N-CSR 1 c103923_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

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: May 31, 2022

Item 1. Reports to Stockholders.






	TIAA-CREF Funds	May 31, 2022

TIAA-CREF
Lifecycle Funds

The annual report contains the audited financial statements.

Fund name	Institutional Class	Advisor Class	Premier Class	Retirement Class	Retail Class
Lifecycle Retirement Income Fund	TLRIX	TLRHX	TPILX	TLIRX	TLRRX
Lifecycle 2010 Fund	TCTIX	TCLHX	TCTPX	TCLEX	—
Lifecycle 2015 Fund	TCNIX	TCNHX	TCFPX	TCLIX	—
Lifecycle 2020 Fund	TCWIX	TCWHX	TCWPX	TCLTX	—
Lifecycle 2025 Fund	TCYIX	TCQHX	TCQPX	TCLFX	—
Lifecycle 2030 Fund	TCRIX	TCHHX	TCHPX	TCLNX	—
Lifecycle 2035 Fund	TCIIX	TCYHX	TCYPX	TCLRX	—
Lifecycle 2040 Fund	TCOIX	TCZHX	TCZPX	TCLOX	—
Lifecycle 2045 Fund	TTFIX	TTFHX	TTFPX	TTFRX	—
Lifecycle 2050 Fund	TFTIX	TFTHX	TCLPX	TLFRX	—
Lifecycle 2055 Fund	TTRIX	TTRHX	TTRPX	TTRLX	—
Lifecycle 2060 Fund	TLXNX	TLXHX	TLXPX	TLXRX	—
Lifecycle 2065 Fund	TSFTX	TSFHX	TSFPX	TCFRX	—

Annual
Report

Contents

Understanding this report		3
Letter to investors		4
Information for investors		6
About the funds’ benchmarks		8
Important information about expenses		10
Investment results of the Lifecycle Funds		20
Fund performance
Lifecycle Retirement Income Fund		22
Lifecycle 2010 Fund		24
Lifecycle 2015 Fund		26
Lifecycle 2020 Fund		28
Lifecycle 2025 Fund		30
Lifecycle 2030 Fund		32
Lifecycle 2035 Fund		34
Lifecycle 2040 Fund		36
Lifecycle 2045 Fund		38
Lifecycle 2050 Fund		40
Lifecycle 2055 Fund		42
Lifecycle 2060 Fund		44
Lifecycle 2065 Fund		46
Portfolios of investments		48
Audited financial statements
Statements of assets and liabilities		62
Statements of operations		66
Statements of changes in net assets		70
Financial highlights		80
Notes to financial statements		106
Report of independent registered public accounting firm		131
Important tax information		133
Trustees and officers		135
Approval of investment management agreement		141
Liquidity risk management program		158
Additional information about index providers		160
How to reach us	Inside back cover

Understanding this report

This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended May 31, 2022. The report contains four main sections:

	•	A letter from Brad Finkle, Principal Executive Officer and President of the TIAA–CREF Funds and TIAA-CREF Life Funds.
	•	The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market index.
	•	The portfolios of investments list the underlying funds in which each fund had investments as of May 31, 2022.
	•	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 ■ 2022 Annual Report

Letter to investors

Global financial markets produced negative results for the twelve months ended May 31, 2022. As inflationary pressures persisted, the Federal Reserve responded by raising short-term interest rates in March and May, and indicated that further increases were likely. U.S. equities lost ground as the economy contracted in the first quarter of 2022—the first negative quarter since 2020. A widening trade gap and lower government spending contributed to the slowdown, but spending by consumers and businesses remained strong. Foreign stocks also posted losses, with emerging markets falling more than international developed markets. U.S. fixed-income securities declined as U.S. Treasury yields rose across all 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 declined for the period and underperformed their respective composite benchmarks. (All fund returns are for the Retirement Class.)
	•	Returns for the Retirement Class ranged from –6.5% for the Lifecycle Retirement Income Fund to –9.0% for the Lifecycle 2055 and 2060 Funds.

Both stocks and bonds posted losses

U.S. equities declined for the twelve months as inflation, rising interest rates and Russia’s invasion of Ukraine weighed on the financial markets. Furthermore, oil prices rose to levels not seen since 2008, while unemployment fell to rates approaching pre-pandemic lows. The broad domestic stock market, as represented by the Russell 3000^® Index, returned –3.7%. The Fed raised the federal funds target rate to 0.75%–1.00% in May 2022 and decided to begin reducing its portfolio of bonds that had been purchased to support the economy.

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 24 emerging-markets countries, returned –12.5% in U.S.-dollar terms. Despite widespread market losses, the economies in the 19-nation euro area grew at a moderate rate in the fourth quarter of 2021 and the first quarter of 2022. Among developing markets, the Chinese economy continued to expand at a solid pace through the first quarter of 2022.

U.S. investment-grade bonds lost ground as U.S. Treasury yields rose substantially across all maturities. The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned –8.2% for the period.

4	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Planning for an unpredictable future

For more than a decade, equity investors have enjoyed a long stretch of above-average returns, while bond performance during the same period has not kept pace. Now we may be at an inflection point. Equities have become more volatile, tempered by a host of factors that could affect global economic growth. Fixed-income securities, after years of historically low interest rates, are now offering higher yields, which is good news for bond investors seeking higher income. Meanwhile, real estate continues to benefit from high demand and limited supply, which enhances property values and bolsters rental income.

The challenge of planning for the future always lies in its inherent uncertainty. As a result, we believe that a prudent strategy is to stay invested in a diversified portfolio that includes multiple asset classes. 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 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

Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds

Brad Finkle


TIAA-CREF Lifecycle Funds ■ 2022 Annual Report	5

Information for investors

Portfolio holdings

The complete portfolios of investments for the Lifecycle Funds begin on page 48 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.

TIAA-CREF Real Property Fund, LP

Financial statements of the TIAA-CREF Real Property Fund, LP, in which the Lifecycle Funds invest, have been filed as an exhibit to the Funds’ Form N-CSR filing, which is available on EDGAR at the SEC’s website, sec.gov.

6	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Information for investors

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 under Get Help 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.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

About the funds’ benchmarks

Composite benchmark

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

	•	The Russell 3000^® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
	•	The MSCI ACWI ex USA Investable Market Index (IMI) (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries. The index is a free-float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States.
	•	The 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.

8	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

About the funds’ benchmarks

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

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®,” “Russell^®” and “FTSE Russell^®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. 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 Lifecycle Funds ■ 2022 Annual Report

Important information about expenses

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

The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2021–May 31, 2022).

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.

10	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

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TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifecycle Funds Institutional Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Retirement Income Fund actual return		$1,000.00		$	926.14			$1.25			$1.78
5% annual hypothetical return		1,000.00			1,023.64			1.31			1.87
2010 Fund actual return		1,000.00			926.00			1.25			1.73
5% annual hypothetical return		1,000.00			1,023.64			1.31			1.82
2015 Fund actual return		1,000.00			923.77			1.25			1.82
5% annual hypothetical return		1,000.00			1,023.64			1.31			1.92
2020 Fund actual return		1,000.00			919.99			1.24			1.87
5% annual hypothetical return		1,000.00			1,023.64			1.31			1.97
2025 Fund actual return		1,000.00			915.85			1.24			1.96
5% annual hypothetical return		1,000.00			1,023.64			1.31			2.07
2030 Fund actual return		1,000.00			911.24			1.19			2.00
5% annual hypothetical return		1,000.00			1,023.68			1.26			2.12
2035 Fund actual return		1,000.00			906.42			1.14			2.04
5% annual hypothetical return		1,000.00			1,023.73			1.21			2.17
2040 Fund actual return		1,000.00			903.78			1.09			2.09
5% annual hypothetical return		1,000.00			1,023.78			1.16			2.22
2045 Fund actual return		1,000.00			902.10			1.04			2.13
5% annual hypothetical return		1,000.00			1,023.83			1.11			2.27
2050 Fund actual return		1,000.00			901.31			1.00			2.13
5% annual hypothetical return		1,000.00			1,023.88			1.06			2.27
2055 Fund actual return		1,000.00			900.90			1.00			2.13
5% annual hypothetical return		1,000.00			1,023.88			1.06			2.27
2060 Fund actual return		1,000.00			900.59			0.95			2.13
5% annual hypothetical return		1,000.00			1,023.93			1.01			2.27
2065 Fund actual return		1,000.00			902.53			1.00			2.18
5% annual hypothetical return		1,000.00			1,023.88			1.06			2.32


12	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

*	“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. 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 0.26% for the Retirement Income Fund, 0.26% for the 2010 Fund, 0.26% for the 2015 Fund, 0.26% for the 2020 Fund, 0.26% for the 2025 Fund, 0.25% for the 2030 Fund, 0.24% for the 2035 Fund, 0.23% for the 2040 Fund, 0.22% for the 2045 Fund, 0.21% for the 2050 Fund, 0.21% for the 2055 Fund, 0.20% for the 2060 Fund and 0.21% 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 0.37% for the Retirement Income Fund, 0.36% for the 2010 Fund, 0.38% for the 2015 Fund, 0.39% for the 2020 Fund, 0.41% for the 2025 Fund, 0.42% for the 2030 Fund, 0.43% for the 2035 Fund, 0.44% for the 2040 Fund, 0.45% for the 2045 Fund, 0.45% for the 2050 Fund, 0.45% for the 2055 Fund, 0.45% for the 2060 Fund and 0.46% for the 2065 Fund.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifecycle Funds Advisor Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Retirement Income Fund actual return		$1,000.00		$	925.74			$1.58			$2.11
5% annual hypothetical return		1,000.00			1,023.29			1.66			2.22
2010 Fund actual return		1,000.00			925.41			1.58			2.06
5% annual hypothetical return		1,000.00			1,023.29			1.66			2.17
2015 Fund actual return		1,000.00			923.63			1.82			2.35
5% annual hypothetical return		1,000.00			1,023.04			1.92			2.47
2020 Fund actual return		1,000.00			919.26			1.63			2.25
5% annual hypothetical return		1,000.00			1,023.24			1.72			2.37
2025 Fund actual return		1,000.00			915.91			1.62			2.34
5% annual hypothetical return		1,000.00			1,023.24			1.72			2.47
2030 Fund actual return		1,000.00			911.48			1.48			2.24
5% annual hypothetical return		1,000.00			1,023.39			1.56			2.37
2035 Fund actual return		1,000.00			906.26			1.57			2.47
5% annual hypothetical return		1,000.00			1,023.29			1.66			2.62
2040 Fund actual return		1,000.00			902.93			1.47			2.42
5% annual hypothetical return		1,000.00			1,023.39			1.56			2.57
2045 Fund actual return		1,000.00			901.73			1.33			2.37
5% annual hypothetical return		1,000.00			1,023.54			1.41			2.52
2050 Fund actual return		1,000.00			901.10			1.42			2.51
5% annual hypothetical return		1,000.00			1,023.44			1.51			2.67
2055 Fund actual return		1,000.00			900.40			1.18			2.32
5% annual hypothetical return		1,000.00			1,023.68			1.26			2.47
2060 Fund actual return		1,000.00			900.52			1.23			2.37
5% annual hypothetical return		1,000.00			1,023.64			1.31			2.52
2065 Fund actual return		1,000.00			898.16			0.99			2.18
5% annual hypothetical return		1,000.00			1,023.88			1.06			2.32


14	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

*	“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. 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 0.33% for the Retirement Income Fund, 0.33% for the 2010 Fund, 0.38% for the 2015 Fund, 0.34% for the 2020 Fund, 0.34% for the 2025 Fund, 0.31% for the 2030 Fund, 0.33% for the 2035 Fund, 0.31% for the 2040 Fund, 0.28% for the 2045 Fund, 0.30% for the 2050 Fund, 0.25% for the 2055 Fund, 0.26% for the 2060 Fund and 0.21% 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, 0.43% for the 2010 Fund, 0.49% for the 2015 Fund, 0.47% for the 2020 Fund, 0.49% for the 2025 Fund, 0.47% for the 2030 Fund, 0.52% for the 2035 Fund, 0.51% for the 2040 Fund, 0.50% for the 2045 Fund, 0.53% for the 2050 Fund, 0.49% for the 2055 Fund, 0.50% for the 2060 Fund and 0.46% for the 2065 Fund.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifecycle Funds Premier Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Retirement Income Fund actual return		$1,000.00		$	925.31			$1.97			$2.50
5% annual hypothetical return		1,000.00			1,022.89			2.07			2.62
2010 Fund actual return		1,000.00			925.59			1.97			2.45
5% annual hypothetical return		1,000.00			1,022.89			2.07			2.57
2015 Fund actual return		1,000.00			923.41			1.97			2.54
5% annual hypothetical return		1,000.00			1,022.89			2.07			2.67
2020 Fund actual return		1,000.00			918.81			1.96			2.58
5% annual hypothetical return		1,000.00			1,022.89			2.07			2.72
2025 Fund actual return		1,000.00			914.65			1.96			2.67
5% annual hypothetical return		1,000.00			1,022.89			2.07			2.82
2030 Fund actual return		1,000.00			910.68			1.91			2.72
5% annual hypothetical return		1,000.00			1,022.94			2.02			2.87
2035 Fund actual return		1,000.00			906.78			1.85			2.76
5% annual hypothetical return		1,000.00			1,022.99			1.97			2.92
2040 Fund actual return		1,000.00			903.44			1.80			2.80
5% annual hypothetical return		1,000.00			1,023.04			1.92			2.97
2045 Fund actual return		1,000.00			901.26			1.75			2.84
5% annual hypothetical return		1,000.00			1,023.09			1.87			3.02
2050 Fund actual return		1,000.00			900.54			1.71			2.84
5% annual hypothetical return		1,000.00			1,023.14			1.82			3.02
2055 Fund actual return		1,000.00			900.06			1.71			2.84
5% annual hypothetical return		1,000.00			1,023.14			1.82			3.02
2060 Fund actual return		1,000.00			899.66			1.66			2.84
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.02
2065 Fund actual return		1,000.00			900.65			1.71			2.89
5% annual hypothetical return		1,000.00			1,023.14			1.82			3.07


16	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

*	“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. 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 0.41% for the Retirement Income Fund, 0.41% for the 2010 Fund, 0.41% for the 2015 Fund, 0.41% for the 2020 Fund, 0.41% for the 2025 Fund, 0.40% for the 2030 Fund, 0.39% for the 2035 Fund, 0.38% for the 2040 Fund, 0.37% for the 2045 Fund, 0.36% for the 2050 Fund, 0.36% for the 2055 Fund, 0.35% for the 2060 Fund and 0.36% 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 0.52% for the Retirement Income Fund, 0.51% for the 2010 Fund, 0.53% for the 2015 Fund, 0.54% for the 2020 Fund, 0.56% for the 2025 Fund, 0.57% for the 2030 Fund, 0.58% for the 2035 Fund, 0.59% for the 2040 Fund, 0.60% for the 2045 Fund, 0.60% for the 2050 Fund, 0.60% for the 2055 Fund, 0.60% for the 2060 Fund and 0.61% for the 2065 Fund.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifecycle Funds Retirement Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Retirement Income Fund actual return		$1,000.00		$	924.84			$2.40			$2.93
5% annual hypothetical return		1,000.00			1,022.44			2.52			3.07
2010 Fund actual return		1,000.00			924.39			2.45			2.93
5% annual hypothetical return		1,000.00			1,022.39			2.57			3.07
2015 Fund actual return		1,000.00			922.71			2.44			3.02
5% annual hypothetical return		1,000.00			1,022.39			2.57			3.18
2020 Fund actual return		1,000.00			918.33			2.44			3.06
5% annual hypothetical return		1,000.00			1,022.39			2.57			3.23
2025 Fund actual return		1,000.00			914.55			2.43			3.15
5% annual hypothetical return		1,000.00			1,022.39			2.57			3.33
2030 Fund actual return		1,000.00			910.54			2.38			3.19
5% annual hypothetical return		1,000.00			1,022.44			2.52			3.38
2035 Fund actual return		1,000.00			905.30			2.33			3.23
5% annual hypothetical return		1,000.00			1,022.49			2.47			3.43
2040 Fund actual return		1,000.00			902.80			2.28			3.27
5% annual hypothetical return		1,000.00			1,022.54			2.42			3.48
2045 Fund actual return		1,000.00			900.55			2.23			3.32
5% annual hypothetical return		1,000.00			1,022.59			2.37			3.53
2050 Fund actual return		1,000.00			900.33			2.18			3.32
5% annual hypothetical return		1,000.00			1,022.64			2.32			3.53
2055 Fund actual return		1,000.00			900.00			2.18			3.32
5% annual hypothetical return		1,000.00			1,022.64			2.32			3.53
2060 Fund actual return		1,000.00			899.76			2.13			3.32
5% annual hypothetical return		1,000.00			1,022.69			2.27			3.53
2065 Fund actual return		1,000.00			900.22			2.18			3.36
5% annual hypothetical return		1,000.00			1,022.64			2.32			3.58


18	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. 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, 0.51% for the 2010 Fund, 0.51% for the 2015 Fund, 0.51% for the 2020 Fund, 0.51% for the 2025 Fund, 0.50% for the 2030 Fund, 0.49% for the 2035 Fund, 0.48% for the 2040 Fund, 0.47% for the 2045 Fund, 0.46% for the 2050 Fund, 0.46% for the 2055 Fund, 0.45% for the 2060 Fund and 0.46% 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 0.61% for the Retirement Income Fund, 0.61% for the 2010 Fund, 0.63% for the 2015 Fund, 0.64% for the 2020 Fund, 0.66% for the 2025 Fund, 0.67% for the 2030 Fund, 0.68% for the 2035 Fund, 0.69% for the 2040 Fund, 0.70% for the 2045 Fund, 0.70% for the 2050 Fund, 0.70% for the 2055 Fund, 0.70% for the 2060 Fund and 0.71% for the 2065 Fund.

Expense examples

Six months ended May 31, 2022

Lifecycle Funds Retail Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Retirement Income Fund actual return		$1,000.00		$	924.92			$2.35			$2.88
5% annual hypothetical return		1,000.00			1,022.49			2.47			3.02


*	“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. 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 0.49% 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 0.60% for the Retirement Income Fund.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Investment results of the Lifecycle Funds

Performance for the twelve months ended May 31, 2022

All of the TIAA-CREF Lifecycle Funds generated losses and trailed their respective benchmarks. Returns for the Retirement Class ranged from –6.49% for the Retirement Income Fund to –8.97% for the 2055 and 2060 Funds. The performance tables show returns for all share classes of the funds.

For the twelve months, the margin of underperformance of the Lifecycle Funds, in relation to their respective composite benchmarks, ranged from 0.46 of a percentage point for the Retirement Income Fund to 2.35 percentage points for the 2060 Fund. (All results for the Lifecycle Funds are for the Retirement Class.)

Financial markets generally declined in a difficult environment

The U.S. economy expanded early in the period before contracting in the first quarter of 2022. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at annualized rates of 2.3% and 6.9%, respectively, in the third and fourth quarters of 2021. However, GDP contracted by 1.5% in the first quarter of 2022, according to the government’s “second” estimate. Unemployment declined from 5.9% in June 2021 to 3.6% in May 2022. Core inflation, which measures all items except food and energy, rose 6.0% over the twelve months ended May 31, 2022. Oil prices increased from nearly $68 per barrel to more than $114.

The Federal Reserve responded to rising inflation by increasing the federal funds target rate in March and May of 2022. Over the period, policymakers raised the key short-term interest-rate measure to 0.75%–1.00% and indicated further increases were likely.

Domestic and foreign stocks both recorded losses for the period. The Russell 3000^® Index, a broad measure of the U.S. stock market, returned –3.68%. The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries, returned –12.54% in U.S.-dollar terms.

U.S. investment-grade bonds were hurt by the impact of rising yields across both short- and long-term 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, returned –8.22%. Short-term bonds, as measured by the Bloomberg U.S. 1–3 Year Government/Credit Index, returned –3.03%.

Equity funds recorded largest losses

The Lifecycle Funds may invest in up to six sectors of the investment markets, including U.S. equity (stocks), international equity (foreign stocks),

20	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

fixed income, short-term fixed income, inflation-protected assets and direct real estate. The Lifecycle Funds do this by investing in various underlying funds that, in turn, buy stocks, fixed-income instruments and commercial real estate in these six market sectors. (Other than the Nuveen International Growth Fund, the Nuveen Growth Opportunities ETF and the Nuveen Dividend Growth Fund, all funds mentioned below are TIAA-CREF Funds.)

For the twelve-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were hampered by losses among domestic and international stocks, as well as declines among most fixed-income investments. Among domestic stock funds, the Large-Cap Growth Fund recorded the largest loss, followed by the Quant Small-Cap Equity Fund. The Large-Cap Value Fund registered a modest gain. Among foreign stock funds, the Emerging Markets Equity Fund produced the largest loss, followed by the International Opportunities Fund and the International Equity Fund.

Among fixed-income funds, the Emerging Markets Debt Fund was the worst performer, followed by declines in the Core Bond Fund, International Bond Fund, Core Plus Bond Fund and the High-Yield Fund. The Inflation-Linked Bond Fund produced a small gain.

Stock and bond funds hindered relative performance

All of the Lifecycle Funds trailed their composite benchmarks, primarily due to the performance of underlying funds investing in U.S. and foreign stocks. Among domestic equity funds, the Large-Cap Growth Fund detracted most from relative performance, followed by the Nuveen Growth Opportunities ETF and the Growth & Income Fund. That impact was partially offset by superior relative performance from the Nuveen Dividend Growth Fund, the Quant Small/Mid-Cap Equity Fund and the Quant Small-Cap Equity Fund. Among international funds, the Nuveen International Growth Fund was the largest detractor from relative performance, followed by the International Opportunities Fund.

Among fixed-income funds, the Core Bond Fund and the International Bond Fund detracted most from relative performance, while the Emerging Markets Debt Fund and the Short-Term Bond Fund were the most beneficial.

The Lifecycle Funds with larger fixed-income allocations produced smaller losses for the twelve-month period. For example, the Retirement Income Fund and the 2010 Fund, which seek to invest about 60% of their assets in fixed-income securities, recorded the smallest declines. By contrast, the 2055 and 2060 Funds, each of which invests more than 90% of its assets in stocks, generated the largest losses. (Performance of the Lifecycle Funds’ underlying TIAA-CREF Funds can be found at TIAA.org/performance.)

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle Retirement Income Fund

Performance as of May 31, 2022

Lifecycle Retirement Income Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	11/30/07		–6.25	%		4.93	%		5.89	%		0.53	%		0.37	%
Advisor Class	12/4/15		–6.33			4.85			5.76	^†		0.61			0.46
Premier Class	9/30/09		–6.40			4.76			5.73			0.68			0.52
Retirement Class	11/30/07		–6.49			4.66			5.63			0.78			0.62
Retail Class	11/30/07		–6.49			4.66			5.63			0.81			0.62
Lifecycle Retirement Income Fund Composite Index^‡	—		–6.03			5.28			5.81			—			—
Broad market index
S&P Target Date Retirement Income Index	—		–5.63			3.94			4.48			—			—

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 May 31, 2022, 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.

22	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle Retirement Income Fund

$10,000 over 10 years

Retirement Class

Ending amounts are as of May 31, 2022. For the purpose of comparison, the graph also shows the change in the values of the Fund’s composite benchmark and broad market index during the same period. The performance of the other share classes varies due to differences in expense charges.

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	22.12	22.75
International equity	12.07	12.25
Fixed income
Fixed income	40.12	40.00
Short-term fixed income	10.03	10.00
Inflation-protected assets	9.99	10.00
Direct real estate	5.79	5.00
Other assets & liabilities, net	–0.12	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2010 Fund

Performance as of May 31, 2022

Lifecycle 2010 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	1/17/07		–6.34	%		5.00	%		6.30	%		0.52	%		0.37	%
Advisor Class	12/4/15		–6.32			5.01			6.20	^†		0.60			0.45
Premier Class	9/30/09		–6.45			4.85			6.14			0.67			0.52
Retirement Class	10/15/04		–6.56			4.73			6.03			0.77			0.62
Lifecycle 2010 Fund Composite Index^‡	—		–5.94			5.35			6.23			—			—
Broad market index
S&P Target Date 2010 Index	—		–5.50			4.56			5.41			—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and 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 May 31, 2022, the Lifecycle 2010 Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 24.8% Russell 3000^® Index; 13.3% MSCI All Country World Index ex USA Investable Market Index; 11.9% 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.

24	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2010 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	21.56	22.10
International equity	11.77	11.90
Fixed income
Fixed income	40.06	40.00
Short-term fixed income	11.90	12.00
Inflation-protected assets	9.97	10.00
Direct real estate	4.71	4.00
Other assets & liabilities, net	0.03	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2015 Fund

Performance as of May 31, 2022

Lifecycle 2015 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	1/17/07		–6.43	%		5.37	%		6.83	%		0.53	%		0.38	%
Advisor Class	12/4/15		–6.61			5.32			6.70	^†		0.62			0.48
Premier Class	9/30/09		–6.54			5.24			6.68			0.68			0.53
Retirement Class	10/15/04		–6.73			5.12			6.57			0.78			0.63
Lifecycle 2015 Fund Composite Index^‡	—		–6.13			5.76			6.80			—			—
Broad market index
S&P Target Date 2015 Index	—		–5.47			5.01			6.22			—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual 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 May 31, 2022, the Lifecycle 2015 Fund Composite Index consisted of: 39.3% Bloomberg U.S. Aggregate Bond Index; 28.0% Russell 3000^® Index; 15.1% MSCI All Country World Index ex USA Investable Market Index; 8.8% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.8% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2015 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	24.09	24.70
International equity	13.15	13.30
Fixed income
Fixed income	39.43	39.40
Short-term fixed income	8.76	8.80
Inflation-protected assets	8.73	8.80
Direct real estate	5.77	5.00
Other assets & liabilities, net	0.07	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2020 Fund

Performance as of May 31, 2022

Lifecycle 2020 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	1/17/07		–6.86	%		5.74	%		7.45	%		0.53	%		0.39	%
Advisor Class	12/4/15		–6.93			5.69			7.33	^†		0.61			0.47
Premier Class	9/30/09		–7.06			5.57			7.29			0.68			0.54
Retirement Class	10/15/04		–7.17			5.47			7.18			0.78			0.64
Lifecycle 2020 Fund Composite Index^‡	—		–6.32			6.20			7.49			—			—
Broad market index
S&P Target Date 2020 Index	—		–5.67			5.29			6.85			—			—

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 May 31, 2022, the Lifecycle 2020 Fund Composite Index consisted of: 38.4% Bloomberg U.S. Aggregate Bond Index; 31.2% Russell 3000^® Index; 16.8% MSCI All Country World Index ex USA Investable Market Index; 6.8% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.8% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2020 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	27.32	27.95
International equity	14.92	15.05
Fixed income
Fixed income	38.40	38.40
Short-term fixed income	6.76	6.80
Inflation-protected assets	6.73	6.80
Direct real estate	5.75	5.00
Other assets & liabilities, net	0.12	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2025 Fund

Performance as of May 31, 2022

Lifecycle 2025 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	1/17/07		–7.33	%		6.33	%		8.20	%		0.56	%		0.41	%
Advisor Class	12/4/15		–7.32			6.28			8.07	^†		0.64			0.49
Premier Class	9/30/09		–7.44			6.18			8.04			0.71			0.56
Retirement Class	10/15/04		–7.55			6.06			7.92			0.81			0.66
Lifecycle 2025 Fund Composite Index^‡	—		–6.47			6.85			8.29			—			—
Broad market index
S&P Target Date 2025 Index	—		–5.82			6.09			7.67			—			—

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 May 31, 2022, the Lifecycle 2025 Fund Composite Index consisted of: 35.7% Russell 3000^® Index; 35.5% Bloomberg U.S. Aggregate Bond Index; 19.2% MSCI All Country World Index ex USA Investable Market Index; 4.8% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.8% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2025 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	32.24	32.76
International equity	17.61	17.64
Fixed income
Fixed income	34.81	35.00
Short-term fixed income	4.76	4.80
Inflation-protected assets	4.75	4.80
Direct real estate	5.74	5.00
Other assets & liabilities, net	0.09	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2030 Fund

Performance as of May 31, 2022

Lifecycle 2030 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	1/17/07		–7.66	%		6.94	%		8.92	%		0.58	%		0.42	%
Advisor Class	12/4/15		–7.71			6.87			8.79	^†		0.66			0.50
Premier Class	9/30/09		–7.87			6.78			8.75			0.73			0.57
Retirement Class	10/15/04		–7.94			6.65			8.65			0.83			0.67
Lifecycle 2030 Fund Composite Index^‡	—		–6.62			7.51			9.09			—			—
Broad market index
S&P Target Date 2030 Index	—		–5.97			6.81			8.42			—			—

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 May 31, 2022, the Lifecycle 2030 Fund Composite Index consisted of: 40.9% Russell 3000^® Index; 31.5% Bloomberg U.S. Aggregate Bond Index; 22.0% MSCI All Country World Index ex USA Investable Market Index; 2.8% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.8% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2030 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	38.17	38.61
International equity	20.84	20.79
Fixed income
Fixed income	29.64	30.00
Short-term fixed income	2.76	2.80
Inflation-protected assets	2.75	2.80
Direct real estate	5.72	5.00
Other assets & liabilities, net	0.12	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2035 Fund

Performance as of May 31, 2022

Lifecycle 2035 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	1/17/07		–8.19	%		7.48	%		9.59	%		0.60	%		0.43	%
Advisor Class	12/4/15		–8.20			7.43			9.45	^†		0.69			0.52
Premier Class	9/30/09		–8.29			7.32			9.42			0.75			0.58
Retirement Class	10/15/04		–8.42			7.21			9.30			0.85			0.68
Lifecycle 2035 Fund Composite Index^‡	—		–6.78			8.14			9.85			—			—
Broad market index
S&P Target Date 2035 Index	—		–6.07			7.57			9.13			—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and 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 May 31, 2022, the Lifecycle 2035 Fund Composite Index consisted of: 46.1% Russell 3000^® Index; 27.5% Bloomberg U.S. Aggregate Bond Index; 24.8% MSCI All Country World Index ex USA Investable Market Index; 0.8% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 0.8% 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.

34	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2035 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	44.07	44.46
International equity	24.07	23.94
Fixed income
Fixed income	24.52	25.00
Short-term fixed income	0.75	0.80
Inflation-protected assets	0.75	0.80
Direct real estate	5.70	5.00
Other assets & liabilities, net	0.14	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2040 Fund

Performance as of May 31, 2022

Lifecycle 2040 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	1/17/07		–8.47	%		8.04	%		10.11	%		0.62	%		0.44	%
Advisor Class	12/4/15		–8.55			8.00			9.98	^†		0.70			0.52
Premier Class	9/30/09		–8.57			7.91			9.96			0.77			0.59
Retirement Class	10/15/04		–8.67			7.80			9.85			0.87			0.69
Lifecycle 2040 Fund Composite Index^‡	—		–6.77			8.79			10.47			—			—
Broad market index
S&P Target Date 2040 Index	—		–6.07			8.11			9.64			—			—

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 May 31, 2022, the Lifecycle 2040 Fund Composite Index consisted of: 51.3% Russell 3000^® Index; 27.6% MSCI All Country World Index ex USA Investable Market Index; and 21.1% 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.

36	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2040 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	49.95	50.31
International equity	27.31	27.09
Fixed income	16.91	17.60
Direct real estate	5.68	5.00
Other assets & liabilities, net	0.15	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2045 Fund

Performance as of May 31, 2022

Lifecycle 2045 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	11/30/07		–8.63	%		8.57	%		10.43	%		0.64	%		0.45	%
Advisor Class	12/4/15		–8.67			8.54			10.31	^†		0.72			0.53
Premier Class	9/30/09		–8.77			8.40			10.26			0.79			0.60
Retirement Class	11/30/07		–8.89			8.29			10.15			0.89			0.70
Lifecycle 2045 Fund Composite Index^‡	—		–6.66			9.38			10.83			—			—
Broad market index
S&P Target Date 2045 Index	—		–6.04			8.40			9.98			—			—

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 May 31, 2022, the Lifecycle 2045 Fund Composite Index consisted of: 56.5% Russell 3000^® Index; 30.4% MSCI All Country World Index ex USA Investable Market Index; and 13.1% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2045 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	55.83	56.16
International equity	30.51	30.24
Fixed income	7.82	8.60
Direct real estate	5.66	5.00
Other assets & liabilities, net	0.18	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2050 Fund

Performance as of May 31, 2022

Lifecycle 2050 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	11/30/07		–8.73	%		8.68	%		10.50	%		0.65	%		0.45	%
Advisor Class	12/4/15		–8.75			8.65			10.38	^†		0.73			0.53
Premier Class	9/30/09		–8.86			8.52			10.34			0.80			0.60
Retirement Class	11/30/07		–8.93			8.42			10.23			0.90			0.70
Lifecycle 2050 Fund Composite Index^‡	—		–6.65			9.53			10.93			—			—
Broad market index
S&P Target Date 2050 Index	—		–6.07			8.57			10.24			—			—

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 May 31, 2022, the Lifecycle 2050 Fund Composite Index consisted of: 59.0% Russell 3000^® Index; 31.8% MSCI All Country World Index ex USA Investable Market Index; and 9.2% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2050 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	58.56	58.99
International equity	31.99	31.76
Fixed income	3.62	4.25
Direct real estate	5.65	5.00
Other assets & liabilities, net	0.18	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2055 Fund

Performance as of May 31, 2022

Lifecycle 2055 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	4/29/11		–8.73	%		8.75	%		10.56	%		0.68	%		0.45	%
Advisor Class	12/4/15		–8.78			8.72			10.44	^†		0.76			0.53
Premier Class	4/29/11		–8.86			8.59			10.40			0.81			0.60
Retirement Class	4/29/11		–8.97			8.49			10.28			0.91			0.70
Lifecycle 2055 Fund Composite Index^‡	—		–6.63			9.63			11.01			—			—
Broad market index
S&P Target Date 2055 Index	—		–6.08			8.63			10.41			—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and 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 May 31, 2022, the Lifecycle 2055 Fund Composite Index consisted of: 59.8% Russell 3000^® Index; 32.2% MSCI All Country World Index ex USA Investable Market Index; and 8.0% 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.

42	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2055 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	59.35	59.80
International equity	32.42	32.20
Fixed income	2.38	3.00
Direct real estate	5.65	5.00
Other assets & liabilities, net	0.20	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2060 Fund

Performance as of May 31, 2022

Lifecycle 2060 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	9/26/14		–8.71	%		8.85	%		8.45	%		0.71	%		0.45	%
Advisor Class	12/4/15		–8.77			8.80			8.37	^†		0.79			0.53
Premier Class	9/26/14		–8.92			8.68			8.28			0.86			0.60
Retirement Class	9/26/14		–8.97			8.58			8.18			0.96			0.70
Lifecycle 2060 Fund Composite Index^‡	—		–6.62			9.73			8.95	^§		—			—
Broad market index
S&P Target Date 2060 Index	—		–6.14			8.70			8.18	^§		—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and 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 May 31, 2022, the Lifecycle 2060 Fund Composite Index consisted of: 60.6% Russell 3000^® Index; 32.7% MSCI All Country World Index ex USA Investable Market Index; and 6.7% 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.

44	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2060 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 26, 2014)

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	60.16	60.61
International equity	32.84	32.64
Fixed income	1.16	1.75
Direct real estate	5.63	5.00
Other assets & liabilities, net	0.21	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Lifecycle 2065 Fund

Performance as of May 31, 2022

Lifecycle 2065 Fund		Total Return			Average annual total return			Annual operating expenses*^#
	Inception date	1 year			since inception			gross			net
Institutional Class	9/30/20		–8.52	%		9.82	%		3.74	%		0.45	%
Advisor Class	9/30/20		–8.96			9.42			3.82			0.53
Premier Class	9/30/20		–8.78			9.50			3.91			0.60
Retirement Class	9/30/20		–8.46			9.66			4.04			0.70
Lifecycle 2065 Fund Composite Index^‡	—		–6.60			10.93	^§		—			—
Broad market index^**
S&P Target Date 2065+ Index	—		–6.00			11.48	^§		—			—
S&P Target Date 2060 Index	—		–6.14			11.39	^§		—			—

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 May 31, 2022, the Lifecycle 2065 Fund Composite Index consisted of: 61.4% Russell 3000^® Index; 33.1% MSCI All Country World Index ex USA Investable Market Index; and 5.5% 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.

46	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2065 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2020)

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	60.86	61.43
International equity	33.23	33.07
Fixed income	0.03	0.50
Direct real estate	5.62	5.00
Other assets & liabilities, net	0.26	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Portfolio of investments

Lifecycle Retirement Income Fund ■ May 31, 2022

Shares			Security		Value			% of net assets
AFFILIATED INVESTMENT COMPANIES—100.1%^a
DIRECT REAL ESTATE—5.8%
	2,256,802	b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/26/22; cost $24,186,249)		$	30,624,809			5.8	%
			TOTAL DIRECT REAL ESTATE			30,624,809			5.8
FIXED INCOME—40.1%
	11,553,547		TIAA-CREF Core Bond Fund			110,567,449			20.9
	7,194,948		TIAA-CREF Core Plus Bond Fund			69,071,504			13.0
	1,288,679		TIAA-CREF Emerging Markets Debt Fund			10,863,568			2.1
	1,229,059		TIAA-CREF High-Yield Fund			10,754,270			2.0
	1,240,843		TIAA-CREF International Bond Fund			11,068,322			2.1
			TOTAL FIXED INCOME			212,325,113			40.1
INFLATION-PROTECTED ASSETS—10.0%
	4,515,787		TIAA-CREF Inflation-Linked Bond Fund			52,879,871			10.0
			TOTAL INFLATION-PROTECTED ASSETS			52,879,871			10.0
INTERNATIONAL EQUITY—12.1%
	310,971		Nuveen International Growth Fund			13,648,513			2.6
	968,291		TIAA-CREF Emerging Markets Equity Fund			7,910,935			1.5
	1,588,096		TIAA-CREF International Equity Fund			19,454,174			3.7
	954,494		TIAA-CREF International Opportunities Fund			13,735,162			2.6
	879,764		TIAA-CREF Quant International Small-Cap Equity Fund			9,149,542			1.7
			TOTAL INTERNATIONAL EQUITY			63,898,326			12.1
SHORT-TERM FIXED INCOME—10.0%
	5,286,913		TIAA-CREF Short-Term Bond Fund			53,080,604			10.0
			TOTAL SHORT-TERM FIXED INCOME			53,080,604			10.0
U.S. EQUITY—22.1%
	316,196		Nuveen Dividend Growth Fund			16,654,039			3.2
	1,284,505		Nuveen Dividend Value Fund			19,062,054			3.6
	897,046		Nuveen Growth Opportunities ETF			17,698,718			3.3
	1,158,977		TIAA-CREF Growth & Income Fund			16,758,801			3.2
	975,695		TIAA-CREF Large-Cap Growth Fund			17,650,331			3.3
	932,257		TIAA-CREF Large-Cap Value Fund			19,083,300			3.6
	283,397		TIAA-CREF Quant Small-Cap Equity Fund			4,636,375			0.9
	412,710		TIAA-CREF Quant Small/Mid-Cap Equity Fund			5,517,928			1.0
			TOTAL U.S. EQUITY			117,061,546			22.1
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $516,008,619)		529,870,269			100.1

			TOTAL PORTFOLIO	(Cost $516,008,619)		529,870,269			100.1
			OTHER ASSETS & LIABILITIES, NET			(635,822	)		(0.1	)
			NET ASSETS		$	529,234,447			100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $30,624,809 or 5.8% of net assets.

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2010 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—100.0%^a
DIRECT REAL ESTATE—4.7%
	3,619,973	b	TIAA-CREF Real Property Fund LP (purchased 7/01/16–5/26/22; cost $37,835,366)		$	49,123,040		4.7	%
			TOTAL DIRECT REAL ESTATE			49,123,040		4.7
FIXED INCOME—40.0%
	22,702,070		TIAA-CREF Core Bond Fund			217,258,806		20.9
	14,165,631		TIAA-CREF Core Plus Bond Fund			135,990,055		13.0
	2,519,638		TIAA-CREF Emerging Markets Debt Fund			21,240,547		2.0
	2,394,565		TIAA-CREF High-Yield Fund			20,952,445		2.0
	2,437,905		TIAA-CREF International Bond Fund			21,746,110		2.1
			TOTAL FIXED INCOME			417,187,963		40.0
INFLATION-PROTECTED ASSETS—10.0%
	8,873,915		TIAA-CREF Inflation-Linked Bond Fund			103,913,550		10.0
			TOTAL INFLATION-PROTECTED ASSETS			103,913,550		10.0
INTERNATIONAL EQUITY—11.8%
	597,917		Nuveen International Growth Fund			26,242,571		2.5
	1,859,874		TIAA-CREF Emerging Markets Equity Fund			15,195,170		1.5
	3,046,295		TIAA-CREF International Equity Fund			37,317,111		3.6
	1,831,012		TIAA-CREF International Opportunities Fund			26,348,256		2.5
	1,689,147		TIAA-CREF Quant International Small-Cap Equity Fund			17,567,129		1.7
			TOTAL INTERNATIONAL EQUITY			122,670,237		11.8
SHORT-TERM FIXED INCOME—11.9%
	12,352,901		TIAA-CREF Short-Term Bond Fund			124,023,123		11.9
			TOTAL SHORT-TERM FIXED INCOME			124,023,123		11.9
U.S. EQUITY—21.6%
	606,889		Nuveen Dividend Growth Fund			31,964,855		3.1
	2,463,960		Nuveen Dividend Value Fund			36,565,173		3.5
	1,723,107		Nuveen Growth Opportunities ETF			33,996,901		3.3
	2,223,439		TIAA-CREF Growth & Income Fund			32,150,930		3.1
	1,872,205		TIAA-CREF Large-Cap Growth Fund			33,868,182		3.2
	1,788,498		TIAA-CREF Large-Cap Value Fund			36,610,558		3.5
	543,623		TIAA-CREF Quant Small-Cap Equity Fund			8,893,667		0.9
	791,806		TIAA-CREF Quant Small/Mid-Cap Equity Fund			10,586,451		1.0
			TOTAL U.S. EQUITY			224,636,717		21.6
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $989,265,794)		1,041,554,630		100.0

			TOTAL PORTFOLIO	(Cost $989,265,794)		1,041,554,630		100.0
			OTHER ASSETS & LIABILITIES, NET			324,341		0.0
			NET ASSETS		$	1,041,878,971		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $49,123,040 or 4.7% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Portfolio of investments

Lifecycle 2015 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
DIRECT REAL ESTATE—5.8%
	6,259,166	b	TIAA-CREF Real Property Fund LP (purchased 11/28/16–5/26/22; cost $66,459,647)		$	84,936,878		5.8	%
			TOTAL DIRECT REAL ESTATE			84,936,878		5.8
FIXED INCOME—39.4%
	31,601,630		TIAA-CREF Core Bond Fund			302,427,596		20.6
	19,659,403		TIAA-CREF Core Plus Bond Fund			188,730,264		12.8
	3,492,490		TIAA-CREF Emerging Markets Debt Fund			29,441,694		2.0
	3,325,196		TIAA-CREF High-Yield Fund			29,095,466		2.0
	3,377,530		TIAA-CREF International Bond Fund			30,127,569		2.0
			TOTAL FIXED INCOME			579,822,589		39.4
INFLATION-PROTECTED ASSETS—8.7%
	10,963,085		TIAA-CREF Inflation-Linked Bond Fund			128,377,721		8.7
			TOTAL INFLATION-PROTECTED ASSETS			128,377,721		8.7
INTERNATIONAL EQUITY—13.1%
	942,008		Nuveen International Growth Fund			41,344,736		2.8
	2,931,052		TIAA-CREF Emerging Markets Equity Fund			23,946,693		1.6
	4,808,307		TIAA-CREF International Equity Fund			58,901,761		4.0
	2,889,234		TIAA-CREF International Opportunities Fund			41,576,071		2.8
	2,661,741		TIAA-CREF Quant International Small-Cap Equity Fund			27,682,108		1.9
			TOTAL INTERNATIONAL EQUITY			193,451,369		13.1
SHORT-TERM FIXED INCOME—8.8%
	12,838,609		TIAA-CREF Short-Term Bond Fund			128,899,632		8.8
			TOTAL SHORT-TERM FIXED INCOME			128,899,632		8.8
U.S. EQUITY—24.1%
	955,470		Nuveen Dividend Growth Fund			50,324,601		3.4
	3,888,039		Nuveen Dividend Value Fund			57,698,499		3.9
	2,722,225		Nuveen Growth Opportunities ETF			53,709,499		3.7
	3,507,329		TIAA-CREF Growth & Income Fund			50,715,974		3.5
	2,951,304		TIAA-CREF Large-Cap Growth Fund			53,389,094		3.6
	2,821,317		TIAA-CREF Large-Cap Value Fund			57,752,362		3.9
	857,833		TIAA-CREF Quant Small-Cap Equity Fund			14,034,147		1.0
	1,248,752		TIAA-CREF Quant Small/Mid-Cap Equity Fund			16,695,813		1.1
			TOTAL U.S. EQUITY			354,319,989		24.1
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $1,460,034,510)		1,469,808,178		99.9

			TOTAL PORTFOLIO	(Cost $1,460,034,510)		1,469,808,178		99.9
			OTHER ASSETS & LIABILITIES, NET			1,063,256		0.1
			NET ASSETS		$	1,470,871,434		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $84,936,878 or 5.8% of net assets.

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2020 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
DIRECT REAL ESTATE—5.8%
	13,710,738	b	TIAA-CREF Real Property Fund LP (purchased 11/28/16–5/26/22; cost $145,982,794)		$	186,054,719		5.8	%
			TOTAL DIRECT REAL ESTATE			186,054,719		5.8
FIXED INCOME—38.4%
	67,618,000		TIAA-CREF Core Bond Fund			647,104,258		20.0
	42,077,122		TIAA-CREF Core Plus Bond Fund			403,940,373		12.5
	7,515,618		TIAA-CREF Emerging Markets Debt Fund			63,356,656		2.0
	7,114,439		TIAA-CREF High-Yield Fund			62,251,339		1.9
	7,233,406		TIAA-CREF International Bond Fund			64,521,978		2.0
			TOTAL FIXED INCOME			1,241,174,604		38.4
INFLATION-PROTECTED ASSETS—6.7%
	18,598,940		TIAA-CREF Inflation-Linked Bond Fund			217,793,589		6.7
			TOTAL INFLATION-PROTECTED ASSETS			217,793,589		6.7
INTERNATIONAL EQUITY—14.9%
	2,353,489		Nuveen International Growth Fund			103,294,654		3.2
	7,302,400		TIAA-CREF Emerging Markets Equity Fund			59,660,607		1.9
	11,987,286		TIAA-CREF International Equity Fund			146,844,248		4.5
	7,202,419		TIAA-CREF International Opportunities Fund			103,642,814		3.2
	6,652,412		TIAA-CREF Quant International Small-Cap Equity Fund			69,185,085		2.1
			TOTAL INTERNATIONAL EQUITY			482,627,408		14.9
SHORT-TERM FIXED INCOME—6.8%
	21,780,199		TIAA-CREF Short-Term Bond Fund			218,673,196		6.8
			TOTAL SHORT-TERM FIXED INCOME			218,673,196		6.8
U.S. EQUITY—27.3%
	2,387,755		Nuveen Dividend Growth Fund			125,763,057		3.9
	9,693,808		Nuveen Dividend Value Fund			143,856,116		4.4
	6,773,644		Nuveen Growth Opportunities ETF			133,643,996		4.1
	8,747,420		TIAA-CREF Growth & Income Fund			126,487,695		3.9
	7,365,114		TIAA-CREF Large-Cap Growth Fund			133,234,907		4.1
	7,036,216		TIAA-CREF Large-Cap Value Fund			144,031,344		4.5
	2,138,760		TIAA-CREF Quant Small-Cap Equity Fund			34,990,119		1.1
	3,115,055		TIAA-CREF Quant Small/Mid-Cap Equity Fund			41,648,283		1.3
			TOTAL U.S. EQUITY			883,655,517		27.3
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $3,191,830,277)		3,229,979,033		99.9

			TOTAL PORTFOLIO	(Cost $3,191,830,277)		3,229,979,033		99.9
			OTHER ASSETS & LIABILITIES, NET			3,939,810		0.1
			NET ASSETS		$	3,233,918,843		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $186,054,719 or 5.8% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Portfolio of investments

Lifecycle 2025 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
DIRECT REAL ESTATE—5.7%
	19,863,502	b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/26/22; cost $213,115,096)		$	269,547,721		5.7	%
			TOTAL DIRECT REAL ESTATE			269,547,721		5.7
FIXED INCOME—34.8%
	89,037,099		TIAA-CREF Core Bond Fund			852,085,039		18.1
	55,435,573		TIAA-CREF Core Plus Bond Fund			532,181,504		11.3
	9,951,487		TIAA-CREF Emerging Markets Debt Fund			83,891,036		1.8
	9,361,291		TIAA-CREF High-Yield Fund			81,911,293		1.8
	9,535,127		TIAA-CREF International Bond Fund			85,053,333		1.8
			TOTAL FIXED INCOME			1,635,122,205		34.8
INFLATION-PROTECTED ASSETS—4.7%
	19,056,283		TIAA-CREF Inflation-Linked Bond Fund			223,149,075		4.7
			TOTAL INFLATION-PROTECTED ASSETS			223,149,075		4.7
INTERNATIONAL EQUITY—17.6%
	4,033,635		Nuveen International Growth Fund			177,036,224		3.8
	12,544,114		TIAA-CREF Emerging Markets Equity Fund			102,485,410		2.2
	20,566,190		TIAA-CREF International Equity Fund			251,935,833		5.3
	12,299,978		TIAA-CREF International Opportunities Fund			176,996,684		3.8
	11,437,079		TIAA-CREF Quant International Small-Cap Equity Fund			118,945,621		2.5
			TOTAL INTERNATIONAL EQUITY			827,399,772		17.6
SHORT-TERM FIXED INCOME—4.8%
	22,271,280		TIAA-CREF Short-Term Bond Fund			223,603,650		4.8
			TOTAL SHORT-TERM FIXED INCOME			223,603,650		4.8
U.S. EQUITY—32.3%
	4,094,885		Nuveen Dividend Growth Fund			215,677,614		4.6
	16,610,543		Nuveen Dividend Value Fund			246,500,459		5.2
	11,606,759		Nuveen Growth Opportunities ETF			229,001,355		4.9
	14,994,856		TIAA-CREF Growth & Income Fund			216,825,616		4.6
	12,626,065		TIAA-CREF Large-Cap Growth Fund			228,405,525		4.9
	12,058,329		TIAA-CREF Large-Cap Value Fund			246,833,985		5.3
	3,666,119		TIAA-CREF Quant Small-Cap Equity Fund			59,977,699		1.3
	5,345,889		TIAA-CREF Quant Small/Mid-Cap Equity Fund			71,474,541		1.5
			TOTAL U.S. EQUITY			1,514,696,794		32.3
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $4,634,724,775)		4,693,519,217		99.9

			TOTAL PORTFOLIO	(Cost $4,634,724,775)		4,693,519,217		99.9
			OTHER ASSETS & LIABILITIES, NET			4,452,266		0.1
			NET ASSETS		$	4,697,971,483		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $269,547,721 or 5.7% of net assets.

