TIAA-CREF May 31,

Funds 2019

TIAA-CREF
Lifecycle Funds
The annual report contains the audited financial statements.

Institutional Advisor Premier Retirement Retail

Fund name Class Class Class Class Class
Lifecycle Retirement Income Fund TLRIX TLRHX TPILX TLIRX TLRRX

Lifecycle 2010 Fund TCTIX TCLHX TCTPX TCLEX —

Lifecycle 2015 Fund TCNIX TCNHX TCFPX TCLIX —

Lifecycle 2020 Fund TCWIX TCWHX TCWPX TCLTX —

Lifecycle 2025 Fund TCYIX TCQHX TCQPX TCLFX —

Lifecycle 2030 Fund TCRIX TCHHX TCHPX TCLNX —

Lifecycle 2035 Fund TCIIX TCYHX TCYPX TCLRX —

Lifecycle 2040 Fund TCOIX TCZHX TCZPX TCLOX —

Lifecycle 2045 Fund TTFIX TTFHX TTFPX TTFRX —

Lifecycle 2050 Fund TFTIX TFTHX TCLPX TLFRX —

Lifecycle 2055 Fund TTRIX TTRHX TTRPX TTRLX —

Lifecycle 2060 Fund TLXNX TLXHX TLXPX TLXRX —

Annual
Report
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and
Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and
semiannual shareholder reports will no longer be sent by mail, unless you specifically
request paper copies of the reports. Instead, they will be made available on TIAA’s
website, TIAA.org, and you will be notified by mail each time a report is posted and
provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be
affected by this change and you need not take any action. You may elect to receive
shareholder reports and other communications from the Funds electronically anytime by
either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds
directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or
retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such
as a broker/dealer or bank) through which you hold Fund shares.
If you invest directly with the Funds or through a TIAA Account, you may elect to
continue to receive all future shareholder reports in paper free of charge by updating your
account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business
hours. If you invest through another financial intermediary, you can contact your financial
intermediary to request that you continue receiving paper copies of your shareholder
reports. Your election to receive reports in paper will apply to all funds held with the fund
complex if you invest directly with the Funds or through a TIAA Account, or to all funds held
through your financial intermediary.

Contents

Understanding this report 3 Portfolios of investments 42

Letter to investors 4 Audited financial statements
Information for investors 6 Statement of assets and liabilities 54
Statement of operations 58
About the funds’ benchmarks 7
Statements of changes in
Important information about expenses 9 net assets 62
Investment results of the Financial highlights 70
Lifecycle Funds 16
Notes to financial statements 84
Fund performance
Lifecycle Retirement Income Fund 18 Report of independent registered public
Lifecycle 2010 Fund 20 accounting firm 108
Lifecycle 2015 Fund 22 Important tax information 110
Lifecycle 2020 Fund 24 Trustees and officers 112
Lifecycle 2025 Fund 26 Approval of investment management
Lifecycle 2030 Fund 28 agreement 117
Lifecycle 2035 Fund 30 Additional information about index
Lifecycle 2040 Fund 32 providers 132
Lifecycle 2045 Fund 34 How to reach us Inside back cover
Lifecycle 2050 Fund 36
Lifecycle 2055 Fund 38
Lifecycle 2060 Fund 40
Understanding this report

This annual report contains information about certain TIAA-CREF Funds and
describes their results for the twelve months ended May 31, 2019. The report
contains four main sections:
• A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the
TIAA-CREF Funds and TIAA-CREF Life Funds.
• The fund performance section compares each fund’s investment returns with
those of its composite benchmark and broad market index.
• The portfolios of investments list the underlying TIAA-CREF Funds in which
each fund had investments as of May 31, 2019.
• The financial statements provide detailed information about the operations
and financial condition of each fund.
The views and opinions expressed in this report are through the end of the
period, as stated on the cover of this report. They are subject to change at any
time based on a variety of factors. As such, they are not guarantees of future
performance or investment results and should not be taken as investment advice.
To see the risks of investing in any fund, please read the latest prospectus.

As always, you should carefully consider the investment objectives, risks, charges
and expenses of any fund before investing. For a prospectus that contains this
and other important information, please visit our website at TIAA.org, or call
800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or
800-223-1200 for the Retail Class. We urge you to read the prospectus carefully
before investing.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 3

Letter to investors

Global financial markets produced mixed results during the twelve months
ended May 31, 2019. U.S. equities posted modest gains amid a healthy
domestic economy and an uptick in market volatility. Foreign stocks declined,
with emerging markets faring worse than developed international markets. By
comparison, U.S. fixed-income markets achieved solid gains as bond prices
rallied despite three increases to the federal funds target rate. These market
conditions were reflected in the performance of the TIAA-CREF Lifecycle Funds
by way of their investments in various asset classes through underlying
TIAA-CREF Funds.
• Five of the twelve TIAA-CREF Lifecycle Funds delivered positive returns, while
all twelve underperformed their respective composite benchmarks. (All fund
returns are for the Retirement Class.)
• Returns for the Retirement Class ranged from –3.4% for the Lifecycle 2060
Fund to 2.2% for the Lifecycle Retirement Income Fund.
• Despite losses for some of the funds over the twelve-month period, results
continued to support the solid performance of the TIAA-CREF Lifecycle Funds
over longer periods of time.

Mixed results for stock prices around the world

U.S. equity markets achieved gains during the twelve months, despite a sharp
downturn at the end of 2018. The broad stock market, as represented by the
Russell 3000®Index, gained 2.5%. The U.S. economy continued to grow at a
moderate pace during the period, buoyed by the lowest unemployment rate in
nearly 50 years, a generally stable inflation rate and strong consumer
confidence. Against this backdrop, the Federal Reserve raised the federal funds
target rate three times during the period—in June, September and December of
2018—pushing the key short-term interest-rate measure to 2.25%–2.50%.
Stock prices in most foreign markets declined. The MSCI ACWI ex USA
Investable Market Index (IMI), which measures the performance of large-, mid-
and small-cap equities in 22 of 23 developed-markets countries (excluding the
United States) and 26 emerging-markets countries, returned –7.1% in U.S.-
dollar terms. Tensions weighed on foreign markets, including the unresolved
trade conflict between the United States and China, concerns about a slowdown
in global growth, and geopolitical risks, such as the United Kingdom’s
controversial split from the European Union (Brexit).
U.S. investment-grade bonds performed well in spite of the Fed’s rate hikes.
The domestic investment-grade fixed-rate bond market, as measured by the
Bloomberg Barclays U.S. Aggregate Bond Index, gained 6.4% for the period.

4 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Look to lessons of the past
Increased stock market volatility over the
past twelve months reminds us that, despite
what one might hear or read in the financial
media, no one can predict the future with
any accuracy.
Rather than trying to time your
investments based on what you think may
happen in the future, consider using what has
happened in the past as your guide. History
has shown that even during periodic
downturns, investors who avoided jumping in
and out of the markets have often received
more consistent investment results over the Brad Finkle
long term. Please keep in mind that past
performance cannot guarantee future results.
The TIAA-CREF Lifecycle Funds use dynamic diversification strategies that are
designed to help mitigate the effects of market volatility, keeping you on track
to achieve your financial goals. Of course, diversification does not guarantee
against market losses.
We are always ready to assist you with any questions or concerns regarding
your investments in the TIAA-CREF Lifecycle Funds. You may reach us online by
visiting TIAA.org or by calling a TIAA financial consultant at 800-842-2252.

Brad Finkle
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 5

Information for investors

Portfolio holdings
The complete portfolios of investments for the Lifecycle Funds begin on page 42
of this report. You can obtain complete lists of the holdings of the Lifecycle
Funds and of the underlying funds in which the Lifecycle Funds invest
(Schedules of Investments) as of the most recently completed fiscal quarter in
the following ways:
• By visiting our website at TIAA.org; or
• By calling us at 800-842-2252 to request a copy, which will be provided free
of charge.
You can also obtain a complete list of the Lifecycle Funds’ portfolio holdings
as of the most recently completed fiscal quarter, and for prior quarter-ends,
from our Securities and Exchange Commission (SEC) Form N-CSR and Form
N-PORT or Form N-Q filings. Form N-CSR filings are as of May 31 or
November 30; Form N-PORT or Form N-Q filings are as of the last day of
February or August 31. Copies of these forms are available:
• Through the Electronic Data Gathering and Retrieval System (EDGAR) on the
SEC’s website at sec.gov; or
• From the SEC’s Office of Investor Education and Advocacy.
Call 202-551-8090 for more information.

Proxy voting
A description of our proxy voting policies and procedures for the underlying
funds of the Lifecycle Funds can be found on our website at TIAA.org or on the
SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a
free copy. A report of how the Lifecycle Funds’ underlying funds voted during the
most recently completed twelve-month period ended June 30 can be found on
our website or on Form N-PX at sec.gov.

Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at
the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY
10017-3206; or by phone at 800-842-2252.

Fund management
The Lifecycle Funds are managed by a portfolio management team of Teachers
Advisors, LLC. The members of this team are responsible for the day-to-day
investment management of the funds.

6 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

About the funds’ benchmarks

Composite benchmark
Each Lifecycle Fund uses a composite benchmark that represents the general
market sectors in which that fund invests. These may include U.S. equity
(stocks), international equity (foreign stocks), fixed income, short-term fixed
income and inflation-protected assets. A fund’s composite benchmark
combines the following public indexes in proportions that correspond to the
fund’s target allocations:
• The Russell 3000® Index (U.S. equity) measures the performance of the
stocks of the 3,000 largest publicly traded U.S. companies, based on market
capitalization. The index measures the performance of about 98% of the total
market capitalization of the publicly traded U.S. equity market.
• The MSCI ACWI ex USA Investable Market Index (IMI) (international equity)
measures the performance of large-, mid- and small-cap equities across
22 of 23 developed-markets countries (excluding the United States) and
26 emerging-markets countries. The index is a free-float-adjusted market
capitalization index that covers approximately 99% of the global equity
opportunity set outside the United States.
• The Bloomberg Barclays U.S. Aggregate Bond Index (fixed income)
measures the performance of the domestic investment-grade fixed-rate bond
market, including government and corporate securities, agency mortgage
pass-through securities, asset-backed securities and commercial mortgage-
backed securities.
• The Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index
(short-term fixed income) measures the performance of U.S. Treasury and
agency securities and corporate bonds with 1- to 3-year maturities.
• The Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS)
1–10 Year Index (inflation-protected assets) measures the performance of
fixed-income securities with maturities between 1 and 10 years that are
adjusted for inflation, as measured by the Consumer Price Index for All Urban
Consumers (CPI-U).

Broad market indexes

The returns shown against the broad-based securities market index compare a
fund’s average annual returns with a broad measure of market performance.
The S&P Target Date Index Series represents a broadly derived consensus of
asset class exposure for the target retirement dates in the series based on
market observations acquired through an annual survey of target-date fund
managers. The returns of the S&P Target Date Index Series reflect multi-asset
class exposure for the same target dates as the Funds.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 7

About the funds’ benchmarks

Russell 3000 is a trademark and service mark of Frank Russell Company. TIAA products are not promoted or
sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or
representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report
is not approved, reviewed or produced by MSCI.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For
additional details about the benchmark indexes, please read the funds’ latest prospectus.

8 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including

management fees and other fund expenses. They may also incur transactional
costs for redemptions or account maintenance fees.
The expense examples that appear in this report are intended to help you
understand your ongoing costs only (in U.S. dollars) and do not reflect
transactional costs. The examples are designed to help you compare these
ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include redemption fees or account
maintenance fees, which may or may not be applicable, as described in the
prospectus. If such fees were included, your total costs for investing in the
funds would be higher. Note also that shareholders of the TIAA-CREF Funds do
not incur a sales charge for purchases, reinvested dividends or other
distributions.
The examples are based on an investment of $1,000 invested at the
beginning of the six-month period and held for the entire period (December 1,
2018–May 31, 2019).

Actual expenses
The first line of the two lines listed for each fund in the tables uses the Fund's
actual expenses and its actual rate of return. You may use the information in
this line, together with the amount you invested, to estimate the expenses that
you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account
value divided by $1,000 = 8.6), then multiply the result by the number in the
first line under the heading “Expenses paid during period” to estimate the
expenses you paid during the six-month period. All of the funds have a
contractual fee reimbursement. Had these not been in effect, fund expenses
would have been higher.

Hypothetical example for comparison purposes

The second line in each Fund’s entry shows a hypothetical account value and
hypothetical expenses based on the share class’ actual expense ratio for the
six-month period and an assumed 5%-per-year rate of return before expenses.
This was not the Fund's actual return.
This hypothetical example cannot be used to estimate the actual expenses
you paid for the period, but rather allows you to compare the ongoing costs of
investing in the Fund with the costs of other funds. To do so, compare this 5%
hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of other mutual funds.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 9

Important information about expenses

Expense examples
Six months ended May 31, 2019
Beginning Ending Effective
account account Expenses paid expenses paid
Lifecycle Funds value value during period* during period†
Institutional Class (12/1/18) (5/31/19) (12/1/18–5/31/19) (12/1/18–5/31/19)

Retirement Income Fund

actual return $ 1,000.00 $ 1,041.17 $ 1.78 $ 1.88
5% annual hypothetical return 1,000.00 1,023.19 1.77 1.87
2010 Fund actual return 1,000.00 1,040.48 1.78 1.93
5% annual hypothetical return 1,000.00 1,023.19 1.77 1.92
2015 Fund actual return 1,000.00 1,038.54 1.78 1.93
5% annual hypothetical return 1,000.00 1,023.19 1.77 1.92
2020 Fund actual return 1,000.00 1,037.40 1.83 1.98
5% annual hypothetical return 1,000.00 1,023.14 1.82 1.97
2025 Fund actual return 1,000.00 1,032.90 1.93 2.08
5% annual hypothetical return 1,000.00 1,023.04 1.92 2.07
2030 Fund actual return 1,000.00 1,028.00 1.97 2.12
5% annual hypothetical return 1,000.00 1,022.99 1.97 2.12
2035 Fund actual return 1,000.00 1,024.65 2.02 2.17
5% annual hypothetical return 1,000.00 1,022.94 2.02 2.17
2040 Fund actual return 1,000.00 1,018.37 2.06 2.21
5% annual hypothetical return 1,000.00 1,022.89 2.07 2.22
2045 Fund actual return 1,000.00 1,013.87 2.11 2.26
5% annual hypothetical return 1,000.00 1,022.84 2.12 2.27
2050 Fund actual return 1,000.00 1,012.48 2.11 2.26
5% annual hypothetical return 1,000.00 1,022.84 2.12 2.27
2055 Fund actual return 1,000.00 1,012.29 2.11 2.26
5% annual hypothetical return 1,000.00 1,022.84 2.12 2.27
2060 Fund actual return 1,000.00 1,011.23 2.11 2.26
5% annual hypothetical return 1,000.00 1,022.84 2.12 2.27
* “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-
year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were
182 days in the six months ended May 31, 2019. The expense charges of one or more of the fund’s share
classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation,
including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or
reimbursement, the expenses of the affected share classes would be higher and their performance lower. The
annualized expense ratio for the six-month period was 0.35% for the Retirement Income Fund, 0.35% for the
2010 Fund, 0.35% for the 2015 Fund, 0.36% for the 2020 Fund, 0.38% for the 2025 Fund, 0.39% for the
2030 Fund, 0.40% for the 2035 Fund, 0.41% for the 2040 Fund, 0.42% for the 2045 Fund, 0.42% for the
2050 Fund, 0.42% for the 2055 Fund and 0.42% for the 2060 Fund.
†
“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

10 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

(which the fund bears through its investment in the underlying funds). For the six-month period, the total
annualized weighted average expense ratio was 0.37% for the Retirement Income Fund, 0.38% for the 2010
Fund, 0.38% for the 2015 Fund, 0.39% for the 2020 Fund, 0.41% for the 2025 Fund, 0.42% for the 2030
Fund, 0.43% for the 2035 Fund, 0.44% for the 2040 Fund, 0.45% for the 2045 Fund, 0.45% for the 2050
Fund, 0.45% for the 2055 Fund and 0.45% for the 2060 Fund.

Expense examples
Six months ended May 31, 2019
Beginning Ending Effective
account account Expenses paid expenses paid
Lifecycle Funds value value during period* during period†
Advisor Class (12/1/18) (5/31/19) (12/1/18–5/31/19) (12/1/18–5/31/19)

Retirement Income Fund

actual return $ 1,000.00 $ 1,040.94 $ 1.93 $ 2.09
5% annual hypothetical return 1,000.00 1,023.04 1.92 2.07
2010 Fund actual return 1,000.00 1,041.14 1.93 2.09
5% annual hypothetical return 1,000.00 1,023.04 1.92 2.07
2015 Fund actual return 1,000.00 1,038.45 1.93 2.08
5% annual hypothetical return 1,000.00 1,023.04 1.92 2.07
2020 Fund actual return 1,000.00 1,036.74 1.78 1.93
5% annual hypothetical return 1,000.00 1,023.19 1.77 1.92
2025 Fund actual return 1,000.00 1,032.41 2.08 2.23
5% annual hypothetical return 1,000.00 1,022.89 2.07 2.22
2030 Fund actual return 1,000.00 1,028.32 2.23 2.38
5% annual hypothetical return 1,000.00 1,022.74 2.22 2.37
2035 Fund actual return 1,000.00 1,023.34 2.17 2.32
5% annual hypothetical return 1,000.00 1,022.79 2.17 2.32
2040 Fund actual return 1,000.00 1,017.96 2.26 2.41
5% annual hypothetical return 1,000.00 1,022.69 2.27 2.42
2045 Fund actual return 1,000.00 1,012.97 2.16 2.31
5% annual hypothetical return 1,000.00 1,022.79 2.17 2.32
2050 Fund actual return 1,000.00 1,013.26 2.16 2.31
5% annual hypothetical return 1,000.00 1,022.79 2.17 2.32
2055 Fund actual return 1,000.00 1,012.23 2.16 2.31
5% annual hypothetical return 1,000.00 1,022.79 2.17 2.32
2060 Fund actual return 1,000.00 1,010.92 2.26 2.41
5% annual hypothetical return 1,000.00 1,022.69 2.27 2.42

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 11

Important information about expenses

* “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-
year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were
182 days in the six months ended May 31, 2019. The expense charges of one or more of the fund’s share
classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation,
including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or
reimbursement, the expenses of the affected share classes would be higher and their performance lower. The
annualized expense ratio for the six-month period was 0.38% for the Retirement Income Fund, 0.38% for the
2010 Fund, 0.38% for the 2015 Fund, 0.35% for the 2020 Fund, 0.41% for the 2025 Fund, 0.44% for the
2030 Fund, 0.43% for the 2035 Fund, 0.45% for the 2040 Fund, 0.43% for the 2045 Fund, 0.43% for the
2050 Fund, 0.43% for the 2055 Fund and 0.45% for the 2060 Fund.
†
“Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal
half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses
(which the fund bears through its investment in the underlying funds). For the six-month period, the total
annualized weighted average expense ratio was 0.41% for the Retirement Income Fund, 0.41% for the 2010
Fund, 0.41% for the 2015 Fund, 0.38% for the 2020 Fund, 0.44% for the 2025 Fund, 0.47% for the 2030
Fund, 0.46% for the 2035 Fund, 0.48% for the 2040 Fund, 0.46% for the 2045 Fund, 0.46% for the 2050
Fund, 0.46% for the 2055 Fund and 0.48% for the 2060 Fund.

12 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

Expense examples
Six months ended May 31, 2019
Beginning Ending Effective
account account Expenses paid expenses paid
Lifecycle Funds value value during period* during period†
Premier Class (12/1/18) (5/31/19) (12/1/18–5/31/19) (12/1/18–5/31/19)

Retirement Income Fund

actual return $ 1,000.00 $ 1,040.40 $ 2.49 $ 2.65
5% annual hypothetical return 1,000.00 1,022.49 2.47 2.62
2010 Fund actual return 1,000.00 1,039.75 2.54 2.64
5% annual hypothetical return 1,000.00 1,022.44 2.52 2.62
2015 Fund actual return 1,000.00 1,039.05 2.54 2.69
5% annual hypothetical return 1,000.00 1,022.44 2.52 2.67
2020 Fund actual return 1,000.00 1,035.68 2.59 2.74
5% annual hypothetical return 1,000.00 1,022.39 2.57 2.72
2025 Fund actual return 1,000.00 1,032.28 2.69 2.84
5% annual hypothetical return 1,000.00 1,022.29 2.67 2.82
2030 Fund actual return 1,000.00 1,028.32 2.73 2.88
5% annual hypothetical return 1,000.00 1,022.24 2.72 2.87
2035 Fund actual return 1,000.00 1,022.97 2.77 2.93
5% annual hypothetical return 1,000.00 1,022.19 2.77 2.92
2040 Fund actual return 1,000.00 1,016.54 2.82 2.97
5% annual hypothetical return 1,000.00 1,022.14 2.82 2.97
2045 Fund actual return 1,000.00 1,013.06 2.86 3.01
5% annual hypothetical return 1,000.00 1,022.09 2.87 3.02
2050 Fund actual return 1,000.00 1,011.67 2.86 3.01
5% annual hypothetical return 1,000.00 1,022.09 2.87 3.02
2055 Fund actual return 1,000.00 1,011.49 2.86 3.01
5% annual hypothetical return 1,000.00 1,022.09 2.87 3.02
2060 Fund actual return 1,000.00 1,010.73 2.86 3.01
5% annual hypothetical return 1,000.00 1,022.09 2.87 3.02
* “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-
year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were
182 days in the six months ended May 31, 2019. The expense charges of one or more of the fund’s share
classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation,
including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or
reimbursement, the expenses of the affected share classes would be higher and their performance lower. The
annualized expense ratio for the six-month period was 0.49% for the Retirement Income Fund, 0.50% for the
2010 Fund, 0.50% for the 2015 Fund, 0.51% for the 2020 Fund, 0.53% for the 2025 Fund, 0.54% for the
2030 Fund, 0.55% for the 2035 Fund, 0.56% for the 2040 Fund, 0.57% for the 2045 Fund, 0.57% for the
2050 Fund, 0.57% for the 2055 Fund and 0.57% for the 2060 Fund.
†
“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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 13

Important information about expenses

(which the fund bears through its investment in the underlying funds). For the six-month period, the total
annualized weighted average expense ratio was 0.52% for the Retirement Income Fund, 0.52% for the 2010
Fund, 0.53% for the 2015 Fund, 0.54% for the 2020 Fund, 0.56% for the 2025 Fund, 0.57% for the 2030
Fund, 0.58% for the 2035 Fund, 0.59% for the 2040 Fund, 0.60% for the 2045 Fund, 0.60% for the 2050
Fund, 0.60% for the 2055 Fund and 0.60% for the 2060 Fund.

Expense examples
Six months ended May 31, 2019
Beginning Ending Effective
account account Expenses paid expenses paid
Lifecycle Funds value value during period* during period†
Retirement Class (12/1/18) (5/31/19) (12/1/18–5/31/19) (12/1/18–5/31/19)

Retirement Income Fund

actual return $ 1,000.00 $ 1,039.92 $ 3.05 $ 3.15
5% annual hypothetical return 1,000.00 1,021.94 3.02 3.13
2010 Fund actual return 1,000.00 1,039.09 3.05 3.15
5% annual hypothetical return 1,000.00 1,021.94 3.02 3.13
2015 Fund actual return 1,000.00 1,038.45 3.05 3.20
5% annual hypothetical return 1,000.00 1,021.94 3.02 3.18
2020 Fund actual return 1,000.00 1,036.28 3.10 3.25
5% annual hypothetical return 1,000.00 1,021.89 3.07 3.23
2025 Fund actual return 1,000.00 1,031.41 3.19 3.34
5% annual hypothetical return 1,000.00 1,021.79 3.18 3.33
2030 Fund actual return 1,000.00 1,026.92 3.23 3.39
5% annual hypothetical return 1,000.00 1,021.74 3.23 3.38
2035 Fund actual return 1,000.00 1,022.24 3.28 3.43
5% annual hypothetical return 1,000.00 1,021.69 3.28 3.43
2040 Fund actual return 1,000.00 1,016.23 3.32 3.47
5% annual hypothetical return 1,000.00 1,021.64 3.33 3.48
2045 Fund actual return 1,000.00 1,012.82 3.36 3.51
5% annual hypothetical return 1,000.00 1,021.59 3.38 3.53
2050 Fund actual return 1,000.00 1,011.42 3.36 3.51
5% annual hypothetical return 1,000.00 1,021.59 3.38 3.53
2055 Fund actual return 1,000.00 1,011.13 3.36 3.51
5% annual hypothetical return 1,000.00 1,021.59 3.38 3.53
2060 Fund actual return 1,000.00 1,010.53 3.36 3.51
5% annual hypothetical return 1,000.00 1,021.59 3.38 3.53

14 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Important information about expenses

* “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-
year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were
182 days in the six months ended May 31, 2019. The expense charges of one or more of the fund’s share
classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation,
including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or
reimbursement, the expenses of the affected share classes would be higher and their performance lower. The
annualized expense ratio for the six-month period was 0.60% for the Retirement Income Fund, 0.60% for the
2010 Fund, 0.60% for the 2015 Fund, 0.61% for the 2020 Fund, 0.63% for the 2025 Fund, 0.64% for the
2030 Fund, 0.65% for the 2035 Fund, 0.66% for the 2040 Fund, 0.67% for the 2045 Fund, 0.67% for the
2050 Fund, 0.67% for the 2055 Fund and 0.67% for the 2060 Fund.
†
“Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal
half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses
(which the fund bears through its investment in the underlying funds). For the six-month period, the total
annualized weighted average expense ratio was 0.62% for the Retirement Income Fund, 0.62% for the 2010
Fund, 0.63% for the 2015 Fund, 0.64% for the 2020 Fund, 0.66% for the 2025 Fund, 0.67% for the 2030
Fund, 0.68% for the 2035 Fund, 0.69% for the 2040 Fund, 0.70% for the 2045 Fund, 0.70% for the 2050
Fund, 0.70% for the 2055 Fund and 0.70% for the 2060 Fund.

Expense examples
Six months ended May 31, 2019
Beginning Ending Effective
account account Expenses paid expenses paid
Lifecycle Funds value value during period* during period†
Retail Class (12/1/18) (5/31/19) (12/1/18–5/31/19) (12/1/18–5/31/19)

Retirement Income Fund

actual return $ 1,000.00 $ 1,039.90 $ 3.05 $ 3.15
5% annual hypothetical return 1,000.00 1,021.94 3.02 3.13
* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-
year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were
182 days in the six months ended May 31, 2019. The expense charges of this fund may at times reflect a
waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this
waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the fund
would be higher and its performance lower. The annualized expense ratio for the six-month period was 0.60%
for the Retirement Income Fund.
†
“Effective expenses paid during period” is based on the Fund’s total expense ratio for the most recent fiscal
half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses
(which the fund bears through its investment in the underlying funds). For the six-month period, the total
annualized weighted average expense ratio was 0.62% for the Retirement Income Fund.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 15

Investment results of the Lifecycle Funds
Performance for the twelve months ended May 31, 2019
Five of the twelve TIAA-CREF Lifecycle Funds delivered positive returns, but all
underperformed their respective composite benchmarks. Returns for the
Retirement Class ranged from –3.41% for the Lifecycle 2060 Fund to 2.23% for
the Retirement Income Fund. The performance tables show returns for all share
classes of the funds.
The margin of underperformance of individual Lifecycle Funds, in relation to
their respective composite benchmarks, ranged from 3.47 percentage points for
the 2060 Fund to 1.24 percentage points for the Retirement Income Fund. (All
results for the Lifecycle Funds are for the Retirement Class.)

