actual return		1,000.00			1,023.74			1.82
5% annual hypothetical return		1,000.00			1,023.14			1.82
2040 Fund actual return		1,000.00			1,018.52			1.76
5% annual hypothetical return		1,000.00			1,023.19			1.77
2045 Fund actual return		1,000.00			1,014.96			1.76
5% annual hypothetical return		1,000.00			1,023.19			1.77
2050 Fund actual return		1,000.00			1,013.79			1.76
5% annual hypothetical return		1,000.00			1,023.19			1.77
2055 Fund actual return		1,000.00			1,013.58			1.81
5% annual hypothetical return		1,000.00			1,023.14			1.82
2060 Fund actual return		1,000.00			1,012.71			1.81
5% annual hypothetical return		1,000.00			1,023.14			1.82

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 0.35% for the Retirement Income Fund, 0.36% for the 2010 Fund, 0.35% for the 2015 Fund, 0.35% for the 2020 Fund, 0.36% for the 2025 Fund, 0.35% for the 2030 Fund, 0.36% for the 2035 Fund, 0.35% for the 2040 Fund, 0.35% for the 2045 Fund, 0.35% for the 2050 Fund, 0.36% for the 2055 Fund and 0.36% for the 2060 Fund.

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Investment results of the Lifecycle Index Funds

Performance for the twelve months ended May 31, 2019

All twelve TIAA-CREF Lifecycle Index Funds posted gains that approximated the performance of their respective composite benchmarks. Returns for the Retirement Class ranged from 0.05% for the 2060 Fund to 3.40% for the Retirement Income Fund. The performance tables show returns for all share classes of the funds.

While lower, the funds’ returns were similar to those of their composite benchmarks, which represent market performance without any fees or expenses. The difference between the individual Lifecycle Index Funds’ returns and those of their respective benchmarks ranged from 0.15 of a percentage point for the Retirement Income Fund to 0.24 of a percentage point for the 2020, 2035 and 2040 Funds. (All results for the Lifecycle Index Funds are for the Retirement Class.)

U.S. economy continued to grow, pushing domestic stocks and bonds higher

The U.S. economic expansion continued over the twelve-month period while the unemployment rate touched its lowest level in nearly a half century and inflation remained modest. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at an annualized rate of 3.4% and 2.2% in the third and fourth quarters of 2018, respectively. GDP growth accelerated to a rate of 3.1% in the first quarter of 2019, according to the government’s “second” estimate. Unemployment remained at 3.6% in May, its lowest rate since December 1969. Core inflation, which includes all items except food and energy, rose 2.0% for the twelve months ended May 31, 2019. The price of West Texas Intermediate crude oil declined from nearly $66 per barrel on June 1, 2018, to just over $53 per barrel on May 31, 2019.

The Federal Reserve raised the federal funds target rate three times during the period—in June, September and December 2018—boosting the key short-term interest-rate measure to 2.25%–2.50%. However, amid growing concerns for continued economic expansion, the Fed announced in early January that it would take a “patient” approach to further rate increases.

For the twelve-month period, the Russell 3000^®Index, a broad measure of the U.S. stock market, advanced 2.50%. The MSCI EAFE+Emerging Markets (EM) Index, which measures the performance of leading stocks in 21 developed-markets countries outside North America and 26 emerging-markets countries, returned –6.5% in U.S.-dollar terms.

14	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Funds advanced, bolstered by fixed-income gains

The Lifecycle Index Funds may invest in up to five sectors of the investment market: 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.

Over the twelve-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—benefited primarily from gains among U.S. fixed-income securities as well as smaller U.S. equity advances. The Equity Index Fund advanced modestly while the International Equity Index Fund and Emerging Markets Equity Index Fund both recorded declines. The Bond Index Fund posted the strongest gains in the fixed-income category. The Inflation-Linked Bond Fund and Short-Term Bond Index Fund also generated positive results.

Fixed-income funds drove performance

The Lifecycle Index Funds with larger allocations to fixed-income sectors posted greater returns. For example, the Retirement Income, 2010 and 2015 Funds, each with at least 50% of their assets invested in fixed income at the end of the period, all gained more than 3.00% over the twelve months. In contrast, the 2045, 2050, 2055 and 2060 Funds, each with at least 89% of assets invested in equities at period-end, all earned less than 1.00%. (Performance of the Lifecycle Index Funds’ underlying funds can be found at TIAA.org/performance.)

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index Retirement Income Fund

Performance as of May 31, 2019

Lifecycle Index Retirement Income Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		9/30/09		3.66	%		4.25	%		6.19	%		0.31	%		0.10	%
Advisor Class		12/4/15		3.64			4.14	^†		6.01	^†		0.38			0.18
Premier Class		9/30/09		3.44			4.08			6.03			0.45			0.25
Retirement Class		9/30/09		3.40			3.98			5.93			0.55			0.35
Lifecycle Index Retirement Income Fund Composite Index^‡		—		3.55			4.30			6.32	^§		—			—
Broad market index
S&P Target Date Retirement Income Index		—		2.95			3.49			5.13	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, 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 + Emerging Markets 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.

16	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index Retirement Income Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2009)

Ending amounts are as of May 31, 2019. For the purpose of comparison, the graph also shows the change in the values of the Fund’s composite benchmark and a broad market index during the same period. The performance of the other share classes varies due to differences in expense charges.

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		27.18		28.00
International equity		11.76		12.00
Fixed income
Fixed income		40.62		40.00
Short-term fixed income		10.08		10.00
Inflation-protected assets		10.12		10.00
Other assets & liabilities, net		0.24		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2010 Fund

Performance as of May 31, 2019
Lifecycle Index 2010 Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		9/30/09		3.57	%		4.41	%		6.62	%		0.25	%		0.10	%
Advisor Class		12/4/15		3.52			4.31	^†		6.44	^†		0.33			0.18
Premier Class		9/30/09		3.42			4.26			6.46			0.40			0.25
Retirement Class		9/30/09		3.32			4.14			6.35			0.50			0.35
Lifecycle Index 2010 Fund Composite Index^‡		—		3.50			4.50			6.75	^§		—			—
Broad market index
S&P Target Date 2010 Index		—		2.69			3.90			5.89	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2010 Fund Composite Index consisted of: 39.8% Bloomberg Barclays U.S. Aggregate Bond Index; 28.7% Russell 3000^® Index; 12.3% MSCI EAFE + Emerging Markets Index; 9.6% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 9.6% 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.

18	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2010 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		27.94		28.70
International equity		12.08		12.30
Fixed income
Fixed income		40.49		39.80
Short-term fixed income		9.66		9.60
Inflation-protected assets		9.71		9.60
Other assets & liabilities, net		0.12		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2015 Fund

Performance as of May 31, 2019
Lifecycle Index 2015 Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		9/30/09		3.40	%		4.70	%		7.05	%		0.23	%		0.10	%
Advisor Class		12/4/15		3.31			4.60	^†		6.88	^†		0.31			0.18
Premier Class		9/30/09		3.19			4.52			6.89			0.38			0.25
Retirement Class		9/30/09		3.09			4.43			6.79			0.48			0.35
Lifecycle Index 2015 Fund Composite Index^‡		—		3.28			4.77			7.18	^§		—			—
Broad market index
S&P Target Date 2015 Index		—		2.34			4.31			6.61	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2015 Fund Composite Index consisted of: 38.8% Bloomberg Barclays U.S. Aggregate Bond Index; 32.2% Russell 3000^® Index; 13.8% MSCI EAFE + Emerging Markets Index; 7.6% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 7.6% 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.

20	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2015 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		31.38		32.20
International equity		13.57		13.80
Fixed income
Fixed income		39.54		38.80
Short-term fixed income		7.65		7.60
Inflation-protected assets		7.69		7.60
Other assets & liabilities, net		0.17		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2020 Fund

Performance as of May 31, 2019

Lifecycle Index 2020 Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		9/30/09		3.07	%		5.03	%		7.58	%		0.21	%		0.10	%
Advisor Class		12/4/15		2.95			4.91	^†		7.39	^†		0.29			0.18
Premier Class		9/30/09		2.86			4.87			7.42			0.36			0.25
Retirement Class		9/30/09		2.76			4.76			7.31			0.46			0.35
Lifecycle Index 2020 Fund Composite Index^‡		—		3.00			5.11			7.72	^§		—			—
Broad market index
S&P Target Date 2020 Index		—		1.98			4.67			7.23	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2020 Fund Composite Index consisted of: 37.1% Bloomberg Barclays U.S. Aggregate Bond Index; 36.2% Russell 3000^® Index; 15.5% MSCI EAFE + Emerging Markets Index; 5.6% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 5.6% 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.

22	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2020 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation
	% of net		% of target
	assets as of		allocation
	5/31/19		for 6/30/19
Equity
U.S. equity		35.33		36.12
International equity		15.28		15.48
Fixed income
Fixed income		37.95		37.20
Short-term fixed income		5.63		5.60
Inflation-protected assets		5.66		5.60
Other assets & liabilities, net		0.15		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2025 Fund

Performance as of May 31, 2019

Lifecycle Index 2025 Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		9/30/09		2.58	%		5.41	%		8.13	%		0.20	%		0.10	%
Advisor Class		12/4/15		2.51			5.28	^†		7.94	^†		0.28			0.18
Premier Class		9/30/09		2.44			5.25			7.97			0.35			0.25
Retirement Class		9/30/09		2.33			5.15			7.87			0.45			0.35
Lifecycle Index 2025 Fund Composite Index^‡		—		2.56			5.49			8.26	^§		—			—
Broad market index
S&P Target Date 2025 Index		—		1.35			4.97			7.75	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2025 Fund Composite Index consisted of: 41.8% Russell 3000^® Index; 33.1% Bloomberg Barclays U.S. Aggregate Bond Index; 17.9% MSCI EAFE + Emerging Markets Index; 3.6% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 3.6% 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.

24	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2025 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation
	% of net		% of target
	assets as of		allocation
	5/31/19		for 6/30/19
Equity
U.S. equity		40.86		41.72
International equity		17.70		17.88
Fixed income
Fixed income		33.98		33.20
Short-term fixed income		3.61		3.60
Inflation-protected assets		3.63		3.60
Other assets & liabilities, net		0.22		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2030 Fund

Performance as of May 31, 2019

Lifecycle Index 2030 Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		9/30/09		2.13	%		5.78	%		8.68	%		0.20	%		0.10	%
Advisor Class		12/4/15		2.03			5.65	^†		8.48	^†		0.28			0.18
Premier Class		9/30/09		1.98			5.62			8.52			0.35			0.25
Retirement Class		9/30/09		1.88			5.52			8.41			0.45			0.35
Lifecycle Index 2030 Fund Composite Index^‡		—		2.10			5.86			8.80	^§		—			—
Broad market index
S&P Target Date 2030 Index		—		0.63			5.25			8.19	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2030 Fund Composite Index consisted of: 47.4% Russell 3000^® Index; 29.1% Bloomberg Barclays U.S. Aggregate Bond Index; 20.3% MSCI EAFE + Emerging Markets Index; 1.6% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 1.6% 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.

26	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2030 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation
	% of net		% of target
	assets as of		allocation
	5/31/19		for 6/30/19
Equity
U.S. equity		46.50		47.32
International equity		20.12		20.28
Fixed income
Fixed income		29.96		29.20
Short-term fixed income		1.58		1.60
Inflation-protected assets		1.59		1.60
Other assets & liabilities, net		0.25		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2035 Fund

Performance as of May 31, 2019

Lifecycle Index 2035 Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		9/30/09		1.66	%		6.11	%		9.19	%		0.19	%		0.10	%
Advisor Class		12/4/15		1.52			6.00	^†		9.00	^†		0.27			0.18
Premier Class		9/30/09		1.46			5.94			9.02			0.34			0.25
Retirement Class		9/30/09		1.36			5.84			8.91			0.44			0.35
Lifecycle Index 2035 Fund Composite Index^‡		—		1.60			6.18			9.30	^§		—			—
Broad market index
S&P Target Date 2035 Index		—		–0.10			5.52			8.57	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2035 Fund Composite Index consisted of: 53.0% Russell 3000^® Index; 24.3% Bloomberg Barclays U.S. Aggregate Bond Index; and 22.7% MSCI EAFE + Emerging Markets Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^§	Performance is calculated from the inception date of the Retirement Class.

28	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2035 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation
	% of net		% of target
	assets as of		allocation
	5/31/19		for 6/30/19
Equity
U.S. equity		52.15		52.92
International equity		22.61		22.68
Fixed income		25.03		24.40
Other assets & liabilities, net		0.21		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2040 Fund

Performance as of May 31, 2019
Lifecycle Index 2040 Fund					Average annual						Annual operating
		Total Return			total return						expenses*^#
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	9/30/09		1.08	%		6.41	%		9.52	%		0.19	%		0.10	%
Advisor Class	12/4/15		0.96			6.30	^†		9.32	^†		0.27			0.18
Premier Class	9/30/09		0.87			6.25			9.35			0.34			0.25
Retirement Class	9/30/09		0.77			6.15			9.24			0.44			0.35
Lifecycle Index 2040 Fund Composite Index^‡	—		1.01			6.47			9.62	^§		—			—
Broad market index
S&P Target Date 2040 Index	—		–0.55			5.70			8.84	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2040 Fund Composite Index consisted of: 58.6% Russell 3000^® Index; 25.1% MSCI EAFE + Emerging Markets Index; and 16.3% 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.

30	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2040 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		57.85		58.52
International equity		25.05		25.08
Fixed income		16.81		16.40
Other assets & liabilities, net		0.29		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2045 Fund

Performance as of May 31, 2019
Lifecycle Index 2045 Fund					Average annual						Annual operating
		Total Return			total return						expenses*^#
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	9/30/09		0.58	%		6.54	%		9.58	%		0.20	%		0.10	%
Advisor Class	12/4/15		0.41			6.40	^†		9.37	^†		0.28			0.18
Premier Class	9/30/09		0.43			6.39			9.42			0.35			0.25
Retirement Class	9/30/09		0.32			6.27			9.30			0.45			0.35
Lifecycle Index 2045 Fund Composite Index^‡	—		0.53			6.61			9.70	^§		—			—
Broad market index
S&P Target Date 2045 Index	—		–0.86			5.81			9.03	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2045 Fund Composite Index consisted of: 63.2% Russell 3000^® Index; 27.1% MSCI EAFE + Emerging Markets Index; and 9.7% 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.

32	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2045 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		62.51		63.18
International equity		27.08		27.07
Fixed income		10.12		9.75
Other assets & liabilities, net		0.29		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2050 Fund

Performance as of May 31, 2019
Lifecycle Index 2050 Fund					Average annual						Annual operating
		Total Return			total return						expenses*^#
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	9/30/09		0.47	%		6.61	%		9.62	%		0.20	%		0.10	%
Advisor Class	12/4/15		0.37			6.48	^†		9.42	^†		0.28			0.18
Premier Class	9/30/09		0.32			6.45			9.46			0.35			0.25
Retirement Class	9/30/09		0.21			6.34			9.34			0.45			0.35
Lifecycle Index 2050 Fund Composite Index^‡	—		0.44			6.68			9.73	^§		—			—
Broad market index
S&P Target Date 2050 Index	—		–1.08			5.93			9.18	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2050 Fund Composite Index consisted of: 64.0% Russell 3000^® Index; 27.5% MSCI EAFE + Emerging Markets Index; and 8.5% 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.

34	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2050 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2009)

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		63.43		64.05
International equity		27.47		27.45
Fixed income		8.82		8.50
Other assets & liabilities, net		0.28		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2055 Fund

Performance as of May 31, 2019
Lifecycle Index 2055 Fund					Average annual						Annual operating
		Total Return			total return						expenses*^#
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	4/29/11		0.34	%		6.66	%		8.15	%		0.24	%		0.10	%
Advisor Class	12/4/15		0.30			6.57	^†		7.98	^†		0.31			0.18
Premier Class	4/29/11		0.20			6.51			7.99			0.38			0.25
Retirement Class	4/29/11		0.16			6.42			7.89			0.48			0.35
Lifecycle Index 2055 Fund Composite Index^‡	—		0.34			6.75			8.25	^§		—			—
Broad market index
S&P Target Date 2055 Index	—		–1.14			5.99			7.54	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2055 Fund Composite Index consisted of: 65.0% Russell 3000^® Index; 27.8% MSCI EAFE + Emerging Markets Index; and 7.2% 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.

36	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2055 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception April 29, 2011)

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		64.20		64.93
International equity		27.80		27.82
Fixed income		7.51		7.25
Other assets & liabilities, net		0.49		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Lifecycle Index 2060 Fund

Performance as of May 31, 2019
Lifecycle Index 2060 Fund					Average annual			Annual operating
		Total Return			total return			expenses*^#
	Inception date	1 year			since inception			gross			net
Institutional Class	9/26/14		0.25	%		6.97	%		0.48	%		0.10	%
Advisor Class	12/4/15		0.22			6.88	^†		0.54			0.18
Premier Class	9/26/14		0.12			6.81			0.61			0.25
Retirement Class	9/26/14		0.05			6.72			0.71			0.35
Lifecycle Index 2060 Fund Composite Index^‡	—		0.24			7.05	^§		—			—
Broad market index
S&P Target Date 2060+ Index	—		–1.08			6.41	^§		—			—

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 waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2019, 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 respective inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class.
^‡	As of the close of business on May 31, 2019, the Lifecycle Index 2060 Fund Composite Index consisted of: 65.8% Russell 3000^® Index; 28.2% MSCI EAFE + Emerging Markets Index; and 6.0% 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 Retirement Class.

38	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2060 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 26, 2014)

Asset allocation
	% of net assets as of 5/31/19		% of target allocation for 6/30/19
Equity
U.S. equity		64.88		65.80
International equity		28.07		28.20
Fixed income		6.18		6.00
Other assets & liabilities, net		0.87		—
Total		100.00		100.00

Target allocation

For June 30, 2019

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle Index Retirement Income Fund ■ May 31, 2019

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
FIXED INCOME—40.6%
	13,845,203	TIAA-CREF Bond Index Fund		$	150,774,258		40.6	%
		TOTAL FIXED INCOME			150,774,258		40.6
INFLATION-PROTECTED ASSETS—10.1%
	3,276,429	TIAA-CREF Inflation-Linked Bond Fund			37,580,643		10.1
		TOTAL INFLATION-PROTECTED ASSETS			37,580,643		10.1
INTERNATIONAL EQUITY—11.8%
	1,181,637	TIAA-CREF Emerging Markets Equity Index Fund			12,336,288		3.3
	1,717,367	TIAA-CREF International Equity Index Fund			31,307,607		8.5
		TOTAL INTERNATIONAL EQUITY			43,643,895		11.8
SHORT-TERM FIXED INCOME—10.1%
	3,755,035	TIAA-CREF Short-Term Bond Index Fund			37,400,151		10.1
		TOTAL SHORT-TERM FIXED INCOME			37,400,151		10.1
U.S. EQUITY—27.2%
	5,000,348	TIAA-CREF Equity Index Fund			100,907,029		27.2
		TOTAL U.S. EQUITY			100,907,029		27.2
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $349,465,426)		370,305,976		99.8

		TOTAL PORTFOLIO	(Cost $349,465,426)		370,305,976		99.8
		OTHER ASSETS & LIABILITIES, NET			885,937		0.2
		NET ASSETS		$	371,191,913		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2010 Fund ■ May 31, 2019

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—40.5%
	16,289,635	TIAA-CREF Bond Index Fund		$	177,394,128		40.5	%
		TOTAL FIXED INCOME			177,394,128		40.5
INFLATION-PROTECTED ASSETS—9.7%
	3,707,920	TIAA-CREF Inflation-Linked Bond Fund			42,529,843		9.7
		TOTAL INFLATION-PROTECTED ASSETS			42,529,843		9.7
INTERNATIONAL EQUITY—12.1%
	1,419,612	TIAA-CREF Emerging Markets Equity Index Fund			14,820,746		3.4
	2,089,282	TIAA-CREF International Equity Index Fund			38,087,619		8.7
		TOTAL INTERNATIONAL EQUITY			52,908,365		12.1
SHORT-TERM FIXED INCOME—9.7%
	4,249,426	TIAA-CREF Short-Term Bond Index Fund			42,324,284		9.7
		TOTAL SHORT-TERM FIXED INCOME			42,324,284		9.7
U.S. EQUITY—27.9%
	6,066,679	TIAA-CREF Equity Index Fund			122,425,575		27.9
		TOTAL U.S. EQUITY			122,425,575		27.9
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $382,428,854)		437,582,195		99.9

		TOTAL PORTFOLIO	(Cost $382,428,854)		437,582,195		99.9
		OTHER ASSETS & LIABILITIES, NET			526,341		0.1
		NET ASSETS		$	438,108,536		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle Index 2015 Fund ■ May 31, 2019

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
FIXED INCOME—39.5%
	31,938,627	TIAA-CREF Bond Index Fund		$	347,811,645		39.5	%
		TOTAL FIXED INCOME			347,811,645		39.5
INFLATION-PROTECTED ASSETS—7.7%
	5,893,575	TIAA-CREF Inflation-Linked Bond Fund			67,599,307		7.7
		TOTAL INFLATION-PROTECTED ASSETS			67,599,307		7.7
INTERNATIONAL EQUITY—13.6%
	3,203,867	TIAA-CREF Emerging Markets Equity Index Fund			33,448,372		3.8
	4,711,804	TIAA-CREF International Equity Index Fund			85,896,183		9.8
		TOTAL INTERNATIONAL EQUITY			119,344,555		13.6
SHORT-TERM FIXED INCOME—7.6%
	6,751,874	TIAA-CREF Short-Term Bond Index Fund			67,248,662		7.6
		TOTAL SHORT-TERM FIXED INCOME			67,248,662		7.6
U.S. EQUITY—31.4%
	13,676,305	TIAA-CREF Equity Index Fund			275,987,843		31.4
		TOTAL U.S. EQUITY			275,987,843		31.4
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $769,330,410)		877,992,012		99.8

		TOTAL PORTFOLIO	(Cost $769,330,410)		877,992,012		99.8
		OTHER ASSETS & LIABILITIES, NET			1,513,615		0.2
		NET ASSETS		$	879,505,627		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2020 Fund ■ May 31, 2019

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
FIXED INCOME—37.9%
	77,037,612	TIAA-CREF Bond Index Fund		$	838,939,589		37.9	%
		TOTAL FIXED INCOME			838,939,589		37.9
INFLATION-PROTECTED ASSETS—5.7%
	10,915,344	TIAA-CREF Inflation-Linked Bond Fund			125,198,998		5.7
		TOTAL INFLATION-PROTECTED ASSETS			125,198,998		5.7
INTERNATIONAL EQUITY—15.3%
	9,084,122	TIAA-CREF Emerging Markets Equity Index Fund			94,838,230		4.3
	13,334,596	TIAA-CREF International Equity Index Fund			243,089,682		11.0
		TOTAL INTERNATIONAL EQUITY			337,927,912		15.3
SHORT-TERM FIXED INCOME—5.6%
	12,509,335	TIAA-CREF Short-Term Bond Index Fund			124,592,974		5.6
		TOTAL SHORT-TERM FIXED INCOME			124,592,974		5.6
U.S. EQUITY—35.3%
	38,709,389	TIAA-CREF Equity Index Fund			781,155,460		35.3
		TOTAL U.S. EQUITY			781,155,460		35.3
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $1,989,386,007)		2,207,814,933		99.8

		TOTAL PORTFOLIO	(Cost $1,989,386,007)		2,207,814,933		99.8
		OTHER ASSETS & LIABILITIES, NET			3,375,734		0.2
		NET ASSETS		$	2,211,190,667		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle Index 2025 Fund ■ May 31, 2019

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
FIXED INCOME—34.0%
	88,782,697	TIAA-CREF Bond Index Fund		$	966,843,572		34.0	%
		TOTAL FIXED INCOME			966,843,572		34.0
INFLATION-PROTECTED ASSETS—3.6%
	9,013,799	TIAA-CREF Inflation-Linked Bond Fund			103,388,271		3.6
		TOTAL INFLATION-PROTECTED ASSETS			103,388,271		3.6
INTERNATIONAL EQUITY—17.7%
	13,572,263	TIAA-CREF Emerging Markets Equity Index Fund			141,694,423		5.0
	19,851,560	TIAA-CREF International Equity Index Fund			361,893,930		12.7
		TOTAL INTERNATIONAL EQUITY			503,588,353		17.7
SHORT-TERM FIXED INCOME—3.6%
	10,327,053	TIAA-CREF Short-Term Bond Index Fund			102,857,452		3.6
		TOTAL SHORT-TERM FIXED INCOME			102,857,452		3.6
U.S. EQUITY—40.9%
	57,614,332	TIAA-CREF Equity Index Fund			1,162,657,220		40.9
		TOTAL U.S. EQUITY			1,162,657,220		40.9
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $2,579,474,058)		2,839,334,868		99.8

		TOTAL PORTFOLIO	(Cost $2,579,474,058)		2,839,334,868		99.8
		OTHER ASSETS & LIABILITIES, NET			6,303,851		0.2
		NET ASSETS		$	2,845,638,719		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2030 Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—99.7%^a
FIXED INCOME—29.9%
82,657,516	TIAA-CREF Bond Index Fund		$	900,140,353		29.9	%
	TOTAL FIXED INCOME			900,140,353		29.9
INFLATION-PROTECTED ASSETS—1.6%
4,169,552	TIAA-CREF Inflation-Linked Bond Fund			47,824,763		1.6
	TOTAL INFLATION-PROTECTED ASSETS			47,824,763		1.6
INTERNATIONAL EQUITY—20.1%
16,272,154	TIAA-CREF Emerging Markets Equity Index Fund			169,881,291		5.6
23,831,714	TIAA-CREF International Equity Index Fund			434,452,149		14.5
	TOTAL INTERNATIONAL EQUITY			604,333,440		20.1
SHORT-TERM FIXED INCOME—1.6%
4,779,225	TIAA-CREF Short-Term Bond Index Fund			47,601,083		1.6
	TOTAL SHORT-TERM FIXED INCOME			47,601,083		1.6
U.S. EQUITY—46.5%
69,210,713	TIAA-CREF Equity Index Fund			1,396,672,198		46.5
	TOTAL U.S. EQUITY			1,396,672,198		46.5
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $2,702,980,844)		2,996,571,837		99.7

	TOTAL PORTFOLIO	(Cost $2,702,980,844)		2,996,571,837		99.7
	OTHER ASSETS & LIABILITIES, NET			7,649,977		0.3
	NET ASSETS		$	3,004,221,814		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle Index 2035 Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
FIXED INCOME—25.0%
62,691,483	TIAA-CREF Bond Index Fund		$	682,710,252		25.0	%
	TOTAL FIXED INCOME			682,710,252		25.0
INTERNATIONAL EQUITY—22.6%
16,658,841	TIAA-CREF Emerging Markets Equity Index Fund			173,918,297		6.4
24,283,447	TIAA-CREF International Equity Index Fund			442,687,235		16.2
	TOTAL INTERNATIONAL EQUITY			616,605,532		22.6
U.S. EQUITY—52.2%
70,481,192	TIAA-CREF Equity Index Fund			1,422,310,449		52.2
	TOTAL U.S. EQUITY			1,422,310,449		52.2
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $2,421,423,387)		2,721,626,233		99.8

	TOTAL PORTFOLIO	(Cost $2,421,423,387)		2,721,626,233		99.8
	OTHER ASSETS & LIABILITIES, NET			5,757,291		0.2
	NET ASSETS		$	2,727,383,524		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2040 Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—99.7%^a
FIXED INCOME—16.8%
44,246,560	TIAA-CREF Bond Index Fund		$	481,845,039		16.8	%
	TOTAL FIXED INCOME			481,845,039		16.8
INTERNATIONAL EQUITY—25.1%
19,369,283	TIAA-CREF Emerging Markets Equity Index Fund			202,215,312		7.1
28,301,877	TIAA-CREF International Equity Index Fund			515,943,215		18.0
	TOTAL INTERNATIONAL EQUITY			718,158,527		25.1
U.S. EQUITY—57.8%
82,171,452	TIAA-CREF Equity Index Fund			1,658,219,906		57.8
	TOTAL U.S. EQUITY			1,658,219,906		57.8
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $2,500,173,124)		2,858,223,472		99.7

	TOTAL PORTFOLIO	(Cost $2,500,173,124)		2,858,223,472		99.7
	OTHER ASSETS & LIABILITIES, NET			8,409,381		0.3
	NET ASSETS		$	2,866,632,853		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle Index 2045 Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—99.7%^a
FIXED INCOME—10.1%
17,504,903	TIAA-CREF Bond Index Fund		$	190,628,394		10.1	%
	TOTAL FIXED INCOME			190,628,394		10.1
INTERNATIONAL EQUITY—27.1%
13,777,810	TIAA-CREF Emerging Markets Equity Index Fund			143,840,340		7.6
20,098,863	TIAA-CREF International Equity Index Fund			366,402,274		19.5
	TOTAL INTERNATIONAL EQUITY			510,242,614		27.1
U.S. EQUITY—62.5%
58,373,048	TIAA-CREF Equity Index Fund			1,177,968,109		62.5
	TOTAL U.S. EQUITY			1,177,968,109		62.5
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $1,692,664,363)		1,878,839,117		99.7

	TOTAL PORTFOLIO	(Cost $1,692,664,363)		1,878,839,117		99.7
	OTHER ASSETS & LIABILITIES, NET			5,534,196		0.3
	NET ASSETS		$	1,884,373,313		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2050 Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—99.7%^a
FIXED INCOME—8.8%
11,565,352	TIAA-CREF Bond Index Fund		$	125,946,687		8.8	%
	TOTAL FIXED INCOME			125,946,687		8.8
INTERNATIONAL EQUITY—27.5%
10,586,160	TIAA-CREF Emerging Markets Equity Index Fund			110,519,511		7.8
15,442,989	TIAA-CREF International Equity Index Fund			281,525,697		19.7
	TOTAL INTERNATIONAL EQUITY			392,045,208		27.5
U.S. EQUITY—63.4%
44,854,066	TIAA-CREF Equity Index Fund			905,155,045		63.4
	TOTAL U.S. EQUITY			905,155,045		63.4
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $1,294,588,906)		1,423,146,940		99.7

	TOTAL PORTFOLIO	(Cost $1,294,588,906)		1,423,146,940		99.7
	OTHER ASSETS & LIABILITIES, NET			4,024,496		0.3
	NET ASSETS		$	1,427,171,436		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Portfolio of investments

Lifecycle Index 2055 Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—99.5%^a
FIXED INCOME—7.5%
4,113,711	TIAA-CREF Bond Index Fund		$	44,798,315		7.5	%
	TOTAL FIXED INCOME			44,798,315		7.5
INTERNATIONAL EQUITY—27.8%
4,478,401	TIAA-CREF Emerging Markets Equity Index Fund			46,754,509		7.8
6,528,710	TIAA-CREF International Equity Index Fund			119,018,378		20.0
	TOTAL INTERNATIONAL EQUITY			165,772,887		27.8
U.S. EQUITY—64.2%
18,970,836	TIAA-CREF Equity Index Fund			382,831,480		64.2
	TOTAL U.S. EQUITY			382,831,480		64.2
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $559,143,234)		593,402,682		99.5

	TOTAL PORTFOLIO	(Cost $559,143,234)		593,402,682		99.5
	OTHER ASSETS & LIABILITIES, NET			2,904,933		0.5
	NET ASSETS		$	596,307,615		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.


