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)
Jeremy D. Franklin, 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: November 30, 2021
Item 1. Reports to Stockholders.
 |
TIAA-CREF Funds |
November 30, 2021 |
TIAA-CREF
Lifecycle Funds
The semiannual report contains the financial statements (unaudited).
| 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 | — |
| Lifecycle 2065 Fund | TSFTX | TSFHX | TSFPX | TCFRX | — |
Semiannual
Report
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 not be sent to you 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.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) 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 (2) 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 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 receive 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
| Portfolios of investments | 46 |
| Financial statements (unaudited) | |
| Statements of assets and liabilities | 60 |
| Statements of operations | 64 |
| Statements of changes in net assets | 68 |
| Financial highlights | 78 |
| Notes to financial statements | 104 |
| Additional information about index providers | 128 |
| How to reach us | Inside back cover |
This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended November 30, 2021. The report contains four main sections:
| • | A letter from Brad Finkle, President of the TIAA-CREF Fund Complex. |
| • | 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 funds in which each fund had investments as of November 30, 2021. |
| • | 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 websites at TIAA.org or nuveen.com, 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 ■ 2021 Semiannual Report | 3 |
Global financial markets generated mixed results for the six months ended November 30, 2021, as the economic implications of COVID-19 and subsequent variant strains differed among countries. U.S. equities advanced amid continued economic expansion during the period. However, foreign stocks posted losses, with emerging markets declining more than international developed markets. U.S. fixed-income securities rose modestly as U.S. Treasury yields fell across longer-term maturities (bond prices move in the opposite direction of yields). 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 funds.
| • | All of the TIAA-CREF Lifecycle Funds edged higher for the period but underperformed their respective composite benchmarks. (All fund returns are for the Retirement Class.) |
| • | Returns for the Retirement Class ranged from 1.1% for the Lifecycle 2010 and 2020 Funds to 1.7% for the Lifecycle 2065 Fund. |
| • | These results continued to support the solid performance of the TIAA-CREF Lifecycle Funds over longer periods of time. |
U.S. and international stocks posted mixed results
U.S. equities advanced for the six months as the economy continued to expand. However, business activity slowed late in the period as supply-chain bottlenecks limited the delivery of certain products, and companies struggled to hire more workers. The broad domestic stock market, as represented by the Russell 3000® Index, advanced 7.6%. The Fed maintained short-term interest rates at historically low levels but in November began reducing the pace of its bond-buying program designed to support the economy and credit markets.
International stocks trailed their U.S. counterparts. 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 27 emerging-markets countries, returned –5.5% in U.S.-dollar terms. The economy of the 19-nation euro area returned to moderate growth in the second and third quarters of 2021. However, China’s economic growth decelerated year-over-year during the same period.
U.S. investment-grade bonds posted modest gains as U.S. Treasury yields declined across longer-term maturities. The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 1.0% for the period.
| 4 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Brad Finkle
Reflecting on the past, preparing for the future
After posting strong returns in 2019 and 2020, the U.S. stock market is currently on track to register a third consecutive positive year. There is an old adage in investing that states, “A bull market climbs a wall of worry,” meaning that investors tend to get nervous when markets continue to rise. At the end of every year, as we reflect on our financial progress and consider our future goals, it’s natural to wonder where the markets are headed and how we should position our portfolios.
As investment professionals, we have looked over the history of market fluctuations and have forged a primary belief that adhering to a long-term financial plan and staying invested in a diversified portfolio that includes multiple asset classes are wise approaches in dealing with the ever-present factors of risk and uncertainty. The TIAA-CREF Lifecycle Funds use dynamic diversification strategies designed to help mitigate the effects of market volatility and keep you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.
We thank you again for trusting us to manage your investments through the TIAA-CREF Lifecycle Funds. If you have any questions or concerns, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. You can also reach us online by visiting TIAA.org. We always stand ready to assist you.
/s/ Brad Finkle
Brad Finkle
President of the TIAA-CREF Fund Complex
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 5 |
Portfolio holdings
The complete portfolios of investments for the Lifecycle Funds begin on page 46 of this report. You can obtain complete lists of the holdings of the Lifecycle Funds and of the underlying TIAA-CREF Funds in which the Lifecycle Funds invest as of the most recently completed fiscal quarter in the following ways:
| • | By visiting our websites at TIAA.org or nuveen.com; 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 filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT 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 TIAA-CREF 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 TIAA-CREF 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
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 27 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 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 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 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 ■ 2021 Semiannual Report | 7 |
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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
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 (June 1, 2021–November 30, 2021).
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 ■ 2021 Semiannual Report | 9 |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifecycle Funds Institutional Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses
paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Retirement Income Fund actual return | $ 1,000.00 | $ 1,012.29 | $ 1.36 | $ 1.82 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.71 | 1.37 | 1.83 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,011.48 | 1.36 | 1.76 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.71 | 1.37 | 1.78 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,012.95 | 1.36 | 1.82 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.71 | 1.37 | 1.83 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,012.43 | 1.36 | 1.87 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.71 | 1.37 | 1.88 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,011.90 | 1.36 | 1.97 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.71 | 1.37 | 1.98 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,013.32 | 1.31 | 2.02 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.76 | 1.32 | 2.03 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,012.93 | 1.31 | 2.02 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.76 | 1.32 | 2.03 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,012.78 | 1.26 | 2.07 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 2.08 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,012.85 | 1.21 | 2.12 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.87 | 1.22 | 2.13 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,012.63 | 1.16 | 2.12 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.92 | 1.17 | 2.13 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,013.06 | 1.16 | 2.12 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.92 | 1.17 | 2.13 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,013.67 | 1.16 | 2.12 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.92 | 1.17 | 2.13 | ||||||||||||
| 2065 Fund actual return | 1,000.00 | 1,013.65 | 1.16 | 2.17 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.92 | 1.17 | 2.18 | ||||||||||||
| 10 | 2021 Semiannual 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 183/365. There were 183 days in the six months ended November 30, 2021. 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 0.27% for the Retirement Income Fund, 0.27% for the 2010 Fund, 0.27% for the 2015 Fund, 0.27% for the 2020 Fund, 0.27% for the 2025 Fund, 0.26% for the 2030 Fund, 0.26% for the 2035 Fund, 0.25% for the 2040 Fund, 0.24% for the 2045 Fund, 0.23% for the 2050 Fund, 0.23% for the 2055 Fund, 0.23% for the 2060 Fund and 0.23% for the 2065 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 0.36% for the Retirement Income Fund, 0.35% for the 2010 Fund, 0.36% for the 2015 Fund, 0.37% for the 2020 Fund, 0.39% for the 2025 Fund, 0.40% 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, 0.42% for the 2060 Fund and 0.43% for the 2065 Fund. |
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 11 |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifecycle Funds Advisor Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses
paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Retirement Income Fund actual return | $ 1,000.00 | $ 1,011.87 | $ 1.77 | $ 2.22 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 2.23 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,012.27 | 1.72 | 2.12 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.36 | 1.72 | 2.13 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,011.10 | 1.97 | 2.42 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.11 | 1.98 | 2.43 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,012.44 | 1.51 | 2.07 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.56 | 1.52 | 2.08 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,011.91 | 1.66 | 2.27 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.41 | 1.67 | 2.28 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,012.49 | 1.61 | 2.27 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.46 | 1.62 | 2.28 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,012.96 | 1.72 | 2.47 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.36 | 1.72 | 2.48 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,012.79 | 1.61 | 2.42 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.46 | 1.62 | 2.43 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,012.85 | 1.36 | 2.27 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.71 | 1.37 | 2.28 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,012.64 | 1.51 | 2.42 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.56 | 1.52 | 2.43 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,013.06 | 1.31 | 2.27 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.76 | 1.32 | 2.28 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,013.03 | 1.46 | 2.42 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.61 | 1.47 | 2.43 | ||||||||||||
| 2065 Fund actual return | 1,000.00 | 1,013.67 | 1.21 | 2.22 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.87 | 1.22 | 2.23 | ||||||||||||
| 12 | 2021 Semiannual 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 183/365. There were 183 days in the six months ended November 30, 2021. 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, 0.34% for the 2010 Fund, 0.39% for the 2015 Fund, 0.30% for the 2020 Fund, 0.33% for the 2025 Fund, 0.32% for the 2030 Fund, 0.34% for the 2035 Fund, 0.32% for the 2040 Fund, 0.27% for the 2045 Fund, 0.30% for the 2050 Fund, 0.26% for the 2055 Fund, 0.29% for the 2060 Fund and 0.24% for the 2065 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 0.44% for the Retirement Income Fund, 0.42% for the 2010 Fund, 0.48% for the 2015 Fund, 0.41% for the 2020 Fund, 0.45% for the 2025 Fund, 0.45% for the 2030 Fund, 0.49% for the 2035 Fund, 0.48% for the 2040 Fund, 0.45% for the 2045 Fund, 0.48% for the 2050 Fund, 0.45% for the 2055 Fund, 0.48% for the 2060 Fund and 0.44% for the 2065 Fund. |
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 13 |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifecycle Funds Premier Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Retirement Income Fund actual return | $ 1,000.00 | $ 1,011.53 | $ 2.12 | $ 2.57 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.96 | 2.13 | 2.59 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,010.68 | 2.12 | 2.52 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.96 | 2.13 | 2.54 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,012.08 | 2.12 | 2.57 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.96 | 2.13 | 2.59 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,011.58 | 2.12 | 2.62 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.96 | 2.13 | 2.64 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,011.97 | 2.12 | 2.72 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.96 | 2.13 | 2.74 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,011.72 | 2.07 | 2.77 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.01 | 2.08 | 2.79 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,011.35 | 2.07 | 2.77 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.01 | 2.08 | 2.79 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,012.02 | 2.02 | 2.82 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.06 | 2.03 | 2.84 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,012.27 | 1.97 | 2.88 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.11 | 1.98 | 2.89 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,012.06 | 1.92 | 2.88 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.16 | 1.93 | 2.89 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,012.57 | 1.92 | 2.88 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.16 | 1.93 | 2.89 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,012.39 | 1.92 | 2.88 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.16 | 1.93 | 2.89 | ||||||||||||
| 2065 Fund actual return | 1,000.00 | 1,012.87 | 1.92 | 2.93 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.16 | 1.93 | 2.94 | ||||||||||||
| 14 | 2021 Semiannual 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 183/365. There were 183 days in the six months ended November 30, 2021. 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 0.42% for the Retirement Income Fund, 0.42% for the 2010 Fund, 0.42% for the 2015 Fund, 0.42% for the 2020 Fund, 0.42% for the 2025 Fund, 0.41% for the 2030 Fund, 0.41% for the 2035 Fund, 0.40% for the 2040 Fund, 0.39% for the 2045 Fund, 0.38% for the 2050 Fund, 0.38% for the 2055 Fund, 0.38% for the 2060 Fund and 0.38% for the 2065 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 0.51% for the Retirement Income Fund, 0.50% for the 2010 Fund, 0.51% for the 2015 Fund, 0.52% for the 2020 Fund, 0.54% for the 2025 Fund, 0.55% 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, 0.57% for the 2060 Fund and 0.58% for the 2065 Fund. |
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 15 |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifecycle Funds Retirement Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Retirement Income Fund actual return | $ 1,000.00 | $ 1,011.11 | $ 2.52 | $ 2.97 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.56 | 2.54 | 2.99 | ||||||||||||
| 2010 Fund actual return | 1,000.00 | 1,010.81 | 2.62 | 3.02 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.46 | 2.64 | 3.04 | ||||||||||||
| 2015 Fund actual return | 1,000.00 | 1,010.85 | 2.62 | 3.07 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.46 | 2.64 | 3.09 | ||||||||||||
| 2020 Fund actual return | 1,000.00 | 1,010.83 | 2.62 | 3.13 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.46 | 2.64 | 3.14 | ||||||||||||
| 2025 Fund actual return | 1,000.00 | 1,010.88 | 2.62 | 3.23 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.46 | 2.64 | 3.24 | ||||||||||||
| 2030 Fund actual return | 1,000.00 | 1,011.00 | 2.57 | 3.28 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.51 | 2.59 | 3.29 | ||||||||||||
| 2035 Fund actual return | 1,000.00 | 1,011.58 | 2.57 | 3.28 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.51 | 2.59 | 3.29 | ||||||||||||
| 2040 Fund actual return | 1,000.00 | 1,011.64 | 2.52 | 3.33 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.56 | 2.54 | 3.35 | ||||||||||||
| 2045 Fund actual return | 1,000.00 | 1,011.67 | 2.47 | 3.38 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.61 | 2.48 | 3.40 | ||||||||||||
| 2050 Fund actual return | 1,000.00 | 1,011.48 | 2.42 | 3.38 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.66 | 2.43 | 3.40 | ||||||||||||
| 2055 Fund actual return | 1,000.00 | 1,011.48 | 2.42 | 3.38 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.66 | 2.43 | 3.40 | ||||||||||||
| 2060 Fund actual return | 1,000.00 | 1,011.76 | 2.42 | 3.38 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.66 | 2.43 | 3.40 | ||||||||||||
| 2065 Fund actual return | 1,000.00 | 1,016.91 | 2.38 | 3.39 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.71 | 2.38 | 3.40 | ||||||||||||
| 16 | 2021 Semiannual 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 183/365. There were 183 days in the six months ended November 30, 2021. 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 0.50% for the Retirement Income Fund, 0.52% for the 2010 Fund, 0.52% for the 2015 Fund, 0.52% for the 2020 Fund, 0.52% for the 2025 Fund, 0.51% for the 2030 Fund, 0.51% for the 2035 Fund, 0.50% for the 2040 Fund, 0.49% for the 2045 Fund, 0.48% for the 2050 Fund, 0.48% for the 2055 Fund, 0.48% for the 2060 Fund and 0.47% for the 2065 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 0.59% for the Retirement Income Fund, 0.60% for the 2010 Fund, 0.61% for the 2015 Fund, 0.62% for the 2020 Fund, 0.64% for the 2025 Fund, 0.65% 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, 0.67% for the 2060 Fund and 0.67% for the 2065 Fund. |
Expense examples
Six months ended November 30, 2021
| Lifecycle Funds Retail Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses
paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Retirement Income Fund actual return | $ 1,000.00 | $ 1,011.05 | $ 2.62 | $ 3.08 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,022.46 | 2.64 | 3.09 | ||||||||||||
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2021. 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 0.52% 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 0.61% for the Retirement Income Fund. |
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 17 |
Investment results of the Lifecycle Funds
Performance for the six months ended November 30, 2021
All of the TIAA-CREF Lifecycle Funds generated positive returns but underperformed their respective composite benchmarks. Returns for the Retirement Class ranged from 1.08% for the Lifecycle 2010 and 2020 Funds to 1.69% for the Lifecycle 2065 Fund. The performance tables show returns for all share classes of the funds.
For the six months, the margin of underperformance of the Lifecycle Funds, in relation to their respective composite benchmarks, ranged from 0.86 of a percentage point for the Lifecycle Retirement Income Fund and the Lifecycle 2010 Fund to 1.87 percentage points for the Lifecycle 2055 and 2060 Funds. (All results for the Lifecycle Funds are for the Retirement Class.)
Growing economy lifted U.S. stocks higher
The U.S. economy grew at a solid pace during the period, though concerns over new COVID-19 variants and supply-chain bottlenecks contributed to a decelerating rate of expansion. 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 6.7% during the second quarter of 2021 but slowed to 2.1% in the third quarter, according to the government’s “second” estimate. The unemployment rate declined during the period, falling to 4.2% in November. Core inflation, which includes all items except food and energy, rose 4.9% over the twelve months ended in November. Oil prices rose to nearly $86 per barrel before falling back to $66 by the end of the period.
The Federal Reserve left the federal funds target rate unchanged, keeping the key short-term interest-rate measure at 0.00%–0.25%.
Domestic and foreign stocks produced mixed results for the period. The Russell 3000® Index, a broad measure of the U.S. stock market, gained 7.62%. 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 27 emerging-markets countries, returned –5.52% in U.S.-dollar terms.
U.S. investment-grade bond performance was influenced by rising yields among short-term bonds and declining yields on those with longer maturities (bond prices move in the opposite direction of yields). The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, advanced 1.02%. Short-term bonds, as measured by the Bloomberg U.S. 1–3 Year Government/Credit Index, returned –0.47%.
U.S. equity funds produced largest returns
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,
| 18 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
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. (Other than the Nuveen Dividend Value Fund, the Nuveen International Growth Fund and the Nuveen Dividend Growth Fund—formerly the Nuveen Santa Barbara Dividend Growth Fund—all funds mentioned below are TIAA-CREF Funds.)
For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were supported by the gains of some domestic stocks and fixed-income investments. Among domestic equity funds, the Large-Cap Growth Index Fund delivered a double-digit return, followed by the Growth & Income Fund. Among foreign stock funds, the Emerging Markets Equity Fund declined the most. The International Opportunities Fund, International Equity Fund and Quant International Small-Cap Equity Fund each registered single-digit losses. Among fixed-income investments, the Inflation-Linked Bond Fund performed best, while the Core Plus Bond Fund, High-Yield Fund and Core Bond Fund posted modest gains. The Emerging Markets Debt Fund and the International Bond Fund both lost ground.
Both stock and bond funds hindered relative performance
All of the Lifecycle Funds underperformed their composite benchmarks, primarily due to the performance of certain underlying funds investing in U.S. and foreign equities. Among domestic stock funds, the Large-Cap Growth Fund detracted most, followed by the Nuveen Dividend Growth Fund. By contrast, the Quant Small/Mid-Cap Equity Fund contributed most to relative performance. Among international stock funds, the Emerging Markets Equity Fund and the Nuveen International Growth Fund were the largest detractors, while the International Opportunities Fund contributed most.
Among fixed-income funds, the Core Bond Fund, Core Plus Bond Fund and International Bond Fund detracted most, while the Short-Term Bond Fund was the largest contributor.
As a group, the Lifecycle Funds produced gains within an exceptionally narrow range despite significantly different investment horizons and asset allocations. With the exception of the 2065 Fund, all recorded gains were within 0.1 of a percentage point of each other. This was true for funds with such disparate asset allocations as the Lifecycle Retirement Income Fund, which invests about 35% of its assets in stocks, and the Lifecycle 2060 Fund, which places more than 90% of its assets in equities. (Performance of the Lifecycle Funds’ underlying TIAA-CREF Funds can be found at TIAA.org/performance.)
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 19 |
Lifecycle Retirement Income Fund
Performance as of November 30, 2021
| Lifecycle Retirement Income Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 11/30/07 | 1.23 | % | 7.72 | % | 7.95 | % | 7.10 | % | 0.53 | % | 0.37 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.19 | 7.64 | 7.88 | 6.97 | † | 0.61 | 0.46 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.15 | 7.56 | 7.79 | 6.93 | 0.68 | 0.52 | |||||||||||||||||||
| Retirement Class | 11/30/07 | 1.11 | 7.56 | 7.70 | 6.84 | 0.78 | 0.62 | |||||||||||||||||||
| Retail Class | 11/30/07 | 1.11 | 7.47 | 7.69 | 6.83 | 0.81 | 0.62 | |||||||||||||||||||
| Lifecycle Retirement Income Fund Composite Index‡ | — | 1.97 | 8.18 | 8.27 | 7.05 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date Retirement Income Index | — | 1.48 | 5.47 | 6.43 | 5.53 | — | — | |||||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Retirement Income Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle Retirement Income Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 22.89 | 22.75 | |||||
| International equity | 12.24 | 12.25 | |||||
| Fixed income | |||||||
| Fixed income | 40.33 | 40.00 | |||||
| Short-term fixed income | 10.06 | 10.00 | |||||
| Inflation-protected assets | 10.07 | 10.00 | |||||
| Direct real estate | 4.33 | 5.00 | |||||
| Other assets & liabilities, net | 0.08 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 21 |
Performance as of November 30, 2021
| Lifecycle 2010 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 1/17/07 | 1.15 | % | 7.64 | % | 8.11 | % | 7.51 | % | 0.52 | % | 0.37 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.23 | 7.58 | 8.11 | 7.41 | † | 0.60 | 0.45 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.07 | 7.50 | 7.93 | 7.34 | 0.67 | 0.52 | |||||||||||||||||||
| Retirement Class | 10/15/04 | 1.08 | 7.40 | 7.83 | 7.25 | 0.77 | 0.62 | |||||||||||||||||||
| Lifecycle 2010 Fund Composite Index‡ | — | 1.94 | 8.04 | 8.38 | 7.47 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2010 Index | — | 1.57 | 6.94 | 7.26 | 6.45 | — | — | |||||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2010 Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 25.1% Russell 3000® Index; 13.5% MSCI All Country World Index ex USA Investable Market Index; 11.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2010 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 22.26 | 22.10 | |||||
| International equity | 11.95 | 11.90 | |||||
| Fixed income | |||||||
| Fixed income | 40.18 | 40.00 | |||||
| Short-term fixed income | 11.43 | 12.00 | |||||
| Inflation-protected assets | 10.03 | 10.00 | |||||
| Direct real estate | 3.75 | 4.00 | |||||
| Other assets & liabilities, net | 0.40 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 23 |
Performance as of November 30, 2021
| Lifecycle 2015 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 1/17/07 | 1.30 | % | 8.47 | % | 8.66 | % | 8.09 | % | 0.53 | % | 0.38 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.11 | 8.31 | 8.59 | 7.93 | † | 0.62 | 0.48 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.21 | 8.35 | 8.50 | 7.92 | 0.68 | 0.53 | |||||||||||||||||||
| Retirement Class | 10/15/04 | 1.09 | 8.15 | 8.38 | 7.81 | 0.78 | 0.63 | |||||||||||||||||||
| Lifecycle 2015 Fund Composite Index‡ | — | 2.06 | 8.98 | 8.98 | 8.09 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2015 Index | — | 1.79 | 8.30 | 7.95 | 7.28 | — | — | |||||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2015 Fund Composite Index consisted of: 39.3% Bloomberg U.S. Aggregate Bond Index; 28.3% Russell 3000® Index; 15.2% MSCI All Country World Index ex USA Investable Market Index; 8.6% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.6% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2015 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 25.25 | 24.70 | |||||
| International equity | 13.49 | 13.30 | |||||
| Fixed income | |||||||
| Fixed income | 39.64 | 39.40 | |||||
| Short-term fixed income | 8.61 | 8.80 | |||||
| Inflation-protected assets | 8.63 | 8.80 | |||||
| Direct real estate | 4.32 | 5.00 | |||||
| Other assets & liabilities, net | 0.06 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 25 |
Performance as of November 30, 2021
| Lifecycle 2020 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 1/17/07 | 1.24 | % | 9.31 | % | 9.28 | % | 8.75 | % | 0.53 | % | 0.39 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.24 | 9.14 | 9.23 | 8.63 | † | 0.61 | 0.47 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.16 | 9.07 | 9.11 | 8.59 | 0.68 | 0.54 | |||||||||||||||||||
| Retirement Class | 10/15/04 | 1.08 | 9.03 | 9.00 | 8.49 | 0.78 | 0.64 | |||||||||||||||||||
| Lifecycle 2020 Fund Composite Index‡ | — | 2.16 | 9.90 | 9.65 | 8.82 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2020 Index | — | 1.77 | 8.91 | 8.44 | 7.94 | — | — | |||||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2020 Fund Composite Index consisted of: 38.3% Bloomberg U.S. Aggregate Bond Index; 31.5% Russell 3000® Index; 17.0% MSCI All Country World Index ex USA Investable Market Index; 6.6% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.6% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2020 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 28.45 | 27.95 | |||||
| International equity | 15.22 | 15.05 | |||||
| Fixed income | |||||||
| Fixed income | 38.66 | 38.40 | |||||
| Short-term fixed income | 6.61 | 6.80 | |||||
| Inflation-protected assets | 6.62 | 6.80 | |||||
| Direct real estate | 4.34 | 5.00 | |||||
| Other assets & liabilities, net | 0.10 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 27 |
Performance as of November 30, 2021
| Lifecycle 2025 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 1/17/07 | 1.19 | % | 10.59 | % | 10.16 | % | 9.56 | % | 0.56 | % | 0.41 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.19 | 10.55 | 10.10 | 9.41 | † | 0.64 | 0.49 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.20 | 10.58 | 10.01 | 9.39 | 0.71 | 0.56 | |||||||||||||||||||
| Retirement Class | 10/15/04 | 1.09 | 10.37 | 9.87 | 9.28 | 0.81 | 0.66 | |||||||||||||||||||
| Lifecycle 2025 Fund Composite Index‡ | — | 2.31 | 11.40 | 10.56 | 9.67 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2025 Index | — | 1.82 | 11.04 | 9.46 | 8.77 | — | — | |||||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2025 Fund Composite Index consisted of: 36.2% Russell 3000® Index; 35.1% Bloomberg U.S. Aggregate Bond Index; 19.5% MSCI All Country World Index ex USA Investable Market Index; 4.6% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.6% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2025 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 33.54 | 32.76 | |||||
| International equity | 17.90 | 17.64 | |||||
| Fixed income | |||||||
| Fixed income | 34.91 | 35.00 | |||||
| Short-term fixed income | 4.60 | 4.80 | |||||
| Inflation-protected assets | 4.61 | 4.80 | |||||
| Direct real estate | 4.35 | 5.00 | |||||
| Other assets & liabilities, net | 0.09 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 29 |
Performance as of November 30, 2021
| Lifecycle 2030 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 1/17/07 | 1.33 | % | 12.26 | % | 11.06 | % | 10.33 | % | 0.58 | % | 0.42 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.25 | 12.10 | 11.00 | 10.18 | † | 0.66 | 0.50 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.17 | 11.98 | 10.88 | 10.16 | 0.73 | 0.57 | |||||||||||||||||||
| Retirement Class | 10/15/04 | 1.10 | 11.86 | 10.75 | 10.05 | 0.83 | 0.67 | |||||||||||||||||||
| Lifecycle 2030 Fund Composite Index‡ | — | 2.48 | 13.01 | 11.48 | 10.51 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2030 Index | — | 1.82 | 13.00 | 10.37 | 9.54 | — | — | |||||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2030 Fund Composite Index consisted of: 41.4% Russell 3000® Index; 31.1% Bloomberg U.S. Aggregate Bond Index; 22.3% MSCI All Country World Index ex USA Investable Market Index; 2.6% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.6% Bloomberg 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. |
| 30 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2030 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 39.29 | 38.61 | |||||
| International equity | 20.99 | 20.79 | |||||
| Fixed income | |||||||
| Fixed income | 30.04 | 30.00 | |||||
| Short-term fixed income | 2.58 | 2.80 | |||||
| Inflation-protected assets | 2.59 | 2.80 | |||||
| Direct real estate | 4.36 | 5.00 | |||||
| Other assets & liabilities, net | 0.15 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 31 |
Performance as of November 30, 2021
| Lifecycle 2035 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 1/17/07 | 1.29 | % | 13.69 | % | 11.90 | % | 11.04 | % | 0.60 | % | 0.43 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.30 | 13.63 | 11.85 | 10.90 | † | 0.69 | 0.52 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.14 | 13.48 | 11.73 | 10.87 | 0.75 | 0.58 | |||||||||||||||||||
| Retirement Class | 10/15/04 | 1.16 | 13.46 | 11.63 | 10.76 | 0.85 | 0.68 | |||||||||||||||||||
| Lifecycle 2035 Fund Composite Index‡ | — | 2.63 | 14.63 | 12.38 | 11.31 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2035 Index | — | 1.89 | 15.30 | 11.33 | 10.27 | — | — | |||||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2035 Fund Composite Index consisted of: 46.6% Russell 3000® Index; 27.1% Bloomberg U.S. Aggregate Bond Index; 25.1% MSCI All Country World Index ex USA Investable Market Index; 0.6% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 0.6% Bloomberg 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. |
| 32 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2035 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 45.08 | 44.46 | |||||
| International equity | 24.10 | 23.94 | |||||
| Fixed income | |||||||
| Fixed income | 25.16 | 25.00 | |||||
| Short-term fixed income | 0.56 | 0.80 | |||||
| Inflation-protected assets | 0.56 | 0.80 | |||||
| Direct real estate | 4.38 | 5.00 | |||||
| Other assets & liabilities, net | 0.16 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 33 |
Performance as of November 30, 2021
| Lifecycle 2040 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 1/17/07 | 1.28 | % | 15.33 | % | 12.72 | % | 11.61 | % | 0.62 | % | 0.44 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.28 | 15.28 | 12.69 | 11.46 | † | 0.70 | 0.52 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.20 | 15.21 | 12.56 | 11.43 | 0.77 | 0.59 | |||||||||||||||||||
| Retirement Class | 10/15/04 | 1.16 | 15.06 | 12.45 | 11.33 | 0.87 | 0.69 | |||||||||||||||||||
| Lifecycle 2040 Fund Composite Index‡ | — | 2.79 | 16.43 | 13.24 | 11.95 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2040 Index | — | 1.92 | 16.90 | 11.99 | 10.78 | — | — | |||||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2040 Fund Composite Index consisted of: 51.8% Russell 3000® Index; 27.9% MSCI All Country World Index ex USA Investable Market Index; and 20.3% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2040 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 50.92 | 50.31 | |||||
| International equity | 27.19 | 27.09 | |||||
| Fixed income | 17.33 | 17.60 | |||||
| Direct real estate | 4.39 | 5.00 | |||||
| Other assets & liabilities, net | 0.17 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 35 |
Performance as of November 30, 2021
| Lifecycle 2045 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 11/30/07 | 1.28 | % | 16.99 | % | 13.37 | % | 11.94 | % | 0.64 | % | 0.45 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.28 | 16.95 | 13.35 | 11.80 | † | 0.72 | 0.53 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.23 | 16.84 | 13.20 | 11.78 | 0.79 | 0.60 | |||||||||||||||||||
| Retirement Class | 11/30/07 | 1.17 | 16.75 | 13.09 | 11.66 | 0.89 | 0.70 | |||||||||||||||||||
| Lifecycle 2045 Fund Composite Index‡ | — | 2.95 | 18.28 | 13.93 | 12.32 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2045 Index | — | 1.96 | 17.88 | 12.38 | 11.12 | — | — | |||||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2045 Fund Composite Index consisted of: 57.0% Russell 3000® Index; 30.7% MSCI All Country World Index ex USA Investable Market Index; and 12.3% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2045 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 56.77 | 56.16 | |||||
| International equity | 30.31 | 30.24 | |||||
| Fixed income | 8.33 | 8.60 | |||||
| Direct real estate | 4.40 | 5.00 | |||||
| Other assets & liabilities, net | 0.19 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 37 |
Performance as of November 30, 2021
| Lifecycle 2050 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 11/30/07 | 1.26 | % | 17.39 | % | 13.53 | % | 12.03 | % | 0.65 | % | 0.45 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.26 | 17.30 | 13.50 | 11.90 | † | 0.73 | 0.53 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.21 | 17.23 | 13.37 | 11.87 | 0.80 | 0.60 | |||||||||||||||||||
| Retirement Class | 11/30/07 | 1.15 | 17.08 | 13.23 | 11.75 | 0.90 | 0.70 | |||||||||||||||||||
| Lifecycle 2050 Fund Composite Index‡ | — | 3.00 | 18.77 | 14.12 | 12.42 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2050 Index | — | 1.93 | 18.36 | 12.63 | 11.37 | — | — | |||||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2050 Fund Composite Index consisted of: 59.1% Russell 3000® Index; 31.8% MSCI All Country World Index ex USA Investable Market Index; and 9.1% Bloomberg 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. |
| 38 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2050 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 59.02 | 58.99 | |||||
| International equity | 31.47 | 31.76 | |||||
| Fixed income | 4.91 | 4.25 | |||||
| Direct real estate | 4.40 | 5.00 | |||||
| Other assets & liabilities, net | 0.20 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 39 |
Performance as of November 30, 2021
| Lifecycle 2055 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 4/29/11 | 1.31 | % | 17.69 | % | 13.64 | % | 12.10 | % | 0.68 | % | 0.45 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.31 | 17.61 | 13.62 | 11.98 | † | 0.76 | 0.53 | ||||||||||||||||||
| Premier Class | 4/29/11 | 1.26 | 17.48 | 13.46 | 11.93 | 0.81 | 0.60 | |||||||||||||||||||
| Retirement Class | 4/29/11 | 1.15 | 17.34 | 13.36 | 11.82 | 0.91 | 0.70 | |||||||||||||||||||
| Lifecycle 2055 Fund Composite Index‡ | — | 3.02 | 19.06 | 14.25 | 12.51 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2055 Index | — | 1.92 | 18.59 | 12.74 | 11.53 | — | — | |||||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2055 Fund Composite Index consisted of: 59.9% Russell 3000® Index; 32.2% MSCI All Country World Index ex USA Investable Market Index; and 7.9% Bloomberg 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. |
| 40 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2055 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 59.88 | 59.80 | |||||
| International equity | 31.91 | 32.20 | |||||
| Fixed income | 3.64 | 3.00 | |||||
| Direct real estate | 4.40 | 5.00 | |||||
| Other assets & liabilities, net | 0.17 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 41 |
Performance as of November 30, 2021
| Lifecycle 2060 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | since | |||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | inception | gross | net | ||||||||||||||||||||
| Institutional Class | 9/26/14 | 1.37 | % | 17.98 | % | 13.74 | % | 10.66 | % | 0.71 | % | 0.45 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.30 | 17.81 | 13.69 | 10.58 | † | 0.79 | 0.53 | ||||||||||||||||||
| Premier Class | 9/26/14 | 1.24 | 17.73 | 13.59 | 10.49 | 0.86 | 0.60 | |||||||||||||||||||
| Retirement Class | 9/26/14 | 1.18 | 17.60 | 13.47 | 10.38 | 0.96 | 0.70 | |||||||||||||||||||
| Lifecycle 2060 Fund Composite Index‡ | — | 3.05 | 19.35 | 14.38 | 11.11 | § | — | — | ||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2060 Index | — | 1.85 | 18.43 | 12.84 | 10.01 | § | — | — | ||||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle 2060 Fund Composite Index consisted of: 60.7% Russell 3000® Index; 32.7% MSCI All Country World Index ex USA Investable Market Index; and 6.6% Bloomberg 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. |
| 42 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2060 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 60.67 | 60.61 | |||||
| International equity | 32.42 | 32.64 | |||||
| Fixed income | 2.43 | 1.75 | |||||
| Direct real estate | 4.39 | 5.00 | |||||
| Other assets & liabilities, net | 0.09 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 43 |
Performance as of November 30, 2021
| Lifecycle 2065 Fund | Average annual | Annual operating | ||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||
| Inception | since | |||||||||||||||||||||||
| date | 6 months | 1 year | inception | gross | net | |||||||||||||||||||
| Institutional Class | 9/30/20 | 1.37 | % | 18.27 | % | 24.80 | % | 3.74 | % | 0.45 | % | |||||||||||||
| Advisor Class | 9/30/20 | 1.37 | 18.14 | 24.68 | 3.82 | 0.53 | ||||||||||||||||||
| Premier Class | 9/30/20 | 1.29 | 17.95 | 24.51 | 3.91 | 0.60 | ||||||||||||||||||
| Retirement Class | 9/30/20 | 1.69 | 18.30 | 24.82 | 4.04 | 0.70 | ||||||||||||||||||
| Lifecycle 2065 Fund Composite Index‡ | — | 3.07 | 19.64 | 26.18 | § | — | — | |||||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||||
| S&P Target Date 2065+ Index | — | 1.98 | 18.59 | 25.24 | § | — | — | |||||||||||||||||
| S&P Target Date 2060 Index | — | 1.85 | 18.43 | 25.09 | § | — | — | |||||||||||||||||
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 and certain waivers will continue through at least September 30, 2022, and certain other waivers will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| ‡ | As of the close of business on November 30, 2021, the Lifecycle 2065 Fund Composite Index consisted of: 61.5% Russell 3000® Index; 33.1% MSCI All Country World Index ex USA Investable Market Index; and 5.4% Bloomberg 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. |
| ** | Previously, the Fund’s broad-market index comparison was to the S&P Target Date 2060 Index (formerly known as the S&P Target Date 2060+ Index), instead of the S&P Target Date 2065+ Index shown in the chart above. The returns of the S&P Target Date 2065+ Index, which Standard & Poor’s launched in 2021, are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. |
| 44 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2065 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 61.28 | 61.43 | |||||
| International equity | 33.21 | 33.07 | |||||
| Fixed income | 1.32 | 0.50 | |||||
| Direct real estate | 4.21 | 5.00 | |||||
| Other assets & liabilities, net | –0.02 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 45 |
Portfolio of investments (unaudited)
Lifecycle Retirement Income Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| DIRECT REAL ESTATE—4.3% | ||||||||||||||
| 2,291,096 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/26/21; cost $24,405,395) | $ | 27,401,507 | 4.3 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 27,401,507 | 4.3 | ||||||||||||
| FIXED INCOME—40.3% | ||||||||||||||
| 12,528,027 | TIAA-CREF Core Bond Fund | 134,175,165 | 21.2 | |||||||||||
| 7,645,288 | TIAA-CREF Core Plus Bond Fund | 83,104,277 | 13.1 | |||||||||||
| 1,226,800 | TIAA-CREF Emerging Markets Debt Fund | 11,985,832 | 1.9 | |||||||||||
| 1,341,762 | TIAA-CREF High-Yield Fund | 12,652,820 | 2.0 | |||||||||||
| 1,330,378 | TIAA-CREF International Bond Fund | 13,303,782 | 2.1 | |||||||||||
| TOTAL FIXED INCOME | 255,221,876 | 40.3 | ||||||||||||
| INFLATION-PROTECTED ASSETS—10.1% | ||||||||||||||
| 5,092,973 | TIAA-CREF Inflation-Linked Bond Fund | 63,713,087 | 10.1 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 63,713,087 | 10.1 | ||||||||||||
| INTERNATIONAL EQUITY—12.2% | ||||||||||||||
| 302,523 | Nuveen International Growth Fund | 16,445,173 | 2.6 | |||||||||||
| 861,345 | TIAA-CREF Emerging Markets Equity Fund | 9,681,518 | 1.5 | |||||||||||
| 1,681,067 | TIAA-CREF International Equity Fund | 23,518,126 | 3.7 | |||||||||||
| 882,804 | TIAA-CREF International Opportunities Fund | 16,499,611 | 2.6 | |||||||||||
| 953,026 | TIAA-CREF Quant International Small-Cap Equity Fund | 11,274,302 | 1.8 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 77,418,730 | 12.2 | ||||||||||||
| SHORT-TERM FIXED INCOME—10.1% | ||||||||||||||
| 6,125,262 | TIAA-CREF Short-Term Bond Fund | 63,641,467 | 10.1 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 63,641,467 | 10.1 | ||||||||||||
| U.S. EQUITY—22.9% | ||||||||||||||
| 386,409 | Nuveen Dividend Growth Fund | 20,746,313 | 3.3 | |||||||||||
| 1,325,993 | Nuveen Dividend Value Fund | 20,950,683 | 3.3 | |||||||||||
| 936,783 | Nuveen Growth Opportunities ETF | 24,253,312 | 3.8 | |||||||||||
| 1,041,897 | TIAA-CREF Growth & Income Fund | 20,702,491 | 3.3 | |||||||||||
| 921,285 | TIAA-CREF Large-Cap Growth Fund | 24,156,096 | 3.8 | |||||||||||
| 935,307 | TIAA-CREF Large-Cap Value Fund | 20,978,941 | 3.3 | |||||||||||
| 267,306 | TIAA-CREF Quant Small-Cap Equity Fund | 5,990,335 | 1.0 | |||||||||||
| 395,180 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 7,010,497 | 1.1 | |||||||||||
| TOTAL U.S. EQUITY | 144,788,668 | 22.9 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $552,968,861) | 632,185,335 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $552,968,861) | 632,185,335 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 493,924 | 0.1 | ||||||||||||
| NET ASSETS | $ | 632,679,259 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $27,401,507 or 4.3% of net assets. |
| 46 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2010 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.6%a | ||||||||||||||
| DIRECT REAL ESTATE—3.7% | ||||||||||||||
| 3,767,597 | b | TIAA-CREF Real Property Fund LP (purchased 7/01/16–11/26/21; cost $39,261,952) | $ | 45,060,465 | 3.7 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 45,060,465 | 3.7 | ||||||||||||
| FIXED INCOME—40.2% | ||||||||||||||
| 23,716,897 | TIAA-CREF Core Bond Fund | 254,007,966 | 21.1 | |||||||||||
| 14,461,271 | TIAA-CREF Core Plus Bond Fund | 157,194,020 | 13.1 | |||||||||||
| 2,325,382 | TIAA-CREF Emerging Markets Debt Fund | 22,718,979 | 1.9 | |||||||||||
| 2,541,248 | TIAA-CREF High-Yield Fund | 23,963,966 | 2.0 | |||||||||||
| 2,518,511 | TIAA-CREF International Bond Fund | 25,185,106 | 2.1 | |||||||||||
| TOTAL FIXED INCOME | 483,070,037 | 40.2 | ||||||||||||
| INFLATION-PROTECTED ASSETS—10.0% | ||||||||||||||
| 9,632,242 | TIAA-CREF Inflation-Linked Bond Fund | 120,499,353 | 10.0 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 120,499,353 | 10.0 | ||||||||||||
| INTERNATIONAL EQUITY—11.9% | ||||||||||||||
| 563,491 | Nuveen International Growth Fund | 30,631,389 | 2.6 | |||||||||||
| 1,592,790 | TIAA-CREF Emerging Markets Equity Fund | 17,902,960 | 1.5 | |||||||||||
| 3,112,997 | TIAA-CREF International Equity Fund | 43,550,833 | 3.6 | |||||||||||
| 1,636,495 | TIAA-CREF International Opportunities Fund | 30,586,100 | 2.5 | |||||||||||
| 1,766,752 | TIAA-CREF Quant International Small-Cap Equity Fund | 20,900,680 | 1.7 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 143,571,962 | 11.9 | ||||||||||||
| SHORT-TERM FIXED INCOME—11.5% | ||||||||||||||
| 13,224,838 | TIAA-CREF Short-Term Bond Fund | 137,406,068 | 11.5 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 137,406,068 | 11.5 | ||||||||||||
| U.S. EQUITY—22.3% | ||||||||||||||
| 712,612 | Nuveen Dividend Growth Fund | 38,260,143 | 3.2 | |||||||||||
| 2,449,019 | Nuveen Dividend Value Fund | 38,694,502 | 3.2 | |||||||||||
| 1,729,519 | Nuveen Growth Opportunities ETF | 44,777,247 | 3.7 | |||||||||||
| 1,921,951 | TIAA-CREF Growth & Income Fund | 38,189,167 | 3.2 | |||||||||||
| 1,708,977 | TIAA-CREF Large-Cap Growth Fund | 44,809,388 | 3.8 | |||||||||||
| 1,727,746 | TIAA-CREF Large-Cap Value Fund | 38,753,346 | 3.2 | |||||||||||
| 494,708 | TIAA-CREF Quant Small-Cap Equity Fund | 11,086,404 | 0.9 | |||||||||||
| 728,994 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 12,932,360 | 1.1 | |||||||||||
| TOTAL U.S. EQUITY | 267,502,557 | 22.3 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,015,554,017) | 1,197,110,442 | 99.6 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,015,554,017) | 1,197,110,442 | 99.6 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 4,757,684 | 0.4 | ||||||||||||
| NET ASSETS | $ | 1,201,868,126 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $45,060,465 or 3.7% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 47 |
Portfolio of investments (unaudited)
Lifecycle 2015 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| DIRECT REAL ESTATE—4.3% | ||||||||||||||
| 6,194,471 | b | TIAA-CREF Real Property Fund LP (purchased 11/28/16–11/26/21; cost $65,324,585) | $ | 74,085,879 | 4.3 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 74,085,879 | 4.3 | ||||||||||||
| FIXED INCOME—39.7% | ||||||||||||||
| 33,348,107 | TIAA-CREF Core Bond Fund | 357,158,230 | 20.8 | |||||||||||
| 20,340,411 | TIAA-CREF Core Plus Bond Fund | 221,100,266 | 12.9 | |||||||||||
| 3,266,336 | TIAA-CREF Emerging Markets Debt Fund | 31,912,099 | 1.9 | |||||||||||
| 3,569,015 | TIAA-CREF High-Yield Fund | 33,655,815 | 2.0 | |||||||||||
| 3,539,084 | TIAA-CREF International Bond Fund | 35,390,843 | 2.1 | |||||||||||
| TOTAL FIXED INCOME | 679,217,253 | 39.7 | ||||||||||||
| INFLATION-PROTECTED ASSETS—8.6% | ||||||||||||||
| 11,815,119 | TIAA-CREF Inflation-Linked Bond Fund | 147,807,141 | 8.6 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 147,807,141 | 8.6 | ||||||||||||
| INTERNATIONAL EQUITY—13.5% | ||||||||||||||
| 905,495 | Nuveen International Growth Fund | 49,222,702 | 2.9 | |||||||||||
| 2,547,881 | TIAA-CREF Emerging Markets Equity Fund | 28,638,183 | 1.7 | |||||||||||
| 5,017,810 | TIAA-CREF International Equity Fund | 70,199,161 | 4.1 | |||||||||||
| 2,640,138 | TIAA-CREF International Opportunities Fund | 49,344,173 | 2.9 | |||||||||||
| 2,847,735 | TIAA-CREF Quant International Small-Cap Equity Fund | 33,688,701 | 1.9 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 231,092,920 | 13.5 | ||||||||||||
| SHORT-TERM FIXED INCOME—8.6% | ||||||||||||||
| 14,202,905 | TIAA-CREF Short-Term Bond Fund | 147,568,180 | 8.6 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 147,568,180 | 8.6 | ||||||||||||
| U.S. EQUITY—25.2% | ||||||||||||||
| 1,152,570 | Nuveen Dividend Growth Fund | 61,881,457 | 3.6 | |||||||||||
| 3,958,859 | Nuveen Dividend Value Fund | 62,549,971 | 3.7 | |||||||||||
| 2,801,763 | Nuveen Growth Opportunities ETF | 72,537,644 | 4.2 | |||||||||||
| 3,106,591 | TIAA-CREF Growth & Income Fund | 61,727,971 | 3.6 | |||||||||||
| 2,758,030 | TIAA-CREF Large-Cap Growth Fund | 72,315,551 | 4.2 | |||||||||||
| 2,791,370 | TIAA-CREF Large-Cap Value Fund | 62,610,422 | 3.7 | |||||||||||
| 799,345 | TIAA-CREF Quant Small-Cap Equity Fund | 17,913,327 | 1.0 | |||||||||||
| 1,187,185 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 21,060,661 | 1.2 | |||||||||||
| TOTAL U.S. EQUITY | 432,597,004 | 25.2 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,512,611,691) | 1,712,368,377 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,512,611,691) | 1,712,368,377 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,071,241 | 0.1 | ||||||||||||
| NET ASSETS | $ | 1,713,439,618 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $74,085,879 or 4.3% of net assets. |
| 48 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2020 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| DIRECT REAL ESTATE—4.3% | ||||||||||||||
| 13,748,324 | b | TIAA-CREF Real Property Fund LP (purchased 11/28/16–11/26/21; cost $145,575,848) | $ | 164,429,956 | 4.3 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 164,429,956 | 4.3 | ||||||||||||
| FIXED INCOME—38.7% | ||||||||||||||
| 71,908,391 | TIAA-CREF Core Bond Fund | 770,138,869 | 20.4 | |||||||||||
| 43,852,250 | TIAA-CREF Core Plus Bond Fund | 476,673,958 | 12.6 | |||||||||||
| 7,047,296 | TIAA-CREF Emerging Markets Debt Fund | 68,852,087 | 1.8 | |||||||||||
| 7,703,485 | TIAA-CREF High-Yield Fund | 72,643,859 | 1.9 | |||||||||||
| 7,633,922 | TIAA-CREF International Bond Fund | 76,339,216 | 2.0 | |||||||||||
| TOTAL FIXED INCOME | 1,464,647,989 | 38.7 | ||||||||||||
| INFLATION-PROTECTED ASSETS—6.6% | ||||||||||||||
| 20,038,731 | TIAA-CREF Inflation-Linked Bond Fund | 250,684,520 | 6.6 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 250,684,520 | 6.6 | ||||||||||||
| INTERNATIONAL EQUITY—15.2% | ||||||||||||||
| 2,258,537 | Nuveen International Growth Fund | 122,774,057 | 3.2 | |||||||||||
| 6,376,813 | TIAA-CREF Emerging Markets Equity Fund | 71,675,378 | 1.9 | |||||||||||
| 12,518,656 | TIAA-CREF International Equity Fund | 175,136,003 | 4.6 | |||||||||||
| 6,585,590 | TIAA-CREF International Opportunities Fund | 123,084,684 | 3.3 | |||||||||||
| 7,105,486 | TIAA-CREF Quant International Small-Cap Equity Fund | 84,057,905 | 2.2 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 576,728,027 | 15.2 | ||||||||||||
| SHORT-TERM FIXED INCOME—6.6% | ||||||||||||||
| 24,095,323 | TIAA-CREF Short-Term Bond Fund | 250,350,411 | 6.6 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 250,350,411 | 6.6 | ||||||||||||
| U.S. EQUITY—28.5% | ||||||||||||||
| 2,871,505 | Nuveen Dividend Growth Fund | 154,171,114 | 4.1 | |||||||||||
| 9,865,387 | Nuveen Dividend Value Fund | 155,873,118 | 4.1 | |||||||||||
| 6,975,231 | Nuveen Growth Opportunities ETF | 180,588,731 | 4.8 | |||||||||||
| 7,753,731 | TIAA-CREF Growth & Income Fund | 154,066,632 | 4.1 | |||||||||||
| 6,874,472 | TIAA-CREF Large-Cap Growth Fund | 180,248,643 | 4.7 | |||||||||||
| 6,958,038 | TIAA-CREF Large-Cap Value Fund | 156,068,794 | 4.1 | |||||||||||
| 1,995,534 | TIAA-CREF Quant Small-Cap Equity Fund | 44,719,911 | 1.2 | |||||||||||
| 2,943,635 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 52,220,087 | 1.4 | |||||||||||
| TOTAL U.S. EQUITY | 1,077,957,030 | 28.5 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,305,997,508) | 3,784,797,933 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $3,305,997,508) | 3,784,797,933 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 3,858,453 | 0.1 | ||||||||||||
| NET ASSETS | $ | 3,788,656,386 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $164,429,956 or 4.3% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 49 |
Portfolio of investments (unaudited)
Lifecycle 2025 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| DIRECT REAL ESTATE—4.4% | ||||||||||||||
| 19,554,578 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/26/21; cost $208,622,917) | $ | 233,872,750 | 4.4 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 233,872,750 | 4.4 | ||||||||||||
| FIXED INCOME—34.9% | ||||||||||||||
| 92,123,968 | TIAA-CREF Core Bond Fund | 986,647,702 | 18.4 | |||||||||||
| 56,200,331 | TIAA-CREF Core Plus Bond Fund | 610,897,596 | 11.4 | |||||||||||
| 9,017,672 | TIAA-CREF Emerging Markets Debt Fund | 88,102,653 | 1.6 | |||||||||||
| 9,857,309 | TIAA-CREF High-Yield Fund | 92,954,428 | 1.7 | |||||||||||
| 9,776,728 | TIAA-CREF International Bond Fund | 97,767,279 | 1.8 | |||||||||||
| TOTAL FIXED INCOME | 1,876,369,658 | 34.9 | ||||||||||||
| INFLATION-PROTECTED ASSETS—4.6% | ||||||||||||||
| 19,803,311 | TIAA-CREF Inflation-Linked Bond Fund | 247,739,422 | 4.6 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 247,739,422 | 4.6 | ||||||||||||
| INTERNATIONAL EQUITY—17.9% | ||||||||||||||
| 3,762,708 | Nuveen International Growth Fund | 204,540,832 | 3.8 | |||||||||||
| 10,696,237 | TIAA-CREF Emerging Markets Equity Fund | 120,225,707 | 2.3 | |||||||||||
| 20,881,675 | TIAA-CREF International Equity Fund | 292,134,639 | 5.4 | |||||||||||
| 10,981,866 | TIAA-CREF International Opportunities Fund | 205,251,082 | 3.8 | |||||||||||
| 11,850,776 | TIAA-CREF Quant International Small-Cap Equity Fund | 140,194,684 | 2.6 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 962,346,944 | 17.9 | ||||||||||||
| SHORT-TERM FIXED INCOME—4.6% | ||||||||||||||
| 23,805,879 | TIAA-CREF Short-Term Bond Fund | 247,343,086 | 4.6 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 247,343,086 | 4.6 | ||||||||||||
| U.S. EQUITY—33.5% | ||||||||||||||
| 4,804,036 | Nuveen Dividend Growth Fund | 257,928,719 | 4.8 | |||||||||||
| 16,522,561 | Nuveen Dividend Value Fund | 261,056,460 | 4.8 | |||||||||||
| 11,649,395 | Nuveen Growth Opportunities ETF | 301,602,837 | 5.6 | |||||||||||
| 12,970,046 | TIAA-CREF Growth & Income Fund | 257,714,817 | 4.8 | |||||||||||
| 11,479,115 | TIAA-CREF Large-Cap Growth Fund | 300,982,402 | 5.6 | |||||||||||
| 11,640,059 | TIAA-CREF Large-Cap Value Fund | 261,086,525 | 4.9 | |||||||||||
| 3,340,266 | TIAA-CREF Quant Small-Cap Equity Fund | 74,855,361 | 1.4 | |||||||||||
| 4,925,928 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 87,385,957 | 1.6 | |||||||||||
| TOTAL U.S. EQUITY | 1,802,613,078 | 33.5 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,635,430,903) | 5,370,284,938 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $4,635,430,903) | 5,370,284,938 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 4,809,649 | 0.1 | ||||||||||||
| NET ASSETS | $ | 5,375,094,587 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $233,872,750 or 4.4% of net assets. |
| 50 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2030 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—4.3% | ||||||||||||||
| 21,163,482 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/26/21; cost $226,763,966) | $ | 253,115,249 | 4.3 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 253,115,249 | 4.3 | ||||||||||||
| FIXED INCOME—30.0% | ||||||||||||||
| 85,524,949 | TIAA-CREF Core Bond Fund | 915,972,201 | 15.8 | |||||||||||
| 52,170,908 | TIAA-CREF Core Plus Bond Fund | 567,097,768 | 9.8 | |||||||||||
| 8,394,259 | TIAA-CREF Emerging Markets Debt Fund | 82,011,907 | 1.4 | |||||||||||
| 9,146,907 | TIAA-CREF High-Yield Fund | 86,255,332 | 1.5 | |||||||||||
| 9,089,561 | TIAA-CREF International Bond Fund | 90,895,614 | 1.5 | |||||||||||
| TOTAL FIXED INCOME | 1,742,232,822 | 30.0 | ||||||||||||
| INFLATION-PROTECTED ASSETS—2.6% | ||||||||||||||
| 12,008,763 | TIAA-CREF Inflation-Linked Bond Fund | 150,229,625 | 2.6 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 150,229,625 | 2.6 | ||||||||||||
| INTERNATIONAL EQUITY—21.0% | ||||||||||||||
| 4,772,640 | Nuveen International Growth Fund | 259,440,725 | 4.5 | |||||||||||
| 13,567,151 | TIAA-CREF Emerging Markets Equity Fund | 152,494,780 | 2.6 | |||||||||||
| 26,380,147 | TIAA-CREF International Equity Fund | 369,058,256 | 6.4 | |||||||||||
| 13,883,783 | TIAA-CREF International Opportunities Fund | 259,487,903 | 4.5 | |||||||||||
| 14,971,263 | TIAA-CREF Quant International Small-Cap Equity Fund | 177,110,040 | 3.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,217,591,704 | 21.0 | ||||||||||||
| SHORT-TERM FIXED INCOME—2.6% | ||||||||||||||
| 14,423,230 | TIAA-CREF Short-Term Bond Fund | 149,857,362 | 2.6 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 149,857,362 | 2.6 | ||||||||||||
| U.S. EQUITY—39.3% | ||||||||||||||
| 6,069,654 | Nuveen Dividend Growth Fund | 325,879,730 | 5.6 | |||||||||||
| 20,877,969 | Nuveen Dividend Value Fund | 329,871,913 | 5.7 | |||||||||||
| 14,717,605 | Nuveen Growth Opportunities ETF | 381,038,793 | 6.6 | |||||||||||
| 16,388,382 | TIAA-CREF Growth & Income Fund | 325,637,158 | 5.6 | |||||||||||
| 14,502,925 | TIAA-CREF Large-Cap Growth Fund | 380,266,686 | 6.6 | |||||||||||
| 14,707,550 | TIAA-CREF Large-Cap Value Fund | 329,890,348 | 5.7 | |||||||||||
| 4,219,861 | TIAA-CREF Quant Small-Cap Equity Fund | 94,567,076 | 1.6 | |||||||||||
| 6,233,212 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 110,577,189 | 1.9 | |||||||||||
| TOTAL U.S. EQUITY | 2,277,728,893 | 39.3 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,917,374,454) | 5,790,755,655 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $4,917,374,454) | 5,790,755,655 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 8,762,032 | 0.2 | ||||||||||||
| NET ASSETS | $ | 5,799,517,687 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $253,115,249 or 4.3% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 51 |
Portfolio of investments (unaudited)
Lifecycle 2035 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—4.4% | ||||||||||||||
| 21,884,278 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–9/15/21; cost $234,612,148) | $ | 261,735,961 | 4.4 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 261,735,961 | 4.4 | ||||||||||||
| FIXED INCOME—25.2% | ||||||||||||||
| 73,756,613 | TIAA-CREF Core Bond Fund | 789,933,323 | 13.2 | |||||||||||
| 45,001,266 | TIAA-CREF Core Plus Bond Fund | 489,163,765 | 8.2 | |||||||||||
| 7,224,894 | TIAA-CREF Emerging Markets Debt Fund | 70,587,218 | 1.2 | |||||||||||
| 7,892,985 | TIAA-CREF High-Yield Fund | 74,430,849 | 1.3 | |||||||||||
| 7,827,168 | TIAA-CREF International Bond Fund | 78,271,683 | 1.3 | |||||||||||
| TOTAL FIXED INCOME | 1,502,386,838 | 25.2 | ||||||||||||
| INFLATION-PROTECTED ASSETS—0.6% | ||||||||||||||
| 2,681,212 | TIAA-CREF Inflation-Linked Bond Fund | 33,541,964 | 0.6 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 33,541,964 | 0.6 | ||||||||||||
| INTERNATIONAL EQUITY—24.1% | ||||||||||||||
| 5,643,847 | Nuveen International Growth Fund | 306,799,550 | 5.2 | |||||||||||
| 16,033,884 | TIAA-CREF Emerging Markets Equity Fund | 180,220,861 | 3.0 | |||||||||||
| 31,187,844 | TIAA-CREF International Equity Fund | 436,317,939 | 7.3 | |||||||||||
| 16,407,691 | TIAA-CREF International Opportunities Fund | 306,659,737 | 5.1 | |||||||||||
| 17,689,062 | TIAA-CREF Quant International Small-Cap Equity Fund | 209,261,605 | 3.5 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,439,259,692 | 24.1 | ||||||||||||
| SHORT-TERM FIXED INCOME—0.5% | ||||||||||||||
| 3,212,227 | TIAA-CREF Short-Term Bond Fund | 33,375,036 | 0.5 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 33,375,036 | 0.5 | ||||||||||||
| U.S. EQUITY—45.0% | ||||||||||||||
| 7,172,472 | Nuveen Dividend Growth Fund | 385,089,999 | 6.5 | |||||||||||
| 24,669,864 | Nuveen Dividend Value Fund | 389,783,844 | 6.5 | |||||||||||
| 17,393,016 | Nuveen Growth Opportunities ETF | 450,305,184 | 7.5 | |||||||||||
| 19,361,894 | TIAA-CREF Growth & Income Fund | 384,720,842 | 6.4 | |||||||||||
| 17,139,365 | TIAA-CREF Large-Cap Growth Fund | 449,394,145 | 7.5 | |||||||||||
| 17,378,882 | TIAA-CREF Large-Cap Value Fund | 389,808,328 | 6.5 | |||||||||||
| 4,986,309 | TIAA-CREF Quant Small-Cap Equity Fund | 111,743,182 | 1.9 | |||||||||||
| 7,367,261 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 130,695,212 | 2.2 | |||||||||||
| TOTAL U.S. EQUITY | 2,691,540,736 | 45.0 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,960,346,293) | 5,961,840,227 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $4,960,346,293) | 5,961,840,227 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 9,457,807 | 0.2 | ||||||||||||
| NET ASSETS | $ | 5,971,298,034 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $261,735,961 or 4.4% of net assets. |
| 52 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2040 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—4.4% | ||||||||||||||
| 26,087,884 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/16/21; cost $279,101,234) |
$ | 312,011,098 | 4.4 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 312,011,098 | 4.4 | ||||||||||||
| FIXED INCOME—17.3% | ||||||||||||||
| 60,394,053 | TIAA-CREF Core Bond Fund | 646,820,312 | 9.1 | |||||||||||
| 36,882,373 | TIAA-CREF Core Plus Bond Fund | 400,911,392 | 5.6 | |||||||||||
| 5,915,535 | TIAA-CREF Emerging Markets Debt Fund | 57,794,775 | 0.8 | |||||||||||
| 6,467,092 | TIAA-CREF High-Yield Fund | 60,984,681 | 0.9 | |||||||||||
| 6,406,069 | TIAA-CREF International Bond Fund | 64,060,692 | 0.9 | |||||||||||
| TOTAL FIXED INCOME | 1,230,571,852 | 17.3 | ||||||||||||
| INTERNATIONAL EQUITY—27.2% | ||||||||||||||
| 7,561,248 | Nuveen International Growth Fund | 411,029,421 | 5.8 | |||||||||||
| 21,512,332 | TIAA-CREF Emerging Markets Equity Fund | 241,798,612 | 3.4 | |||||||||||
| 41,933,200 | TIAA-CREF International Equity Fund | 586,645,466 | 8.3 | |||||||||||
| 22,006,786 | TIAA-CREF International Opportunities Fund | 411,306,828 | 5.8 | |||||||||||
| 23,731,213 | TIAA-CREF Quant International Small-Cap Equity Fund | 280,740,247 | 3.9 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,931,520,574 | 27.2 | ||||||||||||
| U.S. EQUITY—50.9% | ||||||||||||||
| 9,638,665 | Nuveen Dividend Growth Fund | 517,499,918 | 7.3 | |||||||||||
| 33,162,736 | Nuveen Dividend Value Fund | 523,971,228 | 7.4 | |||||||||||
| 23,373,308 | Nuveen Growth Opportunities ETF | 605,134,944 | 8.5 | |||||||||||
| 26,037,860 | TIAA-CREF Growth & Income Fund | 517,372,275 | 7.3 | |||||||||||
| 22,981,930 | TIAA-CREF Large-Cap Growth Fund | 602,586,208 | 8.5 | |||||||||||
| 23,357,267 | TIAA-CREF Large-Cap Value Fund | 523,903,498 | 7.3 | |||||||||||
| 6,707,439 | TIAA-CREF Quant Small-Cap Equity Fund | 150,313,712 | 2.1 | |||||||||||
| 9,916,390 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 175,916,762 | 2.5 | |||||||||||
| TOTAL U.S. EQUITY | 3,616,698,545 | 50.9 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $5,778,206,157) | 7,090,802,069 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $5,778,206,157) | 7,090,802,069 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 12,031,936 | 0.2 | ||||||||||||
| NET ASSETS | $ | 7,102,834,005 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $312,011,098 or 4.4% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 53 |
Portfolio of investments (unaudited)
Lifecycle 2045 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—4.4% | ||||||||||||||
| 17,303,580 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/16/21; cost $186,522,441) |
$ | 206,950,816 | 4.4 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 206,950,816 | 4.4 | ||||||||||||
| FIXED INCOME—8.3% | ||||||||||||||
| 19,201,095 | TIAA-CREF Core Bond Fund | 205,643,731 | 4.4 | |||||||||||
| 11,731,581 | TIAA-CREF Core Plus Bond Fund | 127,522,284 | 2.7 | |||||||||||
| 1,882,491 | TIAA-CREF Emerging Markets Debt Fund | 18,391,940 | 0.4 | |||||||||||
| 2,056,253 | TIAA-CREF High-Yield Fund | 19,390,470 | 0.4 | |||||||||||
| 2,038,397 | TIAA-CREF International Bond Fund | 20,383,974 | 0.4 | |||||||||||
| TOTAL FIXED INCOME | 391,332,399 | 8.3 | ||||||||||||
| INTERNATIONAL EQUITY—30.3% | ||||||||||||||
| 5,569,879 | Nuveen International Growth Fund | 302,778,608 | 6.4 | |||||||||||
| 15,855,925 | TIAA-CREF Emerging Markets Equity Fund | 178,220,594 | 3.8 | |||||||||||
| 30,867,897 | TIAA-CREF International Equity Fund | 431,841,882 | 9.2 | |||||||||||
| 16,287,312 | TIAA-CREF International Opportunities Fund | 304,409,861 | 6.5 | |||||||||||
| 17,486,407 | TIAA-CREF Quant International Small-Cap Equity Fund | 206,864,192 | 4.4 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,424,115,137 | 30.3 | ||||||||||||
| U.S. EQUITY—56.8% | ||||||||||||||
| 7,107,020 | Nuveen Dividend Growth Fund | 381,575,902 | 8.1 | |||||||||||
| 24,454,797 | Nuveen Dividend Value Fund | 386,385,791 | 8.2 | |||||||||||
| 17,233,740 | Nuveen Growth Opportunities ETF | 446,181,528 | 9.5 | |||||||||||
| 19,201,753 | TIAA-CREF Growth & Income Fund | 381,538,841 | 8.1 | |||||||||||
| 16,954,771 | TIAA-CREF Large-Cap Growth Fund | 444,554,093 | 9.5 | |||||||||||
| 17,233,526 | TIAA-CREF Large-Cap Value Fund | 386,547,992 | 8.2 | |||||||||||
| 4,954,626 | TIAA-CREF Quant Small-Cap Equity Fund | 111,033,175 | 2.4 | |||||||||||
| 7,316,012 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 129,786,056 | 2.8 | |||||||||||
| TOTAL U.S. EQUITY | 2,667,603,378 | 56.8 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,704,501,794) | 4,690,001,730 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $3,704,501,794) | 4,690,001,730 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 9,044,539 | 0.2 | ||||||||||||
| NET ASSETS | $ | 4,699,046,269 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $206,950,816 or 4.4% of net assets. |
| 54 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2050 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets | |||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—4.4% | ||||||||||||||
| 12,740,145 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/16/21; cost $137,839,145) |
$ | 152,372,134 | 4.4 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 152,372,134 | 4.4 | ||||||||||||
| FIXED INCOME—4.9% | ||||||||||||||
| 8,319,391 | TIAA-CREF Core Bond Fund | 89,100,680 | 2.6 | |||||||||||
| 5,100,919 | TIAA-CREF Core Plus Bond Fund | 55,446,992 | 1.6 | |||||||||||
| 818,577 | TIAA-CREF Emerging Markets Debt Fund | 7,997,501 | 0.2 | |||||||||||
| 893,748 | TIAA-CREF High-Yield Fund | 8,428,045 | 0.2 | |||||||||||
| 882,916 | TIAA-CREF International Bond Fund | 8,829,165 | 0.3 | |||||||||||
| TOTAL FIXED INCOME | 169,802,383 | 4.9 | ||||||||||||
| INTERNATIONAL EQUITY—31.5% | ||||||||||||||
| 4,254,944 | Nuveen International Growth Fund | 231,298,748 | 6.7 | |||||||||||
| 12,122,591 | TIAA-CREF Emerging Markets Equity Fund | 136,257,921 | 3.9 | |||||||||||
| 23,607,417 | TIAA-CREF International Equity Fund | 330,267,766 | 9.6 | |||||||||||
| 12,455,919 | TIAA-CREF International Opportunities Fund | 232,801,127 | 6.7 | |||||||||||
| 13,360,434 | TIAA-CREF Quant International Small-Cap Equity Fund | 158,053,929 | 4.6 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,088,679,491 | 31.5 | ||||||||||||
| U.S. EQUITY—59.0% | ||||||||||||||
| 5,440,012 | Nuveen Dividend Growth Fund | 292,074,235 | 8.4 | |||||||||||
| 18,719,617 | Nuveen Dividend Value Fund | 295,769,956 | 8.5 | |||||||||||
| 13,187,784 | Nuveen Growth Opportunities ETF | 341,431,728 | 9.9 | |||||||||||
| 14,700,320 | TIAA-CREF Growth & Income Fund | 292,095,363 | 8.4 | |||||||||||
| 12,960,315 | TIAA-CREF Large-Cap Growth Fund | 339,819,450 | 9.8 | |||||||||||
| 13,190,777 | TIAA-CREF Large-Cap Value Fund | 295,869,123 | 8.6 | |||||||||||
| 3,791,388 | TIAA-CREF Quant Small-Cap Equity Fund | 84,964,999 | 2.5 | |||||||||||
| 5,606,211 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 99,454,187 | 2.9 | |||||||||||
| TOTAL U.S. EQUITY | 2,041,479,041 | 59.0 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $2,741,713,569) | 3,452,333,049 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $2,741,713,569) | 3,452,333,049 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 6,767,210 | 0.2 | ||||||||||||
| NET ASSETS | $ | 3,459,100,259 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $152,372,134 or 4.4% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 55 |
Portfolio of investments (unaudited)
Lifecycle 2055 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| DIRECT REAL ESTATE—4.4% | ||||||||||||||
| 5,513,223 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/16/21; cost $60,202,007) |
$ | 65,938,153 | 4.4 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 65,938,153 | 4.4 | ||||||||||||
| FIXED INCOME—3.6% | ||||||||||||||
| 2,672,604 | TIAA-CREF Core Bond Fund | 28,623,588 | 1.9 | |||||||||||
| 1,641,072 | TIAA-CREF Core Plus Bond Fund | 17,838,451 | 1.2 | |||||||||||
| 263,241 | TIAA-CREF Emerging Markets Debt Fund | 2,571,865 | 0.1 | |||||||||||
| 287,503 | TIAA-CREF High-Yield Fund | 2,711,154 | 0.2 | |||||||||||
| 282,648 | TIAA-CREF International Bond Fund | 2,826,477 | 0.2 | |||||||||||
| TOTAL FIXED INCOME | 54,571,535 | 3.6 | ||||||||||||
| INTERNATIONAL EQUITY—31.9% | ||||||||||||||
| 1,875,057 | Nuveen International Growth Fund | 101,928,120 | 6.8 | |||||||||||
| 5,327,800 | TIAA-CREF Emerging Markets Equity Fund | 59,884,471 | 4.0 | |||||||||||
| 10,345,586 | TIAA-CREF International Equity Fund | 144,734,743 | 9.7 | |||||||||||
| 5,473,681 | TIAA-CREF International Opportunities Fund | 102,303,099 | 6.8 | |||||||||||
| 5,853,925 | TIAA-CREF Quant International Small-Cap Equity Fund | 69,251,938 | 4.6 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 478,102,371 | 31.9 | ||||||||||||
| U.S. EQUITY—59.9% | ||||||||||||||
| 2,389,898 | Nuveen Dividend Growth Fund | 128,313,620 | 8.6 | |||||||||||
| 8,220,580 | Nuveen Dividend Value Fund | 129,885,156 | 8.7 | |||||||||||
| 5,787,254 | Nuveen Growth Opportunities ETF | 149,832,006 | 10.0 | |||||||||||
| 6,451,042 | TIAA-CREF Growth & Income Fund | 128,182,203 | 8.5 | |||||||||||
| 5,706,208 | TIAA-CREF Large-Cap Growth Fund | 149,616,778 | 10.0 | |||||||||||
| 5,800,599 | TIAA-CREF Large-Cap Value Fund | 130,107,437 | 8.7 | |||||||||||
| 1,668,610 | TIAA-CREF Quant Small-Cap Equity Fund | 37,393,540 | 2.5 | |||||||||||
| 2,461,275 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 43,663,013 | 2.9 | |||||||||||
| TOTAL U.S. EQUITY | 896,993,753 | 59.9 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,223,205,455) | 1,495,605,812 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,223,205,455) | 1,495,605,812 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 2,493,906 | 0.2 | ||||||||||||
| NET ASSETS | $ | 1,498,099,718 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $65,938,153 or 4.4% of net assets. |
| 56 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2060 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| DIRECT REAL ESTATE—4.4% | ||||||||||||||
| 1,669,465 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/26/21; cost $18,401,133) |
$ | 19,966,798 | 4.4 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 19,966,798 | 4.4 | ||||||||||||
| FIXED INCOME—2.4% | ||||||||||||||
| 544,001 | TIAA-CREF Core Bond Fund | 5,826,251 | 1.3 | |||||||||||
| 331,603 | TIAA-CREF Core Plus Bond Fund | 3,604,522 | 0.8 | |||||||||||
| 53,092 | TIAA-CREF Emerging Markets Debt Fund | 518,710 | 0.1 | |||||||||||
| 58,005 | TIAA-CREF High-Yield Fund | 546,985 | 0.1 | |||||||||||
| 57,791 | TIAA-CREF International Bond Fund | 577,908 | 0.1 | |||||||||||
| TOTAL FIXED INCOME | 11,074,376 | 2.4 | ||||||||||||
| INTERNATIONAL EQUITY—32.4% | ||||||||||||||
| 577,065 | Nuveen International Growth Fund | 31,369,262 | 6.9 | |||||||||||
| 1,641,412 | TIAA-CREF Emerging Markets Equity Fund | 18,449,473 | 4.1 | |||||||||||
| 3,195,385 | TIAA-CREF International Equity Fund | 44,703,433 | 9.8 | |||||||||||
| 1,687,518 | TIAA-CREF International Opportunities Fund | 31,539,713 | 6.9 | |||||||||||
| 1,809,000 | TIAA-CREF Quant International Small-Cap Equity Fund | 21,400,474 | 4.7 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 147,462,355 | 32.4 | ||||||||||||
| U.S. EQUITY—60.7% | ||||||||||||||
| 736,569 | Nuveen Dividend Growth Fund | 39,546,369 | 8.7 | |||||||||||
| 2,525,667 | Nuveen Dividend Value Fund | 39,905,545 | 8.8 | |||||||||||
| 1,775,918 | Nuveen Growth Opportunities ETF | 45,978,517 | 10.1 | |||||||||||
| 1,977,762 | TIAA-CREF Growth & Income Fund | 39,298,135 | 8.6 | |||||||||||
| 1,766,494 | TIAA-CREF Large-Cap Growth Fund | 46,317,475 | 10.2 | |||||||||||
| 1,783,363 | TIAA-CREF Large-Cap Value Fund | 40,000,823 | 8.8 | |||||||||||
| 512,460 | TIAA-CREF Quant Small-Cap Equity Fund | 11,484,226 | 2.5 | |||||||||||
| 756,006 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 13,411,547 | 3.0 | |||||||||||
| TOTAL U.S. EQUITY | 275,942,637 | 60.7 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $388,627,514) | 454,446,166 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $388,627,514) | 454,446,166 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 392,706 | 0.1 | ||||||||||||
| NET ASSETS | $ | 454,838,872 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $19,966,798 or 4.4% of net assets. |
| See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 57 |
Portfolio of investments (unaudited)
Lifecycle 2065 Fund ■ November 30, 2021
| Shares | Security | Value | %
of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—100.0%a | ||||||||||||||
| DIRECT REAL ESTATE—4.2% | ||||||||||||||
| 40,793 | b | TIAA-CREF Real Property Fund LP (purchased 9/30/20–11/26/21; cost $455,309) |
$ | 487,886 | 4.2 | % | ||||||||
| TOTAL DIRECT REAL ESTATE | 487,886 | 4.2 | ||||||||||||
| FIXED INCOME—1.3% | ||||||||||||||
| 7,534 | TIAA-CREF Core Bond Fund | 80,690 | 0.7 | |||||||||||
| 4,595 | TIAA-CREF Core Plus Bond Fund | 49,952 | 0.4 | |||||||||||
| 741 | TIAA-CREF Emerging Markets Debt Fund | 7,238 | 0.0 | |||||||||||
| 806 | TIAA-CREF High-Yield Fund | 7,604 | 0.1 | |||||||||||
| 800 | TIAA-CREF International Bond Fund | 8,003 | 0.1 | |||||||||||
| TOTAL FIXED INCOME | 153,487 | 1.3 | ||||||||||||
| INTERNATIONAL EQUITY—33.2% | ||||||||||||||
| 15,122 | Nuveen International Growth Fund | 822,046 | 7.1 | |||||||||||
| 43,070 | TIAA-CREF Emerging Markets Equity Fund | 484,108 | 4.2 | |||||||||||
| 83,213 | TIAA-CREF International Equity Fund | 1,164,153 | 10.0 | |||||||||||
| 43,900 | TIAA-CREF International Opportunities Fund | 820,484 | 7.1 | |||||||||||
| 47,310 | TIAA-CREF Quant International Small-Cap Equity Fund | 559,679 | 4.8 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 3,850,470 | 33.2 | ||||||||||||
| U.S. EQUITY—61.3% | ||||||||||||||
| 18,890 | Nuveen Dividend Growth Fund | 1,014,203 | 8.7 | |||||||||||
| 64,965 | Nuveen Dividend Value Fund | 1,026,439 | 8.9 | |||||||||||
| 45,510 | Nuveen Growth Opportunities ETF | 1,178,254 | 10.2 | |||||||||||
| 50,944 | TIAA-CREF Growth & Income Fund | 1,012,267 | 8.7 | |||||||||||
| 46,117 | TIAA-CREF Large-Cap Growth Fund | 1,209,198 | 10.4 | |||||||||||
| 45,803 | TIAA-CREF Large-Cap Value Fund | 1,027,360 | 8.9 | |||||||||||
| 13,101 | TIAA-CREF Quant Small-Cap Equity Fund | 293,585 | 2.5 | |||||||||||
| 19,309 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 342,549 | 3.0 | |||||||||||
| TOTAL U.S. EQUITY | 7,103,855 | 61.3 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $10,818,481) | 11,595,698 | 100.0 | |||||||||||
| TOTAL PORTFOLIO | (Cost $10,818,481) | 11,595,698 | 100.0 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | (1,965 | ) | (0.0 | ) | ||||||||||
| NET ASSETS | $ | 11,593,733 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| b | Restricted security. At 11/30/21, the total value of this security amounted to $487,886 or 4.2% of net assets. |
| 58 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
[This page intentionally left blank.]