U.S. economy continued to grow, pushing domestic stocks and bonds higher
The U.S. economic expansion continued over the twelve-month period while the
unemployment rate touched its lowest level in nearly a half century and inflation
remained modest. Real gross domestic product (GDP), which measures the
value of all goods and services produced in the United States, grew at an
annualized rate of 3.4% and 2.2% in the third and fourth quarters of 2018,
respectively. Annualized GDP grew by 3.1% in the first quarter of 2019,
according to the government’s “second” estimate. Unemployment remained at
3.6% in May, its lowest rate since December 1969. Core inflation, which
includes all items except food and energy, rose 2.0% for the twelve months
ended May 31, 2019.
The Federal Reserve raised the federal funds target rate three times during
the period—in June, September and December 2018—boosting the key short-
term interest-rate measure to 2.25%–2.50%.
For the twelve-month period, the Russell 3000® Index, a broad measure of
the U.S. stock market, advanced 2.50%. The MSCI ACWI ex USA Investable
Market Index (IMI), which measures the performance of large-, mid- and
small-cap equities in 22 of 23 developed-markets countries (excluding the
United States) and 26 emerging-markets countries, returned –7.14% in
U.S.-dollar terms.
U.S. investment-grade bonds performed well amid a decline in long-term
rates and an increase in short-term rates. The broad domestic investment-grade
fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate
Bond Index, gained 6.40% during the period. Short-term bonds, as measured by
the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index, rose 3.70%.

16 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Funds turned in mixed results amid challenging stock markets
The Lifecycle Funds may invest in up to six sectors of the investment markets,
including U.S. equity (stocks), international equity (foreign stocks), fixed income,
short-term fixed income, inflation-protected assets and direct real estate. The
Lifecycle Funds do this by investing in various underlying funds that, in turn, buy
stocks, fixed-income instruments and commercial real estate in these six
market sectors.
For the twelve-month period, the funds’ absolute returns—that is, without
regard to the performance of their respective composite benchmarks—were
generally bolstered by the solid advances in all fixed-income categories but were
hurt by the volatility in international stocks and some U.S. equities. The Bond
Fund and the Bond Plus Fund produced the best absolute returns among fixed-
income investments. The Large-Cap Growth Fund and the Quant Large-Cap
Growth Fund were the best performers in the domestic equity category. All
international equity funds recorded losses during the period. Within this
category, the International Equity Fund had the largest loss.

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

Each Lifecycle Fund underperformed its composite benchmark, primarily due to
the performance of several underlying TIAA-CREF Funds that invest in stocks.
Among equity funds, the Large-Cap Value Fund and the International Equity Fund
detracted most from relative performance. The Growth & Income Fund, Quant
Large-Cap Growth Fund and Quant Large-Cap Value Fund also had negative
impacts on relative performance.
Those setbacks were offset in part by relative outperformance from the
Quant Small-Cap Equity Fund and the Quant Small/Mid-Cap Equity Fund. In the
fixed-income category, the Bond Fund narrowly outperformed its benchmark and
made a positive contribution to relative performance.
Lifecycle Funds with larger fixed-income allocations were more likely to post
gains for the period. For example, the Retirement Income Fund, which invests
about 60% of its portfolio in fixed-income funds, returned 2.23%. The 2010,
2015, 2020 and 2025 Funds, all of which invest at least 39% of their portfolios
in fixed-income securities, recorded positive returns. By contrast, the 2060
Fund, which invests 1% of its assets in fixed income, had the largest decline for
the period. (Performance of the Lifecycle Funds’ underlying funds can be found
at TIAA.org/performance.)

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 17

Lifecycle Retirement Income Fund

Performance as of May 31, 2019

Lifecycle Retirement Income Fund Average annual Annual operating
Total Return total return expenses*#
Inception
date 1 year 5 years 10 years gross net

Institutional Class 11/30/07 2.48% 4.38% 7.13% 0.52% 0.37%

Advisor Class 12/4/15 2.43 4.29† 6.94† 0.60 0.45
Premier Class 9/30/09 2.33 4.23 6.96† 0.67 0.52
Retirement Class 11/30/07 2.23 4.13 6.86 0.77 0.62
Retail Class 11/30/07 2.14 4.13 6.88 0.80 0.62
Lifecycle Retirement Income
Fund Composite Index‡ — 3.47 4.24 6.88 — —

Broad market index

S&P Target Date Retirement
Income Index — 2.95 3.49 5.74 — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is
based on performance of the Retirement Class. The performance for these periods has not been restated to
reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor and
Premier classes have different expenses than the Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle Retirement Income Fund Composite Index consisted
of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000® Index; 12.0% MSCI All
Country World Index ex USA Investable Market Index; 10.0% Bloomberg Barclays U.S. 1–3 Year
Government/Credit Bond Index; and 10.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities
(TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and
the method of calculating the composite benchmark’s performance may vary over time.

18 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle Retirement Income Fund

$10,000 over 10 years

Retirement Class
$22,000

18,000

14,000

10,000

6,000
May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19
Lifecycle Retirement Income Fund $19,407
S&P Target Date Retirement Income Index $17,474
Lifecycle Retirement Income Fund Composite Index $19,457

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 35.00%
Equity Fixed Income 60.00%
U.S. equity 23.81 24.50 Direct real estate 5.00%
International equity 10.52 10.50
Fixed income
Fixed income 39.65 40.00
Short-term fixed income 11.10 10.00
Inflation-protected assets 10.16 10.00
Direct real estate 4.60 5.00

Other assets &

liabilities, net 0.16 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 19

Lifecycle 2010 Fund

Performance as of May 31, 2019

Lifecycle 2010 Fund Average annual Annual operating
Total Return total return expenses*#
Inception
date 1 year 5 years 10 years gross net

Institutional Class 1/17/07 2.26% 4.57% 7.75% 0.49% 0.37%

Advisor Class 12/4/15 2.33 4.49† 7.58† 0.57 0.45
Premier Class 9/30/09 2.10 4.42 7.59† 0.64 0.52
Retirement Class 10/15/04 2.01 4.32 7.49 0.74 0.62
Lifecycle 2010 Fund
Composite Index‡ — 3.42 4.45 7.51 — —

Broad market index

S&P Target Date 2010 Index — 2.69 3.90 6.66 — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is
based on performance of the Retirement Class. The performance for these periods has not been restated to
reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor and
Premier classes have different expenses than the Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2010 Fund Composite Index consisted of: 39.8%
Bloomberg Barclays U.S. Aggregate Bond Index; 28.7% Russell 3000® Index; 12.3% MSCI All Country World
Index ex USA Investable Market Index; 9.6% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index;
and 9.6% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s
benchmark, the components that make up the composite benchmark and the method of calculating the
composite benchmark’s performance may vary over time.

20 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2010 Fund

$10,000 over 10 years

Retirement Class
$25,000

20,000

15,000

10,000

5,000
May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19
Lifecycle 2010 Fund $20,585
S&P Target Date 2010 Index $19,057
Lifecycle 2010 Fund Composite Index $20,626

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 36.00%
Equity Fixed Income 59.00%
U.S. equity 24.55 25.20 Direct real estate 5.00%
International equity 10.84 10.80
Fixed income
Fixed income 39.49 39.80
Short-term fixed income 10.65 9.60
Inflation-protected assets 9.72 9.60
Direct real estate 4.60 5.00

Other assets &

liabilities, net 0.15 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 21

Lifecycle 2015 Fund

Performance as of May 31, 2019

Lifecycle 2015 Fund Average annual Annual operating
Total Return total return expenses*#
Inception
date 1 year 5 years 10 years gross net

Institutional Class 1/17/07 1.89% 4.82% 8.26% 0.50% 0.38%

Advisor Class 12/4/15 1.88 4.72† 8.08† 0.58 0.46
Premier Class 9/30/09 1.83 4.66 8.10† 0.65 0.53
Retirement Class 10/15/04 1.74 4.57 8.00 0.75 0.63
Lifecycle 2015 Fund
Composite Index‡ — 3.19 4.72 8.06 — —

Broad market index

S&P Target Date 2015 Index — 2.34 4.31 7.52 — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is
based on performance of the Retirement Class. The performance for these periods has not been restated to
reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor and
Premier classes have different expenses than the Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2015 Fund Composite Index consisted of: 38.8%
Bloomberg Barclays U.S. Aggregate Bond Index; 32.2% Russell 3000® Index; 13.8% MSCI All Country World
Index ex USA Investable Market Index; 7.6% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index;
and 7.6% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s
benchmark, the components that make up the composite benchmark and the method of calculating the
composite benchmark’s performance may vary over time.

22 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2015 Fund

$10,000 over 10 years

Retirement Class
$25,000

20,000

15,000

10,000

5,000
May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19
Lifecycle 2015 Fund $21,597
S&P Target Date 2015 Index $20,652
Lifecycle 2015 Fund Composite Index $21,703

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 41.00%
Equity Fixed Income 54.00%
U.S. equity 28.03 28.70 Direct real estate 5.00%
International equity 12.33 12.30
Fixed income
Fixed income 38.51 38.80
Short-term fixed income 8.65 7.60
Inflation-protected assets 7.70 7.60
Direct real estate 4.60 5.00

Other assets &

liabilities, net 0.18 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 23

Lifecycle 2020 Fund

Performance as of May 31, 2019

Lifecycle 2020 Fund Average annual Annual operating
Total Return total return expenses*#
Inception
date 1 year 5 years 10 years gross net

Institutional Class 1/17/07 1.45% 5.13% 8.86% 0.50% 0.39%

Advisor Class 12/4/15 1.39 5.04† 8.68† 0.58 0.47
Premier Class 9/30/09 1.27 4.97 8.71† 0.65 0.54
Retirement Class 10/15/04 1.18 4.88 8.60 0.75 0.64
Lifecycle 2020 Fund
Composite Index‡ — 2.90 5.07 8.71 — —

Broad market index

S&P Target Date 2020 Index — 1.98 4.67 8.25 — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is
based on performance of the Retirement Class. The performance for these periods has not been restated to
reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor and
Premier classes have different expenses than the Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2020 Fund Composite Index consisted of: 37.1%
Bloomberg Barclays U.S. Aggregate Bond Index; 36.2% Russell 3000® Index; 15.5% MSCI All Country World
Index ex USA Investable Market Index; 5.6% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index;
and 5.6% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s
benchmark, the components that make up the composite benchmark and the method of calculating the
composite benchmark’s performance may vary over time.

24 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2020 Fund

$10,000 over 10 years

Retirement Class
$25,000

20,000

15,000

10,000

5,000
May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19
Lifecycle 2020 Fund $22,817
S&P Target Date 2020 Index $22,104
Lifecycle 2020 Fund Composite Index $23,043

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 46.80%
Equity Fixed Income 48.20%
U.S. equity 32.11 32.76 Direct real estate 5.00%
International equity 14.10 14.04
Fixed income
Fixed income 36.67 37.00
Short-term fixed income 6.63 5.60
Inflation-protected assets 5.67 5.60
Direct real estate 4.61 5.00

Other assets &

liabilities, net 0.21 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 25

Lifecycle 2025 Fund

Performance as of May 31, 2019

Lifecycle 2025 Fund Average annual Annual operating
Total Return total return expenses*#
Inception
date 1 year 5 years 10 years gross net

Institutional Class 1/17/07 0.58% 5.43% 9.45% 0.52% 0.41%

Advisor Class 12/4/15 0.53 5.31† 9.24† 0.60 0.49
Premier Class 9/30/09 0.51 5.28 9.27† 0.67 0.56
Retirement Class 10/15/04 0.33 5.16 9.16 0.77 0.66
Lifecycle 2025 Fund
Composite Index‡ — 2.44 5.45 9.36 — —

Broad market index

S&P Target Date 2025 Index — 1.35 4.97 8.86 — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is
based on performance of the Retirement Class. The performance for these periods has not been restated to
reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor and
Premier classes have different expenses than the Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2025 Fund Composite Index consisted of: 41.8%
Russell 3000® Index; 33.1% Bloomberg Barclays U.S. Aggregate Bond Index; 17.9% MSCI All Country World
Index ex USA Investable Market Index; 3.6% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index;
and 3.6% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s
benchmark, the components that make up the composite benchmark and the method of calculating the
composite benchmark’s performance may vary over time.

26 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2025 Fund

$10,000 over 10 years

Retirement Class
$28,000

22,000

16,000

10,000

4,000
May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19
Lifecycle 2025 Fund $24,033
S&P Target Date 2025 Index $23,376
Lifecycle 2025 Fund Composite Index $24,474

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 55.80%
Equity Fixed Income 39.20%
U.S. equity 38.32 39.06 Direct real estate 5.00%
International equity 16.79 16.74
Fixed income
Fixed income 31.79 32.00
Short-term fixed income 4.62 3.60
Inflation-protected assets 3.64 3.60
Direct real estate 4.61 5.00

Other assets &

liabilities, net 0.23 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 27

Lifecycle 2030 Fund

Performance as of May 31, 2019

Lifecycle 2030 Fund Average annual Annual operating
Total Return total return expenses*#
Inception
date 1 year 5 years 10 years gross net

Institutional Class 1/17/07 –0.25% 5.72% 9.98% 0.53% 0.42%

Advisor Class 12/4/15 –0.32 5.60† 9.78† 0.61 0.50
Premier Class 9/30/09 –0.33 5.56 9.81† 0.68 0.57
Retirement Class 10/15/04 –0.54 5.45 9.70 0.78 0.67
Lifecycle 2030 Fund
Composite Index‡ — 1.97 5.82 10.00 — —

Broad market index

S&P Target Date 2030 Index — 0.63 5.25 9.37 — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is
based on performance of the Retirement Class. The performance for these periods has not been restated to
reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor and
Premier classes have different expenses than the Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2030 Fund Composite Index consisted of: 47.4%
Russell 3000® Index; 29.1% Bloomberg Barclays U.S. Aggregate Bond Index; 20.3% MSCI All Country World
Index ex USA Investable Market Index; 1.6% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index;
and 1.6% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s
benchmark, the components that make up the composite benchmark and the method of calculating the
composite benchmark’s performance may vary over time.

28 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2030 Fund

$10,000 over 10 years

Retirement Class
$28,000

22,000

16,000

10,000

4,000
May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19
Lifecycle 2030 Fund $25,234
S&P Target Date 2030 Index $24,501
Lifecycle 2030 Fund Composite Index $25,932

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 64.80%
Equity Fixed Income 30.20%
U.S. equity 44.64 45.36 Direct real estate 5.00%
International equity 19.51 19.44
Fixed income
Fixed income 26.87 27.00
Short-term fixed income 2.59 1.60
Inflation-protected assets 1.60 1.60
Direct real estate 4.61 5.00

Other assets &

liabilities, net 0.18 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 29

Lifecycle 2035 Fund

Performance as of May 31, 2019

Lifecycle 2035 Fund Average annual Annual operating
Total Return total return expenses*#
Inception
date 1 year 5 years 10 years gross net

Institutional Class 1/17/07 –1.08% 5.95% 10.46% 0.54% 0.43%

Advisor Class 12/4/15 –1.11 5.85† 10.26† 0.62 0.51
Premier Class 9/30/09 –1.25 5.79 10.29† 0.69 0.58
Retirement Class 10/15/04 –1.37 5.68 10.17 0.79 0.68
Lifecycle 2035 Fund
Composite Index‡ — 1.45 6.14 10.57 — —

Broad market index

S&P Target Date 2035 Index — –0.10 5.52 9.80 — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is
based on performance of the Retirement Class. The performance for these periods has not been restated to
reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor and
Premier classes have different expenses than the Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2035 Fund Composite Index consisted of: 53.0%
Russell 3000® Index; 24.3% Bloomberg Barclays U.S. Aggregate Bond Index; and 22.7% MSCI All Country
World Index ex USA Investable Market Index. The Fund’s benchmark, the components that make up the
composite benchmark and the method of calculating the composite benchmark’s performance may vary
over time.

30 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2035 Fund

$10,000 over 10 years

Retirement Class
$ 31,000

24,000

17,000

10,000

3,000
May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19

Lifecycle 2035 Fund $26,353

S&P Target Date 2035 Index $25,468
Lifecycle 2035 Fund Composite Index $27,322

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 73.80%
Equity Fixed Income 21.20%
U.S. equity 50.92 51.66 Direct real estate 5.00%
International equity 22.23 22.14
Fixed income 22.01 21.20
Direct real estate 4.62 5.00

Other assets &

liabilities, net 0.22 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 31

Lifecycle 2040 Fund

Performance as of May 31, 2019

Lifecycle 2040 Fund Average annual Annual operating
Total Return total return expenses*#
Inception
date 1 year 5 years 10 years gross net

Institutional Class 1/17/07 –2.09% 6.16% 10.69% 0.55% 0.44%

Advisor Class 12/4/15 –2.13 6.04† 10.49† 0.63 0.52
Premier Class 9/30/09 –2.28 5.99 10.52† 0.70 0.59
Retirement Class 10/15/04 –2.37 5.88 10.41 0.80 0.69
Lifecycle 2040 Fund
Composite Index‡ — 0.84 6.43 10.89 — —

Broad market index

S&P Target Date 2040 Index — –0.55 5.70 10.09 — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is
based on performance of the Retirement Class. The performance for these periods has not been restated to
reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor and
Premier classes have different expenses than the Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2040 Fund Composite Index consisted of: 58.6%
Russell 3000® Index; 25.1% MSCI All Country World Index ex USA Investable Market Index; and 16.3%
Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the
composite benchmark and the method of calculating the composite benchmark’s performance may vary
over time.

32 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2040 Fund

$10,000 over 10 years

Retirement Class
$ 31,000

24,000

17,000

10,000

3,000
May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19

Lifecycle 2040 Fund $26,918

S&P Target Date 2040 Index $26,162
Lifecycle 2040 Fund Composite Index $28,103

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 82.80%
Equity Fixed Income 12.20%
U.S. equity 57.29 57.96 Direct real estate 5.00%
International equity 24.99 24.84
Fixed income 12.88 12.20
Direct real estate 4.63 5.00

Other assets &

liabilities, net 0.21 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 33

Lifecycle 2045 Fund

Performance as of May 31, 2019

Lifecycle 2045 Fund Average annual Annual operating
Total Return total return expenses*#
Inception
date 1 year 5 years 10 years gross net

Institutional Class 11/30/07 –2.79% 6.23% 10.72% 0.56% 0.45%

Advisor Class 12/4/15 –2.79 6.11† 10.51† 0.64 0.53
Premier Class 9/30/09 –2.96 6.05 10.54† 0.71 0.60
Retirement Class 11/30/07 –3.00 5.95 10.43 0.81 0.70
Lifecycle 2045 Fund
Composite Index‡ — 0.35 6.56 10.95 — —

Broad market index

S&P Target Date 2045 Index — –0.86 5.81 10.28 — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is
based on performance of the Retirement Class. The performance for these periods has not been restated to
reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor and
Premier classes have different expenses than the Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2045 Fund Composite Index consisted of: 63.2%
Russell 3000® Index; 27.1% MSCI All Country World Index ex USA Investable Market Index; and 9.7%
Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the
composite benchmark and the method of calculating the composite benchmark’s performance may vary
over time.

34 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2045 Fund

$10,000 over 10 years

Retirement Class
$ 31,000

24,000

17,000

10,000

3,000
May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19

Lifecycle 2045 Fund $26,968

S&P Target Date 2045 Index $26,617
Lifecycle 2045 Fund Composite Index $28,278

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 90.25%
Equity Fixed Income 4.75%
U.S. equity 62.45 63.18 Direct real estate 5.00%
International equity 27.23 27.07
Fixed income 5.46 4.75
Direct real estate 4.63 5.00

Other assets &

liabilities, net 0.23 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 35

Lifecycle 2050 Fund

Performance as of May 31, 2019

Lifecycle 2050 Fund Average annual Annual operating
Total Return total return expenses*#
Inception
date 1 year 5 years 10 years gross net

Institutional Class 11/30/07 –2.97% 6.27% 10.74% 0.57% 0.45%

Advisor Class 12/4/15 –2.90 6.17† 10.56† 0.65 0.53
Premier Class 9/30/09 –3.07 6.11 10.57† 0.72 0.60
Retirement Class 11/30/07 –3.19 6.00 10.47 0.82 0.70
Lifecycle 2050 Fund
Composite Index‡ — 0.26 6.63 10.99 — —

Broad market index

S&P Target Date 2050 Index — –1.08 5.93 10.43 — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor and Premier classes that is prior to their respective inception dates is
based on performance of the Retirement Class. The performance for these periods has not been restated to
reflect the actual expenses of Advisor and Premier classes. If these actual expenses had been reflected, the
performance of these two classes shown for these periods would have been different because the Advisor and
Premier classes have different expenses than the Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2050 Fund Composite Index consisted of: 64.0%
Russell 3000® Index; 27.5% MSCI All Country World Index ex USA Investable Market Index; and 8.5%
Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the
composite benchmark and the method of calculating the composite benchmark’s performance may vary
over time.

36 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2050 Fund

$10,000 over 10 years

Retirement Class
$ 31,000

24,000

17,000

10,000

3,000
May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19

Lifecycle 2050 Fund $27,077

S&P Target Date 2050 Index $26,976
Lifecycle 2050 Fund Composite Index $28,370

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 91.50%
Equity Fixed Income 3.50%
U.S. equity 63.30 64.05 Direct real estate 5.00%
International equity 27.60 27.45
Fixed income 4.16 3.50
Direct real estate 4.63 5.00

Other assets &

liabilities, net 0.31 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 37

Lifecycle 2055 Fund

Performance as of May 31, 2019

Lifecycle 2055 Fund Average annual Annual operating
Total Return total return expenses*#
Inception since
date 1 year 5 years inception gross net

Institutional Class 4/29/11 –3.04% 6.32% 7.76% 0.59% 0.45%

Advisor Class 12/4/15 –3.05 6.23† 7.60† 0.67 0.53
Premier Class 4/29/11 –3.14 6.17 7.60 0.74 0.60
Retirement Class 4/29/11 –3.24 6.06 7.49 0.84 0.70
Lifecycle 2055 Fund
Composite Index‡ — 0.16 6.70 8.21§ — —

Broad market index

S&P Target Date 2055 Index — –1.14 5.99 7.54§ — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor Class that is prior to its respective inception date is based on
performance of the Retirement Class. The performance for these periods has not been restated to reflect the
actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class
shown for these periods would have been different because the Advisor Class has different expenses than the
Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2055 Fund Composite Index consisted of: 65.0%
Russell 3000® Index; 27.8% MSCI All Country World Index ex USA Investable Market Index; and 7.2%
Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the
composite benchmark and the method of calculating the composite benchmark’s performance may vary
over time.
§
Performance is calculated from the inception date of the Retirement Class.

38 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2055 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception April 29, 2011)
$ 22,000

18,000

14,000

10,000

6,000
Inception May 12 May 13 May 14 May 15 May 16 May 17 May 18 May 19

Lifecycle 2055 Fund $17,939

S&P Target Date 2055 Index $18,005
Lifecycle 2055 Fund Composite Index $18,933

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 92.75%
Equity Fixed Income 2.25%
U.S. equity 64.19 64.93 Direct real estate 5.00%
International equity 27.97 27.82
Fixed income 2.88 2.25
Direct real estate 4.62 5.00

Other assets &

liabilities, net 0.34 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 39

Lifecycle 2060 Fund

Performance as of May 31, 2019

Lifecycle 2060 Fund Average annual Annual operating
Total Return total return expenses*#
Inception since
date 1 year inception gross net

Institutional Class 9/26/14 –3.17% 6.66% 0.79% 0.45%

Advisor Class 12/4/15 –3.20 6.58† 0.87 0.53
Premier Class 9/26/14 –3.31 6.50 0.94 0.60
Retirement Class 9/26/14 –3.41 6.41 1.04 0.70
Lifecycle 2060 Fund
Composite Index‡ — 0.06 6.97§ — —

Broad market index

S&P Target Date 2060+ Index — –1.08 6.41§ — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense
reimbursements will continue through at least September 30, 2019, and the waiver will remain in effect through
September 30, 2021, unless changed with the approval of the Board of Trustees. Without these
reimbursements and waivers, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor Class that is prior to its respective inception date is based on
performance of the Retirement Class. The performance for these periods has not been restated to reflect the
actual expenses of Advisor Class. If these actual expenses had been reflected, the performance of Advisor Class
shown for these periods would have been different because the Advisor Class has different expenses than the
Retirement Class.
‡
As of the close of business on May 31, 2019, the Lifecycle 2060 Fund Composite Index consisted of: 65.8%
Russell 3000® Index; 28.2% MSCI All Country World Index ex USA Investable Market Index; and 6.0%
Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the
composite benchmark and the method of calculating the composite benchmark’s performance may vary
over time.
§
Performance is calculated from the inception date of the Retirement Class.

40 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2060 Fund

$10,000 invested at Fund’s inception

Retirement Class (inception September 26, 2014)
$ 16,000

14,000

12,000

10,000

8,000
Inception May 15 Nov 15 May 16 Nov 16 May 17 Nov 17 May 18 Nov 18 May 19

Lifecycle 2060 Fund $13,370

S&P Target Date 2060+ Index $13,371
Lifecycle 2060 Fund Composite Index $13,706

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

Asset allocation Target allocation

% of net % of target For June 30, 2019
assets as of allocation
5/31/19 for 6/30/19
Equity 94.00%
Equity Fixed Income 1.00%
U.S. equity 65.05 65.80 Direct real estate 5.00%
International equity 28.27 28.20
Fixed income 1.59 1.00
Direct real estate 4.59 5.00

Other assets &

liabilities, net 0.50 —

Total 100.00 100.00

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 41

Portfolio of investments
Lifecycle Retirement Income Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.8%a
DIRECT REAL ESTATE—4.6%
2,078,963 b TIAA-CREF Real Property Fund LP
(purchased 8/01/16–5/30/19; cost $22,074,170) $ 23,908,073 4.6%
TOTAL DIRECT REAL ESTATE 23,908,073 4.6
FIXED INCOME—39.6%
10,162,248 TIAA-CREF Bond Fund 105,890,622 20.4
6,572,364 TIAA-CREF Bond Plus Fund 68,746,930 13.2
1,151,674 TIAA-CREF Emerging Markets Debt Fund 11,251,857 2.2
959,138 TIAA-CREF High-Yield Fund 9,130,990 1.7
1,091,510 TIAA-CREF International Bond Fund 11,013,339 2.1
TOTAL FIXED INCOME 206,033,738 39.6
INFLATION-PROTECTED ASSETS—10.2%
4,603,830 TIAA-CREF Inflation-Linked Bond Fund 52,805,928 10.2
TOTAL INFLATION-PROTECTED ASSETS 52,805,928 10.2
INTERNATIONAL EQUITY—10.5%
939,719 TIAA-CREF Emerging Markets Equity Fund 9,961,018 1.9
1,158,750 TIAA-CREF International Equity Fund 11,645,440 2.3
933,614 TIAA-CREF International Opportunities Fund 11,614,161 2.2
2,052,125 TIAA-CREF Quant International Equity Fund 14,118,618 2.7
764,291 TIAA-CREF Quant International Small-Cap Equity Fund 7,298,983 1.4
TOTAL INTERNATIONAL EQUITY 54,638,220 10.5
SHORT-TERM FIXED INCOME—11.1%
5,583,486 TIAA-CREF Short-Term Bond Fund 57,677,408 11.1
TOTAL SHORT-TERM FIXED INCOME 57,677,408 11.1
U.S. EQUITY—23.8%
1,927,907 TIAA-CREF Growth & Income Fund 26,180,974 5.0
1,181,841 TIAA-CREF Large-Cap Growth Fund 23,565,901 4.5
1,428,497 TIAA-CREF Large-Cap Value Fund 22,713,101 4.4
1,539,951 TIAA-CREF Quant Large-Cap Growth Fund 20,650,743 4.0
2,107,013 TIAA-CREF Quant Large-Cap Value Fund 19,869,136 3.8
366,409 TIAA-CREF Quant Small-Cap Equity Fund 5,712,313 1.1
439,496 TIAA-CREF Quant Small/Mid-Cap Equity Fund 4,992,671 1.0
TOTAL U.S. EQUITY 123,684,839 23.8
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $483,373,228) 518,748,206 99.8

TOTAL PORTFOLIO (Cost $483,373,228) 518,748,206 99.8

OTHER ASSETS & LIABILITIES, NET 820,242 0.2
NET ASSETS $519,568,448 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $23,908,073 or 4.6% of net assets.