50	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements

Portfolio of investments

Lifecycle Index 2060 Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—99.1%^a
FIXED INCOME—6.2%
834,322	TIAA-CREF Bond Index Fund		$	9,085,770		6.2	%
	TOTAL FIXED INCOME			9,085,770		6.2
INTERNATIONAL EQUITY—28.1%
1,116,771	TIAA-CREF Emerging Markets Equity Index Fund			11,659,084		7.9
1,622,900	TIAA-CREF International Equity Index Fund			29,585,458		20.2
	TOTAL INTERNATIONAL EQUITY			41,244,542		28.1
U.S. EQUITY—64.8%
4,723,128	TIAA-CREF Equity Index Fund			95,312,728		64.8
	TOTAL U.S. EQUITY			95,312,728		64.8
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $142,036,095)		145,643,040		99.1

	TOTAL PORTFOLIO	(Cost $142,036,095)		145,643,040		99.1
	OTHER ASSETS & LIABILITIES, NET			1,285,480		0.9
	NET ASSETS		$	146,928,520		100.0	%

^a	The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report	51

Statements of assets and liabilities

TIAA-CREF Lifecycle Index Funds ■ May 31, 2019

	Lifecycle Index Retirement Income Fund		Lifecycle Index 2010 Fund		Lifecycle Index 2015 Fund		Lifecycle Index 2020 Fund		Lifecycle Index 2025 Fund		Lifecycle Index 2030 Fund
ASSETS
Affiliated investments, at value‡	$	370,305,976	$	437,582,195	$	877,992,012	$	2,207,814,933	$	2,839,334,868	$	2,996,571,837
Cash		185,353		554,273		1,271,303		2,607,044		2,736,384		4,238,107
Receivable from securities transactions		2,376,840		3,005,272		6,312,058		15,573,321		20,414,702		19,621,784
Receivable from Fund shares sold		2,619,804		255,455		2,568,333		4,586,487		6,655,468		6,174,654
Dividends receivable		440,845		519,201		984,466		2,289,324		2,551,128		2,280,889
Due from affiliates		4,870		5,219		9,186		19,480		22,761		23,634
Other		5,493		13,614		24,710		45,698		50,025		52,409
Total assets		375,939,181		441,935,229		889,162,068		2,232,936,287		2,871,765,336		3,028,963,314
LIABILITIES
Management fees payable		5,700		6,752		13,248		32,491		40,476		41,363
Service agreement fees payable		727		1,439		2,712		6,627		8,594		8,318
Distribution fees payable		3,775		4,278		12,186		33,073		42,724		41,426
Due to affiliates		9,016		9,485		10,914		14,656		16,012		16,303
Payable for securities transactions		4,080,850		3,622,293		7,652,831		19,725,827		24,036,217		22,054,546
Payable for Fund shares redeemed		619,221		147,330		1,901,016		1,788,087		1,798,668		2,378,541
Payable for trustee compensation		5,770		13,971		25,417		47,421		52,182		54,680
Accrued expenses and other payables		22,209		21,145		38,117		97,438		131,744		146,323
Total liabilities		4,747,268		3,826,693		9,656,441		21,745,620		26,126,617		24,741,500
NET ASSETS	$	371,191,913	$	438,108,536	$	879,505,627	$	2,211,190,667	$	2,845,638,719	$	3,004,221,814
NET ASSETS CONSIST OF:
Paid-in-capital	$	353,265,991	$	386,163,374	$	775,401,075	$	1,999,317,855	$	2,589,987,418	$	2,716,230,498
Total distributable earnings (loss)		17,925,922		51,945,162		104,104,552		211,872,812		255,651,301		287,991,316
NET ASSETS	$	371,191,913	$	438,108,536	$	879,505,627	$	2,211,190,667	$	2,845,638,719	$	3,004,221,814
INSTITUTIONAL CLASS:
Net assets	$	306,742,123	$	335,348,138	$	654,257,146	$	1,636,540,620	$	2,108,199,024	$	2,291,257,946
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		21,440,092		22,198,654		41,523,698		98,286,684		120,559,576		125,017,938
Net asset value per share		$14.31		$15.11		$15.76		$16.65		$17.49		$18.33
ADVISOR CLASS:
Net assets	$	159,924	$	112,853	$	164,129	$	708,091	$	1,001,188	$	1,310,757
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,178		7,469		10,415		42,551		57,313		71,581
Net asset value per share		$14.31		$15.11		$15.76		$16.64		$17.47		$18.31
PREMIER CLASS:
Net assets	$	29,442,576	$	32,634,403	$	94,173,932	$	257,430,332	$	328,027,771	$	318,861,533
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,059,636		2,167,295		6,001,778		15,534,385		18,836,351		17,478,750
Net asset value per share		$14.30		$15.06		$15.69		$16.57		$17.41		$18.24
RETIREMENT CLASS:
Net assets	$	34,847,290	$	70,013,142	$	130,910,420	$	316,511,624	$	408,410,736	$	392,791,578
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,440,638		4,673,933		8,371,626		19,167,646		23,557,891		21,623,558
Net asset value per share		$14.28		$14.98		$15.64		$16.51		$17.34		$18.16
‡ Affiliated investments, cost	$	349,465,426	$	382,428,854	$	769,330,410	$	1,989,386,007	$	2,579,474,058	$	2,702,980,844

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Statements of assets and liabilities

concluded

TIAA-CREF Lifecycle Index Funds ■ May 31, 2019

	Lifecycle Index 2035 Fund		Lifecycle Index 2040 Fund		Lifecycle Index 2045 Fund		Lifecycle Index 2050 Fund		Lifecycle Index 2055 Fund		Lifecycle Index 2060 Fund
ASSETS
Affiliated investments, at value‡	$	2,721,626,233	$	2,858,223,472	$	1,878,839,117	$	1,423,146,940	$	593,402,682	$	145,643,040
Cash		3,887,898		4,102,817		3,127,895		1,067,640		938,607		571,046
Receivable from securities transactions		15,312,280		11,464,403		5,740,709		3,990,409		1,459,833		267,407
Receivable from Fund shares sold		4,941,832		7,472,384		6,062,908		5,256,567		2,912,647		1,203,691
Dividends receivable		1,653,945		1,169,842		464,311		306,433		108,420		21,810
Due from affiliates		19,067		20,290		13,798		10,869		4,861		2,189
Other		49,316		55,487		30,469		21,365		6,602		1,247
Total assets		2,747,490,571		2,882,508,695		1,894,279,207		1,433,800,223		598,833,652		147,710,430
LIABILITIES
Management fees payable		36,367		37,235		23,924		18,048		7,493		1,827
Service agreement fees payable		7,457		7,351		5,123		4,369		2,132		608
Distribution fees payable		38,419		34,127		25,573		20,475		7,378		1,089
Due to affiliates		15,759		16,297		13,248		11,772		9,354		8,298
Payable for securities transactions		17,331,040		14,283,407		8,915,980		5,413,425		1,900,350		711,171
Payable for Fund shares redeemed		2,499,304		1,304,487		793,599		1,055,539		546,355		38,067
Payable for trustee compensation		51,397		57,682		31,902		22,425		7,011		1,342
Accrued expenses and other payables		127,304		135,256		96,545		82,734		45,964		19,508
Total liabilities		20,107,047		15,875,842		9,905,894		6,628,787		2,526,037		781,910
NET ASSETS	$	2,727,383,524	$	2,866,632,853	$	1,884,373,313	$	1,427,171,436	$	596,307,615	$	146,928,520
NET ASSETS CONSIST OF:
Paid-in-capital	$	2,432,390,324	$	2,515,799,896	$	1,702,230,169	$	1,301,569,690	$	563,556,394	$	144,830,766
Total distributable earnings (loss)		294,993,200		350,832,957		182,143,144		125,601,746		32,751,221		2,097,754
NET ASSETS	$	2,727,383,524	$	2,866,632,853	$	1,884,373,313	$	1,427,171,436	$	596,307,615	$	146,928,520
INSTITUTIONAL CLASS:
Net assets	$	2,077,146,341	$	2,269,053,620	$	1,451,216,080	$	1,066,666,888	$	439,797,616	$	112,058,622
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		108,661,294		115,500,774		73,721,272		54,005,432		27,827,128		9,226,952
Net asset value per share		$19.12		$19.65		$19.69		$19.75		$15.80		$12.14
ADVISOR CLASS:
Net assets	$	1,035,515	$	2,047,133	$	1,161,897	$	1,200,365	$	754,687	$	589,822
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		54,217		104,272		59,087		60,829		47,794		48,564
Net asset value per share		$19.10		$19.63		$19.66		$19.73		$15.79		$12.15
PREMIER CLASS:
Net assets	$	295,473,109	$	258,812,341	$	195,595,245	$	157,105,489	$	57,624,764	$	8,643,581
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		15,534,579		13,241,055		9,981,427		7,994,508		3,655,804		712,399
Net asset value per share		$19.02		$19.55		$19.60		$19.65		$15.76		$12.13
RETIREMENT CLASS:
Net assets	$	353,728,559	$	336,719,759	$	236,400,091	$	202,198,694	$	98,130,548	$	25,636,495
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		18,676,043		17,291,027		12,118,663		10,336,581		6,240,372		2,117,799
Net asset value per share		$18.94		$19.47		$19.51		$19.56		$15.73		$12.11
‡ Affiliated investments, cost	$	2,421,423,387	$	2,500,173,124	$	1,692,664,363	$	1,294,588,906	$	559,143,234	$	142,036,095

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Statements of operations

TIAA-CREF Lifecycle Index Funds ■ For the year ended May 31, 2019

	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	$	7,931,463		$	10,398,822		$	20,240,980		$	47,631,965		$	57,694,432		$	59,967,535
Total income		7,931,463			10,398,822			20,240,980			47,631,965			57,694,432			59,967,535

EXPENSES
Management fees		520,143			668,188			1,291,291			3,030,582			3,662,155			3,754,992
Shareholder servicing — Institutional Class		6,989			4,071			4,877			9,414			9,424			10,322
Shareholder servicing — Advisor Class		38			100			54			504			839			951
Shareholder servicing — Premier Class		87			87			120			231			263			259
Shareholder servicing — Retirement Class		91,771			185,513			336,089			784,135			960,240			947,047
Distribution fees — Premier Class		34,362			61,079			146,320			374,474			464,476			460,692
Registration fees		107,842			67,775			74,442			77,148			70,065			80,066
Administrative service fees		35,228			36,745			42,453			57,610			63,602			65,177
Professional fees		30,402			32,196			38,087			54,168			60,138			61,390
Trustee fees and expenses		4,704			5,850			11,508			28,120			34,621			36,434
Other expenses		78,426			101,305			170,141			377,242			468,217			491,917
Total expenses		909,992			1,162,909			2,115,382			4,793,628			5,794,040			5,909,247
Less: Expenses reimbursed by the investment adviser		(226,262	)		(198,738	)		(253,477	)		(400,705	)		(461,696	)		(499,148	)
Fee waiver by investment adviser and TPIS		(326,291	)		(419,036	)		(823,900	)		(1,772,227	)		(2,061,185	)		(2,059,589	)
Net expenses		357,439			545,135			1,038,005			2,620,696			3,271,159			3,350,510

Net investment income (loss)		7,574,024			9,853,687			19,202,975			45,011,269			54,423,273			56,617,025

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		(1,193,728	)		232,997			1,400,522			(2,019,461	)		(5,271,160	)		(7,571,407	)
Realized gain distributions from affiliated investments		311,610			432,275			946,999			2,533,705			3,581,374			4,301,919
Realized gain (loss) from sale of unaffiliated investments		3,456			(3,313	)		851			—			(27,959	)		(17,132	)
Net realized gain (loss) from investments		(878,662	)		661,959			2,348,372			514,244			(1,717,745	)		(3,286,620	)
Net change in unrealized appreciation (depreciation) from affiliated investments		5,093,984			3,815,840			5,531,471			13,363,163			12,116,597			417,960
Net realized and unrealized gain (loss) from investments		4,215,322			4,477,799			7,879,843			13,877,407			10,398,852			(2,868,660	)
Net increase (decrease) in net assets from operations	$	11,789,346		$	14,331,486		$	27,082,818		$	58,888,676		$	64,822,125		$	53,748,365

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Statements of operations

concluded

TIAA-CREF Lifecycle Index Funds ■ For the year ended May 31, 2019

	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	$	54,034,311		$	56,070,745		$	35,584,242		$	26,076,158		$	10,139,692		$	2,456,297
Total income		54,034,311			56,070,745			35,584,242			26,076,158			10,139,692			2,456,297

EXPENSES
Management fees		3,352,998			3,494,871			2,228,664			1,639,380			644,630			150,847
Shareholder servicing — Institutional Class		9,373			12,039			9,165			11,465			8,033			7,127
Shareholder servicing — Advisor Class		546			1,189			877			710			399			274
Shareholder servicing — Premier Class		247			249			186			166			102			83
Shareholder servicing — Retirement Class		847,867			803,382			569,342			472,860			218,851			51,277
Distribution fees — Premier Class		424,418			394,850			288,351			227,536			76,904			9,519
Registration fees		74,518			77,465			71,696			73,264			70,419			67,065
Administrative service fees		62,581			64,703			52,425			46,435			36,551			32,195
Professional fees		59,002			61,273			48,209			42,032			31,887			27,351
Trustee fees and expenses		33,515			35,707			23,013			16,835			6,430			1,535
Other expenses		437,382			469,530			328,869			260,679			134,037			61,025
Total expenses		5,302,447			5,415,258			3,620,797			2,791,362			1,228,243			408,298
Less: Expenses reimbursed by the investment adviser		(457,437	)		(484,987	)		(377,908	)		(335,055	)		(241,244	)		(185,339	)
Fee waiver by investment adviser and TPIS		(1,712,220	)		(1,763,483	)		(1,140,001	)		(839,658	)		(295,695	)		(69,216	)
Net expenses		3,132,790			3,166,788			2,102,888			1,616,649			691,304			153,743

Net investment income (loss)		50,901,521			52,903,957			33,481,354			24,459,509			9,448,388			2,302,554

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		(5,302,570	)		(6,665,246	)		(3,405,512	)		(2,887,745	)		(1,344,777	)		(1,151,478	)
Realized gain distributions from affiliated investments		4,421,880			5,211,071			3,608,649			2,691,865			1,064,503			263,113
Realized gain (loss) from sale of unaffiliated investments		—			—			—			3,793			—			(43,434	)
Net realized gain (loss) from investments		(880,690	)		(1,454,175	)		203,137			(192,087	)		(280,274	)		(931,799	)
Net change in unrealized appreciation (depreciation) from affiliated investments		(12,030,717	)		(29,717,714	)		(27,285,690	)		(21,480,552	)		(8,444,193	)		(2,257,171	)
Net realized and unrealized gain (loss) from investments		(12,911,407	)		(31,171,889	)		(27,082,553	)		(21,672,639	)		(8,724,467	)		(3,188,970	)
Net increase (decrease) in net assets from operations	$	37,990,114		$	21,732,068		$	6,398,801		$	2,786,870		$	723,921		$	(886,416	)

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Statements of changes in net assets

TIAA-CREF Lifecycle Index Funds ■ For the year ended

		Lifecycle Index Retirement Income Fund						Lifecycle Index 2010 Fund						Lifecycle Index 2015 Fund
		May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a

OPERATIONS
Net investment income (loss)		$	7,574,024		$	3,803,310		$	9,853,687		$	7,139,285		$	19,202,975		$	14,090,669
Net realized gain (loss) from investments			(878,662	)		(166,485	)		661,959			354,420			2,348,372			886,970
Net change in unrealized appreciation (depreciation) from affiliated investments			5,093,984			4,474,264			3,815,840			9,180,370			5,531,471			21,542,756
Net increase (decrease) in net assets from operations			11,789,346			8,111,089			14,331,486			16,674,075			27,082,818			36,520,395

DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(7,217,453	)		(2,627,944	)		(8,795,987	)		(4,902,212	)		(17,625,975	)		(9,676,463	)
	Advisor Class		(3,262	)		(2,410	)		(5,757	)		(2,388	)		(4,495	)		(2,367	)
	Premier Class		(587,062	)		(284,854	)		(1,209,362	)		(873,882	)		(2,973,564	)		(2,003,671	)
	Retirement Class		(967,164	)		(743,131	)		(1,960,258	)		(1,430,924	)		(3,719,188	)		(2,351,947	)
Total distributions			(8,774,941	)		(3,658,339	)		(11,971,364	)		(7,209,406	)		(24,323,222	)		(14,034,448	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		143,834,398			188,712,671			106,534,455			101,136,256			211,504,879			200,771,636
	Advisor Class		47,597			—			23,000			64,000			62,681			—
	Premier Class		15,565,820			11,108,780			6,104,551			19,449,823			28,084,347			43,814,062
	Retirement Class		12,698,444			12,865,614			21,501,787			26,430,911			33,432,646			41,079,286
Reinvestments of distributions:	Institutional Class		7,049,150			2,616,934			8,627,350			4,901,918			17,231,199			9,669,419
	Advisor Class		127			—			2,513			—			1,068			—
	Premier Class		531,378			268,988			937,599			718,545			2,392,009			1,663,267
	Retirement Class		966,797			742,858			1,960,258			1,430,924			3,719,188			2,351,947
Redemptions:	Institutional Class		(79,786,248	)		(40,478,916	)		(47,661,057	)		(42,105,401	)		(110,890,178	)		(68,850,662	)
	Advisor Class		(165	)		—			(86,742	)		—			(13,765	)		—
	Premier Class		(7,108,028	)		(3,294,848	)		(21,412,550	)		(6,420,603	)		(37,318,880	)		(18,477,448	)
	Retirement Class		(18,074,045	)		(12,828,226	)		(31,072,313	)		(21,665,951	)		(40,253,986	)		(32,694,987	)
Net increase (decrease) from shareholder transactions			75,725,225			159,713,855			45,458,851			83,940,422			107,951,208			179,326,520
Net increase (decrease) in net assets			78,739,630			164,166,605			47,818,973			93,405,091			110,710,804			201,812,467

NET ASSETS
Beginning of period			292,452,283			128,285,678			390,289,563			296,884,472			768,794,823			566,982,356
End of period		$	371,191,913		$	292,452,283		$	438,108,536		$	390,289,563		$	879,505,627		$	768,794,823

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		10,207,425			13,333,464			7,124,120			6,729,837			13,548,638			12,782,747
	Advisor Class		3,340			—			1,515			4,270			3,977			—
	Premier Class		1,115,526			785,327			408,238			1,303,919			1,812,319			2,829,750
	Retirement Class		900,119			909,959			1,437,985			1,777,887			2,142,881			2,649,902
Shares reinvested:	Institutional Class		509,412			185,160			604,580			326,359			1,159,569			616,279
	Advisor Class		9			—			176			—			72			—
	Premier Class		38,449			19,041			65,889			47,967			161,513			106,347
	Retirement Class		70,096			52,610			138,436			95,971			251,807			150,863
Shares redeemed:	Institutional Class		(5,679,397	)		(2,855,965	)		(3,178,554	)		(2,806,254	)		(7,076,572	)		(4,398,544	)
	Advisor Class		(12	)		—			(5,961	)		—			(874	)		—
	Premier Class		(510,716	)		(233,232	)		(1,466,567	)		(427,824	)		(2,461,029	)		(1,181,998	)
	Retirement Class		(1,282,637	)		(908,001	)		(2,077,760	)		(1,457,010	)		(2,572,631	)		(2,106,474	)
Net increase (decrease) from shareholder transactions			5,371,614			11,288,363			3,052,097			5,595,122			6,969,670			11,448,872

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Statements of changes in net assets

continued

TIAA-CREF Lifecycle Index Funds ■ For the year ended

		Lifecycle Index 2020 Fund						Lifecycle Index 2025 Fund						Lifecycle Index 2030 Fund
		May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a

OPERATIONS
Net investment income (loss)		$	45,011,269		$	30,662,678		$	54,423,273		$	35,260,489		$	56,617,025		$	35,844,935
Net realized gain (loss) from investments			514,244			1,794,698			(1,717,745	)		2,929,292			(3,286,620	)		3,375,555
Net change in unrealized appreciation (depreciation) from affiliated investments			13,363,163			56,146,997			12,116,597			79,170,903			417,960			97,512,808
Net increase (decrease) in net assets from operations			58,888,676			88,604,373			64,822,125			117,360,684			53,748,365			136,733,298

DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(37,452,893	)		(19,921,975	)		(43,107,922	)		(22,997,601	)		(45,516,698	)		(24,249,824	)
	Advisor Class		(16,630	)		(5,014	)		(21,403	)		(3,576	)		(27,365	)		(3,147	)
	Premier Class		(6,524,587	)		(4,658,973	)		(7,566,641	)		(5,177,902	)		(7,307,497	)		(5,496,725	)
	Retirement Class		(7,587,534	)		(5,334,315	)		(8,550,742	)		(6,031,408	)		(8,287,222	)		(6,096,138	)
Total distributions			(51,581,644	)		(29,920,277	)		(59,246,708	)		(34,210,487	)		(61,138,782	)		(35,845,834	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		627,757,567			553,398,307			810,586,401			712,836,778			892,430,063			712,371,691
	Advisor Class		633,494			3,643			639,449			284,745			1,236,074			4,500
	Premier Class		81,493,825			95,420,283			109,633,909			116,576,563			95,958,120			100,310,527
	Retirement Class		77,184,274			96,860,303			95,610,830			111,200,098			93,630,285			110,972,941
Reinvestments of distributions:	Institutional Class		36,549,301			19,898,646			42,008,838			22,983,798			44,597,261			24,228,430
	Advisor Class		13,525			2,737			18,465			1,250			24,424			790
	Premier Class		5,113,217			3,879,055			5,879,742			4,254,268			6,191,934			4,842,647
	Retirement Class		7,587,534			5,334,315			8,550,742			6,031,408			8,287,222			6,096,138
Redemptions:	Institutional Class		(211,757,764	)		(142,643,671	)		(206,764,283	)		(109,944,623	)		(161,513,944	)		(99,992,320	)
	Advisor Class		(134,815	)		(62,093	)		(90,748	)		—			(95,403	)		(141	)
	Premier Class		(78,378,922	)		(34,275,493	)		(85,016,937	)		(21,734,139	)		(86,325,081	)		(21,669,867	)
	Retirement Class		(87,501,023	)		(64,909,571	)		(68,905,453	)		(56,712,798	)		(76,793,836	)		(56,890,362	)
Net increase (decrease) from shareholder transactions			458,560,213			532,906,461			712,150,955			785,777,348			817,627,119			780,274,974
Net increase (decrease) in net assets			465,867,245			591,590,557			717,726,372			868,927,545			810,236,702			881,162,438

NET ASSETS
Beginning of period			1,745,323,422			1,153,732,865			2,127,912,347			1,258,984,802			2,193,985,112			1,312,822,674
End of period		$	2,211,190,667		$	1,745,323,422		$	2,845,638,719		$	2,127,912,347		$	3,004,221,814		$	2,193,985,112

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		37,993,645			33,439,469			46,682,119			41,099,106			48,832,915			39,052,724
	Advisor Class		37,792			222			36,346			16,462			66,385			247
	Premier Class		5,005,757			5,865,271			6,398,300			6,834,954			5,337,847			5,625,410
	Retirement Class		4,691,610			5,907,565			5,550,333			6,463,986			5,142,320			6,160,964
Shares reinvested:	Institutional Class		2,329,465			1,202,335			2,553,729			1,321,667			2,589,852			1,327,585
	Advisor Class		863			165			1,123			72			1,419			43
	Premier Class		327,351			235,237			358,521			245,486			361,046			266,372
	Retirement Class		487,317			324,669			523,622			349,444			484,916			336,617
Shares redeemed:	Institutional Class		(12,795,243	)		(8,633,251	)		(11,833,420	)		(6,323,097	)		(8,808,884	)		(5,470,403	)
	Advisor Class		(8,147	)		(3,724	)		(5,163	)		—			(5,190	)		(8	)
	Premier Class		(4,926,028	)		(2,082,551	)		(5,083,253	)		(1,251,960	)		(4,972,469	)		(1,190,286	)
	Retirement Class		(5,300,719	)		(3,961,274	)		(3,948,933	)		(3,301,167	)		(4,203,065	)		(3,146,410	)
Net increase (decrease) from shareholder transactions			27,843,663			32,294,133			41,233,324			45,454,953			44,827,092			42,962,855

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Statements of changes in net assets

continued

TIAA-CREF Lifecycle Index Funds ■ For the year ended

		Lifecycle Index 2035 Fund						Lifecycle Index 2040 Fund						Lifecycle Index 2045 Fund
		May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a

OPERATIONS
Net investment income (loss)		$	50,901,521		$	33,406,664		$	52,903,957		$	34,973,254		$	33,481,354		$	21,321,433
Net realized gain (loss) from investments			(880,690	)		3,607,120			(1,454,175	)		4,467,444			203,137			3,029,813
Net change in unrealized appreciation (depreciation) from affiliated investments			(12,030,717	)		108,241,388			(29,717,714	)		133,711,756			(27,285,690	)		87,588,438
Net increase (decrease) in net assets from operations			37,990,114			145,255,172			21,732,068			173,152,454			6,398,801			111,939,684

DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(42,731,167	)		(23,819,060	)		(46,195,022	)		(27,319,531	)		(28,945,515	)		(15,863,319	)
	Advisor Class		(15,104	)		(2,527	)		(36,409	)		(10,805	)		(22,061	)		(6,952	)
	Premier Class		(6,760,574	)		(4,904,094	)		(6,265,293	)		(4,837,986	)		(4,558,191	)		(3,489,669	)
	Retirement Class		(7,433,729	)		(5,527,403	)		(6,882,713	)		(5,006,016	)		(4,814,857	)		(3,571,484	)
Total distributions			(56,940,574	)		(34,253,084	)		(59,379,437	)		(37,174,338	)		(38,340,624	)		(22,931,424	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		726,217,010			616,039,616			739,199,111			592,562,817			539,605,930			434,592,528
	Advisor Class		999,178			8,860			1,903,148			315,805			962,076			272,573
	Premier Class		87,188,419			90,385,175			73,681,121			75,443,138			55,370,685			53,960,909
	Retirement Class		81,892,693			103,212,699			85,653,038			99,939,177			60,326,056			72,786,664
Reinvestments of distributions:	Institutional Class		41,937,860			23,805,900			45,634,271			27,300,471			28,542,895			15,851,051
	Advisor Class		12,062			—			33,412			8,210			19,048			4,373
	Premier Class		5,694,998			4,342,693			5,711,372			4,558,762			4,156,150			3,270,946
	Retirement Class		7,433,729			5,527,403			6,882,713			5,006,015			4,814,857			3,571,483
Redemptions:	Institutional Class		(132,933,915	)		(81,082,285	)		(103,847,103	)		(54,614,062	)		(77,204,746	)		(39,091,193	)
	Advisor Class		(98,890	)		—			(412,026	)		(11,387	)		(227,470	)		—
	Premier Class		(69,025,034	)		(19,851,889	)		(77,680,903	)		(21,001,673	)		(49,430,331	)		(14,621,868	)
	Retirement Class		(65,048,776	)		(51,983,082	)		(61,635,435	)		(44,729,304	)		(44,551,136	)		(42,791,937	)
Net increase (decrease) from shareholder transactions			684,269,334			690,405,090			715,122,719			684,777,969			522,384,014			487,805,529
Net increase (decrease) in net assets			665,318,874			801,407,178			677,475,350			820,756,085			490,442,191			576,813,789

NET ASSETS
Beginning of period			2,062,064,650			1,260,657,472			2,189,157,503			1,368,401,418			1,393,931,122			817,117,333
End of period		$	2,727,383,524		$	2,062,064,650		$	2,866,632,853		$	2,189,157,503		$	1,884,373,313		$	1,393,931,122

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		38,012,777			32,274,539			37,400,661			30,168,169			27,173,019			22,022,012
	Advisor Class		51,854			463			95,562			15,970			48,313			14,390
	Premier Class		4,625,874			4,848,650			3,775,084			3,933,077			2,824,757			2,801,987
	Retirement Class		4,303,697			5,478,166			4,342,829			5,122,571			3,052,721			3,724,806
Shares reinvested:	Institutional Class		2,336,371			1,247,035			2,474,744			1,387,924			1,544,529			801,773
	Advisor Class		672			—			1,813			418			1,031			221
	Premier Class		318,691			228,443			311,077			232,827			225,755			166,122
	Retirement Class		417,625			291,838			376,105			256,456			262,676			182,125
Shares redeemed:	Institutional Class		(6,939,870	)		(4,248,802	)		(5,242,649	)		(2,781,252	)		(3,880,688	)		(1,975,845	)
	Advisor Class		(5,204	)		—			(20,528	)		(590	)		(11,256	)		—
	Premier Class		(3,792,724	)		(1,037,705	)		(4,153,581	)		(1,063,589	)		(2,638,445	)		(735,767	)
	Retirement Class		(3,382,217	)		(2,756,222	)		(3,126,418	)		(2,307,741	)		(2,240,978	)		(2,192,870	)
Net increase (decrease) from shareholder transactions			35,947,546			36,326,405			36,234,699			34,964,240			26,361,434			24,808,954

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Statements of changes in net assets

concluded

TIAA-CREF Lifecycle Index Funds ■ For the year ended

		Lifecycle Index 2050 Fund						Lifecycle Index 2055 Fund						Lifecycle Index 2060 Fund
		May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a
OPERATIONS
Net investment income (loss)		$	24,459,509		$	15,123,781		$	9,448,388		$	5,037,785		$	2,302,554		$	958,816
Net realized gain (loss) from investments			(192,087	)		2,096,371			(280,274	)		809,028			(931,799	)		66,673
Net change in unrealized appreciation (depreciation) from affiliated investments			(21,480,552	)		63,548,447			(8,444,193	)		20,699,332			(2,257,171	)		3,519,274
Net increase (decrease) in net assets from operations			2,786,870			80,768,599			723,921			26,546,145			(886,416	)		4,544,763
DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(20,280,028	)		(10,853,622	)		(7,650,164	)		(3,498,279	)		(2,160,725	)		(778,729	)
	Advisor Class		(19,904	)		(4,379	)		(11,903	)		(2,619	)		(9,530	)		(2,598	)
	Premier Class		(3,592,531	)		(2,603,468	)		(1,231,193	)		(725,104	)		(151,812	)		(63,859	)
	Retirement Class		(3,964,186	)		(2,847,319	)		(1,805,712	)		(1,128,152	)		(477,692	)		(174,671	)
Total distributions			(27,856,649	)		(16,308,788	)		(10,698,972	)		(5,354,154	)		(2,799,759	)		(1,019,857	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		450,094,863			304,803,588			231,358,285			137,275,556			80,284,131			44,303,478
	Advisor Class		1,037,477			986			673,531			12,925			476,069			26,721
	Premier Class		50,020,033			44,061,001			27,156,077			24,641,062			5,979,066			4,686,892
	Retirement Class		56,027,329			61,835,162			36,089,563			32,928,816			16,913,677			11,245,968
Reinvestments of distributions:	Institutional Class		19,936,442			10,839,962			7,473,852			3,493,969			1,851,947			573,659
	Advisor Class		16,870			1,819			8,892			13			6,326			—
	Premier Class		3,341,349			2,499,864			1,121,920			691,068			96,707			35,370
	Retirement Class		3,964,187			2,847,318			1,805,368			1,127,859			448,360			151,215
Redemptions:	Institutional Class		(54,886,048	)		(33,959,904	)		(32,555,833	)		(12,878,298	)		(25,360,162	)		(7,877,798	)
	Advisor Class		(42,534	)		(38,993	)		(54,881	)		(878	)		(36,758	)		—
	Premier Class		(40,103,167	)		(10,696,793	)		(16,433,204	)		(4,001,542	)		(2,265,002	)		(1,723,000	)
	Retirement Class		(32,313,116	)		(27,960,991	)		(16,023,408	)		(11,936,764	)		(6,559,390	)		(2,103,597	)
Net increase (decrease) from shareholder transactions			457,093,685			354,233,019			240,620,162			171,353,786			71,834,971			49,318,908
Net increase (decrease) in net assets			432,023,906			418,692,830			230,645,111			192,545,777			68,148,796			52,843,814
NET ASSETS
Beginning of period			995,147,530			576,454,700			365,662,504			173,116,727			78,779,724			25,935,910
End of period		$	1,427,171,436		$	995,147,530		$	596,307,615		$	365,662,504		$	146,928,520		$	78,779,724
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		22,564,797			15,400,122			14,521,405			8,663,159			6,490,785			3,622,733
	Advisor Class		51,521			50			41,757			814			38,509			2,182
	Premier Class		2,536,727			2,273,166			1,704,879			1,583,712			488,057			381,363
	Retirement Class		2,828,225			3,161,101			2,259,811			2,089,651			1,374,005			925,043
Shares reinvested:	Institutional Class		1,075,321			546,369			503,629			220,162			162,451			46,944
	Advisor Class		910			92			599			1			555			—
	Premier Class		181,005			126,575			75,755			43,628			8,483			2,894
	Retirement Class		215,679			144,681			122,150			71,339			39,399			12,395
Shares redeemed:	Institutional Class		(2,737,894	)		(1,710,529	)		(2,031,281	)		(808,497	)		(2,099,447	)		(644,315	)
	Advisor Class		(2,115	)		(2,023	)		(3,363	)		(54	)		(3,117	)		—
	Premier Class		(2,136,690	)		(540,163	)		(1,092,624	)		(250,650	)		(189,566	)		(139,272	)
	Retirement Class		(1,627,514	)		(1,429,796	)		(1,002,708	)		(759,909	)		(539,673	)		(173,895	)
Net increase (decrease) from shareholder transactions			22,949,972			17,969,645			15,100,009			10,853,356			5,770,441			4,036,072

^a	Prior period amounts have been conformed to current year presentation. See notes to financial statements, Note 1—organization and significant accounting policies for further details.
^b	The composition and per share amounts of the Funds’ distributions are presented in the Financial highlights. The distribution information for the Funds as of its most recent tax year end is presented within the notes to the financial statements, Note 5—distributions to shareholder and other tax items.
^c	For the fiscal year ended May 31, 2018, the distributions to shareholders were characterized as “From net investment income” and “From realized gains.” See notes to financial statements, Note 1—organization and significant accounting policies for further details.

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Financial highlights

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain				Less distributions from					Total			Net asset					Net assets									Net
	period		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			expenses			(loss		)	rate
LIFECYCLE INDEX RETIREMENT INCOME FUND
Institutional Class:	5/31/19			$14.22		$0.34			$0.15			$0.49			$(0.34	)		$(0.06	)		$(0.40	)		$14.31		3.66	%		$306,742			0.24	%^f		0.07	%^f		2.39	%		23	%
	5/31/18			13.81		0.29			0.43			0.72			(0.29	)		(0.02	)		(0.31	)		14.22		5.16			233,165			0.21	^e		0.00	^e		2.09			26
	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	^e		0.00	^e		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	^e		0.02	^e		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	^e		0.04	^e		2.08			35
Advisor Class:	5/31/19			14.22		0.33			0.16			0.49			(0.34	)		(0.06	)		(0.40	)		14.31		3.64			160			0.27	^f		0.10	^f		2.33			23
	5/31/18			13.82		0.30			0.41			0.71			(0.29	)		(0.02	)		(0.31	)		14.22		5.07			111			0.21	^e		0.01	^e		2.13			26
	5/31/17			13.09		0.27			0.75			1.02			(0.26	)		(0.03	)		(0.29	)		13.82		7.86			108			0.29	^e		0.03	^e		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,e		0.03	^c,e		1.20	^c		41	^b
Premier Class:	5/31/19			14.20		0.31			0.17			0.48			(0.32	)		(0.06	)		(0.38	)		14.30		3.44			29,443			0.39	^f		0.22	^f		2.20			23
	5/31/18			13.81		0.28			0.40			0.68			(0.27	)		(0.02	)		(0.29	)		14.20		4.94			20,117			0.35	^e		0.15	^e		2.00			26
	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	^e		0.15	^e		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	^e		0.17	^e		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	^e		0.19	^e		1.90			35
Retirement Class:	5/31/19			14.19		0.31			0.15			0.46			(0.31	)		(0.06	)		(0.37	)		14.28		3.40			34,847			0.49	^f		0.32	^f		2.19			23
	5/31/18			13.79		0.26			0.42			0.68			(0.26	)		(0.02	)		(0.28	)		14.19		4.83			39,058			0.45	^e		0.25	^e		1.88			26
	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	^e		0.25	^e		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	^e		0.27	^e		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	^e		0.29	^e		1.95			35
LIFECYCLE INDEX 2010 FUND
Institutional Class:	5/31/19			15.04		0.36			0.15			0.51			(0.35	)		(0.09	)		(0.44	)		15.11		3.57			335,348			0.22	^f		0.07	^f		2.40			19
	5/31/18			14.59		0.32			0.45			0.77			(0.29	)		(0.03	)		(0.32	)		15.04		5.29			265,521			0.15	^e		0.00	^e		2.13			16
	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	^e		0.00	^e		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	^e		0.02	^e		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	^e		0.04	^e		2.12			14
Advisor Class:	5/31/19			15.05		0.39			0.11			0.50			(0.35	)		(0.09	)		(0.44	)		15.11		3.52			113			0.27	^f		0.13	^f		2.57			19
	5/31/18			14.59		0.31			0.47			0.78			(0.29	)		(0.03	)		(0.32	)		15.05		5.28			177			0.17	^e		0.02	^e		2.06			16
	5/31/17			13.77		0.29			0.84			1.13			(0.27	)		(0.04	)		(0.31	)		14.59		8.38			109			0.18	^e		0.02	^e		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,e		0.03	^c,e		1.19	^c		24	^b
Premier Class:	5/31/19			15.00		0.35			0.13			0.48			(0.33	)		(0.09	)		(0.42	)		15.06		3.42			32,634			0.36	^f		0.21	^f		2.35			19
	5/31/18			14.54		0.30			0.47			0.77			(0.28	)		(0.03	)		(0.31	)		15.00		5.18			47,385			0.30	^e		0.15	^e		2.03			16
	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	^e		0.15	^e		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	^e		0.17	^e		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	^e		0.19	^e		1.97			14
Retirement Class:	5/31/19			14.92		0.32			0.14			0.46			(0.31	)		(0.09	)		(0.40	)		14.98		3.32			70,013			0.47	^f		0.32	^f		2.16			19
	5/31/18			14.47		0.28			0.46			0.74			(0.26	)		(0.03	)		(0.29	)		14.92		5.02			77,207			0.40	^e		0.25	^e		1.88			16
	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	^e		0.25	^e		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	^e		0.27	^e		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	^e		0.29	^e		1.83			14

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		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			expenses			(loss		)	rate
LIFECYCLE INDEX 2015 FUND
Institutional Class:	5/31/19			$15.74		$0.37			$0.13			$0.50			$(0.37	)		$(0.11	)		$(0.48	)		$15.76		3.40	%		$654,257			0.20	%^f		0.07	%^f		2.38	%		17	%
	5/31/18			15.15		0.34			0.58			0.92			(0.30	)		(0.03	)		(0.33	)		15.74		6.01			533,409			0.13	^e		0.00	^e		2.16			11
	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	^e		0.01	^e		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	^e		0.03	^e		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	^e		0.05	^e		2.13			12
Advisor Class:	5/31/19			15.74		0.37			0.12			0.49			(0.36	)		(0.11	)		(0.47	)		15.76		3.31			164			0.24	^f		0.11	^f		2.38			17
	5/31/18			15.16		0.33			0.58			0.91			(0.30	)		(0.03	)		(0.33	)		15.74		5.99			114			0.14	^e		0.01	^e		2.13			11
	5/31/17			14.21		0.30			1.00			1.30			(0.29	)		(0.06	)		(0.35	)		15.16		9.25			110			0.15	^e		0.02	^e		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,e		0.04	^c,e		1.16	^c		22	^b
Premier Class:	5/31/19			15.68		0.36			0.10			0.46			(0.34	)		(0.11	)		(0.45	)		15.69		3.19			94,174			0.34	^f		0.21	^f		2.31			17
	5/31/18			15.10		0.32			0.57			0.89			(0.28	)		(0.03	)		(0.31	)		15.68		5.83			101,715			0.28	^e		0.15	^e		2.05			11
	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	^e		0.16	^e		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	^e		0.18	^e		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	^e		0.20	^e		1.96			12
Retirement Class:	5/31/19			15.62		0.33			0.13			0.46			(0.33	)		(0.11	)		(0.44	)		15.64		3.09			130,910			0.45	^f		0.32	^f		2.14			17
	5/31/18			15.05		0.29			0.58			0.87			(0.27	)		(0.03	)		(0.30	)		15.62		5.73			133,557			0.38	^e		0.25	^e		1.87			11
	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	^e		0.26	^e		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	^e		0.28	^e		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	^e		0.30	^e		1.85			12
LIFECYCLE INDEX 2020 FUND
Institutional Class:	5/31/19			16.63		0.39			0.08			0.47			(0.38	)		(0.07	)		(0.45	)		16.65		3.07			1,636,541			0.19	^f		0.08	^f		2.34			12
	5/31/18			15.87		0.36			0.73			1.09			(0.31	)		(0.02	)		(0.33	)		16.63		6.85			1,176,623			0.12	^e		0.01	^e		2.17			8
	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	^e		0.02	^e		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	^e		0.04	^e		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	^e		0.06	^e		2.13			9
Advisor Class:	5/31/19			16.62		0.38			0.08			0.46			(0.37	)		(0.07	)		(0.44	)		16.64		2.95			708			0.27	^f		0.16	^f		2.30			12
	5/31/18			15.86		0.36			0.72			1.08			(0.30	)		(0.02	)		(0.32	)		16.62		6.85			200			0.18	^e		0.07	^e		2.17			8
	5/31/17			14.70		0.37			1.14			1.51			(0.30	)		(0.05	)		(0.35	)		15.86		10.42			244			0.18	^e		0.06	^e		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,e		0.05	^c,e		1.09	^c		15	^b
Premier Class:	5/31/19			16.55		0.37			0.07			0.44			(0.35	)		(0.07	)		(0.42	)		16.57		2.86			257,430			0.33	^f		0.22	^f		2.24			12
	5/31/18			15.80		0.33			0.73			1.06			(0.29	)		(0.02	)		(0.31	)		16.55		6.75			250,375			0.27	^e		0.16	^e		2.02			8
	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	^e		0.17	^e		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	^e		0.19	^e		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	^e		0.21	^e		1.98			9
Retirement Class:	5/31/19			16.49		0.34			0.09			0.43			(0.34	)		(0.07	)		(0.41	)		16.51		2.76			316,512			0.43	^f		0.32	^f		2.09			12
	5/31/18			15.74		0.30			0.74			1.04			(0.27	)		(0.02	)		(0.29	)		16.49		6.66			318,125			0.37	^e		0.26	^e		1.86			8
	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	^e		0.27	^e		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	^e		0.29	^e		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	^e		0.31	^e		1.93			9

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		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			expenses			(loss		)	rate
LIFECYCLE INDEX 2025 FUND
Institutional Class:	5/31/19			$17.51		$0.40			$0.02			$0.42			$(0.39	)		$(0.05	)		$(0.44	)		$17.49		2.58	%		$2,108,199			0.18	%^f		0.08	%^f		2.28	%		11	%
	5/31/18			16.54		0.37			0.95			1.32			(0.33	)		(0.02	)		(0.35	)		17.51		7.99			1,456,072			0.12	^e		0.01	^e		2.14			7
	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	^e		0.02	^e		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	^e		0.04	^e		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	^e		0.07	^e		2.15			6
Advisor Class:	5/31/19			17.50		0.40			(0.00	)		0.40			(0.38	)		(0.05	)		(0.43	)		17.47		2.51			1,001			0.28	^f		0.18	^f		2.28			11
	5/31/18			16.53		0.31			1.00			1.31			(0.32	)		(0.02	)		(0.34	)		17.50		7.89			438			0.21	^e		0.09	^e		1.82			7
	5/31/17			15.14		0.32			1.44			1.76			(0.31	)		(0.06	)		(0.37	)		16.53		11.82			140			0.15	^e		0.04	^e		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,e		0.05	^c,e		1.01	^c		9	^b
Premier Class:	5/31/19			17.44		0.38			0.01			0.39			(0.37	)		(0.05	)		(0.42	)		17.41		2.44			328,028			0.33	^f		0.22	^f		2.20			11
	5/31/18			16.47		0.35			0.95			1.30			(0.31	)		(0.02	)		(0.33	)		17.44		7.84			299,291			0.27	^e		0.16	^e		2.01			7
	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	^e		0.17	^e		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	^e		0.19	^e		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	^e		0.22	^e		1.97			6
Retirement Class:	5/31/19			17.36		0.35			0.03			0.38			(0.35	)		(0.05	)		(0.40	)		17.34		2.33			408,411			0.43	^f		0.32	^f		2.03			11
	5/31/18			16.40		0.31			0.96			1.27			(0.29	)		(0.02	)		(0.31	)		17.36		7.76			372,112			0.37	^e		0.26	^e		1.84			7
	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	^e		0.27	^e		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	^e		0.29	^e		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	^e		0.32	^e		1.93			6
LIFECYCLE INDEX 2030 FUND
Institutional Class:	5/31/19			18.42		0.41			(0.04	)		0.37			(0.41	)		(0.05	)		(0.46	)		18.33		2.13			2,291,258			0.18	^f		0.08	^f		2.24			10
	5/31/18			17.23		0.38			1.19			1.57			(0.35	)		(0.03	)		(0.38	)		18.42		9.10			1,517,858			0.12	^e		0.02	^e		2.11			5
	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	^e		0.03	^e		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	^e		0.05	^e		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	^e		0.07	^e		2.15			5
Advisor Class:	5/31/19			18.41		0.43			(0.08	)		0.35			(0.40	)		(0.05	)		(0.45	)		18.31		2.03			1,311			0.28	^f		0.18	^f		2.36			10
	5/31/18			17.22		0.36			1.19			1.55			(0.33	)		(0.03	)		(0.36	)		18.41		9.00			165			0.21	^e		0.11	^e		2.00			5
	5/31/17			15.60		0.32			1.70			2.02			(0.33	)		(0.07	)		(0.40	)		17.22		13.12			150			0.17	^e		0.07	^e		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,e		0.07	^c,e		0.93	^c		7	^b
Premier Class:	5/31/19			18.34		0.40			(0.07	)		0.33			(0.38	)		(0.05	)		(0.43	)		18.24		1.98			318,862			0.32	^f		0.22	^f		2.16			10
	5/31/18			17.15		0.36			1.19			1.55			(0.33	)		(0.03	)		(0.36	)		18.34		8.95			307,155			0.27	^e		0.17	^e		1.97			5
	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	^e		0.18	^e		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	^e		0.20	^e		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	^e		0.22	^e		2.00			5
Retirement Class:	5/31/19			18.26		0.36			(0.05	)		0.31			(0.36	)		(0.05	)		(0.41	)		18.16		1.88			392,792			0.42	^f		0.32	^f		2.01			10
	5/31/18			17.08		0.33			1.19			1.52			(0.31	)		(0.03	)		(0.34	)		18.26		8.82			368,806			0.37	^e		0.27	^e		1.81			5
	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	^e		0.28	^e		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	^e		0.30	^e		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	^e		0.32	^e		2.00			5

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		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			expenses			(loss		)	rate
LIFECYCLE INDEX 2035 FUND
Institutional Class:	5/31/19			$19.32		$0.42			$(0.14	)		$0.28			$(0.42	)		$(0.06	)		$(0.48	)		$19.12		1.66	%		$2,077,146			0.17	%^f		0.08	%^f		2.20	%		7	%
	5/31/18			17.89		0.40			1.43			1.83			(0.37	)		(0.03	)		(0.40	)		19.32		10.17			1,453,606			0.12	^e		0.02	^e		2.09			5
	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	^e		0.03	^e		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	^e		0.06	^e		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	^e		0.08	^e		2.15			5
Advisor Class:	5/31/19			19.31		0.40			(0.13	)		0.27			(0.42	)		(0.06	)		(0.48	)		19.10		1.52			1,036			0.27	^f		0.18	^f		2.12			7
	5/31/18			17.88		0.38			1.44			1.82			(0.36	)		(0.03	)		(0.39	)		19.31		10.22			133			0.14	^e		0.04	^e		2.02			5
	5/31/17			16.00		0.36			1.94			2.30			(0.34	)		(0.08	)		(0.42	)		17.88		14.59			115			0.14	^e		0.04	^e		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,e		0.07	^c,e		0.78	^c		6	^b
Premier Class:	5/31/19			19.22		0.40			(0.14	)		0.26			(0.40	)		(0.06	)		(0.46	)		19.02		1.46			295,473			0.32	^f		0.23	^f		2.10			7
	5/31/18			17.81		0.37			1.41			1.78			(0.34	)		(0.03	)		(0.37	)		19.22		10.03			276,476			0.27	^e		0.17	^e		1.95			5
	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	^e		0.18	^e		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	^e		0.21	^e		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	^e		0.23	^e		1.99			5
Retirement Class:	5/31/19			19.14		0.37			(0.13	)		0.24			(0.38	)		(0.06	)		(0.44	)		18.94		1.36			353,729			0.42	^f		0.33	^f		1.94			7
	5/31/18			17.73		0.33			1.43			1.76			(0.32	)		(0.03	)		(0.35	)		19.14		9.97			331,850			0.37	^e		0.27	^e		1.78			5
	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	^e		0.28	^e		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	^e		0.31	^e		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	^e		0.33	^e		1.91			5
LIFECYCLE INDEX 2040 FUND
Institutional Class:	5/31/19			19.96		0.42			(0.25	)		0.17			(0.43	)		(0.05	)		(0.48	)		19.65		1.08			2,269,054			0.17	^f		0.08	^f		2.14			6
	5/31/18			18.30		0.39			1.68			2.07			(0.38	)		(0.03	)		(0.41	)		19.96		11.32			1,613,765			0.12	^e		0.03	^e		2.02			3
	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	^e		0.04	^e		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	^e		0.06	^e		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	^e		0.08	^e		2.17			6
Advisor Class:	5/31/19			19.94		0.40			(0.24	)		0.16			(0.42	)		(0.05	)		(0.47	)		19.63		0.96			2,047			0.25	^f		0.16	^f		2.02			6
	5/31/18			18.29		0.50			1.55			2.05			(0.37	)		(0.03	)		(0.40	)		19.94		11.29			547			0.23	^e		0.14	^e		2.53			3
	5/31/17			16.19		0.55			1.99			2.54			(0.35	)		(0.09	)		(0.44	)		18.29		15.94			213			0.18	^e		0.09	^e		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,e		0.08	^c,e		0.63	^c		4	^b
Premier Class:	5/31/19			19.86		0.41			(0.27	)		0.14			(0.40	)		(0.05	)		(0.45	)		19.55		0.87			258,812			0.31	^f		0.23	^f		2.09			6
	5/31/18			18.21		0.37			1.67			2.04			(0.36	)		(0.03	)		(0.39	)		19.86		11.24			264,272			0.27	^e		0.18	^e		1.88			3
	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	^e		0.19	^e		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	^e		0.21	^e		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	^e		0.23	^e		1.99			6
Retirement Class:	5/31/19			19.78		0.37			(0.25	)		0.12			(0.38	)		(0.05	)		(0.43	)		19.47		0.77			336,720			0.42	^f		0.33	^f		1.89			6
	5/31/18			18.15		0.33			1.67			2.00			(0.34	)		(0.03	)		(0.37	)		19.78		11.05			310,574			0.37	^e		0.28	^e		1.70			3
	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	^e		0.29	^e		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	^e		0.31	^e		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	^e		0.33	^e		1.92			6

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		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			expenses			(loss		)	rate
LIFECYCLE INDEX 2045 FUND
Institutional Class:	5/31/19			$20.09		$0.42			$(0.34	)		$0.08			$(0.43	)		$(0.05	)		$(0.48	)		$19.69		0.58	%		$1,451,216			0.17	%^f		0.08	%^f		2.10	%		4	%
	5/31/18			18.32		0.40			1.78			2.18			(0.38	)		(0.03	)		(0.41	)		20.09		11.97			982,189			0.13	^e		0.03	^e		2.02			3
	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	^e		0.04	^e		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	^e		0.06	^e		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	^e		0.08	^e		2.17			5
Advisor Class:	5/31/19			20.08		0.42			(0.37	)		0.05			(0.42	)		(0.05	)		(0.47	)		19.66		0.41			1,162			0.27	^f		0.18	^f		2.10			4
	5/31/18			18.32		0.37			1.79			2.16			(0.37	)		(0.03	)		(0.40	)		20.08		11.85			422			0.25	^e		0.15	^e		1.88			3
	5/31/17			16.12		0.36			2.27			2.63			(0.35	)		(0.08	)		(0.43	)		18.32		16.57			117			0.15	^e		0.05	^e		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,e		0.08	^c,e		0.59	^c		8	^b
Premier Class:	5/31/19			20.00		0.41			(0.35	)		0.06			(0.41	)		(0.05	)		(0.46	)		19.60		0.43			195,595			0.32	^f		0.22	^f		2.05			4
	5/31/18			18.24		0.36			1.79			2.15			(0.36	)		(0.03	)		(0.39	)		20.00		11.83			191,402			0.28	^e		0.18	^e		1.86			3
	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	^e		0.19	^e		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	^e		0.21	^e		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	^e		0.23	^e		2.00			5
Retirement Class:	5/31/19			19.91		0.36			(0.32	)		0.04			(0.39	)		(0.05	)		(0.44	)		19.51		0.32			236,400			0.42	^f		0.32	^f		1.83			4
	5/31/18			18.16		0.32			1.80			2.12			(0.34	)		(0.03	)		(0.37	)		19.91		11.71			219,919			0.38	^e		0.28	^e		1.66			3
	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	^e		0.29	^e		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	^e		0.31	^e		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	^e		0.33	^e		1.88			5
LIFECYCLE INDEX 2050 FUND
Institutional Class:	5/31/19			20.17		0.42			(0.35	)		0.07			(0.44	)		(0.05	)		(0.49	)		19.75		0.47			1,066,667			0.18	^f		0.08	^f		2.08			5
	5/31/18			18.36		0.39			1.84			2.23			(0.39	)		(0.03	)		(0.42	)		20.17		12.16			667,846			0.13	^e		0.03	^e		2.01			3
	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	^e		0.04	^e		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	^e		0.06	^e		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	^e		0.08	^e		2.18			5
Advisor Class:	5/31/19			20.16		0.41			(0.36	)		0.05			(0.43	)		(0.05	)		(0.48	)		19.73		0.37			1,200			0.27	^f		0.17	^f		2.07			5
	5/31/18			18.35		0.37			1.84			2.21			(0.37	)		(0.03	)		(0.40	)		20.16		12.08			212			0.19	^e		0.09	^e		1.90			3
	5/31/17			16.13		0.55			2.10			2.65			(0.35	)		(0.08	)		(0.43	)		18.35		16.67			227			0.20	^e		0.09	^e		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,e		0.07	^c,e		0.57	^c		10	^b
Premier Class:	5/31/19			20.07		0.41			(0.37	)		0.04			(0.41	)		(0.05	)		(0.46	)		19.65		0.32			157,105			0.32	^f		0.22	^f		2.06			5
	5/31/18			18.28		0.36			1.82			2.18			(0.36	)		(0.03	)		(0.39	)		20.07		11.97			148,822			0.28	^e		0.18	^e		1.83			3
	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	^e		0.19	^e		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	^e		0.21	^e		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	^e		0.23	^e		1.99			5
Retirement Class:	5/31/19			19.98		0.36			(0.34	)		0.02			(0.39	)		(0.05	)		(0.44	)		19.56		0.21			202,199			0.42	^f		0.32	^f		1.83			5
	5/31/18			18.20		0.33			1.82			2.15			(0.34	)		(0.03	)		(0.37	)		19.98		11.86			178,268			0.38	^e		0.28	^e		1.68			3
	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	^e		0.29	^e		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	^e		0.31	^e		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	^e		0.33	^e		1.86			5