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2030 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
DIRECT REAL ESTATE—5.7%
	21,686,267	b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/26/22; cost $233,758,768)		$	294,282,643		5.7	%
			TOTAL DIRECT REAL ESTATE			294,282,643		5.7
FIXED INCOME—29.6%
	82,926,925		TIAA-CREF Core Bond Fund			793,610,673		15.4
	51,695,498		TIAA-CREF Core Plus Bond Fund			496,276,776		9.6
	9,407,043		TIAA-CREF Emerging Markets Debt Fund			79,301,376		1.5
	8,743,484		TIAA-CREF High-Yield Fund			76,505,482		1.5
	8,918,984		TIAA-CREF International Bond Fund			79,557,336		1.6
			TOTAL FIXED INCOME			1,525,251,643		29.6
INFLATION-PROTECTED ASSETS—2.8%
	12,082,360		TIAA-CREF Inflation-Linked Bond Fund			141,484,431		2.8
			TOTAL INFLATION-PROTECTED ASSETS			141,484,431		2.8
INTERNATIONAL EQUITY—20.8%
	5,208,911		Nuveen International Growth Fund			228,619,103		4.4
	16,275,678		TIAA-CREF Emerging Markets Equity Fund			132,972,286		2.6
	26,733,585		TIAA-CREF International Equity Fund			327,486,418		6.4
	15,901,865		TIAA-CREF International Opportunities Fund			228,827,843		4.4
	14,881,909		TIAA-CREF Quant International Small-Cap Equity Fund			154,771,852		3.0
			TOTAL INTERNATIONAL EQUITY			1,072,677,502		20.8
SHORT-TERM FIXED INCOME—2.8%
	14,129,798		TIAA-CREF Short-Term Bond Fund			141,863,168		2.8
			TOTAL SHORT-TERM FIXED INCOME			141,863,168		2.8
U.S. EQUITY—38.2%
	5,370,742		Nuveen Dividend Growth Fund			282,876,971		5.5
	21,509,757		Nuveen Dividend Value Fund			319,204,792		6.2
	15,027,955		Nuveen Growth Opportunities ETF			296,501,552		5.8
	19,410,336		TIAA-CREF Growth & Income Fund			280,673,465		5.5
	16,336,318		TIAA-CREF Large-Cap Growth Fund			295,523,991		5.7
	15,614,713		TIAA-CREF Large-Cap Value Fund			319,633,182		6.2
	4,752,876		TIAA-CREF Quant Small-Cap Equity Fund			77,757,060		1.5
	6,949,449		TIAA-CREF Quant Small/Mid-Cap Equity Fund			92,914,131		1.8
			TOTAL U.S. EQUITY			1,965,085,144		38.2
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $5,060,399,275)		5,140,644,531		99.9

			TOTAL PORTFOLIO	(Cost $5,060,399,275)		5,140,644,531		99.9
			OTHER ASSETS & LIABILITIES, NET			6,120,113		0.1
			NET ASSETS		$	5,146,764,644		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $294,282,643 or 5.7% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Portfolio of investments

Lifecycle 2035 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
DIRECT REAL ESTATE—5.7%
	22,279,689	b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/26/22; cost $239,929,847)		$	302,335,381		5.7	%
			TOTAL DIRECT REAL ESTATE			302,335,381		5.7
FIXED INCOME—24.5%
	70,651,026		TIAA-CREF Core Bond Fund			676,130,315		12.7
	44,066,997		TIAA-CREF Core Plus Bond Fund			423,043,167		8.0
	8,164,070		TIAA-CREF Emerging Markets Debt Fund			68,823,108		1.3
	7,461,281		TIAA-CREF High-Yield Fund			65,286,209		1.2
	7,603,833		TIAA-CREF International Bond Fund			67,826,189		1.3
			TOTAL FIXED INCOME			1,301,108,988		24.5
INFLATION-PROTECTED ASSETS—0.8%
	3,411,086		TIAA-CREF Inflation-Linked Bond Fund			39,943,822		0.8
			TOTAL INFLATION-PROTECTED ASSETS			39,943,822		0.8
INTERNATIONAL EQUITY—24.1%
	6,194,159		Nuveen International Growth Fund			271,861,625		5.1
	19,379,872		TIAA-CREF Emerging Markets Equity Fund			158,333,556		3.0
	31,881,234		TIAA-CREF International Equity Fund			390,545,112		7.4
	18,912,831		TIAA-CREF International Opportunities Fund			272,155,637		5.1
	17,713,974		TIAA-CREF Quant International Small-Cap Equity Fund			184,225,334		3.5
			TOTAL INTERNATIONAL EQUITY			1,277,121,264		24.1
SHORT-TERM FIXED INCOME—0.8%
	3,987,775		TIAA-CREF Short-Term Bond Fund			40,037,261		0.8
			TOTAL SHORT-TERM FIXED INCOME			40,037,261		0.8
U.S. EQUITY—44.0%
	6,382,962		Nuveen Dividend Growth Fund			336,190,612		6.3
	25,570,193		Nuveen Dividend Value Fund			379,461,663		7.2
	17,873,162		Nuveen Growth Opportunities ETF			352,637,486		6.6
	23,085,679		TIAA-CREF Growth & Income Fund			333,818,925		6.3
	19,427,006		TIAA-CREF Large-Cap Growth Fund			351,434,534		6.6
	18,589,260		TIAA-CREF Large-Cap Value Fund			380,522,146		7.2
	5,658,499		TIAA-CREF Quant Small-Cap Equity Fund			92,573,043		1.7
	8,285,191		TIAA-CREF Quant Small/Mid-Cap Equity Fund			110,773,008		2.1
			TOTAL U.S. EQUITY			2,337,411,417		44.0
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $5,169,842,252)		5,297,958,133		99.9

			TOTAL PORTFOLIO	(Cost $5,169,842,252)		5,297,958,133		99.9
			OTHER ASSETS & LIABILITIES, NET			7,631,146		0.1
			NET ASSETS		$	5,305,589,279		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $302,335,381 or 5.7% of net assets.

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2040 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
DIRECT REAL ESTATE—5.7%
	26,175,739	b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/26/22; cost $280,990,429)		$	355,204,775		5.7	%
			TOTAL DIRECT REAL ESTATE			355,204,775		5.7
FIXED INCOME—16.9%
	57,127,208		TIAA-CREF Core Bond Fund			546,707,380		8.7
	35,791,855		TIAA-CREF Core Plus Bond Fund			343,601,807		5.5
	6,950,674		TIAA-CREF Emerging Markets Debt Fund			58,594,183		0.9
	6,071,038		TIAA-CREF High-Yield Fund			53,121,583		0.9
	6,180,027		TIAA-CREF International Bond Fund			55,125,845		0.9
			TOTAL FIXED INCOME			1,057,150,798		16.9
INTERNATIONAL EQUITY—27.3%
	8,271,642		Nuveen International Growth Fund			363,042,368		5.8
	25,841,116		TIAA-CREF Emerging Markets Equity Fund			211,121,918		3.4
	42,738,454		TIAA-CREF International Equity Fund			523,546,057		8.4
	25,256,490		TIAA-CREF International Opportunities Fund			363,440,893		5.8
	23,652,871		TIAA-CREF Quant International Small-Cap Equity Fund			245,989,860		3.9
			TOTAL INTERNATIONAL EQUITY			1,707,141,096		27.3
U.S. EQUITY—50.0%
	8,545,933		Nuveen Dividend Growth Fund			450,114,292		7.2
	34,187,034		Nuveen Dividend Value Fund			507,335,589		8.1
	23,858,698		Nuveen Growth Opportunities ETF			470,732,112		7.5
	30,866,528		TIAA-CREF Growth & Income Fund			446,330,002		7.2
	25,938,073		TIAA-CREF Large-Cap Growth Fund			469,219,743		7.5
	24,838,711		TIAA-CREF Large-Cap Value Fund			508,448,418		8.1
	7,573,239		TIAA-CREF Quant Small-Cap Equity Fund			123,898,184		2.0
	11,012,478		TIAA-CREF Quant Small/Mid-Cap Equity Fund			147,236,834		2.4
			TOTAL U.S. EQUITY			3,123,315,174		50.0
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $6,018,515,383)		6,242,811,843		99.9

			TOTAL PORTFOLIO	(Cost $6,018,515,383)		6,242,811,843		99.9
			OTHER ASSETS & LIABILITIES, NET			9,277,856		0.1
			NET ASSETS		$	6,252,089,699		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $355,204,775 or 5.7% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Portfolio of investments

Lifecycle 2045 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—5.7%
	17,481,076	b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/26/22; cost $189,253,284)		$	237,218,197		5.7	%
			TOTAL DIRECT REAL ESTATE			237,218,197		5.7
FIXED INCOME—7.8%
	17,400,858		TIAA-CREF Core Bond Fund			166,526,213		4.0
	11,098,043		TIAA-CREF Core Plus Bond Fund			106,541,209		2.5
	2,526,770		TIAA-CREF Emerging Markets Debt Fund			21,300,669		0.5
	1,872,850		TIAA-CREF High-Yield Fund			16,387,435		0.4
	1,907,834		TIAA-CREF International Bond Fund			17,017,883		0.4
			TOTAL FIXED INCOME			327,773,409		7.8
INTERNATIONAL EQUITY—30.5%
	6,187,982		Nuveen International Growth Fund			271,590,528		6.5
	19,328,598		TIAA-CREF Emerging Markets Equity Fund			157,914,642		3.7
	32,065,460		TIAA-CREF International Equity Fund			392,801,887		9.4
	18,923,136		TIAA-CREF International Opportunities Fund			272,303,921		6.5
	17,697,830		TIAA-CREF Quant International Small-Cap Equity Fund			184,057,436		4.4
			TOTAL INTERNATIONAL EQUITY			1,278,668,414		30.5
U.S. EQUITY—55.8%
	6,399,092		Nuveen Dividend Growth Fund			337,040,174		8.0
	25,589,147		Nuveen Dividend Value Fund			379,742,946		9.1
	17,850,799		Nuveen Growth Opportunities ETF			352,196,264		8.4
	23,103,304		TIAA-CREF Growth & Income Fund			334,073,777		8.0
	19,479,928		TIAA-CREF Large-Cap Growth Fund			352,391,906		8.4
	18,589,338		TIAA-CREF Large-Cap Value Fund			380,523,753		9.1
	5,669,057		TIAA-CREF Quant Small-Cap Equity Fund			92,745,776		2.2
	8,260,163		TIAA-CREF Quant Small/Mid-Cap Equity Fund			110,438,385		2.6
			TOTAL U.S. EQUITY			2,339,152,981		55.8
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $3,949,964,533)		4,182,813,001		99.8

			TOTAL PORTFOLIO	(Cost $3,949,964,533)		4,182,813,001		99.8
			OTHER ASSETS & LIABILITIES, NET			7,501,539		0.2
			NET ASSETS		$	4,190,314,540		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $237,218,197 or 5.7% of net assets.

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2050 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—5.7%
	13,037,081	b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/26/22; cost $141,921,222)		$	176,913,185		5.7	%
			TOTAL DIRECT REAL ESTATE			176,913,185		5.7
FIXED INCOME—3.6%
	5,763,723		TIAA-CREF Core Bond Fund			55,158,833		1.7
	3,853,262		TIAA-CREF Core Plus Bond Fund			36,991,318		1.2
	1,153,538		TIAA-CREF Emerging Markets Debt Fund			9,724,323		0.3
	649,666		TIAA-CREF High-Yield Fund			5,684,576		0.2
	655,569		TIAA-CREF International Bond Fund			5,847,676		0.2
			TOTAL FIXED INCOME			113,406,726		3.6
INTERNATIONAL EQUITY—32.0%
	4,844,560		Nuveen International Growth Fund			212,627,717		6.8
	15,171,342		TIAA-CREF Emerging Markets Equity Fund			123,949,865		4.0
	25,071,181		TIAA-CREF International Equity Fund			307,121,967		9.8
	14,846,441		TIAA-CREF International Opportunities Fund			213,640,293		6.8
	13,840,344		TIAA-CREF Quant International Small-Cap Equity Fund			143,939,577		4.6
			TOTAL INTERNATIONAL EQUITY			1,001,279,419		32.0
U.S. EQUITY—58.5%
	5,009,608		Nuveen Dividend Growth Fund			263,856,041		8.4
	20,058,659		Nuveen Dividend Value Fund			297,670,495		9.5
	13,979,572		Nuveen Growth Opportunities ETF			275,816,956		8.8
	18,100,681		TIAA-CREF Growth & Income Fund			261,735,853		8.4
	15,281,850		TIAA-CREF Large-Cap Growth Fund			276,448,661		8.8
	14,554,499		TIAA-CREF Large-Cap Value Fund			297,930,591		9.5
	4,440,840		TIAA-CREF Quant Small-Cap Equity Fund			72,652,138		2.3
	6,473,220		TIAA-CREF Quant Small/Mid-Cap Equity Fund			86,546,958		2.8
			TOTAL U.S. EQUITY			1,832,657,693		58.5
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $2,982,355,849)		3,124,257,023		99.8

			TOTAL PORTFOLIO	(Cost $2,982,355,849)		3,124,257,023		99.8
			OTHER ASSETS & LIABILITIES, NET			5,610,508		0.2
			NET ASSETS		$	3,129,867,531		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $176,913,185 or 5.7% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Portfolio of investments

Lifecycle 2055 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—5.6%
	5,822,780	b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/26/22; cost $64,240,085)		$	79,015,123		5.6	%
			TOTAL DIRECT REAL ESTATE			79,015,123		5.6
FIXED INCOME—2.4%
	1,609,427		TIAA-CREF Core Bond Fund			15,402,221		1.1
	1,141,033		TIAA-CREF Core Plus Bond Fund			10,953,921		0.8
	419,513		TIAA-CREF Emerging Markets Debt Fund			3,536,492		0.3
	191,026		TIAA-CREF High-Yield Fund			1,671,477		0.1
	191,296		TIAA-CREF International Bond Fund			1,706,364		0.1
			TOTAL FIXED INCOME			33,270,475		2.4
INTERNATIONAL EQUITY—32.4%
	2,193,634		Nuveen International Growth Fund			96,278,602		6.9
	6,885,370		TIAA-CREF Emerging Markets Equity Fund			56,253,471		4.0
	11,358,608		TIAA-CREF International Equity Fund			139,142,949		9.9
	6,737,245		TIAA-CREF International Opportunities Fund			96,948,952		6.9
	6,267,991		TIAA-CREF Quant International Small-Cap Equity Fund			65,187,111		4.7
			TOTAL INTERNATIONAL EQUITY			453,811,085		32.4
U.S. EQUITY—59.4%
	2,265,167		Nuveen Dividend Growth Fund			119,306,325		8.5
	9,087,673		Nuveen Dividend Value Fund			134,861,064		9.6
	6,344,140		Nuveen Growth Opportunities ETF			125,169,882		8.9
	8,218,650		TIAA-CREF Growth & Income Fund			118,841,676		8.5
	6,930,776		TIAA-CREF Large-Cap Growth Fund			125,377,736		9.0
	6,598,556		TIAA-CREF Large-Cap Value Fund			135,072,433		9.7
	2,012,011		TIAA-CREF Quant Small-Cap Equity Fund			32,916,502		2.4
	2,932,856		TIAA-CREF Quant Small/Mid-Cap Equity Fund			39,212,281		2.8
			TOTAL U.S. EQUITY			830,757,899		59.4
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $1,373,902,310)		1,396,854,582		99.8

			TOTAL PORTFOLIO	(Cost $1,373,902,310)		1,396,854,582		99.8
			OTHER ASSETS & LIABILITIES, NET			2,856,935		0.2
			NET ASSETS		$	1,399,711,517		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $79,015,123 or 5.6% of net assets.

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments

Lifecycle 2060 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
DIRECT REAL ESTATE—5.6%
	1,841,608	b	TIAA-CREF Real Property Fund LP (purchased 8/01/16–5/26/22; cost $20,603,596)		$	24,990,614		5.6	%
			TOTAL DIRECT REAL ESTATE			24,990,614		5.6
FIXED INCOME—1.2%
	211,984		TIAA-CREF Core Bond Fund			2,028,688		0.4
	178,254		TIAA-CREF Core Plus Bond Fund			1,711,241		0.4
	103,624		TIAA-CREF Emerging Markets Debt Fund			873,546		0.2
	30,763		TIAA-CREF High-Yield Fund			269,179		0.1
	28,617		TIAA-CREF International Bond Fund			255,266		0.1
			TOTAL FIXED INCOME			5,137,920		1.2
INTERNATIONAL EQUITY—32.8%
	706,090		Nuveen International Growth Fund			30,990,305		7.0
	2,213,733		TIAA-CREF Emerging Markets Equity Fund			18,086,195		4.1
	3,630,934		TIAA-CREF International Equity Fund			44,478,938		10.0
	2,172,589		TIAA-CREF International Opportunities Fund			31,263,555		7.0
	2,013,175		TIAA-CREF Quant International Small-Cap Equity Fund			20,937,017		4.7
			TOTAL INTERNATIONAL EQUITY			145,756,010		32.8
U.S. EQUITY—60.2%
	725,071		Nuveen Dividend Growth Fund			38,189,468		8.6
	2,922,950		Nuveen Dividend Value Fund			43,376,576		9.8
	2,039,009		Nuveen Growth Opportunities ETF			40,229,648		9.1
	2,645,293		TIAA-CREF Growth & Income Fund			38,250,933		8.6
	2,227,790		TIAA-CREF Large-Cap Growth Fund			40,300,714		9.1
	2,126,952		TIAA-CREF Large-Cap Value Fund			43,538,712		9.8
	646,413		TIAA-CREF Quant Small-Cap Equity Fund			10,575,310		2.4
	942,269		TIAA-CREF Quant Small/Mid-Cap Equity Fund			12,598,139		2.8
			TOTAL U.S. EQUITY			267,059,500		60.2
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $452,598,613)		442,944,044		99.8

			TOTAL PORTFOLIO	(Cost $452,598,613)		442,944,044		99.8
			OTHER ASSETS & LIABILITIES, NET			953,922		0.2
			NET ASSETS		$	443,897,966		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $24,990,614 or 5.6% of net assets.

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Portfolio of investments

Lifecycle 2065 Fund ■ May 31, 2022

Shares			Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.7%^a
DIRECT REAL ESTATE—5.6%
	98,321	b	TIAA-CREF Real Property Fund LP (purchased 9/30/20–5/26/22; cost $1,196,916)		$	1,334,216		5.6	%
			TOTAL DIRECT REAL ESTATE			1,334,216		5.6
FIXED INCOME—0.0%
	17		TIAA-CREF Core Bond Fund			162		0.0
	286		TIAA-CREF Core Plus Bond Fund			2,746		0.0
	308		TIAA-CREF Emerging Markets Debt Fund			2,595		0.0
	29		TIAA-CREF High-Yield Fund			256		0.0
	27		TIAA-CREF International Bond Fund			238		0.0
			TOTAL FIXED INCOME			5,997		0.0
INTERNATIONAL EQUITY—33.2%
	38,418		Nuveen International Growth Fund			1,686,149		7.1
	119,612		TIAA-CREF Emerging Markets Equity Fund			977,233		4.1
	196,060		TIAA-CREF International Equity Fund			2,401,741		10.1
	117,664		TIAA-CREF International Opportunities Fund			1,693,189		7.1
	109,172		TIAA-CREF Quant International Small-Cap Equity Fund			1,135,387		4.8
			TOTAL INTERNATIONAL EQUITY			7,893,699		33.2
U.S. EQUITY—60.9%
	39,194		Nuveen Dividend Growth Fund			2,064,345		8.7
	158,568		Nuveen Dividend Value Fund			2,353,149		9.9
	110,317		Nuveen Growth Opportunities ETF			2,176,555		9.2
	143,168		TIAA-CREF Growth & Income Fund			2,070,204		8.7
	120,635		TIAA-CREF Large-Cap Growth Fund			2,182,286		9.2
	115,149		TIAA-CREF Large-Cap Value Fund			2,357,093		9.9
	34,995		TIAA-CREF Quant Small-Cap Equity Fund			572,519		2.4
	51,015		TIAA-CREF Quant Small/Mid-Cap Equity Fund			682,065		2.9
			TOTAL U.S. EQUITY			14,458,216		60.9
			TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $25,230,411)		23,692,128		99.7

			TOTAL PORTFOLIO	(Cost $25,230,411)		23,692,128		99.7
			OTHER ASSETS & LIABILITIES, NET			62,723		0.3
			NET ASSETS		$	23,754,851		100.0	%

ETF Exchange Traded Fund

^a	The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, the affiliated 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 5/31/22, the total value of this security amounted to $1,334,216 or 5.6% of net assets.

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Statements of assets and liabilities

TIAA-CREF Funds ■ May 31, 2022

	Lifecycle Retirement Income Fund		Lifecycle 2010 Fund		Lifecycle 2015 Fund		Lifecycle 2020 Fund		Lifecycle 2025 Fund		Lifecycle 2030 Fund
ASSETS
Affiliated investments, at value^‡	$	529,870,269	$	1,041,554,630	$	1,469,808,178	$	3,229,979,033	$	4,693,519,217	$	5,140,644,531
Cash		363,848		1,387,503		—		4,225,052		6,457,271		8,568,418
Receivable from securities transactions		647,472		1,352,452		3,195,866		4,202,685		5,059,877		6,398,000
Receivable from Fund shares sold		33,813		17,685		107,536		2,263,881		1,047,451		2,733,142
Dividends receivable		654,015		1,337,185		1,749,566		3,590,630		4,558,042		4,073,124
Due from affiliates		68,264		157,893		174,593		377,733		555,913		656,399
Other		34,119		112,280		164,364		263,470		286,170		281,973
Total assets		531,671,800		1,045,919,628		1,475,200,103		3,244,902,484		4,711,483,941		5,163,355,587
LIABILITIES
Management fees payable		165,275		327,726		461,754		1,018,025		1,485,245		1,629,286
Service agreement fees payable		33,303		61,616		83,617		161,581		205,053		211,974
Distribution fees payable		29,588		6,157		8,790		20,560		29,025		32,295
Due to affiliates		12,387		12,122		13,509		19,169		23,653		24,921
Overdraft payable		—		—		1,106,503		—		—		—
Payable for securities transactions		1,111,032		2,986,332		2,304,061		8,653,751		11,206,753		13,735,103
Payable for Fund shares redeemed		1,027,891		498,880		147,929		762,709		149,898		518,190
Payable for trustee compensation		33,960		111,976		163,935		262,522		284,797		280,479
Accrued expenses and other payables		23,917		35,848		38,571		85,324		128,034		158,695
Total liabilities		2,437,353		4,040,657		4,328,669		10,983,641		13,512,458		16,590,943
NET ASSETS	$	529,234,447	$	1,041,878,971	$	1,470,871,434	$	3,233,918,843	$	4,697,971,483	$	5,146,764,644
NET ASSETS CONSIST OF:
Paid-in-capital	$	511,136,944	$	975,713,778	$	1,438,529,011	$	3,133,059,903	$	4,516,711,162	$	4,897,470,159
Total distributable earnings (loss)		18,097,503		66,165,193		32,342,423		100,858,940		181,260,321		249,294,485
NET ASSETS	$	529,234,447	$	1,041,878,971	$	1,470,871,434	$	3,233,918,843	$	4,697,971,483	$	5,146,764,644
INSTITUTIONAL CLASS:
Net assets	$	222,226,542	$	700,874,533	$	1,005,382,360	$	2,303,415,014	$	3,488,041,799	$	3,872,654,364
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		19,948,293		68,100,756		109,542,646		243,021,699		354,006,369		388,536,080
Net asset value per share	$	11.14	$	10.29	$	9.18	$	9.48	$	9.85	$	9.97
ADVISOR CLASS:
Net assets	$	608,615	$	176,966	$	390,216	$	497,646	$	390,506	$	496,829
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		54,615		17,153		42,566		52,537		39,651		49,845
Net asset value per share	$	11.14	$	10.32	$	9.17	$	9.47	$	9.85	$	9.97
PREMIER CLASS:
Net assets	$	17,623,746	$	50,141,387	$	71,144,301	$	165,761,063	$	236,146,652	$	265,244,636
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,582,793		4,883,860		7,787,928		17,535,871		24,090,396		26,768,224
Net asset value per share	$	11.13	$	10.27	$	9.14	$	9.45	$	9.80	$	9.91
RETIREMENT CLASS:
Net assets	$	157,609,028	$	290,686,085	$	393,954,557	$	764,245,120	$	973,392,526	$	1,008,368,815
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		14,187,006		22,830,864		32,857,212		59,919,712		72,405,118		72,136,999
Net asset value per share	$	11.11	$	12.73	$	11.99	$	12.75	$	13.44	$	13.98
RETAIL CLASS:
Net assets	$	131,166,516	$	—	$	—	$	—	$	—	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,793,894		—		—		—		—		—
Net asset value per share	$	11.12	$	—	$	—	$	—	$	—	$	—
‡ Affiliated investments, cost	$	516,008,619	$	989,265,794	$	1,460,034,510	$	3,191,830,277	$	4,634,724,775	$	5,060,399,275

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Statements of assets and liabilities	concluded

TIAA-CREF Funds ■ May 31, 2022

	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^‡	$	5,297,958,133	$	6,242,811,843	$	4,182,813,001	$	3,124,257,023	$	1,396,854,582	$	442,944,044	$	23,692,128
Cash		9,086,743		10,718,680		7,983,035		6,823,653		3,619,062		1,869,819		153,913
Receivable from securities transactions		8,508,990		11,293,795		8,786,424		6,908,147		2,695,062		614,656		23,717
Receivable from Fund shares sold		3,639,642		4,683,826		4,308,943		3,232,939		1,818,198		739,279		61,771
Dividends receivable		3,269,770		2,567,520		789,329		274,409		79,867		12,028		41
Due from affiliates		729,039		900,029		637,706		503,451		230,688		83,582		11,875
Other		284,499		361,808		150,018		96,766		28,714		5,421		48
Total assets		5,323,476,816		6,273,337,501		4,205,468,456		3,142,096,388		1,405,326,173		446,268,829		23,943,493
LIABILITIES
Management fees payable		1,686,329		1,984,451		1,323,969		987,035		440,172		138,600		7,037
Service agreement fees payable		193,753		227,219		128,093		91,625		40,619		12,351		770
Distribution fees payable		34,006		38,439		27,322		19,500		9,317		2,283		219
Due to affiliates		25,440		28,546		21,952		18,534		13,082		10,160		8,885
Payable for securities transactions		15,427,644		18,211,959		13,319,096		10,847,528		4,983,317		2,048,774		152,783
Payable for Fund shares redeemed		64,810		190,267		32,528		48,417		41,102		131,063		12,014
Payable for trustee compensation		282,956		359,989		148,803		95,864		28,315		5,295		41
Accrued expenses and other payables		172,599		206,932		152,153		120,354		58,732		22,337		6,893
Total liabilities		17,887,537		21,247,802		15,153,916		12,228,857		5,614,656		2,370,863		188,642
NET ASSETS	$	5,305,589,279	$	6,252,089,699	$	4,190,314,540	$	3,129,867,531	$	1,399,711,517	$	443,897,966	$	23,754,851
NET ASSETS CONSIST OF:
Paid-in-capital	$	4,976,849,580	$	5,761,915,636	$	3,770,209,870	$	2,843,353,631	$	1,314,689,952	$	438,594,252	$	25,032,264
Total distributable earnings (loss)		328,739,699		490,174,063		420,104,670		286,513,900		85,021,565		5,303,714		(1,277,413	)
NET ASSETS	$	5,305,589,279	$	6,252,089,699	$	4,190,314,540	$	3,129,867,531	$	1,399,711,517	$	443,897,966	$	23,754,851
INSTITUTIONAL CLASS:
Net assets	$	4,103,430,017	$	4,851,096,401	$	3,351,968,383	$	2,529,399,312	$	1,127,411,442	$	364,640,267	$	17,581,467
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		404,995,513		479,128,867		265,791,710		196,243,199		74,282,874		28,141,704		1,637,543
Net asset value per share	$	10.13	$	10.12	$	12.61	$	12.89	$	15.18	$	12.96	$	10.74
ADVISOR CLASS:
Net assets	$	446,853	$	239,168	$	167,902	$	580,205	$	154,577	$	208,381	$	527,412
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		44,168		23,650		13,314		45,029		10,187		16,096		50,000
Net asset value per share	$	10.12	$	10.11	$	12.61	$	12.89	$	15.17	$	12.95	$	10.55
PREMIER CLASS:
Net assets	$	277,894,433	$	314,758,015	$	224,447,611	$	159,977,556	$	76,684,734	$	19,013,258	$	1,784,174
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		27,526,193		31,201,743		17,895,400		12,468,964		5,075,054		1,471,341		168,506
Net asset value per share	$	10.10	$	10.09	$	12.54	$	12.83	$	15.11	$	12.92	$	10.59
RETIREMENT CLASS:
Net assets	$	923,817,976	$	1,085,996,115	$	613,730,644	$	439,910,458	$	195,460,764	$	60,036,060	$	3,861,798
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		63,138,581		71,558,262		49,158,671		34,483,662		12,947,438		4,654,454		359,862
Net asset value per share	$	14.63	$	15.18	$	12.48	$	12.76	$	15.10	$	12.90	$	10.73
‡ Affiliated investments, cost	$	5,169,842,252	$	6,018,515,383	$	3,949,964,533	$	2,982,355,849	$	1,373,902,310	$	452,598,613	$	25,230,411

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Statement of operations

TIAA-CREF Funds ■ For the year ended May 31, 2022

	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	$	15,972,597		$	31,010,252		$	42,843,450		$	90,108,302		$	120,417,342		$	121,226,792
Total income		15,972,597			31,010,252			42,843,450			90,108,302			120,417,342			121,226,792

EXPENSES
Management fees		2,281,772			4,467,481			6,398,942			14,143,624			20,191,901			21,959,948
Shareholder servicing – Institutional Class		920			1,014			1,262			2,516			3,509			3,665
Shareholder servicing – Advisor Class		622			124			462			286			333			297
Shareholder servicing – Premier Class		86			93			101			177			217			233
Shareholder servicing – Retirement Class		461,101			843,831			1,158,711			2,272,248			2,841,134			2,944,755
Shareholder servicing – Retail Class		37,757			—			—			—			—			—
Distribution fees – Premier Class		27,719			93,170			138,610			315,297			439,506			471,780
Distribution fees – Retail Class		357,240			—			—			—			—			—
Registration fees		78,331			66,064			67,641			73,960			79,749			74,597
Administrative service fees		62,612			61,572			68,788			97,669			120,367			126,665
Professional fees		25,803			36,696			20,663			26,365			30,759			32,100
Trustee fees and expenses		6,059			11,778			16,876			37,038			52,485			56,686
Shareholder reports		23,427			32,295			34,900			56,002			75,403			82,244
Other expenses		133,443			232,185			309,510			631,719			863,837			920,932
Total expenses		3,496,892			5,846,303			8,216,466			17,656,901			24,699,200			26,673,902
Less: Expenses reimbursed by the investment adviser		(258,346	)		(248,250	)		(249,435	)		(345,300	)		(427,696	)		(461,209	)
Fee waiver by investment adviser and Nuveen Securities		(814,980	)		(1,529,420	)		(2,153,577	)		(4,802,917	)		(6,937,838	)		(7,967,730	)
Net expenses		2,423,566			4,068,633			5,813,454			12,508,684			17,333,666			18,244,963
Net investment income (loss)		13,549,031			26,941,619			37,029,996			77,599,618			103,083,676			102,981,829

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		4,689,851			26,549,029			35,886,042			77,659,572			114,910,044			142,902,421
Realized gain distributions from affiliated investments		17,757,631			32,943,371			51,647,115			125,830,900			204,496,155			252,001,633
Net realized gain (loss) from investments		22,447,482			59,492,400			87,533,157			203,490,472			319,406,199			394,904,054
Net change in unrealized appreciation (depreciation) from affiliated investments		(74,014,563	)		(158,163,873	)		(228,041,271	)		(525,099,654	)		(798,711,133	)		(935,032,311	)
Net realized and unrealized gain (loss) from investments		(51,567,081	)		(98,671,473	)		(140,508,114	)		(321,609,182	)		(479,304,934	)		(540,128,257	)
Net increase (decrease) in net assets from operations	$	(38,018,050	)	$	(71,729,854	)	$	(103,478,118	)	$	(244,009,564	)	$	(376,221,258	)	$	(437,146,428	)

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Statement of operations	concluded

TIAA-CREF Funds ■ For the year ended May 31, 2022

	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	$	116,050,142		$	129,701,689		$	81,090,890		$	58,402,114		$	25,082,661		$	7,540,353		$	190,706
Total income		116,050,142			129,701,689			81,090,890			58,402,114			25,082,661			7,540,353			190,706

EXPENSES
Management fees		22,817,058			27,072,607			17,872,621			13,163,760			5,702,049			1,715,404			45,715
Shareholder servicing – Institutional Class		3,859			4,497			3,513			3,004			2,539			1,389			241
Shareholder servicing – Advisor Class		410			208			69			343			54			141			39
Shareholder servicing – Premier Class		239			268			208			162			117			87			48
Shareholder servicing – Retirement Class		2,699,555			3,213,216			1,805,671			1,281,858			561,036			161,804			4,243
Distribution fees – Premier Class		507,334			576,202			407,590			283,592			132,859			30,902			1,412
Registration fees		70,481			72,741			68,386			66,572			62,961			62,809			64,731
Administrative service fees		129,407			145,216			111,350			93,873			66,072			51,240			44,868
Professional fees		32,685			35,924			29,288			25,763			20,206			17,238			13,993
Trustee fees and expenses		58,531			69,427			45,827			33,725			14,574			4,377			101
Shareholder reports		85,424			101,288			77,341			68,847			46,885			34,093			11,873
Other expenses		927,547			1,050,793			688,744			515,330			244,854			97,982			32,884
Total expenses		27,332,530			32,342,387			21,110,608			15,536,829			6,854,206			2,177,466			220,148
Less: Expenses reimbursed by the investment adviser		(471,073	)		(530,003	)		(426,257	)		(374,019	)		(271,455	)		(212,783	)		(167,052	)
Fee waiver by investment adviser and Nuveen Securities		(8,894,573	)		(11,173,779	)		(7,661,829	)		(5,966,726	)		(2,582,791	)		(809,740	)		(22,225	)
Net expenses		17,966,884			20,638,605			13,022,522			9,196,084			3,999,960			1,154,943			30,871
Net investment income (loss)		98,083,258			109,063,084			68,068,368			49,206,030			21,082,701			6,385,410			159,835

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		164,826,791			215,413,623			135,417,117			93,135,903			32,580,125			4,586,362			(196,579	)
Realized gain distributions from affiliated investments		292,189,220			385,584,241			280,681,355			213,877,581			93,830,596			28,938,078			741,651
Realized gain (loss) from sale of unaffiliated investments		—			—			—			—			—			—			15,312
Net realized gain (loss) from investments		457,016,011			600,997,864			416,098,472			307,013,484			126,410,721			33,524,440			560,384
Net change in unrealized appreciation (depreciation) from affiliated investments		(1,033,105,549	)		(1,293,667,975	)		(884,016,468	)		(657,604,318	)		(282,297,754	)		(82,809,174	)		(2,556,188	)
Net realized and unrealized gain (loss) from investments		(576,089,538	)		(692,670,111	)		(467,917,996	)		(350,590,834	)		(155,887,033	)		(49,284,734	)		(1,995,804	)
Net increase (decrease) in net assets from operations	$	(478,006,280	)	$	(583,607,027	)	$	(399,849,628	)	$	(301,384,804	)	$	(134,804,332	)	$	(42,899,324	)	$	(1,835,969	)

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Statement of changes in net assets

TIAA-CREF Funds ■ For the year ended

		Lifecycle Retirement Income Fund						Lifecycle 2010 Fund						Lifecycle 2015 Fund
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021
OPERATIONS
Net investment income (loss)		$	13,549,031		$	9,979,078		$	26,941,619		$	21,865,262		$	37,029,996		$	31,460,127
Net realized gain (loss) from investments			22,447,482			42,410,187			59,492,400			115,876,689			87,533,157			122,089,493
Net change in unrealized appreciation (depreciation) from affiliated investments			(74,014,563	)		39,922,185			(158,163,873	)		60,717,409			(228,041,271	)		162,629,645
Net increase (decrease) in net assets from operations			(38,018,050	)		92,311,450			(71,729,854	)		198,459,360			(103,478,118	)		316,179,265
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(20,368,059	)		(13,292,127	)		(79,301,833	)		(63,091,692	)		(106,959,992	)		(70,995,502	)
	Advisor Class		(77,250	)		(19,563	)		(17,924	)		(13,352	)		(39,839	)		(14,828	)
	Premier Class		(1,323,354	)		(994,097	)		(5,444,960	)		(6,130,724	)		(7,688,659	)		(6,453,978	)
	Retirement Class		(13,344,233	)		(10,268,344	)		(26,904,852	)		(24,848,226	)		(32,608,089	)		(23,365,699	)
	Retail		(10,319,340	)		(7,195,960	)		—			—			—			—
Total distributions			(45,432,236	)		(31,770,091	)		(111,669,569	)		(94,083,994	)		(147,296,579	)		(100,830,007	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		64,956,781			43,900,793			58,676,210			169,967,222			50,196,899			128,945,911
	Advisor Class		872,339			238,116			40,999			4,195			175,000			35,000
	Premier Class		7,254,130			4,897,482			7,217,688			10,144,416			7,878,198			14,025,542
	Retirement Class		6,371,163			22,640,293			16,208,559			31,070,718			25,841,707			20,342,406
	Retail		10,352,335			12,729,295			—			—			—			—
Reinvestments of distributions:	Institutional Class		20,233,170			13,191,569			79,291,903			63,079,864			106,768,180			70,875,182
	Advisor Class		68,492			13,004			6,462			3,790			29,142			7,916
	Premier Class		1,321,773			993,063			5,444,960			6,130,724			7,688,659			6,453,978
	Retirement Class		13,344,233			10,268,346			26,904,852			24,848,226			32,608,089			23,365,699
	Retail		9,997,096			6,988,443			—			—			—			—
Redemptions:	Institutional Class		(70,948,029	)		(55,656,684	)		(146,447,146	)		(180,930,067	)		(192,279,261	)		(207,223,499	)
	Advisor Class		(806,496	)		(8,337	)		(5,478	)		(338	)		—			—
	Premier Class		(7,738,929	)		(6,074,799	)		(32,019,270	)		(17,791,112	)		(48,490,682	)		(24,739,297	)
	Retirement Class		(37,916,338	)		(31,796,413	)		(73,000,609	)		(75,481,816	)		(103,670,534	)		(100,996,727	)
	Retail		(13,687,705	)		(12,425,992	)		—			—			—			—
Net increase (decrease) from shareholder transactions			3,674,015			9,898,179			(57,680,870	)		31,045,822			(113,254,603	)		(68,907,889	)
Net increase (decrease) in net assets			(79,776,271	)		70,439,538			(241,080,293	)		135,421,188			(364,029,300	)		146,441,369
NET ASSETS
Beginning of period			609,010,718			538,571,180			1,282,959,264			1,147,538,076			1,834,900,734			1,688,459,365
End of period		$	529,234,447		$	609,010,718		$	1,041,878,971		$	1,282,959,264		$	1,470,871,434		$	1,834,900,734
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		5,093,690			3,559,443			5,023,114			14,418,958			4,837,755			12,603,762
	Advisor Class		69,747			19,210			3,621			364			16,038			3,597
	Premier Class		599,871			397,719			642,907			857,964			785,970			1,361,143
	Retirement Class		508,539			1,842,517			1,133,657			2,174,784			1,934,172			1,540,135
	Retail		829,780			1,030,119			—			—			—			—
Shares reinvested:	Institutional Class		1,663,321			1,078,515			7,111,381			5,409,937			10,708,945			6,901,186
	Advisor Class		5,634			1,061			578			324			2,926			771
	Premier Class		108,627			81,178			489,215			527,147			774,286			630,887
	Retirement Class		1,099,644			840,635			1,948,215			1,754,818			2,500,620			1,778,211
	Retail		822,805			571,584			—			—			—			—
Shares redeemed:	Institutional Class		(5,927,678	)		(4,527,666	)		(12,621,540	)		(15,215,826	)		(18,601,692	)		(20,100,659	)
	Advisor Class		(67,294	)		(655	)		(491	)		(29	)		—			—
	Premier Class		(622,368	)		(494,181	)		(2,646,518	)		(1,484,308	)		(4,560,902	)		(2,382,966	)
	Retirement Class		(3,097,503	)		(2,590,037	)		(5,133,914	)		(5,258,927	)		(7,821,062	)		(7,693,734	)
	Retail		(1,119,182	)		(1,008,412	)		—			—			—			—
Net increase (decrease) from shareholder transactions			(32,367	)		801,030			(4,049,775	)		3,185,206			(9,422,944	)		(5,357,667	)

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Statement of changes in net assets	continued

TIAA-CREF Funds ■ For the year ended

		Lifecycle 2020 Fund						Lifecycle 2025 Fund						Lifecycle 2030 Fund
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021
OPERATIONS
Net investment income (loss)		$	77,599,618		$	67,317,017		$	103,083,676		$	85,718,140		$	102,981,829		$	85,850,166
Net realized gain (loss) from investments			203,490,472			290,435,751			319,406,199			408,597,677			394,904,054			456,745,539
Net change in unrealized appreciation (depreciation) from affiliated investments			(525,099,654	)		383,314,339			(798,711,133	)		615,869,733			(935,032,311	)		757,057,969
Net increase (decrease) in net assets from operations			(244,009,564	)		741,067,107			(376,221,258	)		1,110,185,550			(437,146,428	)		1,299,653,674
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(256,343,041	)		(169,542,639	)		(380,804,874	)		(228,400,100	)		(437,831,967	)		(253,904,486	)
	Advisor Class		(53,457	)		(7,787	)		(43,970	)		(9,950	)		(61,587	)		(31,365	)
	Premier Class		(18,654,021	)		(15,870,159	)		(26,753,172	)		(19,632,772	)		(29,995,512	)		(22,524,246	)
	Retirement Class		(64,591,406	)		(48,465,010	)		(79,998,508	)		(55,917,737	)		(85,359,273	)		(58,159,418	)
Total distributions			(339,641,925	)		(233,885,595	)		(487,600,524	)		(303,960,559	)		(553,248,339	)		(334,619,515	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		152,100,452			273,046,939			258,741,518			400,871,182			343,831,067			423,447,803
	Advisor Class		168,960			944,061			30,944			383,323			125,669			140,974
	Premier Class		22,751,832			17,377,062			40,209,994			32,920,235			46,133,714			39,187,488
	Retirement Class		38,342,851			45,567,956			64,386,912			71,398,285			66,854,810			81,716,107
Reinvestments of distributions:	Institutional Class		255,911,089			169,095,637			379,028,275			227,226,911			437,033,952			253,167,318
	Advisor Class		42,012			262			32,026			2,302			48,642			23,125
	Premier Class		18,647,903			15,867,142			26,753,132			19,632,772			29,995,512			22,524,246
	Retirement Class		64,587,181			48,462,386			79,995,939			55,916,502			85,358,315			58,158,131
Redemptions:	Institutional Class		(388,312,165	)		(435,250,022	)		(400,732,044	)		(413,178,900	)		(359,646,334	)		(373,856,722	)
	Advisor Class		(351,054	)		(628,688	)		(148,621	)		(5,318	)		(88,684	)		(38,856	)
	Premier Class		(98,479,847	)		(63,109,751	)		(123,448,064	)		(61,742,663	)		(130,631,782	)		(64,887,458	)
	Retirement Class		(207,792,659	)		(190,216,613	)		(227,624,303	)		(217,012,692	)		(223,239,881	)		(183,071,813	)
Net increase (decrease) from shareholder transactions			(142,383,445	)		(118,843,629	)		97,225,708			116,411,939			295,775,000			256,510,343
Net increase (decrease) in net assets			(726,034,934	)		388,337,883			(766,596,074	)		922,636,930			(694,619,767	)		1,221,544,502
NET ASSETS
Beginning of period			3,959,953,777			3,571,615,894			5,464,567,557			4,541,930,627			5,841,384,411			4,619,839,909
End of period		$	3,233,918,843		$	3,959,953,777		$	4,697,971,483		$	5,464,567,557		$	5,146,764,644		$	5,841,384,411
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		14,043,786			25,649,378			22,978,555			36,496,743			30,071,947			37,991,391
	Advisor Class		14,711			87,067			2,770			34,023			10,610			12,974
	Premier Class		2,128,099			1,630,836			3,623,408			2,986,571			4,124,063			3,506,632
	Retirement Class		2,669,296			3,260,988			4,261,456			4,896,842			4,210,167			5,399,842
Shares reinvested:	Institutional Class		24,749,622			15,892,447			35,095,211			20,656,992			39,766,511			22,766,845
	Advisor Class		4,063			25			2,965			210			4,426			2,080
	Premier Class		1,806,967			1,495,489			2,488,663			1,792,947			2,744,328			2,036,550
	Retirement Class		4,636,553			3,469,033			5,423,454			3,822,044			5,535,559			3,836,288
Shares redeemed:	Institutional Class		(36,674,302	)		(40,645,402	)		(36,611,176	)		(37,691,035	)		(32,258,878	)		(33,867,496	)
	Advisor Class		(30,785	)		(58,111	)		(13,110	)		(471	)		(8,466	)		(3,453	)
	Premier Class		(8,921,550	)		(5,879,748	)		(10,807,226	)		(5,586,772	)		(11,042,822	)		(5,780,028	)
	Retirement Class		(14,638,656	)		(13,584,155	)		(15,183,640	)		(14,830,291	)		(14,285,202	)		(12,064,916	)
Net increase (decrease) from shareholder transactions			(10,212,196	)		(8,682,153	)		11,261,330			12,577,803			28,872,243			23,836,709

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Statement of changes in net assets	continued

TIAA-CREF Funds ■ For the year ended

		Lifecycle 2035 Fund						Lifecycle 2040 Fund						Lifecycle 2045 Fund
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021
OPERATIONS
Net investment income (loss)		$	98,083,258		$	84,808,429		$	109,063,084		$	94,311,326		$	68,068,368		$	55,636,861
Net realized gain (loss) from investments			457,016,011			516,134,180			600,997,864			674,545,233			416,098,472			456,446,338
Net change in unrealized appreciation (depreciation) from affiliated investments			(1,033,105,549	)		874,364,600			(1,293,667,975	)		1,149,563,307			(884,016,468	)		802,570,683
Net increase (decrease) in net assets from operations			(478,006,280	)		1,475,307,209			(583,607,027	)		1,918,419,866			(399,849,628	)		1,314,653,882
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(496,360,782	)		(286,156,220	)		(638,658,275	)		(371,346,365	)		(424,578,191	)		(219,792,380	)
	Advisor Class		(52,417	)		(30,802	)		(32,522	)		(20,305	)		(20,597	)		(13,606	)
	Premier Class		(34,545,686	)		(25,272,007	)		(43,722,661	)		(31,398,502	)		(29,929,350	)		(19,260,742	)
	Retirement Class		(81,745,103	)		(55,861,878	)		(102,004,924	)		(71,910,536	)		(81,517,458	)		(51,651,316	)
Total distributions			(612,703,988	)		(367,320,907	)		(784,418,382	)		(474,675,708	)		(536,045,596	)		(290,718,044	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		371,177,950			400,726,391			379,833,667			393,505,873			363,983,500			358,204,753
	Advisor Class		36,497			7,000			35,502			44,310			61,674			—
	Premier Class		46,025,870			33,730,604			46,889,238			30,467,712			43,883,742			28,909,155
	Retirement Class		62,199,522			64,509,776			49,462,497			61,605,749			46,177,270			54,990,544
Reinvestments of distributions:	Institutional Class		495,763,411			285,384,360			638,065,449			370,539,877			423,819,514			219,189,825
	Advisor Class		38,208			21,817			16,950			10,334			3,010			3,319
	Premier Class		34,545,687			25,272,007			43,722,138			31,398,502			29,929,349			19,260,742
	Retirement Class		81,745,103			55,849,449			101,973,720			71,892,450			81,503,696			51,644,106
Redemptions:	Institutional Class		(366,942,911	)		(378,123,271	)		(388,075,690	)		(412,209,014	)		(248,768,014	)		(230,254,889	)
	Advisor Class		(8,001	)		(4,341	)		(64,467	)		(9,362	)		(12,685	)		(47,195	)
	Premier Class		(141,930,250	)		(62,116,062	)		(146,871,580	)		(85,769,384	)		(109,034,656	)		(44,242,600	)
	Retirement Class		(209,077,226	)		(183,116,951	)		(249,877,458	)		(225,239,956	)		(151,886,506	)		(132,607,623	)
Net increase (decrease) from shareholder transactions			373,573,860			242,140,779			475,109,966			236,237,091			479,659,894			325,050,137
Net increase (decrease) in net assets			(717,136,408	)		1,350,127,081			(892,915,443	)		1,679,981,249			(456,235,330	)		1,348,985,975
NET ASSETS
Beginning of period			6,022,725,687			4,672,598,606			7,145,005,142			5,465,023,893			4,646,549,870			3,297,563,895
End of period		$	5,305,589,279		$	6,022,725,687		$	6,252,089,699		$	7,145,005,142		$	4,190,314,540		$	4,646,549,870
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		31,843,272			35,285,927			32,492,908			34,643,712			24,969,570			25,783,485
	Advisor Class		3,237			607			3,137			3,861			4,268			—
	Premier Class		3,965,620			2,950,557			4,037,072			2,660,627			3,010,126			2,062,781
	Retirement Class		3,739,851			4,074,502			2,860,690			3,796,695			3,164,604			3,962,329
Shares reinvested:	Institutional Class		44,146,341			25,188,381			56,666,558			32,675,474			30,143,635			15,723,804
	Advisor Class		3,405			1,927			1,507			912			214			238
	Premier Class		3,084,436			2,236,461			3,893,334			2,778,628			2,139,339			1,388,662
	Retirement Class		5,036,667			3,528,076			6,033,948			4,397,092			5,850,947			3,736,911
Shares redeemed:	Institutional Class		(32,207,800	)		(33,775,898	)		(34,139,265	)		(36,762,028	)		(17,772,833	)		(16,750,949	)
	Advisor Class		(714	)		(383	)		(5,338	)		(827	)		(964	)		(3,399	)
	Premier Class		(11,654,409	)		(5,429,866	)		(12,145,236	)		(7,456,320	)		(7,215,317	)		(3,155,713	)
	Retirement Class		(12,642,694	)		(11,583,502	)		(14,476,480	)		(13,764,325	)		(10,402,406	)		(9,460,984	)
Net increase (decrease) from shareholder transactions			35,317,212			22,476,789			45,222,835			22,973,501			33,891,183			23,287,165