| TIAA-CREF Lifecycle Funds ■ 2021 Annual Report | 59 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ November 30, 2021
| Lifecycle Retirement Income Fund | Lifecycle 2010 Fund | Lifecycle 2015 Fund | Lifecycle 2020 Fund | Lifecycle 2025 Fund | Lifecycle 2030 Fund | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Affiliated investments, at value‡ | $ | 632,185,335 | $ | 1,197,110,442 | $ | 1,712,368,377 | $ | 3,784,797,933 | $ | 5,370,284,938 | $ | 5,790,755,655 | ||||||||||||
| Cash | 749,140 | 533,310 | 2,033,445 | 3,612,914 | 7,424,466 | 7,076,510 | ||||||||||||||||||
| Receivable from securities transactions | 4,328,373 | 11,302,125 | 7,821,087 | 26,026,676 | 37,148,690 | 44,812,456 | ||||||||||||||||||
| Receivable from Fund shares sold | 54,476 | 66,503 | 239,213 | 383,253 | 724,932 | 1,383,698 | ||||||||||||||||||
| Dividends receivable | 563,652 | 1,091,609 | 1,471,790 | 3,088,642 | 3,849,064 | 3,471,786 | ||||||||||||||||||
| Due from affiliates | 86,952 | 140,387 | 193,415 | 423,104 | 613,962 | 726,361 | ||||||||||||||||||
| Other | 42,663 | 128,963 | 191,898 | 321,343 | 354,732 | 350,184 | ||||||||||||||||||
| Total assets | 638,010,591 | 1,210,373,339 | 1,724,319,225 | 3,818,653,865 | 5,420,400,784 | 5,848,576,650 | ||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||
| Management fees payable | 199,494 | 379,810 | 544,297 | 1,215,311 | 1,737,336 | 1,891,397 | ||||||||||||||||||
| Service agreement fees payable | 39,334 | 71,398 | 98,468 | 192,952 | 242,133 | 251,400 | ||||||||||||||||||
| Distribution fees payable | 32,635 | 7,402 | 11,099 | 25,630 | 36,621 | 38,845 | ||||||||||||||||||
| Due to affiliates | 7,721 | 7,790 | 8,796 | 12,565 | 15,285 | 15,951 | ||||||||||||||||||
| Payable for securities transactions | 1,199,384 | 1,562,367 | 3,214,761 | 7,230,150 | 13,082,600 | 15,208,380 | ||||||||||||||||||
| Payable for Fund shares redeemed | 3,780,500 | 6,300,601 | 6,759,957 | 20,916,688 | 29,733,462 | 31,196,609 | ||||||||||||||||||
| Payable for trustee compensation | 42,285 | 128,146 | 190,731 | 318,843 | 351,325 | 346,580 | ||||||||||||||||||
| Accrued expenses and other payables | 29,979 | 47,699 | 51,498 | 85,340 | 107,435 | 109,801 | ||||||||||||||||||
| Total liabilities | 5,331,332 | 8,505,213 | 10,879,607 | 29,997,479 | 45,306,197 | 49,058,963 | ||||||||||||||||||
| NET ASSETS | $ | 632,679,259 | $ | 1,201,868,126 | $ | 1,713,439,618 | $ | 3,788,656,386 | $ | 5,375,094,587 | $ | 5,799,517,687 | ||||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
| Paid-in-capital | $ | 527,613,180 | $ | 933,918,059 | $ | 1,402,451,894 | $ | 3,044,835,836 | $ | 4,249,434,102 | $ | 4,474,816,782 | ||||||||||||
| Total distributable earnings (loss) | 105,066,079 | 267,950,067 | 310,987,724 | 743,820,550 | 1,125,660,485 | 1,324,700,905 | ||||||||||||||||||
| NET ASSETS | $ | 632,679,259 | $ | 1,201,868,126 | $ | 1,713,439,618 | $ | 3,788,656,386 | $ | 5,375,094,587 | $ | 5,799,517,687 | ||||||||||||
| INSTITUTIONAL CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 280,433,980 | $ | 804,653,881 | $ | 1,158,680,722 | $ | 2,670,987,444 | $ | 3,941,099,395 | $ | 4,310,143,143 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 21,804,161 | 65,183,061 | 105,821,700 | 234,307,447 | 331,071,941 | 354,284,326 | ||||||||||||||||||
| Net asset value per share | $ | 12.86 | $ | 12.34 | $ | 10.95 | $ | 11.40 | $ | 11.90 | $ | 12.17 | ||||||||||||
| ADVISOR CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 1,111,130 | $ | 181,495 | $ | 433,386 | $ | 390,902 | $ | 458,045 | $ | 610,198 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 86,396 | 14,677 | 39,640 | 34,318 | 38,511 | 50,173 | ||||||||||||||||||
| Net asset value per share | $ | 12.86 | $ | 12.37 | $ | 10.93 | $ | 11.39 | $ | 11.89 | $ | 12.16 | ||||||||||||
| PREMIER CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 18,510,771 | $ | 57,095,383 | $ | 84,993,549 | $ | 198,955,619 | $ | 283,866,214 | $ | 299,067,093 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,440,060 | 4,641,076 | 7,804,897 | 17,515,689 | 23,982,275 | 24,738,021 | ||||||||||||||||||
| Net asset value per share | $ | 12.85 | $ | 12.30 | $ | 10.89 | $ | 11.36 | $ | 11.84 | $ | 12.09 | ||||||||||||
| RETIREMENT CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 187,503,113 | $ | 339,937,367 | $ | 469,331,961 | $ | 918,322,421 | $ | 1,149,670,933 | $ | 1,189,697,253 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 14,616,733 | 22,725,883 | 33,587,296 | 61,471,663 | 72,754,150 | 71,906,962 | ||||||||||||||||||
| Net asset value per share | $ | 12.83 | $ | 14.96 | $ | 13.97 | $ | 14.94 | $ | 15.80 | $ | 16.54 | ||||||||||||
| RETAIL CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 145,120,265 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 11,300,992 | — | — | — | — | — | ||||||||||||||||||
| Net asset value per share | $ | 12.84 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| ‡ Affiliated investments, cost | $ | 552,968,861 | $ | 1,015,554,017 | $ | 1,512,611,691 | $ | 3,305,997,508 | $ | 4,635,430,903 | $ | 4,917,374,454 | ||||||||||||
| 60 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 61 |
| Statements of assets and liabilities (unaudited) | concluded |
| TIAA-CREF Funds ■ November 30, 2021 | |
| Lifecycle 2035 Fund | Lifecycle 2040 Fund | Lifecycle 2045 Fund | Lifecycle 2050 Fund | Lifecycle 2055 Fund | Lifecycle 2060 Fund | Lifecycle 2065 Fund | ||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||
| Affiliated investments, at value‡ | $ | 5,961,840,227 | $ | 7,090,802,069 | $ | 4,690,001,730 | $ | 3,452,333,049 | $ | 1,495,605,812 | $ | 454,446,166 | $ | 11,595,698 | ||||||||||||||
| Cash | 6,058,165 | 6,803,535 | 4,748,926 | 3,112,808 | 1,400,676 | 725,443 | 489,687 | |||||||||||||||||||||
| Receivable from securities transactions | 54,396,526 | 58,847,751 | 37,633,612 | 26,379,020 | 9,679,798 | 1,812,354 | 550,801 | |||||||||||||||||||||
| Receivable from Fund shares sold | 1,268,635 | 2,277,902 | 1,712,890 | 1,058,366 | 633,741 | 326,724 | 1,919 | |||||||||||||||||||||
| Dividends receivable | 2,877,606 | 2,317,859 | 738,246 | 326,915 | 105,441 | 21,575 | 271 | |||||||||||||||||||||
| Due from affiliates | 813,240 | 1,023,126 | 727,526 | 566,568 | 254,171 | 90,191 | 11,179 | |||||||||||||||||||||
| Other | 353,960 | 444,712 | 197,548 | 128,262 | 39,049 | 7,264 | 51 | |||||||||||||||||||||
| Total assets | 6,027,608,359 | 7,162,516,954 | 4,735,760,478 | 3,483,904,988 | 1,507,718,688 | 457,429,717 | 12,649,606 | |||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||
| Management fees payable | 1,969,932 | 2,351,857 | 1,557,519 | 1,146,225 | 494,893 | 149,047 | 3,173 | |||||||||||||||||||||
| Service agreement fees payable | 230,969 | 276,203 | 154,274 | 109,478 | 47,746 | 13,839 | 270 | |||||||||||||||||||||
| Distribution fees payable | 42,085 | 49,397 | 34,825 | 24,716 | 11,586 | 2,801 | 98 | |||||||||||||||||||||
| Due to affiliates | 16,287 | 18,276 | 13,831 | 11,584 | 8,089 | 6,250 | 5,536 | |||||||||||||||||||||
| Payable for securities transactions | 18,027,225 | 24,568,349 | 17,851,103 | 15,258,653 | 6,494,252 | 2,095,681 | 1,028,246 | |||||||||||||||||||||
| Payable for Fund shares redeemed | 35,562,833 | 31,855,397 | 16,830,983 | 8,068,652 | 2,463,799 | 298,661 | 841 | |||||||||||||||||||||
| Payable for trustee compensation | 350,264 | 440,328 | 194,738 | 126,220 | 38,189 | 7,039 | 46 | |||||||||||||||||||||
| Accrued expenses and other payables | 110,730 | 123,142 | 76,936 | 59,201 | 60,416 | 17,527 | 17,663 | |||||||||||||||||||||
| Total liabilities | 56,310,325 | 59,682,949 | 36,714,209 | 24,804,729 | 9,618,970 | 2,590,845 | 1,055,873 | |||||||||||||||||||||
| NET ASSETS | $ | 5,971,298,034 | $ | 7,102,834,005 | $ | 4,699,046,269 | $ | 3,459,100,259 | $ | 1,498,099,718 | $ | 454,838,872 | $ | 11,593,733 | ||||||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
| Paid-in-capital | $ | 4,462,602,603 | $ | 5,136,981,615 | $ | 3,272,322,894 | $ | 2,446,506,985 | $ | 1,114,771,203 | $ | 366,200,908 | $ | 10,390,272 | ||||||||||||||
| Total distributable earnings (loss) | 1,508,695,431 | 1,965,852,390 | 1,426,723,375 | 1,012,593,274 | 383,328,515 | 88,637,964 | 1,203,461 | |||||||||||||||||||||
| NET ASSETS | $ | 5,971,298,034 | $ | 7,102,834,005 | $ | 4,699,046,269 | $ | 3,459,100,259 | $ | 1,498,099,718 | $ | 454,838,872 | $ | 11,593,733 | ||||||||||||||
| INSTITUTIONAL CLASS: | ||||||||||||||||||||||||||||
| Net assets | $ | 4,558,754,349 | $ | 5,424,631,107 | $ | 3,708,393,766 | $ | 2,756,485,885 | $ | 1,184,363,692 | $ | 367,557,544 | $ | 8,906,243 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 363,890,008 | 427,655,887 | 235,086,540 | 171,920,819 | 63,611,847 | 23,613,257 | 705,974 | |||||||||||||||||||||
| Net asset value per share | $ | 12.53 | $ | 12.68 | $ | 15.77 | $ | 16.03 | $ | 18.62 | $ | 15.57 | $ | 12.62 | ||||||||||||||
| ADVISOR CLASS: | ||||||||||||||||||||||||||||
| Net assets | $ | 485,408 | $ | 278,280 | $ | 180,492 | $ | 311,642 | $ | 170,487 | $ | 244,628 | $ | 630,097 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 38,816 | 21,972 | 11,445 | 19,450 | 9,161 | 15,735 | 50,000 | |||||||||||||||||||||
| Net asset value per share | $ | 12.51 | $ | 12.67 | $ | 15.77 | $ | 16.02 | $ | 18.61 | $ | 15.55 | $ | 12.60 | ||||||||||||||
| PREMIER CLASS: | ||||||||||||||||||||||||||||
| Net assets | $ | 323,839,419 | $ | 379,719,699 | $ | 266,287,508 | $ | 189,453,128 | $ | 89,557,298 | $ | 21,819,468 | $ | 764,312 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 25,960,445 | 30,063,837 | 16,979,324 | 11,875,732 | 4,833,392 | 1,406,061 | 60,755 | |||||||||||||||||||||
| Net asset value per share | $ | 12.47 | $ | 12.63 | $ | 15.68 | $ | 15.95 | $ | 18.53 | $ | 15.52 | $ | 12.58 | ||||||||||||||
| RETIREMENT CLASS: | ||||||||||||||||||||||||||||
| Net assets | $ | 1,088,218,858 | $ | 1,298,204,919 | $ | 724,184,503 | $ | 512,849,604 | $ | 224,008,241 | $ | 65,217,232 | $ | 1,293,081 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 62,306,251 | 71,147,874 | 46,388,449 | 32,328,967 | 12,107,126 | 4,212,329 | 102,456 | |||||||||||||||||||||
| Net asset value per share | $ | 17.47 | $ | 18.25 | $ | 15.61 | $ | 15.86 | $ | 18.50 | $ | 15.48 | $ | 12.62 | ||||||||||||||
| ‡ Affiliated investments, cost | $ | 4,960,346,293 | $ | 5,778,206,157 | $ | 3,704,501,794 | $ | 2,741,713,569 | $ | 1,223,205,455 | $ | 388,627,514 | $ | 10,818,481 | ||||||||||||||
| 62 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 63 |
Statement of operations (unaudited)
TIAA-CREF Funds ■ For the period or year ended November 30, 2021
| 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 | $ | 6,778,077 | $ | 13,475,374 | $ | 18,369,331 | $ | 37,563,754 | $ | 47,682,609 | $ | 45,592,902 | ||||||||||||
| Total income | 6,778,077 | 13,475,374 | 18,369,331 | 37,563,754 | 47,682,609 | 45,592,902 | ||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||
| Management fees | 1,189,553 | 2,364,386 | 3,407,895 | 7,498,327 | 10,563,522 | 11,423,574 | ||||||||||||||||||
| Shareholder servicing – Institutional Class | 454 | 479 | 598 | 1,173 | 1,591 | 1,650 | ||||||||||||||||||
| Shareholder servicing – Advisor Class | 356 | 62 | 231 | 96 | 159 | 153 | ||||||||||||||||||
| Shareholder servicing – Premier Class | 45 | 48 | 53 | 87 | 104 | 112 | ||||||||||||||||||
| Shareholder servicing – Retirement Class | 244,640 | 447,968 | 616,132 | 1,213,172 | 1,502,949 | 1,553,374 | ||||||||||||||||||
| Shareholder servicing – Retail Class | 19,281 | — | — | — | — | — | ||||||||||||||||||
| Distribution fees – Premier Class | 14,751 | 54,117 | 80,961 | 179,907 | 246,968 | 262,907 | ||||||||||||||||||
| Distribution fees – Retail Class | 184,025 | — | — | — | — | — | ||||||||||||||||||
| Registration fees | 37,815 | 32,710 | 32,642 | 35,237 | 35,173 | 36,352 | ||||||||||||||||||
| Administrative service fees | 26,174 | 26,118 | 29,382 | 41,832 | 51,273 | 53,757 | ||||||||||||||||||
| Professional fees | 15,852 | 23,578 | 11,194 | 13,916 | 15,918 | 16,540 | ||||||||||||||||||
| Shareholder reports | 9,686 | 14,585 | 14,922 | 22,545 | 30,315 | 33,614 | ||||||||||||||||||
| Custody and accounting fees | 5,257 | 5,255 | 5,255 | 5,255 | 5,255 | 5,249 | ||||||||||||||||||
| Trustee fees and expenses | 2,589 | 5,085 | 7,334 | 16,030 | 22,538 | 24,296 | ||||||||||||||||||
| Other expenses | 64,116 | 114,267 | 152,478 | 316,038 | 422,244 | 434,559 | ||||||||||||||||||
| Total expenses | 1,814,594 | 3,088,658 | 4,359,077 | 9,343,615 | 12,898,009 | 13,846,137 | ||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (145,416 | ) | (123,171 | ) | (115,609 | ) | (155,789 | ) | (186,211 | ) | (198,522 | ) | ||||||||||||
| Fee waiver by investment adviser and Nuveen Securities | (389,687 | ) | (774,549 | ) | (1,124,682 | ) | (2,498,251 | ) | (3,544,925 | ) | (3,950,306 | ) | ||||||||||||
| Net expenses | 1,279,491 | 2,190,938 | 3,118,786 | 6,689,575 | 9,166,873 | 9,697,309 | ||||||||||||||||||
| Net investment income (loss) | 5,498,586 | 11,284,436 | 15,250,545 | 30,874,179 | 38,515,736 | 35,895,593 | ||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||
| Realized gain (loss) from sale of affiliated investments | 10,060,130 | 32,678,016 | 45,959,433 | 102,581,147 | 152,139,222 | 178,748,154 | ||||||||||||||||||
| Net realized gain (loss) from investments | 10,060,130 | 32,678,016 | 45,959,433 | 102,581,147 | 152,139,222 | 178,748,154 | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (8,659,739 | ) | (28,896,284 | ) | (38,058,252 | ) | (84,447,986 | ) | (122,651,540 | ) | (141,896,366 | ) | ||||||||||||
| Net realized and unrealized gain (loss) from investments | 1,400,391 | 3,781,732 | 7,901,181 | 18,133,161 | 29,487,682 | 36,851,788 | ||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 6,898,977 | $ | 15,066,168 | $ | 23,151,726 | $ | 49,007,340 | $ | 68,003,418 | $ | 72,747,381 | ||||||||||||
| 64 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 65 |
| Statement of operations (unaudited) | concluded |
| TIAA-CREF Funds ■ For the period or year ended November 30, 2021 |
| Lifecycle 2035 Fund | Lifecycle 2040 Fund | Lifecycle 2045 Fund | Lifecycle 2050 Fund | Lifecycle 2055 Fund | Lifecycle 2060 Fund | Lifecycle 2065 Fund | ||||||||||||||||||||||
| INVESTMENT INCOME | ||||||||||||||||||||||||||||
| Dividends from affiliated investments | $ | 41,223,481 | $ | 43,432,212 | $ | 25,159,256 | $ | 17,658,994 | $ | 7,415,432 | $ | 2,146,374 | $ | 39,185 | ||||||||||||||
| Total income | 41,223,481 | 43,432,212 | 25,159,256 | 17,658,994 | 7,415,432 | 2,146,374 | 39,185 | |||||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||||||
| Management fees | 11,867,997 | 14,086,427 | 9,230,491 | 6,758,212 | 2,887,338 | 841,298 | 15,284 | |||||||||||||||||||||
| Shareholder servicing – Institutional Class | 1,727 | 2,007 | 1,600 | 1,383 | 1,395 | 694 | 126 | |||||||||||||||||||||
| Shareholder servicing – Advisor Class | 207 | 114 | 26 | 121 | 27 | 80 | 24 | |||||||||||||||||||||
| Shareholder servicing – Premier Class | 117 | 127 | 99 | 77 | 58 | 43 | 29 | |||||||||||||||||||||
| Shareholder servicing – Retirement Class | 1,427,710 | 1,709,591 | 957,031 | 677,626 | 295,686 | 82,457 | 1,291 | |||||||||||||||||||||
| Distribution fees – Premier Class | 284,609 | 319,342 | 225,563 | 153,975 | 71,060 | 15,701 | 571 | |||||||||||||||||||||
| Registration fees | 33,476 | 34,560 | 32,910 | 32,071 | 31,503 | 30,233 | 35,669 | |||||||||||||||||||||
| Administrative service fees | 54,967 | 61,705 | 46,929 | 39,392 | 27,535 | 21,281 | 18,724 | |||||||||||||||||||||
| Professional fees | 16,805 | 18,345 | 15,240 | 13,580 | 10,989 | 9,556 | 7,008 | |||||||||||||||||||||
| Shareholder reports | 35,063 | 42,017 | 33,417 | 30,820 | 21,892 | 15,499 | 6,582 | |||||||||||||||||||||
| Custody and accounting fees | 5,245 | 5,247 | 5,247 | 5,247 | 5,249 | 5,219 | 5,228 | |||||||||||||||||||||
| Trustee fees and expenses | 25,112 | 29,781 | 19,574 | 14,348 | 6,138 | 1,813 | 31 | |||||||||||||||||||||
| Other expenses | 426,988 | 472,078 | 294,208 | 215,507 | 98,976 | 37,751 | 10,411 | |||||||||||||||||||||
| Total expenses | 14,180,023 | 16,781,341 | 10,862,335 | 7,942,359 | 3,457,846 | 1,061,625 | 100,978 | |||||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (199,605 | ) | (223,247 | ) | (181,282 | ) | (161,780 | ) | (123,364 | ) | (98,849 | ) | (83,408 | ) | ||||||||||||||
| Fee waiver by investment adviser and Nuveen Securities | (4,407,640 | ) | (5,558,426 | ) | (3,697,932 | ) | (2,878,494 | ) | (1,225,689 | ) | (365,500 | ) | (6,722 | ) | ||||||||||||||
| Net expenses | 9,572,778 | 10,999,668 | 6,983,121 | 4,902,085 | 2,108,793 | 597,276 | 10,848 | |||||||||||||||||||||
| Net investment income (loss) | 31,650,703 | 32,432,544 | 18,176,135 | 12,756,909 | 5,306,639 | 1,549,098 | 28,337 | |||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||||||
| Realized gain (loss) from sale of affiliated investments | 203,725,377 | 264,041,349 | 172,941,604 | 119,191,505 | 45,123,157 | 10,257,003 | 173,329 | |||||||||||||||||||||
| Net realized gain (loss) from investments | 203,725,377 | 264,041,349 | 172,941,604 | 119,191,505 | 45,123,157 | 10,257,003 | 173,329 | |||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (159,727,496 | ) | (205,368,523 | ) | (131,365,000 | ) | (88,886,012 | ) | (32,849,670 | ) | (7,335,952 | ) | (240,688 | ) | ||||||||||||||
| Net realized and unrealized gain (loss) from investments | 43,997,881 | 58,672,826 | 41,576,604 | 30,305,493 | 12,273,487 | 2,921,051 | (67,359 | ) | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 75,648,584 | $ | 91,105,370 | $ | 59,752,739 | $ | 43,062,402 | $ | 17,580,126 | $ | 4,470,149 | $ | (39,022 | ) | |||||||||||||
| 66 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 67 |
Statement of changes in net assets
TIAA-CREF Funds ■ For the period or year ended
| Lifecycle Retirement Income Fund | Lifecycle 2010 Fund | Lifecycle 2015 Fund | ||||||||||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 5,498,586 | $ | 9,979,078 | $ | 11,284,436 | $ | 21,865,262 | $ | 15,250,545 | $ | 31,460,127 | ||||||||||||||
| Net realized gain (loss) from investments | 10,060,130 | 42,410,187 | 32,678,016 | 115,876,689 | 45,959,433 | 122,089,493 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (8,659,739 | ) | 39,922,185 | (28,896,284 | ) | 60,717,409 | (38,058,252 | ) | 162,629,645 | |||||||||||||||||
| Net increase (decrease) in net assets from operations | 6,898,977 | 92,311,450 | 15,066,168 | 198,459,360 | 23,151,726 | 316,179,265 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| Institutional Class | (2,216,310 | ) | (13,292,127 | ) | — | (63,091,692 | ) | — | (70,995,502 | ) | ||||||||||||||||
| Advisor Class | (6,776 | ) | (19,563 | ) | — | (13,352 | ) | — | (14,828 | ) | ||||||||||||||||
| Premier Class | (146,517 | ) | (994,097 | ) | — | (6,130,724 | ) | — | (6,453,978 | ) | ||||||||||||||||
| Retirement Class | (1,402,124 | ) | (10,268,344 | ) | — | (24,848,226 | ) | — | (23,365,699 | ) | ||||||||||||||||
| Retail | (1,035,449 | ) | (7,195,960 | ) | — | — | — | — | ||||||||||||||||||
| Total distributions | (4,807,176 | ) | (31,770,091 | ) | — | (94,083,994 | ) | — | (100,830,007 | ) | ||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 52,847,491 | 43,900,793 | 33,986,106 | 169,967,222 | 26,675,549 | 128,945,911 | |||||||||||||||||||
| Advisor Class | 540,190 | 238,116 | 15,337 | 4,195 | 175,000 | 35,000 | ||||||||||||||||||||
| Premier Class | 3,894,818 | 4,897,482 | 3,567,899 | 10,144,416 | 4,066,305 | 14,025,542 | ||||||||||||||||||||
| Retirement Class | 3,301,542 | 22,640,293 | 8,123,508 | 31,070,718 | 12,008,116 | 20,342,406 | ||||||||||||||||||||
| Retail | 5,799,580 | 12,729,295 | — | — | — | — | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 2,201,310 | 13,191,569 | — | 63,079,864 | — | 70,875,182 | |||||||||||||||||||
| Advisor Class | 5,816 | 13,004 | — | 3,790 | — | 7,916 | ||||||||||||||||||||
| Premier Class | 146,354 | 993,063 | — | 6,130,724 | — | 6,453,978 | ||||||||||||||||||||
| Retirement Class | 1,402,124 | 10,268,346 | — | 24,848,226 | — | 23,365,699 | ||||||||||||||||||||
| Retail | 1,003,402 | 6,988,443 | — | — | — | — | ||||||||||||||||||||
| Redemptions: | Institutional Class | (20,114,916 | ) | (55,656,684 | ) | (76,034,534 | ) | (180,930,067 | ) | (101,302,093 | ) | (207,223,499 | ) | |||||||||||||
| Advisor Class | (30,168 | ) | (8,337 | ) | — | (338 | ) | — | — | |||||||||||||||||
| Premier Class | (4,775,605 | ) | (6,074,799 | ) | (25,382,927 | ) | (17,791,112 | ) | (36,897,970 | ) | (24,739,297 | ) | ||||||||||||||
| Retirement Class | (18,367,977 | ) | (31,796,413 | ) | (40,432,694 | ) | (75,481,816 | ) | (49,337,749 | ) | (100,996,727 | ) | ||||||||||||||
| Retail | (6,277,221 | ) | (12,425,992 | ) | — | — | — | — | ||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 21,576,740 | 9,898,179 | (96,157,305 | ) | 31,045,822 | (144,612,842 | ) | (68,907,889 | ) | |||||||||||||||||
| Net increase (decrease) in net assets | 23,668,541 | 70,439,538 | (81,091,137 | ) | 135,421,188 | (121,461,116 | ) | 146,441,369 | ||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 609,010,718 | 538,571,180 | 1,282,959,263 | 1,147,538,076 | 1,834,900,734 | 1,688,459,365 | ||||||||||||||||||||
| End of period | $ | 632,679,259 | $ | 609,010,718 | $ | 1,201,868,126 | $ | 1,282,959,264 | $ | 1,713,439,618 | $ | 1,834,900,734 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 4,068,650 | 3,559,443 | 2,748,214 | 14,418,958 | 2,431,136 | 12,603,762 | |||||||||||||||||||
| Advisor Class | 41,722 | 19,210 | 1,232 | 364 | 16,038 | 3,597 | ||||||||||||||||||||
| Premier Class | 300,564 | 397,719 | 289,116 | 857,964 | 371,281 | 1,361,143 | ||||||||||||||||||||
| Retirement Class | 255,524 | 1,842,517 | 541,120 | 2,174,784 | 855,297 | 1,540,135 | ||||||||||||||||||||
| Retail | 448,013 | 1,030,119 | — | — | — | — | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | 171,129 | 1,078,515 | — | 5,409,937 | — | 6,901,186 | |||||||||||||||||||
| Advisor Class | 450 | 1,061 | — | 324 | — | 771 | ||||||||||||||||||||
| Premier Class | 11,380 | 81,178 | — | 527,147 | — | 630,887 | ||||||||||||||||||||
| Retirement Class | 109,304 | 840,635 | — | 1,754,818 | — | 1,778,211 | ||||||||||||||||||||
| Retail | 78,114 | 571,584 | — | — | — | — | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (1,554,578 | ) | (4,527,666 | ) | (6,152,954 | ) | (15,215,826 | ) | (9,207,074 | ) | (20,100,659 | ) | |||||||||||||
| Advisor Class | (2,304 | ) | (655 | ) | — | (29 | ) | — | — | |||||||||||||||||
| Premier Class | (368,547 | ) | (494,181 | ) | (2,046,296 | ) | (1,484,308 | ) | (3,354,958 | ) | (2,382,966 | ) | ||||||||||||||
| Retirement Class | (1,424,421 | ) | (2,590,037 | ) | (2,698,143 | ) | (5,258,927 | ) | (3,511,483 | ) | (7,693,734 | ) | ||||||||||||||
| Retail | (485,626 | ) | (1,008,412 | ) | — | — | — | — | ||||||||||||||||||
| Net increase (decrease) from shareholder transactions | 1,649,374 | 801,030 | (7,317,711 | ) | 3,185,206 | (12,399,763 | ) | (5,357,667 | ) | |||||||||||||||||
| 68 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 69 |
| Statement of changes in net assets | continued |
| TIAA-CREF Funds ■ For the period or year ended |
| Lifecycle 2020 Fund | Lifecycle 2025 Fund | Lifecycle 2030 Fund | ||||||||||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 30,874,179 | $ | 67,317,017 | $ | 38,515,736 | $ | 85,718,140 | $ | 35,895,593 | $ | 85,850,166 | ||||||||||||||
| Net realized gain (loss) from investments | 102,581,147 | 290,435,751 | 152,139,222 | 408,597,677 | 178,748,154 | 456,745,539 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (84,447,986 | ) | 383,314,339 | (122,651,540 | ) | 615,869,733 | (141,896,366 | ) | 757,057,969 | |||||||||||||||||
| Net increase (decrease) in net assets from operations | 49,007,340 | 741,067,107 | 68,003,418 | 1,110,185,550 | 72,747,381 | 1,299,653,674 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| Institutional Class | — | (169,542,639 | ) | — | (228,400,100 | ) | — | (253,904,486 | ) | |||||||||||||||||
| Advisor Class | — | (7,787 | ) | — | (9,950 | ) | — | (31,365 | ) | |||||||||||||||||
| Premier Class | — | (15,870,159 | ) | — | (19,632,772 | ) | — | (22,524,246 | ) | |||||||||||||||||
| Retirement Class | — | (48,465,010 | ) | — | (55,917,737 | ) | — | (58,159,418 | ) | |||||||||||||||||
| Total distributions | — | (233,885,595 | ) | — | (303,960,559 | ) | — | (334,619,515 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 95,083,011 | 273,046,939 | 142,780,617 | 400,871,182 | 184,607,367 | 423,447,803 | |||||||||||||||||||
| Advisor Class | 304 | 944,061 | 4,581 | 383,323 | 86,013 | 140,974 | ||||||||||||||||||||
| Premier Class | 14,100,709 | 17,377,062 | 23,804,672 | 32,920,235 | 26,264,716 | 39,187,488 | ||||||||||||||||||||
| Retirement Class | 20,893,241 | 45,567,956 | 34,304,517 | 71,398,285 | 35,887,599 | 81,716,107 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 169,095,637 | — | 227,226,911 | — | 253,167,318 | |||||||||||||||||||
| Advisor Class | — | 262 | — | 2,302 | — | 23,125 | ||||||||||||||||||||
| Premier Class | — | 15,867,142 | — | 19,632,772 | — | 22,524,246 | ||||||||||||||||||||
| Retirement Class | — | 48,462,386 | — | 55,916,502 | — | 58,158,131 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (170,600,532 | ) | (435,250,022 | ) | (160,345,925 | ) | (413,178,900 | ) | (143,526,036 | ) | (373,856,722 | ) | |||||||||||||
| Advisor Class | (345,577 | ) | (628,688 | ) | (105,460 | ) | (5,318 | ) | — | (38,856 | ) | |||||||||||||||
| Premier Class | (71,661,889 | ) | (63,109,751 | ) | (81,617,652 | ) | (61,742,663 | ) | (102,411,140 | ) | (64,887,458 | ) | ||||||||||||||
| Retirement Class | (107,773,998 | ) | (190,216,613 | ) | (116,301,739 | ) | (217,012,692 | ) | (115,522,623 | ) | (183,071,813 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | (220,304,731 | ) | (118,843,629 | ) | (157,476,389 | ) | 116,411,939 | (114,614,104 | ) | 256,510,343 | ||||||||||||||||
| Net increase (decrease) in net assets | (171,297,391 | ) | 388,337,883 | (89,472,971 | ) | 922,636,930 | (41,866,723 | ) | 1,221,544,502 | |||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 3,959,953,777 | 3,571,615,894 | 5,464,567,558 | 4,541,930,627 | 5,841,384,410 | 4,619,839,909 | ||||||||||||||||||||
| End of period | $ | 3,788,656,386 | $ | 3,959,953,777 | $ | 5,375,094,587 | $ | 5,464,567,557 | $ | 5,799,517,687 | $ | 5,841,384,411 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 8,314,626 | 25,649,378 | 11,934,248 | 36,496,743 | 15,060,082 | 37,991,391 | |||||||||||||||||||
| Advisor Class | 25 | 87,067 | 376 | 34,023 | 6,898 | 12,974 | ||||||||||||||||||||
| Premier Class | 1,236,876 | 1,630,836 | 1,996,837 | 2,986,571 | 2,156,908 | 3,506,632 | ||||||||||||||||||||
| Retirement Class | 1,386,914 | 3,260,988 | 2,152,130 | 4,896,842 | 2,153,332 | 5,399,842 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 15,892,447 | — | 20,656,992 | — | 22,766,845 | |||||||||||||||||||
| Advisor Class | — | 25 | — | 210 | — | 2,080 | ||||||||||||||||||||
| Premier Class | — | 1,495,489 | — | 1,792,947 | — | 2,036,550 | ||||||||||||||||||||
| Retirement Class | — | 3,469,033 | — | 3,822,044 | — | 3,836,288 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (14,909,772 | ) | (40,645,402 | ) | (13,406,086 | ) | (37,691,035 | ) | (11,732,256 | ) | (33,867,496 | ) | |||||||||||||
| Advisor Class | (30,255 | ) | (58,111 | ) | (8,891 | ) | (471 | ) | — | (3,453 | ) | |||||||||||||||
| Premier Class | (6,243,542 | ) | (5,879,748 | ) | (6,800,113 | ) | (5,586,772 | ) | (8,361,542 | ) | (5,780,028 | ) | ||||||||||||||
| Retirement Class | (7,167,770 | ) | (13,584,155 | ) | (7,301,828 | ) | (14,830,291 | ) | (6,922,845 | ) | (12,064,916 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | (17,412,898 | ) | (8,682,153 | ) | (11,433,327 | ) | 12,577,803 | (7,639,423 | ) | 23,836,709 | ||||||||||||||||
| 70 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 71 |
| Statement of changes in net assets | continued |
| TIAA-CREF Funds ■ For the period or year ended |
| Lifecycle 2035 Fund | Lifecycle 2040 Fund | Lifecycle 2045 Fund | ||||||||||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 31,650,703 | $ | 84,808,429 | $ | 32,432,544 | $ | 94,311,326 | $ | 18,176,135 | $ | 55,636,861 | ||||||||||||||
| Net realized gain (loss) from investments | 203,725,377 | 516,134,180 | 264,041,349 | 674,545,233 | 172,941,604 | 456,446,338 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (159,727,496 | ) | 874,364,600 | (205,368,523 | ) | 1,149,563,307 | (131,365,000 | ) | 802,570,683 | |||||||||||||||||
| Net increase (decrease) in net assets from operations | 75,648,584 | 1,475,307,209 | 91,105,370 | 1,918,419,866 | 59,752,739 | 1,314,653,882 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| Institutional Class | — | (286,156,220 | ) | — | (371,346,365 | ) | — | (219,792,380 | ) | |||||||||||||||||
| Advisor Class | — | (30,802 | ) | — | (20,305 | ) | — | (13,606 | ) | |||||||||||||||||
| Premier Class | — | (25,272,007 | ) | — | (31,398,502 | ) | — | (19,260,742 | ) | |||||||||||||||||
| Retirement Class | — | (55,861,878 | ) | — | (71,910,536 | ) | — | (51,651,316 | ) | |||||||||||||||||
| Total distributions | — | (367,320,907 | ) | — | (474,675,708 | ) | — | (290,718,044 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 178,303,117 | 400,726,391 | 178,551,479 | 393,505,873 | 176,566,750 | 358,204,753 | |||||||||||||||||||
| Advisor Class | 7,340 | 7,000 | 4,745 | 44,310 | 27,086 | — | ||||||||||||||||||||
| Premier Class | 27,427,463 | 33,730,604 | 27,806,021 | 30,467,712 | 26,735,189 | 28,909,155 | ||||||||||||||||||||
| Retirement Class | 29,191,546 | 64,509,776 | 23,463,501 | 61,605,749 | 23,857,366 | 54,990,544 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 285,384,360 | — | 370,539,877 | — | 219,189,825 | |||||||||||||||||||
| Advisor Class | — | 21,817 | — | 10,334 | — | 3,319 | ||||||||||||||||||||
| Premier Class | — | 25,272,007 | — | 31,398,502 | — | 19,260,742 | ||||||||||||||||||||
| Retirement Class | — | 55,849,449 | — | 71,892,450 | — | 51,644,106 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (144,026,538 | ) | (378,123,271 | ) | (132,489,511 | ) | (412,209,014 | ) | (70,383,897 | ) | (230,254,889 | ) | |||||||||||||
| Advisor Class | — | (4,341 | ) | (35,563 | ) | (9,362 | ) | (6 | ) | (47,195 | ) | |||||||||||||||
| Premier Class | (105,926,656 | ) | (62,116,062 | ) | (96,700,028 | ) | (85,769,384 | ) | (74,625,605 | ) | (44,242,600 | ) | ||||||||||||||
| Retirement Class | (112,052,509 | ) | (183,116,951 | ) | (133,877,150 | ) | (225,239,956 | ) | (89,433,223 | ) | (132,607,623 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | (127,076,237 | ) | 242,140,779 | (133,276,506 | ) | 236,237,091 | (7,256,340 | ) | 325,050,137 | |||||||||||||||||
| Net increase (decrease) in net assets | (51,427,653 | ) | 1,350,127,081 | (42,171,136 | ) | 1,679,981,249 | 52,496,399 | 1,348,985,975 | ||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 6,022,725,687 | 4,672,598,606 | 7,145,005,141 | 5,465,023,893 | 4,646,549,870 | 3,297,563,895 | ||||||||||||||||||||
| End of period | $ | 5,971,298,034 | $ | 6,022,725,687 | $ | 7,102,834,005 | $ | 7,145,005,142 | $ | 4,699,046,269 | $ | 4,646,549,870 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 14,108,969 | 35,285,927 | 13,938,662 | 34,643,712 | 11,066,392 | 25,783,485 | |||||||||||||||||||
| Advisor Class | 576 | 607 | 366 | 3,861 | 1,649 | — | ||||||||||||||||||||
| Premier Class | 2,181,151 | 2,950,557 | 2,181,856 | 2,660,627 | 1,684,532 | 2,062,781 | ||||||||||||||||||||
| Retirement Class | 1,654,263 | 4,074,502 | 1,267,677 | 3,796,695 | 1,509,131 | 3,962,329 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 25,188,381 | — | 32,675,474 | — | 15,723,804 | |||||||||||||||||||
| Advisor Class | — | 1,927 | — | 912 | — | 238 | ||||||||||||||||||||
| Premier Class | — | 2,236,461 | — | 2,778,628 | — | 1,388,662 | ||||||||||||||||||||
| Retirement Class | — | 3,528,076 | — | 4,397,092 | — | 3,736,911 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (11,432,661 | ) | (33,775,898 | ) | (10,391,441 | ) | (36,762,028 | ) | (4,431,190 | ) | (16,750,949 | ) | |||||||||||||
| Advisor Class | — | (383 | ) | (2,738 | ) | (827 | ) | — | (3,399 | ) | ||||||||||||||||
| Premier Class | (8,351,252 | ) | (5,429,866 | ) | (7,534,592 | ) | (7,456,320 | ) | (4,666,460 | ) | (3,155,713 | ) | ||||||||||||||
| Retirement Class | (6,352,769 | ) | (11,583,502 | ) | (7,259,907 | ) | (13,764,325 | ) | (5,666,208 | ) | (9,460,984 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | (8,191,723 | ) | 22,476,789 | (7,800,117 | ) | 22,973,501 | (502,154 | ) | 23,287,165 | |||||||||||||||||
| 72 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 73 |
| Statement of changes in net assets | continued |
| TIAA-CREF Funds ■ For the period or year ended |
| Lifecycle 2050 Fund | Lifecycle 2055 Fund | Lifecycle 2060 Fund | ||||||||||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 12,756,909 | $ | 39,461,321 | $ | 5,306,639 | $ | 15,890,035 | $ | 1,549,098 | $ | 3,933,864 | ||||||||||||||
| Net realized gain (loss) from investments | 119,191,505 | 302,167,739 | 45,123,157 | 103,131,321 | 10,257,003 | 21,466,861 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (88,886,012 | ) | 613,929,377 | (32,849,670 | ) | 273,582,516 | (7,335,952 | ) | 73,268,079 | |||||||||||||||||
| Net increase (decrease) in net assets from operations | 43,062,402 | 955,558,437 | 17,580,126 | 392,603,872 | 4,470,149 | 98,668,804 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| Institutional Class | — | (148,512,585 | ) | — | (49,583,491 | ) | — | (10,426,088 | ) | |||||||||||||||||
| Advisor Class | — | (9,660 | ) | — | (8,250 | ) | — | (6,520 | ) | |||||||||||||||||
| Premier Class | — | (11,719,937 | ) | — | (4,268,491 | ) | — | (684,320 | ) | |||||||||||||||||
| Retirement Class | — | (32,907,302 | ) | — | (11,625,296 | ) | — | (2,264,142 | ) | |||||||||||||||||
| Total distributions | — | (193,149,484 | ) | — | (65,485,528 | ) | — | (13,381,070 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 138,458,082 | 293,468,235 | 95,978,721 | 193,224,719 | 56,867,679 | 98,630,215 | |||||||||||||||||||
| Advisor Class | 6,100 | 235,170 | 7,004 | — | 7,500 | 78,019 | ||||||||||||||||||||
| Premier Class | 21,857,357 | 23,008,007 | 11,856,895 | 14,998,337 | 5,361,637 | 5,891,351 | ||||||||||||||||||||
| Retirement Class | 20,161,162 | 48,985,065 | 12,612,291 | 27,529,742 | 8,160,191 | 17,187,660 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 148,342,907 | — | 49,456,094 | — | 10,404,168 | |||||||||||||||||||
| Advisor Class | — | — | — | 62 | — | 197 | ||||||||||||||||||||
| Premier Class | — | 11,717,967 | — | 4,267,574 | — | 678,121 | ||||||||||||||||||||
| Retirement Class | — | 32,907,260 | — | 11,622,900 | — | 2,263,534 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (41,418,824 | ) | (126,856,018 | ) | (16,889,030 | ) | (48,460,548 | ) | (6,683,310 | ) | (16,914,706 | ) | |||||||||||||
| Advisor Class | (95,415 | ) | (16,000 | ) | (1 | ) | — | (6,638 | ) | (98 | ) | |||||||||||||||
| Premier Class | (41,160,973 | ) | (30,167,278 | ) | (17,064,103 | ) | (10,645,488 | ) | (2,548,829 | ) | (3,042,802 | ) | ||||||||||||||
| Retirement Class | (64,134,774 | ) | (89,070,051 | ) | (29,285,291 | ) | (42,766,910 | ) | (7,566,784 | ) | (9,098,680 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 33,672,715 | 312,555,264 | 57,216,486 | 199,226,482 | 53,591,446 | 106,076,979 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 76,735,117 | 1,074,964,217 | 74,796,612 | 526,344,826 | 58,061,595 | 191,364,713 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 3,382,365,142 | 2,307,400,925 | 1,423,303,106 | 896,958,280 | 396,777,277 | 205,412,564 | ||||||||||||||||||||
| End of period | $ | 3,459,100,259 | $ | 3,382,365,142 | $ | 1,498,099,718 | $ | 1,423,303,106 | $ | 454,838,872 | $ | 396,777,277 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 8,530,073 | 20,942,238 | 5,092,944 | 11,972,711 | 3,608,959 | 7,240,931 | |||||||||||||||||||
| Advisor Class | 379 | 16,210 | 360 | — | 479 | 5,354 | ||||||||||||||||||||
| Premier Class | 1,354,196 | 1,626,882 | 632,039 | 925,109 | 341,968 | 438,803 | ||||||||||||||||||||
| Retirement Class | 1,253,135 | 3,508,863 | 674,777 | 1,700,785 | 520,748 | 1,264,795 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 10,505,871 | — | 3,019,298 | — | 761,095 | |||||||||||||||||||
| Advisor Class | — | — | — | 4 | — | 14 | ||||||||||||||||||||
| Premier Class | — | 832,833 | — | 261,494 | — | 49,716 | ||||||||||||||||||||
| Retirement Class | — | 2,348,841 | — | 712,624 | — | 166,070 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (2,558,125 | ) | (9,127,666 | ) | (899,337 | ) | (2,999,911 | ) | (424,138 | ) | (1,293,940 | ) | |||||||||||||
| Advisor Class | (5,886 | ) | (1,059 | ) | — | — | (416 | ) | (7 | ) | ||||||||||||||||
| Premier Class | (2,532,230 | ) | (2,133,139 | ) | (903,732 | ) | (646,619 | ) | (161,863 | ) | (219,819 | ) | ||||||||||||||
| Retirement Class | (3,996,438 | ) | (6,329,649 | ) | (1,564,208 | ) | (2,618,595 | ) | (483,302 | ) | (677,230 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 2,045,104 | 22,190,225 | 3,032,843 | 12,326,900 | 3,402,435 | 7,735,782 | ||||||||||||||||||||
| 74 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 75 |
| Statement of changes in net assets | concluded |
| TIAA-CREF Funds ■ For the period or year ended |
| Lifecycle 2065 Fund | ||||||||||
| November 30, 2021 | May 31, 2021 | § | ||||||||
| (unaudited) | ||||||||||
| OPERATIONS | ||||||||||
| Net investment income (loss) | $ | 28,337 | $ | 68,119 | ||||||
| Net realized gain (loss) from investments | 173,329 | 301,764 | ||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (240,688 | ) | 1,017,905 | |||||||
| Net increase (decrease) in net assets from operations | (39,022 | ) | 1,387,788 | |||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||
| Institutional Class | — | (101,770 | ) | |||||||
| Advisor Class | — | (14,285 | ) | |||||||
| Premier Class | — | (14,286 | ) | |||||||
| Retirement Class | — | (14,151 | ) | |||||||
| Total distributions | — | (144,492 | ) | |||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||
| Subscriptions: | Institutional Class | 4,381,855 | 3,988,378 | |||||||
| Advisor Class | — | 500,000 | ||||||||
| Premier Class | 30,468 | 598,791 | ||||||||
| Retirement Class | 607,076 | 678,273 | ||||||||
| Reinvestments of distributions: | Institutional Class | — | 461 | |||||||
| Advisor Class | — | — | ||||||||
| Premier Class | — | — | ||||||||
| Retirement Class | — | — | ||||||||
| Redemptions: | Institutional Class | (233,094 | ) | (41,150 | ) | |||||
| Advisor Class | — | — | ||||||||
| Premier Class | (227 | ) | (14 | ) | ||||||
| Retirement Class | (121,318 | ) | (40 | ) | ||||||
| Net increase (decrease) from shareholder transactions | 4,664,760 | 5,724,699 | ||||||||
| Net increase (decrease) in net assets | 4,625,738 | 6,967,995 | ||||||||
| NET ASSETS | ||||||||||
| Beginning of period | 6,967,995 | — | ||||||||
| End of period | $ | 11,593,733 | $ | 6,967,995 | ||||||
| CHANGE IN FUND SHARES | ||||||||||
| Shares sold: | Institutional Class | 337,020 | 390,564 | |||||||
| Advisor Class | — | 50,000 | ||||||||
| Premier Class | 2,371 | 58,403 | ||||||||
| Retirement Class | 47,261 | 64,587 | ||||||||
| Shares reinvested: | Institutional Class | — | 42 | |||||||
| Advisor Class | — | — | ||||||||
| Premier Class | — | — | ||||||||
| Retirement Class | — | — | ||||||||
| Shares redeemed: | Institutional Class | (18,192 | ) | (3,460 | ) | |||||
| Advisor Class | — | — | ||||||||
| Premier Class | (18 | ) | (1 | ) | ||||||
| Retirement Class | (9,388 | ) | (4 | ) | ||||||
| Net increase (decrease) from shareholder transactions | 359,054 | 560,131 | ||||||||
| § | For the period September 30, 2020 to May 31, 2021. |
| 76 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
[This page intentionally left blank.]