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period		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			expenses			(loss		)	rate
LIFECYCLE INDEX 2055 FUND
Institutional Class:	5/31/19			$16.15		$0.33			$(0.30	)		$0.03			$(0.35	)		$(0.03	)		$(0.38	)		$15.80		0.34	%		$439,798			0.20	%^f		0.09	%^f		2.04	%		4	%
	5/31/18			14.67		0.32			1.49			1.81			(0.31	)		(0.02	)		(0.33	)		16.15		12.35			239,571			0.18	^e		0.03	^e		2.02			5
	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	^e		0.04	^e		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	^e		0.06	^e		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	^e		0.08	^e		2.18			9
Advisor Class:	5/31/19			16.14		0.33			(0.31	)		0.02			(0.34	)		(0.03	)		(0.37	)		15.79		0.30			755			0.28	^f		0.17	^f		2.11			4
	5/31/18			14.67		0.31			1.49			1.80			(0.31	)		(0.02	)		(0.33	)		16.14		12.27			142			0.19	^e		0.05	^e		1.95			5
	5/31/17			12.83		0.29			1.86			2.15			(0.27	)		(0.04	)		(0.31	)		14.67		17.02			118			0.26	^e		0.05	^e		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,e		0.07	^c,e		0.55	^c		36	^b
Premier Class:	5/31/19			16.11		0.34			(0.33	)		0.01			(0.33	)		(0.03	)		(0.36	)		15.76		0.20			57,625			0.34	^f		0.23	^f		2.10			4
	5/31/18			14.64		0.28			1.50			1.78			(0.29	)		(0.02	)		(0.31	)		16.11		12.19			47,812			0.32	^e		0.18	^e		1.80			5
	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	^e		0.19	^e		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	^e		0.21	^e		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	^e		0.23	^e		1.96			9
Retirement Class:	5/31/19			16.07		0.29			(0.29	)		0.00	^d		(0.31	)		(0.03	)		(0.34	)		15.73		0.16			98,131			0.44	^f		0.33	^f		1.84			4
	5/31/18			14.61		0.26			1.50			1.76			(0.28	)		(0.02	)		(0.30	)		16.07		12.03			78,137			0.42	^e		0.28	^e		1.68			5
	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	^e		0.28	^e		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	^e		0.31	^e		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	^e		0.33	^e		2.06			9
LIFECYCLE INDEX 2060 FUND
Institutional Class:	5/31/19			12.44		0.26			(0.24	)		0.02			(0.27	)		(0.05	)		(0.32	)		12.14		0.25			112,059			0.32	^f		0.08	^f		2.15			28
	5/31/18			11.29		0.25			1.16			1.41			(0.24	)		(0.02	)		(0.26	)		12.44		12.44			58,145			0.42	^e		0.03	^e		2.04			32
	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	^e		0.04	^e		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	^e		0.06	^e		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,e		0.08	^c,e		3.06	^c		6	^b
Advisor Class:	5/31/19			12.45		0.26			(0.25	)		0.01			(0.26	)		(0.05	)		(0.31	)		12.15		0.22			590			0.39	^f		0.17	^f		2.16			28
	5/31/18			11.29		0.23			1.18			1.41			(0.23	)		(0.02	)		(0.25	)		12.45		12.52			157			0.42	^e		0.05	^e		1.92			32
	5/31/17			9.89		0.22			1.46			1.68			(0.22	)		(0.06	)		(0.28	)		11.29		17.20			118			0.94	^e		0.05	^e		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,e		0.07	^c,e		0.53	^c		21	^b
Premier Class:	5/31/19			12.43		0.24			(0.24	)		0.00	^d		(0.25	)		(0.05	)		(0.30	)		12.13		0.12			8,644			0.46	^f		0.23	^f		1.95			28
	5/31/18			11.28		0.18			1.21			1.39			(0.22	)		(0.02	)		(0.24	)		12.43		12.34			5,040			0.55	^e		0.18	^e		1.51			32
	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	^e		0.19	^e		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	^e		0.21	^e		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,e		0.23	^c,e		2.92	^c		6	^b
Retirement Class:	5/31/19			12.41		0.23			(0.24	)		(0.01	)		(0.24	)		(0.05	)		(0.29	)		12.11		0.05			25,636			0.56	^f		0.33	^f		1.89			28
	5/31/18			11.26		0.19			1.19			1.38			(0.21	)		(0.02	)		(0.23	)		12.41		12.29			15,437			0.65	^e		0.28	^e		1.59			32
	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	^e		0.28	^e		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	^e		0.31	^e		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,e		0.33	^c,e		2.82	^c		6	^b

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Financial highlights

concluded

TIAA-CREF Lifecycle Index Funds

^	The Fund commenced operations on September 26, 2014.
^‡	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.
^f	From June 1, 2018 through September 30, 2018, the Fund’s expenses do not include the expenses of the underlying Funds. Beginning October 1, 2018, the Lifecycle Index Fund’s expenses include the expenses of the underlying Funds.
^j	Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Notes to financial statements

TIAA-CREF Lifecycle Index Funds

Note 1—organization and significant accounting policies

The Lifecycle Index Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the U.S. 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 Class W 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 ■ 2019 Annual Report

Notes to financial statements

of Operations. Realized gains and losses on sales from investments in investment companies are based upon the specific identification method.

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

82	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Notes to financial statements

The Funds’ distributions from the prior fiscal period were paid from net investment income and realized gains as indicated in the following table:

	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
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Institutional Class	$	(2,476,733	)	$	(4,483,965	)	$	(8,910,171	)	$	(18,532,622	)	$	(21,539,724	)	$	(22,526,361	)
Advisor Class		(2,275	)		(2,183	)		(2,178	)		(4,654	)		(3,345	)		(2,913	)
Premier Class		(267,848	)		(794,763	)		(1,835,445	)		(4,313,618	)		(4,829,510	)		(5,081,654	)
Retirement Class		(696,502	)		(1,293,985	)		(2,141,721	)		(4,914,893	)		(5,601,757	)		(5,610,247	)
From realized gains:
Institutional Class		(151,211	)		(418,247	)		(766,292	)		(1,389,353	)		(1,457,877	)		(1,723,463	)
Advisor Class		(135	)		(205	)		(189	)		(360	)		(231	)		(234	)
Premier Class		(17,006	)		(79,119	)		(168,226	)		(345,355	)		(348,392	)		(415,071	)
Retirement Class		(46,629	)		(136,939	)		(210,226	)		(419,422	)		(429,651	)		(485,891	)
Total distributions	$	(3,658,339	)	$	(7,209,406	)	$	(14,034,448	)	$	(29,920,277	)	$	(34,210,487	)	$	(35,845,834	)

	Lifecycle Index 2035 Fund			Lifecycle Index 2040 Fund			Lifecycle Index 2045 Fund			Lifecycle Index 2050 Fund			Lifecycle Index 2055 Fund			Lifecycle Index 2060 Fund
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Institutional Class	$	(22,040,178	)	$	(25,036,481	)	$	(14,651,464	)	$	(10,057,067	)	$	(3,315,452	)	$	(731,328	)
Advisor Class		(2,337	)		(9,888	)		(6,406	)		(4,045	)		(2,482	)		(2,439	)
Premier Class		(4,515,202	)		(4,408,488	)		(3,206,520	)		(2,400,427	)		(685,079	)		(59,775	)
Retirement Class		(5,066,031	)		(4,538,338	)		(3,265,340	)		(2,613,805	)		(1,062,459	)		(163,089	)
From realized gains:
Institutional Class		(1,778,882	)		(2,283,050	)		(1,211,855	)		(796,555	)		(182,827	)		(47,401	)
Advisor Class		(190	)		(917	)		(546	)		(334	)		(137	)		(159	)
Premier Class		(388,892	)		(429,498	)		(283,149	)		(203,041	)		(40,025	)		(4,084	)
Retirement Class		(461,372	)		(467,678	)		(306,144	)		(233,514	)		(65,693	)		(11,582	)
Total distributions	$	(34,253,084	)	$	(37,174,338	)	$	(22,931,424	)	$	(16,308,788	)	$	(5,354,154	)	$	(1,019,857	)

84	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

For the prior fiscal period, the following Undistributed net investment income (loss) included in net assets was disclosed:

	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
Undistributed net investment income (loss) included in net assets	$	583,738	$	1,745,154	$	3,252,282	$	6,606,383	$	6,730,847	$	5,685,933

	Lifecycle Index 2035 Fund		Lifecycle Index 2040 Fund		Lifecycle Index 2045 Fund		Lifecycle Index 2050 Fund		Lifecycle Index 2055 Fund		Lifecycle Index 2060 Fund
Undistributed net investment income (loss) included in net assets	$	3,970,614	$	2,440,552	$	813,654	$	440,072	$	115,481	$	18,217

Note 2—valuation of investments

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

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

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.

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Notes to financial statements

As of May 31, 2019, all of the investments in the Funds were valued based on Level 1 inputs.

Note 3—investment adviser and affiliates

Effective October 1, 2018, 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, and the affiliated TIAA-CREF Funds management fee net of waiver and reimbursements (excluding the Class W investment management fee waiver and/or reimbursement). 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 10/1/18		*	Prior to 10/1/18
Lifecycle Index Retirement Income		0.102	%		0.100	%
Lifecycle Index 2010		0.100			0.100
Lifecycle Index 2015		0.100			0.100
Lifecycle Index 2020		0.090			0.090
Lifecycle Index 2025		0.082			0.090
Lifecycle Index 2030		0.080			0.080
Lifecycle Index 2035		0.069			0.080
Lifecycle Index 2040		0.070			0.070
Lifecycle Index 2045		0.070			0.070
Lifecycle Index 2050		0.070			0.070
Lifecycle Index 2055		0.060			0.070
Lifecycle Index 2060		0.060			0.070

*	These waivers will remain in effect through September 30, 2019, 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

86	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

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

Under the terms of a distribution Rule 12b-1 plan, the Retirement Class and Premier Class of the Funds compensated TPIS for providing distribution, promotional and/or shareholder services to the Retirement Class and Premier Class at the annual rate of 0.05% and 0.15% of the average daily net assets attributable to the Retirement Class shares and Premier Class shares, respectively. 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, 2019. 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 10/1/18		*	Prior to 10/1/18			Effective 10/1/18		*	Prior to 10/1/18			Effective 10/1/18		*	Prior to 10/1/18			Effective 10/1/18		*	Prior to 10/1/18
Lifecycle Index Retirement Income		0.000	%		0.000	%		0.150	%		0.150	%		0.150	%		0.150	%		0.250	%		0.250	%
Lifecycle Index 2010		0.000			0.000			0.150			0.150			0.150			0.150			0.250			0.250
Lifecycle Index 2015		0.000			0.000			0.150			0.150			0.150			0.150			0.250			0.250
Lifecycle Index 2020		0.010			0.010			0.160			0.160			0.160			0.160			0.260			0.260
Lifecycle Index 2025		0.018			0.010			0.168			0.160			0.168			0.160			0.268			0.260
Lifecycle Index 2030		0.020			0.020			0.170			0.170			0.170			0.170			0.270			0.270
Lifecycle Index 2035		0.031			0.020			0.181			0.170			0.181			0.170			0.281			0.270
Lifecycle Index 2040		0.030			0.030			0.180			0.180			0.180			0.180			0.280			0.280
Lifecycle Index 2045		0.030			0.030			0.180			0.180			0.180			0.180			0.280			0.280
Lifecycle Index 2050		0.030			0.030			0.180			0.180			0.180			0.180			0.280			0.280
Lifecycle Index 2055		0.040			0.030			0.190			0.180			0.190			0.180			0.290			0.280
Lifecycle Index 2060		0.040			0.030			0.190			0.180			0.190			0.180			0.290			0.280

*	The expense reimbursement arrangements will continue through at least September 30, 2019, 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 year ended May 31, 2019, there were no transactions with affiliated entities.

During the year ended May 31, 2019, TIAA received total proceeds of $11,754,126 from redemptions from the Lifecycle Index 2060 Fund.

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Notes to financial statements

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in the Class W shares of the affiliated TIAA-CREF Funds. On September 28, 2018, the Funds exchanged Institutional Class shares of the affiliated TIAA-CREF Funds for Class W shares of the affiliated TIAA-CREF Funds. These exchanges did not have an impact on net assets and are not included in the following tables (see Note 1 for details). Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss		)	Change in unrealized appreciation (depreciation		)	Dividend income		Value at 5/31/19
Lifecycle Index Retirement Income Fund
TIAA-CREF Funds:
Bond Index	$	116,737	$	55,901	$	26,803	$	(735	)	$	5,674		$	3,703	$	150,774
Emerging Markets Equity Index		9,372		6,112		2,060		(184	)		(904	)		239		12,336
Equity Index		82,286		40,209		22,797		674			847			1,587		100,907
Inflation-Linked Bond		29,171		13,607		5,810		(159	)		772			796		37,581
International Equity Index		25,219		13,751		5,427		(380	)		(1,855	)		851		31,308
Short-Term Bond Index		29,154		13,903		6,119		(98	)		560			755		37,400
	$	291,939	$	143,483	$	69,016	$	(882	)	$	5,094		$	7,931	$	370,306
Lifecycle Index 2010 Fund
TIAA-CREF Funds:
Bond Index	$	154,007	$	44,769	$	27,367	$	(698	)	$	6,683		$	4,773	$	177,394
Emerging Markets Equity Index		13,062		5,711		2,479		(102	)		(1,371	)		330		14,821
Equity Index		115,559		35,900		30,570		1,915			53			2,201		122,425
Inflation-Linked Bond		35,593		11,891		5,592		(149	)		787			995		42,530
International Equity Index		35,355		12,535		6,624		(201	)		(2,977	)		1,182		38,088
Short-Term Bond Index		35,567		12,143		5,927		(100	)		641			918		42,324
	$	389,143	$	122,949	$	78,559	$	665		$	3,816		$	10,399	$	437,582
Lifecycle Index 2015 Fund
TIAA-CREF Funds:
Bond Index	$	295,893	$	90,053	$	49,864	$	(1,295	)	$	13,025		$	9,155	$	347,812
Emerging Markets Equity Index		28,993		12,120		4,436		(110	)		(3,119	)		726		33,448
Equity Index		254,755		75,623		57,754		4,231			80			4,822		275,988
Inflation-Linked Bond		54,844		19,203		7,512		(213	)		1,277			1,522		67,599
International Equity Index		78,063		26,014		11,327		(137	)		(6,717	)		2,594		85,896
Short-Term Bond Index		54,813		19,446		7,867		(128	)		985			1,422		67,249
	$	767,361	$	242,459	$	138,760	$	2,348		$	5,531		$	20,241	$	877,992
Lifecycle Index 2020 Fund
TIAA-CREF Funds:
Bond Index	$	632,175	$	269,397	$	90,592	$	(3,281	)	$	31,241		$	20,800	$	838,940
Emerging Markets Equity Index		74,508		36,017		6,862		(271	)		(8,554	)		1,934		94,838
Equity Index		655,662		217,507		99,194		5,105			4,610			12,900		781,155
Inflation-Linked Bond		89,720		43,715		10,330		(417	)		2,511			2,594		125,199
International Equity Index		200,858		78,098		17,236		(442	)		(18,188	)		6,923		243,090
Short-Term Bond Index		89,666		43,477		10,113		(180	)		1,743			2,481		124,593
	$	1,742,589	$	688,211	$	234,327	$	514		$	13,363		$	47,632	$	2,207,815

88	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss		)	Change in unrealized appreciation (depreciation		)	Dividend income		Value at 5/31/19
Lifecycle Index 2025 Fund
TIAA-CREF Funds:
Bond Index	$	685,205	$	349,033	$	99,399	$	(3,886	)	$	35,891		$	23,011	$	966,844
Emerging Markets Equity Index		104,390		55,350		5,491		(142	)		(12,413	)		2,745		141,694
Equity Index		918,225		343,525		109,467		3,178			10,776			18,234		1,162,657
Inflation-Linked Bond		66,867		41,049		6,366		(302	)		2,140			1,963		103,388
International Equity Index		281,293		121,223		14,534		(410	)		(25,678	)		9,808		361,894
Short-Term Bond Index		66,828		41,461		6,704		(128	)		1,401			1,933		102,858
	$	2,122,808	$	951,641	$	241,961	$	(1,690	)	$	12,117		$	57,694	$	2,839,335
Lifecycle Index 2030 Fund
TIAA-CREF Funds:
Bond Index	$	619,462	$	347,602	$	96,650	$	(3,925	)	$	33,651		$	21,330	$	900,140
Emerging Markets Equity Index		121,783		69,550		6,236		(482	)		(14,733	)		3,298		169,882
Equity Index		1,070,005		411,220		93,279		2,111			10,917			21,903		1,396,672
Inflation-Linked Bond		25,235		23,646		1,951		(96	)		991			814		47,825
International Equity Index		327,968		150,304		11,955		(835	)		(31,030	)		11,794		434,452
Short-Term Bond Index		25,220		23,905		2,104		(42	)		622			829		47,601
	$	2,189,673	$	1,026,227	$	212,175	$	(3,269	)	$	418		$	59,968	$	2,996,572
Lifecycle Index 2035 Fund
TIAA-CREF Funds:
Bond Index	$	465,197	$	270,578	$	75,597	$	(3,036	)	$	25,568		$	16,010	$	682,710
Emerging Markets Equity Index		127,622		67,202		5,202		(452	)		(15,252	)		3,390		173,918
Equity Index		1,121,872		365,246		73,553		3,179			9,989			22,514		1,422,311
International Equity Index		343,932		142,351		10,688		(572	)		(32,336	)		12,120		442,687
	$	2,058,623	$	845,377	$	165,040	$	(881	)	$	(12,031	)	$	54,034	$	2,721,626
Lifecycle Index 2040 Fund
TIAA-CREF Funds:
Bond Index	$	319,200	$	204,418		57,578	$	(2,387	)	$	18,192		$	11,258	$	481,845
Emerging Markets Equity Index		149,441		76,813		4,995		(894	)		(18,150	)		3,998		202,215
Equity Index		1,314,478		405,215		68,265		3,360			8,644			26,532		1,658,220
International Equity Index		402,729		164,039		10,888		(1,533	)		(38,404	)		14,283		515,943
	$	2,185,848	$	850,485	$	141,726	$	(1,454	)	$	(29,718	)	$	56,071	$	2,858,223
Lifecycle Index 2045 Fund
TIAA-CREF Funds:
Bond Index	$	131,686	$	78,567	$	25,906	$	(949	)	$	7,231		$	4,551	$	190,629
Emerging Markets Equity Index		101,099		58,669		2,854		(565	)		(12,509	)		2,768		143,840
Equity Index		886,241		318,670		30,448		2,810			4,304			18,373		1,177,968
International Equity Index		271,954		128,479		6,626		(1,093	)		(26,312	)		9,892		366,402
	$	1,390,980	$	584,385	$	65,834	$	203		$	(27,286	)	$	35,584	$	1,878,839

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Notes to financial statements

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 5/31/19
Lifecycle Index 2050 Fund
TIAA-CREF Funds:
Bond Index	$	81,523	$	57,338	$	17,038	$	(614	)		4,738		$	2,927	$	125,947
Emerging Markets Equity Index		72,546		50,011		2,247		(478	)		(9,313	)		2,064		110,519
Equity Index		641,852		283,543		21,973		2,081			2,344			13,706		905,155
International Equity Index		196,295		111,211		5,545		(1,185	)		(19,250	)		7,379		281,526
	$	992,216	$	502,103	$	46,803	$	(196	)	$	(21,481	)	$	26,076	$	1,423,147
Lifecycle Index 2055 Fund
TIAA-CREF Funds:
Bond Index	$	25,407	$	23,318	$	5,392	$	(190	)	$	1,656		$	986	$	44,799
Emerging Markets Equity Index		27,178		24,356		995		(236	)		(3,548	)		816		46,755
Equity Index		238,875		152,390		8,829		670			790			5,420		382,831
International Equity Index		73,217		56,313		2,646		(524	)		(7,342	)		2,918		119,018
	$	364,677	$	256,377	$	17,862	$	(280	)	$	(8,444	)	$	10,140	$	593,403
Lifecycle Index 2060 Fund
TIAA-CREF Funds:
Bond Index	$	4,515	$	6,095	$	1,813	$	(52	)	$	341		$	194	$	9,086
Emerging Markets Equity Index		5,932		7,803		1,134		(177	)		(765	)		202		11,659
Equity Index		51,991		53,855		9,817		(284	)		(169	)		1,339		95,313
International Equity Index		16,049		18,699		3,124		(375	)		(1,664	)		721		29,585
	$	78,487	$	86,452	$	15,888	$	(888	)	$	(2,257	)	$	2,456	$	145,643

Note 4—investments

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Lifecycle Index Retirement Income	$	353,507	$	16,799	$	—		$	16,799
Lifecycle Index 2010		388,173		49,409		—			49,409
Lifecycle Index 2015		779,034		98,958		—			98,958
Lifecycle Index 2020		2,007,074		200,741		—			200,741
Lifecycle Index 2025		2,596,144		243,191		—			243,191
Lifecycle Index 2030		2,720,228		276,344		—			276,344
Lifecycle Index 2035		2,435,673		285,953		—			285,953
Lifecycle Index 2040		2,514,762		343,461		—			343,461
Lifecycle Index 2045		1,700,328		180,298		(1,787	)		178,511
Lifecycle Index 2050		1,300,073		125,153		(2,079	)		123,074
Lifecycle Index 2055		561,549		34,805		(2,951	)		31,854
Lifecycle Index 2060		143,730		3,459		(1,546	)		1,913

90	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended May 31, 2019 were as follows (dollar amounts are in thousands):

Fund	Non-U.S. government purchases		Non-U.S. government sales
Lifecycle Index Retirement Income	$	149,628	$	75,164
Lifecycle Index 2010		124,853		80,459
Lifecycle Index 2015		246,968		143,271
Lifecycle Index 2020		688,211		234,328
Lifecycle Index 2025		973,501		263,791
Lifecycle Index 2030		1,069,584		255,515
Lifecycle Index 2035		845,377		165,040
Lifecycle Index 2040		850,484		141,726
Lifecycle Index 2045		584,384		65,834
Lifecycle Index 2050		517,306		62,011
Lifecycle Index 2055		256,377		17,862
Lifecycle Index 2060		101,218		30,609

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2019 and the year ended May 31, 2018 was as follows:

	5/31/2019						5/31/2018
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Lifecycle Index Retirement Income	$	7,649,739	$	1,125,202	$	8,774,941	$	3,539,643	$	118,696	$	3,658,339
Lifecycle Index 2010		10,004,561		1,966,803		11,971,364		6,767,053		442,353		7,209,406
Lifecycle Index 2015		19,228,980		5,094,242		24,323,222		13,298,263		736,185		14,034,448
Lifecycle Index 2020		43,852,503		7,729,141		51,581,644		28,278,849		1,641,428		29,920,277
Lifecycle Index 2025		53,316,738		5,929,970		59,246,708		32,278,210		1,932,277		34,210,487
Lifecycle Index 2030		55,433,436		5,705,346		61,138,782		33,514,670		2,331,164		35,845,834
Lifecycle Index 2035		50,770,890		6,169,684		56,940,574		31,831,280		2,421,804		34,253,084
Lifecycle Index 2040		53,599,250		5,780,187		59,379,437		34,169,415		3,004,923		37,174,338
Lifecycle Index 2045		34,435,196		3,905,428		38,340,624		21,158,680		1,772,744		22,931,424
Lifecycle Index 2050		25,190,467		2,666,182		27,856,649		15,082,621		1,226,167		16,308,788
Lifecycle Index 2055		9,829,134		869,838		10,698,972		5,065,472		288,682		5,354,154
Lifecycle Index 2060		2,383,333		416,426		2,799,759		971,815		48,042		1,019,857

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Notes to financial statements

As of May 31, 2019, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation)		Total
Lifecycle Index Retirement Income	$	906,591	$	226,054	$	16,798,770	$	17,931,415
Lifecycle Index 2010		2,349,682		200,292		49,408,801		51,958,775
Lifecycle Index 2015		4,361,112		810,129		98,958,020		104,129,261
Lifecycle Index 2020		9,873,640		1,304,197		200,740,673		211,918,510
Lifecycle Index 2025		10,298,475		2,211,710		243,191,141		255,701,326
Lifecycle Index 2030		8,914,382		2,785,358		276,343,985		288,043,725
Lifecycle Index 2035		6,071,134		3,018,331		285,953,051		295,042,516
Lifecycle Index 2040		3,822,245		3,604,573		343,461,626		350,888,444
Lifecycle Index 2045		1,076,508		2,586,006		178,511,099		182,173,613
Lifecycle Index 2050		584,320		1,964,694		123,074,096		125,623,110
Lifecycle Index 2055		124,172		779,505		31,854,146		32,757,823
Lifecycle Index 2060		11,153		174,983		1,912,864		2,099,000

Note 6—inter-fund lending program

Note 7—line of credit

92	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended May 31, 2019, there were no borrowings under this credit facility by the Funds.

Note 8—indemnification

Note 9—subsequent event

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Report of independent registered public accounting firm

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of the TIAA-CREF Lifecycle Index Retirement Income Fund, TIAA-CREF Lifecycle Index 2010 Fund, TIAA-CREF Lifecycle Index 2015 Fund, TIAA-CREF Lifecycle Index 2020 Fund, TIAA-CREF Lifecycle Index 2025 Fund, TIAA-CREF Lifecycle Index 2030 Fund, TIAA-CREF Lifecycle Index 2035 Fund, TIAA-CREF Lifecycle Index 2040 Fund, TIAA-CREF Lifecycle Index 2045 Fund, TIAA-CREF Lifecycle Index 2050 Fund, TIAA-CREF Lifecycle Index 2055 Fund, and TIAA-CREF Lifecycle Index 2060 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the TIAA-CREF Lifecycle Index Retirement Income Fund, TIAA-CREF Lifecycle Index 2010 Fund, TIAA-CREF Lifecycle Index 2015 Fund, TIAA-CREF Lifecycle Index 2020 Fund, TIAA-CREF Lifecycle Index 2025 Fund, TIAA-CREF Lifecycle Index 2030 Fund, TIAA-CREF Lifecycle Index 2035 Fund, TIAA-CREF Lifecycle Index 2040 Fund, TIAA-CREF Lifecycle Index 2045 Fund, TIAA-CREF Lifecycle Index 2050 Fund, TIAA-CREF Lifecycle Index 2055 Fund, and TIAA-CREF Lifecycle Index 2060 Fund (twelve of the funds constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of May 31, 2019, the related statements of operations for the year ended May 31, 2019, the statements of changes in net assets for each of the two years in the period ended May 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2019, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

94	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2019 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

July 18, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Important tax information (unaudited)

For the year ended May 31, 2019, the Lifecycle Index Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long term capital gains
Lifecycle Index Retirement Income		$1,125,202
Lifecycle Index 2010		2,113,176
Lifecycle Index 2015		5,369,376
Lifecycle Index 2020		8,227,028
Lifecycle Index 2025		6,266,781
Lifecycle Index 2030		5,986,624
Lifecycle Index 2035		6,320,597
Lifecycle Index 2040		5,909,431
Lifecycle Index 2045		3,905,428
Lifecycle Index 2050		2,666,182
Lifecycle Index 2055		869,838
Lifecycle Index 2060		416,426

For the year ended May 31, 2019, the Lifecycle Index Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.