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Statement of changes in net assets	continued

TIAA-CREF Funds ■ For the year ended

		Lifecycle 2050 Fund						Lifecycle 2055 Fund						Lifecycle 2060 Fund
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021
OPERATIONS
Net investment income (loss)		$	49,206,030		$	39,461,321		$	21,082,701		$	15,890,035		$	6,385,410		$	3,933,864
Net realized gain (loss) from investments			307,013,484			302,167,739			126,410,721			103,131,321			33,524,440			21,466,861
Net change in unrealized appreciation (depreciation) from affiliated investments			(657,604,318	)		613,929,377			(282,297,754	)		273,582,516			(82,809,174	)		73,268,079
Net increase (decrease) in net assets from operations			(301,384,804	)		955,558,437			(134,804,332	)		392,603,872			(42,899,324	)		98,668,804
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(299,794,302	)		(148,512,585	)		(113,893,879	)		(49,583,491	)		(28,362,442	)		(10,426,088	)
	Advisor Class		(33,565	)		(9,660	)		(16,266	)		(8,250	)		(16,960	)		(6,520	)
	Premier Class		(20,282,431	)		(11,719,937	)		(8,521,898	)		(4,268,491	)		(1,640,428	)		(684,320	)
	Retirement Class		(54,655,174	)		(32,907,302	)		(20,883,417	)		(11,625,296	)		(4,864,206	)		(2,264,142	)
Total distributions			(374,765,472	)		(193,149,484	)		(143,315,460	)		(65,485,528	)		(34,884,036	)		(13,381,070	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		296,761,919			293,468,235			205,641,316			193,224,719			114,913,785			98,630,215
	Advisor Class		361,859			235,170			22,678			—			28,300			78,019
	Premier Class		35,328,256			23,008,007			20,559,715			14,998,337			9,584,808			5,891,351
	Retirement Class		39,623,443			48,985,065			25,031,044			27,529,742			16,984,215			17,187,660
Reinvestments of distributions:	Institutional Class		299,563,125			148,342,907			113,667,316			49,456,094			28,323,915			10,404,168
	Advisor Class		16,645			—			796			62			5,200			197
	Premier Class		20,278,896			11,717,967			8,520,147			4,267,574			1,628,720			678,121
	Retirement Class		54,655,174			32,907,260			20,877,867			11,622,900			4,863,057			2,263,534
Redemptions:	Institutional Class		(150,432,796	)		(126,856,018	)		(61,631,484	)		(48,460,548	)		(28,941,694	)		(16,914,706	)
	Advisor Class		(96,314	)		(16,000	)		(23	)		—			(29,743	)		(98	)
	Premier Class		(66,445,060	)		(30,167,278	)		(30,202,499	)		(10,645,488	)		(7,548,888	)		(3,042,802	)
	Retirement Class		(105,962,482	)		(89,070,051	)		(47,958,670	)		(42,766,910	)		(14,907,626	)		(9,098,680	)
Net increase (decrease) from shareholder transactions			423,652,665			312,555,264			254,528,203			199,226,482			124,904,049			106,076,979
Net increase (decrease) in net assets			(252,497,611	)		1,074,964,217			(23,591,589	)		526,344,826			47,120,689			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		$	3,129,867,531		$	3,382,365,142		$	1,399,711,517		$	1,423,303,106		$	443,897,966		$	396,777,277
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		19,978,756			20,942,238			11,839,213			11,972,711			7,796,785			7,240,931
	Advisor Class		24,867			16,210			1,340			—			1,967			5,354
	Premier Class		2,358,856			1,626,882			1,180,758			925,109			651,727			438,803
	Retirement Class		2,665,561			3,508,863			1,440,198			1,700,785			1,165,981			1,264,795
Shares reinvested:	Institutional Class		20,831,928			10,505,871			6,709,995			3,019,298			1,957,423			761,095
	Advisor Class		1,157			—			47			4			360			14
	Premier Class		1,415,136			832,833			504,748			261,494			112,792			49,716
	Retirement Class		3,835,451			2,348,841			1,237,574			712,624			337,244			166,070
Shares redeemed:	Institutional Class		(10,516,356	)		(9,127,666	)		(3,684,574	)		(2,999,911	)		(2,040,940	)		(1,293,940	)
	Advisor Class		(5,952	)		(1,059	)		(1	)		—			(1,903	)		(7	)
	Premier Class		(4,358,794	)		(2,133,139	)		(1,715,537	)		(646,619	)		(519,134	)		(219,819	)
	Retirement Class		(7,089,620	)		(6,329,649	)		(2,726,891	)		(2,618,595	)		(1,023,654	)		(677,230	)
Net increase (decrease) from shareholder transactions			29,140,990			22,190,225			14,786,870			12,326,900			8,438,648			7,735,782

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Statement of changes in net assets	concluded

TIAA-CREF Funds ■ For the year ended

		Lifecycle 2065 Fund
		May 31, 2022			May 31, 2021
OPERATIONS
Net investment income (loss)		$	159,835		$	68,119
Net realized gain (loss) from investments			560,384			301,764
Net change in unrealized appreciation (depreciation) from affiliated investments			(2,556,188	)		1,017,905
Net increase (decrease) in net assets from operations			(1,835,969	)		1,387,788
DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(514,419	)		(101,770	)
	Advisor Class		(43,385	)		(14,285	)
	Premier Class		(50,862	)		(14,286	)
	Retirement Class		(75,261	)		(14,151	)
Total distributions			(683,927	)		(144,492	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		16,260,732			3,988,378
	Advisor Class		—			500,000
	Premier Class		1,365,228			598,791
	Retirement Class		3,673,748			678,273
Reinvestments of distributions:	Institutional Class		261,127			461
	Premier Class		9,085			—
	Retirement Class		39,549			—
Redemptions:	Institutional Class		(1,902,277	)		(41,150	)
	Premier Class		(128,143	)		(14	)
	Retirement Class		(272,297	)		(40	)
Net increase (decrease) from shareholder transactions			19,306,752			5,724,699
Net increase (decrease) in net assets			16,786,856			6,967,995
NET ASSETS
Beginning of period			6,967,995			—
End of period		$	23,754,851		$	6,967,995
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,392,373			390,564
	Advisor Class		—			50,000
	Premier Class		121,522			58,403
	Retirement Class		314,556			64,587
Shares reinvested:	Institutional Class		21,833			42
	Premier Class		769			—
	Retirement Class		3,301			—
Shares redeemed:	Institutional Class		(163,809	)		(3,460	)
	Premier Class		(12,187	)		(1	)
	Retirement Class		(22,578	)		(4	)
Net increase (decrease) from shareholder transactions			1,655,780			560,131

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

Financial highlights

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			Gross			Net			income			turnover
	ended	of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses			expenses			(loss		)	rate
LIFECYCLE RETIREMENT INCOME FUND
Institutional Class:	5/31/22	$	12.81	$	0.29		$	(1.02	)	$	(0.73	)	$	(0.38	)	$	(0.56	)	$	(0.94	)	$	11.14		(6.25	)%	$	222,227			0.43	%^g		0.26	%^g		2.37	%		28	%
	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
Advisor Class:	5/31/22		12.81		0.30			(1.04	)		(0.74	)		(0.37	)		(0.56	)		(0.93	)		11.14		(6.33	)		609			0.50	^g		0.34	^g		2.44			28
	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
Premier Class:	5/31/22		12.80		0.27			(1.01	)		(0.74	)		(0.37	)		(0.56	)		(0.93	)		11.13		(6.40	)		17,624			0.58	^g		0.41	^g		2.17			28
	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
Retirement Class:	5/31/22		12.78		0.26			(1.02	)		(0.76	)		(0.35	)		(0.56	)		(0.91	)		11.11		(6.49	)		157,609			0.68	^g		0.50	^g		2.11			28
	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
Retail Class:	5/31/22		12.79		0.26			(1.02	)		(0.76	)		(0.35	)		(0.56	)		(0.91	)		11.12		(6.49	)		131,167			0.70	^g		0.51	^g		2.10			28
	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

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

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			Gross			Net			income			turnover
	ended	of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses			expenses			(loss		)	rate
LIFECYCLE 2010 FUND
Institutional Class:	5/31/22	$	12.20	$	0.27		$	(0.94	)	$	(0.67	)	$	(0.41	)	$	(0.83	)	$	(1.24	)	$	10.29		(6.34	)%	$	700,875			0.41	%^g		0.26	%^g		2.34	%		21	%
	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
Advisor Class:	5/31/22		12.22		0.26			(0.93	)		(0.67	)		(0.40	)		(0.83	)		(1.23	)		10.32		(6.32	)		177			0.48	^g		0.33	^g		2.29			21
	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
Premier Class:	5/31/22		12.17		0.25			(0.94	)		(0.69	)		(0.38	)		(0.83	)		(1.21	)		10.27		(6.45	)		50,141			0.56	^g		0.41	^g		2.16			21
	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
Retirement Class:	5/31/22		14.80		0.30			(1.17	)		(0.87	)		(0.37	)		(0.83	)		(1.20	)		12.73		(6.56	)		290,686			0.66	^g		0.51	^g		2.09			21
	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

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

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			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:	5/31/22	$	10.81	$	0.23		$	(0.85	)	$	(0.62	)	$	(0.36	)	$	(0.65	)	$	(1.01	)	$	9.18		(6.43	)%	$	1,005,382			0.41	%^g		0.27	%^g		2.25	%		20	%
	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
Advisor Class:	5/31/22		10.81		0.22			(0.86	)		(0.64	)		(0.35	)		(0.65	)		(1.00	)		9.17		(6.61	)		390			0.52	^g		0.38	^g		2.15			20
	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
Premier Class:	5/31/22		10.76		0.21			(0.84	)		(0.63	)		(0.34	)		(0.65	)		(0.99	)		9.14		(6.54	)		71,144			0.56	^g		0.42	^g		2.06			20
	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
Retirement Class:	5/31/22		13.82		0.27			(1.12	)		(0.85	)		(0.33	)		(0.65	)		(0.98	)		11.99		(6.73	)		393,955			0.66	^g		0.52	^g		2.01			20
	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

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

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			Gross			Net			income			turnover
	ended	of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses			expenses			(loss		)	rate
LIFECYCLE 2020 FUND
Institutional Class:	5/31/22	$	11.26	$	0.23		$	(0.91	)	$	(0.68	)	$	(0.38	)	$	(0.72	)	$	(1.10	)	$	9.48		(6.86	)%	$	2,303,415			0.40	%^g		0.27	%^g		2.15	%		22	%
	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
Advisor Class:	5/31/22		11.25		0.21			(0.90	)		(0.69	)		(0.37	)		(0.72	)		(1.09	)		9.47		(6.93	)		498			0.46	^g		0.32	^g		1.91			22
	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
Premier Class:	5/31/22		11.23		0.21			(0.92	)		(0.71	)		(0.35	)		(0.72	)		(1.07	)		9.45		(7.06	)		165,761			0.55	^g		0.42	^g		1.96			22
	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
Retirement Class:	5/31/22		14.78		0.27			(1.24	)		(0.97	)		(0.34	)		(0.72	)		(1.06	)		12.75		(7.17	)		764,245			0.65	^g		0.52	^g		1.89			22
	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

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

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			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:	5/31/22	$	11.76	$	0.23		$	(0.99	)	$	(0.76	)	$	(0.39	)	$	(0.76	)	$	(1.15	)	$	9.85		(7.33	)%	$	3,488,042			0.40	%^g		0.27	%^g		2.01	%		25	%
	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
Advisor Class:	5/31/22		11.75		0.22			(0.98	)		(0.76	)		(0.38	)		(0.76	)		(1.14	)		9.85		(7.32	)		391			0.48	^g		0.34	^g		1.93			25
	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
Premier Class:	5/31/22		11.70		0.21			(0.98	)		(0.77	)		(0.37	)		(0.76	)		(1.13	)		9.80		(7.44	)		236,147			0.55	^g		0.42	^g		1.83			25
	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
Retirement Class:	5/31/22		15.63		0.26			(1.35	)		(1.09	)		(0.34	)		(0.76	)		(1.10	)		13.44		(7.55	)		973,393			0.65	^g		0.52	^g		1.75			25
	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

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

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			Gross			Net			income			turnover
	ended	of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses			expenses			(loss		)	rate
LIFECYCLE 2030 FUND
Institutional Class:	5/31/22	$	12.01	$	0.21		$	(1.02	)	$	(0.81	)	$	(0.40	)	$	(0.83	)	$	(1.23	)	$	9.97		(7.66	)%	$	3,872,654			0.41	%^g		0.26	%^g		1.86	%		26	%
	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
Advisor Class:	5/31/22		12.01		0.21			(1.03	)		(0.82	)		(0.39	)		(0.83	)		(1.22	)		9.97		(7.71	)		497			0.46	^g		0.31	^g		1.88			26
	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
Premier Class:	5/31/22		11.95		0.19			(1.02	)		(0.83	)		(0.38	)		(0.83	)		(1.21	)		9.91		(7.87	)		265,245			0.56	^g		0.41	^g		1.66			26
	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
Retirement Class:	5/31/22		16.36		0.25			(1.44	)		(1.19	)		(0.36	)		(0.83	)		(1.19	)		13.98		(7.94	)		1,008,369			0.66	^g		0.51	^g		1.60			26
	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

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

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			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:	5/31/22	$	12.37	$	0.20		$	(1.08	)	$	(0.88	)	$	(0.42	)	$	(0.94	)	$	(1.36	)	$	10.13		(8.19	)%	$	4,103,430			0.41	%^g		0.25	%^g		1.72	%		27	%
	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
Advisor Class:	5/31/22		12.35		0.19			(1.07	)		(0.88	)		(0.41	)		(0.94	)		(1.35	)		10.12		(8.20	)		447			0.49	^g		0.34	^g		1.64			27
	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
Premier Class:	5/31/22		12.33		0.18			(1.07	)		(0.89	)		(0.40	)		(0.94	)		(1.34	)		10.10		(8.29	)		277,894			0.56	^g		0.40	^g		1.52			27
	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
Retirement Class:	5/31/22		17.27		0.24			(1.56	)		(1.32	)		(0.38	)		(0.94	)		(1.32	)		14.63		(8.42	)		923,818			0.66	^g		0.50	^g		1.46			27
	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

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

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 ended	beginning of period		income (loss		)^a	on total investments		^j	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)	Gross expenses			Net expenses			income (loss		)	turnover rate
LIFECYCLE 2040 FUND
Institutional Class:	5/31/22		$12.52		$0.19			$(1.10	)		$(0.91	)		$(0.44	)		$(1.05	)		$(1.49	)		$10.12		(8.47	)%		$4,851,096			0.41	%^g		0.24	%^g		1.61	%		29	%
	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
Advisor Class:	5/31/22		12.51		0.18			(1.10	)		(0.92	)		(0.43	)		(1.05	)		(1.48	)		10.11		(8.55	)		239			0.48	^g		0.31	^g		1.53			29
	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
Premier Class:	5/31/22		12.48		0.17			(1.09	)		(0.92	)		(0.42	)		(1.05	)		(1.47	)		10.09		(8.57	)		314,758			0.56	^g		0.39	^g		1.44			29
	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
Retirement Class:	5/31/22		18.04		0.24			(1.66	)		(1.42	)		(0.39	)		(1.05	)		(1.44	)		15.18		(8.67	)		1,085,996			0.66	^g		0.49	^g		1.36			29
	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

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

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 ended	beginning of period		income (loss		)^a	on total investments		^j	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)	Gross expenses			Net expenses			income (loss		)	turnover rate
LIFECYCLE 2045 FUND
Institutional Class:	5/31/22		$15.57		$0.22			$(1.38	)		$(1.16	)		$(0.53	)		$(1.27	)		$(1.80	)		$12.61		(8.63	)%		$3,351,968			0.41	%^g		0.23	%^g		1.52	%		29	%
	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
Advisor Class:	5/31/22		15.57		0.23			(1.40	)		(1.17	)		(0.52	)		(1.27	)		(1.79	)		12.61		(8.67	)		168			0.45	^g		0.27	^g		1.55			29
	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
Premier Class:	5/31/22		15.49		0.20			(1.38	)		(1.18	)		(0.50	)		(1.27	)		(1.77	)		12.54		(8.77	)		224,448			0.56	^g		0.38	^g		1.34			29
	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
Retirement Class:	5/31/22		15.43		0.18			(1.37	)		(1.19	)		(0.49	)		(1.27	)		(1.76	)		12.48		(8.89	)		613,731			0.66	^g		0.48	^g		1.26			29
	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

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

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 ended	beginning of period		income (loss		)^a	on total investments		^j	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)	Gross expenses			Net expenses			income (loss		)	turnover rate
LIFECYCLE 2050 FUND
Institutional Class:	5/31/22		$15.83		$0.22			$(1.42	)		$(1.20	)		$(0.55	)		$(1.19	)		$(1.74	)		$12.89		(8.73	)%		$2,529,399			0.41	%^g		0.22	%^g		1.49	%		27	%
	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
Advisor Class:	5/31/22		15.82		0.13			(1.34	)		(1.21	)		(0.53	)		(1.19	)		(1.72	)		12.89		(8.75	)		580			0.49	^g		0.30	^g		0.93			27
	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
Premier Class:	5/31/22		15.76		0.20			(1.42	)		(1.22	)		(0.52	)		(1.19	)		(1.71	)		12.83		(8.86	)		159,978			0.56	^g		0.37	^g		1.34			27
	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
Retirement Class:	5/31/22		15.68		0.18			(1.40	)		(1.22	)		(0.51	)		(1.19	)		(1.70	)		12.76		(8.93	)		439,910			0.66	^g		0.47	^g		1.22			27
	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

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

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 ended	beginning of period		income (loss		)^a	on total investments		^j	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)	Gross expenses			Net expenses			income (loss		)	turnover rate
LIFECYCLE 2055 FUND
Institutional Class:	5/31/22		$18.38		$0.26			$(1.68	)		$(1.42	)		$(0.63	)		$(1.15	)		$(1.78	)		$15.18		(8.73	)%		$1,127,411			0.42	%^g		0.22	%^g		1.47	%		26	%
	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
Advisor Class:	5/31/22		18.37		0.26			(1.69	)		(1.43	)		(0.62	)		(1.15	)		(1.77	)		15.17		(8.78	)		155			0.45	^g		0.26	^g		1.49			26
	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
Premier Class:	5/31/22		18.30		0.23			(1.67	)		(1.44	)		(0.60	)		(1.15	)		(1.75	)		15.11		(8.86	)		76,685			0.57	^g		0.37	^g		1.33			26
	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
Retirement Class:	5/31/22		18.29		0.21			(1.67	)		(1.46	)		(0.58	)		(1.15	)		(1.73	)		15.10		(8.97	)		195,461			0.67	^g		0.47	^g		1.21			26
	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

100

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101

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 ended	beginning of period		income (loss		)^a	on total investments		^j	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)	Gross expenses			Net expenses			income (loss		)	turnover rate
LIFECYCLE 2060 FUND
Institutional Class:	5/31/22		$15.36		$0.22			$(1.43	)		$(1.21	)		$(0.53	)		$(0.66	)		$(1.19	)		$12.96		(8.71	)%		$364,640			0.45	%^g		0.22	%^g		1.48	%		26	%
	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
Advisor Class:	5/31/22		15.35		0.22			(1.44	)		(1.22	)		(0.52	)		(0.66	)		(1.18	)		12.95		(8.77	)		208			0.51	^g		0.28	^g		1.48			26
	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
Premier Class:	5/31/22		15.33		0.20			(1.44	)		(1.24	)		(0.51	)		(0.66	)		(1.17	)		12.92		(8.92	)		19,013			0.60	^g		0.37	^g		1.39			26
	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
Retirement Class:	5/31/22		15.30		0.18			(1.43	)		(1.25	)		(0.49	)		(0.66	)		(1.15	)		12.90		(8.97	)		60,036			0.70	^g		0.47	^g		1.22			26
	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

102

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

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TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

103

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		value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year ended		beginning of period		income (loss		)^a	on total investments		^j	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)	Gross expenses			Net expenses			income (loss		)	turnover rate
LIFECYCLE 2065 FUND
Institutional Class:	5/31/22			$12.45		$0.17			$(1.15	)		$(0.98	)		$(0.41	)		$(0.32	)		$(0.73	)		$10.74		(8.52	)%		$17,581			1.80	%^g		0.21	%^g		1.44	%		109	%
	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:	5/31/22			12.44		0.19			(1.21	)		(1.02	)		(0.55	)		(0.32	)		(0.87	)		10.55		(8.96	)		527			1.81	^g		0.23	^g		1.55			109
	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:	5/31/22			12.43		0.13			(1.13	)		(1.00	)		(0.52	)		(0.32	)		(0.84	)		10.59		(8.78	)		1,784			1.96	^g		0.36	^g		1.11			109
	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:	5/31/22			12.42		0.10			(1.07	)		(0.97	)		(0.40	)		(0.32	)		(0.72	)		10.73		(8.46	)		3,862			2.06	^g		0.46	^g		0.91			109
	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

^§	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 Funds 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 Nuveen Dividend Growth, Nuveen Dividend Value, Nuveen Growth Opportunities ETF, Nuveen International Growth and 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.

104

2022 Annual Report ■ TIAA-CREF Lifecycle Funds

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TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

105

Notes to financial statements

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.

106	2022 Annual 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 ■ 2022 Annual Report

107

Notes to financial statements

New rule issuance: In December 2020, the SEC voted to adopt a new rule providing a framework for fund valuation practices. New Rule 2a-5 (“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 boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the 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. The compliance date for Rule 2a-5 and Rule 31a-4 is 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).

108	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

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

Investments in exchange-traded funds: Exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and the securities are generally classified as Level 2.

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.

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 May 31, 2022, based on the inputs used to value them:

Fund	Level 1		Level 2		Level 3		Fair value using practical expedient^a		Total
Lifecycle Retirement Income
Registered investment companies	$	499,245,460	$	–	$	–	$	–	$	499,245,460
TIAA-CREF Real Property Fund LP		–		–		–		30,624,809		30,624,809
Total	$	499,245,460	$	–	$	–	$	30,624,809	$	529,870,269
Lifecycle 2010
Registered investment companies	$	992,431,590	$	–	$	–	$	–	$	992,431,590
TIAA-CREF Real Property Fund LP		–		–		–		49,123,040		49,123,040
Total	$	992,431,590	$	–	$	–	$	49,123,040	$	1,041,554,630
Lifecycle 2015
Registered investment companies	$	1,384,871,300	$	–	$	–	$	–	$	1,384,871,300
TIAA-CREF Real Property Fund LP		–		–		–		84,936,878		84,936,878
Total	$	1,384,871,300	$	–	$	–	$	84,936,878	$	1,469,808,178
Lifecycle 2020
Registered investment companies	$	3,043,924,314	$	–	$	–	$	–	$	3,043,924,314
TIAA-CREF Real Property Fund LP		–		–		–		186,054,719		186,054,719
Total	$	3,043,924,314	$	–	$	–	$	186,054,719	$	3,229,979,033
Lifecycle 2025
Registered investment companies	$	4,423,971,496	$	–	$	–	$	–	$	4,423,971,496
TIAA-CREF Real Property Fund LP		–		–		–		269,547,721		269,547,721
Total	$	4,423,971,496	$	–	$	–	$	269,547,721	$	4,693,519,217

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

109

Notes to financial statements

Fund	Level 1		Level 2		Level 3		Fair value using practical expedient^a		Total
Lifecycle 2030
Registered investment companies	$	4,846,361,888	$	–	$	–	$	–	$	4,846,361,888
TIAA-CREF Real Property Fund LP		–		–		–		294,282,643		294,282,643
Total	$	4,846,361,888	$	–	$	–	$	294,282,643	$	5,140,644,531
Lifecycle 2035
Registered investment companies	$	4,995,622,752	$	–	$	–	$	–	$	4,995,622,752
TIAA-CREF Real Property Fund LP		–		–		–		302,335,381		302,335,381
Total	$	4,995,622,752	$	–	$	–	$	302,335,381	$	5,297,958,133
Lifecycle 2040
Registered investment companies	$	5,887,607,068	$	–	$	–	$	–	$	5,887,607,068
TIAA-CREF Real Property Fund LP		–		–		–		355,204,775		355,204,775
Total	$	5,887,607,068	$	–	$	–	$	355,204,775	$	6,242,811,843
Lifecycle 2045
Registered investment companies	$	3,945,594,804	$	–	$	–	$	–	$	3,945,594,804
TIAA-CREF Real Property Fund LP		–		–		–		237,218,197		237,218,197
Total	$	3,945,594,804	$	–	$	–	$	237,218,197	$	4,182,813,001
Lifecycle 2050
Registered investment companies	$	2,947,343,838	$	–	$	–	$	–	$	2,947,343,838
TIAA-CREF Real Property Fund LP		–		–		–		176,913,185		176,913,185
Total	$	2,947,343,838	$	–	$	–	$	176,913,185	$	3,124,257,023
Lifecycle 2055
Registered investment companies	$	1,317,839,459	$	–	$	–	$	–	$	1,317,839,459
TIAA-CREF Real Property Fund LP		–		–		–		79,015,123		79,015,123
Total	$	1,317,839,459	$	–	$	–	$	79,015,123	$	1,396,854,582
Lifecycle 2060
Registered investment companies	$	417,953,430	$	–	$	–	$	–	$	417,953,430
TIAA-CREF Real Property Fund LP		–		–		–		24,990,614		24,990,614
Total	$	417,953,430	$	–	$	–	$	24,990,614	$	442,944,044
Lifecycle 2065
Registered investment companies	$	22,357,912	$	–	$	–	$	–	$	22,357,912
TIAA-CREF Real Property Fund LP		–		–		–		1,334,216		1,334,216
Total	$	22,357,912	$	–	$	–	$	1,334,216	$	23,692,128

^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.

110	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

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 REIT 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.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended May 31, 2022 were as follows (dollar amounts are in thousands):

Fund	Non-U.S. government purchases		Non-U.S. government sales
Lifecycle Retirement Income	$	167,507	$	176,731
Lifecycle 2010		246,691		354,562
Lifecycle 2015		342,745		513,253
Lifecycle 2020		812,438		1,089,367
Lifecycle 2025		1,306,286		1,385,530
Lifecycle 2030		1,572,024		1,468,850
Lifecycle 2035		1,736,895		1,581,356
Lifecycle 2040		2,182,011		1,992,801
Lifecycle 2045		1,617,205		1,321,301
Lifecycle 2050		1,248,509		933,544
Lifecycle 2055		609,478		382,177
Lifecycle 2060		241,483		115,422
Lifecycle 2065		32,887		13,422

Note 5—income tax information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

111

Notes to financial statements

Each Fund files 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 each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, investments in partnerships, investments in underlying funds, and tax equalization. Temporary and permanent differences have no impact on a Fund’s net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows (dollar amounts are in thousands):

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Lifecycle Retirement Income	$	525,903	$	40,544	$	(36,576	)	$	3,968
Lifecycle 2010		1,011,571		98,632		(68,648	)		29,984
Lifecycle 2015		1,488,758		95,286		(114,235	)		(18,949	)
Lifecycle 2020		3,249,116		226,207		(245,344	)		(19,137	)
Lifecycle 2025		4,709,277		339,384		(355,141	)		(15,757	)
Lifecycle 2030		5,128,459		390,769		(378,584	)		12,185
Lifecycle 2035		5,238,217		446,847		(387,105	)		59,742
Lifecycle 2040		6,096,674		585,907		(439,770	)		146,137
Lifecycle 2045		4,008,211		447,118		(272,516	)		174,602
Lifecycle 2050		3,021,844		299,229		(196,816	)		102,413
Lifecycle 2055		1,391,729		98,904		(93,779	)		5,125
Lifecycle 2060		460,643		21,177		(38,876	)		(17,699	)
Lifecycle 2065		25,381		311		(1,999	)		(1,688	)

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 income and/or capital gains for tax reporting, if applicable.

112	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

As of year end, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Capital loss carry forwards		Late-year loss deferrals		Other book-to-tax differences			Total
Lifecycle Retirement Income	$	–	$	14,164,372	$	3,967,252		$	–	$	–	$	(34,121	)	$	18,097,503
Lifecycle 2010		7,146,136		29,147,249		29,984,089			–		–		(112,281	)		66,165,193
Lifecycle 2015		6,365,436		45,091,411		(18,950,060	)		–		–		(164,364	)		32,342,423
Lifecycle 2020		12,294,448		107,965,174		(19,137,212	)		–		–		(263,470	)		100,858,940
Lifecycle 2025		16,010,019		181,293,762		(15,757,287	)		–		–		(286,173	)		181,260,321
Lifecycle 2030		13,718,284		223,672,284		12,185,890			–		–		(281,973	)		249,294,485
Lifecycle 2035		8,898,660		260,383,909		59,741,628			–		–		(284,498	)		328,739,699
Lifecycle 2040		455,839		343,941,755		146,138,275			–		–		(361,806	)		490,174,063
Lifecycle 2045		–		245,652,309		174,602,378			–		–		(150,017	)		420,104,670
Lifecycle 2050		–		184,197,498		102,413,168			–		–		(96,766	)		286,513,900
Lifecycle 2055		1,145,841		78,779,045		5,125,392			–		–		(28,713	)		85,021,565
Lifecycle 2060		591,529		22,416,153		(17,698,547	)		–		–		(5,421	)		5,303,714
Lifecycle 2065		–		411,062		(1,688,427	)		–		–		(48	)		(1,277,413	)

The tax character of distributions paid were as follows:

	5/31/2022				5/31/2021
Fund	Ordinary income		Long-term capital gains		Ordinary income		Long-term capital gains
Lifecycle Retirement Income	$	23,161,764	$	22,270,472	$	14,302,738	$	17,467,353
Lifecycle 2010		47,060,380		64,609,189		34,604,447		59,479,547
Lifecycle 2015		67,018,907		80,277,672		48,522,263		52,307,744
Lifecycle 2020		151,455,657		188,186,268		108,863,757		125,021,838
Lifecycle 2025		216,449,270		271,151,254		134,425,131		169,535,428
Lifecycle 2030		237,785,666		315,462,673		143,026,796		191,592,719
Lifecycle 2035		256,415,712		356,288,276		142,574,750		224,746,157
Lifecycle 2040		322,023,104		462,395,165		169,558,271		305,117,437
Lifecycle 2045		218,120,431		317,925,165		108,458,841		182,259,203
Lifecycle 2050		161,435,133		213,330,339		80,540,450		112,609,034
Lifecycle 2055		68,542,535		74,772,925		34,830,539		30,654,989
Lifecycle 2060		19,701,972		15,182,064		8,321,478		5,059,592
Lifecycle 2065		302,017		381,910		144,492		–


TIAA-CREF Lifecycle Funds ■ 2022 Annual Report	113

Notes to financial statements

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 contractually agreed to waive certain amounts of the Underlying Funds fee rate portion of each Fund’s management fee through September 30, 2022. As of May 31, 2022, Advisors received from the Funds the following effective annual rate as a percentage of average daily net assets of each Fund:

				Investment management fee waiver
Fund	Investment management fee—effective rate			Effective 10/1/21			Prior to 10/1/21
Lifecycle Retirement Income		0.27	%		0.128	%		0.120	%
Lifecycle 2010		0.28			0.129			0.120
Lifecycle 2015		0.28			0.129			0.122
Lifecycle 2020		0.28			0.131			0.124
Lifecycle 2025		0.28			0.134			0.125
Lifecycle 2030		0.28			0.146			0.126
Lifecycle 2035		0.29			0.158			0.136
Lifecycle 2040		0.29			0.167			0.145
Lifecycle 2045		0.29			0.177			0.143
Lifecycle 2050		0.29			0.186			0.153
Lifecycle 2055		0.29			0.186			0.152
Lifecycle 2060		0.29			0.196			0.152
Lifecycle 2065		0.28			0.196			0.152

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

114	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.

Under the terms of the distribution Rule 12b-1 plan, the Retirement Class of each Fund and the Retail Class of the Retirement Income Fund compensated 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.

With respect to the Lifecycle 2010 Fund, Advisors has voluntarily agreed to reimburse the Fund for 0.035% of the Total Expenses of the Institutional Class that are originally attributable to Class W shares of the Underlying Funds. This voluntary commitment is effective May 1, 2022 to April 30, 2023. Prior to May 1, 2022, the expense cap for the Retirement Class of the Lifecycle Retirement Income Fund was 0.235%.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended, May 31, 2022, these transactions did not materially impact the funds.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

115

Notes to financial statements

The following is the percentage of the Funds’ shares owned by TIAA and its registered separate account (“TIAA Access”) as of May 31, 2022:

Fund	TIAA			TIAA Access			Total
Lifecycle Retirement Income		—	%		10	%		10	%
Lifecycle 2010		—			11			11
Lifecycle 2015		—			12			12
Lifecycle 2020		—			14			14
Lifecycle 2025		—			14			14
Lifecycle 2030		—			14			14
Lifecycle 2035		—			14			14
Lifecycle 2040		—			14			14
Lifecycle 2045		—			15			15
Lifecycle 2050		—			18			18
Lifecycle 2055		—			14			14
Lifecycle 2060		—			15			15
Lifecycle 2065		23			3			26

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^):

116	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle Retirement Income Fund
Nuveen Funds:
Dividend Growth	$	21,633	$	5,139	$	10,269	$	1,196		$	(529	)	$	298	$	16,654
Dividend Value		24,445		6,447		9,958		1,892			(2,138	)		361		19,062
Growth Opportunities ETF		—		25,882		2,532		(352	)		(5,299	)		1		17,699
International Growth		14,423		6,628		2,762		77			(4,320	)		114		13,647
TIAA CREF Funds:
Core Bond		125,912		21,100		22,094		(717	)		(13,099	)		2,985		110,568
Core Plus Bond		78,920		12,261		12,207		375			(9,149	)		2,241		69,072
Emerging Markets Debt		13,019		2,595		2,558		(87	)		(2,105	)		677		10,864
Emerging Markets Equity		8,768		6,765		2,708		794			(4,084	)		471		7,911
Growth & Income		21,831		7,058		7,759		4,307			(5,262	)		262		16,759
High-Yield		12,115		2,093		2,391		(65	)		(998	)		619		10,754
Inflation-Linked Bond		60,887		10,085		14,138		408			(3,687	)		3,797		52,880
International Bond		12,684		2,567		2,738		(41	)		(1,298	)		307		11,068
International Equity		20,089		8,687		5,479		(356	)		(3,486	)		776		19,455
International Opportunities		14,415		7,765		3,840		1,021			(4,488	)		252		13,735
Large-Cap Growth		23,666		8,067		7,657		2,048			(6,127	)		131		17,650
Large-Cap Growth Index		23,586		1,862		29,161		6,357			(2,644	)		—		—
Large-Cap Value		24,430		6,507		10,105		2,705			(2,874	)		395		19,083
Quant International Small-Cap Equity		9,443		4,038		2,466		55			(1,566	)		423		9,150
Quant Small-Cap Equity		6,881		2,436		3,015		1,364			(1,973	)		61		4,636
Quant Small/Mid-Cap Equity		7,881		2,782		3,579		1,507			(1,889	)		110		5,518
Short-Term Bond		60,650		9,945		14,862		(238	)		(2,340	)		1,199		53,080
TIAA-CREF Real Property Fund LP^a		22,742		6,798		4,452		197			5,340			493		30,625
	$	608,420	$	167,507	$	176,730	$	22,447		$	(74,015	)	$	15,973	$	529,870


TIAA-CREF Lifecycle Funds ■ 2022 Annual Report	117

Notes to financial statements

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2010 Fund
Nuveen Funds:
Dividend Growth	$	44,845	$	8,505	$	21,800	$	2,822		$	(1,444	)	$	573	$	31,965
Dividend Value		50,727		8,559		19,180		4,287			(4,820	)		693		36,565
Growth Opportunities ETF		—		48,041		3,396		(363	)		(10,285	)		2		33,997
International Growth		29,879		11,360		6,353		365			(8,271	)		211		26,243
TIAA-CREF Funds:
Core Bond		265,132		23,491		44,063		(687	)		(25,605	)		5,834		217,259
Core Plus Bond		166,250		14,360		25,786		1,299			(18,012	)		4,371		135,990
Emerging Markets Debt		27,418		3,637		5,618		20			(4,216	)		1,319		21,241
Emerging Markets Equity		18,212		11,959		5,675		1,901			(8,218	)		865		15,195
Growth & Income		45,255		10,275		15,400		11,899			(13,541	)		498		32,151
High-Yield		25,492		1,460		3,942		65			(2,123	)		1,208		20,952
Inflation-Linked Bond		128,240		13,254		30,061		1,628			(7,870	)		7,372		103,914
International Bond		26,717		3,027		5,263		42			(2,577	)		582		21,746
International Equity		41,600		13,825		10,993		(218	)		(6,897	)		1,435		37,317
International Opportunities		29,784		13,031		8,008		2,580			(8,957	)		460		26,348
Large-Cap Growth		48,995		11,693		15,119		4,874			(12,239	)		241		33,868
Large-Cap Growth Index		48,854		588		56,857		13,137			(5,722	)		—		—
Large-Cap Value		50,652		8,836		19,658		8,260			(8,554	)		731		36,611
Quant International Small-Cap Equity		19,571		6,685		5,236		325			(3,121	)		783		17,567
Quant Small-Cap Equity		14,269		3,696		5,953		3,444			(4,606	)		112		8,894
Quant Small/Mid-Cap Equity		16,357		4,404		7,277		3,654			(4,362	)		204		10,586
Short-Term Bond		138,878		18,451		27,438		(342	)		(5,364	)		2,667		124,023
TIAA-CREF Real Property Fund LP^a		43,915		7,555		11,487		500			8,640			849		49,123
	$	1,281,042	$	246,692	$	354,563	$	59,492		$	(158,164	)	$	31,010	$	1,041,555


118	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2015 Fund
Nuveen Funds:
Dividend Growth	$	72,636	$	8,078	$	31,137	$	4,831		$	(2,541	)	$	922	$	50,325
Dividend Value		82,016		11,139		29,820		6,910			(7,726	)		1,115		57,697
Growth Opportunities ETF		—		76,049		5,270		(662	)		(16,408	)		3		53,709
International Growth		48,209		16,409		9,447		705			(13,348	)		339		41,345
TIAA-CREF Funds:
Core Bond		371,267		32,197		62,912		(1,023	)		(35,686	)		8,178		302,428
Core Plus Bond		232,885		17,620		35,468		1,824			(25,148	)		6,130		188,730
Emerging Markets Debt		38,552		5,239		8,482		(99	)		(5,768	)		1,855		29,442
Emerging Markets Equity		29,494		18,166		8,808		2,702			(12,836	)		1,383		23,947
Growth & Income		73,262		14,890		24,783		16,307			(18,777	)		802		50,716
High-Yield		35,732		1,784		5,553		(377	)		(2,491	)		1,695		29,095
Inflation-Linked Bond		153,204		18,181		33,792		1,548			(9,201	)		8,974		128,378
International Bond		37,427		3,971		7,451		40			(3,579	)		815		30,128
International Equity		67,154		20,808		17,731		(530	)		(10,799	)		2,309		58,902
International Opportunities		48,032		19,627		12,544		4,127			(14,325	)		739		41,576
Large-Cap Growth		79,258		15,477		22,755		8,166			(19,798	)		387		53,389
Large-Cap Growth Index		79,104		341		91,506		21,403			(9,342	)		—		—
Large-Cap Value		81,996		12,508		31,661		10,402			(10,788	)		1,175		57,752
Quant International Small-Cap Equity		31,629		9,534		7,954		531			(5,002	)		1,258		27,682
Quant Small-Cap Equity		23,091		5,252		9,332		4,978			(6,811	)		180		14,034
Quant Small/Mid-Cap Equity		26,513		6,047		11,219		5,798			(6,914	)		329		16,696
Short-Term Bond		152,450		15,482		32,792		(361	)		(5,706	)		2,861		128,900
TIAA-CREF Real Property Fund LP^a		68,560		13,946		12,835		313			14,953			1,394		84,937
	$	1,832,471	$	342,745	$	513,252	$	87,533		$	(228,041	)	$	42,843	$	1,469,808


TIAA-CREF Lifecycle Funds ■ 2022 Annual Report	119

Notes to financial statements

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2020 Fund
Nuveen Funds:
Dividend Growth	$	176,233	$	19,674	$	71,875	$	11,332		$	(5,747	)	$	2,280	$	125,763
Dividend Value		198,734		28,254		69,058		15,784			(17,826	)		2,748		143,856
Growth Opportunities ETF		—		190,813		14,741		(1,820	)		(40,608	)		8		133,644
International Growth		116,976		39,806		18,951		1,780			(33,365	)		842		103,295
TIAA-CREF Funds:
Core Bond		780,211		74,136		125,053		(2,476	)		(76,664	)		17,491		647,104
Core Plus Bond		489,542		40,712		69,606		3,562			(53,833	)		13,114		403,940
Emerging Markets Debt		81,487		11,417		16,888		(159	)		(12,500	)		3,970		63,357
Emerging Markets Equity		71,568		46,106		20,954		6,572			(31,723	)		3,451		59,661
Growth & Income		177,622		37,792		56,920		38,212			(44,828	)		1,986		126,488
High-Yield		75,079		5,799		12,439		(549	)		(5,639	)		3,620		62,251
Inflation-Linked Bond		251,232		33,310		51,114		2,055			(15,040	)		15,081		217,794
International Bond		78,585		9,818		15,644		16			(7,650	)		1,755		64,522
International Equity		162,977		49,693		37,273		(1,471	)		(27,082	)		5,757		146,844
International Opportunities		116,694		48,019		27,102		8,893			(34,531	)		1,841		103,643
Large-Cap Growth		191,889		37,328		49,226		18,739			(48,148	)		965		133,235
Large-Cap Growth Index		191,699		998		222,111		52,057			(22,643	)		—		—
Large-Cap Value		198,892		29,790		71,857		24,633			(25,700	)		2,929		144,031
Quant International Small-Cap Equity		76,705		24,108		17,838		1,102			(12,259	)		3,138		69,185
Quant Small-Cap Equity		55,983		13,013		21,579		11,494			(16,082	)		449		34,990
Quant Small/Mid-Cap Equity		64,241		15,170		26,155		13,685			(16,507	)		819		41,648
Short-Term Bond		250,139		29,443		50,339		(730	)		(9,547	)		4,813		218,673
TIAA-CREF Real Property Fund LP^a		147,859		27,239		22,644		779			32,822			3,051		186,055
	$	3,954,347	$	812,438	$	1,089,367	$	203,490		$	(525,100	)	$	90,108	$	3,229,979


120	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2025 Fund
Nuveen Funds:
Dividend Growth	$	287,516	$	31,119	$	105,406	$	16,984		$	(8,111	)	$	3,801	$	215,678
Dividend Value		323,309		41,589		94,639		24,367			(27,993	)		4,598		246,500
Growth Opportunities ETF		—		320,089		19,187		(2,321	)		(69,580	)		14		229,001
International Growth		189,630		67,950		22,285		3,200			(56,523	)		1,414		177,036
TIAA-CREF Funds:
Core Bond		959,634		128,409		128,824		(4,461	)		(98,758	)		22,364		852,085
Core Plus Bond		602,554		72,427		68,918		4,041			(69,643	)		16,767		532,182
Emerging Markets Debt		101,716		18,340		19,729		(436	)		(16,000	)		5,062		83,891
Emerging Markets Equity		116,447		78,802		31,245		10,737			(52,328	)		5,776		102,485
Growth & Income		288,270		57,191		74,291		61,015			(72,957	)		3,309		216,826
High-Yield		92,306		9,942		12,253		(490	)		(7,594	)		4,623		81,911
Inflation-Linked Bond		237,503		40,347		39,061		1,699			(14,719	)		14,773		223,149
International Bond		96,698		16,094		16,997		(117	)		(9,849	)		2,270		85,053
International Equity		265,281		82,934		48,450		(2,319	)		(45,510	)		9,621		251,936
International Opportunities		189,536		81,334		36,427		14,178			(57,572	)		3,107		176,996
Large-Cap Growth		312,012		59,154		63,259		31,467			(82,003	)		1,611		228,406
Large-Cap Growth Index		311,361		668		360,338		84,479			(36,170	)		—		—
Large-Cap Value		322,456		44,834		98,786		36,600			(38,688	)		4,891		246,835
Quant International Small-Cap Equity		124,786		38,982		21,579		1,988			(20,838	)		5,237		118,945
Quant Small-Cap Equity		90,981		19,903		29,918		17,960			(25,829	)		751		59,978
Quant Small/Mid-Cap Equity		104,348		22,655		35,932		21,208			(26,122	)		1,368		71,475
Short-Term Bond		236,602		39,005		41,447		(705	)		(9,562	)		4,754		223,603
TIAA-CREF Real Property Fund LP^a		203,618		34,518		16,558		332			47,638			4,306		269,548
	$	5,456,564	$	1,306,286	$	1,385,529	$	319,406		$	(798,711	)	$	120,417	$	4,693,519


TIAA-CREF Lifecycle Funds ■ 2022 Annual Report	121

Notes to financial statements

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2030 Fund
Nuveen Funds:
Dividend Growth	$	357,117	$	32,790	$	109,740	$	18,700		$	(7,871	)	$	4,781	$	282,877
Dividend Value		402,425		49,345		102,494		30,085			(34,719	)		5,808		319,205
Growth Opportunities ETF		—		408,603		20,189		(2,408	)		(89,504	)		18		296,502
International Growth		236,286		90,129		23,617		4,710			(72,679	)		1,784		228,620
TIAA-CREF Funds:
Core Bond		879,449		151,896		137,760		(5,686	)		(90,653	)		20,743		793,611
Core Plus Bond		553,750		81,231		69,856		3,384			(64,556	)		15,553		496,277
Emerging Markets Debt		95,301		21,062		21,687		(528	)		(14,847	)		4,715		79,301
Emerging Markets Equity		144,353		98,922		31,975		15,609			(68,680	)		7,320		132,972
Growth & Income		358,006		71,964		79,507		74,797			(91,001	)		4,175		280,673
High-Yield		84,945		10,394		11,302		(362	)		(7,170	)		4,289		76,505
Inflation-Linked Bond		137,038		34,645		20,605		906			(8,910	)		8,871		141,484
International Bond		88,966		18,409		17,819		(267	)		(9,015	)		2,101		79,557
International Equity		329,081		107,308		48,128		(1,814	)		(58,961	)		12,142		327,486
International Opportunities		235,319		102,064		35,726		19,029			(74,259	)		3,891		228,828
Large-Cap Growth		387,447		74,267		63,578		39,093			(105,081	)		2,038		295,524
Large-Cap Growth Index		387,398		703		448,294		104,564			(44,371	)		—		—
Large-Cap Value		401,174		53,780		107,661		44,076			(46,995	)		6,178		319,634
Quant International Small-Cap Equity		154,582		49,310		19,524		3,309			(27,352	)		6,618		154,772
Quant Small-Cap Equity		113,124		24,582		33,349		21,889			(31,950	)		947		77,757
Quant Small/Mid-Cap Equity		130,049		25,772		38,043		26,122			(32,441	)		1,728		92,914
Short-Term Bond		136,452		32,281		20,387		(350	)		(5,957	)		2,885		141,863
TIAA-CREF Real Property Fund LP^a		217,338		32,568		7,609		46			51,940			4,642		294,283
	$	5,829,600	$	1,572,025	$	1,468,850	$	394,904		$	(935,032	)	$	121,227	$	5,140,645