42 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
Portfolio of investments
Lifecycle 2010 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.9%a
DIRECT REAL ESTATE—4.6%
4,658,164 b TIAA-CREF Real Property Fund LP
(purchased 7/01/16–5/30/19; cost $49,134,237) $ 53,568,892 4.6%
TOTAL DIRECT REAL ESTATE 53,568,892 4.6
FIXED INCOME—39.5%
22,660,356 TIAA-CREF Bond Fund 236,120,914 20.3
14,662,585 TIAA-CREF Bond Plus Fund 153,370,643 13.2
2,575,280 TIAA-CREF Emerging Markets Debt Fund 25,160,490 2.2
2,132,729 TIAA-CREF High-Yield Fund 20,303,579 1.7
2,434,411 TIAA-CREF International Bond Fund 24,563,203 2.1
TOTAL FIXED INCOME 459,518,829 39.5
INFLATION-PROTECTED ASSETS—9.7%
9,858,228 TIAA-CREF Inflation-Linked Bond Fund 113,073,880 9.7
TOTAL INFLATION-PROTECTED ASSETS 113,073,880 9.7
INTERNATIONAL EQUITY—10.8%
2,157,693 TIAA-CREF Emerging Markets Equity Fund 22,871,541 2.0
2,683,881 TIAA-CREF International Equity Fund 26,973,001 2.3
2,170,023 TIAA-CREF International Opportunities Fund 26,995,087 2.3
4,717,786 TIAA-CREF Quant International Equity Fund 32,458,365 2.8
1,764,669 TIAA-CREF Quant International Small-Cap Equity Fund 16,852,585 1.4
TOTAL INTERNATIONAL EQUITY 126,150,579 10.8
SHORT-TERM FIXED INCOME—10.7%
11,995,823 TIAA-CREF Short-Term Bond Fund 123,916,855 10.7
TOTAL SHORT-TERM FIXED INCOME 123,916,855 10.7
U.S. EQUITY—24.6%
4,450,953 TIAA-CREF Growth & Income Fund 60,443,942 5.2
2,733,134 TIAA-CREF Large-Cap Growth Fund 54,498,696 4.7
3,298,578 TIAA-CREF Large-Cap Value Fund 52,447,392 4.5
3,553,730 TIAA-CREF Quant Large-Cap Growth Fund 47,655,516 4.1
4,864,775 TIAA-CREF Quant Large-Cap Value Fund 45,874,828 4.0
849,281 TIAA-CREF Quant Small-Cap Equity Fund 13,240,295 1.1
1,016,322 TIAA-CREF Quant Small/Mid-Cap Equity Fund 11,545,421 1.0
TOTAL U.S. EQUITY 285,706,090 24.6
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $1,028,249,353) 1,161,935,125 99.9

TOTAL PORTFOLIO (Cost $1,028,249,353) 1,161,935,125 99.9

OTHER ASSETS & LIABILITIES, NET 1,710,268 0.1
NET ASSETS $1,163,645,393 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $53,568,892 or 4.6% of net assets.

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 43
Portfolio of investments
Lifecycle 2015 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.8%a
DIRECT REAL ESTATE—4.6%
7,141,542 b TIAA-CREF Real Property Fund LP
(purchased 11/28/16–5/30/19; cost $75,878,172) $ 82,127,737 4.6%
TOTAL DIRECT REAL ESTATE 82,127,737 4.6
FIXED INCOME—38.5%
33,855,665 TIAA-CREF Bond Fund 352,776,031 19.8
21,928,464 TIAA-CREF Bond Plus Fund 229,371,732 12.9
3,868,302 TIAA-CREF Emerging Markets Debt Fund 37,793,311 2.1
3,161,507 TIAA-CREF High-Yield Fund 30,097,550 1.7
3,641,776 TIAA-CREF International Bond Fund 36,745,515 2.0
TOTAL FIXED INCOME 686,784,139 38.5
INFLATION-PROTECTED ASSETS—7.7%
11,969,418 TIAA-CREF Inflation-Linked Bond Fund 137,289,219 7.7
TOTAL INFLATION-PROTECTED ASSETS 137,289,219 7.7
INTERNATIONAL EQUITY—12.3%
3,737,068 TIAA-CREF Emerging Markets Equity Fund 39,612,917 2.2
4,676,146 TIAA-CREF International Equity Fund 46,995,264 2.6
3,773,708 TIAA-CREF International Opportunities Fund 46,944,931 2.6
8,274,968 TIAA-CREF Quant International Equity Fund 56,931,781 3.2
3,088,461 TIAA-CREF Quant International Small-Cap Equity Fund 29,494,798 1.7
TOTAL INTERNATIONAL EQUITY 219,979,691 12.3
SHORT-TERM FIXED INCOME—8.7%
14,931,701 TIAA-CREF Short-Term Bond Fund 154,244,474 8.7
TOTAL SHORT-TERM FIXED INCOME 154,244,474 8.7
U.S. EQUITY—28.0%
7,791,467 TIAA-CREF Growth & Income Fund 105,808,118 5.9
4,771,281 TIAA-CREF Large-Cap Growth Fund 95,139,344 5.3
5,761,116 TIAA-CREF Large-Cap Value Fund 91,601,740 5.2
6,221,352 TIAA-CREF Quant Large-Cap Growth Fund 83,428,337 4.7
8,510,582 TIAA-CREF Quant Large-Cap Value Fund 80,254,788 4.5
1,506,888 TIAA-CREF Quant Small-Cap Equity Fund 23,492,377 1.3
1,774,155 TIAA-CREF Quant Small/Mid-Cap Equity Fund 20,154,403 1.1
TOTAL U.S. EQUITY 499,879,107 28.0
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $1,759,810,843) 1,780,304,367 99.8

TOTAL PORTFOLIO (Cost $1,759,810,843) 1,780,304,367 99.8

OTHER ASSETS & LIABILITIES, NET 3,235,918 0.2
NET ASSETS $1,783,540,285 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $82,127,737 or 4.6% of net assets.

44 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
Portfolio of investments
Lifecycle 2020 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.8%a
DIRECT REAL ESTATE—4.6%
14,751,013 b TIAA-CREF Real Property Fund LP
(purchased 11/28/16–5/30/19; cost $156,959,707) $ 169,636,653 4.6%
TOTAL DIRECT REAL ESTATE 169,636,653 4.6
FIXED INCOME—36.7%
66,494,082 TIAA-CREF Bond Fund 692,868,334 18.8
43,146,327 TIAA-CREF Bond Plus Fund 451,310,582 12.3
7,651,464 TIAA-CREF Emerging Markets Debt Fund 74,754,805 2.0
6,178,923 TIAA-CREF High-Yield Fund 58,823,345 1.6
7,173,225 TIAA-CREF International Bond Fund 72,377,842 2.0
TOTAL FIXED INCOME 1,350,134,908 36.7
INFLATION-PROTECTED ASSETS—5.7%
18,197,375 TIAA-CREF Inflation-Linked Bond Fund 208,723,890 5.7
TOTAL INFLATION-PROTECTED ASSETS 208,723,890 5.7
INTERNATIONAL EQUITY—14.1%
8,738,983 TIAA-CREF Emerging Markets Equity Fund 92,633,223 2.5
11,045,083 TIAA-CREF International Equity Fund 111,003,080 3.0
8,963,667 TIAA-CREF International Opportunities Fund 111,508,011 3.0
19,542,576 TIAA-CREF Quant International Equity Fund 134,452,925 3.7
7,280,918 TIAA-CREF Quant International Small-Cap Equity Fund 69,532,763 1.9
TOTAL INTERNATIONAL EQUITY 519,130,002 14.1
SHORT-TERM FIXED INCOME—6.6%
23,641,747 TIAA-CREF Short-Term Bond Fund 244,219,245 6.6
TOTAL SHORT-TERM FIXED INCOME 244,219,245 6.6
U.S. EQUITY—32.1%
18,397,452 TIAA-CREF Growth & Income Fund 249,837,395 6.8
11,290,016 TIAA-CREF Large-Cap Growth Fund 225,122,913 6.1
13,626,430 TIAA-CREF Large-Cap Value Fund 216,660,239 5.9
14,690,766 TIAA-CREF Quant Large-Cap Growth Fund 197,003,175 5.4
20,090,462 TIAA-CREF Quant Large-Cap Value Fund 189,453,052 5.1
3,608,378 TIAA-CREF Quant Small-Cap Equity Fund 56,254,605 1.5
4,192,251 TIAA-CREF Quant Small/Mid-Cap Equity Fund 47,623,974 1.3
TOTAL U.S. EQUITY 1,181,955,353 32.1
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $3,604,488,026) 3,673,800,051 99.8

TOTAL PORTFOLIO (Cost $3,604,488,026) 3,673,800,051 99.8

OTHER ASSETS & LIABILITIES, NET 7,619,225 0.2
NET ASSETS $3,681,419,276 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $169,636,653 or 4.6% of net assets.

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 45
Portfolio of investments
Lifecycle 2025 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.8%a
DIRECT REAL ESTATE—4.6%
17,667,914 b TIAA-CREF Real Property Fund LP
(purchased 8/01/16–5/30/19; cost $188,000,907) $ 203,181,012 4.6%
TOTAL DIRECT REAL ESTATE 203,181,012 4.6
FIXED INCOME—31.8%
68,681,769 TIAA-CREF Bond Fund 715,664,034 16.2
44,948,653 TIAA-CREF Bond Plus Fund 470,162,915 10.7
8,118,506 TIAA-CREF Emerging Markets Debt Fund 79,317,805 1.8
6,310,982 TIAA-CREF High-Yield Fund 60,080,548 1.4
7,472,538 TIAA-CREF International Bond Fund 75,397,909 1.7
TOTAL FIXED INCOME 1,400,623,211 31.8
INFLATION-PROTECTED ASSETS—3.7%
13,976,859 TIAA-CREF Inflation-Linked Bond Fund 160,314,572 3.7
TOTAL INFLATION-PROTECTED ASSETS 160,314,572 3.7
INTERNATIONAL EQUITY—16.8%
12,353,444 TIAA-CREF Emerging Markets Equity Fund 130,946,509 3.0
15,795,874 TIAA-CREF International Equity Fund 158,748,533 3.6
12,803,154 TIAA-CREF International Opportunities Fund 159,271,236 3.6
27,871,741 TIAA-CREF Quant International Equity Fund 191,757,575 4.4
10,382,681 TIAA-CREF Quant International Small-Cap Equity Fund 99,154,602 2.2
TOTAL INTERNATIONAL EQUITY 739,878,455 16.8
SHORT-TERM FIXED INCOME—4.6%
19,706,890 TIAA-CREF Short-Term Bond Fund 203,572,171 4.6
TOTAL SHORT-TERM FIXED INCOME 203,572,171 4.6
U.S. EQUITY—38.3%
26,268,249 TIAA-CREF Growth & Income Fund 356,722,827 8.1
16,118,296 TIAA-CREF Large-Cap Growth Fund 321,398,813 7.3
19,457,186 TIAA-CREF Large-Cap Value Fund 309,369,263 7.0
20,972,901 TIAA-CREF Quant Large-Cap Growth Fund 281,246,597 6.4
28,669,924 TIAA-CREF Quant Large-Cap Value Fund 270,357,385 6.1
5,238,495 TIAA-CREF Quant Small-Cap Equity Fund 81,668,135 1.9
5,987,176 TIAA-CREF Quant Small/Mid-Cap Equity Fund 68,014,316 1.5
TOTAL U.S. EQUITY 1,688,777,336 38.3
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $4,291,526,283) 4,396,346,757 99.8

TOTAL PORTFOLIO (Cost $4,291,526,283) 4,396,346,757 99.8

OTHER ASSETS & LIABILITIES, NET 9,971,238 0.2
NET ASSETS $4,406,317,995 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $203,181,012 or 4.6% of net assets.

46 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
Portfolio of investments
Lifecycle 2030 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.8%a
DIRECT REAL ESTATE—4.6%
17,502,650 b TIAA-CREF Real Property Fund LP
(purchased 8/01/16–5/30/19; cost $186,007,879) $ 201,280,472 4.6%
TOTAL DIRECT REAL ESTATE 201,280,472 4.6
FIXED INCOME—26.9%
57,164,091 TIAA-CREF Bond Fund 595,649,825 13.7
37,830,248 TIAA-CREF Bond Plus Fund 395,704,395 9.1
7,005,405 TIAA-CREF Emerging Markets Debt Fund 68,442,805 1.6
5,140,203 TIAA-CREF High-Yield Fund 48,934,733 1.1
6,288,490 TIAA-CREF International Bond Fund 63,450,861 1.4
TOTAL FIXED INCOME 1,172,182,619 26.9
INFLATION-PROTECTED ASSETS—1.6%
6,068,440 TIAA-CREF Inflation-Linked Bond Fund 69,605,002 1.6
TOTAL INFLATION-PROTECTED ASSETS 69,605,002 1.6
INTERNATIONAL EQUITY—19.5%
14,130,595 TIAA-CREF Emerging Markets Equity Fund 149,784,311 3.4
18,225,192 TIAA-CREF International Equity Fund 183,163,178 4.2
14,713,829 TIAA-CREF International Opportunities Fund 183,040,033 4.2
32,101,583 TIAA-CREF Quant International Equity Fund 220,858,894 5.1
11,956,772 TIAA-CREF Quant International Small-Cap Equity Fund 114,187,173 2.6
TOTAL INTERNATIONAL EQUITY 851,033,589 19.5
SHORT-TERM FIXED INCOME—2.6%
10,944,203 TIAA-CREF Short-Term Bond Fund 113,053,616 2.6
TOTAL SHORT-TERM FIXED INCOME 113,053,616 2.6
U.S. EQUITY—44.6%
30,255,147 TIAA-CREF Growth & Income Fund 410,864,892 9.4
18,546,225 TIAA-CREF Large-Cap Growth Fund 369,811,726 8.5
22,434,905 TIAA-CREF Large-Cap Value Fund 356,714,991 8.2
24,147,914 TIAA-CREF Quant Large-Cap Growth Fund 323,823,521 7.4
32,995,422 TIAA-CREF Quant Large-Cap Value Fund 311,146,832 7.1
6,137,713 TIAA-CREF Quant Small-Cap Equity Fund 95,686,946 2.2
6,905,560 TIAA-CREF Quant Small/Mid-Cap Equity Fund 78,447,157 1.8
TOTAL U.S. EQUITY 1,946,496,065 44.6
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $4,224,423,806) 4,353,651,363 99.8

TOTAL PORTFOLIO (Cost $4,224,423,806) 4,353,651,363 99.8

OTHER ASSETS & LIABILITIES, NET 8,040,062 0.2
NET ASSETS $4,361,691,425 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $201,280,472 or 4.6% of net assets.

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 47
Portfolio of investments
Lifecycle 2035 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.8%a
DIRECT REAL ESTATE—4.6%
17,620,784 b TIAA-CREF Real Property Fund LP
(purchased 8/01/16–4/01/19; cost $187,246,876) $ 202,639,020 4.6%
TOTAL DIRECT REAL ESTATE 202,639,020 4.6
FIXED INCOME—22.0%
48,760,173 TIAA-CREF Bond Fund 508,081,007 11.6
30,019,458 TIAA-CREF Bond Plus Fund 314,003,535 7.2
5,796,336 TIAA-CREF Emerging Markets Debt Fund 56,630,202 1.3
3,829,092 TIAA-CREF High-Yield Fund 36,452,956 0.8
4,990,402 TIAA-CREF International Bond Fund 50,353,155 1.1
TOTAL FIXED INCOME 965,520,855 22.0
INTERNATIONAL EQUITY—22.3%
16,131,100 TIAA-CREF Emerging Markets Equity Fund 170,989,659 3.9
20,914,443 TIAA-CREF International Equity Fund 210,190,152 4.8
16,885,794 TIAA-CREF International Opportunities Fund 210,059,275 4.8
36,816,548 TIAA-CREF Quant International Equity Fund 253,297,849 5.8
13,701,294 TIAA-CREF Quant International Small-Cap Equity Fund 130,847,354 3.0
TOTAL INTERNATIONAL EQUITY 975,384,289 22.3
U.S. EQUITY—50.9%
34,690,850 TIAA-CREF Growth & Income Fund 471,101,748 10.7
21,290,855 TIAA-CREF Large-Cap Growth Fund 424,539,646 9.7
25,704,296 TIAA-CREF Large-Cap Value Fund 408,698,300 9.3
27,694,985 TIAA-CREF Quant Large-Cap Growth Fund 371,389,752 8.5
37,853,261 TIAA-CREF Quant Large-Cap Value Fund 356,956,250 8.1
7,092,809 TIAA-CREF Quant Small-Cap Equity Fund 110,576,898 2.5
7,936,862 TIAA-CREF Quant Small/Mid-Cap Equity Fund 90,162,754 2.1
TOTAL U.S. EQUITY 2,233,425,348 50.9
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $4,210,446,195) 4,376,969,512 99.8

TOTAL PORTFOLIO (Cost $4,210,446,195) 4,376,969,512 99.8

OTHER ASSETS & LIABILITIES, NET 9,755,177 0.2
NET ASSETS $4,386,724,689 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $202,639,020 or 4.6% of net assets.

48 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
Portfolio of investments
Lifecycle 2040 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.8%a
DIRECT REAL ESTATE—4.6%
20,930,363 b TIAA-CREF Real Property Fund LP
(purchased 8/01/16–12/21/18; cost $222,217,961) $ 240,699,170 4.6%
TOTAL DIRECT REAL ESTATE 240,699,170 4.6
FIXED INCOME—12.9%
33,832,714 TIAA-CREF Bond Fund 352,536,884 6.8
20,806,058 TIAA-CREF Bond Plus Fund 217,631,366 4.2
4,588,253 TIAA-CREF Emerging Markets Debt Fund 44,827,227 0.8
2,081,203 TIAA-CREF High-Yield Fund 19,813,057 0.4
3,464,045 TIAA-CREF International Bond Fund 34,952,213 0.7
TOTAL FIXED INCOME 669,760,747 12.9
INTERNATIONAL EQUITY—25.0%
21,437,541 TIAA-CREF Emerging Markets Equity Fund 227,237,935 4.4
27,891,142 TIAA-CREF International Equity Fund 280,305,976 5.4
22,523,740 TIAA-CREF International Opportunities Fund 280,195,324 5.4
49,113,269 TIAA-CREF Quant International Equity Fund 337,899,291 6.5
18,267,554 TIAA-CREF Quant International Small-Cap Equity Fund 174,455,141 3.3
TOTAL INTERNATIONAL EQUITY 1,300,093,667 25.0
U.S. EQUITY—57.3%
46,273,784 TIAA-CREF Growth & Income Fund 628,397,984 12.1
28,398,553 TIAA-CREF Large-Cap Growth Fund 566,267,143 10.9
34,285,326 TIAA-CREF Large-Cap Value Fund 545,136,676 10.5
36,933,563 TIAA-CREF Quant Large-Cap Growth Fund 495,279,081 9.5
50,520,741 TIAA-CREF Quant Large-Cap Value Fund 476,410,587 9.2
9,508,373 TIAA-CREF Quant Small-Cap Equity Fund 148,235,538 2.8
10,572,473 TIAA-CREF Quant Small/Mid-Cap Equity Fund 120,103,291 2.3
TOTAL U.S. EQUITY 2,979,830,300 57.3
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $4,956,307,556) 5,190,383,884 99.8

TOTAL PORTFOLIO (Cost $4,956,307,556) 5,190,383,884 99.8

OTHER ASSETS & LIABILITIES, NET 11,035,399 0.2
NET ASSETS $5,201,419,283 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $240,699,170 or 4.6% of net assets.

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 49
Portfolio of investments
Lifecycle 2045 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.8%a
DIRECT REAL ESTATE—4.6%
11,871,239 b TIAA-CREF Real Property Fund LP
(purchased 8/01/16–4/17/19; cost $126,682,118) $ 136,519,247 4.6%
TOTAL DIRECT REAL ESTATE 136,519,247 4.6
FIXED INCOME—5.5%
8,139,261 TIAA-CREF Bond Fund 84,811,095 2.9
4,996,096 TIAA-CREF Bond Plus Fund 52,259,159 1.8
1,362,512 TIAA-CREF Emerging Markets Debt Fund 13,311,745 0.4
243,186 TIAA-CREF High-Yield Fund 2,315,131 0.1
833,783 TIAA-CREF International Bond Fund 8,412,873 0.3
TOTAL FIXED INCOME 161,110,003 5.5
INTERNATIONAL EQUITY—27.2%
13,232,706 TIAA-CREF Emerging Markets Equity Fund 140,266,685 4.7
17,240,767 TIAA-CREF International Equity Fund 173,269,704 5.9
13,911,901 TIAA-CREF International Opportunities Fund 173,064,050 5.9
30,329,491 TIAA-CREF Quant International Equity Fund 208,666,897 7.1
11,296,250 TIAA-CREF Quant International Small-Cap Equity Fund 107,879,191 3.6
TOTAL INTERNATIONAL EQUITY 803,146,527 27.2
U.S. EQUITY—62.5%
28,592,386 TIAA-CREF Growth & Income Fund 388,284,602 13.2
17,550,154 TIAA-CREF Large-Cap Growth Fund 349,950,073 11.9
21,187,476 TIAA-CREF Large-Cap Value Fund 336,880,870 11.4
22,827,195 TIAA-CREF Quant Large-Cap Growth Fund 306,112,690 10.4
31,216,805 TIAA-CREF Quant Large-Cap Value Fund 294,374,475 10.0
5,923,199 TIAA-CREF Quant Small-Cap Equity Fund 92,342,676 3.1
6,532,034 TIAA-CREF Quant Small/Mid-Cap Equity Fund 74,203,901 2.5
TOTAL U.S. EQUITY 1,842,149,287 62.5
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $2,686,438,512) 2,942,925,064 99.8

TOTAL PORTFOLIO (Cost $2,686,438,512) 2,942,925,064 99.8

OTHER ASSETS & LIABILITIES, NET 6,928,941 0.2
NET ASSETS $2,949,854,005 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $136,519,247 or 4.6% of net assets.

50 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
Portfolio of investments
Lifecycle 2050 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.7%a
DIRECT REAL ESTATE—4.6%
7,993,599 b TIAA-CREF Real Property Fund LP
(purchased 8/01/16–4/17/19; cost $85,513,572) $ 91,926,393 4.6%
TOTAL DIRECT REAL ESTATE 91,926,393 4.6
FIXED INCOME—4.2%
4,174,400 TIAA-CREF Bond Fund 43,497,251 2.2
2,566,417 TIAA-CREF Bond Plus Fund 26,844,726 1.4
668,243 TIAA-CREF Emerging Markets Debt Fund 6,528,733 0.3
155,305 TIAA-CREF High-Yield Fund 1,478,508 0.1
428,234 TIAA-CREF International Bond Fund 4,320,884 0.2
TOTAL FIXED INCOME 82,670,102 4.2
INTERNATIONAL EQUITY—27.6%
9,032,441 TIAA-CREF Emerging Markets Equity Fund 95,743,870 4.8
11,778,895 TIAA-CREF International Equity Fund 118,377,899 6.0
9,496,048 TIAA-CREF International Opportunities Fund 118,130,835 5.9
20,717,889 TIAA-CREF Quant International Equity Fund 142,539,074 7.2
7,710,783 TIAA-CREF Quant International Small-Cap Equity Fund 73,637,978 3.7
TOTAL INTERNATIONAL EQUITY 548,429,656 27.6
U.S. EQUITY—63.3%
19,520,620 TIAA-CREF Growth & Income Fund 265,090,022 13.3
11,983,990 TIAA-CREF Large-Cap Growth Fund 238,960,754 12.0
14,467,895 TIAA-CREF Large-Cap Value Fund 230,039,529 11.6
15,588,737 TIAA-CREF Quant Large-Cap Growth Fund 209,044,968 10.5
21,319,691 TIAA-CREF Quant Large-Cap Value Fund 201,044,685 10.1
4,045,380 TIAA-CREF Quant Small-Cap Equity Fund 63,067,480 3.2
4,459,947 TIAA-CREF Quant Small/Mid-Cap Equity Fund 50,664,994 2.6
TOTAL U.S. EQUITY 1,257,912,432 63.3
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $1,835,908,051) 1,980,938,583 99.7

TOTAL PORTFOLIO (Cost $1,835,908,051) 1,980,938,583 99.7

OTHER ASSETS & LIABILITIES, NET 6,165,548 0.3
NET ASSETS $1,987,104,131 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $91,926,393 or 4.6% of net assets.

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 51
Portfolio of investments
Lifecycle 2055 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.7%a
DIRECT REAL ESTATE—4.6%
2,795,170 b TIAA-CREF Real Property Fund LP
(purchased 8/01/16–5/30/19; cost $30,168,791) $ 32,144,453 4.6%
TOTAL DIRECT REAL ESTATE 32,144,453 4.6
FIXED INCOME—2.9%
1,009,462 TIAA-CREF Bond Fund 10,518,593 1.5
622,388 TIAA-CREF Bond Plus Fund 6,510,181 0.9
146,846 TIAA-CREF Emerging Markets Debt Fund 1,434,683 0.2
52,580 TIAA-CREF High-Yield Fund 500,560 0.1
103,300 TIAA-CREF International Bond Fund 1,042,302 0.2
TOTAL FIXED INCOME 20,006,319 2.9
INTERNATIONAL EQUITY—28.0%
3,200,046 TIAA-CREF Emerging Markets Equity Fund 33,920,485 4.9
4,180,174 TIAA-CREF International Equity Fund 42,010,749 6.0
3,367,893 TIAA-CREF International Opportunities Fund 41,896,586 6.0
7,353,857 TIAA-CREF Quant International Equity Fund 50,594,537 7.3
2,738,142 TIAA-CREF Quant International Small-Cap Equity Fund 26,149,252 3.8
TOTAL INTERNATIONAL EQUITY 194,571,609 28.0
U.S. EQUITY—64.2%
6,926,963 TIAA-CREF Growth & Income Fund 94,068,163 13.5
4,255,828 TIAA-CREF Large-Cap Growth Fund 84,861,206 12.2
5,135,404 TIAA-CREF Large-Cap Value Fund 81,652,916 11.7
5,529,435 TIAA-CREF Quant Large-Cap Growth Fund 74,149,726 10.7
7,573,603 TIAA-CREF Quant Large-Cap Value Fund 71,419,076 10.3
1,442,928 TIAA-CREF Quant Small-Cap Equity Fund 22,495,243 3.2
1,581,904 TIAA-CREF Quant Small/Mid-Cap Equity Fund 17,970,426 2.6
TOTAL U.S. EQUITY 446,616,756 64.2
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $676,815,801) 693,339,137 99.7

TOTAL PORTFOLIO (Cost $676,815,801) 693,339,137 99.7

OTHER ASSETS & LIABILITIES, NET 2,340,018 0.3
NET ASSETS $695,679,155 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $32,144,453 or 4.6% of net assets.

52 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
Portfolio of investments
Lifecycle 2060 Fund ■ May 31, 2019
% of net
Shares Security Value assets
AFFILIATED INVESTMENT COMPANIES—99.5%a
DIRECT REAL ESTATE—4.6%
507,310 b TIAA-CREF Real Property Fund LP
(purchased 8/01/16–5/30/19; cost $5,522,467) $ 5,834,070 4.6%
TOTAL DIRECT REAL ESTATE 5,834,070 4.6
FIXED INCOME—1.6%
101,585 TIAA-CREF Bond Fund 1,058,518 0.8
62,631 TIAA-CREF Bond Plus Fund 655,124 0.5
9,902 TIAA-CREF Emerging Markets Debt Fund 96,739 0.1
10,639 TIAA-CREF High-Yield Fund 101,284 0.1
10,395 TIAA-CREF International Bond Fund 104,881 0.1
TOTAL FIXED INCOME 2,016,546 1.6
INTERNATIONAL EQUITY—28.3%
592,199 TIAA-CREF Emerging Markets Equity Fund 6,277,307 4.9
771,599 TIAA-CREF International Equity Fund 7,754,575 6.1
622,486 TIAA-CREF International Opportunities Fund 7,743,721 6.1
1,358,874 TIAA-CREF Quant International Equity Fund 9,349,051 7.4
506,611 TIAA-CREF Quant International Small-Cap Equity Fund 4,838,140 3.8
TOTAL INTERNATIONAL EQUITY 35,962,794 28.3
U.S. EQUITY—65.0%
1,281,835 TIAA-CREF Growth & Income Fund 17,407,320 13.7
787,283 TIAA-CREF Large-Cap Growth Fund 15,698,419 12.3
950,741 TIAA-CREF Large-Cap Value Fund 15,116,781 11.9
1,024,071 TIAA-CREF Quant Large-Cap Growth Fund 13,732,788 10.8
1,402,242 TIAA-CREF Quant Large-Cap Value Fund 13,223,141 10.4
271,683 TIAA-CREF Quant Small-Cap Equity Fund 4,235,533 3.3
292,414 TIAA-CREF Quant Small/Mid-Cap Equity Fund 3,321,822 2.6
TOTAL U.S. EQUITY 82,735,804 65.0
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $129,114,335) 126,549,214 99.5

TOTAL PORTFOLIO (Cost $129,114,335) 126,549,214 99.5

OTHER ASSETS & LIABILITIES, NET 640,356 0.5
NET ASSETS $127,189,570 100.0%
_________
a The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP and Class W shares of the affiliated TIAA-CREF Funds.
b Restricted security. At 5/31/19, the total value of this security amounted to $5,834,070 or 4.6% of net assets.