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 77 |
TIAA-CREF 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 | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE RETIREMENT INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $ 12.81 | $ 0.12 | $ 0.04 | $ 0.16 | $ (0.11 | ) | $ — | $ (0.11 | ) | $ 12.86 | 1.23 | %b | $ 280,434 | 0.43 | %c,g | 0.27 | %c,g | 1.87 | %c | 13 | %b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.52 | 0.23 | 1.76 | 1.99 | (0.31 | ) | (0.39 | ) | (0.70 | ) | 12.81 | 17.67 | 244,923 | 0.43 | g | 0.29 | g | 1.87 | 41 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.29 | 0.33 | 0.36 | 0.69 | (0.29 | ) | (0.17 | ) | (0.46 | ) | 11.52 | 6.14 | 219,016 | 0.48 | g | 0.33 | g | 2.84 | 30 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 12.81 | 0.12 | 0.03 | 0.15 | (0.10 | ) | — | (0.10 | ) | 12.86 | 1.19 | b | 1,111 | 0.51 | c,g | 0.35 | c,g | 1.78 | c | 13 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.52 | 0.20 | 1.78 | 1.98 | (0.30 | ) | (0.39 | ) | (0.69 | ) | 12.81 | 17.57 | 596 | 0.52 | g | 0.38 | g | 1.63 | 41 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.29 | 0.32 | 0.36 | 0.68 | (0.28 | ) | (0.17 | ) | (0.45 | ) | 11.52 | 6.04 | 310 | 0.57 | g | 0.42 | g | 2.74 | 30 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 12.80 | 0.11 | 0.04 | 0.15 | (0.10 | ) | — | (0.10 | ) | 12.85 | 1.15 | b | 18,511 | 0.58 | c,g | 0.42 | c,g | 1.70 | c | 13 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.51 | 0.21 | 1.76 | 1.97 | (0.29 | ) | (0.39 | ) | (0.68 | ) | 12.80 | 17.51 | 19,161 | 0.58 | g | 0.44 | g | 1.71 | 41 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.28 | 0.31 | 0.36 | 0.67 | (0.27 | ) | (0.17 | ) | (0.44 | ) | 11.51 | 5.97 | 17,410 | 0.63 | g | 0.48 | g | 2.69 | 30 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 12.78 | 0.11 | 0.03 | 0.14 | (0.09 | ) | — | (0.09 | ) | 12.83 | 1.11 | b | 187,503 | 0.68 | c,g | 0.50 | c,g | 1.63 | c | 13 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.49 | 0.20 | 1.76 | 1.96 | (0.28 | ) | (0.39 | ) | (0.67 | ) | 12.78 | 17.43 | 200,300 | 0.68 | g | 0.54 | g | 1.61 | 41 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.26 | 0.30 | 0.36 | 0.66 | (0.26 | ) | (0.17 | ) | (0.43 | ) | 11.49 | 5.88 | 179,106 | 0.73 | g | 0.58 | g | 2.59 | 30 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/21 | # | 12.79 | 0.10 | 0.04 | 0.14 | (0.09 | ) | — | (0.09 | ) | 12.84 | 1.11 | b | 145,120 | 0.70 | c,g | 0.52 | c,g | 1.62 | c | 13 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.51 | 0.20 | 1.75 | 1.95 | (0.28 | ) | (0.39 | ) | (0.67 | ) | 12.79 | 17.31 | 144,030 | 0.71 | g | 0.54 | g | 1.62 | 41 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.27 | 0.30 | 0.37 | 0.67 | (0.26 | ) | (0.17 | ) | (0.43 | ) | 11.51 | 5.97 | 122,730 | 0.75 | g | 0.58 | g | 2.58 | 30 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 78 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 79 |
| Financial highlights | continued |
| TIAA-CREF 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 | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2010 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $ 12.20 | $ 0.12 | $ 0.02 | $ 0.14 | $ — | $ — | $ — | $ 12.34 | 1.15 | %b | $ 804,654 | 0.41 | %c,g | 0.27 | %c,g | 1.87 | %c | 10 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.27 | 0.22 | 1.73 | 1.95 | (0.34 | ) | (0.68 | ) | (1.02 | ) | 12.20 | 17.75 | 836,684 | 0.42 | g | 0.29 | g | 1.84 | 38 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.14 | 0.32 | 0.38 | 0.70 | (0.30 | ) | (0.27 | ) | (0.57 | ) | 11.27 | 6.29 | 720,990 | 0.46 | g | 0.33 | g | 2.85 | 28 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 12.22 | 0.11 | 0.04 | 0.15 | — | — | — | 12.37 | 1.23 | b | 181 | 0.48 | c,g | 0.34 | c,g | 1.79 | c | 10 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.30 | 0.22 | 1.71 | 1.93 | (0.33 | ) | (0.68 | ) | (1.01 | ) | 12.22 | 17.57 | 164 | 0.49 | g | 0.36 | g | 1.81 | 38 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.15 | 0.19 | 0.53 | 0.72 | (0.30 | ) | (0.27 | ) | (0.57 | ) | 11.30 | 6.45 | 144 | 0.56 | g | 0.37 | g | 1.67 | 28 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 12.17 | 0.11 | 0.02 | 0.13 | — | — | — | 12.30 | 1.07 | b | 57,095 | 0.56 | c,g | 0.42 | c,g | 1.73 | c | 10 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.24 | 0.20 | 1.73 | 1.93 | (0.32 | ) | (0.68 | ) | (1.00 | ) | 12.17 | 17.62 | 77,845 | 0.57 | g | 0.44 | g | 1.70 | 38 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.11 | 0.31 | 0.37 | 0.68 | (0.28 | ) | (0.27 | ) | (0.55 | ) | 11.24 | 6.10 | 73,048 | 0.61 | g | 0.48 | g | 2.68 | 28 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 14.80 | 0.12 | 0.04 | 0.16 | — | — | — | 14.96 | 1.08 | b | 339,937 | 0.66 | c,g | 0.52 | c,g | 1.62 | c | 10 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.48 | 0.23 | 2.07 | 2.30 | (0.30 | ) | (0.68 | ) | (0.98 | ) | 14.80 | 17.45 | 368,266 | 0.67 | g | 0.54 | g | 1.62 | 38 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.22 | 0.35 | 0.45 | 0.80 | (0.27 | ) | (0.27 | ) | (0.54 | ) | 13.48 | 6.02 | 353,355 | 0.71 | g | 0.58 | g | 2.58 | 28 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 80 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 81 |
| Financial highlights | continued |
| TIAA-CREF 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 | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2015 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $ 10.81 | $ 0.10 | $ 0.04 | $ 0.14 | $ — | $ — | $ — | $ 10.95 | 1.30 | %b | $ 1,158,681 | 0.40 | %c,g | 0.27 | %c,g | 1.76 | %c | 10 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.62 | 0.19 | 1.66 | 1.85 | (0.30 | ) | (0.36 | ) | (0.66 | ) | 10.81 | 19.56 | 1,217,691 | 0.42 | g | 0.29 | g | 1.83 | 36 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.45 | 0.27 | 0.34 | 0.61 | (0.26 | ) | (0.18 | ) | (0.44 | ) | 9.62 | 6.43 | 1,088,594 | 0.46 | g | 0.34 | g | 2.80 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 10.81 | 0.09 | 0.03 | 0.12 | — | — | — | 10.93 | 1.11 | b | 433 | 0.52 | c,g | 0.39 | c,g | 1.60 | c | 10 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.61 | 0.18 | 1.67 | 1.85 | (0.29 | ) | (0.36 | ) | (0.65 | ) | 10.81 | 19.60 | 255 | 0.52 | g | 0.39 | g | 1.75 | 36 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.45 | 0.26 | 0.34 | 0.60 | (0.26 | ) | (0.18 | ) | (0.44 | ) | 9.61 | 6.29 | 185 | 0.55 | g | 0.39 | g | 2.66 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 10.76 | 0.09 | 0.04 | 0.13 | — | — | — | 10.89 | 1.21 | b | 84,994 | 0.55 | c,g | 0.42 | c,g | 1.61 | c | 10 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.57 | 0.17 | 1.66 | 1.83 | (0.28 | ) | (0.36 | ) | (0.64 | ) | 10.76 | 19.47 | 116,117 | 0.57 | g | 0.44 | g | 1.67 | 36 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.41 | 0.25 | 0.33 | 0.58 | (0.24 | ) | (0.18 | ) | (0.42 | ) | 9.57 | 6.14 | 107,025 | 0.61 | g | 0.49 | g | 2.61 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 13.82 | 0.11 | 0.04 | 0.15 | — | — | — | 13.97 | 1.09 | b | 469,332 | 0.65 | c,g | 0.52 | c,g | 1.51 | c | 10 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.13 | 0.21 | 2.11 | 2.32 | (0.27 | ) | (0.36 | ) | (0.63 | ) | 13.82 | 19.34 | 500,838 | 0.67 | g | 0.54 | g | 1.60 | 36 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.82 | 0.31 | 0.41 | 0.72 | (0.23 | ) | (0.18 | ) | (0.41 | ) | 12.13 | 6.06 | 492,656 | 0.71 | g | 0.59 | g | 2.54 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 82 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 83 |
| Financial highlights | continued |
| TIAA-CREF 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 | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2020 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $ 11.26 | $ 0.09 | $ 0.05 | $ 0.14 | $ — | $ — | $ — | $ 11.40 | 1.24 | %b | $ 2,670,987 | 0.40 | %c,g | 0.27 | %c,g | 1.63 | %c | 11 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.89 | 0.20 | 1.90 | 2.10 | (0.32 | ) | (0.41 | ) | (0.73 | ) | 11.26 | 21.61 | 2,712,681 | 0.42 | g | 0.29 | g | 1.82 | 38 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.73 | 0.27 | 0.37 | 0.64 | (0.25 | ) | (0.23 | ) | (0.48 | ) | 9.89 | 6.43 | 2,374,405 | 0.47 | g | 0.35 | g | 2.75 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 11.25 | 0.09 | 0.05 | 0.14 | — | — | — | 11.39 | 1.24 | b | 391 | 0.44 | c,g | 0.30 | c,g | 1.62 | c | 11 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.89 | 0.14 | 1.94 | 2.08 | (0.31 | ) | (0.41 | ) | (0.72 | ) | 11.25 | 21.43 | 726 | 0.48 | g | 0.35 | g | 1.26 | 38 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.73 | 0.26 | 0.38 | 0.64 | (0.25 | ) | (0.23 | ) | (0.48 | ) | 9.89 | 6.42 | 352 | 0.51 | g | 0.39 | g | 2.61 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 11.23 | 0.08 | 0.05 | 0.13 | — | — | — | 11.36 | 1.16 | b | 198,956 | 0.55 | c,g | 0.42 | c,g | 1.47 | c | 11 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.87 | 0.18 | 1.89 | 2.07 | (0.30 | ) | (0.41 | ) | (0.71 | ) | 11.23 | 21.37 | 252,876 | 0.57 | g | 0.45 | g | 1.66 | 38 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.70 | 0.25 | 0.38 | 0.63 | (0.23 | ) | (0.23 | ) | (0.46 | ) | 9.87 | 6.35 | 249,364 | 0.62 | g | 0.50 | g | 2.53 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 14.78 | 0.10 | 0.06 | 0.16 | — | — | — | 14.94 | 1.08 | b | 918,322 | 0.65 | c,g | 0.52 | c,g | 1.38 | c | 11 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.79 | 0.22 | 2.46 | 2.68 | (0.28 | ) | (0.41 | ) | (0.69 | ) | 14.78 | 21.27 | 993,670 | 0.67 | g | 0.55 | g | 1.59 | 38 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.45 | 0.32 | 0.47 | 0.79 | (0.22 | ) | (0.23 | ) | (0.45 | ) | 12.79 | 6.21 | 947,495 | 0.72 | g | 0.60 | g | 2.50 | 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 84 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 85 |
| Financial highlights | continued |
| TIAA-CREF 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 | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2025 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $ 11.76 | $ 0.09 | $ 0.05 | $ 0.14 | $ — | $ — | $ — | $ 11.90 | 1.19 | %b | $ 3,941,099 | 0.40 | %c,g | 0.27 | %c,g | 1.46 | %c | 13 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 10.04 | 0.19 | 2.27 | 2.46 | (0.31 | ) | (0.43 | ) | (0.74 | ) | 11.76 | 24.96 | 3,909,833 | 0.43 | g | 0.30 | g | 1.76 | 40 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.89 | 0.27 | 0.40 | 0.67 | (0.25 | ) | (0.27 | ) | (0.52 | ) | 10.04 | 6.59 | 3,142,487 | 0.48 | g | 0.36 | g | 2.66 | 28 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 11.75 | 0.08 | 0.06 | 0.14 | — | — | — | 11.89 | 1.19 | b | 458 | 0.47 | c,g | 0.33 | c,g | 1.40 | c | 13 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 10.03 | 0.15 | 2.31 | 2.46 | (0.31 | ) | (0.43 | ) | (0.74 | ) | 11.75 | 24.93 | 553 | 0.49 | g | 0.36 | g | 1.35 | 40 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.88 | 0.27 | 0.39 | 0.66 | (0.24 | ) | (0.27 | ) | (0.51 | ) | 10.03 | 6.55 | 133 | 0.54 | g | 0.42 | g | 2.66 | 28 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 11.70 | 0.08 | 0.06 | 0.14 | — | — | — | 11.84 | 1.20 | b | 283,866 | 0.55 | c,g | 0.42 | c,g | 1.29 | c | 13 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.99 | 0.18 | 2.25 | 2.43 | (0.29 | ) | (0.43 | ) | (0.72 | ) | 11.70 | 24.80 | 336,773 | 0.58 | g | 0.45 | g | 1.59 | 40 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.84 | 0.24 | 0.40 | 0.64 | (0.22 | ) | (0.27 | ) | (0.49 | ) | 9.99 | 6.41 | 295,668 | 0.63 | g | 0.51 | g | 2.39 | 28 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 15.63 | 0.10 | 0.07 | 0.17 | — | — | — | 15.80 | 1.09 | b | 1,149,671 | 0.65 | c,g | 0.52 | c,g | 1.20 | c | 13 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.14 | 0.22 | 2.97 | 3.19 | (0.27 | ) | (0.43 | ) | (0.70 | ) | 15.63 | 24.64 | 1,217,409 | 0.68 | g | 0.55 | g | 1.52 | 40 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.79 | 0.32 | 0.51 | 0.83 | (0.21 | ) | (0.27 | ) | (0.48 | ) | 13.14 | 6.40 | 1,103,642 | 0.73 | g | 0.61 | g | 2.39 | 28 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 86 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 87 |
| Financial highlights | continued |
| TIAA-CREF 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 | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2030 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $12.01 | $0.08 | $ 0.08 | $ 0.16 | $ — | $ — | $ — | $12.17 | 1.33 | %b | $4,310,143 | 0.40 | %c,g | 0.26 | %c,g | 1.27 | %c | 15 | %b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 10.01 | 0.19 | 2.60 | 2.79 | (0.32 | ) | (0.47 | ) | (0.79 | ) | 12.01 | 28.49 | 4,216,718 | 0.43 | g | 0.30 | g | 1.69 | 41 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.87 | 0.26 | 0.42 | 0.68 | (0.23 | ) | (0.31 | ) | (0.54 | ) | 10.01 | 6.69 | 3,244,106 | 0.49 | g | 0.37 | g | 2.57 | 26 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 12.01 | 0.08 | 0.07 | 0.15 | — | — | — | 12.16 | 1.25 | b | 610 | 0.46 | c,g | 0.32 | c,g | 1.24 | c | 15 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 10.01 | 0.18 | 2.60 | 2.78 | (0.31 | ) | (0.47 | ) | (0.78 | ) | 12.01 | 28.41 | 520 | 0.50 | g | 0.37 | g | 1.65 | 41 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.87 | 0.20 | 0.47 | 0.67 | (0.22 | ) | (0.31 | ) | (0.53 | ) | 10.01 | 6.65 | 317 | 0.56 | g | 0.44 | g | 2.02 | 26 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 11.95 | 0.07 | 0.07 | 0.14 | — | — | — | 12.09 | 1.17 | b | 299,067 | 0.55 | c,g | 0.41 | c,g | 1.10 | c | 15 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.96 | 0.17 | 2.59 | 2.76 | (0.30 | ) | (0.47 | ) | (0.77 | ) | 11.95 | 28.35 | 369,690 | 0.58 | g | 0.45 | g | 1.52 | 41 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.82 | 0.23 | 0.42 | 0.65 | (0.20 | ) | (0.31 | ) | (0.51 | ) | 9.96 | 6.52 | 310,511 | 0.64 | g | 0.52 | g | 2.26 | 26 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 16.36 | 0.08 | 0.10 | 0.18 | — | — | — | 16.54 | 1.10 | b | 1,189,697 | 0.65 | c,g | 0.51 | c,g | 1.01 | c | 15 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.39 | 0.22 | 3.51 | 3.73 | (0.29 | ) | (0.47 | ) | (0.76 | ) | 16.36 | 28.25 | 1,254,456 | 0.68 | g | 0.55 | g | 1.46 | 41 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.04 | 0.31 | 0.54 | 0.85 | (0.19 | ) | (0.31 | ) | (0.50 | ) | 13.39 | 6.42 | 1,064,906 | 0.74 | g | 0.62 | g | 2.29 | 26 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| 88 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 89 |
| Financial highlights | continued |
| TIAA-CREF 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 | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2035 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $12.37 | $0.07 | $ 0.09 | $ 0.16 | $ — | $ — | $ — | $12.53 | 1.29 | %b | $4,558,754 | 0.41 | %c,g | 0.26 | %c,g | 1.09 | %c | 16 | %b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 10.07 | 0.19 | 2.97 | 3.16 | (0.32 | ) | (0.54 | ) | (0.86 | ) | 12.37 | 32.19 | 4,468,950 | 0.44 | g | 0.30 | g | 1.63 | 44 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.97 | 0.25 | 0.44 | 0.69 | (0.23 | ) | (0.36 | ) | (0.59 | ) | 10.07 | 6.67 | 3,369,098 | 0.50 | g | 0.38 | g | 2.48 | 23 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 12.35 | 0.06 | 0.10 | 0.16 | — | — | — | 12.51 | 1.30 | b | 485 | 0.49 | c,g | 0.34 | c,g | 1.01 | c | 16 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 10.06 | 0.18 | 2.96 | 3.14 | (0.31 | ) | (0.54 | ) | (0.85 | ) | 12.35 | 32.02 | 472 | 0.52 | g | 0.39 | g | 1.56 | 44 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.96 | 0.28 | 0.40 | 0.68 | (0.22 | ) | (0.36 | ) | (0.58 | ) | 10.06 | 6.64 | 363 | 0.58 | g | 0.46 | g | 2.74 | 23 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 12.33 | 0.06 | 0.08 | 0.14 | — | — | — | 12.47 | 1.14 | b | 323,839 | 0.56 | c,g | 0.41 | c,g | 0.91 | c | 16 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 10.04 | 0.17 | 2.96 | 3.13 | (0.30 | ) | (0.54 | ) | (0.84 | ) | 12.33 | 31.99 | 396,128 | 0.59 | g | 0.45 | g | 1.46 | 44 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.93 | 0.22 | 0.45 | 0.67 | (0.20 | ) | (0.36 | ) | (0.56 | ) | 10.04 | 6.59 | 324,978 | 0.65 | g | 0.53 | g | 2.14 | 23 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 17.27 | 0.07 | 0.13 | 0.20 | — | — | — | 17.47 | 1.16 | b | 1,088,219 | 0.66 | c,g | 0.51 | c,g | 0.83 | c | 16 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.78 | 0.22 | 4.09 | 4.31 | (0.28 | ) | (0.54 | ) | (0.82 | ) | 17.27 | 31.86 | 1,157,175 | 0.69 | g | 0.55 | g | 1.40 | 44 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.44 | 0.31 | 0.58 | 0.89 | (0.19 | ) | (0.36 | ) | (0.55 | ) | 13.78 | 6.48 | 978,160 | 0.75 | g | 0.63 | g | 2.21 | 23 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| 90 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 91 |
| Financial highlights | continued |
| TIAA-CREF 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 | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2040 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $12.52 | $0.06 | $ 0.10 | $ 0.16 | $ — | $ — | $ — | $12.68 | 1.28 | %b | $5,424,631 | 0.40 | %c,g | 0.25 | %c,g | 0.95 | %c | 18 | %b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.99 | 0.18 | 3.30 | 3.48 | (0.33 | ) | (0.62 | ) | (0.95 | ) | 12.52 | 35.87 | 5,311,332 | 0.44 | g | 0.29 | g | 1.54 | 46 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.91 | 0.24 | 0.46 | 0.70 | (0.20 | ) | (0.42 | ) | (0.62 | ) | 9.99 | 6.74 | 3,930,425 | 0.51 | g | 0.39 | g | 2.36 | 23 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 12.51 | 0.06 | 0.10 | 0.16 | — | — | — | 12.67 | 1.28 | b | 278 | 0.48 | c,g | 0.32 | c,g | 0.88 | c | 18 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.98 | 0.17 | 3.30 | 3.47 | (0.32 | ) | (0.62 | ) | (0.94 | ) | 12.51 | 35.84 | 305 | 0.51 | g | 0.37 | g | 1.48 | 46 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.90 | 0.23 | 0.47 | 0.70 | (0.20 | ) | (0.42 | ) | (0.62 | ) | 9.98 | 6.70 | 204 | 0.57 | g | 0.45 | g | 2.27 | 23 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 12.48 | 0.05 | 0.10 | 0.15 | — | — | — | 12.63 | 1.20 | b | 379,720 | 0.55 | c,g | 0.40 | c,g | 0.77 | c | 18 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 9.95 | 0.15 | 3.31 | 3.46 | (0.31 | ) | (0.62 | ) | (0.93 | ) | 12.48 | 35.81 | 441,951 | 0.59 | g | 0.45 | g | 1.36 | 46 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 9.87 | 0.20 | 0.48 | 0.68 | (0.18 | ) | (0.42 | ) | (0.60 | ) | 9.95 | 6.55 | 372,625 | 0.66 | g | 0.54 | g | 1.97 | 23 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 18.04 | 0.06 | 0.15 | 0.21 | — | — | — | 18.25 | 1.16 | b | 1,298,205 | 0.65 | c,g | 0.50 | c,g | 0.69 | c | 18 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 14.05 | 0.21 | 4.69 | 4.90 | (0.29 | ) | (0.62 | ) | (0.91 | ) | 18.04 | 35.59 | 1,391,417 | 0.69 | g | 0.55 | g | 1.31 | 46 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.71 | 0.30 | 0.62 | 0.92 | (0.16 | ) | (0.42 | ) | (0.58 | ) | 14.05 | 6.51 | 1,161,770 | 0.76 | g | 0.64 | g | 2.08 | 23 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| 92 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 93 |
| Financial highlights | continued |
| TIAA-CREF 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 | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2045 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $15.57 | $0.07 | $ 0.13 | $ 0.20 | $ — | $ — | $ — | $15.77 | 1.28 | %b | $3,708,394 | 0.40 | %c,g | 0.24 | %c,g | 0.81 | %c | 20 | %b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.98 | 0.20 | 4.45 | 4.65 | (0.36 | ) | (0.70 | ) | (1.06 | ) | 15.57 | 39.80 | 3,557,269 | 0.44 | g | 0.30 | g | 1.44 | 46 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.89 | 0.28 | 0.55 | 0.83 | (0.22 | ) | (0.52 | ) | (0.74 | ) | 11.98 | 6.60 | 2,441,105 | 0.52 | g | 0.40 | g | 2.25 | 19 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 15.57 | 0.06 | 0.14 | 0.20 | — | — | — | 15.77 | 1.28 | b | 180 | 0.44 | c,g | 0.27 | c,g | 0.78 | c | 20 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.99 | 0.22 | 4.41 | 4.63 | (0.35 | ) | (0.70 | ) | (1.05 | ) | 15.57 | 39.64 | 153 | 0.50 | g | 0.35 | g | 1.57 | 46 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.89 | 0.27 | 0.57 | 0.84 | (0.22 | ) | (0.52 | ) | (0.74 | ) | 11.99 | 6.66 | 155 | 0.56 | g | 0.44 | g | 2.23 | 19 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 15.49 | 0.05 | 0.14 | 0.19 | — | — | — | 15.68 | 1.23 | b | 266,288 | 0.55 | c,g | 0.39 | c,g | 0.63 | c | 20 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.93 | 0.18 | 4.42 | 4.60 | (0.34 | ) | (0.70 | ) | (1.04 | ) | 15.49 | 39.52 | 309,234 | 0.59 | g | 0.45 | g | 1.26 | 46 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.83 | 0.22 | 0.59 | 0.81 | (0.19 | ) | (0.52 | ) | (0.71 | ) | 11.93 | 6.50 | 234,573 | 0.67 | g | 0.55 | g | 1.81 | 19 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 15.43 | 0.04 | 0.14 | 0.18 | — | — | — | 15.61 | 1.17 | b | 724,185 | 0.65 | c,g | 0.49 | c,g | 0.55 | c | 20 | b | |||||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.89 | 0.17 | 4.39 | 4.56 | (0.32 | ) | (0.70 | ) | (1.02 | ) | 15.43 | 39.38 | 779,894 | 0.69 | g | 0.55 | g | 1.21 | 46 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.80 | 0.24 | 0.56 | 0.80 | (0.19 | ) | (0.52 | ) | (0.71 | ) | 11.89 | 6.40 | 621,730 | 0.77 | g | 0.65 | g | 1.98 | 19 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| 94 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 95 |
| Financial highlights | continued |
| TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2050 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $15.83 | $0.06 | $ 0.14 | $ 0.20 | $ — | $ — | $ — | $16.03 | 1.26 | %b | $2,756,486 | 0.41 | %c,g | 0.23 | %c,g | 0.78 | %c | 19 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.05 | 0.20 | 4.57 | 4.77 | (0.36 | ) | (0.63 | ) | (0.99 | ) | 15.83 | 40.55 | 2,626,383 | 0.45 | g | 0.29 | g | 1.43 | 43 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.94 | 0.28 | 0.56 | 0.84 | (0.22 | ) | (0.51 | ) | (0.73 | ) | 12.05 | 6.70 | 1,730,080 | 0.52 | g | 0.40 | g | 2.24 | 18 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 15.82 | 0.05 | 0.15 | 0.20 | — | — | — | 16.02 | 1.26 | b | 312 | 0.47 | c,g | 0.30 | c,g | 0.66 | c | 19 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.04 | 0.14 | 4.63 | 4.77 | (0.36 | ) | (0.63 | ) | (0.99 | ) | 15.82 | 40.56 | 395 | 0.49 | g | 0.33 | g | 0.96 | 43 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.95 | 0.28 | 0.54 | 0.82 | (0.22 | ) | (0.51 | ) | (0.73 | ) | 12.04 | 6.51 | 118 | 0.55 | g | 0.42 | g | 2.22 | 18 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 15.76 | 0.05 | 0.14 | 0.19 | — | — | — | 15.95 | 1.21 | b | 189,453 | 0.56 | c,g | 0.38 | c,g | 0.61 | c | 19 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.00 | 0.18 | 4.55 | 4.73 | (0.34 | ) | (0.63 | ) | (0.97 | ) | 15.76 | 40.35 | 205,713 | 0.60 | g | 0.44 | g | 1.25 | 43 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.89 | 0.22 | 0.59 | 0.81 | (0.19 | ) | (0.51 | ) | (0.70 | ) | 12.00 | 6.50 | 152,698 | 0.67 | g | 0.55 | g | 1.74 | 18 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 15.68 | 0.04 | 0.14 | 0.18 | — | — | — | 15.86 | 1.15 | b | 512,850 | 0.66 | c,g | 0.48 | c,g | 0.51 | c | 19 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.94 | 0.17 | 4.53 | 4.70 | (0.33 | ) | (0.63 | ) | (0.96 | ) | 15.68 | 40.27 | 549,874 | 0.70 | g | 0.54 | g | 1.19 | 43 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.85 | 0.24 | 0.55 | 0.79 | (0.19 | ) | (0.51 | ) | (0.70 | ) | 11.94 | 6.33 | 424,505 | 0.77 | g | 0.65 | g | 1.95 | 18 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 96 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 97 |
| Financial highlights | continued |
| TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2055 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $18.38 | $0.07 | $ 0.17 | $ 0.24 | $ — | $ — | $ — | $18.62 | 1.31 | %b | $1,184,364 | 0.41 | %c,g | 0.23 | %c,g | 0.76 | %c | 19 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.77 | 0.23 | 5.32 | 5.55 | (0.41 | ) | (0.53 | ) | (0.94 | ) | 18.38 | 41.14 | 1,092,033 | 0.47 | g | 0.29 | g | 1.41 | 41 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.61 | 0.31 | 0.63 | 0.94 | (0.25 | ) | (0.53 | ) | (0.78 | ) | 13.77 | 6.56 | 653,177 | 0.54 | g | 0.40 | g | 2.24 | 18 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 18.37 | 0.07 | 0.17 | 0.24 | — | — | — | 18.61 | 1.31 | b | 170 | 0.44 | c,g | 0.26 | c,g | 0.72 | c | 19 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.77 | 0.23 | 5.30 | 5.53 | (0.40 | ) | (0.53 | ) | (0.93 | ) | 18.37 | 41.04 | 162 | 0.50 | g | 0.33 | g | 1.40 | 41 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.61 | 0.31 | 0.63 | 0.94 | (0.25 | ) | (0.53 | ) | (0.78 | ) | 13.77 | 6.56 | 121 | 0.56 | g | 0.41 | g | 2.20 | 18 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 18.30 | 0.06 | 0.17 | 0.23 | — | — | — | 18.53 | 1.26 | b | 89,557 | 0.56 | c,g | 0.38 | c,g | 0.59 | c | 19 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.72 | 0.20 | 5.29 | 5.49 | (0.38 | ) | (0.53 | ) | (0.91 | ) | 18.30 | 40.88 | 93,442 | 0.60 | g | 0.44 | g | 1.24 | 41 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.56 | 0.24 | 0.67 | 0.91 | (0.22 | ) | (0.53 | ) | (0.75 | ) | 13.72 | 6.37 | 62,637 | 0.69 | g | 0.55 | g | 1.68 | 18 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 18.29 | 0.05 | 0.16 | 0.21 | — | — | — | 18.50 | 1.15 | b | 224,008 | 0.66 | c,g | 0.48 | c,g | 0.49 | c | 19 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.71 | 0.19 | 5.29 | 5.48 | (0.37 | ) | (0.53 | ) | (0.90 | ) | 18.29 | 40.80 | 237,666 | 0.71 | g | 0.54 | g | 1.18 | 41 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.56 | 0.27 | 0.63 | 0.90 | (0.22 | ) | (0.53 | ) | (0.75 | ) | 13.71 | 6.28 | 181,024 | 0.79 | g | 0.65 | g | 1.95 | 18 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 98 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 99 |
| Financial highlights | continued |
| TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2060 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $15.36 | $0.06 | $ 0.15 | $ 0.21 | $ — | $ — | $ — | $15.57 | 1.37 | %b | $367,558 | 0.44 | %c,g | 0.23 | %c,g | 0.76 | %c | 18 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.35 | 0.19 | 4.45 | 4.64 | (0.32 | ) | (0.31 | ) | (0.63 | ) | 15.36 | 41.61 | 313,864 | 0.49 | g | 0.29 | g | 1.39 | 40 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.13 | 0.25 | 0.52 | 0.77 | (0.21 | ) | (0.34 | ) | (0.55 | ) | 11.35 | 6.60 | 155,744 | 0.62 | g | 0.39 | g | 2.18 | 22 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 15.35 | 0.05 | 0.15 | 0.20 | — | — | — | 15.55 | 1.30 | b | 245 | 0.51 | c,g | 0.29 | c,g | 0.67 | c | 18 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.35 | 0.17 | 4.46 | 4.63 | (0.32 | ) | (0.31 | ) | (0.63 | ) | 15.35 | 41.50 | 241 | 0.54 | g | 0.34 | g | 1.25 | 40 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.13 | 0.25 | 0.51 | 0.76 | (0.20 | ) | (0.34 | ) | (0.54 | ) | 11.35 | 6.60 | 117 | 0.66 | g | 0.44 | g | 2.16 | 22 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 15.33 | 0.05 | 0.14 | 0.19 | — | — | — | 15.52 | 1.24 | b | 21,819 | 0.59 | c,g | 0.38 | c,g | 0.61 | c | 18 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.33 | 0.17 | 4.44 | 4.61 | (0.30 | ) | (0.31 | ) | (0.61 | ) | 15.33 | 41.44 | 18,792 | 0.64 | g | 0.44 | g | 1.25 | 40 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.11 | 0.19 | 0.56 | 0.75 | (0.19 | ) | (0.34 | ) | (0.53 | ) | 11.33 | 6.48 | 10,846 | 0.77 | g | 0.55 | g | 1.68 | 22 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 15.30 | 0.04 | 0.14 | 0.18 | — | — | — | 15.48 | 1.18 | b | 65,217 | 0.69 | c,g | 0.48 | c,g | 0.49 | c | 18 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.31 | 0.16 | 4.43 | 4.59 | (0.29 | ) | (0.31 | ) | (0.60 | ) | 15.30 | 41.31 | 63,880 | 0.74 | g | 0.54 | g | 1.16 | 40 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.10 | 0.22 | 0.51 | 0.73 | (0.18 | ) | (0.34 | ) | (0.52 | ) | 11.31 | 6.32 | 38,705 | 0.87 | g | 0.65 | g | 1.91 | 22 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 100 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 101 |
| Financial highlights | concluded |
| TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE 2065 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $12.45 | $0.05 | $0.12 | $0.17 | $ — | $ — | $ — | $12.62 | 1.37 | %b | $8,906 | 2.49 | %c,g | 0.23 | %c,g | 0.76 | %c | 64 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | § | 10.00 | 0.14 | 2.60 | 2.74 | (0.26 | ) | (0.03 | ) | (0.29 | ) | 12.45 | 27.76 | b | 4,818 | 4.73 | c,g | 0.26 | c,g | 1.81 | c | 49 | b | |||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 12.44 | 0.04 | 0.12 | 0.16 | — | — | — | 12.60 | 1.37 | b | 630 | 2.50 | c,g | 0.24 | c,g | 0.70 | c | 64 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | § | 10.00 | 0.13 | 2.60 | 2.73 | (0.26 | ) | (0.03 | ) | (0.29 | ) | 12.44 | 27.62 | b | 622 | 5.07 | c,g | 0.41 | c,g | 1.70 | c | 49 | b | |||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 12.43 | 0.04 | 0.11 | 0.15 | — | — | — | 12.58 | 1.29 | b | 764 | 2.65 | c,g | 0.38 | c,g | 0.57 | c | 64 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | § | 10.00 | 0.12 | 2.60 | 2.72 | (0.26 | ) | (0.03 | ) | (0.29 | ) | 12.43 | 27.51 | b | 726 | 5.20 | c,g | 0.41 | c,g | 1.60 | c | 49 | b | |||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 12.42 | 0.04 | 0.16 | 0.20 | — | — | — | 12.62 | 1.69 | b | 1,293 | 2.75 | c,g | 0.47 | c,g | 0.57 | c | 64 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | § | 10.00 | 0.12 | 2.58 | 2.70 | (0.25 | ) | (0.03 | ) | (0.28 | ) | 12.42 | 27.38 | b | 802 | 5.33 | c,g | 0.51 | c,g | 1.54 | c | 49 | b | |||||||||||||||||||||||||||||||||||
| # | Unaudited |
| § | The Fund commenced operations on September 30, 2020. |
| 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 Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Real Property Fund. |
| g | The Fund’s 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. |
| 102 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 103 |
Notes to financial statements (unaudited)
TIAA-CREF Lifecycle Funds
Note 1—organization
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 (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.
The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
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 up to five share classes, although any one Fund may not necessarily offer all five classes. The Funds may offer Institutional Class, Advisor Class, Premier Class, Retirement Class and Retail Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
Note 2—significant accounting policies
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.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded
| 104 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Multiclass operations and allocations: 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 are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
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. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 105 |
Notes to financial statements (unaudited)
New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements
Note 3—valuation of investments
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| • | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| • | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
| • | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
| 106 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Investments in unregistered limited partnerships: Investments in unregistered limited partnerships are measured at fair value as of the valuation date using the NAV per share practical expedient and are not classified within the fair value hierarchy.
The following table summarizes the market value of the Funds’ investments as of November 30, 2021, based on the inputs used to value them:
| Fund | Level 1 | Level 2 | Level 3 | Fair Value using Practical Expedienta | Total | |||||||||||||||
| Lifecycle Retirement Income | ||||||||||||||||||||
| Registered investment companies | $ | 604,783,828 | $ | — | $ | — | $ | — | $ | 604,783,828 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 27,401,507 | 27,401,507 | |||||||||||||||
| Total | $ | 604,783,828 | $ | — | $ | — | $ | 27,401,507 | $ | 632,185,335 | ||||||||||
| Lifecycle 2010 | ||||||||||||||||||||
| Registered investment companies | $ | 1,152,049,977 | $ | — | $ | — | $ | — | $ | 1,152,049,977 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 45,060,465 | 45,060,465 | |||||||||||||||
| Total | $ | 1,152,049,977 | $ | — | $ | — | $ | 45,060,465 | $ | 1,197,110,442 | ||||||||||
| Lifecycle 2015 | ||||||||||||||||||||
| Registered investment companies | $ | 1,638,282,498 | $ | — | $ | — | $ | — | $ | 1,638,282,498 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 74,085,879 | 74,085,879 | |||||||||||||||
| Total | $ | 1,638,282,498 | $ | — | $ | — | $ | 74,085,879 | $ | 1,712,368,377 | ||||||||||
| Lifecycle 2020 | ||||||||||||||||||||
| Registered investment companies | $ | 3,620,367,977 | $ | — | $ | — | $ | — | $ | 3,620,367,977 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 164,429,956 | 164,429,956 | |||||||||||||||
| Total | $ | 3,620,367,977 | $ | — | $ | — | $ | 164,429,956 | $ | 3,784,797,933 | ||||||||||
| Lifecycle 2025 | ||||||||||||||||||||
| Registered investment companies | $ | 5,136,412,188 | $ | — | $ | — | $ | — | $ | 5,136,412,188 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 233,872,750 | 233,872,750 | |||||||||||||||
| Total | $ | 5,136,412,188 | $ | — | $ | — | $ | 233,872,750 | $ | 5,370,284,938 | ||||||||||
| Lifecycle 2030 | ||||||||||||||||||||
| Registered investment companies | $ | 5,537,640,406 | $ | — | $ | — | $ | — | $ | 5,537,640,406 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 253,115,249 | 253,115,249 | |||||||||||||||
| Total | $ | 5,537,640,406 | $ | — | $ | — | $ | 253,115,249 | $ | 5,790,755,655 | ||||||||||
| Lifecycle 2035 | ||||||||||||||||||||
| Registered investment companies | $ | 5,700,104,266 | $ | — | $ | — | $ | — | $ | 5,700,104,266 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 261,735,961 | 261,735,961 | |||||||||||||||
| Total | $ | 5,700,104,266 | $ | — | $ | — | $ | 261,735,961 | $ | 5,961,840,227 | ||||||||||
| Lifecycle 2040 | ||||||||||||||||||||
| Registered investment companies | $ | 6,778,790,971 | $ | — | $ | — | $ | — | $ | 6,778,790,971 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 312,011,098 | 312,011,098 | |||||||||||||||
| Total | $ | 6,778,790,971 | $ | — | $ | — | $ | 312,011,098 | $ | 7,090,802,069 | ||||||||||
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 107 |
Notes to financial statements (unaudited)
| Fund | Level 1 | Level 2 | Level 3 | Fair Value using Practical Expedienta | Total | |||||||||||||||
| Lifecycle 2045 | ||||||||||||||||||||
| Registered investment companies | $ | 4,483,050,914 | $ | — | $ | — | $ | — | $ | 4,483,050,914 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 206,950,816 | 206,950,816 | |||||||||||||||
| Total | $ | 4,483,050,914 | $ | — | $ | — | $ | 206,950,816 | $ | 4,690,001,730 | ||||||||||
| Lifecycle 2050 | ||||||||||||||||||||
| Registered investment companies | $ | 3,299,960,915 | $ | — | $ | — | $ | — | $ | 3,299,960,915 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 152,372,134 | 152,372,134 | |||||||||||||||
| Total | $ | 3,299,960,915 | $ | — | $ | — | $ | 152,372,134 | $ | 3,452,333,049 | ||||||||||
| Lifecycle 2055 | ||||||||||||||||||||
| Registered investment companies | $ | 1,429,667,659 | $ | — | $ | — | $ | — | $ | 1,429,667,659 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 65,938,153 | 65,938,153 | |||||||||||||||
| Total | $ | 1,429,667,659 | $ | — | $ | — | $ | 65,938,153 | $ | 1,495,605,812 | ||||||||||
| Lifecycle 2060 | ||||||||||||||||||||
| Registered investment companies | $ | 434,479,368 | $ | — | $ | — | $ | — | $ | 434,479,368 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 19,966,798 | 19,966,798 | |||||||||||||||
| Total | $ | 434,479,368 | $ | — | $ | — | $ | 19,966,798 | $ | 454,446,166 | ||||||||||
| Lifecycle 2065 | ||||||||||||||||||||
| Registered investment companies | $ | 11,107,812 | $ | — | $ | — | $ | — | $ | 11,107,812 | ||||||||||
| TIAA-CREF Real Property Fund LP | — | — | — | 487,886 | 487,886 | |||||||||||||||
| Total | $ | 11,107,812 | $ | — | $ | — | $ | 487,886 | $ | 11,595,698 | ||||||||||
| a | In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of assets and liabilities. |
Note 4—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, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Real Property Fund (“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 Real Estate Investment Trust securities, mortgage related securitization and money market instruments in accordance with exemptive relief received from the SEC. 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 schedule of investments.
| 108 | 2021 Semiannual 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 period ended November 30, 2021 were as follows:
| Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||||
| Lifecycle Retirement Income | $ | 107,051 | $ | 84,687 | ||||||
| Lifecycle 2010 | 127,636 | 215,349 | ||||||||
| Lifecycle 2015 | 179,146 | 307,147 | ||||||||
| Lifecycle 2020 | 449,965 | 637,648 | ||||||||
| Lifecycle 2025 | 731,839 | 847,609 | ||||||||
| Lifecycle 2030 | 905,393 | 981,090 | ||||||||
| Lifecycle 2035 | 1,003,315 | 1,096,171 | ||||||||
| Lifecycle 2040 | 1,287,756 | 1,387,481 | ||||||||
| Lifecycle 2045 | 945,629 | 932,712 | ||||||||
| Lifecycle 2050 | 722,721 | 674,455 | ||||||||
| Lifecycle 2055 | 343,075 | 279,016 | ||||||||
| Lifecycle 2060 | 134,696 | 78,275 | ||||||||
| Lifecycle 2065 | 9,922 | 5,224 | ||||||||
Note 5—income tax and other tax matters
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.
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 109 |
Notes to financial statements (unaudited)
Net unrealized appreciation (depreciation): At November 30, 2021, 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):
| Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
| Lifecycle Index Retirement Income | $ | 560,708 | $ | 79,232 | $ | (7,755 | ) | $ | 71,477 | |||||||
| Lifecycle Index 2010 | 1,034,546 | 181,567 | (19,003 | ) | 162,564 | |||||||||||
| Lifecycle Index 2015 | 1,537,745 | 199,790 | (25,166 | ) | 174,624 | |||||||||||
| Lifecycle Index 2020 | 3,354,678 | 478,883 | (48,763 | ) | 430,120 | |||||||||||
| Lifecycle Index 2025 | 4,689,483 | 735,046 | (54,244 | ) | 680,802 | |||||||||||
| Lifecycle Index 2030 | 4,965,485 | 873,679 | (48,408 | ) | 825,271 | |||||||||||
| Lifecycle Index 2035 | 5,005,860 | 1,002,151 | (46,171 | ) | 955,980 | |||||||||||
| Lifecycle Index 2040 | 5,828,128 | 1,313,229 | (50,555 | ) | 1,262,674 | |||||||||||
| Lifecycle Index 2045 | 3,737,242 | 986,036 | (33,276 | ) | 952,760 | |||||||||||
| Lifecycle Index 2050 | 2,763,771 | 711,096 | (22,534 | ) | 688,562 | |||||||||||
| Lifecycle Index 2055 | 1,232,289 | 272,630 | (9,314 | ) | 263,316 | |||||||||||
| Lifecycle Index 2060 | 392,270 | 66,476 | (4,299 | ) | 62,177 | |||||||||||
| Lifecycle Index 2065 | 10,805 | 843 | (53 | ) | 790 | |||||||||||
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.
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended May 31, 2021 was as follows:
| Fund | Ordinary income | Long-term capital gains | Total | |||||||||
| Lifecycle Retirement Income | $ | 14,302,738 | $ | 17,467,353 | $ | 31,770,091 | ||||||
| Lifecycle 2010 | 34,604,447 | 59,479,547 | 94,083,994 | |||||||||
| Lifecycle 2015 | 48,522,263 | 52,307,744 | 100,830,007 | |||||||||
| Lifecycle 2020 | 108,863,757 | 125,021,838 | 233,885,595 | |||||||||
| Lifecycle 2025 | 134,425,131 | 169,535,428 | 303,960,559 | |||||||||
| Lifecycle 2030 | 143,026,796 | 191,592,719 | 334,619,515 | |||||||||
| Lifecycle 2035 | 142,574,750 | 224,746,157 | 367,320,907 | |||||||||
| Lifecycle 2040 | 169,558,271 | 305,117,437 | 474,675,708 | |||||||||
| Lifecycle 2045 | 108,458,841 | 182,259,203 | 290,718,044 | |||||||||
| Lifecycle 2050 | 80,540,450 | 112,609,034 | 193,149,484 | |||||||||
| Lifecycle 2055 | 34,830,539 | 30,654,989 | 65,485,528 | |||||||||
| Lifecycle 2060 | 8,321,478 | 5,059,592 | 13,381,070 | |||||||||
| Lifecycle 2065 | 144,492 | — | 144,492 | |||||||||
The tax character of the fiscal year 2022 distributions will be determined at the end of the fiscal year.
| 110 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Note 6—investment adviser and other transactions with affiliates
Under the terms of its Investment Management Agreement, Advisors is entitled to a fee that is made up of two components, which are added together to create the total investment management fee. The first component, the asset allocation fee rate, is an annual rate of 0.10% of the average daily net assets of each Fund. The second component, the Underlying Funds fee rate, is calculated as follows: for each Underlying Fund of the Trust in which a Fund is invested, the effective Underlying Fund’s annual investment management agreement, net of any fee waivers or reimbursements applicable to the Underlying Fund (excluding the Class W shares investment management fee waiver and/or reimbursement) in proportion to the percentage of the Fund’s net assets invested in the Underlying Fund, applied to the average daily net assets of the Fund. Advisors has contractually agreed to waive in full the asset allocation fee rate component of the management fee on each Fund. This waiver will remain in effect through September 30, 2024, unless changed with approval of the Board. In addition, Advisors has voluntarily agreed to waive certain amounts of the Underlying Funds fee rate portion of each Fund’s management fee through September 30, 2022. As of November 30, 2021, Advisors received from the Funds the following effective annual rate as a percentage of average daily net assets of each Fund:
| Fund | Investment management fee—effective rate | |||
| Lifecycle Retirement Income | 0.27 | % | ||
| Lifecycle 2010 | 0.28 | |||
| Lifecycle 2015 | 0.28 | |||
| Lifecycle 2020 | 0.28 | |||
| Lifecycle 2025 | 0.28 | |||
| Lifecycle 2030 | 0.28 | |||
| Lifecycle 2035 | 0.29 | |||
| Lifecycle 2040 | 0.29 | |||
| Lifecycle 2045 | 0.29 | |||
| Lifecycle 2050 | 0.29 | |||
| Lifecycle 2055 | 0.29 | |||
| Lifecycle 2060 | 0.29 | |||
| Lifecycle 2065 | 0.28 | |||
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.
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 111 |
Notes to financial statements (unaudited)
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 Nuveen Securities 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, Nuveen Securities 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, 2022. 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 Nuveen Securities 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, 2022, unless changed with approval of the Board.
Effective May 1, 2021, Advisors has agreed to implement a voluntary waiver reducing the Lifecycle Retirement Income Fund expense cap for the Retirement Class to 0.235%. 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 period ended November 30, 2021, the Funds did not engage in security transactions with affiliated entities.