122	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2035 Fund
Nuveen Funds:
Dividend Growth	$	418,613	$	37,602	$	122,936	$	20,921		$	(8,413	)	$	5,644	$	336,191
Dividend Value		473,288		55,743		113,741		34,971			(40,771	)		6,863		379,462
Growth Opportunities ETF		—		484,782		22,972		(2,709	)		(106,464	)		21		352,637
International Growth		278,455		105,649		24,211		5,687			(86,372	)		2,108		271,862
TIAA-CREF Funds:
Core Bond		757,070		151,165		146,042		(6,966	)		(75,960	)		17,864		676,130
Core Plus Bond		478,051		76,722		72,476		1,891			(54,540	)		13,398		423,043
Emerging Markets Debt		84,560		18,989		21,429		(502	)		(12,795	)		4,095		68,823
Emerging Markets Equity		169,834		119,428		38,194		18,014			(80,753	)		8,693		158,334
Growth & Income		420,677		85,024		89,053		87,440			(107,062	)		4,933		333,819
High-Yield		73,328		10,249		11,794		(371	)		(6,126	)		3,698		65,286
Inflation-Linked Bond		21,093		23,016		1,855		282			(2,232	)		1,874		39,944
International Bond		76,808		16,079		16,446		(385	)		(7,611	)		1,816		67,826
International Equity		386,883		126,096		50,365		(2,385	)		(69,684	)		14,329		390,545
International Opportunities		277,329		117,551		35,903		21,027			(86,964	)		4,617		272,156
Large-Cap Growth		455,471		87,134		69,394		46,317			(124,901	)		2,403		351,435
Large-Cap Growth Index		455,314		1,084		527,216		122,512			(51,694	)		—		—
Large-Cap Value		471,601		56,433		114,729		51,139			(54,731	)		7,290		380,522
Quant International Small-Cap Equity		181,429		58,642		20,801		4,128			(32,621	)		7,808		184,225
Quant Small-Cap Equity		132,959		27,264		36,094		25,349			(37,353	)		1,119		92,573
Quant Small/Mid-Cap Equity		152,953		28,632		41,383		30,642			(38,186	)		2,040		110,773
Short-Term Bond		20,995		22,739		2,133		(19	)		(1,505	)		649		40,037
TIAA-CREF Real Property Fund LP^a		223,987		26,872		2,189		33			53,632			4,788		302,335
	$	6,010,698	$	1,736,895	$	1,581,356	$	457,016		$	(1,033,106	)	$	116,050	$	5,297,958


TIAA-CREF Lifecycle Funds ■ 2022 Annual Report	123

Notes to financial statements

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2040 Fund
Nuveen Funds:
Dividend Growth	$	556,953	$	52,515	$	163,061	$	27,193		$	(10,605	)	$	7,535	$	450,114
Dividend Value		629,102		74,691		148,350		46,229			(54,085	)		9,153		507,336
Growth Opportunities ETF		—		646,423		29,351		(3,589	)		(142,751	)		28		470,732
International Growth		371,415		144,414		34,756		7,627			(115,861	)		2,818		363,042
TIAA-CREF Funds:
Core Bond		598,044		166,490		147,421		(7,982	)		(59,861	)		14,464		546,707
Core Plus Bond		381,437		87,937		77,293		282			(43,360	)		10,867		343,602
Emerging Markets Debt		73,261		21,066		24,728		(451	)		(10,554	)		3,391		58,594
Emerging Markets Equity		226,154		161,042		52,550		22,713			(106,301	)		11,575		211,122
Growth & Income		560,768		109,977		112,755		115,258			(142,113	)		6,591		446,330
High-Yield		58,508		11,405		11,468		(358	)		(4,965	)		3,001		53,122
International Bond		61,285		17,042		16,170		(531	)		(5,994	)		1,479		55,126
International Equity		515,718		163,738		58,855		(3,341	)		(93,714	)		19,225		523,546
International Opportunities		367,994		156,172		44,426		27,008			(115,297	)		6,192		363,441
Large-Cap Growth		606,728		111,842		85,657		60,732			(166,502	)		3,223		469,220
Large-Cap Growth Index		606,868		461		701,659		162,993			(68,663	)		—		—
Large-Cap Value		629,317		66,737		143,617		67,860			(72,685	)		9,780		508,448
Quant International Small-Cap Equity		241,733		80,118		28,755		5,138			(43,456	)		10,472		245,990
Quant Small-Cap Equity		176,905		35,441		46,159		33,120			(49,223	)		1,499		123,898
Quant Small/Mid-Cap Equity		204,130		34,942		52,287		40,574			(50,748	)		2,738		147,237
TIAA-CREF Real Property Fund LP^a		265,536		39,558		13,482		523			63,070			5,671		355,205
	$	7,131,856	$	2,182,011	$	1,992,800	$	600,998		$	(1,293,668	)	$	129,702	$	6,242,812


124	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2045 Fund
Nuveen Funds:
Dividend Growth	$	401,127	$	34,011	$	99,796	$	17,051		$	(5,876	)	$	5,522	$	337,040
Dividend Value		453,962		60,377		98,927		33,209			(39,231	)		6,726		379,743
Growth Opportunities ETF		—		480,403		19,488		(2,551	)		(106,168	)		21		352,196
International Growth		267,576		113,218		21,757		4,868			(85,077	)		2,079		271,591
TIAA-CREF Funds:
Core Bond		177,332		88,720		77,271		(4,319	)		(17,125	)		4,508		166,526
Core Plus Bond		116,786		44,239		39,102		(897	)		(12,777	)		3,410		106,541
Emerging Markets Debt		28,581		10,948		14,588		(47	)		(3,593	)		1,140		21,301
Emerging Markets Equity		163,597		122,385		37,010		15,689			(77,182	)		8,569		157,915
Growth & Income		403,371		83,957		69,881		79,957			(100,857	)		4,832		334,074
High-Yield		17,913		5,606		5,435		(206	)		(1,491	)		942		16,387
International Bond		18,765		8,309		7,834		(374	)		(1,688	)		468		17,018
International Equity		371,531		132,996		40,113		(3,245	)		(68,367	)		14,155		392,802
International Opportunities		266,294		126,826		34,125		16,104			(82,135	)		4,567		272,304
Large-Cap Growth		437,556		94,893		57,844		42,745			(122,279	)		2,374		352,392
Large-Cap Growth Index		436,636		1,535		506,582		117,103			(48,692	)		—		—
Large-Cap Value		452,890		55,693		95,169		44,317			(48,353	)		7,206		380,524
Quant International Small-Cap Equity		174,012		63,640		18,640		3,829			(32,311	)		7,713		184,057
Quant Small-Cap Equity		127,786		26,316		29,814		24,242			(36,486	)		1,105		92,746
Quant Small/Mid-Cap Equity		147,447		26,471		33,933		28,270			(36,176	)		2,017		110,438
TIAA-CREF Real Property Fund LP^a		172,347		36,663		13,993		353			41,848			3,737		237,218
	$	4,635,509	$	1,617,206	$	1,321,302	$	416,098		$	(884,016	)	$	81,091	$	4,182,813


TIAA-CREF Lifecycle Funds ■ 2022 Annual Report	125

Notes to financial statements

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2050 Fund
Nuveen Funds:
Dividend Growth	$	301,504	$	30,337	$	68,813	$	11,247		$	(3,179	)	$	4,206	$	263,856
Dividend Value		338,928		48,981		62,836		24,713			(29,432	)		5,145		297,670
Growth Opportunities ETF		—		371,375		11,340		(1,429	)		(82,789	)		16		275,817
International Growth		200,075		91,547		11,652		4,200			(66,015	)		1,590		212,627
TIAA-CREF Funds:
Core Bond		83,983		41,532		61,577		(3,128	)		(5,304	)		1,907		55,159
Core Plus Bond		57,235		16,557		30,662		(1,071	)		(4,336	)		1,458		36,991
Emerging Markets Debt		16,755		6,026		11,468		191			(1,780	)		545		9,724
Emerging Markets Equity		122,688		97,298		26,600		12,165			(59,063	)		6,532		123,950
Growth & Income		301,687		68,351		43,606		57,764			(74,663	)		3,686		261,736
High-Yield		8,791		1,937		4,369		68			(742	)		404		5,685
International Bond		9,195		3,343		5,805		(252	)		(565	)		196		5,848
International Equity		278,007		110,127		25,705		(2,476	)		(52,831	)		10,836		307,122
International Opportunities		200,207		103,570		23,110		12,726			(63,853	)		3,515		213,640
Large-Cap Growth		327,901		78,998		35,346		32,262			(94,670	)		1,819		276,449
Large-Cap Growth Index		326,552		4,146		382,228		87,518			(35,988	)		—		—
Large-Cap Value		338,761		47,242		62,610		30,884			(34,272	)		5,513		297,931
Quant International Small-Cap Equity		130,367		52,812		12,282		3,057			(25,064	)		5,899		143,940
Quant Small-Cap Equity		95,572		22,057		20,774		17,742			(27,182	)		845		72,652
Quant Small/Mid-Cap Equity		110,176		20,680		21,518		20,597			(26,827	)		1,543		86,547
TIAA-CREF Real Property Fund LP^a		125,377		31,593		11,243		235			30,951			2,747		176,913
	$	3,373,761	$	1,248,509	$	933,544	$	307,013		$	(657,604	)	$	58,402	$	3,124,257


126	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2055 Fund
Nuveen Funds:
Dividend Growth	$	128,593	$	17,291	$	26,676	$	3,894		$	(632	)	$	1,841	$	119,306
Dividend Value		144,638		24,873		22,528		10,530			(12,682	)		2,258		134,861
Growth Opportunities ETF		—		166,644		4,037		(524	)		(36,913	)		7		125,170
International Growth		85,350		46,696		5,957		1,547			(28,918	)		702		96,279
TIAA-CREF Funds:
Core Bond		26,120		15,979		23,945		(1,281	)		(1,360	)		601		15,402
Core Plus Bond		18,372		6,805		12,289		(511	)		(1,189	)		464		10,954
Emerging Markets Debt		6,217		2,660		4,809		82			(614	)		185		3,536
Emerging Markets Equity		52,248		45,357		10,855		5,233			(25,842	)		2,866		56,253
Growth & Income		128,671		35,627		16,581		23,070			(30,930	)		1,612		118,842
High-Yield		2,822		792		1,731		38			(250	)		129		1,671
International Bond		2,951		1,407		2,373		(112	)		(145	)		62		1,706
International Equity		118,625		54,806		9,832		(1,020	)		(23,436	)		4,767		139,143
International Opportunities		85,161		52,267		10,559		5,016			(27,942	)		1,546		96,949
Large-Cap Growth		139,901		43,906		15,737		13,550			(41,873	)		799		125,378
Large-Cap Growth Index		139,268		4,350		165,821		37,310			(15,107	)		—		—
Large-Cap Value		144,353		25,404		23,354		12,249			(13,884	)		2,421		135,072
Quant International Small-Cap Equity		55,578		25,489		3,945		1,493			(11,256	)		2,589		65,187
Quant Small-Cap Equity		40,785		11,209		8,333		7,313			(11,571	)		371		32,917
Quant Small/Mid-Cap Equity		46,895		11,121		8,707		8,466			(11,291	)		678		39,213
TIAA-CREF Real Property Fund LP^a		52,724		16,795		4,108		68			13,537			1,185		79,016
	$	1,419,272	$	609,478	$	382,177	$	126,411		$	(282,298	)	$	25,083	$	1,396,855


TIAA-CREF Lifecycle Funds ■ 2022 Annual Report	127

Notes to financial statements

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend		Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income		5/31/22
Lifecycle 2060 Fund
Nuveen Funds:
Dividend Growth	$	36,272	$	9,652	$	7,621	$	817		$	37		$	556	$	38,189
Dividend Value		40,776		12,600		6,275		2,980			(3,621	)		688		43,377
Growth Opportunities ETF		—		53,378		1,382		(222	)		(11,544	)		2		40,230
International Growth		24,042		18,788		2,543		248			(8,788	)		218		30,990
TIAA-CREF Funds:
Core Bond		4,716		4,787		6,969		(367	)		(116	)		113		2,029
Core Plus Bond		3,531		2,145		3,601		(173	)		(145	)		89		1,711
Emerging Markets Debt		1,499		877		1,390		17			(129	)		40		874
Emerging Markets Equity		14,746		15,915		3,260		1,413			(7,657	)		890		18,086
Growth & Income		36,373		16,396		5,381		6,235			(8,883	)		490		38,251
High-Yield		542		287		520		10			(50	)		25		269
International Bond		567		429		689		(31	)		(17	)		12		255
International Equity		33,418		22,101		3,393		(425	)		(7,222	)		1,472		44,479
International Opportunities		24,060		20,788		4,201		1,208			(8,435	)		477		31,264
Large-Cap Growth		39,484		19,958		5,508		3,841			(13,038	)		247		40,301
Large-Cap Growth Index		39,204		4,102		49,789		10,464			(3,981	)		—		—
Large-Cap Value		40,755		12,531		6,199		2,974			(3,530	)		747		43,539
Quant International Small-Cap Equity		15,767		10,229		1,338		452			(3,504	)		797		20,937
Quant Small-Cap Equity		11,506		4,452		2,037		1,879			(3,222	)		115		10,575
Quant Small/Mid-Cap Equity		13,191		5,004		2,444		2,194			(3,106	)		209		12,598
TIAA-CREF Real Property Fund LP^a		14,655		7,065		882		10			4,142			353		24,990
	$	395,104	$	241,484	$	115,422	$	33,524		$	(82,809	)	$	7,540	$	442,944


128	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

										Change in
										unrealized
	Value at		Purchases		Sales		Realized			appreciation			Dividend			Value at
Issue	5/31/21		cost		proceeds		gain (loss		)	(depreciation		)	income			5/31/22
Lifecycle 2065 Fund
Nuveen Funds:
Dividend Growth	$	649	$	1,829	$	365	$	10		$	(40	)	$	14		$	2,064
Dividend Value		729		2,043		295		63			(107	)		20			2,353
Growth Opportunities ETF		—		2,710		108		(15	)		(410	)		—	^		2,177
International Growth		430		1,685		146		(5	)		(258	)		5			1,686
TIAA-CREF Funds:
Core Bond		47		240		282		(5	)		—	^		1			—	^
Core Plus Bond		34		141		167		(4	)		—	^		1			3
Emerging Markets Debt		12		31		39		(1	)		1			—	^		4
Emerging Markets Equity		263		1,063		110		31			(191	)		24			977
Growth & Income		651		2,014		250		119			(296	)		12			2,070
High-Yield		5		21		26		—	^		—	^		—	^		—	^
International Bond		5		24		28		(1	)		—	^		—	^		—	^
International Equity		596		2,304		269		(30	)		(199	)		38			2,402
International Opportunities		429		1,713		152		19			(260	)		12			1,693
Large-Cap Growth		704		2,353		349		47			(458	)		6			2,182
Large-Cap Growth Index		702		157		976		188			(71	)		—			—
Large-Cap Value		728		2,066		301		55			(114	)		19			2,357
Quant International Small-Cap Equity		280		1,083		113		1			(99	)		21			1,135
Quant Small-Cap Equity		206		558		79		33			(93	)		3			573
Quant Small/Mid-Cap Equity		236		645		90		39			(90	)		5			682
TIAA-CREF Real Property Fund LP^a		259		1,004		59		1			129			10			1,334
	$	6,965	$	23,684	$	4,204	$	545		$	(2,556	)	$	191		$	23,692


^{^}	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 year ended May 31, 2022, there were no inter-fund borrowing or lending transactions.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

129

Notes to financial statements

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 14, 2022 expiring on June 13, 2023, replacing the previous facility, which expired June 2022. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended May 31, 2022, there were no borrowings under this credit facility by the Funds.

130	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Report of independent registered public accounting firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Lifecycle Retirement Income Fund, TIAA-CREF Lifecycle 2010 Fund, TIAA-CREF Lifecycle 2015 Fund, TIAA-CREF Lifecycle 2020 Fund, TIAA-CREF Lifecycle 2025 Fund, TIAA-CREF Lifecycle 2030 Fund, TIAA-CREF Lifecycle 2035 Fund, TIAA-CREF Lifecycle 2040 Fund, TIAA-CREF Lifecycle 2045 Fund, TIAA-CREF Lifecycle 2050 Fund, TIAA-CREF Lifecycle 2055 Fund, TIAA-CREF Lifecycle 2060 Fund, and TIAA-CREF Lifecycle 2065 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of TIAA-CREF Lifecycle Retirement Income Fund, TIAA-CREF Lifecycle 2010 Fund, TIAA-CREF Lifecycle 2015 Fund, TIAA-CREF Lifecycle 2020 Fund, TIAA-CREF Lifecycle 2025 Fund, TIAA-CREF Lifecycle 2030 Fund, TIAA-CREF Lifecycle 2035 Fund, TIAA-CREF Lifecycle 2040 Fund, TIAA-CREF Lifecycle 2045 Fund, TIAA-CREF Lifecycle 2050 Fund, TIAA-CREF Lifecycle 2055 Fund, TIAA-CREF Lifecycle 2060 Fund, and TIAA-CREF Lifecycle 2065 Fund (thirteen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of May 31, 2022, the related statements of operations for the year ended May 31, 2022, the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

TIAA-CREF Lifecycle Retirement Income Fund⁽¹⁾		TIAA-CREF Lifecycle 2040 Fund⁽¹⁾
TIAA-CREF Lifecycle 2010 Fund⁽¹⁾		TIAA-CREF Lifecycle 2045 Fund⁽¹⁾
TIAA-CREF Lifecycle 2015 Fund⁽¹⁾		TIAA-CREF Lifecycle 2050 Fund⁽¹⁾
TIAA-CREF Lifecycle 2020 Fund⁽¹⁾		TIAA-CREF Lifecycle 2055 Fund⁽¹⁾
TIAA-CREF Lifecycle 2025 Fund⁽¹⁾		TIAA-CREF Lifecycle 2060 Fund⁽¹⁾
TIAA-CREF Lifecycle 2030 Fund⁽¹⁾		TIAA-CREF Lifecycle 2065 Fund⁽²⁾
TIAA-CREF Lifecycle 2035 Fund⁽¹⁾

⁽¹⁾	Statement of changes in net assets for the years ended May 31, 2022 and 2021
⁽²⁾	Statement of changes in net assets for the year ended May 31, 2022 and the period September 30, 2020 (commencement of operations) through May 31, 2021

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

131

Report of independent registered public accounting firm

concluded

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2022 by correspondence with the transfer agent or custodian. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
July 15, 2022

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

132	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Important tax information (unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-term capital gains

As of year end, each fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Fund	Net long-term capital gains
Lifecycle Retirement Income		$ 23,696,961
Lifecycle 2010		67,928,472
Lifecycle 2015		84,996,550
Lifecycle 2020		198,489,049
Lifecycle 2025		283,726,218
Lifecycle 2030		327,726,945
Lifecycle 2035		369,885,156
Lifecycle 2040		478,942,826
Lifecycle 2045		328,895,907
Lifecycle 2050		220,197,035
Lifecycle 2055		77,379,957
Lifecycle 2060		16,262,805
Lifecycle 2065		381,910

Dividends received deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

Fund	Percentage
Lifecycle Retirement Income		6.9	%
Lifecycle 2010		7.0
Lifecycle 2015		7.3
Lifecycle 2020		8.0
Lifecycle 2025		9.3
Lifecycle 2030		10.6
Lifecycle 2035		11.6
Lifecycle 2040		12.4
Lifecycle 2045		13.2
Lifecycle 2050		13.8
Lifecycle 2055		14.2
Lifecycle 2060		14.9
Lifecycle 2065		14.6

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

133

Important tax information

concluded

Qualified dividend income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Fund	Percentage
Lifecycle Retirement Income		13.0	%
Lifecycle 2010		12.5
Lifecycle 2015		13.5
Lifecycle 2020		14.8
Lifecycle 2025		17.3
Lifecycle 2030		19.8
Lifecycle 2035		21.7
Lifecycle 2040		23.1
Lifecycle 2045		24.7
Lifecycle 2050		25.8
Lifecycle 2055		26.6
Lifecycle 2060		28.2
Lifecycle 2065		28.8

Foreign source income and foreign tax credit pass through

Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

Fund	Foreign source income		Foreign source income per share		Qualifying foreign taxes paid		Qualifying foreign taxes paid per share
Lifecycle Retirement Income		$ 1,345,689		$0.02829		$ 153,819		$0.00323
Lifecycle 2010		2,467,181		0.02574		284,088		0.00296
Lifecycle 2015		3,958,718		0.02635		456,230		0.00304
Lifecycle 2020		9,835,697		0.03069		1,137,570		0.00355
Lifecycle 2025		16,375,789		0.03635		1,902,103		0.00422
Lifecycle 2030		20,565,033		0.04219		2,401,156		0.00493
Lifecycle 2035		24,131,487		0.04868		2,839,499		0.00573
Lifecycle 2040		32,139,832		0.05523		3,801,163		0.00653
Lifecycle 2045		23,541,832		0.07073		2,802,788		0.00842
Lifecycle 2050		17,932,649		0.07372		2,143,122		0.00881
Lifecycle 2055		7,881,146		0.08537		941,513		0.01020
Lifecycle 2060		2,424,672		0.07072		290,810		0.00848
Lifecycle 2065		61,900		0.02793		7,518		0.00339

134	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2022

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years and other relevant experience and qualifications	Number of Portfolios in Fund complex Overseen by Trustee	Other Directorship(s) held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	88	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans, Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	88	Board member, Lumina Foundation and Waterside School; Emeritus Board Member, Year-Up Puget Sound; Investment Advisory Committee Member, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (2020–2021). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).	88	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC;

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

135

Trustees and officers (unaudited)	continued

TIAA-CREF Funds ■ May 31, 2022

Trustees – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years and other relevant experience and qualifications	Number of Portfolios in Fund complex Overseen by Trustee	Other Directorship(s) held by Trustee
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and of certain funds advised by American Beacon Advisors, Inc.	88	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	88	Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	88	Director, Build Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011; Chairman for term ending June 30, 2023. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	88	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.

136	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958		Trustee		Indefinite term. Trustee since 2006.		President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.		88		Director, National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949		Trustee		Indefinite term. Trustee since 1999.		Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).		88		Director, TheraTrue Inc.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

137

Trustees and officers (unaudited)	continued

TIAA-CREF Funds ■ May 31, 2022

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.
John L. Douglas TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Executive Vice President, Chief Legal, Risk and Compliance Officer	One-year term. Executive Vice President since 2021 and Chief Legal, Risk and Compliance Officer since 2022.	Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA, Executive Vice President, Chief Legal, Risk and Compliance Officer of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Senior Advisor to the CEO, and Senior Executive Vice President, Chief Advocacy & Oversight Officer, TIAA. Prior to joining TIAA, Mr. Douglas was a Partner at Davis Polk & Wardwell LLP.

138	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

W. Dave Dowrich TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Executive Vice President	One-year term. Executive Vice President since 2022.	Senior Executive Vice President and Chief Financial Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Dowrich served as Chief Financial Officer, International Businesses at Prudential Financial, Inc.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Executive Vice President, Chief Administrative Officer of the Chief Operating Office, TIAA. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Executive Vice President, Chief Operating Officer, Nuveen, President and Chief Executive Officer of CREF and TIAA Separate Account VA-1; Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.

Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief Investment Officer, Nuveen; Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.
Colbert Narcisse TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1965	Executive Vice President	One-year term. Executive Vice President since 2022.	Senior Executive Vice President, Chief Product and Business Development Officer of TIAA. President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Executive Vice President of TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Executive Vice President and Head of Advisory and Corporate Solutions, TIAA. Prior to joining TIAA, Mr. Narcisse served as Managing Director and Head of International Wealth Management and Head of Traditional and Alternative Investment Products at Morgan Stanley.
David G. Nason TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1970	Executive Vice President	One-year term. Executive Vice President since 2020.	Senior Executive Vice President, Chief Operating Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

139

Trustees and officers (unaudited)	concluded

TIAA-CREF Funds ■ May 31, 2022

Officers – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Fund Complex; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief People Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

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

140	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

Approval of investment management agreement (unaudited)

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

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

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

Under normal circumstances, Section 15(c) requires any initial approval or annual renewal of an investment management agreement to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued and extended a temporary, conditional exemptive order (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.

Overview of the renewal process

The Board held a virtual meeting via videoconference on March 11, 2022, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related public health protocols imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of

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its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

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

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

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

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following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in the shareholder reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Funds’ operations and performance.

On March 3, 2022, the Board held a virtual meeting via videoconference with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 11, 2022 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to each Fund, the Board considered various factors, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) how such economies of scale are

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shared with the Fund for the benefit of its investors, such as, if applicable, through management fee breakpoints; (7) comparisons, if applicable, of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 11, 2022 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 11, 2022 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, considered reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and consider, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 11, 2022, Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

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

During its review, the Board noted its ongoing review of the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services. Based on all factors considered, the Board concluded that the nature, extent, and quality of services provided by Advisors to each Fund under the Agreement was reasonable.

Investment performance

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

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Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2021. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board considered that this data included the effect of the Fund’s unique fee structure where the Funds invest in fee-waived Class W shares of the TIAA-CREF Underlying Funds and the Funds pay the equivalent of these Underlying Funds’ management fees and other expenses directly as part of the Funds’ management fee rates under the Agreement, along with the Funds’ existing annual management fee rate of 0.10% of average daily net assets. The Board considered that the Broadridge fee comparisons would be affected because most of the Funds’ peers do not have a similar fee structure.

The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board also noted Advisors’ waiver of 0.10% of each Fund’s management fee since inception, which will continue through at least September 30, 2024. The Board also considered that Advisors had agreed to additional waivers of the Funds’ fees, which will continue through at least September 30, 2022. The Board also acknowledged certain fee waivers and reimbursements of expenses above specified amounts undertaken by Advisors with respect to many of the Underlying Funds which, in turn, reduce the management fees charged to the Funds. The Board also recognized Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. The Board considered that Advisors had calculated that it incurred losses with respect to each Fund under the Agreement for the one-year period ended December 31, 2021.

Fees charged by other advisers

The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board acknowledged Advisors’ assertion that, while the Funds’ expense structure makes the Funds’ contractual and effective management fee rates appear higher as compared to its peers (most of whom have a traditional funds of funds fee structure), the Funds’ total expenses were favorable as compared to most of their peers. In this regard, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates

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

Economies of scale

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

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors provides similar investment management services to other investment companies. The Board noted that Advisors provides funds of funds management services to the TIAA-CREF Lifestyle Funds and the TIAA-CREF Life Balanced Fund, with annual management fee rates of 0.10% of average daily net assets, and the TIAA-CREF Managed Allocation Fund, for which Advisors receives no management fee. The Board also considered that Advisors also manages the TIAA-CREF Lifecycle Index Funds, which have the same fee structure as the Funds. The Board also discussed the performance of these other funds of funds while discussing the performance of the Funds. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by Advisors to its comparable clients.

Other benefits

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have with certain service providers. Advisors and/or its affiliates also may benefit to the extent that the Funds add scale to the TIAA-CREF Underlying Funds or other affiliated underlying funds. Also, Advisers and its affiliates earn fees on the Funds’ investments in other affiliated products, such as Nuveen Funds and the TIAA-CREF Real Property Fund. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs. The Board concluded that other benefits to Advisors and its affiliates arising from the Agreement were reasonable in light of various relevant factors.

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class of each Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2021. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2021. Statements below regarding a Fund’s “effective management fee rate” refer to the overall effective blended fee rate that applied to that Fund after taking into account any breakpoints in the management fee rate schedule for the Fund and any applicable fee waivers and/or expense reimbursements. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2021 under the Agreement.

Lifecycle Retirement Income Fund

•

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	management fee rate was 0.238% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.
•	The Fund’s total expense ratio was in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”), while the Fund’s actual management fee rate (including the waiver) and contractual management fee rate each ranked 1 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”), respectively.
•	The Fund was in the 2nd, 3rd and 3rd quintiles and ranked 2 out of 5 funds within the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 1st, 1st and 1st quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2010 Fund

•

As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.257% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.

•

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

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

Lifecycle 2015 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.266% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while the Fund’s actual management fee rate (including the waiver) and contractual management fee rate each ranked 2 out of 4 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 3rd and 3rd quintiles of its Expense Universe, respectively.
•	The Fund was in the 3rd, 2nd and 2nd quintiles and ranked 1 out of 3 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2020 Fund

•

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	of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.273% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.
•	The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while the Fund’s actual management fee rate (including the waiver) ranked 3 out of 5 funds and contractual management fee rate ranked 2 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 3rd quintiles of its Expense Universe, respectively.
•	The Fund was in the 5th, 3rd and 3rd quintiles and ranked 1 out of 4 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2025 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.278% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.
•	The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of its Expense Group, while its actual management fee rate (including the waiver) was in the 2nd quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 3rd, 3rd, 3rd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

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•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2030 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.282% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.
•	The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of its Expense Group, while its actual management fee rate (including the waiver) was in the 2nd quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th, 3rd, 3rd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2035 Fund

•

As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.281% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending

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	September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.
•	The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of its Expense Group, while its actual management fee rate (including the waiver) was in the 2nd quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 5th, 4th, 4th and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 3rd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2040 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.275% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.
•	The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of its Expense Group, while its actual management fee rate (including the waiver) was in the 2nd quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 5th, 4th, 4th and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 2nd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in

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153

Approval of investment management agreement (unaudited)

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

Lifecycle 2045 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.277% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.
•	The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of its Expense Group, while its actual management fee rate (including the waiver) was in the 2nd quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th, 3rd, 3rd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2050 Fund

•

As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.267% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.

154	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

continued

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

Lifecycle 2055 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.243% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th, 3rd and 3rd quintiles and ranked 1 out of 5 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

155

Approval of investment management agreement (unaudited)

Lifecycle 2060 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.214% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.
•	The Fund’s total expense ratio and contractual management fee rate were each in the 1st quintile of its Expense Group, while its actual management fee rate (including the waiver) was in the 2nd quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund was in the 4th, 2nd and 3rd quintiles of its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 4th, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle 2065 Fund

•

As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.000% of average daily net assets, which includes the effect of a voluntary management fee rate waiver of 0.10% ending September 30, 2023, as well as the effect of a voluntary waiver on the Fund’s other expense by Advisors. The voluntary management fee rate waiver subsequently has been extended by Advisors through September 30, 2024.

•

The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expense ratio and actual management fee rate (including

156	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

concluded

	the waiver) were each in the 1st quintile of its Expense Universe, while the contractual management fee rate was in the 2nd quintile of its Expense Universe.
•	The Fund was in the 3rd and 2nd quintiles of its Performance Group for the one-year and since inception periods, respectively. The Fund was in the 3rd quintile of its Performance Universe for each of the one-year and since inception periods.
•	The Fund is too new to have an Overall Morningstar Rating.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

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

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

157

Liquidity risk management program (unaudited)

Discussion of the operation and effectiveness of the Funds’ liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each series of the Trust covered by this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Funds’ liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Funds’ Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

At a February 15, 2022 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2021 through December 31, 2021 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.

Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

158	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

The Liquidity Rule also limits the Funds’ investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on illiquid investments.

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

159

Additional information about index providers (unaudited)

Russell Indexes

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®,” “Russell^®” and “FTSE Russell^®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group 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.

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

160	2022 Annual Report ■ TIAA-CREF Lifecycle Funds

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

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

TIAA-CREF Lifecycle Funds ■ 2022 Annual Report

161

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How to reach us

Websites

TIAA.org

nuveen.com

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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

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	TIAA-CREF Funds	May 31, 2022

TIAA-CREF
Lifecycle Index Funds

The annual report contains the audited financial statements.

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

Annual
Report

Contents

Understanding this report		3
Letter to investors		4
Information for investors		6
About the funds’ benchmarks		7
Important information about expenses		9
Investment results of the Lifecycle Index Funds		18
Fund performance
Lifecycle Index Retirement Income Fund		20
Lifecycle Index 2010 Fund		22
Lifecycle Index 2015 Fund		24
Lifecycle Index 2020 Fund		26
Lifecycle Index 2025 Fund		28
Lifecycle Index 2030 Fund		30
Lifecycle Index 2035 Fund		32
Lifecycle Index 2040 Fund		34
Lifecycle Index 2045 Fund		36
Lifecycle Index 2050 Fund		38
Lifecycle Index 2055 Fund		40
Lifecycle Index 2060 Fund		42
Lifecycle Index 2065 Fund		44

Portfolios of investments		46
Audited financial statements
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

Report of independent registered public accounting firm		104
Important tax information		106
Trustees and officers		108
Approval of investment management agreement		114
Liquidity risk management program		130
Additional information about index providers		132
How to reach us	Inside back cover

Understanding this report

This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended May 31, 2022. The report contains four main sections:

	•	A letter from Brad Finkle, Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
	•	The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market index.
	•	The portfolios of investments list the underlying TIAA-CREF Funds in which each fund had investments as of May 31, 2022.
	•	The financial statements provide detailed information about the operations and financial condition of each fund.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our 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 ■ 2022 Annual Report

Letter to investors

Global financial markets produced negative results for the twelve months ended May 31, 2022. As inflationary pressures persisted, the Federal Reserve responded by raising short-term interest rates in March and May, and indicated that further increases were likely. U.S. equities lost ground as the economy contracted in the first quarter of 2022—the first negative quarter since 2020. A widening trade gap and lower government spending contributed to the slowdown, but spending by consumers and businesses remained strong. Foreign stocks also posted losses, with emerging markets falling more than international developed markets. U.S. fixed-income securities declined as U.S. Treasury yields rose across all 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 declined for the period and underperformed their respective composite benchmarks. (All fund returns are for the Retirement Class.)
	•	Returns for the Retirement Class ranged from −6.3% for the Lifecycle Index 2010 Fund to −7.3% for the Lifecycle Index 2035, 2040 and 2065 Funds.

Both stocks and bonds posted losses

U.S. equities declined for the twelve months as inflation, rising interest rates and Russia’s invasion of Ukraine weighed on the financial markets. Furthermore, oil prices rose to levels not seen since 2008, while unemployment fell to rates approaching pre-pandemic lows. The broad domestic stock market, as represented by the Russell 3000^®Index, returned −3.7%. The Fed raised the federal funds target rate to 0.75%–1.00% in May 2022 and decided to begin reducing its portfolio of bonds that had been purchased to support the economy.

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 24 emerging-markets countries, returned –13.6% in U.S.-dollar terms. Despite widespread market losses, the economies in the 19-nation euro area grew at a moderate rate in the fourth quarter of 2021 and the first quarter of 2022. Among developing markets, the Chinese economy continued to expand at a solid pace through the first quarter of 2022.

4	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Planning for an unpredictable future

The challenge of planning for the future always lies in its inherent uncertainty. As a result, we believe that a prudent strategy is to stay invested in a diversified portfolio that includes multiple asset classes. 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 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

Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds

Brad Finkle


TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report	5

Information for investors

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

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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

About the funds’ benchmarks

Composite benchmarks

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

	•	The Russell 3000^®Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
	•	The MSCI EAFE+EM Index (international equity) measures the performance of the leading stocks in 21 developed-markets countries outside North America—in Europe, Australasia and the Far East—and in 24 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

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

About the funds’ benchmarks

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

8	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Important information about expenses

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2021–May 31, 2022).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifecycle Index Funds Institutional Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )
Retirement Income Fund actual return		$1,000.00		$	920.60			$0.53
5% annual hypothetical return		1,000.00			1,024.38			0.56
2010 Fund actual return		1,000.00			921.98			0.53
5% annual hypothetical return		1,000.00			1,024.38			0.56
2015 Fund actual return		1,000.00			918.60			0.53
5% annual hypothetical return		1,000.00			1,024.38			0.56
2020 Fund actual return		1,000.00			915.91			0.53
5% annual hypothetical return		1,000.00			1,024.38			0.56
2025 Fund actual return		1,000.00			913.08			0.52
5% annual hypothetical return		1,000.00			1,024.38			0.56
2030 Fund actual return		1,000.00			909.91			0.52
5% annual hypothetical return		1,000.00			1,024.38			0.56
2035 Fund actual return		1,000.00			906.79			0.52
5% annual hypothetical return		1,000.00			1,024.38			0.56
2040 Fund actual return		1,000.00			905.66			0.52
5% annual hypothetical return		1,000.00			1,024.38			0.56
2045 Fund actual return		1,000.00			905.23			0.52
5% annual hypothetical return		1,000.00			1,024.38			0.56
2050 Fund actual return		1,000.00			904.85			0.52
5% annual hypothetical return		1,000.00			1,024.38			0.56
2055 Fund actual return		1,000.00			904.96			0.52
5% annual hypothetical return		1,000.00			1,024.38			0.56
2060 Fund actual return		1,000.00			904.35			0.52
5% annual hypothetical return		1,000.00			1,024.38			0.56
2065 Fund actual return		1,000.00			905.37			0.52
5% annual hypothetical return		1,000.00			1,024.38			0.56


10	2022 Annual 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 182/365. There were 182 days in the six months ended May 31, 2022. 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 0.11% for the Retirement Income Fund, 0.11% for the 2010 Fund, 0.11% for the 2015 Fund, 0.11% for the 2020 Fund, 0.11% for the 2025 Fund, 0.11% for the 2030 Fund, 0.11% for the 2035 Fund, 0.11% for the 2040 Fund, 0.11% for the 2045 Fund, 0.11% for the 2050 Fund, 0.11% for the 2055 Fund, 0.11% for the 2060 Fund and 0.11% for the 2065 Fund.

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifecycle Index Funds Advisor Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )
Retirement Income Fund actual return		$1,000.00		$	919.56			$1.01
5% annual hypothetical return		1,000.00			1,023.88			1.06
2010 Fund actual return		1,000.00			921.62			0.96
5% annual hypothetical return		1,000.00			1,023.93			1.01
2015 Fund actual return		1,000.00			918.25			0.96
5% annual hypothetical return		1,000.00			1,023.93			1.01
2020 Fund actual return		1,000.00			915.43			1.00
5% annual hypothetical return		1,000.00			1,023.88			1.06
2025 Fund actual return		1,000.00			912.55			1.00
5% annual hypothetical return		1,000.00			1,023.88			1.06
2030 Fund actual return		1,000.00			909.37			1.00
5% annual hypothetical return		1,000.00			1,023.88			1.06
2035 Fund actual return		1,000.00			906.57			1.00
5% annual hypothetical return		1,000.00			1,023.88			1.06
2040 Fund actual return		1,000.00			905.15			1.00
5% annual hypothetical return		1,000.00			1,023.88			1.06
2045 Fund actual return		1,000.00			904.63			1.00
5% annual hypothetical return		1,000.00			1,023.88			1.06
2050 Fund actual return		1,000.00			904.29			1.00
5% annual hypothetical return		1,000.00			1,023.88			1.06
2055 Fund actual return		1,000.00			904.10			1.00
5% annual hypothetical return		1,000.00			1,023.88			1.06
2060 Fund actual return		1,000.00			904.12			1.00
5% annual hypothetical return		1,000.00			1,023.88			1.06
2065 Fund actual return		1,000.00			904.09			0.66
5% annual hypothetical return		1,000.00			1,024.23			0.71


12	2022 Annual 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 182/365. There were 182 days in the six months ended May 31, 2022. 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 0.21% for the Retirement Income Fund, 0.20% for the 2010 Fund, 0.20% for the 2015 Fund, 0.21% for the 2020 Fund, 0.21% for the 2025 Fund, 0.21% for the 2030 Fund, 0.21% for the 2035 Fund, 0.21% for the 2040 Fund, 0.21% for the 2045 Fund, 0.21% for the 2050 Fund, 0.21% for the 2055 Fund, 0.21% for the 2060 Fund and 0.14% for the 2065 Fund.

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifecycle Index Funds Premier Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )
Retirement Income Fund actual return		$1,000.00		$	919.12			$1.20
5% annual hypothetical return		1,000.00			1,023.68			1.26
2010 Fund actual return		1,000.00			921.25			1.20
5% annual hypothetical return		1,000.00			1,023.68			1.26
2015 Fund actual return		1,000.00			917.74			1.20
5% annual hypothetical return		1,000.00			1,023.68			1.26
2020 Fund actual return		1,000.00			914.85			1.19
5% annual hypothetical return		1,000.00			1,023.68			1.26
2025 Fund actual return		1,000.00			912.44			1.19
5% annual hypothetical return		1,000.00			1,023.68			1.26
2030 Fund actual return		1,000.00			908.79			1.19
5% annual hypothetical return		1,000.00			1,023.68			1.26
2035 Fund actual return		1,000.00			905.92			1.24
5% annual hypothetical return		1,000.00			1,023.64			1.31
2040 Fund actual return		1,000.00			904.78			1.23
5% annual hypothetical return		1,000.00			1,023.64			1.31
2045 Fund actual return		1,000.00			904.37			1.19
5% annual hypothetical return		1,000.00			1,023.68			1.26
2050 Fund actual return		1,000.00			903.98			1.19
5% annual hypothetical return		1,000.00			1,023.68			1.26
2055 Fund actual return		1,000.00			904.19			1.19
5% annual hypothetical return		1,000.00			1,023.68			1.26
2060 Fund actual return		1,000.00			904.03			1.19
5% annual hypothetical return		1,000.00			1,023.68			1.26
2065 Fund actual return		1,000.00			905.55			1.24
5% annual hypothetical return		1,000.00			1,023.64			1.31


14	2022 Annual 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 182/365. There were 182 days in the six months ended May 31, 2022. 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, 0.26% for the 2035 Fund, 0.26% 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 0.26% for the 2065 Fund.

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifecycle Index Funds Retirement Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )
Retirement Income Fund actual return		$1,000.00		$	919.25			$1.72
5% annual hypothetical return		1,000.00			1,023.14			1.82
2010 Fund actual return		1,000.00			920.43			1.72
5% annual hypothetical return		1,000.00			1,023.14			1.82
2015 Fund actual return		1,000.00			917.53			1.72
5% annual hypothetical return		1,000.00			1,023.14			1.82
2020 Fund actual return		1,000.00			914.53			1.72
5% annual hypothetical return		1,000.00			1,023.14			1.82
2025 Fund actual return		1,000.00			911.60			1.72
5% annual hypothetical return		1,000.00			1,023.14			1.82
2030 Fund actual return		1,000.00			908.77			1.71
5% annual hypothetical return		1,000.00			1,023.14			1.82
2035 Fund actual return		1,000.00			905.77			1.71
5% annual hypothetical return		1,000.00			1,023.14			1.82
2040 Fund actual return		1,000.00			904.19			1.71
5% annual hypothetical return		1,000.00			1,023.14			1.82
2045 Fund actual return		1,000.00			903.75			1.71
5% annual hypothetical return		1,000.00			1,023.14			1.82
2050 Fund actual return		1,000.00			903.63			1.71
5% annual hypothetical return		1,000.00			1,023.14			1.82
2055 Fund actual return		1,000.00			903.84			1.71
5% annual hypothetical return		1,000.00			1,023.14			1.82
2060 Fund actual return		1,000.00			904.00			1.71
5% annual hypothetical return		1,000.00			1,023.14			1.82
2065 Fund actual return		1,000.00			903.40			1.71
5% annual hypothetical return		1,000.00			1,023.14			1.82


16	2022 Annual 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 182/365. There were 182 days in the six months ended May 31, 2022. 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 0.36% for the Retirement Income Fund, 0.36% for the 2010 Fund, 0.36% for the 2015 Fund, 0.36% for the 2020 Fund, 0.36% for the 2025 Fund, 0.36% for the 2030 Fund, 0.36% for the 2035 Fund, 0.36% for the 2040 Fund, 0.36% for the 2045 Fund, 0.36% for the 2050 Fund, 0.36% for the 2055 Fund, 0.36% for the 2060 Fund and 0.36% for the 2065 Fund.

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Investment results of the Lifecycle Index Funds

Performance for the twelve months ended May 31, 2022

All of the TIAA-CREF Lifecycle Index Funds produced losses that generally approximated the performance of their respective composite benchmarks. Returns for the Retirement Class ranged from −6.32% for the 2010 Fund to −7.26% for the 2035, 2040 and 2065 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 twelve months, the difference between individual Lifecycle Index Funds’ returns and those of their respective benchmarks ranged from 0.17 of a percentage point for the 2060 Fund to 0.33 of a percentage point for the 2065 Fund. (All results for the Lifecycle Index Funds are for the Retirement Class.)

Financial markets generally declined in a difficult environment

The U.S. economy expanded early in the period before contracting in the first quarter of 2022. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at annualized rates of 2.3% and 6.9%, respectively, in the third and fourth quarters of 2021. However, GDP contracted at an annualized rate of 1.5% in the first quarter of 2022, according to the government’s “second” estimate. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. Unemployment declined throughout the period, falling from 5.9% in June 2021 to 3.6% in May 2022. Core inflation, which measures all items except food and energy, rose 6.0% over the twelve months ended May 31, 2022. Oil prices increased sharply, climbing from nearly $68 per barrel to more than $114 by the end of the period.

Domestic and foreign stocks both recorded losses for the period. The Russell 3000^® Index, a broad measure of the U.S. stock market, returned −3.68%. The MSCI EAFE+Emerging Markets (EM) Index, which measures the performance of leading stocks in 21 developed-markets countries outside North America and 24 emerging-markets countries, returned −13.55% in U.S.-dollar terms.

18	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Short-term bonds, as measured by the Bloomberg U.S. 1–3 Year Government/Credit Index, returned −3.03%.

Equity funds produced largest losses

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 twelve-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were hindered most by declines in stock funds. Among these, the Emerging Markets Equity Index Fund lost the most ground, followed by the International Equity Index Fund. The Equity Index Fund registered a smaller decline in the low single digits. Within fixed-income funds, the Bond Index Fund also produced a negative return, while the Inflation-Linked Bond Fund generated a modest gain.

Funds generated similar results that reflected a down market

The Lifecycle Index Funds produced an unusually narrow range of results, despite having a wide range of asset allocations and investment horizons. For example, the Retirement Income Fund returned –6.45% with a portfolio that seeks to invest 60% of its assets in fixed-income securities. The 2065 Fund, which invests more than 90% of its assets in stocks, returned –7.26% for the period. (Performance of the Lifecycle Index Funds’ underlying funds can be found at TIAA.org/performance.)

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index Retirement Income Fund

Performance as of May 31, 2022

Lifecycle Index Retirement Income Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	9/30/09		–6.20	%		5.17	%		5.73	%		0.22	%		0.10	%
Advisor Class	12/4/15		–6.30			5.08			5.59	^†		0.33			0.21
Premier Class	9/30/09		–6.36			4.99			5.56			0.37			0.25
Retirement Class	9/30/09		–6.45			4.89			5.46			0.47			0.35
Lifecycle Index Retirement Income Fund Composite Index^‡	—		–6.17			5.22			5.83			—			—
Broad market index
S&P Target Date Retirement Income Index	—		–5.63			3.94			4.48			—			—

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 May 31, 2022, 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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index Retirement Income Fund

$10,000 over 10 years

Retirement Class

Ending amounts are as of May 31, 2022. For the purpose of comparison, the graph also shows the change in the values of the Fund’s composite benchmark and a broad market index during the same period. The performance of the other share classes varies due to differences in expense charges.

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	25.91	26.00
International equity	14.15	14.00
Fixed income
Fixed income	40.01	40.00
Short-term fixed income	10.03	10.00
Inflation-protected assets	9.99	10.00
Other assets & liabilities, net	–0.09	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2010 Fund

Performance as of May 31, 2022

Lifecycle Index 2010 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	9/30/09		–6.07	%		5.19	%		6.13	%		0.22	%		0.10	%
Advisor Class	12/4/15		–6.16			5.15			6.01	^†		0.31			0.20
Premier Class	9/30/09		–6.19			5.04			5.97			0.37			0.25
Retirement Class	9/30/09		–6.32			4.93			5.86			0.47			0.35
Lifecycle Index 2010 Fund Composite Index^‡	—		–6.08			5.28			6.24			—			—
Broad market index
S&P Target Date 2010 Index	—		–5.50			4.56			5.41			—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 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 May 31, 2022, the Lifecycle Index 2010 Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 24.8% Russell 3000^® Index; 13.3% MSCI EAFE + Emerging Markets Index; 11.9% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2010 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	24.62	24.70
International equity	13.46	13.30
Fixed income
Fixed income	39.91	40.00
Short-term fixed income	11.90	12.00
Inflation-protected assets	9.97	10.00
Other assets & liabilities, net	0.14	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2015 Fund

Performance as of May 31, 2022

Lifecycle Index 2015 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	9/30/09		–6.32	%		5.60	%		6.69	%		0.20	%		0.10	%
Advisor Class	12/4/15		–6.40			5.53			6.57	^†		0.30			0.20
Premier Class	9/30/09		–6.49			5.43			6.53			0.35			0.25
Retirement Class	9/30/09		–6.51			5.34			6.43			0.45			0.35
Lifecycle Index 2015 Fund Composite Index^‡	—		–6.28			5.68			6.80			—			—
Broad market index
S&P Target Date 2015 Index	—		–5.47			5.01			6.22			—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual 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 May 31, 2022, the Lifecycle Index 2015 Fund Composite Index consisted of: 39.3% Bloomberg U.S. Aggregate Bond Index; 28.0% Russell 3000^® Index; 15.1% MSCI EAFE + Emerging Markets Index; 8.8% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.8% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2015 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	27.88	27.95
International equity	15.23	15.05
Fixed income
Fixed income	39.32	39.40
Short-term fixed income	8.76	8.80
Inflation-protected assets	8.73	8.80
Other assets & liabilities, net	0.08	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2020 Fund

Performance as of May 31, 2022

Lifecycle Index 2020 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	9/30/09		–6.51	%		6.03	%		7.38	%		0.19	%		0.10	%
Advisor Class	12/4/15		–6.60			5.95			7.22	^†		0.29			0.21
Premier Class	9/30/09		–6.65			5.87			7.21			0.34			0.25
Retirement Class	9/30/09		–6.76			5.77			7.10			0.44			0.35
Lifecycle Index 2020 Fund Composite Index^‡	—		–6.49			6.12			7.48			—			—
Broad market index
S&P Target Date 2020 Index	—		–5.67			5.29			6.85			—			—

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 May 31, 2022, the Lifecycle Index 2020 Fund Composite Index consisted of: 38.4% Bloomberg U.S. Aggregate Bond Index; 31.2% Russell 3000^® Index; 16.8% MSCI EAFE + Emerging Markets Index; 6.8% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.8% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2020 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	31.12	31.20
International equity	17.00	16.80
Fixed income
Fixed income	38.30	38.40
Short-term fixed income	6.77	6.80
Inflation-protected assets	6.75	6.80
Other assets & liabilities, net	0.06	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2025 Fund

Performance as of May 31, 2022

Lifecycle Index 2025 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	9/30/09		–6.65	%		6.68	%		8.17	%		0.19	%		0.10	%
Advisor Class	12/4/15		–6.78			6.57			8.02	^†		0.28			0.20
Premier Class	9/30/09		–6.79			6.53			8.00			0.34			0.25
Retirement Class	9/30/09		–6.91			6.41			7.90			0.44			0.35
Lifecycle Index 2025 Fund Composite Index^‡	—		–6.67			6.76			8.27			—			—
Broad market index
S&P Target Date 2025 Index	—		–5.82			6.09			7.67			—			—

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 May 31, 2022, the Lifecycle Index 2025 Fund Composite Index consisted of: 35.7% Russell 3000^® Index; 35.5% Bloomberg U.S. Aggregate Bond Index; 19.2% MSCI EAFE + Emerging Markets Index; 4.8% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.8% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2025 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	35.56	35.62
International equity	19.42	19.18
Fixed income
Fixed income	35.45	35.60
Short-term fixed income	4.77	4.80
Inflation-protected assets	4.75	4.80
Other assets & liabilities, net	0.05	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2030 Fund

Performance as of May 31, 2022

Lifecycle Index 2030 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	9/30/09		–6.86	%		7.32	%		8.95	%		0.18	%		0.10	%
Advisor Class	12/4/15		–6.94			7.22			8.80	^†		0.28			0.21
Premier Class	9/30/09		–7.00			7.16			8.79			0.33			0.25
Retirement Class	9/30/09		–7.07			7.06			8.68			0.43			0.35
Lifecycle Index 2030 Fund Composite Index^‡	—		–6.85			7.40			9.06			—			—
Broad market index
S&P Target Date 2030 Index	—		–5.97			6.81			8.42			—			—

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 May 31, 2022, the Lifecycle Index 2030 Fund Composite Index consisted of: 40.9% Russell 3000^® Index; 31.5% Bloomberg U.S. Aggregate Bond Index; 22.0% MSCI EAFE + Emerging Markets Index; 2.8% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.8% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2030 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	40.72	40.82
International equity	22.25	21.98
Fixed income
Fixed income	31.46	31.60
Short-term fixed income	2.76	2.80
Inflation-protected assets	2.75	2.80
Other assets & liabilities, net	0.06	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2035 Fund

Performance as of May 31, 2022

Lifecycle Index 2035 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	9/30/09		–7.00	%		7.94	%		9.72	%		0.18	%		0.10	%
Advisor Class	12/4/15		–7.09			7.87			9.58	^†		0.27			0.20
Premier Class	9/30/09		–7.18			7.77			9.55			0.32			0.25
Retirement Class	9/30/09		–7.26			7.68			9.45			0.43			0.35
Lifecycle Index 2035 Fund Composite Index^‡	—		–7.03			8.02			9.82			—			—
Broad market index
S&P Target Date 2035 Index	—		–6.07			7.57			9.13			—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 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 May 31, 2022, the Lifecycle Index 2035 Fund Composite Index consisted of: 46.1% Russell 3000^® Index; 27.5% Bloomberg U.S. Aggregate Bond Index; 24.8% MSCI EAFE + Emerging Markets Index; 0.8% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 0.8% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2035 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	45.86	46.02
International equity	25.06	24.78
Fixed income
Fixed income	27.45	27.60
Short-term fixed income	0.76	0.80
Inflation-protected assets	0.76	0.80
Other assets & liabilities, net	0.11	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2040 Fund

Performance as of May 31, 2022

Lifecycle Index 2040 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	9/30/09		–7.00	%		8.59	%		10.34	%		0.17	%		0.10	%
Advisor Class	12/4/15		–7.12			8.51			10.20	^†		0.27			0.20
Premier Class	9/30/09		–7.18			8.43			10.17			0.32			0.25
Retirement Class	9/30/09		–7.26			8.32			10.06			0.42			0.35
Lifecycle Index 2040 Fund Composite Index^‡	—		–7.04			8.67			10.43			—			—
Broad market index
S&P Target Date 2040 Index	—		–6.07			8.11			9.64			—			—

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 May 31, 2022, the Lifecycle Index 2040 Fund Composite Index consisted of: 51.3% Russell 3000^® Index; 27.6% MSCI EAFE + Emerging Markets Index; and 21.1% 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.