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 53
Statements of assets and liabilities
TIAA-CREF Lifecycle Funds ■ May 31, 2019

Lifecycle
Retirement
Income Fund
ASSETS
Affiliated investments, at value‡ $518,748,206
Cash 209,759
Receivable from securities transactions 4,335,451
Receivable from Fund shares sold 172,314
Dividends receivable 710,721
Due from affiliates 6,913
Other 22,866
Total assets 524,206,230
LIABILITIES
Management fees payable 17,837
Service agreement fees payable 3,745
Distribution fees payable 28,911
Due to affiliates 11,790
Payable for securities transactions 4,449,740
Payable for Fund shares redeemed 40,971
Payable for trustee compensation 23,312
Accrued expenses and other payables 61,476
Total liabilities 4,637,782
NET ASSETS $519,568,448
NET ASSETS CONSIST OF:
Paid-in-capital $484,845,857
Total Distributable Earnings (loss) 34,722,591
NET ASSETS $519,568,448
INSTITUTIONAL CLASS:
Net assets $192,831,533
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 17,082,226
Net asset value per share $ 11.29
ADVISOR CLASS:
Net assets $ 296,368
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 26,251
Net asset value per share $ 11.29
PREMIER CLASS:
Net assets $ 28,946,731
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 2,566,167
Net asset value per share $ 11.28
RETIREMENT CLASS:
Net assets $179,624,881
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 15,952,008
Net asset value per share $ 11.26
RETAIL CLASS:
Net assets $117,868,935
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 10,456,849
Net asset value per share $ 11.27
‡ Affiliated investments, cost $483,373,228

54 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 Lifecycle Lifecycle Lifecycle Lifecycle Lifecycle
2010 Fund 2015 Fund 2020 Fund 2025 Fund 2030 Fund

$1,161,935,125 $1,780,304,367 $3,673,800,051 $4,396,346,757 $4,353,651,363

260,379 609,754 1,050,192 1,219,643 3,398,163
9,716,618 14,789,325 29,544,495 34,077,758 30,736,130
441,143 654,469 2,446,140 6,292,391 6,527,177
1,578,886 2,280,106 4,307,660 4,333,414 3,466,908
13,133 16,169 34,699 41,333 40,951
78,180 116,593 180,558 187,200 181,538
1,174,023,464 1,798,770,783 3,711,363,795 4,442,498,496 4,398,002,230

40,205 62,868 132,605 163,599 166,835

7,744 11,328 21,318 23,384 21,996
14,861 22,868 52,832 64,198 66,294
12,866 15,499 22,815 24,882 24,749
9,750,901 14,918,114 29,209,560 35,038,789 35,396,172
435,636 29,685 224,837 538,839 317,785
79,205 118,154 183,701 190,905 185,213
36,653 51,982 96,851 135,905 131,761
10,378,071 15,230,498 29,944,519 36,180,501 36,310,805
$1,163,645,393 $1,783,540,285 $3,681,419,276 $4,406,317,995 $4,361,691,425

$1,024,194,666 $1,739,448,354 $3,546,992,774 $4,210,854,722 $4,123,701,384

139,450,727 44,091,931 134,426,502 195,463,273 237,990,041
$1,163,645,393 $1,783,540,285 $3,681,419,276 $4,406,317,995 $4,361,691,425

$ 675,842,600 $1,061,155,660 $2,247,876,801 $2,786,750,785 $2,793,594,456

60,644,529 112,243,299 231,017,286 281,868,716 283,014,147
$ 11.14 $ 9.45 $ 9.73 $ 9.89 $ 9.87

$ 131,290 $ 126,193 $ 199,767 $ 124,661 $ 116,695

11,778 13,352 20,533 12,613 11,821
$ 11.15 $ 9.45 $ 9.73 $ 9.88 $ 9.87

$ 112,672,893 $ 173,266,342 $ 401,305,809 $ 488,246,955 $ 505,271,262

10,137,835 18,416,684 41,369,733 49,630,023 51,462,633
$ 11.11 $ 9.41 $ 9.70 $ 9.84 $ 9.82

$ 374,998,610 $ 548,992,090 $1,032,036,899 $1,131,195,594 $1,062,709,012

28,356,751 46,464,674 82,913,908 88,413,012 81,474,450
$ 13.22 $ 11.82 $ 12.45 $ 12.79 $ 13.04

$ — $ — $ — $ — $ —
— — — — —
$ — $ — $ — $ — $ —
$1,028,249,353 $1,759,810,843 $3,604,488,026 $4,291,526,283 $4,224,423,806

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 55
Statements of assets and liabilities
TIAA-CREF Lifecycle Funds ■ May 31, 2019

Lifecycle
2035 Fund
ASSETS
Affiliated investments, at value‡ $4,376,969,512
Cash 3,438,851
Receivable from securities transactions 26,972,543
Receivable from Fund shares sold 8,261,024
Dividends receivable 2,597,413
Due from affiliates 41,205
Other 182,898
Total assets 4,418,463,446
LIABILITIES
Management fees payable 172,590
Service agreement fees payable 20,289
Distribution fees payable 72,190
Due to affiliates 24,967
Payable for securities transactions 30,787,324
Payable for Fund shares redeemed 338,128
Payable for trustee compensation 186,628
Accrued expenses and other payables 136,641
Total liabilities 31,738,757
NET ASSETS $4,386,724,689
NET ASSETS CONSIST OF:
Paid-in-capital $4,095,025,419
Total Distributable Earnings (loss) 291,699,270
NET ASSETS $4,386,724,689
INSTITUTIONAL CLASS:
Net assets $2,855,455,209
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 286,455,401
Net asset value per share $ 9.97
ADVISOR CLASS:
Net assets $ 109,777
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 11,021
Net asset value per share $ 9.96
PREMIER CLASS:
Net assets $ 550,501,161
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 55,422,014
Net asset value per share $ 9.93
RETIREMENT CLASS:
Net assets $ 980,658,542
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 72,941,882
Net asset value per share $ 13.44
‡ Affiliated investments, cost $4,210,446,195

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

Lifecycle Lifecycle Lifecycle Lifecycle Lifecycle

2040 Fund 2045 Fund 2050 Fund 2055 Fund 2060 Fund

$5,190,383,884 $2,942,925,064 $1,980,938,583 $693,339,137 $126,549,214

2,715,480 2,126,538 1,868,329 1,005,911 1,196,200
23,903,337 11,023,125 6,856,862 2,183,149 318,799
9,582,392 8,283,525 6,377,464 2,965,626 536,199
1,779,694 422,536 220,005 54,304 5,903
48,757 28,195 19,428 7,690 2,445
236,732 87,153 53,134 12,192 1,416
5,228,650,276 2,964,896,136 1,996,333,805 699,568,009 128,610,176

209,440 120,837 81,558 28,577 5,202

24,376 12,437 8,280 3,220 554
89,346 57,177 42,015 17,684 2,379
28,824 18,854 15,078 10,139 8,356
26,463,368 14,589,909 8,927,651 3,687,957 1,326,814
15,320 50,790 27,030 86,929 59,955
241,207 89,621 54,769 12,726 1,510
159,112 102,506 73,293 41,622 15,836
27,230,993 15,042,131 9,229,674 3,888,854 1,420,606
$5,201,419,283 $2,949,854,005 $1,987,104,131 $695,679,155 $127,189,570

$4,800,264,090 $2,605,813,715 $1,781,047,294 $658,888,646 $128,914,078

401,155,193 344,040,290 206,056,837 36,790,509 (1,724,508)
$5,201,419,283 $2,949,854,005 $1,987,104,131 $695,679,155 $127,189,570

$3,346,626,785 $1,915,136,352 $1,267,704,356 $404,602,897 $ 81,476,893

337,706,841 161,073,416 106,130,425 29,727,697 7,322,345
$ 9.91 $ 11.89 $ 11.94 $ 13.61 $ 11.13

$ 130,152 $ 116,506 $ 117,143 $ 118,851 $ 114,655

13,142 9,796 9,806 8,732 10,305
$ 9.90 $ 11.89 $ 11.95 $ 13.61 $ 11.13

$ 678,439,062 $ 435,003,518 $ 319,986,651 $135,603,059 $ 18,553,026

68,708,321 36,764,176 26,905,558 10,003,270 1,670,118
$ 9.87 $ 11.83 $ 11.89 $ 13.56 $ 11.11

$1,176,223,284 $ 599,597,629 $ 399,295,981 $155,354,348 $ 27,044,996

85,763,303 50,816,616 33,693,218 11,458,982 2,437,181
$ 13.71 $ 11.80 $ 11.85 $ 13.56 $ 11.10
$4,956,307,556 $2,686,438,512 $1,835,908,051 $676,815,801 $129,114,335

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 57
Statements of operations
TIAA-CREF Lifecycle Funds ■ For the year ended May 31, 2019

Lifecycle
Retirement
Income Fund

INVESTMENT INCOME
Dividends from affiliated investments $ 14,732,714
Total income 14,732,714

EXPENSES
Management fees 1,667,154
Shareholder servicing — Institutional Class 1,547
Shareholder servicing — Advisor Class 155
Shareholder servicing — Premier Class 77
Shareholder servicing — Retirement Class 467,721
Shareholder servicing — Retail Class 30,382
Distribution fees — Premier Class 49,230
Distribution fees — Retail Class 292,079
Registration fees 81,234
Administrative service fees 45,191
Trustee fees and expenses 7,832
Other expenses 241,186
Total expenses 2,883,788
Less: Expenses reimbursed by the investment adviser (329,835)
Fee waiver by investment adviser and TPIS (535,783)
Net expenses 2,018,170

Net investment income (loss) 12,714,544

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS

Realized gain (loss) from sale of affiliated investments 2,746,702
Realized gain distributions from affiliated investments 11,863,515
Realized gain (loss) from sale of unaffiliated investments (32,131)
Net realized gain (loss) from investments 14,578,086
Net change in unrealized appreciation (depreciation) from affiliated investments (15,942,081)
Net realized and unrealized gain (loss) from investments (1,363,995)
Net increase (decrease) in net assets from operations $ 11,350,549

58 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 Lifecycle Lifecycle Lifecycle Lifecycle Lifecycle
2010 Fund 2015 Fund 2020 Fund 2025 Fund 2030 Fund

$ 33,244,299 $ 49,686,492 $ 96,513,063 $ 107,201,013 $ 100,035,861

33,244,299 49,686,492 96,513,063 107,201,013 100,035,861

3,808,372 5,927,142 12,209,703 14,756,916 14,974,439

1,576 1,888 3,034 3,363 3,382
44 25 8 50 75
135 182 362 381 418
979,479 1,477,673 2,727,612 2,959,682 2,762,935
— — — — —
200,542 309,897 682,109 802,188 813,078
— — — — —
75,098 84,917 81,564 81,914 79,892
48,801 58,396 85,882 94,674 94,107
17,693 27,005 54,209 63,352 62,722
313,894 450,179 855,344 1,022,994 1,014,726
5,445,634 8,337,304 16,699,827 19,785,514 19,805,774
(293,228) (392,823) (544,844) (638,263) (636,647)
(1,215,010) (1,863,129) (3,746,299) (4,398,222) (4,358,985)
3,937,396 6,081,352 12,408,684 14,749,029 14,810,142

29,306,903 43,605,140 84,104,379 92,451,984 85,225,719

16,174,645 (5,514,158) (1,405,892) (4,208,908) 5,452,447

28,445,130 49,061,826 113,003,159 157,419,699 179,847,422
— — — — —
44,619,775 43,547,668 111,597,267 153,210,791 185,299,869
(47,854,405) (53,346,663) (145,396,372) (221,913,440) (281,176,267)
(3,234,630) (9,798,995) (33,799,105) (68,702,649) (95,876,398)
$ 26,072,273 $ 33,806,145 $ 50,305,274 $ 23,749,335 $ (10,650,679)

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 59
Statements of operations
TIAA-CREF Lifecycle Funds ■ For the year ended May 31, 2019

Lifecycle
2035 Fund

INVESTMENT INCOME
Dividends from affiliated investments $ 94,870,047
Total income 94,870,047

EXPENSES
Management fees 15,529,124
Shareholder servicing — Institutional Class 3,402
Shareholder servicing — Advisor Class 34
Shareholder servicing — Premier Class 423
Shareholder servicing — Retirement Class 2,544,288
Distribution fees — Premier Class 883,671
Registration fees 78,198
Administrative service fees 95,047
Trustee fees and expenses 63,562
Other expenses 1,013,164
Total expenses 20,210,913
Less: Expenses reimbursed by the investment adviser (633,314)
Fee waiver by investment adviser and TPIS (4,426,373)
Net expenses 15,151,226

Net investment income (loss) 79,718,821

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS

Realized gain (loss) from sale of affiliated investments 1,865,814
Realized gain distributions from affiliated investments 207,224,343
Realized gain (loss) from sale of unaffiliated investments —
Net realized gain (loss) from investments 209,090,157
Net change in unrealized appreciation (depreciation) from affiliated investments (336,226,863)
Net realized and unrealized gain (loss) from investments (127,136,706)
Net increase (decrease) in net assets from operations $ (47,417,885)

60 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 concluded

Lifecycle Lifecycle Lifecycle Lifecycle Lifecycle

2040 Fund 2045 Fund 2050 Fund 2055 Fund 2060 Fund

$ 104,683,448 $ 53,254,250 $ 34,609,208 $ 11,196,389 $ 2,024,418

104,683,448 53,254,250 34,609,208 11,196,389 2,024,418

19,008,077 10,592,514 7,031,629 2,344,011 414,994

3,972 2,846 2,376 1,787 1,497
46 10 10 10 36
519 341 256 143 58
3,095,836 1,527,790 1,004,249 368,947 65,262
1,094,720 661,144 474,003 187,632 23,137
79,196 73,042 70,111 70,714 66,170
108,827 72,633 58,252 39,494 32,324
76,681 39,786 26,442 8,856 1,623
1,194,279 689,305 483,762 211,744 90,979
24,662,153 13,659,411 9,151,090 3,233,338 696,080
(729,984) (478,844) (377,949) (245,289) (176,760)
(5,342,221) (2,912,290) (1,923,094) (629,795) (111,066)
18,589,948 10,268,277 6,850,047 2,358,254 408,254

86,093,500 42,985,973 27,759,161 8,838,135 1,616,164

20,611,200 (15,375,836) (9,287,348) (4,646,796) (2,961,721)

279,513,857 163,788,342 109,260,012 36,294,927 6,801,763
— — — — (1,561)
300,125,057 148,412,506 99,972,664 31,648,131 3,838,481
(494,058,015) (271,478,903) (183,421,581) (59,995,399) (9,824,821)
(193,932,958) (123,066,397) (83,448,917) (28,347,268) (5,986,340)
$(107,839,458) $ (80,080,424) $ (55,689,756) $(19,509,133) $(4,370,176)

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 61
Statements of changes in net assets
TIAA-CREF Lifecycle Funds ■ For the year ended

Lifecycle Retirement Income Fund

May 31, 2019 May 31, 2018a
OPERATIONS
Net investment income (loss) $ 12,714,544 $ 10,916,317
Net realized gain (loss) from investments 14,578,086 12,296,442
Net change in unrealized appreciation (depreciation)
from affiliated investments (15,942,081) 5,657,957
Net increase (decrease) in net assets from operations 11,350,549 28,870,716
DISTRIBUTIONS TO SHAREHOLDERSb,c
Institutional Class (10,878,435) (6,536,829)
Advisor Class (19,153) (3,858)
Premier Class (1,801,281) (1,253,087)
Retirement Class (9,880,057) (5,978,630)
Retail Class (6,266,370) (3,582,472)
Total distributions (28,845,296) (17,354,876)
SHAREHOLDER TRANSACTIONS
Subscriptions: Institutional Class 52,083,262 52,345,446
Advisor Class 186,161 104,500
Premier Class 6,500,658 9,180,882
Retirement Class 21,605,747 37,874,769
Retail Class 16,491,497 20,847,696
Reinvestments of distributions: Institutional Class 10,772,035 6,536,815
Advisor Class 13,176 —
Premier Class 1,798,894 1,253,087
Retirement Class 9,880,004 5,978,630
Retail Class 6,041,473 3,426,662
Redemptions: Institutional Class (66,179,816) (39,708,331)
Advisor Class (102,759) —
Premier Class (14,931,233) (11,612,828)
Retirement Class (38,557,867) (30,002,115)
Retail Class (16,501,473) (15,088,230)
Net increase (decrease) from shareholder transactions (10,900,241) 41,136,983
Net increase (decrease) in net assets (28,394,988) 52,652,823
NET ASSETS
Beginning of period 547,963,436 495,310,613
End of period $519,568,448 $547,963,436
CHANGE IN FUND SHARES
Shares sold: Institutional Class 4,568,362 4,476,474
Advisor Class 16,101 9,039
Premier Class 573,135 787,464
Retirement Class 1,889,877 3,245,751
Retail Class 1,448,425 1,784,491
Shares reinvested: Institutional Class 986,765 562,743
Advisor Class 1,219 —
Premier Class 165,065 107,917
Retirement Class 908,210 515,671
Retail Class 555,229 295,307
Shares redeemed: Institutional Class (5,807,236) (3,405,168)
Advisor Class (9,532) —
Premier Class (1,320,206) (998,108)
Retirement Class (3,399,058) (2,585,275)
Retail Class (1,477,173) (1,295,788)
Net increase (decrease) from shareholder transactions (900,817) 3,500,518

62 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 Lifecycle 2010 Fund Lifecycle 2015 Fund
May 31, 2019 May 31, 2018a May 31, 2019 May 31, 2018a

$ 29,306,903 $ 26,714,248 $ 43,605,140 $ 40,688,057

44,619,775 38,776,948 43,547,668 91,990,783
(47,854,405) 11,325,177 (53,346,663) 438,481
26,072,273 76,816,373 33,806,145 133,117,321

(43,397,812) (32,471,658) (78,932,398) (62,396,131)

(6,827) (5,307) (7,919) (6,582)
(8,456,781) (6,954,540) (15,177,590) (14,962,908)
(20,064,809) (16,225,283) (34,028,675) (30,858,820)
— — — —
(71,926,229) (55,656,788) (128,146,582) (108,224,441)

89,546,815 120,173,221 144,225,314 174,175,096

25,000 7,681 25,000 —
15,687,422 19,644,896 21,532,165 22,331,348
31,365,132 34,765,497 34,478,290 39,218,394
— — — —
43,378,623 32,471,658 78,885,324 62,396,131
— — — —
8,456,781 6,954,540 15,177,590 14,962,908
20,064,809 16,225,283 34,028,675 30,858,820
— — — —
(127,946,585) (102,645,606) (174,652,920) (162,589,816)
(7,582) — — —
(53,528,726) (31,888,905) (86,767,875) (61,078,675)
(74,088,838) (85,301,170) (130,204,824) (132,014,253)
— — — —
(47,047,149) 10,407,095 (63,273,261) (11,740,047)
(92,901,105) 31,566,680 (157,613,698) 13,152,833

1,256,546,498 1,224,979,818 1,941,153,983 1,928,001,150

$1,163,645,393 $1,256,546,498 $1,783,540,285 $1,941,153,983

7,882,469 10,198,202 14,975,629 17,067,111

2,392 659 2,708 —
1,386,508 1,677,165 2,215,288 2,208,399
2,340,448 2,529,411 2,859,267 3,159,767
— — — —
4,127,367 2,806,539 8,853,572 6,258,388
— — — —
806,175 602,125 1,711,115 1,506,838
1,606,470 1,192,159 3,054,639 2,512,933
— — — —
(11,334,338) (8,731,910) (18,059,857) (16,014,615)
(659) — — —
(4,779,366) (2,733,887) (9,005,020) (6,080,884)
(5,551,312) (6,211,146) (10,828,683) (10,635,145)
— — — —
(3,513,846) 1,329,317 (4,221,342) (17,208)

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 63
Statements of changes in net assets
TIAA-CREF Lifecycle Funds ■ For the year ended

Lifecycle 2020 Fund

May 31, 2019 May 31, 2018a
OPERATIONS
Net investment income (loss) $ 84,104,379 $ 75,694,002
Net realized gain (loss) from investments 111,597,267 185,073,367
Net change in unrealized appreciation (depreciation)
from affiliated investments (145,396,372) 28,084,661
Net increase (decrease) in net assets from operations 50,305,274 288,852,030
DISTRIBUTIONS TO SHAREHOLDERSb,c
Institutional Class (166,958,620) (118,814,215)
Advisor Class (15,487) (11,876)
Premier Class (34,321,546) (30,108,908)
Retirement Class (63,044,009) (52,086,223)
Total distributions (264,339,662) (201,021,222)
SHAREHOLDER TRANSACTIONS
Subscriptions: Institutional Class 303,027,548 357,719,837
Advisor Class — 115,406
Premier Class 36,140,574 49,725,790
Retirement Class 71,637,681 90,782,196
Reinvestments of distributions: Institutional Class 166,716,253 118,814,214
Advisor Class 7,266 5,401
Premier Class 34,320,532 30,108,908
Retirement Class 63,041,396 52,086,223
Redemptions: Institutional Class (275,724,019) (222,334,583)
Advisor Class (19,290) —
Premier Class (143,845,671) (99,739,382)
Retirement Class (198,398,966) (185,565,389)
Net increase (decrease) from shareholder transactions 56,903,304 191,718,621
Net increase (decrease) in net assets (157,131,084) 279,549,429
NET ASSETS
Beginning of period 3,838,550,360 3,559,000,931
End of period $3,681,419,276 $ 3,838,550,360
CHANGE IN FUND SHARES
Shares sold: Institutional Class 30,482,074 34,052,939
Advisor Class — 10,656
Premier Class 3,589,904 4,748,618
Retirement Class 5,644,130 6,931,137
Shares reinvested: Institutional Class 18,220,356 11,513,005
Advisor Class 794 524
Premier Class 3,759,095 2,926,036
Retirement Class 5,378,959 4,012,806
Shares redeemed: Institutional Class (27,512,496) (21,177,473)
Advisor Class (1,919) —
Premier Class (14,441,960) (9,609,152)
Retirement Class (15,600,750) (14,170,737)
Net increase (decrease) from shareholder transactions 9,518,187 19,238,359

64 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 continued

Lifecycle 2025 Fund Lifecycle 2030 Fund

May 31, 2019 May 31, 2018a May 31, 2019 May 31, 2018a

$ 92,451,984 $ 80,381,485 $ 85,225,719 $ 74,826,749

153,210,791 219,238,722 185,299,869 226,878,149
(221,913,440) 68,033,572 (281,176,267) 105,587,979
23,749,335 367,653,779 (10,650,679) 407,292,877

(202,260,214) (135,774,567) (210,935,845) (143,255,642)

(9,907) (7,112) (9,566) (7,348)
(40,306,669) (33,781,499) (41,792,255) (35,285,673)
(67,431,222) (52,316,229) (63,331,471) (49,497,368)
(310,008,012) (221,879,407) (316,069,137) (228,046,031)

453,261,295 461,296,229 463,179,579 451,900,366

— 12,000 2,450 9,756
53,236,156 60,418,325 66,165,397 69,665,064
92,521,437 115,394,195 93,402,890 111,537,109
201,151,668 135,774,567 210,322,271 143,255,642
1,570 694 899 514
40,306,668 33,781,499 41,792,255 35,285,673
67,430,291 52,316,229 63,330,664 49,497,368
(263,467,861) (225,330,266) (292,836,167) (202,678,109)
— (9,085) (300) —
(141,055,667) (113,380,488) (143,813,397) (105,998,506)
(185,316,248) (165,697,945) (164,258,202) (147,892,631)
318,069,309 354,575,954 337,288,339 404,582,246
31,810,632 500,350,326 10,568,523 583,829,092

4,374,507,363 3,874,157,037 4,351,122,902 3,767,293,810

$4,406,317,995 $4,374,507,363 $4,361,691,425 $4,351,122,902

44,551,854 43,037,527 45,341,554 41,839,171

— 1,128 239 922
5,199,010 5,671,329 6,431,946 6,496,272
7,024,995 8,539,140 6,936,995 8,051,607
21,652,494 12,894,071 22,712,989 13,514,683
169 66 97 48
4,357,478 3,220,353 4,532,782 3,344,614
5,605,178 3,904,196 5,169,850 3,602,428
(26,004,240) (21,053,344) (28,645,895) (18,808,272)
— (837) (30) —
(13,904,205) (10,724,589) (14,087,222) (9,965,261)
(14,143,315) (12,300,348) (12,236,709) (10,670,699)
34,339,418 33,188,692 36,156,596 37,405,513

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 65
Statements of changes in net assets
TIAA-CREF Lifecycle Funds ■ For the year ended

Lifecycle 2035 Fund

May 31, 2019 May 31, 2018a
OPERATIONS
Net investment income (loss) $ 79,718,821 $ 70,466,396
Net realized gain (loss) from investments 209,090,157 248,644,976
Net change in unrealized appreciation (depreciation)
from affiliated investments (336,226,863) 140,995,071
Net increase (decrease) in net assets from operations (47,417,885) 460,106,443
DISTRIBUTIONS TO SHAREHOLDERSb,c
Institutional Class (220,695,695) (155,233,004)
Advisor Class (9,233) (7,481)
Premier Class (45,820,731) (39,277,115)
Retirement Class (57,267,632) (45,941,335)
Total distributions (323,793,291) (240,458,935)
SHAREHOLDER TRANSACTIONS
Subscriptions: Institutional Class 454,103,998 447,606,578
Advisor Class — —
Premier Class 58,715,615 70,454,849
Retirement Class 89,299,429 93,907,000
Reinvestments of distributions: Institutional Class 220,129,178 155,233,004
Advisor Class 380 290
Premier Class 45,820,731 39,277,115
Retirement Class 57,257,728 45,941,335
Redemptions: Institutional Class (300,918,966) (233,107,121)
Advisor Class — —
Premier Class (128,234,451) (105,846,098)
Retirement Class (134,321,075) (138,224,411)
Net increase (decrease) from shareholder transactions 361,852,567 375,242,541
Net increase (decrease) in net assets (9,358,609) 594,890,049
NET ASSETS
Beginning of period 4,396,083,298 3,801,193,249
End of period $4,386,724,689 $ 4,396,083,298
CHANGE IN FUND SHARES
Shares sold: Institutional Class 43,843,406 40,774,826
Advisor Class — —
Premier Class 5,652,203 6,471,012
Retirement Class 6,428,862 6,563,161
Shares reinvested: Institutional Class 23,568,435 14,413,463
Advisor Class 41 27
Premier Class 4,921,668 3,657,087
Retirement Class 4,540,660 3,228,485
Shares redeemed: Institutional Class (29,317,239) (21,270,974)
Advisor Class — —
Premier Class (12,437,585) (9,773,232)
Retirement Class (9,651,023) (9,628,381)
Net increase (decrease) from shareholder transactions 37,549,428 34,435,474

66 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 continued

Lifecycle 2040 Fund Lifecycle 2045 Fund

May 31, 2019 May 31, 2018a May 31, 2019 May 31, 2018a

$ 86,093,500 $ 79,188,855 $ 42,985,973 $ 37,726,168

300,125,057 342,702,426 148,412,506 87,530,160
(494,058,015) 208,058,666 (271,478,903) 202,293,363
(107,839,458) 629,949,947 (80,080,424) 327,549,691

(291,784,706) (202,763,085) (87,943,574) (59,273,011)

(12,121) (7,829) (5,785) (4,633)
(63,091,667) (52,405,087) (20,260,640) (16,304,151)
(75,391,179) (59,074,630) (27,372,085) (20,945,189)
(430,279,673) (314,250,631) (135,582,084) (96,526,984)