| 112 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
The following is the percentage of the Funds’ shares owned by TIAA and its registered separate account (“TIAA Access”) as of November 30, 2021:
| Fund | TIAA | TIAA Access | Total | |||||||||
| Lifecycle Retirement Income | — | % | 10 | % | 10 | % | ||||||
| Lifecycle 2010 | — | 10 | 10 | |||||||||
| Lifecycle 2015 | — | 11 | 11 | |||||||||
| Lifecycle 2020 | — | 13 | 13 | |||||||||
| Lifecycle 2025 | — | 13 | 13 | |||||||||
| Lifecycle 2030 | — | 13 | 13 | |||||||||
| Lifecycle 2035 | — | 13 | 13 | |||||||||
| Lifecycle 2040 | — | 13 | 13 | |||||||||
| Lifecycle 2045 | — | 15 | 15 | |||||||||
| Lifecycle 2050 | — | 18 | 18 | |||||||||
| Lifecycle 2055 | — | 14 | 14 | |||||||||
| Lifecycle 2060 | — | 16 | 16 | |||||||||
| Lifecycle 2065 | 89 | 5 | 94 | |||||||||
Investments in other investment companies advised by Advisors and Nuveen Fund Advisors LLC are deemed to be affiliated investments. The Fund invests its assets in the affiliated RPF, Nuveen Growth Opportunities ETF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 113 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle Retirement Income Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 21,633 | $ | 3,047 | $ | 4,361 | $ | 156 | $ | 271 | $ | 700 | $ | 20,746 | ||||||||||||||
| Dividend Value | 24,445 | 2,277 | 5,131 | 213 | (853 | ) | 170 | 20,951 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 24,562 | 283 | (10 | ) | (16 | ) | — | 24,253 | |||||||||||||||||||
| International Growth | 14,423 | 4,467 | 1,126 | 29 | (1,348 | ) | — | 16,445 | ||||||||||||||||||||
| TIAA CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 125,912 | 15,806 | 7,053 | (157 | ) | (333 | ) | 1,453 | 134,175 | |||||||||||||||||||
| Core Plus Bond | 78,920 | 8,376 | 3,826 | (70 | ) | (296 | ) | 1,082 | 83,104 | |||||||||||||||||||
| Emerging Markets Debt | 13,019 | 1,127 | 1,621 | 19 | (558 | ) | 316 | 11,986 | ||||||||||||||||||||
| Emerging Markets Equity | 8,768 | 3,605 | 646 | (17 | ) | (2,028 | ) | — | 9,682 | |||||||||||||||||||
| Growth & Income | 21,831 | 1,585 | 4,345 | 1,138 | 493 | 116 | 20,702 | |||||||||||||||||||||
| High-Yield | 12,115 | 1,429 | 678 | — | ^ | (213 | ) | 311 | 12,653 | |||||||||||||||||||
| Inflation-Linked Bond | 60,887 | 6,791 | 3,958 | (8 | ) | 1 | 1,780 | 63,713 | ||||||||||||||||||||
| International Bond | 12,684 | 1,591 | 934 | (11 | ) | (26 | ) | — | 13,304 | |||||||||||||||||||
| International Equity | 20,088 | 6,265 | 1,963 | 121 | (993 | ) | — | 23,518 | ||||||||||||||||||||
| International Opportunities | 14,415 | 4,401 | 1,815 | 371 | (872 | ) | — | 16,500 | ||||||||||||||||||||
| Large-Cap Growth | 23,666 | 2,512 | 3,559 | 203 | 1,334 | — | 24,156 | |||||||||||||||||||||
| Large-Cap Growth Index | 23,586 | 1,862 | 29,161 | 6,357 | (2,644 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 24,430 | 1,842 | 5,375 | 960 | (878 | ) | — | 20,979 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 9,443 | 2,756 | 433 | (1 | ) | (491 | ) | — | 11,274 | |||||||||||||||||||
| Quant Small-Cap Equity | 6,881 | 563 | 1,479 | 381 | (356 | ) | — | 5,990 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 7,881 | 567 | 1,672 | 398 | (164 | ) | — | 7,010 | ||||||||||||||||||||
| Short-Term Bond | 60,650 | 8,050 | 4,449 | (23 | ) | (587 | ) | 555 | 63,641 | |||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 22,742 | 3,571 | 819 | 11 | 1,897 | 295 | 27,402 | |||||||||||||||||||||
| $ | 608,419 | $ | 107,052 | $ | 84,687 | $ | 10,060 | $ | (8,660 | ) | $ | 6,778 | $ | 632,184 | ||||||||||||||
| 114 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2010 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 44,845 | $ | 3,635 | $ | 11,167 | $ | 992 | $ | (45 | ) | $ | 1,323 | $ | 38,260 | |||||||||||||
| Dividend Value | 50,727 | 1,231 | 12,048 | 1,216 | (2,431 | ) | 331 | 38,695 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 45,495 | 682 | (24 | ) | (12 | ) | — | 44,777 | |||||||||||||||||||
| International Growth | 29,879 | 6,768 | 3,551 | 68 | (2,533 | ) | — | 30,631 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 265,132 | 11,284 | 21,711 | (391 | ) | (306 | ) | 2,883 | 254,008 | |||||||||||||||||||
| Core Plus Bond | 166,250 | 5,715 | 14,214 | (180 | ) | (377 | ) | 2,145 | 157,194 | |||||||||||||||||||
| Emerging Markets Debt | 27,418 | 728 | 4,394 | 80 | (1,113 | ) | 635 | 22,719 | ||||||||||||||||||||
| Emerging Markets Equity | 18,212 | 6,145 | 2,461 | 15 | (4,008 | ) | — | 17,903 | ||||||||||||||||||||
| Growth & Income | 45,255 | 364 | 10,680 | 5,919 | (2,669 | ) | 227 | 38,189 | ||||||||||||||||||||
| High-Yield | 25,492 | 776 | 1,900 | 41 | (445 | ) | 618 | 23,964 | ||||||||||||||||||||
| Inflation-Linked Bond | 128,240 | 5,769 | 13,546 | 197 | (161 | ) | 3,555 | 120,499 | ||||||||||||||||||||
| International Bond | 26,717 | 1,246 | 2,734 | (20 | ) | (24 | ) | — | 25,185 | |||||||||||||||||||
| International Equity | 41,600 | 8,902 | 5,359 | 409 | (2,001 | ) | — | 43,551 | ||||||||||||||||||||
| International Opportunities | 29,784 | 6,634 | 5,002 | 1,129 | (1,959 | ) | — | 30,586 | ||||||||||||||||||||
| Large-Cap Growth | 48,995 | 1,814 | 9,168 | 1,259 | 1,909 | — | 44,809 | |||||||||||||||||||||
| Large-Cap Growth Index | 48,854 | 588 | 56,857 | 13,137 | (5,722 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 50,652 | 681 | 12,809 | 5,425 | (5,196 | ) | — | 38,753 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 19,571 | 4,209 | 2,003 | 48 | (924 | ) | — | 20,901 | ||||||||||||||||||||
| Quant Small-Cap Equity | 14,269 | 223 | 3,449 | 1,636 | (1,592 | ) | — | 11,087 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 16,357 | 266 | 4,154 | 1,628 | (1,164 | ) | — | 12,933 | ||||||||||||||||||||
| Short-Term Bond | 138,878 | 11,888 | 12,030 | (56 | ) | (1,274 | ) | 1,225 | 137,406 | |||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 43,916 | 3,274 | 5,430 | 150 | 3,150 | 533 | 45,060 | |||||||||||||||||||||
| $ | 1,281,043 | $ | 127,635 | $ | 215,349 | $ | 32,678 | $ | (28,897 | ) | $ | 13,475 | $ | 1,197,110 | ||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 115 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2015 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 72,636 | $ | 3,571 | $ | 15,897 | $ | 1,717 | $ | (146 | ) | $ | 2,124 | $ | 61,881 | |||||||||||||
| Dividend Value | 82,016 | 1,282 | 18,813 | 1,793 | (3,728 | ) | 535 | 62,550 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 73,624 | 1,015 | (38 | ) | (33 | ) | — | 72,538 | |||||||||||||||||||
| International Growth | 48,208 | 10,982 | 6,069 | 167 | (4,065 | ) | — | 49,223 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 371,267 | 14,846 | 27,978 | (474 | ) | (503 | ) | 4,059 | 357,158 | |||||||||||||||||||
| Core Plus Bond | 232,885 | 6,286 | 17,298 | (196 | ) | (577 | ) | 3,022 | 221,100 | |||||||||||||||||||
| Emerging Markets Debt | 38,552 | 1,067 | 6,253 | 75 | (1,529 | ) | 897 | 31,912 | ||||||||||||||||||||
| Emerging Markets Equity | 29,494 | 8,535 | 2,956 | (97 | ) | (6,338 | ) | — | 28,638 | |||||||||||||||||||
| Growth & Income | 73,262 | 7 | 16,868 | 6,672 | (1,345 | ) | 368 | 61,728 | ||||||||||||||||||||
| High-Yield | 35,732 | 911 | 2,421 | (170 | ) | (396 | ) | 871 | 33,656 | |||||||||||||||||||
| Inflation-Linked Bond | 153,204 | 7,929 | 13,381 | 149 | (94 | ) | 4,296 | 147,807 | ||||||||||||||||||||
| International Bond | 37,427 | 1,381 | 3,357 | (18 | ) | (42 | ) | — | 35,391 | |||||||||||||||||||
| International Equity | 67,154 | 14,181 | 8,586 | 570 | (3,120 | ) | — | 70,199 | ||||||||||||||||||||
| International Opportunities | 48,032 | 10,715 | 8,095 | 1,805 | (3,113 | ) | — | 49,344 | ||||||||||||||||||||
| Large-Cap Growth | 79,257 | 1,003 | 13,126 | 2,351 | 2,831 | — | 72,316 | |||||||||||||||||||||
| Large-Cap Growth Index | 79,104 | 341 | 91,506 | 21,403 | (9,342 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 81,996 | 421 | 20,196 | 5,631 | (5,242 | ) | — | 62,610 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 31,628 | 6,268 | 2,804 | 59 | (1,462 | ) | — | 33,689 | ||||||||||||||||||||
| Quant Small-Cap Equity | 23,091 | 188 | 5,450 | 2,038 | (1,954 | ) | — | 17,913 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 26,513 | 37 | 6,231 | 2,458 | (1,716 | ) | — | 21,061 | ||||||||||||||||||||
| Short-Term Bond | 152,450 | 9,926 | 13,367 | (62 | ) | (1,379 | ) | 1,337 | 147,568 | |||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 68,560 | 5,645 | 5,482 | 126 | 5,237 | 860 | 74,086 | |||||||||||||||||||||
| $ | 1,832,468 | $ | 179,146 | $ | 307,149 | $ | 45,959 | $ | (38,056 | ) | $ | 18,369 | $ | 1,712,368 | ||||||||||||||
| 116 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2020 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 176,233 | $ | 8,467 | $ | 34,259 | $ | 3,470 | $ | 260 | $ | 5,285 | $ | 154,171 | ||||||||||||||
| Dividend Value | 198,734 | 4,252 | 42,237 | 3,168 | (8,044 | ) | 1,311 | 155,873 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 183,616 | 2,840 | (104 | ) | (83 | ) | — | 180,589 | |||||||||||||||||||
| International Growth | 116,976 | 26,593 | 10,992 | 265 | (10,068 | ) | — | 122,774 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 780,211 | 40,752 | 48,556 | (897 | ) | (1,371 | ) | 8,640 | 770,139 | |||||||||||||||||||
| Core Plus Bond | 489,542 | 17,792 | 28,893 | (347 | ) | (1,420 | ) | 6,434 | 476,674 | |||||||||||||||||||
| Emerging Markets Debt | 81,487 | 3,101 | 12,615 | 152 | (3,273 | ) | 1,902 | 68,852 | ||||||||||||||||||||
| Emerging Markets Equity | 71,568 | 22,829 | 6,829 | (264 | ) | (15,629 | ) | — | 71,675 | |||||||||||||||||||
| Growth & Income | 177,622 | 1,184 | 37,631 | 14,247 | (1,355 | ) | 902 | 154,067 | ||||||||||||||||||||
| High-Yield | 75,079 | 3,363 | 4,569 | (133 | ) | (1,096 | ) | 1,852 | 72,644 | |||||||||||||||||||
| Inflation-Linked Bond | 251,232 | 17,904 | 18,540 | 71 | 18 | 7,140 | 250,685 | |||||||||||||||||||||
| International Bond | 78,585 | 4,277 | 6,376 | (48 | ) | (99 | ) | — | 76,339 | |||||||||||||||||||
| International Equity | 162,977 | 34,393 | 15,798 | 1,292 | (7,728 | ) | — | 175,136 | ||||||||||||||||||||
| International Opportunities | 116,694 | 26,189 | 16,384 | 3,097 | (6,512 | ) | — | 123,084 | ||||||||||||||||||||
| Large-Cap Growth | 191,889 | 3,358 | 27,479 | 4,135 | 8,346 | — | 180,249 | |||||||||||||||||||||
| Large-Cap Growth Index | 191,699 | 998 | 222,111 | 52,057 | (22,643 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 198,892 | 1,145 | 44,843 | 12,680 | (11,805 | ) | — | 156,069 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 76,705 | 16,044 | 5,137 | 68 | (3,622 | ) | — | 84,058 | ||||||||||||||||||||
| Quant Small-Cap Equity | 55,983 | 551 | 11,996 | 4,136 | (3,955 | ) | — | 44,719 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 64,241 | 416 | 14,264 | 5,465 | (3,638 | ) | — | 52,220 | ||||||||||||||||||||
| Short-Term Bond | 250,139 | 19,730 | 17,098 | (86 | ) | (2,335 | ) | 2,228 | 250,350 | |||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 147,859 | 13,011 | 8,201 | 157 | 11,604 | 1,870 | 164,430 | |||||||||||||||||||||
| $ | 3,954,347 | $ | 449,965 | $ | 637,648 | $ | 102,581 | $ | (84,448 | ) | $ | 37,564 | $ | 3,784,797 | ||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 117 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2025 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 287,516 | $ | 14,308 | $ | 49,891 | $ | 4,919 | $ | 1,077 | $ | 8,783 | $ | 257,929 | ||||||||||||||
| Dividend Value | 323,309 | 5,720 | 59,801 | 3,975 | (12,147 | ) | 2,170 | 261,056 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 305,615 | 3,688 | (132 | ) | (192 | ) | — | 301,603 | |||||||||||||||||||
| International Growth | 189,630 | 42,860 | 11,547 | 256 | (16,659 | ) | — | 204,540 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 959,635 | 72,404 | 42,328 | (1,428 | ) | (1,635 | ) | 10,839 | 986,648 | |||||||||||||||||||
| Core Plus Bond | 602,554 | 34,457 | 23,753 | (505 | ) | (1,855 | ) | 8,070 | 610,898 | |||||||||||||||||||
| Emerging Markets Debt | 101,716 | 4,607 | 14,254 | 91 | (4,057 | ) | 2,395 | 88,103 | ||||||||||||||||||||
| Emerging Markets Equity | 116,447 | 38,248 | 8,266 | (474 | ) | (25,729 | ) | — | 120,226 | |||||||||||||||||||
| Growth & Income | 288,270 | 123 | 51,738 | 19,934 | 1,126 | 1,484 | 257,715 | |||||||||||||||||||||
| High-Yield | 92,306 | 5,759 | 3,535 | (50 | ) | (1,526 | ) | 2,320 | 92,954 | |||||||||||||||||||
| Inflation-Linked Bond | 237,503 | 21,575 | 11,414 | (37 | ) | 112 | 6,862 | 247,739 | ||||||||||||||||||||
| International Bond | 96,698 | 7,630 | 6,359 | (106 | ) | (96 | ) | — | 97,767 | |||||||||||||||||||
| International Equity | 265,281 | 56,176 | 18,543 | 1,629 | (12,408 | ) | — | 292,135 | ||||||||||||||||||||
| International Opportunities | 189,536 | 41,731 | 20,215 | 3,936 | (9,737 | ) | — | 205,251 | ||||||||||||||||||||
| Large-Cap Growth | 312,012 | 5,513 | 36,744 | 5,500 | 14,701 | — | 300,982 | |||||||||||||||||||||
| Large-Cap Growth Index | 311,361 | 668 | 360,338 | 84,479 | (36,170 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 322,456 | 2,781 | 65,494 | 17,335 | (15,991 | ) | — | 261,087 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 124,786 | 26,124 | 4,734 | 11 | (5,992 | ) | — | 140,195 | ||||||||||||||||||||
| Quant Small-Cap Equity | 90,981 | 877 | 17,222 | 5,507 | (5,288 | ) | — | 74,855 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 104,348 | 271 | 20,191 | 7,326 | (4,368 | ) | — | 87,386 | ||||||||||||||||||||
| Short-Term Bond | 236,602 | 25,634 | 12,537 | (83 | ) | (2,273 | ) | 2,150 | 247,343 | |||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 203,618 | 18,761 | 5,017 | 56 | 16,455 | 2,610 | 233,873 | |||||||||||||||||||||
| $ | 5,456,565 | $ | 731,842 | $ | 847,609 | $ | 152,139 | $ | (122,652 | ) | $ | 47,683 | $ | 5,370,285 | ||||||||||||||
| 118 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/21 | Purchases cost | Sales Proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2030 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 357,117 | $ | 18,368 | $ | 57,000 | $ | 5,202 | $ | 2,193 | $ | 11,068 | $ | 325,880 | ||||||||||||||
| Dividend Value | 402,425 | 5,637 | 67,981 | 4,455 | (14,664 | ) | 2,717 | 329,872 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 385,807 | 4,316 | (155 | ) | (297 | ) | — | 381,039 | |||||||||||||||||||
| International Growth | 236,286 | 57,600 | 13,619 | 492 | (21,318 | ) | — | 259,441 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 879,449 | 88,034 | 48,570 | (1,764 | ) | (1,177 | ) | 10,012 | 915,972 | |||||||||||||||||||
| Core Plus Bond | 553,750 | 42,021 | 26,432 | (591 | ) | (1,650 | ) | 7,456 | 567,098 | |||||||||||||||||||
| Emerging Markets Debt | 95,300 | 6,316 | 15,901 | 38 | (3,741 | ) | 2,235 | 82,012 | ||||||||||||||||||||
| Emerging Markets Equity | 144,353 | 52,247 | 11,125 | (1,096 | ) | (31,884 | ) | — | 152,495 | |||||||||||||||||||
| Growth & Income | 358,006 | 118 | 58,706 | 22,375 | 3,844 | 1,859 | 325,637 | |||||||||||||||||||||
| High-Yield | 84,945 | 5,946 | 3,173 | (12 | ) | (1,451 | ) | 2,144 | 86,255 | |||||||||||||||||||
| Inflation-Linked Bond | 137,038 | 17,775 | 4,628 | (42 | ) | 87 | 4,031 | 150,230 | ||||||||||||||||||||
| International Bond | 88,966 | 8,531 | 6,407 | (146 | ) | (48 | ) | — | 90,896 | |||||||||||||||||||
| International Equity | 329,081 | 75,028 | 21,367 | 1,594 | (15,278 | ) | — | 369,058 | ||||||||||||||||||||
| International Opportunities | 235,319 | 53,581 | 21,934 | 4,671 | (12,149 | ) | — | 259,488 | ||||||||||||||||||||
| Large-Cap Growth | 387,447 | 8,105 | 40,199 | 5,530 | 19,384 | — | 380,267 | |||||||||||||||||||||
| Large-Cap Growth Index | 387,398 | 703 | 448,294 | 104,564 | (44,371 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 401,174 | 2,536 | 75,446 | 19,643 | (18,017 | ) | — | 329,890 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 154,582 | 34,169 | 4,018 | 3 | (7,626 | ) | — | 177,110 | ||||||||||||||||||||
| Quant Small-Cap Equity | 113,124 | 1,232 | 20,057 | 5,931 | (5,663 | ) | — | 94,567 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 130,048 | 104 | 23,200 | 8,101 | (4,476 | ) | — | 110,577 | ||||||||||||||||||||
| Short-Term Bond | 136,452 | 20,932 | 6,123 | (43 | ) | (1,361 | ) | 1,270 | 149,857 | |||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 217,338 | 20,603 | 2,593 | — | ^ | 17,767 | 2,800 | 253,115 | ||||||||||||||||||||
| $ | 5,829,598 | $ | 905,393 | $ | 981,089 | $ | 178,750 | $ | (141,896 | ) | $ | 45,592 | $ | 5,790,756 | ||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 119 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2035 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 418,613 | $ | 21,362 | $ | 63,447 | $ | 5,327 | $ | 3,234 | $ | 13,073 | $ | 385,089 | ||||||||||||||
| Dividend Value | 473,288 | 5,858 | 77,229 | 4,806 | (16,939 | ) | 3,207 | 389,784 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 456,616 | 5,732 | (206 | ) | (372 | ) | — | 450,306 | |||||||||||||||||||
| International Growth | 278,455 | 66,776 | 13,687 | 505 | (25,250 | ) | — | 306,799 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 757,070 | 86,276 | 50,865 | (1,804 | ) | (744 | ) | 8,646 | 789,933 | |||||||||||||||||||
| Core Plus Bond | 478,051 | 38,574 | 25,538 | (577 | ) | (1,346 | ) | 6,442 | 489,164 | |||||||||||||||||||
| Emerging Markets Debt | 84,560 | 4,750 | 15,528 | 76 | (3,271 | ) | 1,962 | 70,587 | ||||||||||||||||||||
| Emerging Markets Equity | 169,834 | 62,406 | 13,068 | (1,249 | ) | (37,702 | ) | — | 180,221 | |||||||||||||||||||
| Growth & Income | 420,677 | 627 | 67,428 | 25,382 | 5,463 | 2,191 | 384,721 | |||||||||||||||||||||
| High-Yield | 73,328 | 6,035 | 3,667 | (13 | ) | (1,252 | ) | 1,853 | 74,431 | |||||||||||||||||||
| Inflation-Linked Bond | 21,093 | 12,874 | 447 | (4 | ) | 26 | 723 | 33,542 | ||||||||||||||||||||
| International Bond | 76,808 | 7,330 | 5,701 | (151 | ) | (14 | ) | — | 78,272 | |||||||||||||||||||
| International Equity | 386,883 | 85,755 | 20,113 | 1,577 | (17,784 | ) | — | 436,318 | ||||||||||||||||||||
| International Opportunities | 277,329 | 58,300 | 19,866 | 4,080 | (13,183 | ) | — | 306,660 | ||||||||||||||||||||
| Large-Cap Growth | 455,471 | 10,396 | 45,658 | 5,974 | 23,211 | — | 449,394 | |||||||||||||||||||||
| Large-Cap Growth Index | 455,314 | 1,084 | 527,216 | 122,512 | (51,694 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 471,601 | 2,205 | 85,824 | 22,026 | (20,200 | ) | — | 389,808 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 181,429 | 40,904 | 4,007 | 13 | (9,077 | ) | — | 209,262 | ||||||||||||||||||||
| Quant Small-Cap Equity | 132,959 | 1,537 | 23,040 | 6,363 | (6,076 | ) | — | 111,743 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 152,953 | 282 | 26,801 | 9,090 | (4,829 | ) | — | 130,695 | ||||||||||||||||||||
| Short-Term Bond | 20,995 | 13,457 | 793 | (6 | ) | (278 | ) | 238 | 33,375 | |||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 223,987 | 19,911 | 516 | 4 | 18,350 | 2,889 | 261,736 | |||||||||||||||||||||
| $ | 6,010,698 | $ | 1,003,315 | $ | 1,096,171 | $ | 203,725 | $ | (159,727 | ) | $ | 41,224 | $ | 5,961,840 | ||||||||||||||
| 120 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2040 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 556,953 | $ | 30,794 | $ | 81,460 | $ | 6,140 | $ | 5,073 | $ | 17,521 | $ | 517,500 | ||||||||||||||
| Dividend Value | 629,102 | 8,732 | 97,476 | 5,663 | (22,050 | ) | 4,271 | 523,971 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 613,109 | 7,086 | (254 | ) | (634 | ) | — | 605,135 | |||||||||||||||||||
| International Growth | 371,415 | 93,776 | 21,065 | 797 | (33,894 | ) | — | 411,029 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 598,045 | 96,769 | 45,787 | (1,603 | ) | (604 | ) | 6,954 | 646,820 | |||||||||||||||||||
| Core Plus Bond | 381,437 | 46,623 | 25,533 | (544 | ) | (1,072 | ) | 5,196 | 400,911 | |||||||||||||||||||
| Emerging Markets Debt | 73,261 | 6,040 | 18,868 | 139 | (2,777 | ) | 1,651 | 57,795 | ||||||||||||||||||||
| Emerging Markets Equity | 226,154 | 83,286 | 15,637 | (1,402 | ) | (50,602 | ) | — | 241,799 | |||||||||||||||||||
| Growth & Income | 560,768 | 1,292 | 85,692 | 32,019 | 8,985 | 2,921 | 517,372 | |||||||||||||||||||||
| High-Yield | 58,508 | 6,985 | 3,469 | (14 | ) | (1,025 | ) | 1,495 | 60,985 | |||||||||||||||||||
| International Bond | 61,285 | 8,032 | 5,119 | (149 | ) | 12 | — | 64,061 | ||||||||||||||||||||
| International Equity | 515,718 | 113,811 | 20,802 | 1,941 | (24,023 | ) | — | 586,645 | ||||||||||||||||||||
| International Opportunities | 367,994 | 78,555 | 22,954 | 4,411 | (16,699 | ) | — | 411,307 | ||||||||||||||||||||
| Large-Cap Growth | 606,728 | 11,102 | 53,914 | 6,881 | 31,789 | — | 602,586 | |||||||||||||||||||||
| Large-Cap Growth Index | 606,868 | 461 | 701,658 | 162,992 | (68,663 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 629,317 | 2,201 | 109,920 | 28,207 | (25,902 | ) | — | 523,903 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 241,733 | 55,849 | 4,625 | 15 | (12,232 | ) | — | 280,740 | ||||||||||||||||||||
| Quant Small-Cap Equity | 176,905 | 3,289 | 30,205 | 7,390 | (7,065 | ) | — | 150,314 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 204,130 | 271 | 34,131 | 11,399 | (5,752 | ) | — | 175,917 | ||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 265,536 | 26,779 | 2,082 | 13 | 21,765 | 3,423 | 312,011 | |||||||||||||||||||||
| $ | 7,131,857 | $ | 1,287,756 | $ | 1,387,483 | $ | 264,041 | $ | (205,370 | ) | $ | 43,432 | $ | 7,090,801 | ||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 121 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2045 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 401,127 | $ | 22,484 | $ | 50,032 | $ | 3,204 | $ | 4,792 | $ | 12,855 | $ | 381,575 | ||||||||||||||
| Dividend Value | 453,962 | 9,646 | 65,224 | 3,407 | (15,405 | ) | 3,110 | 386,386 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 451,434 | 4,553 | (163 | ) | (536 | ) | — | 446,182 | |||||||||||||||||||
| International Growth | 267,576 | 69,664 | 10,055 | 374 | (24,780 | ) | — | 302,779 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 177,331 | 53,319 | 24,232 | (771 | ) | (3 | ) | 2,156 | 205,644 | |||||||||||||||||||
| Core Plus Bond | 116,786 | 23,549 | 12,287 | (229 | ) | (297 | ) | 1,622 | 127,522 | |||||||||||||||||||
| Emerging Markets Debt | 28,581 | 2,359 | 11,688 | 201 | (1,061 | ) | 589 | 18,392 | ||||||||||||||||||||
| Emerging Markets Equity | 163,596 | 61,942 | 9,254 | (649 | ) | (37,414 | ) | — | 178,221 | |||||||||||||||||||
| Growth & Income | 403,371 | 2,337 | 53,827 | 18,325 | 11,333 | 2,118 | 381,539 | |||||||||||||||||||||
| High-Yield | 17,913 | 3,195 | 1,387 | (7 | ) | (324 | ) | 468 | 19,390 | |||||||||||||||||||
| International Bond | 18,765 | 3,828 | 2,167 | (58 | ) | 16 | — | 20,384 | ||||||||||||||||||||
| International Equity | 371,531 | 89,469 | 12,906 | 639 | (16,891 | ) | — | 431,842 | ||||||||||||||||||||
| International Opportunities | 266,294 | 62,220 | 14,764 | 1,031 | (10,371 | ) | — | 304,410 | ||||||||||||||||||||
| Large-Cap Growth | 437,556 | 14,784 | 35,565 | 3,300 | 24,479 | — | 444,554 | |||||||||||||||||||||
| Large-Cap Growth Index | 436,635 | 1,536 | 506,583 | 117,104 | (48,692 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 452,890 | 5,027 | 72,931 | 15,165 | (13,603 | ) | — | 386,548 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 174,012 | 44,196 | 2,272 | 4 | (9,076 | ) | — | 206,864 | ||||||||||||||||||||
| Quant Small-Cap Equity | 127,786 | 2,918 | 19,821 | 5,239 | (5,089 | ) | — | 111,033 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 147,447 | 344 | 22,070 | 6,819 | (2,754 | ) | — | 129,786 | ||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 172,347 | 21,378 | 1,094 | 8 | 14,311 | 2,241 | 206,950 | |||||||||||||||||||||
| $ | 4,635,506 | $ | 945,629 | $ | 932,712 | $ | 172,943 | $ | (131,365 | ) | $ | 25,159 | $ | 4,690,001 | ||||||||||||||
| 122 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2050 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 301,504 | $ | 18,585 | $ | 33,918 | $ | 1,862 | $ | 4,041 | $ | 9,793 | $ | 292,074 | ||||||||||||||
| Dividend Value | 338,928 | 9,119 | 43,189 | 1,889 | (10,977 | ) | 2,352 | 295,770 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 344,817 | 2,807 | (101 | ) | (477 | ) | — | 341,432 | |||||||||||||||||||
| International Growth | 200,075 | 55,360 | 5,504 | 182 | (18,814 | ) | — | 231,299 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 83,983 | 25,500 | 20,078 | (457 | ) | 153 | 989 | 89,101 | ||||||||||||||||||||
| Core Plus Bond | 57,235 | 8,474 | 10,066 | (171 | ) | (25 | ) | 751 | 55,447 | |||||||||||||||||||
| Emerging Markets Debt | 16,755 | 852 | 9,209 | 321 | (721 | ) | 316 | 7,998 | ||||||||||||||||||||
| Emerging Markets Equity | 122,688 | 49,698 | 7,296 | (538 | ) | (28,294 | ) | — | 136,258 | |||||||||||||||||||
| Growth & Income | 301,687 | 3,677 | 35,587 | 10,299 | 12,019 | 1,602 | 292,095 | |||||||||||||||||||||
| High-Yield | 8,791 | 1,039 | 1,260 | — | ^ | (142 | ) | 217 | 8,428 | |||||||||||||||||||
| International Bond | 9,195 | 1,466 | 1,820 | (32 | ) | 20 | — | 8,829 | ||||||||||||||||||||
| International Equity | 278,007 | 72,233 | 7,479 | 352 | (12,845 | ) | — | 330,268 | ||||||||||||||||||||
| International Opportunities | 200,207 | 50,055 | 10,150 | 664 | (7,975 | ) | — | 232,801 | ||||||||||||||||||||
| Large-Cap Growth | 327,901 | 15,706 | 24,505 | 1,543 | 19,174 | — | 339,819 | |||||||||||||||||||||
| Large-Cap Growth Index | 326,552 | 4,146 | 382,228 | 87,518 | (35,988 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 338,761 | 5,520 | 49,531 | 8,605 | (7,486 | ) | — | 295,869 | ||||||||||||||||||||
| Quant International | ||||||||||||||||||||||||||||
| Small-Cap Equity | 130,367 | 35,909 | 1,252 | (1 | ) | (6,969 | ) | — | 158,054 | |||||||||||||||||||
| Quant Small-Cap Equity | 95,572 | 2,889 | 13,632 | 3,163 | (3,027 | ) | — | 84,965 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 110,176 | 372 | 14,137 | 4,088 | (1,045 | ) | — | 99,454 | ||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 125,377 | 17,304 | 808 | 7 | 10,492 | 1,638 | 152,372 | |||||||||||||||||||||
| $ | 3,373,761 | $ | 722,721 | $ | 674,456 | $ | 119,193 | $ | (88,886 | ) | $ | 17,658 | $ | 3,452,333 | ||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 123 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2055 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 128,593 | $ | 10,549 | $ | 13,303 | $ | 352 | $ | 2,123 | $ | 4,268 | $ | 128,314 | ||||||||||||||
| Dividend Value | 144,638 | 5,500 | 16,304 | 547 | (4,496 | ) | 1,017 | 129,885 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 150,926 | 834 | (30 | ) | (230 | ) | — | 149,832 | |||||||||||||||||||
| International Growth | 85,350 | 26,915 | 2,141 | 43 | (8,239 | ) | — | 101,928 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 26,120 | 10,037 | 7,426 | (153 | ) | 46 | 316 | 28,624 | ||||||||||||||||||||
| Core Plus Bond | 18,372 | 3,291 | 3,762 | (61 | ) | (2 | ) | 243 | 17,838 | |||||||||||||||||||
| Emerging Markets Debt | 6,217 | 398 | 3,910 | 136 | (269 | ) | 113 | 2,572 | ||||||||||||||||||||
| Emerging Markets Equity | 52,248 | 22,913 | 2,685 | (221 | ) | (12,371 | ) | — | 59,884 | |||||||||||||||||||
| Growth & Income | 128,671 | 3,745 | 13,855 | 2,203 | 7,418 | 690 | 128,182 | |||||||||||||||||||||
| High-Yield | 2,822 | 442 | 507 | — | ^ | (46 | ) | 70 | 2,711 | |||||||||||||||||||
| International Bond | 2,952 | 606 | 727 | (13 | ) | 8 | — | 2,826 | ||||||||||||||||||||
| International Equity | 118,625 | 34,282 | 2,733 | 112 | (5,551 | ) | — | 144,735 | ||||||||||||||||||||
| International Opportunities | 85,162 | 23,768 | 3,358 | 182 | (3,451 | ) | — | 102,303 | ||||||||||||||||||||
| Large-Cap Growth | 139,901 | 12,495 | 11,619 | 179 | 8,661 | — | 149,617 | |||||||||||||||||||||
| Large-Cap Growth Index | 139,268 | 4,350 | 165,821 | 37,310 | (15,107 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 144,353 | 3,673 | 18,355 | 2,452 | (2,016 | ) | — | 130,107 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 55,578 | 17,006 | 251 | (2 | ) | (3,079 | ) | — | 69,252 | |||||||||||||||||||
| Quant Small-Cap Equity | 40,785 | 2,374 | 5,796 | 875 | (844 | ) | — | 37,394 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 46,895 | 1,054 | 5,593 | 1,212 | 95 | — | 43,663 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 52,724 | 8,751 | 35 | — | ^ | 4,498 | 698 | 65,938 | ||||||||||||||||||||
| $ | 1,419,274 | $ | 343,075 | $ | 279,015 | $ | 45,123 | $ | (32,852 | ) | $ | 7,415 | $ | 1,495,605 | ||||||||||||||
| 124 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2060 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 36,272 | $ | 6,261 | $ | 3,645 | $ | (64 | ) | $ | 722 | $ | 1,294 | $ | 39,546 | |||||||||||||
| Dividend Value | 40,776 | 4,307 | 4,005 | (66 | ) | (1,106 | ) | 299 | 39,906 | |||||||||||||||||||
| Growth Opportunities ETF | — | 46,069 | — | — | (90 | ) | — | 45,979 | ||||||||||||||||||||
| International Growth | 24,041 | 10,279 | 434 | — | (2,517 | ) | — | 31,369 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 4,716 | 2,947 | 1,813 | (30 | ) | 6 | 62 | 5,826 | ||||||||||||||||||||
| Core Plus Bond | 3,531 | 1,161 | 1,074 | (17 | ) | 4 | 48 | 3,605 | ||||||||||||||||||||
| Emerging Markets Debt | 1,499 | 165 | 1,117 | 33 | (61 | ) | 26 | 519 | ||||||||||||||||||||
| Emerging Markets Equity | 14,746 | 7,914 | 457 | (47 | ) | (3,707 | ) | — | 18,449 | |||||||||||||||||||
| Growth & Income | 36,373 | 3,639 | 3,542 | 20 | 2,808 | 202 | 39,298 | |||||||||||||||||||||
| High-Yield | 542 | 157 | 142 | — | ^ | (10 | ) | 14 | 547 | |||||||||||||||||||
| International Bond | 567 | 217 | 206 | (2 | ) | 2 | — | 578 | ||||||||||||||||||||
| International Equity | 33,418 | 13,512 | 551 | 5 | (1,681 | ) | — | 44,703 | ||||||||||||||||||||
| International Opportunities | 24,060 | 9,411 | 848 | 16 | (1,099 | ) | — | 31,540 | ||||||||||||||||||||
| Large-Cap Growth | 39,483 | 7,806 | 3,455 | (69 | ) | 2,552 | — | 46,317 | ||||||||||||||||||||
| Large-Cap Growth Index | 39,204 | 4,102 | 49,790 | 10,464 | (3,980 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 40,755 | 3,382 | 4,247 | (5 | ) | 116 | — | 40,001 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 15,767 | 6,730 | 125 | (2 | ) | (970 | ) | — | 21,400 | |||||||||||||||||||
| Quant Small-Cap Equity | 11,506 | 1,349 | 1,370 | — | ^ | (2 | ) | — | 11,483 | |||||||||||||||||||
| Quant Small/Mid-Cap Equity | 13,191 | 1,298 | 1,454 | 21 | 356 | — | 13,412 | |||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 14,655 | 3,990 | — | — | ^ | 1,322 | 201 | 19,967 | ||||||||||||||||||||
| $ | 395,102 | $ | 134,696 | $ | 78,275 | $ | 10,257 | $ | (7,335 | ) | $ | 2,146 | $ | 454,445 | ||||||||||||||
| TIAA-CREF Lifecycle Funds ■ 2021 Annual Report | 125 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle 2065 Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 649 | $ | 451 | $ | 90 | $ | (1 | ) | $ | 5 | $ | 25 | $ | 1,014 | |||||||||||||
| Dividend Value | 729 | 419 | 92 | (1 | ) | (29 | ) | 5 | 1,026 | |||||||||||||||||||
| Growth Opportunities ETF | — | 1,182 | — | — | (4 | ) | — | 1,178 | ||||||||||||||||||||
| International Growth | 430 | 473 | 20 | — | ^ | (61 | ) | — | 822 | |||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 47 | 89 | 55 | — | ^ | — | ^ | 1 | 81 | |||||||||||||||||||
| Core Plus Bond | 34 | 50 | 34 | — | ^ | — | ^ | — | ^ | 50 | ||||||||||||||||||
| Emerging Markets Debt | 12 | 7 | 11 | — | ^ | (1 | ) | — | ^ | 7 | ||||||||||||||||||
| Emerging Markets Equity | 263 | 303 | 7 | (1 | ) | (74 | ) | — | 484 | |||||||||||||||||||
| Growth & Income | 651 | 390 | 72 | — | ^ | 43 | 4 | 1,012 | ||||||||||||||||||||
| High-Yield | 5 | 8 | 5 | — | ^ | — | — | ^ | 8 | |||||||||||||||||||
| International Bond | 5 | 9 | 6 | — | ^ | — | — | 8 | ||||||||||||||||||||
| International Equity | 596 | 636 | 21 | — | ^ | (47 | ) | — | 1,164 | |||||||||||||||||||
| International Opportunities | 429 | 441 | 16 | — | ^ | (34 | ) | — | 820 | |||||||||||||||||||
| Large-Cap Growth | 704 | 619 | 145 | (11 | ) | 42 | — | 1,209 | ||||||||||||||||||||
| Large-Cap Growth Index | 702 | 157 | 976 | 188 | (71 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 728 | 405 | 98 | (1 | ) | (7 | ) | — | 1,027 | |||||||||||||||||||
| Quant International Small-Cap Equity | 280 | 312 | 7 | — | ^ | (25 | ) | — | 560 | |||||||||||||||||||
| Quant Small-Cap Equity | 206 | 117 | 25 | — | ^ | (4 | ) | — | 294 | |||||||||||||||||||
| Quant Small/Mid-Cap Equity | 236 | 134 | 29 | — | ^ | 2 | — | 343 | ||||||||||||||||||||
| TIAA-CREF Real Property Fund LPa | 259 | 205 | — | — | 24 | 4 | 488 | |||||||||||||||||||||
| $ | 6,965 | $ | 6,407 | $ | 1,709 | $ | 173 | $ | (241 | ) | $ | 39 | $ | 11,595 | ||||||||||||||
| ^ | Some amounts represent less than $1,000. |
| a | Restricted security |
Note 7—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, 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 period ended November 30, 2021, there were no inter-fund borrowing or lending transactions.
| 126 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
concluded
Note 8—line of credit
The Funds participate in a $1 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 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2021, there were no borrowings under this credit facility by the Funds.
| TIAA-CREF Lifecycle Funds ■ 2021 Semiannual Report | 127 |
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 Indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, nor guarantees the accuracy or completeness of any information herein, nor 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.
During the reporting period, “Bloomberg Barclays” fixed-income indices were rebranded as “Bloomberg” indices. This change affects all Bloomberg fixed-income indices.
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 trademarks of
| 128 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
concluded
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 ■ 2021 Semiannual Report | 129 |
[This page intentionally left blank.]
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
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. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
©2022 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
 |
730 Third Avenue New York, NY 10017-3206 |
PRESORTED STANDARD U.S. POSTAGE PAID TIAA |
 |
Printed on paper containing recycled fiber |
 |
We’re fond of paper…in its original form. Switch to eDelivery at TIAA.org/eDelivery |
|
| 1923985 | A11014 (1/22) |
 |
730 Third Avenue New York, NY 10017-3206 |
 |
Printed on paper containing recycled fiber |
| 1923985 | A11014 (1/22) |
 |
730 Third Avenue New York, NY 10017-3206 |
| 1923985 | A11014 (1/22) |
 |
TIAA-CREF
Funds |
November
30, 2021 |
TIAA-CREF
Lifecycle Index Funds
The semiannual report contains the financial statements (unaudited).
| Fund name | Institutional Class |
Advisor Class |
Premier Class |
Retirement 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 |
| Lifecycle Index 2065 Fund | TFITX | TFIHX | TFIPX | TFIRX |
Semiannual
Report
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 not be sent to you 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.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) 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 (2) 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 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 receive 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
| Lifecycle Index 2055 Fund | 40 |
| Lifecycle Index 2060 Fund | 42 |
| Lifecycle Index 2065 Fund | 44 |
| Portfolios of investments | 46 |
| Financial statements (unaudited) | |
| Statements of assets and liabilities | 60 |
| Statements of operations | 64 |
| Statements of changes in net assets | 68 |
| Financial highlights | 78 |
| Notes to financial statements | 92 |
| Additional information about index providers | 104 |
| How to reach us | Inside back cover |
This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended November 30, 2021. The report contains four main sections:
| • | A letter from Brad Finkle, President of the TIAA-CREF Fund Complex. |
| • | 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 November 30, 2021. |
| • | 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 websites at TIAA.org or nuveen.com, or call 800-842-2252. We urge you to read the prospectus carefully before investing.
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 3 |
Global financial markets generated mixed results for the six months ended November 30, 2021, as the economic implications of COVID-19 and subsequent variant strains differed among countries. U.S. equities advanced amid continued economic expansion during the period. However, foreign stocks posted losses, with emerging markets declining more than international developed markets. U.S. fixed-income securities rose modestly as U.S. Treasury yields fell across longer-term maturities (bond prices move in the opposite direction of yields). 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 funds.
| • | All of the TIAA-CREF Lifecycle Index Funds edged higher for the period but underperformed their respective composite benchmarks. (All fund returns are for the Retirement Class.) |
| • | Returns for the Retirement Class ranged from 1.8% for the Lifecycle Index Retirement Income Fund to 2.8% for the Lifecycle Index 2050, 2055 and 2060 Funds. |
| • | These results continued to support the solid performance of the TIAA-CREF Lifecycle Index Funds over longer periods of time. |
U.S. and international stocks posted mixed results
U.S. equities advanced for the six months as the economy continued to expand. However, business activity slowed late in the period as supply-chain bottlenecks limited the delivery of certain products, and companies struggled to hire more workers. The broad domestic stock market, as represented by the Russell 3000® Index, advanced 7.6%. The Fed maintained short-term interest rates at historically low levels but in November began reducing the pace of its bond-buying program designed to support the economy and credit markets.
International stocks trailed their U.S. counterparts. The MSCI EAFE+Emerging Markets (EM) Index, which measures the performance of leading stocks in 21 developed-markets countries outside North America and 27 emerging-markets countries, returned –6.2% in U.S.-dollar terms. The economy of the 19-nation euro area returned to moderate growth in the second and third quarters of 2021. However, China’s economic growth decelerated year-over-year during the same period.
U.S. investment-grade bonds posted modest gains as U.S. Treasury yields declined across longer-term maturities. The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 1.0% for the period.
| 4 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Brad Finkle
Reflecting on the past, preparing for the future
After posting strong returns in 2019 and 2020, the U.S. stock market is currently on track to register a third consecutive positive year. There is an old adage in investing that states, “A bull market climbs a wall of worry,” meaning that investors tend to get nervous when markets continue to rise. At the end of every year, as we reflect on our financial progress and consider our future goals, it’s natural to wonder where the markets are headed and how we should position our portfolios.
As investment professionals, we have looked over the history of market fluctuations and have forged a primary belief that adhering to a long-term financial plan and staying invested in a diversified portfolio that includes multiple asset classes are wise approaches in dealing with the ever-present factors of risk and uncertainty. The TIAA-CREF Lifecycle Index Funds use dynamic diversification strategies designed to help mitigate the effects of market volatility and keep you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.
We thank you again for trusting us to manage your investments through the TIAA-CREF Lifecycle Index Funds. If you have any questions or concerns, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. You can also reach us online by visiting TIAA.org. We always stand ready to assist you.
/s/ Brad Finkle
Brad Finkle
President of the TIAA-CREF Fund Complex
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 5 |
Portfolio holdings
The complete portfolios of investments for the Lifecycle Index Funds begin on page 46 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 as of the most recently completed fiscal quarter in the following ways:
| • | By visiting our websites at TIAA.org or nuveen.com; 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 filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Composite benchmarks
Each Lifecycle Index Fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include U.S. equity (stocks), international equity (foreign stocks), fixed income, short-term fixed income and inflation-protected assets. A fund’s composite benchmark combines the following public indexes in proportions that 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 27 emerging-markets countries in Europe, Asia, Africa, Latin America and the Middle East. |
| • | The Bloomberg 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 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 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 Index Funds ■ 2021 Semiannual Report | 7 |
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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
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 (June 1, 2021–November 30, 2021).
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 Index Funds ■ 2021 Semiannual Report | 9 |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifecycle Index
Funds Institutional Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses paid during period (6/1/21–11/30/21 | * ) | ||||||
| Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,018.91 | $0.51 | |||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2010 Fund actual return | 1,000.00 | 1,018.75 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2015 Fund actual return | 1,000.00 | 1,019.84 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2020 Fund actual return | 1,000.00 | 1,020.77 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2025 Fund actual return | 1,000.00 | 1,022.36 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2030 Fund actual return | 1,000.00 | 1,023.67 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2035 Fund actual return | 1,000.00 | 1,025.61 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2040 Fund actual return | 1,000.00 | 1,026.85 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2045 Fund actual return | 1,000.00 | 1,028.23 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2050 Fund actual return | 1,000.00 | 1,028.67 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2055 Fund actual return | 1,000.00 | 1,028.63 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2060 Fund actual return | 1,000.00 | 1,029.11 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 2065 Fund actual return | 1,000.00 | 1,030.52 | 0.51 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
| 10 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index 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 183/365. There were 183 days in the six months ended November 30, 2021. 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, 0.10% for the 2010 Fund, 0.10% for the 2015 Fund, 0.10% for the 2020 Fund, 0.10% for the 2025 Fund, 0.10% for the 2030 Fund, 0.10% for the 2035 Fund, 0.10% for the 2040 Fund, 0.10% for the 2045 Fund, 0.10% for the 2050 Fund, 0.10% for the 2055 Fund, 0.10% for the 2060 Fund and 0.10% for the 2065 Fund. |
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 11 |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifecycle Index
Funds Advisor Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses paid during period (6/1/21–11/30/21 | * ) | ||||||
| Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,018.95 | $1.01 | |||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2010 Fund actual return | 1,000.00 | 1,018.20 | 1.01 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2015 Fund actual return | 1,000.00 | 1,019.33 | 1.01 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2020 Fund actual return | 1,000.00 | 1,020.32 | 1.01 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2025 Fund actual return | 1,000.00 | 1,021.51 | 1.01 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2030 Fund actual return | 1,000.00 | 1,023.29 | 1.01 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2035 Fund actual return | 1,000.00 | 1,024.87 | 1.02 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2040 Fund actual return | 1,000.00 | 1,026.14 | 1.02 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2045 Fund actual return | 1,000.00 | 1,027.57 | 1.02 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2050 Fund actual return | 1,000.00 | 1,028.00 | 1.02 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2055 Fund actual return | 1,000.00 | 1,028.68 | 1.02 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2060 Fund actual return | 1,000.00 | 1,028.56 | 1.02 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
| 2065 Fund actual return | 1,000.00 | 1,030.52 | 0.56 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.52 | 0.56 | |||||||||
| 12 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index 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 183/365. There were 183 days in the six months ended November 30, 2021. 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 0.20% for the Retirement Income Fund, 0.20% for the 2010 Fund, 0.20% for the 2015 Fund, 0.20% for the 2020 Fund, 0.20% for the 2025 Fund, 0.20% for the 2030 Fund, 0.20% for the 2035 Fund, 0.20% for the 2040 Fund, 0.20% for the 2045 Fund, 0.20% for the 2050 Fund, 0.20% for the 2055 Fund, 0.20% for the 2060 Fund and 0.11% for the 2065 Fund. |
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 13 |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifecycle Index
Funds Premier Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses
paid during period (6/1/21–11/30/21 | * ) | ||||||
| Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,018.75 | $1.27 | |||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2010 Fund actual return | 1,000.00 | 1,018.27 | 1.26 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2015 Fund actual return | 1,000.00 | 1,018.88 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2020 Fund actual return | 1,000.00 | 1,020.40 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2025 Fund actual return | 1,000.00 | 1,021.56 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2030 Fund actual return | 1,000.00 | 1,023.38 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2035 Fund actual return | 1,000.00 | 1,024.58 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2040 Fund actual return | 1,000.00 | 1,025.89 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2045 Fund actual return | 1,000.00 | 1,027.67 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2050 Fund actual return | 1,000.00 | 1,028.12 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2055 Fund actual return | 1,000.00 | 1,028.29 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2060 Fund actual return | 1,000.00 | 1,028.60 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 2065 Fund actual return | 1,000.00 | 1,028.11 | 1.27 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
| 14 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index 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 183/365. There were 183 days in the six months ended November 30, 2021. 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, 0.25% 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, 0.25% for the 2035 Fund, 0.25% for the 2040 Fund, 0.25% for the 2045 Fund, 0.25% for the 2050 Fund, 0.25% for the 2055 Fund, 0.25% for the 2060 Fund and 0.25% for the 2065 Fund. |
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 15 |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifecycle Index
Funds Retirement Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses paid during period (6/1/21–11/30/21 | * ) | ||||||
| Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,017.66 | $1.77 | |||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2010 Fund actual return | 1,000.00 | 1,017.82 | 1.77 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2015 Fund actual return | 1,000.00 | 1,018.95 | 1.77 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2020 Fund actual return | 1,000.00 | 1,019.49 | 1.77 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2025 Fund actual return | 1,000.00 | 1,021.22 | 1.77 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2030 Fund actual return | 1,000.00 | 1,022.64 | 1.77 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2035 Fund actual return | 1,000.00 | 1,023.90 | 1.78 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2040 Fund actual return | 1,000.00 | 1,025.62 | 1.78 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2045 Fund actual return | 1,000.00 | 1,027.08 | 1.78 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2050 Fund actual return | 1,000.00 | 1,027.55 | 1.78 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2055 Fund actual return | 1,000.00 | 1,027.48 | 1.78 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2060 Fund actual return | 1,000.00 | 1,027.52 | 1.78 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 2065 Fund actual return | 1,000.00 | 1,026.53 | 1.78 | |||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
| 16 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index 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 183/365. There were 183 days in the six months ended November 30, 2021. 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, 0.35% for the 2020 Fund, 0.35% for the 2025 Fund, 0.35% for the 2030 Fund, 0.35% for the 2035 Fund, 0.35% for the 2040 Fund, 0.35% for the 2045 Fund, 0.35% for the 2050 Fund, 0.35% for the 2055 Fund, 0.35% for the 2060 Fund and 0.35% for the 2065 Fund. |
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 17 |
Investment results of the Lifecycle Index Funds
Performance for the six months ended November 30, 2021
All of the TIAA-CREF Lifecycle Index Funds registered gains that generally approximated the performance of their respective composite benchmarks. Returns for the Retirement Class ranged from 1.77% for the Retirement Income Fund to 2.75% for the 2050, 2055 and 2060 Funds. The performance tables show returns for all share classes of the funds.
While lower, the funds’ returns were generally within range of their composite benchmarks, which represent market performance without any fees or expenses. For the six months, the difference between the individual Lifecycle Index Funds’ returns and those of their respective benchmarks ranged from 0.05 of a percentage point for the 2045 and 2050 Funds to 0.21 of a percentage point for the 2065 Fund. (All results for the Lifecycle Index Funds are for the Retirement Class.)
Growing economy lifted U.S. stocks higher
The U.S. economy grew at a solid pace during the period, though concerns over new COVID-19 variants and supply-chain bottlenecks contributed to a decelerating rate of expansion. 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 6.7% during the second quarter of 2021 but slowed to 2.1% in the third quarter, according to the government’s “second” estimate. The unemployment rate declined every month during the period, falling to 4.2% in November. Core inflation, which includes all items except food and energy, rose 4.9% over the twelve months ended in November. Oil prices rose to nearly $86 per barrel before falling back to $66 by the end of the period.
The Federal Reserve left the federal funds target rate unchanged over the six-month period, keeping the key short-term interest-rate measure at 0.00%–0.25%.
Domestic and foreign stocks produced mixed results for the period. The Russell 3000® Index, a broad measure of the U.S. stock market, gained 7.62%. The MSCI EAFE+Emerging Markets (EM) Index, which measures the performance of leading stocks in 21 developed-markets countries outside North America and 27 emerging-markets countries, returned –6.17% in U.S.-dollar terms.
U.S. investment-grade bond performance was influenced by rising yields among short-term bonds and declining yields on those with longer maturities (bond prices move in the opposite direction of yields). The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, advanced 1.02%. Short-term bonds, as measured by the Bloomberg U.S. 1–3 Year Government/Credit Index, returned –0.47%.
| 18 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Stock funds delivered largest 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.
For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—benefited from gains achieved by domestic stock and fixed-income investments. The Equity Index Fund produced the largest advance among all the underlying funds, while the International Equity Index Fund and Emerging Markets Equity Index Fund both lost ground. The Inflation-Linked Bond Fund registered the largest fixed-income gain, followed by the Bond Index Fund. The Short-Term Bond Index Fund posted a modest decline.
Funds with larger equity weightings generated higher returns
The Lifecycle Index Funds produced gains within an exceptionally narrow range for the period. Returns for all 13 of the TIAA-CREF Lifecycle Index Funds were within a single percentage point of each other. However, the size of each fund’s equity holdings made a slight difference. For example, the 2050, 2055 and 2060 Funds, each of which invests at least 90% of its assets in stocks, all returned 2.75%. By contrast, the 2010 Fund, which invests about 40% of its assets in equities, gained 1.78%. (Performance of the Lifecycle Index Funds’ underlying funds can be found at TIAA.org/performance.)