34	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2040 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	51.03	51.22
International equity	27.88	27.58
Fixed income	20.98	21.20
Other assets & liabilities, net	0.11	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2045 Fund

Performance as of May 31, 2022

Lifecycle Index 2045 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	9/30/09		–6.92	%		9.17	%		10.69	%		0.17	%		0.10	%
Advisor Class	12/4/15		–7.04			9.05			10.52	^†		0.27			0.21
Premier Class	9/30/09		–7.06			9.01			10.52			0.32			0.25
Retirement Class	9/30/09		–7.18			8.90			10.40			0.42			0.35
Lifecycle Index 2045 Fund Composite Index^‡	—		–6.97			9.24			10.79			—			—
Broad market index
S&P Target Date 2045 Index	—		–6.04			8.40			9.98			—			—

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 May 31, 2022, the Lifecycle Index 2045 Fund Composite Index consisted of: 56.5% Russell 3000^® Index; 30.4% MSCI EAFE + Emerging Markets Index; and 13.1% 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.

36	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2045 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	56.18	56.42
International equity	30.69	30.38
Fixed income	12.99	13.20
Other assets & liabilities, net	0.14	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2050 Fund

Performance as of May 31, 2022

Lifecycle Index 2050 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	9/30/09		–6.92	%		9.32	%		10.78	%		0.17	%		0.10	%
Advisor Class	12/4/15		–7.04			9.22			10.63	^†		0.27			0.20
Premier Class	9/30/09		–7.06			9.15			10.62			0.32			0.25
Retirement Class	9/30/09		–7.15			9.04			10.51			0.43			0.35
Lifecycle Index 2050 Fund Composite Index^‡	—		–6.96			9.38			10.89			—			—
Broad market index
S&P Target Date 2050 Index	—		–6.07			8.57			10.24			—			—

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 May 31, 2022, the Lifecycle Index 2050 Fund Composite Index consisted of: 59.0% Russell 3000^® Index; 31.8% MSCI EAFE + Emerging Markets Index; and 9.2% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2050 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	58.62	58.99
International equity	32.03	31.76
Fixed income	9.19	9.25
Other assets & liabilities, net	0.16	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2055 Fund

Performance as of May 31, 2022

Lifecycle Index 2055 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	4/29/11		–6.91	%		9.41	%		10.86	%		0.18	%		0.10	%
Advisor Class	12/4/15		–7.00			9.31			10.72	^†		0.28			0.20
Premier Class	4/29/11		–7.02			9.25			10.71			0.33			0.25
Retirement Class	4/29/11		–7.13			9.13			10.59			0.43			0.35
Lifecycle Index 2055 Fund Composite Index^‡	—		–6.95			9.48			10.97			—			—
Broad market index
S&P Target Date 2055 Index	—		–6.08			8.63			10.41			—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 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 May 31, 2022, the Lifecycle Index 2055 Fund Composite Index consisted of: 59.8% Russell 3000^® Index; 32.2% MSCI EAFE + Emerging Markets Index; and 8.0% 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.

40	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2055 Fund

$10,000 over 10 years

Retirement Class

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	59.43	59.80
International equity	32.46	32.20
Fixed income	7.95	8.00
Other assets & liabilities, net	0.16	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2060 Fund

Performance as of May 31, 2022

Lifecycle Index 2060 Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			since inception			gross			net
Institutional Class	9/26/14		–6.93	%		9.49	%		8.81	%		0.20	%		0.10	%
Advisor Class	12/4/15		–7.01			9.42			8.71	^†		0.30			0.20
Premier Class	9/26/14		–7.01			9.34			8.66			0.35			0.25
Retirement Class	9/26/14		–7.11			9.24			8.55			0.45			0.35
Lifecycle Index 2060 Fund Composite Index^‡	—		–6.94			9.58			8.90	^§		—			—
Broad market index
S&P Target Date 2060 Index	—		–6.14			8.70			8.18	^§		—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 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 May 31, 2022, the Lifecycle Index 2060 Fund Composite Index consisted of: 60.6% Russell 3000^® Index; 32.7% MSCI EAFE + Emerging Markets Index; and 6.7% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2060 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 26, 2014)

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	60.23	60.61
International equity	32.88	32.64
Fixed income	6.70	6.75
Other assets & liabilities, net	0.19	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Lifecycle Index 2065 Fund

Performance as of May 31, 2022

Lifecycle Index 2065 Fund		Total Return			Average annual total return			Annual operating expenses*^#
	Inception date	1 year			since inception			gross			net
Institutional Class	9/30/20		–6.70	%		10.44	%		2.08	%		0.10	%
Advisor Class	9/30/20		–6.83			10.36			2.16			0.18
Premier Class	9/30/20		–6.90			10.31			2.24			0.25
Retirement Class	9/30/20		–7.26			9.98			2.34			0.35
Lifecycle Index 2065 Fund Composite Index^‡	—		–6.93			10.50	^§		—			—
Broad market index**
S&P Target Date 2065+ Index	—		–6.00			11.48	^§		—			—
S&P Target Date 2060 Index	—		–6.14			11.39	^§		—			—

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 May 31, 2022, the Lifecycle Index 2065 Fund Composite Index consisted of: 61.4% Russell 3000^® Index; 33.1% MSCI EAFE + Emerging Markets Index; and 5.5% 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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2065 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 30, 2020)

Asset allocation

	% of net assets as of 5/31/22	% of target allocation for 6/30/22
Equity
U.S. equity	61.16	61.43
International equity	33.35	33.07
Fixed income	5.46	5.50
Other assets & liabilities, net	0.03	—
Total	100.00	100.00

Target allocation

For June 30, 2022

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Portfolio of investments

Lifecycle Index Retirement Income Fund ■ May 31, 2022

Shares		Security		Value			% of net assets
AFFILIATED INVESTMENT COMPANIES—100.1%^a
FIXED INCOME—40.0%
	24,031,447	TIAA-CREF Bond Index Fund		$	241,996,676			40.0	%
		TOTAL FIXED INCOME			241,996,676			40.0
INFLATION-PROTECTED ASSETS—10.0%
	5,160,954	TIAA-CREF Inflation-Linked Bond Fund			60,434,770			10.0
		TOTAL INFLATION-PROTECTED ASSETS			60,434,770			10.0
INTERNATIONAL EQUITY—14.2%
	2,434,555	TIAA-CREF Emerging Markets Equity Index Fund			27,072,248			4.5
	2,876,854	TIAA-CREF International Equity Index Fund			58,543,978			9.7
		TOTAL INTERNATIONAL EQUITY			85,616,226			14.2
SHORT-TERM FIXED INCOME—10.0%
	6,247,358	TIAA-CREF Short-Term Bond Index Fund			60,661,850			10.0
		TOTAL SHORT-TERM FIXED INCOME			60,661,850			10.0
U.S. EQUITY—25.9%
	5,319,472	TIAA-CREF Equity Index Fund			156,711,650			25.9
		TOTAL U.S. EQUITY			156,711,650			25.9
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $554,531,350)		605,421,172			100.1

		TOTAL PORTFOLIO	(Cost $554,531,350)		605,421,172			100.1
		OTHER ASSETS & LIABILITIES, NET			(531,480	)		(0.1	)
		NET ASSETS		$	604,889,692			100.0	%

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

2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2010 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—39.9%
	24,497,087	TIAA-CREF Bond Index Fund		$	246,685,666		39.9	%
		TOTAL FIXED INCOME			246,685,666		39.9
INFLATION-PROTECTED ASSETS—10.0%
	5,260,185	TIAA-CREF Inflation-Linked Bond Fund			61,596,769		10.0
		TOTAL INFLATION-PROTECTED ASSETS			61,596,769		10.0
INTERNATIONAL EQUITY—13.5%
	2,365,258	TIAA-CREF Emerging Markets Equity Index Fund			26,301,667		4.3
	2,793,758	TIAA-CREF International Equity Index Fund			56,852,982		9.2
		TOTAL INTERNATIONAL EQUITY			83,154,649		13.5
SHORT-TERM FIXED INCOME—11.9%
	7,573,075	TIAA-CREF Short-Term Bond Index Fund			73,534,554		11.9
		TOTAL SHORT-TERM FIXED INCOME			73,534,554		11.9
U.S. EQUITY—24.6%
	5,165,301	TIAA-CREF Equity Index Fund			152,169,777		24.6
		TOTAL U.S. EQUITY			152,169,777		24.6
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $533,255,323)		617,141,415		99.9

		TOTAL PORTFOLIO	(Cost $533,255,323)		617,141,415		99.9
		OTHER ASSETS & LIABILITIES, NET			870,089		0.1
		NET ASSETS		$	618,011,504		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 ■ 2022 Annual Report

Portfolio of investments

Lifecycle Index 2015 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—39.3%
	43,101,952	TIAA-CREF Bond Index Fund		$	434,036,659		39.3	%
		TOTAL FIXED INCOME			434,036,659		39.3
INFLATION-PROTECTED ASSETS—8.7%
	8,227,902	TIAA-CREF Inflation-Linked Bond Fund			96,348,730		8.7
		TOTAL INFLATION-PROTECTED ASSETS			96,348,730		8.7
INTERNATIONAL EQUITY—15.2%
	4,766,102	TIAA-CREF Emerging Markets Equity Index Fund			52,999,052		4.8
	5,652,475	TIAA-CREF International Equity Index Fund			115,027,863		10.4
		TOTAL INTERNATIONAL EQUITY			168,026,915		15.2
SHORT-TERM FIXED INCOME—8.8%
	9,958,340	TIAA-CREF Short-Term Bond Index Fund			96,695,481		8.8
		TOTAL SHORT-TERM FIXED INCOME			96,695,481		8.8
U.S. EQUITY—27.9%
	10,442,255	TIAA-CREF Equity Index Fund			307,628,837		27.9
		TOTAL U.S. EQUITY			307,628,837		27.9
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $931,201,940)		1,102,736,622		99.9

		TOTAL PORTFOLIO	(Cost $931,201,940)		1,102,736,622		99.9
		OTHER ASSETS & LIABILITIES, NET			854,134		0.1
		NET ASSETS		$	1,103,590,756		100.0	%

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

2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2020 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—38.3%
	117,818,583	TIAA-CREF Bond Index Fund		$	1,186,433,129		38.3	%
		TOTAL FIXED INCOME			1,186,433,129		38.3
INFLATION-PROTECTED ASSETS—6.7%
	17,844,560	TIAA-CREF Inflation-Linked Bond Fund			208,959,802		6.7
		TOTAL INFLATION-PROTECTED ASSETS			208,959,802		6.7
INTERNATIONAL EQUITY—17.0%
	14,974,705	TIAA-CREF Emerging Markets Equity Index Fund			166,518,723		5.4
	17,684,685	TIAA-CREF International Equity Index Fund			359,883,345		11.6
		TOTAL INTERNATIONAL EQUITY			526,402,068		17.0
SHORT-TERM FIXED INCOME—6.8%
	21,596,495	TIAA-CREF Short-Term Bond Index Fund			209,701,967		6.8
		TOTAL SHORT-TERM FIXED INCOME			209,701,967		6.8
U.S. EQUITY—31.1%
	32,713,155	TIAA-CREF Equity Index Fund			963,729,539		31.1
		TOTAL U.S. EQUITY			963,729,539		31.1
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $2,652,095,825)		3,095,226,505		99.9

		TOTAL PORTFOLIO	(Cost $2,652,095,825)		3,095,226,505		99.9
		OTHER ASSETS & LIABILITIES, NET			2,008,058		0.1
		NET ASSETS		$	3,097,234,563		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 ■ 2022 Annual Report

Portfolio of investments

Lifecycle Index 2025 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—100.0%^a
FIXED INCOME—35.5%
	181,275,410	TIAA-CREF Bond Index Fund		$	1,825,443,378		35.5	%
		TOTAL FIXED INCOME			1,825,443,378		35.5
INFLATION-PROTECTED ASSETS—4.7%
	20,882,670	TIAA-CREF Inflation-Linked Bond Fund			244,536,062		4.7
		TOTAL INFLATION-PROTECTED ASSETS			244,536,062		4.7
INTERNATIONAL EQUITY—19.4%
	28,438,203	TIAA-CREF Emerging Markets Equity Index Fund			316,232,813		6.1
	33,605,746	TIAA-CREF International Equity Index Fund			683,876,937		13.3
		TOTAL INTERNATIONAL EQUITY			1,000,109,750		19.4
SHORT-TERM FIXED INCOME—4.8%
	25,275,865	TIAA-CREF Short-Term Bond Index Fund			245,428,646		4.8
		TOTAL SHORT-TERM FIXED INCOME			245,428,646		4.8
U.S. EQUITY—35.6%
	62,143,982	TIAA-CREF Equity Index Fund			1,830,761,711		35.6
		TOTAL U.S. EQUITY			1,830,761,711		35.6
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $4,464,669,077)		5,146,279,547		100.0

		TOTAL PORTFOLIO	(Cost $4,464,669,077)		5,146,279,547		100.0
		OTHER ASSETS & LIABILITIES, NET			2,368,022		0.0
		NET ASSETS		$	5,148,647,569		100.0	%

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

2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2030 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—31.4%
	190,738,795	TIAA-CREF Bond Index Fund		$	1,920,739,667		31.4	%
		TOTAL FIXED INCOME			1,920,739,667		31.4
INFLATION-PROTECTED ASSETS—2.7%
	14,352,915	TIAA-CREF Inflation-Linked Bond Fund			168,072,631		2.7
		TOTAL INFLATION-PROTECTED ASSETS			168,072,631		2.7
INTERNATIONAL EQUITY—22.3%
	38,616,011	TIAA-CREF Emerging Markets Equity Index Fund			429,410,046		7.1
	45,649,813	TIAA-CREF International Equity Index Fund			928,973,690		15.2
		TOTAL INTERNATIONAL EQUITY			1,358,383,736		22.3
SHORT-TERM FIXED INCOME—2.8%
	17,372,553	TIAA-CREF Short-Term Bond Index Fund			168,687,488		2.8
		TOTAL SHORT-TERM FIXED INCOME			168,687,488		2.8
U.S. EQUITY—40.7%
	84,411,676	TIAA-CREF Equity Index Fund			2,486,767,967		40.7
		TOTAL U.S. EQUITY			2,486,767,967		40.7
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $5,225,106,548)		6,102,651,489		99.9

		TOTAL PORTFOLIO	(Cost $5,225,106,548)		6,102,651,489		99.9
		OTHER ASSETS & LIABILITIES, NET			3,508,068		0.1
		NET ASSETS		$	6,106,159,557		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 ■ 2022 Annual Report

Portfolio of investments

Lifecycle Index 2035 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—27.4%
	161,127,233	TIAA-CREF Bond Index Fund		$	1,622,551,233		27.4	%
		TOTAL FIXED INCOME			1,622,551,233		27.4
INFLATION-PROTECTED ASSETS—0.8%
	3,815,461	TIAA-CREF Inflation-Linked Bond Fund			44,679,048		0.8
		TOTAL INFLATION-PROTECTED ASSETS			44,679,048		0.8
INTERNATIONAL EQUITY—25.0%
	42,139,257	TIAA-CREF Emerging Markets Equity Index Fund			468,588,533		7.9
	49,759,165	TIAA-CREF International Equity Index Fund			1,012,599,001		17.1
		TOTAL INTERNATIONAL EQUITY			1,481,187,534		25.0
SHORT-TERM FIXED INCOME—0.8%
	4,617,881	TIAA-CREF Short-Term Bond Index Fund			44,839,629		0.8
		TOTAL SHORT-TERM FIXED INCOME			44,839,629		0.8
U.S. EQUITY—45.9%
	92,027,252	TIAA-CREF Equity Index Fund			2,711,122,852		45.9
		TOTAL U.S. EQUITY			2,711,122,852		45.9
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $4,952,157,076)		5,904,380,296		99.9

		TOTAL PORTFOLIO	(Cost $4,952,157,076)		5,904,380,296		99.9
		OTHER ASSETS & LIABILITIES, NET			6,458,652		0.1
		NET ASSETS		$	5,910,838,948		100.0	%

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

2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2040 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—21.0%
	126,963,547	TIAA-CREF Bond Index Fund		$	1,278,522,913		21.0	%
		TOTAL FIXED INCOME			1,278,522,913		21.0
INTERNATIONAL EQUITY—27.9%
	48,329,122	TIAA-CREF Emerging Markets Equity Index Fund			537,419,834		8.8
	57,091,981	TIAA-CREF International Equity Index Fund			1,161,821,811		19.1
		TOTAL INTERNATIONAL EQUITY			1,699,241,645		27.9
U.S. EQUITY—51.0%
	105,567,469	TIAA-CREF Equity Index Fund			3,110,017,627		51.0
		TOTAL U.S. EQUITY			3,110,017,627		51.0
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $4,926,238,248)		6,087,782,185		99.9

		TOTAL PORTFOLIO	(Cost $4,926,238,248)		6,087,782,185		99.9
		OTHER ASSETS & LIABILITIES, NET			6,774,523		0.1
		NET ASSETS		$	6,094,556,708		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 ■ 2022 Annual Report

Portfolio of investments

Lifecycle Index 2045 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—13.0%
	59,888,099	TIAA-CREF Bond Index Fund		$	603,073,159		13.0	%
		TOTAL FIXED INCOME			603,073,159		13.0
INTERNATIONAL EQUITY—30.7%
	40,471,390	TIAA-CREF Emerging Markets Equity Index Fund			450,041,862		9.7
	47,894,993	TIAA-CREF International Equity Index Fund			974,663,106		21.0
		TOTAL INTERNATIONAL EQUITY			1,424,704,968		30.7
U.S. EQUITY—56.2%
	88,526,257	TIAA-CREF Equity Index Fund			2,607,983,536		56.2
		TOTAL U.S. EQUITY			2,607,983,536		56.2
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $3,784,603,932)		4,635,761,663		99.9

		TOTAL PORTFOLIO	(Cost $3,784,603,932)		4,635,761,663		99.9
		OTHER ASSETS & LIABILITIES, NET			6,302,940		0.1
		NET ASSETS		$	4,642,064,603		100.0	%

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

2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2050 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
FIXED INCOME—9.2%
	35,052,840	TIAA-CREF Bond Index Fund		$	352,982,102		9.2	%
		TOTAL FIXED INCOME			352,982,102		9.2
INTERNATIONAL EQUITY—32.0%
	34,944,509	TIAA-CREF Emerging Markets Equity Index Fund			388,582,935		10.1
	41,327,381	TIAA-CREF International Equity Index Fund			841,012,196		21.9
		TOTAL INTERNATIONAL EQUITY			1,229,595,131		32.0
U.S. EQUITY—58.6%
	76,389,751	TIAA-CREF Equity Index Fund			2,250,442,051		58.6
		TOTAL U.S. EQUITY			2,250,442,051		58.6
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $3,148,961,629)		3,833,019,284		99.8

		TOTAL PORTFOLIO	(Cost $3,148,961,629)		3,833,019,284		99.8
		OTHER ASSETS & LIABILITIES, NET			6,314,411		0.2
		NET ASSETS		$	3,839,333,695		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 ■ 2022 Annual Report

Portfolio of investments

Lifecycle Index 2055 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
FIXED INCOME—7.9%
	15,915,854	TIAA-CREF Bond Index Fund		$	160,272,647		7.9	%
		TOTAL FIXED INCOME			160,272,647		7.9
INTERNATIONAL EQUITY—32.5%
	18,642,214	TIAA-CREF Emerging Markets Equity Index Fund			207,301,415		10.3
	21,977,484	TIAA-CREF International Equity Index Fund			447,241,795		22.2
		TOTAL INTERNATIONAL EQUITY			654,543,210		32.5
U.S. EQUITY—59.4%
	40,685,274	TIAA-CREF Equity Index Fund			1,198,588,179		59.4
		TOTAL U.S. EQUITY			1,198,588,179		59.4
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $1,729,230,550)		2,013,404,036		99.8

		TOTAL PORTFOLIO	(Cost $1,729,230,550)		2,013,404,036		99.8
		OTHER ASSETS & LIABILITIES, NET			3,310,759		0.2
		NET ASSETS		$	2,016,714,795		100.0	%

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

2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments

Lifecycle Index 2060 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.8%^a
FIXED INCOME—6.7%
	6,124,534	TIAA-CREF Bond Index Fund		$	61,674,053		6.7	%
		TOTAL FIXED INCOME			61,674,053		6.7
INTERNATIONAL EQUITY—32.9%
	8,623,755	TIAA-CREF Emerging Markets Equity Index Fund			95,896,156		10.4
	10,161,580	TIAA-CREF International Equity Index Fund			206,788,145		22.5
		TOTAL INTERNATIONAL EQUITY			302,684,301		32.9
U.S. EQUITY—60.2%
	18,822,228	TIAA-CREF Equity Index Fund			554,502,836		60.2
		TOTAL U.S. EQUITY			554,502,836		60.2
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $843,725,122)		918,861,190		99.8

		TOTAL PORTFOLIO	(Cost $843,725,122)		918,861,190		99.8
		OTHER ASSETS & LIABILITIES, NET			1,712,053		0.2
		NET ASSETS		$	920,573,243		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 ■ 2022 Annual Report

Portfolio of investments

Lifecycle Index 2065 Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—100.0%^a
FIXED INCOME—5.5%
	259,260	TIAA-CREF Bond Index Fund		$	2,610,749		5.5	%
		TOTAL FIXED INCOME			2,610,749		5.5
INTERNATIONAL EQUITY—33.3%
	454,956	TIAA-CREF Emerging Markets Equity Index Fund			5,059,110		10.6
	534,647	TIAA-CREF International Equity Index Fund			10,880,059		22.7
		TOTAL INTERNATIONAL EQUITY			15,939,169		33.3
U.S. EQUITY—61.2%
	992,055	TIAA-CREF Equity Index Fund			29,225,942		61.2
		TOTAL U.S. EQUITY			29,225,942		61.2
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $50,417,123)		47,775,860		100.0

		TOTAL PORTFOLIO	(Cost $50,417,123)		47,775,860		100.0
		OTHER ASSETS & LIABILITIES, NET			14,621		0.0
		NET ASSETS		$	47,790,481		100.0	%

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

2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Statements of assets and liabilities

TIAA-CREF Funds ■ May 31, 2022

	Lifecycle Index
	Retirement		Lifecycle Index		Lifecycle Index		Lifecycle Index		Lifecycle Index		Lifecycle Index
	Income Fund		2010 Fund		2015 Fund		2020 Fund		2025 Fund		2030 Fund
ASSETS
Affiliated investments, at value^‡	$	605,421,172	$	617,141,415	$	1,102,736,622	$	3,095,226,505	$	5,146,279,547	$	6,102,651,489
Cash		1,009,586		989,574		876,548		7,278,868		10,919,148		13,888,340
Receivable from securities transactions		538,555		588,122		1,237,055		2,309,227		4,205,101		5,666,908
Receivable from Fund shares sold		104,647		484,417		777,374		1,850,965		4,025,970		4,651,736
Dividends receivable		528,734		551,951		946,877		2,534,786		3,824,712		3,942,905
Due from affiliates		55,749		56,099		94,443		221,947		345,729		376,018
Other		13,864		24,093		43,514		93,537		117,699		127,231
Total assets		607,672,307		619,835,671		1,106,712,433		3,109,515,835		5,169,717,906		6,131,304,627
LIABILITIES
Management fees payable		89,096		91,725		161,589		440,994		711,578		816,823
Service agreement fees payable		9,247		14,854		22,344		55,728		93,796		101,011
Distribution fees payable		506		2,647		4,345		10,402		15,447		18,745
Due to affiliates		10,621		10,788		12,275		18,404		24,369		27,011
Payable for securities transactions		1,449,880		1,490,689		1,920,366		8,927,339		13,649,256		17,232,916
Payable for Fund shares redeemed		1,184,699		168,948		926,221		2,648,259		6,289,101		6,599,189
Payable for trustee compensation		13,693		23,912		43,191		92,639		116,226		125,494
Accrued expenses and other payables		24,873		20,604		31,346		87,507		170,564		223,881
Total liabilities		2,782,615		1,824,167		3,121,677		12,281,272		21,070,337		25,145,070
NET ASSETS	$	604,889,692	$	618,011,504	$	1,103,590,756	$	3,097,234,563	$	5,148,647,569	$	6,106,159,557
NET ASSETS CONSIST OF:
Paid-in-capital	$	559,407,316	$	536,942,482	$	937,563,807	$	2,666,138,019	$	4,477,777,570	$	5,245,685,860
Total distributable earnings (loss)		45,482,376		81,069,022		166,026,949		431,096,544		670,869,999		860,473,697
NET ASSETS	$	604,889,692	$	618,011,504	$	1,103,590,756	$	3,097,234,563	$	5,148,647,569	$	6,106,159,557
INSTITUTIONAL CLASS:
Net assets	$	557,296,462	$	526,582,790	$	966,867,423	$	2,756,707,012	$	4,582,422,933	$	5,483,742,811
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		36,010,521		32,434,390		56,691,494		149,918,232		228,348,093		252,420,395
Net asset value per share	$	15.48	$	16.24	$	17.05	$	18.39	$	20.07	$	21.72
ADVISOR CLASS:
Net assets	$	2,699,047	$	1,715,060	$	1,656,892	$	10,671,961	$	21,745,678	$	26,880,411
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		174,439		105,633		97,217		581,295		1,086,053		1,239,624
Net asset value per share	$	15.47	$	16.24	$	17.04	$	18.36	$	20.02	$	21.68
PREMIER CLASS:
Net assets	$	3,993,371	$	21,047,992	$	34,529,113	$	82,754,349	$	123,482,191	$	150,514,591
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		258,253		1,301,205		2,034,612		4,524,279		6,181,047		6,967,028
Net asset value per share	$	15.46	$	16.18	$	16.97	$	18.29	$	19.98	$	21.60
RETIREMENT CLASS:
Net assets	$	40,900,812	$	68,665,662	$	100,537,328	$	247,101,241	$	420,996,767	$	445,021,744
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,648,780		4,269,984		5,943,418		13,560,298		21,182,857		20,691,270
Net asset value per share	$	15.44	$	16.08	$	16.92	$	18.22	$	19.87	$	21.51
^‡ Affiliated investments, cost	$	554,531,350	$	533,255,323	$	931,201,940	$	2,652,095,825	$	4,464,669,077	$	5,225,106,548


60	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report	61

Statements of assets and liabilities

concluded

TIAA-CREF Funds ■ May 31, 2022

	Lifecycle Index		Lifecycle Index		Lifecycle Index		Lifecycle Index		Lifecycle Index		Lifecycle Index		Lifecycle Index
	2035 Fund		2040 Fund		2045 Fund		2050 Fund		2055 Fund		2060 Fund		2065 Fund
ASSETS
Affiliated investments, at value^‡	$	5,904,380,296	$	6,087,782,185	$	4,635,761,663	$	3,833,019,284	$	2,013,404,036	$	918,861,190	$	47,775,860
Cash		13,467,153		12,757,773		12,793,087		11,020,585		6,836,734		4,401,174		391,681
Receivable from securities transactions		5,792,389		6,827,205		6,186,657		4,964,529		2,048,906		859,114		29,617
Receivable from Fund shares sold		6,779,241		5,308,583		5,569,395		5,798,335		3,213,858		2,132,118		205,165
Dividends receivable		3,247,641		2,523,341		1,186,014		697,273		315,989		120,904		4,995
Due from affiliates		344,592		340,771		256,720		205,539		112,743		57,339		12,568
Other		118,665		128,091		80,642		61,475		25,448		7,853		91
Total assets		5,934,129,977		6,115,667,949		4,661,834,178		3,855,767,020		2,025,957,714		926,439,692		48,419,977
LIABILITIES
Management fees payable		765,072		773,018		580,406		476,178		248,828		112,726		5,707
Service agreement fees payable		89,511		86,635		69,317		60,125		33,404		15,303		373
Distribution fees payable		20,035		21,372		11,227		9,929		4,107		1,915		99
Due to affiliates		26,161		26,732		22,354		20,036		14,584		11,362		8,938
Payable for securities transactions		16,464,044		15,904,360		15,466,072		12,805,984		7,166,871		4,452,879		377,624
Payable for Fund shares redeemed		5,576,394		3,925,737		3,340,534		2,827,140		1,649,952		1,204,994		226,201
Payable for trustee compensation		117,005		126,381		79,346		60,398		24,891		7,601		67
Accrued expenses and other payables		232,807		247,006		200,319		173,535		100,282		59,669		10,487
Total liabilities		23,291,029		21,111,241		19,769,575		16,433,325		9,242,919		5,866,449		629,496
NET ASSETS	$	5,910,838,948	$	6,094,556,708	$	4,642,064,603	$	3,839,333,695	$	2,016,714,795	$	920,573,243	$	47,790,481
NET ASSETS CONSIST OF:
Paid-in-capital	$	4,972,577,834	$	4,952,591,708	$	3,799,629,109	$	3,166,747,738	$	1,737,612,706	$	849,310,931	$	50,640,717
Total distributable earnings (loss)		938,261,114		1,141,965,000		842,435,494		672,585,957		279,102,089		71,262,312		(2,850,236	)
NET ASSETS	$	5,910,838,948	$	6,094,556,708	$	4,642,064,603	$	3,839,333,695	$	2,016,714,795	$	920,573,243	$	47,790,481
INSTITUTIONAL CLASS:
Net assets	$	5,330,114,198	$	5,515,470,272	$	4,224,772,412	$	3,473,689,190	$	1,822,271,635	$	828,871,261	$	44,525,944
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		228,949,115		224,693,320		166,426,635		135,222,919		88,051,605		51,821,609		3,906,741
Net asset value per share	$	23.28	$	24.55	$	25.39	$	25.69	$	20.70	$	15.99	$	11.40
ADVISOR CLASS:
Net assets	$	18,142,735	$	21,468,280	$	18,259,281	$	14,241,594	$	12,049,780	$	9,091,791	$	716,221
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		780,813		875,924		720,840		555,442		583,310		568,947		63,550
Net asset value per share	$	23.24	$	24.51	$	25.33	$	25.64	$	20.66	$	15.98	$	11.27
PREMIER CLASS:
Net assets	$	161,086,663	$	172,179,848	$	90,923,730	$	80,317,888	$	33,219,439	$	15,601,317	$	808,165
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,960,373		7,056,699		3,600,291		3,144,774		1,610,373		977,748		71,780
Net asset value per share	$	23.14	$	24.40	$	25.25	$	25.54	$	20.63	$	15.96	$	11.26
RETIREMENT CLASS:
Net assets	$	401,495,352	$	385,438,308	$	308,109,180	$	271,085,023	$	149,173,941	$	67,008,874	$	1,740,151
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		17,426,065		15,858,456		12,263,724		10,669,399		7,253,271		4,210,358		154,350
Net asset value per share	$	23.04	$	24.30	$	25.12	$	25.41	$	20.57	$	15.92	$	11.27
^‡ Affiliated investments, cost	$	4,952,157,076	$	4,926,238,248	$	3,784,603,932	$	3,148,961,629	$	1,729,230,550	$	843,725,122	$	50,417,123


62	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report	63

Statements of operations

TIAA-CREF Funds ■ For the year ended May 31, 2022

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

INVESTMENT INCOME
Dividends from affiliated investments	$	14,219,383		$	15,211,502		$	26,443,702		$	72,086,900		$	112,066,409		$	126,475,394
Total income		14,219,383			15,211,502			26,443,702			72,086,900			112,066,409			126,475,394

EXPENSES
Management fees		1,124,506			1,212,280			2,101,902			5,768,883			9,000,229			10,193,218
Shareholder servicing — Institutional Class		7,597			3,473			5,018			12,755			13,898			16,263
Shareholder servicing — Advisor Class		2,888			1,777			2,123			13,472			22,837			29,885
Shareholder servicing — Premier Class		99			85			108			185			247			254
Shareholder servicing — Retirement Class		114,384			196,274			295,876			724,889			1,183,494			1,243,644
Distribution fees — Premier Class		25,698			49,839			108,034			318,800			475,100			512,993
Registration fees		66,569			67,462			72,854			73,530			77,676			80,745
Administrative service fees		53,770			54,481			61,956			93,014			122,573			135,662
Professional fees		24,621			26,660			19,184			24,676			28,886			31,488
Shareholder reports		20,091			21,623			24,830			40,984			56,957			65,859
Trustee fees and expenses		6,227			6,730			11,841			33,278			53,183			61,879
Other expenses		134,717			138,960			214,842			518,752			812,032			918,743
Total expenses		1,581,167			1,779,644			2,918,568			7,623,218			11,847,112			13,290,633
Less: Expenses reimbursed by the investment adviser		(217,432	)		(215,662	)		(238,040	)		(340,387	)		(467,701	)		(534,476	)
Fee waiver by investment adviser and Nuveen Securities		(579,083	)		(624,120	)		(1,044,250	)		(2,774,380	)		(4,134,294	)		(4,416,589	)
Net expenses		784,652			939,862			1,636,278			4,508,451			7,245,117			8,339,568

Net investment income (loss)		13,434,731			14,271,640			24,807,424			67,578,449			104,821,292			118,135,826

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		5,124,268			10,013,768			16,266,226			51,740,199			58,286,677			45,019,275
Realized gain (loss) from sale of unaffiliated investments		—			26,116			—			—			—			—
Realized gain distributions from affiliated investments		2,887,432			3,094,970			5,473,966			15,277,144			24,904,673			29,702,295
Net realized gain (loss) from investments		8,011,700			13,134,854			21,740,192			67,017,343			83,191,350			74,721,570
Net change in unrealized appreciation (depreciation) from affiliated investments		(61,112,423	)		(68,940,130	)		(123,346,417	)		(355,369,871	)		(563,732,307	)		(649,186,753	)
Net realized and unrealized gain (loss) from investments		(53,100,723	)		(55,805,276	)		(101,606,225	)		(288,352,528	)		(480,540,957	)		(574,465,183	)
Net increase (decrease) in net assets from operations	$	(39,665,992	)	$	(41,533,636	)	$	(76,798,801	)	$	(220,774,079	)	$	(375,719,665	)	$	(456,329,357	)


64	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report	65

Statements of operations

concluded

TIAA-CREF Funds ■ For the year ended May 31, 2022

	Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index
	2035 Fund			2040 Fund			2045 Fund			2050 Fund			2055 Fund			2060 Fund			2065 Fund

INVESTMENT INCOME
Dividends from affiliated investments	$	116,459,229		$	118,481,538		$	88,637,807		$	72,865,646		$	37,305,226		$	15,810,615		$	492,777
Total income		116,459,229			118,481,538			88,637,807			72,865,646			37,305,226			15,810,615			492,777

EXPENSES
Management fees		9,442,265			9,575,044			7,114,089			5,830,623			2,976,837			1,265,328			39,597
Shareholder servicing — Institutional Class		14,979			17,263			14,446			16,021			13,652			12,235			2,880
Shareholder servicing — Advisor Class		18,609			20,548			17,485			14,190			10,717			7,854			139
Shareholder servicing — Premier Class		259			264			213			194			187			121			70
Shareholder servicing — Retirement Class		1,126,323			1,092,903			848,804			736,596			394,266			161,148			2,955
Distribution fees — Premier Class		517,704			515,355			380,041			325,344			155,617			50,180			1,102
Registration fees		84,501			76,900			76,581			73,231			68,152			66,330			65,238
Administrative service fees		131,404			134,182			112,221			100,483			73,368			57,038			45,090
Professional fees		30,768			31,393			27,177			24,897			19,475			16,289			14,018
Shareholder reports		65,628			69,164			62,000			60,211			47,801			41,503			11,998
Trustee fees and expenses		58,952			60,855			45,809			37,735			19,313			8,156			219
Other expenses		858,740			867,324			661,625			551,410			305,931			159,374			37,306
Total expenses		12,350,132			12,461,195			9,360,491			7,770,935			4,085,316			1,845,556			220,612
Less: Expenses reimbursed by the investment adviser		(536,733	)		(541,336	)		(467,019	)		(425,719	)		(322,873	)		(263,598	)		(173,295	)
Fee waiver by investment adviser and Nuveen Securities		(3,871,966	)		(3,832,764	)		(2,778,082	)		(2,262,205	)		(1,150,883	)		(489,875	)		(15,002	)
Net expenses		7,941,433			8,087,095			6,115,390			5,083,011			2,611,560			1,092,083			32,315

Net investment income (loss)		108,517,796			110,394,443			82,522,417			67,782,635			34,693,666			14,718,532			460,462

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		33,804,226			35,141,090			14,172,622			(997,066	)		(4,478,738	)		(3,807,013	)		(325,124	)
Realized gain (loss) from sale of unaffiliated investments		—			—			—			—			—			—			38,638
Realized gain distributions from affiliated investments		28,902,657			31,478,160			25,289,776			21,349,263			11,045,910			4,727,339			148,494
Net realized gain (loss) from investments		62,706,883			66,619,250			39,462,398			20,352,197			6,567,172			920,326			(137,992	)
Net change in unrealized appreciation (depreciation) from affiliated investments		(622,209,030	)		(644,141,053	)		(474,055,366	)		(380,325,233	)		(193,279,045	)		(86,316,189	)		(4,003,794	)
Net realized and unrealized gain (loss) from investments		(559,502,147	)		(577,521,803	)		(434,592,968	)		(359,973,036	)		(186,711,873	)		(85,395,863	)		(4,141,786	)
Net increase (decrease) in net assets from operations	$	(450,984,351	)	$	(467,127,360	)	$	(352,070,551	)	$	(292,190,401	)	$	(152,018,207	)	$	(70,677,331	)	$	(3,681,324	)


66	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual 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
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021

OPERATIONS
Net investment income (loss)		$	13,434,731		$	9,606,683		$	14,271,640		$	10,610,367		$	24,807,424		$	18,543,920
Net realized gain (loss) from investments			8,011,700			8,080,794			13,134,854			12,842,243			21,740,192			31,347,940
Net change in unrealized appreciation (depreciation) from affiliated investments			(61,112,423	)		67,871,509			(68,940,130	)		70,795,592			(123,346,417	)		134,741,041
Net increase (decrease) in net assets from operations			(39,665,992	)		85,558,986			(41,533,636	)		94,248,202			(76,798,801	)		184,632,901

DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(23,367,380	)		(10,719,953	)		(26,899,334	)		(12,730,910	)		(50,722,893	)		(24,713,823	)
	Advisor Class		(119,013	)		(27,271	)		(85,571	)		(11,125	)		(124,912	)		(55,732	)
	Premier Class		(919,478	)		(475,508	)		(1,672,994	)		(844,649	)		(4,365,306	)		(2,362,930	)
	Retirement Class		(1,803,151	)		(839,863	)		(3,559,797	)		(1,726,732	)		(5,639,852	)		(3,021,603	)
Total distributions			(26,209,022	)		(12,062,595	)		(32,217,696	)		(15,313,416	)		(60,852,963	)		(30,154,088	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		210,675,605			191,059,210			137,440,086			204,675,178			277,166,164			256,019,114
	Advisor Class		1,716,222			1,151,737			219,811			2,040,506			1,512,539			2,283,793
	Premier Class		2,776,065			5,387,782			3,983,386			14,807,214			6,105,260			17,437,097
	Retirement Class		10,343,368			16,656,962			11,313,904			21,371,071			13,755,009			23,321,006
Reinvestments of distributions:	Institutional Class		21,490,375			9,891,486			25,807,942			12,335,607			48,779,749			24,089,091
	Advisor Class		113,592			24,677			79,288			8,082			117,985			52,169
	Premier Class		775,303			401,241			1,590,722			649,065			4,179,785			2,030,375
	Retirement Class		1,802,485			839,553			3,559,797			1,726,732			5,639,851			3,021,603
Redemptions:	Institutional Class		(162,321,585	)		(154,741,004	)		(134,974,480	)		(162,616,004	)		(202,244,641	)		(261,631,976	)
	Advisor Class		(1,024,166	)		(103,505	)		(340,286	)		(293,271	)		(1,049,625	)		(1,658,284	)
	Premier Class		(24,249,034	)		(13,145,146	)		(25,502,732	)		(7,935,555	)		(68,419,546	)		(19,377,422	)
	Retirement Class		(14,915,227	)		(10,549,640	)		(19,415,719	)		(26,196,110	)		(32,958,095	)		(39,554,431	)
Net increase (decrease) from shareholder transactions			47,183,003			46,873,353			3,761,719			60,572,515			52,584,435			6,032,135
Net increase (decrease) in net assets			(18,692,011	)		120,369,744			(69,989,613	)		139,507,301			(85,067,329	)		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		$	604,889,692		$	623,581,703		$	618,011,504		$	688,001,117		$	1,103,590,756		$	1,188,658,085

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		12,575,758			11,729,754			7,692,685			11,895,936			14,720,742			14,121,658
	Advisor Class		102,421			69,635			12,364			115,954			79,095			122,916
	Premier Class		161,041			328,083			221,777			857,362			323,706			966,252
	Retirement Class		607,456			1,034,496			640,586			1,248,175			742,144			1,280,351
Shares reinvested:	Institutional Class		1,270,015			606,170			1,460,551			708,535			2,618,344			1,317,064
	Advisor Class		6,715			1,507			4,487			464			6,333			2,854
	Premier Class		45,685			24,708			90,331			37,389			225,204			111,437
	Retirement Class		106,694			51,449			203,185			99,984			304,857			166,388
Shares redeemed:	Institutional Class		(9,676,743	)		(9,450,485	)		(7,656,887	)		(9,353,376	)		(10,887,395	)		(14,411,717	)
	Advisor Class		(65,088	)		(6,247	)		(18,799	)		(16,521	)		(61,159	)		(88,396	)
	Premier Class		(1,429,368	)		(800,784	)		(1,428,331	)		(461,304	)		(3,661,529	)		(1,078,201	)
	Retirement Class		(882,919	)		(647,992	)		(1,112,863	)		(1,521,120	)		(1,782,248	)		(2,195,503	)
Net increase (decrease) from shareholder transactions			2,821,667			2,940,294			109,086			3,611,478			2,628,094			315,103


68	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual 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
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021

OPERATIONS
Net investment income (loss)		$	67,578,449		$	52,306,972		$	104,821,292		$	76,866,070		$	118,135,826		$	85,033,262
Net realized gain (loss) from investments			67,017,343			69,900,692			83,191,350			60,152,650			74,721,570			39,491,536
Net change in unrealized appreciation (depreciation) from affiliated investments			(355,369,871	)		443,123,278			(563,732,307	)		810,056,672			(649,186,753	)		1,055,965,505
Net increase (decrease) in net assets from operations			(220,774,079	)		565,330,942			(375,719,665	)		947,075,392			(456,329,357	)		1,180,490,303

DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(143,493,366	)		(59,350,887	)		(179,479,086	)		(82,165,521	)		(174,866,931	)		(89,228,567	)
	Advisor Class		(728,037	)		(138,305	)		(912,408	)		(187,460	)		(970,266	)		(221,354	)
	Premier Class		(13,108,202	)		(6,260,956	)		(14,902,560	)		(8,459,860	)		(13,345,660	)		(7,879,150	)
	Retirement Class		(14,022,004	)		(6,560,542	)		(17,495,737	)		(8,941,972	)		(15,210,821	)		(8,721,340	)
Total distributions			(171,351,609	)		(72,310,690	)		(212,789,791	)		(99,754,813	)		(204,393,678	)		(106,050,411	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		825,834,111			702,553,353			1,385,975,613			1,165,705,174			1,665,137,152			1,321,985,086
	Advisor Class		7,726,756			8,409,953			11,693,861			14,368,483			14,038,747			18,010,084
	Premier Class		16,902,954			46,561,317			32,510,840			78,190,697			32,107,901			78,554,197
	Retirement Class		30,973,529			53,648,706			63,301,713			81,639,842			66,511,008			87,820,262
Reinvestments of distributions:	Institutional Class		136,195,252			57,085,062			168,462,488			78,478,792			166,951,460			86,314,543
	Advisor Class		720,772			135,232			906,520			184,443			965,225			218,383
	Premier Class		12,347,169			4,958,387			13,684,810			6,556,141			12,540,204			6,544,917
	Retirement Class		14,022,004			6,560,541			17,495,737			8,941,972			15,210,821			8,721,340
Redemptions:	Institutional Class		(589,965,470	)		(648,385,502	)		(712,841,620	)		(817,662,750	)		(721,299,548	)		(779,002,362	)
	Advisor Class		(7,388,574	)		(3,012,073	)		(5,508,338	)		(1,458,004	)		(7,901,355	)		(2,975,477	)
	Premier Class		(249,302,384	)		(49,438,854	)		(375,387,419	)		(51,651,674	)		(355,718,525	)		(39,349,260	)
	Retirement Class		(75,890,372	)		(103,546,576	)		(92,069,524	)		(118,617,109	)		(83,629,097	)		(118,598,827	)
Net increase (decrease) from shareholder transactions			122,175,747			75,529,546			508,224,681			444,676,007			804,913,993			668,242,886
Net increase (decrease) in net assets			(269,949,941	)		568,549,798			(80,284,775	)		1,291,996,586			144,190,958			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		$	3,097,234,563		$	3,367,184,504		$	5,148,647,569		$	5,228,932,344		$	6,106,159,557		$	5,961,968,599

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		40,609,276			36,277,439			62,619,037			56,100,150			69,562,608			59,733,903
	Advisor Class		382,531			424,790			527,041			688,505			588,711			797,998
	Premier Class		828,312			2,386,110			1,460,832			3,793,312			1,340,454			3,538,775
	Retirement Class		1,527,331			2,765,304			2,888,763			3,928,447			2,815,024			3,966,169
Shares reinvested:	Institutional Class		6,755,717			2,905,092			7,626,188			3,729,981			6,953,414			3,846,459
	Advisor Class		35,788			6,885			41,112			8,779			40,251			9,745
	Premier Class		615,205			253,367			622,037			312,793			524,695			292,969
	Retirement Class		701,100			336,438			798,892			428,461			639,110			391,970
Shares redeemed:	Institutional Class		(29,292,538	)		(33,359,287	)		(32,555,546	)		(39,311,519	)		(30,334,567	)		(35,125,172	)
	Advisor Class		(389,534	)		(153,543	)		(265,005	)		(67,729	)		(360,673	)		(129,075	)
	Premier Class		(12,276,671	)		(2,578,410	)		(16,878,190	)		(2,525,387	)		(14,755,878	)		(1,819,139	)
	Retirement Class		(3,797,714	)		(5,341,634	)		(4,230,217	)		(5,728,505	)		(3,598,413	)		(5,351,773	)
Net increase (decrease) from shareholder transactions			5,698,803			3,922,551			22,654,944			21,357,288			33,414,736			30,152,829


70	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual 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
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021