474,851,567 450,890,999 394,682,048 354,110,646

27,000 1,400 — —
65,470,433 73,261,333 64,447,499 76,025,859
90,015,655 105,390,972 77,997,480 84,295,015
291,113,943 202,763,085 87,700,664 59,273,011
2,237 91 — —
63,091,666 52,405,087 20,260,640 16,304,151
75,375,861 59,074,630 27,370,315 20,945,189
(388,118,387) (306,671,046) (186,757,570) (132,936,505)
— (1,457) — —
(151,441,013) (141,684,441) (68,106,450) (70,291,326)
(168,025,052) (158,398,906) (69,782,963) (81,614,248)
352,363,910 337,031,747 347,811,663 326,111,792
(185,755,221) 652,731,063 132,149,155 557,134,499

5,387,174,504 4,734,443,441 2,817,704,850 2,260,570,351

$5,201,419,283 $5,387,174,504 $2,949,854,005 $2,817,704,850

45,667,715 40,633,885 32,046,722 28,082,681

2,381 124 — —
6,186,286 6,647,518 5,235,857 6,085,062
6,298,288 7,125,704 6,351,065 6,781,023
31,370,037 18,636,313 7,872,591 4,722,949
241 8 — —
6,813,355 4,829,962 1,826,929 1,304,332
5,861,265 4,021,418 2,472,477 1,679,647
(37,394,385) (27,654,216) (15,200,815) (10,470,540)
— (132) — —
(14,659,796) (12,924,775) (5,537,970) (5,607,053)
(11,781,673) (10,672,591) (5,707,722) (6,504,361)
38,363,714 30,643,218 29,359,134 26,073,740

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 67
Statements of changes in net assets
TIAA-CREF Lifecycle Funds ■ For the year ended

Lifecycle 2050 Fund

May 31, 2019 May 31, 2018a
OPERATIONS
Net investment income (loss) $ 27,759,161 $ 23,774,006
Net realized gain (loss) from investments 99,972,664 56,332,799
Net change in unrealized appreciation (depreciation)
from affiliated investments (183,421,581) 131,651,169
Net increase (decrease) in net assets from operations (55,689,756) 211,757,974
DISTRIBUTIONS TO SHAREHOLDERSb,c
Institutional Class (55,935,412) (36,781,254)
Advisor Class (5,734) (4,634)
Premier Class (14,252,048) (11,350,880)
Retirement Class (17,649,664) (13,435,930)
Total distributions (87,842,858) (61,572,698)
SHAREHOLDER TRANSACTIONS
Subscriptions: Institutional Class 281,446,250 252,759,033
Advisor Class — —
Premier Class 58,001,186 58,122,636
Retirement Class 58,557,305 63,825,737
Reinvestments of distributions: Institutional Class 55,877,289 36,781,254
Advisor Class — —
Premier Class 14,252,047 11,350,880
Retirement Class 17,649,664 13,435,930
Redemptions: Institutional Class (111,616,691) (65,946,987)
Advisor Class — —
Premier Class (48,113,144) (46,631,289)
Retirement Class (43,179,418) (53,722,605)
Net increase (decrease) from shareholder transactions 282,874,488 269,974,589
Net increase (decrease) in net assets 139,341,874 420,159,865
NET ASSETS
Beginning of period 1,847,762,257 1,427,602,392
End of period $1,987,104,131 $ 1,847,762,257
CHANGE IN FUND SHARES
Shares sold: Institutional Class 22,742,419 19,945,921
Advisor Class — —
Premier Class 4,684,222 4,630,991
Retirement Class 4,764,186 5,094,421
Shares reinvested: Institutional Class 4,993,502 2,916,832
Advisor Class — —
Premier Class 1,278,211 903,732
Retirement Class 1,587,200 1,073,158
Shares redeemed: Institutional Class (8,970,245) (5,170,776)
Advisor Class — —
Premier Class (3,873,487) (3,693,419)
Retirement Class (3,519,352) (4,263,543)
Net increase (decrease) from shareholder transactions 23,686,656 21,437,317
a Prior period amounts have been conformed to current year presentation. See notes to financial statements,
Note 1—organization and significant accounting policies for further details.
b The composition and per share amounts of the Funds’ distributions are presented in the Financial highlights.
The distribution information for the Funds as of its most recent tax year end is presented within the notes to
the financial statements, Note 5—distributions to shareholder and other tax items.
c For the fiscal year ended May 31, 2018, the distributions to shareholders were characterized as “From net
investment income” and “From realized gains.” See notes to financial statements, Note 1—organization and
significant accounting policies for further details.

68 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 concluded

Lifecycle 2055 Fund Lifecycle 2060 Fund

May 31, 2019 May 31, 2018a May 31, 2019 May 31, 2018a

$ 8,838,135 $ 6,490,352 $ 1,616,164 $ 836,196

31,648,131 15,709,554 3,838,481 1,991,204
(59,995,399) 36,647,637 (9,824,821) 4,362,524
(19,509,133) 58,847,543 (4,370,176) 7,189,924

(14,874,386) (8,554,218) (3,009,247) (1,123,474)

(5,170) (4,427) (5,239) (3,808)
(5,057,263) (3,716,575) (647,679) (293,422)
(5,748,898) (4,113,764) (1,039,246) (439,955)
(25,685,717) (16,388,984) (4,701,411) (1,860,659)

143,993,317 121,809,239 47,693,214 44,203,361

— — — —
38,099,148 35,081,156 10,968,834 9,137,024
37,483,361 39,307,119 14,893,147 17,773,990
14,830,575 8,553,709 2,760,397 944,553
— — 141 100
5,056,690 3,716,084 529,069 206,985
5,748,339 4,113,286 923,671 356,067
(36,410,720) (27,015,357) (22,046,649) (9,301,080)
— — (8,187) (16)
(16,579,808) (14,469,923) (4,625,761) (2,963,824)
(14,655,792) (18,428,616) (11,137,753) (6,160,962)
177,565,110 152,666,697 39,950,123 54,196,198
132,370,260 195,125,256 30,878,536 59,525,463

563,308,895 368,183,639 96,311,034 36,785,571

$ 695,679,155 $ 563,308,895 $127,189,570 $ 96,311,034

10,213,577 8,478,111 4,120,435 3,760,369

— — — —
2,699,716 2,466,424 948,846 781,497
2,665,610 2,762,836 1,296,770 1,507,302
1,163,182 598,162 264,659 80,800
— — 13 8
397,852 260,777 50,774 17,721
451,913 288,449 88,729 30,511
(2,576,219) (1,869,192) (1,958,872) (788,676)
— — (763) (1)
(1,182,011) (1,008,567) (415,118) (252,968)
(1,046,682) (1,284,704) (976,944) (520,104)
12,786,938 10,692,296 3,418,529 4,616,459

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 69
Financial highlights
TIAA-CREF Lifecycle Funds

Selected per share data

____________________________________________________________________
Gain (loss) from investment operations
_________________________________
Net realized
For the Net asset Net & unrealized Less distributions from
Total gain ____________________
period value, investment gain (loss) (loss) from Net Net
or year beginning income on total investment investment realized
ended of period (loss)a investments j operations income gains
LIFECYCLE RETIREMENT INCOME FUND
Institutional Class: 5/31/19 $11.68 $0.29 $(0.04) $0.25 $(0.32) $(0.32)
5/31/18 11.40 0.26 0.43 0.69 (0.31) (0.10)
5/31/17 10.87 0.24 0.72 0.96 (0.27) (0.16)
5/31/16 11.38 0.22 (0.27) (0.05) (0.26) (0.20)
5/31/15 11.28 0.21 0.32 0.53 (0.30) (0.13)
Advisor Class: 5/31/19 11.68 0.30 (0.05) 0.25 (0.32) (0.32)
5/31/18 11.41 0.25 0.43 0.68 (0.31) (0.10)
5/31/17 10.88 0.24 0.72 0.96 (0.27) (0.16)
5/31/16‡ 11.10 0.08 0.08 0.16 (0.18) (0.20)
Premier Class: 5/31/19 11.67 0.27 (0.03) 0.24 (0.31) (0.32)
5/31/18 11.40 0.25 0.42 0.67 (0.30) (0.10)
5/31/17 10.87 0.22 0.73 0.95 (0.26) (0.16)
5/31/16 11.37 0.20 (0.26) (0.06) (0.24) (0.20)
5/31/15 11.27 0.19 0.32 0.51 (0.28) (0.13)
Retirement Class: 5/31/19 11.65 0.26 (0.04) 0.22 (0.29) (0.32)
5/31/18 11.38 0.23 0.43 0.66 (0.29) (0.10)
5/31/17 10.85 0.21 0.72 0.93 (0.24) (0.16)
5/31/16 11.35 0.19 (0.26) (0.07) (0.23) (0.20)
5/31/15 11.25 0.18 0.32 0.50 (0.27) (0.13)
Retail Class: 5/31/19 11.66 0.26 (0.04) 0.22 (0.29) (0.32)
5/31/18 11.39 0.23 0.43 0.66 (0.29) (0.10)
5/31/17 10.86 0.21 0.72 0.93 (0.24) (0.16)
5/31/16 11.36 0.19 (0.26) (0.07) (0.23) (0.20)
5/31/15 11.26 0.18 0.32 0.50 (0.27) (0.13)

70 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
__________________________ Ratios and supplemental data
_______________________________________________________

Ratios to average net assets

________________________________
Total Net asset Net assets Net
dividends value, at end of investment Portfolio
and end of Total period or year Gross Net income turnover
distributions period return (in thousands) expenses expenses (loss) rate

$(0.64) $11.29 2.48% $192,832 0.38%f 0.22%f 2.52% 25%

(0.41) 11.68 6.02 202,413 0.15e 0.00e 2.24 18
(0.43) 11.40 9.09 179,048 0.16e 0.00e 2.14 21
(0.46) 10.87 (0.29) 131,032 0.15e 0.00e 2.02 18
(0.43) 11.38 4.83 132,539 0.15e 0.00e 1.84 19
(0.64) 11.29 2.43 296 0.47f 0.31f 2.68 25
(0.41) 11.68 5.91 216 0.18e 0.03e 2.14 18
(0.43) 11.41 9.07 107 0.17e 0.02e 2.14 21
(0.38) 10.88 1.57b 102 0.18c,e 0.03c,e 1.62c 18
(0.63) 11.28 2.33 28,947 0.53f 0.37f 2.40 25
(0.40) 11.67 5.77 36,733 0.30e 0.15e 2.11 18
(0.42) 11.40 8.93 37,047 0.31e 0.15e 2.01 21
(0.44) 10.87 (0.35) 30,459 0.30e 0.15e 1.87 18
(0.41) 11.37 4.68 27,088 0.30e 0.15e 1.72 19
(0.61) 11.26 2.23 179,625 0.63f 0.48f 2.27 25
(0.39) 11.65 5.68 192,819 0.40e 0.25e 2.00 18
(0.40) 11.38 8.84 174,950 0.41e 0.25e 1.89 21
(0.43) 10.85 (0.45) 143,639 0.45e 0.25e 1.77 18
(0.40) 11.35 4.59 130,926 0.45e 0.25e 1.59 19
(0.61) 11.27 2.14 117,869 0.66f 0.48f 2.28 25
(0.39) 11.66 5.76 115,783 0.43e 0.25e 2.00 18
(0.40) 11.39 8.82 104,158 0.44e 0.25e 1.90 21
(0.43) 10.86 (0.45) 91,818 0.43e 0.25e 1.77 18
(0.40) 11.36 4.59 81,140 0.43e 0.25e 1.61 19

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 71
Financial highlights
TIAA-CREF Lifecycle Funds

Selected per share data

____________________________________________________________________
Gain (loss) from investment operations
_________________________________
Net realized
For the Net asset Net & unrealized Less distributions from
Total gain ____________________
period value, investment gain (loss) (loss) from Net Net
or year beginning income on total investment investment realized
ended of period (loss)a investments j operations income gains
LIFECYCLE 2010 FUND
Institutional Class: 5/31/19 $11.65 $0.28 $(0.06) $ 0.22 $(0.35) $(0.38)
5/31/18 11.48 0.26 0.47 0.73 (0.33) (0.23)
5/31/17 10.93 0.24 0.77 1.01 (0.28) (0.18)
5/31/16 11.58 0.22 (0.30) (0.08) (0.27) (0.30)
5/31/15 11.60 0.21 0.38 0.59 (0.34) (0.27)
Advisor Class: 5/31/19 11.66 0.27 (0.06) 0.21 (0.34) (0.38)
5/31/18 11.48 0.26 0.48 0.74 (0.33) (0.23)
5/31/17 10.93 0.24 0.77 1.01 (0.28) (0.18)
5/31/16‡ 11.37 0.08 0.05 0.13 (0.27) (0.30)
Premier Class: 5/31/19 11.62 0.27 (0.07) 0.20 (0.33) (0.38)
5/31/18 11.45 0.24 0.47 0.71 (0.31) (0.23)
5/31/17 10.90 0.22 0.78 1.00 (0.27) (0.18)
5/31/16 11.55 0.20 (0.29) (0.09) (0.26) (0.30)
5/31/15 11.57 0.20 0.37 0.57 (0.32) (0.27)
Retirement Class: 5/31/19 13.68 0.30 (0.07) 0.23 (0.31) (0.38)
5/31/18 13.39 0.27 0.55 0.82 (0.30) (0.23)
5/31/17 12.66 0.25 0.91 1.16 (0.25) (0.18)
5/31/16 13.33 0.22 (0.35) (0.13) (0.24) (0.30)
5/31/15 13.25 0.21 0.45 0.66 (0.31) (0.27)
LIFECYCLE 2015 FUND
Institutional Class: 5/31/19 10.05 0.24 (0.10) 0.14 (0.30) (0.44)
5/31/18 9.97 0.22 0.48 0.70 (0.29) (0.33)
5/31/17 9.61 0.20 0.77 0.97 (0.26) (0.35)
5/31/16 10.56 0.20 (0.32) (0.12) (0.25) (0.58)
5/31/15 10.80 0.20 0.39 0.59 (0.32) (0.51)
Advisor Class: 5/31/19 10.05 0.23 (0.09) 0.14 (0.30) (0.44)
5/31/18 9.96 0.22 0.49 0.71 (0.29) (0.33)
5/31/17 9.61 0.20 0.75 0.95 (0.25) (0.35)
5/31/16‡ 10.35 0.07 0.02 0.09 (0.25) (0.58)
Premier Class: 5/31/19 10.01 0.22 (0.09) 0.13 (0.29) (0.44)
5/31/18 9.92 0.21 0.49 0.70 (0.28) (0.33)
5/31/17 9.57 0.19 0.75 0.94 (0.24) (0.35)
5/31/16 10.52 0.18 (0.31) (0.13) (0.24) (0.58)
5/31/15 10.77 0.18 0.39 0.57 (0.31) (0.51)
Retirement Class: 5/31/19 12.37 0.26 (0.10) 0.16 (0.27) (0.44)
5/31/18 12.12 0.24 0.60 0.84 (0.26) (0.33)
5/31/17 11.56 0.22 0.92 1.14 (0.23) (0.35)
5/31/16 12.53 0.21 (0.38) (0.17) (0.22) (0.58)
5/31/15 12.66 0.20 0.47 0.67 (0.29) (0.51)

72 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 continued

__________________________ Ratios and supplemental data

_______________________________________________________

Ratios to average net assets

________________________________
Total Net asset Net assets Net
dividends value, at end of investment Portfolio
and end of Total period or year Gross Net income turnover
distributions period return (in thousands) expenses expenses (loss) rate

$(0.73) $11.14 2.26% $ 675,843 0.35%f 0.23%f 2.50% 22%

(0.56) 11.65 6.45 698,687 0.12e 0.00e 2.23 21
(0.46) 11.48 9.59 639,496 0.12e 0.00e 2.11 26
(0.57) 10.93 (0.44) 536,150 0.12e 0.00e 2.02 19
(0.61) 11.58 5.25 527,313 0.12e 0.00e 1.85 20
(0.72) 11.15 2.33 131 0.39f 0.27f 2.39 22
(0.56) 11.66 6.44 117 0.13e 0.01e 2.24 21
(0.46) 11.48 9.57 108 0.14e 0.02e 2.13 26
(0.57) 10.93 1.39b 103 0.15c,e 0.03c,e 1.59c 19
(0.71) 11.11 2.10 112,673 0.50f 0.37f 2.39 22
(0.54) 11.62 6.31 147,851 0.27e 0.15e 2.09 21
(0.45) 11.45 9.45 150,928 0.27e 0.15e 2.00 26
(0.56) 10.90 (0.58) 141,824 0.27e 0.15e 1.87 19
(0.59) 11.55 5.10 123,047 0.27e 0.15e 1.69 20
(0.69) 13.22 2.01 374,999 0.60f 0.48f 2.26 22
(0.53) 13.68 6.16 409,891 0.37e 0.25e 1.97 21
(0.43) 13.39 9.42 434,448 0.37e 0.25e 1.90 26
(0.54) 12.66 (0.80) 422,969 0.42e 0.25e 1.76 19
(0.58) 13.33 5.09 463,646 0.42e 0.25e 1.60 20

(0.74) 9.45 1.89 1,061,156 0.35f 0.23f 2.43 21

(0.62) 10.05 7.09 1,070,488 0.12e 0.00e 2.18 19
(0.61) 9.97 10.51 988,229 0.12e 0.00e 2.10 25
(0.83) 9.61 (0.79) 856,233 0.12e 0.00e 2.01 18
(0.83) 10.56 5.78 861,906 0.12e 0.00e 1.85 16
(0.74) 9.45 1.88 126 0.38f 0.26f 2.38 21
(0.62) 10.05 7.16 107 0.13e 0.02e 2.19 19
(0.60) 9.96 10.38 106 0.15e 0.03e 2.10 25
(0.83) 9.61 1.21b 102 0.14c,e 0.02c,e 1.54c 18
(0.73) 9.41 1.83 173,266 0.49f 0.37f 2.31 21
(0.61) 10.01 6.96 235,104 0.27e 0.15e 2.04 19
(0.59) 9.92 10.28 256,577 0.27e 0.15e 1.97 25
(0.82) 9.57 (0.94) 227,814 0.27e 0.15e 1.87 18
(0.82) 10.52 5.53 215,362 0.27e 0.15e 1.69 16
(0.71) 11.82 1.74 548,992 0.60f 0.48f 2.19 21
(0.59) 12.37 6.87 635,454 0.37e 0.25e 1.93 19
(0.58) 12.12 10.18 683,089 0.37e 0.25e 1.86 25
(0.80) 11.56 (1.09) 665,990 0.42e 0.25e 1.76 18
(0.80) 12.53 5.52 727,918 0.42e 0.25e 1.60 16

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 73
Financial highlights
TIAA-CREF Lifecycle Funds

Selected per share data

____________________________________________________________________
Gain (loss) from investment operations
_________________________________
Net realized
For the Net asset Net & unrealized Less distributions from
Total gain ____________________
period value, investment gain (loss) (loss) from Net Net
or year beginning income on total investment investment realized
ended of period (loss)a investments j operations income gains
LIFECYCLE 2020 FUND
Institutional Class: 5/31/19 $10.43 $0.23 $(0.13) $ 0.10 $(0.31) $(0.49)
5/31/18 10.22 0.22 0.61 0.83 (0.30) (0.32)
5/31/17 9.77 0.20 0.88 1.08 (0.25) (0.38)
5/31/16 10.72 0.20 (0.36) (0.16) (0.25) (0.54)
5/31/15 10.86 0.19 0.47 0.66 (0.33) (0.47)
Advisor Class: 5/31/19 10.42 0.23 (0.13) 0.10 (0.30) (0.49)
5/31/18 10.21 0.19 0.64 0.83 (0.30) (0.32)
5/31/17 9.76 0.21 0.87 1.08 (0.25) (0.38)
5/31/16‡ 10.48 0.07 (0.01) 0.06 (0.24) (0.54)
Premier Class: 5/31/19 10.40 0.22 (0.14) 0.08 (0.29) (0.49)
5/31/18 10.19 0.21 0.61 0.82 (0.29) (0.32)
5/31/17 9.74 0.19 0.87 1.06 (0.23) (0.38)
5/31/16 10.69 0.18 (0.36) (0.18) (0.23) (0.54)
5/31/15 10.84 0.18 0.45 0.63 (0.31) (0.47)
Retirement Class: 5/31/19 13.10 0.27 (0.16) 0.11 (0.27) (0.49)
5/31/18 12.69 0.24 0.76 1.00 (0.27) (0.32)
5/31/17 11.98 0.22 1.09 1.31 (0.22) (0.38)
5/31/16 12.96 0.21 (0.44) (0.23) (0.21) (0.54)
5/31/15 12.97 0.20 0.56 0.76 (0.30) (0.47)
LIFECYCLE 2025 FUND
Institutional Class: 5/31/19 10.68 0.22 (0.21) 0.01 (0.30) (0.50)
5/31/18 10.33 0.21 0.75 0.96 (0.30) (0.31)
5/31/17 9.76 0.20 1.01 1.21 (0.24) (0.40)
5/31/16 10.81 0.19 (0.43) (0.24) (0.24) (0.57)
5/31/15 10.90 0.19 0.53 0.72 (0.34) (0.47)
Advisor Class: 5/31/19 10.68 0.22 (0.22) 0.00 (0.30) (0.50)
5/31/18 10.33 0.21 0.75 0.96 (0.30) (0.31)
5/31/17 9.76 0.20 1.00 1.20 (0.23) (0.40)
5/31/16‡ 10.54 0.06 (0.03) 0.03 (0.24) (0.57)
Premier Class: 5/31/19 10.63 0.21 (0.22) (0.01) (0.28) (0.50)
5/31/18 10.28 0.20 0.75 0.95 (0.29) (0.31)
5/31/17 9.72 0.18 1.00 1.18 (0.22) (0.40)
5/31/16 10.76 0.18 (0.42) (0.24) (0.23) (0.57)
5/31/15 10.86 0.18 0.51 0.69 (0.32) (0.47)
Retirement Class: 5/31/19 13.57 0.26 (0.27) (0.01) (0.27) (0.50)
5/31/18 12.97 0.24 0.94 1.18 (0.27) (0.31)
5/31/17 12.10 0.22 1.26 1.48 (0.21) (0.40)
5/31/16 13.19 0.21 (0.52) (0.31) (0.21) (0.57)
5/31/15 13.13 0.20 0.63 0.83 (0.30) (0.47)

74 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 continued

__________________________ Ratios and supplemental data

_______________________________________________________

Ratios to average net assets

________________________________
Total Net asset Net assets Net
dividends value, at end of investment Portfolio
and end of Total period or year Gross Net income turnover
distributions period return (in thousands) expenses expenses (loss) rate

$(0.80) $ 9.73 1.45% $2,247,877 0.36%f 0.24%f 2.33% 23%

(0.62) 10.43 8.07 2,188,054 0.11e 0.00e 2.11 17
(0.63) 10.22 11.57 1,894,346 0.11e 0.00e 2.04 21
(0.79) 9.77 (1.26) 1,521,819 0.12e 0.00e 1.98 14
(0.80) 10.72 6.34 1,403,172 0.12e 0.00e 1.80 13
(0.79) 9.73 1.39 200 0.35f 0.24f 2.32 23
(0.62) 10.42 8.17 226 0.17e 0.06e 1.85 17
(0.63) 10.21 11.56 107 0.13e 0.02e 2.06 21
(0.78) 9.76 0.88b 102 0.14c,e 0.03c,e 1.43c 14
(0.78) 9.70 1.27 401,306 0.50f 0.38f 2.21 23
(0.61) 10.40 7.94 503,806 0.26e 0.15e 1.97 17
(0.61) 10.19 11.44 513,388 0.26e 0.15e 1.90 21
(0.77) 9.74 (1.42) 438,819 0.27e 0.15e 1.83 14
(0.78) 10.69 6.10 377,734 0.27e 0.15e 1.67 13
(0.76) 12.45 1.18 1,032,037 0.60f 0.49f 2.09 23
(0.59) 13.10 7.89 1,146,465 0.36e 0.25e 1.86 17
(0.60) 12.69 11.33 1,151,160 0.36e 0.25e 1.80 21
(0.75) 11.98 (1.54) 1,033,003 0.42e 0.25e 1.73 14
(0.77) 12.96 6.04 1,054,395 0.42e 0.25e 1.56 13

(0.80) 9.89 0.58 2,786,751 0.37f 0.25f 2.18 20

(0.61) 10.68 9.46 2,580,691 0.11e 0.00e 2.00 16
(0.64) 10.33 12.89 2,135,802 0.11e 0.00e 1.97 20
(0.81) 9.76 (1.96) 1,633,946 0.12e 0.00e 1.96 11
(0.81) 10.81 6.93 1,468,702 0.12e 0.00e 1.79 12
(0.80) 9.88 0.53 125 0.40f 0.28f 2.18 20
(0.61) 10.68 9.30 133 0.17e 0.05e 1.96 16
(0.63) 10.33 12.86 125 0.15e 0.04e 1.97 20
(0.81) 9.76 0.54b 102 0.14c,e 0.02c,e 1.31c 11
(0.78) 9.84 0.51 488,247 0.51f 0.39f 2.06 20
(0.60) 10.63 9.24 573,643 0.26e 0.15e 1.86 16
(0.62) 10.28 12.67 573,869 0.26e 0.15e 1.84 20
(0.80) 9.72 (2.02) 469,798 0.27e 0.15e 1.82 11
(0.79) 10.76 6.69 382,956 0.27e 0.15e 1.63 12
(0.77) 12.79 0.33 1,131,196 0.61f 0.50f 1.95 20
(0.58) 13.57 9.12 1,220,041 0.36e 0.25e 1.75 16
(0.61) 12.97 12.60 1,164,361 0.36e 0.25e 1.74 20
(0.78) 12.10 (2.17) 1,000,951 0.42e 0.25e 1.71 11
(0.77) 13.19 6.62 1,029,164 0.42e 0.25e 1.54 12

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 75
Financial highlights
TIAA-CREF Lifecycle Funds

Selected per share data

____________________________________________________________________
Gain (loss) from investment operations
_________________________________
Net realized
For the Net asset Net & unrealized Less distributions from
Total gain ____________________
period value, investment gain (loss) (loss) from Net Net
or year beginning income on total investment investment realized
ended of period (loss)a investments j operations income gains
LIFECYCLE 2030 FUND
Institutional Class: 5/31/19 $10.78 $0.21 $(0.29) $(0.08) $(0.30) $(0.53)
5/31/18 10.33 0.20 0.90 1.10 (0.31) (0.34)
5/31/17 9.68 0.19 1.12 1.31 (0.23) (0.43)
5/31/16 10.81 0.19 (0.49) (0.30) (0.24) (0.59)
5/31/15 10.86 0.19 0.58 0.77 (0.34) (0.48)
Advisor Class: 5/31/19 10.78 0.21 (0.30) (0.09) (0.29) (0.53)
5/31/18 10.34 0.20 0.89 1.09 (0.31) (0.34)
5/31/17 9.68 0.19 1.12 1.31 (0.22) (0.43)
5/31/16‡ 10.52 0.05 (0.06) (0.01) (0.24) (0.59)
Premier Class: 5/31/19 10.73 0.20 (0.30) (0.10) (0.28) (0.53)
5/31/18 10.28 0.19 0.89 1.08 (0.29) (0.34)
5/31/17 9.64 0.17 1.11 1.28 (0.21) (0.43)
5/31/16 10.77 0.18 (0.50) (0.32) (0.22) (0.59)
5/31/15 10.82 0.17 0.59 0.76 (0.33) (0.48)
Retirement Class: 5/31/19 13.96 0.24 (0.37) (0.13) (0.26) (0.53)
5/31/18 13.21 0.23 1.14 1.37 (0.28) (0.34)
5/31/17 12.20 0.21 1.43 1.64 (0.20) (0.43)
5/31/16 13.39 0.21 (0.60) (0.39) (0.21) (0.59)
5/31/15 13.26 0.20 0.72 0.92 (0.31) (0.48)
LIFECYCLE 2035 FUND
Institutional Class: 5/31/19 10.99 0.20 (0.38) (0.18) (0.29) (0.55)
5/31/18 10.44 0.19 1.04 1.23 (0.31) (0.37)
5/31/17 9.68 0.18 1.24 1.42 (0.21) (0.45)
5/31/16 10.92 0.18 (0.55) (0.37) (0.22) (0.65)
5/31/15 10.97 0.18 0.63 0.81 (0.34) (0.52)
Advisor Class: 5/31/19 10.98 0.20 (0.38) (0.18) (0.29) (0.55)
5/31/18 10.43 0.19 1.04 1.23 (0.31) (0.37)
5/31/17 9.68 0.18 1.23 1.41 (0.21) (0.45)
5/31/16‡ 10.60 0.04 (0.09) (0.05) (0.22) (0.65)
Premier Class: 5/31/19 10.95 0.18 (0.38) (0.20) (0.27) (0.55)
5/31/18 10.41 0.18 1.03 1.21 (0.30) (0.37)
5/31/17 9.65 0.16 1.25 1.41 (0.20) (0.45)
5/31/16 10.90 0.17 (0.56) (0.39) (0.21) (0.65)
5/31/15 10.94 0.17 0.64 0.81 (0.33) (0.52)
Retirement Class: 5/31/19 14.50 0.23 (0.49) (0.26) (0.25) (0.55)
5/31/18 13.58 0.22 1.35 1.57 (0.28) (0.37)
5/31/17 12.40 0.20 1.61 1.81 (0.18) (0.45)
5/31/16 13.73 0.20 (0.69) (0.49) (0.19) (0.65)
5/31/15 13.57 0.19 0.80 0.99 (0.31) (0.52)