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 19 |
Lifecycle Index Retirement Income Fund
Performance as of November 30, 2021
| Lifecycle Index Retirement Income Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 9/30/09 | 1.89 | % | 7.86 | % | 8.17 | % | 6.97 | % | 0.22 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.90 | 7.76 | 8.11 | 6.83 | † | 0.33 | 0.21 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.87 | 7.70 | 8.01 | 6.82 | 0.37 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/30/09 | 1.77 | 7.55 | 7.91 | 6.71 | 0.47 | 0.35 | |||||||||||||||||||
| Lifecycle Index Retirement Income Fund Composite Index‡ | — | 1.89 | 7.94 | 8.24 | 7.10 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date Retirement Income Index | — | 1.48 | 5.47 | 6.43 | 5.53 | — | — | |||||||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index Retirement Income Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index Retirement Income Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 25.71 | 26.00 | |||||
| International equity | 13.75 | 14.00 | |||||
| Fixed income | |||||||
| Fixed income | 40.38 | 40.00 | |||||
| Short-term fixed income | 10.06 | 10.00 | |||||
| Inflation-protected assets | 10.08 | 10.00 | |||||
| Other assets & liabilities, net | 0.02 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 21 |
Performance as of November 30, 2021
| Lifecycle Index 2010 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 9/30/09 | 1.88 | % | 7.74 | % | 8.25 | % | 7.37 | % | 0.22 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.82 | 7.65 | 8.21 | 7.24 | † | 0.31 | 0.20 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.83 | 7.57 | 8.09 | 7.21 | 0.37 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/30/09 | 1.78 | 7.45 | 7.99 | 7.10 | 0.47 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2010 Fund Composite Index‡ | — | 1.85 | 7.80 | 8.35 | 7.50 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2010 Index | — | 1.57 | 6.94 | 7.26 | 6.45 | — | — | |||||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2010 Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 25.1% Russell 3000® Index; 13.5% MSCI EAFE + Emerging Markets Index; 11.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 10.0% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2010 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 24.76 | 24.70 | |||||
| International equity | 13.25 | 13.30 | |||||
| Fixed income | |||||||
| Fixed income | 40.28 | 40.00 | |||||
| Short-term fixed income | 11.42 | 12.00 | |||||
| Inflation-protected assets | 10.05 | 10.00 | |||||
| Other assets & liabilities, net | 0.24 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 23 |
Performance as of November 30, 2021
| Lifecycle Index 2015 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 9/30/09 | 1.98 | % | 8.63 | % | 8.85 | % | 7.98 | % | 0.20 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 1.93 | 8.53 | 8.80 | 7.84 | † | 0.30 | 0.20 | ||||||||||||||||||
| Premier Class | 9/30/09 | 1.89 | 8.46 | 8.70 | 7.81 | 0.35 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/30/09 | 1.89 | 8.38 | 8.59 | 7.71 | 0.45 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2015 Fund Composite Index‡ | — | 1.96 | 8.71 | 8.95 | 8.11 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2015 Index | — | 1.79 | 8.30 | 7.95 | 7.28 | — | — | |||||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2015 Fund Composite Index consisted of: 39.3% Bloomberg U.S. Aggregate Bond Index; 28.3% Russell 3000® Index; 15.2% MSCI EAFE + Emerging Markets Index; 8.6% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 8.6% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2015 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 28.06 | 27.95 | |||||
| International equity | 14.99 | 15.05 | |||||
| Fixed income | |||||||
| Fixed income | 39.66 | 39.40 | |||||
| Short-term fixed income | 8.61 | 8.80 | |||||
| Inflation-protected assets | 8.62 | 8.80 | |||||
| Other assets & liabilities, net | 0.06 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 25 |
Performance as of November 30, 2021
| Lifecycle Index 2020 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 9/30/09 | 2.08 | % | 9.53 | % | 9.53 | % | 8.69 | % | 0.19 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 2.03 | 9.45 | 9.43 | 8.53 | † | 0.29 | 0.21 | ||||||||||||||||||
| Premier Class | 9/30/09 | 2.04 | 9.43 | 9.37 | 8.53 | 0.34 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/30/09 | 1.95 | 9.25 | 9.25 | 8.42 | 0.44 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2020 Fund Composite Index‡ | — | 2.06 | 9.60 | 9.62 | 8.82 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2020 Index | — | 1.77 | 8.91 | 8.44 | 7.94 | — | — | |||||||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2020 Fund Composite Index consisted of: 38.3% Bloomberg U.S. Aggregate Bond Index; 31.5% Russell 3000® Index; 17.0% MSCI EAFE + Emerging Markets Index; 6.6% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 6.6% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2020 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 31.32 | 31.20 | |||||
| International equity | 16.73 | 16.80 | |||||
| Fixed income | |||||||
| Fixed income | 38.72 | 38.40 | |||||
| Short-term fixed income | 6.61 | 6.80 | |||||
| Inflation-protected assets | 6.61 | 6.80 | |||||
| Other assets & liabilities, net | 0.01 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 27 |
Performance as of November 30, 2021
| Lifecycle Index 2025 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 9/30/09 | 2.24 | % | 11.01 | % | 10.43 | % | 9.52 | % | 0.19 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 2.15 | 10.87 | 10.33 | 9.37 | † | 0.28 | 0.20 | ||||||||||||||||||
| Premier Class | 9/30/09 | 2.16 | 10.87 | 10.27 | 9.37 | 0.34 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/30/09 | 2.12 | 10.76 | 10.15 | 9.26 | 0.44 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2025 Fund Composite Index‡ | — | 2.19 | 11.05 | 10.52 | 9.66 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2025 Index | — | 1.82 | 11.04 | 9.46 | 8.77 | — | — | |||||||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2025 Fund Composite Index consisted of: 36.2% Russell 3000® Index; 35.1% Bloomberg U.S. Aggregate Bond Index; 19.5% MSCI EAFE + Emerging Markets Index; 4.6% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 4.6% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2025 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 35.94 | 35.62 | |||||
| International equity | 19.20 | 19.18 | |||||
| Fixed income | |||||||
| Fixed income | 35.52 | 35.60 | |||||
| Short-term fixed income | 4.59 | 4.80 | |||||
| Inflation-protected assets | 4.60 | 4.80 | |||||
| Other assets & liabilities, net | 0.15 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 29 |
Performance as of November 30, 2021
| Lifecycle Index 2030 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 9/30/09 | 2.37 | % | 12.58 | % | 11.33 | % | 10.36 | % | 0.18 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 2.33 | 12.48 | 11.24 | 10.19 | † | 0.28 | 0.21 | ||||||||||||||||||
| Premier Class | 9/30/09 | 2.34 | 12.41 | 11.18 | 10.20 | 0.33 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/30/09 | 2.26 | 12.31 | 11.06 | 10.08 | 0.43 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2030 Fund Composite Index‡ | — | 2.33 | 12.61 | 11.44 | 10.49 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2030 Index | — | 1.82 | 13.00 | 10.37 | 9.54 | — | — | |||||||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2030 Fund Composite Index consisted of: 41.4% Russell 3000® Index; 31.1% Bloomberg U.S. Aggregate Bond Index; 22.3% MSCI EAFE + Emerging Markets Index; 2.6% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 2.6% Bloomberg 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. |
| 30 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2030 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 41.25 | 40.82 | |||||
| International equity | 22.05 | 21.98 | |||||
| Fixed income | |||||||
| Fixed income | 31.59 | 31.60 | |||||
| Short-term fixed income | 2.58 | 2.80 | |||||
| Inflation-protected assets | 2.59 | 2.80 | |||||
| Other assets & liabilities, net | –0.06 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 31 |
Performance as of November 30, 2021
| Lifecycle Index 2035 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 9/30/09 | 2.56 | % | 14.19 | % | 12.23 | % | 11.16 | % | 0.18 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 2.49 | 14.05 | 12.16 | 11.01 | † | 0.27 | 0.20 | ||||||||||||||||||
| Premier Class | 9/30/09 | 2.46 | 13.99 | 12.06 | 10.99 | 0.32 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/30/09 | 2.39 | 13.86 | 11.95 | 10.88 | 0.43 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2035 Fund Composite Index‡ | — | 2.48 | 14.17 | 12.33 | 11.29 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2035 Index | — | 1.89 | 15.30 | 11.33 | 10.27 | — | — | |||||||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2035 Fund Composite Index consisted of: 46.6% Russell 3000® Index; 27.1% Bloomberg U.S. Aggregate Bond Index; 25.1% MSCI EAFE + Emerging Markets Index; 0.6% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 0.6% Bloomberg 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. |
| 32 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2035 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 46.41 | 46.02 | |||||
| International equity | 24.77 | 24.78 | |||||
| Fixed income | |||||||
| Fixed income | 27.52 | 27.60 | |||||
| Short-term fixed income | 0.56 | 0.80 | |||||
| Inflation-protected assets | 0.56 | 0.80 | |||||
| Other assets & liabilities, net | 0.18 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 33 |
Performance as of November 30, 2021
| Lifecycle Index 2040 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 9/30/09 | 2.68 | % | 15.92 | % | 13.11 | % | 11.80 | % | 0.17 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 2.61 | 15.83 | 13.02 | 11.64 | † | 0.27 | 0.20 | ||||||||||||||||||
| Premier Class | 9/30/09 | 2.59 | 15.74 | 12.93 | 11.63 | 0.32 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/30/09 | 2.56 | 15.66 | 12.82 | 11.52 | 0.42 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2040 Fund Composite Index‡ | — | 2.62 | 15.92 | 13.19 | 11.92 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2040 Index | — | 1.92 | 16.90 | 11.99 | 10.78 | — | — | |||||||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2040 Fund Composite Index consisted of: 51.8% Russell 3000® Index; 27.9% MSCI EAFE + Emerging Markets Index; and 20.3% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2040 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 51.75 | 51.22 | |||||
| International equity | 27.63 | 27.58 | |||||
| Fixed income | 20.57 | 21.20 | |||||
| Other assets & liabilities, net | 0.05 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 35 |
Performance as of November 30, 2021
| Lifecycle Index 2045 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 9/30/09 | 2.82 | % | 17.75 | % | 13.79 | % | 12.16 | % | 0.17 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 2.76 | 17.62 | 13.67 | 11.98 | † | 0.27 | 0.21 | ||||||||||||||||||
| Premier Class | 9/30/09 | 2.77 | 17.58 | 13.61 | 11.98 | 0.32 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/30/09 | 2.71 | 17.43 | 13.50 | 11.87 | 0.42 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2045 Fund Composite Index‡ | — | 2.76 | 17.71 | 13.87 | 12.29 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2045 Index | — | 1.96 | 17.88 | 12.38 | 11.12 | — | — | |||||||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2045 Fund Composite Index consisted of: 57.0% Russell 3000® Index; 30.7% MSCI EAFE + Emerging Markets Index; and 12.3% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2045 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 56.96 | 56.42 | |||||
| International equity | 30.42 | 30.38 | |||||
| Fixed income | 12.43 | 13.20 | |||||
| Other assets & liabilities, net | 0.19 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 37 |
Performance as of November 30, 2021
| Lifecycle Index 2050 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 9/30/09 | 2.87 | % | 18.20 | % | 13.96 | % | 12.26 | % | 0.17 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 2.80 | 18.08 | 13.86 | 12.10 | † | 0.27 | 0.20 | ||||||||||||||||||
| Premier Class | 9/30/09 | 2.81 | 18.05 | 13.79 | 12.10 | 0.32 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/30/09 | 2.75 | 17.91 | 13.67 | 11.98 | 0.43 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2050 Fund Composite Index‡ | — | 2.80 | 18.18 | 14.05 | 12.40 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2050 Index | — | 1.93 | 18.36 | 12.63 | 11.37 | — | — | |||||||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2050 Fund Composite Index consisted of: 59.1% Russell 3000® Index; 31.8% MSCI EAFE + Emerging Markets Index; and 9.1% Bloomberg 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. |
| 38 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2050 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 59.10 | 58.99 | |||||
| International equity | 31.56 | 31.76 | |||||
| Fixed income | 9.29 | 9.25 | |||||
| Other assets & liabilities, net | 0.05 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 39 |
Performance as of November 30, 2021
| Lifecycle Index 2055 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | ||||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 4/29/11 | 2.86 | % | 18.48 | % | 14.08 | % | 12.35 | % | 0.18 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 2.87 | 18.39 | 14.02 | 12.19 | † | 0.28 | 0.20 | ||||||||||||||||||
| Premier Class | 4/29/11 | 2.83 | 18.31 | 13.92 | 12.19 | 0.33 | 0.25 | |||||||||||||||||||
| Retirement Class | 4/29/11 | 2.75 | 18.15 | 13.80 | 12.06 | 0.43 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2055 Fund Composite Index‡ | — | 2.82 | 18.46 | 14.19 | 12.48 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2055 Index | — | 1.92 | 18.59 | 12.74 | 11.53 | — | — | |||||||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2055 Fund Composite Index consisted of: 59.9% Russell 3000® Index; 32.2% MSCI EAFE + Emerging Markets Index; and 7.9% Bloomberg 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. |
| 40 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2055 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 59.84 | 59.80 | |||||
| International equity | 31.96 | 32.20 | |||||
| Fixed income | 8.00 | 8.00 | |||||
| Other assets & liabilities, net | 0.20 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 41 |
Performance as of November 30, 2021
| Lifecycle Index 2060 Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | since | |||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | inception | gross | net | ||||||||||||||||||||
| Institutional Class | 9/26/14 | 2.91 | % | 18.70 | % | 14.21 | % | 11.00 | % | 0.20 | % | 0.10 | % | |||||||||||||
| Advisor Class | 12/4/15 | 2.86 | 18.57 | 14.14 | 10.89 | † | 0.30 | 0.20 | ||||||||||||||||||
| Premier Class | 9/26/14 | 2.86 | 18.56 | 14.05 | 10.83 | 0.35 | 0.25 | |||||||||||||||||||
| Retirement Class | 9/26/14 | 2.75 | 18.37 | 13.93 | 10.71 | 0.45 | 0.35 | |||||||||||||||||||
| Lifecycle Index 2060 Fund Composite Index‡ | — | 2.84 | 18.74 | 14.32 | 11.09 | § | — | — | ||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| S&P Target Date 2060 Index | — | 1.85 | 18.43 | 12.84 | 10.01 | § | — | — | ||||||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifecycle Index 2060 Fund Composite Index consisted of: 60.7% Russell 3000® Index; 32.7% MSCI EAFE + Emerging Markets Index; and 6.6% Bloomberg 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. |
| 42 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2060 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 60.72 | 60.61 | |||||
| International equity | 32.41 | 32.64 | |||||
| Fixed income | 6.73 | 6.75 | |||||
| Other assets & liabilities, net | 0.14 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 43 |
Performance as of November 30, 2021
| Lifecycle Index 2065 Fund | Average annual | Annual operating | ||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||
| Inception | since | |||||||||||||||||||||
| date | 6 months | 1 year | inception | gross | net | |||||||||||||||||
| Institutional Class | 9/30/20 | 3.05 | % | 19.01 | % | 25.46 | % | 2.08 | % | 0.10 | % | |||||||||||
| Advisor Class | 9/30/20 | 3.05 | 19.14 | 25.49 | 2.16 | 0.18 | ||||||||||||||||
| Premier Class | 9/30/20 | 2.81 | 18.86 | 25.23 | 2.24 | 0.25 | ||||||||||||||||
| Retirement Class | 9/30/20 | 2.65 | 18.55 | 24.96 | 2.34 | 0.35 | ||||||||||||||||
| Lifecycle Index 2065 Fund Composite Index‡ | — | 2.86 | 19.02 | 25.64 | § | — | — | |||||||||||||||
| Broad market indexes** | ||||||||||||||||||||||
| S&P Target Date 2065+ Index | — | 1.98 | 18.59 | 25.24 | § | — | — | |||||||||||||||
| S&P Target Date 2060 Index | — | 1.85 | 18.43 | 25.09 | § | — | — | |||||||||||||||
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 and waivers will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| ‡ | As of the close of business on November 30, 2021, the Lifecycle Index 2065 Fund Composite Index consisted of: 61.5% Russell 3000® Index; 33.1% MSCI EAFE + Emerging Markets Index; and 5.4% Bloomberg 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. |
| ** | Previously, the Fund’s broad-market index comparison was to the S&P Target Date 2060 Index (formerly known as the S&P Target Date 2060+ Index), instead of the S&P Target Date 2065+ Index shown in the chart above. The returns of the S&P Target Date 2065+ Index, which Standard & Poor’s launched in 2021, are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. |
| 44 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2065 Fund
Asset allocation
| % of net | % of target | ||||||
| assets as of | allocation | ||||||
| 11/30/21 | for 6/30/22 | ||||||
| Equity | |||||||
| U.S. equity | 61.27 | 61.43 | |||||
| International equity | 33.06 | 33.07 | |||||
| Fixed income | 5.44 | 5.50 | |||||
| Other assets & liabilities, net | 0.23 | — | |||||
| Total | 100.00 | 100.00 | |||||
Target allocation
For June 30, 2022
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 45 |
Portfolio of investments (unaudited)
Lifecycle Index Retirement Income Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—100.0%a | ||||||||||||||
| FIXED INCOME—40.4% | ||||||||||||||
| 23,158,284 | TIAA-CREF Bond Index Fund | $ | 260,067,531 | 40.4 | % | |||||||||
| TOTAL FIXED INCOME | 260,067,531 | 40.4 | ||||||||||||
| INFLATION-PROTECTED ASSETS—10.1% | ||||||||||||||
| 5,189,120 | TIAA-CREF Inflation-Linked Bond Fund | 64,915,897 | 10.1 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 64,915,897 | 10.1 | ||||||||||||
| INTERNATIONAL EQUITY—13.8% | ||||||||||||||
| 2,220,369 | TIAA-CREF Emerging Markets Equity Index Fund | 28,176,487 | 4.4 | |||||||||||
| 2,682,663 | TIAA-CREF International Equity Index Fund | 60,413,563 | 9.4 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 88,590,050 | 13.8 | ||||||||||||
| SHORT-TERM FIXED INCOME—10.0% | ||||||||||||||
| 6,454,752 | TIAA-CREF Short-Term Bond Index Fund | 64,805,713 | 10.0 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 64,805,713 | 10.0 | ||||||||||||
| U.S. EQUITY—25.7% | ||||||||||||||
| 4,926,586 | TIAA-CREF Equity Index Fund | 165,582,564 | 25.7 | |||||||||||
| TOTAL U.S. EQUITY | 165,582,564 | 25.7 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $532,283,860) | 643,961,755 | 100.0 | |||||||||||
| TOTAL PORTFOLIO | (Cost $532,283,860) | 643,961,755 | 100.0 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 119,627 | 0.0 | ||||||||||||
| NET ASSETS | $ | 644,081,382 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
| 46 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2010 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| FIXED INCOME—40.3% | ||||||||||||||
| 25,012,615 | TIAA-CREF Bond Index Fund | $ | 280,891,669 | 40.3 | % | |||||||||
| TOTAL FIXED INCOME | 280,891,669 | 40.3 | ||||||||||||
| INFLATION-PROTECTED ASSETS—10.1% | ||||||||||||||
| 5,603,198 | TIAA-CREF Inflation-Linked Bond Fund | 70,096,005 | 10.1 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 70,096,005 | 10.1 | ||||||||||||
| INTERNATIONAL EQUITY—13.2% | ||||||||||||||
| 2,315,134 | TIAA-CREF Emerging Markets Equity Index Fund | 29,379,052 | 4.2 | |||||||||||
| 2,798,134 | TIAA-CREF International Equity Index Fund | 63,013,975 | 9.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 92,393,027 | 13.2 | ||||||||||||
| SHORT-TERM FIXED INCOME—11.4% | ||||||||||||||
| 7,935,095 | TIAA-CREF Short-Term Bond Index Fund | 79,668,352 | 11.4 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 79,668,352 | 11.4 | ||||||||||||
| U.S. EQUITY—24.8% | ||||||||||||||
| 5,138,949 | TIAA-CREF Equity Index Fund | 172,720,075 | 24.8 | |||||||||||
| TOTAL U.S. EQUITY | 172,720,075 | 24.8 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $547,096,002) | 695,769,128 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $547,096,002) | 695,769,128 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,669,299 | 0.2 | ||||||||||||
| NET ASSETS | $ | 697,438,427 | 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 ■ 2021 Semiannual Report | 47 |
Portfolio of investments (unaudited)
Lifecycle Index 2015 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| FIXED INCOME—39.7% | ||||||||||||||
| 43,189,466 | TIAA-CREF Bond Index Fund | $ | 485,017,704 | 39.7 | % | |||||||||
| TOTAL FIXED INCOME | 485,017,704 | 39.7 | ||||||||||||
| INFLATION-PROTECTED ASSETS—8.6% | ||||||||||||||
| 8,424,225 | TIAA-CREF Inflation-Linked Bond Fund | 105,387,049 | 8.6 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 105,387,049 | 8.6 | ||||||||||||
| INTERNATIONAL EQUITY—15.0% | ||||||||||||||
| 4,588,987 | TIAA-CREF Emerging Markets Equity Index Fund | 58,234,249 | 4.8 | |||||||||||
| 5,550,085 | TIAA-CREF International Equity Index Fund | 124,987,907 | 10.2 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 183,222,156 | 15.0 | ||||||||||||
| SHORT-TERM FIXED INCOME—8.6% | ||||||||||||||
| 10,483,596 | TIAA-CREF Short-Term Bond Index Fund | 105,255,305 | 8.6 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 105,255,305 | 8.6 | ||||||||||||
| U.S. EQUITY—28.0% | ||||||||||||||
| 10,206,398 | TIAA-CREF Equity Index Fund | 343,037,053 | 28.0 | |||||||||||
| TOTAL U.S. EQUITY | 343,037,053 | 28.0 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $932,741,690) | 1,221,919,267 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $932,741,690) | 1,221,919,267 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 748,848 | 0.1 | ||||||||||||
| NET ASSETS | $ | 1,222,668,115 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
| 48 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2020 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—100.0%a | ||||||||||||||
| FIXED INCOME—38.7% | ||||||||||||||
| 118,319,359 | TIAA-CREF Bond Index Fund | $ | 1,328,726,400 | 38.7 | % | |||||||||
| TOTAL FIXED INCOME | 1,328,726,400 | 38.7 | ||||||||||||
| INFLATION-PROTECTED ASSETS—6.6% | ||||||||||||||
| 18,141,666 | TIAA-CREF Inflation-Linked Bond Fund | 226,952,238 | 6.6 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 226,952,238 | 6.6 | ||||||||||||
| INTERNATIONAL EQUITY—16.8% | ||||||||||||||
| 14,379,648 | TIAA-CREF Emerging Markets Equity Index Fund | 182,477,732 | 5.4 | |||||||||||
| 17,390,628 | TIAA-CREF International Equity Index Fund | 391,636,951 | 11.4 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 574,114,683 | 16.8 | ||||||||||||
| SHORT-TERM FIXED INCOME—6.6% | ||||||||||||||
| 22,577,189 | TIAA-CREF Short-Term Bond Index Fund | 226,674,983 | 6.6 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 226,674,983 | 6.6 | ||||||||||||
| U.S. EQUITY—31.3% | ||||||||||||||
| 31,979,298 | TIAA-CREF Equity Index Fund | 1,074,824,213 | 31.3 | |||||||||||
| TOTAL U.S. EQUITY | 1,074,824,213 | 31.3 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $2,648,167,988) | 3,431,292,517 | 100.0 | |||||||||||
| TOTAL PORTFOLIO | (Cost $2,648,167,988) | 3,431,292,517 | 100.0 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 351,341 | 0.0 | ||||||||||||
| NET ASSETS | $ | 3,431,643,858 | 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 ■ 2021 Semiannual Report | 49 |
Portfolio of investments (unaudited)
Lifecycle Index 2025 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| FIXED INCOME—35.5% | ||||||||||||||
| 174,335,510 | TIAA-CREF Bond Index Fund | $ | 1,957,787,775 | 35.5 | % | |||||||||
| TOTAL FIXED INCOME | 1,957,787,775 | 35.5 | ||||||||||||
| INFLATION-PROTECTED ASSETS—4.6% | ||||||||||||||
| 20,254,324 | TIAA-CREF Inflation-Linked Bond Fund | 253,381,595 | 4.6 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 253,381,595 | 4.6 | ||||||||||||
| INTERNATIONAL EQUITY—19.2% | ||||||||||||||
| 26,509,136 | TIAA-CREF Emerging Markets Equity Index Fund | 336,400,939 | 6.1 | |||||||||||
| 32,054,392 | TIAA-CREF International Equity Index Fund | 721,864,904 | 13.1 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,058,265,843 | 19.2 | ||||||||||||
| SHORT-TERM FIXED INCOME—4.6% | ||||||||||||||
| 25,198,239 | TIAA-CREF Short-Term Bond Index Fund | 252,990,318 | 4.6 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 252,990,318 | 4.6 | ||||||||||||
| U.S. EQUITY—35.9% | ||||||||||||||
| 58,956,094 | TIAA-CREF Equity Index Fund | 1,981,514,329 | 35.9 | |||||||||||
| TOTAL U.S. EQUITY | 1,981,514,329 | 35.9 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,245,547,458) | 5,503,939,860 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $4,245,547,458) | 5,503,939,860 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 8,507,359 | 0.2 | ||||||||||||
| NET ASSETS | $ | 5,512,447,219 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
| 50 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2030 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—100.1%a | ||||||||||||||
| FIXED INCOME—31.6% | ||||||||||||||
| 180,452,934 | TIAA-CREF Bond Index Fund | $ | 2,026,486,450 | 31.6 | % | |||||||||
| TOTAL FIXED INCOME | 2,026,486,450 | 31.6 | ||||||||||||
| INFLATION-PROTECTED ASSETS—2.6% | ||||||||||||||
| 13,262,974 | TIAA-CREF Inflation-Linked Bond Fund | 165,919,809 | 2.6 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 165,919,809 | 2.6 | ||||||||||||
| INTERNATIONAL EQUITY—22.0% | ||||||||||||||
| 35,441,975 | TIAA-CREF Emerging Markets Equity Index Fund | 449,758,658 | 7.0 | |||||||||||
| 42,828,398 | TIAA-CREF International Equity Index Fund | 964,495,516 | 15.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,414,254,174 | 22.0 | ||||||||||||
| SHORT-TERM FIXED INCOME—2.6% | ||||||||||||||
| 16,503,581 | TIAA-CREF Short-Term Bond Index Fund | 165,695,954 | 2.6 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 165,695,954 | 2.6 | ||||||||||||
| U.S. EQUITY—41.3% | ||||||||||||||
| 78,751,721 | TIAA-CREF Equity Index Fund | 2,646,845,335 | 41.3 | |||||||||||
| TOTAL U.S. EQUITY | 2,646,845,335 | 41.3 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,840,496,733) | 6,419,201,722 | 100.1 | |||||||||||
| TOTAL PORTFOLIO | (Cost $4,840,496,733) | 6,419,201,722 | 100.1 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | (4,061,277 | ) | (0.1 | ) | ||||||||||
| NET ASSETS | $ | 6,415,140,445 | 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 ■ 2021 Semiannual Report | 51 |
Portfolio of investments (unaudited)
Lifecycle Index 2035 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| FIXED INCOME—27.5% | ||||||||||||||
| 150,186,571 | TIAA-CREF Bond Index Fund | $ | 1,686,595,193 | 27.5 | % | |||||||||
| TOTAL FIXED INCOME | 1,686,595,193 | 27.5 | ||||||||||||
| INFLATION-PROTECTED ASSETS—0.6% | ||||||||||||||
| 2,732,332 | TIAA-CREF Inflation-Linked Bond Fund | 34,181,479 | 0.6 | |||||||||||
| TOTAL INFLATION-PROTECTED ASSETS | 34,181,479 | 0.6 | ||||||||||||
| INTERNATIONAL EQUITY—24.8% | ||||||||||||||
| 38,035,437 | TIAA-CREF Emerging Markets Equity Index Fund | 482,669,693 | 7.9 | |||||||||||
| 45,995,847 | TIAA-CREF International Equity Index Fund | 1,035,826,465 | 16.9 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,518,496,158 | 24.8 | ||||||||||||
| SHORT-TERM FIXED INCOME—0.5% | ||||||||||||||
| 3,400,292 | TIAA-CREF Short-Term Bond Index Fund | 34,138,928 | 0.5 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 34,138,928 | 0.5 | ||||||||||||
| U.S. EQUITY—46.4% | ||||||||||||||
| 84,645,858 | TIAA-CREF Equity Index Fund | 2,844,947,279 | 46.4 | |||||||||||
| TOTAL U.S. EQUITY | 2,844,947,279 | 46.4 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,468,941,571) | 6,118,359,037 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $4,468,941,571) | 6,118,359,037 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 11,282,010 | 0.2 | ||||||||||||
| NET ASSETS | $ | 6,129,641,047 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
| 52 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2040 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| FIXED INCOME—20.6% | ||||||||||||||
| 115,691,352 | TIAA-CREF Bond Index Fund | $ | 1,299,213,878 | 20.6 | % | |||||||||
| TOTAL FIXED INCOME | 1,299,213,878 | 20.6 | ||||||||||||
| INTERNATIONAL EQUITY—27.6% | ||||||||||||||
| 43,723,407 | TIAA-CREF Emerging Markets Equity Index Fund | 554,850,032 | 8.8 | |||||||||||
| 52,859,378 | TIAA-CREF International Equity Index Fund | 1,190,393,181 | 18.8 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,745,243,213 | 27.6 | ||||||||||||
| U.S. EQUITY—51.7% | ||||||||||||||
| 97,225,176 | TIAA-CREF Equity Index Fund | 3,267,738,180 | 51.7 | |||||||||||
| TOTAL U.S. EQUITY | 3,267,738,180 | 51.7 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,417,573,848) | 6,312,195,271 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $4,417,573,848) | 6,312,195,271 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 3,277,523 | 0.1 | ||||||||||||
| NET ASSETS | $ | 6,315,472,794 | 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 ■ 2021 Semiannual Report | 53 |
Portfolio of investments (unaudited)
Lifecycle Index 2045 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| FIXED INCOME—12.4% | ||||||||||||||
| 52,698,539 | TIAA-CREF Bond Index Fund | $ | 591,804,590 | 12.4 | % | |||||||||
| TOTAL FIXED INCOME | 591,804,590 | 12.4 | ||||||||||||
| INTERNATIONAL EQUITY—30.4% | ||||||||||||||
| 36,305,496 | TIAA-CREF Emerging Markets Equity Index Fund | 460,716,744 | 9.7 | |||||||||||
| 43,833,988 | TIAA-CREF International Equity Index Fund | 987,141,413 | 20.7 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,447,858,157 | 30.4 | ||||||||||||
| U.S. EQUITY—57.0% | ||||||||||||||
| 80,673,098 | TIAA-CREF Equity Index Fund | 2,711,422,810 | 57.0 | |||||||||||
| TOTAL U.S. EQUITY | 2,711,422,810 | 57.0 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,335,256,835) | 4,751,085,557 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $3,335,256,835) | 4,751,085,557 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 8,863,423 | 0.2 | ||||||||||||
| NET ASSETS | $ | 4,759,948,980 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
| 54 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2050 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| FIXED INCOME—9.3% | ||||||||||||||
| 32,372,584 | TIAA-CREF Bond Index Fund | $ | 363,544,114 | 9.3 | % | |||||||||
| TOTAL FIXED INCOME | 363,544,114 | 9.3 | ||||||||||||
| INTERNATIONAL EQUITY—31.5% | ||||||||||||||
| 30,968,220 | TIAA-CREF Emerging Markets Equity Index Fund | 392,986,718 | 10.0 | |||||||||||
| 37,401,485 | TIAA-CREF International Equity Index Fund | 842,281,453 | 21.5 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 1,235,268,171 | 31.5 | ||||||||||||
| U.S. EQUITY—59.1% | ||||||||||||||
| 68,843,009 | TIAA-CREF Equity Index Fund | 2,313,813,526 | 59.1 | |||||||||||
| TOTAL U.S. EQUITY | 2,313,813,526 | 59.1 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $2,760,571,768) | 3,912,625,811 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $2,760,571,768) | 3,912,625,811 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,982,552 | 0.1 | ||||||||||||
| NET ASSETS | $ | 3,914,608,363 | 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 ■ 2021 Semiannual Report | 55 |
Portfolio of investments (unaudited)
Lifecycle Index 2055 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| FIXED INCOME—8.0% | ||||||||||||||
| 14,306,913 | TIAA-CREF Bond Index Fund | $ | 160,666,633 | 8.0 | % | |||||||||
| TOTAL FIXED INCOME | 160,666,633 | 8.0 | ||||||||||||
| INTERNATIONAL EQUITY—32.0% | ||||||||||||||
| 16,082,321 | TIAA-CREF Emerging Markets Equity Index Fund | 204,084,653 | 10.2 | |||||||||||
| 19,438,103 | TIAA-CREF International Equity Index Fund | 437,746,071 | 21.8 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 641,830,724 | 32.0 | ||||||||||||
| U.S. EQUITY—59.8% | ||||||||||||||
| 35,758,264 | TIAA-CREF Equity Index Fund | 1,201,835,245 | 59.8 | |||||||||||
| TOTAL U.S. EQUITY | 1,201,835,245 | 59.8 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,477,513,258) | 2,004,332,602 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $1,477,513,258) | 2,004,332,602 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 3,980,867 | 0.2 | ||||||||||||
| NET ASSETS | $ | 2,008,313,469 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
| 56 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2060 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| FIXED INCOME—6.8% | ||||||||||||||
| 5,090,716 | TIAA-CREF Bond Index Fund | $ | 57,168,739 | 6.8 | % | |||||||||
| TOTAL FIXED INCOME | 57,168,739 | 6.8 | ||||||||||||
| INTERNATIONAL EQUITY—32.4% | ||||||||||||||
| 6,895,549 | TIAA-CREF Emerging Markets Equity Index Fund | 87,504,521 | 10.3 | |||||||||||
| 8,336,052 | TIAA-CREF International Equity Index Fund | 187,727,899 | 22.1 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 275,232,420 | 32.4 | ||||||||||||
| U.S. EQUITY—60.7% | ||||||||||||||
| 15,340,842 | TIAA-CREF Equity Index Fund | 515,605,708 | 60.7 | |||||||||||
| TOTAL U.S. EQUITY | 515,605,708 | 60.7 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $665,913,586) | 848,006,867 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $665,913,586) | 848,006,867 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 1,217,978 | 0.1 | ||||||||||||
| NET ASSETS | $ | 849,224,845 | 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 ■ 2021 Semiannual Report | 57 |
Portfolio of investments (unaudited)
Lifecycle Index 2065 Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| FIXED INCOME—5.5% | ||||||||||||||
| 121,271 | TIAA-CREF Bond Index Fund | $ | 1,361,871 | 5.5 | % | |||||||||
| TOTAL FIXED INCOME | 1,361,871 | 5.5 | ||||||||||||
| INTERNATIONAL EQUITY—33.0% | ||||||||||||||
| 207,984 | TIAA-CREF Emerging Markets Equity Index Fund | 2,639,311 | 10.5 | |||||||||||
| 250,482 | TIAA-CREF International Equity Index Fund | 5,640,860 | 22.5 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 8,280,171 | 33.0 | ||||||||||||
| U.S. EQUITY—61.3% | ||||||||||||||
| 456,638 | TIAA-CREF Equity Index Fund | 15,347,611 | 61.3 | |||||||||||
| TOTAL U.S. EQUITY | 15,347,611 | 61.3 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $23,328,904) | 24,989,653 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $23,328,904) | 24,989,653 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 58,719 | 0.2 | ||||||||||||
| NET ASSETS | $ | 25,048,372 | 100.0 | % | ||||||||||
| a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
| 58 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
[This page intentionally left blank.]
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 59 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ November 30, 2021
| 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‡ | $ | 643,961,755 | $ | 695,769,128 | $ | 1,221,919,267 | $ | 3,431,292,517 | $ | 5,503,939,860 | $ | 6,419,201,722 | ||||||||||||
| Cash | 685,606 | 753,956 | 776,609 | — | 4,253,886 | 5,062,411 | ||||||||||||||||||
| Receivable from securities transactions | 1,198,711 | 1,358,440 | 2,600,969 | 8,038,097 | 14,286,674 | 18,472,561 | ||||||||||||||||||
| Receivable from Fund shares sold | 768,865 | 1,122,280 | 345,285 | 7,657,859 | 6,019,839 | 8,517,677 | ||||||||||||||||||
| Dividends receivable | 447,698 | 486,658 | 825,920 | 2,230,065 | 3,236,679 | 3,297,911 | ||||||||||||||||||
| Due from affiliates | 58,885 | 62,757 | 94,243 | 232,336 | 347,055 | 375,694 | ||||||||||||||||||
| Other | 18,826 | 30,714 | 56,251 | 124,902 | 157,971 | 169,747 | ||||||||||||||||||
| Total assets | 647,140,346 | 699,583,933 | 1,226,618,544 | 3,449,575,776 | 5,532,241,964 | 6,455,097,723 | ||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||
| Management fees payable | 94,319 | 101,639 | 176,098 | 483,756 | 755,864 | 858,629 | ||||||||||||||||||
| Service agreement fees payable | 10,128 | 16,866 | 25,303 | 64,127 | 104,945 | 111,552 | ||||||||||||||||||
| Distribution fees payable | 3,055 | 4,675 | 11,286 | 34,004 | 50,739 | 55,016 | ||||||||||||||||||
| Due to affiliates | 6,639 | 6,755 | 7,692 | 11,626 | 15,029 | 16,444 | ||||||||||||||||||
| Overdraft payable | — | — | — | 1,553,111 | — | — | ||||||||||||||||||
| Payable for securities transactions | 1,668,451 | 1,882,186 | 2,944,148 | 9,180,878 | 16,110,214 | 22,775,188 | ||||||||||||||||||
| Payable for Fund shares redeemed | 1,221,479 | 68,489 | 684,651 | 6,379,654 | 2,456,050 | 15,820,115 | ||||||||||||||||||
| Payable for trustee compensation | 18,443 | 30,281 | 55,526 | 122,853 | 154,806 | 166,182 | ||||||||||||||||||
| Accrued expenses and other payables | 36,450 | 34,615 | 45,725 | 101,909 | 147,098 | 154,152 | ||||||||||||||||||
| Total liabilities | 3,058,964 | 2,145,506 | 3,950,429 | 17,931,918 | 19,794,745 | 39,957,278 | ||||||||||||||||||
| NET ASSETS | $ | 644,081,382 | $ | 697,438,427 | $ | 1,222,668,115 | $ | 3,431,643,858 | $ | 5,512,447,219 | $ | 6,415,140,445 | ||||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
| Paid-in-capital | $ | 524,199,266 | $ | 528,805,971 | $ | 893,794,381 | $ | 2,534,039,839 | $ | 4,133,120,438 | $ | 4,748,916,446 | ||||||||||||
| Total distributable earnings (loss) | 119,882,116 | 168,632,456 | 328,873,734 | 897,604,019 | 1,379,326,781 | 1,666,223,999 | ||||||||||||||||||
| NET ASSETS | $ | 644,081,382 | $ | 697,438,427 | $ | 1,222,668,115 | $ | 3,431,643,858 | $ | 5,512,447,219 | $ | 6,415,140,445 | ||||||||||||
| INSTITUTIONAL CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 571,240,228 | $ | 578,106,794 | $ | 1,011,605,927 | $ | 2,853,714,743 | $ | 4,604,992,268 | $ | 5,437,240,965 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 32,811,044 | 31,302,437 | 51,785,162 | 135,043,099 | 201,436,411 | 220,544,273 | ||||||||||||||||||
| Net asset value per share | $ | 17.41 | $ | 18.47 | $ | 19.53 | $ | 21.13 | $ | 22.86 | $ | 24.65 | ||||||||||||
| ADVISOR CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 2,748,024 | $ | 1,877,911 | $ | 2,544,367 | $ | 13,384,388 | $ | 23,379,848 | $ | 31,132,431 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 157,865 | 101,724 | 130,390 | 634,592 | 1,025,248 | 1,265,443 | ||||||||||||||||||
| Net asset value per share | $ | 17.41 | $ | 18.46 | $ | 19.51 | $ | 21.09 | $ | 22.80 | $ | 24.60 | ||||||||||||
| PREMIER CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 24,207,198 | $ | 37,621,652 | $ | 89,863,947 | $ | 270,098,991 | $ | 402,803,184 | $ | 438,712,231 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,391,336 | 2,045,999 | 4,624,471 | 12,857,470 | 17,714,645 | 17,900,911 | ||||||||||||||||||
| Net asset value per share | $ | 17.40 | $ | 18.39 | $ | 19.43 | $ | 21.01 | $ | 22.74 | $ | 24.51 | ||||||||||||
| RETIREMENT CLASS: | ||||||||||||||||||||||||
| Net assets | $ | 45,885,932 | $ | 79,832,070 | $ | 118,653,874 | $ | 294,445,736 | $ | 481,271,919 | $ | 508,054,818 | ||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,641,319 | 4,367,918 | 6,130,082 | 14,074,246 | 21,276,499 | 20,834,076 | ||||||||||||||||||
| Net asset value per share | $ | 17.37 | $ | 18.28 | $ | 19.36 | $ | 20.92 | $ | 22.62 | $ | 24.39 | ||||||||||||
| ‡ Affiliated investments, cost | $ | 532,283,860 | $ | 547,096,002 | $ | 932,741,690 | $ | 2,648,167,988 | $ | 4,245,547,458 | $ | 4,840,496,733 | ||||||||||||
| 60 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 61 |
| Statements of assets and liabilities (unaudited) | concluded |
| TIAA-CREF Funds ■ November 30, 2021 |
| Lifecycle Index 2035 Fund | Lifecycle Index 2040 Fund | Lifecycle Index 2045 Fund | Lifecycle Index 2050 Fund | Lifecycle Index 2055 Fund | Lifecycle Index 2060 Fund | Lifecycle Index 2065 Fund | ||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||
| Affiliated investments, at value‡ | $ | 6,118,359,037 | $ | 6,312,195,271 | $ | 4,751,085,557 | $ | 3,912,625,811 | $ | 2,004,332,602 | $ | 848,006,867 | $ | 24,989,653 | ||||||||||||||
| Cash | 6,456,549 | 7,624,429 | 6,406,365 | 4,888,010 | 2,996,607 | 1,046,755 | 209,512 | |||||||||||||||||||||
| Receivable from securities transactions | 21,478,012 | 21,374,549 | 18,463,519 | 15,782,756 | 8,019,377 | 3,508,707 | 46,155 | |||||||||||||||||||||
| Receivable from Fund shares sold | 8,296,075 | 8,408,424 | 7,176,063 | 6,235,442 | 3,818,426 | 2,272,026 | 56,224 | |||||||||||||||||||||
| Dividends receivable | 2,700,286 | 2,061,780 | 936,540 | 577,626 | 255,132 | 90,313 | 2,078 | |||||||||||||||||||||
| Due from affiliates | 336,200 | 336,424 | 255,337 | 210,471 | 119,191 | 61,071 | 11,586 | |||||||||||||||||||||
| Other | 157,915 | 169,341 | 108,375 | 82,539 | 34,059 | 10,152 | 66 | |||||||||||||||||||||
| Total assets | 6,157,784,074 | 6,352,170,218 | 4,784,431,756 | 3,940,402,655 | 2,019,575,394 | 854,995,891 | 25,315,274 | |||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||
| Management fees payable | 799,648 | 813,538 | 607,145 | 498,058 | 254,646 | 107,063 | 3,028 | |||||||||||||||||||||
| Service agreement fees payable | 99,949 | 97,457 | 76,281 | 65,358 | 35,291 | 14,821 | 216 | |||||||||||||||||||||
| Distribution fees payable | 55,080 | 54,893 | 43,785 | 37,710 | 18,548 | 5,790 | 87 | |||||||||||||||||||||
| Due to affiliates | 15,840 | 16,179 | 13,446 | 11,997 | 8,772 | 6,818 | 5,543 | |||||||||||||||||||||
| Overdraft payable | — | — | — | — | — | — | — | |||||||||||||||||||||
| Payable for securities transactions | 22,491,549 | 24,590,519 | 20,949,537 | 17,252,732 | 9,224,596 | 3,779,770 | 231,767 | |||||||||||||||||||||
| Payable for Fund shares redeemed | 4,396,607 | 10,840,971 | 2,600,804 | 7,773,488 | 1,610,065 | 1,813,636 | 8,842 | |||||||||||||||||||||
| Payable for trustee compensation | 154,555 | 165,864 | 105,796 | 80,436 | 33,028 | 9,752 | 58 | |||||||||||||||||||||
| Accrued expenses and other payables | 129,799 | 118,003 | 85,982 | 74,513 | 76,979 | 33,396 | 17,361 | |||||||||||||||||||||
| Total liabilities | 28,143,027 | 36,697,424 | 24,482,776 | 25,794,292 | 11,261,925 | 5,771,046 | 266,902 | |||||||||||||||||||||
| NET ASSETS | $ | 6,129,641,047 | $ | 6,315,472,794 | $ | 4,759,948,980 | $ | 3,914,608,363 | $ | 2,008,313,469 | $ | 849,224,845 | $ | 25,048,372 | ||||||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
| Paid-in-capital | $ | 4,419,526,497 | $ | 4,364,294,734 | $ | 3,322,684,253 | $ | 2,757,702,147 | $ | 1,484,787,660 | $ | 670,359,588 | $ | 23,437,389 | ||||||||||||||
| Total distributable earnings (loss) | 1,710,114,550 | 1,951,178,060 | 1,437,264,727 | 1,156,906,216 | 523,525,809 | 178,865,257 | 1,610,983 | |||||||||||||||||||||
| NET ASSETS | $ | 6,129,641,047 | $ | 6,315,472,794 | $ | 4,759,948,980 | $ | 3,914,608,363 | $ | 2,008,313,469 | $ | 849,224,845 | $ | 25,048,372 | ||||||||||||||
| INSTITUTIONAL CLASS: | ||||||||||||||||||||||||||||
| Net assets | $ | 5,215,596,199 | $ | 5,416,750,008 | $ | 4,050,698,215 | $ | 3,306,080,137 | $ | 1,692,413,218 | $ | 731,281,524 | $ | 22,615,158 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 197,353,905 | 194,004,508 | 140,802,320 | 113,749,727 | 72,467,529 | 40,562,386 | 1,762,601 | |||||||||||||||||||||
| Net asset value per share | $ | 26.43 | $ | 27.92 | $ | 28.77 | $ | 29.06 | $ | 23.35 | $ | 18.03 | $ | 12.83 | ||||||||||||||
| ADVISOR CLASS: | ||||||||||||||||||||||||||||
| Net assets | $ | 18,611,471 | $ | 21,112,116 | $ | 17,526,156 | $ | 14,832,780 | $ | 10,962,277 | $ | 8,150,445 | $ | 709,351 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 705,825 | 757,484 | 610,662 | 511,432 | 470,381 | 452,614 | 55,304 | |||||||||||||||||||||
| Net asset value per share | $ | 26.37 | $ | 27.87 | $ | 28.70 | $ | 29.00 | $ | 23.31 | $ | 18.01 | $ | 12.83 | ||||||||||||||
| PREMIER CLASS: | ||||||||||||||||||||||||||||
| Net assets | $ | 435,870,715 | $ | 433,102,314 | $ | 344,540,000 | $ | 296,689,171 | $ | 146,398,627 | $ | 46,115,565 | $ | 688,624 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 16,598,150 | 15,611,775 | 12,047,345 | 10,274,473 | 6,294,672 | 2,564,886 | 53,797 | |||||||||||||||||||||
| Net asset value per share | $ | 26.26 | $ | 27.74 | $ | 28.60 | $ | 28.88 | $ | 23.26 | $ | 17.98 | $ | 12.80 | ||||||||||||||
| RETIREMENT CLASS: | ||||||||||||||||||||||||||||
| Net assets | $ | 459,562,662 | $ | 444,508,356 | $ | 347,184,609 | $ | 297,006,275 | $ | 158,539,347 | $ | 63,677,311 | $ | 1,035,239 | ||||||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 17,587,483 | 16,093,985 | 12,204,461 | 10,341,253 | 6,838,112 | 3,552,729 | 81,067 | |||||||||||||||||||||
| Net asset value per share | $ | 26.13 | $ | 27.62 | $ | 28.45 | $ | 28.72 | $ | 23.18 | $ | 17.92 | $ | 12.77 | ||||||||||||||
| ‡ Affiliated investments, cost | $ | 4,468,941,571 | $ | 4,417,573,848 | $ | 3,335,256,835 | $ | 2,760,571,768 | $ | 1,477,513,258 | $ | 665,913,586 | $ | 23,328,904 | ||||||||||||||
| 62 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 63 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period ended November 30, 2021
| 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 | $ | 4,476,804 | $ | 4,896,929 | $ | 7,832,323 | $ | 19,616,863 | $ | 25,748,658 | $ | 23,444,995 | ||||||||||||
| Total income | 4,476,804 | 4,896,929 | 7,832,323 | 19,616,863 | 25,748,658 | 23,444,995 | ||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||
| Management fees | 577,893 | 629,192 | 1,082,974 | 2,983,765 | 4,570,628 | 5,130,733 | ||||||||||||||||||
| Shareholder servicing — Institutional Class | 3,596 | 1,746 | 2,462 | 6,204 | 6,446 | 7,690 | ||||||||||||||||||
| Shareholder servicing — Advisor Class | 1,362 | 934 | 941 | 6,469 | 10,968 | 14,352 | ||||||||||||||||||
| Shareholder servicing — Premier Class | 52 | 41 | 56 | 105 | 146 | 149 | ||||||||||||||||||
| Shareholder servicing — Retirement Class | 58,980 | 102,260 | 155,952 | 380,125 | 612,832 | 636,186 | ||||||||||||||||||
| Distribution fees — Premier Class | 19,032 | 30,624 | 71,288 | 221,842 | 331,120 | 347,300 | ||||||||||||||||||
| Registration fees | 32,361 | 32,789 | 32,661 | 35,139 | 35,171 | 36,442 | ||||||||||||||||||
| Administrative service fees | 22,497 | 22,793 | 25,908 | 39,037 | 50,823 | 55,866 | ||||||||||||||||||
| Professional fees | 14,606 | 16,346 | 10,452 | 12,774 | 13,876 | 15,013 | ||||||||||||||||||
| Custody and accounting fees | 5,215 | 5,214 | 5,214 | 5,214 | 5,214 | 5,218 | ||||||||||||||||||
| Trustee fees and expenses | 2,623 | 2,838 | 4,989 | 14,087 | 22,215 | 25,710 | ||||||||||||||||||
| Other expenses | 73,145 | 76,090 | 113,821 | 270,822 | 402,587 | 431,738 | ||||||||||||||||||
| Total expenses | 811,362 | 920,867 | 1,506,718 | 3,975,583 | 6,062,026 | 6,706,397 | ||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (103,309 | ) | (103,985 | ) | (105,899 | ) | (149,972 | ) | (199,358 | ) | (224,348 | ) | ||||||||||||
| Fee waiver by investment adviser and Nuveen Securities | (314,251 | ) | (341,950 | ) | (566,758 | ) | (1,505,514 | ) | (2,198,031 | ) | (2,331,254 | ) | ||||||||||||
| Net expenses | 393,802 | 474,932 | 834,061 | 2,320,097 | 3,664,637 | 4,150,795 | ||||||||||||||||||
| Net investment income (loss) | 4,083,002 | 4,421,997 | 6,998,262 | 17,296,766 | 22,084,021 | 19,294,200 | ||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||
| Realized gain (loss) from sale of affiliated investments | 8,272,322 | 12,620,394 | 22,477,964 | 68,221,091 | 80,964,048 | 70,367,591 | ||||||||||||||||||
| Realized gain (loss) from sale of unaffiliated investments | — | 26,114 | — | — | — | — | ||||||||||||||||||
| Net realized gain (loss) from investments | 8,272,322 | 12,646,508 | 22,477,964 | 68,221,091 | 80,964,048 | 70,367,591 | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (324,350 | ) | (4,153,096 | ) | (5,703,522 | ) | (15,376,022 | ) | 13,049,624 | 51,973,295 | ||||||||||||||
| Net realized and unrealized gain (loss) from investments | 7,947,972 | 8,493,412 | 16,774,442 | 52,845,069 | 94,013,672 | 122,340,886 | ||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 12,030,974 | $ | 12,915,409 | $ | 23,772,704 | $ | 70,141,835 | $ | 116,097,693 | $ | 141,635,086 | ||||||||||||
| 64 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 65 |
| Statements of operations (unaudited) | concluded |
| TIAA-CREF Funds ■ For the period ended November 30, 2021 |
| Lifecycle Index 2035 Fund | Lifecycle Index 2040 Fund | Lifecycle Index 2045 Fund | Lifecycle Index 2050 Fund | Lifecycle Index 2055 Fund | Lifecycle Index 2060 Fund | Lifecycle Index 2065 Fund | ||||||||||||||||||||||
| INVESTMENT INCOME | ||||||||||||||||||||||||||||
| Dividends from affiliated investments | $ | 16,301,446 | $ | 11,787,858 | $ | 5,261,160 | $ | 3,301,958 | $ | 1,442,817 | $ | 495,883 | $ | 8,609 | ||||||||||||||
| Total income | 16,301,446 | 11,787,858 | 5,261,160 | 3,301,958 | 1,442,817 | 495,883 | 8,609 | |||||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||||||
| Management fees | 4,731,854 | 4,790,760 | 3,532,219 | 2,881,375 | 1,457,611 | 595,291 | 12,724 | |||||||||||||||||||||
| Shareholder servicing — Institutional Class | 7,020 | 8,168 | 6,805 | 7,752 | 6,829 | 5,901 | 1,729 | |||||||||||||||||||||
| Shareholder servicing — Advisor Class | 8,964 | 9,560 | 8,095 | 6,618 | 4,911 | 3,552 | 35 | |||||||||||||||||||||
| Shareholder servicing — Premier Class | 146 | 146 | 127 | 114 | 93 | 65 | 41 | |||||||||||||||||||||
| Shareholder servicing — Retirement Class | 576,798 | 560,927 | 429,068 | 372,486 | 196,964 | 76,991 | 1,159 | |||||||||||||||||||||
| Distribution fees — Premier Class | 345,045 | 336,225 | 266,357 | 226,049 | 110,444 | 33,176 | 524 | |||||||||||||||||||||
| Registration fees | 36,273 | 34,868 | 34,862 | 34,257 | 32,905 | 32,048 | 36,051 | |||||||||||||||||||||
| Administrative service fees | 53,960 | 55,049 | 45,950 | 41,060 | 30,115 | 23,375 | 18,764 | |||||||||||||||||||||
| Professional fees | 14,695 | 14,995 | 13,091 | 12,046 | 9,475 | 8,026 | 7,014 | |||||||||||||||||||||
| Custody and accounting fees | 5,208 | 5,205 | 5,205 | 5,207 | 5,206 | 5,238 | 5,263 | |||||||||||||||||||||
| Trustee fees and expenses | 24,449 | 25,207 | 18,915 | 15,513 | 7,935 | 3,249 | 61 | |||||||||||||||||||||
| Other expenses | 383,242 | 368,122 | 272,722 | 226,086 | 131,526 | 73,529 | 16,115 | |||||||||||||||||||||
| Total expenses | 6,187,654 | 6,209,232 | 4,633,416 | 3,828,563 | 1,994,014 | 860,441 | 99,480 | |||||||||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (221,814 | ) | (222,917 | ) | (196,997 | ) | (182,419 | ) | (144,454 | ) | (118,885 | ) | (84,434 | ) | ||||||||||||||
| Fee waiver by investment adviser and Nuveen Securities | (2,026,938 | ) | (1,989,517 | ) | (1,406,338 | ) | (1,146,849 | ) | (575,281 | ) | (235,497 | ) | (4,949 | ) | ||||||||||||||
| Net expenses | 3,938,902 | 3,996,798 | 3,030,081 | 2,499,295 | 1,274,279 | 506,059 | 10,097 | |||||||||||||||||||||
| Net investment income (loss) | 12,362,544 | 7,791,060 | 2,231,079 | 802,663 | 168,538 | (10,176 | ) | (1,488 | ) | |||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||||||
| Realized gain (loss) from sale of affiliated investments | 54,969,090 | 58,361,963 | 28,795,710 | 12,316,701 | 1,448,105 | (434,173 | ) | (51,027 | ) | |||||||||||||||||||
| Realized gain (loss) from sale of unaffiliated investments | — | — | — | — | — | — | 1,911 | |||||||||||||||||||||
| Net realized gain (loss) from investments | 54,969,090 | 58,361,963 | 28,795,710 | 12,316,701 | 1,448,105 | (434,173 | ) | (49,116 | ) | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 74,985,216 | 88,936,433 | 90,615,625 | 87,671,155 | 49,366,813 | 20,641,024 | 298,218 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) from investments | 129,954,306 | 147,298,396 | 119,411,335 | 99,987,856 | 50,814,918 | 20,206,851 | 249,102 | |||||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 142,316,850 | $ | 155,089,456 | $ | 121,642,414 | $ | 100,790,519 | $ | 50,983,456 | $ | 20,196,675 | $ | 247,614 | ||||||||||||||
| 66 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 67 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the period or year ended
| Lifecycle Index Retirement Income Fund | Lifecycle Index 2010 Fund | Lifecycle Index 2015 Fund | ||||||||||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 4,083,002 | $ | 9,606,683 | $ | 4,421,997 | $ | 10,610,367 | $ | 6,998,262 | $ | 18,543,920 | ||||||||||||||
| Net realized gain (loss) from investments | 8,272,322 | 8,080,794 | 12,646,508 | 12,842,243 | 22,477,964 | 31,347,940 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (324,350 | ) | 67,871,509 | (4,153,096 | ) | 70,795,592 | (5,703,522 | ) | 134,741,041 | |||||||||||||||||
| Net increase (decrease) in net assets from operations | 12,030,974 | 85,558,986 | 12,915,409 | 94,248,202 | 23,772,704 | 184,632,901 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| Institutional Class | (3,690,837 | ) | (10,719,953 | ) | — | (12,730,910 | ) | — | (24,713,823 | ) | ||||||||||||||||
| Advisor Class | (15,142 | ) | (27,271 | ) | — | (11,125 | ) | — | (55,732 | ) | ||||||||||||||||
| Premier Class | (147,402 | ) | (475,508 | ) | — | (844,649 | ) | — | (2,362,930 | ) | ||||||||||||||||
| Retirement Class | (251,611 | ) | (839,863 | ) | — | (1,726,732 | ) | — | (3,021,603 | ) | ||||||||||||||||
| Total distributions | (4,104,992 | ) | (12,062,595 | ) | — | (15,313,416 | ) | — | (30,154,088 | ) | ||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 83,175,988 | 191,059,210 | 69,895,394 | 204,675,178 | 124,261,408 | 256,019,114 | |||||||||||||||||||
| Advisor Class | 549,694 | 1,151,737 | 125,593 | 2,040,506 | 1,194,042 | 2,283,793 | ||||||||||||||||||||
| Premier Class | 1,544,463 | 5,387,782 | 2,366,081 | 14,807,214 | 3,093,017 | 17,437,097 | ||||||||||||||||||||
| Retirement Class | 5,418,929 | 16,656,962 | 5,860,143 | 21,371,071 | 5,912,197 | 23,321,006 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 3,410,653 | 9,891,486 | — | 12,335,607 | — | 24,089,091 | |||||||||||||||||||
| Advisor Class | 14,320 | 24,677 | — | 8,082 | — | 52,169 | ||||||||||||||||||||
| Premier Class | 122,901 | 401,241 | — | 649,065 | — | 2,030,375 | ||||||||||||||||||||
| Retirement Class | 251,519 | 839,553 | — | 1,726,732 | — | 3,021,603 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (69,858,842 | ) | (154,741,004 | ) | (63,273,502 | ) | (162,616,004 | ) | (94,293,902 | ) | (261,631,976 | ) | |||||||||||||
| Advisor Class | (89,005 | ) | (103,505 | ) | (233,827 | ) | (293,271 | ) | (68,882 | ) | (1,658,284 | ) | ||||||||||||||
| Premier Class | (3,246,728 | ) | (13,145,146 | ) | (9,222,290 | ) | (7,935,555 | ) | (13,332,276 | ) | (19,377,422 | ) | ||||||||||||||
| Retirement Class | (8,720,195 | ) | (10,549,640 | ) | (8,995,691 | ) | (26,196,110 | ) | (16,528,278 | ) | (39,554,431 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 12,573,697 | 46,873,353 | (3,478,099 | ) | 60,572,515 | 10,237,326 | 6,032,135 | |||||||||||||||||||
| Net increase (decrease) in net assets | 20,499,679 | 120,369,744 | 9,437,310 | 139,507,301 | 34,010,030 | 160,510,948 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 623,581,703 | 503,211,959 | 688,001,117 | 548,493,816 | 1,188,658,085 | 1,028,147,137 | ||||||||||||||||||||
| End of period | $ | 644,081,382 | $ | 623,581,703 | $ | 697,438,427 | $ | 688,001,117 | $ | 1,222,668,115 | $ | 1,188,658,085 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 4,773,037 | 11,729,754 | 3,790,149 | 11,895,936 | 6,371,086 | 14,121,658 | |||||||||||||||||||
| Advisor Class | 31,766 | 69,635 | 6,831 | 115,954 | 60,961 | 122,916 | ||||||||||||||||||||
| Premier Class | 88,524 | 328,083 | 128,355 | 857,362 | 159,017 | 966,252 | ||||||||||||||||||||
| Retirement Class | 311,077 | 1,034,496 | 320,519 | 1,248,175 | 304,786 | 1,280,351 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | 197,209 | 606,170 | — | 708,535 | — | 1,317,064 | |||||||||||||||||||
| Advisor Class | 827 | 1,507 | — | 464 | — | 2,854 | ||||||||||||||||||||
| Premier Class | 7,109 | 24,708 | — | 37,389 | — | 111,437 | ||||||||||||||||||||
| Retirement Class | 14,573 | 51,449 | — | 99,984 | — | 166,388 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (4,000,693 | ) | (9,450,485 | ) | (3,425,753 | ) | (9,353,376 | ) | (4,825,727 | ) | (14,411,717 | ) | |||||||||||||
| Advisor Class | (5,119 | ) | (6,247 | ) | (12,688 | ) | (16,521 | ) | (3,519 | ) | (88,396 | ) | ||||||||||||||
| Premier Class | (185,192 | ) | (800,784 | ) | (499,784 | ) | (461,304 | ) | (681,777 | ) | (1,078,201 | ) | ||||||||||||||
| Retirement Class | (501,880 | ) | (647,992 | ) | (491,677 | ) | (1,521,120 | ) | (853,369 | ) | (2,195,503 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 731,238 | 2,940,294 | (184,048 | ) | 3,611,478 | 531,458 | 315,103 | |||||||||||||||||||
| 68 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 69 |
| Statements of changes in net assets | continued |
| TIAA-CREF Funds ■ For the period or year ended |
| Lifecycle Index 2020 Fund | Lifecycle Index 2025 Fund | Lifecycle Index 2030 Fund | ||||||||||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 17,296,766 | $ | 52,306,972 | $ | 22,084,021 | $ | 76,866,070 | $ | 19,294,200 | $ | 85,033,262 | ||||||||||||||
| Net realized gain (loss) from investments | 68,221,091 | 69,900,692 | 80,964,048 | 60,152,650 | 70,367,591 | 39,491,536 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (15,376,022 | ) | 443,123,278 | 13,049,624 | 810,056,672 | 51,973,295 | 1,055,965,505 | |||||||||||||||||||
| Net increase (decrease) in net assets from operations | 70,141,835 | 565,330,942 | 116,097,693 | 947,075,392 | 141,635,086 | 1,180,490,303 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| Institutional Class | — | (59,350,887 | ) | — | (82,165,521 | ) | — | (89,228,567 | ) | |||||||||||||||||
| Advisor Class | — | (138,305 | ) | — | (187,460 | ) | — | (221,354 | ) | |||||||||||||||||
| Premier Class | — | (6,260,956 | ) | — | (8,459,860 | ) | — | (7,879,150 | ) | |||||||||||||||||
| Retirement Class | — | (6,560,542 | ) | — | (8,941,972 | ) | — | (8,721,340 | ) | |||||||||||||||||
| Total distributions | — | (72,310,690 | ) | — | (99,754,813 | ) | — | (106,050,411 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 345,907,229 | 702,553,353 | 576,016,502 | 1,165,705,174 | 690,543,934 | 1,321,985,086 | |||||||||||||||||||
| Advisor Class | 2,746,682 | 8,409,953 | 6,793,662 | 14,368,483 | 8,705,867 | 18,010,084 | ||||||||||||||||||||
| Premier Class | 9,910,202 | 46,561,317 | 19,645,809 | 78,190,697 | 19,081,650 | 78,554,197 | ||||||||||||||||||||
| Retirement Class | 16,478,793 | 53,648,706 | 31,970,887 | 81,639,842 | 29,628,870 | 87,820,262 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 57,085,062 | — | 78,478,792 | — | 86,314,543 | |||||||||||||||||||
| Advisor Class | — | 135,232 | — | 184,443 | — | 218,383 | ||||||||||||||||||||
| Premier Class | — | 4,958,387 | — | 6,556,141 | — | 6,544,917 | ||||||||||||||||||||
| Retirement Class | — | 6,560,541 | — | 8,941,972 | — | 8,721,340 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (278,395,339 | ) | (648,385,502 | ) | (328,935,526 | ) | (817,662,750 | ) | (337,726,726 | ) | (779,002,362 | ) | |||||||||||||
| Advisor Class | (1,004,144 | ) | (3,012,073 | ) | (1,232,796 | ) | (1,458,004 | ) | (1,464,023 | ) | (2,975,477 | ) | ||||||||||||||
| Premier Class | (62,827,501 | ) | (49,438,854 | ) | (94,682,970 | ) | (51,651,674 | ) | (67,662,307 | ) | (39,349,260 | ) | ||||||||||||||
| Retirement Class | (38,498,403 | ) | (103,546,576 | ) | (42,158,386 | ) | (118,617,109 | ) | (29,570,505 | ) | (118,598,827 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | (5,682,481 | ) | 75,529,546 | 167,417,182 | 444,676,007 | 311,536,760 | 668,242,886 | |||||||||||||||||||
| Net increase (decrease) in net assets | 64,459,354 | 568,549,798 | 283,514,875 | 1,291,996,586 | 453,171,846 | 1,742,682,778 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 3,367,184,504 | 2,798,634,706 | 5,228,932,344 | 3,936,935,758 | 5,961,968,599 | 4,219,285,821 | ||||||||||||||||||||
| End of period | $ | 3,431,643,858 | $ | 3,367,184,504 | $ | 5,512,447,219 | $ | 5,228,932,344 | $ | 6,415,140,445 | $ | 5,961,968,599 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 16,377,484 | 36,277,439 | 25,179,235 | 56,100,150 | 28,013,388 | 59,733,903 | |||||||||||||||||||
| Advisor Class | 129,774 | 424,790 | 296,471 | 688,505 | 353,178 | 797,998 | ||||||||||||||||||||
| Premier Class | 471,232 | 2,386,110 | 864,193 | 3,793,312 | 777,680 | 3,538,775 | ||||||||||||||||||||
| Retirement Class | 785,588 | 2,765,304 | 1,413,673 | 3,928,447 | 1,211,866 | 3,966,169 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 2,905,092 | — | 3,729,981 | — | 3,846,459 | |||||||||||||||||||
| Advisor Class | — | 6,885 | — | 8,779 | — | 9,745 | ||||||||||||||||||||
| Premier Class | — | 253,367 | — | 312,793 | — | 292,969 | ||||||||||||||||||||
| Retirement Class | — | 336,438 | — | 428,461 | — | 391,970 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (13,180,162 | ) | (33,359,287 | ) | (14,401,238 | ) | (39,311,519 | ) | (13,708,055 | ) | (35,125,172 | ) | |||||||||||||
| Advisor Class | (47,692 | ) | (153,543 | ) | (54,128 | ) | (67,729 | ) | (59,070 | ) | (129,075 | ) | ||||||||||||||
| Premier Class | (2,971,195 | ) | (2,578,410 | ) | (4,125,916 | ) | (2,525,387 | ) | (2,734,526 | ) | (1,819,139 | ) | ||||||||||||||
| Retirement Class | (1,840,923 | ) | (5,341,634 | ) | (1,862,593 | ) | (5,728,505 | ) | (1,213,339 | ) | (5,351,773 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | (275,894 | ) | 3,922,551 | 7,309,697 | 21,357,288 | 12,641,122 | 30,152,829 | |||||||||||||||||||
| 70 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 71 |
| Statements of changes in net assets | continued |
| TIAA-CREF Funds ■ For the period or year ended |
| Lifecycle Index 2035 Fund | Lifecycle Index 2040 Fund | Lifecycle Index 2045 Fund | ||||||||||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 12,362,544 | $ | 79,249,282 | $ | 7,791,060 | $ | 80,743,207 | $ | 2,231,079 | $ | 57,469,992 | ||||||||||||||
| Net realized gain (loss) from investments | 54,969,090 | 28,564,665 | 58,361,963 | 26,391,309 | 28,795,710 | 6,398,253 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation)from affiliated investments | 74,985,216 | 1,119,326,981 | 88,936,433 | 1,296,453,349 | 90,615,625 | 1,049,794,069 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 142,316,850 | 1,227,140,928 | 155,089,456 | 1,403,587,865 | 121,642,414 | 1,113,662,314 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| Institutional Class | — | (82,185,463 | ) | — | (83,659,458 | ) | — | (54,740,019 | ) | |||||||||||||||||
| Advisor Class | — | (153,634 | ) | — | (131,413 | ) | — | (105,720 | ) | |||||||||||||||||
| Premier Class | — | (7,680,349 | ) | — | (6,708,888 | ) | — | (4,787,925 | ) | |||||||||||||||||
| Retirement Class | — | (7,749,057 | ) | — | (7,058,535 | ) | — | (4,714,349 | ) | |||||||||||||||||
| Total distributions | — | (97,768,503 | ) | — | (97,558,294 | ) | — | (64,348,013 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 664,322,631 | 1,241,437,681 | 613,907,042 | 1,149,358,957 | 502,437,221 | 939,605,770 | |||||||||||||||||||
| Advisor Class | 5,206,739 | 10,974,172 | 5,431,579 | 12,207,148 | 4,920,850 | 9,715,991 | ||||||||||||||||||||
| Premier Class | 18,385,417 | 78,268,375 | 17,106,188 | 82,514,378 | 14,798,205 | 61,217,669 | ||||||||||||||||||||
| Retirement Class | 31,837,683 | 75,491,056 | 27,993,863 | 83,180,775 | 30,163,617 | 61,598,832 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 79,186,655 | — | 81,363,405 | — | 52,966,805 | |||||||||||||||||||
| Advisor Class | — | 150,602 | — | 128,407 | — | 102,944 | ||||||||||||||||||||
| Premier Class | — | 6,335,010 | — | 5,966,697 | — | 4,266,206 | ||||||||||||||||||||
| Retirement Class | — | 7,749,057 | — | 7,058,535 | — | 4,714,349 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (264,844,394 | ) | (708,354,007 | ) | (242,894,878 | ) | (716,339,444 | ) | (194,585,705 | ) | (498,315,421 | ) | |||||||||||||
| Advisor Class | (2,206,334 | ) | (1,412,301 | ) | (787,564 | ) | (1,355,923 | ) | (608,483 | ) | (1,360,605 | ) | ||||||||||||||
| Premier Class | (65,101,395 | ) | (39,105,175 | ) | (43,117,948 | ) | (28,603,553 | ) | (32,757,407 | ) | (22,075,495 | ) | ||||||||||||||
| Retirement Class | (35,079,265 | ) | (103,950,144 | ) | (30,403,393 | ) | (109,354,690 | ) | (20,087,054 | ) | (82,098,171 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 352,521,082 | 646,770,981 | 347,234,889 | 566,124,692 | 304,281,244 | 530,338,874 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 494,837,932 | 1,776,143,406 | 502,324,345 | 1,872,154,263 | 425,923,658 | 1,579,653,175 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 5,634,803,115 | 3,858,659,709 | 5,813,148,449 | 3,940,994,186 | 4,334,025,322 | 2,754,372,147 | ||||||||||||||||||||
| End of period | $ | 6,129,641,047 | $ | 5,634,803,115 | $ | 6,315,472,794 | $ | 5,813,148,449 | $ | 4,759,948,980 | $ | 4,334,025,322 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 25,146,142 | 53,093,882 | 21,991,986 | 47,330,590 | 17,463,147 | 38,051,346 | |||||||||||||||||||
| Advisor Class | 196,814 | 465,332 | 193,933 | 486,605 | 172,135 | 386,255 | ||||||||||||||||||||
| Premier Class | 698,692 | 3,332,791 | 615,751 | 3,326,310 | 516,236 | 2,460,351 | ||||||||||||||||||||
| Retirement Class | 1,216,064 | 3,210,198 | 1,012,672 | 3,384,557 | 1,054,777 | 2,462,770 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 3,328,569 | — | 3,278,139 | — | 2,096,865 | |||||||||||||||||||
| Advisor Class | — | 6,339 | — | 5,178 | — | 4,080 | ||||||||||||||||||||
| Premier Class | — | 267,639 | — | 241,567 | — | 169,630 | ||||||||||||||||||||
| Retirement Class | — | 328,628 | — | 286,816 | — | 188,273 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (10,032,636 | ) | (30,110,477 | ) | (8,714,756 | ) | (29,104,126 | ) | (6,776,620 | ) | (19,783,206 | ) | |||||||||||||
| Advisor Class | (82,940 | ) | (59,228 | ) | (28,237 | ) | (55,341 | ) | (21,284 | ) | (51,774 | ) | ||||||||||||||
| Premier Class | (2,454,491 | ) | (1,712,473 | ) | (1,538,715 | ) | (1,199,194 | ) | (1,133,376 | ) | (928,111 | ) | ||||||||||||||
| Retirement Class | (1,341,194 | ) | (4,423,500 | ) | (1,100,166 | ) | (4,456,676 | ) | (703,871 | ) | (3,308,782 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 13,346,451 | 27,727,700 | 12,432,468 | 23,524,425 | 10,571,144 | 21,747,697 | ||||||||||||||||||||
| 72 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 73 |
| Statements of changes in net assets | continued |
| TIAA-CREF Funds ■ For the period or year ended |
| Lifecycle Index 2050 Fund | Lifecycle Index 2055 Fund | Lifecycle Index 2060 Fund | ||||||||||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 802,663 | $ | 46,165,969 | $ | 168,538 | $ | 21,715,539 | $ | (10,176 | ) | $ | 7,765,010 | |||||||||||||
| Net realized gain (loss) from investments | 12,316,701 | 2,673,483 | 1,448,105 | (429,284 | ) | (434,173 | ) | (253,461 | ) | |||||||||||||||||
| Net change in unrealized appreciation (depreciation)from affiliated investments | 87,671,155 | 868,582,425 | 49,366,813 | 418,136,772 | 20,641,024 | 151,099,298 | ||||||||||||||||||||
| Net increase (decrease) in net assets from operations | 100,790,519 | 917,421,877 | 50,983,456 | 439,423,027 | 20,196,675 | 158,610,847 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| Institutional Class | — | (42,430,221 | ) | — | (19,292,672 | ) | — | (6,976,807 | ) | |||||||||||||||||
| Advisor Class | — | (91,551 | ) | — | (72,735 | ) | — | (42,596 | ) | |||||||||||||||||
| Premier Class | — | (3,947,333 | ) | — | (1,715,800 | ) | — | (432,574 | ) | |||||||||||||||||
| Retirement Class | — | (4,010,091 | ) | — | (2,153,322 | ) | — | (737,157 | ) | |||||||||||||||||
| Total distributions | — | (50,479,196 | ) | — | (23,234,529 | ) | — | (8,189,134 | ) | |||||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 434,558,116 | 813,431,107 | 272,683,402 | 479,956,773 | 171,885,658 | 281,188,730 | |||||||||||||||||||
| Advisor Class | 4,604,993 | 7,206,914 | 2,998,449 | 5,757,157 | 3,190,423 | 3,754,798 | ||||||||||||||||||||
| Premier Class | 15,041,968 | 52,560,460 | 12,800,368 | 38,644,994 | 8,106,571 | 18,114,313 | ||||||||||||||||||||
| Retirement Class | 22,938,495 | 54,707,156 | 14,989,853 | 34,204,930 | 11,748,422 | 21,821,410 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 40,994,173 | — | 18,203,312 | — | 6,684,976 | |||||||||||||||||||
| Advisor Class | — | 88,840 | — | 70,061 | — | 40,105 | ||||||||||||||||||||
| Premier Class | — | 3,507,602 | — | 1,498,630 | — | 359,085 | ||||||||||||||||||||
| Retirement Class | — | 4,010,091 | — | 2,153,020 | — | 736,927 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (161,271,920 | ) | (407,143,274 | ) | (100,864,349 | ) | (161,196,776 | ) | (58,248,819 | ) | (81,222,292 | ) | |||||||||||||
| Advisor Class | (932,436 | ) | (675,195 | ) | (517,778 | ) | (385,131 | ) | (725,091 | ) | (422,458 | ) | ||||||||||||||
| Premier Class | (22,470,173 | ) | (20,998,387 | ) | (13,184,518 | ) | (9,636,115 | ) | (4,121,801 | ) | (3,853,209 | ) | ||||||||||||||
| Retirement Class | (19,510,318 | ) | (69,958,388 | ) | (10,162,953 | ) | (44,408,997 | ) | (5,529,098 | ) | (18,899,836 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 272,958,725 | 477,731,099 | 178,742,474 | 364,861,858 | 126,306,265 | 228,302,549 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 373,749,244 | 1,344,673,780 | 229,725,930 | 781,050,356 | 146,502,940 | 378,724,262 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 3,540,859,119 | 2,196,185,339 | 1,778,587,539 | 997,537,183 | 702,721,905 | 323,997,643 | ||||||||||||||||||||
| End of period | $ | 3,914,608,363 | $ | 3,540,859,119 | $ | 2,008,313,469 | $ | 1,778,587,539 | $ | 849,224,845 | $ | 702,721,905 | ||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 14,946,667 | 32,551,557 | 11,662,133 | 23,898,376 | 9,514,793 | 18,088,666 | |||||||||||||||||||
| Advisor Class | 158,765 | 284,899 | 128,512 | 287,032 | 177,445 | 239,023 | ||||||||||||||||||||
| Premier Class | 519,929 | 2,119,729 | 548,911 | 1,916,847 | 450,824 | 1,163,078 | ||||||||||||||||||||
| Retirement Class | 796,029 | 2,183,270 | 645,417 | 1,715,991 | 653,415 | 1,418,338 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | — | 1,611,406 | — | 892,319 | — | 424,983 | |||||||||||||||||||
| Advisor Class | — | 3,496 | — | 3,438 | — | 2,551 | ||||||||||||||||||||
| Premier Class | — | 138,586 | — | 73,643 | — | 22,857 | ||||||||||||||||||||
| Retirement Class | — | 159,131 | — | 106,060 | — | 47,028 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (5,559,658 | ) | (15,906,221 | ) | (4,319,576 | ) | (7,976,809 | ) | (3,220,350 | ) | (5,222,822 | ) | |||||||||||||
| Advisor Class | (32,040 | ) | (26,590 | ) | (22,228 | ) | (18,933 | ) | (40,535 | ) | (27,251 | ) | ||||||||||||||
| Premier Class | (771,532 | ) | (866,647 | ) | (561,285 | ) | (491,181 | ) | (227,602 | ) | (252,220 | ) | ||||||||||||||
| Retirement Class | (676,583 | ) | (2,777,186 | ) | (436,876 | ) | (2,161,601 | ) | (306,341 | ) | (1,195,996 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 9,381,577 | 19,475,430 | 7,645,008 | 18,245,182 | 7,001,649 | 14,708,235 | ||||||||||||||||||||
| 74 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 75 |
| Statements of changes in net assets | concluded |
| TIAA-CREF Funds ■ For the period or year ended |
| Lifecycle Index 2065 Fund | ||||||||||
| November 30, 2021 | May 31, 2021 | § | ||||||||
| (unaudited | ) | |||||||||
| OPERATIONS | ||||||||||
| Net investment income (loss) | $ | (1,488 | ) | $ | 89,704 | |||||
| Net realized gain (loss) from investments | (49,116 | ) | 3,408 | |||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | 298,218 | 1,362,531 | ||||||||
| Net increase (decrease) in net assets from operations | 247,614 | 1,455,643 | ||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||
| Institutional Class | — | (66,007 | ) | |||||||
| Advisor Class | — | (8,865 | ) | |||||||
| Premier Class | — | (8,865 | ) | |||||||
| Retirement Class | — | (8,734 | ) | |||||||
| Total distributions | — | (92,471 | ) | |||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||
| Subscriptions: | Institutional Class | 18,313,678 | 6,581,831 | |||||||
| Advisor Class | 68,578 | 503,092 | ||||||||
| Premier Class | 81,285 | 516,791 | ||||||||
| Retirement Class | 394,153 | 583,151 | ||||||||
| Reinvestments of distributions: | Institutional Class | — | 4,735 | |||||||
| Advisor Class | — | — | ||||||||
| Premier Class | — | — | ||||||||
| Retirement Class | — | 8 | ||||||||
| Redemptions: | Institutional Class | (3,024,074 | ) | (448,475 | ) | |||||
| Advisor Class | (1,679 | ) | — | |||||||
| Premier Class | (47,588 | ) | (3,596 | ) | ||||||
| Retirement Class | (70,248 | ) | (14,056 | ) | ||||||
| Net increase (decrease) from shareholder transactions | 15,714,105 | 7,723,481 | ||||||||
| Net increase (decrease) in net assets | 15,961,719 | 9,086,653 | ||||||||
| NET ASSETS | ||||||||||
| Beginning of period | 9,086,653 | — | ||||||||
| End of period | $ | 25,048,372 | $ | 9,086,653 | ||||||
| CHANGE IN FUND SHARES | ||||||||||
| Shares sold: | Institutional Class | 1,424,563 | 609,815 | |||||||
| Advisor Class | 5,176 | 50,259 | ||||||||
| Premier Class | 6,379 | 51,411 | ||||||||
| Retirement Class | 30,823 | 56,856 | ||||||||
| Shares reinvested: | Institutional Class | — | 424 | |||||||
| Advisor Class | — | — | ||||||||
| Premier Class | — | — | ||||||||
| Retirement Class | — | 1 | ||||||||
| Shares redeemed: | Institutional Class | (234,608 | ) | (37,593 | ) | |||||
| Advisor Class | (131 | ) | — | |||||||
| Premier Class | (3,698 | ) | (295 | ) | ||||||
| Retirement Class | (5,470 | ) | (1,143 | ) | ||||||
| Net increase (decrease) from shareholder transactions | 1,223,034 | 729,735 | ||||||||
| § For the period September 30, 2020 to May 31, 2021. | ||||||||||
| 76 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
[This page intentionally left blank.]