OPERATIONS
Net investment income (loss)		$	108,517,796		$	79,249,282		$	110,394,443		$	80,743,207		$	82,522,417		$	57,469,992
Net realized gain (loss) from investments			62,706,883			28,564,665			66,619,250			26,391,309			39,462,398			6,398,253
Net change in unrealized appreciation (depreciation) from affiliated investments			(622,209,030	)		1,119,326,981			(644,141,053	)		1,296,453,349			(474,055,366	)		1,049,794,069
Net increase (decrease) in net assets from operations			(450,984,351	)		1,227,140,928			(467,127,360	)		1,403,587,865			(352,070,551	)		1,113,662,314

DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(151,468,330	)		(82,185,463	)		(160,002,570	)		(83,659,458	)		(103,134,683	)		(54,740,019	)
	Advisor Class		(531,231	)		(153,634	)		(629,974	)		(131,413	)		(459,337	)		(105,720	)
	Premier Class		(11,963,664	)		(7,680,349	)		(12,167,868	)		(6,708,888	)		(8,260,023	)		(4,787,925	)
	Retirement Class		(12,253,439	)		(7,749,057	)		(12,094,241	)		(7,058,535	)		(8,029,629	)		(4,714,349	)
Total distributions			(176,216,664	)		(97,768,503	)		(184,894,653	)		(97,558,294	)		(119,883,672	)		(64,348,013	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,619,543,581			1,241,437,681			1,582,174,468			1,149,358,957			1,341,462,527			939,605,770
	Advisor Class		9,992,294			10,974,172			10,656,519			12,207,148			9,666,839			9,715,991
	Premier Class		33,308,908			78,268,375			34,907,398			82,514,378			26,121,199			61,217,669
	Retirement Class		64,016,488			75,491,056			54,700,394			83,180,775			58,582,308			61,598,832
Reinvestments of distributions:	Institutional Class		144,405,578			79,186,655			154,240,411			81,363,405			99,203,074			52,966,805
	Advisor Class		526,475			150,602			624,907			128,407			454,832			102,944
	Premier Class		11,182,234			6,335,010			11,636,545			5,966,697			7,810,166			4,266,206
	Retirement Class		12,253,439			7,749,057			12,094,241			7,058,535			8,029,628			4,714,349
Redemptions:	Institutional Class		(563,977,793	)		(708,354,007	)		(543,368,779	)		(716,339,444	)		(422,308,311	)		(498,315,421	)
	Advisor Class		(5,439,604	)		(1,412,301	)		(3,372,665	)		(1,355,923	)		(2,653,378	)		(1,360,605	)
	Premier Class		(340,422,523	)		(39,105,175	)		(306,870,714	)		(28,603,553	)		(292,405,889	)		(22,075,495	)
	Retirement Class		(82,152,229	)		(103,950,144	)		(73,992,453	)		(109,354,690	)		(53,969,491	)		(82,098,171	)
Net increase (decrease) from shareholder transactions			903,236,848			646,770,981			933,430,272			566,124,692			779,993,504			530,338,874
Net increase (decrease) in net assets			276,035,833			1,776,143,406			281,408,259			1,872,154,263			308,039,281			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		$	5,910,838,948		$	5,634,803,115		$	6,094,556,708		$	5,813,148,449		$	4,642,064,603		$	4,334,025,322

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		63,191,652			53,093,882			58,503,434			47,330,590			47,926,028			38,051,346
	Advisor Class		393,351			465,332			392,807			486,605			347,237			386,255
	Premier Class		1,297,709			3,332,791			1,286,616			3,326,310			932,881			2,460,351
	Retirement Class		2,525,546			3,210,198			2,038,343			3,384,557			2,106,350			2,462,770
Shares reinvested:	Institutional Class		5,588,451			3,328,569			5,649,832			3,278,139			3,509,129			2,096,865
	Advisor Class		20,406			6,339			22,916			5,178			16,117			4,080
	Premier Class		434,937			267,639			428,444			241,567			277,547			169,630
	Retirement Class		478,650			328,628			446,776			286,816			286,670			188,273
Shares redeemed:	Institutional Class		(22,071,387	)		(30,110,477	)		(20,187,224	)		(29,104,126	)		(15,124,315	)		(19,783,206	)
	Advisor Class		(224,895	)		(59,228	)		(131,587	)		(55,341	)		(102,325	)		(51,774	)
	Premier Class		(13,126,222	)		(1,712,473	)		(11,193,100	)		(1,199,194	)		(10,274,622	)		(928,111	)
	Retirement Class		(3,290,744	)		(4,423,500	)		(2,808,142	)		(4,456,676	)		(1,982,851	)		(3,308,782	)
Net increase (decrease) from shareholder transactions			35,217,454			27,727,700			34,449,115			23,524,425			27,917,846			21,747,697


72	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual 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
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021

OPERATIONS
Net investment income (loss)		$	67,782,635		$	46,165,969		$	34,693,666		$	21,715,539		$	14,718,532		$	7,765,010
Net realized gain (loss) from investments			20,352,197			2,673,483			6,567,172			(429,284	)		920,326			(253,461	)
Net change in unrealized appreciation (depreciation) from affiliated investments			(380,325,233	)		868,582,425			(193,279,045	)		418,136,772			(86,316,189	)		151,099,298
Net increase (decrease) in net assets from operations			(292,190,401	)		917,421,877			(152,018,207	)		439,423,027			(70,677,331	)		158,610,847

DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(77,510,635	)		(42,430,221	)		(35,180,792	)		(19,292,672	)		(14,471,207	)		(6,976,807	)
	Advisor Class		(340,993	)		(91,551	)		(223,836	)		(72,735	)		(155,309	)		(42,596	)
	Premier Class		(6,498,486	)		(3,947,333	)		(2,815,516	)		(1,715,800	)		(846,898	)		(432,574	)
	Retirement Class		(6,265,450	)		(4,010,091	)		(2,917,882	)		(2,153,322	)		(1,128,612	)		(737,157	)
Total distributions			(90,615,564	)		(50,479,196	)		(41,138,026	)		(23,234,529	)		(16,602,026	)		(8,189,134	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,171,798,343			813,431,107			714,967,259			479,956,773			423,652,731			281,188,730
	Advisor Class		7,853,890			7,206,914			5,903,461			5,757,157			5,291,432			3,754,798
	Premier Class		23,003,492			52,560,460			18,527,070			38,644,994			13,184,457			18,114,313
	Retirement Class		51,095,665			54,707,156			36,073,275			34,204,930			27,596,512			21,821,410
Reinvestments of distributions:	Institutional Class		74,344,572			40,994,173			33,228,545			18,203,312			13,831,699			6,684,976
	Advisor Class		336,827			88,840			220,118			70,061			151,928			40,105
	Premier Class		6,030,364			3,507,602			2,597,053			1,498,630			748,307			359,085
	Retirement Class		6,265,450			4,010,091			2,917,457			2,153,020			1,128,301			736,927
Redemptions:	Institutional Class		(369,938,596	)		(407,143,274	)		(226,734,529	)		(161,196,776	)		(129,659,523	)		(81,222,292	)
	Advisor Class		(3,166,096	)		(675,195	)		(1,115,572	)		(385,131	)		(982,616	)		(422,458	)
	Premier Class		(242,092,087	)		(20,998,387	)		(130,625,721	)		(9,636,115	)		(38,656,420	)		(3,853,209	)
	Retirement Class		(44,251,283	)		(69,958,388	)		(24,674,927	)		(44,408,997	)		(11,156,113	)		(18,899,836	)
Net increase (decrease) from shareholder transactions			681,280,541			477,731,099			431,283,489			364,861,858			305,130,695			228,302,549
Net increase (decrease) in net assets			298,474,576			1,344,673,780			238,127,256			781,050,356			217,851,338			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		$	3,839,333,695		$	3,540,859,119		$	2,016,714,795		$	1,778,587,539		$	920,573,243		$	702,721,905

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		41,378,867			32,551,557			31,434,359			23,898,376			24,189,443			18,088,666
	Advisor Class		277,034			284,899			260,613			287,032			300,674			239,023
	Premier Class		809,191			2,119,729			806,254			1,916,847			743,805			1,163,078
	Retirement Class		1,829,383			2,183,270			1,599,823			1,715,991			1,581,294			1,418,338
Shares reinvested:	Institutional Class		2,596,737			1,611,406			1,440,336			892,319			775,754			424,983
	Advisor Class		11,781			3,496			9,554			3,438			8,526			2,551
	Premier Class		211,740			138,586			112,915			73,643			42,040			22,857
	Retirement Class		221,004			159,131			127,122			106,060			63,530			47,028
Shares redeemed:	Institutional Class		(13,115,403	)		(15,906,221	)		(9,948,062	)		(7,976,809	)		(7,411,531	)		(5,222,822	)
	Advisor Class		(118,080	)		(26,590	)		(50,954	)		(18,933	)		(55,957	)		(27,251	)
	Premier Class		(8,402,233	)		(866,647	)		(5,615,842	)		(491,181	)		(2,149,761	)		(252,220	)
	Retirement Class		(1,602,795	)		(2,777,186	)		(1,103,245	)		(2,161,601	)		(640,121	)		(1,195,996	)
Net increase (decrease) from shareholder transactions			24,097,226			19,475,430			19,072,873			18,245,182			17,447,696			14,708,235


74	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report	75

Statements of changes in net assets

concluded

TIAA-CREF Funds ■ For the period or year ended

		Lifecycle Index 2065 Fund
		May 31, 2022			May 31, 2021		^§

OPERATIONS
Net investment income (loss)		$	460,462		$	89,704
Net realized gain (loss) from investments			(137,992	)		3,408
Net change in unrealized appreciation (depreciation) from affiliated investments			(4,003,794	)		1,362,531
Net increase (decrease) in net assets from operations			(3,681,324	)		1,455,643

DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(467,220	)		(66,007	)
	Advisor Class		(20,417	)		(8,865	)
	Premier Class		(19,975	)		(8,865	)
	Retirement Class		(24,669	)		(8,734	)
Total distributions			(532,281	)		(92,471	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		49,994,766			6,581,831
	Advisor Class		180,844			503,092
	Premier Class		307,613			516,791
	Retirement Class		1,416,630			583,151
Reinvestments of distributions:	Institutional Class		379,906			4,735
	Advisor Class		2,045			—
	Premier Class		1,538			—
	Retirement Class		9,802			8
Redemptions:	Institutional Class		(9,076,696	)		(448,475	)
	Advisor Class		(17,739	)		—
	Premier Class		(52,656	)		(3,596	)
	Retirement Class		(228,620	)		(14,056	)
Net increase (decrease) from shareholder transactions			42,917,433			7,723,481
Net increase (decrease) in net assets			38,703,828			9,086,653

NET ASSETS
Beginning of period			9,086,653			—
End of period		$	47,790,481		$	9,086,653

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		4,030,415			609,815
	Advisor Class		14,601			50,259
	Premier Class		24,677			51,411
	Retirement Class		116,709			56,856
Shares reinvested:	Institutional Class		29,914			424
	Advisor Class		163			—
	Premier Class		122			—
	Retirement Class		779			1
Shares redeemed:	Institutional Class		(726,234	)		(37,593	)
	Advisor Class		(1,473	)		—
	Premier Class		(4,135	)		(295	)
	Retirement Class		(18,852	)		(1,143	)
Net increase (decrease) from shareholder transactions			3,466,686			729,735

^§	For the period September 30, 2020 to May 31, 2021.


76	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements

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TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Financial highlights

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 (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
LIFECYCLE INDEX RETIREMENT INCOME FUND
Institutional Class:	5/31/22		$17.20		$0.36			$(1.37	)		$(1.01	)		$(0.38	)		$(0.33	)		$(0.71	)		$15.48		(6.20	)%		$557,296			0.23	%^g		0.10	%^g		2.13	%		24	%
	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
Advisor Class:	5/31/22		17.19		0.35			(1.38	)		(1.03	)		(0.36	)		(0.33	)		(0.69	)		15.47		(6.30	)		2,699			0.33	^g		0.20	^g		2.08			24
	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
Premier Class:	5/31/22		17.18		0.41			(1.45	)		(1.04	)		(0.35	)		(0.33	)		(0.68	)		15.46		(6.36	)		3,993			0.38	^g		0.25	^g		2.37			24
	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
Retirement Class:	5/31/22		17.16		0.32			(1.38	)		(1.06	)		(0.33	)		(0.33	)		(0.66	)		15.44		(6.45	)		40,901			0.48	^g		0.35	^g		1.90			24
	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
LIFECYCLE INDEX 2010 FUND
Institutional Class:	5/31/22		18.13		0.38			(1.41	)		(1.03	)		(0.38	)		(0.48	)		(0.86	)		16.24		(6.07	)		526,583			0.22	^g		0.10	^g		2.12			23
	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
Advisor Class:	5/31/22		18.13		0.36			(1.40	)		(1.04	)		(0.37	)		(0.48	)		(0.85	)		16.24		(6.16	)		1,715			0.32	^g		0.20	^g		2.03			23
	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
Premier Class:	5/31/22		18.06		0.37			(1.42	)		(1.05	)		(0.35	)		(0.48	)		(0.83	)		16.18		(6.19	)		21,048			0.38	^g		0.25	^g		2.07			23
	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
Retirement Class:	5/31/22		17.96		0.33			(1.39	)		(1.06	)		(0.34	)		(0.48	)		(0.82	)		16.08		(6.32	)		68,666			0.47	^g		0.35	^g		1.88			23
	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	^e,f		0.32	^e,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


78	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual 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 (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
LIFECYCLE INDEX 2015 FUND
Institutional Class:	5/31/22		$19.15		$0.39			$(1.52	)		$(1.13	)		$(0.40	)		$(0.57	)		$(0.97	)		$17.05		(6.32	)%		$ 966,867			0.21	%^g		0.10	%^g		2.08	%		19	%
	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
Advisor Class:	5/31/22		19.14		0.40			(1.55	)		(1.15	)		(0.38	)		(0.57	)		(0.95	)		17.04		(6.40	)		1,657			0.31	^g		0.20	^g		2.13			19
	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
Premier Class:	5/31/22		19.07		0.41			(1.57	)		(1.16	)		(0.37	)		(0.57	)		(0.94	)		16.97		(6.49	)		34,529			0.36	^g		0.25	^g		2.16			19
	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
Retirement Class:	5/31/22		19.00		0.34			(1.50	)		(1.16	)		(0.35	)		(0.57	)		(0.92	)		16.92		(6.51	)		100,537			0.46	^g		0.35	^g		1.83			19
	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
LIFECYCLE INDEX 2020 FUND
Institutional Class:	5/31/22		20.70		0.41			(1.66	)		(1.25	)		(0.43	)		(0.63	)		(1.06	)		18.39		(6.51	)		2,756,707			0.19	^g		0.10	^g		2.01			19
	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
Advisor Class:	5/31/22		20.67		0.41			(1.68	)		(1.27	)		(0.41	)		(0.63	)		(1.04	)		18.36		(6.60	)		10,672			0.30	^g		0.20	^g		2.03			19
	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
Premier Class:	5/31/22		20.59		0.44			(1.72	)		(1.28	)		(0.39	)		(0.63	)		(1.02	)		18.29		(6.65	)		82,754			0.35	^g		0.25	^g		2.13			19
	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
Retirement Class:	5/31/22		20.52		0.36			(1.66	)		(1.30	)		(0.37	)		(0.63	)		(1.00	)		18.22		(6.76	)		247,101			0.44	^g		0.35	^g		1.78			19
	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


80	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual 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 (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
LIFECYCLE INDEX 2025 FUND
Institutional Class:	5/31/22		$22.36		$0.43			$(1.83	)		$(1.40	)		$(0.45	)		$(0.44	)		$(0.89	)		$20.07		(6.65	)%		$4,582,423			0.19	%^g		0.10	%^g		1.95	%		14	%
	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
Advisor Class:	5/31/22		22.32		0.42			(1.85	)		(1.43	)		(0.43	)		(0.44	)		(0.87	)		20.02		(6.78	)		21,746			0.29	^g		0.21	^g		1.92			14
	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
Premier Class:	5/31/22		22.26		0.47			(1.90	)		(1.43	)		(0.41	)		(0.44	)		(0.85	)		19.98		(6.79	)		123,482			0.34	^g		0.25	^g		2.06			14
	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
Retirement Class:	5/31/22		22.15		0.37			(1.82	)		(1.45	)		(0.39	)		(0.44	)		(0.83	)		19.87		(6.91	)		420,997			0.44	^g		0.35	^g		1.71			14
	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
LIFECYCLE INDEX 2030 FUND
Institutional Class:	5/31/22		24.08		0.45			(2.03	)		(1.58	)		(0.47	)		(0.31	)		(0.78	)		21.72		(6.86	)		5,483,743			0.18	^g		0.10	^g		1.88			13
	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
Advisor Class:	5/31/22		24.04		0.43			(2.03	)		(1.60	)		(0.45	)		(0.31	)		(0.76	)		21.68		(6.94	)		26,880			0.28	^g		0.20	^g		1.83			13
	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
Premier Class:	5/31/22		23.96		0.50			(2.12	)		(1.62	)		(0.43	)		(0.31	)		(0.74	)		21.60		(7.00	)		150,515			0.33	^g		0.25	^g		2.04			13
	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
Retirement Class:	5/31/22		23.85		0.39			(2.01	)		(1.62	)		(0.41	)		(0.31	)		(0.72	)		21.51		(7.07	)		445,022			0.43	^g		0.35	^g		1.66			13
	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


82	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual 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 (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
LIFECYCLE INDEX 2035 FUND
Institutional Class:	5/31/22		$25.77		$0.46			$(2.18	)		$(1.72	)		$(0.50	)		$(0.27	)		$(0.77	)		$23.28		(7.00	)%		$5,330,114			0.18	%^g		0.10	%^g		1.81	%		12	%
	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
Advisor Class:	5/31/22		25.73		0.44			(2.19	)		(1.75	)		(0.47	)		(0.27	)		(0.74	)		23.24		(7.09	)		18,143			0.28	^g		0.20	^g		1.72			12
	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
Premier Class:	5/31/22		25.63		0.51			(2.27	)		(1.76	)		(0.46	)		(0.27	)		(0.73	)		23.14		(7.18	)		161,087			0.33	^g		0.25	^g		1.97			12
	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
Retirement Class:	5/31/22		25.52		0.40			(2.18	)		(1.78	)		(0.43	)		(0.27	)		(0.70	)		23.04		(7.26	)		401,495			0.43	^g		0.35	^g		1.58			12
	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
LIFECYCLE INDEX 2040 FUND
Institutional Class:	5/31/22		27.19		0.48			(2.30	)		(1.82	)		(0.53	)		(0.29	)		(0.82	)		24.55		(7.00	)		5,515,470			0.17	^g		0.10	^g		1.78			12
	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
Advisor Class:	5/31/22		27.16		0.47			(2.32	)		(1.85	)		(0.51	)		(0.29	)		(0.80	)		24.51		(7.12	)		21,468			0.27	^g		0.20	^g		1.75			12
	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
Premier Class:	5/31/22		27.04		0.54			(2.40	)		(1.86	)		(0.49	)		(0.29	)		(0.78	)		24.40		(7.18	)		172,180			0.32	^g		0.25	^g		1.98			12
	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
Retirement Class:	5/31/22		26.93		0.42			(2.30	)		(1.88	)		(0.46	)		(0.29	)		(0.75	)		24.30		(7.26	)		385,438			0.42	^g		0.35	^g		1.55			12
	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


84	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual 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 (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
LIFECYCLE INDEX 2045 FUND
Institutional Class:	5/31/22		$27.98		$0.49			$(2.35	)		$(1.86	)		$(0.55	)		$(0.18	)		$(0.73	)		$25.39		(6.92	)%		$4,224,772			0.17	%^g		0.10	%^g		1.75	%		11	%
	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
Advisor Class:	5/31/22		27.93		0.49			(2.38	)		(1.89	)		(0.53	)		(0.18	)		(0.71	)		25.33		(7.04	)		18,259			0.27	^g		0.20	^g		1.77			11
	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
Premier Class:	5/31/22		27.83		0.62			(2.51	)		(1.89	)		(0.51	)		(0.18	)		(0.69	)		25.25		(7.06	)		90,924			0.32	^g		0.25	^g		2.17			11
	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
Retirement Class:	5/31/22		27.70		0.43			(2.35	)		(1.92	)		(0.48	)		(0.18	)		(0.66	)		25.12		(7.18	)		308,109			0.42	^g		0.35	^g		1.54			11
	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
LIFECYCLE INDEX 2050 FUND
Institutional Class:	5/31/22		28.25		0.49			(2.37	)		(1.88	)		(0.56	)		(0.12	)		(0.68	)		25.69		(6.92	)		3,473,689			0.17	^g		0.10	^g		1.75			11
	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
Advisor Class:	5/31/22		28.21		0.49			(2.40	)		(1.91	)		(0.54	)		(0.12	)		(0.66	)		25.64		(7.04	)		14,242			0.27	^g		0.20	^g		1.75			11
	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
Premier Class:	5/31/22		28.09		0.64			(2.55	)		(1.91	)		(0.52	)		(0.12	)		(0.64	)		25.54		(7.06	)		80,318			0.32	^g		0.25	^g		2.20			11
	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
Retirement Class:	5/31/22		27.95		0.42			(2.35	)		(1.93	)		(0.49	)		(0.12	)		(0.61	)		25.41		(7.15	)		271,085			0.42	^g		0.35	^g		1.52			11
	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


86	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual 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 (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
LIFECYCLE INDEX 2055 FUND
Institutional Class:	5/31/22		$22.70		$0.40			$(1.92	)		$(1.52	)		$(0.45	)		$(0.03	)		$(0.48	)		$20.70		(6.91	)%		$1,822,272			0.18	%^g		0.10	%^g		1.75	%		11	%
	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
Advisor Class:	5/31/22		22.66		0.38			(1.92	)		(1.54	)		(0.43	)		(0.03	)		(0.46	)		20.66		(7.00	)		12,050			0.28	^g		0.20	^g		1.71			11
	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
Premier Class:	5/31/22		22.62		0.53			(2.07	)		(1.54	)		(0.42	)		(0.03	)		(0.45	)		20.63		(7.02	)		33,219			0.33	^g		0.25	^g		2.28			11
	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
Retirement Class:	5/31/22		22.56		0.34			(1.91	)		(1.57	)		(0.39	)		(0.03	)		(0.42	)		20.57		(7.13	)		149,174			0.43	^g		0.35	^g		1.52			11
	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
LIFECYCLE INDEX 2060 FUND
Institutional Class:	5/31/22		17.52		0.30			(1.47	)		(1.17	)		(0.35	)		(0.01	)		(0.36	)		15.99		(6.93	)		828,871			0.19	^g		0.10	^g		1.75			10
	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
Advisor Class:	5/31/22		17.51		0.29			(1.48	)		(1.19	)		(0.33	)		(0.01	)		(0.34	)		15.98		(7.01	)		9,092			0.29	^g		0.20	^g		1.69			10
	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
Premier Class:	5/31/22		17.48		0.40			(1.59	)		(1.19	)		(0.32	)		(0.01	)		(0.33	)		15.96		(7.01	)		15,601			0.34	^g		0.25	^g		2.23			10
	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
Retirement Class:	5/31/22		17.44		0.26			(1.46	)		(1.20	)		(0.31	)		(0.01	)		(0.32	)		15.92		(7.11	)		67,009			0.44	^g		0.35	^g		1.50			10
	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


88	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds ■ 2022 Annual 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 (in thousands		)	Gross expenses			Net expenses			investment income (loss		)	Portfolio turnover rate
LIFECYCLE INDEX 2065 FUND
Institutional Class:	5/31/22			$12.45		$0.21			$(1.02	)		$(0.81	)		$(0.23	)		$(0.01	)		$(0.24	)		$11.40		(6.70	)%		$44,526			0.82	%^g		0.11	%^g		1.76	%		108	%
	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:	5/31/22			12.46		0.22			(1.04	)		(0.82	)		(0.36	)		(0.01	)		(0.37	)		11.27		(6.83	)		716			0.83	^g		0.13	^g		1.81			108
	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:	5/31/22			12.46		0.18			(1.01	)		(0.83	)		(0.36	)		(0.01	)		(0.37	)		11.26		(6.90	)		808			0.97	^g		0.25	^g		1.49			108
	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:	5/31/22			12.44		0.17			(1.04	)		(0.87	)		(0.29	)		(0.01	)		(0.30	)		11.27		(7.26	)		1,740			1.08	^g		0.36	^g		1.42			108
	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

§	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.

2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Notes to financial statements

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.

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

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	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Notes to financial statements

of the 1940 Act and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the 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. The compliance date for Rule 2a-5 and Rule 31a-4 is 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

•	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 May 31, 2022, all of the investments in the Funds were valued based on Level 1 inputs.

94	2022 Annual 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 year ended May 31, 2022 were as follows (dollar amounts are in thousands):

Fund	Non-U.S. government Purchases			Non-U.S. government Sales
Lifecycle Index Retirement Income		$	190,381		$	153,402
Lifecycle Index 2010			153,518			164,561
Lifecycle Index 2015			254,865			232,073
Lifecycle Index 2020			661,767			626,934
Lifecycle Index 2025			1,194,351			765,307
Lifecycle Index 2030			1,550,361			799,595
Lifecycle Index 2035			1,586,256			719,870
Lifecycle Index 2040			1,623,593			731,913
Lifecycle Index 2045			1,281,521			511,752
Lifecycle Index 2050			1,094,444			413,244
Lifecycle Index 2055			645,966			208,213
Lifecycle Index 2060			390,418			81,327
Lifecycle Index 2065			71,850			28,835

Note 5—income tax information

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, investments in underlying funds and tax equalization. Temporary and permanent differences have no impact on a Fund’s net assets.

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Notes to financial statements

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes 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	$	565,635	$	69,423	$	(29,637	)	$	39,786
Lifecycle Index 2010		544,037		102,898		(29,793	)		73,105
Lifecycle Index 2015		948,765		203,301		(49,330	)		153,971
Lifecycle Index 2020		2,696,575		537,942		(139,290	)		398,652
Lifecycle Index 2025		4,523,936		846,579		(224,236	)		622,343
Lifecycle Index 2030		5,294,694		1,055,744		(247,786	)		807,958
Lifecycle Index 2035		5,011,567		1,104,897		(212,083	)		892,814
Lifecycle Index 2040		4,986,466		1,281,856		(180,539	)		1,101,317
Lifecycle Index 2045		3,817,988		917,134		(99,360	)		817,774
Lifecycle Index 2050		3,175,995		727,489		(70,464	)		657,025
Lifecycle Index 2055		1,741,708		309,228		(37,532	)		271,696
Lifecycle Index 2060		850,583		90,980		(22,701	)		68,279
Lifecycle Index 2065		50,752		0		(2,977	)		(2,977	)

As of year end, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation)			Capital loss carryforwards		Late-year loss deferrals		Other book-to-tax differences			Total
Lifecycle Index Retirement Income	$	1,068,919	$	4,641,149	$	39,786,172		$	—	$	—	$	(13,864	)	$	45,482,376
Lifecycle Index 2010		2,972,861		5,015,648		73,104,605			—		—		(24,092	)		81,069,022
Lifecycle Index 2015		5,052,592		7,046,711		153,971,158			—		—		(43,512	)		166,026,949
Lifecycle Index 2020		12,800,852		19,737,387		398,651,843			—		—		(93,538	)		431,096,544
Lifecycle Index 2025		17,979,035		30,665,450		622,343,213			—		—		(117,699	)		670,869,999
Lifecycle Index 2030		16,963,139		35,680,269		807,957,521			—		—		(127,232	)		860,473,697
Lifecycle Index 2035		11,999,441		33,567,023		892,813,315			—		—		(118,665	)		938,261,114
Lifecycle Index 2040		7,288,457		33,488,518		1,101,316,116			—		—		(128,091	)		1,141,965,000
Lifecycle Index 2045		2,026,271		22,716,510		817,773,356			—		—		(80,643	)		842,435,494
Lifecycle Index 2050		2,591,997		13,030,863		657,024,571			—		—		(61,474	)		672,585,957
Lifecycle Index 2055		616,181		6,814,872		271,696,486			—		—		(25,450	)		279,102,089
Lifecycle Index 2060		87,788		2,903,980		68,278,396			—		—		(7,852	)		71,262,312
Lifecycle Index 2065		31,436		94,990		(2,976,571	)		—		—		(91	)		(2,850,236	)

96	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

The tax character of distributions paid were as follows:

	5/31/2022				5/31/2021
Fund	Ordinary income		Long-term capital gains		Ordinary income		Long-term capital gains
Lifecycle Index Retirement Income		$ 15,294,862		$10,914,160		$ 11,237,378		$ 825,217
Lifecycle Index 2010		17,855,451		14,362,245		12,439,690		2,873,726
Lifecycle Index 2015		27,582,507		33,270,456		22,866,991		7,287,097
Lifecycle Index 2020		78,091,181		93,260,428		63,783,593		8,527,097
Lifecycle Index 2025		123,609,053		89,180,738		94,822,266		4,932,547
Lifecycle Index 2030		156,283,713		48,109,965		103,718,573		2,331,838
Lifecycle Index 2035		156,706,880		19,509,784		95,237,190		2,531,313
Lifecycle Index 2040		172,363,213		12,531,440		94,411,870		3,146,424
Lifecycle Index 2045		115,649,595		4,234,077		61,965,333		2,382,680
Lifecycle Index 2050		89,206,724		1,408,840		48,633,893		1,845,303
Lifecycle Index 2055		40,570,606		567,420		22,398,370		836,159
Lifecycle Index 2060		16,453,830		148,196		7,954,357		234,777
Lifecycle Index 2065		530,699		1,582		92,471		—

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 May 31, 2022, Advisors received from the Funds the following effective annual rate as a percentage of average daily net assets of each Fund:

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Notes to financial statements

				Investment management fee waiver
Fund	Investment management fee — effective rate			Effective 10/1/21		*	Prior to 10/1/21
Lifecycle Index Retirement Income		0.09	%		0.085	%		0.104	%
Lifecycle Index 2010		0.09			0.085			0.104
Lifecycle Index 2015		0.09			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 of Trustees.

The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its cost in providing certain administrative and compliance services to the Funds.

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially, all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.

Under the terms of a distribution Rule 12b-1 plan, the Retirement Class and Premier Class of the Funds compensated 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.

98	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

continued

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 approval of the Board.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedure adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended May 31, 2022, the Funds did not engage in security transactions with affiliated entities.

The following is the percentage of the Funds’ shares owned by TIAA as of May 31, 2022:

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		12

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

Notes to financial statements

Investments in other investment companies advised by Advisors and Nuveen Fund Advisors, LLC 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 5/31/22
Lifecycle Index Retirement Income Fund
TIAA-CREF Funds:
Bond Index	$	249,105	$	65,645	$	45,559	$	(2,517	)	$	(24,236	)	$	5,187	$	241,997
Emerging Markets Equity Index		24,983		15,374		6,930		(340	)		(6,016	)		691		27,071
Equity Index		174,676		45,910		56,357		10,855			(16,875	)		2,134		156,712
Inflation-Linked Bond		62,514		18,353		16,261		389			(3,871	)		3,874		60,435
International Equity Index		50,885		28,227		12,453		(234	)		(7,881	)		1,913		58,544
Short-Term Bond Index		62,267		16,874		15,842		(142	)		(2,235	)		420		60,662
	$	624,430	$	190,383	$	153,402	$	8,011		$	(61,114	)	$	14,219	$	605,421
Lifecycle Index 2010 Fund
TIAA-CREF Funds:
Bond Index	$	274,591	$	47,332	$	46,312	$	(2,690	)	$	(25,760	)	$	5,577	$	246,686
Emerging Markets Equity Index		26,800		12,819		6,720		(304	)		(6,294	)		717		26,301
Equity Index		188,090		33,441		62,079		16,106			(21,832	)		2,219		152,170
Inflation-Linked Bond		68,762		13,674		16,436		489			(4,149	)		4,192		61,597
International Equity Index		54,203		22,433		11,334		(375	)		(8,075	)		1,994		56,852
Short-Term Bond Index		74,639		17,584		15,419		(118	)		(2,831	)		513		73,535
	$	687,085	$	147,283	$	158,300	$	13,108		$	(68,941	)	$	15,212	$	617,141
Lifecycle Index 2015 Fund
TIAA-CREF Funds:
Bond Index	$	463,648	$	83,704	$	62,743	$	(3,624	)	$	(46,125	)	$	9,666	$	434,037
Emerging Markets Equity Index		52,278		24,730		10,745		(800	)		(12,464	)		1,431		52,999
Equity Index		366,189		57,834		101,106		26,137			(38,322	)		4,423		307,629
Inflation-Linked Bond		99,252		23,152		19,347		656			(6,241	)		6,277		96,349
International Equity Index		106,825		44,464		19,339		(513	)		(16,409	)		3,965		115,028
Short-Term Bond Index		98,833		20,982		18,796		(115	)		(3,785	)		681		96,695
	$	1,187,025	$	254,866	$	232,076	$	21,741		$	(123,346	)	$	26,443	$	1,102,737
Lifecycle Index 2020 Fund
TIAA-CREF Funds:
Bond Index	$	1,280,267	$	213,214	$	169,103	$	(10,571	)	$	(125,124	)	$	26,438	$	1,186,433
Emerging Markets Equity Index		164,918		67,519		24,570		(1,737	)		(39,611	)		4,492		166,519
Equity Index		1,155,050		162,732		306,428		79,364			(117,291	)		13,822		963,730
Inflation-Linked Bond		213,883		47,708		38,110		1,380			(13,484	)		13,496		208,960
International Equity Index		336,866		128,085		52,164		(1,162	)		(51,742	)		12,374		359,883
Short-Term Bond Index		213,039		42,511		36,560		(257	)		(8,118	)		1,465		209,702
	$	3,364,023	$	661,769	$	626,935	$	67,017		$	(355,370	)	$	72,087	$	3,095,227

100	2022 Annual 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 5/31/22
Lifecycle Index 2025 Fund
TIAA-CREF Funds:
Bond Index	$	1,806,498	$	395,241	$	168,572	$	(10,786	)	$	(193,619	)	$	38,928	$	1,825,443
Emerging Markets Equity Index		294,635		134,169		36,375		(3,103	)		(73,093	)		8,271		316,233
Equity Index		2,065,076		295,290		433,428		97,696			(176,003	)		25,471		1,830,762
Inflation-Linked Bond		227,460		66,397		32,940		1,483			(15,167	)		14,909		244,536
International Equity Index		602,409		243,622		63,630		(2,050	)		(96,474	)		22,850		683,877
Short-Term Bond Index		226,603		59,633		30,362		(49	)		(9,377	)		1,636		245,429
	$	5,222,681	$	1,194,352	$	765,307	$	83,191		$	(563,733	)	$	112,065	$	5,146,280
Lifecycle Index 2030 Fund
TIAA-CREF Funds:
Bond Index	$	1,821,385	$	488,890	$	172,646	$	(11,556	)	$	(201,903	)	$	40,233	$	1,920,740
Emerging Markets Equity Index		383,708		191,933		44,080		(5,441	)		(96,710	)		10,999		429,410
Equity Index		2,687,460		424,529		490,299		93,766			(204,851	)		33,977		2,486,768
Inflation-Linked Bond		140,109		55,083		16,234		988			(10,105	)		9,661		168,073
International Equity Index		783,908		337,961		60,470		(3,106	)		(129,320	)		30,533		928,973
Short-Term Bond Index		139,483		51,964		15,865		71			(6,298	)		1,072		168,687
	$	5,956,053	$	1,550,360	$	799,594	$	74,722		$	(649,187	)	$	126,475	$	6,102,651
Lifecycle Index 2035 Fund
TIAA-CREF Funds:
Bond Index	$	1,495,980	$	456,508	$	148,620	$	(9,714	)	$	(168,755	)	$	33,470	$	1,622,551
Emerging Markets Equity Index		407,103		214,517		43,048		(4,912	)		(105,071	)		11,835		468,589
Equity Index		2,851,937		479,137		469,843		80,743			(205,308	)		36,410		2,711,123
Inflation-Linked Bond		19,819		28,074		783		323			(2,383	)		1,898		44,679
International Equity Index		831,820		380,510		56,673		(3,829	)		(139,230	)		32,623		1,012,598
Short-Term Bond Index		19,739		27,510		903		96			(1,462	)		224		44,840
	$	5,626,398	$	1,586,256	$	719,870	$	62,707		$	(622,209	)	$	116,460	$	5,904,380
Lifecycle Index 2040 Fund
TIAA-CREF Funds:
Bond Index	$	1,120,711	$	415,569	$	116,078	$	(8,530	)	$	(130,954	)	$	25,780	$	1,278,523
Emerging Markets Equity Index		467,040		244,007		47,262		(5,697	)		(120,668	)		13,594		537,420
Equity Index		3,264,503		523,942		502,591		86,118			(232,671	)		41,741		3,110,018
International Equity Index		952,848		440,075		65,982		(5,272	)		(159,848	)		37,366		1,161,821
	$	5,805,102	$	1,623,593	$	731,913	$	66,619		$	(644,141	)	$	118,481	$	6,087,782
Lifecycle Index 2045 Fund
TIAA-CREF Funds:
Bond Index	$	490,739	$	224,579	$	46,476	$	(3,266	)	$	(61,502	)	$	11,746	$	603,073
Emerging Markets Equity Index		381,615		210,524		36,941		(4,907	)		(100,249	)		11,246		450,042
Equity Index		2,673,539		465,164		379,714		51,769			(178,486	)		34,621		2,607,984
International Equity Index		779,982		381,254		48,622		(4,133	)		(133,818	)		31,025		974,663
	$	4,325,875	$	1,281,521	$	511,753	$	39,463		$	(474,055	)	$	88,638	$	4,635,762

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Notes to financial statements

Issue	Value at 5/31/21		Purchases cost		Sales proceeds		Realized gain (loss		)	Change in unrealized appreciation (depreciation		)	Dividend income		Value at 5/31/22
Lifecycle Index 2050 Fund
TIAA-CREF Funds:
Bond Index	$	315,210	$	117,441	$	40,163	$	(3,090	)	$	(35,803	)	$	7,200	$	352,982
Emerging Markets Equity Index		320,165		188,715		30,259		(4,456	)		(85,582	)		9,665		388,583
Equity Index		2,243,432		447,080		306,860		31,374			(143,848	)		29,557		2,250,442
International Equity Index		654,334		341,208		35,963		(3,475	)		(115,092	)		26,443		841,012
	$	3,533,141	$	1,094,444	$	413,245	$	20,353		$	(380,325	)	$	72,865	$	3,833,019
Lifecycle Index 2055 Fund
TIAA-CREF Funds:
Bond Index	$	136,177	$	58,461	$	16,782	$	(1,184	)	$	(16,128	)	$	3,181	$	160,273
Emerging Markets Equity Index		162,916		108,825		17,605		(2,454	)		(44,381	)		5,012		207,301
Equity Index		1,141,501		283,609		155,048		11,787			(72,486	)		15,359		1,198,588
International Equity Index		332,815		195,071		18,778		(1,582	)		(60,284	)		13,753		447,242
	$	1,773,409	$	645,966	$	208,213	$	6,567		$	(193,279	)	$	37,305	$	2,013,404
Lifecycle Index 2060 Fund
TIAA-CREF Funds:
Bond Index	$	45,021	$	29,194	$	5,975	$	(473	)	$	(5,997	)	$	1,144	$	61,674
Emerging Markets Equity Index		65,451		57,598		6,665		(1,128	)		(19,360	)		2,153		95,896
Equity Index		456,354		194,121		60,334		3,424			(34,431	)		6,601		554,503
International Equity Index		133,068		109,504		8,353		(903	)		(26,528	)		5,913		206,788
	$	699,894	$	390,417	$	81,327	$	920		$	(86,316	)	$	15,811	$	918,861
Lifecycle Index 2065 Fund
TIAA-CREF Funds:
Bond Index	$	470	$	2,652	$	297	$	(20	)	$	(192	)	$	30	$	2,611
Emerging Markets Equity Index		859		5,488		577		(89	)		(622	)		67		5,059
Equity Index		5,981		29,365		3,764		4			(2,214	)		208		29,226
International Equity Index		1,741		11,109		923		(72	)		(975	)		187		10,880
	$	9,051	$	48,614	$	5,561	$	(177	)	$	(4,003	)	$	492	$	47,776

102	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

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 year ended May 31, 2022, there were no inter-fund borrowing or lending transactions.

Note 8—line of credit

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

103

Report of independent registered public accounting firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of TIAA-CREF Lifecycle Index Retirement Income Fund, TIAA-CREF Lifecycle Index 2010 Fund, TIAA-CREF Lifecycle Index 2015 Fund, TIAA-CREF Lifecycle Index 2020 Fund, TIAA-CREF Lifecycle Index 2025 Fund, TIAA-CREF Lifecycle Index 2030 Fund, TIAA-CREF Lifecycle Index 2035 Fund, TIAA-CREF Lifecycle Index 2040 Fund, TIAA-CREF Lifecycle Index 2045 Fund, TIAA-CREF Lifecycle Index 2050 Fund, TIAA-CREF Lifecycle Index 2055 Fund, TIAA-CREF Lifecycle Index 2060 Fund, and TIAA-CREF Lifecycle Index 2065 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of TIAA-CREF Lifecycle Index Retirement Income Fund, TIAA-CREF Lifecycle Index 2010 Fund, TIAA-CREF Lifecycle Index 2015 Fund, TIAA-CREF Lifecycle Index 2020 Fund, TIAA-CREF Lifecycle Index 2025 Fund, TIAA-CREF Lifecycle Index 2030 Fund, TIAA-CREF Lifecycle Index 2035 Fund, TIAA-CREF Lifecycle Index 2040 Fund, TIAA-CREF Lifecycle Index 2045 Fund, TIAA-CREF Lifecycle Index 2050 Fund, TIAA-CREF Lifecycle Index 2055 Fund, TIAA-CREF Lifecycle Index 2060 Fund, and TIAA-CREF Lifecycle Index 2065 Fund (thirteen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of May 31, 2022, the related statements of operations for the year ended May 31, 2022, the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

TIAA-CREF Lifecycle Index Retirement Income Fund⁽¹⁾		TIAA-CREF Lifecycle Index 2040 Fund⁽¹⁾
TIAA-CREF Lifecycle Index 2010 Fund⁽¹⁾		TIAA-CREF Lifecycle Index 2045 Fund⁽¹⁾
TIAA-CREF Lifecycle Index 2015 Fund⁽¹⁾		TIAA-CREF Lifecycle Index 2050 Fund⁽¹⁾
TIAA-CREF Lifecycle Index 2020 Fund⁽¹⁾		TIAA-CREF Lifecycle Index 2055 Fund⁽¹⁾
TIAA-CREF Lifecycle Index 2025 Fund⁽¹⁾		TIAA-CREF Lifecycle Index 2060 Fund⁽¹⁾
TIAA-CREF Lifecycle Index 2030 Fund⁽¹⁾		TIAA-CREF Lifecycle Index 2065 Fund⁽²⁾
TIAA-CREF Lifecycle Index 2035 Fund⁽¹⁾

⁽¹⁾	Statement of changes in net assets for the years ended May 31, 2022 and 2021
⁽²⁾	Statement of changes in net assets for year ended May 31, 2022 and the period September 30, 2020 (commencement of operations) through May 31, 2021

104	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2022 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore Maryland
July 15, 2022

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

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

105

Important tax information (unaudited)

Long-term capital gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Fund	Net long-term capital gains
Lifecycle Index Retirement Income		$	11,512,904
Lifecycle Index 2010			15,258,938
Lifecycle Index 2015			34,692,773
Lifecycle Index 2020			97,500,380
Lifecycle Index 2025			93,030,371
Lifecycle Index 2030			51,502,146
Lifecycle Index 2035			21,845,355
Lifecycle Index 2040			14,633,031
Lifecycle Index 2045			5,466,672
Lifecycle Index 2050			2,132,615
Lifecycle Index 2055			851,451
Lifecycle Index 2060			275,109
Lifecycle Index 2065			1,582

Dividends received deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

Fund	Percentage
Lifecycle Index Retirement Income		13.4	%
Lifecycle Index 2010		11.5
Lifecycle Index 2015		14.8
Lifecycle Index 2020		16.3
Lifecycle Index 2025		19.0
Lifecycle Index 2030		20.0
Lifecycle Index 2035		21.4
Lifecycle Index 2040		22.3
Lifecycle Index 2045		27.4
Lifecycle Index 2050		30.2
Lifecycle Index 2055		34.4
Lifecycle Index 2060		36.4
Lifecycle Index 2065		35.5

106	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

Qualified dividend income (QDI)

Fund	Percentage
Lifecycle Index Retirement Income		25.6	%
Lifecycle Index 2010		22.0
Lifecycle Index 2015		28.3
Lifecycle Index 2020		31.2
Lifecycle Index 2025		36.2
Lifecycle Index 2030		38.2
Lifecycle Index 2035		40.7
Lifecycle Index 2040		42.4
Lifecycle Index 2045		52.2
Lifecycle Index 2050		57.7
Lifecycle Index 2055		65.7
Lifecycle Index 2060		69.5
Lifecycle Index 2065		67.9

Foreign source income and foreign tax credit pass through

Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

Fund	Foreign source income		Foreign source income per share		Qualifying foreign taxes paid		Qualifying foreign taxes paid per share
Lifecycle Index Retirement Income	$	1,974,375	$	0.05051	$	163,611	$	0.00419
Lifecycle Index 2010		2,068,954		0.05429		170,171		0.00447
Lifecycle Index 2015		4,115,367		0.06354		338,881		0.00523
Lifecycle Index 2020		12,857,065		0.07626		1,060,070		0.00629
Lifecycle Index 2025		23,700,846		0.09229		1,955,419		0.00761
Lifecycle Index 2030		31,560,231		0.11219		2,608,214		0.00927
Lifecycle Index 2035		33,744,907		0.13279		2,794,018		0.01100
Lifecycle Index 2040		38,564,890		0.15520		3,203,676		0.01289
Lifecycle Index 2045		31,953,397		0.17460		2,656,353		0.01451
Lifecycle Index 2050		27,280,106		0.18236		2,271,109		0.01518
Lifecycle Index 2055		14,180,578		0.14544		1,179,913		0.01210
Lifecycle Index 2060		6,078,473		0.10557		507,085		0.00881
Lifecycle Index 2065		189,293		0.04511		15,975		0.00381

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

107

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2022

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years and other relevant experience and qualifications	Number of Portfolios in Fund complex Overseen by Trustee	Other Directorship(s) held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	88	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans, Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	88	Board member, Lumina Foundation and Waterside School; Emeritus Board Member, Year-Up Puget Sound; Investment Advisory Committee Member, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (2020–2021). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).	88	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC;

108	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and of certain funds advised by American Beacon Advisors, Inc.	88	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	88	Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	88	Director, Build Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011; Chairman for term ending June 30, 2023. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	88	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

109

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2022

Trustees – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years and other relevant experience and qualifications	Number of Portfolios in Fund complex Overseen by Trustee	Other Directorship(s) held by Trustee
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.	88	Director, National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	88	Director, TheraTrue Inc.

110	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.
John L. Douglas TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Executive Vice President, Chief Legal, Risk and Compliance Officer	One-year term. Executive Vice President since 2021 and Chief Legal, Risk and Compliance Officer since 2022.	Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA, Executive Vice President, Chief Legal, Risk and Compliance Officer of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Senior Advisor to the CEO, and Senior Executive Vice President, Chief Advocacy & Oversight Officer, TIAA. Prior to joining TIAA, Mr. Douglas was a Partner at Davis Polk & Wardwell LLP.
W. Dave Dowrich TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Executive Vice President	One-year term. Executive Vice President since 2022.	Senior Executive Vice President and Chief Financial Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Dowrich served as Chief Financial Officer, International Businesses at Prudential Financial, Inc.

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

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Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2022

Officers – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Executive Vice President, Chief Administrative Officer of the Chief Operating Office, TIAA. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Executive Vice President, Chief Operating Officer, Nuveen, President and Chief Executive Officer of CREF and TIAA Separate Account VA-1; Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief Investment Officer, Nuveen; Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.
Colbert Narcisse TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1965	Executive Vice President	One-year term. Executive Vice President since 2022.	Senior Executive Vice President, Chief Product and Business Development Officer of TIAA. President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Executive Vice President of TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Executive Vice President and Head of Advisory and Corporate Solutions, TIAA. Prior to joining TIAA, Mr. Narcisse served as Managing Director and Head of International Wealth Management and Head of Traditional and Alternative Investment Products at Morgan Stanley.

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David G. Nason TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1970	Executive Vice President	One-year term. Executive Vice President since 2020.	Senior Executive Vice President, Chief Operating Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Fund Complex; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief People Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

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113

Approval of investment management agreement (unaudited)

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

Overview of the renewal process

114	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

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115

Approval of investment management agreement (unaudited)

Legal counsel for the Trustees also requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in the shareholder reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Funds’ operations and performance.

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continued

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

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117

Approval of investment management agreement (unaudited)

The nature, extent and quality of services

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

Investment performance

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continued

Cost and profitability

The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board also considered that Advisors had agreed to waive a portion of each Fund’s fees through at least September 30, 2022. The Board also acknowledged certain reimbursements of expenses above specified amounts undertaken by Advisors with respect to many of the Underlying Funds which, in turn, reduce the management fees charged to the Funds. The Board also recognized Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. The Board considered that Advisors had calculated that it incurred losses with respect to each Fund under the Agreement for the one-year period ended December 31, 2021.

Fees charged by other advisers

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119

Approval of investment management agreement (unaudited)

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

Economies of scale

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

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors provides similar investment management services to other investment companies. The Board noted that Advisors provides funds of funds management services to the TIAA-CREF Lifestyle Funds and the TIAA-CREF Life Balanced Fund, with annual management fee rates of 0.10% of average daily net assets, and the TIAA-CREF Managed Allocation Fund, for which Advisors receives no management fee. The Board also considered that Advisors also manages the TIAA-CREF Lifecycle Funds, which have the same fee structure as the Funds. The Board also discussed the performance of these other funds of funds while discussing the performance of the Funds. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by Advisors to its comparable clients.

Other benefits

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continued

affiliated underlying funds. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs. The Board concluded that other benefits to Advisors and its affiliates arising from the Agreement were reasonable in light of various relevant factors.