76 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 continued

__________________________ Ratios and supplemental data

_______________________________________________________

Ratios to average net assets

________________________________
Total Net asset Net assets Net
dividends value, at end of investment Portfolio
and end of Total period or year Gross Net income turnover
distributions period return (in thousands) expenses expenses (loss) rate

$(0.83) $ 9.87 (0.25)% $2,793,594 0.38%f 0.26%f 2.03% 20%

(0.65) 10.78 10.76 2,626,467 0.11e 0.00e 1.89 12
(0.66) 10.33 14.06 2,139,891 0.11e 0.00e 1.90 20
(0.83) 9.68 (2.51) 1,645,188 0.12e 0.00e 1.93 12
(0.82) 10.81 7.48 1,495,152 0.12e 0.00e 1.77 11
(0.82) 9.87 (0.32) 117 0.43f 0.32f 2.01 20
(0.65) 10.78 10.63 124 0.15e 0.04e 1.88 12
(0.65) 10.34 14.15 109 0.13e 0.02e 1.92 20
(0.83) 9.68 0.15b 102 0.14c,e 0.03c,e 1.19c 12
(0.81) 9.82 (0.33) 505,271 0.52f 0.40f 1.90 20
(0.63) 10.73 10.56 585,462 0.26e 0.15e 1.76 12
(0.64) 10.28 13.85 562,680 0.26e 0.15e 1.76 20
(0.81) 9.64 (2.67) 458,645 0.27e 0.15e 1.80 12
(0.81) 10.77 7.35 384,809 0.27e 0.15e 1.62 11
(0.79) 13.04 (0.54) 1,062,709 0.62f 0.50f 1.79 20
(0.62) 13.96 10.43 1,139,069 0.36e 0.25e 1.64 12
(0.63) 13.21 13.83 1,064,614 0.36e 0.25e 1.66 20
(0.80) 12.20 (2.73) 885,365 0.42e 0.25e 1.69 12
(0.79) 13.39 7.22 920,141 0.42e 0.25e 1.52 11

(0.84) 9.97 (1.08) 2,855,455 0.38f 0.27f 1.87 17

(0.68) 10.99 11.98 2,729,789 0.11e 0.00e 1.76 13
(0.66) 10.44 15.36 2,238,549 0.11e 0.00e 1.79 21
(0.87) 9.68 (3.08) 1,721,118 0.12e 0.00e 1.82 11
(0.86) 10.92 7.83 1,562,158 0.12e 0.00e 1.67 11
(0.84) 9.96 (1.11) 110 0.40f 0.29f 1.89 17
(0.68) 10.98 11.96 121 0.15e 0.04e 1.74 13
(0.66) 10.43 15.24 114 0.13e 0.02e 1.82 21
(0.87) 9.68 (0.17)b 102 0.14c,e 0.03c,e 0.99c 11
(0.82) 9.93 (1.25) 550,501 0.52f 0.41f 1.75 17
(0.67) 10.95 11.76 627,471 0.26e 0.15e 1.63 13
(0.65) 10.41 15.25 592,434 0.26e 0.15e 1.65 21
(0.86) 9.65 (3.33) 467,084 0.27e 0.15e 1.68 11
(0.85) 10.90 7.78 384,423 0.27e 0.15e 1.52 11
(0.80) 13.44 (1.37) 980,659 0.63f 0.51f 1.63 17
(0.65) 14.50 11.67 1,038,703 0.36e 0.25e 1.51 13
(0.63) 13.58 15.10 970,096 0.36e 0.25e 1.55 21
(0.84) 12.40 (3.36) 808,408 0.42e 0.25e 1.58 11
(0.83) 13.73 7.60 871,827 0.42e 0.25e 1.43 11

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 77
Financial highlights
TIAA-CREF Lifecycle Funds

Selected per share data

____________________________________________________________________
Gain (loss) from investment operations
_________________________________
Net realized
For the Net asset Net & unrealized Less distributions from
Total gain ____________________
period value, investment gain (loss) (loss) from Net Net
or year beginning income on total investment investment realized
ended of period (loss)a investments j operations income gains
LIFECYCLE 2040 FUND
Institutional Class: 5/31/19 $11.15 $0.18 $(0.47) $(0.29) $(0.29) $(0.66)
5/31/18 10.51 0.18 1.20 1.38 (0.32) (0.42)
5/31/17 9.67 0.17 1.37 1.54 (0.19) (0.51)
5/31/16 11.05 0.17 (0.62) (0.45) (0.21) (0.72)
5/31/15 11.07 0.17 0.70 0.87 (0.35) (0.54)
Advisor Class: 5/31/19 11.14 0.18 (0.48) (0.30) (0.28) (0.66)
5/31/18 10.50 0.18 1.20 1.38 (0.32) (0.42)
5/31/17 9.67 0.17 1.36 1.53 (0.19) (0.51)
5/31/16‡ 10.69 0.04 (0.13) (0.09) (0.21) (0.72)
Premier Class: 5/31/19 11.11 0.16 (0.47) (0.31) (0.27) (0.66)
5/31/18 10.47 0.16 1.20 1.36 (0.30) (0.42)
5/31/17 9.65 0.15 1.36 1.51 (0.18) (0.51)
5/31/16 11.02 0.15 (0.60) (0.45) (0.20) (0.72)
5/31/15 11.04 0.16 0.69 0.85 (0.33) (0.54)
Retirement Class: 5/31/19 15.03 0.21 (0.62) (0.41) (0.25) (0.66)
5/31/18 13.93 0.20 1.60 1.80 (0.28) (0.42)
5/31/17 12.61 0.19 1.80 1.99 (0.16) (0.51)
5/31/16 14.10 0.19 (0.78) (0.59) (0.18) (0.72)
5/31/15 13.89 0.19 0.87 1.06 (0.31) (0.54)
LIFECYCLE 2045 FUND
Institutional Class: 5/31/19 12.88 0.19 (0.59) (0.40) (0.30) (0.29)
5/31/18 11.73 0.19 1.44 1.63 (0.37) (0.11)
5/31/17 10.42 0.18 1.55 1.73 (0.14) (0.28)
5/31/16 11.44 0.18 (0.63) (0.45) (0.20) (0.37)
5/31/15 11.11 0.18 0.71 0.89 (0.32) (0.24)
Advisor Class: 5/31/19 12.88 0.20 (0.60) (0.40) (0.30) (0.29)
5/31/18 11.73 0.19 1.44 1.63 (0.37) (0.11)
5/31/17 10.42 0.18 1.55 1.73 (0.14) (0.28)
5/31/16‡ 11.08 0.04 (0.13) (0.09) (0.20) (0.37)
Premier Class: 5/31/19 12.82 0.17 (0.59) (0.42) (0.28) (0.29)
5/31/18 11.68 0.17 1.43 1.60 (0.35) (0.11)
5/31/17 10.38 0.16 1.55 1.71 (0.13) (0.28)
5/31/16 11.40 0.16 (0.62) (0.46) (0.19) (0.37)
5/31/15 11.08 0.16 0.71 0.87 (0.31) (0.24)
Retirement Class: 5/31/19 12.78 0.16 (0.58) (0.42) (0.27) (0.29)
5/31/18 11.65 0.16 1.42 1.58 (0.34) (0.11)
5/31/17 10.35 0.15 1.55 1.70 (0.12) (0.28)
5/31/16 11.37 0.15 (0.63) (0.48) (0.17) (0.37)
5/31/15 11.05 0.15 0.71 0.86 (0.30) (0.24)

78 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 continued

__________________________ Ratios and supplemental data

_______________________________________________________

Ratios to average net assets

________________________________
Total Net asset Net assets Net
dividends value, at end of investment Portfolio
and end of Total period or year Gross Net income turnover
distributions period return (in thousands) expenses expenses (loss) rate

$(0.95) $ 9.91 (2.09)% $3,346,627 0.39%f 0.27%f 1.68% 18%

(0.74) 11.15 13.28 3,322,450 0.11e 0.00e 1.60 14
(0.70) 10.51 16.65 2,799,289 0.11e 0.00e 1.67 25
(0.93) 9.67 (3.83) 2,177,059 0.11e 0.00e 1.70 11
(0.89) 11.05 8.35 2,002,921 0.12e 0.00e 1.60 11
(0.94) 9.90 (2.13) 130 0.41f 0.30f 1.70 18
(0.74) 11.14 13.27 117 0.14e 0.03e 1.62 14
(0.70) 10.50 16.52 110 0.13e 0.02e 1.70 25
(0.93) 9.67 (0.60)b 102 0.14c,e 0.03c,e 0.78c 11
(0.93) 9.87 (2.28) 678,439 0.53f 0.41f 1.56 18
(0.72) 11.11 13.17 781,576 0.26e 0.15e 1.48 14
(0.69) 10.47 16.30 752,059 0.26e 0.15e 1.52 25
(0.92) 9.65 (3.89) 597,044 0.26e 0.15e 1.56 11
(0.87) 11.02 8.21 514,930 0.27e 0.15e 1.47 11
(0.91) 13.71 (2.37) 1,176,223 0.63f 0.52f 1.44 18
(0.70) 15.03 13.05 1,283,032 0.36e 0.25e 1.36 14
(0.67) 13.93 16.29 1,182,985 0.36e 0.25e 1.43 25
(0.90) 12.61 (4.03) 1,000,745 0.41e 0.25e 1.47 11
(0.85) 14.10 8.03 1,116,406 0.42e 0.25e 1.36 11

(0.59) 11.89 (2.79) 1,915,136 0.40f 0.28f 1.55 13

(0.48) 12.88 13.96 1,756,138 0.11e 0.00e 1.52 11
(0.42) 11.73 17.07 1,337,130 0.12e 0.00e 1.61 23
(0.57) 10.42 (3.71) 922,057 0.12e 0.00e 1.68 8
(0.56) 11.44 8.31 749,747 0.13e 0.00e 1.59 8
(0.59) 11.89 (2.79) 117 0.39f 0.28f 1.57 13
(0.48) 12.88 13.94 126 0.12e 0.01e 1.53 11
(0.42) 11.73 17.05 115 0.13e 0.01e 1.64 23
(0.57) 10.42 (0.60)b 102 0.15c,e 0.03c,e 0.73c 8
(0.57) 11.83 (2.96) 435,004 0.54f 0.42f 1.41 13
(0.46) 12.82 13.78 451,707 0.26e 0.15e 1.39 11
(0.41) 11.68 16.88 390,630 0.27e 0.15e 1.47 23
(0.56) 10.38 (3.86) 280,898 0.27e 0.15e 1.55 8
(0.55) 11.40 8.10 207,328 0.28e 0.15e 1.47 8
(0.56) 11.80 (3.00) 599,598 0.64f 0.52f 1.30 13
(0.45) 12.78 13.62 609,733 0.36e 0.25e 1.27 11
(0.40) 11.65 16.82 532,695 0.37e 0.25e 1.38 23
(0.54) 10.35 (3.98) 402,825 0.42e 0.25e 1.45 8
(0.54) 11.37 8.00 395,217 0.43e 0.25e 1.37 8

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 79
Financial highlights
TIAA-CREF Lifecycle Funds

Selected per share data

____________________________________________________________________
Gain (loss) from investment operations
_________________________________
Net realized
For the Net asset Net & unrealized Less distributions from
Total gain ____________________
period value, investment gain (loss) (loss) from Net Net
or year beginning income on total investment investment realized
ended of period (loss)a investments j operations income gains
LIFECYCLE 2050 FUND
Institutional Class: 5/31/19 $12.95 $0.19 $(0.61) $(0.42) $(0.30) $(0.29)
5/31/18 11.77 0.19 1.47 1.66 (0.37) (0.11)
5/31/17 10.42 0.17 1.59 1.76 (0.14) (0.27)
5/31/16 11.42 0.17 (0.61) (0.44) (0.20) (0.36)
5/31/15 11.08 0.18 0.71 0.89 (0.32) (0.23)
Advisor Class: 5/31/19 12.95 0.19 (0.60) (0.41) (0.30) (0.29)
5/31/18 11.77 0.19 1.47 1.66 (0.37) (0.11)
5/31/17 10.42 0.18 1.58 1.76 (0.14) (0.27)
5/31/16‡ 11.06 0.03 (0.11) (0.08) (0.20) (0.36)
Premier Class: 5/31/19 12.89 0.17 (0.60) (0.43) (0.28) (0.29)
5/31/18 11.72 0.17 1.46 1.63 (0.35) (0.11)
5/31/17 10.39 0.16 1.57 1.73 (0.13) (0.27)
5/31/16 11.38 0.16 (0.60) (0.44) (0.19) (0.36)
5/31/15 11.05 0.17 0.70 0.87 (0.31) (0.23)
Retirement Class: 5/31/19 12.85 0.16 (0.60) (0.44) (0.27) (0.29)
5/31/18 11.68 0.16 1.46 1.62 (0.34) (0.11)
5/31/17 10.35 0.15 1.57 1.72 (0.12) (0.27)
5/31/16 11.35 0.15 (0.62) (0.47) (0.17) (0.36)
5/31/15 11.02 0.15 0.70 0.85 (0.29) (0.23)
LIFECYCLE 2055 FUND
Institutional Class: 5/31/19 14.69 0.21 (0.70) (0.49) (0.33) (0.26)
5/31/18 13.31 0.21 1.67 1.88 (0.39) (0.11)
5/31/17 11.72 0.19 1.82 2.01 (0.17) (0.25)
5/31/16 12.77 0.19 (0.67) (0.48) (0.22) (0.35)
5/31/15 12.33 0.20 0.79 0.99 (0.35) (0.20)
Advisor Class: 5/31/19 14.69 0.22 (0.71) (0.49) (0.33) (0.26)
5/31/18 13.31 0.21 1.67 1.88 (0.39) (0.11)
5/31/17 11.72 0.20 1.80 2.00 (0.16) (0.25)
5/31/16‡ 12.36 0.04 (0.11) (0.07) (0.22) (0.35)
Premier Class: 5/31/19 14.63 0.19 (0.69) (0.50) (0.31) (0.26)
5/31/18 13.26 0.19 1.67 1.86 (0.38) (0.11)
5/31/17 11.68 0.17 1.81 1.98 (0.15) (0.25)
5/31/16 12.73 0.17 (0.66) (0.49) (0.21) (0.35)
5/31/15 12.30 0.18 0.79 0.97 (0.34) (0.20)
Retirement Class: 5/31/19 14.63 0.17 (0.68) (0.51) (0.30) (0.26)
5/31/18 13.26 0.17 1.67 1.84 (0.36) (0.11)
5/31/17 11.69 0.16 1.80 1.96 (0.14) (0.25)
5/31/16 12.73 0.16 (0.66) (0.50) (0.19) (0.35)
5/31/15 12.30 0.17 0.79 0.96 (0.33) (0.20)

80 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 continued

__________________________ Ratios and supplemental data

_______________________________________________________

Ratios to average net assets

________________________________
Total Net asset Net assets Net
dividends value, at end of investment Portfolio
and end of Total period or year Gross Net income turnover
distributions period return (in thousands) expenses expenses (loss) rate

$(0.59) $11.94 (2.97)% $1,267,704 0.40%f 0.28%f 1.52% 12%

(0.48) 12.95 14.16 1,131,187 0.12e 0.00e 1.49 10
(0.41) 11.77 17.29 819,879 0.12e 0.00e 1.59 22
(0.56) 10.42 (3.67) 550,907 0.13e 0.00e 1.66 9
(0.55) 11.42 8.30 423,230 0.13e 0.00e 1.59 7
(0.59) 11.95 (2.90) 117 0.40f 0.28f 1.55 12
(0.48) 12.95 14.15 127 0.13e 0.01e 1.50 10
(0.41) 11.77 17.27 115 0.14e 0.01e 1.62 22
(0.56) 10.42 (0.55)b 102 0.16c,e 0.03c,e 0.70c 9
(0.57) 11.89 (3.07) 319,987 0.55f 0.43f 1.38 12
(0.46) 12.89 13.99 319,950 0.27e 0.15e 1.37 10
(0.40) 11.72 16.99 269,303 0.27e 0.15e 1.45 22
(0.55) 10.39 (3.73) 180,517 0.28e 0.15e 1.53 9
(0.54) 11.38 8.09 130,718 0.28e 0.15e 1.51 7
(0.56) 11.85 (3.19) 399,296 0.65f 0.53f 1.27 12
(0.45) 12.85 13.93 396,498 0.37e 0.25e 1.25 10
(0.39) 11.68 16.95 338,305 0.37e 0.25e 1.35 22
(0.53) 10.35 (3.93) 243,273 0.43e 0.25e 1.44 9
(0.52) 11.35 7.98 235,899 0.43e 0.25e 1.35 7

(0.59) 13.61 (3.04) 404,603 0.43f 0.29f 1.49 10

(0.50) 14.69 14.29 307,441 0.14e 0.00e 1.45 9
(0.42) 13.31 17.43 182,552 0.16e 0.00e 1.56 18
(0.57) 11.72 (3.62) 97,784 0.19e 0.00e 1.62 24
(0.55) 12.77 8.31 59,787 0.21e 0.00e 1.58 9
(0.59) 13.61 (3.05) 119 0.42f 0.28f 1.52 10
(0.50) 14.69 14.28 128 0.15e 0.01e 1.47 9
(0.41) 13.31 17.41 116 0.18e 0.02e 1.59 18
(0.57) 11.72 (0.44)b 102 0.21c,e 0.03c,e 0.67c 24
(0.57) 13.56 (3.14) 135,603 0.57f 0.43f 1.35 10
(0.49) 14.63 14.13 118,351 0.29e 0.15e 1.35 9
(0.40) 13.26 17.27 84,446 0.31e 0.15e 1.42 18
(0.56) 11.68 (3.76) 45,977 0.34e 0.15e 1.49 24
(0.54) 12.73 8.13 26,407 0.36e 0.15e 1.47 9
(0.56) 13.56 (3.24) 155,354 0.67f 0.53f 1.24 10
(0.47) 14.63 14.03 137,389 0.39e 0.25e 1.22 9
(0.39) 13.26 17.06 101,070 0.41e 0.25e 1.31 18
(0.54) 11.69 (3.81) 60,056 0.49e 0.25e 1.33 24
(0.53) 12.73 8.02 55,577 0.51e 0.25e 1.35 9

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 81
Financial highlights
TIAA-CREF Lifecycle Funds

Selected per share data

____________________________________________________________________
Gain (loss) from investment operations
_________________________________
Net realized
For the Net asset Net & unrealized Less distributions from
Total gain ____________________
period value, investment gain (loss) (loss) from Net Net
or year beginning income on total investment investment realized
ended of period (loss)a investments j operations income gains
LIFECYCLE 2060 FUND
Institutional Class: 5/31/19 $12.02 $0.18 $(0.59) $(0.41) $(0.27) $(0.21)
5/31/18 10.81 0.16 1.39 1.55 (0.29) (0.05)
5/31/17 9.51 0.14 1.50 1.64 (0.14) (0.20)
5/31/16 10.48 0.16 (0.55) (0.39) (0.19) (0.39)
5/31/15^ 10.00 0.14 0.60 0.74 (0.26) —
Advisor Class: 5/31/19 12.02 0.17 (0.58) (0.41) (0.27) (0.21)
5/31/18 10.81 0.16 1.39 1.55 (0.29) (0.05)
5/31/17 9.51 0.15 1.48 1.63 (0.13) (0.20)
5/31/16‡ 10.15 0.03 (0.09) (0.06) (0.19) (0.39)
Premier Class: 5/31/19 12.00 0.16 (0.59) (0.43) (0.25) (0.21)
5/31/18 10.80 0.15 1.38 1.53 (0.28) (0.05)
5/31/17 9.50 0.13 1.49 1.62 (0.12) (0.20)
5/31/16 10.47 0.15 (0.56) (0.41) (0.17) (0.39)
5/31/15^ 10.00 0.13 0.60 0.73 (0.26) —
Retirement Class: 5/31/19 11.99 0.15 (0.59) (0.44) (0.24) (0.21)
5/31/18 10.79 0.13 1.39 1.52 (0.27) (0.05)
5/31/17 9.50 0.12 1.49 1.61 (0.12) (0.20)
5/31/16 10.47 0.15 (0.56) (0.41) (0.17) (0.39)
5/31/15^ 10.00 0.12 0.60 0.72 (0.25) —
^ The Fund commenced operations on September 26, 2014.
‡ Advisor Class commenced operations on December 4, 2015.
a Based on average shares outstanding.
b The percentages shown for this period are not annualized.
c The percentages shown for this period are annualized.
e The Fund’s expenses do not include the expenses of the underlying Funds.
f From June 1, 2018 through September 30, 2018, the Fund’s expenses do not include the expenses of the
underlying Funds. Beginning October 1, 2018, the Lifecycle Funds expenses include the expenses of the
underlying Funds, excluding the expenses of the Real Property Fund.
j Short-term and Long-term capital gain distributions received from the underlying Funds are presented in
net realized and unrealized gain (loss) on total investments for all periods presented.

82 2019 Annual Report ■ TIAA-CREF Lifecycle Funds See notes to financial statements
 concluded

__________________________ Ratios and supplemental data

_______________________________________________________

Ratios to average net assets

________________________________
Total Net asset Net assets Net
dividends value, at end of investment Portfolio
and end of Total period or year Gross Net income turnover
distributions period return (in thousands) expenses expenses (loss) rate

$(0.48) $11.13 (3.17)% $81,477 0.55%f 0.29%f 1.54% 36%

(0.34) 12.02 14.51 58,836 0.34e 0.00e 1.39 37
(0.34) 10.81 17.52 19,932 0.75e 0.00e 1.44 79
(0.58) 9.51 (3.52) 5,533 1.15e 0.00e 1.67 54
(0.26) 10.48 7.55b 5,622 1.64c,e 0.00c,e 2.06c 12b
(0.48) 11.13 (3.20) 115 0.55f 0.30f 1.51 36
(0.34) 12.02 14.47 133 0.38e 0.04e 1.41 37
(0.33) 10.81 17.50 119 0.77e 0.03e 1.53 79
(0.58) 9.51 (0.39)b 102 1.16c,e 0.02c,e 0.65c 54
(0.46) 11.11 (3.31) 18,553 0.70f 0.44f 1.39 36
(0.33) 12.00 14.32 13,028 0.49e 0.15e 1.30 37
(0.32) 10.80 17.41 5,826 0.90e 0.15e 1.32 79
(0.56) 9.50 (3.68) 2,527 1.30e 0.15e 1.52 54
(0.26) 10.47 7.40b 2,686 1.82c,e 0.15c,e 1.92c 12b
(0.45) 11.10 (3.41) 27,045 0.79f 0.53f 1.27 36
(0.32) 11.99 14.24 24,314 0.59e 0.25e 1.07 37
(0.32) 10.79 17.23 10,908 1.00e 0.25e 1.20 79
(0.56) 9.50 (3.74) 4,652 1.45e 0.25e 1.55 54
(0.25) 10.47 7.38b 3,165 1.99c,e 0.25c,e 1.77c 12b

See notes to financial statements TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 83
Notes to financial statements
TIAA-CREF Lifecycle Funds

Note 1—organization and significant accounting policies

The Lifecycle Funds (collectively the “Funds,” each individually referred to as a
“Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the
“Trust”), a Delaware statutory trust, that is registered with the U.S. Securities and
Exchange Commission (“Commission”) under the Investment Company Act of 1940,
as amended (“1940 Act”), as an open-end management investment company.
Each Fund is a “fund of funds” that diversifies its assets by investing in Class W
shares of other funds of the Trust and potentially other investment pools or
investment products. The Funds offer their shares, without a sales load, through their
principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a
wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of
America (“TIAA”). Teachers Advisors, LLC (“Advisors”), a wholly owned indirect
subsidiary of TIAA, is registered with the Commission as an investment adviser and
provides investment management services for the Funds. The Funds offer up to five
share classes, although any one Fund may not necessarily offer all five classes. The
Funds may offer Institutional, Advisor, Premier, Retirement and Retail Classes of
shares. Each class differs by the allocation of class-specific expenses and voting
rights in matters affecting a single class.
On September 28, 2018, the Funds exchanged their shares held in the Institutional
Class of the affiliated TIAA-CREF Funds for shares of Class W. Prior to October 1, 2018,
the Funds incurred the fees of the affiliated TIAA-CREF Funds indirectly. Beginning
October 1, 2018, the Funds directly incur their pro rata portion of the expenses of the
affiliated TIAA-CREF Funds, excluding other investment pools or investment products.
Refer to Note 3 for further details on the transaction and related impact.
The accompanying financial statements were prepared in accordance with accounting
principles generally accepted in the United States of America (“U.S. GAAP”), which
may require the use of estimates made by management and the evaluation of
subsequent events. Actual results may differ from those estimates. The Funds are
investment companies and follow the accounting guidance in the Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification 946,
Financial Services—Investment Companies. The Net Asset Value (“NAV”) for financial
reporting purposes may differ from the NAV for processing transactions. The NAV for
financial reporting purposes includes security and shareholder transactions through
the date of the report. Total return is computed based on the NAV used for
processing transactions. The following is a summary of the significant accounting
policies consistently followed by the Funds.
Security valuation: The Funds’ investments in securities are recorded at their
estimated fair value as described in the valuation of investments note to the
financial statements.
Investments and investment income: Securities transactions are accounted for as of
the trade date for financial reporting purposes. Dividends from investments are

84 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

recorded on the ex-dividend date. Dividends from investments are recorded as
dividend income, while capital gain distributions, including short-term capital gain
distributions, are recorded as gain distributions from investments on the Statements
of Operations. Realized gains and losses on sales from investments in investment
companies are based upon the specific identification method.
Income, expenses, realized gains and losses and unrealized appreciation and
depreciation of a Fund are allocated on a pro rata basis to each class of shares,
except for service agreement fees, distribution fees and transfer agency fees and
expenses, which are unique to each class of shares. Most expenses of the Trust can
be directly attributed to a fund. Expenses that cannot be directly attributed are
allocated to each fund in the Trust based upon the average net assets of each fund.
Distributions to shareholders: Distributions to shareholders, which are determined in
accordance with income tax regulations, are recorded on the ex-dividend date.
Income taxes: Each Fund is treated separately for income tax purposes. The Funds
intend to continue to qualify as regulated investment companies under Subchapter M
of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the
extent that they distribute all taxable income each year and comply with various other
Code requirements. The Funds file income tax returns in U.S. federal and applicable
state and local jurisdictions. A fund’s federal income tax returns are generally subject
to examination for a period of three fiscal years after being filed. State and local tax
returns may be subject to examination for an additional period of time depending on
the jurisdiction. Management has analyzed the Funds’ tax positions taken for all
open federal income tax years and has concluded that no provision for federal
income tax is required in the Funds’ financial statements.
The timing and character of income and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S. GAAP.
Reclassifications are made to a Fund’s capital accounts for permanent tax
differences to reflect income and gains available for distribution (or available capital
loss carryforwards) under income tax regulations.
For the year ended May 31, 2019, permanent book and tax differences resulting
primarily from the utilization of equalization credits were identified and reclassified
among the components of the Funds' net assets. Net investment income and net
realized gains (losses), as disclosed on the Statement of Operations, and net assets
were not affected by these reclassifications.
Trustee compensation: The Funds pay the members of the Board of Trustees
(“Board”), all of whom are independent, certain remuneration for their services, plus
travel and other expenses. Trustees may elect to participate in a deferred
compensation plan and defer all or a portion of their compensation. In addition,
trustees participate in a long-term compensation plan. Amounts deferred are
retained by the Funds until paid. Amounts payable to the trustees for compensation
are included separately in the accompanying Statements of Assets and Liabilities.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 85

Notes to financial statements

Trustees’ fees, including any deferred and long-term compensation incurred, are
reflected in the Statements of Operations.
New accounting pronouncement: In August 2018, FASB issued ASU 2018-13, Fair
Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements
for Fair Value Measurements. ASU 2018-13 removes or modifies certain disclosures
required for fair value measurements. This guidance is effective for fiscal years
beginning after December 15, 2019. Management has early implemented this
accounting pronouncement as of November 30, 2018. This implementation did not
have a material impact on the Funds’ financial statements and various filings. Refer
to Note 2 for further details.
New rule issuances: In October 2016, the Commission issued Final Rule Release No.
33-10231, Investment Company Reporting Modernization. This final rule modernizes
investment company reporting by requiring the filing of new Forms N-CEN and N-PORT,
and amends Regulation S-X disclosures related to derivatives and other disclosures
in the financial statements and various filings. The requirements of this final rule in
relation to Forms N-CEN and N-PORT have been implemented and did not have an
impact on net assets or results of operations.
In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment
Company Liquidity Risk Management Programs. This final rule requires Funds to
establish a liquidity risk management program and enhances disclosures regarding
funds’ liquidity. The requirements of this final rule have been implemented and did
not have a material impact on the Funds' financial statements and various filings.
In August 2018, the Commission issued Final Rule Release No. 33-10532,
Disclosure Update and Simplification. This final rule amends certain disclosure
requirements that have become redundant or outdated in light of other Commission
disclosure requirements, U.S. GAAP or changes in the information environment. This
rule eliminates the requirements for funds to present the components of
distributable earnings on the balance sheet and parenthetically on the statement of
changes in net assets. This final rule was effective for filings after November 5,
2018. Management has implemented the above changes for the current reporting
period. In addition, certain amounts within each Fund’s Statement of changes in net
assets for the prior fiscal period have been modified to conform to the current year’s
presentation of distributable earnings. This change did not impact the total amount
of distributable earnings from the prior period.