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 77 |
TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX RETIREMENT INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $17.20 | $0.11 | $0.21 | $0.32 | $(0.11 | ) | $ — | $(0.11 | ) | $17.41 | 1.89 | %b | $571,240 | 0.23 | %c,g | 0.10 | %c,g | 1.29 | %c | 13 | %b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.10 | 0.28 | 2.16 | 2.44 | (0.29 | ) | (0.05 | ) | (0.34 | ) | 17.20 | 16.36 | 547,545 | 0.23 | g | 0.10 | g | 1.69 | 23 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 14.31 | 0.34 | 0.82 | 1.16 | (0.35 | ) | (0.02 | ) | (0.37 | ) | 15.10 | 8.17 | 437,256 | 0.26 | g | 0.10 | g | 2.32 | 27 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 17.19 | 0.10 | 0.22 | 0.32 | (0.10 | ) | — | (0.10 | ) | 17.41 | 1.90 | b | 2,748 | 0.33 | c,g | 0.20 | c,g | 1.17 | c | 13 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.10 | 0.24 | 2.18 | 2.42 | (0.28 | ) | (0.05 | ) | (0.33 | ) | 17.19 | 16.16 | 2,242 | 0.34 | g | 0.20 | g | 1.49 | 23 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 14.31 | 0.36 | 0.79 | 1.15 | (0.34 | ) | (0.02 | ) | (0.36 | ) | 15.10 | 8.08 | 989 | 0.37 | g | 0.22 | g | 2.41 | 27 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 17.18 | 0.10 | 0.22 | 0.32 | (0.10 | ) | — | (0.10 | ) | 17.40 | 1.87 | b | 24,207 | 0.38 | c,g | 0.25 | c,g | 1.15 | c | 13 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.09 | 0.27 | 2.14 | 2.41 | (0.27 | ) | (0.05 | ) | (0.32 | ) | 17.18 | 16.12 | 25,449 | 0.38 | g | 0.25 | g | 1.63 | 23 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 14.30 | 0.32 | 0.82 | 1.14 | (0.33 | ) | (0.02 | ) | (0.35 | ) | 15.09 | 8.09 | 29,105 | 0.40 | g | 0.25 | g | 2.17 | 27 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 17.16 | 0.09 | 0.21 | 0.30 | (0.09 | ) | — | (0.09 | ) | 17.37 | 1.77 | b | 45,886 | 0.48 | c,g | 0.35 | c,g | 1.05 | c | 13 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.07 | 0.24 | 2.16 | 2.40 | (0.26 | ) | (0.05 | ) | (0.31 | ) | 17.16 | 16.04 | 48,346 | 0.48 | g | 0.35 | g | 1.45 | 23 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 14.28 | 0.31 | 0.81 | 1.12 | (0.31 | ) | (0.02 | ) | (0.33 | ) | 15.07 | 7.91 | 35,862 | 0.50 | g | 0.35 | g | 2.09 | 27 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2010 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | 18.13 | 0.12 | 0.22 | 0.34 | — | — | — | 18.47 | 1.88 | b | 578,107 | 0.22 | c,g | 0.10 | c,g | 1.30 | c | 12 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.97 | 0.30 | 2.28 | 2.58 | (0.31 | ) | (0.11 | ) | (0.42 | ) | 18.13 | 16.22 | 560,852 | 0.23 | g | 0.10 | g | 1.71 | 28 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.11 | 0.36 | 0.87 | 1.23 | (0.35 | ) | (0.02 | ) | (0.37 | ) | 15.97 | 8.18 | 442,192 | 0.25 | g | 0.10 | g | 2.32 | 22 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 18.13 | 0.11 | 0.22 | 0.33 | — | — | — | 18.46 | 1.82 | b | 1,878 | 0.32 | c,g | 0.19 | c,g | 1.22 | c | 12 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.97 | 0.22 | 2.35 | 2.57 | (0.30 | ) | (0.11 | ) | (0.41 | ) | 18.13 | 16.18 | 1,950 | 0.32 | g | 0.19 | g | 1.28 | 28 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.11 | 0.36 | 0.87 | 1.23 | (0.35 | ) | (0.02 | ) | (0.37 | ) | 15.97 | 8.16 | 123 | 0.26 | g | 0.12 | g | 2.30 | 22 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 18.06 | 0.11 | 0.22 | 0.33 | — | — | — | 18.39 | 1.83 | b | 37,622 | 0.37 | c,g | 0.25 | c,g | 1.15 | c | 12 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.92 | 0.27 | 2.26 | 2.53 | (0.28 | ) | (0.11 | ) | (0.39 | ) | 18.06 | 15.99 | 43,665 | 0.38 | g | 0.25 | g | 1.56 | 28 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.06 | 0.35 | 0.86 | 1.21 | (0.33 | ) | (0.02 | ) | (0.35 | ) | 15.92 | 8.06 | 31,580 | 0.40 | g | 0.25 | g | 2.20 | 22 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 17.96 | 0.10 | 0.22 | 0.32 | — | — | — | 18.28 | 1.78 | b | 79,832 | 0.47 | c,g | 0.35 | c,g | 1.06 | c | 12 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.83 | 0.25 | 2.26 | 2.51 | (0.27 | ) | (0.11 | ) | (0.38 | ) | 17.96 | 15.91 | 81,534 | 0.48 | g | 0.35 | g | 1.46 | 28 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 14.98 | 0.32 | 0.87 | 1.19 | (0.32 | ) | (0.02 | ) | (0.34 | ) | 15.83 | 7.93 | 74,599 | 0.50 | g | 0.35 | g | 2.08 | 22 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 78 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 79 |
| Financial highlights | continued |
| TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2015 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $19.15 | $0.12 | $0.26 | $0.38 | $ — | $ — | $ — | $19.53 | 1.98 | %b | $1,011,606 | 0.21 | %c,g | 0.10 | %c,g | 1.18 | %c | 9 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 16.65 | 0.31 | 2.69 | 3.00 | (0.34 | ) | (0.16 | ) | (0.50 | ) | 19.15 | 18.16 | 962,220 | 0.21 | g | 0.10 | g | 1.71 | 26 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.76 | 0.38 | 0.92 | 1.30 | (0.38 | ) | (0.03 | ) | (0.41 | ) | 16.65 | 8.24 | 819,474 | 0.23 | g | 0.10 | g | 2.33 | 25 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 19.14 | 0.10 | 0.27 | 0.37 | — | — | — | 19.51 | 1.93 | b | 2,544 | 0.31 | c,g | 0.20 | c,g | 1.02 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 16.65 | 0.23 | 2.75 | 2.98 | (0.33 | ) | (0.16 | ) | (0.49 | ) | 19.14 | 18.05 | 1,396 | 0.31 | g | 0.20 | g | 1.28 | 26 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.76 | 0.39 | 0.90 | 1.29 | (0.37 | ) | (0.03 | ) | (0.40 | ) | 16.65 | 8.19 | 592 | 0.30 | g | 0.18 | g | 2.38 | 25 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 19.07 | 0.10 | 0.26 | 0.36 | — | — | — | 19.43 | 1.89 | b | 89,864 | 0.36 | c,g | 0.25 | c,g | 1.03 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 16.58 | 0.28 | 2.68 | 2.96 | (0.31 | ) | (0.16 | ) | (0.47 | ) | 19.07 | 18.00 | 98,140 | 0.36 | g | 0.25 | g | 1.55 | 26 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.69 | 0.36 | 0.91 | 1.27 | (0.35 | ) | (0.03 | ) | (0.38 | ) | 16.58 | 8.12 | 85,350 | 0.37 | g | 0.25 | g | 2.18 | 25 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 19.00 | 0.09 | 0.27 | 0.36 | — | — | — | 19.36 | 1.89 | b | 118,654 | 0.46 | c,g | 0.35 | c,g | 0.93 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 16.52 | 0.26 | 2.67 | 2.93 | (0.29 | ) | (0.16 | ) | (0.45 | ) | 19.00 | 17.88 | 126,902 | 0.46 | g | 0.35 | g | 1.44 | 26 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.64 | 0.33 | 0.91 | 1.24 | (0.33 | ) | (0.03 | ) | (0.36 | ) | 16.52 | 7.96 | 122,731 | 0.47 | g | 0.35 | g | 2.05 | 25 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2020 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | 20.70 | 0.11 | 0.32 | 0.43 | — | — | — | 21.13 | 2.08 | b | 2,853,715 | 0.19 | c,g | 0.10 | c,g | 1.03 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 17.63 | 0.33 | 3.20 | 3.53 | (0.36 | ) | (0.10 | ) | (0.46 | ) | 20.70 | 20.14 | 2,729,084 | 0.20 | g | 0.10 | g | 1.72 | 21 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 16.65 | 0.40 | 0.99 | 1.39 | (0.39 | ) | (0.02 | ) | (0.41 | ) | 17.63 | 8.36 | 2,221,699 | 0.21 | g | 0.10 | g | 2.32 | 20 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 20.67 | 0.10 | 0.32 | 0.42 | — | — | — | 21.09 | 2.03 | b | 13,384 | 0.30 | c,g | 0.20 | c,g | 0.93 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 17.61 | 0.27 | 3.23 | 3.50 | (0.34 | ) | (0.10 | ) | (0.44 | ) | 20.67 | 20.00 | 11,420 | 0.30 | g | 0.20 | g | 1.37 | 21 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 16.64 | 0.43 | 0.94 | 1.37 | (0.38 | ) | (0.02 | ) | (0.40 | ) | 17.61 | 8.25 | 4,832 | 0.31 | g | 0.21 | g | 2.51 | 20 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 20.59 | 0.09 | 0.33 | 0.42 | — | — | — | 21.01 | 2.04 | b | 270,099 | 0.34 | c,g | 0.25 | c,g | 0.89 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 17.55 | 0.30 | 3.17 | 3.47 | (0.33 | ) | (0.10 | ) | (0.43 | ) | 20.59 | 19.89 | 316,253 | 0.35 | g | 0.25 | g | 1.55 | 21 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 16.57 | 0.38 | 0.99 | 1.37 | (0.37 | ) | (0.02 | ) | (0.39 | ) | 17.55 | 8.25 | 268,403 | 0.36 | g | 0.25 | g | 2.16 | 20 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 20.52 | 0.08 | 0.32 | 0.40 | — | — | — | 20.92 | 1.95 | b | 294,446 | 0.44 | c,g | 0.35 | c,g | 0.79 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 17.48 | 0.28 | 3.17 | 3.45 | (0.31 | ) | (0.10 | ) | (0.41 | ) | 20.52 | 19.85 | 310,428 | 0.45 | g | 0.35 | g | 1.46 | 21 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 16.51 | 0.35 | 0.99 | 1.34 | (0.35 | ) | (0.02 | ) | (0.37 | ) | 17.48 | 8.10 | 303,700 | 0.46 | g | 0.35 | g | 2.05 | 20 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 80 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 81 |
| Financial highlights | continued |
| TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2025 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $22.36 | $0.10 | $0.40 | $0.50 | $ — | $ — | $ — | $ | 22.86 | 2.24 | %b | $4,604,992 | 0.19 | %c,g | 0.10 | %c,g | 0.84 | %c | 8 | %b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 18.53 | 0.35 | 3.94 | 4.29 | (0.37 | ) | (0.09 | ) | (0.46 | ) | 22.36 | 23.29 | 4,263,286 | 0.19 | g | 0.10 | g | 1.71 | 18 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 17.49 | 0.42 | 1.05 | 1.47 | (0.41 | ) | (0.02 | ) | (0.43 | ) | 18.53 | 8.35 | 3,152,216 | 0.20 | g | 0.11 | g | 2.31 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 22.32 | 0.08 | 0.40 | 0.48 | — | — | — | 22.80 | 2.15 | b | 23,380 | 0.29 | c,g | 0.20 | c,g | 0.74 | c | 8 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 18.50 | 0.31 | 3.96 | 4.27 | (0.36 | ) | (0.09 | ) | (0.45 | ) | 22.32 | 23.20 | 17,472 | 0.29 | g | 0.20 | g | 1.47 | 18 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 17.47 | 0.42 | 1.03 | 1.45 | (0.40 | ) | (0.02 | ) | (0.42 | ) | 18.50 | 8.23 | 2,837 | 0.30 | g | 0.21 | g | 2.30 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 22.26 | 0.08 | 0.40 | 0.48 | — | — | — | 22.74 | 2.16 | b | 402,803 | 0.34 | c,g | 0.25 | c,g | 0.70 | c | 8 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 18.45 | 0.32 | 3.92 | 4.24 | (0.34 | ) | (0.09 | ) | (0.43 | ) | 22.26 | 23.11 | 466,892 | 0.34 | g | 0.25 | g | 1.55 | 18 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 17.41 | 0.39 | 1.05 | 1.44 | (0.38 | ) | (0.02 | ) | (0.40 | ) | 18.45 | 8.24 | 357,784 | 0.35 | g | 0.26 | g | 2.15 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 22.15 | 0.07 | 0.40 | 0.47 | — | — | — | 22.62 | 2.12 | b | 481,272 | 0.44 | c,g | 0.35 | c,g | 0.60 | c | 8 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 18.36 | 0.30 | 3.90 | 4.20 | (0.32 | ) | (0.09 | ) | (0.41 | ) | 22.15 | 22.99 | 481,282 | 0.44 | g | 0.35 | g | 1.46 | 18 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 17.34 | 0.37 | 1.03 | 1.40 | (0.36 | ) | (0.02 | ) | (0.38 | ) | 18.36 | 8.05 | 424,099 | 0.46 | g | 0.36 | g | 2.05 | 17 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2030 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | 24.08 | 0.08 | 0.49 | 0.57 | — | — | — | 24.65 | 2.37 | b | 5,437,241 | 0.18 | c,g | 0.10 | c,g | 0.64 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 19.40 | 0.38 | 4.77 | 5.15 | (0.39 | ) | (0.08 | ) | (0.47 | ) | 24.08 | 26.70 | 4,966,053 | 0.19 | g | 0.10 | g | 1.70 | 16 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 18.33 | 0.44 | 1.08 | 1.52 | (0.43 | ) | (0.02 | ) | (0.45 | ) | 19.40 | 8.25 | 3,449,438 | 0.20 | g | 0.10 | g | 2.30 | 15 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 24.04 | 0.07 | 0.49 | 0.56 | — | — | — | 24.60 | 2.33 | b | 31,132 | 0.28 | c,g | 0.20 | c,g | 0.54 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 19.38 | 0.31 | 4.80 | 5.11 | (0.37 | ) | (0.08 | ) | (0.45 | ) | 24.04 | 26.54 | 23,352 | 0.29 | g | 0.20 | g | 1.38 | 16 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 18.31 | 0.42 | 1.09 | 1.51 | (0.42 | ) | (0.02 | ) | (0.44 | ) | 19.38 | 8.20 | 5,671 | 0.30 | g | 0.21 | g | 2.20 | 15 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 23.95 | 0.06 | 0.50 | 0.56 | — | — | — | 24.51 | 2.34 | b | 438,712 | 0.33 | c,g | 0.25 | c,g | 0.49 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 19.31 | 0.34 | 4.75 | 5.09 | (0.36 | ) | (0.08 | ) | (0.44 | ) | 23.96 | 26.45 | 475,693 | 0.34 | g | 0.25 | g | 1.54 | 16 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 18.24 | 0.41 | 1.09 | 1.50 | (0.41 | ) | (0.02 | ) | (0.43 | ) | 19.31 | 8.14 | 344,547 | 0.35 | g | 0.25 | g | 2.14 | 15 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 23.85 | 0.05 | 0.49 | 0.54 | — | — | — | 24.39 | 2.26 | b | 508,055 | 0.43 | c,g | 0.35 | c,g | 0.39 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 19.22 | 0.32 | 4.72 | 5.04 | (0.33 | ) | (0.08 | ) | (0.41 | ) | 23.85 | 26.40 | 496,871 | 0.44 | g | 0.35 | g | 1.45 | 16 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 18.16 | 0.39 | 1.08 | 1.47 | (0.39 | ) | (0.02 | ) | (0.41 | ) | 19.22 | 8.02 | 419,628 | 0.45 | g | 0.35 | g | 2.04 | 15 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 82 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 83 |
| Financial highlights | continued |
| TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2035 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $25.77 | $0.06 | $ 0.60 | $0.66 | $ — | $ — | $ — | $26.43 | 2.56 | %b | $5,215,596 | 0.18 | %c,g | 0.10 | %c,g | 0.44 | %c | 7 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.21 | 0.40 | 5.64 | 6.04 | (0.40 | ) | (0.08 | ) | (0.48 | ) | 25.77 | 30.12 | 4,697,189 | 0.18 | g | 0.10 | g | 1.70 | 15 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.12 | 0.46 | 1.11 | 1.57 | (0.46 | ) | (0.02 | ) | (0.48 | ) | 20.21 | 8.12 | 3,151,680 | 0.19 | g | 0.11 | g | 2.30 | 14 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 25.73 | 0.05 | 0.59 | 0.64 | — | — | — | 26.37 | 2.49 | b | 18,611 | 0.28 | c,g | 0.20 | c,g | 0.34 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.18 | 0.32 | 5.70 | 6.02 | (0.39 | ) | (0.08 | ) | (0.47 | ) | 25.73 | 30.03 | 15,231 | 0.28 | g | 0.20 | g | 1.37 | 15 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.10 | 0.50 | 1.04 | 1.54 | (0.44 | ) | (0.02 | ) | (0.46 | ) | 20.18 | 8.02 | 3,623 | 0.29 | g | 0.20 | g | 2.51 | 14 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 25.63 | 0.04 | 0.59 | 0.63 | — | — | — | 26.26 | 2.46 | b | 435,871 | 0.33 | c,g | 0.25 | c,g | 0.29 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.11 | 0.36 | 5.61 | 5.97 | (0.37 | ) | (0.08 | ) | (0.45 | ) | 25.63 | 29.90 | 470,422 | 0.33 | g | 0.25 | g | 1.54 | 15 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.02 | 0.43 | 1.11 | 1.54 | (0.43 | ) | (0.02 | ) | (0.45 | ) | 20.11 | 8.02 | 331,062 | 0.34 | g | 0.26 | g | 2.15 | 14 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 25.52 | 0.03 | 0.58 | 0.61 | — | — | — | 26.13 | 2.39 | b | 459,563 | 0.43 | c,g | 0.35 | c,g | 0.19 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.02 | 0.33 | 5.60 | 5.93 | (0.35 | ) | (0.08 | ) | (0.43 | ) | 25.52 | 29.81 | 451,962 | 0.43 | g | 0.35 | g | 1.45 | 15 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 18.94 | 0.41 | 1.10 | 1.51 | (0.41 | ) | (0.02 | ) | (0.43 | ) | 20.02 | 7.89 | 372,294 | 0.44 | g | 0.36 | g | 2.04 | 14 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2040 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | 27.19 | 0.04 | 0.69 | 0.73 | — | — | — | 27.92 | 2.68 | b | 5,416,750 | 0.17 | c,g | 0.10 | c,g | 0.28 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.71 | 0.41 | 6.56 | 6.97 | (0.41 | ) | (0.08 | ) | (0.49 | ) | 27.19 | 33.87 | 4,914,220 | 0.18 | g | 0.10 | g | 1.68 | 14 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.65 | 0.47 | 1.08 | 1.55 | (0.47 | ) | (0.02 | ) | (0.49 | ) | 20.71 | 7.81 | 3,297,735 | 0.19 | g | 0.10 | g | 2.28 | 11 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 27.16 | 0.03 | 0.68 | 0.71 | — | — | — | 27.87 | 2.61 | b | 21,112 | 0.27 | c,g | 0.20 | c,g | 0.18 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.69 | 0.31 | 6.64 | 6.95 | (0.40 | ) | (0.08 | ) | (0.48 | ) | 27.16 | 33.78 | 16,071 | 0.28 | g | 0.20 | g | 1.25 | 14 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.63 | 0.47 | 1.07 | 1.54 | (0.46 | ) | (0.02 | ) | (0.48 | ) | 20.69 | 7.75 | 3,215 | 0.28 | g | 0.19 | g | 2.30 | 11 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 27.04 | 0.02 | 0.68 | 0.70 | — | — | — | 27.74 | 2.59 | b | 433,102 | 0.32 | c,g | 0.25 | c,g | 0.13 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.60 | 0.36 | 6.54 | 6.90 | (0.38 | ) | (0.08 | ) | (0.46 | ) | 27.04 | 33.69 | 447,061 | 0.33 | g | 0.25 | g | 1.50 | 14 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.55 | 0.44 | 1.07 | 1.51 | (0.44 | ) | (0.02 | ) | (0.46 | ) | 20.60 | 7.65 | 291,837 | 0.34 | g | 0.25 | g | 2.12 | 11 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 26.93 | 0.00 | d | 0.69 | 0.69 | — | — | — | 27.62 | 2.56 | b | 444,508 | 0.42 | c,g | 0.35 | c,g | 0.03 | c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.52 | 0.34 | 6.51 | 6.85 | (0.36 | ) | (0.08 | ) | (0.44 | ) | 26.93 | 33.55 | 435,795 | 0.43 | g | 0.35 | g | 1.42 | 14 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.47 | 0.42 | 1.07 | 1.49 | (0.42 | ) | (0.02 | ) | (0.44 | ) | 20.52 | 7.58 | 348,208 | 0.44 | g | 0.35 | g | 2.02 | 11 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 84 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 85 |
| Financial highlights | continued |
| TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2045 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $27.98 | $ 0.02 | $0.77 | $ 0.79 | $ — | $ — | $ — | $28.77 | 2.82 | %b | $4,050,698 | 0.17 | %c,g | 0.10 | %c,g | 0.13 | %c | 7 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.68 | 0.41 | 7.34 | 7.75 | (0.41 | ) | (0.04 | ) | (0.45 | ) | 27.98 | 37.71 | 3,640,347 | 0.17 | g | 0.10 | g | 1.65 | 11 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.69 | 0.47 | 1.02 | 1.49 | (0.48 | ) | (0.02 | ) | (0.50 | ) | 20.68 | 7.43 | 2,269,913 | 0.19 | g | 0.10 | g | 2.27 | 6 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 27.93 | 0.00 | d | 0.77 | 0.77 | — | — | — | 28.70 | 2.76 | b | 17,526 | 0.27 | c,g | 0.20 | c,g | 0.03 | c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.65 | 0.32 | 7.39 | 7.71 | (0.39 | ) | (0.04 | ) | (0.43 | ) | 27.93 | 37.58 | 12,840 | 0.28 | g | 0.20 | g | 1.29 | 11 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.66 | 0.48 | 0.99 | 1.47 | (0.46 | ) | (0.02 | ) | (0.48 | ) | 20.65 | 7.37 | 2,504 | 0.29 | g | 0.21 | g | 2.31 | 6 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 27.83 | (0.00 | )d | 0.77 | 0.77 | — | — | — | 28.60 | 2.77 | b | 344,540 | 0.32 | c,g | 0.25 | c,g | (0.02 | )c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.58 | 0.36 | 7.31 | 7.67 | (0.38 | ) | (0.04 | ) | (0.42 | ) | 27.83 | 37.48 | 352,496 | 0.32 | g | 0.25 | g | 1.47 | 11 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.60 | 0.44 | 1.01 | 1.45 | (0.45 | ) | (0.02 | ) | (0.47 | ) | 20.58 | 7.28 | 225,642 | 0.34 | g | 0.25 | g | 2.12 | 6 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 27.70 | (0.02 | ) | 0.77 | 0.75 | — | — | — | 28.45 | 2.71 | b | 347,185 | 0.42 | c,g | 0.35 | c,g | (0.12 | )c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.49 | 0.34 | 7.26 | 7.60 | (0.35 | ) | (0.04 | ) | (0.39 | ) | 27.70 | 37.32 | 328,342 | 0.42 | g | 0.35 | g | 1.40 | 11 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.51 | 0.42 | 1.01 | 1.43 | (0.43 | ) | (0.02 | ) | (0.45 | ) | 20.49 | 7.21 | 256,314 | 0.44 | g | 0.35 | g | 2.03 | 6 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2050 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | 28.25 | 0.01 | 0.80 | 0.81 | — | — | — | 29.06 | 2.87 | b | 3,306,080 | 0.17 | c,g | 0.10 | c,g | 0.07 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.75 | 0.41 | 7.53 | 7.94 | (0.41 | ) | (0.03 | ) | (0.44 | ) | 28.25 | 38.50 | 2,948,578 | 0.18 | g | 0.10 | g | 1.63 | 9 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.75 | 0.47 | 1.03 | 1.50 | (0.48 | ) | (0.02 | ) | (0.50 | ) | 20.75 | 7.46 | 1,786,312 | 0.19 | g | 0.10 | g | 2.26 | 5 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 28.21 | (0.00 | )d | 0.79 | 0.79 | — | — | — | 29.00 | 2.80 | b | 14,833 | 0.27 | c,g | 0.20 | c,g | (0.03 | )c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.72 | 0.33 | 7.58 | 7.91 | (0.39 | ) | (0.03 | ) | (0.42 | ) | 28.21 | 38.42 | 10,851 | 0.27 | g | 0.20 | g | 1.30 | 9 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.73 | 0.50 | 0.97 | 1.47 | (0.46 | ) | (0.02 | ) | (0.48 | ) | 20.72 | 7.35 | 2,546 | 0.28 | g | 0.20 | g | 2.41 | 5 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 28.09 | (0.01 | ) | 0.80 | 0.79 | — | — | — | 28.88 | 2.81 | b | 296,689 | 0.32 | c,g | 0.25 | c,g | (0.08 | )c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.63 | 0.36 | 7.51 | 7.87 | (0.38 | ) | (0.03 | ) | (0.41 | ) | 28.09 | 38.36 | 295,691 | 0.33 | g | 0.25 | g | 1.47 | 9 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.65 | 0.44 | 1.01 | 1.45 | (0.45 | ) | (0.02 | ) | (0.47 | ) | 20.63 | 7.26 | 188,481 | 0.34 | g | 0.25 | g | 2.11 | 5 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 27.95 | (0.03 | ) | 0.80 | 0.77 | — | — | — | 28.72 | 2.75 | b | 297,006 | 0.42 | c,g | 0.35 | c,g | (0.18 | )c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 20.54 | 0.34 | 7.45 | 7.79 | (0.35 | ) | (0.03 | ) | (0.38 | ) | 27.95 | 38.15 | 285,738 | 0.43 | g | 0.35 | g | 1.41 | 9 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 19.56 | 0.42 | 1.01 | 1.43 | (0.43 | ) | (0.02 | ) | (0.45 | ) | 20.54 | 7.19 | 218,846 | 0.45 | g | 0.35 | g | 2.04 | 5 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 86 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 87 |
| Financial highlights | continued |
| TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2055 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $22.70 | $ 0.01 | $ 0.64 | $ 0.65 | $ — | $ — | $ — | $23.35 | 2.86 | %b | $1,692,413 | 0.17 | %c,g | 0.10 | %c,g | 0.05 | %c | 7 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 16.59 | 0.32 | 6.14 | 6.46 | (0.33 | ) | (0.02 | ) | (0.35 | ) | 22.70 | 39.14 | 1,478,111 | 0.18 | g | 0.10 | g | 1.61 | 6 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.80 | 0.37 | 0.82 | 1.19 | (0.38 | ) | (0.02 | ) | (0.40 | ) | 16.59 | 7.37 | 801,496 | 0.20 | g | 0.11 | g | 2.23 | 7 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 22.66 | (0.01 | ) | 0.66 | 0.65 | — | — | — | 23.31 | b | 2.87 | b | 10,962 | 0.27 | c,g | 0.20 | c,g | (0.05 | )c | 7 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 16.57 | 0.29 | 6.13 | 6.42 | (0.31 | ) | (0.02 | ) | (0.33 | ) | 22.66 | 38.98 | 8,251 | 0.28 | g | 0.20 | g | 1.46 | 6 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.79 | 0.35 | 0.82 | 1.17 | (0.37 | ) | (0.02 | ) | (0.39 | ) | 16.57 | 7.24 | 1,534 | 0.29 | g | 0.20 | g | 2.13 | 7 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 22.62 | (0.01 | ) | 0.65 | 0.64 | — | — | — | 23.26 | b | 2.83 | b | 146,399 | 0.32 | c,g | 0.25 | c,g | (0.10 | )c | 7 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 16.54 | 0.29 | 6.11 | 6.40 | (0.30 | ) | (0.02 | ) | (0.32 | ) | 22.62 | 38.91 | 142,662 | 0.33 | g | 0.25 | g | 1.45 | 6 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.76 | 0.35 | 0.81 | 1.16 | (0.36 | ) | (0.02 | ) | (0.38 | ) | 16.54 | 7.19 | 79,521 | 0.35 | g | 0.26 | g | 2.09 | 7 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 22.56 | (0.02 | ) | 0.64 | 0.62 | — | — | — | 23.18 | b | 2.75 | b | 158,539 | 0.42 | c,g | 0.35 | c,g | (0.20 | )c | 7 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 16.50 | 0.28 | 6.08 | 6.36 | (0.28 | ) | (0.02 | ) | (0.30 | ) | 22.56 | 38.76 | 149,564 | 0.43 | g | 0.35 | g | 1.44 | 6 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.73 | 0.34 | 0.79 | 1.13 | (0.34 | ) | (0.02 | ) | (0.36 | ) | 16.50 | 7.05 | 114,986 | 0.46 | g | 0.36 | g | 2.02 | 7 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2060 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | 17.52 | 0.00 | d | 0.51 | 0.51 | — | — | — | 18.03 | 2.91 | b | 731,282 | 0.19 | c,g | 0.10 | c,g | 0.03 | c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.75 | 0.25 | 4.78 | 5.03 | (0.25 | ) | (0.01 | ) | (0.26 | ) | 17.52 | 39.68 | 600,348 | 0.21 | g | 0.10 | g | 1.59 | 6 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.14 | 0.28 | 0.63 | 0.91 | (0.29 | ) | (0.01 | ) | (0.30 | ) | 12.75 | 7.36 | 267,485 | 0.26 | g | 0.11 | g | 2.21 | 16 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 17.51 | (0.01 | ) | 0.51 | 0.50 | — | — | — | 18.01 | 2.86 | b | 8,150 | 0.29 | c,g | 0.20 | c,g | (0.07 | )c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.75 | 0.20 | 4.81 | 5.01 | (0.24 | ) | (0.01 | ) | (0.25 | ) | 17.51 | 39.51 | 5,527 | 0.30 | g | 0.20 | g | 1.31 | 6 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.15 | 0.27 | 0.62 | 0.89 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 12.75 | 7.21 | 1,292 | 0.35 | g | 0.20 | g | 2.11 | 16 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 17.48 | (0.01 | ) | 0.51 | 0.50 | — | — | — | 17.98 | 2.86 | b | 46,116 | 0.34 | c,g | 0.25 | c,g | (0.12 | )c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.73 | 0.22 | 4.77 | 4.99 | (0.23 | ) | (0.01 | ) | (0.24 | ) | 17.48 | 39.44 | 40,943 | 0.35 | g | 0.25 | g | 1.42 | 6 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.13 | 0.27 | 0.61 | 0.88 | (0.27 | ) | (0.01 | ) | (0.28 | ) | 12.73 | 7.17 | 17,927 | 0.41 | g | 0.26 | g | 2.09 | 16 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 17.44 | (0.02 | ) | 0.50 | 0.48 | — | — | — | 17.92 | 2.75 | b | 63,677 | 0.44 | c,g | 0.35 | c,g | (0.22 | )c | 7 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.70 | 0.22 | 4.75 | 4.97 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 17.44 | 39.33 | 55,903 | 0.45 | g | 0.35 | g | 1.43 | 6 | |||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.11 | 0.26 | 0.60 | 0.86 | (0.26 | ) | (0.01 | ) | (0.27 | ) | 12.70 | 7.01 | 37,293 | 0.51 | g | 0.36 | g | 2.00 | 16 | |||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||
| 88 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 89 |
| Financial highlights | concluded |
| TIAA-CREF 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 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 | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
| LIFECYCLE INDEX 2065 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $12.45 | $ 0.00 | d | $ 0.38 | $ 0.38 | $ — | $ — | $ — | $12.83 | 3.05 | %b | $22,615 | 1.15 | %c,g | 0.10 | %c,g | 0.00 | %c | 83 | %b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | § | 10.00 | 0.15 | 2.48 | 2.63 | (0.18 | ) | — | (0.18 | ) | 12.45 | 26.45 | b | 7,131 | 3.91 | c,g | 0.10 | c,g | 2.02 | c | 36 | b | ||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 12.45 | (0.00 | )d | 0.38 | 0.38 | — | — | — | 12.83 | 3.05 | b | 709 | 1.14 | c,g | 0.11 | c,g | (0.01 | )c | 83 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | § | 10.00 | 0.16 | 2.48 | 2.64 | (0.18 | ) | — | (0.18 | ) | 12.46 | 26.48 | b | 626 | 4.26 | c,g | 0.25 | c,g | 2.16 | c | 36 | b | ||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 12.45 | (0.01 | ) | 0.36 | 0.35 | — | — | — | 12.80 | 2.81 | b | 689 | 1.29 | c,g | 0.25 | c,g | (0.15 | )c | 83 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | § | 10.00 | 0.16 | 2.48 | 2.64 | (0.18 | ) | — | (0.18 | ) | 12.46 | 26.48 | b | 637 | 4.41 | c,g | 0.25 | c,g | 2.14 | c | 36 | b | ||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 12.44 | (0.02 | ) | 0.35 | 0.33 | — | — | — | 12.77 | 2.65 | b | 1,035 | 1.40 | c,g | 0.35 | c,g | (0.25 | )c | 83 | b | ||||||||||||||||||||||||||||||||||||
| 5/31/21 | § | 10.00 | 0.15 | 2.46 | 2.61 | (0.17 | ) | — | (0.17 | ) | 12.44 | 26.35 | b | 693 | 4.54 | c,g | 0.35 | c,g | 2.00 | c | 36 | b | ||||||||||||||||||||||||||||||||||||
| # | Unaudited |
| § | The Fund commenced operations on September 30, 2020. |
| 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. |
| g | The 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. |
| 90 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 91 |
Notes to financial statements (unaudited)
TIAA-CREF Lifecycle Index Funds
Note 1—organization
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 (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.
The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
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 Institutional Class, Advisor Class, Premier Class and Retirement Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
Note 2—significant accounting policies
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.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
| 92 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Multiclass operations and allocations: 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 are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
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. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 93 |
Notes to financial statements (unaudited)
2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
Note 3—valuation of investments
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| • | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| • | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
| • | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
As of November 30, 2021, all of the investments in the Funds were valued based on Level 1 inputs.
| 94 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
Note 4—investments
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2021 were as follows (dollar amounts are in thousands):
| Fund | Non-U.S. government Purchases | Non-U.S. government Sales | ||||||||
| Lifecycle Index Retirement Income | $ | 95,314 | $ | 83,730 | ||||||
| Lifecycle Index 2010 | 81,175 | 80,985 | ||||||||
| Lifecycle Index 2015 | 130,723 | 112,603 | ||||||||
| Lifecycle Index 2020 | 328,514 | 314,089 | ||||||||
| Lifecycle Index 2025 | 594,081 | 406,835 | ||||||||
| Lifecycle Index 2030 | 776,569 | 435,762 | ||||||||
| Lifecycle Index 2035 | 788,175 | 426,169 | ||||||||
| Lifecycle Index 2040 | 795,121 | 435,326 | ||||||||
| Lifecycle Index 2045 | 643,685 | 337,886 | ||||||||
| Lifecycle Index 2050 | 544,503 | 265,006 | ||||||||
| Lifecycle Index 2055 | 314,830 | 134,721 | ||||||||
| Lifecycle Index 2060 | 178,931 | 51,025 | ||||||||
| Lifecycle Index 2065 | 29,785 | 14,096 | ||||||||
Note 5—income tax and other tax matters
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.
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 95 |
Notes to financial statements (unaudited)
Net unrealized appreciation (depreciation): At November 30, 2021, 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):
| Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
| Lifecycle Index Retirement Income | $ | 539,039 | $ | 111,678 | $ | (6,755 | ) | $ | 104,923 | |||||||
| Lifecycle Index 2010 | 554,774 | 148,673 | (7,678 | ) | 140,995 | |||||||||||
| Lifecycle Index 2015 | 944,927 | 289,178 | (12,185 | ) | 276,993 | |||||||||||
| Lifecycle Index 2020 | 2,678,113 | 783,125 | (29,945 | ) | 753,180 | |||||||||||
| Lifecycle Index 2025 | 4,284,736 | 1,258,392 | (39,189 | ) | 1,219,203 | |||||||||||
| Lifecycle Index 2030 | 4,883,618 | 1,578,739 | (43,155 | ) | 1,535,584 | |||||||||||
| Lifecycle Index 2035 | 4,505,315 | 1,649,684 | (36,639 | ) | 1,613,045 | |||||||||||
| Lifecycle Index 2040 | 4,453,915 | 1,894,621 | (36,341 | ) | 1,858,280 | |||||||||||
| Lifecycle Index 2045 | 3,353,820 | 1,415,829 | (18,563 | ) | 1,397,266 | |||||||||||
| Lifecycle Index 2050 | 2,773,986 | 1,152,054 | (13,414 | ) | 1,138,640 | |||||||||||
| Lifecycle Index 2055 | 1,483,313 | 526,819 | (5,800 | ) | 521,019 | |||||||||||
| Lifecycle Index 2060 | 668,913 | 182,139 | (3,045 | ) | 179,094 | |||||||||||
| Lifecycle Index 2065 | 23,336 | 1,746 | (92 | ) | 1,654 | |||||||||||
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.
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended May 31, 2021 was as follows:
| Fund | Ordinary income | Long-term capital gains | Total | |||||||||
| Lifecycle Index Retirement Income | $ | 11,237,378 | $ | 825,217 | $ | 12,062,595 | ||||||
| Lifecycle Index 2010 | 12,439,690 | 2,873,726 | 15,313,416 | |||||||||
| Lifecycle Index 2015 | 22,866,991 | 7,287,097 | 30,154,088 | |||||||||
| Lifecycle Index 2020 | 63,783,593 | 8,527,097 | 72,310,690 | |||||||||
| Lifecycle Index 2025 | 94,822,266 | 4,932,547 | 99,754,813 | |||||||||
| Lifecycle Index 2030 | 103,718,573 | 2,331,838 | 106,050,411 | |||||||||
| Lifecycle Index 2035 | 95,237,190 | 2,531,313 | 97,768,503 | |||||||||
| Lifecycle Index 2040 | 94,411,870 | 3,146,424 | 97,558,294 | |||||||||
| Lifecycle Index 2045 | 61,965,333 | 2,382,680 | 64,348,013 | |||||||||
| Lifecycle Index 2050 | 48,633,893 | 1,845,303 | 50,479,196 | |||||||||
| Lifecycle Index 2055 | 22,398,370 | 836,159 | 23,234,529 | |||||||||
| Lifecycle Index 2060 | 7,954,357 | 234,777 | 8,189,134 | |||||||||
| Lifecycle Index 2065 | 92,471 | — | 92,471 | |||||||||
The tax character of the fiscal year 2022 distributions will be determined at the end of the fiscal year.
| 96 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
Note 6—investment adviser and other transactions with affiliates
Under the terms of its Investment Management Agreement, Advisors is entitled to a fee that is made up of two components, which are added together to create the total investment management fee. The first component, the asset allocation fee rate, is an annual rate of 0.10% of the average daily net assets of each Fund. The second component, the Underlying Funds fee rate is calculated as follows: for each Underlying Fund of the Trust in which a Fund is invested, the effective Underlying Fund’s annual investment management fee rate, as determined pursuant to its investment management agreement, net of any fee waivers or reimbursements applicable to the Underlying Fund (excluding the Class W shares investment management fee waiver and/or reimbursement), in proportion to the percentage of the Fund’s net assets invested in the Underlying Fund, applied to the Fund’s average daily net assets. Advisors has contractually agreed to waive a portion of the asset allocation fee rate (and, for the Lifecycle Index Retirement Income and Lifecycle Index 2010 Funds, a portion of the Underlying Funds fee rate prior to October 1, 2021) equal to, on an annual basis, the following percentages of the average daily net assets of each Fund. As of November 30, 2021, Advisors received from the Funds the following effective annual rate as a percentage of average daily net assets of each Fund:
|
Investment management | ||||||||||||
| Investment management | Effective | Prior to | ||||||||||
| Fund | fee — effective rate | 10/1/21 | * | 10/1/21 | ||||||||
| Lifecycle Index Retirement Income | 0.08 | % | 0.085 | % | 0.104 | % | ||||||
| Lifecycle Index 2010 | 0.08 | 0.085 | 0.104 | |||||||||
| Lifecycle Index 2015 | 0.08 | 0.081 | 0.098 | |||||||||
| Lifecycle Index 2020 | 0.09 | 0.077 | 0.092 | |||||||||
| Lifecycle Index 2025 | 0.09 | 0.072 | 0.085 | |||||||||
| Lifecycle Index 2030 | 0.09 | 0.066 | 0.078 | |||||||||
| Lifecycle Index 2035 | 0.09 | 0.061 | 0.071 | |||||||||
| Lifecycle Index 2040 | 0.09 | 0.059 | 0.067 | |||||||||
| Lifecycle Index 2045 | 0.09 | 0.058 | 0.062 | |||||||||
| Lifecycle Index 2050 | 0.09 | 0.057 | 0.062 | |||||||||
| Lifecycle Index 2055 | 0.09 | 0.057 | 0.061 | |||||||||
| Lifecycle Index 2060 | 0.09 | 0.057 | 0.061 | |||||||||
| Lifecycle Index 2065 | 0.09 | 0.056 | 0.060 | |||||||||
| * | These waivers will remain in effect through September 30, 2022, unless changed with approval of the Board. |
The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its cost in providing certain administrative and compliance services to the Funds.
Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms.
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 97 |
Notes to financial statements (unaudited)
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 Nuveen Securities 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, Nuveen Securities 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, 2022. This agreement may be terminated before this date with the approval of the Board.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses, extraordinary expenses and the management fees and certain other expenses originally attributable to Class W shares of the affiliated TIAA-CREF Funds) exceeds the following percentages of average daily net assets for each class:
| Maximum expense amounts | ||||||||||||||||||||||||||||||||
| Institutional Class | Advisor Class | Premier Class | Retirement Class | |||||||||||||||||||||||||||||
| Fund | Effective 10/1/21 | † | Prior to 10/1/21 | Effective 10/1/21 | † | Prior to 10/1/21 | Effective 10/1/21 | † | Prior to 10/1/21 | Effective 10/1/21 | † | Prior to 10/1/21 | ||||||||||||||||||||
| Lifecycle Index Retirement Income | 0.015 | % | 0.000 | % | 0.165 | % | 0.150 | % | 0.165 | % | 0.150 | % | 0.265 | % | 0.250 | % | ||||||||||||||||
| Lifecycle Index 2010 | 0.015 | 0.000 | 0.165 | 0.150 | 0.165 | 0.150 | 0.265 | 0.250 | ||||||||||||||||||||||||
| Lifecycle Index 2015 | 0.019 | 0.002 | 0.169 | 0.152 | 0.169 | 0.152 | 0.269 | 0.252 | ||||||||||||||||||||||||
| Lifecycle Index 2020 | 0.023 | 0.008 | 0.173 | 0.158 | 0.173 | 0.158 | 0.273 | 0.258 | ||||||||||||||||||||||||
| Lifecycle Index 2025 | 0.028 | 0.015 | 0.178 | 0.165 | 0.178 | 0.165 | 0.278 | 0.265 | ||||||||||||||||||||||||
| Lifecycle Index 2030 | 0.034 | 0.022 | 0.184 | 0.172 | 0.184 | 0.172 | 0.284 | 0.272 | ||||||||||||||||||||||||
| Lifecycle Index 2035 | 0.039 | 0.029 | 0.189 | 0.179 | 0.189 | 0.179 | 0.289 | 0.279 | ||||||||||||||||||||||||
| Lifecycle Index 2040 | 0.041 | 0.033 | 0.191 | 0.183 | 0.191 | 0.183 | 0.291 | 0.283 | ||||||||||||||||||||||||
| Lifecycle Index 2045 | 0.042 | 0.038 | 0.192 | 0.188 | 0.192 | 0.188 | 0.292 | 0.288 | ||||||||||||||||||||||||
| Lifecycle Index 2050 | 0.043 | 0.038 | 0.193 | 0.188 | 0.193 | 0.188 | 0.293 | 0.288 | ||||||||||||||||||||||||
| Lifecycle Index 2055 | 0.043 | 0.039 | 0.193 | 0.189 | 0.193 | 0.189 | 0.293 | 0.289 | ||||||||||||||||||||||||
| Lifecycle Index 2060 | 0.043 | 0.039 | 0.193 | 0.189 | 0.193 | 0.189 | 0.293 | 0.289 | ||||||||||||||||||||||||
| Lifecycle Index 2065 | 0.044 | 0.040 | 0.194 | 0.190 | 0.194 | 0.190 | 0.294 | 0.290 | ||||||||||||||||||||||||
| † | The expense reimbursement arrangements will continue through at least September 30, 2022, unless changed with the approval of the Board. |
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedure adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended November 30, 2021, the Funds did not engage in security transactions with affiliated entities.
| 98 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
The following is the percentage of the Funds’ shares owned by TIAA as of November 30, 2021:
| Fund | TIAA | |||
| Lifecycle Index Retirement Income | — | % | ||
| Lifecycle Index 2010 | — | |||
| Lifecycle Index 2015 | — | |||
| Lifecycle Index 2020 | — | |||
| Lifecycle Index 2025 | — | |||
| Lifecycle Index 2030 | — | |||
| Lifecycle Index 2035 | — | |||
| Lifecycle Index 2040 | — | |||
| Lifecycle Index 2045 | — | |||
| Lifecycle Index 2050 | — | |||
| Lifecycle Index 2055 | — | |||
| Lifecycle Index 2060 | — | |||
| Lifecycle Index 2065 | 26 | |||
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. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle Index Retirement Income Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 249,105 | $ | 34,005 | $ | 23,172 | $ | (794 | ) | $ | 923 | $ | 2,486 | $ | 260,067 | |||||||||||||
| Emerging Markets Equity Index | 24,983 | 9,145 | 3,228 | (8 | ) | (2,716 | ) | — | 28,176 | |||||||||||||||||||
| Equity Index | 174,676 | 14,729 | 37,004 | 8,981 | 4,201 | — | 165,583 | |||||||||||||||||||||
| Inflation-Linked Bond | 62,514 | 9,341 | 6,962 | 1 | 22 | 1,794 | 64,916 | |||||||||||||||||||||
| International Equity Index | 50,885 | 18,413 | 6,732 | 156 | (2,308 | ) | — | 60,414 | ||||||||||||||||||||
| Short-Term Bond Index | 62,267 | 9,681 | 6,632 | (64 | ) | (446 | ) | 197 | 64,806 | |||||||||||||||||||
| $ | 624,430 | $ | 95,314 | $ | 83,730 | $ | 8,272 | $ | (324 | ) | $ | 4,477 | $ | 643,962 | ||||||||||||||
| Lifecycle Index 2010 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 274,591 | $ | 24,493 | $ | 18,429 | $ | (505 | ) | $ | 742 | $ | 2,704 | $ | 280,892 | |||||||||||||
| Emerging Markets Equity Index | 26,800 | 8,356 | 2,898 | 4 | (2,883 | ) | — | 29,379 | ||||||||||||||||||||
| Equity Index | 188,090 | 8,858 | 38,179 | 13,064 | 887 | — | 172,720 | |||||||||||||||||||||
| Inflation-Linked Bond | 68,762 | 7,104 | 5,808 | 25 | 13 | 1,955 | 70,096 | |||||||||||||||||||||
| International Equity Index | 54,203 | 15,329 | 4,253 | 71 | (2,336 | ) | — | 63,014 | ||||||||||||||||||||
| Short-Term Bond Index | 74,639 | 10,801 | 5,157 | (39 | ) | (576 | ) | 238 | 79,668 | |||||||||||||||||||
| $ | 687,085 | $ | 74,941 | $ | 74,724 | $ | 12,620 | $ | (4,153 | ) | $ | 4,897 | $ | 695,769 | ||||||||||||||
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 99 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle Index 2015 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 463,648 | $ | 46,009 | $ | 25,021 | $ | (671 | ) | $ | 1,053 | $ | 4,645 | $ | 485,018 | |||||||||||||
| Emerging Markets Equity Index | 52,278 | 15,498 | 3,791 | (58 | ) | (5,693 | ) | — | 58,234 | |||||||||||||||||||
| Equity Index | 366,189 | 13,751 | 64,293 | 22,950 | 4,440 | — | 343,037 | |||||||||||||||||||||
| Inflation-Linked Bond | 99,252 | 12,324 | 6,264 | 3 | 72 | 2,870 | 105,387 | |||||||||||||||||||||
| International Equity Index | 106,825 | 30,362 | 7,690 | 297 | (4,806 | ) | — | 124,988 | ||||||||||||||||||||
| Short-Term Bond Index | 98,833 | 12,779 | 5,544 | (43 | ) | (770 | ) | 317 | 105,255 | |||||||||||||||||||
| $ | 1,187,025 | $ | 130,723 | $ | 112,603 | $ | 22,478 | $ | (5,704 | ) | $ | 7,832 | $ | 1,221,919 | ||||||||||||||
| Lifecycle Index 2020 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 1,280,267 | $ | 110,400 | $ | 62,904 | $ | (1,992 | ) | $ | 2,955 | $ | 12,754 | $ | 1,328,726 | |||||||||||||
| Emerging Markets Equity Index | 164,918 | 43,483 | 7,945 | (39 | ) | (17,939 | ) | — | 182,478 | |||||||||||||||||||
| Equity Index | 1,155,050 | 35,693 | 201,555 | 69,299 | 16,337 | — | 1,074,824 | |||||||||||||||||||||
| Inflation-Linked Bond | 213,883 | 23,738 | 10,811 | (17 | ) | 159 | 6,180 | 226,952 | ||||||||||||||||||||
| International Equity Index | 336,866 | 89,683 | 20,743 | 1,059 | (15,227 | ) | — | 391,638 | ||||||||||||||||||||
| Short-Term Bond Index | 213,039 | 25,517 | 10,131 | (89 | ) | (1,661 | ) | 683 | 226,675 | |||||||||||||||||||
| $ | 3,364,023 | $ | 328,514 | $ | 314,089 | $ | 68,221 | $ | (15,376 | ) | $ | 19,617 | $ | 3,431,293 | ||||||||||||||
| Lifecycle Index 2025 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 1,806,498 | $ | 204,408 | $ | 54,098 | $ | (1,925 | ) | $ | 2,905 | $ | 18,335 | $ | 1,957,788 | |||||||||||||
| Emerging Markets Equity Index | 294,635 | 87,912 | 13,399 | (462 | ) | (32,285 | ) | — | 336,401 | |||||||||||||||||||
| Equity Index | 2,065,076 | 64,346 | 301,631 | 82,327 | 71,396 | — | 1,981,514 | |||||||||||||||||||||
| Inflation-Linked Bond | 227,460 | 33,920 | 8,159 | (69 | ) | 230 | 6,673 | 253,382 | ||||||||||||||||||||
| International Equity Index | 602,409 | 168,058 | 22,405 | 1,159 | (27,356 | ) | — | 721,865 | ||||||||||||||||||||
| Short-Term Bond Index | 226,603 | 35,437 | 7,143 | (67 | ) | (1,840 | ) | 741 | 252,990 | |||||||||||||||||||
| $ | 5,222,681 | $ | 594,081 | $ | 406,835 | $ | 80,963 | $ | 13,050 | $ | 25,749 | $ | 5,503,940 | |||||||||||||||
| Lifecycle Index 2030 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 1,821,385 | $ | 253,599 | $ | 49,258 | $ | (1,780 | ) | $ | 2,540 | $ | 18,762 | $ | 2,026,486 | |||||||||||||
| Emerging Markets Equity Index | 383,708 | 118,488 | 8,878 | (352 | ) | (43,207 | ) | — | 449,759 | |||||||||||||||||||
| Equity Index | 2,687,460 | 111,849 | 353,804 | 71,964 | 129,376 | — | 2,646,845 | |||||||||||||||||||||
| Inflation-Linked Bond | 140,109 | 28,535 | 2,824 | (43 | ) | 143 | 4,212 | 165,920 | ||||||||||||||||||||
| International Equity Index | 783,908 | 233,284 | 17,614 | 610 | (35,692 | ) | — | 964,496 | ||||||||||||||||||||
| Short-Term Bond Index | 139,483 | 30,814 | 3,383 | (31 | ) | (1,187 | ) | 471 | 165,696 | |||||||||||||||||||
| $ | 5,956,053 | $ | 776,569 | $ | 435,761 | $ | 70,368 | $ | 51,973 | $ | 23,445 | $ | 6,419,202 | |||||||||||||||
| 100 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle Index 2035 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 1,495,980 | $ | 236,885 | $ | 46,730 | $ | (1,708 | ) | $ | 2,169 | $ | 15,523 | $ | 1,686,596 | |||||||||||||
| Emerging Market Equity Index | 407,103 | 134,687 | 12,444 | (660 | ) | (46,016 | ) | — | 482,670 | |||||||||||||||||||
| Equity Index | 2,851,937 | 133,444 | 354,713 | 57,053 | 157,226 | — | 2,844,947 | |||||||||||||||||||||
| Inflation-Linked Bond | 19,819 | 14,433 | 100 | (1 | ) | 30 | 696 | 34,181 | ||||||||||||||||||||
| International Equity Index | 831,820 | 253,988 | 12,065 | 286 | (38,203 | ) | — | 1,035,826 | ||||||||||||||||||||
| Short-Term Bond Index | 19,739 | 14,739 | 117 | (1 | ) | (221 | ) | 82 | 34,139 | |||||||||||||||||||
| $ | 5,626,398 | $ | 788,176 | $ | 426,169 | $ | 54,969 | $ | 74,985 | $ | 16,301 | $ | 6,118,359 | |||||||||||||||
| Lifecycle Index 2040 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 1,120,711 | $ | 206,961 | $ | 28,641 | $ | (1,049 | ) | $ | 1,232 | $ | 11,788 | $ | 1,299,214 | |||||||||||||
| Emerging Markets Equity Index | 467,040 | 153,713 | 12,301 | (581 | ) | (53,021 | ) | — | 554,850 | |||||||||||||||||||
| Equity Index | 3,264,503 | 140,355 | 381,653 | 59,686 | 184,847 | — | 3,267,738 | |||||||||||||||||||||
| International Equity Index | 952,848 | 294,092 | 12,731 | 306 | (44,122 | ) | — | 1,190,393 | ||||||||||||||||||||
| $ | 5,805,102 | $ | 795,121 | $ | 435,326 | $ | 58,362 | $ | 88,936 | $ | 11,788 | $ | 6,312,195 | |||||||||||||||
| Lifecycle Index 2045 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 490,739 | $ | 113,180 | $ | 12,079 | $ | (447 | ) | $ | 412 | $ | 5,261 | $ | 591,805 | |||||||||||||
| Emerging Markets Equity Index | 381,615 | 131,458 | 8,005 | (341 | ) | (44,010 | ) | — | 460,717 | |||||||||||||||||||
| Equity Index | 2,673,539 | 145,987 | 308,391 | 29,412 | 170,876 | — | 2,711,423 | |||||||||||||||||||||
| International Equity Index | 779,982 | 253,060 | 9,411 | 172 | (36,662 | ) | — | 987,141 | ||||||||||||||||||||
| $ | 4,325,875 | $ | 643,685 | $ | 337,886 | $ | 28,796 | $ | 90,616 | $ | 5,261 | $ | 4,751,086 | |||||||||||||||
| Lifecycle Index 2050 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 315,210 | $ | 59,919 | $ | 11,649 | $ | (429 | ) | $ | 493 | $ | 3,302 | $ | 363,544 | |||||||||||||
| Emerging Markets Equity Index | 320,165 | 116,699 | 6,258 | (358 | ) | (37,261 | ) | — | 392,987 | |||||||||||||||||||
| Equity Index | 2,243,432 | 143,118 | 241,454 | 12,989 | 155,729 | — | 2,313,814 | |||||||||||||||||||||
| International Equity Index | 654,334 | 224,767 | 5,645 | 115 | (31,290 | ) | — | 842,281 | ||||||||||||||||||||
| $ | 3,533,141 | $ | 544,503 | $ | 265,006 | $ | 12,317 | $ | 87,671 | $ | 3,302 | $ | 3,912,626 | |||||||||||||||
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 101 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifecycle Index 2055 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 136,177 | $ | 29,880 | $ | 5,398 | $ | (212 | ) | $ | 220 | $ | 1,443 | $ | 160,667 | |||||||||||||
| Emerging Markets Equity Index | 162,916 | 64,631 | 4,105 | (233 | ) | (19,124 | ) | — | 204,085 | |||||||||||||||||||
| Equity Index | 1,141,501 | 95,954 | 121,996 | 1,856 | 84,520 | — | 1,201,835 | |||||||||||||||||||||
| International Equity Index | 332,815 | 124,365 | 3,222 | 37 | (16,249 | ) | — | 437,746 | ||||||||||||||||||||
| $ | 1,773,409 | $ | 314,830 | $ | 134,721 | $ | 1,448 | $ | 49,367 | $ | 1,443 | $ | 2,004,333 | |||||||||||||||
| Lifecycle Index 2060 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 45,021 | $ | 13,599 | $ | 1,436 | $ | (58 | ) | $ | 43 | $ | 496 | $ | 57,169 | |||||||||||||
| Emerging Markets Equity Index | 65,451 | 31,660 | 1,482 | (99 | ) | (8,026 | ) | — | 87,504 | |||||||||||||||||||
| Equity Index | 456,354 | 70,842 | 46,918 | (286 | ) | 35,614 | — | 515,606 | ||||||||||||||||||||
| International Equity Index | 133,068 | 62,830 | 1,189 | 9 | (6,990 | ) | — | 187,728 | ||||||||||||||||||||
| $ | 699,894 | $ | 178,931 | $ | 51,025 | $ | (434 | ) | $ | 20,641 | $ | 496 | $ | 848,007 | ||||||||||||||
| Lifecycle Index 2065 Fund | ||||||||||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Bond Index | $ | 470 | $ | 1,000 | $ | 105 | $ | (3 | ) | $ | — | $ | 9 | $ | 1,362 | |||||||||||||
| Emerging Markets Equity Index | 859 | 2,149 | 168 | (13 | ) | (188 | ) | — | 2,639 | |||||||||||||||||||
| Equity Index | 5,981 | 10,730 | 2,025 | (26 | ) | 688 | — | 15,348 | ||||||||||||||||||||
| International Equity Index | 1,741 | 4,467 | 358 | (7 | ) | (202 | ) | — | 5,641 | |||||||||||||||||||
| $ | 9,051 | $ | 18,346 | $ | 2,656 | $ | (49 | ) | $ | 298 | $ | 9 | $ | 24,990 | ||||||||||||||
Note 7—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, 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 period ended November 30, 2021, there were no inter-fund borrowing or lending transactions.