Fund	Percentage
Lifecycle Index Retirement Income		28.76	%
Lifecycle Index 2010		30.57
Lifecycle Index 2015		34.75
Lifecycle Index 2020		39.90
Lifecycle Index 2025		46.38
Lifecycle Index 2030		53.67
Lifecycle Index 2035		60.91
Lifecycle Index 2040		68.76
Lifecycle Index 2045		75.21
Lifecycle Index 2050		76.78
Lifecycle Index 2055		78.63
Lifecycle Index 2060		79.95

For the year ended May 31, 2019, the Lifecycle Index Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Lifecycle Index Retirement Income		17.07	%
Lifecycle Index 2010		18.31
Lifecycle Index 2015		20.83
Lifecycle Index 2020		23.83
Lifecycle Index 2025		27.63
Lifecycle Index 2030		31.90
Lifecycle Index 2035		36.14
Lifecycle Index 2040		40.71
Lifecycle Index 2045		44.46
Lifecycle Index 2050		45.37
Lifecycle Index 2055		46.45
Lifecycle Index 2060		47.20

96	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

For the year ended May 31, 2019, the Lifecycle Index Funds received the following amounts of income from their respective underlying funds that was from foreign sources:

Fund	Foreign source income		Foreign source income per share
Lifecycle Index Retirement Income	$	909,667		$0.04110
Lifecycle Index 2010		1,261,900		0.04554
Lifecycle Index 2015		2,771,360		0.05317
Lifecycle Index 2020		7,391,839		0.06332
Lifecycle Index 2025		10,476,875		0.07668
Lifecycle Index 2030		12,595,327		0.09140
Lifecycle Index 2035		12,944,413		0.10681
Lifecycle Index 2040		15,256,565		0.12181
Lifecycle Index 2045		10,565,254		0.13099
Lifecycle Index 2050		7,881,213		0.13340
Lifecycle Index 2055		3,116,644		0.10803
Lifecycle Index 2060		770,346		0.08424

For the year ended May 31, 2019, the Lifecycle Index Funds have elected to pass through the following amounts of foreign taxes paid by their respective underlying funds:

Fund	Foreign taxes paid		Foreign taxes paid per share
Lifecycle Index Retirement Income	$	82,981		$0.00375
Lifecycle Index 2010		115,059		0.00415
Lifecycle Index 2015		252,768		0.00485
Lifecycle Index 2020		674,022		0.00577
Lifecycle Index 2025		955,517		0.00699
Lifecycle Index 2030		1,148,623		0.00833
Lifecycle Index 2035		1,180,479		0.00974
Lifecycle Index 2040		1,391,450		0.01111
Lifecycle Index 2045		963,545		0.01195
Lifecycle Index 2050		718,738		0.01217
Lifecycle Index 2055		284,225		0.00985
Lifecycle Index 2060		70,251		0.00768

By early 2020, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax adviser.

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2019

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.

98	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since 2017.	Advisory Director (2010–2011), Partner (2004–2010) and Managing Director (1999–2004), and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Chair of the Finance Committee, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); and Head (2006–2008), and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. President and Chief Executive Officer (since 2008), and Program Director (1990– 2008), National Bureau of Economic Research.	89	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2019

Trustees – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	89	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin.	89	Member of the Board of Governors of the Investment Company Institute and the Governing Council of Independent Directors Council (an association for mutual fund directors); Investment Advisory Committee Member, Employees Retirement System of Texas.

100	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex.”) Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2017.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary of AllianceBernstein L.P.
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head of Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, President and Chief Investment Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments and Senior Managing Director, President, Global Investments, TIAA.

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

101

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2019

Officers – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President, Chief Legal Officer, TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Christopher A. Van Buren TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head of Fund Administration, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds, and TIAA Separate Account VA-1; Treasurer of CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.
Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa.org, or by calling 800 223-1200.

102	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Approval of investment management agreement (unaudited)

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

Overview of the renewal process

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

103

Approval of investment management agreement (unaudited)

104	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

While the contract renewal process included a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters,

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

105

Approval of investment management agreement (unaudited)

information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The nature, extent and quality of services

106	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

Investment performance

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2018. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. This data included the effect of the amendment of the Agreement in 2018 to restructure the Funds’ expenses. This restructuring entailed converting the Funds’ holdings from Institutional Class shares of other TIAA-CREF Underlying Funds to fee-waived Class W shares of these Underlying Funds and having the Funds pay the equivalent of these Underlying Funds’ management fees and other expenses directly as part of the Funds’ management fee rates under the Agreement, along with the Funds’ existing annual management fee rate of 0.10% of average daily net assets. The Board considered Advisors’ representation that the fee restructuring did not increase the Funds’ overall expenses, but that the Broadridge fee comparisons would be affected because most of the Funds’ peers do not have a similar fee structure.

The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board also considered that Advisors’ had agreed to a waiver ranging from 0.06% to 0.10% of each Fund’s management fee, which will continue through at least September 30, 2019. The Board also acknowledged certain reimbursements of expense above specified amounts undertaken by Advisors with respect to many of the Underlying Funds which, in turn, reduce the management fees charged to the Funds. The Board also recognized Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. The Board considered that Advisors had calculated that it incurred losses with respect to each Fund under the Agreement for the one-year period ended December 31, 2018. The Board also considered that, in the aggregate,

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

107

Approval of investment management agreement (unaudited)

Advisors had generated indirect earnings with respect to the Funds’ investment in Underlying Funds also managed by Advisors prior to the Funds’ expense restructuring.

Fees charged by other advisers

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered that because Advisors operated each Fund at a loss, and has waived some or all of its management fees for the Funds since inception, there had been little opportunity to pass on economies of scale to Fund shareholders. However, the Board recognized that Advisors’ might incur a smaller loss or earn a profit on the Funds in the future due to the Funds’ new fee structure. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors provides similar investment management services to other investment companies. The Board noted that Advisors provides funds of funds management services to the TIAA-CREF Lifestyle Funds and the TIAA-CREF Life Balanced Fund, with annual management fee rates of 0.10% of average daily net

108	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

assets, and the TIAA-CREF Managed Allocation Fund, for which Advisors receives no management fee. The Board also considered that Advisors also manages the TIAA-CREF Lifecycle Funds, which implemented the same new fee structure as the Funds in 2018. The Board also reviewed the performance of these other funds of funds while reviewing the performance of the Funds.

Other benefits

Fund-by-fund factors

Lifecycle Index Retirement Income Fund

•

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

109

Approval of investment management agreement (unaudited)

annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.00% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.102% for the year ended September 30, 2019.

•	The Fund’s total expense ratio was in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”), while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 1 out of 4 funds and 4 out of 4 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 1st and 3rd quintiles of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”), respectively.
•	The Fund ranked in the 3rd and 1st quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one- and three-year periods, respectively, while the Fund ranked 1 out of 4 funds within its Performance Group for the five-year period. The Fund was in the 2nd, 1st and 1st quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2010 Fund

•

As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.04% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% for the year ended September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.

•

The Fund’s total expense ratio, actual management fee rate (including the waiver) and its contractual management fee rate ranked 1 out of 4 funds, 2 out of 3 funds and 3 out of 3 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 1st and 3rd quintiles of its Expense Universe, respectively.

110	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

•	The Fund ranked 3 out of 4 funds, 2 out of 4 funds and 1 out of 4 funds within its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 1st, 2nd and 1st quintiles of its Performance Universe for the one-, three-, and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2015 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.05% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% for the year ended September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 3 out of 4 funds and 4 out of 4 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 2nd and 3rd quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 3rd and 1st quintiles of its Performance Group for the one-and three-year periods, respectively, while the Fund ranked 1 out of 4 funds within its Performance Group for the five-year period. The Fund was in the 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2020 Fund

•

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

111

Approval of investment management agreement (unaudited)

the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.07% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.09% for the year ended September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.

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

Lifecycle Index 2025 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.07% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.082% for the year ended September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 4 out of 5 funds and 5 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 2nd and 4th quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 1st quintile of its Performance Group for the one- and three-year periods, while the Fund ranked 1 out of 5 funds within its Performance Group for the five-year period. The Fund was in the 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, and five-year periods, respectively.

112	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2030 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.06% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.08% for the year ended September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 3 out of 5 funds and 5 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 2nd and 4th quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 1st quintile of its Performance Group for the one- and three-year periods, while the Fund ranked 1 out of 5 funds within its Performance Group for the five-year period. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three-, and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2035 Fund

•

As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.07% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.069% for the year ended

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

113

Approval of investment management agreement (unaudited)

	September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 4 out of 5 funds and 5 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 2nd and 4th quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 1st quintile of its Performance Group for the one- and three-year periods, while the Fund ranked 1 out of 5 funds within its Performance Group for the five-year period. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three-, and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2040 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.06% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.07% for the year ended September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate each ranked 4 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 2nd and 3rd quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 1st quintile of its Performance Group for the one- and three-year periods, while the Fund ranked 1 out of 5 funds within its Performance Group for the five-year period. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three-, and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate

114	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2045 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.05% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.07% for the year ended September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 4 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 2nd and 3rd quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 1st quintile of its Performance Group for the one- and three-year periods, while the Fund ranked 1 out of 5 funds within its Performance Group for the five-year period. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three-, and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2050 Fund

•

As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.05% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.07% for the year ended September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

115

Approval of investment management agreement (unaudited)

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

Lifecycle Index 2055 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.01% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.06% for the year ended September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 4 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 3rd quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 1st quintile of its Performance Group for the one- and three-year periods, while the Fund ranked 1 out of 5 funds within its Performance Group for the five-year period. The Fund was in the 1st quintile of its Performance Universe for each of the one-, three-, and five-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

116	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

Lifecycle Index 2060 Fund

•	As discussed above, in 2018, the Fund’s expense structure changed so that instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2018, the Fund’s effective management fee rate was 0.00% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.06% for the year ended September 30, 2019. This voluntary management fee rate waiver subsequently has been extended through September 30, 2020.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while the Fund’s actual management fee rate (including the waiver) and its contractual management fee rate ranked 1 out of 5 funds and 4 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 1st and 3rd quintiles of its Expense Universe, respectively.
•	The Fund ranked in the 1st quintile of its Performance Group for the one-year period, while the Fund ranked 1 out of 5 funds within its Performance Group for the three-year period. The Fund was in the 1st quintile of its Performance Universe for the one- and three-year periods.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

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

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

117

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

Bloomberg Barclays Indexes

Source: Bloomberg Index Services Limited. BLOOMBERG^®is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^®is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

Standard & Poor’s Index

The Indexes in the S&P Target Date Index Series are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed for use by the funds. Standard & Poor’s^® and S&P^® are registered

118	2019 Annual Report ■ TIAA-CREF Lifecycle Index Funds

trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the funds or any member of the public regarding the advisability of investing in securities generally or in the funds particularly or the ability of the S&P Target Date Index Series to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the funds with respect to the S&P Target Date Index Series is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes in the S&P Target Date Index Series are determined, composed and calculated by S&P Dow Jones Indices without regard to the funds. S&P Dow Jones Indices has no obligation to take the needs of the funds or the owners of the funds into consideration in determining, composing or calculating the S&P Target Date Index Series. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the funds or the timing of the issuance or sale of fund shares or in the determination or calculation of the equation by which fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the funds. There is no assurance that investment products based on the S&P Target Date Index Series will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

TIAA-CREF Lifecycle Index Funds ■ 2019 Annual Report

119

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How to reach us

Websites

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nuveen.com

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 information, please visit TIAA.org, or call 800-842-2252. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (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.

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TIAA-CREF
Funds

May 31,
2019

TIAA-CREF
Lifestyle Funds

The annual report contains the audited financial statements.

Fund name	Institutional Class	Advisor Class	Premier Class	Retirement Class	Retail Class
Lifestyle Income Fund	TSITX	TSIHX	TSIPX	TLSRX	TSILX
Lifestyle Conservative Fund	TCSIX	TLSHX	TLSPX	TSCTX	TSCLX
Lifestyle Moderate Fund	TSIMX	TSMHX	TSMPX	TSMTX	TSMLX
Lifestyle Growth Fund	TSGGX	TSGHX	TSGPX	TSGRX	TSGLX
Lifestyle Aggressive Growth Fund	TSAIX	TSAHX	TSAPX	TSARX	TSALX

Annual
Report

Contents

Understanding this report	3
Letter to investors	4
Information for investors	6
About the funds’ benchmarks	7
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
Audited financial statements
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
Report of independent registered public accounting firm	61
Important tax information	63
Trustees and officers	65
Approval of investment management agreement	70
Additional information about index providers	79
How to reach us	Inside back cover

Understanding this report

This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended May 31, 2019. The report contains four main sections:

	•	A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
	•	The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market index.
	•	The portfolios of investments list the underlying TIAA-CREF Funds in which each fund had investments as of May 31, 2019.
	•	The financial statements provide detailed information about the operations and financial condition of each fund.

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Letter to investors

Global financial markets produced mixed results during the twelve months ended May 31, 2019. U.S. equities posted modest gains amid a healthy domestic economy and an uptick in market volatility. Foreign stocks declined, with emerging markets faring worse than developed international markets. By comparison, U.S. fixed-income markets achieved solid gains as bond prices rallied despite three increases to the federal funds target rate. These market conditions were reflected in the performance of the TIAA-CREF Lifestyle Funds by way of their investments in various asset classes through underlying TIAA-CREF Funds.

	•	Three out of the five TIAA-CREF Lifestyle Funds delivered positive returns, but all five funds trailed their respective composite benchmarks. (All fund returns are for the Institutional Class.)
	•	Returns for the Institutional Class ranged from –4.1% for the Lifestyle Aggressive Growth Fund to 3.3% for the Lifestyle Income Fund.
	•	Despite mixed returns for the twelve-month period, results continued to support the solid performance of the TIAA-CREF Lifestyle Funds over longer periods of time.

Mixed results for stock prices around the world

4	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Brad Finkle

Look to lessons of the past

Increased stock market volatility over the past twelve months reminds us that, despite what one might hear or read in the financial media, no one can predict the future with any accuracy.

Rather than trying to time your investments based on what you think may happen in the future, consider using what has happened in the past as your guide. History has shown that even during periodic downturns, investors who avoided jumping in and out of the markets have often received more consistent investment results over the long term. Please keep in mind that past performance cannot guarantee future results. The TIAA-CREF Lifestyle Funds use dynamic diversification strategies that are designed to help mitigate the effects of market volatility, keeping you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses.

We are always 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

Chief Operating Officer, Nuveen

President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Information for investors

Portfolio holdings

The complete portfolios of investments for the Lifestyle Funds begin on page 26 of this report. You can obtain complete 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 also 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-PORT or Form N-Q filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT or 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 can 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.

6	2019 Annual Report ■ TIAA-CREF Lifestyle 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 (stocks), international equity (foreign stocks), fixed income and short-term fixed income. A fund’s composite benchmark may combine the following public indexes in proportions that reflect the fund’s target market sector allocations:

	•	The Russell 3000^® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
	•	The MSCI ACWI ex USA Investable Market Index (IMI) (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 26 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 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.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Important information about expenses

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2018–May 31, 2019).

Actual expenses

Hypothetical example for comparison purposes

8	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Important information about expenses

Expense examples

Six months ended May 31, 2019

Lifestyle Funds Institutional Class	Beginning account value (12/1/18		)	Ending account value (5/31/19		)	Expenses paid during period (12/1/18–5/31/19		* )	Effective expenses paid during period (12/1/18–5/31/19		^† )
Income Fund actual return		$1,000.00			$1,042.34			$0.51			$2.14
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.12
Conservative Fund actual return		1,000.00			1,037.97			0.51			2.34
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.32
Moderate Fund actual return		1,000.00			1,034.56			0.51			2.54
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.52
Growth Fund actual return		1,000.00			1,022.15			0.50			2.67
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.67
Aggressive Growth Fund actual return		1,000.00			1,010.82			0.50			2.81
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.82

*	“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 their performance lower. The expense ratio for the period was 0.10% for the Institutional Class of the Lifestyle Funds.
^†	“Effective expenses paid during period” is 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 ■ 2019 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2019

Lifestyle Funds Advisor Class	Beginning account value (12/1/18		)	Ending account value (5/31/19		)	Expenses paid during period (12/1/18–5/31/19		* )	Effective expenses paid during period (12/1/18–5/31/19		^† )
Income Fund actual return		$1,000.00			$1,042.26		$	0.71			$2.34
5% annual hypothetical return		1,000.00			1,024.23			0.71			2.32
Conservative Fund actual return		1,000.00			1,037.59			1.02			2.84
5% annual hypothetical return		1,000.00			1,023.93			1.01			2.82
Moderate Fund actual return		1,000.00			1,034.53			0.56			2.59
5% annual hypothetical return		1,000.00			1,024.38			0.56			2.57
Growth Fund actual return		1,000.00			1,022.25			0.91			3.08
5% annual hypothetical return		1,000.00			1,024.03			0.91			3.07
Aggressive Growth Fund actual return^‡		1,000.00			1,010.97			(0.33	)		1.96
5% annual hypothetical return^‡		1,000.00			1,025.26			(0.33	)		1.97

*	“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 0.14% for the Income Fund, 0.20% for the Conservative Fund, 0.11% for the Moderate Fund, 0.18% for the Growth Fund and (0.07)% for the Aggressive Growth Fund.
^†	“Effective expenses paid during period” is 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 0.46% for the Income Fund, 0.56% for the Conservative Fund, 0.51% for the Moderate Fund, 0.61% for the Growth Fund and 0.39% for the Aggressive Growth Fund.
^‡	For the Advisor Class, “Expenses paid during the period” includes an immaterial downward expense adjustment that impacted the Fund’s actual expense ratio, causing it to be negative.

10	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Important information about expenses

Expense examples

Six months ended May 31, 2019

Lifestyle Funds Premier Class	Beginning account value (12/1/18		)	Ending account value (5/31/19		)	Expenses paid during period (12/1/18–5/31/19		* )	Effective expenses paid during period (12/1/18–5/31/19		^† )
Income Fund actual return		$1,000.00			$1,040.67			$1.27			$2.90
5% annual hypothetical return		1,000.00			1,023.68			1.26			2.87
Conservative Fund actual return		1,000.00			1,038.00			1.27			3.10
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.07
Moderate Fund actual return		1,000.00			1,034.47			1.27			3.30
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.28
Growth Fund actual return		1,000.00			1,021.73			1.26			3.43
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.43
Aggressive Growth Fund actual return		1,000.00			1,009.14			1.25			3.56
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.58

*	“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 Premier Class of the Lifestyle Funds.
^†	“Effective expenses paid during period” is 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 ■ 2019 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2019

Lifestyle Funds Retirement Class	Beginning account value (12/1/18		)	Ending account value (5/31/19		)	Expenses paid during period (12/1/18–5/31/19		* )	Effective expenses paid during period (12/1/18–5/31/19		^† )
Income Fund actual return		$1,000.00			$1,040.24			$1.78			$3.41
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.38
Conservative Fund actual return		1,000.00			1,037.55			1.78			3.61
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.58
Moderate Fund actual return		1,000.00			1,033.29			1.77			3.80
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.78
Growth Fund actual return		1,000.00			1,020.80			1.76			3.93
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.93
Aggressive Growth Fund actual return		1,000.00			1,009.29			1.75			4.06
5% annual hypothetical return		1,000.00			1,023.19			1.77			4.08

*	“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 0.35% for the Retirement Class of the Lifestyle Funds.
^†	“Effective expenses paid during period” is 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	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Important information about expenses

Expense examples

Six months ended May 31, 2019

Lifestyle Funds Retail Class	Beginning account value (12/1/18		)	Ending account value (5/31/19		)	Expenses paid during period (12/1/18–5/31/19		* )	Effective expenses paid during period (12/1/18–5/31/19		^† )
Income Fund actual return		$1,000.00			$1,041.03			$1.93			$3.56
5% annual hypothetical return		1,000.00			1,023.04			1.92			3.53
Conservative Fund actual return		1,000.00			1,037.48			1.88			3.71
5% annual hypothetical return		1,000.00			1,023.09			1.87			3.68
Moderate Fund actual return		1,000.00			1,032.47			1.87			3.90
5% annual hypothetical return		1,000.00			1,023.09			1.87			3.88
Growth Fund actual return		1,000.00			1,021.09			1.91			4.08
5% annual hypothetical return		1,000.00			1,023.04			1.92			4.08
Aggressive Growth Fund actual return		1,000.00			1,008.66			2.00			4.31
5% annual hypothetical return		1,000.00			1,022.94			2.02			4.33

*	“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. 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 on which this waiver or reimbursement is scheduled to end. Without 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 0.38% for the Income Fund, 0.37% for the Conservative Fund, 0.37% for the Moderate Fund, 0.38% for the Growth Fund and 0.40% for the Aggressive Growth Fund.
^†	“Effective expenses paid during period” is 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, 0.77% for the Moderate Fund, 0.81% for the Growth Fund and 0.86% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Investment results of the Lifestyle Funds

Performance for the twelve months ended May 31, 2019

Three of the five Lifestyle Funds recorded positive returns, but all underperformed their respective composite benchmarks. Institutional Class returns ranged from -4.11% for the Lifestyle Aggressive Growth Fund to 3.26% for the Lifestyle Income Fund. The performance tables show returns for all share classes of the funds.

The margin of underperformance of individual Lifestyle Funds, in relation to their respective composite benchmarks, ranged from 3.69 percentage points for the Aggressive Growth Fund to 0.91 of a percentage point for the Income Fund. (All results for the Lifestyle Funds are for the Institutional Class.)

U.S. economy continued to grow, pushing domestic stocks and bonds higher

The U.S. economic expansion continued over the twelve-month period while the unemployment rate touched its lowest level in nearly a half century and inflation remained modest. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at an annualized rate of 3.4% and 2.2% in the third and fourth quarters of 2018, respectively. GDP growth accelerated to a rate of 3.1% in the first quarter of 2019, according to the government’s “second” estimate. Unemployment remained at 3.6% in May, its lowest rate since December 1969. Core inflation, which includes all items except food and energy, rose 2.0% for the twelve months ended May 31, 2019. The price of West Texas Intermediate crude oil declined from nearly $66 per barrel on June 1, 2018, to just over $53 per barrel on May 31, 2019.

14	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Fixed-income funds posted strongest gains

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.

Excluding the Lifestyle Aggressive Growth Fund, which has a target allocation of 100% equities, fixed-income holdings contributed most to the funds’ absolute returns—that is, without regard to performance relative to their respective composite benchmarks—for the period. Within the category, the Bond Fund and the Bond Plus Fund posted solid gains. U.S. stock funds produced mixed results, including modest gains in the Large-Cap Growth Fund and the Quant Large-Cap Growth Fund. All foreign equity funds lost ground, with the International Equity Fund suffering the largest loss. (All fund returns are for the Institutional Class.)

Stock funds hampered relative performance

All of the Lifestyle Funds underperformed their respective composite benchmarks. This was due to the relative weakness of underlying funds investing in domestic and international equities. For all of the Lifestyle Funds, the Large-Cap Value Fund, the International Equity Fund and the Growth & Income Fund were the largest detractors from relative performance.

Conversely, the Quant Small/Mid-Cap Equity Fund, the Quant Small-Cap Equity Fund and the Emerging Markets Equity Fund contributed to the relative performance of all of the Lifestyle Funds, particularly the Aggressive Growth, Growth and Moderate Funds.

In the fixed-income category, the Bond Fund benefited the relative performance of the Lifestyle Income Fund and the Lifestyle Conservative Fund. (Performance of the Lifestyle Funds’ underlying funds can be found at TIAA.org/performance.)

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Lifestyle Income Fund

Performance as of May 31, 2019

Lifestyle Income Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		12/9/11		3.26	%		3.28	%		4.36	%		0.68	%		0.42	%
Advisor Class		12/4/15		3.24			3.26	^†		4.35	^†		0.76			0.50
Premier Class		12/9/11		3.02			3.09			4.19			0.84			0.57
Retirement Class		12/9/11		2.92			2.99			4.09			0.93			0.67
Retail Class		12/9/11		2.98			2.98			4.07			0.95			0.69
Lifestyle Income Fund Composite Index^‡		—		4.17			3.09			3.84	^§		—			—
Broad market index
Morningstar Conservative Target Risk Index		—		4.87			2.89			3.84	^§		—			—

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 will continue through at least September 30, 2019, 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.
^†	The performance shown for the Advisor Class that is prior to its respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.
^‡	As of the close of business on May 31, 2019, 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 All Country World Index ex USA Investable Market Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^§	Performance is calculated from the inception date of the Institutional Class.

16	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Income Fund

$10,000 invested at Fund’s inception

Institutional Class (inception December 9, 2011)

Asset allocation
	% of net assets as of 5/31/19
Equity
U.S. equity	13.26
International equity	6.14
Fixed income
Fixed income	39.44
Short-term fixed income	41.09
Other assets & liabilities, net	0.07
Total	100.00

Target allocation

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Lifestyle Conservative Fund

Performance as of May 31, 2019

Lifestyle Conservative Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		12/9/11		1.68	%		4.26	%		6.20	%		0.61	%		0.46	%
Advisor Class		12/4/15		1.62			4.23	^†		6.18	^†		0.64			0.54
Premier Class		12/9/11		1.62			4.10			6.04			0.74			0.61
Retirement Class		12/9/11		1.51			4.01			5.94			0.81			0.71
Retail Class		12/9/11		1.41			3.97			5.90			0.83			0.73
Lifestyle Conservative Fund Composite Index^‡		—		3.45			4.25			5.78	^§		—			—
Broad market index
Morningstar Moderately Conservative Target Risk Index		—		3.85			3.98			5.68	^§		—			—

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 will continue through at least September 30, 2019, 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.
^†	The performance shown for the Advisor Class that is prior to its respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.
^‡	As of the close of business on May 31, 2019, 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 All Country World Index ex USA Investable Market Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^§	Performance is calculated from the inception date of the Institutional Class.

18	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Conservative Fund

$10,000 invested at Fund’s inception

Institutional Class (inception December 9, 2011)

Asset allocation
		% of net assets as of 5/31/19
Equity
U.S. equity		26.70
International equity		12.27
Fixed income
Fixed income		39.74
Short-term fixed income		21.22
Other assets & liabilities, net		0.07
Total		100.00

Target allocation

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Lifestyle Moderate Fund

Performance as of May 31, 2019

Lifestyle Moderate Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		12/9/11		0.14	%		5.22	%		8.02	%		0.57	%		0.49	%
Advisor Class		12/4/15		0.09			5.17	^†		7.99	^†		0.65			0.57
Premier Class		12/9/11		0.01			5.06			7.87			0.73			0.64
Retirement Class		12/9/11		–0.11			4.95			7.75			0.82			0.74
Retail Class		12/9/11		–0.20			4.91			7.71			0.83			0.76
Lifestyle Moderate Fund Composite Index^‡		—		2.62			5.36			7.70	^§		—			—
Broad market index
Morningstar Moderate Target Risk Index		—		2.52			4.73			7.22	^§		—			—

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 will continue through at least September 30, 2019, 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.
^†	The performance shown for the Advisor Class that is prior to its respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.
^‡	As of the close of business on May 31, 2019, 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 All Country World Index ex USA Investable Market Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^§	Performance is calculated from the inception date of the Institutional Class.

20	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Moderate Fund

$10,000 invested at Fund’s inception

Institutional Class (inception December 9, 2011)

Asset allocation
		% of net assets as of 5/31/19
Equity
U.S. equity		40.62
International equity		18.28
Fixed income		41.09
Other assets & liabilities, net		0.01
Total		100.00

Target allocation

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Lifestyle Growth Fund

Performance as of May 31, 2019

Lifestyle Growth Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		12/9/11		–2.07	%		5.77	%		9.33	%		0.66	%		0.52	%
Advisor Class		12/4/15		–2.13			5.74	^†		9.30	^†		0.74			0.59
Premier Class		12/9/11		–2.24			5.60			9.15			0.84			0.67
Retirement Class		12/9/11		–2.34			5.50			9.05			0.91			0.77
Retail Class		12/9/11		–2.32			5.48			9.00			0.94			0.80
Lifestyle Growth Fund Composite Index^‡		—		1.15			6.14			9.30	^§		—			—
Broad market index
Morningstar Moderately Aggressive Target Risk Index		—		0.98			5.44			8.69	^§		—			—

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 will continue through at least September 30, 2019, 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.
^†	The performance shown for the Advisor Class that is prior to its respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.
^‡	As of the close of business on May 31, 2019, the Lifestyle Growth Fund Composite Index consisted of: 56.0% Russell 3000^® Index; 24.0% MSCI All Country World Index ex USA Investable Market 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.