86 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

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

Lifecycle Lifecycle Lifecycle Lifecycle Lifecycle Lifecycle

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 87

Notes to financial statements

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

Lifecycle Lifecycle Lifecycle Lifecycle Lifecycle Lifecycle

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

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods
approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market
inputs to valuation methods. The three levels of inputs are:
• Level 1 – quoted prices in active markets for identical securities
• Level 2 – other significant observable inputs (including quoted prices for similar
securities, interest rates, credit spreads, etc.)
• Level 3 – significant unobservable inputs (including the Funds’ own assumptions
in determining the fair value of investments)
The availability of observable inputs can vary from security to security and is affected
by a wide variety of factors, including, for example, the type of security, whether the
security is new and not yet established in the marketplace, the liquidity of markets,
and other characteristics particular to the security. To the extent that valuation is
based on models or inputs that are less observable or unobservable in the market,
the determination of fair value requires more judgment. Accordingly, the degree of
judgment exercised in determining fair value is greatest for instruments categorized
as Level 3. The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities.
In accordance with ASC 820, certain portfolio investments that are measured at fair
value using the net asset value per share practical expedient are not categorized
within the fair value hierarchy. These investments will be disclosed at their fair value
to allow reconciliation back to the Statements of Assets and Liabilities.
A description of the valuation techniques applied to the Funds’ major categories of
assets and liabilities measured at fair value follows:

88 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

Investments in registered investment companies: These investments are valued at

their NAV on the valuation date. These investments are categorized as Level 1 of the
fair value hierarchy.
Investments in unregistered limited partnerships: These investments are measured
at fair value as of the valuation date using the NAV per share practical expedient and
are not categorized within the fair value hierarchy.
The following table summarizes the market value of the Funds’ investments as of
May 31, 2019, based on the inputs used to value them:
Fair value
using practical
Fund Level 1 Level 2 Level 3 expedienta Total
Lifecycle Retirement Income
Registered investment companies $ 494,840,133 $ — $ — $ — $ 494,840,133
TIAA-CREF Real Property Fund LP — — — 23,908,073 23,908,073
Total $ 494,840,133 $ — $ — $ 23,908,073 $ 518,748,206
Lifecycle 2010
Registered investment companies $1,108,366,233 $ — $ — $ — $1,108,366,233
TIAA-CREF Real Property Fund LP — — — 53,568,892 53,568,892
Total $1,108,366,233 $ — $ — $ 53,568,892 $1,161,935,125
Lifecycle 2015
Registered investment companies $1,698,176,630 $ — $ — $ — $1,698,176,630
TIAA-CREF Real Property Fund LP — — — 82,127,737 82,127,737
Total $1,698,176,630 $ — $ — $ 82,127,737 $1,780,304,367
Lifecycle 2020
Registered investment companies $3,504,163,398 $ — $ — $ — $3,504,163,398
TIAA-CREF Real Property Fund LP — — — 169,636,653 169,636,653
Total $3,504,163,398 $ — $ — $169,636,653 $3,673,800,051
Lifecycle 2025
Registered investment companies $4,193,165,745 $ — $ — $ — $4,193,165,745
TIAA-CREF Real Property Fund LP — — — 203,181,012 203,181,012
Total $4,193,165,745 $ — $ — $203,181,012 $4,396,346,757
Lifecycle 2030
Registered investment companies $4,152,370,891 $ — $ — $ — $4,152,370,891
TIAA-CREF Real Property Fund LP — — — 201,280,472 201,280,472
Total $4,152,370,891 $ — $ — $201,280,472 $4,353,651,363
Lifecycle 2035
Registered investment companies $4,174,330,492 $ — $ — $ — $4,174,330,492
TIAA-CREF Real Property Fund LP — — — 202,639,020 202,639,020
Total $4,174,330,492 $ — $ — $202,639,020 $4,376,969,512
Lifecycle 2040
Registered investment companies $4,949,684,714 $ — $ — $ — $4,949,684,714
TIAA-CREF Real Property Fund LP — — — 240,699,170 240,699,170
Total $4,949,684,714 $ — $ — $240,699,170 $5,190,383,884

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 89

Notes to financial statements

Fair value
using practical
Fund Level 1 Level 2 Level 3 expedienta Total
Lifecycle 2045
Registered investment companies $2,806,405,817 $ — $ — $ — $2,806,405,817
TIAA-CREF Real Property Fund LP — — — 136,519,247 136,519,247
Total $2,806,405,817 $ — $ — $136,519,247 $2,942,925,064
Lifecycle 2050
Registered investment companies $1,889,012,190 $ — $ — $ — $1,889,012,190
TIAA-CREF Real Property Fund LP — — — 91,926,393 91,926,393
Total $1,889,012,190 $ — $ — $ 91,926,393 $1,980,938,583
Lifecycle 2055
Registered investment companies $ 661,194,684 $ — $ — $ — $ 661,194,684
TIAA-CREF Real Property Fund LP — — — 32,144,453 32,144,453
Total $ 661,194,684 $ — $ — $ 32,144,453 $ 693,339,137
Lifecycle 2060
Registered investment companies $ 120,715,144 $ — $ — $ — $ 120,715,144
TIAA-CREF Real Property Fund LP — — — 5,834,070 5,834,070
Total $ 120,715,144 $ — $ — $ 5,834,070 $ 126,549,214
a In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per
share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented
in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the
Statements of assets and liabilities.

Note 3—investment adviser and affiliates

Prior to October 1, 2018, the Funds invested in Institutional Class shares of the
underlying Funds of the Trust in which fees from the underlying Funds were incurred
indirectly. As part of the transition to investing in Class W shares, the Funds have
agreed, pursuant to certain contractual arrangements, to incur directly their pro rata
portion of the investment management fees and certain other expenses (net of other
waivers/reimbursements) allocable to Class W shares of the underlying Funds of the
Trust in which the Funds invest.
Effective October 1, 2018, under the terms of its Investment Management
Agreement, each Fund pays Advisors a monthly fee based on the annual rate of
0.10% of the Fund’s average daily net assets for the management of the Fund’s
investment portfolio, and the affiliated TIAA-CREF Funds management fee net of
waiver and reimbursements (excluding the Class W investment management fee
waiver and/or reimbursement). Advisors has contractually agreed to waive its 0.10%
management fee on each Lifecycle Fund through at least September 30, 2021. The
Funds have entered into an Administrative Service Agreement with Advisors under
which the Funds pay Advisors for its costs in providing certain administrative and
compliance services to the Funds.
Under the terms of a Retirement Class Service Agreement with respect to each Fund,
the Retirement Class of the Fund pays Advisors a monthly fee based on the annual
90 2019 Annual Report ■ TIAA-CREF Lifecycle Funds
 continued

rate of 0.25% of a Fund’s average daily net assets attributable to Retirement Class
shares of a Fund for providing certain administrative services related to the
maintenance of Retirement Class shares on retirement plan or other platforms.
Substantially, all of the Retirement Class shareholder servicing fees reported on the
Statements of Operations are paid to Advisors under the Service Agreement.
Under the terms of the distribution Rule 12b-1 plan, the Retirement Class of each Fund
and the Retail Class of the Retirement Income Fund compensated TPIS for providing
distribution, promotional and/or shareholder services to the Retirement Class of each
Fund and the Retail Class of the Retirement Income Fund at the maximum annual
rates of 0.05% and 0.25% of the average daily net assets attributable to each Fund’s
Retirement Class and the Retirement Income Fund’s Retail Class, respectively.
However, TPIS has agreed not to seek any reimbursements under the distribution Rule
12b-1 plan from the Retirement Class and the plan is suspended through September 30,
2019. This agreement may be terminated before this date with the approval of the
Board. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that
compensated TPIS for providing distribution, promotional and/or shareholder services
to the Premier Class of the Fund at the annual rate of 0.15% of average daily net
assets attributable to the Fund’s Premier Class.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding
interest, taxes, brokerage commissions and other transactional expenses, Acquired
fund fees and expenses, extraordinary expenses and the management fees and
certain other expenses originally attributable to Class W shares of the affiliated TIAA-
CREF Funds) exceeds 0.00% of average daily net assets for the Institutional Class
shares; 0.15% of average daily net assets for the Advisor Class shares; 0.15% of
average daily net assets for the Premier Class shares; 0.25% of average daily net
assets for the Retirement Class shares; and 0.25% of average daily net assets for
the Retail Class shares of the Retirement Income Fund. The expense reimbursement
arrangements will continue through at least September 30, 2019, unless changed
with approval of the Board.
Effective May 1, 2019, Advisors has agreed to implement a voluntary waiver reducing
the Advisor Class expense cap for the Lifecycle 2010 Fund to 0.02% and the
Lifecycle 2015 Fund to 0.04%. Prior to May 1, 2019, the expense cap was 0.15%.
The waiver is voluntary in nature and can be discontinued at any time without prior
notice to shareholders upon Board approval.
The Funds may purchase or sell investment securities in transactions with affiliated
entities under procedures adopted by the Board, pursuant to the 1940 Act. These
transactions are effected at market rates without incurring broker commissions. For
the year ended May 31, 2019, there were no transactions with affiliated entities.
During the year ended May 31, 2019, TIAA received total proceeds of $10,882,174
from redemptions from the Lifecycle 2060 Fund.
The following is the percentage of the Funds’ shares owned by TIAA and its
registered separate account (“TIAA Access”) as of May 31, 2019:
TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 91
Notes to financial statements

Fund TIAA Access

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

Investments in other investment companies advised by Advisors are deemed to be

affiliated investments. The Funds invest their assets in the TIAA-CREF Real Property
Fund LP (“RPF”) and in Class W shares of the affiliated TIAA-CREF Funds. On
September 28, 2018, the Funds exchanged Institutional Class shares of the
affiliated TIAA-CREF Funds for Class W shares of the affiliated TIAA-CREF Funds.
These exchanges did not have an impact on net assets and are not included in the
following tables (see Note 1 for details). Information regarding transactions with
affiliated companies is as follows (dollar amounts are in thousands^):
Change in
Realized unrealized
Value at Purchases Sales gain appreciation Dividend Value at
Issue 5/31/18 cost proceeds (loss) (depreciation) income 5/31/19
Lifecycle Retirement Income Fund
TIAA CREF Funds:
Bond $ 110,889 $ 19,810 $ 28,103 $ (770) $ 4,065 $ 3,768 $ 105,891
Bond Plus 71,084 9,076 13,242 (583) 2,412 2,501 68,747
Emerging Markets Debt 10,283 3,448 2,597 (151) 269 598 11,252
Emerging Markets Equity 10,698 4,792 4,280 195 (1,053) 79 9,961
Growth & Income 29,041 7,749 8,775 2,890 (2,782) 396 26,181
High-Yield 10,893 1,612 3,350 (23) (1) 575 9,131
Inflation-Linked Bond 54,602 6,943 9,395 (80) 736 1,406 52,806
International Bond 9,195 4,300 2,743 (30) 291 437 11,013
International Equity 12,966 4,889 3,069 374 (2,968) 282 11,645
International Opportunities 12,773 3,078 3,179 31 (1,089) 171 11,614
Large-Cap Growth 27,393 8,672 11,040 4,582 (3,468) 156 23,566
Large-Cap Value 24,537 9,504 7,783 2,079 (3,558) 479 22,713
Quant International
Equity 17,578 5,118 6,051 646 (2,551) 493 14,119
Quant International
Small-Cap Equity 8,507 2,107 1,469 (6) (1,625) 230 7,299
Quant Large-Cap Growth 23,854 6,230 8,399 2,629 (2,189) 257 20,651
Quant Large-Cap Value 21,504 6,770 7,192 841 (1,556) 507 19,869
Quant Small-Cap Equity 8,374 3,653 4,899 1,354 (1,749) 58 5,712
Quant Small/Mid-Cap
Equity 6,191 1,796 2,421 680 (738) 49 4,993
Short-Term Bond 57,257 14,587 14,668 (86) 587 1,557 57,677
TIAA-CREF Real Property
Fund LPa 18,923 6,983 3,061 38 1,025 734 23,908
$ 546,542 $131,117 $145,716 $14,610 $ (15,942) $14,733 $ 518,748
92 2019 Annual Report ■ TIAA-CREF Lifecycle Funds
 continued

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 93

Notes to financial statements

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

94 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 95

Notes to financial statements

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

96 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 97

Notes to financial statements

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

98 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 99

Notes to financial statements

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

100 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 101

Notes to financial statements

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

102 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

Change in
Realized unrealized
Value at Purchases Sales gain appreciation Dividend Value at
Issue 5/31/18 cost proceeds (loss) (depreciation) income 5/31/19
Lifecycle 2060 Fund
TIAA-CREF Funds:
Bond $ 954 $ 2,367 $ 2,289 $ (13) $ 40 $ 34 $ 1,059
Bond Plus 710 1,136 1,203 (15) 27 22 655
Emerging Markets Debt 103 161 165 (5) 3 5 97
Emerging Markets Equity 4,588 4,122 1,776 (78) (373) 42 6,277
Growth & Income 13,072 8,616 2,978 868 (1,057) 216 17,407
High-Yield 109 161 167 (2) — 6 101
International Bond 84 261 241 (2) 3 3 105
International Equity 5,898 5,280 1,648 (78) (1,381) 163 7,755
International Opportunities 5,784 4,214 1,659 (164) (431) 99 7,744
Large-Cap Growth 12,329 7,916 3,453 1,272 (891) 90 15,698
Large-Cap Value 11,074 9,206 2,935 749 (1,785) 276 15,117
Quant International
Equity 7,021 5,626 1,931 1 (1,009) 284 9,350
Quant International
Small-Cap Equity 3,864 2,983 983 (132) (769) 133 4,838
Quant Large-Cap Growth 10,741 6,788 2,998 702 (655) 147 13,733
Quant Large-Cap Value 9,668 6,958 2,492 128 (754) 291 13,223
Quant Small-Cap Equity 3,775 2,762 1,395 368 (685) 33 4,236
Quant Small/Mid-Cap
Equity 2,786 1,672 751 239 (327) 28 3,322
TIAA-CREF Real Property
Fund LPa 3,310 2,688 387 2 219 152 5,832
$ 95,870 $ 72,917 $ 29,451 $ 3,840 $ (9,825) $ 2,024 $ 126,549
^ Some amounts represent less than $1,000.
a Restricted security.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 103

Notes to financial statements

Note 4—investments
RPF: The Funds invest in the RPF, which is an affiliated real estate limited
partnership. The RPF is an unregistered open-end fund that intends to invest in direct
real estate holdings and may invest a portion of its assets in REIT securities,
mortgage related securitization and money market instruments in accordance with
exemptive relief received from the Commission. The Funds are not liable for the
debts of the RPF beyond the amounts the Funds have contributed. The Funds can
redeem from RPF daily subject to certain approvals. Investments in the RPF are
illiquid and the Funds may be unable to dispose of such investments at opportune
times. As such, this investment has been designated as restricted and the value is
reflected in the portfolio of investments.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold
except in exempt transactions or in a public offering registered under the Securities
Act of 1933. The risk of investing in such securities is generally greater than the risk
of investing in securities that are widely held and publicly traded.
Net unrealized appreciation (depreciation): At May 31, 2019, net unrealized appreciation
(depreciation) based on the aggregate cost of all investments for federal income tax
purposes, consisting of gross unrealized appreciation and gross unrealized depreciation,
was as follows (dollar amounts are in thousands):
Gross Gross Net unrealized
Tax unrealized unrealized appreciation
Fund cost appreciation (depreciation) (depreciation)
Lifecycle Retirement Income $ 493,025 $ 26,315 $ (592) $ 25,723
Lifecycle 2010 1,054,519 108,599 (1,183) 107,416
Lifecycle 2015 1,776,742 41,052 (37,490) 3,562
Lifecycle 2020 3,635,863 105,436 (67,499) 37,937
Lifecycle 2025 4,330,992 151,519 (86,164) 65,355
Lifecycle 2030 4,261,163 185,423 (92,935) 92,488
Lifecycle 2035 4,248,131 226,357 (97,518) 128,839
Lifecycle 2040 5,000,674 315,062 (125,352) 189,710
Lifecycle 2045 2,731,311 232,598 (20,984) 211,614
Lifecycle 2050 1,864,189 138,337 (21,587) 116,750
Lifecycle 2055 686,258 26,908 (19,827) 7,081
Lifecycle 2060 133,105 2,557 (9,113) (6,556)

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

104 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

Purchases and sales: Purchases and sales of securities (other than short-term
instruments) for all of the Funds for the year ended May 31, 2019 were as follows
(dollar amounts are in thousands):
Non-U.S. Non-U.S.
government government
Fund purchases sales
Lifecycle Retirement Income $ 135,980 $150,546
Lifecycle 2010 270,431 330,040
Lifecycle 2015 397,637 492,705
Lifecycle 2020 852,627 860,210
Lifecycle 2025 1,140,161 877,860
Lifecycle 2030 1,161,170 869,969
Lifecycle 2035 1,093,234 763,442
Lifecycle 2040 1,231,256 936,988
Lifecycle 2045 813,870 392,594
Lifecycle 2050 563,196 230,676
Lifecycle 2055 259,770 62,590
Lifecycle 2060 83,777 40,310

Note 5—distributions to shareholders and other tax items

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

_________________________5/31/2019
____________________________________ ______________________5/31/2018
_______________________________________
Ordinary Long-term Ordinary Long-term
Fund income capital gains Total income capital gains Total
Lifecycle Retirement
Income $ 14,258,580 $ 14,586,716 $ 28,845,296 $ 13,194,764 $ 4,160,112 $ 17,354,876
Lifecycle 2010 35,376,146 36,550,083 71,926,229 36,984,588 18,672,200 55,656,788
Lifecycle 2015 50,960,796 77,185,786 128,146,582 54,133,380 54,091,061 108,224,441
Lifecycle 2020 100,776,963 163,562,699 264,339,662 103,723,512 97,297,710 201,021,222
Lifecycle 2025 115,502,335 194,505,677 310,008,012 117,893,567 103,985,840 221,879,407
Lifecycle 2030 111,490,044 204,579,093 316,069,137 118,585,742 109,460,289 228,046,031
Lifecycle 2035 110,370,526 213,422,765 323,793,291 121,223,637 119,235,298 240,458,935
Lifecycle 2040 128,640,553 301,639,120 430,279,673 149,354,622 164,896,009 314,250,631
Lifecycle 2045 74,182,461 61,399,623 135,582,084 77,327,865 19,199,119 96,526,984
Lifecycle 2050 47,745,048 40,097,810 87,842,858 49,013,952 12,558,746 61,572,698
Lifecycle 2055 14,668,738 11,016,979 25,685,717 13,063,123 3,325,861 16,388,984
Lifecycle 2060 2,650,754 2,050,657 4,701,411 1,612,758 247,901 1,860,659

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 105

Notes to financial statements

As of May 31, 2019, the components of accumulated earnings on a tax basis were
as follows:
Undistributed Undistributed Unrealized
ordinary long-term appreciation
Fund income capital gains (depreciation) Total
Lifecycle Retirement Income $ 1,275,549 $ 7,746,929 $ 25,722,980 $ 34,745,458
Lifecycle 2010 10,851,649 21,260,872 107,416,387 139,528,908
Lifecycle 2015 10,719,121 29,926,819 3,562,582 44,208,522
Lifecycle 2020 19,760,066 76,909,903 37,937,091 134,607,060
Lifecycle 2025 19,268,044 111,027,272 65,355,159 195,650,475
Lifecycle 2030 14,963,051 130,720,619 92,487,908 238,171,578
Lifecycle 2035 10,622,835 152,420,337 128,838,995 291,882,167
Lifecycle 2040 5,996,978 205,685,182 189,709,764 401,391,924
Lifecycle 2045 1,741,567 130,771,679 211,614,196 344,127,442
Lifecycle 2050 1,066,192 88,294,105 116,749,674 206,109,971
Lifecycle 2055 193,783 29,528,107 7,080,810 36,802,700
Lifecycle 2060 37,872 4,795,304 (6,556,269) (1,723,093)

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

Note 6—inter-fund lending program

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

Note 7—line of credit

Each of the Funds participates in a $1.25 billion unsecured revolving credit facility
that can be used for temporary purposes, including, without limitation, the funding of
shareholder redemptions. The current facility was entered into on June 19, 2018
expiring on June 18, 2019, replacing the previous $1.5 billion facility, which expired
June 2018. Certain affiliated accounts and mutual funds, each of which is managed
by Advisors, or an affiliate of Advisors, also participate in this facility. An annual
commitment fee for the credit facility is borne by the participating accounts and
mutual funds on a pro rata basis. Interest associated with any borrowing under the

106 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 concluded

facility is charged to the borrowing accounts or mutual funds at a specified rate of

interest. The Funds are not liable for borrowings under the facility by other affiliated
accounts or mutual funds. For the year ended May 31, 2019, there were no
borrowings under this credit facility by the Funds.

Note 8—indemnification
In the normal course of business, each Fund enters into contracts that contain a
variety of representations and warranties and that provide general indemnities. A
Fund’s maximum exposure under these arrangements is unknown, as this would
involve future claims against the Fund that have not yet occurred. Also, under the
Funds’ organizational documents, the trustees and officers of the Funds are
indemnified against certain liabilities that may arise out of their duties to the Funds.
However, based on experience, the Funds expect the risk of loss due to these
warranties and indemnities to be unlikely.

Note 9—subsequent events

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 107

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

Opinions on the Financial Statements

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

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our
responsibility is to express an opinion on the Funds’ financial statements based on
our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be
independent with respect to the Funds in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
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

108 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

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

PricewaterhouseCoopers LLP
Baltimore, Maryland
July 18, 2019
We have served as the auditor of one or more investment companies in TIAA-CREF
Funds’ investment company group since 2005.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 109

Important tax information (unaudited)

For the year ended May 31, 2019, the Lifecycle Funds designate the following
distribution amounts (or the maximum amount allowable) as being from net long-term
capital gains.
Long term
Fund capital gains
Lifecycle Retirement Income $ 15,182,993
Lifecycle 2010 38,459,687
Lifecycle 2015 79,998,216
Lifecycle 2020 168,982,866
Lifecycle 2025 202,046,577
Lifecycle 2030 212,049,175
Lifecycle 2035 224,208,045
Lifecycle 2040 315,820,180
Lifecycle 2045 67,190,550
Lifecycle 2050 43,235,208
Lifecycle 2055 12,116,486
Lifecycle 2060 2,541,810

For the year ended May 31, 2019, the Lifecycle Funds designate the following
percentages (or the maximum amount allowable) of ordinary income dividends paid
as qualified dividends.
Fund Percentage
Lifecycle Retirement Income 22.00%
Lifecycle 2010 20.15
Lifecycle 2015 25.33
Lifecycle 2020 29.48
Lifecycle 2025 35.63
Lifecycle 2030 42.21
Lifecycle 2035 49.47
Lifecycle 2040 58.23
Lifecycle 2045 59.99
Lifecycle 2050 61.63
Lifecycle 2055 66.04
Lifecycle 2060 67.20

For the year ended May 31, 2019, the Lifecycle Funds designate the following
percentages (or the maximum amount allowable) of ordinary income dividends paid
as qualifying for the corporate dividends received deduction.
Fund Percentage
Lifecycle Retirement Income 13.42%
Lifecycle 2010 12.46
Lifecycle 2015 15.55
Lifecycle 2020 18.09
Lifecycle 2025 21.84
Lifecycle 2030 25.80
Lifecycle 2035 30.17
Lifecycle 2040 35.42
Lifecycle 2045 36.43
Lifecycle 2050 37.36
Lifecycle 2055 39.96
Lifecycle 2060 40.58

110 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

For the year ended May 31, 2019, the Lifecycle Funds received the following amounts
of income from their respective underlying funds that was from foreign sources:
Foreign Foreign source
Fund source income income per share
Lifecycle Retirement Income $ 1,032,799 $ 0.02239
Lifecycle 2010 2,484,170 0.02478
Lifecycle 2015 4,277,526 0.02450
Lifecycle 2020 9,836,181 0.02904
Lifecycle 2025 13,674,458 0.03487
Lifecycle 2030 15,603,908 0.04042
Lifecycle 2035 17,969,483 0.04637
Lifecycle 2040 24,224,507 0.05255
Lifecycle 2045 14,234,834 0.06109
Lifecycle 2050 9,513,342 0.06237
Lifecycle 2055 3,165,825 0.07161
Lifecycle 2060 593,425 0.05921

For the year ended May 31, 2019, the Lifecycle Funds have elected to pass through
the following amounts of foreign taxes paid by their respective underlying funds:
Foreign taxes Foreign taxes
Fund paid paid per share
Lifecycle Retirement Income $ 164,994 $ 0.00358
Lifecycle 2010 396,384 0.00395
Lifecycle 2015 679,459 0.00389
Lifecycle 2020 1,557,820 0.00460
Lifecycle 2025 2,159,466 0.00551
Lifecycle 2030 2,459,350 0.00637
Lifecycle 2035 2,827,283 0.00730
Lifecycle 2040 3,804,299 0.00825
Lifecycle 2045 2,233,096 0.00958
Lifecycle 2050 1,491,229 0.00978
Lifecycle 2055 496,087 0.01122
Lifecycle 2060 92,974 0.00928

The information and distributions reported herein may differ from the information and
distributions reported to shareholders for the calendar year ending December 31,
2019, which will be reported in conjunction with your 2019 Form 1099-DIV.
By early 2020, shareholders should receive their Form 1099-DIV and a tax
information letter from the Funds. For your specific situation, we recommend that you
consult a professional tax adviser.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 111

112
Trustees and officers (unaudited)

TIAA-CREF Funds ■ May 31, 2019

Trustees
Term of Number of
Office and Portfolios in
Position(s) Length Fund Complex
Name, Address and Held with of Time Overseen

2019 Annual Report

■
Year of Birth (“YOB”) Fund Served Principal Occupation(s) During Past 5 Years by Trustee Other Directorship(s) Held by Trustee
Forrest Berkley Trustee Indefinite term. Retired Partner (since 2006), Partner 89 Director, Save the Children Federation, Inc.;
c/o Corporate Secretary Trustee since 2006. (1990–2005) and Head of Global Product Investment Committee Member, Maine
730 Third Avenue Management (2003–2005), GMO (formerly, Community Foundation and the Elmina B.
New York, NY 10017-3206 Grantham, Mayo, Van Otterloo & Co.) Sewall Foundation.
YOB: 1954 (investment management); and member of
asset allocation portfolio management team,
GMO (2003–2005).
Janice C. Eberly Trustee Indefinite term. James R. and Helen D. Russell Professor of 89 Member of the Board of the Office of Finance

TIAA-CREF Lifecycle Funds

c/o Corporate Secretary Trustee since 2018. Finance at the Kellogg School of Management of the Federal Home Loan Banks; Director,
730 Third Avenue at Northwestern University (2002–2011 and Avant, LLC.
New York, NY 10017-3206 since 2013), Chair of the Finance Department
YOB: 1962 (2005–2007). Assistant Secretary for Economic
Policy at the United States Department of the
Treasury (2011–2013).
Nancy A. Eckl Trustee Indefinite term. Vice President (1990–2006), American Beacon 89 Independent Director, The Lazard Funds, Inc.,
c/o Corporate Secretary Trustee since 2007. Advisors, Inc., and Vice President of certain funds Lazard Retirement Series, Inc., Lazard Global
730 Third Avenue advised by American Beacon Advisors, Inc. Total Return and Income Fund, Inc. and Lazard
New York, NY 10017-3206 World Dividend & Income Fund, Inc.
YOB: 1962
Michael A. Forrester Trustee Indefinite term. Chief Executive Officer (since 2014) and Chief 89 Director of Copper Rock Capital Partners, LLC
c/o Corporate Secretary Trustee since 2007. Operating Officer (2007–2014), Copper Rock (investment adviser); Trustee, Dexter Southfield
730 Third Avenue Capital Partners, LLC; Chief Operating Officer, School.
New York, NY 10017-3206 DDJ Capital Management (2003–2006).
YOB: 1967
 Howell E. Jackson Trustee Indefinite term. James S. Reid, Jr. Professor of Law (since 2004), 89 Director, Commonwealth (non-profit
c/o Corporate Secretary Trustee since 2005. Senior Advisor to the President and Provost organization).
730 Third Avenue (2010–2012), Acting Dean (2009), Vice Dean
New York, NY 10017-3206 for Budget (2003–2006) and on the faculty
YOB: 1954 (since 1989) of Harvard Law School.
Thomas J. Kenny Chairman of Indefinite term. Advisory Director (2010–2011), Partner 89 Director and Chair of the Finance and
c/o Corporate Secretary the Board Trustee since 2011. (2004–2010) and Managing Director Investment Committee, Aflac Incorporated;
730 Third Avenue and Trustee Chairman for term (1999–2004), and Co-Head of Global Cash and Director and Chair of the Finance Committee,
New York, NY 10017-3206 ending July 1, 2021. Fixed Income Portfolio Management Team Sansum Clinic; Director, ParentSquare;
YOB: 1963 Chairman since 2017. (2002–2010), Goldman Sachs Asset Investment Committee Member, Cottage
Management. Health System; Member, University of
California at Santa Barbara Arts and
Lectures Advisory Council.
James M. Poterba Trustee Indefinite term. Mitsui Professor of Economics, Massachusetts 89 Director, National Bureau of Economic Research
c/o Corporate Secretary Trustee since 2006. Institute of Technology (“MIT”) (since 1996); and the Alfred P. Sloan Foundation; Member,
730 Third Avenue Affiliated Faculty Member of the Finance Group, Congressional Budget Office Panel of Economic
New York, NY 10017-3206 Alfred P. Sloan School of Management (since Advisers.
YOB: 1958 2014); and Head (2006–2008), and Associate
Head (1994–2000 and 2001–2006), Economics
Department of MIT. President and Chief Executive
Officer (since 2008), and Program Director (1990–
2008), National Bureau of Economic Research.