Note 8—line of credit
The Funds participate in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder
| 102 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
concluded
redemptions. The current facility was entered into on June 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2021, there were no borrowings under this credit facility by the Funds.
| TIAA-CREF Lifecycle Index Funds ■ 2021 Semiannual Report | 103 |
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 Indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, nor guarantees the accuracy or completeness of any information herein, nor 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.
During the reporting period, “Bloomberg Barclays” fixed-income indices were rebranded as “Bloomberg” indices. This change affects all Bloomberg fixed-income indices.
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
| 104 | 2021 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
concluded
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 Index Funds ■ 2021 Semiannual Report | 105 |
[This page intentionally left blank.]
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
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. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
©2022 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
 |
730 Third Avenue New York, NY 10017-3206 |
PRESORTED STANDARD U.S. POSTAGE PAID TIAA |
 |
Printed on paper containing recycled fiber |
 |
We’re fond of paper…in its original form.
Switch to eDelivery at
TIAA.org/eDelivery |
|
| 1923993 | A12028 (1/22) |
|
730 Third Avenue New York, NY 10017-3206 |
|
Printed on paper containing recycled fiber |
| 1923993 | A12028 (1/22) |
|
730 Third Avenue New York, NY 10017-3206 |
| 1923993 | A12028 (1/22) |
 |
TIAA-CREF Funds |
November 30, 2021 |
TIAA-CREF
Lifestyle Funds
The semiannual report contains the financial statements (unaudited).
| 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 |
Semiannual
Report
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 not be sent to you 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.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) 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 (2) 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 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 receive 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
| Portfolios of investments | 26 |
| Financial statements (unaudited) | |
| Statements of assets and liabilities | 32 |
| Statements of operations | 34 |
| Statements of changes in net assets | 36 |
| Financial highlights | 44 |
| Notes to financial statements | 54 |
| Additional information about index providers | 65 |
| How to reach us | Inside back cover |
This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended November 30, 2021. The report contains four main sections:
| • | A letter from Brad Finkle, President of the TIAA-CREF Fund Complex. |
| • | 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 funds in which each fund had investments as of November 30, 2021. |
| • | 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 websites at TIAA.org or nuveen.com, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 3 |
Global financial markets generated mixed results for the six months ended November 30, 2021, as the economic implications of COVID-19 and subsequent variant strains differed among countries. U.S. equities advanced amid continued economic expansion during the period. However, foreign stocks posted losses, with emerging markets declining more than international developed markets. U.S. fixed-income securities rose modestly as U.S. Treasury yields fell across longer-term maturities (bond prices move in the opposite direction of yields). 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 funds.
| • | All five TIAA-CREF Lifestyle Funds advanced for the period, but all underperformed their respective composite benchmarks. (All fund returns are for the Institutional Class.) |
| • | Returns for the Institutional Class ranged from 0.4% for the Lifestyle Income Fund to 0.9% for the Lifestyle Aggressive Growth Fund. |
| • | These results continued to support the solid performance of the TIAA-CREF Lifestyle Funds over longer periods of time. |
U.S. and international stocks posted mixed results
U.S. equities advanced for the six months as the economy continued to expand. However, business activity slowed late in the period as supply-chain bottlenecks limited the delivery of certain products, and companies struggled to hire more workers. The broad domestic stock market, as represented by the Russell 3000® Index, advanced 7.6%. The Fed maintained short-term interest rates at historically low levels but in November began reducing the pace of its bond-buying program designed to support the economy and credit markets.
International stocks trailed their U.S. counterparts. 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 27 emerging-markets countries, returned –5.5% in U.S.-dollar terms. The economy of the 19-nation euro area returned to moderate growth in the second and third quarters of 2021. However, China’s economic growth decelerated year-over-year during the same period.
U.S. investment-grade bonds posted modest gains as U.S. Treasury yields declined across longer-term maturities. The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 1.0% for the period.
| 4 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Brad Finkle
Reflecting on the past, preparing for the future
After posting strong returns in 2019 and 2020, the U.S. stock market is currently on track to register a third consecutive positive year. There is an old adage in investing that states, “A bull market climbs a wall of worry,” meaning that investors tend to get nervous when markets continue to rise. At the end of every year, as we reflect on our financial progress and consider our future goals, it’s natural to wonder where the markets are headed and how we should position our portfolios.
As investment professionals, we have looked over the history of market fluctuations and have forged a primary belief that adhering to a long-term financial plan and staying invested in a diversified portfolio that includes multiple asset classes are wise approaches in dealing with the ever-present factors of risk and uncertainty. The TIAA-CREF Lifestyle Funds use dynamic diversification strategies designed to help mitigate the effects of market volatility and keep you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.
We thank you again for trusting us to manage your investments through the TIAA-CREF Lifestyle Funds. If you have any questions or concerns, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. You can also reach us online by visiting TIAA.org. We always stand ready to assist you.
/s/ Brad Finkle
Brad Finkle
President of the TIAA-CREF Fund Complex
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 5 |
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 TIAA-CREF Funds in which the Lifestyle Funds invest as of the most recently completed fiscal quarter in the following ways:
| • | By visiting our websites at TIAA.org or nuveen.com; 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 filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT 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 TIAA-CREF 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 TIAA-CREF 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 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Composite benchmarks
Each Lifestyle Fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include U.S. equity (stocks), international equity (foreign stocks), fixed income and short-term fixed income. A fund’s composite benchmark may combine the following public indexes in proportions that reflect the fund’s target market sector allocations:
| • | The Russell 3000® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. |
| • | The MSCI 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 27 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 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 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 indexes 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.
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.
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 7 |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense examples that appear in 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 (June 1, 2021–November 30, 2021).
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.
| 8 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifestyle Funds Institutional Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Income Fund actual return | $ | 1,000.00 | $ | 1,003.66 | $ | 0.50 | $ | 2.11 | ||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.13 | ||||||||||||
| Conservative Fund actual return | 1,000.00 | 1,006.73 | 0.50 | 2.31 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.33 | ||||||||||||
| Moderate Fund actual return | 1,000.00 | 1,009.26 | 0.50 | 2.52 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.54 | ||||||||||||
| Growth Fund actual return | 1,000.00 | 1,008.96 | 0.45 | 2.67 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.62 | 0.46 | 2.69 | ||||||||||||
| Aggressive Growth Fund actual return | 1,000.00 | 1,009.39 | 0.25 | 2.67 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.82 | 0.25 | 2.69 | ||||||||||||
| * | “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 183/365. There were 183 days in the six months ended November 30, 2021. 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 Income Fund, 0.10% for the Conservative Fund, 0.10% for the Moderate Fund, 0.09% for the Growth Fund and 0.05% 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 0.42% for the Income Fund, 0.46% for the Conservative Fund, 0.50% for the Moderate Fund, 0.53% for the Growth Fund and 0.53% for the Aggressive Growth Fund. |
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 9 |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifestyle Funds Advisor Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Income Fund actual return | $ | 1,000.00 | $ | 1,004.10 | $ | 0.80 | $ | 2.36 | ||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.27 | 0.81 | 2.38 | ||||||||||||
| Conservative Fund actual return | 1,000.00 | 1,006.32 | 1.01 | 2.82 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | 2.84 | ||||||||||||
| Moderate Fund actual return | 1,000.00 | 1,008.83 | 0.91 | 2.92 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.17 | 0.91 | 2.94 | ||||||||||||
| Growth Fund actual return | 1,000.00 | 1,008.97 | 0.86 | 3.07 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.22 | 0.86 | 3.09 | ||||||||||||
| Aggressive Growth Fund actual return | 1,000.00 | 1,008.92 | 0.71 | 3.12 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,024.37 | 0.71 | 3.14 | ||||||||||||
| * | “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 183/365. There were 183 days in the six months ended November 30, 2021. 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 0.16% for the Income Fund, 0.20% for the Conservative Fund, 0.18% for the Moderate Fund, 0.17% for the Growth Fund and 0.14% 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 0.47% for the Income Fund, 0.56% for the Conservative Fund, 0.58% for the Moderate Fund, 0.61% for the Growth Fund and 0.62% for the Aggressive Growth Fund. |
| 10 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifestyle Funds Premier Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Income Fund actual return | $ | 1,000.00 | $ | 1,003.80 | $ | 1.26 | $ | 2.86 | ||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 2.89 | ||||||||||||
| Conservative Fund actual return | 1,000.00 | 1,006.71 | 1.26 | 3.07 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.09 | ||||||||||||
| Moderate Fund actual return | 1,000.00 | 1,008.50 | 1.26 | 3.27 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.29 | ||||||||||||
| Growth Fund actual return | 1,000.00 | 1,008.43 | 1.21 | 3.42 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.87 | 1.22 | 3.45 | ||||||||||||
| Aggressive Growth Fund actual return | 1,000.00 | 1,008.90 | 1.11 | 3.47 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.97 | 1.12 | 3.50 | ||||||||||||
| * | “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 183/365. There were 183 days in the six months ended November 30, 2021. 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 Income Fund, 0.25% for the Conservative Fund, 0.25% for the Moderate Fund, 0.24% for the Growth Fund and 0.22% 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 0.57% for the Income Fund, 0.61% for the Conservative Fund, 0.65% for the Moderate Fund, 0.68% for the Growth Fund and 0.69% for the Aggressive Growth Fund. |
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 11 |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifestyle Funds Retirement Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Income Fund actual return | $ | 1,000.00 | $ | 1,003.30 | $ | 1.76 | $ | 3.36 | ||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 3.40 | ||||||||||||
| Conservative Fund actual return | 1,000.00 | 1,005.52 | 1.76 | 3.57 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 3.60 | ||||||||||||
| Moderate Fund actual return | 1,000.00 | 1,008.03 | 1.76 | 3.78 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 3.80 | ||||||||||||
| Growth Fund actual return | 1,000.00 | 1,008.47 | 1.71 | 3.93 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.36 | 1.72 | 3.95 | ||||||||||||
| Aggressive Growth Fund actual return | 1,000.00 | 1,008.01 | 1.51 | 3.93 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.56 | 1.52 | 3.95 | ||||||||||||
| * | “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 183/365. There were 183 days in the six months ended November 30, 2021. 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 Income Fund, 0.35% for the Conservative Fund, 0.35% for the Moderate Fund, 0.34% for the Growth Fund and 0.30% 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 0.67% for the Income Fund, 0.71% for the Conservative Fund, 0.75% for the Moderate Fund, 0.78% for the Growth Fund and 0.78% for the Aggressive Growth Fund. |
| 12 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Important information about expenses
Expense examples
Six months ended November 30, 2021
| Lifestyle Funds Retail Class | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Income Fund actual return | $ | 1,000.00 | $ | 1,003.03 | $ | 1.96 | $ | 3.51 | ||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.11 | 1.98 | 3.55 | ||||||||||||
| Conservative Fund actual return | 1,000.00 | 1,005.40 | 1.86 | 3.67 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.21 | 1.88 | 3.70 | ||||||||||||
| Moderate Fund actual return | 1,000.00 | 1,007.92 | 1.86 | 3.88 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.21 | 1.88 | 3.90 | ||||||||||||
| Growth Fund actual return | 1,000.00 | 1,007.95 | 1.86 | 4.08 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.21 | 1.88 | 4.10 | ||||||||||||
| Aggressive Growth Fund actual return | 1,000.00 | 1,008.03 | 1.76 | 4.13 | ||||||||||||
| 5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 4.15 | ||||||||||||
| * | “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 183/365. There were 183 days in the six months ended November 30, 2021. 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 0.39% for the Income Fund, 0.37% for the Conservative Fund, 0.37% for the Moderate Fund, 0.37% for the Growth Fund and 0.35% 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 0.82% for the Aggressive Growth Fund. |
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 13 |
Investment results of the Lifestyle Funds
Performance for the six months ended November 30, 2021
All five of the Lifestyle Funds produced gains for the six-month period but underperformed their respective composite benchmarks. Institutional Class returns ranged from 0.37% for the Lifestyle Income Fund to 0.94% for the Lifestyle Aggressive Growth 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 0.52 of a percentage point for the Lifestyle Income Fund to 2.23 percentage points for the Lifestyle Aggressive Growth Fund. (All results for the Lifestyle Funds are for the Institutional Class.)
Growing economy lifted U.S. stocks higher
The U.S. economy grew at a solid pace during the period, though concerns over new COVID-19 variants and supply-chain bottlenecks contributed to a decelerating rate of expansion. 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 6.7% during the second quarter of 2021 but slowed to 2.1% in the third quarter, according to the government’s “second” estimate. The unemployment rate declined every month during the period, falling to 4.2% in November. Core inflation, which includes all items except food and energy, rose 4.9% over the twelve months ended in November. Oil prices rose to nearly $86 per barrel before falling back to $66 by the end of the period.
The Federal Reserve left the federal funds target rate unchanged over the six-month period, keeping the key short-term interest-rate measure at 0.00%–0.25%.
Domestic and foreign stocks produced mixed results for the period. The Russell 3000® Index, a broad measure of the U.S. stock market, gained 7.62%. 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 27 emerging-markets countries, returned –5.52% in U.S.-dollar terms.
U.S. investment-grade bond performance was influenced by rising yields among short-term bonds and declining yields on those with longer maturities (bond prices move in the opposite direction of yields). The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, advanced 1.02%. Short-term bonds, as measured by the Bloomberg U.S. 1–3 Year Government/Credit Index, returned –0.47%.
| 14 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
U.S. equity funds posted largest returns
The Lifestyle Funds may invest in up to four sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income and short-term fixed income. The Lifestyle Funds do this by investing in various underlying funds that, in turn, buy stocks, bonds and other securities in these market sectors. (Other than the Nuveen Dividend Growth Fund—formerly the Nuveen Santa Barbara Dividend Growth Fund—the Nuveen Dividend Value Fund and the Nuveen International Growth Fund, all funds mentioned below are TIAA-CREF Funds.)
For the six months, the domestic equity sector generally recorded positive results that contributed most to the funds’ absolute returns—that is, without regard to performance relative to their respective composite benchmarks. Within the U.S. equity category, the Large-Cap Growth Index Fund and the Growth & Income Fund posted the largest gains. Among foreign stock funds, all experienced losses, with the Emerging Markets Equity Fund declining the most. Within fixed income, the Core Plus Bond Fund and the Core Bond Fund produced modest gains. (All fund returns are for the Institutional Class.)
Stock and U.S. bond funds hurt relative performance
All of the Lifestyle Funds underperformed their respective composite benchmarks, primarily due to the relative weakness of underlying funds investing in equities and fixed income.
Within U.S. equities, the Large-Cap Growth Fund was the largest detractor from relative performance across all Lifestyle Funds. The Nuveen Dividend Growth Fund and the Nuveen Dividend Value Fund also hurt the Funds’ relative performance. In contrast, the Quant Small/Mid-Cap Equity Fund, the Quant Small-Cap Equity Fund and the Large-Cap Value Fund contributed most to the relative performance of all Lifestyle Funds.
In the foreign stock category, the Emerging Markets Equity Fund detracted most from the Lifestyle Funds’ relative performance, followed by the Nuveen International Growth Fund. However, these negative effects were partly offset by the relative outperformance of the International Opportunities Fund.
In the fixed-income sector, the Core Plus Bond Fund detracted from the relative performance of all Lifestyle Funds except the Lifestyle Aggressive Growth Fund, which has a target allocation of 100% equities. The Core Bond Fund also hindered the performance of the Lifestyle Income Fund and the Lifestyle Conservative Fund, while the Short-Term Bond Fund benefited their relative performance. (Performance of the Lifestyle Funds’ underlying TIAA-CREF Funds can be found at TIAA.org/performance.)
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 15 |
Performance as of November 30, 2021
| Lifestyle Income Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | since | |||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | inception | gross | net | ||||||||||||||||||||
| Institutional Class | 12/9/11 | 0.37 | % | 3.51 | % | 5.45 | % | 4.90 | % | 0.62 | % | 0.43 | % | |||||||||||||
| Advisor Class | 12/4/15 | 0.41 | 3.47 | 5.42 | 4.88 | † | 0.70 | 0.51 | ||||||||||||||||||
| Premier Class | 12/9/11 | 0.38 | 3.45 | 5.30 | 4.74 | 0.78 | 0.58 | |||||||||||||||||||
| Retirement Class | 12/9/11 | 0.33 | 3.36 | 5.20 | 4.64 | 0.87 | 0.68 | |||||||||||||||||||
| Retail Class | 12/9/11 | 0.30 | 3.32 | 5.16 | 4.61 | 0.90 | 0.72 | |||||||||||||||||||
| Lifestyle Income Fund Composite Index‡ | — | 0.89 | 3.39 | 5.33 | 4.49 | § | — | — | ||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| Morningstar Conservative Target Risk Index | — | 0.52 | 2.70 | 5.62 | 4.54 | § | — | — | ||||||||||||||||||
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 reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifestyle Income Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000® Index; and 7.0% 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 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Income Fund
Asset allocation
| % of net assets | |||
| as of 11/30/21 | |||
| Equity | |||
| U.S. equity | 12.78 | ||
| International equity | 6.88 | ||
| Fixed income | |||
| Fixed income | 40.20 | ||
| Short-term fixed income | 40.07 | ||
| Other assets & liabilities, net | 0.07 | ||
| Total | 100.00 | ||
Target allocation
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 17 |
Performance as of November 30, 2021
| Lifestyle Conservative Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | since | |||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | inception | gross | net | ||||||||||||||||||||
| Institutional Class | 12/9/11 | 0.67 | % | 7.22 | % | 7.96 | % | 7.17 | % | 0.56 | % | 0.49 | % | |||||||||||||
| Advisor Class | 12/4/15 | 0.63 | 7.05 | 7.85 | 7.12 | † | 0.65 | 0.59 | ||||||||||||||||||
| Premier Class | 12/9/11 | 0.67 | 7.06 | 7.79 | 7.01 | 0.71 | 0.64 | |||||||||||||||||||
| Retirement Class | 12/9/11 | 0.55 | 6.90 | 7.67 | 6.90 | 0.80 | 0.74 | |||||||||||||||||||
| Retail Class | 12/9/11 | 0.54 | 6.87 | 7.65 | 6.87 | 0.83 | 0.76 | |||||||||||||||||||
| Lifestyle Conservative Fund Composite Index‡ | — | 1.64 | 7.48 | 8.01 | 6.87 | § | — | — | ||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| Morningstar Moderately Conservative Target Risk Index | — | 0.76 | 6.70 | 7.91 | 6.71 | § | — | — | ||||||||||||||||||
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 reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifestyle Conservative Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 20.0% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 14.0% 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 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Conservative Fund
Asset allocation
| % of net assets | |||
| as of 11/30/21 | |||
| Equity | |||
| U.S. equity | 25.64 | ||
| International equity | 13.73 | ||
| Fixed income | |||
| Fixed income | 40.32 | ||
| Short-term fixed income | 20.11 | ||
| Other assets & liabilities, net | 0.20 | ||
| Total | 100.00 | ||
Target allocation
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 19 |
Performance as of November 30, 2021
| Lifestyle Moderate Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | since | |||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | inception | gross | net | ||||||||||||||||||||
| Institutional Class | 12/9/11 | 0.93 | % | 10.94 | % | 10.45 | % | 9.42 | % | 0.60 | % | 0.55 | % | |||||||||||||
| Advisor Class | 12/4/15 | 0.88 | 10.78 | 10.35 | 9.37 | † | 0.68 | 0.63 | ||||||||||||||||||
| Premier Class | 12/9/11 | 0.85 | 10.75 | 10.25 | 9.26 | 0.76 | 0.70 | |||||||||||||||||||
| Retirement Class | 12/9/11 | 0.80 | 10.61 | 10.15 | 9.15 | 0.85 | 0.80 | |||||||||||||||||||
| Retail Class | 12/9/11 | 0.79 | 10.60 | 10.12 | 9.11 | 0.87 | 0.82 | |||||||||||||||||||
| Lifestyle Moderate Fund Composite Index‡ | — | 2.37 | 11.68 | 10.66 | 9.23 | § | — | — | ||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| Morningstar Moderate Target Risk Index | — | 0.58 | 10.46 | 9.75 | 8.49 | § | — | — | ||||||||||||||||||
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 reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifestyle Moderate Fund Composite Index consisted of: 39.0% Russell 3000® Index; 40.0% Bloomberg U.S. Aggregate Bond Index; and 21.0% 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 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Moderate Fund
Asset allocation
| % of net assets | |||
| as of 11/30/21 | |||
| Equity | |||
| U.S. equity | 38.72 | ||
| International equity | 20.64 | ||
| Fixed income | 40.54 | ||
| Other assets & liabilities, net | 0.10 | ||
| Total | 100.00 | ||
Target allocation
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 21 |
Performance as of November 30, 2021
| Lifestyle Growth Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | since | |||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | inception | gross | net | ||||||||||||||||||||
| Institutional Class | 12/9/11 | 0.90 | % | 14.59 | % | 12.35 | % | 11.11 | % | 0.68 | % | 0.60 | % | |||||||||||||
| Advisor Class | 12/4/15 | 0.90 | 14.51 | 12.27 | 11.07 | † | 0.76 | 0.68 | ||||||||||||||||||
| Premier Class | 12/9/11 | 0.84 | 14.44 | 12.18 | 10.94 | 0.83 | 0.75 | |||||||||||||||||||
| Retirement Class | 12/9/11 | 0.85 | 14.34 | 12.07 | 10.83 | 0.93 | 0.85 | |||||||||||||||||||
| Retail Class | 12/9/11 | 0.80 | 14.27 | 12.03 | 10.79 | 0.96 | 0.88 | |||||||||||||||||||
| Lifestyle Growth Fund Composite Index‡ | — | 2.78 | 16.21 | 12.88 | 11.21 | § | — | — | ||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| Morningstar Moderately Aggressive Target Risk Index | — | 0.47 | 14.30 | 11.60 | 10.21 | § | — | — | ||||||||||||||||||
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 reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifestyle Growth Fund Composite Index consisted of: 52.0% Russell 3000® Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg 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 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Growth Fund
Asset allocation
| % of net assets | |||
| as of 11/30/21 | |||
| Equity | |||
| U.S. equity | 51.82 | ||
| International equity | 27.66 | ||
| Fixed income | 20.36 | ||
| Other assets & liabilities, net | 0.16 | ||
| Total | 100.00 | ||
Target allocation
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 23 |
Lifestyle Aggressive Growth Fund
Performance as of November 30, 2021
| Lifestyle Aggressive Growth Fund | Average annual | Annual operating | ||||||||||||||||||||||||
| Total return | total return | expenses*# | ||||||||||||||||||||||||
| Inception | since | |||||||||||||||||||||||||
| date | 6 months | 1 year | 5 years | inception | gross | net | ||||||||||||||||||||
| Institutional Class | 12/9/11 | 0.94 | % | 18.37 | % | 14.31 | % | 12.81 | % | 0.76 | % | 0.65 | % | |||||||||||||
| Advisor Class | 12/4/15 | 0.89 | 18.28 | 14.25 | 12.77 | † | 0.85 | 0.74 | ||||||||||||||||||
| Premier Class | 12/9/11 | 0.89 | 18.23 | 14.15 | 12.65 | 0.92 | 0.80 | |||||||||||||||||||
| Retirement Class | 12/9/11 | 0.80 | 18.10 | 14.02 | 12.53 | 1.00 | 0.90 | |||||||||||||||||||
| Retail Class | 12/9/11 | 0.80 | 18.08 | 13.96 | 12.46 | 1.05 | 0.95 | |||||||||||||||||||
| Lifestyle Aggressive Growth Fund Composite Index‡ | — | 3.17 | 20.85 | 15.02 | 13.14 | § | — | — | ||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| Morningstar Aggressive Target Risk Index | — | 0.48 | 17.46 | 12.84 | 11.45 | § | — | — | ||||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.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 reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | The performance shown for the Advisor Class that is prior to its 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 the Advisor Class. If these actual expenses had been reflected, the performance of the 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 November 30, 2021, the Lifestyle Aggressive Growth Fund Composite Index consisted of: 65.0% Russell 3000® Index; and 35.0% 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 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Aggressive Growth Fund
Asset allocation
| % of net assets | |||
| as of 11/30/21 | |||
| Equity | |||
| U.S. equity | 65.22 | ||
| International equity | 34.69 | ||
| Other assets & liabilities, net | 0.09 | ||
| Total | 100.00 | ||
Target allocation
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 25 |
Portfolio of investments (unaudited)
Lifestyle Income Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| FIXED INCOME—40.2% | ||||||||||||||
| 1,939,616 | TIAA-CREF Core Bond Fund | $ | 20,753,891 | 20.1 | % | |||||||||
| 1,909,292 | TIAA-CREF Core Plus Bond Fund | 20,754,005 | 20.1 | |||||||||||
| TOTAL FIXED INCOME | 41,507,896 | 40.2 | ||||||||||||
| INTERNATIONAL EQUITY—6.9% | ||||||||||||||
| 27,942 | Nuveen International Growth Fund | 1,518,903 | 1.5 | |||||||||||
| 79,878 | TIAA-CREF Emerging Markets Equity Fund | 891,439 | 0.8 | |||||||||||
| 154,429 | TIAA-CREF International Equity Fund | 2,148,104 | 2.1 | |||||||||||
| 81,685 | TIAA-CREF International Opportunities Fund | 1,516,890 | 1.5 | |||||||||||
| 87,872 | TIAA-CREF Quant International Small-Cap Equity Fund | 1,031,621 | 1.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 7,106,957 | 6.9 | ||||||||||||
| SHORT-TERM FIXED INCOME—40.1% | ||||||||||||||
| 3,982,197 | TIAA-CREF Short-Term Bond Fund | 41,375,030 | 40.1 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 41,375,030 | 40.1 | ||||||||||||
| U.S. EQUITY—12.7% | ||||||||||||||
| 35,197 | Nuveen Dividend Growth Fund | 1,889,717 | 1.8 | |||||||||||
| 120,946 | Nuveen Dividend Value Fund | 1,910,939 | 1.9 | |||||||||||
| 85,040 | Nuveen Growth Opportunities ETF | 2,201,686 | 2.1 | |||||||||||
| 94,702 | TIAA-CREF Growth & Income Fund | 1,880,782 | 1.8 | |||||||||||
| 84,705 | TIAA-CREF Large-Cap Growth Fund | 2,213,350 | 2.1 | |||||||||||
| 85,413 | TIAA-CREF Large-Cap Value Fund | 1,908,137 | 1.9 | |||||||||||
| 24,538 | TIAA-CREF Quant Small-Cap Equity Fund | 548,173 | 0.5 | |||||||||||
| 36,227 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 639,045 | 0.6 | |||||||||||
| TOTAL U.S. EQUITY | 13,191,829 | 12.7 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $97,542,968) | 103,181,712 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $97,542,968) | 103,181,712 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 76,561 | 0.1 | ||||||||||||
| NET ASSETS | $ | 103,258,273 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the Institutional Class shares of the affiliated TIAA-CREF Funds, the affiliated Nuveen Growth Opportunities ETF and Class R6 shares of the affiliated Nuveen Funds. |
| 26 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifestyle Conservative Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| FIXED INCOME—40.3% | ||||||||||||||
| 3,611,258 | TIAA-CREF Core Bond Fund | $ | 38,640,458 | 10.1 | % | |||||||||
| 10,662,339 | TIAA-CREF Core Plus Bond Fund | 115,899,622 | 30.2 | |||||||||||
| TOTAL FIXED INCOME | 154,540,080 | 40.3 | ||||||||||||
| INTERNATIONAL EQUITY—13.7% | ||||||||||||||
| 206,877 | Nuveen International Growth Fund | 11,245,809 | 2.9 | |||||||||||
| 590,357 | TIAA-CREF Emerging Markets Equity Fund | 6,588,379 | 1.7 | |||||||||||
| 1,143,660 | TIAA-CREF International Equity Fund | 15,908,311 | 4.2 | |||||||||||
| 605,392 | TIAA-CREF International Opportunities Fund | 11,242,130 | 2.9 | |||||||||||
| 650,026 | TIAA-CREF Quant International Small-Cap Equity Fund | 7,631,305 | 2.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 52,615,934 | 13.7 | ||||||||||||
| SHORT-TERM FIXED INCOME—20.1% | ||||||||||||||
| 7,419,494 | TIAA-CREF Short-Term Bond Fund | 77,088,543 | 20.1 | |||||||||||
| TOTAL SHORT-TERM FIXED INCOME | 77,088,543 | 20.1 | ||||||||||||
| U.S. EQUITY—25.7% | ||||||||||||||
| 261,876 | Nuveen Dividend Growth Fund | 14,060,112 | 3.7 | |||||||||||
| 900,304 | Nuveen Dividend Value Fund | 14,224,810 | 3.7 | |||||||||||
| 636,202 | Nuveen Growth Opportunities ETF | 16,471,270 | 4.3 | |||||||||||
| 705,263 | TIAA-CREF Growth & Income Fund | 14,006,516 | 3.7 | |||||||||||
| 630,219 | TIAA-CREF Large-Cap Growth Fund | 16,467,626 | 4.3 | |||||||||||
| 637,393 | TIAA-CREF Large-Cap Value Fund | 14,239,367 | 3.7 | |||||||||||
| 182,327 | TIAA-CREF Quant Small-Cap Equity Fund | 4,073,182 | 1.1 | |||||||||||
| 269,467 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 4,753,404 | 1.2 | |||||||||||
| TOTAL U.S. EQUITY | 98,296,287 | 25.7 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $345,417,412) | 382,540,844 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $345,417,412) | 382,540,844 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 781,651 | 0.2 | ||||||||||||
| NET ASSETS | $ | 383,322,495 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the Institutional Class shares of the affiliated TIAA-CREF Funds, the affiliated Nuveen Growth Opportunities ETF and Class R6 shares of the affiliated Nuveen Funds. |
| See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 27 |
Portfolio of investments (unaudited)
Lifestyle Moderate Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| FIXED INCOME—40.5% | ||||||||||||||
| 24,058,647 | TIAA-CREF Core Plus Bond Fund | $ | 261,517,491 | 40.5 | % | |||||||||
| TOTAL FIXED INCOME | 261,517,491 | 40.5 | ||||||||||||
| INTERNATIONAL EQUITY—20.7% | ||||||||||||||
| 521,030 | Nuveen International Growth Fund | 28,323,177 | 4.4 | |||||||||||
| 1,495,828 | TIAA-CREF Emerging Markets Equity Fund | 16,693,444 | 2.6 | |||||||||||
| 2,898,050 | TIAA-CREF International Equity Fund | 40,311,873 | 6.3 | |||||||||||
| 1,534,668 | TIAA-CREF International Opportunities Fund | 28,498,783 | 4.4 | |||||||||||
| 1,644,900 | TIAA-CREF Quant International Small-Cap Equity Fund | 19,311,122 | 3.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 133,138,399 | 20.7 | ||||||||||||
| U.S. EQUITY—38.7% | ||||||||||||||
| 668,885 | Nuveen Dividend Growth Fund | 35,912,453 | 5.6 | |||||||||||
| 2,290,502 | Nuveen Dividend Value Fund | 36,189,939 | 5.6 | |||||||||||
| 1,612,409 | Nuveen Growth Opportunities ETF | 41,745,269 | 6.5 | |||||||||||
| 1,799,484 | TIAA-CREF Growth & Income Fund | 35,737,745 | 5.5 | |||||||||||
| 1,584,348 | TIAA-CREF Large-Cap Growth Fund | 41,399,025 | 6.4 | |||||||||||
| 1,618,585 | TIAA-CREF Large-Cap Value Fund | 36,159,192 | 5.6 | |||||||||||
| 467,138 | TIAA-CREF Quant Small-Cap Equity Fund | 10,435,852 | 1.6 | |||||||||||
| 691,662 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 12,200,915 | 1.9 | |||||||||||
| TOTAL U.S. EQUITY | 249,780,390 | 38.7 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $554,169,428) | 644,436,280 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $554,169,428) | 644,436,280 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 654,589 | 0.1 | ||||||||||||
| NET ASSETS | $ | 645,090,869 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the Institutional Class shares of the affiliated TIAA-CREF Funds, the affiliated Nuveen Growth Opportunities ETF and Class R6 shares of the affiliated Nuveen Funds. |
| 28 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifestyle Growth Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
| FIXED INCOME—20.3% | ||||||||||||||
| 6,373,866 | TIAA-CREF Core Plus Bond Fund | $ | 69,283,922 | 20.3 | % | |||||||||
| TOTAL FIXED INCOME | 69,283,922 | 20.3 | ||||||||||||
| INTERNATIONAL EQUITY—27.7% | ||||||||||||||
| 368,786 | Nuveen International Growth Fund | 20,047,225 | 5.9 | |||||||||||
| 1,056,416 | TIAA-CREF Emerging Markets Equity Fund | 11,789,606 | 3.5 | |||||||||||
| 2,048,376 | TIAA-CREF International Equity Fund | 28,492,912 | 8.4 | |||||||||||
| 1,084,033 | TIAA-CREF International Opportunities Fund | 20,130,495 | 5.9 | |||||||||||
| 1,163,379 | TIAA-CREF Quant International Small-Cap Equity Fund | 13,658,064 | 4.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 94,118,302 | 27.7 | ||||||||||||
| U.S. EQUITY—51.8% | ||||||||||||||
| 471,346 | Nuveen Dividend Growth Fund | 25,306,566 | 7.4 | |||||||||||
| 1,618,848 | Nuveen Dividend Value Fund | 25,577,800 | 7.5 | |||||||||||
| 1,138,503 | Nuveen Growth Opportunities ETF | 29,475,843 | 8.7 | |||||||||||
| 1,266,258 | TIAA-CREF Growth & Income Fund | 25,147,884 | 7.4 | |||||||||||
| 1,123,932 | TIAA-CREF Large-Cap Growth Fund | 29,368,335 | 8.6 | |||||||||||
| 1,144,650 | TIAA-CREF Large-Cap Value Fund | 25,571,473 | 7.5 | |||||||||||
| 328,474 | TIAA-CREF Quant Small-Cap Equity Fund | 7,338,119 | 2.2 | |||||||||||
| 486,865 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 8,588,303 | 2.5 | |||||||||||
| TOTAL U.S. EQUITY | 176,374,323 | 51.8 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $281,839,744) | 339,776,547 | 99.8 | |||||||||||
| TOTAL PORTFOLIO | (Cost $281,839,744) | 339,776,547 | 99.8 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 546,828 | 0.2 | ||||||||||||
| NET ASSETS | $ | 340,323,375 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the Institutional Class shares of the affiliated TIAA-CREF Funds, the affiliated Nuveen Growth Opportunities ETF and Class R6 shares of the affiliated Nuveen Funds. |
| See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 29 |
Portfolio of investments (unaudited)
Lifestyle Aggressive Growth Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets |
|||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| INTERNATIONAL EQUITY—34.7% | ||||||||||||||
| 342,481 | Nuveen International Growth Fund | $ | 18,617,282 | 7.4 | % | |||||||||
| 983,305 | TIAA-CREF Emerging Markets Equity Fund | 10,973,689 | 4.4 | |||||||||||
| 1,907,192 | TIAA-CREF International Equity Fund | 26,529,036 | 10.5 | |||||||||||
| 1,002,747 | TIAA-CREF International Opportunities Fund | 18,621,004 | 7.4 | |||||||||||
| 1,081,687 | TIAA-CREF Quant International Small-Cap Equity Fund | 12,699,005 | 5.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 87,440,016 | 34.7 | ||||||||||||
| U.S. EQUITY—65.2% | ||||||||||||||
| 438,335 | Nuveen Dividend Growth Fund | 23,534,188 | 9.3 | |||||||||||
| 1,505,856 | Nuveen Dividend Value Fund | 23,792,519 | 9.4 | |||||||||||
| 1,061,701 | Nuveen Growth Opportunities ETF | 27,487,439 | 10.9 | |||||||||||
| 1,184,408 | TIAA-CREF Growth & Income Fund | 23,522,343 | 9.3 | |||||||||||
| 1,047,840 | TIAA-CREF Large-Cap Growth Fund | 27,380,064 | 10.9 | |||||||||||
| 1,067,091 | TIAA-CREF Large-Cap Value Fund | 23,838,815 | 9.5 | |||||||||||
| 304,822 | TIAA-CREF Quant Small-Cap Equity Fund | 6,809,719 | 2.7 | |||||||||||
| 454,197 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 8,012,028 | 3.2 | |||||||||||
| TOTAL U.S. EQUITY | 164,377,115 | 65.2 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $202,864,496) | 251,817,131 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $202,864,496) | 251,817,131 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 226,064 | 0.1 | ||||||||||||
| NET ASSETS | $ | 252,043,195 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the Institutional Class shares of the affiliated TIAA-CREF Funds, the affiliated Nuveen Growth Opportunities ETF and Class R6 shares of the affiliated Nuveen Funds. |
| 30 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements |
[This page intentionally left blank.]
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 31 |
Statements of assets & liabilities (unaudited)
TIAA-CREF Lifestyle Funds ■ November 30, 2021
| Lifestyle Income Fund | Lifestyle Conservative Fund | Lifestyle Moderate Fund | Lifestyle Growth Fund | Lifestyle Aggressive Growth Fund | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Affiliated investments, at value‡ | $ | 103,181,712 | $ | 382,540,844 | $ | 644,436,280 | $ | 339,776,547 | $ | 251,817,131 | ||||||||||
| Cash | 110,790 | 338,767 | 729,595 | 558,100 | 261,663 | |||||||||||||||
| Receivable from securities transactions | 54,982 | 647,070 | 2,226,099 | 1,274,998 | 1,245,871 | |||||||||||||||
| Receivable from Fund shares sold | 11,444 | 831,371 | 422,694 | 478,449 | 115,290 | |||||||||||||||
| Dividends receivable | 117,272 | 370,516 | 508,697 | 134,633 | — | |||||||||||||||
| Due from affiliates | 13,961 | 14,874 | 16,689 | 23,512 | 33,097 | |||||||||||||||
| Other | 5,533 | 15,705 | 23,751 | 11,528 | 8,096 | |||||||||||||||
| Total assets | 103,495,694 | 384,759,147 | 648,363,805 | 342,257,767 | 253,481,148 | |||||||||||||||
| LIABILITIES | ||||||||||||||||||||
| Management fees payable | 8,525 | 32,087 | 54,352 | 28,833 | 21,626 | |||||||||||||||
| Service agreement fees payable | 5,227 | 13,951 | 28,931 | 14,296 | 15,788 | |||||||||||||||
| Distribution fees payable | 12,433 | 52,364 | 87,063 | 46,314 | 26,383 | |||||||||||||||
| Due to affiliates | 6,829 | 7,319 | 7,782 | 7,246 | 7,091 | |||||||||||||||
| Payable for securities transactions | 174,221 | 959,095 | 2,797,600 | 1,620,491 | 1,254,032 | |||||||||||||||
| Payable for Fund shares redeemed | 8,583 | 328,523 | 236,814 | 176,998 | 79,928 | |||||||||||||||
| Payable for trustee compensation | 5,482 | 15,477 | 23,240 | 11,344 | 7,943 | |||||||||||||||
| Accrued expenses and other payables | 16,121 | 27,836 | 37,154 | 28,870 | 25,162 | |||||||||||||||
| Total liabilities | 237,421 | 1,436,652 | 3,272,936 | 1,934,392 | 1,437,953 | |||||||||||||||
| NET ASSETS | $ | 103,258,273 | $ | 383,322,495 | $ | 645,090,869 | $ | 340,323,375 | $ | 252,043,195 | ||||||||||
| NET ASSETS CONSIST OF: | ||||||||||||||||||||
| Paid-in-capital | $ | 95,220,228 | $ | 328,567,256 | $ | 514,835,920 | $ | 257,144,080 | $ | 182,703,486 | ||||||||||
| Total distributable earnings (loss) | 8,038,045 | 54,755,239 | 130,254,949 | 83,179,295 | 69,339,709 | |||||||||||||||
| NET ASSETS | $ | 103,258,273 | $ | 383,322,495 | $ | 645,090,869 | $ | 340,323,375 | $ | 252,043,195 | ||||||||||
| INSTITUTIONAL CLASS: | ||||||||||||||||||||
| Net assets | $ | 17,432,879 | $ | 64,281,962 | $ | 90,893,292 | $ | 51,978,268 | $ | 52,715,758 | ||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,460,997 | 4,509,115 | 5,427,721 | 2,713,689 | 2,450,775 | |||||||||||||||
| Net asset value per share | $ | 11.93 | $ | 14.26 | $ | 16.75 | $ | 19.15 | $ | 21.51 | ||||||||||
| ADVISOR CLASS: | ||||||||||||||||||||
| Net assets | $ | 133,003 | $ | 5,287,933 | $ | 13,213,321 | $ | 6,841,412 | $ | 9,051,469 | ||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 11,151 | 371,032 | 789,294 | 357,659 | 420,943 | |||||||||||||||
| Net asset value per share | $ | 11.93 | $ | 14.25 | $ | 16.74 | $ | 19.13 | $ | 21.50 | ||||||||||
| PREMIER CLASS: | ||||||||||||||||||||
| Net assets | $ | 372,200 | $ | 776,785 | $ | 692,488 | $ | 2,018,720 | $ | 430,944 | ||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 31,177 | 54,453 | 41,264 | 105,508 | 20,000 | |||||||||||||||
| Net asset value per share | $ | 11.94 | $ | 14.27 | $ | 16.78 | $ | 19.13 | $ | 21.55 | ||||||||||
| RETIREMENT CLASS: | ||||||||||||||||||||
| Net assets | $ | 25,202,288 | $ | 62,055,792 | $ | 127,220,120 | $ | 62,432,511 | $ | 67,414,937 | ||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,114,579 | 4,359,544 | 7,609,728 | 3,278,132 | 3,151,430 | |||||||||||||||
| Net asset value per share | $ | 11.92 | $ | 14.23 | $ | 16.72 | $ | 19.05 | $ | 21.39 | ||||||||||
| RETAIL CLASS: | ||||||||||||||||||||
| Net assets | $ | 60,117,903 | $ | 250,920,023 | $ | 413,071,648 | $ | 217,052,464 | $ | 122,430,087 | ||||||||||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 5,044,166 | 17,635,240 | 24,720,343 | 11,415,863 | 5,735,090 | |||||||||||||||
| Net asset value per share | $ | 11.92 | $ | 14.23 | $ | 16.71 | $ | 19.01 | $ | 21.35 | ||||||||||
| ‡ Affiliated investments, cost | $ | 97,542,968 | $ | 345,417,412 | $ | 554,169,428 | $ | 281,839,744 | $ | 202,864,496 | ||||||||||
| 32 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 33 |
Statements of operations (unaudited)
TIAA-CREF Lifestyle Funds ■ For the period ended November 30, 2021
| Lifestyle Income Fund | Lifestyle Conservative Fund | Lifestyle Moderate Fund | Lifestyle Growth Fund | Lifestyle Aggressive Growth Fund | ||||||||||||||||
| INVESTMENT INCOME | ||||||||||||||||||||
| Dividends from affiliated investments | $ | 825,418 | $ | 2,900,909 | $ | 4,605,068 | $ | 1,924,243 | $ | 1,052,506 | ||||||||||
| Total income | 825,418 | 2,900,909 | 4,605,068 | 1,924,243 | 1,052,506 | |||||||||||||||
| EXPENSES | ||||||||||||||||||||
| Management fees | 51,467 | 191,835 | 324,320 | 171,277 | 127,087 | |||||||||||||||
| Shareholder servicing – Institutional Class | 226 | 746 | 318 | 329 | 638 | |||||||||||||||
| Shareholder servicing – Advisor Class | 37 | 3,044 | 5,529 | 3,085 | 4,226 | |||||||||||||||
| Shareholder servicing – Premier Class | 32 | 40 | 32 | 38 | 30 | |||||||||||||||
| Shareholder servicing – Retirement Class | 32,350 | 79,469 | 157,881 | 76,534 | 84,845 | |||||||||||||||
| Shareholder servicing – Retail Class | 10,858 | 24,984 | 39,635 | 28,564 | 26,140 | |||||||||||||||
| Distribution fees – Premier Class | 278 | 590 | 528 | 1,541 | 330 | |||||||||||||||
| Distribution fees – Retail Class | 74,769 | 314,566 | 524,748 | 273,603 | 155,019 | |||||||||||||||
| Registration fees | 37,709 | 41,496 | 42,600 | 37,696 | 38,048 | |||||||||||||||
| Administrative service fees | 23,122 | 24,778 | 26,354 | 24,546 | 24,035 | |||||||||||||||
| Trustee fees and expenses | 423 | 1,565 | 2,657 | 1,425 | 1,024 | |||||||||||||||
| Other expenses | 33,105 | 34,471 | 27,504 | 25,076 | 32,652 | |||||||||||||||
| Total expenses | 264,376 | 717,584 | 1,152,106 | 643,714 | 494,074 | |||||||||||||||
| Less: Expenses reimbursed by the investment adviser | (94,271 | ) | (102,464 | ) | (98,793 | ) | (105,000 | ) | (155,361 | ) | ||||||||||
| Net expenses | 170,105 | 615,120 | 1,053,313 | 538,714 | 338,713 | |||||||||||||||
| Net investment income (loss) | 655,313 | 2,285,789 | 3,551,755 | 1,385,529 | 713,793 | |||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||
| Realized gain (loss) from sale of affiliated investments | 1,044,906 | 7,204,288 | 16,515,254 | 11,301,744 | 8,865,284 | |||||||||||||||
| Realized gain (loss)from sale of unaffiliated investments | — | — | — | — | 17,767 | |||||||||||||||
| Net realized gain (loss) from investments | 1,044,906 | 7,204,288 | 16,515,254 | 11,301,744 | 8,883,051 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (1,453,218 | ) | (7,540,377 | ) | (15,334,239 | ) | (10,210,075 | ) | (7,842,795 | ) | ||||||||||
| Net realized and unrealized gain (loss) from investments | (408,312 | ) | (336,089 | ) | 1,181,015 | 1,091,669 | 1,040,256 | |||||||||||||
| Net increase (decrease) in net assets from operations | $ | 247,001 | $ | 1,949,700 | $ | 4,732,770 | $ | 2,477,198 | $ | 1,754,049 | ||||||||||
| 34 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 35 |
Statements of changes in net assets
TIAA-CREF Lifestyle Funds ■ For the period or year ended
| Lifestyle Income Fund | Lifestyle Conservative Fund | Lifestyle Moderate Fund | ||||||||||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 655,313 | $ | 1,303,532 | $ | 2,285,789 | $ | 4,678,933 | $ | 3,551,755 | $ | 7,660,536 | ||||||||||||||
| Net realized gain (loss) from investments | 1,044,906 | 3,743,680 | 7,204,288 | 21,135,264 | 16,515,254 | 48,001,637 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (1,453,218 | ) | 3,544,521 | (7,540,377 | ) | 29,481,343 | (15,334,239 | ) | 76,880,654 | |||||||||||||||||
| Net increase (decrease) in net assets from operations | 247,001 | 8,591,733 | 1,949,700 | 55,295,540 | 4,732,770 | 132,542,827 | ||||||||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
| Institutional Class | (114,700 | ) | (427,252 | ) | (358,418 | ) | (1,992,675 | ) | (430,329 | ) | (3,642,954 | ) | ||||||||||||||
| Advisor Class | (884 | ) | (4,121 | ) | (34,316 | ) | (322,458 | ) | (63,544 | ) | (733,146 | ) | ||||||||||||||
| Premier Class | (2,317 | ) | (11,719 | ) | (4,117 | ) | (32,907 | ) | (2,977 | ) | (34,762 | ) | ||||||||||||||
| Retirement Class | (149,798 | ) | (773,711 | ) | (302,276 | ) | (2,464,691 | ) | (473,033 | ) | (5,988,959 | ) | ||||||||||||||
| Retail Class | (330,844 | ) | (1,833,065 | ) | (1,166,079 | ) | (9,960,005 | ) | (1,532,978 | ) | (19,898,063 | ) | ||||||||||||||
| Total distributions | (598,543 | ) | (3,049,868 | ) | (1,865,206 | ) | (14,772,736 | ) | (2,502,861 | ) | (30,297,884 | ) | ||||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
| Subscriptions: | Institutional Class | 2,865,403 | 11,740,958 | 17,790,888 | 39,283,272 | 21,402,693 | 59,135,882 | |||||||||||||||||||
| Advisor Class | 2 | 16,008 | 245,450 | 924,621 | 517,157 | 1,450,139 | ||||||||||||||||||||
| Premier Class | 12,092 | 22,871 | 909 | 1,849 | — | — | ||||||||||||||||||||
| Retirement Class | 1,019,886 | 8,824,223 | 2,677,931 | 12,591,347 | 10,017,976 | 14,594,049 | ||||||||||||||||||||
| Retail Class | 5,395,174 | 8,401,620 | 16,980,944 | 28,522,800 | 19,185,075 | 33,062,718 | ||||||||||||||||||||
| Reinvestments of distributions: | Institutional Class | 114,375 | 426,579 | 358,324 | 1,991,976 | 430,244 | 3,642,068 | |||||||||||||||||||
| Advisor Class | 134 | 130 | 31,910 | 300,444 | 60,677 | 703,866 | ||||||||||||||||||||
| Premier Class | 802 | 3,608 | 2,601 | 20,492 | 1,533 | 17,483 | ||||||||||||||||||||
| Retirement Class | 149,728 | 773,317 | 302,207 | 2,464,030 | 472,970 | 5,988,110 | ||||||||||||||||||||
| Retail Class | 322,805 | 1,786,314 | 1,132,830 | 9,682,138 | 1,494,993 | 19,414,934 | ||||||||||||||||||||
| Redemptions: | Institutional Class | (997,222 | ) | (5,564,950 | ) | (7,231,388 | ) | (27,525,400 | ) | (8,549,729 | ) | (49,057,996 | ) | |||||||||||||
| Advisor Class | — | — | (2,149,476 | ) | (1,532,103 | ) | (1,144,736 | ) | (3,918,131 | ) | ||||||||||||||||
| Premier Class | — | — | (594 | ) | (3,558 | ) | (448 | ) | (826 | ) | ||||||||||||||||
| Retirement Class | (2,030,249 | ) | (4,600,573 | ) | (3,982,875 | ) | (4,878,768 | ) | (5,007,836 | ) | (12,889,828 | ) | ||||||||||||||
| Retail Class | (3,436,387 | ) | (6,466,973 | ) | (11,913,949 | ) | (27,554,449 | ) | (19,750,106 | ) | (40,690,105 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 3,416,543 | 15,363,132 | 14,245,712 | 34,288,691 | 19,130,463 | 31,452,363 | ||||||||||||||||||||
| Net increase (decrease) in net assets | 3,065,001 | 20,904,997 | 14,330,206 | 74,811,495 | 21,360,372 | 133,697,306 | ||||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 100,193,272 | 79,288,275 | 368,992,289 | 294,180,794 | 623,730,497 | 490,033,191 | ||||||||||||||||||||
| End of period | $ | 103,258,273 | $ | 100,193,272 | $ | 383,322,495 | $ | 368,992,289 | $ | 645,090,869 | $ | 623,730,497 | ||||||||||||||
| 36 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 37 |
| Statements of changes in net assets | continued |
| TIAA-CREF Lifestyle Funds ■ For the period or year ended |
| Lifestyle Income Fund | Lifestyle Conservative Fund | Lifestyle Moderate Fund | ||||||||||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||||||||
| (unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
| Shares sold: | Institutional Class | 238,240 | 998,197 | 1,235,803 | 2,849,607 | 1,263,998 | 3,714,237 | |||||||||||||||||||
| Advisor Class | — | 1,366 | 17,015 | 68,305 | 30,517 | 92,621 | ||||||||||||||||||||
| Premier Class | 1,004 | 1,948 | 63 | 136 | — | — | ||||||||||||||||||||
| Retirement Class | 84,734 | 750,041 | 185,910 | 924,631 | 588,357 | 959,969 | ||||||||||||||||||||
| Retail Class | 448,468 | 715,344 | 1,180,246 | 2,091,802 | 1,132,664 | 2,097,629 | ||||||||||||||||||||
| Shares reinvested: | Institutional Class | 9,538 | 36,471 | 25,024 | 146,803 | 25,591 | 235,023 | |||||||||||||||||||
| Advisor Class | 11 | 11 | 2,231 | 22,152 | 3,611 | 45,461 | ||||||||||||||||||||
| Premier Class | 67 | 308 | 181 | 1,509 | 91 | 1,125 | ||||||||||||||||||||
| Retirement Class | 12,498 | 66,176 | 21,125 | 181,659 | 28,159 | 386,540 | ||||||||||||||||||||
| Retail Class | 26,925 | 152,817 | 79,219 | 714,563 | 89,063 | 1,254,035 | ||||||||||||||||||||
| Shares redeemed: | Institutional Class | (82,868 | ) | (472,175 | ) | (500,723 | ) | (2,000,061 | ) | (503,793 | ) | (3,070,275 | ) | |||||||||||||
| Advisor Class | — | — | (148,178 | ) | (112,355 | ) | (67,593 | ) | (252,998 | ) | ||||||||||||||||
| Premier Class | — | — | (41 | ) | (263 | ) | (27 | ) | (53 | ) | ||||||||||||||||
| Retirement Class | (168,746 | ) | (390,892 | ) | (276,878 | ) | (361,252 | ) | (294,692 | ) | (828,902 | ) | ||||||||||||||
| Retail Class | (286,065 | ) | (551,745 | ) | (827,070 | ) | (2,027,385 | ) | (1,166,866 | ) | (2,630,036 | ) | ||||||||||||||
| Net increase (decrease) from shareholder transactions | 283,806 | 1,307,867 | 993,927 | 2,499,851 | 1,129,080 | 2,004,376 | ||||||||||||||||||||
| 38 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 39 |
| Statements of changes in net assets | continued |
TIAA-CREF Lifestyle Funds ■ For the period or year ended
| Lifestyle Growth Fund | Lifestyle Aggressive Growth Fund | |||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||
| (unaudited | ) | (unaudited | ) | |||||||||||||||
| OPERATIONS | ||||||||||||||||||
| Net investment income (loss) | $ | 1,385,529 | $ | 3,159,185 | $ | 713,793 | $ | 1,678,533 | ||||||||||
| Net realized gain (loss) from investments | 11,301,744 | 28,508,884 | 8,883,051 | 21,677,204 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (10,210,075 | ) | 54,177,879 | (7,842,795 | ) | 47,534,325 | ||||||||||||
| Net increase (decrease) in net assets from operations | 2,477,198 | 85,845,948 | 1,754,049 | 70,890,062 | ||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||
| Institutional Class | — | (2,455,260 | ) | — | (1,920,530 | ) | ||||||||||||
| Advisor Class | — | (554,493 | ) | — | (448,551 | ) | ||||||||||||
| Premier Class | — | (100,977 | ) | — | (20,795 | ) | ||||||||||||
| Retirement Class | — | (3,004,778 | ) | — | (2,865,671 | ) | ||||||||||||
| Retail Class | — | (11,319,326 | ) | — | (5,277,511 | ) | ||||||||||||
| Total distributions | — | (17,434,834 | ) | — | (10,533,058 | ) | ||||||||||||
| SHAREHOLDER TRANSACTIONS | ||||||||||||||||||
| Subscriptions: | Institutional Class | 8,016,853 | 27,347,896 | 13,249,735 | 21,912,076 | |||||||||||||
| Advisor Class | 183,715 | 665,627 | 255,015 | 768,249 | ||||||||||||||
| Premier Class | 34,615 | 248,456 | — | — | ||||||||||||||
| Retirement Class | 6,396,527 | 10,155,112 | 4,580,129 | 11,885,468 | ||||||||||||||
| Retail Class | 11,245,370 | 16,934,283 | 9,057,584 | 10,570,580 | ||||||||||||||
| Reinvestments of distributions: | Institutional Class | — | 2,454,427 | — | 1,919,463 | |||||||||||||
| Advisor Class | — | 437,229 | — | 251,697 | ||||||||||||||
| Premier Class | — | 79,238 | — | — | ||||||||||||||
| Retirement Class | — | 3,003,707 | — | 2,856,907 | ||||||||||||||
| Retail Class | — | 11,172,649 | — | 5,217,620 | ||||||||||||||
| Redemptions: | Institutional Class | (4,900,292 | ) | (24,541,484 | ) | (6,781,839 | ) | (14,978,368 | ) | |||||||||
| Advisor Class | (1,403,488 | ) | (4,170,543 | ) | (453,904 | ) | (1,453,916 | ) | ||||||||||
| Premier Class | (55,050 | ) | (53,082 | ) | — | (889 | ) | |||||||||||
| Retirement Class | (3,549,115 | ) | (8,298,491 | ) | (3,260,288 | ) | (8,052,833 | ) | ||||||||||
| Retail Class | (8,392,620 | ) | (22,460,424 | ) | (5,431,682 | ) | (12,455,733 | ) | ||||||||||
| Net increase (decrease) from shareholder transactions | 7,576,515 | 12,974,600 | 11,214,750 | 18,440,321 | ||||||||||||||
| Net increase (decrease) in net assets | 10,053,713 | 81,385,714 | 12,968,799 | 78,797,325 | ||||||||||||||
| NET ASSETS | ||||||||||||||||||
| Beginning of period | 330,269,662 | 248,883,948 | 239,074,396 | 160,277,071 | ||||||||||||||
| End of period | $ | 340,323,375 | $ | 330,269,662 | $ | 252,043,195 | $ | 239,074,396 | ||||||||||
| 40 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 41 |
| Statements of changes in net assets | concluded |
TIAA-CREF Lifestyle Funds ■ For the period or year ended
| Lifestyle Growth Fund | Lifestyle Aggressive Growth Fund | |||||||||||||||||
| November 30, 2021 | May 31, 2021 | November 30, 2021 | May 31, 2021 | |||||||||||||||
| (unaudited | ) | (unaudited | ) | |||||||||||||||
| CHANGE IN FUND SHARES | ||||||||||||||||||
| Shares sold: | Institutional Class | 415,247 | 1,530,465 | 608,283 | 1,131,984 | |||||||||||||
| Advisor Class | 9,447 | 38,117 | 11,737 | 40,697 | ||||||||||||||
| Premier Class | 1,789 | 13,630 | — | — | ||||||||||||||
| Retirement Class | 327,678 | 583,370 | 209,988 | 623,284 | ||||||||||||||
| Retail Class | 581,707 | 965,753 | 419,069 | 554,398 | ||||||||||||||
| Shares reinvested: | Institutional Class | — | 142,533 | — | 101,828 | |||||||||||||
| Advisor Class | — | 25,406 | — | 13,345 | ||||||||||||||
| Premier Class | — | 4,598 | — | — | ||||||||||||||
| Retirement Class | — | 175,041 | — | 152,044 | ||||||||||||||
| Retail Class | — | 651,847 | — | 278,125 | ||||||||||||||
| Shares redeemed: | Institutional Class | (252,860 | ) | (1,406,655 | ) | (311,715 | ) | (782,424 | ) | |||||||||
| Advisor Class | (72,412 | ) | (239,820 | ) | (20,567 | ) | (77,673 | ) | ||||||||||
| Premier Class | (2,845 | ) | (2,878 | ) | — | (50 | ) | |||||||||||
| Retirement Class | (184,332 | ) | (480,635 | ) | (150,861 | ) | (435,841 | ) | ||||||||||
| Retail Class | (435,733 | ) | (1,322,215 | ) | (249,646 | ) | (685,883 | ) | ||||||||||
| Net increase (decrease) from shareholder transactions | 387,686 | 678,557 | 516,288 | 913,834 | ||||||||||||||
| 42 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 43 |
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 period or year ended | Net
asset value, beginning of period | Net investment income (loss | )a | and unrealized gain (loss on total investments | ) j | Total
gain (loss) from investment operations | Net investment income | Net realized gains | Total dividends and distributions | Net
asset value, end of period | Total return | Net
assets at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | Net investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||
| LIFESTYLE INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $11.97 | $0.09 | $(0.05 | ) | $0.04 | $(0.08 | ) | $ — | $(0.08 | ) | $11.93 | 0.37 | %b | $17,433 | 0.29 | %c | 0.10 | %c | 1.51 | %c | 9 | %b | ||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.22 | 0.20 | 0.98 | 1.18 | (0.26 | ) | (0.17 | ) | (0.43 | ) | 11.97 | 10.58 | 15,514 | 0.29 | 0.10 | 1.67 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.02 | 0.26 | 0.33 | 0.59 | (0.27 | ) | (0.12 | ) | (0.39 | ) | 11.22 | 5.53 | 8,234 | 0.36 | 0.10 | 2.37 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 11.96 | 0.09 | (0.04 | ) | 0.05 | (0.08 | ) | — | (0.08 | ) | 11.93 | 0.41 | b | 133 | 0.34 | c | 0.16 | c | 1.45 | c | 9 | b | ||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.22 | 0.19 | 0.98 | 1.17 | (0.26 | ) | (0.17 | ) | (0.43 | ) | 11.96 | 10.48 | 133 | 0.33 | 0.14 | 1.63 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.02 | 0.26 | 0.33 | 0.59 | (0.27 | ) | (0.12 | ) | (0.39 | ) | 11.22 | 5.47 | 110 | 0.41 | 0.15 | 2.31 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 11.98 | 0.08 | (0.04 | ) | 0.04 | (0.08 | ) | — | (0.08 | ) | 11.94 | 0.38 | b | 372 | 0.45 | c | 0.25 | c | 1.35 | c | 9 | b | ||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.23 | 0.18 | 0.98 | 1.16 | (0.24 | ) | (0.17 | ) | (0.41 | ) | 11.98 | 10.32 | 361 | 0.45 | 0.25 | 1.53 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.02 | 0.25 | 0.34 | 0.59 | (0.26 | ) | (0.12 | ) | (0.38 | ) | 11.23 | 5.47 | 313 | 0.52 | 0.25 | 2.15 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 11.96 | 0.08 | (0.05 | ) | 0.03 | (0.07 | ) | — | (0.07 | ) | 11.92 | 0.33 | b | 25,202 | 0.53 | c | 0.35 | c | 1.25 | c | 9 | b | ||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.21 | 0.17 | 0.98 | 1.15 | (0.23 | ) | (0.17 | ) | (0.40 | ) | 11.96 | 10.23 | 26,139 | 0.54 | 0.35 | 1.43 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.00 | 0.24 | 0.34 | 0.58 | (0.25 | ) | (0.12 | ) | (0.37 | ) | 11.21 | 5.35 | 19,742 | 0.60 | 0.35 | 2.11 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/21 | # | 11.96 | 0.07 | (0.04 | ) | 0.03 | (0.07 | ) | — | (0.07 | ) | 11.92 | 0.30 | b | 60,118 | 0.57 | c | 0.39 | c | 1.22 | c | 9 | b | ||||||||||||||||||||||||||||||||||
| 5/31/21 | 11.21 | 0.16 | 0.99 | 1.15 | (0.23 | ) | (0.17 | ) | (0.40 | ) | 11.96 | 10.21 | 58,046 | 0.57 | 0.38 | 1.40 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 11.01 | 0.23 | 0.33 | 0.56 | (0.24 | ) | (0.12 | ) | (0.36 | ) | 11.21 | 5.23 | 50,890 | 0.63 | 0.38 | 2.09 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| 44 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 45 |
| Financial highlights | continued |
| TIAA-CREF Lifestyle Funds |
| Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For
the period or year ended | Net
asset value, beginning of period | Net investment income (loss | )a | and
unrealized gain (loss on total investments | ) j | Total
gain (loss) from investment operations | Net investment income | Net realized gains | Total dividends and distributions | Net
asset value, end of period | Total return | Net
assets at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | Net investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||
| LIFESTYLE CONSERVATIVE FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $14.25 | $0.10 | $ — | $0.10 | $(0.09 | ) | $ — | $(0.09 | ) | $14.26 | 0.67 | %b | $64,282 | 0.16 | %c | 0.10 | %c | 1.42 | %c | 12 | %b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.57 | 0.22 | 2.11 | 2.33 | (0.32 | ) | (0.33 | ) | (0.65 | ) | 14.25 | 18.77 | 53,420 | 0.17 | 0.10 | 1.63 | 35 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.26 | 0.28 | 0.49 | 0.77 | (0.23 | ) | (0.23 | ) | (0.46 | ) | 12.57 | 6.44 | 34,603 | 0.19 | 0.10 | 2.25 | 29 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 14.25 | 0.09 | (0.01 | ) | 0.08 | (0.08 | ) | — | (0.08 | ) | 14.25 | 0.63 | b | 5,288 | 0.25 | c | 0.20 | c | 1.28 | c | 12 | b | ||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.57 | 0.21 | 2.10 | 2.31 | (0.30 | ) | (0.33 | ) | (0.63 | ) | 14.25 | 18.57 | 7,122 | 0.26 | 0.20 | 1.54 | 35 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.26 | 0.30 | 0.46 | 0.76 | (0.22 | ) | (0.23 | ) | (0.45 | ) | 12.57 | 6.33 | 6,559 | 0.29 | 0.20 | 2.45 | 29 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 14.26 | 0.09 | — | 0.09 | (0.08 | ) | — | (0.08 | ) | 14.27 | 0.67 | b | 777 | 0.31 | c | 0.25 | c | 1.26 | c | 12 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.58 | 0.20 | 2.11 | 2.31 | (0.30 | ) | (0.33 | ) | (0.63 | ) | 14.26 | 18.49 | 774 | 0.32 | 0.25 | 1.48 | 35 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.27 | 0.26 | 0.49 | 0.75 | (0.21 | ) | (0.23 | ) | (0.44 | ) | 12.58 | 6.27 | 665 | 0.35 | 0.25 | 2.05 | 29 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 14.23 | 0.08 | (0.01 | ) | 0.07 | (0.07 | ) | — | (0.07 | ) | 14.23 | 0.55 | b | 62,056 | 0.40 | c | 0.35 | c | 1.16 | c | 12 | b | ||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.55 | 0.19 | 2.10 | 2.29 | (0.28 | ) | (0.33 | ) | (0.61 | ) | 14.23 | 18.44 | 63,022 | 0.41 | 0.34 | 1.39 | 35 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.25 | 0.25 | 0.48 | 0.73 | (0.20 | ) | (0.23 | ) | (0.43 | ) | 12.55 | 6.11 | 46,255 | 0.43 | 0.33 | 1.98 | 29 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/21 | # | 14.22 | 0.08 | — | 0.08 | (0.07 | ) | — | (0.07 | ) | 14.23 | 0.54 | b | 250,920 | 0.42 | c | 0.37 | c | 1.14 | c | 12 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.55 | 0.18 | 2.10 | 2.28 | (0.28 | ) | (0.33 | ) | (0.61 | ) | 14.22 | 18.40 | 244,655 | 0.44 | 0.37 | 1.36 | 35 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.24 | 0.25 | 0.49 | 0.74 | (0.20 | ) | (0.23 | ) | (0.43 | ) | 12.55 | 6.16 | 206,100 | 0.45 | 0.37 | 1.99 | 29 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| 46 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 47 |
| 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 period or year ended | Net asset value, beginning of period | Net investment income (loss | )a | and unrealized gain (loss on total investments | ) j | Total gain (loss) from investment operations | Net investment income | Net realized gains | Total dividends and distributions | Net asset value, end of period | Total return | Net assets at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | Net investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||
| LIFESTYLE MODERATE FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $16.68 | $0.11 | $ 0.04 | $ 0.15 | $(0.08 | ) | $ — | $(0.08 | ) | $16.75 | 0.93 | %b | $90,893 | 0.13 | %c | 0.10 | %c | 1.33 | %c | 14 | %b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.84 | 0.25 | 3.47 | 3.72 | (0.38 | ) | (0.50 | ) | (0.88 | ) | 16.68 | 27.47 | 77,429 | 0.15 | 0.09 | 1.58 | 47 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.55 | 0.29 | 0.67 | 0.96 | (0.28 | ) | (0.39 | ) | (0.67 | ) | 13.84 | 7.23 | 52,090 | 0.16 | 0.10 | 2.10 | 31 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 16.67 | 0.10 | 0.05 | 0.15 | (0.08 | ) | — | (0.08 | ) | 16.74 | 0.88 | b | 13,213 | 0.21 | c | 0.18 | c | 1.23 | c | 14 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.84 | 0.23 | 3.47 | 3.70 | (0.37 | ) | (0.50 | ) | (0.87 | ) | 16.67 | 27.29 | 13,719 | 0.23 | 0.17 | 1.50 | 47 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.55 | 0.37 | 0.58 | 0.95 | (0.27 | ) | (0.39 | ) | (0.66 | ) | 13.84 | 7.12 | 12,977 | 0.26 | 0.20 | 2.64 | 31 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 16.72 | 0.10 | 0.03 | 0.13 | (0.07 | ) | — | (0.07 | ) | 16.78 | 0.85 | b | 692 | 0.29 | c | 0.25 | c | 1.17 | c | 14 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.87 | 0.23 | 3.48 | 3.71 | (0.36 | ) | (0.50 | ) | (0.86 | ) | 16.72 | 27.22 | 689 | 0.31 | 0.24 | 1.45 | 47 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.58 | 0.24 | 0.70 | 0.94 | (0.26 | ) | (0.39 | ) | (0.65 | ) | 13.87 | 7.03 | 557 | 0.32 | 0.25 | 1.72 | 31 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 16.65 | 0.09 | 0.04 | 0.13 | (0.06 | ) | — | (0.06 | ) | 16.72 | 0.80 | b | 127,220 | 0.38 | c | 0.35 | c | 1.07 | c | 14 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.82 | 0.21 | 3.47 | 3.68 | (0.35 | ) | (0.50 | ) | (0.85 | ) | 16.65 | 27.12 | 121,361 | 0.40 | 0.34 | 1.35 | 47 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.53 | 0.25 | 0.68 | 0.93 | (0.25 | ) | (0.39 | ) | (0.64 | ) | 13.82 | 6.95 | 93,587 | 0.41 | 0.35 | 1.81 | 31 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/21 | # | 16.64 | 0.09 | 0.04 | 0.13 | (0.06 | ) | — | (0.06 | ) | 16.71 | 0.79 | b | 413,072 | 0.40 | c | 0.37 | c | 1.05 | c | 14 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 13.82 | 0.20 | 3.46 | 3.66 | (0.34 | ) | (0.50 | ) | (0.84 | ) | 16.64 | 27.02 | 410,533 | 0.42 | 0.36 | 1.32 | 47 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 13.52 | 0.27 | 0.67 | 0.94 | (0.25 | ) | (0.39 | ) | (0.64 | ) | 13.82 | 7.01 | 330,823 | 0.43 | 0.37 | 1.95 | 31 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| 48 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 49 |
| 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 period or year ended | Net asset value, beginning of period | Net investment income (loss | )a | and unrealized gain (loss on total investments | ) j | Total gain (loss) from investment operations | Net investment income | Net realized gains | Total dividends and distributions | Net asset value, end of period | Total return | Net assets at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | Net investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||
| LIFESTYLE GROWTH FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $18.98 | $0.10 | $0.07 | $0.17 | $ — | $ — | $ — | $19.15 | 0.90 | %b | $51,978 | 0.15 | %c | 0.09 | %c | 1.03 | %c | 19 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 14.87 | 0.23 | 4.99 | 5.22 | (0.41 | ) | (0.70 | ) | (1.11 | ) | 18.98 | 35.87 | 48,422 | 0.18 | 0.09 | 1.34 | 54 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 14.66 | 0.28 | 0.78 | 1.06 | (0.28 | ) | (0.57 | ) | (0.85 | ) | 14.87 | 7.18 | 33,985 | 0.21 | 0.10 | 1.87 | 35 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 18.96 | 0.09 | 0.08 | 0.17 | — | — | — | 19.13 | 0.90 | b | 6,841 | 0.23 | c | 0.17 | c | 0.93 | c | 19 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 14.86 | 0.22 | 4.98 | 5.20 | (0.40 | ) | (0.70 | ) | (1.10 | ) | 18.96 | 35.72 | 7,976 | 0.26 | 0.17 | 1.28 | 54 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 14.65 | 0.38 | 0.66 | 1.04 | (0.26 | ) | (0.57 | ) | (0.83 | ) | 14.86 | 7.03 | 8,870 | 0.30 | 0.20 | 2.57 | 35 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 18.97 | 0.09 | 0.07 | 0.16 | — | — | — | 19.13 | 0.84 | b | 2,019 | 0.31 | c | 0.24 | c | 0.88 | c | 19 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 14.87 | 0.20 | 4.99 | 5.19 | (0.39 | ) | (0.70 | ) | (1.09 | ) | 18.97 | 35.62 | 2,022 | 0.33 | 0.24 | 1.18 | 54 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 14.65 | 0.25 | 0.79 | 1.04 | (0.25 | ) | (0.57 | ) | (0.82 | ) | 14.87 | 7.02 | 1,356 | 0.36 | 0.25 | 1.64 | 35 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 18.90 | 0.08 | 0.07 | 0.15 | — | — | — | 19.05 | 0.85 | b | 62,433 | 0.40 | c | 0.34 | c | 0.79 | c | 19 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 14.81 | 0.18 | 4.98 | 5.16 | (0.37 | ) | (0.70 | ) | (1.07 | ) | 18.90 | 35.51 | 59,232 | 0.43 | 0.34 | 1.07 | 54 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 14.60 | 0.23 | 0.78 | 1.01 | (0.23 | ) | (0.57 | ) | (0.80 | ) | 14.81 | 6.87 | 42,326 | 0.45 | 0.35 | 1.55 | 35 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/21 | # | 18.87 | 0.07 | 0.07 | 0.14 | — | — | — | 19.01 | 0.80 | b | 217,052 | 0.43 | c | 0.37 | c | 0.76 | c | 19 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 14.79 | 0.18 | 4.97 | 5.15 | (0.37 | ) | (0.70 | ) | (1.07 | ) | 18.87 | 35.45 | 212,617 | 0.46 | 0.37 | 1.05 | 54 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 14.58 | 0.27 | 0.74 | 1.01 | (0.23 | ) | (0.57 | ) | (0.80 | ) | 14.79 | 6.85 | 162,347 | 0.48 | 0.38 | 1.79 | 35 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| 50 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 51 |
| 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 period or year ended | Net asset value, beginning of period | Net investment income (loss | )a | and unrealized gain (loss on total investments | ) j | Total gain (loss) from investment operations | Net investment income | Net realized gains | Total dividends and distributions | Net asset value, end of period | Total return | Net assets at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | Net investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||
| LIFESTYLE AGGRESSIVE GROWTH FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $21.32 | $0.08 | $ 0.11 | $ 0.19 | $ — | $ — | $ — | $21.51 | 0.94 | %b | $52,716 | 0.18 | %c | 0.05 | %c | 0.77 | %c | 23 | %b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.55 | 0.20 | 6.64 | 6.84 | (0.50 | ) | (0.57 | ) | (1.07 | ) | 21.32 | 44.79 | 45,923 | 0.21 | 0.08 | 1.08 | 56 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.40 | 0.25 | 0.87 | 1.12 | (0.17 | ) | (0.80 | ) | (0.97 | ) | 15.55 | 7.14 | 26,474 | 0.25 | 0.10 | 1.56 | 33 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Advisor Class: | 11/30/21 | # | 21.32 | 0.07 | 0.11 | 0.18 | — | — | — | 21.50 | 0.89 | b | 9,051 | 0.27 | c | 0.14 | c | 0.67 | c | 23 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.55 | 0.18 | 6.64 | 6.82 | (0.48 | ) | (0.57 | ) | (1.05 | ) | 21.32 | 44.68 | 9,163 | 0.30 | 0.18 | 0.98 | 56 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.40 | 0.37 | 0.72 | 1.09 | (0.14 | ) | (0.80 | ) | (0.94 | ) | 15.55 | 7.01 | 7,051 | 0.33 | 0.19 | 2.39 | 33 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Premier Class: | 11/30/21 | # | 21.37 | 0.07 | 0.11 | 0.18 | — | — | — | 21.55 | 0.89 | b | 431 | 0.34 | c | 0.22 | c | 0.61 | c | 23 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.59 | 0.18 | 6.64 | 6.82 | (0.47 | ) | (0.57 | ) | (1.04 | ) | 21.37 | 44.54 | 427 | 0.37 | 0.23 | 0.95 | 56 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.43 | 0.03 | 1.06 | 1.09 | (0.13 | ) | (0.80 | ) | (0.93 | ) | 15.59 | 7.00 | 313 | 0.39 | 0.25 | 0.17 | 33 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 21.23 | 0.06 | 0.10 | 0.16 | — | — | — | 21.39 | 0.80 | b | 67,415 | 0.43 | c | 0.30 | c | 0.52 | c | 23 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.49 | 0.15 | 6.62 | 6.77 | (0.46 | ) | (0.57 | ) | (1.03 | ) | 21.23 | 44.47 | 65,640 | 0.45 | 0.33 | 0.82 | 56 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.35 | 0.20 | 0.87 | 1.07 | (0.13 | ) | (0.80 | ) | (0.93 | ) | 15.49 | 6.85 | 42,644 | 0.49 | 0.35 | 1.29 | 33 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/21 | # | 21.19 | 0.05 | 0.11 | 0.16 | — | — | — | 21.35 | 0.80 | b | 122,430 | 0.47 | c | 0.35 | c | 0.48 | c | 23 | b | |||||||||||||||||||||||||||||||||||||
| 5/31/21 | 15.46 | 0.14 | 6.61 | 6.75 | (0.45 | ) | (0.57 | ) | (1.02 | ) | 21.19 | 44.41 | 117,922 | 0.50 | 0.38 | 0.78 | 56 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 15.33 | 0.24 | 0.82 | 1.06 | (0.13 | ) | (0.80 | ) | (0.93 | ) | 15.46 | 6.80 | 83,795 | 0.54 | 0.40 | 1.56 | 33 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| # | Unaudited |
| a | Based on average shares outstanding. |
| b | The percentages shown for this period are not annualized. |
| c | The percentages shown for this period are annualized. |
| e | The Fund’s expenses do not include the expenses of the Underlying Funds. |
| j | Short-term 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. |
| 52 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 53 |
Notes to financial statements (unaudited)
TIAA-CREF Lifestyle Funds
Note 1—organization
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 (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.