Fund-by-fund synopsis of factors

Lifecycle Index Retirement Income Fund

•

As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.052% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.

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121

Approval of investment management agreement (unaudited)

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

Lifecycle Index 2010 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.056% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate each ranked 2 out of 2 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 2nd, 2nd and 4th quintiles of its Expense Universe, respectively.
•	The Fund ranked 2 out of 2 funds, 1 out of 2 funds, 1 out of 2 funds and 1 out of 1 fund within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 1st, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

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continued

Lifecycle Index 2015 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.069% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate each ranked 2 out of 2 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 2nd, 2nd and 3rd quintiles of its Expense Universe, respectively.
•	The Fund ranked 1 out of 2 funds, 1 out of 2 funds, 1 out of 2 funds and 1 out of 1 fund within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 1st, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2020 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.079% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate ranked 2 out of 4 funds, 4 out of 4 funds and 2 out of 4 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 2nd, 3rd and 2nd quintiles of its Expense Universe, respectively.
•	The Fund ranked 2 out of 4 funds, 1 out of 4 funds, 1 out of 4 funds and 1 out of 1 fund within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.

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123

Approval of investment management agreement (unaudited)

•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2025 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.081% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate ranked 2 out of 5 funds, 5 out of 5 funds and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund ranked 2 out of 5 funds, 2 out of 5 funds, 2 out of 5 funds and 1 out of 2 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2030 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.082% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate ranked 2 out of 5 funds, 5 out of 5 funds and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.

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continued

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

Lifecycle Index 2035 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.083% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate ranked 2 out of 5 funds, 5 out of 5 funds and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund ranked 3 out of 5 funds, 2 out of 5 funds, 2 out of 5 funds and 1 out of 2 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 2nd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 4 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2040 Fund

•

As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.083% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.

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125

Approval of investment management agreement (unaudited)

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

Lifecycle Index 2045 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.082% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate ranked 2 out of 5 funds, 5 out of 5 funds and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund ranked 4 out of 5 funds, 1 out of 5 funds, 1 out of 5 funds and 1 out of 2 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

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continued

Lifecycle Index 2050 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.079% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate ranked 2 out of 5 funds, 5 out of 5 funds and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of its Expense Universe, respectively.
•	The Fund ranked 4 out of 5 funds, 1 out of 5 funds, 1 out of 5 funds and 1 out of 2 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 1st, 1st and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2055 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.073% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate ranked 2 out of 5 funds, 5 out of 5 funds and 2 out of 5 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate (including the waiver) were in the 1st, 4th and 1st quintiles of its Expense Universe, respectively.
•	The Fund ranked 4 out of 5 funds, 1 out of 5 funds, 1 out of 5 funds and 1 out of 2 funds within its Performance Group for the one-, three, five- and ten-year periods, respectively. The Fund was in the 3rd, 1st, 1st and 1st quintiles of its Performance Universe for the one-, three- five-, and ten-year periods, respectively.

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127

Approval of investment management agreement (unaudited)

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

Lifecycle Index 2060 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.049% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate ranked 2 out of 4 funds, 4 out of 4 funds and 2 out of 4 funds within its Expense Group, respectively. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 1st quintiles of its Expense Universe, respectively.
•	The Fund ranked 3 out of 4 funds, 1 out of 4 funds and 1 out of 4 funds within its Performance Group for the one-, three- and five-year periods, respectively. The Fund was in the 2nd, 1st and 1st quintiles of its Performance Universe for the one-, three- and five-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 5 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

Lifecycle Index 2065 Fund

•	As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund invests in the fee-waived Class W of the TIAA-CREF Underlying Funds and pays such expenses directly. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual asset allocation fee of 0.10% of average daily net assets as part of its management fee rate. As of December 31, 2021, the Fund’s effective management fee rate was 0.000% of average daily net assets, which includes the effect of a voluntary waiver provided by Advisors extending through September 30, 2022.
•	The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate each ranked 1 out of 3 funds within its Expense Group. The Fund’s total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.

128	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

•	The Fund ranked 2 out of 3 funds within its Performance Group for each of the one-year and since inception periods. The Fund was in the 2nd and 3rd quintiles of its Performance Universe for each of the one-year and since inception periods, respectively.
•	The Fund is too new to have received an Overall Morningstar Rating.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned in the aggregate with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

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

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

129

Liquidity risk management program (unaudited)

Discussion of the operation and effectiveness of the Funds’ liquidity risk management program

130	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

131

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

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.

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

132	2022 Annual Report ■ TIAA-CREF Lifecycle Index Funds

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

TIAA-CREF Lifecycle Index Funds ■ 2022 Annual Report

133

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How to reach us

Websites

TIAA.org
nuveen.com

Automated telephone service

800-842-2252
24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday

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.

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	TIAA-CREF Funds	May 31, 2022

TIAA-CREF
Lifestyle Funds

The annual report contains the audited financial statements.

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

Annual
Report

Contents

Understanding this report		3
Letter to investors		4
Information for investors		6
About the funds’ benchmarks		7
Important information about expenses		9
Investment results of the Lifestyle Funds		16
Fund performance
Lifestyle Income Fund		18
Lifestyle Conservative Fund		20
Lifestyle Moderate Fund		22
Lifestyle Growth Fund		24
Lifestyle Aggressive Growth Fund		26

Portfolios of investments		28
Audited financial statements
Statements of assets and liabilities		34
Statements of operations		36
Statements of changes in net assets		38
Financial highlights		46
Notes to financial statements		56

Report of independent registered public accounting firm		67
Important tax information		69
Trustees and officers		70
Approval of investment management agreement		76
Liquidity risk management program		86
Additional information about index providers		88
How to reach us	Inside back cover

Understanding this report

This annual report contains information about certain TIAA-CREF Funds and describes their results for the twelve months ended May 31, 2022. The report contains four main sections:

•	A letter from Brad Finkle, Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
•	The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market index.
•	The portfolios of investments list the underlying funds in which each fund had investments as of May 31, 2022.
•	The financial statements provide detailed information about the operations and financial condition of each fund.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Letter to investors

Global financial markets produced negative results for the twelve months ended May 31, 2022. As inflationary pressures persisted, the Federal Reserve responded by raising short-term interest rates in March and May, and indicated that further increases were likely. U.S. equities lost ground as the economy contracted in the first quarter of 2022—the first negative quarter since 2020. A widening trade gap and lower government spending contributed to the slowdown, but spending by consumers and businesses remained strong. Foreign stocks also posted losses, with emerging markets falling more than international developed markets. U.S. fixed-income securities declined as U.S. Treasury yields rose across all 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 declined for the period and underperformed their respective composite benchmarks. (All fund returns are for the Institutional Class.)
•	Returns for the Institutional Class ranged from –6.6% for the Lifestyle Income Fund to –10.3% for the Lifestyle Aggressive Growth Fund.

Both stocks and bonds posted losses

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 24 emerging-markets countries, returned –12.5% in U.S.-dollar terms. Despite widespread market losses, the economies in the 19-nation euro area grew at a moderate rate in the fourth quarter of 2021 and the first quarter of 2022. Among developing markets, the Chinese economy continued to expand at a solid pace through the first quarter of 2022.

4	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Brad Finkle

Planning for an unpredictable future

The challenge of planning for the future always lies in its inherent uncertainty. As a result, we believe that a prudent strategy is to stay invested in a diversified portfolio that includes multiple asset classes. 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 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

Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Information for investors

Portfolio holdings

The complete portfolios of investments for the Lifestyle Funds begin on page 28 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

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	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

About the funds’ benchmarks

Composite benchmarks

Each Lifestyle Fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include U.S. equity (stocks), international equity (foreign stocks), fixed income and short-term fixed income. A fund’s composite benchmark may combine the following public indexes in proportions that reflect the fund’s target market sector allocations:

•	The Russell 3000^® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
•	The MSCI ACWI ex USA Investable Market Index (IMI) (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries. The index is a free-float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States.
•	The 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.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

About the funds’ benchmarks

8	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Important information about expenses

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2021–May 31, 2022).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifestyle Funds Institutional Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Income Fund actual return		$ 1,000.00			$ 931.04			$ 0.48			$ 2.07
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.17
Conservative Fund actual return		1,000.00			913.93			0.48			2.34
5% annual hypothetical return		1,000.00			1,024.43			0.50			2.47
Moderate Fund actual return		1,000.00			895.88			0.43			2.55
5% annual hypothetical return		1,000.00			1,024.48			0.45			2.72
Growth Fund actual return		1,000.00			892.36			0.28			2.59
5% annual hypothetical return		1,000.00			1,024.63			0.30			2.77
Aggressive Growth Fund actual return		1,000.00			888.49			0.14			2.68
5% annual hypothetical return		1,000.00			1,024.78			0.15			2.87

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. 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, 0.09% for the Moderate Fund, 0.06% for the Growth Fund and 0.03% 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 0.43% for the Income Fund, 0.49% for the Conservative Fund, 0.54% for the Moderate Fund, 0.55% for the Growth Fund and 0.57% for the Aggressive Growth Fund.

10	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifestyle Funds Advisor Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Income Fund actual return		$ 1,000.00			$ 930.69			$ 0.72			$ 2.31
5% annual hypothetical return		1,000.00			1,024.18			0.76			2.42
Conservative Fund actual return		1,000.00			913.37			0.95			2.81
5% annual hypothetical return		1,000.00			1,023.93			1.01			2.97
Moderate Fund actual return		1,000.00			896.07			0.85			2.93
5% annual hypothetical return		1,000.00			1,024.03			0.91			3.13
Growth Fund actual return		1,000.00			892.04			0.71			3.02
5% annual hypothetical return		1,000.00			1,024.18			0.76			3.23
Aggressive Growth Fund actual return		1,000.00			888.11			0.52			3.06
5% annual hypothetical return		1,000.00			1,024.38			0.56			3.28

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.15% for the Income Fund, 0.20% for the Conservative Fund, 0.18% for the Moderate Fund, 0.15% for the Growth Fund and 0.11% 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 0.48% for the Income Fund, 0.59% for the Conservative Fund, 0.62% for the Moderate Fund, 0.64% for the Growth Fund and 0.65% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifestyle Funds Premier Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Income Fund actual return		$ 1,000.00			$ 930.39			$ 1.20			$ 2.79
5% annual hypothetical return		1,000.00			1,023.68			1.26			2.92
Conservative Fund actual return		1,000.00			912.52			1.19			3.05
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.23
Moderate Fund actual return		1,000.00			896.01			1.18			3.31
5% annual hypothetical return		1,000.00			1,023.68			1.26			3.53
Growth Fund actual return		1,000.00			893.16			0.99			3.35
5% annual hypothetical return		1,000.00			1,023.88			1.06			3.58
Aggressive Growth Fund actual return		1,000.00			887.81			0.85			3.44
5% annual hypothetical return		1,000.00			1,024.03			0.91			3.68

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. 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, 0.21% for the Growth Fund and 0.18% 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 0.58% for the Income Fund, 0.64% for the Conservative Fund, 0.70% for the Moderate Fund, 0.71% for the Growth Fund and 0.73% for the Aggressive Growth Fund.

12	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifestyle Funds Retirement Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Income Fund actual return		$ 1,000.00			$ 929.79			$ 1.68			$ 3.27
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.43
Conservative Fund actual return		1,000.00			913.25			1.67			3.53
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.73
Moderate Fund actual return		1,000.00			895.15			1.61			3.73
5% annual hypothetical return		1,000.00			1,023.24			1.72			3.98
Growth Fund actual return		1,000.00			891.24			1.46			3.82
5% annual hypothetical return		1,000.00			1,023.39			1.56			4.08
Aggressive Growth Fund actual return		1,000.00			887.51			1.27			3.86
5% annual hypothetical return		1,000.00			1,023.59			1.36			4.13

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. 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, 0.34% for the Moderate Fund, 0.31% for the Growth Fund and 0.27% 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 0.68% for the Income Fund, 0.74% for the Conservative Fund, 0.79% for the Moderate Fund, 0.81% for the Growth Fund and 0.82% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Important information about expenses

Expense examples

Six months ended May 31, 2022

Lifestyle Funds Retail Class	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Income Fund actual return		$ 1,000.00			$ 929.93			$ 1.54			$ 3.13
5% annual hypothetical return		1,000.00			1,023.34			1.61			3.28
Conservative Fund actual return		1,000.00			912.60			1.62			3.48
5% annual hypothetical return		1,000.00			1,023.24			1.72			3.68
Moderate Fund actual return		1,000.00			895.07			1.65			3.73
5% annual hypothetical return		1,000.00			1,023.19			1.77			3.98
Growth Fund actual return		1,000.00			891.22			1.46			3.82
5% annual hypothetical return		1,000.00			1,023.39			1.56			4.08
Aggressive Growth Fund actual return		1,000.00			886.93			1.32			3.90
5% annual hypothetical return		1,000.00			1,023.54			1.41			4.18

“Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. 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 0.32% for the Income Fund, 0.34% for the Conservative Fund, 0.35% for the Moderate Fund, 0.31% for the Growth Fund and 0.28% 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 0.65% for the Income Fund, 0.73% for the Conservative Fund, 0.79% for the Moderate Fund, 0.81% for the Growth Fund and 0.83% for the Aggressive Growth Fund.

14	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

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TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Investment results of the Lifestyle Funds

Performance for the twelve months ended May 31, 2022

All five of the Lifestyle Funds posted losses for the twelve-month period and underperformed their respective composite benchmarks. Institutional Class returns ranged from –6.56% for the Lifestyle Income Fund to –10.32% 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 0.85 of a percentage point for the Lifestyle Income Fund to 3.77 percentage points for the Lifestyle Aggressive Growth Fund. (All results for the Lifestyle Funds are for the Institutional Class.)

Financial markets generally declined in a difficult environment

The U.S. economy expanded early in the period before contracting in the first quarter of 2022. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at annualized rates of 2.3% and 6.9%, respectively, in the third and fourth quarters of 2021. However, GDP contracted at an annualized rate of 1.5% in the first quarter of 2022, according to the government’s “second” estimate. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. Unemployment declined throughout the period, falling from 5.9% in June 2021 to 3.6% in May 2022. Core inflation, which measures all items except food and energy, rose 6.0% over the twelve months ended May 31, 2022. Oil prices increased sharply, climbing from nearly $68 per barrel to more than $114 by the end of the period.

16	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Equity funds posted largest losses

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, the Nuveen Growth Opportunities ETF and the Nuveen International Growth Fund, all funds mentioned below are TIAA-CREF Funds.)

For the twelve months, equity funds generally recorded negative results and detracted most from 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 Fund and the Quant Small-Cap Equity Fund declined most. Among foreign stock funds, all posted double-digit losses, with the Emerging Markets Equity Fund declining the most. Within fixed income, the Core Bond Fund and the Core Plus Bond Fund were the worst performers. (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 Growth Opportunities ETF and the Growth & Income Fund also hurt the funds’ relative performance. In contrast, the Nuveen Dividend Growth Fund, the Quant Small/Mid-Cap Equity Fund and the Quant Small-Cap Equity Fund contributed most to the relative performance of all Lifestyle Funds.

In the foreign stock category, the Nuveen International Growth Fund detracted most from the Lifestyle Funds’ relative performance, followed by the International Opportunities Fund. However, these negative effects were partly offset by the relative outperformance of the Quant International Small-Cap Equity 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 ■ 2022 Annual Report

Lifestyle Income Fund

Performance as of May 31, 2022

Lifestyle Income Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	12/9/11		–6.56	%		3.06	%		3.84	%		0.62	%		0.43	%
Advisor Class	12/4/15		–6.55			3.03			3.82	^†		0.70			0.51
Premier Class	12/9/11		–6.61			2.91			3.68			0.78			0.58
Retirement Class	12/9/11		–6.71			2.81			3.57			0.87			0.68
Retail Class	12/9/11		–6.73			2.78			3.56			0.90			0.72
Lifestyle Income Fund Composite Index^‡	—		–5.71			3.16			3.54			—			—
Broad market index
Morningstar Conservative Target Risk Index	—		–7.76			2.96			3.28			—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual 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 May 31, 2022, 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.

18	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Income Fund

$2,000,000 over 10 years

Institutional Class

Asset allocation

	% of net assets as of 5/31/22
Equity
U.S. equity		12.91
International equity		7.05
Fixed income
Fixed income		39.99
Short-term fixed income		40.01
Other assets & liabilities, net		0.04
Total		100.00

Target allocation

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Lifestyle Conservative Fund

Performance as of May 31, 2022

Lifestyle Conservative Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	12/9/11		–7.99	%		4.66	%		5.84	%		0.56	%		0.49	%
Advisor Class	12/4/15		–8.09			4.55			5.79	^†		0.65			0.59
Premier Class	12/9/11		–8.14			4.48			5.68			0.71			0.64
Retirement Class	12/9/11		–8.17			4.39			5.58			0.80			0.74
Retail Class	12/9/11		–8.25			4.37			5.55			0.83			0.76
Lifestyle Conservative Fund Composite Index^‡	—		–6.36			5.04			5.71			—			—
Broad market index
Morningstar Moderately Conservative Target Risk Index	—		–7.46			4.84			5.46			—			—

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 May 31, 2022, 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.

20	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Conservative Fund

$2,000,000 over 10 years

Institutional Class

Asset allocation

	% of net assets as of 5/31/22
Equity
U.S. equity		25.84
International equity		14.09
Fixed income
Fixed income		39.97
Short-term fixed income		20.01
Other assets & liabilities, net		0.09
Total		100.00

Target allocation

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Lifestyle Moderate Fund

Performance as of May 31, 2022

Lifestyle Moderate Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	12/9/11		–9.58	%		6.18	%		7.81	%		0.60	%		0.55	%
Advisor Class	12/4/15		–9.60			6.10			7.77	^†		0.68			0.63
Premier Class	12/9/11		–9.64			6.01			7.66			0.76			0.70
Retirement Class	12/9/11		–9.77			5.90			7.55			0.85			0.80
Retail Class	12/9/11		–9.78			5.89			7.52			0.87			0.82
Lifestyle Moderate Fund Composite Index^‡	—		–7.08			6.85			7.84			—			—
Broad market index
Morningstar Moderate Target Risk Index	—		–7.42			6.32			7.27			—			—

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 May 31, 2022, the Lifestyle Moderate Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000^®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.

22	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Moderate Fund

$2,000,000 over 10 years

Institutional Class

Asset allocation

	% of net assets as of 5/31/22
Equity
U.S. equity		38.76
International equity		21.14
Fixed income		40.03
Other assets & liabilities, net		0.07
Total		100.00

Target allocation

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Lifestyle Growth Fund

Performance as of May 31, 2022

Lifestyle Growth Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	12/9/11		–9.96	%		7.54	%		9.48	%		0.68	%		0.60	%
Advisor Class	12/4/15		–10.00			7.47			9.43	^†		0.76			0.68
Premier Class	12/9/11		–9.93			7.42			9.32			0.83			0.75
Retirement Class	12/9/11		–10.12			7.29			9.20			0.93			0.85
Retail Class	12/9/11		–10.17			7.25			9.16			0.96			0.88
Lifestyle Growth Fund Composite Index^‡	—		–6.79			8.58			9.81			—			—
Broad market index
Morningstar Moderately Aggressive Target Risk Index	—		–7.44			7.72			9.03			—			—

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

*	The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual 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 May 31, 2022, 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.

24	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Growth Fund

$2,000,000 over 10 years

Institutional Class

Asset allocation

	% of net assets as of 5/31/22
Equity
U.S. equity		51.67
International equity		28.22
Fixed income		20.03
Other assets & liabilities, net		0.08
Total		100.00

Target allocation

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Lifestyle Aggressive Growth Fund

Performance as of May 31, 2022

Lifestyle Aggressive Growth Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	12/9/11		–10.32	%		8.96	%		11.13	%		0.76	%		0.65	%
Advisor Class	12/4/15		–10.40			8.89			11.09	^†		0.85			0.74
Premier Class	12/9/11		–10.43			8.79			10.98			0.92			0.80
Retirement Class	12/9/11		–10.54			8.69			10.86			1.00			0.90
Retail Class	12/9/11		–10.59			8.64			10.79			1.05			0.95
Lifestyle Aggressive Growth Fund Composite Index^‡	—		–6.55			10.23			11.72			—			—
Broad market index
Morningstar Aggressive Target Risk Index	—		–7.15			8.72			10.33			—			—

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 May 31, 2022, 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.

26	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Aggressive Growth Fund

$2,000,000 over 10 years

Institutional Class

Asset allocation

	% of net assets as of 5/31/22
Equity
U.S. equity		64.70
International equity		35.30
Other assets & liabilities, net		—
Total		100.00

Target allocation

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Portfolio of investments

Lifestyle Income Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—100.0%^a
FIXED INCOME—40.0%
	1,907,894	TIAA-CREF Core Bond Fund		$	18,258,549		20.0	%
	1,903,396	TIAA-CREF Core Plus Bond Fund			18,272,601		20.0
		TOTAL FIXED INCOME			36,531,150		40.0
INTERNATIONAL EQUITY—7.1%
	31,252	Nuveen International Growth Fund			1,371,667		1.5
	97,409	TIAA-CREF Emerging Markets Equity Fund			793,884		0.9
	161,282	TIAA-CREF International Equity Fund			1,967,643		2.2
	96,167	TIAA-CREF International Opportunities Fund			1,378,074		1.5
	89,382	TIAA-CREF Quant International Small-Cap Equity Fund			924,211		1.0
		TOTAL INTERNATIONAL EQUITY			6,435,479		7.1
SHORT-TERM FIXED INCOME—40.0%
	3,640,917	TIAA-CREF Short-Term Bond Fund			36,554,807		40.0
		TOTAL SHORT-TERM FIXED INCOME			36,554,807		40.0
U.S. EQUITY—12.9%
	32,121	Nuveen Dividend Growth Fund			1,691,815		1.9
	128,894	Nuveen Dividend Value Fund			1,912,791		2.1
	89,995	Nuveen Growth Opportunities ETF			1,775,601		1.9
	116,475	TIAA-CREF Growth & Income Fund			1,684,223		1.8
	98,485	TIAA-CREF Large-Cap Growth Fund			1,779,629		2.0
	94,173	TIAA-CREF Large-Cap Value Fund			1,924,904		2.1
	28,617	TIAA-CREF Quant Small-Cap Equity Fund			467,896		0.5
	42,092	TIAA-CREF Quant Small/Mid-Cap Equity Fund			561,079		0.6
		TOTAL U.S. EQUITY			11,797,938		12.9
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $94,923,553)		91,319,374		100.0

		TOTAL PORTFOLIO	(Cost $94,923,553)		91,319,374		100.0
		OTHER ASSETS & LIABILITIES, NET			40,997		0.0
		NET ASSETS		$	91,360,371		100.0	%

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.

2022 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments

Lifestyle Conservative Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—40.0%
	3,560,893	TIAA-CREF Core Bond Fund		$	34,077,744		10.0	%
	10,660,441	TIAA-CREF Core Plus Bond Fund			102,340,233		30.0
		TOTAL FIXED INCOME			136,417,977		40.0
INTERNATIONAL EQUITY—14.1%
	233,759	Nuveen International Growth Fund			10,259,696		3.0
	731,881	TIAA-CREF Emerging Markets Equity Fund			5,964,830		1.8
	1,202,491	TIAA-CREF International Equity Fund			14,670,393		4.3
	717,872	TIAA-CREF International Opportunities Fund			10,287,111		3.0
	670,062	TIAA-CREF Quant International Small-Cap Equity Fund			6,928,444		2.0
		TOTAL INTERNATIONAL EQUITY			48,110,474		14.1
SHORT-TERM FIXED INCOME—20.0%
	6,804,195	TIAA-CREF Short-Term Bond Fund			68,314,118		20.0
		TOTAL SHORT-TERM FIXED INCOME			68,314,118		20.0
U.S. EQUITY—25.8%
	239,147	Nuveen Dividend Growth Fund			12,595,850		3.7
	966,645	Nuveen Dividend Value Fund			14,345,007		4.2
	674,433	Nuveen Growth Opportunities ETF			13,306,563		3.9
	873,993	TIAA-CREF Growth & Income Fund			12,637,942		3.7
	736,362	TIAA-CREF Large-Cap Growth Fund			13,306,055		3.9
	703,233	TIAA-CREF Large-Cap Value Fund			14,374,090		4.2
	213,562	TIAA-CREF Quant Small-Cap Equity Fund			3,491,731		1.0
	313,623	TIAA-CREF Quant Small/Mid-Cap Equity Fund			4,180,591		1.2
		TOTAL U.S. EQUITY			88,237,829		25.8
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $350,494,495)		341,080,398		99.9

		TOTAL PORTFOLIO	(Cost $350,494,495)		341,080,398		99.9
		OTHER ASSETS & LIABILITIES, NET			268,260		0.1
		NET ASSETS		$	341,348,658		100.0	%

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 ■ 2022 Annual Report

Portfolio of investments

Lifestyle Moderate Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—40.0%
	23,728,716	TIAA-CREF Core Plus Bond Fund		$	227,795,677		40.0	%
		TOTAL FIXED INCOME			227,795,677		40.0
INTERNATIONAL EQUITY—21.1%
	586,497	Nuveen International Growth Fund			25,741,337		4.5
	1,818,759	TIAA-CREF Emerging Markets Equity Fund			14,822,888		2.6
	3,009,816	TIAA-CREF International Equity Fund			36,719,759		6.5
	1,796,783	TIAA-CREF International Opportunities Fund			25,747,900		4.5
	1,666,821	TIAA-CREF Quant International Small-Cap Equity Fund			17,234,930		3.0
		TOTAL INTERNATIONAL EQUITY			120,266,814		21.1
U.S. EQUITY—38.8%
	596,208	Nuveen Dividend Growth Fund			31,402,256		5.5
	2,418,431	Nuveen Dividend Value Fund			35,889,510		6.3
	1,686,381	Nuveen Growth Opportunities ETF			33,272,297		5.9
	2,185,548	TIAA-CREF Growth & Income Fund			31,603,028		5.6
	1,841,934	TIAA-CREF Large-Cap Growth Fund			33,283,739		5.9
	1,759,216	TIAA-CREF Large-Cap Value Fund			35,958,371		6.3
	534,056	TIAA-CREF Quant Small-Cap Equity Fund			8,731,821		1.5
	780,415	TIAA-CREF Quant Small/Mid-Cap Equity Fund			10,402,929		1.8
		TOTAL U.S. EQUITY			220,543,951		38.8
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $577,638,891)		568,606,442		99.9

		TOTAL PORTFOLIO	(Cost $577,638,891)		568,606,442		99.9
		OTHER ASSETS & LIABILITIES, NET			425,786		0.1
		NET ASSETS		$	569,032,228		100.0	%

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.

2022 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments

Lifestyle Growth Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—20.0%
	6,248,498	TIAA-CREF Core Plus Bond Fund		$	59,985,579		20.0	%
		TOTAL FIXED INCOME			59,985,579		20.0
INTERNATIONAL EQUITY—28.2%
	412,146	Nuveen International Growth Fund			18,089,087		6.0
	1,278,290	TIAA-CREF Emerging Markets Equity Fund			10,418,066		3.5
	2,112,468	TIAA-CREF International Equity Fund			25,772,104		8.6
	1,264,422	TIAA-CREF International Opportunities Fund			18,119,170		6.1
	1,170,808	TIAA-CREF Quant International Small-Cap Equity Fund			12,106,152		4.0
		TOTAL INTERNATIONAL EQUITY			84,504,579		28.2
U.S. EQUITY—51.7%
	417,193	Nuveen Dividend Growth Fund			21,973,571		7.3
	1,698,097	Nuveen Dividend Value Fund			25,199,756		8.4
	1,186,162	Nuveen Growth Opportunities ETF			23,402,976		7.8
	1,533,285	TIAA-CREF Growth & Income Fund			22,171,305		7.4
	1,290,745	TIAA-CREF Large-Cap Growth Fund			23,323,753		7.8
	1,234,695	TIAA-CREF Large-Cap Value Fund			25,237,174		8.4
	375,134	TIAA-CREF Quant Small-Cap Equity Fund			6,133,438		2.1
	548,425	TIAA-CREF Quant Small/Mid-Cap Equity Fund			7,310,502		2.5
		TOTAL U.S. EQUITY			154,752,475		51.7
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $298,509,811)		299,242,633		99.9

		TOTAL PORTFOLIO	(Cost $298,509,811)		299,242,633		99.9
		OTHER ASSETS & LIABILITIES, NET			225,958		0.1
		NET ASSETS		$	299,468,591		100.0	%

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 ■ 2022 Annual Report

Portfolio of investments

Lifestyle Aggressive Growth Fund ■ May 31, 2022

Shares		Security		Value			% of net assets
AFFILIATED INVESTMENT COMPANIES—100.0%^a
INTERNATIONAL EQUITY—35.3%
	377,038	Nuveen International Growth Fund		$	16,548,191			7.5	%
	1,169,776	TIAA-CREF Emerging Markets Equity Fund			9,533,672			4.3
	1,940,605	TIAA-CREF International Equity Fund			23,675,384			10.8
	1,155,193	TIAA-CREF International Opportunities Fund			16,553,918			7.6
	1,074,310	TIAA-CREF Quant International Small-Cap Equity Fund			11,108,368			5.1
		TOTAL INTERNATIONAL EQUITY			77,419,533			35.3
U.S. EQUITY—64.7%
	385,261	Nuveen Dividend Growth Fund			20,291,697			9.2
	1,556,354	Nuveen Dividend Value Fund			23,096,290			10.5
	1,083,663	Nuveen Growth Opportunities ETF			21,380,671			9.7
	1,407,382	TIAA-CREF Growth & Income Fund			20,350,737			9.3
	1,184,301	TIAA-CREF Large-Cap Growth Fund			21,400,319			9.8
	1,128,423	TIAA-CREF Large-Cap Value Fund			23,064,960			10.5
	344,304	TIAA-CREF Quant Small-Cap Equity Fund			5,629,363			2.6
	503,487	TIAA-CREF Quant Small/Mid-Cap Equity Fund			6,711,483			3.1
		TOTAL U.S. EQUITY			141,925,520			64.7
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $215,457,365)		219,345,053			100.0

		TOTAL PORTFOLIO	(Cost $215,457,365)		219,345,053			100.0
		OTHER ASSETS & LIABILITIES, NET			(2,812	)		(0.0	)
		NET ASSETS		$	219,342,241			100.0	%

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.

2022 Annual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Statements of assets & liabilities

TIAA-CREF Lifestyle Funds ■ May 31, 2022

				Lifestyle							Lifestyle
	Lifestyle			Conservative			Lifestyle		Lifestyle		Aggressive
	Income Fund			Fund			Moderate Fund		Growth Fund		Growth Fund
ASSETS
Affiliated investments, at value^‡	$	91,319,374		$	341,080,398		$	568,606,442	$	299,242,633	$	219,345,053
Cash		—			809,586			253,062		267,234		218,369
Receivable from securities transactions		89,902			219,173			718,715		482,878		333,037
Receivable from Fund shares sold		10,540			138,452			160,215		84,085		64,836
Dividends receivable		173,329			499,501			592,389		155,820		—
Due from affiliates		9,248			13,103			36,964		36,350		19,535
Other		4,204			11,713			17,658		8,625		6,080
Total assets		91,606,597			342,771,926			570,385,445		300,277,625		219,986,910
LIABILITIES
Management fees payable		7,737			28,643			47,704		24,975		18,166
Service agreement fees payable		4,335			12,433			25,702		12,606		12,601
Distribution fees payable		11,719			47,287			76,866		39,712		22,009
Due to affiliates		10,944			11,720			12,440		11,601		11,347
Overdraft payable		4,877			—			—		—		—
Payable for securities transactions		160,221			1,168,123			972,926		599,228		330,501
Payable for Fund shares redeemed		36,419			123,374			165,367		91,358		226,098
Payable for trustee compensation		4,180			11,583			17,360		8,530		6,017
Accrued expenses and other payables		5,794			20,105			34,852		21,024		17,930
Total liabilities		246,226			1,423,268			1,353,217		809,034		644,669
NET ASSETS	$	91,360,371		$	341,348,658		$	569,032,228	$	299,468,591	$	219,342,241
NET ASSETS CONSIST OF:
Paid-in-capital	$	94,751,749		$	344,652,329		$	562,203,156	$	288,994,369	$	206,338,961
Total distributable earnings (loss)		(3,391,378	)		(3,303,671	)		6,829,072		10,474,222		13,003,280
NET ASSETS	$	91,360,371		$	341,348,658		$	569,032,228	$	299,468,591	$	219,342,241
INSTITUTIONAL CLASS:
Net assets	$	15,246,835		$	55,791,407		$	76,453,334	$	47,024,147	$	50,496,941
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,430,977			4,571,088			5,563,353		3,064,891		2,965,423
Net asset value per share	$	10.65		$	12.21		$	13.74	$	15.34	$	17.03
ADVISOR CLASS:
Net assets	$	119,551		$	3,876,299		$	10,895,477	$	5,138,298	$	6,247,866
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		11,223			317,666			793,111		335,238		366,872
Net asset value per share	$	10.65		$	12.20		$	13.74	$	15.33	$	17.03
PREMIER CLASS:
Net assets	$	349,270		$	262,206		$	275,529	$	315,582	$	341,525
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		32,762			21,479			20,000		20,552		20,000
Net asset value per share	$	10.66		$	12.21		$	13.78	$	15.36	$	17.08
RETIREMENT CLASS:
Net assets	$	20,442,559		$	56,686,203		$	114,335,153	$	56,946,060	$	56,151,504
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,920,858			4,651,621			8,334,726		3,730,307		3,313,210
Net asset value per share	$	10.64		$	12.19		$	13.72	$	15.27	$	16.95
RETAIL CLASS:
Net assets	$	55,202,156		$	224,732,543		$	367,072,735	$	190,044,504	$	106,104,405
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,186,913			18,450,413			26,773,720		12,468,305		6,273,036
Net asset value per share	$	10.64		$	12.18		$	13.71	$	15.24	$	16.91
^‡ Affiliated investments, cost	$	94,923,553		$	350,494,495		$	577,638,891	$	298,509,811	$	215,457,365


34	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	35

Statements of operations

TIAA-CREF Lifestyle Funds ■ For the year ended May 31, 2022

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

INVESTMENT INCOME
Dividends from affiliated investments	$	1,888,429		$	6,928,858		$	11,517,820		$	5,293,369		$	3,327,469
Total income		1,888,429			6,928,858			11,517,820			5,293,369			3,327,469

EXPENSES
Management fees		100,898			374,496			630,668			333,358			245,586
Shareholder servicing – Institutional Class		455			1,409			639			642			1,234
Shareholder servicing – Advisor Class		66			5,197			10,429			5,666			7,579
Shareholder servicing – Premier Class		58			73			58			66			49
Shareholder servicing – Retirement Class		61,714			154,431			309,956			151,853			161,351
Shareholder servicing – Retail Class		20,315			50,620			81,845			57,088			50,718
Distribution fees – Premier Class		546			1,086			966			2,802			608
Distribution fees – Retail Class		147,582			615,300			1,017,538			531,691			298,908
Registration fees		77,899			84,277			89,240			78,983			78,862
Administrative service fees		55,308			59,240			62,925			58,660			57,407
Trustee fees and expenses		993			3,667			6,236			3,297			2,422
Other expenses		64,128			78,522			85,184			70,137			73,856
Total expenses		529,962			1,428,318			2,295,684			1,294,243			978,580
Less: Expenses reimbursed by the investment adviser		(198,009	)		(225,571	)		(262,761	)		(290,577	)		(361,945	)
Fee waiver by investment adviser and Nuveen Securities		(19,820	)		(39,481	)		(32,045	)		(25,017	)		(19,650	)
Net expenses		312,133			1,163,266			2,000,878			978,649			596,985

Net investment income (loss)		1,576,296			5,765,592			9,516,942			4,314,720			2,730,484

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		395,430			4,761,834			12,435,312			9,021,257			6,648,999
Realized gain (loss) from sale of unaffiliated investments		—			—			—			—			17,767
Realized gain distributions from affiliated investments		1,814,162			12,243,919			29,840,073			19,383,939			17,093,111
Net realized gain (loss) from investments		2,209,592			17,005,753			42,275,385			28,405,196			23,759,877
Net change in unrealized appreciation (depreciation) from affiliated investments		(10,696,141	)		(54,077,906	)		(114,633,540	)		(67,414,056	)		(52,907,742	)
Net realized and unrealized gain (loss) from investments		(8,486,549	)		(37,072,153	)		(72,358,155	)		(39,008,860	)		(29,147,865	)
Net increase (decrease) in net assets from operations	$	(6,910,253	)	$	(31,306,561	)	$	(62,841,213	)	$	(34,694,140	)	$	(26,417,381	)


36	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	37

Statements of changes in net assets

TIAA-CREF Lifestyle Funds ■ For the year ended

		Lifestyle Income Fund						Lifestyle Conservative Fund						Lifestyle Moderate Fund
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021

OPERATIONS
Net investment income (loss)		$	1,576,296		$	1,303,532		$	5,765,592		$	4,678,933		$	9,516,942		$	7,660,536
Net realized gain (loss) from investments			2,209,592			3,743,680			17,005,753			21,135,264			42,275,385			48,001,637
Net change in unrealized appreciation (depreciation) from affiliated investments			(10,696,141	)		3,544,521			(54,077,906	)		29,481,343			(114,633,540	)		76,880,654
Net increase (decrease) in net assets from operations			(6,910,253	)		8,591,733			(31,306,561	)		55,295,540			(62,841,213	)		132,542,827

DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(836,728	)		(427,252	)		(4,431,319	)		(1,992,675	)		(8,103,346	)		(3,642,954	)
	Advisor Class		(6,307	)		(4,121	)		(339,685	)		(322,458	)		(1,171,871	)		(733,146	)
	Premier Class		(17,464	)		(11,719	)		(52,692	)		(32,907	)		(61,004	)		(34,762	)
	Retirement Class		(1,157,098	)		(773,711	)		(4,185,093	)		(2,464,691	)		(11,237,327	)		(5,988,959	)
	Retail Class		(2,756,387	)		(1,833,065	)		(16,856,416	)		(9,960,005	)		(36,277,173	)		(19,898,063	)
Total distributions			(4,773,984	)		(3,049,868	)		(25,865,205	)		(14,772,736	)		(56,850,721	)		(30,297,884	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		4,263,659			11,740,958			23,362,833			39,283,272			26,123,926			59,135,882
	Advisor Class		—			16,008			473,505			924,621			931,203			1,450,139
	Premier Class		24,522			22,871			1,854			1,849			—			—
	Retirement Class		2,357,343			8,824,223			8,891,734			12,591,347			19,396,801			14,594,049
	Retail Class		9,519,545			8,401,620			31,346,297			28,522,800			42,046,707			33,062,718
Reinvestments of distributions:	Institutional Class		835,911			426,579			4,430,324			1,991,976			8,101,844			3,642,068
	Advisor Class		958			130			312,471			300,444			1,138,162			703,866
	Premier Class		6,308			3,608			33,362			20,492			31,451			17,483
	Retirement Class		1,156,553			773,317			4,184,140			2,464,030			11,235,866			5,988,110
	Retail Class		2,697,330			1,786,314			16,437,360			9,682,138			35,444,015			19,414,934
Redemptions:	Institutional Class		(3,384,411	)		(5,564,950	)		(15,936,143	)		(27,525,400	)		(18,516,305	)		(49,057,996	)
	Advisor Class		—			—			(3,384,957	)		(1,532,103	)		(2,549,794	)		(3,918,131	)
	Premier Class		—			—			(431,738	)		(3,558	)		(319,497	)		(826	)
	Retirement Class		(6,421,522	)		(4,600,573	)		(10,126,408	)		(4,878,768	)		(13,879,667	)		(12,889,828	)
	Retail Class		(8,204,860	)		(6,466,973	)		(30,066,499	)		(27,554,449	)		(44,191,047	)		(40,690,105	)
Net increase (decrease) from shareholder transactions			2,851,336			15,363,132			29,528,135			34,288,691			64,993,665			31,452,363
Net increase (decrease) in net assets			(8,832,901	)		20,904,997			(27,643,631	)		74,811,495			(54,698,269	)		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		$	91,360,371		$	100,193,272		$	341,348,658		$	368,992,289		$	569,032,228		$	623,730,497


38	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	39

Statements of changes in net assets

continued

TIAA-CREF Lifestyle Funds ■ For the year ended

		Lifestyle Income Fund						Lifestyle Conservative Fund						Lifestyle Moderate Fund
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		361,498			998,197			1,671,625			2,849,607			1,583,711			3,714,237
	Advisor Class		—			1,366			34,696			68,305			58,233			92,621
	Premier Class		2,109			1,948			135			136			—			—
	Retirement Class		203,018			750,041			664,895			924,631			1,212,420			959,969
	Retail Class		812,775			715,344			2,275,778			2,091,802			2,642,992			2,097,629
Shares reinvested:	Institutional Class		72,451			36,471			328,770			146,803			523,566			235,023
	Advisor Class		83			11			23,156			22,152			73,543			45,461
	Premier Class		547			308			2,472			1,509			2,028			1,125
	Retirement Class		100,314			66,176			310,828			181,659			727,459			386,540
	Retail Class		234,085			152,817			1,222,242			714,563			2,296,349			1,254,035
Shares redeemed:	Institutional Class		(299,059	)		(472,175	)		(1,178,318	)		(2,000,061	)		(1,185,849	)		(3,070,275	)
	Advisor Class		—			—			(240,150	)		(112,355	)		(161,424	)		(252,998	)
	Premier Class		—			—			(35,378	)		(263	)		(23,228	)		(53	)
	Retirement Class		(568,567	)		(390,892	)		(753,489	)		(361,252	)		(893,057	)		(828,902	)
	Retail Class		(714,785	)		(551,745	)		(2,250,452	)		(2,027,385	)		(2,831,103	)		(2,630,036	)
Net increase (decrease) from shareholder transactions			204,469			1,307,867			2,076,810			2,499,851			4,025,640			2,004,376


40	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	41

Statements of changes in net assets

continued

TIAA-CREF Lifestyle Funds ■ For the year ended

		Lifestyle Growth Fund						Lifestyle Aggressive Growth Fund
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021

OPERATIONS
Net investment income (loss)		$	4,314,720		$	3,159,185		$	2,730,484		$	1,678,533
Net realized gain (loss) from investments			28,405,196			28,508,884			23,759,877			21,677,204
Net change in unrealized appreciation (depreciation) from affiliated investments			(67,414,056	)		54,177,879			(52,907,742	)		47,534,325
Net increase (decrease) in net assets from operations			(34,694,140	)		85,845,948			(26,417,381	)		70,890,062

DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(5,355,950	)		(2,455,260	)		(5,778,488	)		(1,920,530	)
	Advisor Class		(694,923	)		(554,493	)		(989,824	)		(448,551	)
	Premier Class		(205,101	)		(100,977	)		(46,479	)		(20,795	)
	Retirement Class		(6,371,554	)		(3,004,778	)		(7,035,640	)		(2,865,671	)
	Retail Class		(21,994,766	)		(11,319,326	)		(13,194,207	)		(5,277,511	)
Total distributions			(34,622,294	)		(17,434,834	)		(27,044,638	)		(10,533,058	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		12,980,353			27,347,896			22,751,702			21,912,076
	Advisor Class		598,661			665,627			898,962			768,249
	Premier Class		82,521			248,456			—			—
	Retirement Class		12,450,340			10,155,112			7,448,262			11,885,468
	Retail Class		19,945,763			16,934,283			15,244,543			10,570,580
Reinvestments of distributions:	Institutional Class		5,328,047			2,454,427			5,776,132			1,919,463
	Advisor Class		510,525			437,229			548,325			251,697
	Premier Class		166,262			79,238			—			—
	Retirement Class		6,369,630			3,003,707			7,020,358			2,856,907
	Retail Class		21,770,984			11,172,649			12,973,531			5,217,620
Redemptions:	Institutional Class		(9,118,197	)		(24,541,484	)		(12,126,619	)		(14,978,368	)
	Advisor Class		(2,681,582	)		(4,170,543	)		(2,551,515	)		(1,453,916	)
	Premier Class		(1,545,777	)		(53,082	)		—			(889	)
	Retirement Class		(8,175,321	)		(8,298,491	)		(10,209,697	)		(8,052,833	)
	Retail Class		(20,166,846	)		(22,460,424	)		(14,044,120	)		(12,455,733	)
Net increase (decrease) from shareholder transactions			38,515,363			12,974,600			33,729,864			18,440,321
Net increase (decrease) in net assets			(30,801,071	)		81,385,714			(19,732,155	)		78,797,325

NET ASSETS
Beginning of period			330,269,662			248,883,948			239,074,396			160,277,071
End of period		$	299,468,591		$	330,269,662		$	219,342,241		$	239,074,396


42	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	43

Statements of changes in net assets

concluded

TIAA-CREF Lifestyle Funds ■ For the year ended

		Lifestyle Growth Fund						Lifestyle Aggressive Growth Fund
		May 31, 2022			May 31, 2021			May 31, 2022			May 31, 2021

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		718,957			1,530,465			1,119,149			1,131,984
	Advisor Class		35,763			38,117			46,946			40,697
	Premier Class		4,633			13,630			—			—
	Retirement Class		686,408			583,370			365,593			623,284
	Retail Class		1,088,075			965,753			749,628			554,398
Shares reinvested:	Institutional Class		308,336			142,533			299,592			101,828
	Advisor Class		29,561			25,406			28,425			13,345
	Premier Class		9,622			4,598			—			—
	Retirement Class		370,112			175,041			365,454			152,044
	Retail Class		1,267,228			651,847			676,762			278,125
Shares redeemed:	Institutional Class		(513,704	)		(1,406,655	)		(607,525	)		(782,424	)
	Advisor Class		(150,710	)		(239,820	)		(138,272	)		(77,673	)
	Premier Class		(100,267	)		(2,878	)		—			(50	)
	Retirement Class		(460,999	)		(480,635	)		(510,140	)		(435,841	)
	Retail Class		(1,156,887	)		(1,322,215	)		(719,021	)		(685,883	)
Net increase (decrease) from shareholder transactions			2,136,128			678,557			1,676,591			913,834


44	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	45

Financial highlights

TIAA-CREF Lifestyle Funds

		Selected per share data																									Ratios and supplemental data
				Gain (loss) from investment operations
							Net realized																							Ratios to average net assets
	For the	Net asset		Net			and unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period 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
LIFESTYLE INCOME FUND
Institutional Class:	5/31/22		$11.97		$0.21			$(0.96	)		$(0.75	)		$(0.25	)		$(0.32	)		$(0.57	)		$10.65		(6.56	)%		$15,247			0.30	%		0.10	%		1.78	%		20	%
	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
Advisor Class:	5/31/22		11.96		0.20			(0.95	)		(0.75	)		(0.24	)		(0.32	)		(0.56	)		10.65		(6.55	)		120			0.35			0.15			1.72			20
	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
Premier Class:	5/31/22		11.98		0.19			(0.96	)		(0.77	)		(0.23	)		(0.32	)		(0.55	)		10.66		(6.61	)		349			0.46			0.25			1.63			20
	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
Retirement Class:	5/31/22		11.96		0.18			(0.96	)		(0.78	)		(0.22	)		(0.32	)		(0.54	)		10.64		(6.71	)		20,443			0.55			0.35			1.51			20
	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
Retail Class:	5/31/22		11.96		0.18			(0.96	)		(0.78	)		(0.22	)		(0.32	)		(0.54	)		10.64		(6.73	)		55,202			0.58			0.35			1.52			20
	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


46	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	47

Financial highlights

continued

TIAA-CREF Lifestyle Funds

		Selected per share data																									Ratios and supplemental data
				Gain (loss) from investment operations
							Net realized						Less distributions from																	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:	5/31/22		$14.25		$0.24			$(1.29	)		$(1.05	)		$(0.36	)		$(0.63	)		$(0.99	)		$12.21		(7.99	)%		$ 55,791			0.16	%		0.10	%		1.77	%		21	%
	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
Advisor Class:	5/31/22		14.25		0.22			(1.30	)		(1.08	)		(0.34	)		(0.63	)		(0.97	)		12.20		(8.09	)		3,876			0.26			0.20			1.62			20
	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
Premier Class:	5/31/22		14.26		0.22			(1.30	)		(1.08	)		(0.34	)		(0.63	)		(0.97	)		12.21		(8.14	)		262			0.32			0.25			1.60			20
	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
Retirement Class:	5/31/22		14.23		0.20			(1.29	)		(1.09	)		(0.32	)		(0.63	)		(0.95	)		12.19		(8.17	)		56,686			0.41			0.35			1.50			20
	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
Retail Class:	5/31/22		14.22		0.20			(1.29	)		(1.09	)		(0.32	)		(0.63	)		(0.95	)		12.18		(8.25	)		224,733			0.43			0.36			1.49			20
	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


48	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	49

Financial highlights

continued

TIAA-CREF Lifestyle Funds

		Selected per share data																									Ratios and supplemental data
				Gain (loss) from investment operations
							Net realized						Less distributions from																	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:	5/31/22		$16.68		$0.28			$(1.71	)		$(1.43	)		$(0.49	)		$(1.02	)		$(1.51	)		$13.74		(9.58	)%		$ 76,453			0.14	%		0.10	%		1.75	%		21	%
	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
Advisor Class:	5/31/22		16.67		0.26			(1.70	)		(1.44	)		(0.47	)		(1.02	)		(1.49	)		13.74		(9.60	)		10,895			0.22			0.18			1.64			21
	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
Premier Class:	5/31/22		16.72		0.26			(1.72	)		(1.46	)		(0.46	)		(1.02	)		(1.48	)		13.78		(9.64	)		276			0.30			0.25			1.60			21
	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
Retirement Class:	5/31/22		16.65		0.23			(1.70	)		(1.47	)		(0.44	)		(1.02	)		(1.46	)		13.72		(9.77	)		114,335			0.39			0.35			1.48			21
	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
Retail Class:	5/31/22		16.64		0.23			(1.70	)		(1.47	)		(0.44	)		(1.02	)		(1.46	)		13.71		(9.78	)		367,073			0.41			0.36			1.46			21
	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


50	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	51

Financial highlights

continued

TIAA-CREF Lifestyle Funds

		Selected per share data																									Ratios and supplemental data
				Gain (loss) from investment operations
							Net realized						Less distributions from																	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:	5/31/22		$18.98		$0.27			$(1.94	)		$(1.67	)		$(0.62	)		$(1.35	)		$(1.97	)		$15.34		(9.96	)%		$ 47,024			0.16	%		0.08	%		1.50	%		26	%
	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
Advisor Class:	5/31/22		18.96		0.26			(1.94	)		(1.68	)		(0.60	)		(1.35	)		(1.95	)		15.33		(10.00	)		5,138			0.25			0.16			1.44			26
	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
Premier Class:	5/31/22		18.97		0.26			(1.93	)		(1.67	)		(0.59	)		(1.35	)		(1.94	)		15.36		(9.93	)		316			0.32			0.23			1.41			26
	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
Retirement Class:	5/31/22		18.90		0.22			(1.93	)		(1.71	)		(0.57	)		(1.35	)		(1.92	)		15.27		(10.12	)		56,946			0.41			0.33			1.26			26
	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
Retail Class:	5/31/22		18.87		0.22			(1.94	)		(1.72	)		(0.56	)		(1.35	)		(1.91	)		15.24		(10.17	)		190,045			0.44			0.34			1.25			26
	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


52	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	53

Financial highlights

concluded

TIAA-CREF Lifestyle Funds

		Selected per share data																									Ratios and supplemental data
				Gain (loss) from investment operations
							Net realized						Less distributions from																	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:	5/31/22		$21.32		$0.26			$(2.19	)		$(1.93	)		$(0.70	)		$(1.66	)		$(2.36	)		$17.03		(10.32	)%		$50,497			0.19	%		0.04	%		1.28	%		30	%
	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
Advisor Class:	5/31/22		21.32		0.26			(2.21	)		(1.95	)		(0.68	)		(1.66	)		(2.34	)		17.03		(10.40	)		6,248			0.28			0.13			1.28			30
	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
Premier Class:	5/31/22		21.37		0.24			(2.20	)		(1.96	)		(0.67	)		(1.66	)		(2.33	)		17.08		(10.43	)		342			0.35			0.20			1.21			30
	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
Retirement Class:	5/31/22		21.23		0.22			(2.19	)		(1.97	)		(0.65	)		(1.66	)		(2.31	)		16.95		(10.54	)		56,152			0.44			0.29			1.08			30
	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
Retail Class:	5/31/22		21.19		0.21			(2.19	)		(1.98	)		(0.64	)		(1.66	)		(2.30	)		16.91		(10.59	)		106,104			0.48			0.32			1.04			30
	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

^a	Based on average shares outstanding.
^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.