22	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Growth Fund

$10,000 invested at Fund’s inception

Institutional Class (inception December 9, 2011)

Asset allocation
		% of net assets as of 5/31/19
Equity
U.S. equity		54.90
International equity		24.47
Fixed income		20.78
Other assets & liabilities, net		–0.15
Total		100.00

Target allocation

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Lifestyle Aggressive Growth Fund

Performance as of May 31, 2019

Lifestyle Aggressive Growth Fund			Total Return			Average annual total return						Annual operating expenses*^#
	Inception date		1 year			5 years			since inception			gross			net
Institutional Class		12/9/11		–4.11	%		6.32	%		10.61	%		0.75	%		0.55	%
Advisor Class		12/4/15		–4.10			6.30	^†		10.60	^†		0.83			0.63
Premier Class		12/9/11		–4.31			6.16			10.45			0.91			0.70
Retirement Class		12/9/11		–4.33			6.06			10.34			1.00			0.80
Retail Class		12/9/11		–4.45			5.98			10.26			1.05			0.85
Lifestyle Aggressive Growth Fund Composite Index^‡		—		–0.42			6.86			10.85	^§		—			—
Broad market index
Morningstar Aggressive Target Risk Index		—		–0.37			5.97			9.79	^§		—			—

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 will continue through at least September 30, 2019, 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.
^†	The performance shown for the Advisor Class that is prior to its respective inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class.
^‡	As of the close of business on May 31, 2019, the Lifestyle Aggressive Growth Fund Composite Index consisted of: 70.0% Russell 3000^® Index; and 30.0% MSCI All Country World Index ex USA Investable Market 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.

24	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Aggressive Growth Fund

$10,000 invested at Fund’s inception

Institutional Class (inception December 9, 2011)

Asset allocation
		% of net assets as of 5/31/19
Equity
U.S. equity		69.22
International equity		30.70
Other assets & liabilities, net		0.08
Total		100.00

Target allocation

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Portfolio of investments

Lifestyle Income Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—39.4%
1,353,181	TIAA-CREF Bond Fund		$	14,100,143		19.2	%
1,416,899	TIAA-CREF Bond Plus Fund			14,820,765		20.2
	TOTAL FIXED INCOME			28,920,908		39.4
INTERNATIONAL EQUITY—6.1%
90,158	TIAA-CREF Emerging Markets Equity Fund			952,970		1.3
111,217	TIAA-CREF International Equity Fund			1,115,507		1.5
74,641	TIAA-CREF International Opportunities Fund			926,294		1.2
135,990	TIAA-CREF Quant International Equity Fund			934,252		1.3
60,714	TIAA-CREF Quant International Small-Cap Equity Fund			577,998		0.8
	TOTAL INTERNATIONAL EQUITY			4,507,021		6.1
SHORT-TERM FIXED INCOME—41.1%
2,917,247	TIAA-CREF Short-Term Bond Fund			30,135,161		41.1
	TOTAL SHORT-TERM FIXED INCOME			30,135,161		41.1
U.S. EQUITY—13.3%
163,776	TIAA-CREF Growth & Income Fund			2,222,445		3.0
125,846	TIAA-CREF Large-Cap Growth Fund			2,504,345		3.4
151,767	TIAA-CREF Large-Cap Value Fund			2,410,068		3.3
123,456	TIAA-CREF Quant Large-Cap Growth Fund			1,654,304		2.3
19,749	TIAA-CREF Quant Large-Cap Value Fund			186,033		0.3
20,792	TIAA-CREF Quant Small-Cap Equity Fund			323,529		0.4
37,472	TIAA-CREF Quant Small/Mid-Cap Equity Fund			424,936		0.6
	TOTAL U.S. EQUITY			9,725,660		13.3
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $71,445,440)		73,288,750		99.9

	TOTAL PORTFOLIO	(Cost $71,445,440)		73,288,750		99.9
	OTHER ASSETS & LIABILITIES, NET			50,704		0.1
	NET ASSETS		$	73,339,454		100.0	%

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

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments

Lifestyle Conservative Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—39.7%
2,037,666	TIAA-CREF Bond Fund		$	21,232,477		9.2	%
6,748,320	TIAA-CREF Bond Plus Fund			70,587,426		30.5
	TOTAL FIXED INCOME			91,819,903		39.7
INTERNATIONAL EQUITY—12.3%
549,369	TIAA-CREF Emerging Markets Equity Fund			5,806,829		2.5
705,941	TIAA-CREF International Equity Fund			7,080,589		3.1
472,597	TIAA-CREF International Opportunities Fund			5,864,928		2.5
862,404	TIAA-CREF Quant International Equity Fund			5,924,717		2.6
384,979	TIAA-CREF Quant International Small-Cap Equity Fund			3,665,000		1.6
	TOTAL INTERNATIONAL EQUITY			28,342,063		12.3
SHORT-TERM FIXED INCOME—21.2%
4,746,319	TIAA-CREF Short-Term Bond Fund			49,029,474		21.2
	TOTAL SHORT-TERM FIXED INCOME			49,029,474		21.2
U.S. EQUITY—26.7%
1,038,808	TIAA-CREF Growth & Income Fund			14,096,620		6.1
797,016	TIAA-CREF Large-Cap Growth Fund			15,860,620		6.9
961,258	TIAA-CREF Large-Cap Value Fund			15,264,780		6.6
610,208	TIAA-CREF Quant Large-Cap Growth Fund			8,176,790		3.5
366,988	TIAA-CREF Quant Large-Cap Value Fund			3,457,030		1.5
137,550	TIAA-CREF Quant Small-Cap Equity Fund			2,140,276		0.9
237,190	TIAA-CREF Quant Small/Mid-Cap Equity Fund			2,689,732		1.2
	TOTAL U.S. EQUITY			61,685,848		26.7
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $223,061,386)		230,877,288		99.9

	TOTAL PORTFOLIO	(Cost $223,061,386)		230,877,288		99.9
	OTHER ASSETS & LIABILITIES, NET			152,067		0.1
	NET ASSETS		$	231,029,355		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 ■ 2019 Annual Report

Portfolio of investments

Lifestyle Moderate Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—100.0%^a
FIXED INCOME—41.1%
13,699,078	TIAA-CREF Bond Plus Fund		$	143,292,354		41.1	%
	TOTAL FIXED INCOME			143,292,354		41.1
INTERNATIONAL EQUITY—18.3%
1,164,550	TIAA-CREF Emerging Markets Equity Fund			12,309,296		3.5
1,606,250	TIAA-CREF International Equity Fund			16,110,686		4.6
1,081,300	TIAA-CREF International Opportunities Fund			13,418,930		3.9
1,969,038	TIAA-CREF Quant International Equity Fund			13,527,293		3.9
878,589	TIAA-CREF Quant International Small-Cap Equity Fund			8,364,170		2.4
	TOTAL INTERNATIONAL EQUITY			63,730,375		18.3
U.S. EQUITY—40.6%
2,370,942	TIAA-CREF Growth & Income Fund			32,173,688		9.2
1,818,053	TIAA-CREF Large-Cap Growth Fund			36,179,260		10.4
2,194,594	TIAA-CREF Large-Cap Value Fund			34,850,150		10.0
1,269,109	TIAA-CREF Quant Large-Cap Growth Fund			17,006,062		4.9
1,020,746	TIAA-CREF Quant Large-Cap Value Fund			9,615,432		2.7
364,596	TIAA-CREF Quant Small-Cap Equity Fund			5,673,111		1.6
540,747	TIAA-CREF Quant Small/Mid-Cap Equity Fund			6,132,076		1.8
	TOTAL U.S. EQUITY			141,629,779		40.6
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $334,145,181)		348,652,508		100.0

	TOTAL PORTFOLIO	(Cost $334,145,181)		348,652,508		100.0
	OTHER ASSETS & LIABILITIES, NET			31,339		0.0
	NET ASSETS		$	348,683,847		100.0	%

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

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments

Lifestyle Growth Fund ■ May 31, 2019

						% of net
Shares	Security		Value			assets
AFFILIATED INVESTMENT COMPANIES—100.2%^a
FIXED INCOME—20.8%
3,205,145	TIAA-CREF Bond Plus Fund		$	33,525,811			20.8	%
	TOTAL FIXED INCOME			33,525,811			20.8
INTERNATIONAL EQUITY—24.5%
697,808	TIAA-CREF Emerging Markets Equity Fund			7,375,830			4.6
1,003,544	TIAA-CREF International Equity Fund			10,065,551			6.3
675,551	TIAA-CREF International Opportunities Fund			8,383,589			5.2
1,229,164	TIAA-CREF Quant International Equity Fund			8,444,359			5.2
548,132	TIAA-CREF Quant International Small-Cap Equity Fund			5,218,212			3.2
	TOTAL INTERNATIONAL EQUITY			39,487,541			24.5
U.S. EQUITY—54.9%
1,476,918	TIAA-CREF Growth & Income Fund			20,041,783			12.4
1,134,605	TIAA-CREF Large-Cap Growth Fund			22,578,635			14.0
1,368,593	TIAA-CREF Large-Cap Value Fund			21,733,260			13.5
751,591	TIAA-CREF Quant Large-Cap Growth Fund			10,071,319			6.2
695,451	TIAA-CREF Quant Large-Cap Value Fund			6,551,151			4.1
242,888	TIAA-CREF Quant Small-Cap Equity Fund			3,779,342			2.3
337,500	TIAA-CREF Quant Small/Mid-Cap Equity Fund			3,827,255			2.4
	TOTAL U.S. EQUITY			88,582,745			54.9
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $153,607,552)		161,596,097			100.2

	TOTAL PORTFOLIO	(Cost $153,607,552)		161,596,097			100.2
	OTHER ASSETS & LIABILITIES, NET			(237,959	)		(0.2	)
	NET ASSETS		$	161,358,138			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 ■ 2019 Annual Report

Portfolio of investments

Lifestyle Aggressive Growth Fund ■ May 31, 2019

					% of net
Shares	Security		Value		assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
INTERNATIONAL EQUITY—30.7%
623,235	TIAA-CREF Emerging Markets Equity Fund		$	6,587,594		5.7	%
906,161	TIAA-CREF International Equity Fund			9,088,791		7.8
613,706	TIAA-CREF International Opportunities Fund			7,616,096		6.5
1,115,651	TIAA-CREF Quant International Equity Fund			7,664,526		6.6
497,023	TIAA-CREF Quant International Small-Cap Equity Fund			4,731,663		4.1
	TOTAL INTERNATIONAL EQUITY			35,688,670		30.7
U.S. EQUITY—69.2%
1,339,013	TIAA-CREF Growth & Income Fund			18,170,410		15.6
1,028,629	TIAA-CREF Large-Cap Growth Fund			20,469,718		17.6
1,241,643	TIAA-CREF Large-Cap Value Fund			19,717,295		17.0
659,429	TIAA-CREF Quant Large-Cap Growth Fund			8,836,353		7.6
660,244	TIAA-CREF Quant Large-Cap Value Fund			6,219,495		5.3
228,852	TIAA-CREF Quant Small-Cap Equity Fund			3,560,944		3.1
306,112	TIAA-CREF Quant Small/Mid-Cap Equity Fund			3,471,314		3.0
	TOTAL U.S. EQUITY			80,445,529		69.2
	TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $110,835,798)		116,134,199		99.9

	TOTAL PORTFOLIO	(Cost $110,835,798)		116,134,199		99.9
	OTHER ASSETS & LIABILITIES, NET			98,635		0.1
	NET ASSETS		$	116,232,834		100.0	%

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

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

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TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Statements of assets and liabilities

TIAA-CREF Lifestyle Funds ■ May 31, 2019

	Lifestyle Income Fund		Lifestyle Conservative Fund		Lifestyle Moderate Fund		Lifestyle Growth Fund		Lifestyle Aggressive Growth Fund
ASSETS
Affiliated investments, at value^‡	$	73,288,750	$	230,877,288	$	348,652,508	$	161,596,097	$	116,134,199
Cash		91,655		103,736		457,305		175,932		138,533
Receivable from securities transactions		488,861		2,702,250		4,258,810		1,547,643		638,311
Receivable from Fund shares sold		14,592		87,531		172,999		71,430		81,414
Dividends receivable		150,403		368,887		397,454		93,321		—
Due from affiliates		1,259		1,781		1,371		1,040		1,370
Other		2,767		6,677		9,362		4,372		3,115
Total assets		74,038,287		234,148,150		353,949,809		163,489,835		116,996,942
LIABILITIES
Management fees payable		602		1,903		2,882		1,339		965
Service agreement fees payable		319		969		2,025		885		888
Distribution fees payable		10,350		33,861		46,564		18,827		10,769
Due to affiliates		9,964		10,555		10,963		10,278		10,127
Payable for securities transactions		652,384		2,930,510		4,749,066		1,649,663		658,839
Payable for Fund shares redeemed		9,300		110,112		411,553		425,994		60,914
Payable for trustee compensation		2,813		6,853		9,518		4,506		3,190
Accrued expenses and other payables		13,101		24,032		33,391		20,205		18,416
Total liabilities		698,833		3,118,795		5,265,962		2,131,697		764,108
NET ASSETS	$	73,339,454	$	231,029,355	$	348,683,847	$	161,358,138	$	116,232,834
NET ASSETS CONSIST OF:
Paid-in-capital	$	71,462,509	$	221,712,682	$	329,890,550	$	150,709,840	$	108,084,024
Total distributable earnings (loss)		1,876,945		9,316,673		18,793,297		10,648,298		8,148,810
NET ASSETS	$	73,339,454	$	231,029,355	$	348,683,847	$	161,358,138	$	116,232,834
INSTITUTIONAL CLASS:
Net assets	$	8,683,119	$	27,634,825	$	39,366,839	$	33,808,728	$	25,051,632
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		788,202		2,253,630		2,905,185		2,306,975		1,627,098
Net asset value per share	$	11.02	$	12.26	$	13.55	$	14.66	$	15.40
ADVISOR CLASS:
Net assets	$	110,325	$	379,232	$	706,748	$	346,181	$	204,607
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		10,016		30,933		52,169		23,637		13,289
Net asset value per share	$	11.02	$	12.26	$	13.55	$	14.65	$	15.40
PREMIER CLASS:
Net assets	$	809,855	$	699,113	$	1,001,439	$	1,553,160	$	362,694
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		73,459		56,980		73,767		105,984		23,501
Net asset value per share	$	11.02	$	12.27	$	13.58	$	14.65	$	15.43
RETIREMENT CLASS:
Net assets	$	15,503,515	$	44,397,025	$	92,294,910	$	40,227,886	$	42,107,372
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,408,790		3,625,437		6,821,302		2,754,993		2,743,679
Net asset value per share	$	11.00	$	12.25	$	13.53	$	14.60	$	15.35
RETAIL CLASS:
Net assets	$	48,232,640	$	157,919,160	$	215,313,911	$	85,422,183	$	48,506,529
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		4,382,569		12,901,229		15,920,606		5,857,798		3,164,349
Net asset value per share	$	11.01	$	12.24	$	13.52	$	14.58	$	15.33
^‡ Affiliated investments, cost	$	71,445,440	$	223,061,386	$	334,145,181	$	153,607,552	$	110,835,798

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Statements of operations

TIAA-CREF Lifestyle Funds ■ For the year ended May 31, 2019

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

INVESTMENT INCOME
Dividends from affiliated investments	$	1,916,783		$	5,545,810		$	7,629,399		$	2,941,329		$	1,686,205
Total income		1,916,783			5,545,810			7,629,399			2,941,329			1,686,205

EXPENSES
Management fees		72,336			227,977			342,680			159,549			115,727
Shareholder servicing — Institutional Class		540			2,407			615			748			1,359
Shareholder servicing — Advisor Class		26			188			335			165			93
Shareholder servicing — Premier Class		43			62			52			56			42
Shareholder servicing — Retirement Class		40,244			109,133			236,789			109,311			110,962
Shareholder servicing — Retail Class		13,601			31,304			38,848			27,478			26,926
Distribution fees — Premier Class		1,061			1,045			1,350			2,383			563
Distribution fees — Retail Class		122,113			399,427			533,037			215,731			126,861
Registration fees		83,397			83,314			84,530			77,914			81,905
Administrative service fees		38,331			40,598			42,215			39,622			39,007
Professional fees		25,809			26,938			27,650			26,443			26,162
Trustee fees and expenses		1,041			3,307			4,904			2,312			1,669
Other expenses		31,579			53,602			69,243			48,875			46,399
Total expenses		430,121			979,302			1,382,248			710,587			577,675
Less: Expenses reimbursed by the investment adviser		(179,782	)		(210,923	)		(228,301	)		(195,377	)		(195,052	)
Net expenses		250,339			768,379			1,153,947			515,210			382,623

Net investment income (loss)		1,666,444			4,777,431			6,475,452			2,426,119			1,303,582

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		(391,577	)		(2,106,792	)		(4,169,511	)		(2,413,306	)		(1,237,084	)
Realized gain distributions from affiliated investments		1,025,467			6,268,667			14,135,988			8,739,241			7,683,958
Realized gain (loss) from sale of unaffiliated investments		(6,182	)		(7,263	)		(26,304	)		(32,421	)		(16,210	)
Net realized gain (loss) from investments		627,708			4,154,612			9,940,173			6,293,514			6,430,664
Net change in unrealized appreciation (depreciation) from affiliated investments		(230,116	)		(5,814,177	)		(17,589,070	)		(12,879,315	)		(13,049,548	)
Net realized and unrealized gain (loss) from investments		397,592			(1,659,565	)		(7,648,897	)		(6,585,801	)		(6,618,884	)
Net increase (decrease) in net assets from operations	$	2,064,036		$	3,117,866		$	(1,173,445	)	$	(4,159,682	)	$	(5,315,302	)

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Statements of changes in net assets

TIAA-CREF Lifestyle Funds ■ For the year ended

		Lifestyle Income Fund						Lifestyle Conservative Fund						Lifestyle Moderate Fund
		May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a
OPERATIONS
Net investment income (loss)		$	1,666,444		$	1,325,026		$	4,777,431		$	3,773,538		$	6,475,452		$	5,092,230
Net realized gain (loss) from investments			627,708			844,580			4,154,612			4,318,764			9,940,173			8,153,522
Net change in unrealized appreciation (depreciation) from affiliated investments			(230,116	)		(207,023	)		(5,814,177	)		3,315,344			(17,589,070	)		11,106,018
Net increase (decrease) in net assets from operations			2,064,036			1,962,583			3,117,866			11,407,646			(1,173,445	)		24,351,770
DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(238,044	)		(63,176	)		(965,983	)		(391,602	)		(1,530,132	)		(574,237	)
	Advisor Class		(3,825	)		(3,078	)		(8,227	)		(3,547	)		(22,469	)		(5,423	)
	Premier Class		(24,404	)		(6,897	)		(27,168	)		(7,756	)		(41,849	)		(12,933	)
	Retirement Class		(536,862	)		(410,656	)		(1,681,581	)		(1,094,037	)		(3,992,993	)		(2,608,048	)
	Retail Class		(1,627,790	)		(1,342,452	)		(6,154,708	)		(4,407,180	)		(8,960,970	)		(6,065,520	)
Total distributions			(2,430,925	)		(1,826,259	)		(8,837,667	)		(5,904,122	)		(14,548,413	)		(9,266,161	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		8,464,960			3,064,623			17,290,896			17,648,887			27,000,420			16,229,611
	Advisor Class		5,906			—			286,400			61,050			1,019,310			—
	Premier Class		819,305			19,666			680,337			6,217			794,151			1,317,945
	Retirement Class		1,304,273			3,598,297			8,108,173			11,320,974			17,065,151			21,570,989
	Retail Class		5,997,187			10,230,702			18,895,798			38,501,315			31,694,071			48,694,284
Reinvestments of distributions:	Institutional Class		237,648			62,848			965,473			391,214			1,529,514			573,772
	Advisor Class		91			—			3,816			158			9,621			1,694
	Premier Class		16,788			688			17,301			368			29,826			4,233
	Retirement Class		536,492			410,356			1,681,102			1,093,679			3,992,408			2,607,618
	Retail Class		1,593,003			1,307,209			6,075,851			4,339,064			8,791,797			5,961,011
Redemptions:	Institutional Class		(3,524,657	)		(1,053,013	)		(8,447,622	)		(5,100,291	)		(11,843,326	)		(3,703,397	)
	Advisor Class		(5	)		—			(84,811	)		—			(470,936	)		(8,204	)
	Premier Class		(278,646	)		—			(245,669	)		(670	)		(78,268	)		(1,336,282	)
	Retirement Class		(3,086,025	)		(2,856,912	)		(6,803,890	)		(4,843,311	)		(18,207,196	)		(9,202,775	)
	Retail Class		(9,534,359	)		(9,216,581	)		(26,016,453	)		(23,634,150	)		(29,173,482	)		(25,584,652	)
Net increase (decrease) from shareholder transactions			2,551,961			5,567,883			12,406,702			39,784,504			32,153,061			57,125,847
Net increase (decrease) in net assets			2,185,072			5,704,207			6,686,901			45,288,028			16,431,203			72,211,456
NET ASSETS
Beginning of period			71,154,382			65,450,175			224,342,454			179,054,426			332,252,644			260,041,188
End of period		$	73,339,454		$	71,154,382		$	231,029,355		$	224,342,454		$	348,683,847		$	332,252,644
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		775,100			273,044			1,406,250			1,412,977			1,945,077			1,156,401
	Advisor Class		548			—			24,080			4,846			75,343			—
	Premier Class		73,919			1,762			53,738			492			55,265			97,129
	Retirement Class		118,652			324,524			658,779			903,644			1,223,574			1,535,536
	Retail Class		549,122			919,186			1,527,812			3,073,181			2,293,306			3,471,729
Shares reinvested:	Institutional Class		22,166			5,672			81,307			31,316			117,960			41,048
	Advisor Class		9			—			320			12			736			121
	Premier Class		1,567			62			1,455			30			2,300			311
	Retirement Class		49,950			37,023			141,772			87,609			308,221			186,564
	Retail Class		148,366			117,923			512,754			347,609			679,479			426,476
Shares redeemed:	Institutional Class		(324,946	)		(94,551	)		(688,180	)		(406,235	)		(867,432	)		(263,001	)
	Advisor Class		(1	)		—			(7,105	)		—			(35,418	)		(578	)
	Premier Class		(25,055	)		—			(19,596	)		(53	)		(5,588	)		(97,335	)
	Retirement Class		(282,427	)		(257,104	)		(557,650	)		(385,874	)		(1,333,886	)		(653,313	)
	Retail Class		(874,261	)		(829,500	)		(2,123,170	)		(1,883,120	)		(2,140,621	)		(1,819,164	)
Net increase (decrease) from shareholder transactions			232,709			498,041			1,012,566			3,186,434			2,318,316			4,081,924

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Statements of changes in net assets	concluded

TIAA-CREF Lifestyle Funds ■ For the year ended

		Lifestyle Growth Fund						Lifestyle Aggressive Growth Fund
		May 31, 2019			May 31, 2018		^a	May 31, 2019			May 31, 2018		^a
OPERATIONS
Net investment income (loss)		$	2,426,119		$	1,738,618		$	1,303,582		$	833,418
Net realized gain (loss) from investments			6,293,514			4,477,249			6,430,664			3,597,013
Net change in unrealized appreciation (depreciation) from affiliated investments			(12,879,315	)		7,859,969			(13,049,548	)		7,020,274
Net increase (decrease) in net assets from operations			(4,159,682	)		14,075,836			(5,315,302	)		11,450,705
DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(1,362,732	)		(490,813	)		(1,038,272	)		(326,149	)
	Advisor Class		(8,894	)		(4,531	)		(10,468	)		(5,676	)
	Premier Class		(75,496	)		(11,380	)		(17,817	)		(13,479	)
	Retirement Class		(1,985,863	)		(1,230,267	)		(2,013,498	)		(1,328,844	)
	Retail Class		(3,756,993	)		(2,581,249	)		(2,297,191	)		(1,581,963	)
Total distributions			(7,189,978	)		(4,318,240	)		(5,377,246	)		(3,256,111	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		23,524,023			15,795,635			16,234,888			19,531,363
	Advisor Class		212,812			67,925			412,050			32,200
	Premier Class		1,605,288			4,513			11,582			11,996
	Retirement Class		6,835,481			15,893,797			5,105,678			18,865,035
	Retail Class		11,270,295			19,876,120			9,729,081			18,017,853
Reinvestments of distributions:	Institutional Class		1,362,196			490,419			1,037,474			325,526
	Advisor Class		3,377			498			4,508			1,008
	Premier Class		61,506			1,317			2,335			1,483
	Retirement Class		1,985,186			1,229,774			2,012,741			1,328,253
	Retail Class		3,721,279			2,558,848			2,276,963			1,570,343
Redemptions:	Institutional Class		(7,474,281	)		(3,474,297	)		(5,556,574	)		(9,600,145	)
	Advisor Class		(55,894	)		(7,169	)		(320,964	)		—
	Premier Class		(334,903	)		—			(5,839	)		(37,716	)
	Retirement Class		(10,718,759	)		(5,193,746	)		(7,420,990	)		(5,045,114	)
	Retail Class		(12,703,786	)		(10,527,168	)		(11,188,034	)		(6,640,104	)
Net increase (decrease) from shareholder transactions			19,293,820			36,716,466			12,334,899			38,361,981
Net increase (decrease) in net assets			7,944,160			46,474,062			1,642,351			46,556,575
NET ASSETS
Beginning of period			153,413,978			106,939,916			114,590,483			68,033,908
End of period		$	161,358,138		$	153,413,978		$	116,232,834		$	114,590,483
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,527,220			1,027,400			989,530			1,171,560
	Advisor Class		15,090			4,376			24,173			2,061
	Premier Class		100,579			289			710			721
	Retirement Class		451,272			1,032,043			312,119			1,140,802
	Retail Class		745,648			1,294,172			597,101			1,091,990
Shares reinvested:	Institutional Class		99,431			31,825			72,097			19,801
	Advisor Class		246			32			313			61
	Premier Class		4,486			85			161			90
	Retirement Class		145,222			80,011			140,163			80,991
	Retail Class		272,621			166,701			158,673			95,811
Shares redeemed:	Institutional Class		(493,632	)		(222,515	)		(334,261	)		(577,995	)
	Advisor Class		(4,089	)		(460	)		(20,857	)		—
	Premier Class		(21,971	)		—			(337	)		(2,361	)
	Retirement Class		(730,962	)		(336,271	)		(456,520	)		(304,742	)
	Retail Class		(844,628	)		(684,603	)		(694,210	)		(401,228	)
Net increase (decrease) from shareholder transactions			1,266,533			2,393,085			788,855			2,317,562

^a	Prior period amounts have been conformed to current year presentation. See notes to financial statements, Note 1—organization and significant accounting policies for further details.
^b	The composition and per share amounts of the Funds’ distributions are presented in the Financial highlights. The distribution information for the Funds as of its most recent tax year end is presented within the notes to the financial statements, Note 5—distributions to shareholders and other tax items.
^c	For the fiscal year ended May 31, 2018, the distributions to shareholders were characterized as “From net investment income” and “From realized gains.” See notes to financial statements, Note 1—organization and significant accounting policies for further details.