The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
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 Institutional Class, Advisor Class, Premier Class, Retirement Class and Retail Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
Note 2—significant accounting policies
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.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
| 54 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Multiclass operations and allocations: 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 are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
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. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 55 |
Notes to financial statements (unaudited)
2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
Note 3—valuation of investments
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| • | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| • | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
| • | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
As of November 30, 2021, all of the investments in the Funds were valued based on Level 1 inputs.
| 56 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
Note 4—investments
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2021 were as follows:
| Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||||
| Lifestyle Income | $ | 12,252 | $ | 8,632 | ||||||
| Lifestyle Conservative | 57,362 | 43,062 | ||||||||
| Lifestyle Moderate | 107,756 | 87,715 | ||||||||
| Lifestyle Growth | 69,425 | 60,740 | ||||||||
| Lifestyle Aggressive Growth | 66,061 | 54,275 | ||||||||
Note 5—income tax and other tax matters
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.
Net unrealized appreciation (depreciation): At November 30, 2021, 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):
| Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
| Lifestyle Income | $ | 98,556 | $ | 5,641 | $ | (1,015 | ) | $ | 4,626 | |||||||
| Lifestyle Conservative | 349,680 | 37,143 | (4,282 | ) | 32,861 | |||||||||||
| Lifestyle Moderate | 561,749 | 90,322 | (7,635 | ) | 82,687 | |||||||||||
| Lifestyle Growth | 286,606 | 57,987 | (4,816 | ) | 53,171 | |||||||||||
| Lifestyle Aggressive Growth | 206,423 | 48,998 | (3,604 | ) | 45,394 | |||||||||||
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 57 |
Notes to financial statements (unaudited)
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.
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended May 31, 2021 was as follows:
| Fund | Ordinary income | Long-term capital gains | Total | |||||||||
| Lifestyle Income | $ | 1,752,910 | $ | 1,296,958 | $ | 3,049,868 | ||||||
| Lifestyle Conservative | 6,911,296 | 7,861,440 | 14,772,736 | |||||||||
| Lifestyle Moderate | 12,508,904 | 17,788,980 | 30,297,884 | |||||||||
| Lifestyle Growth | 6,110,621 | 11,324,213 | 17,434,834 | |||||||||
| Lifestyle Aggressive Growth | 4,718,204 | 5,814,854 | 10,533,058 | |||||||||
The tax character of the fiscal year 2022 distributions will be determined at the end of the fiscal year.
Note 6—investment adviser and other transactions with 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 Retail Class of each Fund compensates Nuveen Securities 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. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages.
| 58 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
As of November 30, 2021, the maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:
| Investment | Maximum expense amounts‡ | |||||||||||||||||||||||
| Fund | management fee — effective rate | Institutional Class | Advisor Class | Premier Class | Retirement Class | Retail Class | ||||||||||||||||||
| Lifestyle Income | 0.100 | % | 0.100 | % | 0.250 | % | 0.250 | % | 0.350 | % | 0.490 | % | ||||||||||||
| Lifestyle Conservative | 0.100 | 0.100 | 0.250 | 0.250 | 0.350 | 0.490 | ||||||||||||||||||
| Lifestyle Moderate | 0.100 | 0.100 | 0.250 | 0.250 | 0.350 | 0.490 | ||||||||||||||||||
| Lifestyle Growth | 0.100 | 0.700 | a | 0.250 | 0.250 | 0.350 | 0.490 | |||||||||||||||||
| Lifestyle Aggressive Growth | 0.100 | 0.020 | b | 0.250 | 0.250 | 0.350 | 0.490 | |||||||||||||||||
| ‡ | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least September 30, 2022. The reimbursement arrangements can only be changed with the approval of the Board of Trustees. |
| a | Effective October 1, 2021, Advisors agreed to voluntarily waive a portion of the expense cap for the Lifestyle Growth Fund Institutional Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to October 1, 2021, the expense cap was 0.100% for Institutional Class. |
| b | Effective October 1, 2021, Advisors agreed to voluntarily waive a portion of the expense cap for the Lifestyle Aggressive Growth Fund Institutional Class. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to October 1, 2021, the expense cap was 0.070% for Institutional Class. |
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended November 30, 2021, the Funds did not engage in security transactions with affiliated entities.
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 59 |
Notes to financial statements (unaudited)
Investments in other investment companies advised by Advisors and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. The Fund invests its assets in the Institutional Class shares of the affiliated TIAA-CREF Funds, the affiliated Nuveen Growth Opportunities ETF and Class R6 shares of the affiliated Nuveen Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifestyle Income Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 1,974 | $ | 264 | $ | 390 | $ | 31 | $ | 11 | $ | 63 | $ | 1,890 | ||||||||||||||
| Dividend Value | 2,218 | 152 | 404 | 71 | (126 | ) | 15 | 1,911 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 2,203 | — | — | (1 | ) | — | 2,202 | ||||||||||||||||||||
| International Growth | 1,306 | 442 | 111 | 2 | (120 | ) | — | 1,519 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 19,971 | 1,624 | 758 | (18 | ) | (65 | ) | 196 | 20,754 | |||||||||||||||||||
| Core Plus Bond | 19,971 | 1,617 | 752 | (8 | ) | (74 | ) | 239 | 20,754 | |||||||||||||||||||
| Emerging Markets Equity | 803 | 379 | 101 | (7 | ) | (183 | ) | — | 891 | |||||||||||||||||||
| Growth & Income | 1,977 | 92 | 338 | 99 | 51 | 6 | 1,881 | |||||||||||||||||||||
| International Equity | 1,818 | 582 | 170 | 35 | (117 | ) | — | 2,148 | ||||||||||||||||||||
| International Opportunities | 1,302 | 411 | 149 | 33 | (80 | ) | — | 1,517 | ||||||||||||||||||||
| Large-Cap Growth | 2,142 | 244 | 308 | 50 | 85 | — | 2,213 | |||||||||||||||||||||
| Large-Cap Growth Index | 2,137 | 95 | 2,570 | 586 | (248 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 2,216 | 80 | 394 | 101 | (95 | ) | — | 1,908 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 862 | 263 | 46 | 3 | (50 | ) | — | 1,032 | ||||||||||||||||||||
| Quant Small-Cap Equity | 626 | 51 | 130 | 37 | (36 | ) | — | 548 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 717 | 46 | 144 | 38 | (18 | ) | — | 639 | ||||||||||||||||||||
| Short-Term Bond | 39,931 | 3,707 | 1,868 | (8 | ) | (387 | ) | 306 | 41,375 | |||||||||||||||||||
| $ | 99,971 | $ | 12,252 | $ | 8,633 | $ | 1,045 | $ | (1,453 | ) | $ | 825 | $ | 103,182 | ||||||||||||||
| 60 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifestyle Conservative Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 14,587 | $ | 1,518 | $ | 2,354 | $ | 192 | $ | 117 | $ | 471 | $ | 14,060 | ||||||||||||||
| Dividend Value | 16,358 | 998 | 2,715 | 268 | (684 | ) | 114 | 14,225 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 16,555 | 63 | (2 | ) | (19 | ) | — | 16,471 | |||||||||||||||||||
| International Growth | 9,657 | 3,126 | 645 | 5 | (897 | ) | — | 11,246 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Bond | 36,762 | 3,311 | 1,274 | (36 | ) | (123 | ) | 364 | 38,640 | |||||||||||||||||||
| Core Plus Bond | 110,287 | 9,608 | 3,531 | (54 | ) | (410 | ) | 1,335 | 115,900 | |||||||||||||||||||
| Emerging Markets Equity | 5,884 | 2,497 | 375 | (14 | ) | (1,404 | ) | — | 6,588 | |||||||||||||||||||
| Growth & Income | 14,536 | 643 | 2,287 | 757 | 358 | 47 | 14,007 | |||||||||||||||||||||
| International Equity | 13,352 | 3,897 | 715 | 145 | (771 | ) | — | 15,908 | ||||||||||||||||||||
| International Opportunities | 9,655 | 2,843 | 890 | 187 | (553 | ) | — | 11,242 | ||||||||||||||||||||
| Large-Cap Growth | 15,777 | 1,457 | 1,754 | 283 | 705 | — | 16,468 | |||||||||||||||||||||
| Large-Cap Growth Index | 15,748 | 443 | 18,703 | 4,320 | (1,808 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 16,288 | 495 | 2,584 | 665 | (625 | ) | — | 14,239 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 6,315 | 1,800 | 129 | 7 | (362 | ) | — | 7,631 | ||||||||||||||||||||
| Quant Small-Cap Equity | 4,606 | 297 | 836 | 249 | (243 | ) | — | 4,073 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 5,278 | 140 | 810 | 252 | (107 | ) | — | 4,753 | ||||||||||||||||||||
| Short-Term Bond | 73,487 | 7,734 | 3,397 | (20 | ) | (714 | ) | 570 | 77,090 | |||||||||||||||||||
| $ | 368,577 | $ | 57,362 | $ | 43,062 | $ | 7,204 | $ | (7,540 | ) | $ | 2,901 | $ | 382,541 | ||||||||||||||
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 61 |
Notes to financial statements (unaudited)
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifestyle Moderate Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 36,728 | $ | 3,561 | $ | 5,116 | $ | 405 | $ | 334 | $ | 1,192 | $ | 35,912 | ||||||||||||||
| Dividend Value | 41,377 | 1,335 | 5,432 | 335 | (1,425 | ) | 288 | 36,190 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 41,944 | 138 | (5 | ) | (56 | ) | — | 41,745 | |||||||||||||||||||
| International Growth | 24,379 | 6,906 | 698 | 11 | (2,275 | ) | — | 28,323 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Plus Bond | 248,274 | 24,085 | 9,788 | (139 | ) | (914 | ) | 3,005 | 261,518 | |||||||||||||||||||
| Emerging Markets Equity | 14,934 | 6,286 | 920 | (60 | ) | (3,547 | ) | — | 16,693 | |||||||||||||||||||
| Growth & Income | 36,924 | 268 | 4,211 | 1,393 | 1,364 | 120 | 35,738 | |||||||||||||||||||||
| International Equity | 33,994 | 8,938 | 1,017 | 270 | (1,873 | ) | — | 40,312 | ||||||||||||||||||||
| International Opportunities | 24,339 | 6,275 | 1,168 | 346 | (1,293 | ) | — | 28,499 | ||||||||||||||||||||
| Large-Cap Growth | 40,021 | 2,305 | 3,417 | 691 | 1,799 | — | 41,399 | |||||||||||||||||||||
| Large-Cap Growth Index | 39,877 | 440 | 46,628 | 10,855 | (4,544 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 41,367 | 415 | 5,706 | 1,409 | (1,326 | ) | — | 36,159 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 15,984 | 4,412 | 182 | (2 | ) | (901 | ) | — | 19,311 | |||||||||||||||||||
| Quant Small-Cap Equity | 11,656 | 380 | 1,592 | 488 | (496 | ) | — | 10,436 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 13,363 | 206 | 1,705 | 518 | (181 | ) | — | 12,201 | ||||||||||||||||||||
| $ | 623,217 | $ | 107,756 | $ | 87,718 | $ | 16,515 | $ | (15,334 | ) | $ | 4,605 | $ | 644,436 | ||||||||||||||
| Lifestyle Growth Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 25,886 | $ | 2,471 | $ | 3,547 | $ | 234 | $ | 262 | $ | 845 | $ | 25,306 | ||||||||||||||
| Dividend Value | 29,175 | 1,221 | 4,024 | 178 | (972 | ) | 202 | 25,578 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 29,637 | 107 | (4 | ) | (50 | ) | — | 29,476 | |||||||||||||||||||
| International Growth | 17,207 | 5,200 | 754 | 21 | (1,627 | ) | — | 20,047 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Plus Bond | 65,636 | 7,689 | 3,763 | (62 | ) | (216 | ) | 792 | 69,284 | |||||||||||||||||||
| Emerging Markets Equity | 10,546 | 4,563 | 782 | (18 | ) | (2,519 | ) | — | 11,790 | |||||||||||||||||||
| Growth & Income | 26,016 | 419 | 3,217 | 1,009 | 921 | 85 | 25,148 | |||||||||||||||||||||
| International Equity | 23,986 | 6,416 | 752 | 174 | (1,331 | ) | — | 28,493 | ||||||||||||||||||||
| International Opportunities | 17,172 | 4,689 | 1,056 | 287 | (961 | ) | — | 20,131 | ||||||||||||||||||||
| Large-Cap Growth | 28,192 | 1,655 | 2,199 | 285 | 1,435 | — | 29,368 | |||||||||||||||||||||
| Large-Cap Growth Index | 28,143 | 508 | 33,086 | 7,566 | (3,131 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 29,167 | 786 | 4,410 | 863 | (834 | ) | — | 25,572 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 11,230 | 3,330 | 253 | (2 | ) | (647 | ) | — | 13,658 | |||||||||||||||||||
| Quant Small-Cap Equity | 8,213 | 552 | 1,420 | 389 | (396 | ) | — | 7,338 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 9,432 | 289 | 1,371 | 382 | (144 | ) | — | 8,588 | ||||||||||||||||||||
| $ | 330,001 | $ | 69,425 | $ | 60,741 | $ | 11,302 | $ | (10,210 | ) | $ | 1,924 | $ | 339,777 | ||||||||||||||
| 62 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
| Issue | Value at 5/31/21 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Lifestyle Aggressive Growth Fund | ||||||||||||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 23,459 | $ | 2,668 | $ | 3,035 | $ | 59 | $ | 383 | $ | 788 | $ | 23,534 | ||||||||||||||
| Dividend Value | 26,380 | 1,531 | 3,387 | 90 | (821 | ) | 187 | 23,793 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 27,705 | 167 | (6 | ) | (45 | ) | — | 27,487 | |||||||||||||||||||
| International Growth | 15,519 | 5,017 | 412 | 8 | (1,515 | ) | — | 18,617 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Emerging Markets Equity | 9,548 | 4,293 | 500 | 1 | (2,368 | ) | — | 10,974 | ||||||||||||||||||||
| Growth & Income | 23,527 | 992 | 2,756 | 542 | 1,217 | 78 | 23,522 | |||||||||||||||||||||
| International Equity | 21,647 | 6,570 | 611 | 165 | (1,242 | ) | — | 26,529 | ||||||||||||||||||||
| International Opportunities | 15,511 | 4,259 | 499 | 155 | (805 | ) | — | 18,621 | ||||||||||||||||||||
| Large-Cap Growth | 25,482 | 2,612 | 2,245 | 72 | 1,459 | — | 27,380 | |||||||||||||||||||||
| Large-Cap Growth Index | 25,426 | 1,163 | 30,639 | 6,734 | (2,684 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 26,333 | 906 | 3,422 | 558 | (536 | ) | — | 23,839 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 10,197 | 3,160 | 49 | - | ^ | (609 | ) | — | 12,699 | |||||||||||||||||||
| Quant Small-Cap Equity | 7,422 | 595 | 1,201 | 208 | (214 | ) | — | 6,810 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 8,540 | 377 | 1,121 | 279 | (63 | ) | — | 8,012 | ||||||||||||||||||||
| $ | 238,991 | $ | 61,848 | $ | 50,044 | $ | 8,865 | $ | (7,843 | ) | $ | 1,053 | $ | 251,817 | ||||||||||||||
| ^ | Some amounts represent less than $1,000. |
Note 7—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, 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 period ended November 30, 2021, there were no inter-fund borrowing or lending transactions.
Note 8—line of credit
The Funds participate in a $1 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 July 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021. 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
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 63 |
| Notes to financial statements (unaudited) | concluded |
basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2021, there were no borrowings under this credit facility by the Funds.
| 64 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
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 Indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, nor guarantees the accuracy or completeness of any information herein, nor 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.
During the reporting period, “Bloomberg Barclays” fixed-income indices were rebranded as “Bloomberg” indices. This change affects all Bloomberg fixed-income indices.
| TIAA-CREF Lifestyle Funds ■ 2021 Semiannual Report | 65 |
| Additional information about index providers (unaudited) | concluded |
Morningstar Index
©2022 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.
| 66 | 2021 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
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
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. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
©2022 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
 |
730 Third Avenue New York, NY 10017-3206 |
PRESORTED STANDARD U.S. POSTAGE PAID TIAA |
 |
Printed on paper containing recycled fiber |
 |
We’re fond of paper…in its original form.
Switch to eDelivery at
TIAA.org/eDelivery |
| 2007009 | A13443 (1/22) |
 |
730 Third Avenue |
 |
Printed on paper containing recycled fiber |
| 2007009 | A13443 (1/22) |
|
730 Third Avenue |
| 2007009 | A13443 (1/22) |
 |
TIAA-CREF Funds |
November 30, 2021 |
TIAA-CREF
Managed Allocation Fund
The semiannual report contains the financial statements (unaudited).
| Fund name | Institutional Class |
Retirement Class |
Retail Class |
| Managed Allocation Fund | TIMIX | TITRX | TIMRX |
Semiannual
Report
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 not be sent to you 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.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either (1) 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 (2) 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 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 receive 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 Fund’s benchmarks | 7 |
| Important information about expenses | 8 |
| Fund performance | |
| Managed Allocation Fund | 10 |
| Portfolio of investments | 13 |
| Financial statements (unaudited) | |
| Statement of assets and liabilities | 14 |
| Statement of operations | 15 |
| Statements of changes in net assets | 16 |
| Financial highlights | 18 |
| Notes to financial statements | 20 |
| Additional information about index providers | 27 |
| How to reach us | Inside back cover |
This semiannual report contains information about the Managed Allocation Fund and describes the Fund’s results for the six months ended November 30, 2021. The report contains four main sections:
| • | A letter from Brad Finkle, President of the TIAA-CREF Fund Complex. |
| • | 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 funds in which the Fund had investments as of November 30, 2021. |
| • | The financial statements provide detailed information about the operations and financial condition of the Fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in the 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 websites at TIAA.org or nuveen.com, 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 ■ 2021 Semiannual Report | 3 |
Global financial markets generated mixed results for the six months ended November 30, 2021, as the economic implications of COVID-19 and subsequent variant strains differed among countries. U.S. equities advanced amid continued economic expansion during the period. However, foreign stocks posted losses, with emerging markets declining more than international developed markets. U.S. fixed-income securities rose modestly as U.S. Treasury yields fell across longer-term maturities (bond prices move in the opposite direction of yields). 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 funds.
| • | The Fund’s Institutional Class gained 1.0%, trailing the 2.4% return of its composite benchmark. |
| • | Relative underperformance of the Fund’s underlying funds, across asset classes, detracted from its return. |
| • | This result continued to support the solid performance of the TIAA-CREF Managed Allocation Fund over longer periods of time. |
U.S. and international stocks posted mixed results
U.S. equities advanced for the six months as the economy continued to expand. However, business activity slowed late in the period as supply-chain bottlenecks limited the delivery of certain products, and companies struggled to hire more workers. The broad domestic stock market, as represented by the Russell 3000® Index, advanced 7.6%. The Fed maintained short-term interest rates at historically low levels but in November began reducing the pace of its bond-buying program designed to support the economy and credit markets.
International stocks trailed their U.S. counterparts. 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 27 emerging-markets countries, returned –5.5% in U.S.-dollar terms. The economy of the 19-nation euro area returned to moderate growth in the second and third quarters of 2021. However, China’s economic growth decelerated year-over-year during the same period.
U.S. investment-grade bonds posted modest gains as U.S. Treasury yields declined across longer-term maturities. The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 1.0% for the period.
| 4 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Brad Finkle
Reflecting on the past, preparing for the future
After posting strong returns in 2019 and 2020, the U.S. stock market is currently on track to register a third consecutive positive year. There is an old adage in investing that states, “A bull market climbs a wall of worry,” meaning that investors tend to get nervous when markets continue to rise. At the end of every year, as we reflect on our financial progress and consider our future goals, it’s natural to wonder where the markets are headed and how we should position our portfolios.
As investment professionals, we have looked over the history of market fluctuations and have forged a primary belief that adhering to a long-term financial plan and staying invested in a diversified portfolio that includes multiple asset classes are wise approaches in dealing with the ever-present factors of risk and uncertainty. The TIAA-CREF Managed Allocation Fund uses a dynamic diversification strategy designed to help mitigate the effects of market volatility and keep you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.
We thank you again for trusting us to manage your investments through the TIAA-CREF Managed Allocation Fund. If you have any questions or concerns, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. You can also reach us online by visiting TIAA.org. We always stand ready to assist you.
/s/ Brad Finkle
Brad Finkle
President of the TIAA-CREF Fund Complex
| TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 5 |
Portfolio holdings
The complete portfolio of investments for the Managed Allocation Fund appears on page 13 of this report. You can obtain a complete list of the holdings of the Managed Allocation Fund and of the underlying TIAA-CREF Funds in which the Managed Allocation Fund invests as of the most recently completed fiscal quarter in the following ways:
| • | By visiting our websites at TIAA.org or nuveen.com; 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 filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT 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 TIAA-CREF 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 TIAA-CREF 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 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Composite benchmark
The Managed Allocation Fund uses a composite benchmark that combines the following public indexes in proportions that reflect the Fund’s target market sector allocations:
| • | The Russell 3000® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. |
| • | The MSCI ACWI ex USA Investable Market Index (IMI) (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 27 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 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 indexes 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.
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.
| TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 7 |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense example that appears in 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 (June 1, 2021–November 30, 2021).
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.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
| 8 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Important information about expenses
Expense example
Six months ended November 30, 2021
| Managed Allocation Fund | Beginning account value (6/1/21 | ) | Ending account value (11/30/21 | ) | Expenses
paid during period (6/1/21–11/30/21 | * ) | Effective expenses paid during period (6/1/21–11/30/21 | † ) | ||||||||
| Actual return | ||||||||||||||||
| Institutional Class | $ | 1,000.00 | $ | 1,009.77 | $ | 0.00 | $ | 2.02 | ||||||||
| Retirement Class | 1,000.00 | 1,008.51 | 1.26 | 3.27 | ||||||||||||
| Retail Class | 1,000.00 | 1,008.47 | 1.26 | 3.27 | ||||||||||||
| 5% annual hypothetical return | ||||||||||||||||
| Institutional Class | 1,000.00 | 1,025.07 | 0.00 | 2.03 | ||||||||||||
| Retirement Class | 1,000.00 | 1,023.82 | 1.27 | 3.29 | ||||||||||||
| Retail Class | 1,000.00 | 1,023.82 | 1.27 | 3.29 | ||||||||||||
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2021. 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 0.40% for the Institutional Class, 0.65% for the Retirement Class and 0.65% for the Retail Class. |
| TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 9 |
Performance for the six months ended November 30, 2021
The Managed Allocation Fund returned 0.98% for the Institutional Class, compared with the 2.37% return of its benchmark, the Managed Allocation Fund Composite Index. For the one-year period ended November 30, 2021, the Fund returned 10.97%, versus 11.68% for the index. The performance table shows returns for all share classes of the Fund.
Growing economy lifted U.S. stocks higher
The U.S. economy grew at a solid pace during the period, though concerns over new COVID-19 variants and supply-chain bottlenecks contributed to a decelerating rate of expansion. 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 6.7% during the second quarter of 2021 but slowed to 2.1% in the third quarter, according to the government’s “second” estimate. The unemployment rate declined every month during the period, falling to 4.2% in November. Core inflation, which includes all items except food and energy, rose 4.9% over the twelve months ended in November. Oil prices rose to nearly $86 per barrel before falling back to $66 by the end of the period.
The Federal Reserve left the federal funds target rate unchanged over the six-month period, keeping the key short-term interest-rate measure at 0.00%–0.25%.
Domestic and foreign stocks produced mixed results for the period. The Russell 3000® Index, a broad measure of the U.S. stock market, gained 7.62%. 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 27 emerging-markets countries, returned –5.52% in U.S.-dollar terms.
U.S. investment-grade bond performance was influenced by rising yields among short-term bonds and declining yields on those with longer maturities (bond prices move in the opposite direction of yields). The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, advanced 1.02%.
| 10 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
U.S equity funds posted largest returns
The Managed Allocation Fund may invest in up to three sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks) and fixed income. The Fund does this by investing in various underlying funds that, in turn, buy stocks, bonds and other securities in these market sectors. (Other than the Nuveen Dividend Growth Fund—formerly the Nuveen Santa Barbara Dividend Growth Fund—the Nuveen Dividend Value Fund and the Nuveen International Growth Fund, all funds mentioned below are TIAA-CREF Funds.)
For the six months, the domestic equity sector generally recorded positive results that contributed most to the Fund’s absolute return—that is, without regard to the performance of its composite benchmark. Within the U.S. equity category, the Large-Cap Growth Index Fund and the Growth & Income Fund posted the largest gains. Among foreign stock funds, all experienced losses, with the Emerging Markets Equity Fund declining the most. Within fixed income, the Core Plus Bond Fund produced a modest gain. (All fund returns are for the Institutional Class.)
Stock and U.S. bond funds hurt relative performance
For the six months, the Fund underperformed its composite benchmark primarily due to the relative weakness of underlying funds investing in equities and fixed income.
Within U.S. equities, the Large-Cap Growth Fund was the largest detractor from relative performance. The Nuveen Dividend Growth Fund and the Nuveen Dividend Value Fund also hindered the Fund’s relative performance. In contrast, the Quant Small/Mid-Cap Equity Fund, the Quant Small-Cap Equity Fund and the Large-Cap Value Fund contributed most to relative performance.
In the foreign stock category, the Emerging Markets Equity Fund detracted most from the Fund’s relative performance, followed by the Nuveen International Growth Fund. However, these negative effects were partly offset by the relative outperformance of the International Opportunities Fund.
In the fixed-income sector, the Core Plus Bond Fund also hurt the Fund’s relative performance. (Performance of the Managed Allocation Fund’s underlying TIAA-CREF Funds can be found at TIAA.org/performance.)
| TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 11 |
Managed Allocation Fund
Performance as of November 30, 2021
| Managed Allocation Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
| Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
| Institutional Class | 3/31/06 | 0.98 | % | 10.97 | % | 10.47 | % | 9.49 | % | 0.47 | % | 0.45 | % | |||||||||||||
| Retirement Class | 3/31/06 | 0.85 | 10.70 | 10.21 | 9.22 | 0.72 | 0.70 | |||||||||||||||||||
| Retail Class | 3/31/06 | 0.85 | 10.73 | 10.19 | 9.22 | 0.76 | 0.70 | |||||||||||||||||||
| Managed Allocation Fund Composite Index‡ | — | 2.37 | 11.68 | 10.66 | 9.32 | — | — | |||||||||||||||||||
| Broad market index | ||||||||||||||||||||||||||
| Morningstar Moderate Target Risk Index | — | 0.58 | 10.46 | 9.75 | 8.50 | — | — | |||||||||||||||||||
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 reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| ‡ | As of the close of business on November 30, 2021, the Managed Allocation Fund Composite Index consisted of: 39.0% Russell 3000® Index; 40.0% Bloomberg U.S. Aggregate Bond Index; and 21.0% 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. |
Asset allocation
| % of net assets as of 11/30/21 | ||
| Equity | ||
| U.S. equity | 38.76 | |
| International equity | 20.61 | |
| Fixed income | 40.56 | |
| Other assets & liabilities, net | 0.07 | |
| Total | 100.00 |
Target allocation
| 12 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Portfolio of investments (unaudited)
Managed Allocation Fund ■ November 30, 2021
| Shares | Security | Value | % of net assets | |||||||||||
| AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
| FIXED INCOME—40.5% | ||||||||||||||
| 38,139,909 | TIAA-CREF Core Plus Bond Fund | $ | 414,580,814 | 40.5 | % | |||||||||
| TOTAL FIXED INCOME | 414,580,814 | 40.5 | ||||||||||||
| INTERNATIONAL EQUITY—20.6% | ||||||||||||||
| 822,782 | Nuveen International Growth Fund | 44,726,418 | 4.4 | |||||||||||
| 2,370,904 | TIAA-CREF Emerging Markets Equity Fund | 26,459,290 | 2.6 | |||||||||||
| 4,601,745 | TIAA-CREF International Equity Fund | 64,010,279 | 6.2 | |||||||||||
| 2,416,843 | TIAA-CREF International Opportunities Fund | 44,880,780 | 4.4 | |||||||||||
| 2,609,801 | TIAA-CREF Quant International Small-Cap Equity Fund | 30,639,063 | 3.0 | |||||||||||
| TOTAL INTERNATIONAL EQUITY | 210,715,830 | 20.6 | ||||||||||||
| U.S. EQUITY—38.8% | ||||||||||||||
| 1,057,731 | Nuveen Dividend Growth Fund | 56,789,563 | 5.6 | |||||||||||
| 3,639,920 | Nuveen Dividend Value Fund | 57,510,736 | 5.6 | |||||||||||
| 2,557,806 | Nuveen Growth Opportunities ETF | 66,221,597 | 6.5 | |||||||||||
| 2,858,238 | TIAA-CREF Growth & Income Fund | 56,764,608 | 5.6 | |||||||||||
| 2,515,644 | TIAA-CREF Large-Cap Growth Fund | 65,733,765 | 6.4 | |||||||||||
| 2,574,623 | TIAA-CREF Large-Cap Value Fund | 57,517,088 | 5.6 | |||||||||||
| 734,714 | TIAA-CREF Quant Small-Cap Equity Fund | 16,413,502 | 1.6 | |||||||||||
| 1,091,663 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 19,256,936 | 1.9 | |||||||||||
| TOTAL U.S. EQUITY | 396,207,795 | 38.8 | ||||||||||||
| TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $827,308,556) | 1,021,504,439 | 99.9 | |||||||||||
| TOTAL PORTFOLIO | (Cost $827,308,556) | 1,021,504,439 | 99.9 | |||||||||||
| OTHER ASSETS & LIABILITIES, NET | 748,093 | 0.1 | ||||||||||||
| NET ASSETS | $ | 1,022,252,532 | 100.0 | % | ||||||||||
Abbreviation(s):
ETF Exchange Traded Fund
| a | The Fund invests its assets in the affiliated Nuveen Growth Opportunities ETF, Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
| See notes to financial statements | TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 13 |
Statement of assets and liabilities (unaudited)
Managed Allocation Fund ■ November 30, 2021
| ASSETS | ||||
| Affiliated investments, at value‡ | $ | 1,021,504,439 | ||
| Cash | 901,067 | |||
| Receivable from securities transactions | 3,744,021 | |||
| Receivable from Fund shares sold | 22,347 | |||
| Dividends receivable | 806,929 | |||
| Due from affiliates | 33,440 | |||
| Other | 118,333 | |||
| Total assets | 1,027,130,576 | |||
| LIABILITIES | ||||
| Service agreement fees payable | 17,680 | |||
| Distribution fees payable | 192,519 | |||
| Due to affiliates | 6,246 | |||
| Payable for securities transactions | 4,396,219 | |||
| Payable for Fund shares redeemed | 50,542 | |||
| Payable for trustee compensation | 117,710 | |||
| Accrued expenses and other payables | 97,128 | |||
| Total liabilities | 4,878,044 | |||
| NET ASSETS | $ | 1,022,252,532 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in-capital | $ | 746,678,800 | ||
| Total distributable earnings (loss) | 275,573,732 | |||
| NET ASSETS | $ | 1,022,252,532 | ||
| INSTITUTIONAL CLASS: | ||||
| Net assets | $ | 26,631,875 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,834,152 | |||
| Net asset value per share | $ | 14.52 | ||
| RETIREMENT CLASS: | ||||
| Net assets | $ | 83,607,741 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 5,766,665 | |||
| Net asset value per share | $ | 14.50 | ||
| RETAIL CLASS: | ||||
| Net assets | $ | 912,012,916 | ||
| Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 62,603,853 | |||
| Net asset value per share | $ | 14.57 | ||
| ‡ Affiliated investments, cost | $ | 827,308,556 |
| 14 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund | See notes to financial statements |
Statement of operations (unaudited)
Managed Allocation Fund ■ For the period ended November 30, 2021
| INVESTMENT INCOME | ||||
| Dividends from affiliated investments | $ | 7,395,243 | ||
| Total income | 7,395,243 | |||
| EXPENSES | ||||
| Shareholder servicing — Institutional Class | 52 | |||
| Shareholder servicing — Retirement Class | 108,078 | |||
| Shareholder servicing — Retail Class | 142,095 | |||
| Distribution fees — Retail Class | 1,166,085 | |||
| Administrative service fees | 21,059 | |||
| Trustee fees and expenses | 4,270 | |||
| Other expenses | 91,900 | |||
| Total expenses | 1,533,539 | |||
| Less: Expenses reimbursed by the investment adviser | (258,904 | ) | ||
| Net expenses | 1,274,635 | |||
| Net investment income (loss) | 6,120,608 | |||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||
| Net realized gain (loss) from affiliated investments | 32,276,990 | |||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (29,583,541 | ) | ||
| Net realized and unrealized gain (loss) from affiliated investments | 2,693,449 | |||
| Net increase (decrease) in net assets from operations | $ | 8,814,057 |
| See notes to financial statements | TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 15 |
Statements of changes in net assets
Managed Allocation Fund ■ For the period or year ended
| November 30, 2021 | May 31, 2021 | ||||||||||
| (unaudited | ) | ||||||||||
| OPERATIONS | |||||||||||
| Net investment income (loss) | $ | 6,120,608 | $ | 14,040,537 | |||||||
| Net realized gain (loss) from affiliated investments | 32,276,990 | 104,337,904 | |||||||||
| Net change in unrealized appreciation (depreciation) from affiliated investments | (29,583,541 | ) | 105,074,208 | ||||||||
| Net increase (decrease) in net assets from operations | 8,814,057 | 223,452,649 | |||||||||
| DISTRIBUTIONS TO SHAREHOLDERS | |||||||||||
| Institutional Class | (136,180 | ) | (1,525,703 | ) | |||||||
| Retirement Class | (372,075 | ) | (6,320,184 | ) | |||||||
| Retail Class | (3,976,850 | ) | (67,216,778 | ) | |||||||
| Total distributions | (4,485,105 | ) | (75,062,665 | ) | |||||||
| SHAREHOLDER TRANSACTIONS | |||||||||||
| Subscriptions: | Institutional Class | 8,005,229 | 9,502,258 | ||||||||
| Retirement Class | 2,785,287 | 8,658,798 | |||||||||
| Retail Class | 15,615,918 | 33,364,881 | |||||||||
| Reinvestments of distributions: | Institutional Class | 133,941 | 1,489,157 | ||||||||
| Retirement Class | 372,075 | 6,320,184 | |||||||||
| Retail Class | 3,814,833 | 64,644,539 | |||||||||
| Redemptions: | Institutional Class | (6,465,087 | ) | (6,142,752 | ) | ||||||
| Retirement Class | (8,663,749 | ) | (9,103,439 | ) | |||||||
| Retail Class | (30,108,555 | ) | (62,934,267 | ) | |||||||
| Net increase (decrease) from shareholder transactions | (14,510,108 | ) | 45,799,359 | ||||||||
| Net increase (decrease) in net assets | (10,181,156 | ) | 194,189,343 | ||||||||
| NET ASSETS | |||||||||||
| Beginning of period | 1,032,433,688 | 838,244,345 | |||||||||
| End of period | $ | 1,022,252,532 | $ | 1,032,433,688 | |||||||
| CHANGE IN FUND SHARES | |||||||||||
| Shares sold: | Institutional Class | 542,940 | 689,159 | ||||||||
| Retirement Class | 190,503 | 629,973 | |||||||||
| Retail Class | 1,056,541 | 2,424,304 | |||||||||
| Shares reinvested: | Institutional Class | 9,207 | 110,473 | ||||||||
| Retirement Class | 25,611 | 469,041 | |||||||||
| Retail Class | 261,213 | 4,776,405 | |||||||||
| Shares redeemed: | Institutional Class | (438,644 | ) | (458,026 | ) | ||||||
| Retirement Class | (590,999 | ) | (677,150 | ) | |||||||
| Retail Class | (2,037,878 | ) | (4,607,581 | ) | |||||||
| Net increase (decrease) from shareholder transactions | (981,506 | ) | 3,356,598 | ||||||||
| 16 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund | See notes to financial statements |
[This page intentionally left blank.]
| TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 17 |
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 | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
| period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | e | Net expenses | e | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||
| Institutional Class: | 11/30/21 | # | $ | 14.46 | $ | 0.11 | $ | 0.03 | $ | 0.14 | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | $ | 14.52 | 0.98 | %b | $ | 26,632 | 0.02 | %c | 0.00 | %c | 1.43 | %c | 13 | %b | ||||||||||||||||||||||||||
| 5/31/21 | 12.32 | 0.23 | 3.07 | 3.30 | (0.37 | ) | (0.79 | ) | (1.16 | ) | 14.46 | 27.52 | 24,885 | 0.02 | 0.00 | 1.71 | 42 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.18 | 0.28 | 0.58 | 0.86 | (0.28 | ) | (0.44 | ) | (0.72 | ) | 12.32 | 7.09 | 16,997 | 0.03 | 0.00 | 2.21 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retirement Class: | 11/30/21 | # | 14.44 | 0.09 | 0.03 | 0.12 | (0.06 | ) | — | (0.06 | ) | 14.50 | 0.85 | b | 83,608 | 0.27 | c | 0.25 | c | 1.16 | c | 13 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.31 | 0.20 | 3.05 | 3.25 | (0.33 | ) | (0.79 | ) | (1.12 | ) | 14.44 | 27.15 | 88,693 | 0.27 | 0.25 | 1.48 | 42 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.16 | 0.25 | 0.59 | 0.84 | (0.25 | ) | (0.44 | ) | (0.69 | ) | 12.31 | 6.91 | 70,404 | 0.28 | 0.25 | 1.98 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| Retail Class: | 11/30/21 | # | 14.51 | 0.09 | 0.03 | 0.12 | (0.06 | ) | — | (0.06 | ) | 14.57 | 0.85 | b | 912,013 | 0.30 | c | 0.25 | c | 1.17 | c | 13 | b | |||||||||||||||||||||||||||||||||||
| 5/31/21 | 12.36 | 0.20 | 3.07 | 3.27 | (0.33 | ) | (0.79 | ) | (1.12 | ) | 14.51 | 27.20 | 918,856 | 0.31 | 0.25 | 1.48 | 42 | |||||||||||||||||||||||||||||||||||||||||
| 5/31/20 | 12.21 | 0.25 | 0.59 | 0.84 | (0.25 | ) | (0.44 | ) | (0.69 | ) | 12.36 | 6.87 | 750,844 | 0.32 | 0.25 | 1.97 | 27 | |||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||
| # | Unaudited |
| a | Based on average shares outstanding. |
| b | The percentages shown for this period are not annualized. |
| c | The percentages shown for this period are annualized. |
| 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. |
| 18 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund | See notes to financial statements | See notes to financial statements | TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 19 |
Notes to financial statements (unaudited)
Managed Allocation Fund
Note 1—organization
The 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 (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Fund.
The Fund offers its shares, without a sales load, through its principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
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 three share classes: Institutional Class, Retirement Class and Retail Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
Note 2—significant accounting policies
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.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.
| 20 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Multiclass operations and allocations: 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, 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 are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
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.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Fund’s normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of
| TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 21 |
Notes to financial statements (unaudited)
Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Fund’s financial statements.
Note 3—valuation of investments
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| • | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| • | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
| • | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Fund’s major classifications of assets and liabilities measured at fair value follows:
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
As of November 30, 2021, all of the investments in the Fund were valued based on Level 1 inputs.
| 22 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
continued
Note 4—investments
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for the Fund for the period ended November 30, 2021 were as follows (dollar amounts are in thousands):
| Non-U.S. government purchases | Non-U.S. government sales | ||
| $137,680 | $150,435 |
Note 5—income tax and other tax matters
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.
Net unrealized appreciation (depreciation): At November 30, 2021, 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):
| Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation |
) | ||
| $837,443 | $194,278 | $(10,217 | ) | $184,061 |
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.
| TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 23 |
Notes to financial statements (unaudited)
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended May 31, 2021 was as follows:
| Ordinary income | Long-term capital gains | Total | |||
| $24,932,075 | $50,130,590 | $75,062,665 |
The tax character of the fiscal year 2022 distributions will be determined at the end of the fiscal year.
Note 6—investment adviser and affiliates
Under the terms of its Investment Management Agreement, the Fund does not pay Advisors a fee for the management of the Fund’s investment portfolio. The Fund has entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and compliance services to the Fund.
Under the terms of the Fund’s Retirement Class Service Agreement, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of operations are paid to Advisors under the Service Agreement.
Under the terms of a distribution Rule 12b-1 plan, the Retail Class of the Fund compensated Nuveen Securities 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, 2022, unless changed with approval of the Board.
| 24 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
continued
Investments in other investment companies advised by Advisors and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. The Fund invests its assets in the affiliated Nuveen Growth Opportunities ETF, Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
| Issue | Value at 5/31/21 | Purchase cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/21 | |||||||||||||||||||
| Nuveen Funds: | ||||||||||||||||||||||||||||
| Dividend Growth | $ | 61,086 | $ | 1,952 | $ | 7,480 | $ | 793 | $ | 439 | $ | 1,900 | $ | 56,790 | ||||||||||||||
| Dividend Value | 68,567 | 558 | 9,847 | 632 | (2,399 | ) | 462 | 57,511 | ||||||||||||||||||||
| Growth Opportunities ETF | — | 66,584 | 269 | (10 | ) | (83 | ) | — | 66,222 | |||||||||||||||||||
| International Growth | 40,115 | 9,250 | 1,077 | 13 | (3,575 | ) | — | 44,726 | ||||||||||||||||||||
| TIAA-CREF Funds: | ||||||||||||||||||||||||||||
| Core Plus Bond | 410,752 | 22,450 | 17,106 | (326 | ) | (1,189 | ) | 4,839 | 414,581 | |||||||||||||||||||
| Emerging Markets Equity | 24,653 | 8,454 | 883 | (37 | ) | (5,728 | ) | — | 26,459 | |||||||||||||||||||
| Growth & Income | 61,184 | — | 8,911 | 4,637 | (145 | ) | 194 | 56,765 | ||||||||||||||||||||
| International Equity | 56,287 | 12,357 | 2,071 | 240 | (2,803 | ) | — | 64,010 | ||||||||||||||||||||
| International Opportunities | 40,125 | 8,802 | 2,621 | 371 | (1,797 | ) | — | 44,880 | ||||||||||||||||||||
| Large-Cap Growth | 66,267 | 720 | 5,353 | 826 | 3,273 | — | 65,733 | |||||||||||||||||||||
| Large Cap Growth Index | 66,212 | 2 | 76,505 | 18,477 | (8,186 | ) | — | — | ||||||||||||||||||||
| Large-Cap Value | 68,484 | 213 | 11,298 | 4,107 | (3,989 | ) | — | 57,517 | ||||||||||||||||||||
| Quant International Small-Cap Equity | 26,425 | 6,068 | 432 | (1 | ) | (1,421 | ) | — | 30,639 | |||||||||||||||||||
| Quant Small-Cap Equity | 19,287 | 173 | 3,054 | 1,356 | (1,348 | ) | — | 16,414 | ||||||||||||||||||||
| Quant Small/Mid-Cap Equity | 22,122 | 97 | 3,528 | 1,199 | (633 | ) | — | 19,257 | ||||||||||||||||||||
| $ | 1,031,566 | $ | 137,680 | $ | 150,435 | $ | 32,277 | $ | (29,584 | ) | $ | 7,395 | $ | 1,021,504 | ||||||||||||||
Note 7—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, 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 the Fund may not 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, the 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 period ended November 30, 2021, there were no inter-fund borrowing or lending transactions.
| TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 25 |
| Notes to financial statements (unaudited) | concluded |
Note 8—line of credit
The Fund participates in a $1 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 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2021, there were no borrowings under this credit facility by the Fund.
| 26 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
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 Indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, nor guarantees the accuracy or completeness of any information herein, nor 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.
During the reporting period, “Bloomberg Barclays” fixed-income indices were rebranded as “Bloomberg” indices. This change affects all Bloomberg fixed-income indices.
| TIAA-CREF Managed Allocation Fund ■ 2021 Semiannual Report | 27 |
| Additional information about index providers (unaudited) | concluded |
Morningstar Index
©2022 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.
| 28 | 2021 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
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
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. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
©2022 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
 |
730 Third Avenue New York, NY 10017-3206 |
PRESORTED
STANDARD U.S. POSTAGE PAID TIAA |
 |
Printed on paper containing recycled fiber |
 |
We’re fond of paper…in its original form.
Switch to eDelivery at TIAA.org/eDelivery |
|
| 2007018 | A12486 (1/22) |
 |
730 Third Avenue New York, NY 10017-3206 |
 |
Printed on paper containing recycled fiber |
| 2007018 | A12486 (1/22) |
 |
730 Third Avenue New York, NY 10017-3206 |
| 2007018 | A12486 (1/22) |
Item 2. Code of Conduct.
Not Applicable.
Item 3. Audit Committee Financial Expert.
Not Applicable.
Item 4. Principal Accountant Fees and Services.
Not Applicable.
Item 5. Audit Committee of Listed Registrants.
Not Applicable.
Item 6. Schedule of Investments.
Not Applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable.
Item 13. Exhibits.
13(a)(2)(i) Section 302 certification of the principal executive officer
13(a)(2)(ii) Section 302 certification of the principal financial officer
13(b) Section 906 certification of principal executive officer and principal financial officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TIAA-CREF FUNDS | ||
| Dated: January 18, 2022 | By: | /s/Bradley Finkle |
| Bradley Finkle | ||
| Principal Executive Officer and President | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Dated: January 18, 2022 | By: | /s/Bradley Finkle |
| Bradley Finkle | ||
| Principal Executive Officer and President | ||
| (principal executive officer) |
| Dated: January 18, 2022 | By: | /s/E. Scott Wickerham |
| E. Scott Wickerham | ||
| Principal Financial Officer, Principal Accounting | ||
| Officer and Treasurer | ||
| (principal financial officer) |