54	2022 Annual Report ■ TIAA-CREF Lifestyle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifestyle Funds ■ 2022 Annual Report	55

Notes to financial statements

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.

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.

56	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Notes to financial statements

Note 3—valuation of investments

•	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:

58	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

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 May 31, 2022, all of the investments in the Funds were valued based on Level 1 inputs.

Note 4—investments

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended May 31, 2022 were as follows (dollar amounts are in thousands):

Fund	Non-U.S. government purchases		Non-U.S. government sales
Lifestyle Income	$	21,566	$	19,916
Lifestyle Conservative		99,040		77,220
Lifestyle Moderate		181,704		134,111
Lifestyle Growth		112,972		85,337
Lifestyle Aggressive Growth		100,767		74,172

Note 5—income tax information

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, investments in underlying funds, and tax equalization. Temporary and permanent differences have no impact on a Fund’s net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation)of all investments for federal income tax purposes was as follows (dollar amounts are in thousands):

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Notes to financial statements

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Lifestyle Income	$	96,351	$	1,708	$	(6,740	)	$	(5,032	)
Lifestyle Conservative		356,656		11,869		(27,444	)		(15,575	)
Lifestyle Moderate		587,984		29,231		(48,609	)		(19,378	)
Lifestyle Growth		304,782		19,435		(24,974	)		(5,539	)
Lifestyle Aggressive Growth		220,707		16,545		(17,907	)		(1,362	)

As of year end, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation		)	Capital loss carryforwards		Late-year loss deferrals		Other book-to-tax differences			Total
Lifestyle Income	$	300,019	$	1,344,620	$	(5,031,813	)	$	—	$	—	$	(4,204	)	$	(3,391,378	)
Lifestyle Conservative		2,767,836		9,515,473		(15,575,267	)		—		—		(11,713	)		(3,303,671	)
Lifestyle Moderate		2,853,928		23,370,267		(19,377,598	)		—		—		(17,525	)		6,829,072
Lifestyle Growth		1,340,437		14,681,846		(5,539,436	)		—		—		(8,625	)		10,474,222
Lifestyle Aggressive Growth		2,132,467		12,238,447		(1,361,554	)		—		—		(6,080	)		13,003,280

The tax character of distributions paid were as follows:

	5/31/2022				5/31/2021
Fund		Ordinary income		Long-term capital gains		Ordinary income		Long-term capital gains
Lifestyle Income	$	2,024,504	$	2,749,480	$	1,752,910	$	1,296,958
Lifestyle Conservative		9,127,147		16,738,058		6,911,296		7,861,440
Lifestyle Moderate		18,156,687		38,694,034		12,508,904		17,788,980
Lifestyle Growth		10,977,768		23,644,526		6,110,621		11,324,213
Lifestyle Aggressive Growth		8,598,770		18,445,868		4,718,204		5,814,854

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.

60	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

maintenance of Retirement Class shares on retirement plan or other platforms. Substantially, all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.

Under the terms of 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. As of May 31, 2022, 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			0.055	^a	0.250		0.250		0.350		0.490
Lifestyle Growth		0.100			0.010	^b	0.250		0.250		0.350		0.490
Lifestyle Aggressive Growth		0.100			0.050	^c	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 May 1, 2022, Advisors agreed to voluntarily waive a portion of the expense cap for the Lifestyle Moderate 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 May 1, 2022, the expense cap was 0.100% for Institutional Class.
^b	Effective May 1, 2022, 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 May 1, 2022, the expense cap was 0.070% for Institutional Class.
^c	Effective May 1, 2022, 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 May 1, 2022, the expense cap was 0.020% for Institutional Class.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Notes to financial statements

the year ended May 31, 2022, the Funds did not engage in security transactions with affiliated entities.

Investments in other investment companies advised by Advisors and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. The Funds invest their assets in 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 5/31/22
Lifestyle Income Fund
Nuveen Funds:
Dividend Growth	$	1,974	$	498	$	798	$	105		$	(41	)	$	28		$	1,692
Dividend Value		2,218		587		723		232			(252	)		34			1,913
Growth Opportunities ETF		—		2,451		135		(21	)		(519	)		—	^		1,776
International Growth		1,306		740		240		16			(413	)		11			1,372
TIAA-CREF Funds:
Core Bond		19,971		3,049		2,461		(74	)		(2,143	)		414			18,259
Core Plus Bond		19,971		3,154		2,300		138			(2,408	)		510			18,272
Emerging Markets Equity		803		708		263		75			(381	)		35			794
Growth & Income		1,977		666		547		394			(491	)		16			1,683
International Equity		1,818		934		431		6			(359	)		63			1,968
International Opportunities		1,302		827		320		100			(426	)		15			1,378
Large-Cap Growth		2,142		786		539		229			(623	)		3			1,779
Large-Cap Growth Index		2,137		95		2,570		586			(248	)		—			—
Large-Cap Value		2,216		541		674		253			(266	)		27			1,925
Quant International Small-Cap Equity		862		407		172		19			(159	)		33			924
Quant Small-Cap Equity		626		223		227		126			(183	)		3			468
Quant Small/Mid-Cap Equity		717		244		255		141			(177	)		7			561
Short-Term Bond		39,931		5,656		7,261		(115	)		(1,607	)		689			36,555
	$	99,971	$	21,566	$	19,916	$	2,210		$	(10,696	)	$	1,888		$	91,319

62	2022 Annual 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 5/31/22
Lifestyle Conservative Fund
Nuveen Funds:
Dividend Growth	$	14,587	$	2,891	$	4,982	$	701		$	(254	)	$	204	$	12,596
Dividend Value		16,358		3,701		4,421		1,414			(1,599	)		250		14,345
Growth Opportunities ETF		—		18,012		666		(81	)		(3,958	)		1		13,307
International Growth		9,657		5,082		1,258		170			(3,120	)		77		10,260
TIAA-CREF Funds:
Core Bond		36,762		5,829		4,257		(106	)		(3,995	)		770		34,078
Core Plus Bond		110,287		16,944		10,709		929			(13,537	)		2,842		102,339
Emerging Markets Equity		5,884		5,066		1,619		507			(2,758	)		267		5,965
Growth & Income		14,536		4,471		3,288		2,980			(3,723	)		120		12,638
International Equity		13,352		5,898		1,906		(5	)		(2,669	)		467		14,670
International Opportunities		9,655		5,538		1,686		796			(3,232	)		109		10,287
Large-Cap Growth		15,777		4,829		2,739		1,731			(4,689	)		24		13,306
Large-Cap Growth Index		15,748		443		18,703		4,320			(1,808	)		—		—
Large-Cap Value		16,288		3,208		3,916		1,793			(1,920	)		204		14,374
Quant International Small-Cap Equity		6,315		2,680		762		153			(1,213	)		243		6,928
Quant Small-Cap Equity		4,606		1,492		1,448		908			(1,344	)		22		3,492
Quant Small/Mid-Cap Equity		5,278		1,535		1,547		1,021			(1,294	)		50		4,181
Short-Term Bond		73,487		11,421		13,313		(225	)		(2,965	)		1,279		68,314
	$	368,577	$	99,040	$	77,220	$	17,006		$	(54,078	)	$	6,929	$	341,080

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Notes to financial statements

Issue	Value at 5/31/21		Purchases cost		Sales proceeds		Realized gain (loss		)	Change in unrealized appreciation (depreciation		)	Dividend income		Value at 5/31/22
Lifestyle Moderate Fund
Nuveen Funds:
Dividend Growth	$	36,728	$	5,499	$	10,994	$	1,607		$	(559	)	$	515	$	31,402
Dividend Value		41,377		6,046		8,196		3,220			(3,758	)		630		35,890
Growth Opportunities ETF		—		44,732		1,239		(140	)		(10,081	)		2		33,272
International Growth		24,379		11,084		1,536		573			(8,074	)		197		25,741
TIAA-CREF Funds:
Core Plus Bond		248,274		41,282		29,932		1,806			(30,102	)		6,383		227,796
Emerging Markets Equity		14,934		11,633		3,177		1,530			(7,290	)		673		14,823
Growth & Income		36,924		8,349		5,790		7,154			(9,136	)		304		31,603
International Equity		33,994		12,847		3,337		(93	)		(6,691	)		1,178		36,720
International Opportunities		24,339		12,002		2,419		2,044			(8,239	)		276		25,748
Large-Cap Growth		40,021		10,233		5,401		4,332			(11,855	)		54		33,284
Large-Cap Growth Index		39,877		440		46,628		10,855			(4,544	)		—		—
Large-Cap Value		41,367		5,603		7,921		4,267			(4,630	)		515		35,957
Quant International Small-Cap Equity		15,984		6,281		1,728		348			(3,037	)		608		17,235
Quant Small-Cap Equity		11,656		2,881		2,836		2,265			(3,409	)		56		8,732
Quant Small/Mid-Cap Equity		13,363		2,791		2,981		2,507			(3,229	)		127		10,403
	$	623,217	$	181,703	$	134,115	$	42,275		$	(114,634	)	$	11,518	$	568,606

64	2022 Annual 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 5/31/22
Lifestyle Growth Fund
Nuveen Funds:
Dividend Growth	$	25,886	$	4,296	$	8,289	$	1,091		$	(386	)	$	364	$	21,974
Dividend Value		29,175		4,818		6,427		2,179			(2,585	)		445		25,200
Growth Opportunities ETF		—		31,317		657		(86	)		(7,171	)		1		23,403
International Growth		17,207		7,857		1,171		414			(5,738	)		138		18,089
TIAA-CREF Funds:
Core Plus Bond		65,636		13,435		10,651		313			(7,818	)		1,686		59,986
Emerging Markets Equity		10,546		8,154		2,269		1,069			(5,125	)		469		10,418
Growth & Income		26,016		5,811		4,086		5,053			(6,485	)		214		22,171
International Equity		23,986		9,155		2,525		(138	)		(4,706	)		826		25,772
International Opportunities		17,172		8,370		1,629		1,536			(5,939	)		194		18,119
Large-Cap Growth		28,192		6,440		3,105		2,932			(8,297	)		38		23,324
Large-Cap Growth Index		28,143		508		33,086		7,566			(3,131	)		—		—
Large-Cap Value		29,167		4,044		5,765		2,881			(3,176	)		362		25,237
Quant International Small-Cap Equity		11,230		4,572		1,339		223			(2,149	)		428		12,106
Quant Small-Cap Equity		8,213		2,207		2,193		1,609			(2,422	)		39		6,133
Quant Small/Mid-Cap Equity		9,432		1,987		2,145		1,763			(2,286	)		89		7,311
	$	330,001	$	112,971	$	85,337	$	28,405		$	(67,414	)	$	5,293	$	299,243
Lifestyle Aggressive Growth Fund
Nuveen Funds:
Dividend Growth	$	23,459	$	3,996	$	7,211	$	880		$	(248	)	$	332	$	20,292
Dividend Value		26,380		4,880		5,968		1,910			(2,295	)		407		23,096
Growth Opportunities ETF		—		28,937		905		(95	)		(6,556	)		1		21,381
International Growth		15,519		7,375		980		318			(5,242	)		126		16,548
TIAA-CREF Funds:
Emerging Markets Equity		9,548		7,827		2,261		817			(4,584	)		435		9,534
Growth & Income		23,527		5,869		3,897		4,293			(5,605	)		197		20,351
International Equity		21,647		8,979		2,497		(144	)		(4,310	)		763		23,675
International Opportunities		15,511		8,086		1,678		1,088			(5,171	)		179		16,555
Large-Cap Growth		25,482		7,245		3,721		2,447			(7,427	)		35		21,400
Large-Cap Growth Index		25,426		1,163		30,639		6,734			(2,684	)		—		—
Large-Cap Value		26,333		4,048		5,266		2,419			(2,691	)		336		23,065
Quant International Small-Cap Equity		10,197		4,254		1,165		198			(1,976	)		397		11,108
Quant Small-Cap Equity		7,422		1,996		1,855		1,320			(2,067	)		36		5,629
Quant Small/Mid-Cap Equity		8,540		1,899		1,897		1,557			(2,052	)		83		6,711
	$	238,991	$	96,554	$	69,940	$	23,742		$	(52,908	)	$	3,327	$	219,345

^	Some amounts represent less than $1,000.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Notes to financial statements

concluded

Note 7—inter-fund lending program

Note 8—line of credit

66	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Report of independent registered public accounting firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of TIAA-CREF Lifestyle Income Fund, TIAA-CREF Lifestyle Conservative Fund, TIAA-CREF Lifestyle Moderate Fund, TIAA-CREF Lifestyle Growth Fund, and TIAA-CREF Lifestyle Aggressive Growth Fund (five of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of May 31, 2022, the related statements of operations for the year ended May 31, 2022, the statements of changes in net assets for each of the two years in the period ended May 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2022 and each of the financial highlights for each of the five years in the period ended May 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Report of independent registered public accounting firm

concluded

transfer agent or custodian. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore Maryland
July 15, 2022

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

68	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Important tax information (unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax adviser with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-term capital gains

Fund	Net long-term capital gains
Lifestyle Income	$	2,870,377
Lifestyle Conservative		17,641,460
Lifestyle Moderate		40,360,229
Lifestyle Growth		24,639,906
Lifestyle Aggressive Growth		19,620,620

Dividends received deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

Fund	Percentage
Lifestyle Income		6.8	%
Lifestyle Conservative		10.9
Lifestyle Moderate		13.4
Lifestyle Growth		16.0
Lifestyle Aggressive Growth		18.8

Qualified dividend income (QDI)

Fund	Percentage
Lifestyle Income		12.5	%
Lifestyle Conservative		19.3
Lifestyle Moderate		24.7
Lifestyle Growth		29.5
Lifestyle Aggressive Growth		34.7

Foreign source income and foreign tax credit pass through

Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

Fund	Foreign source income		Foreign source income per share		Qualifying foreign taxes paid		Qualifying foreign taxes paid per share
Lifestyle Income	$	105,850	$	0.01233	$	14,149	$	0.00165
Lifestyle Conservative		765,490		0.02733		105,822		0.00378
Lifestyle Moderate		1,894,803		0.04567		266,477		0.00642
Lifestyle Growth		1,314,697		0.06701		186,674		0.00951
Lifestyle Aggressive Growth		1,193,287		0.09223		172,619		0.01334

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2022

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years and other relevant experience and qualifications	Number of Portfolios in Fund complex Overseen by Trustee	Other Directorship(s) held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	88	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans, Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	88	Board member, Lumina Foundation and Waterside School; Emeritus Board Member, Year-Up Puget Sound; Investment Advisory Committee Member, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005– 2007). Vice President, American Economic Association (2020–2021). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).	88	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC;

70	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and of certain funds advised by American Beacon Advisors, Inc.	88	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	88	Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	88	Director, Build Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011; Chairman for term ending June 30, 2023. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	88	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2022

Trustees – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years and other relevant experience and qualifications	Number of Portfolios in Fund complex Overseen by Trustee	Other Directorship(s) held by Trustee
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.	88	Director, National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	88	Director, TheraTrue Inc.

72	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.
John L. Douglas TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Executive Vice President, Chief Legal, Risk and Compliance Officer	One-year term. Executive Vice President since 2021 and Chief Legal, Risk and Compliance Officer since 2022.	Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA, Executive Vice President, Chief Legal, Risk and Compliance Officer of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Senior Advisor to the CEO, and Senior Executive Vice President, Chief Advocacy & Oversight Officer, TIAA. Prior to joining TIAA, Mr. Douglas was a Partner at Davis Polk & Wardwell LLP.
W. Dave Dowrich TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Executive Vice President	One-year term. Executive Vice President since 2022.	Senior Executive Vice President and Chief Financial Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Dowrich served as Chief Financial Officer, International Businesses at Prudential Financial, Inc.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2022

Officers – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Executive Vice President, Chief Administrative Officer of the Chief Operating Office, TIAA. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Executive Vice President, Chief Operating Officer, Nuveen, President and Chief Executive Officer of CREF and TIAA Separate Account VA-1; Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief Investment Officer, Nuveen; Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.
Colbert Narcisse TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1965	Executive Vice President	One-year term. Executive Vice President since 2022.	Senior Executive Vice President, Chief Product and Business Development Officer of TIAA. President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Executive Vice President of TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Executive Vice President and Head of Advisory and Corporate Solutions, TIAA. Prior to joining TIAA, Mr. Narcisse served as Managing Director and Head of International Wealth Management and Head of Traditional and Alternative Investment Products at Morgan Stanley.

74	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

David G. Nason TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1970	Executive Vice President	One-year term. Executive Vice President since 2020.	Senior Executive Vice President, Chief Operating Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Fund Complex; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief People Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Approval of investment management agreement (unaudited)

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

Overview of the renewal process

76	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

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

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Approval of investment management agreement (unaudited)

Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in the shareholder reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Funds’ operations and performance.

78	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

anticipated to be realized as the Fund grows; (6) how such economies of scale are shared with the Fund for the benefit of its investors, such as, if applicable, through management fee breakpoints; (7) comparisons, if applicable, of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

The nature, extent and quality of services

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Approval of investment management agreement (unaudited)

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

The Board, as well as its Committees, considered reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and consider, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

Investment performance

80	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2021. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board also acknowledged certain fee waivers and reimbursements of expenses above specified amounts undertaken by Advisors with respect to many of the Underlying Funds which, in turn, reduce the expenses of the Funds. The Board also recognized Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. The Board considered that Advisors had calculated that it incurred losses with respect to each Fund under the Agreement for the one-year period ended December 31, 2021. The Board also considered that, in the aggregate, Advisors had generated indirect earnings with respect to the Funds’ investment in Underlying Funds also managed by Advisors.

Fees charged by other advisers

The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds. In this regard, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of similar mutual funds. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Approval of investment management agreement (unaudited)

Economies of scale

The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund, and whether any such economies are shared with the Funds. The Board also considered that because Advisors operated each Fund at a loss, there had been little opportunity to pass on economies of scale to Fund shareholders. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors provides similar investment management services to other investment companies. The Board noted that Advisors provides funds of funds management services to the TIAA-CREF Life Balanced Fund, with an annual management fee rate of 0.10% of average daily net assets, and the TIAA-CREF Managed Allocation Fund, for which Advisors receives no management fee. The Board also considered that Advisors also manages the TIAA-CREF Lifecycle and Lifecycle Index Funds, which have a different expense structure where both the fund of fund fees and the underlying fund fees are charged to the funds of funds directly. The Board also discussed the performance of these other funds of funds while discussing the performance of the Funds. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by Advisors to its comparable clients.

Other benefits

The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Funds share investment resources and/or personnel with other clients of Advisors and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Advisors and/or its affiliates also may benefit to the extent that the Funds add scale to the TIAA-CREF Underlying Funds or other affiliated underlying funds. Also, Advisers and its affiliates earn fees on the Funds’ investments in other affiliated products, such as Nuveen Funds. Additionally, the Funds may be utilized as investment options for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their

82	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

continued

relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs. The Board concluded that other benefits to Advisors and its affiliates arising from the Agreement were reasonable in light of various relevant factors.

Fund-by-fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Retail Class of each Fund. Because the Retail Class generally has higher non-management expenses than the other classes of these Funds, the expenses and performance of these other classes will differ from the expenses and performance shown for the Retail Class. All time periods referenced below are ended December 31, 2021. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2021. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2021 under the Agreement.

Lifestyle Aggressive Growth Fund

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

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Approval of investment management agreement (unaudited)

Lifestyle Growth Fund

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

Lifestyle Moderate Fund

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

Lifestyle Conservative Fund

•	The Fund’s annual contractual management fee rate is 0.10% of average daily net assets.
•	The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were each in the 1st quintile of its Expense Group. The Fund’s total expense ratio, actual management fee rate and contractual management fee rate were in the 1st, 1st and 2nd quintiles of its Expense Universe, respectively.

84	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

concluded

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

Lifestyle Income Fund

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

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

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Liquidity risk management program (unaudited)

Discussion of the operation and effectiveness of the Funds’ liquidity risk management program

86	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

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.

88	2022 Annual Report ■ TIAA-CREF Lifestyle Funds

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.

TIAA-CREF Lifestyle Funds ■ 2022 Annual Report

[This page intentionally left blank.]

How to reach us

Websites

TIAA.org

nuveen.com

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

730 Third Avenue
New York, NY 10017-3206

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TIAA

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	TIAA-CREF Funds	May 31, 2022

TIAA-CREF
Managed Allocation Fund

The annual report contains the audited financial statements.

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

Annual
Report

Contents

Understanding this report		3
Letter to investors		4
Information for investors		6
About the Fund’s benchmarks		7
Important information about expenses		8
Fund performance
Managed Allocation Fund		10
Portfolio of investments		14
Audited financial statements
Statement of assets and liabilities		15
Statement of operations		16
Statements of changes in net assets		17
Financial highlights		18
Notes to financial statements		20
Report of independent registered public accounting firm		27
Important tax information		29
Trustees and officers		30
Approval of investment management agreement		36
Liquidity risk management program		43
Additional information about index providers		45

How to reach us	Inside back cover

Understanding this report

This annual report contains information about the Managed Allocation Fund and describes the Fund’s results for the twelve months ended May 31, 2022. The report contains four main sections:

	•	A letter from Brad Finkle, Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds.
	•	The Fund performance section compares the Fund’s investment returns with those of its composite benchmark and broad market index.
	•	The portfolio of investments lists the underlying funds in which the Fund had investments as of May 31, 2022.
	•	The financial statements provide detailed information about the operations and financial condition of the Fund.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our 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 ■ 2022 Annual Report

Letter to investors

Global financial markets produced negative results for the twelve months ended May 31, 2022. As inflationary pressures persisted, the Federal Reserve responded by raising short-term interest rates in March and May, and indicated that further increases were likely. U.S. equities lost ground as the economy contracted in the first quarter of 2022—the first negative quarter since 2020. A widening trade gap and lower government spending contributed to the slowdown, but spending by consumers and businesses remained strong. Foreign stocks also posted losses, with emerging markets falling more than international developed markets. U.S. fixed-income securities declined as U.S. Treasury yields rose across all 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 returned –9.5%, trailing the –7.1% return of its composite benchmark.
	•	Relative underperformance of the Fund’s underlying funds, across asset classes, detracted from its return.

Both stocks and bonds posted losses

4	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

Planning for an unpredictable future

The challenge of planning for the future always lies in its inherent uncertainty. As a result, we believe that a prudent strategy is to stay invested in a diversified portfolio that includes multiple asset classes. 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 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

Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds

Brad Finkle

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Information for investors

Portfolio holdings

The complete portfolio of investments for the Managed Allocation Fund appears on page 14 of this report. You can obtain a complete list of the holdings of the Managed Allocation Fund and of the underlying 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

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	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

About the Fund’s benchmarks

Composite benchmark

The Managed Allocation Fund uses a composite benchmark that combines the following public indexes in proportions that reflect the Fund’s target market sector allocations:

	•	The Russell 3000^® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
	•	The MSCI ACWI ex USA Investable Market Index (IMI) (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 24 emerging-markets countries. The index is a free-float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States.
	•	The 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.

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Important information about expenses

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

The expense example that appears in this report is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the Fund would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2021–May 31, 2022).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

8	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

Important information about expenses

Expense example

Six months ended May 31, 2022

Managed Allocation Fund	Beginning account value (12/1/21		)	Ending account value (5/31/22		)	Expenses paid during period (12/1/21–5/31/22		* )	Effective expenses paid during period (12/1/21–5/31/22		^† )
Actual return
Institutional Class		$1,000.00		$	896.76			$0.00			$2.08
Retirement Class		1,000.00			895.41			1.18			3.26
Retail Class		1,000.00			895.46			0.95			3.02
5% annual hypothetical return
Institutional Class		1,000.00			1,024.93			0.00			2.22
Retirement Class		1,000.00			1,023.68			1.26			3.48
Retail Class		1,000.00			1,023.93			1.01			3.23


*	“Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended May 31, 2022. 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 0.20% 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 0.44% for the Institutional Class, 0.69% for the Retirement Class and 0.64% for the Retail Class.

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Managed Allocation Fund

Performance for the twelve months ended May 31, 2022

The Managed Allocation Fund returned –9.45% for the Institutional Class, compared with the –7.08% return of its benchmark, the Managed Allocation Fund Composite Index. The performance table shows returns for all share classes of the Fund.

Financial markets generally declined in a difficult environment

The U.S. economy expanded early in the period before contracting in the first quarter of 2022. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at annualized rates of 2.3% and 6.9%, respectively, in the third and fourth quarters of 2021. However, GDP contracted at an annualized rate of 1.5% in the first quarter of 2022, according to the government’s “second” estimate. Growth stalled amid a widening trade deficit and lower government expenditures, but consumer and business spending remained strong. Unemployment declined throughout the period, falling from 5.9% in June 2021 to 3.6% in May 2022. Core inflation, which measures all items except food and energy, rose 6.0% over the twelve months ended May 31, 2022. Oil prices increased sharply, climbing from nearly $68 per barrel to more than $114 by the end of the period.

10	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

Equity funds posted largest losses

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, the Nuveen Growth Opportunities ETF and the Nuveen International Growth Fund, all funds mentioned below are TIAA-CREF Funds.)

For the twelve months, equity funds generally recorded negative results and detracted most from 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 Fund and the Quant Small-Cap Equity Fund declined most. Among foreign stock funds, all posted double-digit losses, with the Emerging Markets Equity Fund declining the most. Within fixed income, the Core Plus Bond Fund produced a negative return. (All fund returns are for the Institutional Class.)

Stock and U.S. bond funds hurt relative performance

For the twelve 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 Growth Opportunities ETF and the Growth & Income Fund also hurt the Fund’s relative return. In contrast, the Nuveen Dividend Growth Fund, the Quant Small/Mid-Cap Equity Fund and the Quant Small-Cap Equity Fund contributed most to relative performance.

In the foreign stock category, the Nuveen International Growth Fund detracted most from the Fund’s relative performance, followed by the International Opportunities Fund. However, these negative effects were partly offset by the relative outperformance of the Quant International Small-Cap Equity 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 ■ 2022 Annual Report

Managed Allocation Fund

Performance as of May 31, 2022

Managed Allocation Fund		Total Return			Average annual total return						Annual operating expenses*^#
	Inception date	1 year			5 years			10 years			gross			net
Institutional Class	3/31/06		–9.45	%		6.25	%		7.86	%		0.47	%		0.45	%
Retirement Class	3/31/06		–9.70			5.97			7.59			0.72			0.70
Retail Class	3/31/06		–9.69			5.98			7.59			0.76			0.70
Managed Allocation Fund Composite Index^‡	—		–7.08			6.85			7.88			—			—
Broad market index
Morningstar Moderate Target Risk Index	—		–7.42			6.32			7.27			—			—

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 May 31, 2022, the Managed Allocation Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000^® 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.

12	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

Managed Allocation Fund

$2,000,000 over 10 years

Institutional Class

Asset allocation

	% of net assets as of 5/31/22
Equity
U.S. equity	38.74
International equity	21.17
Fixed income	40.01
Other assets & liabilities, net	0.08
Total	100.00

Target allocation

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Portfolio of investments

Managed Allocation Fund ■ May 31, 2022

Shares		Security		Value		% of net assets
AFFILIATED INVESTMENT COMPANIES—99.9%^a
FIXED INCOME—40.0%
	37,016,538	TIAA-CREF Core Plus Bond Fund		$	355,358,767	40.0	%
		TOTAL FIXED INCOME			355,358,767	40.0
INTERNATIONAL EQUITY—21.2%
	913,886	Nuveen International Growth Fund			40,110,446	4.5
	2,846,578	TIAA-CREF Emerging Markets Equity Fund			23,199,608	2.6
	4,716,305	TIAA-CREF International Equity Fund			57,538,927	6.5
	2,798,694	TIAA-CREF International Opportunities Fund			40,105,285	4.5
	2,621,167	TIAA-CREF Quant International Small-Cap Equity Fund			27,102,872	3.1
		TOTAL INTERNATIONAL EQUITY			188,057,138	21.2
U.S. EQUITY—38.7%
	937,814	Nuveen Dividend Growth Fund			49,394,678	5.6
	3,770,551	Nuveen Dividend Value Fund			55,954,978	6.3
	2,633,954	Nuveen Growth Opportunities ETF			51,967,912	5.9
	3,402,143	TIAA-CREF Growth & Income Fund			49,194,988	5.5
	2,862,641	TIAA-CREF Large-Cap Growth Fund			51,727,919	5.8
	2,739,843	TIAA-CREF Large-Cap Value Fund			56,002,385	6.3
	834,330	TIAA-CREF Quant Small-Cap Equity Fund			13,641,291	1.5
	1,223,873	TIAA-CREF Quant Small/Mid-Cap Equity Fund			16,314,221	1.8
		TOTAL U.S. EQUITY			344,198,372	38.7
		TOTAL AFFILIATED INVESTMENT COMPANIES	(Cost $849,759,567)		887,614,277	99.9

		TOTAL PORTFOLIO	(Cost $849,759,567)		887,614,277	99.9
		OTHER ASSETS & LIABILITIES, NET			509,603	0.1
		NET ASSETS		$	888,123,880	100.0	%

	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.


14	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund	See notes to financial statements

Statement of assets and liabilities

Managed Allocation Fund ■ May 31, 2022

ASSETS
Affiliated investments, at value^‡	$	887,614,277
Receivable from securities transactions		1,258,791
Receivable from Fund shares sold		55,102
Dividends receivable		922,073
Due from affiliates		18,020
Other		86,259
Total assets		889,954,522
LIABILITIES
Service agreement fees payable		15,306
Distribution fees payable		165,271
Due to affiliates		9,838
Overdraft payable		28,506
Payable for securities transactions		1,229,551
Payable for Fund shares redeemed		224,730
Payable for trustee compensation		86,001
Accrued expenses and other payables		71,439
Total liabilities		1,830,642
NET ASSETS	$	888,123,880
NET ASSETS CONSIST OF:
Paid-in-capital	$	819,397,801
Total distributable earnings (loss)		68,726,079
NET ASSETS	$	888,123,880
INSTITUTIONAL CLASS:
Net assets	$	24,213,636
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,064,236
Net asset value per share	$	11.73
RETIREMENT CLASS:
Net assets	$	73,346,769
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,262,721
Net asset value per share	$	11.71
RETAIL CLASS:
Net assets	$	790,563,475
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		67,150,814
Net asset value per share	$	11.77
^‡ Affiliated investments, cost	$	849,759,567


See notes to financial statements	TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report	15

Statement of operations

Managed Allocation Fund ■ For the year ended May 31, 2022

INVESTMENT INCOME
Dividends from affiliated investments	$	18,229,990
Total income		18,229,990

EXPENSES
Shareholder servicing — Institutional Class		104
Shareholder servicing — Retirement Class		207,222
Shareholder servicing — Retail Class		298,517
Distribution fees — Retail Class		2,233,092
Administrative service fees		49,913
Trustee fees and expenses		9,918
Other expenses		196,494
Total expenses		2,995,260
Less: Expenses reimbursed by the investment adviser		(255,326	)
Fee waiver by investment adviser and Nuveen Securities		(492,020	)
Net expenses		2,247,914
Net investment income (loss)		15,982,076

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		27,224,393
Realized gain distributions from affiliated investments		47,083,075
Realized gain (loss) from sale of unaffiliated investments		(242,177	)
Net realized gain (loss) from affiliated investments		74,065,291
Net change in unrealized appreciation (depreciation) from affiliated investments		(185,924,714	)
Net realized and unrealized gain (loss) from affiliated investments		(111,859,423	)
Net increase (decrease) in net assets from operations	$	(95,877,347	)


16	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund	See notes to financial statements

Statements of changes in net assets

Managed Allocation Fund ■ For the year ended

		May 31, 2022			May 31, 2021
OPERATIONS
Net investment income (loss)		$	15,982,076		$	14,040,537
Net realized gain (loss) from affiliated investments			74,065,291			104,337,904
Net change in unrealized appreciation (depreciation) from affiliated investments			(185,924,714	)		105,074,208
Net increase (decrease) in net assets from operations			(95,877,347	)		223,452,649

DISTRIBUTIONS TO SHAREHOLDERS
	Institutional Class		(2,793,433	)		(1,525,703	)
	Retirement Class		(8,680,010	)		(6,320,184	)
	Retail Class		(93,479,940	)		(67,216,778	)
Total distributions			(104,953,383	)		(75,062,665	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		10,633,191			9,502,258
	Retirement Class		7,154,597			8,658,798
	Retail Class		28,478,105			33,364,881
Reinvestments of distributions:	Institutional Class		2,751,461			1,489,157
	Retirement Class		8,680,010			6,320,184
	Retail Class		90,137,449			64,644,539
Redemptions:	Institutional Class		(8,692,971	)		(6,142,752	)
	Retirement Class		(14,619,447	)		(9,103,439	)
	Retail Class		(68,001,473	)		(62,934,267	)
Net increase (decrease) from shareholder transactions			56,520,922			45,799,359
Net increase (decrease) in net assets			(144,309,808	)		194,189,343

NET ASSETS
Beginning of period			1,032,433,688			838,244,345
End of period		$	888,123,880		$	1,032,433,688

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		756,173			689,159
	Retirement Class		534,362			629,973
	Retail Class		2,055,949			2,424,304
Shares reinvested:	Institutional Class		208,293			110,473
	Retirement Class		657,794			469,041
	Retail Class		6,795,991			4,776,405
Shares redeemed:	Institutional Class		(620,879	)		(458,026	)
	Retirement Class		(1,070,985	)		(677,150	)
	Retail Class		(5,025,103	)		(4,607,581	)
Net increase (decrease) from shareholder transactions			4,291,595			3,356,598


See notes to financial statements	TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report	17

Financial highlights

Managed Allocation Fund

		Selected per share data																									Ratios and supplemental data
				Gain (loss) from investment operations
																														Ratios to average net assets
	For the	Net asset		Net			Net realized 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:	5/31/22	$	14.46	$	0.25		$	(1.45	)	$	(1.20	)	$	(0.44	)	$	(1.09	)	$	(1.53	)	$	11.73		(9.45	)%	$	24,214			0.03	%		0.00	%		1.84	%		23	%
	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
Retirement Class:	5/31/22		14.44		0.21			(1.45	)		(1.24	)		(0.40	)		(1.09	)		(1.49	)		11.71		(9.70	)		73,347			0.28			0.25			1.56			23
	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
Retail Class:	5/31/22		14.51		0.22			(1.46	)		(1.24	)		(0.41	)		(1.09	)		(1.50	)		11.77		(9.69	)		790,563			0.31			0.23			1.59			23
	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

^a	Based on average shares outstanding.
^d	Amount represents less than $0.01 per share.
^e	The Fund’s expenses do not include the expenses of the Underlying Funds.
^j	Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.


18	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund	See notes to financial statements	See notes to financial statements	TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report	19

Notes to financial statements

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.

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. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Fund determines 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 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	2022 Annual 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.

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.

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.

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Notes to financial statements

available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the 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. The compliance date for Rule 2a-5 and Rule 31a-4 is 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 of Trustees. 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:

22	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

continued

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 May 31, 2022, all of the investments in the Fund were valued based on Level 1 inputs.

Note 4—investments

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for the Fund for the year ended May 31, 2022 were as follows (dollar amounts are in thousands):

Fund	Non-U.S. government purchases	Non-U.S. government sales
Managed Allocation	$241,256	$226,266

Note 5—income tax information

The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

The Fund files 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 Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, investments in underlying funds, and tax equalization. Temporary and permanent differences have no impact on a Fund’s net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows (dollar amounts are in thousands):

Fund	Tax cost	Gross unrealized appreciation	Gross unrealized (depreciation	)	Net unrealized appreciation (depreciation	)
Managed Allocation	$863,137	$92,201	$(67,724	)	$24,477

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Notes to financial statements

As of year end, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed ordinary income	Undistributed long-term capital gains	Unrealized appreciation (depreciation	)	Capital loss carryforwards	Late-year loss deferrals	Other book-to-tax differences	Total
Managed Allocation	$2,186,217	$42,136,039	$24,477,121		$ —	$ —	$(73,298)	$68,726,079

The tax character of distributions paid were as follows:

	5/31/2022		5/31/2021
Fund	Ordinary income	Long-term capital gains	Ordinary income	Long-term capital gains
Managed Allocation	$43,671,754	$61,281,629	$24,932,075	$50,130,590

Note 6—investment adviser and other transactions with 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	2022 Annual 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 5/31/22
Nuveen Funds:
Dividend Growth	$	61,086	$	4,595	$	16,729	$	3,083		$	(1,242	)	$	819	$	49,395
Dividend Value		68,567		8,288		15,615		5,037			(5,906	)		998		55,955
Growth Opportunities ETF		—		70,249		2,294		(242	)		(15,745	)		3		51,968
International Growth		40,115		14,813		1,991		969			(12,723	)		307		40,110
TIAA-CREF Funds:
Core Plus Bond		410,752		45,573		51,306		2,495			(46,559	)		10,120		355,359
Emerging Markets Equity		24,653		16,210		4,108		2,930			(12,040	)		1,065		23,200
Growth & Income		61,184		11,956		11,734		13,817			(16,716	)		485		49,195
International Equity		56,287		17,394		5,541		(222	)		(10,379	)		1,853		57,539
International Opportunities		40,125		16,500		3,870		3,173			(12,753	)		428		40,105
Large-Cap Growth		66,267		11,240		7,880		6,882			(18,415	)		84		51,728
Large Cap Growth Index		66,212		2		76,505		18,477			(8,186	)		—		—
Large-Cap Value		68,484		7,932		15,548		8,436			(8,986	)		816		56,002
Quant International Small-Cap Equity		26,425		8,468		2,614		657			(4,863	)		963		27,103
Quant Small-Cap Equity		19,287		3,971		4,981		4,147			(5,903	)		88		13,641
Quant Small/Mid-Cap Equity		22,122		4,065		5,550		4,426			(5,509	)		201		16,314
	$	1,031,566	$	241,256	$	226,266	$	74,065		$	(185,925	)	$	18,230	$	887,614

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 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, 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 year ended May 31, 2022, there were no inter-fund borrowing or lending transactions.

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Notes to financial statements

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 14, 2022 expiring on June 13, 2023, replacing the previous facility, which expired June 2022. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended May 31, 2022, there were no borrowings under this credit facility by the Fund.

26	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

Report of independent registered public accounting firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of TIAA-CREF Managed Allocation Fund (one of the funds constituting TIAA-CREF Funds, hereafter referred to as the “Fund”) as of May 31, 2022, the related statement of operations for the year ended May 31, 2022, the statement of changes in net assets for each of the two years in the period ended May 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2022 and the financial highlights for each of the five years in the period ended May 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Report of independent registered public accounting firm

concluded

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
July 15, 2022

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

28	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

Important tax information (unaudited)

Long-term capital gains

As of year end, the Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Fund	Net long-term capital gains
Managed Allocation			$62,969,600

Dividends received deduction (DRD)

The Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

Fund		Percentage
Managed Allocation			9.1	%

Qualified dividend income (QDI)

The Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Fund		Percentage
Managed Allocation			16.6	%

Foreign source income and foreign tax credit pass through

The Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

Fund	Foreign source income	Foreign source income per share	Qualifying foreign taxes paid	Qualifying foreign taxes paid per share
Managed Allocation	$2,932,170	$0.03885	$419,938	$0.00556

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2022

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years and other relevant experience and qualifications	Number of Portfolios in Fund complex Overseen by Trustee	Other Directorship(s) held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	88	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans, Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	88	Board member, Lumina Foundation and Waterside School; Emeritus Board Member, Year-Up Puget Sound; Investment Advisory Committee Member, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005– 2007). Vice President, American Economic Association (2020–2021). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).	88	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC;

30	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and of certain funds advised by American Beacon Advisors, Inc.	88	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	88	Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	88	Director, Build Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011; Chairman for term ending June 30, 2023. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	88	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Trustees and officers (unaudited)

continued

TIAA-CREF Funds ■ May 31, 2022

Trustees – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years and other relevant experience and qualifications	Number of Portfolios in Fund complex Overseen by Trustee	Other Directorship(s) held by Trustee
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.	88	Director, National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 1999.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	88	Director, TheraTrue Inc.

32	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.
John L. Douglas TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Executive Vice President, Chief Legal, Risk and Compliance Officer	One-year term. Executive Vice President since 2021 and Chief Legal, Risk and Compliance Officer since 2022.	Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA, Executive Vice President, Chief Legal, Risk and Compliance Officer of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Senior Advisor to the CEO, and Senior Executive Vice President, Chief Advocacy & Oversight Officer, TIAA. Prior to joining TIAA, Mr. Douglas was a Partner at Davis Polk & Wardwell LLP.
W. Dave Dowrich TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Executive Vice President	One-year term. Executive Vice President since 2022.	Senior Executive Vice President and Chief Financial Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Dowrich served as Chief Financial Officer, International Businesses at Prudential Financial, Inc.

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Trustees and officers (unaudited)

concluded

TIAA-CREF Funds ■ May 31, 2022

Officers – concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Executive Vice President, Chief Administrative Officer of the Chief Operating Office, TIAA. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Executive Vice President, Chief Operating Officer, Nuveen, President and Chief Executive Officer of CREF and TIAA Separate Account VA-1; Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief Investment Officer, Nuveen; Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.
Colbert Narcisse TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1965	Executive Vice President	One-year term. Executive Vice President since 2022.	Senior Executive Vice President, Chief Product and Business Development Officer of TIAA. President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Executive Vice President of TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Executive Vice President and Head of Advisory and Corporate Solutions, TIAA. Prior to joining TIAA, Mr. Narcisse served as Managing Director and Head of International Wealth Management and Head of Traditional and Alternative Investment Products at Morgan Stanley.

34	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

David G. Nason TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1970	Executive Vice President	One-year term. Executive Vice President since 2020.	Senior Executive Vice President, Chief Operating Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Fund Complex; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief People Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Approval of investment management agreement (unaudited)

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

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

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

Overview of the renewal process

The Board held a virtual meeting via videoconference on March 11, 2022, in order to consider the annual renewal of the Agreement for the Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related public health protocols imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

36	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

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

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

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Approval of investment management agreement (unaudited)

accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Fund in addition to the Fund’s direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Fund at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Fund; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Fund and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in the shareholder report of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. In addition, the Board received information from management on the continued impact of the COVID-19 pandemic and certain geopolitical events on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise’s operations generally and on the Fund’s operations and performance.

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

38	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

continued

In addition to the March 11, 2022 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for the Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 11, 2022 meeting, the oversight and evaluation of Advisors’ services to the Fund by the Board and its Committees is an ongoing process. The Board, as well as its Committees, considered reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and consider, among other matters, information regarding the performance of the Fund. Thus, in reaching its decisions regarding the renewal of the Agreement for the Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-level basis. In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund. At its meeting on March 11, 2022, Board members voted unanimously to renew the Agreement for the Fund. Set forth below is a summary of the primary factors the Board considered with respect to the Fund.

The nature, extent and quality of services

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

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Approval of investment management agreement (unaudited)

administrative services to the Fund. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Fund. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Fund.

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

The Board, as well as its Committees, considered reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and consider, among other matters, information regarding the performance of the Fund. Thus, in reaching its decisions regarding the renewal of the Agreement for the Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

Investment performance

The Board considered the investment performance of the Fund over the one-, three-, five- and ten-year periods ended December 31, 2021. The Board considered the Fund’s performance as compared to its peer group and peer universe and its benchmark index. For details regarding the Fund’s performance, see the Fund synopsis below. The Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was reasonable.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Fund for the calendar year 2021. The Board considered Advisors’ profit calculations with respect to its services to the Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board considered that Advisors had incurred a net loss with respect to the Fund in 2021, which was because Advisors did not charge the Fund any fees under the Agreement. The Board also acknowledged certain fee waivers and reimbursements of expenses above specified amounts undertaken by Advisors with respect to many of the Underlying Funds which, in turn, reduce the expenses of the Fund. The Board also recognized Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts. The Board also considered

40	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

continued

that, in the aggregate, Advisors had generated indirect earnings with respect to the Fund’s investment in Underlying Funds also managed by Advisors.

Fees charged by other advisers

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

Economies of scale

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

Fee and performance comparisons with other Advisors clients

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

Other benefits

The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Fund to Advisors or its affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Fund shares investment resources and/or personnel with other clients of Advisors. Advisors and its affiliates may also benefit from the level of business and relationships the Fund has with certain service providers. Advisors and/or its affiliates also may benefit to the extent that the Fund adds scale to the TIAA-CREF Underlying Funds. Additionally, the Fund may be utilized as an investment option for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Fund to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs. The Board concluded that other benefits to Advisors and its affiliates arising from the Agreement were reasonable in light of various relevant factors.

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Approval of investment management agreement (unaudited)

concluded

Fund synopsis of factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. When the Fund is described in the following discussion as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee, expense and performance factors outlined below are based on the Institutional Class of the Fund. Because the Institutional Class generally has lower non-management expenses than the other classes of the Fund, the expenses and performance of these other classes will differ from the expenses and performance shown for the Institutional Class. All time periods referenced below are ended December 31, 2021. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2021. The statement below regarding “net loss” refers to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2021 under the Agreement.

•	The Fund’s annual contractual management fee rate is 0.00% of average daily net assets.
•	The Fund’s total expense ratio was in the 1st quintile of both the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”). The Fund’s actual management fee rate was in the 1st quintile of its Expense Universe. The Fund did not have an Expense Group for its actual management fee rate or its contractual management fee rate, nor did the Fund have an Expense Universe with respect to its contractual management fee rate, because the Fund is not charged a management fee.
•	The Fund was in the 3rd, 1st, 1st and 1st quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 1st, 1st and 1st quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes for each of the one-, three-, five- and ten-year periods, respectively.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period without taking into account profits Advisors earned with respect to the Underlying Funds that are also managed by Advisors in which this Fund invests.

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

42	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

Liquidity risk management program (unaudited)

Discussion of the operation and effectiveness of the Fund’s liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the series of the Trust covered by this Report (the “Fund”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Fund’s liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Fund’s Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

In accordance with the Program, the LMAT assesses the Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Fund portfolio investments are classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.

A Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, the Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Liquidity risk management program (unaudited)

concluded

The Liquidity Rule also limits the Fund’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, the Fund did not exceed the 15% limit on illiquid investments.

44	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

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.

TIAA-CREF Managed Allocation Fund ■ 2022 Annual Report

Additional information about index providers (unaudited)

concluded

Morningstar Index

46	2022 Annual Report ■ TIAA-CREF Managed Allocation Fund

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How to reach us

Websites

TIAA.org

nuveen.com

Automated telephone service

800-842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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.

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Item 2. Code of Conduct.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

The aggregate fees billed by PwC as disclosed below for the fiscal years ended May 31, 2022 and May 31, 2021 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-09301) because the fees disclosed in this proxy statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant period.

4(a) Audit Fees.

For the fiscal years ended May 31, 2022 and May 31, 2021, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $442,120 and $485,120, respectively.

4(b) Audit Related Fees.

For the fiscal years ended May 31, 2022 and May 31, 2021, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended May 31, 2022 and May 31, 2021, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended May 31, 2022 and May 31, 2021, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended May 31, 2022 and May 31, 2021, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended May 31, 2022 and May 31, 2021, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended May 31, 2022 and May 31, 2021, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

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

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

Audit-Related Fees.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2022 and May 31, 2021 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2022 and May 31, 2021 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2022 and May 31, 2021 on behalf of the Registrant.

All Other Fees.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2022 and May 31, 2021 on behalf of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended May 31, 2022 and May 31, 2021, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $1,067,853 and $1,240,605, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

Not Applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(1) Copy of current SOX code of conduct for Senior Financial Officers

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

13(c) Copy of the financial statements for the TIAA-CREF Real Property Fund

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF FUNDS

Dated: July 15, 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: July 15, 2022	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

Dated: July 15, 2022	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)