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Financial highlights

TIAA-CREF Lifestyle Funds

			Selected per share data																								Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																						Ratios to average net assets
	For the		Net asset		Net			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:	5/31/19			$11.08		$0.28			$0.05			$0.33		$(0.29	)		$(0.10	)		$(0.39	)		$11.02		3.26	%		$8,683			0.36	%		0.10	%		2.57	%		29	%
	5/31/18			11.04		0.24			0.13			0.37		(0.27	)		(0.06	)		(0.33	)		11.08		3.25			3,498			0.36			0.10			2.19			19
	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
Advisor Class:	5/31/19			11.07		0.28			0.06			0.34		(0.29	)		(0.10	)		(0.39	)		11.02		3.24			110			0.37			0.13			2.53			29
	5/31/18			11.04		0.24			0.12			0.36		(0.27	)		(0.06	)		(0.33	)		11.07		3.24			105			0.37			0.11			2.17			19
	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:	5/31/19			11.09		0.27			0.04			0.31		(0.28	)		(0.10	)		(0.38	)		11.02		3.02			810			0.51			0.25			2.44			29
	5/31/18			11.05		0.23			0.12			0.35		(0.25	)		(0.06	)		(0.31	)		11.09		3.10			255			0.52			0.25			2.04			19
	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
Retirement Class:	5/31/19			11.06		0.25			0.06			0.31		(0.27	)		(0.10	)		(0.37	)		11.00		2.92			15,504			0.60			0.35			2.29			29
	5/31/18			11.03		0.21			0.12			0.33		(0.24	)		(0.06	)		(0.30	)		11.06		3.00			16,847			0.61			0.35			1.93			19
	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
Retail Class:	5/31/19			11.07		0.25			0.05			0.30		(0.26	)		(0.10	)		(0.36	)		11.01		2.98			48,233			0.63			0.38			2.27			29
	5/31/18			11.03		0.21			0.13			0.34		(0.24	)		(0.06	)		(0.30	)		11.07		2.97			50,449			0.63			0.37			1.91			19
	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

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Financial highlights	continued

TIAA-CREF Lifestyle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			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:	5/31/19			$12.58		$0.29			$(0.10	)		$0.19			$(0.33	)		$(0.18	)		$(0.51	)		$12.26		1.68	%		$ 27,635			0.20	%		0.10	%		2.34	%		24	%
	5/31/18			12.22		0.26			0.49			0.75			(0.32	)		(0.07	)		(0.39	)		12.58		6.17			18,299			0.25			0.10			2.05			13
	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
Advisor Class:	5/31/19			12.58		0.26			(0.08	)		0.18			(0.32	)		(0.18	)		(0.50	)		12.26		1.62			379			0.27			0.18			2.16			24
	5/31/18			12.23		0.25			0.48			0.73			(0.31	)		(0.07	)		(0.38	)		12.58		6.07			172			0.22			0.12			2.00			13
	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:	5/31/19			12.59		0.27			(0.10	)		0.17			(0.31	)		(0.18	)		(0.49	)		12.27		1.62			699			0.35			0.25			2.17			24
	5/31/18			12.23		0.24			0.49			0.73			(0.30	)		(0.07	)		(0.37	)		12.59		5.93			269			0.38			0.25			1.91			13
	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
Retirement Class:	5/31/19			12.57		0.26			(0.10	)		0.16			(0.30	)		(0.18	)		(0.48	)		12.25		1.51			44,397			0.44			0.35			2.08			24
	5/31/18			12.21		0.23			0.49			0.72			(0.29	)		(0.07	)		(0.36	)		12.57		5.83			42,506			0.45			0.35			1.81			13
	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
Retail Class:	5/31/19			12.56		0.25			(0.10	)		0.15			(0.29	)		(0.18	)		(0.47	)		12.24		1.41			157,919			0.46			0.37			2.06			24
	5/31/18			12.20		0.22			0.49			0.71			(0.28	)		(0.07	)		(0.35	)		12.56		5.90			163,097			0.47			0.37			1.79			13
	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

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Financial highlights	continued

TIAA-CREF Lifestyle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			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:	5/31/19			$14.18		$0.29			$(0.30	)		$(0.01	)		$(0.36	)		$(0.26	)		$(0.62	)		$13.55		0.14	%		$ 39,367			0.17	%		0.10	%		2.16	%		23	%
	5/31/18			13.44		0.26			0.94			1.20			(0.37	)		(0.09	)		(0.46	)		14.18		9.04			24,246			0.18			0.10			1.88			10
	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
Advisor Class:	5/31/19			14.18		0.28			(0.29	)		(0.01	)		(0.36	)		(0.26	)		(0.62	)		13.55		0.09			707			0.23			0.16			2.02			23
	5/31/18			13.44		0.26			0.93			1.19			(0.36	)		(0.09	)		(0.45	)		14.18		8.96			163			0.26			0.18			1.86			10
	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:	5/31/19			14.21		0.28			(0.30	)		(0.02	)		(0.35	)		(0.26	)		(0.61	)		13.58		0.01			1,001			0.32			0.25			2.06			23
	5/31/18			13.47		0.21			0.96			1.17			(0.34	)		(0.09	)		(0.43	)		14.21		8.79			310			0.34			0.25			1.53			10
	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
Retirement Class:	5/31/19			14.17		0.26			(0.31	)		(0.05	)		(0.33	)		(0.26	)		(0.59	)		13.53		(0.11	)		92,295			0.42			0.35			1.87			23
	5/31/18			13.43		0.23			0.94			1.17			(0.34	)		(0.09	)		(0.43	)		14.17		8.70			93,842			0.43			0.35			1.68			10
	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
Retail Class:	5/31/19			14.16		0.25			(0.30	)		(0.05	)		(0.33	)		(0.26	)		(0.59	)		13.52		(0.20	)		215,314			0.43			0.37			1.85			23
	5/31/18			13.42		0.23			0.93			1.16			(0.33	)		(0.09	)		(0.42	)		14.16		8.76			213,691			0.44			0.37			1.67			10
	5/31/17			12.46		0.21			1.23			1.44			(0.26	)		(0.22	)		(0.48	)		13.42		11.90			174,595			0.47			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

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Financial highlights	continued

TIAA-CREF Lifestyle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			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:	5/31/19			$15.75		$0.26			$(0.63	)		$(0.37	)		$(0.36	)		$(0.36	)		$(0.72	)		$14.66		(2.07	)%		$33,809			0.23	%		0.10	%		1.76	%		29	%
	5/31/18			14.53		0.25			1.49			1.74			(0.42	)		(0.10	)		(0.52	)		15.75		12.02			18,485			0.24			0.10			1.59			18
	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
Advisor Class:	5/31/19			15.74		0.22			(0.60	)		(0.38	)		(0.35	)		(0.36	)		(0.71	)		14.65		(2.13	)		346			0.29			0.17			1.45			29
	5/31/18			14.52		0.22			1.52			1.74			(0.42	)		(0.10	)		(0.52	)		15.74		12.03			195			0.31			0.17			1.41			18
	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:	5/31/19			15.75		0.24			(0.64	)		(0.40	)		(0.34	)		(0.36	)		(0.70	)		14.65		(2.24	)		1,553			0.38			0.25			1.63			29
	5/31/18			14.53		0.22			1.51			1.73			(0.41	)		(0.10	)		(0.51	)		15.75		11.93			361			0.42			0.25			1.39			18
	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
Retirement Class:	5/31/19			15.69		0.23			(0.64	)		(0.41	)		(0.32	)		(0.36	)		(0.68	)		14.60		(2.34	)		40,228			0.47			0.35			1.52			29
	5/31/18			14.48		0.19			1.52			1.71			(0.40	)		(0.10	)		(0.50	)		15.69		11.83			45,329			0.49			0.35			1.26			18
	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
Retail Class:	5/31/19			15.67		0.22			(0.64	)		(0.42	)		(0.31	)		(0.36	)		(0.67	)		14.58		(2.32	)		85,422			0.50			0.38			1.44			29
	5/31/18			14.46		0.19			1.51			1.70			(0.39	)		(0.10	)		(0.49	)		15.67		11.73			89,044			0.52			0.38			1.25			18
	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

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Financial highlights	concluded

TIAA-CREF Lifestyle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																							Ratios to average net assets
	For the		Net asset		Net			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:	5/31/19			$16.95		$0.23			$(0.98	)		$(0.75	)		$(0.37	)		$(0.43	)		$(0.80	)		$15.40		(4.11	)%		$25,052			0.28	%		0.10	%		1.42	%		24	%
	5/31/18			15.28		0.18			2.12			2.30			(0.44	)		(0.19	)		(0.63	)		16.95		15.14			15,252			0.30			0.10			1.09			38
	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
Advisor Class:	5/31/19			16.94		0.18			(0.93	)		(0.75	)		(0.36	)		(0.43	)		(0.79	)		15.40		(4.10	)		205			0.30			0.14			1.08			24
	5/31/18			15.28		0.19			2.09			2.28			(0.43	)		(0.19	)		(0.62	)		16.94		15.04			164			0.35			0.15			1.14			38
	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:	5/31/19			16.99		0.20			(0.99	)		(0.79	)		(0.34	)		(0.43	)		(0.77	)		15.43		(4.31	)		363			0.43			0.25			1.22			24
	5/31/18			15.32		0.17			2.10			2.27			(0.41	)		(0.19	)		(0.60	)		16.99		14.93			390			0.46			0.25			1.01			38
	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
Retirement Class:	5/31/19			16.89		0.18			(0.96	)		(0.78	)		(0.33	)		(0.43	)		(0.76	)		15.35		(4.33	)		42,107			0.52			0.35			1.09			24
	5/31/18			15.24		0.15			2.09			2.24			(0.40	)		(0.19	)		(0.59	)		16.89		14.82			46,425			0.55			0.35			0.90			38
	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
Retail Class:	5/31/19			16.88		0.17			(0.97	)		(0.80	)		(0.32	)		(0.43	)		(0.75	)		15.33		(4.45	)		48,507			0.57			0.40			1.04			24
	5/31/18			15.22		0.14			2.10			2.24			(0.39	)		(0.19	)		(0.58	)		16.88		14.84			52,360			0.60			0.41			0.85			38
	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

^‡	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 and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

2019 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Notes to financial statements

TIAA-CREF Lifestyle Funds

Note 1—organization and significant accounting policies

The Lifestyle Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the U.S. 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.

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.

50	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

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.

For the year ended May 31, 2019, permanent book and tax differences resulting primarily from the utilization of equalization credits were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Notes to financial statements

have a material impact on the Funds’ financial statements and various filings. Refer to Note 2 for further details.

52	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

The Funds’ distributions from the prior fiscal period were paid from net investment income and realized gains as indicated in the following table:

	Lifestyle Income Fund			Lifestyle Conservative Fund			Lifestyle Moderate Fund			Lifestyle Growth Fund			Lifestyle Aggressive Growth Fund
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Institutional Class	$	(52,938	)	$	(319,280	)	$	(458,099	)	$	(399,829	)	$	(227,918	)
Advisor Class		(2,535	)		(2,913	)		(4,292	)		(3,677	)		(3,954	)
Premier Class		(5,612	)		(6,242	)		(10,884	)		(9,180	)		(9,258	)
Retirement Class		(333,249	)		(871,812	)		(2,035,108	)		(987,326	)		(906,499	)
Retail Class		(1,081,659	)		(3,505,749	)		(4,719,845	)		(2,064,532	)		(1,071,298	)
From realized gains:
Institutional Class		(10,238	)		(72,322	)		(116,138	)		(90,984	)		(98,231	)
Advisor Class		(543	)		(634	)		(1,131	)		(854	)		(1,722	)
Premier Class		(1,285	)		(1,514	)		(2,049	)		(2,200	)		(4,221	)
Retirement Class		(77,407	)		(222,225	)		(572,940	)		(242,941	)		(422,345	)
Retail Class		(260,793	)		(901,431	)		(1,345,675	)		(516,717	)		(510,665	)
Total distributions	$	(1,826,259	)	$	(5,904,122	)	$	(9,266,161	)	$	(4,318,240	)	$	(3,256,111	)

For the prior fiscal period, the following Undistributed net investment income (loss) included in net assets were disclosed:

	Lifestyle Income Fund			Lifestyle Conservative Fund			Lifestyle Moderate Fund			Lifestyle Growth Fund			Lifestyle Aggressive Growth Fund
Undistributed net investment income (loss) included in net assets		$211,975			$507,762			$499,326			$205,076			$(40,542	)

Note 2—valuation of investments

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

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Notes to financial statements

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.

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.

As of May 31, 2019, 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 or 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, 2019, unless changed with the approval of the Board.

54	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

Effective May 1, 2019, Advisors has agreed to implement a voluntary waiver reducing the Retirement Class expense cap for the Lifestyle Conservative Fund to 0.33%. Prior to May 1, 2019, the expense cap was 0.35%. The waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval.

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 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss		)	Change in unrealized appreciation (depreciation		)	Dividend income		Value at 5/31/19
Lifestyle Income Fund
TIAA-CREF Funds:
Bond	$	14,209	$	2,925	$	3,475	$	(88	)	$	529		$	466	$	14,100
Bond Plus		12,727		3,960		2,291		(44	)		469			463		14,821
Emerging Markets Equity		965		857		756		(2	)		(70	)		6		953
Growth & Income		2,204		804		639		161			(149	)		27		2,223
International Equity		1,109		555		268		6			(236	)		24		1,116
International Opportunities		906		314		218		(11	)		(65	)		12		926
Large-Cap Growth		2,602		1,019		968		332			(219	)		13		2,504
Large-Cap Value		2,332		1,140		701		149			(299	)		47		2,410
Quant International Equity		1,476		790		1,114		(37	)		(139	)		32		934
Quant International Small-Cap Equity		606		213		104		1			(122	)		17		578
Quant Large-Cap Growth		1,115		1,188		617		89			(57	)		10		1,654
Quant Large-Cap Value		1,018		392		1,140		(11	)		(51	)		21		186
Quant Small-Cap Equity		585		1,192		1,326		105			(115	)		6		324
Quant Small/Mid-Cap Equity		470		159		158		47			(51	)		3		425
Short-Term Bond		28,741		7,124		6,012		(63	)		345			770		30,135
	$	71,065	$	22,632	$	19,787	$	634		$	(230	)	$	1,917	$	73,289

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Notes to financial statements

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss		)	Change in unrealized appreciation (depreciation		)	Dividend income		Value at 5/31/19
Lifestyle Conservative Fund
TIAA-CREF Funds:
Bond	$	22,405	$	4,166	$	6,016	$	(206	)	$	883		$	726	$	21,232
Bond Plus		62,517		15,023		8,922		(338	)		2,307			2,234		70,587
Emerging Markets Equity		5,181		3,596		2,263		(54	)		(443	)		30		5,807
Growth & Income		13,889		3,902		2,732		946			(912	)		173		14,097
International Equity		6,970		2,859		955		111			(1,588	)		155		7,080
International Opportunities		5,733		1,569		935		(62	)		(440	)		74		5,865
Large-Cap Growth		16,373		5,089		4,617		1,910			(1,252	)		84		15,861
Large-Cap Value		14,670		5,912		2,998		1,000			(1,990	)		293		15,265
Quant International Equity		7,515		2,785		3,233		(168	)		(721	)		195		5,925
Quant International Small-Cap Equity		3,811		1,055		325		21			(793	)		105		3,665
Quant Large-Cap Growth		6,572		4,045		2,180		456			(310	)		66		8,177
Quant Large-Cap Value		5,965		1,490		3,557		(71	)		(233	)		134		3,457
Quant Small-Cap Equity		3,673		4,452		5,259		455			(571	)		30		2,140
Quant Small/Mid-Cap Equity		2,960		779		750		277			(311	)		21		2,690
Short-Term Bond		45,866		12,040		9,322		(115	)		560			1,226		49,029
	$	224,100	$	68,762	$	54,064	$	4,162		$	(5,814	)	$	5,546	$	230,877
Lifestyle Moderate Fund
TIAA-CREF Funds:
Bond Plus	$	127,212	$	36,700	$	24,538	$	(844	)	$	4,763		$	4,555	$	143,293
Emerging Markets Equity		10,851		6,468		3,500		(30	)		(1,039	)		62		12,309
Growth & Income		30,837		8,218		4,505		2,073			(2,183	)		391		32,174
International Equity		15,458		6,096		1,334		403			(3,795	)		350		16,111
International Opportunities		12,708		3,133		1,229		(110	)		(1,083	)		167		13,419
Large-Cap Growth		36,350		10,299		8,004		4,061			(2,774	)		192		36,179
Large-Cap Value		32,569		12,766		5,032		2,368			(4,797	)		666		34,850
Quant International Equity		15,364		5,399		4,761		(184	)		(1,714	)		443		13,527
Quant International Small-Cap Equity		8,449		2,620		688		61			(1,843	)		237		8,364
Quant Large-Cap Growth		14,275		7,148		3,731		949			(716	)		149		17,006
Quant Large-Cap Value		12,919		3,293		5,601		(88	)		(596	)		305		9,616
Quant Small-Cap Equity		8,158		7,414		8,225		707			(1,091	)		64		5,673
Quant Small/Mid-Cap Equity		6,578		1,755		1,477		600			(721	)		48		6,132
	$	331,728	$	111,309	$	72,625	$	9,966		$	(17,589	)	$	7,629	$	348,653

56	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

Issue	Value at 5/31/18		Purchases cost		Sales proceeds		Realized gain (loss		)	Change in unrealized appreciation (depreciation		)	Dividend income		Value at 5/31/19
Lifestyle Growth Fund
TIAA-CREF Funds:
Bond Plus	$	28,054	$	12,552	$	8,011	$	(270	)	$	1,201		$	1,039	$	33,526
Emerging Markets Equity		6,463		4,133		2,320		(44	)		(593	)		37		7,376
Growth & Income		18,952		5,417		2,783		1,259			(1,397	)		241		20,042
International Equity		9,504		4,255		1,102		199			(2,344	)		218		10,066
International Opportunities		7,811		2,389		1,048		(79	)		(689	)		104		8,384
Large-Cap Growth		22,361		7,491		5,674		2,554			(1,822	)		119		22,579
Large-Cap Value		20,020		8,351		3,187		1,463			(3,034	)		414		21,733
Quant International Equity		9,049		3,446		2,548		(43	)		(1,105	)		273		8,444
Quant International Small-Cap Equity		5,196		1,864		575		7			(1,128	)		147		5,218
Quant Large-Cap Growth		8,669		4,090		2,231		581			(468	)		92		10,071
Quant Large-Cap Value		7,837		2,244		2,906		(32	)		(399	)		189		6,551
Quant Small-Cap Equity		5,017		4,022		4,202		368			(652	)		38		3,779
Quant Small/Mid-Cap Equity		4,042		1,358		1,112		363			(449	)		30		3,827
	$	152,975	$	61,612	$	37,699	$	6,326		$	(12,879	)	$	2,941	$	161,596
Lifestyle Aggressive Growth Fund
TIAA-CREF Funds:
Emerging Markets Equity	$	5,505	$	3,633	$	1,806	$	(80	)	$	(460	)	$	29	$	6,588
Growth & Income		17,674		3,950		2,099		1,276			(1,384	)		223		18,170
International Equity		8,899		3,769		1,226		127			(2,082	)		195		9,089
International Opportunities		7,315		2,054		1,036		(98	)		(619	)		93		7,616
Large-Cap Growth		20,862		5,467		4,452		2,413			(1,758	)		105		20,470
Large-Cap Value		18,701		6,721		2,636		1,469			(2,873	)		367		19,717
Quant International Equity		7,328		3,125		1,526		30			(979	)		240		7,665
Quant International Small-Cap Equity		4,863		1,561		531		2			(1,032	)		132		4,732
Quant Large-Cap Growth		7,796		3,386		2,002		577			(431	)		80		8,836
Quant Large-Cap Value		7,020		2,078		2,374		33			(372	)		163		6,219
Quant Small-Cap Equity		4,693		2,947		3,121		338			(619	)		33		3,561
Quant Small/Mid-Cap Equity		3,776		939		832		360			(441	)		26		3,471
	$	114,432	$	39,630	$	23,641	$	6,447		$	(13,050	)	$	1,686	$	116,134

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Notes to financial statements

Note 4—investments

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Lifestyle Income	$	72,263	$	1,098	$	(72	)	$	1,026
Lifestyle Conservative		226,130		5,748		(1,001	)		4,747
Lifestyle Moderate		340,112		12,301		(3,760	)		8,541
Lifestyle Growth		157,371		6,687		(2,462	)		4,225
Lifestyle Aggressive Growth		113,832		4,824		(2,522	)		2,302

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended May 31, 2019 were as follows (dollar amounts are in thousands):

Fund	Non-U.S. government purchases		Non-U.S. government sales
Lifestyle Income	$	24,048	$	21,196
Lifestyle Conservative		70,084		55,378
Lifestyle Moderate		116,090		77,381
Lifestyle Growth		70,601		46,655
Lifestyle Aggressive Growth		43,884		27,879

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended May 31, 2019 and May 31, 2018 was as follows:

	5/31/2019						5/31/2018
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total
Lifestyle Income	$	1,757,952	$	672,973	$	2,430,925	$	1,480,445	$	345,814	$	1,826,259
Lifestyle Conservative		5,491,049		3,346,618		8,837,667		4,769,177		1,134,945		5,904,122
Lifestyle Moderate		8,230,943		6,317,470		14,548,413		7,373,208		1,892,953		9,266,161
Lifestyle Growth		3,438,763		3,751,215		7,189,978		3,464,544		853,696		4,318,240
Lifestyle Aggressive Growth		2,334,636		3,042,610		5,377,246		2,221,964		1,034,147		3,256,111

58	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

As of May 31, 2019, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Late-year loss deferrals			Total
Lifestyle Income	$	255,792	$	598,032	$	1,025,888		$	—		$	1,879,712
Lifestyle Conservative		599,296		3,977,180		4,746,873			—			9,323,349
Lifestyle Moderate		594,155		9,668,081		8,540,291			—			18,802,527
Lifestyle Growth		304,747		6,123,298		4,224,625			—			10,652,670
Lifestyle Aggressive Growth		—		5,949,097		2,301,794			(98,966	)		8,151,925

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

Note 6—inter-fund lending program

Note 7—line of credit

Each of the Funds participates in a $1.25 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 19, 2018 expiring on June 18, 2019, replacing the previous $1.5 billion facility, which expired June 2018. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended May 31, 2019, there were no borrowings under this credit facility by the Funds.

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Notes to financial statements

concluded

Note 8—indemnification

Note 9—subsequent event

60	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Report of independent registered public accounting firm

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of the TIAA-CREF Lifestyle Income Fund, TIAA-CREF Lifestyle Conservative Fund, TIAA-CREF Lifestyle Moderate Fund, TIAA-CREF Lifestyle Growth Fund, and TIAA-CREF Lifestyle Aggressive Growth Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the TIAA-CREF Lifestyle Income Fund, TIAA-CREF Lifestyle Conservative Fund, TIAA-CREF Lifestyle Moderate Fund, TIAA-CREF Lifestyle Growth Fund, and TIAA-CREF Lifestyle Aggressive Growth Fund (five of the funds constituting the TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of May 31, 2019, the related statements of operations for the year ended May 31, 2019, the statements of changes in net assets for each of the two years in the period ended May 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2019, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Report of independent registered public accounting firm

concluded

confirmation of securities owned as of May 31, 2019 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

July 18, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

62	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Important tax information (unaudited)

For the year ended May 31, 2019, the Lifestyle Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long term capital gains
Lifestyle Income	$	672,973
Lifestyle Conservative		3,559,235
Lifestyle Moderate		6,870,805
Lifestyle Growth		4,125,607
Lifestyle Aggressive Growth		3,343,125

For the year ended May 31, 2019, the Lifestyle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.

Fund	Percentage
Lifestyle Income		12.44	%
Lifestyle Conservative		24.83
Lifestyle Moderate		37.60
Lifestyle Growth		54.08
Lifestyle Aggressive Growth		72.21

For the year ended May 31, 2019, the Lifestyle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Lifestyle Income		7.61	%
Lifestyle Conservative		15.20
Lifestyle Moderate		23.01
Lifestyle Growth		33.08
Lifestyle Aggressive Growth		43.92

For the year ended May 31, 2019, the Lifestyle Funds received the following amounts of income from their respective underlying funds that was from foreign sources:

Fund	Foreign source income		Foreign source income per share
Lifestyle Income	$	74,687	$	0.01134
Lifestyle Conservative		459,648		0.02496
Lifestyle Moderate		1,038,780		0.04175
Lifestyle Growth		642,075		0.06075
Lifestyle Aggressive Growth		566,941		0.08017

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Important tax information (unaudited)

concluded

For the year ended May 31, 2019, the Lifestyle Funds have elected to pass through the following amounts of foreign taxes paid by their respective underlying funds:

Fund	Foreign taxes paid		Foreign taxes paid per share
Lifestyle Income	$	14,146	$	0.00215
Lifestyle Conservative		82,951		0.00450
Lifestyle Moderate		183,926		0.00739
Lifestyle Growth		112,738		0.01067
Lifestyle Aggressive Growth		96,638		0.01367

By early 2020, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax adviser.

64	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2019

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2019

Trustees – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since 2017.	Advisory Director (2010–2011), Partner (2004–2010) and Managing Director (1999–2004), and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Chair of the Finance Committee, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); and Head (2006–2008), and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. President and Chief Executive Officer (since 2008), and Program Director (1990– 2008), National Bureau of Economic Research.	89	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

66	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949		Trustee		Indefinite term. Trustee since 1999.		Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).		89		N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950		Trustee		Indefinite term. Trustee since 2006.		Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin.		89		Member of the Board of Governors of the Investment Company Institute and the Governing Council of Independent Directors Council (an association for mutual fund directors); Investment Advisory Committee Member, Employees Retirement System of Texas.

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2019

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex.”) Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2017.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary of AllianceBernstein L.P.
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head of Nuveen Equities & Fixed Income and President of TIAA Investments.

68	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, President and Chief Investment Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments and Senior Managing Director, President, Global Investments, TIAA.
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President, Chief Legal Officer, TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Christopher A. Van Buren TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head of Fund Administration, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds, and TIAA Separate Account VA-1; Treasurer of CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Approval of investment management agreement (unaudited)

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

Overview of the renewal process

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data regarding each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and

70	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

long-term investment performance and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Retail Class as the base class for comparison purposes.

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Approval of investment management agreement (unaudited)

copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

72	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

the information described herein and other information provided to the Board and its Committees throughout the year.

The nature, extent and quality of services

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Approval of investment management agreement (unaudited)

operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

Investment performance

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2018. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board also acknowledged certain fee waivers and reimbursements of expense above specified amounts undertaken by Advisors with respect to many of the Underlying Funds which, in turn, reduce the expenses of the Funds. The Board also recognized Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. The Board considered that Advisors had calculated that it incurred losses with respect to each Fund under the Agreement for the one-year period ended December 31, 2018. The Board also considered that, in the aggregate, Advisors had generated indirect earnings with respect to the Funds’ investment in Underlying Funds also managed by Advisors.

Fees charged by other advisers

74	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

peer mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Funds’ data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

Economies of scale

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors provides similar investment management services to other investment companies. The Board noted that Advisors provides funds of funds management services to the TIAA-CREF Life Balanced Fund, with an annual management fee rate of 0.10% of average daily net assets, and the TIAA-CREF Managed Allocation Fund, for which Advisors receives no management fee. The Board also considered that Advisors also manages the TIAA-CREF Lifecycle and Lifecycle Index Funds, which have a different expense structure where both the fund of fund fees and the underlying fund fees are charged to the fund of funds directly. The Board also reviewed the performance of these other funds of funds while reviewing the performance of the Funds.

Other benefits

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Approval of investment management agreement (unaudited)

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Retail Class shares of each Fund. Because the Retail Class generally has higher non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Retail Class. All time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2018 under the Agreement.

Lifestyle Aggressive Growth Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expense ratio was in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”), while the Fund’s actual management fee rate and contractual fee rate ranked 1 out of 5 funds and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate and contractual fee rate were each in the 1st quintile of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”).
•	The Fund was in the 5th, 2nd and 2nd quintiles of both the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) and the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

76	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

Lifestyle Growth Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate and contractual fee rate ranked 1 out of 4 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual fee rate were each in the 1st quintile of its Expense Universe.
•	The Fund was in the 5th, 3rd and 2nd quintiles of its Performance Group, while it was in the 5th, 2nd and 3rd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifestyle Moderate Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expense ratio and actual management fee were each in the 1st quintile of its Expense Group. With respect to its contractual management fee rate, the Fund ranked 1 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Universe.
•	The Fund was in the 4th, 1st and 1st quintiles of its Performance Group, while it was in the 4th, 2nd and 2nd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Approval of investment management agreement (unaudited)

concluded

Lifestyle Conservative Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate and its contractual management fee rate ranked 1 out of 4 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 2nd and 1st quintiles of its Expense Universe, respectively.
•	The Fund was in the 5th, 1st and 1st quintiles of its Performance Group, while it was in the 4th, 2nd and 2nd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifestyle Income Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while both the Fund’s actual management fee rate and contractual fee rate ranked 1 out of 4 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual fee rate were each in the 1st quintile of its Expense Universe.
•	The Fund was in the 1st, 3rd and 1st quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 1st, 4th and 3rd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

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

78	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

Bloomberg Barclays Indexes

Source: Bloomberg Index Services Limited. BLOOMBERG^®is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^®is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

Morningstar Index

TIAA-CREF Lifestyle Funds ■ 2019 Annual Report

Additional information about index providers (unaudited)

concluded

Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

80	2019 Annual Report ■ TIAA-CREF Lifestyle Funds

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How to reach us

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	TIAA-CREF Funds	May 31, 2019

TIAA-CREF

Managed Allocation Fund

The annual report contains the audited financial statements.