TIAA-CREF Lifecycle Funds

■
2019 Annual Report
113
 Trustees and officers (unaudited) continued

114
TIAA-CREF Funds ■ May 31, 2019
Trustees – concluded
Term of Number of
Office and Portfolios in
Position(s) Length Fund Complex
Name, Address and Held with of Time Overseen

2019 Annual Report

■
Year of Birth (“YOB”) Fund Served Principal Occupation(s) During Past 5 Years by Trustee Other Directorship(s) Held by Trustee
Maceo K. Sloan Trustee Indefinite term. Chairman, President and Chief Executive Officer, 89 N/A
c/o Corporate Secretary Trustee since 1999. Sloan Financial Group, Inc. (1991–2018);
730 Third Avenue Chairman and Chief Executive Officer (1991–2016),
New York, NY 10017-3206 Chief Investment Officer (1991–2013) and
YOB: 1949 Chief Compliance Officer (2015–2016), NCM
Capital Management Group, Inc.; Chairman,
Chief Executive Officer (2003–2016), Chief
Investment Officer (2003–2013) and Chief

TIAA-CREF Lifecycle Funds

Compliance Officer (2015–2016), NCM
Capital Advisers Inc.; and Chairman, President
and Principal Executive Officer, NCM Capital
Investment Trust (2007–2012).
Laura T. Starks Trustee Indefinite term. Charles E. and Sarah M. Seay Regents Chair 89 Member of the Board of Governors of the
c/o Corporate Secretary Trustee since 2006. of Finance (since 2002), Co-Executive Director, Investment Company Institute and the Governing
730 Third Avenue Social Innovation Initiative (since 2015), Council of Independent Directors Council (an
New York, NY 10017-3206 Director, AIM Investment Center (2000–2016), association for mutual fund directors);
YOB: 1950 Associate Dean for Research (2011–2016), Investment Advisory Committee Member,
Chairman, Department of Finance (2002–2011) Employees Retirement System of Texas.
and Professor (since 1987), McCombs School
of Business, University of Texas at Austin.
 Officers
Term of
Office and
Position(s) Length
Name, Address and Held with of Time
Year of Birth (“YOB”) Fund Served Principal Occupation(s) During Past 5 Years
Vijay Advani Executive Vice One-year term. Chief Executive Officer, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA
TIAA President Executive Vice Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex.”)
730 Third Avenue President since Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
New York, NY 10017-3206 2018.
YOB: 1960
Mona Bhalla Senior Managing One-year term. Senior Managing Director, Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”)
TIAA Director and Senior Managing and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and
730 Third Avenue Corporate Director and Corporate Secretary of AllianceBernstein L.P.
New York, NY 10017-3206 Secretary Corporate Secretary
YOB: 1969 since 2017.
Richard S. Biegen Chief Compliance One-year term. Chief Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
TIAA Officer Compliance Officer
730 Third Avenue since 2008.
New York, NY 10017-3206
YOB: 1962
Bradley Finkle Principal Executive One-year term. Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the
TIAA Officer and Principal Executive TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head of Nuveen Equities &

TIAA-CREF Lifecycle Funds

730 Third Avenue President Officer and President Fixed Income and President of TIAA Investments.

■
New York, NY 10017-3206 since 2017.
YOB: 1973
Jose Minaya Executive Vice One-year term. Executive Vice President, President and Chief Investment Officer, Nuveen. Executive Vice President of the TIAA-CREF
TIAA President Executive Vice Fund Complex. Formerly, Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments
730 Third Avenue President since 2018. and Senior Managing Director, President, Global Investments, TIAA.
New York, NY 10017-3206

2019 Annual Report

YOB: 1971

115
 Trustees and officers (unaudited) concluded

116
TIAA-CREF Funds ■ May 31, 2019
Officers – concluded
Term of
Office and
Position(s) Length
Name, Address and Held with of Time

2019 Annual Report

■
Year of Birth (“YOB”) Fund Served Principal Occupation(s) During Past 5 Years
Phillip T. Rollock Executive Vice One-year term. Executive Vice President, Chief Legal Officer, TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing
TIAA President and Executive Vice Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
730 Third Avenue Chief Legal President and Chief
New York, NY 10017-3206 Officer Legal Officer since
YOB: 1962 2018.
Christopher A. Van Buren Executive Vice One-year term. Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior
TIAA President Executive Vice to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.

TIAA-CREF Lifecycle Funds

730 Third Avenue President since
New York, NY 10017-3206 2018.
YOB: 1962
E. Scott Wickerham Principal Financial One-year term. Senior Managing Director, Head of Fund Administration, Nuveen. Principal Financial Officer, Principal Accounting
TIAA Officer, Principal Principal Financial Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds, and TIAA Separate Account VA-1; Treasurer
730 Third Avenue Accounting Officer Officer, Principal of CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund
New York, NY 10017-3206 and Treasurer Accounting Officer Administration, Nuveen.
YOB: 1973 and Treasurer
since 2017.
Sean N. Woodroffe Executive Vice One-year term. Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA-CREF
TIAA President Executive Vice Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.
730 Third Avenue President since 2018.
New York, NY 10017-3206
YOB: 1963
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.
Approval of investment
management agreement (unaudited)
Board renewal of the investment management agreement for the
TIAA-CREF Lifecycle Funds
The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the
“Trust”) determines whether to initially approve and periodically renew the investment
management agreement (the “Agreement”) between Teachers Advisors, LLC
(“Advisors”) and the Trust on behalf of each of its series. Under the Agreement,
Advisors is responsible for providing investment advisory services to each series of
the Trust and overseeing the everyday operations and other service providers of the
Trust. Below is a summary of the process the Board undertook related to its most
recent renewal of the Agreement with respect to each series of the TIAA-CREF
Lifecycle Funds (the “Funds”).
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940
Act”), requires that, after an initial period of up to two years, the Agreement for each
Fund will remain in effect only if the Board, including a majority of those Trustees who
have no direct or indirect interest in the Agreement, and who are independent
Trustees because they are not “interested persons” of the Trust, as that term is
defined in the 1940 Act, annually renews that Agreement. None of the Trustees are
interested persons of the Trust under the 1940 Act. Rather, they are all deemed to
be independent Trustees.

Overview of the renewal process

The Board held a meeting on March 28, 2019, at which it considered the annual
renewal of the Agreement with respect to each applicable Fund using the process
established by the Board. As part of this process, the Board delegated certain tasks
to its Operations Committee. Among these tasks, the Operations Committee or
certain of its designated members worked with Advisors, other Board members and
legal counsel to the Trustees to develop guidance and specific requests relating to
the types of information to be provided to the Board in connection with the proposed
contract renewals.
Among other matters, the Operations Committee or certain of its designated
members, following its consultations with Advisors’ representatives, the Trustees,
legal counsel to the Trustees and legal counsel to Advisors and the Trust, confirmed
or established certain guidance regarding the preparation of reports to be provided
to the Board with respect to each Fund by the Board Reporting and Compliance unit
of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc.,
which is an independent provider of investment company data. Broadridge is widely
recognized as a leading provider of comparative analyses used by independent
directors and trustees of investment companies during their advisory contract review
processes.
Based on guidance provided by the Operations Committee or certain of its
designated members on behalf of the Board, Broadridge produced, among other
information, comparative performance and expense data regarding each Fund,
TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 117
Approval of investment
management agreement (unaudited)
including data relating to each Fund’s management fee rate, total expense ratio,
short-term and long-term investment performance and portfolio turnover rate (as
applicable). Broadridge compared this data, as relevant, for each Fund against a
universe of investment companies and against a more selective peer group of mutual
funds with similar investment objectives and strategies, each of which was selected
by Broadridge, and also compared the performance of each Fund against one or
more appropriate broad-based indices. In each case, Broadridge summarized, and
the Board reviewed, the methodologies Broadridge employed to provide the data
contained in its reports. In addition, Broadridge represented to the Board that its
reports were designed specifically to provide the Board with the fee, expense and
performance information that is necessary to help the Board satisfy its duties under
Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its
materials is to provide an objective view of each Fund’s relative position regarding
the level of fees, expenses and total return performance against a competitive peer
group and universe (as applicable) selected by Broadridge (and not Advisors or the
Board). The Board considered the propriety of each Fund’s applicable peer group as
selected by Broadridge and use of the Institutional Class as the base class for
comparison purposes.
Among other matters, the Board also requested and received additional information
from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any
profits earned by Advisors with respect to its services to each Fund pursuant to
the Agreement.
In advance of the Board meeting held on March 28, 2019, legal counsel for the
Trustees requested on behalf of the Board, and Advisors provided, information that
was designed to assist the Board in its consideration of whether to renew the
Agreement for each Fund. In addition to the data provided by Broadridge as
described above, this information included, but was not limited to, the following:
(1) further information relating to each Fund’s investment performance and a
narrative analysis of the performance of each Fund that had underperformed certain
Board-specified criteria, together with an explanation of any events that had a
material impact on the Fund’s performance during that period; (2) a description of
any fee waiver or expense reimbursement arrangements that were proposed or were
in place during the prior year and the extent to which such arrangements would be
continued or modified in the coming year; (3) a comparison of each Fund’s
management fee rate and performance to other accounts with comparable strategies
managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that
accrued or were identified as reasonably likely to accrue to Advisors or its affiliates
due to their relationship with the Funds in addition to the Funds’ direct fee payments
to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial
resources, senior professional personnel, overall staffing levels, portfolio manager
compensation arrangements, capacity to manage the Funds at current and
foreseeable asset levels, insurance coverage, portfolio trading and best execution
practices, and any actual and potential conflicts of interest identified by Advisors in
connection with rendering services to the Funds; (6) information as to any profits
118 2019 Annual Report ■ TIAA-CREF Lifecycle Funds
 continued

earned by Advisors in connection with its services pursuant to the Agreement; (7) a
copy of the Agreement and certain related agreements between the Funds and
affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities
and Exchange Commission (which was presented only to legal counsel for the
Trustees); and (9) proposed narrative explanations of reasons why the Board should
renew the Agreement. The Trustees were also provided with performance ratings
of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund
ranking service.
Prior to the March 28, 2019 meeting, the Board met informally to review and discuss
Advisors’ materials, which led to the Trustees providing additional questions to, and
requesting additional information from, Advisors. Subsequently, at the March 2019
meeting, the Trustees were given the opportunity to and did ask additional questions
and they reviewed responses from Advisors to the Board’s follow-up questions and
requests presented by the Board after its initial review of the information described
above.
In considering whether to renew the Agreement with respect to each Fund, the Board
reviewed various factors with respect to each Fund, including: (1) the nature, extent
and quality of services provided or to be provided by Advisors to the Fund; (2) the
Fund’s investment performance; (3) the costs of the services provided to the Fund
and the profits realized or potential profits to be realized (if any) by Advisors and its
affiliates from their relationship with the Fund; (4) fees charged to comparable
mutual funds by other advisers; (5) the extent to which economies of scale have
been realized or are anticipated to be realized as the Fund grows; (6) how such
economies of scale are shared with the Fund for the benefit of its investors, such as
through management fee breakpoints; (7) comparisons of the services provided by
Advisors to, and the fee rates and performance of, the Fund to other clients to whom
Advisors provides comparable services; and (8) any other benefits derived or
anticipated to be derived by Advisors or its affiliates from their relationship with the
Fund. As a general matter, the Board viewed these factors, and any other factors
deemed relevant by the Trustees, in their totality, and no single factor was identified
as being the determining factor in deciding whether to renew the Agreement.
In addition to the general session meeting that included Advisors’ personnel, the
Trustees met in private sessions, at which no Advisors’ representatives were
present, to discuss the proposed renewal of the Agreement for each Fund. The Board
also received and considered information from its legal counsel as to certain
relevant guidance that relates to the renewal process under Section 15(c) of the
1940 Act and certain other legal authorities.
While the contract renewal process included a series of meetings leading up to the
March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the
Funds by the Board and its Committees is ongoing. The Board, as well as its
Committees, reviewed reports on various investment and operational topics that had
been identified by the Board or its Committees for review in the year since the last
annual renewal process. Further, at regularly scheduled meetings of the Board, the
TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 119
Approval of investment
management agreement (unaudited)
Board and the Investment Committee receive and review, among other matters,
information regarding the performance of the Funds. Thus, in reaching its decisions
regarding the renewal of the Agreement for each Fund, the Board took into account
the information described herein and other information provided to the Board and its
Committees throughout the year.
The Board received and considered both Trust-level and Fund-specific information, but
made its renewal determinations on a Fund-by-Fund basis. In deciding whether to
renew the Agreement for each Fund, each Trustee may have accorded different weight
to different factors and, thus, each Trustee may have had a different basis for his or
her ultimate decision to vote to renew the Agreement for each Fund. At its meeting
on March 28, 2019, all Board members voted unanimously to renew the Agreement
for each Fund. Set forth below is a summary of the primary factors the Board
considered with respect to each Fund.

The nature, extent and quality of services

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

120 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

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

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

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to
the Funds for the calendar year 2018. The Board considered Advisors’ profit
calculations with respect to its services to each Fund both before and after taking
into account the costs incurred directly or indirectly by Advisors in connection with
the distribution of shares of the Fund. The Board considered that this data included
the effect of the amendment of the Agreement in 2018 to restructure the Funds’
expenses. The Board noted that this restructuring entailed converting the Funds’
holdings from Institutional Class shares of other TIAA-CREF Underlying Funds to fee-
waived Class W shares of these Underlying Funds and having the Funds pay the
equivalent of these Underlying Funds’ management fees and other expenses directly
as part of the Funds’ management fee rates under the Agreement, along with the
Funds’ existing annual management fee rate of 0.10% of average daily net assets.
The Board considered Advisors’ representation that the fee restructuring did not
increase the Funds’ overall expenses, but that the Broadridge fee comparisons would
be affected because most of the Funds’ peers do not have a similar fee structure.
The Board acknowledged the reasonableness of having management fee rates which
permit Advisors to maintain and improve the quality of services provided to the Funds
and recognized the entrepreneurial and other risks assumed by Advisors in managing
the Funds. The Board also noted Advisors’ waiver of 0.10% of each Fund’s management
fee since inception, which will continue through at least September 30, 2021. The
Board also acknowledged certain fee waivers and reimbursements of expense above
specified amounts undertaken by Advisors with respect to many of the Underlying
Funds which, in turn, reduce the management fees charged to the Funds. The Board
also recognized Advisors’ commitment to reimburse Fund expenses to the extent that
total annual operating expenses exceeded certain specified amounts. The Board
considered that Advisors had calculated that it incurred losses with respect to each
Fund under the Agreement for the one-year period ended December 31, 2018. The
Board also considered that, in the aggregate, Advisors had generated indirect

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 121

Approval of investment
management agreement (unaudited)
earnings with respect to the Funds’ investment in Underlying Funds also managed by
Advisors prior to the Funds’ expense restructuring.

Fees charged by other advisers

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

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

Fee and performance comparisons with other Advisors clients

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

122 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

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

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

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

Lifecycle Retirement Income Fund

• As discussed above, in 2018, the Fund’s expense structure changed so that instead
of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would
invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay
such expenses directly. These expenses may fluctuate daily based upon the Fund’s
actual allocations to the Underlying Funds. The Fund also incurs an annual asset
allocation fee of 0.10% of average daily net assets as part of its management fee

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 123

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

Lifecycle 2010 Fund

• As discussed above, in 2018, the Fund’s expense structure changed so that
instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund
would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and
pay such expenses directly. These expenses may fluctuate daily based upon the
Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual
asset allocation fee of 0.10% of average daily net assets as part of its management
fee rate. As of December 31, 2018, the Fund’s effective management fee rate was
0.30% of average daily net assets, which includes the effect of a voluntary
management fee rate waiver of 0.10% ending September 30, 2020. This voluntary
management fee rate waiver subsequently has been extended by Advisors through
September 30, 2021.
• The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while
both the Fund’s actual management fee rate (including the waiver) and its
contractual management fee rate ranked 3 out of 4 funds within its Expense
Group. The Fund’s total expense ratio, actual management fee rate (including the

124 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

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

Lifecycle 2015 Fund

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 125

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

Lifecycle 2025 Fund

• As discussed above, in 2018, the Fund’s expense structure changed so that
instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund
would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and
pay such expenses directly. These expenses may fluctuate daily based upon the
Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual
asset allocation fee of 0.10% of average daily net assets as part of its
management fee rate. As of December 31, 2018, the Fund’s effective
management fee rate was 0.34% of average daily net assets, which includes the
effect of a voluntary management fee rate waiver of 0.10% ending September 30,
2020. This voluntary management fee rate waiver subsequently has been
extended by Advisors through September 30, 2021.
• The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while
both the Fund’s actual management fee rate (including the waiver) and its

126 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

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

Lifecycle 2030 Fund

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 127

Approval of investment
management agreement (unaudited)
Lifecycle 2035 Fund
• As discussed above, in 2018, the Fund’s expense structure changed so that
instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund
would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and
pay such expenses directly. These expenses may fluctuate daily based upon the
Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual
asset allocation fee of 0.10% of average daily net assets as part of its management
fee rate. As of December 31, 2018, the Fund’s effective management fee rate was
0.37% of average daily net assets, which includes the effect of a voluntary
management fee rate waiver of 0.10% ending September 30, 2020. This voluntary
management fee rate waiver subsequently has been extended by Advisors through
September 30, 2021.
• The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while
both the Fund’s actual management fee rate (including the waiver) and its
contractual management fee rate ranked 2 out of 4 funds within its Expense
Group. The Fund’s total expense ratio, actual management fee rate (including the
waiver) and contractual management fee rate were in the 1st, 4th and 4th
quintiles of its Expense Universe, respectively.
• The Fund ranked in the 3rd and 2nd quintiles of its Performance Group for the
one- and three-year periods, respectively, while the Fund ranked 2 out of 4 funds
and 1 out of 4 funds within its Performance Group for the five- and ten-year
periods, respectively. The Fund was in the 4th, 2nd 1st and 1st quintiles of its
Performance Universe for the one-, three-, five- and ten-year periods, respectively.
• The Fund received an Overall Morningstar Rating of 4 stars.
• Advisors incurred a net loss with respect to its services to the Fund for the one-
year period without taking into account profits Advisors earned in the aggregate
with respect to the Underlying Funds that are also managed by Advisors in which
this Fund invests.

Lifecycle 2040 Fund

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

128 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 continued

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

Lifecycle 2045 Fund

• As discussed above, in 2018, the Fund’s expense structure changed so that
instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund
would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and
pay such expenses directly. These expenses may fluctuate daily based upon the
Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual
asset allocation fee of 0.10% of average daily net assets as part of its management
fee rate. As of December 31, 2018, the Fund’s effective management fee rate was
0.38% of average daily net assets, which includes the effect of a voluntary
management fee rate waiver of 0.10% ending September 30, 2020. This voluntary
management fee rate waiver subsequently has been extended by Advisors through
September 30, 2021.
• The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while
both the Fund’s actual management fee rate (including the waiver) and its
contractual management fee rate ranked 2 out of 4 funds within its Expense
Group. The Fund’s total expense ratio, actual management fee rate (including the
waiver) and contractual management fee rate were in the 1st, 4th and 4th
quintiles of its Expense Universe, respectively.
• The Fund ranked in the 5th and 2nd quintiles of its Performance Group for the
one- and three-year periods, respectively, while the Fund ranked 2 out of 4 funds
and 1 out of 4 funds within its Performance Group for the five- and ten-year
periods, respectively. The Fund was in the 5th, 2nd, 2nd and 1st quintiles of its
Performance Universe for the one-, three-, five- and ten-year periods, respectively.
• The Fund received an Overall Morningstar Rating of 4 stars.
• Advisors incurred a net loss with respect to its services to the Fund for the one-
year period without taking into account profits Advisors earned in the aggregate
with respect to the Underlying Funds that are also managed by Advisors in which
this Fund invests.
TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 129
Approval of investment
management agreement (unaudited)
Lifecycle 2050 Fund
• As discussed above, in 2018, the Fund’s expense structure changed so that
instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund
would invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and
pay such expenses directly. These expenses may fluctuate daily based upon the
Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual
asset allocation fee of 0.10% of average daily net assets as part of its management
fee rate. As of December 31, 2018, the Fund’s effective management fee rate was
0.38% of average daily net assets, which includes the effect of a voluntary
management fee rate waiver of 0.10% ending September 30, 2020. This voluntary
management fee rate waiver subsequently has been extended by Advisors through
September 30, 2021.
• The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while
both the Fund’s actual management fee rate (including the waiver) and its
contractual management fee rate ranked 2 out of 4 funds within its Expense
Group. The Fund’s total expense ratio, actual management fee rate (including the
waiver) and contractual management fee rate were in the 1st, 4th and 4th
quintiles of its Expense Universe, respectively.
• The Fund ranked in the 5th and 1st quintiles of its Performance Group for the
one- and three-year periods, respectively, while the Fund ranked 2 out of 4 funds
and 1 out of 4 funds within its Performance Group for the five- and ten-year
periods, respectively. The Fund was in the 5th, 2nd, 1st and 1st quintiles of its
Performance Universe for the one-, three-, five- and ten-year periods, respectively.
• The Fund received an Overall Morningstar Rating of 4 stars.
• Advisors incurred a net loss with respect to its services to the Fund for the one-
year period without taking into account profits Advisors earned in the aggregate
with respect to the Underlying Funds that are also managed by Advisors in which
this Fund invests.

Lifecycle 2055 Fund

• As discussed above, in 2018, the Fund’s expense structure changed so that instead
of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would
invest in the new fee-waived Class W of the TIAA-CREF Underlying Funds and pay
such expenses directly. These expenses may fluctuate daily based upon the Fund’s
actual allocations to the Underlying Funds. The Fund also incurs an annual asset
allocation fee of 0.10% of average daily net assets as part of its management fee
rate. As of December 31, 2018, the Fund’s effective management fee rate was
0.36% of average daily net assets, which includes the effect of a voluntary
management fee rate waiver of 0.10% ending September 30, 2020. This voluntary
management fee rate waiver subsequently has been extended by Advisors through
September 30, 2021.
• The Fund’s total expense ratio was in the 1st quintile of its Expense Group, while
both the Fund’s actual management fee rate (including the waiver) and its
contractual management fee rate ranked 2 out of 4 funds within its Expense

130 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

 concluded

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

Lifecycle 2060 Fund

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

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

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 131

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BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with
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132 2019 Annual Report ■ TIAA-CREF Lifecycle Funds

for use by the funds. Standard & Poor’s®and S&P®are registered trademarks of
Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow
Jones®is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).
It is not possible to invest directly in an index. The funds are not sponsored, endorsed,
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S&P Dow Jones Indices has no obligation or liability in connection with the
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COMPLETENESS OF THE S&P TARGET DATE INDEX SERIES OR ANY DATA RELATED THERETO OR ANY
COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING
ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT
TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES
INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY
THE FUNDS, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P
TARGET DATE INDEX SERIES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF
THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT,
SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF
PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE
ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES
INDICES AND THE FUNDS, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

TIAA-CREF Lifecycle Funds ■ 2019 Annual Report 133

How to reach us

Websites
TIAA.org
nuveen.com

Automated telephone service

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

For the hearing- or speech-impaired

800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

You should carefully consider the investment objectives, risks, charges and
expenses of any fund before investing. For a prospectus that contains this and
other information, please visit TIAA.org, or call 800-842-2252 for the Institutional,
Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class.
Please read the prospectus carefully before investing. Investment, insurance and
annuity products are not Federal Deposit Insurance Corporation (FDIC) insured,
are not bank guaranteed, are not bank deposits, are not insured by any federal
government agency, are not a condition to any banking service or activity, and
may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and
portfolio management services through a dozen affiliated registered investment
advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and
TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC,
distribute securities products.

This material is not intended to be a recommendation or investment advice, does not

constitute a solicitation to buy, sell or hold a security or an investment strategy, and is
not provided in a fiduciary capacity. The information provided does not take into
account the specific objectives or circumstances of any particular investor, or suggest
any specific course of action. Investment decisions should be made based on an
investor’s objectives and circumstances and in consultation with his or her advisors.

©2019 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,
730 Third Avenue, New York, NY 10017-3206
854247 A11067 (7/19)