Fund name	Institutional Class	Retirement Class	Retail Class
Managed Allocation Fund	TIMIX	TITRX	TIMRX

Annual
Report

Contents

Understanding this 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
Audited financial statements
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
Report of independent registered public accounting firm	30
Important tax information	32
Trustees and officers	33
Approval of investment management agreement	38
Additional information about index providers	45
How to reach us	Inside back cover

Understanding this report

This annual report contains information about the Managed Allocation Fund and describes the Fund’s results for the twelve months ended May 31, 2019. The report contains four main sections:

•	A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
•	The Fund performance section compares the Fund’s investment returns with those of its composite benchmark and broad market index.
•	The portfolio of investments lists the underlying TIAA-CREF Funds in which the Fund had investments as of May 31, 2019.
•	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 ■ 2019 Annual Report

Letter to investors

Global financial markets produced mixed results during the twelve months ended May 31, 2019. U.S. equities posted modest gains amid a healthy domestic economy and an uptick in market volatility. Foreign stocks declined, with emerging markets faring worse than developed international markets. By comparison, U.S. fixed-income markets achieved solid gains as bond prices rallied despite three increases to the federal funds target rate. These market conditions were reflected in the performance of the TIAA-CREF Managed Allocation Fund by way of its investments in various asset classes through underlying TIAA-CREF Funds.

•	The Fund’s Institutional Class gained 0.4%, trailing the 2.6% return of its composite benchmark.
•	Relative underperformance of the Fund’s underlying mutual funds, within foreign and U.S. equities, detracted from results.
•	Despite trailing its benchmark for the twelve-month period, results continued to support the solid performance of the TIAA-CREF Managed Allocation Fund over longer periods of time.

Mixed results for stock prices around the world

Stock prices in most foreign markets declined. 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 26 emerging-markets countries, returned –7.1% in U.S.-dollar terms. Tensions weighed on foreign markets, including the unresolved trade conflict between the United States and China, concerns about a slowdown in global growth, and geopolitical risks, such as the United Kingdom’s controversial split from the European Union (Brexit).

4	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

Brad Finkle

Look to lessons of the past

Increased stock market volatility over the past twelve months reminds us that, despite what one might hear or read in the financial media, no one can predict the future with any accuracy.

Rather than trying to time your investments based on what you think may happen in the future, consider using what has happened in the past as your guide. History has shown that even during periodic downturns, investors who avoided jumping in and out of the markets have often received more consistent investment results over the long term. Please keep in mind that past performance cannot guarantee future results. The TIAA-CREF Managed Allocation Fund uses a dynamic diversification strategy that is designed to help mitigate the effects of market volatility, keeping you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses.

We are always ready to assist you with any questions or concerns regarding your investments 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
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Managed Allocation Fund ■ 2019 Annual 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 obtain a complete list of the holdings of the Managed Allocation Fund and of the underlying funds in which the Managed Allocation Fund invests (Schedule 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 also 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-PORT or Form N-Q filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT or 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	2019 Annual 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 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 26 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 Bloomberg Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

Broad market index

The returns shown against the broad-based securities market index compare the Fund’s average annual returns with a broad measure of market performance. The Morningstar Moderate Target Risk Index is an asset allocation index comprised of constituent Morningstar indices and reflects global equity market exposure of 60% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Moderate Target Risk Index reflect multi-asset class exposure and a similar risk profile as the Fund.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark index, please read the Fund’s latest prospectus.

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Important information about expenses

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

The expense example that appears in this report is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs. 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 costs for investing in the Fund would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2018–May 31, 2019).

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 would 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	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

Important information about expenses

Expense example

Six months ended May 31, 2019

Managed Allocation Fund	Beginning account value (12/1/18		)	Ending account value (5/31/19		)	Expenses paid during period (12/1/18–5/31/19		* )	Effective expenses paid during period (12/1/18–5/31/19		^† )
Actual return
Institutional Class		$1,000.00			$1,034.06			$0.00			$1.98
Retirement Class		1,000.00			1,032.77			1.27			3.24
Retail Class		1,000.00			1,032.62			1.27			3.24

5% annual hypothetical return
Institutional Class		1,000.00			1,024.93			0.00			1.97
Retirement Class		1,000.00			1,023.68			1.26			3.23
Retail Class		1,000.00			1,023.68			1.26			3.23

“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2019. The Fund’s annualized six-month expense ratios for that period were 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 reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their 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 six-month 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 ■ 2019 Annual Report

Managed Allocation Fund

Performance for the twelve months ended May 31, 2019

The Managed Allocation Fund returned 0.40% for the Institutional Class, compared with the 2.62% return of its benchmark, the Managed Allocation Fund Composite Index. The performance table shows returns for all share classes of the Fund.

U.S. economy continued to grow, pushing domestic stocks and bonds higher

The U.S. economic expansion continued over the twelve-month period while the unemployment rate touched its lowest level in nearly a half century and inflation remained modest. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at an annualized rate of 3.4% and 2.2% in the third and fourth quarters of 2018, respectively. GDP growth accelerated to a rate of 3.1% in the first quarter of 2019, according to the government’s “second” estimate. Unemployment remained at 3.6% in May, its lowest rate since December 1969. Core inflation, which includes all items except food and energy, rose 2.0% for the twelve months ended May 31, 2019. The price of West Texas Intermediate crude oil declined from nearly $66 per barrel on June 1, 2018, to just over $53 per barrel on May 31, 2019.

10	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

Fixed-income funds posted strongest gains

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 twelve months, the fixed-income sector contributed most to the Fund’s absolute return—that is, without regard to the performance of its composite benchmark. Within the category, the Bond Plus Fund posted solid gains. U.S. stock funds produced mixed results, including modest gains in the Large-Cap Growth Fund and the Quant Large-Cap Growth Fund. All foreign equity funds lost ground, with the International Equity Fund suffering the largest loss. (All fund returns are for the Institutional Class.)

Stock funds hampered relative performance

For the period, the Fund underperformed its composite benchmark due to the relative weakness of underlying funds investing in domestic and international equities. The Large-Cap Value Fund, the International Equity Fund and the Growth & Income Fund were the largest detractors from relative performance.

Among other funds in the U.S. equity sector, the Quant Large-Cap Growth Fund and the Quant Large-Cap Value Fund also diminished the Fund’s relative return. However, this negative impact was partly offset by the relative outperformance of the Quant Small-Cap Equity Fund and the Quant Small/Mid-Cap Equity Fund.

In the foreign equity category, the Quant International Equity Fund and the Quant International Small-Cap Equity Fund both detracted from relative performance. In contrast, the Emerging Markets Equity Fund benefited the Fund’s relative results. Fixed-income funds had virtually no impact on the Fund’s performance relative to its benchmark. (Performance of the Managed Allocation Fund’s underlying funds can be found at TIAA.org/performance.)

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Managed Allocation Fund

Performance as of May 31, 2019

Managed Allocation Fund						Average annual						Annual operating
			Total Return			total return						expenses*^#
	Inception
	date		1 year			5 years			10 years			gross			net
Institutional Class		3/31/06		0.40	%		5.34	%		9.05	%		0.42	%		0.39	%
Retirement Class		3/31/06		0.14			5.07			8.78			0.67			0.64
Retail Class		3/31/06		0.14			5.06			8.78			0.70			0.64
Managed Allocation Fund Composite Index^‡		—		2.62			5.36			8.69			—			—
Broad market index
Morningstar Moderate Target Risk Index		—		2.52			4.73			8.15			—			—

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 will continue through at least September 30, 2019, 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.
^‡	As of the close of business on May 31, 2019, 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 All Country World Index ex USA Investable Market 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.

12	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

Managed Allocation Fund

$10,000 over 10 years

Institutional Class

Asset allocation
	% of net assets as of 5/31/19
Equity
U.S. equity		40.63
International equity		18.24
Fixed income		41.07
Other assets & liabilities, net		0.06
Total		100.00

Target allocation

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Portfolio of investments

Managed Allocation Fund ■ May 31, 2019

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—41.1%
	32,732,247	TIAA-CREF Bond Plus Fund		$	342,379,308		41.1	%
		TOTAL FIXED INCOME			342,379,308		41.1
INTERNATIONAL EQUITY—18.2%
	2,745,694	TIAA-CREF Emerging Markets Equity Fund			29,021,987		3.5
	3,179,858	TIAA-CREF International Equity Fund			31,893,980		3.8
	2,597,661	TIAA-CREF International Opportunities Fund			32,236,977		3.8
	5,664,202	TIAA-CREF Quant International Equity Fund			38,913,066		4.7
	2,103,075	TIAA-CREF Quant International Small-Cap Equity Fund			20,021,270		2.4
		TOTAL INTERNATIONAL EQUITY			152,087,280		18.2
U.S. EQUITY—40.6%
	5,312,080	TIAA-CREF Growth & Income Fund			72,084,931		8.6
	3,261,829	TIAA-CREF Large-Cap Growth Fund			64,910,400		7.8
	3,935,887	TIAA-CREF Large-Cap Value Fund			62,501,878		7.5
	4,861,913	TIAA-CREF Quant Large-Cap Growth Fund			65,149,630		7.8
	4,928,348	TIAA-CREF Quant Large-Cap Value Fund			46,425,034		5.6
	894,665	TIAA-CREF Quant Small-Cap Equity Fund			13,920,983		1.7
	1,211,614	TIAA-CREF Quant Small/Mid-Cap Equity Fund			13,739,704		1.6
		TOTAL U.S. EQUITY			338,732,560		40.6
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $733,282,430)		833,199,148		99.9

		TOTAL PORTFOLIO	(Cost $733,282,430)		833,199,148		99.9
		OTHER ASSETS & LIABILITIES, NET			516,373		0.1
		NET ASSETS		$	833,715,521		100.0	%

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

2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

Statement of assets and liabilities

Managed Allocation Fund ■ May 31, 2019

ASSETS
Affiliated investments, at value^‡	$	833,199,148
Cash		667,995
Receivable from securities transactions		9,727,011
Receivable from Fund shares sold		55,225
Dividends receivable		950,733
Due from affiliates		4,339
Other		75,621
Total assets		844,680,072

LIABILITIES
Service agreement fees payable		1,444
Distribution fees payable		161,504
Due to affiliates		9,659
Payable for securities transactions		10,477,021
Payable for Fund shares redeemed		159,180
Payable for trustee compensation		76,328
Accrued expenses and other payables		79,415
Total liabilities		10,964,551
NET ASSETS	$	833,715,521

NET ASSETS CONSIST OF:
Paid-in-capital	$	716,708,368
Total distributable earnings (loss)		117,007,153
NET ASSETS	$	833,715,521

INSTITUTIONAL CLASS:
Net assets	$	18,320,206
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,504,560
Net asset value per share	$	12.18

RETIREMENT CLASS:
Net assets	$	70,067,684
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,762,437
Net asset value per share	$	12.16

RETAIL CLASS:
Net assets	$	745,327,631
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		61,042,639
Net asset value per share	$	12.21
^‡ Affiliated investments, cost	$	733,282,430

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Statement of operations

Managed Allocation Fund ■ For the year ended May 31, 2019

INVESTMENT INCOME
Dividends from affiliated investments	$	19,182,335
Total income		19,182,335

EXPENSES
Shareholder servicing — Institutional Class		206
Shareholder servicing — Retirement Class		181,387
Shareholder servicing — Retail Class		300,366
Distribution fees — Retail Class		1,895,217
Administrative service fees		36,368
Trustee fees and expenses		12,286
Other expenses		191,197
Total expenses		2,617,027
Less: Expenses reimbursed by the investment adviser		(540,516	)
Net expenses		2,076,511
Net investment income (loss)		17,105,824

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		666,883
Realized gain distributions from affiliated investments		32,476,950
Net realized gain (loss) from investments		33,143,833
Net change in unrealized appreciation (depreciation) from affiliated investments		(50,088,595	)
Net realized and unrealized gain (loss) from investments		(16,944,762	)
Net increase (decrease) in net assets from operations	$	161,062

2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

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TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Statements of changes in net assets

Managed Allocation Fund ■ For the year ended

		May 31, 2019			May 31, 2018		^a

OPERATIONS
Net investment income (loss)		$	17,105,824		$	15,627,961
Net realized gain (loss) from investments			33,143,833			29,619,031
Net change in unrealized appreciation (depreciation) from affiliated investments			(50,088,595	)		25,914,003
Net increase (decrease) in net assets from operations			161,062			71,160,995

DISTRIBUTIONS TO SHAREHOLDERS^b,c
	Institutional Class		(1,183,517	)		(620,617	)
	Retirement Class		(4,014,456	)		(2,708,934	)
	Retail Class		(40,644,983	)		(30,360,877	)
Total distributions			(45,842,956	)		(33,690,428	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		6,874,165			8,267,218
	Retirement Class		10,976,334			15,733,928
	Retail Class		34,901,992			44,541,240
Reinvestments of distributions:	Institutional Class		1,163,893			596,715
	Retirement Class		4,014,456			2,708,934
	Retail Class		38,834,280			29,027,492
Redemptions:	Institutional Class		(6,077,753	)		(5,370,488	)
	Retirement Class		(13,835,662	)		(12,384,956	)
	Retail Class		(67,001,881	)		(66,084,061	)
Net increase (decrease) from shareholder transactions			9,849,824			17,036,022
Net increase (decrease) in net assets			(35,832,070	)		54,506,589

NET ASSETS
Beginning of period			869,547,591			815,041,002
End of period		$	833,715,521		$	869,547,591

2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

Statements of changes in net assets

Managed Allocation Fund ■ For the year ended

		May 31, 2019			May 31, 2018		^a

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		544,448			647,616
	Retirement Class		869,992			1,227,245
	Retail Class		2,802,173			3,463,611
Shares reinvested:	Institutional Class		99,926			46,856
	Retirement Class		345,309			212,807
	Retail Class		3,324,452			2,271,545
Shares redeemed:	Institutional Class		(495,298	)		(417,225	)
	Retirement Class		(1,124,062	)		(974,623	)
	Retail Class		(5,391,863	)		(5,147,609	)
Net increase (decrease) from shareholder transactions			975,077			1,330,223

^a	Prior period amounts have been conformed to current year presentation. See notes to financial statements, Note 1—organization and significant accounting policies for further details.
^b	The composition and per share amounts of the Fund’s distributions are presented in the Financial highlights. The distribution information for the Fund as of its most recent tax year end is presented within the notes to the financial statements, Note 5—distributions to shareholders and other tax items.
^c	For the fiscal year ended May 31, 2018, the distributions to shareholders were characterized as “From net investment income” and “From realized gains.” See notes to financial statements, Note 1—organization and significant accounting policies for further details.

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Financial highlights

Managed Allocation Fund

		Selected per share data																									Ratios and supplemental data
				Gain (loss) from investment operations
							Net realized																							Ratios to average net assets
	For the	Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or year ended	value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period or year (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate
Institutional Class:	5/31/19		$12.89		$0.29			$(0.29	)		$0.00	^d		$(0.35	)		$(0.36	)		$(0.71	)		$12.18		0.40	%	$	18,320			0.03	%		0.00	%		2.34	%		20	%
	5/31/18		12.32		0.27			0.84			1.11			(0.36	)		(0.18	)		(0.54	)		12.89		9.04			17,468			0.03			0.00			2.09			12
	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
Retirement Class:	5/31/19		12.87		0.25			(0.28	)		(0.03	)		(0.32	)		(0.36	)		(0.68	)		12.16		0.14			70,068			0.28			0.25			2.03			20
	5/31/18		12.31		0.23			0.84			1.07			(0.33	)		(0.18	)		(0.51	)		12.87		8.70			72,981			0.28			0.25			1.83			12
	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
Retail Class:	5/31/19		12.92		0.25			(0.28	)		(0.03	)		(0.32	)		(0.36	)		(0.68	)		12.21		0.14			745,328			0.32			0.25			2.00			20
	5/31/18		12.35		0.23			0.85			1.08			(0.33	)		(0.18	)		(0.51	)		12.92		8.75			779,099			0.31			0.25			1.83			12
	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

^a	Based on average shares outstanding.
^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 and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Notes to financial statements

Managed Allocation Fund

Note 1—organization and significant accounting policies

The TIAA-CREF Managed Allocation Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the U.S. 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. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.

22	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

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

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

Income taxes: The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that the Fund distributes all taxable income each year and complies with various other Code requirements. The Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. The Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after 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.

For the year ended May 31, 2019, permanent book and tax differences resulting primarily from the utilization of equalization credits were identified and reclassified among the components of the Fund's net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

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

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Notes to financial statements

required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. Management has early implemented this accounting pronouncement as of November 30, 2018. This implementation did not have a material impact on the Fund’s financial statements and various filings. Refer to Note 2 for further details.

The Funds’ distributions from the prior fiscal period were paid from net investment income and realized gains as indicated in the following table:

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Institutional Class	$	(411,517	)
Retirement Class		(1,744,919	)
Retail Class		(19,548,071	)
From realized gains:
Institutional Class		(209,100	)
Retirement Class		(964,015	)
Retail Class		(10,812,806	)
Total distributions	$	(33,690,428	)

24	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

continued

For the prior fiscal period, the following Undistributed net investment income (loss) was included in net assets:

Undistributed net investment income included in net assets

1,940,911

Note 2—valuation of investments

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

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

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.

As of May 31, 2019, 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

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Notes to financial statements

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, 2019, 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 year ended May 31, 2019, there were no transactions with affiliated entities.

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):

26	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

continued

Issue	Value at 5/31/18		Purchase cost		Sales proceeds		Realized gain (loss		)	Change in unrealized appreciation (depreciation		)	Dividend income		Value at 5/31/19
Managed Allocation Fund
TIAA-CREF Funds:
Bond Plus	$	333,222	$	49,982	$	50,119	$	(1,204	)	$	10,498		$	11,283	$	342,379
Emerging Markets Equity		28,434		12,735		8,351		110			(2,821	)		153		29,022
Growth & Income		75,757		12,834		11,358		5,813			(5,733	)		915		72,085
International Equity		33,767		9,166		2,597		881			(7,851	)		719		31,894
International Opportunities		33,275		5,658		3,757		(181	)		(2,758	)		411		32,237
Large-Cap Growth		71,391		14,353		16,621		9,987			(7,297	)		353		64,910
Large-Cap Value		64,003		17,635		9,333		4,743			(8,972	)		1,228		62,502
Quant International Equity		47,037		11,424		12,481		(117	)		(5,255	)		1,302		38,913
Quant International Small-Cap Equity		22,155		4,150		1,287		312			(4,729	)		585		20,021
Quant Large-Cap Growth		64,090		17,814		14,017		6,504			(5,268	)		644		65,150
Quant Large-Cap Value		57,837		8,120		15,712		708			(3,186	)		1,319		46,425
Quant Small-Cap Equity		21,855		16,525		20,308		3,880			(4,795	)		160		13,921
Quant Small/Mid-Cap Equity		16,125		2,912		3,694		1,708			(1,922	)		110		13,740
	$	868,948	$	183,308	$	169,635	$	33,144		$	(50,089	)	$	19,182	$	833,199

Note 4—investments

	Gross	Gross		Net unrealized
	unrealized	unrealized		appreciation
Tax cost	appreciation	(depreciation	)	(depreciation	)
$743,088	$92,964	$(2,853	)	$90,111

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for the Fund for the year ended May 31, 2019 were as follows (dollar amounts are in thousands):

Non-U.S. government purchases		Non-U.S. government sales
$183,308		$169,635

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Notes to financial statements

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2019, and the year ended May 31, 2018 was as follows:

		Long-term
	Ordinary income	capital gains	Total
5/31/2019	$21,553,529	$24,289,427	$45,842,956
5/31/2018	22,000,115	11,690,313	33,690,428

As of May 31, 2019, the components of accumulated earnings on a tax basis consisted of $2,073,063 of undistributed ordinary income, $24,885,681 of undistributed long-term capital gains, and $90,111,069 of unrealized appreciation.

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

Note 6—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Fund may participate in an inter-fund lending program. This program allows the Fund to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended May 31, 2019, there were no inter-fund borrowing or lending transactions.

Note 7—line of credit

The Fund participates in a $1.25 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 19, 2018 expiring on June 18, 2019, replacing the previous facility, which expired June 2018. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended May 31, 2019, there were no borrowings under this credit facility by the Fund.

28	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

concluded

Note 8—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.

Note 9—subsequent event

Effective June 19, 2019, the line of credit that each fund participates in will be reduced to $1 billion of an unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility will expire on June 16, 2020.

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Report of independent registered public accounting firm

To the Board of Trustees of the TIAA-CREF Funds and Shareholders of the TIAA-CREF Managed Allocation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the TIAA-CREF Managed Allocation Fund (one of the funds constituting the TIAA-CREF Funds, hereafter referred to as the “Fund”) as of May 31, 2019, the related statement of operations for the year ended May 31, 2019, the statement of changes in net assets for each of the two years in the period ended May 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2019, and the financial highlights for each of the five years in the period ended May 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

30	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
July 18, 2019

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Important tax information (unaudited)

For the year ended May 31, 2019, the Fund designates $25,394,681 (or the maximum amount allowable) as being from net long-term capital gains.

For the year ended May 31, 2019, the Fund designates 35.95% (or the maximum amount allowable) of ordinary income dividends paid as qualified dividends.

For the year ended May 31, 2019, the Fund designates 22.33% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

During the year ended May 31, 2019, the Managed Allocation Fund received income of $2,608,676 ($0.03889 per share) from underlying funds that was from foreign sources, and has elected to pass through foreign taxes paid by underlying funds of $449,710 ($0.0067 per share).

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2019 which will be reported in conjunction with your 2019 Form 1099-DIV.

By early 2020, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax adviser.

32	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2019

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Member of the Board of the Office of Finance of the Federal Home Loan Banks; Director, Avant, LLC.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director of Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2019

Trustees – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since 2017.	Advisory Director (2010–2011), Partner (2004–2010) and Managing Director (1999–2004), and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Chair of the Finance Committee, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); and Head (2006–2008), and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT. President and Chief Executive Officer (since 2008), and Program Director (1990–2008), National Bureau of Economic Research.	89	Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

34	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949		Trustee		Indefinite term. Trustee since 1999.		Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).		89		N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950		Trustee		Indefinite term. Trustee since 2006.		Charles E. and Sarah M. Seay Regents Chair of Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin.		89		Member of the Board of Governors of the Investment Company Institute and the Governing Council of Independent Directors Council (an association for mutual fund directors); Investment Advisory Committee Member, Employees Retirement System of Texas.

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2019

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex.”) Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2017.	Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary of AllianceBernstein L.P.
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head of Nuveen Equities & Fixed Income and President of TIAA Investments.

36	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, President and Chief Investment Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments and Senior Managing Director, President, Global Investments, TIAA.
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President, Chief Legal Officer, TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Christopher A. Van Buren TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head of Fund Administration, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds, and TIAA Separate Account VA-1; Treasurer of CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Approval of investment management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Managed Allocation Fund

The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to the TIAA-CREF Managed Allocation Fund (the “Fund”).

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for the Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held a meeting on March 28, 2019, at which it considered the annual renewal of the Agreement for the Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewal.

Among other matters, the Operations Committee or certain of its designated members, following its consultations with Advisors’ representatives, the Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to the Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data regarding the Fund, including data relating to the Fund’s management fee rate, total expense ratio, short-term and long-term investment performance and portfolio turnover rate.

38	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

Broadridge compared this data, as relevant, for the Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of the Fund against an appropriate broad-based index. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective view of the Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of the Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

In advance of the Board meeting held on March 28, 2019, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for the Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to the Fund’s investment performance and an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fallout” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Fund in addition to the Fund’s direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Fund at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Fund; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Fund and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Approval of investment management agreement (unaudited)

explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

In considering whether to renew the Agreement with respect to the Fund, the Board reviewed various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the general session meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors’ representatives were present, to discuss the proposed renewal of the Agreement for the Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the Fund by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Fund. Thus, in reaching its decisions regarding the renewal of the Agreement for the Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

40	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

continued

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-level basis. In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 28, 2019, all Board members voted unanimously to renew the Agreement for the Fund. Set forth below is a summary of the primary factors the Board considered with respect to the Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Fund since its operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Fund (which is a fund of funds that may invest its assets in the securities of affiliated and unaffiliated investment companies or other investment pools, referred to as “Underlying Funds”), including conducting research, identifying investments and placing orders to buy and sell shares of Underlying Funds for the Fund’s investment portfolio; active daily monitoring of the Fund’s investment portfolio; reporting on the investment performance and other metrics of the Fund to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of the Fund’s service providers; and overseeing the provision of various administrative services to the Fund. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Fund. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Fund.

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

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Fund, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Approval of investment management agreement (unaudited)

Investment performance

The Board considered the investment performance of the Fund over the one-, three-, five- and ten-year periods ended December 31, 2018. The Board considered the Fund’s performance as compared to its peer group and peer universe and its benchmark index. For details regarding the Fund’s performance, see the synopsis below. The Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was reasonable.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Fund for the calendar year 2018. The Board considered Advisors’ profit calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board considered that Advisors had incurred a net loss with respect to the Fund in 2018, which was because Advisors did not charge the Fund any fees under the Agreement. The Board also acknowledged certain fee waivers and reimbursements of expenses above specified amounts undertaken by Advisors with respect to many of the Underlying Funds which, in turn, reduce the expenses of the Fund. The Board also recognized Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. The Board also considered that, in the aggregate, Advisors had generated indirect earnings with respect to the Fund’s investment in Underlying Funds also managed by Advisors.

Fees charged by other advisers

The Board considered comparative information regarding the Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the synopsis below. The Board acknowledged that Advisors did not charge a management fee to the Fund.

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of the Fund. The Board also considered that because Advisors operated the Fund at a loss and did not charge the Fund a management fee, there had been little opportunity to pass economies of scale on to Fund shareholders. Based on all factors considered, the Board concluded that the Fund’s management fee rate schedule was reasonable in light of current economies of scale considerations and the Fund’s current asset level.

42	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

continued

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors provides investment management services to other investment companies, including foreign funds (“UCITS”), and separately managed accounts. However, the Board acknowledged that Advisors did not charge a management fee to the Fund.

Other benefits

The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Fund to the extent that this relationship results in potential investors viewing Teachers Insurance and Annuity Association of America (“TIAA”), of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Additionally, the Fund may be utilized as an investment option for other products and businesses of Advisors and its affiliates, such as variable products, funds of funds and 529 education savings plans.

Synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of the Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of the Fund, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to the Fund during 2018 under the Agreement.

	•	The Fund’s annual contractual management fee rate is 0.00% of average daily net assets.
	•	The Fund’s total expense ratio was in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and in the 1st quintile of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”). The Fund did

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Approval of investment management agreement (unaudited)

concluded

		not have an Expense Group or Expense Universe with respect to its actual management fee rate and contractual management fee rate because the Fund is not charged a management fee.
	•	The Fund was in the 4th, 1st, 1st and 1st quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes for the one-, three-, five-and ten-year periods, respectively. The Fund was in the 4th, 2nd, 1st and 1st quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes for the one-, three-, five- and ten-year periods, respectively.
	•	The Fund received an Overall Morningstar Rating of 3 stars.
	•	Advisors incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

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

44	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

Bloomberg Barclays Indexes

Source: Bloomberg Index Services Limited. BLOOMBERG^®is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^®is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

TIAA-CREF Managed Allocation Fund ■ 2019 Annual Report

Additional information about index providers (unaudited)

concluded

Morningstar Index

©2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

46	2019 Annual Report ■ TIAA-CREF Managed Allocation Fund

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800-842-2755

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You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other 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 Federal Deposit Insurance Corporation (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.

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Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

The aggregate fees billed by PwC as disclosed below for the fiscal year ended May 31, 2019 and May 31, 2018 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-09301) because the fees disclosed in this proxy statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant period.

4(a) Audit Fees.

For the fiscal years ended May 31, 2019 and May 31, 2018, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $418,440 and $388,395, respectively.

4(b) Audit Related Fees.

For the fiscal years ended May 31, 2019 and May 31, 2018, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended May 31, 2019 and May 31, 2018, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended May 31, 2019 and May 31, 2018, PwC’s aggregate fees for tax services billed to the Registrant were $361,950 and $353,100, respectively.

For the fiscal years ended May 31, 2019 and May 31, 2018, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0.

4(d) All Other Fees.

For the fiscal years ended May 31, 2019 and May 31, 2018, PwC’s aggregate fees for all other services billed to the Registrant were $12,765 and $12,765, respectively.

For the fiscal years ended May 31, 2019 and May 31, 2018, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the

Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2019 and May 31, 2018 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2019 and May 31, 2018 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2019 and May 31, 2018 on behalf of the Registrant.

All Other Fees.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2019 and May 31, 2018 on behalf of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended May 31, 2019 and May 31, 2018, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $219,333 and $505,083, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

Not Applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF FUNDS

Dated: July 18, 2019	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: July 18, 2019	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President (principal executive officer)

Dated: July 18, 2019	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)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer