UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Jeremy D. Franklin, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: May 31, 2023

Item 1.  Reports to Stockholders.

Lifecycle

Funds

TIAA-CREF

TIAA-CREF

Funds

May

31,

2023

Fund

Name

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

12.1

TIAA-CREF

Lifecycle

Retirement

Income

Fund

TLRIX

TLRHX

TPILX

TLIRX

TLRRX

12.2

TIAA-CREF

Lifecycle

2010

Fund

TCTIX

TCLHX

TCTPX

TCLEX

–

12.3

TIAA-CREF

Lifecycle

2015

Fund

TCNIX

TCNHX

TCFPX

TCLIX

–

12.4

TIAA-CREF

Lifecycle

2020

Fund

TCWIX

TCWHX

TCWPX

TCLTX

–

12.5

TIAA-CREF

Lifecycle

2025

Fund

TCYIX

TCQHX

TCQPX

TCLFX

–

12.6

TIAA-CREF

Lifecycle

2030

Fund

TCRIX

TCHHX

TCHPX

TCLNX

–

12.7

TIAA-CREF

Lifecycle

2035

Fund

TCIIX

TCYHX

TCYPX

TCLRX

–

12.8

TIAA-CREF

Lifecycle

2040

Fund

TCOIX

TCZHX

TCZPX

TCLOX

–

12.9

TIAA-CREF

Lifecycle

2045

Fund

TTFIX

TTFHX

TTFPX

TTFRX

–

13.01

TIAA-CREF

Lifecycle

2050

Fund

TFTIX

TFTHX

TCLPX

TLFRX

–

13.1

TIAA-CREF

Lifecycle

2055

Fund

TTRIX

TTRHX

TTRPX

TTRLX

–

13.2

TIAA-CREF

Lifecycle

2060

Fund

TLXNX

TLXHX

TLXPX

TLXRX

–

13.3

TIAA-CREF

Lifecycle

2065

Fund

TSFTX

TSFHX

TSFPX

TSFRX

–

Table

of

Contents

Letter

to

Investors

3

Important

Notices

5

About

the

Funds’

Benchmarks

6

Investment

results

of

the

Lifecycle

Funds

7

Fund

Performance

8

Expense

Examples

34

Report

of

Independent

Registered

Public

Accounting

Firm

41

Portfolio

of

Investments

42

Statements

of

Assets

and

Liabilities

62

Statements

of

Operations

66

Statements

of

Changes

in

Net

Assets

70

Financial

Highlights

76

Notes

to

Financial

Statements

102

Important

Tax

Information

121

Additional

Fund

Information

123

Trustees

and

Officers

124

Approval

of

Investment

Management

Agreement

127

Liquidity

Risk

Management

Program

137

Additional

Information

About

Index

Providers

138

How

to

Reach

Us

Inside

Back

Cover

3

Letter

to

Investors

Brad

Finkle

Global

financial

markets

posted

mixed

results

for

the

twelve

months

ended

May

31,

2023.

The

Federal

Reserve

responded

to

continued

inflationary

pressure

by

raising

short-term

interest

rates

on

multiple

occasions

during

the

period.

U.S.

equities

advanced

as

the

economy

expanded

over

the

last

three

quarters

on

the

strength

of

consumer

and

business

spending.

However,

the

pace

of

growth

slowed

in

both

the

fourth

quarter

of

2022

and

the

first

quarter

of

2023.

Foreign

stocks

registered

gains

and

losses,

with

international

developed

markets

rising

and

emerging

markets

falling.

U.S.

fixed-income

securities

declined

as

U.S.

Treasury

yields

rose

across

all

maturities

(bond

prices

move

in

the

opposite

direction

of

yields).

These

market

conditions

were

reflected

in

the

performance

of

the

TIAA-

CREF

Lifecycle

Funds

by

way

of

their

investments

in

various

asset

classes

through

underlying

funds.

The

majority

of

TIAA-CREF

Lifecycle

Funds

advanced

for

the

period

and

most

outperformed

their

respective

composite

benchmarks.

(All

fund

returns

are

for

the

Retirement

Class.)

Returns

for

the

Retirement

Class

ranged

from

−0.7%

for

the

Lifecycle

Retirement

Income

Fund

to

0.9%

for

the

Lifecycle

2045

Fund

and

Lifecycle

2060

Fund.

Stocks

and

bonds

posted

mixed

results

U.S.

equities

advanced

modestly

for

the

twelve

months

despite

pressure

from

inflation

and

rising

interest

rates,

while

oil

prices

fell

sharply

by

the

end

of

the

period.

The

unemployment

rate

rose

slightly

during

the

period,

climbing

to

3.7%

in

May

2023.

The

broad

domestic

stock

market,

as

represented

by

the

Russell

3000®

Index,

returned

2.0%.

The

Fed

raised

the

federal

funds

target

rate

to

5.00%–5.25%

in

May

2023

but

indicated

that

a

pause

in

future

increases

was

possible.

International

stocks

trailed

their

U.S.

counterparts.

The

MSCI

ACWI

ex

USA

Investable

Market

Index

(IMI),

which

measures

the

performance

of

large-,

mid-

and

small-cap

securities

in

22

of

23

developed-markets

countries

(excluding

the

United

States)

and

24

emerging-markets

countries,

returned

−1.9%

in

U.S.-dollar

terms.

The

economy

of

the

19-nation

euro

area

continued

to

expand,

but

the

rate

of

growth

slowed.

Inflation

remained

a

pressing

concern

in

Europe.

In

response,

the

European

Central

Bank

raised

its

suite

of

benchmark

interest

rates

multiple

times

during

the

twelve

months.

Among

developing

markets,

China’s

economic

growth

accelerated

as

the

country’s

severe

COVID-19

restrictions

were

relaxed.

U.S.

investment-grade

bonds

lost

ground

as

U.S.

Treasury

yields

rose

across

all

maturities.

The

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−2.1%

for

the

period.

Staying

focused

on

long-term

goals,

despite

short-term

challenges

Today’s

financial

landscape

has

certainly

given

investors

a

lot

to

think

about.

Inflation

and

higher

interest

rates

continue

to

be

areas

of

concern,

while

market

volatility

remains

unpredictable.

However,

it’s

important

to

remain

patient

and

stay

focused

on

your

long-term

goals

when

challenges

such

as

these

arise.

While

it’s

only

natural

to

be

curious

about

the

future,

we

all

know

that

no

one

can

predict

the

markets’

direction.

Moreover,

paying

too

much

attention

to

short-

term

events

can

shift

your

focus

away

from

your

long-term

objectives.

As

such,

we

believe

that

maintaining

a

diversified

investment

portfolio,

consisting

of

multiple

asset

classes,

is

a

wise

course

of

action

for

all

market

conditions.

The

TIAA-CREF

Lifecycle

Funds

use

dynamic

diversification

strategies

designed

to

help

mitigate

the

effects

of

market

volatility

and

keep

you

on

track

to

achieve

your

financial

goals.

Of

course,

diversification

does

not

guarantee

against

market

losses,

and

past

performance

cannot

guarantee

future

results.

Letter

to

Investors

(continued)

4

We

thank

you

for

trusting

us

to

manage

your

investments

through

the

TIAA-CREF

Lifecycle

Funds.

If

you

have

any

questions

or

concerns,

please

consult

your

financial

advisor

or

call

a

TIAA

financial

consultant

at

800-842-2252.

You

can

also

reach

us

online

by

visiting

TIAA.org.

We

always

stand

ready

to

assist

you.

Brad

Finkle

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

Important

Notices

5

For

Shareholders

of

TIAA-CREF

Lifecycle

Retirement

Income

Fund

TIAA-CREF

Lifecycle

2010

Fund

TIAA-CREF

Lifecycle

2015

Fund

TIAA-CREF

Lifecycle

2020

Fund

TIAA-CREF

Lifecycle

2025

Fund

TIAA-CREF

Lifecycle

2030

Fund

TIAA-CREF

Lifecycle

2035

Fund

TIAA-CREF

Lifecycle

2040

Fund

TIAA-CREF

Lifecycle

2045

Fund

TIAA-CREF

Lifecycle

2050

Fund

TIAA-CREF

Lifecycle

2055

Fund

TIAA-CREF

Lifecycle

2060

Fund

TIAA-CREF

Lifecycle

2065

Fund

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

prepared

for

the

Funds

included

within

this

shareholder

report

will

be

for

the

reporting

period

ended

May

31,

2024.

About

the

Funds’

Benchmarks

6

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:

Russell

3000®

Index

(U.S.

equity):

An

index

designed

to

measure

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.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

ACWI

ex

USA

Investable

Market

Index

(IMI)

(international

equity):

An

index

designed

to

measure

the

performance

of

large-,

mid-

and

small-cap

securities

across

22

of

23

developed-markets

countries

(excluding

the

United

States)

and

24

emerging-markets

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index

(fixed

income):

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index

(short-term

fixed

income):

An

index

designed

to

measure

the

performance

of

U.S.

Treasury

and

agency

securities

and

corporate

bonds

with

1-

to

3-year

maturities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1–10

Year

Index

(inflation-protected

assets):

An

index

designed

to

measure

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).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

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.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

funds’

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

7

Investment

results

of

the

Lifecycle

Funds

Performance

for

the

twelve

months

ended

May

31,

2023

Seven

of

the

13

TIAA-CREF

Lifecycle

Funds

posted

gains

and

eight

outperformed

their

respective

composite

benchmarks.

Returns

for

the

Retirement

Class

ranged

from

–0.68%

for

the

Retirement

Income

Fund

to

0.90%

for

the

2045

Fund

and

2060

Fund.

The

performance

tables

show

returns

for

all

share

classes

of

the

funds.

Financial

markets

posted

mixed

results

amid

persistent

inflation

The

U.S.

economy

expanded

during

the

period,

however,

the

pace

of

growth

slowed

at

the

end

of

2022

and

beginning

of

2023.

Real

Gross

Domestic

Product

(GDP),

which

measures

the

value

of

all

goods

and

services

produced

in

the

United

States,

grew

by

an

annualized

rate

of

3.2%

and

2.6%

in

the

third

and

fourth

quarters

of

2022,

respectively.

GDP

expanded

by

1.3%

in

the

first

quarter

of

2023,

according

to

the

government’s

“second”

estimate.

A

strong

labor

market

and

solid

consumer

spending

gave

the

economy

a

boost,

but

inflation

concerns,

and

rising

interest

rates

posed

challenges.

The

unemployment

rate

increased

slightly,

rising

from

3.6%

in

June

2022

to

3.7%

in

May

2023.

Core

inflation,

which

measures

all

items

except

food

and

energy,

rose

5.3%

over

the

twelve

months

ended

May

31,

2023.

Crude

oil

prices

declined

sharply,

falling

from

more

than

$115

per

barrel

at

the

beginning

of

the

period

to

$68

on

May

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

levels

by

raising

the

federal

funds

target

rate

eight

times

during

the

period.

Policymakers

increased

the

key

short-term

interest-rate

measure

to

5.00−5.25%

in

May

2023,

its

highest

level

since

2007.

Domestic

stocks

advanced

while

international

equities

lost

ground

for

the

period.

The

Russell

3000®

Index,

a

broad

measure

of

the

U.S.

stock

market,

rose

2.03%.

The

MSCI

ACWI

ex

USA

Investable

Market

Index

(IMI),

which

measures

the

performance

of

large-,

mid-

and

small-cap

securities

in

22

of

23

developed-markets

countries

(excluding

the

United

States)

and

24

emerging-markets

countries,

returned

−1.86%

in

U.S.-dollar

terms.

U.S.

investment-grade

bonds

were

hurt

by

the

impact

of

rising

yields

across

all

maturities

(bond

prices

move

in

the

opposite

direction

of

yields).

The

broad

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−2.14%.

Short-term

bonds,

as

measured

by

the

Bloomberg

U.S.

1–3

Year

Government/Credit

Index,

edged

higher

at

0.22%.

U.S.

equity

funds

posted

the

largest

gains

The

Lifecycle

Funds

may

invest

in

up

to

six

sectors

of

the

investment

markets,

including

U.S.

equity

(stocks),

international

equity

(foreign

stocks),

fixed

income,

short-term

fixed

income,

inflation-protected

assets

and

direct

real

estate.

The

Lifecycle

Funds

do

this

by

investing

in

various

underlying

funds

that,

in

turn,

buy

stocks,

fixed-income

instruments

and

commercial

real

estate

in

these

six

market

sectors.

(Other

than

the

Nuveen

Growth

Opportunities

ETF,

the

Nuveen

Dividend

Value

Fund

and

the

Nuveen

Dividend

Growth

Fund,

all

funds

mentioned

below

are

TIAA-CREF

Funds.)

For

the

twelve

months,

U.S.

equity

funds

recorded

the

largest

gains

and

contributed

most

to

the

funds’

absolute

returns—that

is,

without

regard

to

performance

relative

to

their

respective

composite

benchmarks.

Within

the

U.S.

equity

category,

the

Large-Cap

Growth

Fund,

the

Nuveen

Growth

Opportunities

ETF

and

the

Growth

&

Income

Fund

gained

most,

while

the

Quant

Small/Mid-Cap

Equity

Fund

and

the

Nuveen

Dividend

Value

Fund

posted

the

largest

losses.

Among

foreign

stock

funds,

nearly

all

registered

negative

returns,

with

the

Emerging

Markets

Equity

Fund

declining

the

most.

Within

fixed

income,

the

Short-Term

Bond

Fund

advanced,

while

the

Core

Bond

Fund

and

the

Core

Plus

Bond

Fund

declined

most.

U.S.

stock

funds

contributed

most

to

relative

performance

Eight

of

the

Lifecycle

Funds

outpaced

their

composite

benchmarks,

primarily

due

to

the

relative

strength

of

underlying

funds

investing

in

U.S.

equities.

Within

U.S.

equities,

the

Large-Cap

Value

Fund

aided

relative

performance

the

most,

followed

by

the

Growth

&

Income

Fund

and

the

Large-Cap

Growth

Fund.

The

Quant

Small-Cap

Equity

Fund

also

benefited

the

funds’

relative

returns.

In

contrast,

the

Nuveen

Dividend

Growth

Fund

was

the

largest

detractor

from

relative

performance

across

all

Lifecycle

Funds.

Furthermore,

while

real

estate’s

positive

total

return

in

2022

helped

soften

the

downside

during

a

period

when

both

stocks

and

bonds

experienced

declines,

the

Real

Property

Fund

underperformed

over

the

current

twelve-month

period.

In

the

foreign

stock

category,

most

funds

detracted

from

the

Lifecycle

Funds’

relative

performance

with

the

International

Opportunities

Fund

and

the

International

Equity

Fund

detracting

most.

In

the

fixed-income

sector,

the

Core

Bond

Fund

benefited

relative

performance

the

most,

followed

by

the

Short-Term

Bond

Fund

and

the

Core

Plus

Bond

Fund.

The

Lifecycle

Funds

with

larger

equity

allocations

generally

produced

better

returns

for

the

twelve-month

period.

For

example,

the

2045

Fund

and

the

2060

Fund,

which

each

seek

to

invest

more

than

80%

of

their

assets

in

equities,

posted

the

largest

gains.

Conversely,

the

Retirement

Income

Fund,

which

invests

less

than

35%

of

its

assets

in

stocks,

recorded

the

largest

decline.

(Performance

of

the

Lifecycle

Funds’

underlying

TIAA-CREF

Funds

can

be

found

at

TIAA.org/performance.)

Lifecycle

Retirement

Income

Fund

8

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Retirement

Income

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

11/30/07

-0.42%

3.63%

4.63%

0.54%

0.37%

Advisor

Class

12/4/15

-0.50

3.55

4.52

†

0.62

0.45

Premier

Class

9/30/09

-0.58

3.47

4.47

0.69

0.52

Retirement

Class

11/30/07

-0.68

3.37

4.37

0.79

0.62

Retail

Class

11/30/07

-0.69

3.35

4.37

0.82

0.62

Lifecycle

Retirement

Income

Fund

Composite

Index

‡

–

-0.53

4.10

4.68

–

–

Broad

market

index

S&P

Target

Date

Retirement

Income

Index

–

0.19

3.08

3.66

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Retirement

Income

Fund

Composite

Index

consisted

of:

40.0%

Bloomberg

U.S.

Aggregate

Bond

Index;

26.0%

Russell

3000®

Index;

14.0%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

10.0%

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index;

and

10.0%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

9

Lifecycle

Retirement

Income

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

International

equity

11.91

12.25

U.S.

equity

22.54

22.75

Fixed

income

Fixed

income

40.16

40.00

Short-term

fixed

income

10.05

10.00

Inflation-protected

assets

10.04

10.00

Direct

real

estate

5.50

5.00

Short-term

investments

0.10

–

Other

assets

&

liabilities,

net

(0.30)

–

Total

100.00

100.00

Lifecycle

2010

Fund

10

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2010

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

1/17/07

-0.23%

3.65%

4.87%

0.52%

0.37%

Advisor

Class

12/4/15

-0.42

3.62

4.78

†

0.60

0.45

Premier

Class

9/30/09

-0.50

3.47

4.70

0.67

0.52

Retirement

Class

10/15/04

-0.54

3.37

4.60

0.77

0.62

Lifecycle

2010

Fund

Composite

Index

‡

–

-0.57

4.08

4.89

–

–

Broad

market

index

S&P

Target

Date

2010

Index

–

0.45

3.63

4.33

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2010

Fund

Composite

Index

consisted

of:

40.0%

Bloomberg

U.S.

Aggregate

Bond

Index;

24.1%

Russell

3000®

Index;

13.0%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

12.9%

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index;

and

10.0%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

11

Lifecycle

2010

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

21.62

21.77

International

equity

11.42

11.73

Fixed

income

Fixed

income

40.05

40.00

Short-term

fixed

income

12.92

13.00

Inflation-protected

assets

10.01

10.00

Direct

real

estate

3.93

3.50

Short-term

investments

0.07

–

Other

assets

&

liabilities,

net

(0.02)

–

Total

100.00

100.00

Lifecycle

2015

Fund

12

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2015

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

1/17/07

-0.39%

3.86%

5.23%

0.53%

0.38%

Advisor

Class

12/4/15

-0.52

3.77

5.11

†

0.65

0.50

Premier

Class

9/30/09

-0.57

3.71

5.08

0.68

0.53

Retirement

Class

10/15/04

-0.66

3.60

4.96

0.78

0.63

Lifecycle

2015

Fund

Composite

Index

‡

–

-0.49

4.37

5.30

–

–

Broad

market

index

S&P

Target

Date

2015

Index

–

0.27

3.87

4.86

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2015

Fund

Composite

Index

consisted

of:

39.6%

Bloomberg

U.S.

Aggregate

Bond

Index;

27.3%

Russell

3000®

Index;

14.7%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

9.2%

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index;

and

9.2%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

13

Lifecycle

2015

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

23.90

24.05

International

equity

12.61

12.95

Fixed

income

Fixed

income

39.66

39.60

Short-term

fixed

income

9.18

9.20

Inflation-protected

assets

9.17

9.20

Direct

real

estate

5.49

5.00

Short-term

investments

0.05

–

Other

assets

&

liabilities,

net

(0.06)

–

Total

100.00

100.00

Lifecycle

2020

Fund

14

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2020

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

1/17/07

-0.36%

4.04%

5.65%

0.54%

0.39%

Advisor

Class

12/4/15

-0.32

3.98

5.55

†

0.62

0.47

Premier

Class

9/30/09

-0.42

3.88

5.49

0.69

0.54

Retirement

Class

10/15/04

-0.47

3.78

5.39

0.79

0.64

Lifecycle

2020

Fund

Composite

Index

‡

–

-0.38

4.65

5.79

–

–

Broad

market

index

S&P

Target

Date

2020

Index

–

0.18

3.96

5.26

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2020

Fund

Composite

Index

consisted

of:

38.5%

Bloomberg

U.S.

Aggregate

Bond

Index;

30.6%

Russell

3000®

Index;

16.5%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

7.2%

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index;

and

7.2%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

15

Lifecycle

2020

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

27.17

27.30

International

equity

14.35

14.70

Fixed

income

Fixed

income

38.68

38.60

Short-term

fixed

income

7.19

7.20

Inflation-protected

assets

7.17

7.20

Direct

real

estate

5.49

5.00

Short-term

investments

0.09

–

Other

assets

&

liabilities,

net

(0.14)

–

Total

100.00

100.00

Lifecycle

2025

Fund

16

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2025

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

1/17/07

-0.14%

4.39%

6.20%

0.55%

0.41%

Advisor

Class

12/4/15

-0.21

4.36

6.10

†

0.63

0.49

Premier

Class

9/30/09

-0.20

4.28

6.05

0.70

0.56

Retirement

Class

10/15/04

-0.30

4.17

5.95

0.80

0.66

Lifecycle

2025

Fund

Composite

Index

‡

–

-0.24

5.11

6.39

–

–

Broad

market

index

S&P

Target

Date

2025

Index

–

0.55

4.59

5.91

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2025

Fund

Composite

Index

consisted

of:

36.3%

Bloomberg

U.S.

Aggregate

Bond

Index;

34.6%

Russell

3000®

Index;

18.7%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

5.2%

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index;

and

5.2%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

17

Lifecycle

2025

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

International

equity

16.66

17.01

U.S.

equity

31.56

31.59

Fixed

income

Fixed

income

35.92

36.00

Short-term

fixed

income

5.17

5.20

Inflation-protected

assets

5.16

5.20

Direct

real

estate

5.50

5.00

Short-term

investments

0.14

–

Other

assets

&

liabilities,

net

(0.11)

–

Total

100.00

100.00

Lifecycle

2030

Fund

18

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2030

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

1/17/07

0.15%

4.81%

6.75%

0.57%

0.42%

Advisor

Class

12/4/15

0.09

4.75

6.65

†

0.65

0.50

Premier

Class

9/30/09

-0.01

4.65

6.59

0.72

0.57

Retirement

Class

10/15/04

-0.10

4.54

6.48

0.82

0.67

Lifecycle

2030

Fund

Composite

Index

‡

–

-0.06

5.58

6.99

–

–

Broad

market

index

S&P

Target

Date

2030

Index

–

0.60

5.07

6.48

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2030

Fund

Composite

Index

consisted

of:

39.8%

Russell

3000®

Index;

32.3%

Bloomberg

U.S.

Aggregate

Bond

Index;

21.5%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

3.2%

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index;

and

3.2%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

19

Lifecycle

2030

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

37.50

37.44

International

equity

19.81

20.16

Fixed

income

Fixed

income

30.79

31.00

Short-term

fixed

income

3.16

3.20

Inflation-protected

assets

3.16

3.20

Direct

real

estate

5.49

5.00

Short-term

investments

0.12

–

Other

assets

&

liabilities,

net

(0.03)

–

Total

100.00

100.00

Lifecycle

2035

Fund

20

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2035

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

1/17/07

0.66%

5.21%

7.29%

0.60%

0.43%

Advisor

Class

12/4/15

0.46

5.13

7.16

†

0.69

0.52

Premier

Class

9/30/09

0.39

5.04

7.12

0.75

0.58

Retirement

Class

10/15/04

0.38

4.95

7.01

0.85

0.68

Lifecycle

2035

Fund

Composite

Index

‡

–

0.36

6.07

7.58

–

–

Broad

market

index

S&P

Target

Date

2035

Index

–

0.55

5.58

7.05

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2035

Fund

Composite

Index

consisted

of:

46.1%

Russell

3000®

Index;

26.7%

Bloomberg

U.S.

Aggregate

Bond

Index;

24.8%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

1.2%

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index;

and

1.2%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

21

Lifecycle

2035

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

44.61

44.33

International

equity

23.55

23.87

Fixed

income

Fixed

income

23.97

24.40

Short-term

fixed

income

1.16

1.20

Inflation-protected

assets

1.15

1.20

Direct

real

estate

5.50

5.00

Short-term

investments

0.10

–

Other

assets

&

liabilities,

net

(0.04)

–

Total

100.00

100.00

Lifecycle

2040

Fund

22

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2040

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

1/17/07

1.11%

5.62%

7.77%

0.63%

0.44%

Advisor

Class

12/4/15

1.04

5.56

7.66

†

0.71

0.52

Premier

Class

9/30/09

0.94

5.47

7.62

0.78

0.59

Retirement

Class

10/15/04

0.79

5.35

7.50

0.88

0.69

Lifecycle

2040

Fund

Composite

Index

‡

–

0.76

6.58

8.13

–

–

Broad

market

index

S&P

Target

Date

2040

Index

–

0.62

5.97

7.45

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2040

Fund

Composite

Index

consisted

of:

52.8%

Russell

3000®

Index;

28.5%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

and

18.7%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

23

Lifecycle

2040

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

52.07

51.74

International

equity

27.49

27.86

Fixed

income

14.84

15.40

Direct

real

estate

5.51

5.00

Short-term

investments

0.11

–

Other

assets

&

liabilities,

net

(0.02)

–

Total

100.00

100.00

Lifecycle

2045

Fund

24

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2045

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

11/30/07

1.08%

6.00%

8.08%

0.64%

0.45%

Advisor

Class

12/4/15

1.03

5.96

7.98

†

0.72

0.53

Premier

Class

9/30/09

0.92

5.83

7.90

0.79

0.60

Retirement

Class

11/30/07

0.90

5.75

7.81

0.89

0.70

Lifecycle

2045

Fund

Composite

Index

‡

–

0.70

7.02

8.47

–

–

Broad

market

index

S&P

Target

Date

2045

Index

–

0.72

6.21

7.71

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2045

Fund

Composite

Index

consisted

of:

57.0%

Russell

3000®

Index;

30.7%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

and

12.3%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

25

Lifecycle

2045

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

International

equity

30.05

30.45

U.S.

equity

56.93

56.55

Fixed

income

7.40

8.00

Direct

real

estate

5.51

5.00

Short-term

investments

0.12

–

Other

assets

&

liabilities,

net

(0.01)

–

Total

100.00

100.00

Lifecycle

2050

Fund

26

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2050

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

11/30/07

1.06%

6.06%

8.15%

0.65%

0.45%

Advisor

Class

12/4/15

1.00

6.02

8.05

†

0.73

0.53

Premier

Class

9/30/09

0.89

5.90

7.98

0.80

0.60

Retirement

Class

11/30/07

0.79

5.79

7.87

0.90

0.70

Lifecycle

2050

Fund

Composite

Index

‡

–

0.61

7.11

8.56

–

–

Broad

market

index

S&P

Target

Date

2050

Index

–

0.73

6.30

7.91

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2050

Fund

Composite

Index

consisted

of:

58.8%

Russell

3000®

Index;

31.7%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

and

9.5%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

27

Lifecycle

2050

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

International

equity

31.24

31.68

U.S.

equity

59.20

58.82

Fixed

income

3.93

4.50

Direct

real

estate

5.51

5.00

Short-term

investments

0.12

–

Other

assets

&

liabilities,

net

(0.00)

–

Total

100.00

100.00

Lifecycle

2055

Fund

28

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2055

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

4/29/11

1.08%

6.11%

8.20%

0.66%

0.45%

Advisor

Class

12/4/15

1.11

6.09

8.12

†

0.74

0.53

Premier

Class

4/29/11

0.99

5.96

8.05

0.81

0.60

Retirement

Class

4/29/11

0.82

5.85

7.93

0.91

0.70

Lifecycle

2055

Fund

Composite

Index

‡

–

0.64

7.18

8.65

–

–

Broad

market

index

S&P

Target

Date

2055

Index

–

0.75

6.35

8.02

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2055

Fund

Composite

Index

consisted

of:

59.7%

Russell

3000®

Index;

32.1%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

and

8.2%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

29

Lifecycle

2055

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

59.97

59.64

International

equity

31.66

32.11

Fixed

income

2.68

3.25

Direct

real

estate

5.51

5.00

Short-term

investments

0.20

–

Other

assets

&

liabilities,

net

(0.02)

–

Total

100.00

100.00

Lifecycle

2060

Fund

30

Performance

as

of

May

31,

2023

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. 

$10,000

invested

at

Fund's

inception

Retirement

Class

(inception

September

26,

2014)

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2060

Fund

Inception

date

1

year

5

years

since

inception

gross

net

Institutional

Class

9/26/14

1.16%

6.18%

7.58%

0.69%

0.45%

Advisor

Class

12/4/15

1.02

6.12

7.50

†

0.77

0.53

Premier

Class

9/26/14

1.01

6.02

7.41

0.84

0.60

Retirement

Class

9/26/14

0.90

5.92

7.31

0.94

0.70

Lifecycle

2060

Fund

Composite

Index

‡

–

0.66

7.25

7.96

§

–

–

Broad

market

index

S&P

Target

Date

2060

Index

–

0.79

6.39

7.30

§

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2060

Fund

Composite

Index

consisted

of:

60.4%

Russell

3000®

Index;

32.6%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

and

7.0%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

§

Performance

is

calculated

from

the

inception

date

of

the

Retirement

Class.

31

Lifecycle

2060

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

60.76

60.45

International

equity

32.08

32.55

Fixed

income

1.42

2.00

Direct

real

estate

5.51

5.00

Short-term

investments

0.17

–

Other

assets

&

liabilities,

net

0.06

–

Total

100.00

100.00

Lifecycle

2065

Fund

32

Performance

as

of

May

31,

2023

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. 

$10,000

invested

at

Fund's

inception

Retirement

Class

(inception

September

30,

2020)

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

2065

Fund

Inception

date

1

year

since

inception

gross

net

Institutional

Class

9/30/20

1.07%

6.45%

2.06%

0.45%

Advisor

Class

9/30/20

1.05

6.20

2.14

0.53

Premier

Class

9/30/20

0.94

6.21

2.21

0.60

Retirement

Class

9/30/20

0.88

6.28

2.31

0.70

Lifecycle

2065

Fund

Composite

Index

‡

–

0.69

6.97

§

–

–

Broad

market

index

S&P

Target

Date

2065+

Index

–

0.75

7.33

§

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

and

certain

other

waivers

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

2065

Fund

Composite

Index

consisted

of:

61.3%

Russell

3000®

Index;

33.0%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

and

5.7%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

§

Performance

is

calculated

from

the

inception

date

of

the

Retirement

Class.

33

Lifecycle

2065

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

61.51

61.26

International

equity

32.61

32.99

Fixed

income

0.19

0.75

Direct

real

estate

5.51

5.00

Short-term

investments

0.52

–

Other

assets

&

liabilities,

net

(0.34)

–

Total

100.00

100.00

Expense

Examples

34

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

Fund

would

be

higher.

Note

also

that

shareholders

of

the

TIAA-CREF

Funds

do

not

incur

a

sales

charge

for

purchases,

reinvested

dividends

or

other

distributions.

The

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,

2022

–

May

31,

2023

).

Actual

expenses

The

first

section

in

each

table

uses

the

Fund’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

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

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Some

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

section

in

each

table

shows

hypothetical

account

values

and

expenses

based

on

the

Fund’s

actual

expense

ratio

for

each

share

class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

share

class’

actual

return.

This

hypothetical

example

cannot

be

used

to

estimate

the

actual

expenses

you

paid

for

the

period,

but

rather

allows

you

to

compare

the

ongoing

costs

of

investing

in

the

Fund

with

the

costs

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

mutual

funds.

12.1

Lifecycle

Retirement

Income

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,018.06

$1,017.59

$1,017.26

$1,016.78

$1,016.78

Expenses

incurred

during

the

period*

$1.39

$1.75

$2.15

$2.65

$2.65

Effective

expenses

incurred

during

the

period

†

$1.89

$2.25

$2.64

$3.14

$3.14

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.55

$1,023.19

$1,022.80

$1,022.31

$1,022.30

Expenses

incurred

during

the

period*

$1.40

$1.76

$2.15

$2.66

$2.66

Effective

expenses

incurred

during

the

period

†

$1.89

$2.25

$2.65

$3.15

$3.15

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.28%

for

Institutional

Class,

0.35%

for

Advisor

Class,

0.43%

for

Premier

Class,

0.53%

for

Retirement

Class

and

0.53%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.38%

for

Institutional

Class,

0.45%

for

Advisor

Class,

0.52%

for

Premier

Class,

0.62%

for

Retirement

Class

and

0.62%

for

Retail

Class.

35

12.2

Lifecycle

2010

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,020.54

$1,019.52

$1,018.83

$1,018.57

Expenses

incurred

during

the

period*

$1.20

$1.54

$1.95

$2.46

Effective

expenses

incurred

during

the

period

†

$1.63

$1.97

$2.39

$2.89

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.74

$1,023.41

$1,022.99

$1,022.50

Expenses

incurred

during

the

period*

$1.20

$1.54

$1.96

$2.46

Effective

expenses

incurred

during

the

period

†

$1.64

$1.97

$2.39

$2.90

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.24%

for

Institutional

Class,

0.30%

for

Advisor

Class,

0.39%

for

Premier

Class

and

0.49%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.32%

for

Institutional

Class,

0.39%

for

Advisor

Class,

0.47%

for

Premier

Class

and

0.57%

for

Retirement

Class.

12.3

Lifecycle

2015

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,019.43

$1,018.17

$1,017.69

$1,017.11

Expenses

incurred

during

the

period*

$1.36

$1.91

$2.11

$2.61

Effective

expenses

incurred

during

the

period

†

$1.87

$2.43

$2.63

$3.13

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.59

$1,023.04

$1,022.84

$1,022.34

Expenses

incurred

during

the

period*

$1.36

$1.92

$2.12

$2.62

Effective

expenses

incurred

during

the

period

†

$1.88

$2.43

$2.63

$3.14

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.27%

for

Institutional

Class,

0.38%

for

Advisor

Class,

0.42%

for

Premier

Class

and

0.52%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.37%

for

Institutional

Class,

0.48%

for

Advisor

Class,

0.52%

for

Premier

Class

and

0.62%

for

Retirement

Class.

Expense

Examples

(continued)

36

12.4

Lifecycle

2020

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,019.00

$1,018.33

$1,018.44

$1,017.70

Expenses

incurred

during

the

period*

$1.38

$1.80

$2.14

$2.64

Effective

expenses

incurred

during

the

period

†

$1.95

$2.36

$2.70

$3.20

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.56

$1,023.15

$1,022.81

$1,022.31

Expenses

incurred

during

the

period*

$1.39

$1.80

$2.14

$2.65

Effective

expenses

incurred

during

the

period

†

$1.95

$2.37

$2.70

$3.21

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.28%

for

Institutional

Class,

0.36%

for

Advisor

Class,

0.42%

for

Premier

Class

and

0.53%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.39%

for

Institutional

Class,

0.47%

for

Advisor

Class,

0.54%

for

Premier

Class

and

0.64%

for

Retirement

Class.

12.5

Lifecycle

2025

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,019.31

$1,018.59

$1,018.81

$1,018.23

Expenses

incurred

during

the

period*

$1.41

$1.84

$2.16

$2.67

Effective

expenses

incurred

during

the

period

†

$2.03

$2.46

$2.79

$3.29

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.54

$1,023.11

$1,022.79

$1,022.29

Expenses

incurred

during

the

period*

$1.41

$1.84

$2.17

$2.67

Effective

expenses

incurred

during

the

period

†

$2.04

$2.46

$2.79

$3.29

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.28%

for

Institutional

Class,

0.36%

for

Advisor

Class,

0.43%

for

Premier

Class

and

0.53%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.40%

for

Institutional

Class,

0.49%

for

Advisor

Class,

0.55%

for

Premier

Class

and

0.65%

for

Retirement

Class.

37

12.6

Lifecycle

2030

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,021.00

$1,020.32

$1,019.42

$1,018.66

Expenses

incurred

during

the

period*

$1.39

$1.81

$2.15

$2.65

Effective

expenses

incurred

during

the

period

†

$2.10

$2.52

$2.85

$3.35

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.55

$1,023.14

$1,022.81

$1,022.31

Expenses

incurred

during

the

period*

$1.39

$1.81

$2.15

$2.65

Effective

expenses

incurred

during

the

period

†

$2.10

$2.52

$2.86

$3.36

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.28%

for

Institutional

Class,

0.36%

for

Advisor

Class,

0.43%

for

Premier

Class

and

0.53%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.42%

for

Institutional

Class,

0.50%

for

Advisor

Class,

0.57%

for

Premier

Class

and

0.67%

for

Retirement

Class.

12.7

Lifecycle

2035

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,020.67

$1,019.76

$1,020.05

$1,019.87

Expenses

incurred

during

the

period*

$1.36

$1.86

$2.12

$2.62

Effective

expenses

incurred

during

the

period

†

$2.17

$2.67

$2.92

$3.43

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.58

$1,023.09

$1,022.83

$1,022.34

Expenses

incurred

during

the

period*

$1.37

$1.87

$2.12

$2.63

Effective

expenses

incurred

during

the

period

†

$2.17

$2.67

$2.93

$3.43

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.27%

for

Institutional

Class,

0.37%

for

Advisor

Class,

0.42%

for

Premier

Class

and

0.52%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.43%

for

Institutional

Class,

0.53%

for

Advisor

Class,

0.58%

for

Premier

Class

and

0.68%

for

Retirement

Class.

Expense

Examples

(continued)

38

12.8

Lifecycle

2040

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,021.18

$1,021.52

$1,021.54

$1,020.66

Expenses

incurred

during

the

period*

$1.29

$1.74

$2.05

$2.55

Effective

expenses

incurred

during

the

period

†

$2.20

$2.64

$2.95

$3.46

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.65

$1,023.21

$1,022.91

$1,022.41

Expenses

incurred

during

the

period*

$1.29

$1.74

$2.05

$2.55

Effective

expenses

incurred

during

the

period

†

$2.20

$2.65

$2.96

$3.46

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.26%

for

Institutional

Class,

0.34%

for

Advisor

Class,

0.41%

for

Premier

Class

and

0.51%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.44%

for

Institutional

Class,

0.52%

for

Advisor

Class,

0.59%

for

Premier

Class

and

0.69%

for

Retirement

Class.

12.9

Lifecycle

2045

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.17

$1,021.66

$1,020.61

$1,021.25

Expenses

incurred

during

the

period*

$1.31

$1.75

$2.06

$2.57

Effective

expenses

incurred

during

the

period

†

$2.28

$2.72

$3.04

$3.54

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.64

$1,023.20

$1,022.89

$1,022.39

Expenses

incurred

during

the

period*

$1.31

$1.75

$2.07

$2.57

Effective

expenses

incurred

during

the

period

†

$2.28

$2.72

$3.04

$3.54

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.26%

for

Institutional

Class,

0.35%

for

Advisor

Class,

0.41%

for

Premier

Class

and

0.51%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.45%

for

Institutional

Class,

0.54%

for

Advisor

Class,

0.60%

for

Premier

Class

and

0.70%

for

Retirement

Class.

39

13.01

Lifecycle

2050

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.47

$1,021.91

$1,020.84

$1,020.66

Expenses

incurred

during

the

period*

$1.26

$1.62

$2.02

$2.52

Effective

expenses

incurred

during

the

period

†

$2.27

$2.63

$3.02

$3.52

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.68

$1,023.32

$1,022.93

$1,022.44

Expenses

incurred

during

the

period*

$1.26

$1.63

$2.02

$2.52

Effective

expenses

incurred

during

the

period

†

$2.27

$2.63

$3.02

$3.53

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.25%

for

Institutional

Class,

0.32%

for

Advisor

Class,

0.40%

for

Premier

Class

and

0.50%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.45%

for

Institutional

Class,

0.52%

for

Advisor

Class,

0.60%

for

Premier

Class

and

0.70%

for

Retirement

Class.

13.1

Lifecycle

2055

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.29

$1,021.88

$1,022.12

$1,021.02

Expenses

incurred

during

the

period*

$1.27

$1.65

$2.02

$2.52

Effective

expenses

incurred

during

the

period

†

$2.28

$2.66

$3.03

$3.54

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.68

$1,023.30

$1,022.93

$1,022.43

Expenses

incurred

during

the

period*

$1.27

$1.65

$2.02

$2.53

Effective

expenses

incurred

during

the

period

†

$2.28

$2.66

$3.04

$3.54

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.25%

for

Institutional

Class,

0.33%

for

Advisor

Class,

0.40%

for

Premier

Class

and

0.50%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.45%

for

Institutional

Class,

0.53%

for

Advisor

Class,

0.60%

for

Premier

Class

and

0.70%

for

Retirement

Class.

Expense

Examples

(continued)

40

13.2

Lifecycle

2060

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.65

$1,022.00

$1,021.12

$1,020.89

Expenses

incurred

during

the

period*

$1.27

$1.67

$2.02

$2.53

Effective

expenses

incurred

during

the

period

†

$2.29

$2.70

$3.05

$3.55

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.68

$1,023.28

$1,022.93

$1,022.43

Expenses

incurred

during

the

period*

$1.27

$1.68

$2.02

$2.53

Effective

expenses

incurred

during

the

period

†

$2.29

$2.70

$3.05

$3.55

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.25%

for

Institutional

Class,

0.33%

for

Advisor

Class,

0.40%

for

Premier

Class

and

0.50%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.45%

for

Institutional

Class,

0.54%

for

Advisor

Class,

0.60%

for

Premier

Class

and

0.70%

for

Retirement

Class.

13.3

Lifecycle

2065

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.09

$1,022.13

$1,021.94

$1,021.18

Expenses

incurred

during

the

period*

$1.23

$1.25

$1.99

$2.48

Effective

expenses

incurred

during

the

period

†

$2.26

$2.28

$3.02

$3.51

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.72

$1,023.69

$1,022.97

$1,022.48

Expenses

incurred

during

the

period*

$1.23

$1.25

$1.99

$2.48

Effective

expenses

incurred

during

the

period

†

$2.26

$2.28

$3.02

$3.51

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.24%

for

Institutional

Class,

0.25%

for

Advisor

Class,

0.39%

for

Premier

Class

and

0.49%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.45%

for

Institutional

Class,

0.45%

for

Advisor

Class,

0.60%

for

Premier

Class

and

0.70%

for

Retirement

Class.

Report

of

Independent

Registered

Public

Accounting

Firm

41

To

the

Board

of

Trustees

of

TIAA-CREF

Funds

and

Shareholders

of

TIAA-CREF

Lifecycle

Retirement

Income

Fund,

TIAA-CREF

Lifecycle

2010

Fund,

TIAA-CREF

Lifecycle

2015

Fund,

TIAA-CREF

Lifecycle

2020

Fund,

TIAA-CREF

Lifecycle

2025

Fund,

TIAA-CREF

Lifecycle

2030

Fund,

TIAA-CREF

Lifecycle

2035

Fund,

TIAA-CREF

Lifecycle

2040

Fund,

TIAA-CREF

Lifecycle

2045

Fund,

TIAA-CREF

Lifecycle

2050

Fund,

TIAA-CREF

Lifecycle

2055

Fund,

TIAA-CREF

Lifecycle

2060

Fund,

and

TIAA-CREF

Lifecycle

2065

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

TIAA-CREF

Lifecycle

Retirement

Income

Fund,

TIAA-CREF

Lifecycle

2010

Fund,

TIAA-CREF

Lifecycle

2015

Fund,

TIAA-CREF

Lifecycle

2020

Fund,

TIAA-CREF

Lifecycle

2025

Fund,

TIAA-CREF

Lifecycle

2030

Fund,

TIAA-CREF

Lifecycle

2035

Fund,

TIAA-CREF

Lifecycle

2040

Fund,

TIAA-CREF

Lifecycle

2045

Fund,

TIAA-CREF

Lifecycle

2050

Fund,

TIAA-CREF

Lifecycle

2055

Fund,

TIAA-CREF

Lifecycle

2060

Fund,

and

TIAA-CREF

Lifecycle

2065

Fund

(thirteen

of

the

funds

constituting

TIAA-CREF

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

May

31,

2023,

the

related

statements

of

operations

for

the

year

ended

May

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2023,

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,

2023,

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,

2023,

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

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,

2023

by

correspondence

with

the

transfer

agent,

broker

and

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Charlotte,

North

Carolina

July 21,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds

investment

company

group

since

2005. 

Lifecycle

Retirement

Income

Fund

May

31,

2023

Portfolio

of

Investments

42

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—100.2%a

DIRECT

REAL

ESTATE—5.5%

2,108,068

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

8/01/16-8/03/21;

cost

$22,329,657)

$

24,453,592‌

TOTAL

DIRECT

REAL

ESTATE

24,453,592‌

FIXED

INCOME—40.2%

10,327,712

TIAA-CREF

Core

Bond

Fund

93,775,625‌

6,402,341

TIAA-CREF

Core

Plus

Bond

Fund

58,133,260‌

1,071,211

TIAA-CREF

Emerging

Markets

Debt

Fund

8,441,143‌

1,084,368

TIAA-CREF

High-Yield

Fund

8,913,506‌

1,166,154

TIAA-CREF

International

Bond

Fund

9,305,909‌

TOTAL

FIXED

INCOME

178,569,443‌

INFLATION-PROTECTED

ASSETS—10.0%

4,197,159

TIAA-CREF

Inflation-Linked

Bond

Fund

44,615,805‌

TOTAL

INFLATION-PROTECTED

ASSETS

44,615,805‌

INTERNATIONAL

EQUITY—11.9%

1,179,543

TIAA-CREF

Emerging

Markets

Equity

Fund

8,893,757‌

1,880,970

TIAA-CREF

International

Equity

Fund

23,023,075‌

990,880

TIAA-CREF

International

Opportunities

Fund

13,753,419‌

774,406

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

7,294,908‌

TOTAL

INTERNATIONAL

EQUITY

52,965,159‌

SHORT-TERM

FIXED

INCOME—10.0%

4,527,525

TIAA-CREF

Short-Term

Bond

Fund

44,686,676‌

TOTAL

SHORT-TERM

FIXED

INCOME

44,686,676‌

U.S.

EQUITY—22.6%

281,938

Nuveen

Dividend

Growth

Fund

14,460,610‌

1,126,326

Nuveen

Dividend

Value

Fund

14,676,022‌

790,059

Nuveen

Growth

Opportunities

ETF

16,907,263‌

1,045,502

TIAA-CREF

Growth

&

Income

Fund

14,637,027‌

842,925

TIAA-CREF

Large-Cap

Growth

Fund

16,900,638‌

775,189

TIAA-CREF

Large-Cap

Value

Fund

14,720,831‌

239,329

TIAA-CREF

Quant

Small-Cap

Equity

Fund

3,652,158‌

358,368

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

4,250,245‌

TOTAL

U.S.

EQUITY

100,204,794‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

445,495,469‌

(Cost

$441,411,818)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$455,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

455,000‌

TOTAL

REPURCHASE

AGREEMENT

455,000‌

TOTAL

SHORT-TERM

INVESTMENTS

455,000‌

(Cost

$455,000)

TOTAL

INVESTMENTS—100.3%

445,950,469‌

(Cost

$441,866,818)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.3)%

(

1,346,722‌

)

NET

ASSETS—100.0%

$

444,603,747‌

43

See

Notes

to

Financial

Statements

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$24,453,592

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$455,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.250%

and

maturity

date

6/30/28,

valued

at

$464,105.

Lifecycle

2010

Fund

May

31,

2023

Portfolio

of

Investments

44

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

DIRECT

REAL

ESTATE—3.9%

2,902,592

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

7/01/16-1/26/21;

cost

$29,896,565)

$

33,670,071‌

TOTAL

DIRECT

REAL

ESTATE

33,670,071‌

FIXED

INCOME—40.1%

19,842,882

TIAA-CREF

Core

Bond

Fund

180,173,371‌

12,303,334

TIAA-CREF

Core

Plus

Bond

Fund

111,714,273‌

2,055,559

TIAA-CREF

Emerging

Markets

Debt

Fund

16,197,801‌

2,075,857

TIAA-CREF

High-Yield

Fund

17,063,549‌

2,240,486

TIAA-CREF

International

Bond

Fund

17,879,074‌

TOTAL

FIXED

INCOME

343,028,068‌

INFLATION-PROTECTED

ASSETS—10.0%

8,067,532

TIAA-CREF

Inflation-Linked

Bond

Fund

85,757,862‌

TOTAL

INFLATION-PROTECTED

ASSETS

85,757,862‌

INTERNATIONAL

EQUITY—11.4%

2,179,183

TIAA-CREF

Emerging

Markets

Equity

Fund

16,431,042‌

3,475,530

TIAA-CREF

International

Equity

Fund

42,540,482‌

1,829,258

TIAA-CREF

International

Opportunities

Fund

25,390,101‌

1,431,447

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

13,484,233‌

TOTAL

INTERNATIONAL

EQUITY

97,845,858‌

SHORT-TERM

FIXED

INCOME—12.9%

11,213,014

TIAA-CREF

Short-Term

Bond

Fund

110,672,452‌

TOTAL

SHORT-TERM

FIXED

INCOME

110,672,452‌

U.S.

EQUITY—21.6%

520,818

Nuveen

Dividend

Growth

Fund

26,712,756‌

2,085,402

Nuveen

Dividend

Value

Fund

27,172,786‌

1,462,353

Nuveen

Growth

Opportunities

ETF

31,294,354‌

1,921,148

TIAA-CREF

Growth

&

Income

Fund

26,896,079‌

1,559,356

TIAA-CREF

Large-Cap

Growth

Fund

31,265,091‌

1,433,398

TIAA-CREF

Large-Cap

Value

Fund

27,220,226‌

442,130

TIAA-CREF

Quant

Small-Cap

Equity

Fund

6,746,910‌

661,979

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

7,851,075‌

TOTAL

U.S.

EQUITY

185,159,277‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

856,133,588‌

(Cost

$830,510,366)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$590,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

590,000‌

TOTAL

REPURCHASE

AGREEMENT

590,000‌

TOTAL

SHORT-TERM

INVESTMENTS

590,000‌

(Cost

$590,000)

TOTAL

INVESTMENTS—100.0%

856,723,588‌

(Cost

$831,100,366)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

128,982‌

)

NET

ASSETS—100.0%

$

856,594,606‌

45

See

Notes

to

Financial

Statements

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$33,670,071

or

3.9%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$590,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.625%

and

maturity

date

5/31/27,

valued

at

$601,890.

Lifecycle

2015

Fund

May

31,

2023

Portfolio

of

Investments

46

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—100.0%a

DIRECT

REAL

ESTATE—5.5%

5,810,749

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

11/28/16-1/26/21;

cost

$61,101,255)

$

67,404,688‌

TOTAL

DIRECT

REAL

ESTATE

67,404,688‌

FIXED

INCOME—39.6%

28,171,357

TIAA-CREF

Core

Bond

Fund

255,795,924‌

17,454,755

TIAA-CREF

Core

Plus

Bond

Fund

158,489,178‌

2,922,587

TIAA-CREF

Emerging

Markets

Debt

Fund

23,029,986‌

2,941,131

TIAA-CREF

High-Yield

Fund

24,176,099‌

3,183,593

TIAA-CREF

International

Bond

Fund

25,405,072‌

TOTAL

FIXED

INCOME

486,896,259‌

INFLATION-PROTECTED

ASSETS—9.2%

10,588,507

TIAA-CREF

Inflation-Linked

Bond

Fund

112,555,832‌

TOTAL

INFLATION-PROTECTED

ASSETS

112,555,832‌

INTERNATIONAL

EQUITY—12.6%

3,449,894

TIAA-CREF

Emerging

Markets

Equity

Fund

26,012,200‌

5,497,577

TIAA-CREF

International

Equity

Fund

67,290,347‌

2,893,787

TIAA-CREF

International

Opportunities

Fund

40,165,769‌

2,266,919

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

21,354,378‌

TOTAL

INTERNATIONAL

EQUITY

154,822,694‌

SHORT-TERM

FIXED

INCOME—9.2%

11,423,274

TIAA-CREF

Short-Term

Bond

Fund

112,747,713‌

TOTAL

SHORT-TERM

FIXED

INCOME

112,747,713‌

U.S.

EQUITY—23.9%

824,380

Nuveen

Dividend

Growth

Fund

42,282,469‌

3,306,964

Nuveen

Dividend

Value

Fund

43,089,743‌

2,319,503

Nuveen

Growth

Opportunities

ETF

49,637,364‌

3,053,463

TIAA-CREF

Growth

&

Income

Fund

42,748,479‌

2,464,552

TIAA-CREF

Large-Cap

Growth

Fund

49,414,267‌

2,266,392

TIAA-CREF

Large-Cap

Value

Fund

43,038,781‌

699,813

TIAA-CREF

Quant

Small-Cap

Equity

Fund

10,679,145‌

1,047,797

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

12,426,867‌

TOTAL

U.S.

EQUITY

293,317,115‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

1,227,744,301‌

(Cost

$1,246,016,632)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$620,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

620,000‌

TOTAL

REPURCHASE

AGREEMENT

620,000‌

TOTAL

SHORT-TERM

INVESTMENTS

620,000‌

(Cost

$620,000)

TOTAL

INVESTMENTS—100.1%

1,228,364,301‌

(Cost

$1,246,636,632)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.1)%

(

748,912‌

)

NET

ASSETS—100.0%

$

1,227,615,389‌

47

See

Notes

to

Financial

Statements

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$67,404,688

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$620,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$632,443.

Lifecycle

2020

Fund

May

31,

2023

Portfolio

of

Investments

48

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—100.0%a

DIRECT

REAL

ESTATE—5.5%

12,820,200

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

11/28/16-4/13/21;

cost

$135,241,424)

$

148,714,320‌

TOTAL

DIRECT

REAL

ESTATE

148,714,320‌

FIXED

INCOME—38.7%

60,556,633

TIAA-CREF

Core

Bond

Fund

549,854,227‌

37,533,453

TIAA-CREF

Core

Plus

Bond

Fund

340,803,750‌

6,275,211

TIAA-CREF

Emerging

Markets

Debt

Fund

49,448,663‌

6,331,946

TIAA-CREF

High-Yield

Fund

52,048,595‌

6,850,977

TIAA-CREF

International

Bond

Fund

54,670,799‌

TOTAL

FIXED

INCOME

1,046,826,034‌

INFLATION-PROTECTED

ASSETS—7.1%

18,255,933

TIAA-CREF

Inflation-Linked

Bond

Fund

194,060,570‌

TOTAL

INFLATION-PROTECTED

ASSETS

194,060,570‌

INTERNATIONAL

EQUITY—14.3%

8,664,173

TIAA-CREF

Emerging

Markets

Equity

Fund

65,327,864‌

13,793,917

TIAA-CREF

International

Equity

Fund

168,837,545‌

7,255,571

TIAA-CREF

International

Opportunities

Fund

100,707,329‌

5,678,903

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

53,495,271‌

TOTAL

INTERNATIONAL

EQUITY

388,368,009‌

SHORT-TERM

FIXED

INCOME—7.2%

19,695,417

TIAA-CREF

Short-Term

Bond

Fund

194,393,763‌

TOTAL

SHORT-TERM

FIXED

INCOME

194,393,763‌

U.S.

EQUITY—27.2%

2,066,934

Nuveen

Dividend

Growth

Fund

106,013,030‌

8,236,102

Nuveen

Dividend

Value

Fund

107,316,416‌

5,805,501

Nuveen

Growth

Opportunities

ETF

124,237,721‌

7,684,025

TIAA-CREF

Growth

&

Income

Fund

107,576,356‌

6,179,713

TIAA-CREF

Large-Cap

Growth

Fund

123,903,251‌

5,696,533

TIAA-CREF

Large-Cap

Value

Fund

108,177,167‌

1,754,611

TIAA-CREF

Quant

Small-Cap

Equity

Fund

26,775,371‌

2,627,105

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

31,157,461‌

TOTAL

U.S.

EQUITY

735,156,773‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

2,707,519,469‌

(Cost

$2,721,006,080)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$2,485,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

2,485,000‌

TOTAL

REPURCHASE

AGREEMENT

2,485,000‌

TOTAL

SHORT-TERM

INVESTMENTS

2,485,000‌

(Cost

$2,485,000)

TOTAL

INVESTMENTS—100.1%

2,710,004,469‌

(Cost

$2,723,491,080)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.1)%

(

3,838,678‌

)

NET

ASSETS—100.0%

$

2,706,165,791‌

49

See

Notes

to

Financial

Statements

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$148,714,320

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$2,485,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.250%

and

maturity

date

6/30/28,

valued

at

$2,534,767.

Lifecycle

2025

Fund

May

31,

2023

Portfolio

of

Investments

50

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—100.0%a

DIRECT

REAL

ESTATE—5.5%

18,980,854

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

8/01/16-8/03/21;

cost

$202,140,594)

$

220,177,904‌

TOTAL

DIRECT

REAL

ESTATE

220,177,904‌

FIXED

INCOME—35.9%

83,248,744

TIAA-CREF

Core

Bond

Fund

755,898,593‌

51,578,755

TIAA-CREF

Core

Plus

Bond

Fund

468,335,099‌

8,624,853

TIAA-CREF

Emerging

Markets

Debt

Fund

67,963,843‌

8,757,350

TIAA-CREF

High-Yield

Fund

71,985,414‌

9,407,745

TIAA-CREF

International

Bond

Fund

75,073,802‌

TOTAL

FIXED

INCOME

1,439,256,751‌

INFLATION-PROTECTED

ASSETS—5.2%

19,455,753

TIAA-CREF

Inflation-Linked

Bond

Fund

206,814,659‌

TOTAL

INFLATION-PROTECTED

ASSETS

206,814,659‌

INTERNATIONAL

EQUITY—16.7%

14,886,024

TIAA-CREF

Emerging

Markets

Equity

Fund

112,240,623‌

23,721,613

TIAA-CREF

International

Equity

Fund

290,352,544‌

12,477,118

TIAA-CREF

International

Opportunities

Fund

173,182,397‌

9,770,251

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

92,035,767‌

TOTAL

INTERNATIONAL

EQUITY

667,811,331‌

SHORT-TERM

FIXED

INCOME—5.2%

20,990,748

TIAA-CREF

Short-Term

Bond

Fund

207,178,682‌

TOTAL

SHORT-TERM

FIXED

INCOME

207,178,682‌

U.S.

EQUITY—31.5%

3,555,775

Nuveen

Dividend

Growth

Fund

182,375,719‌

14,209,835

Nuveen

Dividend

Value

Fund

185,154,151‌

9,995,447

Nuveen

Growth

Opportunities

ETF

213,902,566‌

13,188,685

TIAA-CREF

Growth

&

Income

Fund

184,641,583‌

10,624,638

TIAA-CREF

Large-Cap

Growth

Fund

213,023,982‌

9,787,367

TIAA-CREF

Large-Cap

Value

Fund

185,862,100‌

3,020,797

TIAA-CREF

Quant

Small-Cap

Equity

Fund

46,097,362‌

4,521,528

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

53,625,326‌

TOTAL

U.S.

EQUITY

1,264,682,789‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

4,005,922,116‌

(Cost

$3,976,568,331)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$5,705,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

5,705,000‌

TOTAL

REPURCHASE

AGREEMENT

5,705,000‌

TOTAL

SHORT-TERM

INVESTMENTS

5,705,000‌

(Cost

$5,705,000)

TOTAL

INVESTMENTS—100.1%

4,011,627,116‌

(Cost

$3,982,273,331)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.1)%

(

4,306,198‌

)

NET

ASSETS—100.0%

$

4,007,320,918‌

51

See

Notes

to

Financial

Statements

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$220,177,904

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$5,705,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.250%

and

maturity

date

6/30/28,

valued

at

$5,819,120.

Lifecycle

2030

Fund

May

31,

2023

Portfolio

of

Investments

52

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

DIRECT

REAL

ESTATE—5.5%

21,568,848

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

8/01/16-3/15/23;

cost

$231,850,082)

$

250,198,632‌

TOTAL

DIRECT

REAL

ESTATE

250,198,632‌

FIXED

INCOME—30.8%

81,046,924

TIAA-CREF

Core

Bond

Fund

735,906,071‌

50,179,439

TIAA-CREF

Core

Plus

Bond

Fund

455,629,303‌

8,388,020

TIAA-CREF

Emerging

Markets

Debt

Fund

66,097,600‌

8,573,039

TIAA-CREF

High-Yield

Fund

70,470,380‌

9,184,613

TIAA-CREF

International

Bond

Fund

73,293,209‌

TOTAL

FIXED

INCOME

1,401,396,563‌

INFLATION-PROTECTED

ASSETS—3.1%

13,521,827

TIAA-CREF

Inflation-Linked

Bond

Fund

143,737,020‌

TOTAL

INFLATION-PROTECTED

ASSETS

143,737,020‌

INTERNATIONAL

EQUITY—19.8%

20,095,531

TIAA-CREF

Emerging

Markets

Equity

Fund

151,520,304‌

32,025,320

TIAA-CREF

International

Equity

Fund

391,989,911‌

16,847,804

TIAA-CREF

International

Opportunities

Fund

233,847,520‌

13,183,443

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

124,188,029‌

TOTAL

INTERNATIONAL

EQUITY

901,545,764‌

SHORT-TERM

FIXED

INCOME—3.2%

14,600,930

TIAA-CREF

Short-Term

Bond

Fund

144,111,178‌

TOTAL

SHORT-TERM

FIXED

INCOME

144,111,178‌

U.S.

EQUITY—37.5%

4,802,831

Nuveen

Dividend

Growth

Fund

246,337,191‌

19,132,835

Nuveen

Dividend

Value

Fund

249,300,842‌

13,486,292

Nuveen

Growth

Opportunities

ETF

288,606,649‌

17,835,078

TIAA-CREF

Growth

&

Income

Fund

249,691,089‌

14,350,257

TIAA-CREF

Large-Cap

Growth

Fund

287,722,651‌

13,208,669

TIAA-CREF

Large-Cap

Value

Fund

250,832,621‌

4,075,498

TIAA-CREF

Quant

Small-Cap

Equity

Fund

62,192,106‌

6,102,097

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

72,370,869‌

TOTAL

U.S.

EQUITY

1,707,054,018‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

4,548,043,175‌

(Cost

$4,448,700,569)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$5,385,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

5,385,000‌

TOTAL

REPURCHASE

AGREEMENT

5,385,000‌

TOTAL

SHORT-TERM

INVESTMENTS

5,385,000‌

(Cost

$5,385,000)

TOTAL

INVESTMENTS—100.0%

4,553,428,175‌

(Cost

$4,454,085,569)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

1,571,276‌

)

NET

ASSETS—100.0%

$

4,551,856,899‌

53

See

Notes

to

Financial

Statements

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$250,198,632

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$5,385,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$5,492,722.

Lifecycle

2035

Fund

May

31,

2023

Portfolio

of

Investments

54

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

DIRECT

REAL

ESTATE—5.5%

22,551,888

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

8/01/16-4/28/23;

cost

$243,148,771)

$

261,601,902‌

TOTAL

DIRECT

REAL

ESTATE

261,601,902‌

FIXED

INCOME—24.0%

65,890,667

TIAA-CREF

Core

Bond

Fund

598,287,254‌

40,799,356

TIAA-CREF

Core

Plus

Bond

Fund

370,458,148‌

6,818,871

TIAA-CREF

Emerging

Markets

Debt

Fund

53,732,707‌

6,949,826

TIAA-CREF

High-Yield

Fund

57,127,570‌

7,463,007

TIAA-CREF

International

Bond

Fund

59,554,793‌

TOTAL

FIXED

INCOME

1,139,160,472‌

INFLATION-PROTECTED

ASSETS—1.1%

5,166,593

TIAA-CREF

Inflation-Linked

Bond

Fund

54,920,887‌

TOTAL

INFLATION-PROTECTED

ASSETS

54,920,887‌

INTERNATIONAL

EQUITY—23.5%

24,905,975

TIAA-CREF

Emerging

Markets

Equity

Fund

187,791,050‌

39,798,306

TIAA-CREF

International

Equity

Fund

487,131,266‌

20,932,514

TIAA-CREF

International

Opportunities

Fund

290,543,297‌

16,347,330

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

153,991,846‌

TOTAL

INTERNATIONAL

EQUITY

1,119,457,459‌

SHORT-TERM

FIXED

INCOME—1.2%

5,574,557

TIAA-CREF

Short-Term

Bond

Fund

55,020,877‌

TOTAL

SHORT-TERM

FIXED

INCOME

55,020,877‌

U.S.

EQUITY—44.6%

5,967,131

Nuveen

Dividend

Growth

Fund

306,054,159‌

23,786,271

Nuveen

Dividend

Value

Fund

309,935,108‌

16,734,401

Nuveen

Growth

Opportunities

ETF

358,116,181‌

22,144,148

TIAA-CREF

Growth

&

Income

Fund

310,018,073‌

17,806,260

TIAA-CREF

Large-Cap

Growth

Fund

357,015,516‌

16,384,490

TIAA-CREF

Large-Cap

Value

Fund

311,141,469‌

5,091,889

TIAA-CREF

Quant

Small-Cap

Equity

Fund

77,702,224‌

7,585,641

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

89,965,707‌

TOTAL

U.S.

EQUITY

2,119,948,437‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

4,750,110,034‌

(Cost

$4,534,427,026)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$4,605,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

4,605,000‌

TOTAL

REPURCHASE

AGREEMENT

4,605,000‌

TOTAL

SHORT-TERM

INVESTMENTS

4,605,000‌

(Cost

$4,605,000)

TOTAL

INVESTMENTS—100.0%

4,754,715,034‌

(Cost

$4,539,032,026)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

1,799,167‌

)

NET

ASSETS—100.0%

$

4,752,915,867‌

55

See

Notes

to

Financial

Statements

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$261,601,902

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$4,605,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$4,697,162.

Lifecycle

2040

Fund

May

31,

2023

Portfolio

of

Investments

56

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

DIRECT

REAL

ESTATE—5.5%

27,064,610

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

8/01/16-5/19/23;

cost

$291,941,990)

$

313,949,472‌

TOTAL

DIRECT

REAL

ESTATE

313,949,472‌

FIXED

INCOME—14.8%

48,919,795

TIAA-CREF

Core

Bond

Fund

444,191,735‌

30,270,544

TIAA-CREF

Core

Plus

Bond

Fund

274,856,544‌

5,053,761

TIAA-CREF

Emerging

Markets

Debt

Fund

39,823,640‌

5,207,987

TIAA-CREF

High-Yield

Fund

42,809,652‌

5,538,383

TIAA-CREF

International

Bond

Fund

44,196,296‌

TOTAL

FIXED

INCOME

845,877,867‌

INTERNATIONAL

EQUITY—27.5%

34,877,558

TIAA-CREF

Emerging

Markets

Equity

Fund

262,976,789‌

55,695,581

TIAA-CREF

International

Equity

Fund

681,713,910‌

29,290,455

TIAA-CREF

International

Opportunities

Fund

406,551,522‌

22,882,677

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

215,554,817‌

TOTAL

INTERNATIONAL

EQUITY

1,566,797,038‌

U.S.

EQUITY—52.1%

8,343,476

Nuveen

Dividend

Growth

Fund

427,936,876‌

33,282,795

Nuveen

Dividend

Value

Fund

433,674,816‌

23,453,567

Nuveen

Growth

Opportunities

ETF

501,906,334‌

30,999,374

TIAA-CREF

Growth

&

Income

Fund

433,991,233‌

24,923,167

TIAA-CREF

Large-Cap

Growth

Fund

499,709,494‌

22,941,756

TIAA-CREF

Large-Cap

Value

Fund

435,663,948‌

7,116,115

TIAA-CREF

Quant

Small-Cap

Equity

Fund

108,591,918‌

10,616,074

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

125,906,638‌

TOTAL

U.S.

EQUITY

2,967,381,257‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

5,694,005,634‌

(Cost

$5,311,220,624)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$5,895,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

5,895,000‌

TOTAL

REPURCHASE

AGREEMENT

5,895,000‌

TOTAL

SHORT-TERM

INVESTMENTS

5,895,000‌

(Cost

$5,895,000)

TOTAL

INVESTMENTS—100.0%

5,699,900,634‌

(Cost

$5,317,115,624)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

1,000,907‌

)

NET

ASSETS—100.0%

$

5,698,899,727‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$313,949,472

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$5,895,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$6,012,907.

Portfolio

of

Investments

Lifecycle

2045

Fund

May

31,

2023

57

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

DIRECT

REAL

ESTATE—5.5%

18,766,498

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

8/01/16-5/19/23;

cost

$205,255,623)

$

217,691,379‌

TOTAL

DIRECT

REAL

ESTATE

217,691,379‌

FIXED

INCOME—7.4%

16,904,782

TIAA-CREF

Core

Bond

Fund

153,495,419‌

10,430,512

TIAA-CREF

Core

Plus

Bond

Fund

94,709,053‌

1,740,374

TIAA-CREF

Emerging

Markets

Debt

Fund

13,714,148‌

1,833,549

TIAA-CREF

High-Yield

Fund

15,071,772‌

1,908,744

TIAA-CREF

International

Bond

Fund

15,231,781‌

TOTAL

FIXED

INCOME

292,222,173‌

INTERNATIONAL

EQUITY—30.1%

26,442,916

TIAA-CREF

Emerging

Markets

Equity

Fund

199,379,589‌

42,175,206

TIAA-CREF

International

Equity

Fund

516,224,527‌

22,210,422

TIAA-CREF

International

Opportunities

Fund

308,280,663‌

17,304,193

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

163,005,500‌

TOTAL

INTERNATIONAL

EQUITY

1,186,890,279‌

U.S.

EQUITY—56.9%

6,350,603

Nuveen

Dividend

Growth

Fund

325,722,413‌

25,254,291

Nuveen

Dividend

Value

Fund

329,063,416‌

17,758,504

Nuveen

Growth

Opportunities

ETF

380,031,986‌

23,462,765

TIAA-CREF

Growth

&

Income

Fund

328,478,709‌

18,846,642

TIAA-CREF

Large-Cap

Growth

Fund

377,875,175‌

17,344,504

TIAA-CREF

Large-Cap

Value

Fund

329,372,131‌

5,394,681

TIAA-CREF

Quant

Small-Cap

Equity

Fund

82,322,838‌

8,043,865

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

95,400,240‌

TOTAL

U.S.

EQUITY

2,248,266,908‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

3,945,070,739‌

(Cost

$3,605,572,204)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$4,700,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

4,700,000‌

TOTAL

REPURCHASE

AGREEMENT

4,700,000‌

TOTAL

SHORT-TERM

INVESTMENTS

4,700,000‌

(Cost

$4,700,000)

TOTAL

INVESTMENTS—100.0%

3,949,770,739‌

(Cost

$3,610,272,204)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

227,648‌

)

NET

ASSETS—100.0%

$

3,949,543,091‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$217,691,379

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$4,700,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$4,794,038.

Lifecycle

2050

Fund

May

31,

2023

Portfolio

of

Investments

58

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

DIRECT

REAL

ESTATE—5.5%

14,572,111

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

8/01/16-5/19/23;

cost

$161,225,055)

$

169,036,492‌

TOTAL

DIRECT

REAL

ESTATE

169,036,492‌

FIXED

INCOME—3.9%

6,906,775

TIAA-CREF

Core

Bond

Fund

62,713,517‌

4,299,214

TIAA-CREF

Core

Plus

Bond

Fund

39,036,863‌

718,631

TIAA-CREF

Emerging

Markets

Debt

Fund

5,662,814‌

815,343

TIAA-CREF

High-Yield

Fund

6,702,118‌

788,840

TIAA-CREF

International

Bond

Fund

6,294,940‌

TOTAL

FIXED

INCOME

120,410,252‌

INTERNATIONAL

EQUITY—31.3%

21,364,450

TIAA-CREF

Emerging

Markets

Equity

Fund

161,087,953‌

34,028,145

TIAA-CREF

International

Equity

Fund

416,504,492‌

17,921,746

TIAA-CREF

International

Opportunities

Fund

248,753,836‌

13,947,790

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

131,388,179‌

TOTAL

INTERNATIONAL

EQUITY

957,734,460‌

U.S.

EQUITY—59.2%

5,131,194

Nuveen

Dividend

Growth

Fund

263,178,957‌

20,371,117

Nuveen

Dividend

Value

Fund

265,435,660‌

14,324,172

Nuveen

Growth

Opportunities

ETF

306,537,281‌

18,925,496

TIAA-CREF

Growth

&

Income

Fund

264,956,947‌

15,229,425

TIAA-CREF

Large-Cap

Growth

Fund

305,349,978‌

14,012,305

TIAA-CREF

Large-Cap

Value

Fund

266,093,664‌

4,353,240

TIAA-CREF

Quant

Small-Cap

Equity

Fund

66,430,438‌

6,495,722

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

77,039,261‌

TOTAL

U.S.

EQUITY

1,815,022,186‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

3,062,203,390‌

(Cost

$2,840,990,729)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$3,630,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

3,630,000‌

TOTAL

REPURCHASE

AGREEMENT

3,630,000‌

TOTAL

SHORT-TERM

INVESTMENTS

3,630,000‌

(Cost

$3,630,000)

TOTAL

INVESTMENTS—100.0%

3,065,833,390‌

(Cost

$2,844,620,729)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

77,977‌

)

NET

ASSETS—100.0%

$

3,065,755,413‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$169,036,492

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$3,630,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$3,702,624.

Portfolio

of

Investments

Lifecycle

2055

Fund

May

31,

2023

59

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%a

DIRECT

REAL

ESTATE—5.5%

6,963,219

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

8/01/16-5/19/23;

cost

$78,681,455)

$

80,773,342‌

TOTAL

DIRECT

REAL

ESTATE

80,773,342‌

FIXED

INCOME—2.7%

2,246,784

TIAA-CREF

Core

Bond

Fund

20,400,795‌

1,399,153

TIAA-CREF

Core

Plus

Bond

Fund

12,704,305‌

231,508

TIAA-CREF

Emerging

Markets

Debt

Fund

1,824,286‌

278,471

TIAA-CREF

High-Yield

Fund

2,289,034‌

251,956

TIAA-CREF

International

Bond

Fund

2,010,606‌

TOTAL

FIXED

INCOME

39,229,026‌

INTERNATIONAL

EQUITY—31.6%

10,346,805

TIAA-CREF

Emerging

Markets

Equity

Fund

78,014,913‌

16,489,325

TIAA-CREF

International

Equity

Fund

201,829,340‌

8,674,512

TIAA-CREF

International

Opportunities

Fund

120,402,225‌

6,777,456

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

63,843,634‌

TOTAL

INTERNATIONAL

EQUITY

464,090,112‌

U.S.

EQUITY—60.0%

2,483,960

Nuveen

Dividend

Growth

Fund

127,402,299‌

9,887,220

Nuveen

Dividend

Value

Fund

128,830,473‌

6,923,403

Nuveen

Growth

Opportunities

ETF

148,160,824‌

9,160,257

TIAA-CREF

Growth

&

Income

Fund

128,243,594‌

7,388,957

TIAA-CREF

Large-Cap

Growth

Fund

148,148,583‌

6,780,162

TIAA-CREF

Large-Cap

Value

Fund

128,755,273‌

2,105,545

TIAA-CREF

Quant

Small-Cap

Equity

Fund

32,130,614‌

3,143,718

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

37,284,490‌

TOTAL

U.S.

EQUITY

878,956,150‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

1,463,048,630‌

(Cost

$1,398,847,218)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.2%

REPURCHASE

AGREEMENT—0.2%

$2,935,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

2,935,000‌

TOTAL

REPURCHASE

AGREEMENT

2,935,000‌

TOTAL

SHORT-TERM

INVESTMENTS

2,935,000‌

(Cost

$2,935,000)

TOTAL

INVESTMENTS—100.0%

1,465,983,630‌

(Cost

$1,401,782,218)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

337,998‌

)

NET

ASSETS—100.0%

$

1,465,645,632‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$80,773,342

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$2,935,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$2,993,782.

Lifecycle

2060

Fund

May

31,

2023

Portfolio

of

Investments

60

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.7%a

DIRECT

REAL

ESTATE—5.5%

2,508,056

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

8/01/16-5/19/23;

cost

$29,067,206)

$

29,093,445‌

TOTAL

DIRECT

REAL

ESTATE

29,093,445‌

FIXED

INCOME—1.4%

431,974

TIAA-CREF

Core

Bond

Fund

3,922,323‌

265,963

TIAA-CREF

Core

Plus

Bond

Fund

2,414,944‌

44,533

TIAA-CREF

Emerging

Markets

Debt

Fund

350,920‌

55,382

TIAA-CREF

High-Yield

Fund

455,243‌

47,430

TIAA-CREF

International

Bond

Fund

378,488‌

TOTAL

FIXED

INCOME

7,521,918‌

INTERNATIONAL

EQUITY—32.1%

3,773,553

TIAA-CREF

Emerging

Markets

Equity

Fund

28,452,591‌

6,017,663

TIAA-CREF

International

Equity

Fund

73,656,200‌

3,165,548

TIAA-CREF

International

Opportunities

Fund

43,937,811‌

2,477,891

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

23,341,734‌

TOTAL

INTERNATIONAL

EQUITY

169,388,336‌

U.S.

EQUITY—60.7%

910,871

Nuveen

Dividend

Growth

Fund

46,718,585‌

3,605,803

Nuveen

Dividend

Value

Fund

46,983,616‌

2,519,658

Nuveen

Growth

Opportunities

ETF

53,920,681‌

3,339,624

TIAA-CREF

Growth

&

Income

Fund

46,754,736‌

2,703,524

TIAA-CREF

Large-Cap

Growth

Fund

54,205,662‌

2,474,340

TIAA-CREF

Large-Cap

Value

Fund

46,987,709‌

767,751

TIAA-CREF

Quant

Small-Cap

Equity

Fund

11,715,880‌

1,146,308

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

13,595,208‌

TOTAL

U.S.

EQUITY

320,882,077‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

526,885,776‌

(Cost

$519,280,079)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.2%

REPURCHASE

AGREEMENT—0.2%

$880,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

880,000‌

TOTAL

REPURCHASE

AGREEMENT

880,000‌

TOTAL

SHORT-TERM

INVESTMENTS

880,000‌

(Cost

$880,000)

TOTAL

INVESTMENTS—99.9%

527,765,776‌

(Cost

$520,160,079)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

322,638‌

NET

ASSETS—100.0%

$

528,088,414‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$29,093,445

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$880,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$897,629.

Portfolio

of

Investments

Lifecycle

2065

Fund

May

31,

2023

61

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%a

DIRECT

REAL

ESTATE—5.5%

200,173

b

TIAA-CREF

Real

Property

Fund

LP

(purchased

9/30/20-5/19/23;

cost

$2,473,644)

$

2,322,008‌

TOTAL

DIRECT

REAL

ESTATE

2,322,008‌

FIXED

INCOME—0.2%

4,515

TIAA-CREF

Core

Bond

Fund

41,000‌

2,797

TIAA-CREF

Core

Plus

Bond

Fund

25,396‌

466

TIAA-CREF

Emerging

Markets

Debt

Fund

3,675‌

472

TIAA-CREF

High-Yield

Fund

3,879‌

509

TIAA-CREF

International

Bond

Fund

4,065‌

TOTAL

FIXED

INCOME

78,015‌

INTERNATIONAL

EQUITY—32.6%

306,744

TIAA-CREF

Emerging

Markets

Equity

Fund

2,312,850‌

487,433

TIAA-CREF

International

Equity

Fund

5,966,180‌

256,760

TIAA-CREF

International

Opportunities

Fund

3,563,824‌

200,924

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

1,892,706‌

TOTAL

INTERNATIONAL

EQUITY

13,735,560‌

U.S.

EQUITY—61.5%

73,538

Nuveen

Dividend

Growth

Fund

3,771,778‌

291,131

Nuveen

Dividend

Value

Fund

3,793,442‌

202,879

Nuveen

Growth

Opportunities

ETF

4,341,611‌

269,385

TIAA-CREF

Growth

&

Income

Fund

3,771,390‌

219,023

TIAA-CREF

Large-Cap

Growth

Fund

4,391,410‌

199,916

TIAA-CREF

Large-Cap

Value

Fund

3,796,407‌

61,857

TIAA-CREF

Quant

Small-Cap

Equity

Fund

943,942‌

92,716

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

1,099,613‌

TOTAL

U.S.

EQUITY

25,909,593‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

42,045,176‌

(Cost

$41,314,996)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.5%

REPURCHASE

AGREEMENT—0.5%

$220,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

220,000‌

TOTAL

REPURCHASE

AGREEMENT

220,000‌

TOTAL

SHORT-TERM

INVESTMENTS

220,000‌

(Cost

$220,000)

TOTAL

INVESTMENTS—100.3%

42,265,176‌

(Cost

$41,534,996)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.3)%

(

143,484‌

)

NET

ASSETS—100.0%

$

42,121,692‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

b

Restricted

security.

At

5/31/23,

the

total

value

of

this

security

amounted

to

$2,322,008

or

5.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$220,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$224,491.

Statements

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

62

May

31,

2023

12.1

Lifecycle

Retirement

Income

Fund

12.2

Lifecycle

2010

Fund

12.3

Lifecycle

2015

Fund

12.4

Lifecycle

2020

Fund

ASSETS

Affiliated

investments,

at

value

‡

$

445,495,469‌

$

856,133,588‌

$

1,227,744,301‌

$

2,707,519,469‌

Short-term

investments,

at

value

#

455,000‌

590,000‌

620,000‌

2,485,000‌

Cash

1,709‌

1,594‌

2,292‌

1,459‌

Due

from

affiliates

72,512‌

134,881‌

206,493‌

392,361‌

Receivables:

Dividends

and

interest

734,023‌

1,493,521‌

1,971,932‌

4,085,698‌

Fund

shares

sold

286,033‌

935,399‌

1,339,687‌

93,948‌

Investments

sold

925,744‌

1,877,182‌

3,131,415‌

7,378,659‌

Other

21,829‌

75,780‌

109,876‌

171,002‌

Total

assets

447,992,319‌

861,241,945‌

1,235,125,996‌

2,722,127,596‌

LIABILITIES

Management

fees

payable

147,247‌

285,728‌

408,593‌

913,383‌

Service

agreement

fees

payable

28,912‌

52,788‌

73,028‌

138,410‌

Distribution

fees

payable

28,311‌

5,232‌

7,302‌

18,360‌

Due

to

affiliates

10,575‌

10,139‌

11,170‌

15,294‌

Payables:

Fund

shares

redeemed

1,486,728‌

1,137,642‌

2,437,041‌

3,533,791‌

Investments

purchased

-

regular

settlement

1,647,297‌

3,058,921‌

4,435,466‌

11,113,559‌

Trustee

compensation

21,771‌

75,711‌

109,778‌

170,792‌

Accrued

expenses

and

other

payables

17,731‌

21,178‌

28,229‌

58,216‌

Total

liabilities

3,388,572‌

4,647,339‌

7,510,607‌

15,961,805‌

Net

assets

$

444,603,747‌

$

856,594,606‌

$

1,227,615,389‌

$

2,706,165,791‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

459,263,232‌

$

857,524,498‌

$

1,290,368,686‌

$

2,815,494,600‌

Total

distributable

earnings

(loss)

(

14,659,485‌

)

(

929,892‌

)

(

62,753,297‌

)

(

109,328,809‌

)

Net

assets

$

444,603,747‌

$

856,594,606‌

$

1,227,615,389‌

$

2,706,165,791‌

‡

Affiliated

investments,

cost

$

441,411,818‌

$

830,510,366‌

$

1,246,016,632‌

$

2,721,006,080‌

#

Short-term

investments,

cost

$

455,000‌

$

590,000‌

$

620,000‌

$

2,485,000‌

INSTITUTIONAL

CLASS:

Net

assets

$

171,457,187‌

$

570,203,144‌

$

831,506,517‌

$

1,921,358,979‌

Shares

outstanding

16,427,641‌

59,856,860‌

97,869,698‌

218,988,920‌

Net

asset

value

per

share

$

10

.44‌

$

9

.53‌

$

8

.50‌

$

8

.77‌

ADVISOR

CLASS:

Net

assets

$

317,362‌

$

145,559‌

$

381,427‌

$

694,656‌

Shares

outstanding

30,400‌

15,237‌

44,945‌

79,234‌

Net

asset

value

per

share

$

10

.44‌

$

9

.55‌

$

8

.49‌

$

8

.77‌

PREMIER

CLASS:

Net

assets

$

15,207,091‌

$

40,794,439‌

$

56,724,393‌

$

141,676,476‌

Shares

outstanding

1,457,684‌

4,292,532‌

6,708,031‌

16,190,262‌

Net

asset

value

per

share

$

10

.43‌

$

9

.50‌

$

8

.46‌

$

8

.75‌

RETIREMENT

CLASS:

Net

assets

$

133,676,355‌

$

245,451,464‌

$

339,003,052‌

$

642,435,680‌

Shares

outstanding

12,843,494‌

20,516,342‌

30,000,002‌

53,335,831‌

Net

asset

value

per

share

$

10

.41‌

$

11

.96‌

$

11

.30‌

$

12

.05‌

RETAIL

CLASS:

Net

assets

$

123,945,752‌

$

–‌

$

–‌

$

–‌

Shares

outstanding

11,894,291‌

–‌

–‌

–‌

Net

asset

value

per

share

$

10

.42‌

$

–‌

$

–‌

$

–‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

See

Notes

to

Financial

Statements

63

12.5

Lifecycle

2025

Fund

12.6

Lifecycle

2030

Fund

12.7

Lifecycle

2035

Fund

12.8

Lifecycle

2040

Fund

12.9

Lifecycle

2045

Fund

13.01

Lifecycle

2050

Fund

$

4,005,922,116‌

$

4,548,043,175‌

$

4,750,110,034‌

$

5,694,005,634‌

$

3,945,070,739‌

$

3,062,203,390‌

5,705,000‌

5,385,000‌

4,605,000‌

5,895,000‌

4,700,000‌

3,630,000‌

1,590‌

3,426‌

4,442‌

2,707‌

2,789‌

770‌

543,474‌

603,505‌

677,713‌

905,317‌

629,435‌

518,893‌

5,399,381‌

5,066,330‌

3,907,052‌

2,778,459‌

972,362‌

413,544‌

2,849,017‌

2,664,329‌

2,012,953‌

3,961,283‌

2,778,954‌

2,292,861‌

12,830,422‌

16,523,964‌

19,935,707‌

25,572,007‌

17,020,613‌

13,124,368‌

184,492‌

182,155‌

183,747‌

235,562‌

93,901‌

60,722‌

4,033,435,492‌

4,578,471,884‌

4,781,436,648‌

5,733,355,969‌

3,971,268,793‌

3,082,244,548‌

1,366,745‌

1,576,785‌

1,674,062‌

2,037,852‌

1,419,037‌

1,103,969‌

181,601‌

192,859‌

182,860‌

212,277‌

124,516‌

88,904‌

28,198‌

31,517‌

33,645‌

38,880‌

28,699‌

20,836‌

18,776‌

20,066‌

20,469‌

23,042‌

18,196‌

15,778‌

4,492,211‌

2,252,253‌

2,758,570‌

3,337,753‌

1,254,698‌

1,053,514‌

19,761,381‌

22,271,919‌

23,578,874‌

28,467,671‌

18,716,994‌

14,088,590‌

184,185‌

181,807‌

183,387‌

235,142‌

93,611‌

60,497‌

81,477‌

87,779‌

88,914‌

103,625‌

69,951‌

57,047‌

26,114,574‌

26,614,985‌

28,520,781‌

34,456,242‌

21,725,702‌

16,489,135‌

$

4,007,320,918‌

$

4,551,856,899‌

$

4,752,915,867‌

$

5,698,899,727‌

$

3,949,543,091‌

$

3,065,755,413‌

$

4,140,411,479‌

$

4,647,747,966‌

$

4,774,309,392‌

$

5,612,996,763‌

$

3,806,066,226‌

$

2,981,492,693‌

(

133,090,561‌

)

(

95,891,067‌

)

(

21,393,525‌

)

85,902,964‌

143,476,865‌

84,262,720‌

$

4,007,320,918‌

$

4,551,856,899‌

$

4,752,915,867‌

$

5,698,899,727‌

$

3,949,543,091‌

$

3,065,755,413‌

$

3,976,568,331‌

$

4,448,700,569‌

$

4,534,427,026‌

$

5,311,220,624‌

$

3,605,572,204‌

$

2,840,990,729‌

$

5,705,000‌

$

5,385,000‌

$

4,605,000‌

$

5,895,000‌

$

4,700,000‌

$

3,630,000‌

$

2,939,672,237‌

$

3,405,402,851‌

$

3,634,034,292‌

$

4,401,861,490‌

$

3,141,513,701‌

$

2,485,183,468‌

323,223,597‌

370,275,561‌

388,769,689‌

470,763,982‌

268,680,668‌

207,583,948‌

$

9

.09‌

$

9

.20‌

$

9

.35‌

$

9

.35‌

$

11

.69‌

$

11

.97‌

$

854,885‌

$

596,641‌

$

597,317‌

$

367,202‌

$

565,094‌

$

331,125‌

94,038‌

64,876‌

64,011‌

39,324‌

48,347‌

27,642‌

$

9

.09‌

$

9

.20‌

$

9

.33‌

$

9

.34‌

$

11

.69‌

$

11

.98‌

$

221,273,458‌

$

246,776,168‌

$

264,691,797‌

$

305,163,626‌

$

225,585,645‌

$

163,683,877‌

24,459,567‌

27,000,642‌

28,423,461‌

32,756,820‌

19,406,429‌

13,738,413‌

$

9

.05‌

$

9

.14‌

$

9

.31‌

$

9

.32‌

$

11

.62‌

$

11

.91‌

$

845,520,338‌

$

899,081,239‌

$

853,592,461‌

$

991,507,409‌

$

581,878,651‌

$

416,556,943‌

66,654,721‌

68,017,630‌

61,506,235‌

68,567,152‌

50,301,084‌

35,175,888‌

$

12

.69‌

$

13

.22‌

$

13

.88‌

$

14

.46‌

$

11

.57‌

$

11

.84‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

Statements

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

64

(continued)

(continued)

Statements

of

Assets

and

Liabilities

(continued)

May

31,

2023

13.1

Lifecycle

2055

Fund

13.2

Lifecycle

2060

Fund

13.3

Lifecycle

2065

Fund

ASSETS

Affiliated

investments,

at

value

‡

$

1,463,048,630‌

$

526,885,776‌

$

42,045,176‌

Short-term

investments,

at

value

#

2,935,000‌

880,000‌

220,000‌

Cash

180‌

100‌

2,202‌

Due

from

affiliates

257,247‌

103,189‌

23,423‌

Receivables:

Dividends

and

interest

137,705‌

28,065‌

557‌

Fund

shares

sold

1,746,124‌

819,889‌

58,804‌

Investments

sold

6,049,593‌

2,160,114‌

128,693‌

Other

18,174‌

3,768‌

93‌

Total

assets

1,474,192,653‌

530,880,901‌

42,478,948‌

LIABILITIES

Management

fees

payable

526,269‌

188,667‌

14,834‌

Service

agreement

fees

payable

41,364‌

14,371‌

1,550‌

Distribution

fees

payable

10,366‌

2,961‌

364‌

Due

to

affiliates

11,510‌

9,035‌

7,830‌

Payables:

Fund

shares

redeemed

257,824‌

21,242‌

20,178‌

Investments

purchased

-

regular

settlement

7,649,733‌

2,537,148‌

308,222‌

Trustee

compensation

18,067‌

3,727‌

81‌

Accrued

expenses

and

other

payables

31,888‌

15,336‌

4,197‌

Total

liabilities

8,547,021‌

2,792,487‌

357,256‌

Net

assets

$

1,465,645,632‌

$

528,088,414‌

$

42,121,692‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

1,463,829,123‌

$

543,939,667‌

$

43,178,748‌

Total

distributable

earnings

(loss)

1,816,509‌

(

15,851,253‌

)

(

1,057,056‌

)

Net

assets

$

1,465,645,632‌

$

528,088,414‌

$

42,121,692‌

‡

Affiliated

investments,

cost

$

1,398,847,218‌

$

519,280,079‌

$

41,314,996‌

#

Short-term

investments,

cost

$

2,935,000‌

$

880,000‌

$

220,000‌

INSTITUTIONAL

CLASS:

Net

assets

$

1,189,521,226‌

$

436,208,988‌

$

31,199,115‌

Shares

outstanding

83,931,736‌

35,678,720‌

2,962,292‌

Net

asset

value

per

share

$

14

.17‌

$

12

.23‌

$

10

.53‌

ADVISOR

CLASS:

Net

assets

$

333,704‌

$

396,786‌

$

540,511‌

Shares

outstanding

23,555‌

32,487‌

52,252‌

Net

asset

value

per

share

$

14

.17‌

$

12

.21‌

$

10

.34‌

PREMIER

CLASS:

Net

assets

$

81,671,154‌

$

23,599,565‌

$

2,921,946‌

Shares

outstanding

5,789,416‌

1,935,708‌

281,225‌

Net

asset

value

per

share

$

14

.11‌

$

12

.19‌

$

10

.39‌

RETIREMENT

CLASS:

Net

assets

$

194,119,548‌

$

67,883,075‌

$

7,460,120‌

Shares

outstanding

13,772,899‌

5,578,822‌

708,493‌

Net

asset

value

per

share

$

14

.09‌

$

12

.17‌

$

10

.53‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

Statements

of

Operations

See

Notes

to

Financial

Statements

66

Year

Ended

May

31,

2023

12.1

Lifecycle

Retirement

Income

Fund

12.2

Lifecycle

2010

Fund

12.3

Lifecycle

2015

Fund

12.4

Lifecycle

2020

Fund

12.5

Lifecycle

2025

Fund

INVESTMENT

INCOME

Dividends

from

affiliated

investments

$

18,873,363‌

$

35,853,296‌

$

50,573,355‌

$

107,005,226‌

$

147,460,535‌

Total

investment

income

18,873,363‌

35,853,296‌

50,573,355‌

107,005,226‌

147,460,535‌

EXPENSES

Management

fees

1,809,643‌

3,521,493‌

4,994,207‌

11,113,155‌

16,442,485‌

12b-1

distribution

and

service

fees

—

Premier

Class

23,638‌

66,833‌

93,963‌

222,836‌

332,247‌

12b-1

distribution

and

service

fees

—

Retail

Class

310,822‌

–‌

–‌

–‌

–‌

Shareholder

servicing

agent

fees

—

Institutional

Class

852‌

979‌

1,247‌

2,479‌

3,549‌

Shareholder

servicing

agent

fees

—

Advisor

Class

353‌

119‌

418‌

564‌

585‌

Shareholder

servicing

agent

fees

—

Premier

Class

103‌

83‌

88‌

164‌

208‌

Shareholder

servicing

agent

fees

—

Retirement

Class

357,152‌

657,122‌

891,609‌

1,712,990‌

2,218,769‌

Shareholder

servicing

agent

fees

—

Retail

Class

33,995‌

–‌

–‌

–‌

–‌

Administrative

service

fees

51,278‌

49,484‌

54,491‌

74,824‌

92,334‌

Trustees

fees

7,793‌

15,089‌

21,415‌

47,140‌

68,764‌

Custodian

fees

9,488‌

9,535‌

9,528‌

9,551‌

9,589‌

Overdraft

expense

3,575‌

7,071‌

5,009‌

5,747‌

7,237‌

Professional

fees

14,037‌

10,746‌

20,716‌

25,840‌

30,669‌

Registration

fees

73,069‌

61,721‌

63,800‌

65,640‌

70,385‌

Shareholder

reporting

expenses

26,418‌

37,100‌

41,574‌

69,408‌

93,462‌

Other

105,018‌

182,890‌

241,436‌

496,304‌

704,492‌

Total

expenses

2,827,234‌

4,620,265‌

6,439,501‌

13,846,642‌

20,074,775‌

Expenses

reimbursed

by

the

investment

adviser

(

243,051‌

)

(

215,956‌

)

(

246,634‌

)

(

339,184‌

)

(

421,467‌

)

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

(

607,675‌

)

(

1,466,385‌

)

(

1,720,345‌

)

(

3,800,369‌

)

(

5,625,660‌

)

Net

expenses

1,976,508‌

2,937,924‌

4,472,522‌

9,707,089‌

14,027,648‌

Net

investment

income

(loss)

16,896,855‌

32,915,372‌

46,100,833‌

97,298,137‌

133,432,887‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Affiliated

investments

(

16,494,617‌

)

(

22,262,933‌

)

(

43,087,207‌

)

(

100,485,364‌

)

(

181,180,873‌

)

Distributions

from

affiliated

investments

4,002,174‌

7,455,838‌

11,461,745‌

27,786,612‌

46,269,806‌

Net

realized

gain

(loss)

(

12,492,443‌

)

(

14,807,095‌

)

(

31,625,462‌

)

(

72,698,752‌

)

(

134,911,067‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Affiliated

investments

(

9,777,999‌

)

(

26,665,614‌

)

(

28,045,999‌

)

(

51,635,367‌

)

(

29,440,657‌

)

Net

change

in

unrealized

appreciation

(depreciation)

(

9,777,999‌

)

(

26,665,614‌

)

(

28,045,999‌

)

(

51,635,367‌

)

(

29,440,657‌

)

Net

realized

and

unrealized

gain

(loss)

(

22,270,442‌

)

(

41,472,709‌

)

(

59,671,461‌

)

(

124,334,119‌

)

(

164,351,724‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

(

5,373,587‌

)

$

(

8,557,337‌

)

$

(

13,570,628‌

)

$

(

27,035,982‌

)

$

(

30,918,837‌

)

See

Notes

to

Financial

Statements

67

12.6

Lifecycle

2030

Fund

12.7

Lifecycle

2035

Fund

12.8

Lifecycle

2040

Fund

12.9

Lifecycle

2045

Fund

13.01

Lifecycle

2050

Fund

13.1

Lifecycle

2055

Fund

13.2

Lifecycle

2060

Fund

$

151,307,692‌

$

141,950,397‌

$

153,316,691‌

$

95,300,677‌

$

69,426,013‌

$

31,608,027‌

$

10,448,654‌

151,307,692‌

141,950,397‌

153,316,691‌

95,300,677‌

69,426,013‌

31,608,027‌

10,448,654‌

18,512,328‌

19,358,599‌

23,264,753‌

15,891,274‌

12,130,547‌

5,622,961‌

1,907,465‌

373,700‌

389,665‌

445,218‌

324,208‌

231,094‌

113,675‌

30,643‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

3,772‌

3,963‌

4,640‌

3,594‌

3,168‌

2,339‌

1,451‌

404‌

486‌

239‌

222‌

307‌

143‌

192‌

240‌

233‌

271‌

204‌

175‌

124‌

90‌

2,328,624‌

2,160,543‌

2,538,141‌

1,451,809‌

1,038,854‌

472,879‌

153,479‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

98,634‌

100,515‌

112,475‌

88,656‌

76,651‌

55,779‌

43,734‌

76,219‌

78,501‌

93,388‌

63,335‌

48,140‌

22,186‌

7,444‌

9,531‌

9,547‌

9,561‌

9,552‌

9,589‌

9,565‌

9,587‌

9,106‌

12,374‌

12,020‌

9,384‌

7,748‌

2,747‌

1,270‌

32,350‌

32,868‌

35,862‌

29,855‌

26,734‌

21,337‌

18,174‌

67,871‌

71,768‌

69,811‌

69,998‌

65,704‌

63,955‌

62,322‌

101,270‌

104,137‌

121,624‌

90,510‌

79,430‌

53,501‌

37,016‌

768,610‌

779,213‌

910,949‌

620,009‌

477,892‌

238,495‌

98,745‌

22,382,659‌

23,102,412‌

27,618,952‌

18,652,610‌

14,196,033‌

6,679,686‌

2,371,612‌

(

446,201‌

)

(

459,247‌

)

(

514,085‌

)

(

408,433‌

)

(

358,150‌

)

(

269,239‌

)

(

211,871‌

)

(

6,757,957‌

)

(

7,550,969‌

)

(

9,915,521‌

)

(

6,854,203‌

)

(

5,506,916‌

)

(

2,549,013‌

)

(

878,172‌

)

15,178,501‌

15,092,196‌

17,189,346‌

11,389,974‌

8,330,967‌

3,861,434‌

1,281,569‌

136,129,191‌

126,858,201‌

136,127,345‌

83,910,703‌

61,095,046‌

27,746,593‌

9,167,085‌

(

235,022,353‌

)

(

284,281,096‌

)

(

362,665,726‌

)

(

237,449,960‌

)

(

174,186,446‌

)

(

80,299,899‌

)

(

27,607,662‌

)

59,937,103‌

72,583,737‌

100,905,209‌

74,689,356‌

59,315,921‌

27,963,520‌

9,576,710‌

(

175,085,250‌

)

(

211,697,359‌

)

(

261,760,517‌

)

(

162,760,604‌

)

(

114,870,525‌

)

(

52,336,379‌

)

(

18,030,952‌

)

19,097,350‌

87,567,127‌

158,488,550‌

106,650,067‌

79,311,487‌

41,249,140‌

17,260,266‌

19,097,350‌

87,567,127‌

158,488,550‌

106,650,067‌

79,311,487‌

41,249,140‌

17,260,266‌

(

155,987,900‌

)

(

124,130,232‌

)

(

103,271,967‌

)

(

56,110,537‌

)

(

35,559,038‌

)

(

11,087,239‌

)

(

770,686‌

)

$

(

19,858,709‌

)

$

2,727,969‌

$

32,855,378‌

$

27,800,166‌

$

25,536,008‌

$

16,659,354‌

$

8,396,399‌

Statements

of

Operations

(continued)

See

Notes

to

Financial

Statements

68

(continued)

(continued)

Statements

of

Operations

(continued)

Year

Ended

May

31,

2023

13.3

Lifecycle

2065

Fund

INVESTMENT

INCOME

Dividends

from

affiliated

investments

$

657,128‌

Total

investment

income

657,128‌

EXPENSES

Management

fees

127,453‌

12b-1

distribution

and

service

fees

—

Premier

Class

3,613‌

Shareholder

servicing

agent

fees

—

Institutional

Class

348‌

Shareholder

servicing

agent

fees

—

Advisor

Class

44‌

Shareholder

servicing

agent

fees

—

Premier

Class

48‌

Shareholder

servicing

agent

fees

—

Retirement

Class

13,320‌

Administrative

service

fees

37,951‌

Trustees

fees

472‌

Custodian

fees

9,484‌

Overdraft

expense

561‌

Professional

fees

15,139‌

Registration

fees

58,227‌

Shareholder

reporting

expenses

20,605‌

Other

24,678‌

Total

expenses

311,943‌

Expenses

reimbursed

by

the

investment

adviser

(

162,621‌

)

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

(

60,837‌

)

Net

expenses

88,485‌

Net

investment

income

(loss)

568,643‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Portfolio

investments

3,589‌

Affiliated

investments

(

2,412,130‌

)

Distributions

from

affiliated

investments

620,253‌

Net

realized

gain

(loss)

(

1,788,288‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Affiliated

investments

2,268,463‌

Net

change

in

unrealized

appreciation

(depreciation)

2,268,463‌

Net

realized

and

unrealized

gain

(loss)

480,175‌

Net

increase

(decrease)

in

net

assets

from

operations

$

1,048,818‌

Statements

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

70

12.1

Lifecycle

Retirement

Income

Fund

12.2

Lifecycle

2010

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

OPERATIONS

Net

investment

income

(loss)

$

16,896,855‌

$

13,549,031‌

$

32,915,372‌

$

26,941,619‌

Net

realized

gain

(loss)

(

12,492,443‌

)

22,447,482‌

(

14,807,095‌

)

59,492,400‌

Net

change

in

unrealized

appreciation

(depreciation)

(

9,777,999‌

)

(

74,014,563‌

)

(

26,665,614‌

)

(

158,163,873‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

5,373,587‌

)

(

38,018,050‌

)

(

8,557,337‌

)

(

71,729,854‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

–‌

Dividends:

Institutional

Class

(

11,259,252‌

)

(

20,368,059‌

)

(

41,117,299‌

)

(

79,301,833‌

)

Advisor

Class

(

23,042‌

)

(

77,250‌

)

(

10,477‌

)

(

17,924‌

)

Premier

Class

(

904,603‌

)

(

1,323,354‌

)

(

3,091,298‌

)

(

5,444,960‌

)

Retirement

Class

(

8,148,119‌

)

(

13,344,233‌

)

(

14,318,674‌

)

(

26,904,852‌

)

Retail

Class

(

7,048,385‌

)

(

10,319,340‌

)

–‌

–‌

Total

distributions

(

27,383,401‌

)

(

45,432,236‌

)

(

58,537,748‌

)

(

111,669,569‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

27,266,035‌

89,806,748‌

43,352,031‌

82,143,456‌

Reinvestments

of

distributions

27,107,363‌

44,964,764‌

58,525,779‌

111,648,177‌

Redemptions

(

106,247,110‌

)

(

131,097,497‌

)

(

220,067,090‌

)

(

251,472,503‌

)

Net

increase

(decrease)

from

shareholder

transactions

(

51,873,712‌

)

3,674,015‌

(

118,189,280‌

)

(

57,680,870‌

)

Net

increase

(decrease)

in

net

assets

(

84,630,700‌

)

(

79,776,271‌

)

(

185,284,365‌

)

(

241,080,293‌

)

NET

ASSETS

Beginning

of

period

529,234,447‌

609,010,718‌

1,041,878,971‌

1,282,959,264‌

End

of

period

$

444,603,747‌

$

529,234,447‌

$

856,594,606‌

$

1,041,878,971‌

See

Notes

to

Financial

Statements

71

12.3

Lifecycle

2015

Fund

12.4

Lifecycle

2020

Fund

12.5

Lifecycle

2025

Fund

12.6

Lifecycle

2030

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

$

46,100,833‌

$

37,029,996‌

$

97,298,137‌

$

77,599,618‌

$

133,432,887‌

$

103,083,676‌

$

136,129,191‌

$

102,981,829‌

(

31,625,462‌

)

87,533,157‌

(

72,698,752‌

)

203,490,472‌

(

134,911,067‌

)

319,406,199‌

(

175,085,250‌

)

394,904,054‌

(

28,045,999‌

)

(

228,041,271‌

)

(

51,635,367‌

)

(

525,099,654‌

)

(

29,440,657‌

)

(

798,711,133‌

)

19,097,350‌

(

935,032,311‌

)

(

13,570,628‌

)

(

103,478,118‌

)

(

27,035,982‌

)

(

244,009,564‌

)

(

30,918,837‌

)

(

376,221,258‌

)

(

19,858,709‌

)

(

437,146,428‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

59,331,850‌

)

(

106,959,992‌

)

(

139,123,559‌

)

(

256,343,041‌

)

(

220,770,603‌

)

(

380,804,874‌

)

(

257,578,243‌

)

(

437,831,967‌

)

(

26,173‌

)

(

39,839‌

)

(

48,155‌

)

(

53,457‌

)

(

48,996‌

)

(

43,970‌

)

(

37,638‌

)

(

61,587‌

)

(

4,190,586‌

)

(

7,688,659‌

)

(

10,166,282‌

)

(

18,654,021‌

)

(

16,314,664‌

)

(

26,753,172‌

)

(

19,099,591‌

)

(

29,995,512‌

)

(

17,976,483‌

)

(

32,608,089‌

)

(

33,813,771‌

)

(

64,591,406‌

)

(

46,297,782‌

)

(

79,998,508‌

)

(

48,611,349‌

)

(

85,359,273‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

81,525,092‌

)

(

147,296,579‌

)

(

183,151,767‌

)

(

339,641,925‌

)

(

283,432,045‌

)

(

487,600,524‌

)

(

325,326,821‌

)

(

553,248,339‌

)

60,512,164‌

84,091,804‌

106,270,733‌

213,364,095‌

215,944,262‌

363,369,368‌

319,848,118‌

456,945,260‌

81,392,446‌

147,094,070‌

182,870,392‌

339,188,185‌

282,274,672‌

485,809,372‌

324,717,080‌

552,436,421‌

(

290,064,935‌

)

(

344,440,477‌

)

(

606,706,428‌

)

(

694,935,725‌

)

(

874,518,617‌

)

(

751,953,032‌

)

(

894,287,413‌

)

(

713,606,681‌

)

(

148,160,325‌

)

(

113,254,603‌

)

(

317,565,303‌

)

(

142,383,445‌

)

(

376,299,683‌

)

97,225,708‌

(

249,722,215‌

)

295,775,000‌

(

243,256,045‌

)

(

364,029,300‌

)

(

527,753,052‌

)

(

726,034,934‌

)

(

690,650,565‌

)

(

766,596,074‌

)

(

594,907,745‌

)

(

694,619,767‌

)

1,470,871,434‌

1,834,900,734‌

3,233,918,843‌

3,959,953,777‌

4,697,971,483‌

5,464,567,557‌

5,146,764,644‌

5,841,384,411‌

$

1,227,615,389‌

$

1,470,871,434‌

$

2,706,165,791‌

$

3,233,918,843‌

$

4,007,320,918‌

$

4,697,971,483‌

$

4,551,856,899‌

$

5,146,764,644‌

Statements

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

72

(continued)

(continued)

(continued)

Statements

of

Changes

in

Net

Assets

(continued)

12.7

Lifecycle

2035

Fund

12.8

Lifecycle

2040

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

OPERATIONS

Net

investment

income

(loss)

$

126,858,201‌

$

98,083,258‌

$

136,127,345‌

$

109,063,084‌

Net

realized

gain

(loss)

(

211,697,359‌

)

457,016,011‌

(

261,760,517‌

)

600,997,864‌

Net

change

in

unrealized

appreciation

(depreciation)

87,567,127‌

(

1,033,105,549‌

)

158,488,550‌

(

1,293,667,975‌

)

Net

increase

(decrease)

in

net

assets

from

operations

2,727,969‌

(

478,006,280‌

)

32,855,378‌

(

583,607,027‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

–‌

Dividends:

Institutional

Class

(

285,529,937‌

)

(

496,360,782‌

)

(

357,987,704‌

)

(

638,658,275‌

)

Advisor

Class

(

41,729‌

)

(

52,417‌

)

(

24,341‌

)

(

32,522‌

)

Premier

Class

(

20,765,474‌

)

(

34,545,686‌

)

(

24,453,136‌

)

(

43,722,661‌

)

Retirement

Class

(

46,524,053‌

)

(

81,745,103‌

)

(

54,661,296‌

)

(

102,004,924‌

)

Total

distributions

(

352,861,193‌

)

(

612,703,988‌

)

(

437,126,477‌

)

(

784,418,382‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

352,295,923‌

479,439,839‌

381,943,509‌

476,220,904‌

Reinvestments

of

distributions

352,422,977‌

612,092,409‌

436,660,600‌

783,778,257‌

Redemptions

(

907,259,088‌

)

(

717,958,388‌

)

(

967,522,982‌

)

(

784,889,195‌

)

Net

increase

(decrease)

from

shareholder

transactions

(

202,540,188‌

)

373,573,860‌

(

148,918,873‌

)

475,109,966‌

Net

increase

(decrease)

in

net

assets

(

552,673,412‌

)

(

717,136,408‌

)

(

553,189,972‌

)

(

892,915,443‌

)

NET

ASSETS

Beginning

of

period

5,305,589,279‌

6,022,725,687‌

6,252,089,699‌

7,145,005,142‌

End

of

period

$

4,752,915,867‌

$

5,305,589,279‌

$

5,698,899,727‌

$

6,252,089,699‌

See

Notes

to

Financial

Statements

73

12.9

Lifecycle

2045

Fund

13.01

Lifecycle

2050

Fund

13.1

Lifecycle

2055

Fund

13.2

Lifecycle

2060

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

$

83,910,703‌

$

68,068,368‌

$

61,095,046‌

$

49,206,030‌

$

27,746,593‌

$

21,082,701‌

$

9,167,085‌

$

6,385,410‌

(

162,760,604‌

)

416,098,472‌

(

114,870,525‌

)

307,013,484‌

(

52,336,379‌

)

126,410,721‌

(

18,030,952‌

)

33,524,440‌

106,650,067‌

(

884,016,468‌

)

79,311,487‌

(

657,604,318‌

)

41,249,140‌

(

282,297,754‌

)

17,260,266‌

(

82,809,174‌

)

27,800,166‌

(

399,849,628‌

)

25,536,008‌

(

301,384,804‌

)

16,659,354‌

(

134,804,332‌

)

8,396,399‌

(

42,899,324‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

241,209,677‌

)

(

424,578,191‌

)

(

183,507,675‌

)

(

299,794,302‌

)

(

80,343,625‌

)

(

113,893,879‌

)

(

24,303,302‌

)

(

28,362,442‌

)

(

18,018‌

)

(

20,597‌

)

(

23,936‌

)

(

33,565‌

)

(

15,583‌

)

(

16,266‌

)

(

15,773‌

)

(

16,960‌

)

(

17,159,472‌

)

(

29,929,350‌

)

(

12,030,740‌

)

(

20,282,431‌

)

(

5,607,246‌

)

(

8,521,898‌

)

(

1,340,228‌

)

(

1,640,428‌

)

(

46,040,804‌

)

(

81,517,458‌

)

(

32,224,835‌

)

(

54,655,174‌

)

(

13,902,252‌

)

(

20,883,417‌

)

(

3,897,583‌

)

(

4,864,206‌

)

(

304,427,971‌

)

(

536,045,596‌

)

(

227,787,186‌

)

(

374,765,472‌

)

(

99,868,706‌

)

(

143,315,460‌

)

(

29,556,886‌

)

(

34,884,036‌

)

352,319,467‌

454,106,186‌

326,430,050‌

372,075,477‌

239,149,943‌

251,254,753‌

146,211,834‌

141,511,108‌

303,839,327‌

535,255,569‌

227,577,339‌

374,513,840‌

99,649,748‌

143,066,126‌

29,473,082‌

34,820,892‌

(

620,302,438‌

)

(

509,701,861‌

)

(

415,868,329‌

)

(

322,936,652‌

)

(

189,656,224‌

)

(

139,792,676‌

)

(

70,333,981‌

)

(

51,427,951‌

)

35,856,356‌

479,659,894‌

138,139,060‌

423,652,665‌

149,143,467‌

254,528,203‌

105,350,935‌

124,904,049‌

(

240,771,449‌

)

(

456,235,330‌

)

(

64,112,118‌

)

(

252,497,611‌

)

65,934,115‌

(

23,591,589‌

)

84,190,448‌

47,120,689‌

4,190,314,540‌

4,646,549,870‌

3,129,867,531‌

3,382,365,142‌

1,399,711,517‌

1,423,303,106‌

443,897,966‌

396,777,277‌

$

3,949,543,091‌

$

4,190,314,540‌

$

3,065,755,413‌

$

3,129,867,531‌

$

1,465,645,632‌

$

1,399,711,517‌

$

528,088,414‌

$

443,897,966‌

Statements

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

74

(continued)

Statements

of

Changes

in

Net

Assets

(continued)

13.3

Lifecycle

2065

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

OPERATIONS

Net

investment

income

(loss)

$

568,643‌

$

159,835‌

Net

realized

gain

(loss)

(

1,788,288‌

)

560,384‌

Net

change

in

unrealized

appreciation

(depreciation)

2,268,463‌

(

2,556,188‌

)

Net

increase

(decrease)

in

net

assets

from

operations

1,048,818‌

(

1,835,969‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

Dividends:

Institutional

Class

(

602,297‌

)

(

514,419‌

)

Advisor

Class

(

15,480‌

)

(

43,385‌

)

Premier

Class

(

66,999‌

)

(

50,862‌

)

Retirement

Class

(

143,685‌

)

(

75,261‌

)

Total

distributions

(

828,461‌

)

(

683,927‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

27,843,742‌

21,299,708‌

Reinvestments

of

distributions

679,235‌

309,761‌

Redemptions

(

10,376,493‌

)

(

2,302,717‌

)

Net

increase

(decrease)

from

shareholder

transactions

18,146,484‌

19,306,752‌

Net

increase

(decrease)

in

net

assets

18,366,841‌

16,786,856‌

NET

ASSETS

Beginning

of

period

23,754,851‌

6,967,995‌

End

of

period

$

42,121,692‌

$

23,754,851‌

Financial

Highlights

See

Notes

to

Financial

Statements

76

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

12.1

LIFECYCLE

RETIREMENT

INCOME

FUND

Institutional

Class:

5/31/23

$

11

.14‌

$

0

.39‌

$

(

0

.46‌

)

$

(

0

.07‌

)

$

(

0

.31‌

)

$

(

0

.32‌

)

$

(

0

.63‌

)

$

10

.44‌

5/31/22

12

.81‌

0

.29‌

(

1

.02‌

)

(

0

.73‌

)

(

0

.38‌

)

(

0

.56‌

)

(

0

.94‌

)

11

.14‌

5/31/21

11

.52‌

0

.23‌

1

.76‌

1

.99‌

(

0

.31‌

)

(

0

.39‌

)

(

0

.70‌

)

12

.81‌

5/31/20

11

.29‌

0

.33‌

0

.36‌

0

.69‌

(

0

.29‌

)

(

0

.17‌

)

(

0

.46‌

)

11

.52‌

5/31/19

11

.68‌

0

.29‌

(

0

.04‌

)

0

.25‌

(

0

.32‌

)

(

0

.32‌

)

(

0

.64‌

)

11

.29‌

Advisor

Class:

5/31/23

11

.14‌

0

.41‌

(

0

.49‌

)

(

0

.08‌

)

(

0

.30‌

)

(

0

.32‌

)

(

0

.62‌

)

10

.44‌

5/31/22

12

.81‌

0

.30‌

(

1

.04‌

)

(

0

.74‌

)

(

0

.37‌

)

(

0

.56‌

)

(

0

.93‌

)

11

.14‌

5/31/21

11

.52‌

0

.20‌

1

.78‌

1

.98‌

(

0

.30‌

)

(

0

.39‌

)

(

0

.69‌

)

12

.81‌

5/31/20

11

.29‌

0

.32‌

0

.36‌

0

.68‌

(

0

.28‌

)

(

0

.17‌

)

(

0

.45‌

)

11

.52‌

5/31/19

11

.68‌

0

.30‌

(

0

.05‌

)

0

.25‌

(

0

.32‌

)

(

0

.32‌

)

(

0

.64‌

)

11

.29‌

Premier

Class:

5/31/23

11

.13‌

0

.37‌

(

0

.46‌

)

(

0

.09‌

)

(

0

.29‌

)

(

0

.32‌

)

(

0

.61‌

)

10

.43‌

5/31/22

12

.80‌

0

.27‌

(

1

.01‌

)

(

0

.74‌

)

(

0

.37‌

)

(

0

.56‌

)

(

0

.93‌

)

11

.13‌

5/31/21

11

.51‌

0

.21‌

1

.76‌

1

.97‌

(

0

.29‌

)

(

0

.39‌

)

(

0

.68‌

)

12

.80‌

5/31/20

11

.28‌

0

.31‌

0

.36‌

0

.67‌

(

0

.27‌

)

(

0

.17‌

)

(

0

.44‌

)

11

.51‌

5/31/19

11

.67‌

0

.27‌

(

0

.03‌

)

0

.24‌

(

0

.31‌

)

(

0

.32‌

)

(

0

.63‌

)

11

.28‌

Retirement

Class:

5/31/23

11

.11‌

0

.36‌

(

0

.46‌

)

(

0

.10‌

)

(

0

.28‌

)

(

0

.32‌

)

(

0

.60‌

)

10

.41‌

5/31/22

12

.78‌

0

.26‌

(

1

.02‌

)

(

0

.76‌

)

(

0

.35‌

)

(

0

.56‌

)

(

0

.91‌

)

11

.11‌

5/31/21

11

.49‌

0

.20‌

1

.76‌

1

.96‌

(

0

.28‌

)

(

0

.39‌

)

(

0

.67‌

)

12

.78‌

5/31/20

11

.26‌

0

.30‌

0

.36‌

0

.66‌

(

0

.26‌

)

(

0

.17‌

)

(

0

.43‌

)

11

.49‌

5/31/19

11

.65‌

0

.26‌

(

0

.04‌

)

0

.22‌

(

0

.29‌

)

(

0

.32‌

)

(

0

.61‌

)

11

.26‌

Retail

Class:

5/31/23

11

.12‌

0

.36‌

(

0

.46‌

)

(

0

.10‌

)

(

0

.28‌

)

(

0

.32‌

)

(

0

.60‌

)

10

.42‌

5/31/22

12

.79‌

0

.26‌

(

1

.02‌

)

(

0

.76‌

)

(

0

.35‌

)

(

0

.56‌

)

(

0

.91‌

)

11

.12‌

5/31/21

11

.51‌

0

.20‌

1

.75‌

1

.95‌

(

0

.28‌

)

(

0

.39‌

)

(

0

.67‌

)

12

.79‌

5/31/20

11

.27‌

0

.30‌

0

.37‌

0

.67‌

(

0

.26‌

)

(

0

.17‌

)

(

0

.43‌

)

11

.51‌

5/31/19

11

.66‌

0

.26‌

(

0

.04‌

)

0

.22‌

(

0

.29‌

)

(

0

.32‌

)

(

0

.61‌

)

11

.27‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

77

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.42‌

)

%

$

171,457‌

0

.44‌

%

g

0

.27‌

%

g

3

.72‌

%

19‌

%

(

6

.25‌

)

222,227‌

0

.43‌

g

0

.26‌

g

2

.37‌

28‌

17

.67‌

244,923‌

0

.43‌

g

0

.29‌

g

1

.87‌

41‌

6

.14‌

219,016‌

0

.48‌

g

0

.33‌

g

2

.84‌

30‌

2

.48‌

192,832‌

0

.38‌

f

0

.22‌

f

2

.52‌

25‌

(

0

.50‌

)

317‌

0

.52‌

g

0

.35‌

g

3

.86‌

19‌

(

6

.33‌

)

609‌

0

.50‌

g

0

.34‌

g

2

.44‌

28‌

17

.57‌

596‌

0

.52‌

g

0

.38‌

g

1

.63‌

41‌

6

.04‌

310‌

0

.57‌

g

0

.42‌

g

2

.74‌

30‌

2

.43‌

296‌

0

.47‌

f

0

.31‌

f

2

.68‌

25‌

(

0

.58‌

)

15,207‌

0

.59‌

g

0

.42‌

g

3

.55‌

19‌

(

6

.40‌

)

17,624‌

0

.58‌

g

0

.41‌

g

2

.17‌

28‌

17

.51‌

19,161‌

0

.58‌

g

0

.44‌

g

1

.71‌

41‌

5

.97‌

17,410‌

0

.63‌

g

0

.48‌

g

2

.69‌

30‌

2

.33‌

28,947‌

0

.53‌

f

0

.37‌

f

2

.40‌

25‌

(

0

.68‌

)

133,676‌

0

.69‌

g

0

.52‌

g

3

.45‌

19‌

(

6

.49‌

)

157,609‌

0

.68‌

g

0

.50‌

g

2

.11‌

28‌

17

.43‌

200,300‌

0

.68‌

g

0

.54‌

g

1

.61‌

41‌

5

.88‌

179,106‌

0

.73‌

g

0

.58‌

g

2

.59‌

30‌

2

.23‌

179,625‌

0

.63‌

f

0

.48‌

f

2

.27‌

25‌

(

0

.69‌

)

123,946‌

0

.72‌

g

0

.52‌

g

3

.43‌

19‌

(

6

.49‌

)

131,167‌

0

.70‌

g

0

.51‌

g

2

.10‌

28‌

17

.31‌

144,030‌

0

.71‌

g

0

.54‌

g

1

.62‌

41‌

5

.97‌

122,730‌

0

.75‌

g

0

.58‌

g

2

.58‌

30‌

2

.14‌

117,869‌

0

.66‌

f

0

.48‌

f

2

.28‌

25‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

78

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

12.2

LIFECYCLE

2010

FUND

Institutional

Class:

5/31/23

$

10

.29‌

$

0

.36‌

$

(

0

.41‌

)

$

(

0

.05‌

)

$

(

0

.36‌

)

$

(

0

.35‌

)

$

(

0

.71‌

)

$

9

.53‌

5/31/22

12

.20‌

0

.27‌

(

0

.94‌

)

(

0

.67‌

)

(

0

.41‌

)

(

0

.83‌

)

(

1

.24‌

)

10

.29‌

5/31/21

11

.27‌

0

.22‌

1

.73‌

1

.95‌

(

0

.34‌

)

(

0

.68‌

)

(

1

.02‌

)

12

.20‌

5/31/20

11

.14‌

0

.32‌

0

.38‌

0

.70‌

(

0

.30‌

)

(

0

.27‌

)

(

0

.57‌

)

11

.27‌

5/31/19

11

.65‌

0

.28‌

(

0

.06‌

)

0

.22‌

(

0

.35‌

)

(

0

.38‌

)

(

0

.73‌

)

11

.14‌

Advisor

Class:

5/31/23

10

.32‌

0

.36‌

(

0

.42‌

)

(

0

.06‌

)

(

0

.36‌

)

(

0

.35‌

)

(

0

.71‌

)

9

.55‌

5/31/22

12

.22‌

0

.26‌

(

0

.93‌

)

(

0

.67‌

)

(

0

.40‌

)

(

0

.83‌

)

(

1

.23‌

)

10

.32‌

5/31/21

11

.30‌

0

.22‌

1

.71‌

1

.93‌

(

0

.33‌

)

(

0

.68‌

)

(

1

.01‌

)

12

.22‌

5/31/20

11

.15‌

0

.19‌

0

.53‌

0

.72‌

(

0

.30‌

)

(

0

.27‌

)

(

0

.57‌

)

11

.30‌

5/31/19

11

.66‌

0

.27‌

(

0

.06‌

)

0

.21‌

(

0

.34‌

)

(

0

.38‌

)

(

0

.72‌

)

11

.15‌

Premier

Class:

5/31/23

10

.27‌

0

.34‌

(

0

.41‌

)

(

0

.07‌

)

(

0

.35‌

)

(

0

.35‌

)

(

0

.70‌

)

9

.50‌

5/31/22

12

.17‌

0

.25‌

(

0

.94‌

)

(

0

.69‌

)

(

0

.38‌

)

(

0

.83‌

)

(

1

.21‌

)

10

.27‌

5/31/21

11

.24‌

0

.20‌

1

.73‌

1

.93‌

(

0

.32‌

)

(

0

.68‌

)

(

1

.00‌

)

12

.17‌

5/31/20

11

.11‌

0

.31‌

0

.37‌

0

.68‌

(

0

.28‌

)

(

0

.27‌

)

(

0

.55‌

)

11

.24‌

5/31/19

11

.62‌

0

.27‌

(

0

.07‌

)

0

.20‌

(

0

.33‌

)

(

0

.38‌

)

(

0

.71‌

)

11

.11‌

Retirement

Class:

5/31/23

12

.73‌

0

.41‌

(

0

.50‌

)

(

0

.09‌

)

(

0

.33‌

)

(

0

.35‌

)

(

0

.68‌

)

11

.96‌

5/31/22

14

.80‌

0

.30‌

(

1

.17‌

)

(

0

.87‌

)

(

0

.37‌

)

(

0

.83‌

)

(

1

.20‌

)

12

.73‌

5/31/21

13

.48‌

0

.23‌

2

.07‌

2

.30‌

(

0

.30‌

)

(

0

.68‌

)

(

0

.98‌

)

14

.80‌

5/31/20

13

.22‌

0

.35‌

0

.45‌

0

.80‌

(

0

.27‌

)

(

0

.27‌

)

(

0

.54‌

)

13

.48‌

5/31/19

13

.68‌

0

.30‌

(

0

.07‌

)

0

.23‌

(

0

.31‌

)

(

0

.38‌

)

(

0

.69‌

)

13

.22‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

79

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.23‌

)

%

$

570,203‌

0

.42‌

%

g

0

.24‌

%

g

3

.66‌

%

18‌

%

(

6

.34‌

)

700,875‌

0

.41‌

g

0

.26‌

g

2

.34‌

21‌

17

.75‌

836,684‌

0

.42‌

g

0

.29‌

g

1

.84‌

38‌

6

.29‌

720,990‌

0

.46‌

g

0

.33‌

g

2

.85‌

28‌

2

.26‌

675,843‌

0

.35‌

f

0

.23‌

f

2

.50‌

22‌

(

0

.42‌

)

146‌

0

.50‌

g

0

.32‌

g

3

.69‌

18‌

(

6

.32‌

)

177‌

0

.48‌

g

0

.33‌

g

2

.29‌

21‌

17

.57‌

164‌

0

.49‌

g

0

.36‌

g

1

.81‌

38‌

6

.45‌

144‌

0

.56‌

g

0

.37‌

g

1

.67‌

28‌

2

.33‌

131‌

0

.39‌

f

0

.27‌

f

2

.39‌

22‌

(

0

.50‌

)

40,794‌

0

.57‌

g

0

.39‌

g

3

.53‌

18‌

(

6

.45‌

)

50,141‌

0

.56‌

g

0

.41‌

g

2

.16‌

21‌

17

.62‌

77,845‌

0

.57‌

g

0

.44‌

g

1

.70‌

38‌

6

.10‌

73,048‌

0

.61‌

g

0

.48‌

g

2

.68‌

28‌

2

.10‌

112,673‌

0

.50‌

f

0

.37‌

f

2

.39‌

22‌

(

0

.54‌

)

245,451‌

0

.67‌

g

0

.49‌

g

3

.42‌

18‌

(

6

.56‌

)

290,686‌

0

.66‌

g

0

.51‌

g

2

.09‌

21‌

17

.45‌

368,266‌

0

.67‌

g

0

.54‌

g

1

.62‌

38‌

6

.02‌

353,355‌

0

.71‌

g

0

.58‌

g

2

.58‌

28‌

2

.01‌

374,999‌

0

.60‌

f

0

.48‌

f

2

.26‌

22‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

80

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

12.3

LIFECYCLE

2015

FUND

Institutional

Class:

5/31/23

$

9

.18‌

$

0

.31‌

$

(

0

.37‌

)

$

(

0

.06‌

)

$

(

0

.28‌

)

$

(

0

.34‌

)

$

(

0

.62‌

)

$

8

.50‌

5/31/22

10

.81‌

0

.23‌

(

0

.85‌

)

(

0

.62‌

)

(

0

.36‌

)

(

0

.65‌

)

(

1

.01‌

)

9

.18‌

5/31/21

9

.62‌

0

.19‌

1

.66‌

1

.85‌

(

0

.30‌

)

(

0

.36‌

)

(

0

.66‌

)

10

.81‌

5/31/20

9

.45‌

0

.27‌

0

.34‌

0

.61‌

(

0

.26‌

)

(

0

.18‌

)

(

0

.44‌

)

9

.62‌

5/31/19

10

.05‌

0

.24‌

(

0

.10‌

)

0

.14‌

(

0

.30‌

)

(

0

.44‌

)

(

0

.74‌

)

9

.45‌

Advisor

Class:

5/31/23

9

.17‌

0

.30‌

(

0

.37‌

)

(

0

.07‌

)

(

0

.27‌

)

(

0

.34‌

)

(

0

.61‌

)

8

.49‌

5/31/22

10

.81‌

0

.22‌

(

0

.86‌

)

(

0

.64‌

)

(

0

.35‌

)

(

0

.65‌

)

(

1

.00‌

)

9

.17‌

5/31/21

9

.61‌

0

.18‌

1

.67‌

1

.85‌

(

0

.29‌

)

(

0

.36‌

)

(

0

.65‌

)

10

.81‌

5/31/20

9

.45‌

0

.26‌

0

.34‌

0

.60‌

(

0

.26‌

)

(

0

.18‌

)

(

0

.44‌

)

9

.61‌

5/31/19

10

.05‌

0

.23‌

(

0

.09‌

)

0

.14‌

(

0

.30‌

)

(

0

.44‌

)

(

0

.74‌

)

9

.45‌

Premier

Class:

5/31/23

9

.14‌

0

.30‌

(

0

.37‌

)

(

0

.07‌

)

(

0

.27‌

)

(

0

.34‌

)

(

0

.61‌

)

8

.46‌

5/31/22

10

.76‌

0

.21‌

(

0

.84‌

)

(

0

.63‌

)

(

0

.34‌

)

(

0

.65‌

)

(

0

.99‌

)

9

.14‌

5/31/21

9

.57‌

0

.17‌

1

.66‌

1

.83‌

(

0

.28‌

)

(

0

.36‌

)

(

0

.64‌

)

10

.76‌

5/31/20

9

.41‌

0

.25‌

0

.33‌

0

.58‌

(

0

.24‌

)

(

0

.18‌

)

(

0

.42‌

)

9

.57‌

5/31/19

10

.01‌

0

.22‌

(

0

.09‌

)

0

.13‌

(

0

.29‌

)

(

0

.44‌

)

(

0

.73‌

)

9

.41‌

Retirement

Class:

5/31/23

11

.99‌

0

.38‌

(

0

.48‌

)

(

0

.10‌

)

(

0

.25‌

)

(

0

.34‌

)

(

0

.59‌

)

11

.30‌

5/31/22

13

.82‌

0

.27‌

(

1

.12‌

)

(

0

.85‌

)

(

0

.33‌

)

(

0

.65‌

)

(

0

.98‌

)

11

.99‌

5/31/21

12

.13‌

0

.21‌

2

.11‌

2

.32‌

(

0

.27‌

)

(

0

.36‌

)

(

0

.63‌

)

13

.82‌

5/31/20

11

.82‌

0

.31‌

0

.41‌

0

.72‌

(

0

.23‌

)

(

0

.18‌

)

(

0

.41‌

)

12

.13‌

5/31/19

12

.37‌

0

.26‌

(

0

.10‌

)

0

.16‌

(

0

.27‌

)

(

0

.44‌

)

(

0

.71‌

)

11

.82‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

81

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.39‌

)

%

$

831,507‌

0

.42‌

%

g

0

.27‌

%

g

3

.61‌

%

18‌

%

(

6

.43‌

)

1,005,382‌

0

.41‌

g

0

.27‌

g

2

.25‌

20‌

19

.56‌

1,217,691‌

0

.42‌

g

0

.29‌

g

1

.83‌

36‌

6

.43‌

1,088,594‌

0

.46‌

g

0

.34‌

g

2

.80‌

26‌

1

.89‌

1,061,156‌

0

.35‌

f

0

.23‌

f

2

.43‌

21‌

(

0

.52‌

)

381‌

0

.53‌

g

0

.38‌

g

3

.49‌

18‌

(

6

.61‌

)

390‌

0

.52‌

g

0

.38‌

g

2

.15‌

20‌

19

.60‌

255‌

0

.52‌

g

0

.39‌

g

1

.75‌

36‌

6

.29‌

185‌

0

.55‌

g

0

.39‌

g

2

.66‌

26‌

1

.88‌

126‌

0

.38‌

f

0

.26‌

f

2

.38‌

21‌

(

0

.57‌

)

56,724‌

0

.57‌

g

0

.42‌

g

3

.48‌

18‌

(

6

.54‌

)

71,144‌

0

.56‌

g

0

.42‌

g

2

.06‌

20‌

19

.47‌

116,117‌

0

.57‌

g

0

.44‌

g

1

.67‌

36‌

6

.14‌

107,025‌

0

.61‌

g

0

.49‌

g

2

.61‌

26‌

1

.83‌

173,266‌

0

.49‌

f

0

.37‌

f

2

.31‌

21‌

(

0

.66‌

)

339,003‌

0

.67‌

g

0

.52‌

g

3

.36‌

18‌

(

6

.73‌

)

393,955‌

0

.66‌

g

0

.52‌

g

2

.01‌

20‌

19

.34‌

500,838‌

0

.67‌

g

0

.54‌

g

1

.60‌

36‌

6

.06‌

492,656‌

0

.71‌

g

0

.59‌

g

2

.54‌

26‌

1

.74‌

548,992‌

0

.60‌

f

0

.48‌

f

2

.19‌

21‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

82

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

12.4

LIFECYCLE

2020

FUND

Institutional

Class:

5/31/23

$

9

.48‌

$

0

.31‌

$

(

0

.37‌

)

$

(

0

.06‌

)

$

(

0

.27‌

)

$

(

0

.38‌

)

$

(

0

.65‌

)

$

8

.77‌

5/31/22

11

.26‌

0

.23‌

(

0

.91‌

)

(

0

.68‌

)

(

0

.38‌

)

(

0

.72‌

)

(

1

.10‌

)

9

.48‌

5/31/21

9

.89‌

0

.20‌

1

.90‌

2

.10‌

(

0

.32‌

)

(

0

.41‌

)

(

0

.73‌

)

11

.26‌

5/31/20

9

.73‌

0

.27‌

0

.37‌

0

.64‌

(

0

.25‌

)

(

0

.23‌

)

(

0

.48‌

)

9

.89‌

5/31/19

10

.43‌

0

.23‌

(

0

.13‌

)

0

.10‌

(

0

.31‌

)

(

0

.49‌

)

(

0

.80‌

)

9

.73‌

Advisor

Class:

5/31/23

9

.47‌

0

.30‌

(

0

.35‌

)

(

0

.05‌

)

(

0

.27‌

)

(

0

.38‌

)

(

0

.65‌

)

8

.77‌

5/31/22

11

.25‌

0

.21‌

(

0

.90‌

)

(

0

.69‌

)

(

0

.37‌

)

(

0

.72‌

)

(

1

.09‌

)

9

.47‌

5/31/21

9

.89‌

0

.14‌

1

.94‌

2

.08‌

(

0

.31‌

)

(

0

.41‌

)

(

0

.72‌

)

11

.25‌

5/31/20

9

.73‌

0

.26‌

0

.38‌

0

.64‌

(

0

.25‌

)

(

0

.23‌

)

(

0

.48‌

)

9

.89‌

5/31/19

10

.42‌

0

.23‌

(

0

.13‌

)

0

.10‌

(

0

.30‌

)

(

0

.49‌

)

(

0

.79‌

)

9

.73‌

Premier

Class:

5/31/23

9

.45‌

0

.29‌

(

0

.35‌

)

(

0

.06‌

)

(

0

.26‌

)

(

0

.38‌

)

(

0

.64‌

)

8

.75‌

5/31/22

11

.23‌

0

.21‌

(

0

.92‌

)

(

0

.71‌

)

(

0

.35‌

)

(

0

.72‌

)

(

1

.07‌

)

9

.45‌

5/31/21

9

.87‌

0

.18‌

1

.89‌

2

.07‌

(

0

.30‌

)

(

0

.41‌

)

(

0

.71‌

)

11

.23‌

5/31/20

9

.70‌

0

.25‌

0

.38‌

0

.63‌

(

0

.23‌

)

(

0

.23‌

)

(

0

.46‌

)

9

.87‌

5/31/19

10

.40‌

0

.22‌

(

0

.14‌

)

0

.08‌

(

0

.29‌

)

(

0

.49‌

)

(

0

.78‌

)

9

.70‌

Retirement

Class:

5/31/23

12

.75‌

0

.39‌

(

0

.47‌

)

(

0

.08‌

)

(

0

.24‌

)

(

0

.38‌

)

(

0

.62‌

)

12

.05‌

5/31/22

14

.78‌

0

.27‌

(

1

.24‌

)

(

0

.97‌

)

(

0

.34‌

)

(

0

.72‌

)

(

1

.06‌

)

12

.75‌

5/31/21

12

.79‌

0

.22‌

2

.46‌

2

.68‌

(

0

.28‌

)

(

0

.41‌

)

(

0

.69‌

)

14

.78‌

5/31/20

12

.45‌

0

.32‌

0

.47‌

0

.79‌

(

0

.22‌

)

(

0

.23‌

)

(

0

.45‌

)

12

.79‌

5/31/19

13

.10‌

0

.27‌

(

0

.16‌

)

0

.11‌

(

0

.27‌

)

(

0

.49‌

)

(

0

.76‌

)

12

.45‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

83

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.36‌

)

%

$

1,921,359‌

0

.41‌

%

g

0

.27‌

%

g

3

.45‌

%

18‌

%

(

6

.86‌

)

2,303,415‌

0

.40‌

g

0

.27‌

g

2

.15‌

22‌

21

.61‌

2,712,681‌

0

.42‌

g

0

.29‌

g

1

.82‌

38‌

6

.43‌

2,374,405‌

0

.47‌

g

0

.35‌

g

2

.75‌

26‌

1

.45‌

2,247,877‌

0

.36‌

f

0

.24‌

f

2

.33‌

23‌

(

0

.32‌

)

695‌

0

.50‌

g

0

.36‌

g

3

.33‌

18‌

(

6

.93‌

)

498‌

0

.46‌

g

0

.32‌

g

1

.91‌

22‌

21

.43‌

726‌

0

.48‌

g

0

.35‌

g

1

.26‌

38‌

6

.42‌

352‌

0

.51‌

g

0

.39‌

g

2

.61‌

26‌

1

.39‌

200‌

0

.35‌

f

0

.24‌

f

2

.32‌

23‌

(

0

.42‌

)

141,676‌

0

.57‌

g

0

.42‌

g

3

.31‌

18‌

(

7

.06‌

)

165,761‌

0

.55‌

g

0

.42‌

g

1

.96‌

22‌

21

.37‌

252,876‌

0

.57‌

g

0

.45‌

g

1

.66‌

38‌

6

.35‌

249,364‌

0

.62‌

g

0

.50‌

g

2

.53‌

26‌

1

.27‌

401,306‌

0

.50‌

f

0

.38‌

f

2

.21‌

23‌

(

0

.47‌

)

642,436‌

0

.67‌

g

0

.52‌

g

3

.21‌

18‌

(

7

.17‌

)

764,245‌

0

.65‌

g

0

.52‌

g

1

.89‌

22‌

21

.27‌

993,670‌

0

.67‌

g

0

.55‌

g

1

.59‌

38‌

6

.21‌

947,495‌

0

.72‌

g

0

.60‌

g

2

.50‌

26‌

1

.18‌

1,032,037‌

0

.60‌

f

0

.49‌

f

2

.09‌

23‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

84

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

12.5

LIFECYCLE

2025

FUND

Institutional

Class:

5/31/23

$

9

.85‌

$

0

.30‌

$

(

0

.34‌

)

$

(

0

.04‌

)

$

(

0

.26‌

)

$

(

0

.46‌

)

$

(

0

.72‌

)

$

9

.09‌

5/31/22

11

.76‌

0

.23‌

(

0

.99‌

)

(

0

.76‌

)

(

0

.39‌

)

(

0

.76‌

)

(

1

.15‌

)

9

.85‌

5/31/21

10

.04‌

0

.19‌

2

.27‌

2

.46‌

(

0

.31‌

)

(

0

.43‌

)

(

0

.74‌

)

11

.76‌

5/31/20

9

.89‌

0

.27‌

0

.40‌

0

.67‌

(

0

.25‌

)

(

0

.27‌

)

(

0

.52‌

)

10

.04‌

5/31/19

10

.68‌

0

.22‌

(

0

.21‌

)

0

.01‌

(

0

.30‌

)

(

0

.50‌

)

(

0

.80‌

)

9

.89‌

Advisor

Class:

5/31/23

9

.85‌

0

.27‌

(

0

.31‌

)

(

0

.04‌

)

(

0

.26‌

)

(

0

.46‌

)

(

0

.72‌

)

9

.09‌

5/31/22

11

.75‌

0

.22‌

(

0

.98‌

)

(

0

.76‌

)

(

0

.38‌

)

(

0

.76‌

)

(

1

.14‌

)

9

.85‌

5/31/21

10

.03‌

0

.15‌

2

.31‌

2

.46‌

(

0

.31‌

)

(

0

.43‌

)

(

0

.74‌

)

11

.75‌

5/31/20

9

.88‌

0

.27‌

0

.39‌

0

.66‌

(

0

.24‌

)

(

0

.27‌

)

(

0

.51‌

)

10

.03‌

5/31/19

10

.68‌

0

.22‌

(

0

.22‌

)

0

.00‌

d

(

0

.30‌

)

(

0

.50‌

)

(

0

.80‌

)

9

.88‌

Premier

Class:

5/31/23

9

.80‌

0

.28‌

(

0

.32‌

)

(

0

.04‌

)

(

0

.25‌

)

(

0

.46‌

)

(

0

.71‌

)

9

.05‌

5/31/22

11

.70‌

0

.21‌

(

0

.98‌

)

(

0

.77‌

)

(

0

.37‌

)

(

0

.76‌

)

(

1

.13‌

)

9

.80‌

5/31/21

9

.99‌

0

.18‌

2

.25‌

2

.43‌

(

0

.29‌

)

(

0

.43‌

)

(

0

.72‌

)

11

.70‌

5/31/20

9

.84‌

0

.24‌

0

.40‌

0

.64‌

(

0

.22‌

)

(

0

.27‌

)

(

0

.49‌

)

9

.99‌

5/31/19

10

.63‌

0

.21‌

(

0

.22‌

)

(

0

.01‌

)

(

0

.28‌

)

(

0

.50‌

)

(

0

.78‌

)

9

.84‌

Retirement

Class:

5/31/23

13

.44‌

0

.38‌

(

0

.44‌

)

(

0

.06‌

)

(

0

.23‌

)

(

0

.46‌

)

(

0

.69‌

)

12

.69‌

5/31/22

15

.63‌

0

.26‌

(

1

.35‌

)

(

1

.09‌

)

(

0

.34‌

)

(

0

.76‌

)

(

1

.10‌

)

13

.44‌

5/31/21

13

.14‌

0

.22‌

2

.97‌

3

.19‌

(

0

.27‌

)

(

0

.43‌

)

(

0

.70‌

)

15

.63‌

5/31/20

12

.79‌

0

.32‌

0

.51‌

0

.83‌

(

0

.21‌

)

(

0

.27‌

)

(

0

.48‌

)

13

.14‌

5/31/19

13

.57‌

0

.26‌

(

0

.27‌

)

(

0

.01‌

)

(

0

.27‌

)

(

0

.50‌

)

(

0

.77‌

)

12

.79‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

d

Value

rounded

to

zero.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

85

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.14‌

)

%

$

2,939,672‌

0

.42‌

%

g

0

.27‌

%

g

3

.23‌

%

20‌

%

(

7

.33‌

)

3,488,042‌

0

.40‌

g

0

.27‌

g

2

.01‌

25‌

24

.96‌

3,909,833‌

0

.43‌

g

0

.30‌

g

1

.76‌

40‌

6

.59‌

3,142,487‌

0

.48‌

g

0

.36‌

g

2

.66‌

28‌

0

.58‌

2,786,751‌

0

.37‌

f

0

.25‌

f

2

.18‌

20‌

(

0

.21‌

)

855‌

0

.51‌

g

0

.36‌

g

2

.99‌

20‌

(

7

.32‌

)

391‌

0

.48‌

g

0

.34‌

g

1

.93‌

25‌

24

.93‌

553‌

0

.49‌

g

0

.36‌

g

1

.35‌

40‌

6

.55‌

133‌

0

.54‌

g

0

.42‌

g

2

.66‌

28‌

0

.53‌

125‌

0

.40‌

f

0

.28‌

f

2

.18‌

20‌

(

0

.20‌

)

221,273‌

0

.57‌

g

0

.42‌

g

3

.09‌

20‌

(

7

.44‌

)

236,147‌

0

.55‌

g

0

.42‌

g

1

.83‌

25‌

24

.80‌

336,773‌

0

.58‌

g

0

.45‌

g

1

.59‌

40‌

6

.41‌

295,668‌

0

.63‌

g

0

.51‌

g

2

.39‌

28‌

0

.51‌

488,247‌

0

.51‌

f

0

.39‌

f

2

.06‌

20‌

(

0

.30‌

)

845,520‌

0

.67‌

g

0

.52‌

g

3

.00‌

20‌

(

7

.55‌

)

973,393‌

0

.65‌

g

0

.52‌

g

1

.75‌

25‌

24

.64‌

1,217,409‌

0

.68‌

g

0

.55‌

g

1

.52‌

40‌

6

.40‌

1,103,642‌

0

.73‌

g

0

.61‌

g

2

.39‌

28‌

0

.33‌

1,131,196‌

0

.61‌

f

0

.50‌

f

1

.95‌

20‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

86

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

12.6

LIFECYCLE

2030

FUND

Institutional

Class:

5/31/23

$

9

.97‌

$

0

.28‌

$

(

0

.30‌

)

$

(

0

.02‌

)

$

(

0

.24‌

)

$

(

0

.51‌

)

$

(

0

.75‌

)

$

9

.20‌

5/31/22

12

.01‌

0

.21‌

(

1

.02‌

)

(

0

.81‌

)

(

0

.40‌

)

(

0

.83‌

)

(

1

.23‌

)

9

.97‌

5/31/21

10

.01‌

0

.19‌

2

.60‌

2

.79‌

(

0

.32‌

)

(

0

.47‌

)

(

0

.79‌

)

12

.01‌

5/31/20

9

.87‌

0

.26‌

0

.42‌

0

.68‌

(

0

.23‌

)

(

0

.31‌

)

(

0

.54‌

)

10

.01‌

5/31/19

10

.78‌

0

.21‌

(

0

.29‌

)

(

0

.08‌

)

(

0

.30‌

)

(

0

.53‌

)

(

0

.83‌

)

9

.87‌

Advisor

Class:

5/31/23

9

.97‌

0

.26‌

(

0

.29‌

)

(

0

.03‌

)

(

0

.23‌

)

(

0

.51‌

)

(

0

.74‌

)

9

.20‌

5/31/22

12

.01‌

0

.21‌

(

1

.03‌

)

(

0

.82‌

)

(

0

.39‌

)

(

0

.83‌

)

(

1

.22‌

)

9

.97‌

5/31/21

10

.01‌

0

.18‌

2

.60‌

2

.78‌

(

0

.31‌

)

(

0

.47‌

)

(

0

.78‌

)

12

.01‌

5/31/20

9

.87‌

0

.20‌

0

.47‌

0

.67‌

(

0

.22‌

)

(

0

.31‌

)

(

0

.53‌

)

10

.01‌

5/31/19

10

.78‌

0

.21‌

(

0

.30‌

)

(

0

.09‌

)

(

0

.29‌

)

(

0

.53‌

)

(

0

.82‌

)

9

.87‌

Premier

Class:

5/31/23

9

.91‌

0

.26‌

(

0

.30‌

)

(

0

.04‌

)

(

0

.22‌

)

(

0

.51‌

)

(

0

.73‌

)

9

.14‌

5/31/22

11

.95‌

0

.19‌

(

1

.02‌

)

(

0

.83‌

)

(

0

.38‌

)

(

0

.83‌

)

(

1

.21‌

)

9

.91‌

5/31/21

9

.96‌

0

.17‌

2

.59‌

2

.76‌

(

0

.30‌

)

(

0

.47‌

)

(

0

.77‌

)

11

.95‌

5/31/20

9

.82‌

0

.23‌

0

.42‌

0

.65‌

(

0

.20‌

)

(

0

.31‌

)

(

0

.51‌

)

9

.96‌

5/31/19

10

.73‌

0

.20‌

(

0

.30‌

)

(

0

.10‌

)

(

0

.28‌

)

(

0

.53‌

)

(

0

.81‌

)

9

.82‌

Retirement

Class:

5/31/23

13

.98‌

0

.36‌

(

0

.41‌

)

(

0

.05‌

)

(

0

.20‌

)

(

0

.51‌

)

(

0

.71‌

)

13

.22‌

5/31/22

16

.36‌

0

.25‌

(

1

.44‌

)

(

1

.19‌

)

(

0

.36‌

)

(

0

.83‌

)

(

1

.19‌

)

13

.98‌

5/31/21

13

.39‌

0

.22‌

3

.51‌

3

.73‌

(

0

.29‌

)

(

0

.47‌

)

(

0

.76‌

)

16

.36‌

5/31/20

13

.04‌

0

.31‌

0

.54‌

0

.85‌

(

0

.19‌

)

(

0

.31‌

)

(

0

.50‌

)

13

.39‌

5/31/19

13

.96‌

0

.24‌

(

0

.37‌

)

(

0

.13‌

)

(

0

.26‌

)

(

0

.53‌

)

(

0

.79‌

)

13

.04‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

87

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

0

.15‌

%

$

3,405,403‌

0

.42‌

%

g

0

.27‌

%

g

2

.97‌

%

22‌

%

(

7

.66‌

)

3,872,654‌

0

.41‌

g

0

.26‌

g

1

.86‌

26‌

28

.49‌

4,216,718‌

0

.43‌

g

0

.30‌

g

1

.69‌

41‌

6

.69‌

3,244,106‌

0

.49‌

g

0

.37‌

g

2

.57‌

26‌

(

0

.25‌

)

2,793,594‌

0

.38‌

f

0

.26‌

f

2

.03‌

20‌

0

.09‌

597‌

0

.50‌

g

0

.34‌

g

2

.77‌

22‌

(

7

.71‌

)

497‌

0

.46‌

g

0

.31‌

g

1

.88‌

26‌

28

.41‌

520‌

0

.50‌

g

0

.37‌

g

1

.65‌

41‌

6

.65‌

317‌

0

.56‌

g

0

.44‌

g

2

.02‌

26‌

(

0

.32‌

)

117‌

0

.43‌

f

0

.32‌

f

2

.01‌

20‌

(

0

.01‌

)

246,776‌

0

.57‌

g

0

.42‌

g

2

.84‌

22‌

(

7

.87‌

)

265,245‌

0

.56‌

g

0

.41‌

g

1

.66‌

26‌

28

.35‌

369,690‌

0

.58‌

g

0

.45‌

g

1

.52‌

41‌

6

.52‌

310,511‌

0

.64‌

g

0

.52‌

g

2

.26‌

26‌

(

0

.33‌

)

505,271‌

0

.52‌

f

0

.40‌

f

1

.90‌

20‌

(

0

.10‌

)

899,081‌

0

.67‌

g

0

.52‌

g

2

.74‌

22‌

(

7

.94‌

)

1,008,369‌

0

.66‌

g

0

.51‌

g

1

.60‌

26‌

28

.25‌

1,254,456‌

0

.68‌

g

0

.55‌

g

1

.46‌

41‌

6

.42‌

1,064,906‌

0

.74‌

g

0

.62‌

g

2

.29‌

26‌

(

0

.54‌

)

1,062,709‌

0

.62‌

f

0

.50‌

f

1

.79‌

20‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

88

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

12.7

LIFECYCLE

2035

FUND

Institutional

Class:

5/31/23

$

10

.13‌

$

0

.25‌

$

(

0

.22‌

)

$

0

.03‌

$

(

0

.22‌

)

$

(

0

.59‌

)

$

(

0

.81‌

)

$

9

.35‌

5/31/22

12

.37‌

0

.20‌

(

1

.08‌

)

(

0

.88‌

)

(

0

.42‌

)

(

0

.94‌

)

(

1

.36‌

)

10

.13‌

5/31/21

10

.07‌

0

.19‌

2

.97‌

3

.16‌

(

0

.32‌

)

(

0

.54‌

)

(

0

.86‌

)

12

.37‌

5/31/20

9

.97‌

0

.25‌

0

.44‌

0

.69‌

(

0

.23‌

)

(

0

.36‌

)

(

0

.59‌

)

10

.07‌

5/31/19

10

.99‌

0

.20‌

(

0

.38‌

)

(

0

.18‌

)

(

0

.29‌

)

(

0

.55‌

)

(

0

.84‌

)

9

.97‌

Advisor

Class:

5/31/23

10

.12‌

0

.24‌

(

0

.23‌

)

0

.01‌

(

0

.21‌

)

(

0

.59‌

)

(

0

.80‌

)

9

.33‌

5/31/22

12

.35‌

0

.19‌

(

1

.07‌

)

(

0

.88‌

)

(

0

.41‌

)

(

0

.94‌

)

(

1

.35‌

)

10

.12‌

5/31/21

10

.06‌

0

.18‌

2

.96‌

3

.14‌

(

0

.31‌

)

(

0

.54‌

)

(

0

.85‌

)

12

.35‌

5/31/20

9

.96‌

0

.28‌

0

.40‌

0

.68‌

(

0

.22‌

)

(

0

.36‌

)

(

0

.58‌

)

10

.06‌

5/31/19

10

.98‌

0

.20‌

(

0

.38‌

)

(

0

.18‌

)

(

0

.29‌

)

(

0

.55‌

)

(

0

.84‌

)

9

.96‌

Premier

Class:

5/31/23

10

.10‌

0

.24‌

(

0

.24‌

)

—‌

(

0

.20‌

)

(

0

.59‌

)

(

0

.79‌

)

9

.31‌

5/31/22

12

.33‌

0

.18‌

(

1

.07‌

)

(

0

.89‌

)

(

0

.40‌

)

(

0

.94‌

)

(

1

.34‌

)

10

.10‌

5/31/21

10

.04‌

0

.17‌

2

.96‌

3

.13‌

(

0

.30‌

)

(

0

.54‌

)

(

0

.84‌

)

12

.33‌

5/31/20

9

.93‌

0

.22‌

0

.45‌

0

.67‌

(

0

.20‌

)

(

0

.36‌

)

(

0

.56‌

)

10

.04‌

5/31/19

10

.95‌

0

.18‌

(

0

.38‌

)

(

0

.20‌

)

(

0

.27‌

)

(

0

.55‌

)

(

0

.82‌

)

9

.93‌

Retirement

Class:

5/31/23

14

.63‌

0

.34‌

(

0

.32‌

)

0

.02‌

(

0

.18‌

)

(

0

.59‌

)

(

0

.77‌

)

13

.88‌

5/31/22

17

.27‌

0

.24‌

(

1

.56‌

)

(

1

.32‌

)

(

0

.38‌

)

(

0

.94‌

)

(

1

.32‌

)

14

.63‌

5/31/21

13

.78‌

0

.22‌

4

.09‌

4

.31‌

(

0

.28‌

)

(

0

.54‌

)

(

0

.82‌

)

17

.27‌

5/31/20

13

.44‌

0

.31‌

0

.58‌

0

.89‌

(

0

.19‌

)

(

0

.36‌

)

(

0

.55‌

)

13

.78‌

5/31/19

14

.50‌

0

.23‌

(

0

.49‌

)

(

0

.26‌

)

(

0

.25‌

)

(

0

.55‌

)

(

0

.80‌

)

13

.44‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

89

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

0

.66‌

%

$

3,634,034‌

0

.43‌

%

g

0

.26‌

%

g

2

.68‌

%

25‌

%

(

8

.19‌

)

4,103,430‌

0

.41‌

g

0

.25‌

g

1

.72‌

27‌

32

.19‌

4,468,950‌

0

.44‌

g

0

.30‌

g

1

.63‌

44‌

6

.67‌

3,369,098‌

0

.50‌

g

0

.38‌

g

2

.48‌

23‌

(

1

.08‌

)

2,855,455‌

0

.38‌

f

0

.27‌

f

1

.87‌

17‌

0

.46‌

597‌

0

.52‌

g

0

.36‌

g

2

.58‌

25‌

(

8

.20‌

)

447‌

0

.49‌

g

0

.34‌

g

1

.64‌

27‌

32

.02‌

472‌

0

.52‌

g

0

.39‌

g

1

.56‌

44‌

6

.64‌

363‌

0

.58‌

g

0

.46‌

g

2

.74‌

23‌

(

1

.11‌

)

110‌

0

.40‌

f

0

.29‌

f

1

.89‌

17‌

0

.39‌

264,692‌

0

.58‌

g

0

.41‌

g

2

.55‌

25‌

(

8

.29‌

)

277,894‌

0

.56‌

g

0

.40‌

g

1

.52‌

27‌

31

.99‌

396,128‌

0

.59‌

g

0

.45‌

g

1

.46‌

44‌

6

.59‌

324,978‌

0

.65‌

g

0

.53‌

g

2

.14‌

23‌

(

1

.25‌

)

550,501‌

0

.52‌

f

0

.41‌

f

1

.75‌

17‌

0

.38‌

853,592‌

0

.68‌

g

0

.51‌

g

2

.46‌

25‌

(

8

.42‌

)

923,818‌

0

.66‌

g

0

.50‌

g

1

.46‌

27‌

31

.86‌

1,157,175‌

0

.69‌

g

0

.55‌

g

1

.40‌

44‌

6

.48‌

978,160‌

0

.75‌

g

0

.63‌

g

2

.21‌

23‌

(

1

.37‌

)

980,659‌

0

.63‌

f

0

.51‌

f

1

.63‌

17‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

90

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

12.8

LIFECYCLE

2040

FUND

Institutional

Class:

5/31/23

$

10

.12‌

$

0

.23‌

$

(

0

.17‌

)

$

0

.06‌

$

(

0

.18‌

)

$

(

0

.65‌

)

$

(

0

.83‌

)

$

9

.35‌

5/31/22

12

.52‌

0

.19‌

(

1

.10‌

)

(

0

.91‌

)

(

0

.44‌

)

(

1

.05‌

)

(

1

.49‌

)

10

.12‌

5/31/21

9

.99‌

0

.18‌

3

.30‌

3

.48‌

(

0

.33‌

)

(

0

.62‌

)

(

0

.95‌

)

12

.52‌

5/31/20

9

.91‌

0

.24‌

0

.46‌

0

.70‌

(

0

.20‌

)

(

0

.42‌

)

(

0

.62‌

)

9

.99‌

5/31/19

11

.15‌

0

.18‌

(

0

.47‌

)

(

0

.29‌

)

(

0

.29‌

)

(

0

.66‌

)

(

0

.95‌

)

9

.91‌

Advisor

Class:

5/31/23

10

.11‌

0

.21‌

(

0

.15‌

)

0

.06‌

(

0

.18‌

)

(

0

.65‌

)

(

0

.83‌

)

9

.34‌

5/31/22

12

.51‌

0

.18‌

(

1

.10‌

)

(

0

.92‌

)

(

0

.43‌

)

(

1

.05‌

)

(

1

.48‌

)

10

.11‌

5/31/21

9

.98‌

0

.17‌

3

.30‌

3

.47‌

(

0

.32‌

)

(

0

.62‌

)

(

0

.94‌

)

12

.51‌

5/31/20

9

.90‌

0

.23‌

0

.47‌

0

.70‌

(

0

.20‌

)

(

0

.42‌

)

(

0

.62‌

)

9

.98‌

5/31/19

11

.14‌

0

.18‌

(

0

.48‌

)

(

0

.30‌

)

(

0

.28‌

)

(

0

.66‌

)

(

0

.94‌

)

9

.90‌

Premier

Class:

5/31/23

10

.09‌

0

.21‌

(

0

.16‌

)

0

.05‌

(

0

.17‌

)

(

0

.65‌

)

(

0

.82‌

)

9

.32‌

5/31/22

12

.48‌

0

.17‌

(

1

.09‌

)

(

0

.92‌

)

(

0

.42‌

)

(

1

.05‌

)

(

1

.47‌

)

10

.09‌

5/31/21

9

.95‌

0

.15‌

3

.31‌

3

.46‌

(

0

.31‌

)

(

0

.62‌

)

(

0

.93‌

)

12

.48‌

5/31/20

9

.87‌

0

.20‌

0

.48‌

0

.68‌

(

0

.18‌

)

(

0

.42‌

)

(

0

.60‌

)

9

.95‌

5/31/19

11

.11‌

0

.16‌

(

0

.47‌

)

(

0

.31‌

)

(

0

.27‌

)

(

0

.66‌

)

(

0

.93‌

)

9

.87‌

Retirement

Class:

5/31/23

15

.18‌

0

.32‌

(

0

.25‌

)

0

.07‌

(

0

.14‌

)

(

0

.65‌

)

(

0

.79‌

)

14

.46‌

5/31/22

18

.04‌

0

.24‌

(

1

.66‌

)

(

1

.42‌

)

(

0

.39‌

)

(

1

.05‌

)

(

1

.44‌

)

15

.18‌

5/31/21

14

.05‌

0

.21‌

4

.69‌

4

.90‌

(

0

.29‌

)

(

0

.62‌

)

(

0

.91‌

)

18

.04‌

5/31/20

13

.71‌

0

.30‌

0

.62‌

0

.92‌

(

0

.16‌

)

(

0

.42‌

)

(

0

.58‌

)

14

.05‌

5/31/19

15

.03‌

0

.21‌

(

0

.62‌

)

(

0

.41‌

)

(

0

.25‌

)

(

0

.66‌

)

(

0

.91‌

)

13

.71‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

91

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.11‌

%

$

4,401,861‌

0

.43‌

%

g

0

.25‌

%

g

2

.42‌

%

26‌

%

(

8

.47‌

)

4,851,096‌

0

.41‌

g

0

.24‌

g

1

.61‌

29‌

35

.87‌

5,311,332‌

0

.44‌

g

0

.29‌

g

1

.54‌

46‌

6

.74‌

3,930,425‌

0

.51‌

g

0

.39‌

g

2

.36‌

23‌

(

2

.09‌

)

3,346,627‌

0

.39‌

f

0

.27‌

f

1

.68‌

18‌

1

.04‌

367‌

0

.52‌

g

0

.33‌

g

2

.27‌

26‌

(

8

.55‌

)

239‌

0

.48‌

g

0

.31‌

g

1

.53‌

29‌

35

.84‌

305‌

0

.51‌

g

0

.37‌

g

1

.48‌

46‌

6

.70‌

204‌

0

.57‌

g

0

.45‌

g

2

.27‌

23‌

(

2

.13‌

)

130‌

0

.41‌

f

0

.30‌

f

1

.70‌

18‌

0

.94‌

305,164‌

0

.58‌

g

0

.40‌

g

2

.28‌

26‌

(

8

.57‌

)

314,758‌

0

.56‌

g

0

.39‌

g

1

.44‌

29‌

35

.81‌

441,951‌

0

.59‌

g

0

.45‌

g

1

.36‌

46‌

6

.55‌

372,625‌

0

.66‌

g

0

.54‌

g

1

.97‌

23‌

(

2

.28‌

)

678,439‌

0

.53‌

f

0

.41‌

f

1

.56‌

18‌

0

.79‌

991,507‌

0

.68‌

g

0

.50‌

g

2

.20‌

26‌

(

8

.67‌

)

1,085,996‌

0

.66‌

g

0

.49‌

g

1

.36‌

29‌

35

.59‌

1,391,417‌

0

.69‌

g

0

.55‌

g

1

.31‌

46‌

6

.51‌

1,161,770‌

0

.76‌

g

0

.64‌

g

2

.08‌

23‌

(

2

.37‌

)

1,176,223‌

0

.63‌

f

0

.52‌

f

1

.44‌

18‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

92

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

12.9

LIFECYCLE

2045

FUND

Institutional

Class:

5/31/23

$

12

.61‌

$

0

.26‌

$

(

0

.18‌

)

$

0

.08‌

$

(

0

.20‌

)

$

(

0

.80‌

)

$

(

1

.00‌

)

$

11

.69‌

5/31/22

15

.57‌

0

.22‌

(

1

.38‌

)

(

1

.16‌

)

(

0

.53‌

)

(

1

.27‌

)

(

1

.80‌

)

12

.61‌

5/31/21

11

.98‌

0

.20‌

4

.45‌

4

.65‌

(

0

.36‌

)

(

0

.70‌

)

(

1

.06‌

)

15

.57‌

5/31/20

11

.89‌

0

.28‌

0

.55‌

0

.83‌

(

0

.22‌

)

(

0

.52‌

)

(

0

.74‌

)

11

.98‌

5/31/19

12

.88‌

0

.19‌

(

0

.59‌

)

(

0

.40‌

)

(

0

.30‌

)

(

0

.29‌

)

(

0

.59‌

)

11

.89‌

Advisor

Class:

5/31/23

12

.61‌

0

.19‌

(

0

.12‌

)

0

.07‌

(

0

.19‌

)

(

0

.80‌

)

(

0

.99‌

)

11

.69‌

5/31/22

15

.57‌

0

.23‌

(

1

.40‌

)

(

1

.17‌

)

(

0

.52‌

)

(

1

.27‌

)

(

1

.79‌

)

12

.61‌

5/31/21

11

.99‌

0

.22‌

4

.41‌

4

.63‌

(

0

.35‌

)

(

0

.70‌

)

(

1

.05‌

)

15

.57‌

5/31/20

11

.89‌

0

.27‌

0

.57‌

0

.84‌

(

0

.22‌

)

(

0

.52‌

)

(

0

.74‌

)

11

.99‌

5/31/19

12

.88‌

0

.20‌

(

0

.60‌

)

(

0

.40‌

)

(

0

.30‌

)

(

0

.29‌

)

(

0

.59‌

)

11

.89‌

Premier

Class:

5/31/23

12

.54‌

0

.24‌

(

0

.18‌

)

0

.06‌

(

0

.18‌

)

(

0

.80‌

)

(

0

.98‌

)

11

.62‌

5/31/22

15

.49‌

0

.20‌

(

1

.38‌

)

(

1

.18‌

)

(

0

.50‌

)

(

1

.27‌

)

(

1

.77‌

)

12

.54‌

5/31/21

11

.93‌

0

.18‌

4

.42‌

4

.60‌

(

0

.34‌

)

(

0

.70‌

)

(

1

.04‌

)

15

.49‌

5/31/20

11

.83‌

0

.22‌

0

.59‌

0

.81‌

(

0

.19‌

)

(

0

.52‌

)

(

0

.71‌

)

11

.93‌

5/31/19

12

.82‌

0

.17‌

(

0

.59‌

)

(

0

.42‌

)

(

0

.28‌

)

(

0

.29‌

)

(

0

.57‌

)

11

.83‌

Retirement

Class:

5/31/23

12

.48‌

0

.23‌

(

0

.18‌

)

0

.05‌

(

0

.16‌

)

(

0

.80‌

)

(

0

.96‌

)

11

.57‌

5/31/22

15

.43‌

0

.18‌

(

1

.37‌

)

(

1

.19‌

)

(

0

.49‌

)

(

1

.27‌

)

(

1

.76‌

)

12

.48‌

5/31/21

11

.89‌

0

.17‌

4

.39‌

4

.56‌

(

0

.32‌

)

(

0

.70‌

)

(

1

.02‌

)

15

.43‌

5/31/20

11

.80‌

0

.24‌

0

.56‌

0

.80‌

(

0

.19‌

)

(

0

.52‌

)

(

0

.71‌

)

11

.89‌

5/31/19

12

.78‌

0

.16‌

(

0

.58‌

)

(

0

.42‌

)

(

0

.27‌

)

(

0

.29‌

)

(

0

.56‌

)

11

.80‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

93

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.08‌

%

$

3,141,514‌

0

.43‌

%

g

0

.25‌

%

g

2

.19‌

%

27‌

%

(

8

.63‌

)

3,351,968‌

0

.41‌

g

0

.23‌

g

1

.52‌

29‌

39

.80‌

3,557,269‌

0

.44‌

g

0

.30‌

g

1

.44‌

46‌

6

.60‌

2,441,105‌

0

.52‌

g

0

.40‌

g

2

.25‌

19‌

(

2

.79‌

)

1,915,136‌

0

.40‌

f

0

.28‌

f

1

.55‌

13‌

1

.03‌

565‌

0

.52‌

g

0

.33‌

g

1

.67‌

27‌

(

8

.67‌

)

168‌

0

.45‌

g

0

.27‌

g

1

.55‌

29‌

39

.64‌

153‌

0

.50‌

g

0

.35‌

g

1

.57‌

46‌

6

.66‌

155‌

0

.56‌

g

0

.44‌

g

2

.23‌

19‌

(

2

.79‌

)

117‌

0

.39‌

f

0

.28‌

f

1

.57‌

13‌

0

.92‌

225,586‌

0

.58‌

g

0

.40‌

g

2

.06‌

27‌

(

8

.77‌

)

224,448‌

0

.56‌

g

0

.38‌

g

1

.34‌

29‌

39

.52‌

309,234‌

0

.59‌

g

0

.45‌

g

1

.26‌

46‌

6

.50‌

234,573‌

0

.67‌

g

0

.55‌

g

1

.81‌

19‌

(

2

.96‌

)

435,004‌

0

.54‌

f

0

.42‌

f

1

.41‌

13‌

0

.90‌

581,879‌

0

.68‌

g

0

.50‌

g

1

.97‌

27‌

(

8

.89‌

)

613,731‌

0

.66‌

g

0

.48‌

g

1

.26‌

29‌

39

.38‌

779,894‌

0

.69‌

g

0

.55‌

g

1

.21‌

46‌

6

.40‌

621,730‌

0

.77‌

g

0

.65‌

g

1

.98‌

19‌

(

3

.00‌

)

599,598‌

0

.64‌

f

0

.52‌

f

1

.30‌

13‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

94

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

13.01

LIFECYCLE

2050

FUND

Institutional

Class:

5/31/23

$

12

.89‌

$

0

.25‌

$

(

0

.18‌

)

$

0

.07‌

$

(

0

.19‌

)

$

(

0

.80‌

)

$

(

0

.99‌

)

$

11

.97‌

5/31/22

15

.83‌

0

.22‌

(

1

.42‌

)

(

1

.20‌

)

(

0

.55‌

)

(

1

.19‌

)

(

1

.74‌

)

12

.89‌

5/31/21

12

.05‌

0

.20‌

4

.57‌

4

.77‌

(

0

.36‌

)

(

0

.63‌

)

(

0

.99‌

)

15

.83‌

5/31/20

11

.94‌

0

.28‌

0

.56‌

0

.84‌

(

0

.22‌

)

(

0

.51‌

)

(

0

.73‌

)

12

.05‌

5/31/19

12

.95‌

0

.19‌

(

0

.61‌

)

(

0

.42‌

)

(

0

.30‌

)

(

0

.29‌

)

(

0

.59‌

)

11

.94‌

Advisor

Class:

5/31/23

12

.89‌

0

.23‌

(

0

.16‌

)

0

.07‌

(

0

.18‌

)

(

0

.80‌

)

(

0

.98‌

)

11

.98‌

5/31/22

15

.82‌

0

.13‌

(

1

.34‌

)

(

1

.21‌

)

(

0

.53‌

)

(

1

.19‌

)

(

1

.72‌

)

12

.89‌

5/31/21

12

.04‌

0

.14‌

4

.63‌

4

.77‌

(

0

.36‌

)

(

0

.63‌

)

(

0

.99‌

)

15

.82‌

5/31/20

11

.95‌

0

.28‌

0

.54‌

0

.82‌

(

0

.22‌

)

(

0

.51‌

)

(

0

.73‌

)

12

.04‌

5/31/19

12

.95‌

0

.19‌

(

0

.60‌

)

(

0

.41‌

)

(

0

.30‌

)

(

0

.29‌

)

(

0

.59‌

)

11

.95‌

Premier

Class:

5/31/23

12

.83‌

0

.23‌

(

0

.18‌

)

0

.05‌

(

0

.17‌

)

(

0

.80‌

)

(

0

.97‌

)

11

.91‌

5/31/22

15

.76‌

0

.20‌

(

1

.42‌

)

(

1

.22‌

)

(

0

.52‌

)

(

1

.19‌

)

(

1

.71‌

)

12

.83‌

5/31/21

12

.00‌

0

.18‌

4

.55‌

4

.73‌

(

0

.34‌

)

(

0

.63‌

)

(

0

.97‌

)

15

.76‌

5/31/20

11

.89‌

0

.22‌

0

.59‌

0

.81‌

(

0

.19‌

)

(

0

.51‌

)

(

0

.70‌

)

12

.00‌

5/31/19

12

.89‌

0

.17‌

(

0

.60‌

)

(

0

.43‌

)

(

0

.28‌

)

(

0

.29‌

)

(

0

.57‌

)

11

.89‌

Retirement

Class:

5/31/23

12

.76‌

0

.22‌

(

0

.18‌

)

0

.04‌

(

0

.16‌

)

(

0

.80‌

)

(

0

.96‌

)

11

.84‌

5/31/22

15

.68‌

0

.18‌

(

1

.40‌

)

(

1

.22‌

)

(

0

.51‌

)

(

1

.19‌

)

(

1

.70‌

)

12

.76‌

5/31/21

11

.94‌

0

.17‌

4

.53‌

4

.70‌

(

0

.33‌

)

(

0

.63‌

)

(

0

.96‌

)

15

.68‌

5/31/20

11

.85‌

0

.24‌

0

.55‌

0

.79‌

(

0

.19‌

)

(

0

.51‌

)

(

0

.70‌

)

11

.94‌

5/31/19

12

.85‌

0

.16‌

(

0

.60‌

)

(

0

.44‌

)

(

0

.27‌

)

(

0

.29‌

)

(

0

.56‌

)

11

.85‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

95

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.06‌

%

$

2,485,183‌

0

.44‌

%

g

0

.24‌

%

g

2

.09‌

%

26‌

%

(

8

.73‌

)

2,529,399‌

0

.41‌

g

0

.22‌

g

1

.49‌

27‌

40

.55‌

2,626,383‌

0

.45‌

g

0

.29‌

g

1

.43‌

43‌

6

.70‌

1,730,080‌

0

.52‌

g

0

.40‌

g

2

.24‌

18‌

(

2

.97‌

)

1,267,704‌

0

.40‌

f

0

.28‌

f

1

.52‌

12‌

1

.00‌

331‌

0

.50‌

g

0

.31‌

g

1

.90‌

26‌

(

8

.75‌

)

580‌

0

.49‌

g

0

.30‌

g

0

.93‌

27‌

40

.56‌

395‌

0

.49‌

g

0

.33‌

g

0

.96‌

43‌

6

.51‌

118‌

0

.55‌

g

0

.42‌

g

2

.22‌

18‌

(

2

.90‌

)

117‌

0

.40‌

f

0

.28‌

f

1

.55‌

12‌

0

.89‌

163,684‌

0

.59‌

g

0

.39‌

g

1

.97‌

26‌

(

8

.86‌

)

159,978‌

0

.56‌

g

0

.37‌

g

1

.34‌

27‌

40

.35‌

205,713‌

0

.60‌

g

0

.44‌

g

1

.25‌

43‌

6

.50‌

152,698‌

0

.67‌

g

0

.55‌

g

1

.74‌

18‌

(

3

.07‌

)

319,987‌

0

.55‌

f

0

.43‌

f

1

.38‌

12‌

0

.79‌

416,557‌

0

.69‌

g

0

.49‌

g

1

.88‌

26‌

(

8

.93‌

)

439,910‌

0

.66‌

g

0

.47‌

g

1

.22‌

27‌

40

.27‌

549,874‌

0

.70‌

g

0

.54‌

g

1

.19‌

43‌

6

.33‌

424,505‌

0

.77‌

g

0

.65‌

g

1

.95‌

18‌

(

3

.19‌

)

399,296‌

0

.65‌

f

0

.53‌

f

1

.27‌

12‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

96

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

13.1

LIFECYCLE

2055

FUND

Institutional

Class:

5/31/23

$

15.18‌

$

0.29‌

$

(0.21‌)

$

0.08‌

$

(0.22‌)

$

(0.87‌)

$

(1.09‌)

$

14.17‌

5/31/22

18

.38‌

0.26‌

(1.68‌)

(1.42‌)

(0.63‌)

(1.15‌)

(1.78‌)

15.18‌

5/31/21

13.77‌

0.23‌

5.32‌

5.55‌

(0.41‌)

(0.53‌)

(0.94‌)

18.38‌

5/31/20

13.61‌

0.31‌

0.63‌

0.94‌

(0.25‌)

(0.53‌)

(0.78‌)

13.77‌

5/31/19

14.69‌

0.21‌

(0.70‌)

(0.49‌)

(0.33‌)

(0.26‌)

(0.59‌)

13.61‌

Advisor

Class:

5/31/23

15.17‌

0.25‌

(0.16‌

)

0.09‌

(0.22‌)

(0.87‌)

(1.09‌)

14.17‌

5/31/22

18.37‌

0.26‌

(1.69‌)

(1

.43‌)

(0.62‌)

(1.15‌)

(1.77‌)

15.17‌

5/31/21

13.77‌

0.23‌

5.30‌

5.53‌

(0.40‌)

(0.53‌)

(0.93‌)

18.37‌

5/31/20

13.61‌

0.31‌

0.63‌

0.94‌

(0.25‌)

(0.53‌)

(0.78‌)

13.77‌

5/31/19

14.69‌

0.22‌

(0.71‌)

(0.49‌)

(0.33‌)

(0.26‌)

(0.59‌)

13.61‌

Premier

Class:

5/31/23

15.11‌

0.27‌

(0.20‌)

0.07‌

(0.20‌)

(0.87‌)

(1.07‌)

14.11‌

5/31/22

18.30‌

0.23‌

(1.67‌)

(1.44‌)

(0.60‌)

(1.15‌)

(1.75‌)

15.11‌

5/31/21

13.72‌

0.20‌

5.29‌

5.49‌

(0.38‌)

(0.53‌)

(0.91‌)

18.30‌

5/31/20

13.56‌

0.24‌

0.67‌

0.91‌

(0.22‌)

(0

.53‌)

(0.75‌)

13.72‌

5/31/19

14.63‌

0.19‌

(0.69‌)

(0.50‌)

(0.31‌)

(0.26‌)

(0.57‌)

13.56‌

Retirement

Class:

5/31/23

15.10‌

0.26‌

(0.21‌)

0.05‌

(0.19‌)

(0.87‌)

(1.06‌)

14.09‌

5/31/22

18.29‌

0.21‌

(1.67‌)

(1.46‌)

(0.58‌)

(1.15‌)

(1.73‌)

15.10‌

5/31/21

13.71‌

0.19‌

5.29‌

5.48‌

(0.37‌)

(0.53‌)

(0.90‌)

18.29‌

5/31/20

13.56‌

0.27‌

0.63‌

0.90‌

(0.22‌)

(0.53‌)

(0.75‌)

13.71‌

5/31/19

14.63‌

0.17‌

(0.68‌)

(0.51‌)

(0.30‌)

(0.26‌)

(0.56‌)

13.56‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

97

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1.08‌

%

$

1,189,521‌

0.44‌

%

g

0.24‌

%

g

2.05‌

%

25‌

%

(8.73‌)

1,127,411‌

0.42‌

g

0.22‌

g

1.47‌

26‌

41.14‌

1,092,033‌

0.47‌

g

0.29‌

g

1.41‌

41‌

6.56‌

653,177‌

0.54‌

g

0.40‌

g

2.24‌

18‌

(3.04‌)

404,603‌

0.43‌

f

0.29‌

f

1.49‌

10‌

1.11‌

334‌

0.51‌

g

0.31‌

g

1.79‌

25‌

(8.78‌)

155‌

0.45‌

g

0.26‌

g

1.49‌

26‌

41.04‌

162‌

0.50‌

g

0.33‌

g

1.40‌

41‌

6.56‌

121‌

0.56‌

g

0.41‌

g

2.20‌

18‌

(3.05‌)

119‌

0.42‌

f

0.28‌

f

1.52‌

10‌

0.99‌

81,671‌

0.59‌

g

0.39‌

g

1.93‌

25‌

(8.86‌)

76,685‌

0.57‌

g

0.37‌

g

1.33‌

26‌

40.88‌

93,442‌

0.60‌

g

0.44‌

g

1.24‌

41‌

6.37‌

62,637‌

0.69‌

g

0.55‌

g

1.68‌

18‌

(3.14‌)

135,603‌

0.57‌

f

0.43‌

f

1.35‌

10‌

0.82‌

194,120‌

0.69‌

g

0.49‌

g

1.85‌

25‌

(8.97‌)

195,461‌

0.67‌

g

0.47‌

g

1.21‌

26‌

40.80‌

237,666‌

0.71‌

g

0.54‌

g

1.18‌

41‌

6

.28‌

181,024‌

0.79‌

g

0.65‌

g

1.95‌

18‌

(3.24‌)

155,354‌

0.67‌

f

0.53‌

f

1.24‌

10‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

98

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

13.2

LIFECYCLE

2060

FUND

Institutional

Class:

5/31/23

$

12

.96‌

$

0

.24‌

$

(

0

.15‌

)

$

0

.09‌

$

(

0

.19‌

)

$

(

0

.63‌

)

$

(

0

.82‌

)

$

12

.23‌

5/31/22

15

.36‌

0

.22‌

(

1

.43‌

)

(

1

.21‌

)

(

0

.53‌

)

(

0

.66‌

)

(

1

.19‌

)

12

.96‌

5/31/21

11

.35‌

0

.19‌

4

.45‌

4

.64‌

(

0

.32‌

)

(

0

.31‌

)

(

0

.63‌

)

15

.36‌

5/31/20

11

.13‌

0

.25‌

0

.52‌

0

.77‌

(

0

.21‌

)

(

0

.34‌

)

(

0

.55‌

)

11

.35‌

5/31/19

12

.02‌

0

.18‌

(

0

.59‌

)

(

0

.41‌

)

(

0

.27‌

)

(

0

.21‌

)

(

0

.48‌

)

11

.13‌

Advisor

Class:

5/31/23

12

.95‌

0

.22‌

(

0

.15‌

)

0

.07‌

(

0

.18‌

)

(

0

.63‌

)

(

0

.81‌

)

12

.21‌

5/31/22

15

.35‌

0

.22‌

(

1

.44‌

)

(

1

.22‌

)

(

0

.52‌

)

(

0

.66‌

)

(

1

.18‌

)

12

.95‌

5/31/21

11

.35‌

0

.17‌

4

.46‌

4

.63‌

(

0

.32‌

)

(

0

.31‌

)

(

0

.63‌

)

15

.35‌

5/31/20

11

.13‌

0

.25‌

0

.51‌

0

.76‌

(

0

.20‌

)

(

0

.34‌

)

(

0

.54‌

)

11

.35‌

5/31/19

12

.02‌

0

.17‌

(

0

.58‌

)

(

0

.41‌

)

(

0

.27‌

)

(

0

.21‌

)

(

0

.48‌

)

11

.13‌

Premier

Class:

5/31/23

12

.92‌

0

.23‌

(

0

.16‌

)

0

.07‌

(

0

.17‌

)

(

0

.63‌

)

(

0

.80‌

)

12

.19‌

5/31/22

15

.33‌

0

.20‌

(

1

.44‌

)

(

1

.24‌

)

(

0

.51‌

)

(

0

.66‌

)

(

1

.17‌

)

12

.92‌

5/31/21

11

.33‌

0

.17‌

4

.44‌

4

.61‌

(

0

.30‌

)

(

0

.31‌

)

(

0

.61‌

)

15

.33‌

5/31/20

11

.11‌

0

.19‌

0

.56‌

0

.75‌

(

0

.19‌

)

(

0

.34‌

)

(

0

.53‌

)

11

.33‌

5/31/19

12

.00‌

0

.16‌

(

0

.59‌

)

(

0

.43‌

)

(

0

.25‌

)

(

0

.21‌

)

(

0

.46‌

)

11

.11‌

Retirement

Class:

5/31/23

12

.90‌

0

.21‌

(

0

.15‌

)

0

.06‌

(

0

.16‌

)

(

0

.63‌

)

(

0

.79‌

)

12

.17‌

5/31/22

15

.30‌

0

.18‌

(

1

.43‌

)

(

1

.25‌

)

(

0

.49‌

)

(

0

.66‌

)

(

1

.15‌

)

12

.90‌

5/31/21

11

.31‌

0

.16‌

4

.43‌

4

.59‌

(

0

.29‌

)

(

0

.31‌

)

(

0

.60‌

)

15

.30‌

5/31/20

11

.10‌

0

.22‌

0

.51‌

0

.73‌

(

0

.18‌

)

(

0

.34‌

)

(

0

.52‌

)

11

.31‌

5/31/19

11

.99‌

0

.15‌

(

0

.59‌

)

(

0

.44‌

)

(

0

.24‌

)

(

0

.21‌

)

(

0

.45‌

)

11

.10‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Real

Property

Fund.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

99

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.16‌

%

$

436,209‌

0

.47‌

%

g

0

.24‌

%

g

2

.00‌

%

24‌

%

(

8

.71‌

)

364,640‌

0

.45‌

g

0

.22‌

g

1

.48‌

26‌

41

.61‌

313,864‌

0

.49‌

g

0

.29‌

g

1

.39‌

40‌

6

.60‌

155,744‌

0

.62‌

g

0

.39‌

g

2

.18‌

22‌

(

3

.17‌

)

81,477‌

0

.55‌

f

0

.29‌

f

1

.54‌

36‌

1

.02‌

397‌

0

.55‌

g

0

.31‌

g

1

.85‌

24‌

(

8

.77‌

)

208‌

0

.51‌

g

0

.28‌

g

1

.48‌

26‌

41

.50‌

241‌

0

.54‌

g

0

.34‌

g

1

.25‌

40‌

6

.60‌

117‌

0

.66‌

g

0

.44‌

g

2

.16‌

22‌

(

3

.20‌

)

115‌

0

.55‌

f

0

.30‌

f

1

.51‌

36‌

1

.01‌

23,600‌

0

.62‌

g

0

.39‌

g

1

.90‌

24‌

(

8

.92‌

)

19,013‌

0

.60‌

g

0

.37‌

g

1

.39‌

26‌

41

.44‌

18,792‌

0

.64‌

g

0

.44‌

g

1

.25‌

40‌

6

.48‌

10,846‌

0

.77‌

g

0

.55‌

g

1

.68‌

22‌

(

3

.31‌

)

18,553‌

0

.70‌

f

0

.44‌

f

1

.39‌

36‌

0

.90‌

67,883‌

0

.72‌

g

0

.49‌

g

1

.78‌

24‌

(

8

.97‌

)

60,036‌

0

.70‌

g

0

.47‌

g

1

.22‌

26‌

41

.31‌

63,880‌

0

.74‌

g

0

.54‌

g

1

.16‌

40‌

6

.32‌

38,705‌

0

.87‌

g

0

.65‌

g

1

.91‌

22‌

(

3

.41‌

)

27,045‌

0

.79‌

f

0

.53‌

f

1

.27‌

36‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

100

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

13.3

LIFECYCLE

2065

FUND

Institutional

Class:

5/31/23

$

10

.74‌

$

0

.19‌

$

(

0

.09‌

)

$

0

.10‌

$

(

0

.16‌

)

$

(

0

.15‌

)

$

(

0

.31‌

)

$

10

.53‌

5/31/22

12

.45‌

0

.17‌

(

1

.15‌

)

(

0

.98‌

)

(

0

.41‌

)

(

0

.32‌

)

(

0

.73‌

)

10

.74‌

5/31/21

*

10

.00‌

0

.14‌

2

.60‌

2

.74‌

(

0

.26‌

)

(

0

.03‌

)

(

0

.29‌

)

12

.45‌

Advisor

Class:

5/31/23

10

.55‌

0

.20‌

(

0

.11‌

)

0

.09‌

(

0

.15‌

)

(

0

.15‌

)

(

0

.30‌

)

10

.34‌

5/31/22

12

.44‌

0

.19‌

(

1

.21‌

)

(

1

.02‌

)

(

0

.55‌

)

(

0

.32‌

)

(

0

.87‌

)

10

.55‌

5/31/21

*

10

.00‌

0

.13‌

2

.60‌

2

.73‌

(

0

.26‌

)

(

0

.03‌

)

(

0

.29‌

)

12

.44‌

Premier

Class:

5/31/23

10

.59‌

0

.18‌

(

0

.10‌

)

0

.08‌

(

0

.13‌

)

(

0

.15‌

)

(

0

.28‌

)

10

.39‌

5/31/22

12

.43‌

0

.13‌

(

1

.13‌

)

(

1

.00‌

)

(

0

.52‌

)

(

0

.32‌

)

(

0

.84‌

)

10

.59‌

5/31/21

*

10

.00‌

0

.12‌

2

.60‌

2

.72‌

(

0

.26‌

)

(

0

.03‌

)

(

0

.29‌

)

12

.43‌

Retirement

Class:

5/31/23

10

.73‌

0

.17‌

(

0

.09‌

)

0

.08‌

(

0

.13‌

)

(

0

.15‌

)

(

0

.28‌

)

10

.53‌

5/31/22

12

.42‌

0

.10‌

(

1

.07‌

)

(

0

.97‌

)

(

0

.40‌

)

(

0

.32‌

)

(

0

.72‌

)

10

.73‌

5/31/21

*

10

.00‌

0

.12‌

2

.58‌

2

.70‌

(

0

.25‌

)

(

0

.03‌

)

(

0

.28‌

)

12

.42‌

*

The

Fund

commenced

operations

on

September

30,

2020.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds,

excluding

the

expenses

of

the

Nuveen

Dividend

Growth,

Nuveen

Dividend

Value,

Nuveen

Growth

Opportunities

ETF

and

Real

Property

Fund.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

101

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.07‌

%

$

31,199‌

0

.95‌

%

g

0

.23‌

%

g

1

.85‌

%

55‌

%

(

8

.52‌

)

17,581‌

1

.80‌

g

0

.21‌

g

1

.44‌

109‌

27

.76‌

4,818‌

4

.73‌

c

,g

0

.26‌

c

,g

1

.81‌

c

49‌

1

.05‌

541‌

0

.96‌

g

0

.24‌

g

2

.04‌

55‌

(

8

.96‌

)

527‌

1

.81‌

g

0

.23‌

g

1

.55‌

109‌

27

.62‌

622‌

5

.07‌

c

,g

0

.41‌

c

,g

1

.70‌

c

49‌

0

.94‌

2,922‌

1

.10‌

g

0

.38‌

g

1

.84‌

55‌

(

8

.78‌

)

1,784‌

1

.96‌

g

0

.36‌

g

1

.11‌

109‌

27

.51‌

726‌

5

.20‌

c

,g

0

.41‌

c

,g

1

.60‌

c

49‌

0

.88‌

7,460‌

1

.20‌

g

0

.48‌

g

1

.71‌

55‌

(

8

.46‌

)

3,862‌

2

.06‌

g

0

.46‌

g

0

.91‌

109‌

27

.38‌

802‌

5

.33‌

c

,g

0

.51‌

c

,g

1

.54‌

c

49‌

102

Notes

to

Financial

Statements

1.

Organization

The Lifecycle

Funds (collectively

the

“Funds,”

each

individually

referred

to

as

a

“Fund”)

are

a

sub-family

of

mutual

funds

offered

by

the

TIAA-CREF

Funds

(the

“Trust”),

a

Delaware

statutory

trust,

that

is

registered

with

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Funds

is

May

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

May

31,

2023

(the

"current

fiscal

period").

Teachers

Advisors,

LLC

(the

“Adviser”),

a

wholly

owned

indirect

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

is

registered

with

the

SEC

as

an

investment

adviser

and

provides

investment

management

services

for

the  Funds.

The

Funds

offer

their

shares,

without

a

sales

load,

through

their

principal

underwriter,

Nuveen

Securities,

LLC

(“Nuveen

Securities”),

which

is

a

wholly

owned

indirect

subsidiary

of

TIAA.

Each

Fund

is

a

“fund

of

funds”

that

diversifies

its

assets

by

investing

in

Class

W shares

of

other

funds

of

the

Trust

and

potentially

other

investment

pools

or

investment

products. The

Funds

offer

up

to

five

share

classes,

although

any

one

Fund

may

not

necessarily

offer

all

five

classes.

The

Funds

may

offer

Institutional

Class,

Advisor

Class, Premier

Class,

Retirement

Class and Retail

Class shares.

Each

class

differs

by

the

allocation

of

class-specific

expenses

and

voting

rights

in

matters

affecting

a

single  class.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The Funds

are

investment

companies

and

follow

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

. The net

asset

value (“NAV”)

for

financial

reporting

purposes

may

differ

from

the NAV

for

processing

transactions.

The NAV

for

financial

reporting

purposes

includes

security

and shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the NAV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums.

Dividend

income

is

recorded

on

the

ex-dividend

date. Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Funds

estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions. 

Multiclass

Operations

and

Allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation

of

a

Fund

are

allocated

on

a

pro

rata

basis

to

each

class

of

shares,

except

for

service

agreement

fees,

distribution

fees

and

transfer

agency

fees

and

expenses, which

are

unique

to

each

class

of

shares.

Most

expenses

of

the

Trust

can

be

directly

attributed

to

a

Fund.

Expenses

that

cannot

be

directly

attributed

are

allocated

to

each

Fund

in

the

Trust

based

upon

the

average

net

assets

of

each

Fund.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

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

Statement

of

Assets

and

Liabilities.

Trustees’

fees,

including

any

deferred

and

long-term

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

Indemnification:

 Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

103

New

Rule

Issuance:

 A

new

rule

adopted

by

the

SEC

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements

The Funds'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

that

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level 1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the Funds'

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

generally

classified

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

asked

prices

is

utilized

and

the

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Investments

in

unregistered

limited

partnerships

are

measured

at

fair

value

as

of

the

valuation

date

using

the

NAV

per

share

practical

expedient

and

are

not

classified

within

the

fair

value

hierarchy.

The

following

table

summarizes

the

market

value

of

the Funds’

investments

as

of

the

end

of

the

current

fiscal

period, based

on

the

inputs

used

to

value

them:

Fund

Level

1

Level

2

Level

3

Fair

value

using

practical

expedient

a

Total

Lifecycle

Retirement

Income

Registered

investment

companies

$

421,041,877

$

—

$

—

$

—

$

421,041,877

TIAA-CREF

Real

Property

Fund

LP

—

—

—

24,453,592

24,453,592

Short-term

investments

—

455,000

—

—

455,000

Total

$

421,041,877

$

455,000

$

—

$

24,453,592

$

445,950,469

Lifecycle

2010

Registered

investment

companies

$

822,463,517

$

—

$

—

$

—

$

822,463,517

TIAA-CREF

Real

Property

Fund

LP

—

—

—

33,670,071

33,670,071

Short-term

investments

—

590,000

—

—

590,000

Total

$

822,463,517

$

590,000

$

—

$

33,670,071

$

856,723,588

Notes

to

Financial

Statements

(continued)

104

4.

Investments

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Fund’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

Fund

Level

1

Level

2

Level

3

Fair

value

using

practical

expedient

a

Total

Lifecycle

2015

Registered

investment

companies

$

1,160,339,613

$

—

$

—

$

—

$

1,160,339,613

TIAA-CREF

Real

Property

Fund

LP

—

—

—

67,404,688

67,404,688

Short-term

investments

—

620,000

—

—

620,000

Total

$

1,160,339,613

$

620,000

$

—

$

67,404,688

$

1,228,364,301

Lifecycle

2020

Registered

investment

companies

$

2,558,805,149

$

—

$

—

$

—

$

2,558,805,149

TIAA-CREF

Real

Property

Fund

LP

—

—

—

148,714,320

148,714,320

Short-term

investments

—

2,485,000

—

—

2,485,000

Total

$

2,558,805,149

$

2,485,000

$

—

$

148,714,320

$

2,710,004,469

Lifecycle

2025

Registered

investment

companies

$

3,785,744,212

$

—

$

—

$

—

$

3,785,744,212

TIAA-CREF

Real

Property

Fund

LP

—

—

—

220,177,904

220,177,904

Short-term

investments

—

5,705,000

—

—

5,705,000

Total

$

3,785,744,212

$

5,705,000

$

—

$

220,177,904

$

4,011,627,116

Lifecycle

2030

Registered

investment

companies

$

4,297,844,543

$

—

$

—

$

—

$

4,297,844,543

TIAA-CREF

Real

Property

Fund

LP

—

—

—

250,198,632

250,198,632

Short-term

investments

—

5,385,000

—

—

5,385,000

Total

$

4,297,844,543

$

5,385,000

$

—

$

250,198,632

$

4,553,428,175

Lifecycle

2035

Registered

investment

companies

$

4,488,508,132

$

—

$

—

$

—

$

4,488,508,132

TIAA-CREF

Real

Property

Fund

LP

—

—

—

261,601,902

261,601,902

Short-term

investments

—

4,605,000

—

—

4,605,000

Total

$

4,488,508,132

$

4,605,000

$

—

$

261,601,902

$

4,754,715,034

Lifecycle

2040

Registered

investment

companies

$

5,380,056,162

$

—

$

—

$

—

$

5,380,056,162

TIAA-CREF

Real

Property

Fund

LP

—

—

—

313,949,472

313,949,472

Short-term

investments

—

5,895,000

—

—

5,895,000

Total

$

5,380,056,162

$

5,895,000

$

—

$

313,949,472

$

5,699,900,634

Lifecycle

2045

Registered

investment

companies

$

3,727,379,360

$

—

$

—

$

—

$

3,727,379,360

TIAA-CREF

Real

Property

Fund

LP

—

—

—

217,691,379

217,691,379

Short-term

investments

—

4,700,000

—

—

4,700,000

Total

$

3,727,379,360

$

4,700,000

$

—

$

217,691,379

$

3,949,770,739

Lifecycle

2050

Registered

investment

companies

$

2,893,166,898

$

—

$

—

$

—

$

2,893,166,898

TIAA-CREF

Real

Property

Fund

LP

—

—

—

169,036,492

169,036,492

Short-term

investments

—

3,630,000

—

—

3,630,000

Total

$

2,893,166,898

$

3,630,000

$

—

$

169,036,492

$

3,065,833,390

Lifecycle

2055

Registered

investment

companies

$

1,382,275,288

$

—

$

—

$

—

$

1,382,275,288

TIAA-CREF

Real

Property

Fund

LP

—

—

—

80,773,342

80,773,342

Short-term

investments

—

2,935,000

—

—

2,935,000

Total

$

1,382,275,288

$

2,935,000

$

—

$

80,773,342

$

1,465,983,630

Lifecycle

2060

Registered

investment

companies

$

497,792,331

$

—

$

—

$

—

$

497,792,331

TIAA-CREF

Real

Property

Fund

LP

—

—

—

29,093,445

29,093,445

Short-term

investments

—

880,000

—

—

880,000

Total

$

497,792,331

$

880,000

$

—

$

29,093,445

$

527,765,776

Lifecycle

2065

Registered

investment

companies

$

39,723,168

$

—

$

—

$

—

$

39,723,168

TIAA-CREF

Real

Property

Fund

LP

—

—

—

2,322,008

2,322,008

Short-term

investments

—

220,000

—

—

220,000

Total

$

39,723,168

$

220,000

$

—

$

2,322,008

$

42,265,176

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.

105

Real

Property

Fund

("RPF"):

The

Funds

invest

in

the

RPF,

which

is

an

affiliated

real

estate

limited

partnership.

The

RPF

is

an

unregistered

open-end

fund

that

intends

to

invest

in

direct

real

estate

holdings

and

may

invest

a

portion

of

its

assets

in

REIT

securities,

mortgage

related

securitization

and

money

market

instruments

in

accordance

with

exemptive

relief

received

from

the

SEC.

The

Funds

are

not

liable

for

the

debts

of

the

RPF

beyond

the

amounts

the

Funds

have

contributed.

The

Funds

can

redeem

from

RPF

daily

subject

to

certain

approvals.

Investments

in

the

RPF

are

illiquid

and

the

Funds

may

be

unable

to

dispose

of

such

investments

at

opportune

times.

As

such,

this

investment

has

been

designated

as

restricted

and

the

value

is

reflected

in

the

portfolio

of

investments.

As

a

restricted

security,

RPF

may

not

be

sold

except

in

exempt

transactions

or

in

a

public offering

registered

under

the

Securities

Act

of

1933,

as

amended.

The

risk

of

investing

in

such

securities

is

generally

greater

than

the

risk

of

investing

in

securities

that

are

widely

held

and

publicaly

traded.

Purchases

and

Sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments)

for

all

of

the Funds for

the

current

fiscal

period,

were

as

follows:

5.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

12.1

Lifecycle

Retirement

Income

$

89,611,828

$

147,714,012

12.2

Lifecycle

2010

169,467,391

305,959,886

12.3

Lifecycle

2015

240,882,488

411,813,159

12.4

Lifecycle

2020

529,456,591

899,795,424

12.5

Lifecycle

2025

839,298,027

1,316,273,598

12.6

Lifecycle

2030

1,027,877,478

1,404,553,831

12.7

Lifecycle

2035

1,200,784,966

1,551,919,096

12.8

Lifecycle

2040

1,512,829,596

1,857,458,629

12.9

Lifecycle

2045

1,038,636,743

1,145,579,112

13.01

Lifecycle

2050

803,295,006

770,473,680

13.1

Lifecycle

2055

443,482,420

338,237,613

13.2

Lifecycle

2060

206,369,986

112,080,858

13.3

Lifecycle

2065

35,523,854

17,030,729

Year

Ended

5/31/23

Year

Ended

5/31/22

12.1

Lifecycle

Retirement

Income

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

1,257,585

$

13,342,606

5,093,690

$

64,956,781

Advisor

Class

2,200

23,540

69,747

872,339

Premier

Class

102,554

1,079,331

599,871

7,254,130

Retirement

Class

683,664

7,143,848

508,539

6,371,163

Retail

Class

538,372

5,676,710

829,780

10,352,335

Total

subscriptions

2,584,375

27,266,035

7,101,627

89,806,748

Reinvestments

of

distributions:

Institutional

Class

1,089,839

11,161,094

1,663,321

20,233,170

Advisor

Class

1,676

17,187

5,634

68,492

Premier

Class

88,231

903,373

108,627

1,321,773

Retirement

Class

797,641

8,148,119

1,099,644

13,344,233

Retail

Class

672,562

6,877,590

822,805

9,997,096

Total

reinvestments

of

distributions

2,649,949

27,107,363

3,700,031

44,964,764

Redemptions:

Institutional

Class

(5,868,076)

(61,430,375)

(5,927,678)

(70,948,029)

Advisor

Class

(28,091)

(301,425)

(67,294)

(806,496)

Premier

Class

(315,894)

(3,320,054)

(622,368)

(7,738,929)

Retirement

Class

(2,824,817)

(29,520,020)

(3,097,503)

(37,916,338)

Retail

Class

(1,110,537)

(11,675,236)

(1,119,182)

(13,687,705)

Total

redemptions

(10,147,415)

(106,247,110)

(10,834,025)

(131,097,497)

Net

increase

(decrease)

from

shareholder

transactions

(4,913,091)

$

(51,873,712)

(32,367)

$

3,674,015

Notes

to

Financial

Statements

(continued)

106

Year

Ended

5/31/23

Year

Ended

5/31/22

12.2

Lifecycle

2010

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

3,614,500

$

34,407,848

5,023,114

$

58,676,210

Advisor

Class

–

–

3,621

40,999

Premier

Class

215,080

2,092,570

642,907

7,217,688

Retirement

Class

570,016

6,851,613

1,133,657

16,208,559

Total

subscriptions

4,399,596

43,352,031

6,803,299

82,143,456

Reinvestments

of

distributions:

Institutional

Class

4,439,737

41,111,964

7,111,381

79,291,903

Advisor

Class

414

3,843

578

6,462

Premier

Class

334,556

3,091,298

489,215

5,444,960

Retirement

Class

1,230,126

14,318,674

1,948,215

26,904,852

Total

reinvestments

of

distributions

6,004,833

58,525,779

9,549,389

111,648,177

Redemptions:

Institutional

Class

(16,298,133)

(159,505,225)

(12,621,540)

(146,447,146)

Advisor

Class

(2,330)

(23,392)

(491)

(5,478)

Premier

Class

(1,140,964)

(10,994,447)

(2,646,518)

(32,019,270)

Retirement

Class

(4,114,664)

(49,544,026)

(5,133,914)

(73,000,609)

Total

redemptions

(21,556,091)

(220,067,090)

(20,402,463)

(251,472,503)

Net

increase

(decrease)

from

shareholder

transactions

(11,151,662)

$

(118,189,280)

(4,049,775)

$

(57,680,870)

Year

Ended

5/31/23

Year

Ended

5/31/22

12.3

Lifecycle

2015

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

4,055,246

$

34,645,281

4,837,755

$

50,196,899

Advisor

Class

–

–

16,038

175,000

Premier

Class

236,853

2,038,118

785,970

7,878,198

Retirement

Class

2,098,950

23,828,765

1,934,172

25,841,707

Total

subscriptions

6,391,049

60,512,164

7,573,935

84,091,804

Reinvestments

of

distributions:

Institutional

Class

7,176,454

59,205,748

10,708,945

106,768,180

Advisor

Class

2,379

19,629

2,926

29,142

Premier

Class

509,804

4,190,586

774,286

7,688,659

Retirement

Class

1,635,713

17,976,483

2,500,620

32,608,089

Total

reinvestments

of

distributions

9,324,350

81,392,446

13,986,777

147,094,070

Redemptions:

Institutional

Class

(22,904,648)

(199,370,855)

(18,601,692)

(192,279,261)

Advisor

Class

–

–

–

–

Premier

Class

(1,826,554)

(15,669,495)

(4,560,902)

(48,490,682)

Retirement

Class

(6,591,873)

(75,024,585)

(7,821,062)

(103,670,534)

Total

redemptions

(31,323,075)

(290,064,935)

(30,983,656)

(344,440,477)

Net

increase

(decrease)

from

shareholder

transactions

(15,607,676)

$

(148,160,325)

(9,422,944)

$

(113,254,603)

Year

Ended

5/31/23

Year

Ended

5/31/22

12.4

Lifecycle

2020

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

9,046,353

$

80,749,414

14,043,786

$

152,100,452

Advisor

Class

27,164

243,662

14,711

168,960

Premier

Class

958,294

8,534,254

2,128,099

22,751,832

Retirement

Class

1,388,638

16,743,403

2,669,296

38,342,851

Total

subscriptions

11,420,449

106,270,733

18,855,892

213,364,095

Reinvestments

of

distributions:

Institutional

Class

16,335,969

138,855,737

24,749,622

255,911,089

Advisor

Class

4,872

41,360

4,063

42,012

Premier

Class

1,198,371

10,162,188

1,806,967

18,647,903

Retirement

Class

2,894,787

33,811,107

4,636,553

64,587,181

Total

reinvestments

of

distributions

20,433,999

182,870,392

31,197,205

339,188,185

Redemptions:

Institutional

Class

(49,415,101)

(444,290,955)

(36,674,302)

(388,312,165)

Advisor

Class

(5,339)

(46,545)

(30,785)

(351,054)

Premier

Class

(3,502,274)

(31,179,156)

(8,921,550)

(98,479,847)

Retirement

Class

(10,867,306)

(131,189,772)

(14,638,656)

(207,792,659)

Total

redemptions

(63,790,020)

(606,706,428)

(60,265,293)

(694,935,725)

Net

increase

(decrease)

from

shareholder

transactions

(31,935,572)

$

(317,565,303)

(10,212,196)

$

(142,383,445)

107

Year

Ended

5/31/23

Year

Ended

5/31/22

12.5

Lifecycle

2025

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

18,136,108

$

166,947,002

22,978,555

$

258,741,518

Advisor

Class

57,120

527,161

2,770

30,944

Premier

Class

2,187,763

20,102,931

3,623,408

40,209,994

Retirement

Class

2,231,908

28,367,168

4,261,456

64,386,912

Total

subscriptions

22,612,899

215,944,262

30,866,189

363,369,368

Reinvestments

of

distributions:

Institutional

Class

25,042,494

219,622,671

35,095,211

379,028,275

Advisor

Class

4,735

41,525

2,965

32,026

Premier

Class

1,868,790

16,314,540

2,488,663

26,753,132

Retirement

Class

3,782,348

46,295,936

5,423,454

79,995,939

Total

reinvestments

of

distributions

30,698,367

282,274,672

43,010,293

485,809,372

Redemptions:

Institutional

Class

(73,961,374)

(691,355,718)

(36,611,176)

(400,732,044)

Advisor

Class

(7,468)

(67,270)

(13,110)

(148,621)

Premier

Class

(3,687,382)

(33,697,590)

(10,807,226)

(123,448,064)

Retirement

Class

(11,764,653)

(149,398,039)

(15,183,640)

(227,624,303)

Total

redemptions

(89,420,877)

(874,518,617)

(62,615,152)

(751,953,032)

Net

increase

(decrease)

from

shareholder

transactions

(36,109,611)

$

(376,299,683)

11,261,330

$

97,225,708

Year

Ended

5/31/23

Year

Ended

5/31/22

12.6

Lifecycle

2030

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

27,344,443

$

255,067,752

30,071,947

$

343,831,067

Advisor

Class

28,823

275,053

10,610

125,669

Premier

Class

2,343,037

21,792,289

4,124,063

46,133,714

Retirement

Class

3,233,094

42,713,024

4,210,167

66,854,810

Total

subscriptions

32,949,397

319,848,118

38,416,787

456,945,260

Reinvestments

of

distributions:

Institutional

Class

29,168,792

256,977,057

39,766,511

437,033,952

Advisor

Class

3,379

29,774

4,426

48,642

Premier

Class

2,180,319

19,099,591

2,744,328

29,995,512

Retirement

Class

3,833,648

48,610,658

5,535,559

85,358,315

Total

reinvestments

of

distributions

35,186,138

324,717,080

48,050,824

552,436,421

Redemptions:

Institutional

Class

(74,773,754)

(707,187,201)

(32,258,878)

(359,646,334)

Advisor

Class

(17,171)

(166,871)

(8,466)

(88,684)

Premier

Class

(4,290,938)

(39,666,590)

(11,042,822)

(130,631,782)

Retirement

Class

(11,186,111)

(147,266,751)

(14,285,202)

(223,239,881)

Total

redemptions

(90,267,974)

(894,287,413)

(57,595,368)

(713,606,681)

Net

increase

(decrease)

from

shareholder

transactions

(22,132,439)

$

(249,722,215)

28,872,243

$

295,775,000

Year

Ended

5/31/23

Year

Ended

5/31/22

12.7

Lifecycle

2035

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

30,668,720

$

289,812,700

31,843,272

$

371,177,950

Advisor

Class

17,577

166,956

3,237

36,497

Premier

Class

2,611,737

24,490,486

3,965,620

46,025,870

Retirement

Class

2,741,861

37,825,781

3,739,851

62,199,522

Total

subscriptions

36,039,895

352,295,923

39,551,980

479,439,839

Reinvestments

of

distributions:

Institutional

Class

32,069,754

285,100,109

44,146,341

495,763,411

Advisor

Class

3,755

33,342

3,405

38,208

Premier

Class

2,343,733

20,765,474

3,084,436

34,545,687

Retirement

Class

3,521,881

46,524,052

5,036,667

81,745,103

Total

reinvestments

of

distributions

37,939,123

352,422,977

52,270,849

612,092,409

Redemptions:

Institutional

Class

(78,964,298)

(760,415,932)

(32,207,800)

(366,942,911)

Advisor

Class

(1,489)

(14,152)

(714)

(8,001)

Premier

Class

(4,058,202)

(38,116,862)

(11,654,409)

(141,930,250)

Retirement

Class

(7,896,088)

(108,712,142)

(12,642,694)

(209,077,226)

Total

redemptions

(90,920,077)

(907,259,088)

(56,505,617)

(717,958,388)

Net

increase

(decrease)

from

shareholder

transactions

(16,941,059)

$

(202,540,188)

35,317,212

$

373,573,860

Notes

to

Financial

Statements

(continued)

108

Year

Ended

5/31/23

Year

Ended

5/31/22

12.8

Lifecycle

2040

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

33,689,108

$

317,712,234

32,492,908

$

379,833,667

Advisor

Class

15,363

145,703

3,137

35,502

Premier

Class

2,594,363

24,231,645

4,037,072

46,889,238

Retirement

Class

2,787,493

39,853,927

2,860,690

49,462,497

Total

subscriptions

39,086,327

381,943,509

39,393,807

476,220,904

Reinvestments

of

distributions:

Institutional

Class

40,538,576

357,550,245

56,666,558

638,065,449

Advisor

Class

1,777

15,656

1,507

16,950

Premier

Class

2,778,633

24,451,968

3,893,334

43,722,138

Retirement

Class

4,000,200

54,642,731

6,033,948

101,973,720

Total

reinvestments

of

distributions

47,319,186

436,660,600

66,595,347

783,778,257

Redemptions:

Institutional

Class

(82,592,569)

(791,662,756)

(34,139,265)

(388,075,690)

Advisor

Class

(1,466)

(13,166)

(5,338)

(64,467)

Premier

Class

(3,817,919)

(36,053,685)

(12,145,236)

(146,871,580)

Retirement

Class

(9,778,803)

(139,793,375)

(14,476,480)

(249,877,458)

Total

redemptions

(96,190,757)

(967,522,982)

(60,766,319)

(784,889,195)

Net

increase

(decrease)

from

shareholder

transactions

(9,785,244)

$

(148,918,873)

45,222,835

$

475,109,966

Year

Ended

5/31/23

Year

Ended

5/31/22

12.9

Lifecycle

2045

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

24,617,995

$

288,447,994

24,969,570

$

363,983,500

Advisor

Class

35,302

410,394

4,268

61,674

Premier

Class

2,165,378

25,226,927

3,010,126

43,883,742

Retirement

Class

3,298,000

38,234,152

3,164,604

46,177,270

Total

subscriptions

30,116,675

352,319,467

31,148,568

454,106,186

Reinvestments

of

distributions:

Institutional

Class

21,916,340

240,641,410

30,143,635

423,819,514

Advisor

Class

761

8,356

214

3,010

Premier

Class

1,571,380

17,159,472

2,139,339

29,929,349

Retirement

Class

4,234,599

46,030,089

5,850,947

81,503,696

Total

reinvestments

of

distributions

27,723,080

303,839,327

38,134,135

535,255,569

Redemptions:

Institutional

Class

(43,645,377)

(520,487,999)

(17,772,833)

(248,768,014)

Advisor

Class

(1,030)

(12,684)

(964)

(12,685)

Premier

Class

(2,225,729)

(26,072,753)

(7,215,317)

(109,034,656)

Retirement

Class

(6,390,186)

(73,729,002)

(10,402,406)

(151,886,506)

Total

redemptions

(52,262,322)

(620,302,438)

(35,391,520)

(509,701,861)

Net

increase

(decrease)

from

shareholder

transactions

5,577,433

$

35,856,356

33,891,183

$

479,659,894

Year

Ended

5/31/23

Year

Ended

5/31/22

13.01

Lifecycle

2050

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

22,648,264

$

271,013,243

19,978,756

$

296,761,919

Advisor

Class

6,009

73,828

24,867

361,859

Premier

Class

1,922,913

22,788,492

2,358,856

35,328,256

Retirement

Class

2,744,846

32,554,487

2,665,561

39,623,443

Total

subscriptions

27,322,032

326,430,050

25,028,040

372,075,477

Reinvestments

of

distributions:

Institutional

Class

16,352,319

183,309,490

20,831,928

299,563,125

Advisor

Class

1,283

14,393

1,157

16,645

Premier

Class

1,076,868

12,028,621

1,415,136

20,278,896

Retirement

Class

2,903,138

32,224,835

3,835,451

54,655,174

Total

reinvestments

of

distributions

20,333,608

227,577,339

26,083,672

374,513,840

Redemptions:

Institutional

Class

(27,659,834)

(336,520,581)

(10,516,356)

(150,432,796)

Advisor

Class

(24,679)

(290,348)

(5,952)

(96,314)

Premier

Class

(1,730,332)

(20,561,690)

(4,358,794)

(66,445,060)

Retirement

Class

(4,955,758)

(58,495,710)

(7,089,620)

(105,962,482)

Total

redemptions

(34,370,603)

(415,868,329)

(21,970,722)

(322,936,652)

Net

increase

(decrease)

from

shareholder

transactions

13,285,037

$

138,139,060

29,140,990

$

423,652,665

109

Year

Ended

5/31/23

Year

Ended

5/31/22

13.1

Lifecycle

2055

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

14,206,786

$

200,594,633

11,839,213

$

205,641,316

Advisor

Class

13,005

184,788

1,340

22,678

Premier

Class

1,018,870

14,258,603

1,180,758

20,559,715

Retirement

Class

1,715,773

24,111,919

1,440,198

25,031,044

Total

subscriptions

16,954,434

239,149,943

14,461,509

251,254,753

Reinvestments

of

distributions:

Institutional

Class

6,043,641

80,138,674

6,709,995

113,667,316

Advisor

Class

455

6,036

47

796

Premier

Class

424,388

5,606,170

504,748

8,520,147

Retirement

Class

1,052,945

13,898,868

1,237,574

20,877,867

Total

reinvestments

of

distributions

7,521,429

99,649,748

8,452,364

143,066,126

Redemptions:

Institutional

Class

(10,601,565)

(152,428,904)

(3,684,574)

(61,631,484)

Advisor

Class

(92)

(1,321)

(1)

(23)

Premier

Class

(728,896)

(10,190,769)

(1,715,537)

(30,202,499)

Retirement

Class

(1,943,257)

(27,035,230)

(2,726,891)

(47,958,670)

Total

redemptions

(13,273,810)

(189,656,224)

(8,127,003)

(139,792,676)

Net

increase

(decrease)

from

shareholder

transactions

11,202,053

$

149,143,467

14,786,870

$

254,528,203

Year

Ended

5/31/23

Year

Ended

5/31/22

13.2

Lifecycle

2060

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

10,060,337

$

121,775,409

7,796,785

$

114,913,785

Advisor

Class

15,764

192,560

1,967

28,300

Premier

Class

651,373

7,856,747

651,727

9,584,808

Retirement

Class

1,359,186

16,387,118

1,165,981

16,984,215

Total

subscriptions

12,086,660

146,211,834

9,616,460

141,511,108

Reinvestments

of

distributions:

Institutional

Class

2,120,439

24,236,620

1,957,423

28,323,915

Advisor

Class

667

7,622

360

5,200

Premier

Class

116,744

1,332,049

112,792

1,628,720

Retirement

Class

342,124

3,896,791

337,244

4,863,057

Total

reinvestments

of

distributions

2,579,974

29,473,082

2,407,819

34,820,892

Redemptions:

Institutional

Class

(4,643,760)

(57,436,613)

(2,040,940)

(28,941,694)

Advisor

Class

(40)

(466)

(1,903)

(29,743)

Premier

Class

(303,750)

(3,606,591)

(519,134)

(7,548,888)

Retirement

Class

(776,942)

(9,290,311)

(1,023,654)

(14,907,626)

Total

redemptions

(5,724,492)

(70,333,981)

(3,585,631)

(51,427,951)

Net

increase

(decrease)

from

shareholder

transactions

8,942,142

$

105,350,935

8,438,648

$

124,904,049

Year

Ended

5/31/23

Year

Ended

5/31/22

13.3

Lifecycle

2065

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

2,056,822

$

21,030,683

1,392,373

$

16,260,732

Advisor

Class

2,941

30,309

–

–

Premier

Class

177,922

1,787,554

121,522

1,365,228

Retirement

Class

489,198

4,995,196

314,556

3,673,748

Total

subscriptions

2,726,883

27,843,742

1,828,451

21,299,708

Reinvestments

of

distributions:

Institutional

Class

50,389

495,823

21,833

261,127

Advisor

Class

51

497

–

–

Premier

Class

5,459

53,005

769

9,085

Retirement

Class

13,189

129,910

3,301

39,549

Total

reinvestments

of

distributions

69,088

679,235

25,903

309,761

Redemptions:

Institutional

Class

(782,462)

(8,093,958)

(163,809)

(1,902,277)

Advisor

Class

(740)

(7,540)

–

–

Premier

Class

(70,662)

(703,971)

(12,187)

(128,143)

Retirement

Class

(153,756)

(1,571,024)

(22,578)

(272,297)

Total

redemptions

(1,007,620)

(10,376,493)

(198,574)

(2,302,717)

Net

increase

(decrease)

from

shareholder

transactions

1,788,351

$

18,146,484

1,655,780

$

19,306,752

Notes

to

Financial

Statements

(continued)

110

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund’s

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

distribution

reallocations,

investments

in

partnerships,

and

investments

in

underlying

funds.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

As

of year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

12.1

Lifecycle

Retirement

Income

$456,381,579

$31,720,351

$(42,151,461)

$(10,431,110)

12.2

Lifecycle

2010

859,202,302

73,891,843

(76,370,557)

(2,478,714)

12.3

Lifecycle

2015

1,286,917,755

66,713,234

(125,266,688)

(58,553,454)

12.4

Lifecycle

2020

2,806,393,270

164,183,281

(260,572,082)

(96,388,801)

12.5

Lifecycle

2025

4,110,872,660

268,300,570

(367,546,114)

(99,245,544)

12.6

Lifecycle

2030

4,597,383,330

337,610,289

(381,565,444)

(43,955,155)

12.7

Lifecycle

2035

4,689,137,255

408,527,640

(342,949,861)

65,577,779

12.8

Lifecycle

2040

5,500,177,824

554,123,572

(354,400,762)

199,722,810

12.9

Lifecycle

2045

3,741,246,298

424,889,668

(216,365,227)

208,524,441

13.01

Lifecycle

2050

2,938,598,814

286,180,839

(158,946,263)

127,234,576

13.1

Lifecycle

2055

1,448,897,174

92,735,938

(75,649,482)

17,086,456

13.2

Lifecycle

2060

538,498,621

17,496,785

(28,229,630)

(10,732,845)

13.3

Lifecycle

2065

43,103,546

1,293,424

(2,131,794)

(838,370)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

12.1

Lifecycle

Retirement

Income

$2,595,980

$–

$(10,431,110)

$(6,802,525)

$–

$(21,830)

$(14,659,485)

12.2

Lifecycle

2010

11,110,844

–

(2,478,714)

(9,486,241)

–

(75,781)

(929,892)

12.3

Lifecycle

2015

13,569,545

–

(58,553,454)

(17,659,513)

–

(109,875)

(62,753,297)

12.4

Lifecycle

2020

28,438,988

–

(96,388,801)

(41,207,994)

–

(171,002)

(109,328,809)

12.5

Lifecycle

2025

37,400,462

–

(99,245,544)

(71,060,985)

–

(184,494)

(133,090,561)

12.6

Lifecycle

2030

34,206,434

–

(43,955,155)

(85,960,191)

–

(182,155)

(95,891,067)

12.7

Lifecycle

2035

27,923,376

–

65,577,779

(114,710,935)

–

(183,745)

(21,393,525)

12.8

Lifecycle

2040

22,674,803

–

199,722,810

(136,259,089)

–

(235,560)

85,902,964

12.9

Lifecycle

2045

8,731,205

–

208,524,441

(73,684,881)

–

(93,900)

143,476,865

13.01

Lifecycle

2050

3,226,959

–

127,234,576

(46,138,093)

–

(60,722)

84,262,720

13.1

Lifecycle

2055

–

–

17,086,456

(14,986,790)

(264,984)

(18,173)

1,816,509

13.2

Lifecycle

2060

–

–

(10,732,845)

(3,967,877)

(1,146,763)

(3,768)

(15,851,253)

13.3

Lifecycle

2065

–

–

(838,370)

–

(218,593)

(93)

(1,057,056)

111

The

tax

character

of

distributions

paid was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Investment

Adviser

and

Other

Transactions

with

Affiliates

Under

the

terms

of

its

Investment

Management

Agreement, the

Adviser is

entitled

to

a

fee

that

is

made

up

of

two

components,

which

are

added

together

to

create

the

total

investment

management

fee.

The

first

component,

the

asset

allocation

fee

rate,

is

an

annual

rate

of

0.10%

of

the

average

daily

net

assets

of

each

Fund.

The

second

component,

the

Underlying

Funds

fee

rate,

is

calculated

as

follows:

for

each

Underlying

Fund

of

the

Trust

in

which

a

Fund

is

invested,

the

effective

Underlying

Fund’s

annual

investment

management

agreement,

net

of

any

fee

waivers

or

reimbursements

applicable

to

the

Underlying

Fund

(excluding

the

Class

W

shares

investment

management

fee

waiver

and/or

reimbursement)

in

proportion

to

the

percentage

of

the

Fund’s

net

assets

invested

in

the

Underlying

Fund,

applied

to

the

average

daily

net

assets

of

the

Fund. The

Adviser has

contractually

agreed

to

waive

in

full

the

asset

allocation

fee

rate

component

of

the

management

fee

on

each

Fund.

This

waiver

will

remain

in

effect

through

September

30,

2025,

unless

changed

with

approval

of

the

Board.

In

addition, the

Adviser has

voluntarily

agreed

to

waive

certain

amounts

of

the

Underlying

Funds

fee

rate

portion

of

each

Fund’s

management

fee

through

September

30,

2023.

As

of

the

end

of

the

current

fiscal

period, the

Adviser received

from

the

Funds

the

following

effective

annual

rate

as

a

percentage

of

average

daily

net

assets

of

each

Fund:

5/31/23

5/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

12.1

Lifecycle

Retirement

Income

$

13,270,979

$

14,112,422

$

23,161,764

$

22,270,472

12.2

Lifecycle

2010

29,379,383

29,158,365

47,060,380

64,609,189

12.3

Lifecycle

2015

36,413,594

45,111,498

67,018,907

80,277,672

12.4

Lifecycle

2020

75,174,490

107,977,277

151,455,657

188,186,268

12.5

Lifecycle

2025

102,138,283

181,293,762

216,449,270

271,151,254

12.6

Lifecycle

2030

101,654,559

223,672,262

237,785,666

315,462,673

12.7

Lifecycle

2035

92,477,284

260,383,909

256,415,712

356,288,276

12.8

Lifecycle

2040

93,184,722

343,941,755

322,023,104

462,395,165

12.9

Lifecycle

2045

58,744,900

245,683,071

218,120,431

317,925,165

13.01

Lifecycle

2050

43,573,826

184,213,360

161,435,133

213,330,339

13.1

Lifecycle

2055

21,085,365

78,783,341

68,542,535

74,772,925

13.2

Lifecycle

2060

7,135,213

22,421,673

19,701,972

15,182,064

13.3

Lifecycle

2065

358,995

469,466

302,017

381,910

Fund

Short-Term

Long-Term

Total

12.1

Lifecycle

Retirement

Income

$

2,174,820

$

4,627,705

$

6,802,525

12.2

Lifecycle

2010

4,546,995

4,939,246

9,486,241

12.3

Lifecycle

2015

6,649,234

11,010,279

17,659,513

12.4

Lifecycle

2020

16,608,199

24,599,795

41,207,994

12.5

Lifecycle

2025

34,150,826

36,910,159

71,060,985

12.6

Lifecycle

2030

43,443,026

42,517,165

85,960,191

12.7

Lifecycle

2035

48,691,441

66,019,494

114,710,935

12.8

Lifecycle

2040

62,956,110

73,302,979

136,259,089

12.9

Lifecycle

2045

43,378,310

30,306,571

73,684,881

13.01

Lifecycle

2050

30,429,490

15,708,603

46,138,093

13.1

Lifecycle

2055

11,507,434

3,479,356

14,986,790

13.2

Lifecycle

2060

3,904,407

63,470

3,967,877

13.3

Lifecycle

2065

–

–

–

Investment

Management

Fee

Waiver

Fund

Investment

Management

Fee—Effective

Rate

Effective

10/1/22

Prior

to

10/1/22

Lifecycle

Retirement

Income

0.28%

0.127%

0.128%

Lifecycle

2010

0.28

0.123

0.129

Lifecycle

2015

0.28

0.128

0.129

Lifecycle

2020

0.29

0.130

0.131

Lifecycle

2025

0.29

0.132

0.134

Lifecycle

2030

0.30

0.144

0.146

Lifecycle

2035

0.30

0.156

0.158

Lifecycle

2040

0.31

0.176

0.167

Lifecycle

2045

0.31

0.175

0.177

Lifecycle

2050

0.31

0.185

0.186

Lifecycle

2055

0.31

0.185

0.186

Lifecycle

2060

0.31

0.185

0.196

Lifecycle

2065

0.31

0.196

0.196

Notes

to

Financial

Statements

(continued)

112

The

Funds

have

entered

into

an

Administrative

Service

Agreement

with

the

Adviser

under

which

the

Funds

pay the

Adviser 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

incurs

an

annual

fee

of

0.25%

of

the

daily

net

assets,

payable

monthly

to

the

Adviser,

for certain

administrative

costs

associated

with

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 the

Adviser under

the

Service

Agreement.

Under

the

terms

of

the

distribution

Rule

12b-1

plan,

the

Retirement

Class

of

each

Fund

and

the

Retail

Class

of

the

Retirement

Income

Fund

compensated

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Retirement

Class

of

each

Fund

and

the

Retail

Class

of

the

Retirement

Income

Fund

at

the

maximum

annual

rates

of

0.05%

and

0.25%

of

the

average

daily

net

assets

attributable

to

each

Fund’s

Retirement

Class

and

the

Retirement

Income

Fund’s

Retail

Class,

respectively.

However,

Nuveen

Securities

has

agreed

not

to

seek

any

reimbursements

under

the

distribution

Rule

12b-1

plan

from

the

Retirement

Class

and

the

plan

is

suspended through

September

12,

2022.

This

agreement

may

be

terminated

before

this

date

with

the

approval

of

the

Board.

The

Premier

Class

of

each

Fund

is

subject

to

a

distribution

Rule

12b-1

plan

that

compensated

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Premier

Class

of

the

Fund

at

the

annual

rate

of

0.15%

of

average

daily

net

assets

attributable

to

the

Fund’s

Premier

Class.

Effective

September

13,

2022,

Nuveen

Securities

and

the

Board

terminated

the

distribution

Rule

12b-1

plan

for

the

Retirement

Class

of

the

Funds.

The

Adviser

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,

2023,

unless

changed

with

approval

of

the

Board.

With

respect

to

Lifecycle

2010

Fund,

Lifecycle

2015

Fund,

Lifecycle

2020

Fund

and

Lifecycle

2025

Fund

the

Adviser

has

voluntarily

agreed

to

reimburse

the

Funds

for

0.030%,

0.045%,

0.025%

and

0.015%

respectively,

of

the

Total

Expenses

of

each

of

its

share

classes

that

are

originally

attributable

to

Class

W

shares

of

the

Underlying

Funds.

These

voluntary

commitments

are

effective

May

1,

2023

to

April

30,

2024.

Prior

to

May

1,

2023

the

Lifecycle

2010

Fund

voluntary

reimbursement

was

0.035%.

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.

During

the

current

fiscal

period,

the

Funds

engaged

in

the

following

security

transactions

with

affiliated

entities: 

The

following

is

the

percentage

of

the

Funds’

shares

owned

by

TIAA

and

its

registered

separate

account

(“TIAA

Access”)

as

of

the

end

of

the

current

fiscal

period:

Fund

Purchases

Sales

Realized

Gain

(Loss)

Lifecycle

Retirement

Income

$

24,692

$

280,457

$

(130,123)

Lifecycle

2010

85,251

498,083

(225,579)

Lifecycle

2015

46,685

849,175

(415,591)

Lifecycle

2020

28,869

1,187,666

(513,773)

Lifecycle

2025

146,490

1,022,527

(408,923)

Lifecycle

2030

292,117

874,657

(346,232)

Lifecycle

2035

522,060

666,464

(263,427)

Lifecycle

2040

1,046,086

538,177

(198,874)

Lifecycle

2045

1,823,358

150,145

(50,489)

Lifecycle

2050

1,838,539

12,167

(3,785)

Lifecycle

2055

1,830,775

13,008

(5,456)

Lifecycle

2060

1,740,738

2,022

(891)

113

Investments

in

other

investment

companies

advised

by

the

Adviser

and

Nuveen

Fund

Advisors,

LLC

are

deemed

to

be

affiliated

investments.

The

Funds

invest

their assets

in

the

affiliated

TIAA-CREF

Real

Property

Fund

LP,

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

Effective

after

the

close

of

business

on

October

28,

2022,

the

Nuveen

International

Growth

Fund

merged

into

the

TIAA-CREF

International

Opportunities

Fund.

Information

regarding

transactions

with

affiliated

companies

is

as

follows:

Underlying

Fund

TIAA

TIAA

Access

Total

12.1

Lifecycle

Retirement

Income

–

%

11

%

11

%

12.2

Lifecycle

2010

–

13

13

12.3

Lifecycle

2015

–

13

13

12.4

Lifecycle

2020

–

15

15

12.5

Lifecycle

2025

–

15

15

12.6

Lifecycle

2030

–

15

15

12.7

Lifecycle

2035

–

16

16

12.8

Lifecycle

2040

–

16

16

12.9

Lifecycle

2045

–

17

17

13.01

Lifecycle

2050

–

19

19

13.1

Lifecycle

2055

–

16

16

13.2

Lifecycle

2060

–

17

17

13.3

Lifecycle

2065

12

2

14

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Retirement

Income

Fund

Nuveen

Funds:

Dividend

Growth

$

16,654,039

$

4,199,073

$

5,991,524

$

584,262

$

–

$

(702,434)

$

210,417

$

14,460,610

Dividend

Value

19,062,054

5,397,376

7,789,682

1,251,389

–

(2,156,699)

354,986

14,676,022

Growth

Opportunities

ETF

17,698,718

1,917,963

3,898,743

(1,637,393)

–

2,826,718

34,141

16,907,263

International

Growth

13,648,513

649,592

9,464,225

(3,744,181)

(3,627,207)

2,537,508

123,553

–

TIAA-CREF

Funds:

Core

Bond

110,567,449

10,676,216

21,903,036

(3,510,094)

–

(2,054,910)

3,703,167

93,775,625

Core

Plus

Bond

69,071,504

5,651,986

12,906,849

(2,166,807)

–

(1,516,574)

2,564,390

58,133,260

Emerging

Markets

Debt

10,863,568

1,659,058

3,374,919

(809,863)

–

103,299

658,218

8,441,143

Emerging

Markets

Equity

7,910,935

4,444,002

3,081,635

(825,317)

–

445,772

80,335

8,893,757

Growth

&

Income

16,758,801

4,155,651

6,008,031

1,099,961

–

(435,121)

266,464

14,637,027

High-Yield

10,754,270

3,458,392

4,578,419

(351,970)

–

(368,767)

700,156

8,913,506

Inflation-Linked

Bond

52,879,871

6,275,269

9,688,058

(335,344)

–

(4,154,601)

3,092,151

44,615,805

International

Bond

11,068,322

1,399,945

2,018,012

(438,957)

–

(705,389)

1,101,922

9,305,909

International

Equity

19,454,174

10,337,186

7,890,124

(301,637)

–

1,423,476

598,481

23,023,075

International

Opportunities

13,735,162

2,717,269

5,354,622

(1,230,203)

3,627,207

258,606

238,985

13,753,419

Large-Cap

Growth

17,650,331

3,734,585

5,987,533

(1,238,807)

–

2,742,062

118,091

16,900,638

Large-Cap

Value

19,083,300

5,317,309

8,495,990

1,477,024

–

(2,007,186)

356,313

14,720,831

Quant

International

Small-Cap

Equity

9,149,542

1,385,068

2,413,803

(348,439)

–

(477,461)

314,176

7,294,908

Quant

Small/Mid-Cap

Equity

5,517,928

3,650,412

4,206,259

375,323

–

(666,138)

89,928

4,250,245

Quant

Small-Cap

Equity

4,636,375

1,231,155

1,985,701

364,565

–

(396,327)

56,063

3,652,158

Short-Term

Bond

53,080,604

7,630,067

15,103,844

(698,111)

–

(159,209)

1,512,511

44,686,676

TIAA-CREF

Real

Property

Fund

LP

a

30,624,809

3,724,254

5,573,003

(7,844)

–

(4,314,624)

2,698,915

24,453,592

$529,870,269

$89,611,828

$147,714,012

$(12,492,443)

$–

$(9,777,999)

$18,873,363

$445,495,469

Notes

to

Financial

Statements

(continued)

114

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2010

Fund

Nuveen

Funds:

Dividend

Growth

$

31,964,855

$

6,959,952

$

11,517,891

$

1,381,417

$

–

$

(1,555,708)

$

394,556

$

26,712,756

Dividend

Value

36,565,173

9,229,080

14,959,884

2,646,008

–

(4,299,018)

668,496

27,172,786

Growth

Opportunities

ETF

33,996,901

2,992,505

7,861,833

(3,246,421)

–

5,413,203

63,466

31,294,354

International

Growth

26,242,571

1,178,094

18,223,566

(6,936,087)

(6,885,990)

4,624,978

235,186

–

TIAA-CREF

Funds:

Core

Bond

217,258,806

19,492,042

45,807,979

(6,085,825)

–

(4,683,673)

7,150,070

180,173,371

Core

Plus

Bond

135,990,055

10,419,319

27,543,872

(4,011,887)

–

(3,139,342)

4,953,244

111,714,273

Emerging

Markets

Debt

21,240,547

3,388,141

7,049,540

(1,630,217)

–

248,870

1,272,694

16,197,801

Emerging

Markets

Equity

15,195,170

8,132,207

6,154,671

(1,311,022)

–

569,358

149,492

16,431,042

Growth

&

Income

32,150,930

7,209,921

11,949,751

2,228,956

–

(1,016,761)

499,232

26,896,079

High-Yield

20,952,445

6,940,280

9,435,889

(598,498)

–

(794,789)

1,351,519

17,063,549

Inflation-Linked

Bond

103,913,550

9,890,457

18,645,047

(338,096)

–

(8,375,250)

5,997,573

85,757,862

International

Bond

21,746,110

3,244,975

4,898,816

(1,046,078)

–

(1,167,117)

2,126,254

17,879,074

International

Equity

37,317,111

19,743,517

16,616,637

87,558

–

2,008,933

1,109,171

42,540,482

International

Opportunities

26,348,256

5,541,190

11,536,569

(2,064,173)

6,885,990

215,407

451,567

25,390,101

Large-Cap

Growth

33,868,182

6,530,591

11,899,201

1,593,955

–

1,171,564

218,012

31,265,091

Large-Cap

Value

36,610,558

10,081,668

17,292,693

3,958,299

–

(4,924,939)

661,066

27,220,226

Quant

International

Small-Cap

Equity

17,567,129

2,374,836

4,892,009

(508,401)

–

(1,057,322)

580,950

13,484,233

Quant

Small/Mid-Cap

Equity

10,586,451

6,887,315

8,327,203

714,079

–

(1,224,520)

167,681

7,851,075

Quant

Small-Cap

Equity

8,893,667

2,153,789

3,888,059

701,647

–

(747,351)

103,902

6,746,910

Short-Term

Bond

124,023,123

22,686,979

33,889,113

(1,582,638)

–

(417,969)

3,618,475

110,672,452

TIAA-CREF

Real

Property

Fund

LP

a

49,123,040

4,390,533

13,569,663

1,240,329

–

(7,514,168)

4,080,690

33,670,071

$1,041,554,630

$169,467,391

$305,959,886

$(14,807,095)

$–

$(26,665,614)

$35,853,296

$856,133,588

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2015

Fund

Nuveen

Funds:

Dividend

Growth

$

50,324,601

$

8,916,801

$

15,740,944

$

2,075,165

$

–

$

(2,462,051)

$

629,221

$

42,282,469

Dividend

Value

57,698,499

14,886,714

23,600,070

4,053,837

–

(6,772,173)

1,049,512

43,089,743

Growth

Opportunities

ETF

53,709,499

4,776,803

12,337,428

(5,177,900)

–

8,666,390

101,041

49,637,364

International

Growth

41,344,736

1,475,720

28,434,816

(10,999,891)

(10,752,112)

7,366,363

362,983

–

TIAA-CREF

Funds:

Core

Bond

302,427,596

29,177,583

60,797,781

(9,937,132)

–

(5,074,342)

10,027,649

255,795,924

Core

Plus

Bond

188,730,264

15,819,140

36,103,589

(5,561,334)

–

(4,395,303)

6,942,919

158,489,178

Emerging

Markets

Debt

29,441,694

5,033,240

9,545,488

(2,452,222)

–

552,762

1,782,777

23,029,986

Emerging

Markets

Equity

23,946,693

12,733,727

9,484,232

(3,977,746)

–

2,793,758

236,940

26,012,200

Growth

&

Income

50,715,974

9,998,584

17,013,899

2,838,410

–

(1,045,760)

792,859

42,748,479

High-Yield

29,095,466

9,643,983

12,615,899

(1,580,157)

–

(367,294)

1,897,843

24,176,099

Inflation-Linked

Bond

128,377,721

17,535,271

21,665,799

(847,752)

–

(9,967,604)

7,494,874

112,555,832

International

Bond

30,127,569

4,674,762

6,320,558

(1,389,596)

–

(1,687,105)

2,967,284

25,405,072

International

Equity

58,901,761

29,583,065

24,394,606

78,953

–

3,121,174

1,748,038

67,290,347

International

Opportunities

41,576,071

7,460,637

16,598,646

(3,570,551)

10,752,112

546,146

706,808

40,165,769

Large-Cap

Growth

53,389,094

9,891,398

18,260,660

215,256

–

4,179,179

348,163

49,414,267

Large-Cap

Value

57,752,362

13,642,955

24,840,574

4,386,415

–

(5,998,161)

1,038,051

43,038,781

Quant

International

Small-Cap

Equity

27,682,108

2,759,559

6,615,163

(747,572)

–

(1,724,554)

915,585

21,354,378

Quant

Small/Mid-Cap

Equity

16,695,813

9,340,709

11,591,680

1,211,932

–

(2,031,287)

256,017

12,426,867

Quant

Small-Cap

Equity

14,034,147

3,351,940

6,041,137

1,125,768

–

(1,213,530)

163,747

10,679,145

Short-Term

Bond

128,899,632

21,643,259

35,570,107

(1,714,399)

–

(358,808)

3,717,873

112,747,713

TIAA-CREF

Real

Property

Fund

LP

a

84,936,878

8,536,638

14,240,083

345,054

–

(12,173,799)

7,393,171

67,404,688

$1,469,808,178

$240,882,488

$411,813,159

$(31,625,462)

$–

$(28,045,999)

$50,573,355

$1,227,744,301

115

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2020

Fund

Nuveen

Funds:

Dividend

Growth

$

125,763,057

$

22,902,646

$

39,513,546

$

4,879,099

$

–

$

(5,915,469)

$

1,583,724

$

106,013,030

Dividend

Value

143,856,116

30,981,945

52,708,412

9,777,964

–

(16,680,976)

2,622,660

107,316,416

Growth

Opportunities

ETF

133,643,996

10,028,848

28,134,553

(11,658,131)

–

20,357,561

255,978

124,237,721

International

Growth

103,294,654

3,806,204

72,044,886

(28,178,372)

(25,727,878)

18,850,278

868,947

–

TIAA-CREF

Funds:

Core

Bond

647,104,258

70,485,004

135,425,280

(22,213,139)

–

(10,096,616)

21,520,576

549,854,227

Core

Plus

Bond

403,940,373

35,378,337

77,096,582

(12,226,614)

–

(9,191,764)

14,903,915

340,803,750

Emerging

Markets

Debt

63,356,656

9,503,055

19,327,066

(4,795,318)

–

711,336

3,834,217

49,448,663

Emerging

Markets

Equity

59,660,607

31,007,451

22,385,277

(9,696,078)

–

6,741,161

593,789

65,327,864

Growth

&

Income

126,487,695

23,970,047

40,446,242

6,984,499

–

(2,486,413)

1,989,741

107,576,356

High-Yield

62,251,339

20,522,628

26,480,638

(3,370,359)

–

(874,375)

4,098,127

52,048,595

Inflation-Linked

Bond

217,793,589

32,135,133

35,874,805

(1,619,416)

–

(16,879,215)

12,782,995

194,060,570

International

Bond

64,521,978

10,193,436

13,414,722

(2,967,991)

–

(3,661,902)

6,371,786

54,670,799

International

Equity

146,844,248

70,618,999

56,686,723

(365,922)

–

8,426,943

4,374,517

168,837,545

International

Opportunities

103,642,814

16,608,993

38,124,683

(8,459,211)

25,727,878

1,311,538

1,773,592

100,707,329

Large-Cap

Growth

133,234,907

18,706,786

39,202,751

50,456

–

11,113,853

884,209

123,903,251

Large-Cap

Value

144,031,344

31,058,440

58,106,067

10,596,255

–

(14,656,982)

2,587,106

108,177,167

Quant

International

Small-Cap

Equity

69,185,085

7,740,858

17,199,031

(2,088,806)

–

(4,142,835)

2,291,232

53,495,271

Quant

Small/Mid-Cap

Equity

41,648,283

20,614,622

26,174,158

2,896,099

–

(4,933,216)

618,174

31,157,461

Quant

Small-Cap

Equity

34,990,119

7,329,532

13,854,248

2,179,059

–

(2,422,520)

409,781

26,775,371

Short-Term

Bond

218,673,196

41,599,658

62,083,116

(2,930,124)

–

(606,726)

6,361,273

194,393,763

TIAA-CREF

Real

Property

Fund

LP

a

186,054,719

14,263,969

25,512,638

507,298

–

(26,599,028)

16,278,887

148,714,320

$3,229,979,033

$529,456,591

$899,795,424

$(72,698,752)

$–

$(51,635,367)

$107,005,226

$2,707,519,469

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2025

Fund

Nuveen

Funds:

Dividend

Growth

$

215,677,614

$

35,860,178

$

63,887,240

$

8,078,715

$

–

$

(9,722,318)

$

2,730,566

$

182,375,719

Dividend

Value

246,500,459

48,452,993

84,486,614

14,904,632

–

(26,729,219)

4,498,321

185,154,151

Growth

Opportunities

ETF

229,001,355

17,900,159

48,157,389

(19,981,442)

–

35,139,883

443,152

213,902,566

International

Growth

177,036,224

6,062,703

122,870,392

(49,311,779)

(44,569,595)

33,652,839

1,498,070

–

TIAA-CREF

Funds:

Core

Bond

852,085,039

125,549,428

178,676,589

(31,853,738)

–

(11,205,547)

28,876,832

755,898,593

Core

Plus

Bond

532,181,504

66,866,074

102,162,774

(19,022,553)

–

(9,527,152)

19,993,550

468,335,099

Emerging

Markets

Debt

83,891,036

15,575,336

26,030,194

(6,488,102)

–

1,015,767

5,165,959

67,963,843

Emerging

Markets

Equity

102,485,410

57,328,847

42,502,381

(18,502,544)

–

13,431,291

1,012,788

112,240,623

Growth

&

Income

216,825,616

35,988,922

63,914,054

9,748,092

–

(1,980,421)

3,449,668

184,641,583

High-Yield

81,911,293

32,085,983

36,316,621

(4,679,553)

–

(1,015,688)

5,567,244

71,985,414

Inflation-Linked

Bond

223,149,075

42,280,137

37,936,660

(3,278,041)

–

(15,850,759)

13,213,093

206,814,659

International

Bond

85,053,333

16,990,424

18,196,640

(4,027,309)

–

(4,746,006)

8,479,626

75,073,802

International

Equity

251,935,833

120,246,508

95,744,379

(3,256,925)

–

17,171,507

7,486,477

290,352,544

International

Opportunities

176,996,684

28,959,635

64,812,291

(15,694,188)

44,569,595

3,162,962

3,049,134

173,182,397

Large-Cap

Growth

228,405,525

27,218,787

62,079,936

(7,967,455)

–

27,447,061

1,539,067

213,023,982

Large-Cap

Value

246,833,985

43,358,306

89,391,207

16,793,775

–

(23,646,846)

4,407,899

185,862,100

Quant

International

Small-Cap

Equity

118,945,621

12,192,347

28,348,533

(4,600,714)

–

(6,152,954)

3,942,650

92,035,767

Quant

Small/Mid-Cap

Equity

71,474,541

31,314,354

40,965,228

4,251,756

–

(7,706,885)

1,013,117

53,625,326

Quant

Small-Cap

Equity

59,977,699

11,048,825

22,118,105

3,113,480

–

(3,448,904)

701,292

46,097,362

Short-Term

Bond

223,603,650

50,435,398

62,928,704

(3,327,655)

–

(333,954)

6,632,725

207,178,682

TIAA-CREF

Real

Property

Fund

LP

a

269,547,721

13,582,683

24,747,667

190,481

–

(38,395,314)

23,759,305

220,177,904

$4,693,519,217

$839,298,027

$1,316,273,598

$(134,911,067)

$–

$(29,440,657)

$147,460,535

$4,005,922,116

Notes

to

Financial

Statements

(continued)

116

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2030

Fund

Nuveen

Funds:

Dividend

Growth

$

282,876,971

$

46,117,489

$

75,717,460

$

10,251,132

$

–

$

(12,319,067)

$

3,617,011

$

246,337,191

Dividend

Value

319,204,792

55,420,336

91,641,543

16,817,678

–

(32,675,600)

5,951,696

249,300,842

Growth

Opportunities

ETF

296,501,552

26,932,014

55,805,352

(23,161,050)

–

44,139,485

593,143

288,606,649

International

Growth

228,619,103

8,262,809

158,958,489

(65,638,860)

(57,173,773)

44,889,210

1,922,274

–

TIAA-CREF

Funds:

Core

Bond

793,610,673

163,695,803

180,691,110

(32,938,454)

–

(7,770,841)

27,416,436

735,906,071

Core

Plus

Bond

496,276,776

87,589,527

101,289,046

(19,651,481)

–

(7,296,473)

18,953,075

455,629,303

Emerging

Markets

Debt

79,301,376

17,723,456

25,732,010

(6,429,451)

–

1,234,229

4,977,081

66,097,600

Emerging

Markets

Equity

132,972,286

76,902,581

51,791,090

(24,531,134)

–

17,967,661

1,328,126

151,520,304

Growth

&

Income

280,673,465

45,971,973

71,740,883

9,880,784

–

948,249

4,571,032

249,691,089

High-Yield

76,505,482

38,677,682

39,111,647

(4,486,316)

–

(1,114,821)

5,451,775

70,470,380

Inflation-Linked

Bond

141,484,431

39,328,217

23,671,812

(2,197,598)

–

(10,170,870)

8,587,513

143,737,020

International

Bond

79,557,336

18,927,566

16,906,261

(3,741,228)

–

(4,544,204)

8,009,266

73,293,209

International

Equity

327,486,418

155,277,000

109,349,972

(8,463,380)

–

27,039,845

9,939,654

391,989,911

International

Opportunities

228,827,843

36,033,697

72,551,794

(19,529,580)

57,173,773

3,893,581

4,011,474

233,847,520

Large-Cap

Growth

295,523,991

37,533,512

72,191,619

(16,746,917)

–

43,603,684

2,066,195

287,722,651

Large-Cap

Value

319,633,182

53,276,510

102,322,110

17,614,550

–

(26,696,676)

5,818,117

250,832,621

Quant

International

Small-Cap

Equity

154,771,852

17,593,371

34,174,678

(7,055,966)

–

(6,946,550)

5,214,171

124,188,029

Quant

Small/Mid-Cap

Equity

92,914,131

34,808,127

44,736,359

4,235,561

–

(8,820,661)

1,287,952

72,370,869

Quant

Small-Cap

Equity

77,757,060

13,258,559

24,974,263

3,363,721

–

(3,932,962)

929,154

62,192,106

Short-Term

Bond

141,863,168

42,297,528

37,523,124

(2,192,064)

–

(154,543)

4,407,235

144,111,178

TIAA-CREF

Real

Property

Fund

LP

a

294,282,643

12,249,721

13,673,209

(485,197)

–

(42,175,326)

26,255,312

250,198,632

$5,140,644,531

$1,027,877,478

$1,404,553,831

$(175,085,250)

$–

$19,097,350

$151,307,692

$4,548,043,175

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2035

Fund

Nuveen

Funds:

Dividend

Growth

$

336,190,612

$

62,204,519

$

85,077,669

$

12,348,243

$

–

$

(13,551,728)

$

4,405,889

$

306,054,159

Dividend

Value

379,461,663

74,724,161

103,841,746

18,833,235

–

(37,354,455)

7,229,484

309,935,108

Growth

Opportunities

ETF

352,637,486

43,697,500

65,873,972

(27,604,611)

–

55,259,778

737,833

358,116,181

International

Growth

271,861,625

10,301,592

188,093,848

(78,246,823)

(69,891,747)

54,069,201

2,347,422

–

TIAA-CREF

Funds:

Core

Bond

676,130,315

173,322,995

215,358,290

(39,523,361)

–

3,715,595

22,133,316

598,287,254

Core

Plus

Bond

423,043,167

93,348,547

122,206,203

(23,719,744)

–

(7,619)

15,319,288

370,458,148

Emerging

Markets

Debt

68,823,108

16,369,215

26,502,384

(6,649,175)

–

1,691,943

4,212,851

53,732,707

Emerging

Markets

Equity

158,333,556

100,475,540

63,770,683

(30,500,643)

–

23,253,280

1,638,845

187,791,050

Growth

&

Income

333,818,925

63,060,697

81,274,204

11,094,294

–

3,216,064

5,577,606

310,018,073

High-Yield

65,286,209

38,004,878

41,029,429

(4,875,339)

–

(258,749)

4,653,906

57,127,570

Inflation-Linked

Bond

39,943,822

25,394,787

6,407,606

(716,032)

–

(2,946,746)

2,627,586

54,920,887

International

Bond

67,826,189

18,781,296

20,000,881

(4,571,832)

–

(2,479,979)

6,561,463

59,554,793

International

Equity

390,545,112

201,554,125

130,067,641

(11,555,634)

–

36,655,304

12,237,329

487,131,266

International

Opportunities

272,155,637

47,168,072

80,672,132

(22,893,770)

69,891,747

4,893,743

4,941,126

290,543,297

Large-Cap

Growth

351,434,534

51,506,854

80,750,671

(21,608,900)

–

56,433,699

2,578,839

357,015,516

Large-Cap

Value

380,522,146

64,530,140

110,835,737

19,682,844

–

(29,644,938)

7,148,324

311,141,469

Quant

International

Small-Cap

Equity

184,225,334

26,906,246

41,120,801

(8,877,741)

–

(7,141,192)

6,448,645

153,991,846

Quant

Small/Mid-Cap

Equity

110,773,008

37,429,741

45,870,411

4,798,192

–

(9,992,449)

1,531,971

89,965,707

Quant

Small-Cap

Equity

92,573,043

16,282,044

26,545,873

3,559,417

–

(4,120,953)

1,145,988

77,702,224

Short-Term

Bond

40,037,261

24,160,374

8,437,939

(508,235)

–

(170,270)

1,475,642

55,020,877

TIAA-CREF

Real

Property

Fund

LP

a

302,335,381

11,561,643

8,180,976

(161,744)

–

(43,952,402)

26,997,044

261,601,902

$5,297,958,133

$1,200,784,966

$1,551,919,096

$(211,697,359)

$–

$87,567,127

$141,950,397

$4,750,110,034

117

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2040

Fund

Nuveen

Funds:

Dividend

Growth

$

450,114,292

$

86,982,465

$

99,583,314

$

15,596,659

$

–

$

(16,597,843)

$

6,055,319

$

427,936,876

Dividend

Value

507,335,589

103,833,720

121,500,586

25,660,777

–

(51,067,316)

9,934,121

433,674,816

Growth

Opportunities

ETF

470,732,112

65,320,999

75,135,752

(31,418,231)

–

72,407,206

1,039,282

501,906,334

International

Growth

363,042,368

14,492,241

251,224,764

(105,372,977)

(94,036,600)

73,099,732

3,157,588

–

TIAA-CREF

Funds:

Core

Bond

546,707,380

183,147,148

254,943,338

(47,219,951)

–

16,500,496

16,598,765

444,191,735

Core

Plus

Bond

343,601,807

92,897,301

141,202,959

(28,330,690)

–

7,891,085

11,531,865

274,856,544

Emerging

Markets

Debt

58,594,183

16,901,728

30,959,353

(7,289,097)

–

2,576,179

3,523,567

39,823,640

Emerging

Markets

Equity

211,121,918

137,665,516

76,855,343

(37,202,623)

–

28,247,321

2,292,660

262,976,789

Growth

&

Income

446,330,002

91,942,956

97,482,863

15,439,853

–

5,732,989

7,681,565

433,991,233

High-Yield

53,121,583

44,143,462

49,589,738

(3,891,134)

–

(974,521)

4,016,595

42,809,652

International

Bond

55,125,845

18,639,531

23,735,947

(5,391,092)

–

(442,040)

5,111,164

44,196,296

International

Equity

523,546,057

279,995,682

158,527,326

(16,841,000)

–

53,540,497

17,173,086

681,713,910

International

Opportunities

363,440,893

68,405,267

96,323,114

(29,512,181)

94,036,600

6,504,057

6,745,586

406,551,522

Large-Cap

Growth

469,219,743

77,579,216

97,422,855

(28,288,271)

–

78,621,661

3,635,339

499,709,494

Large-Cap

Value

508,448,418

92,535,823

133,535,737

23,801,497

–

(37,263,139)

9,988,430

435,663,948

Quant

International

Small-Cap

Equity

245,989,860

41,758,696

51,224,347

(11,483,023)

–

(9,486,369)

9,035,438

215,554,817

Quant

Small/Mid-Cap

Equity

147,236,834

48,209,305

52,666,822

6,315,033

–

(13,406,831)

2,089,129

125,906,638

Quant

Small-Cap

Equity

123,898,184

22,677,619

31,457,281

4,328,104

–

(5,187,750)

1,605,324

108,591,918

TIAA-CREF

Real

Property

Fund

LP

a

355,204,775

25,700,921

14,087,190

(662,170)

–

(52,206,864)

32,101,868

313,949,472

$6,242,811,843

$1,512,829,596

$1,857,458,629

$(261,760,517)

$–

$158,488,550

$153,316,691

$5,694,005,634

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2045

Fund

Nuveen

Funds:

Dividend

Growth

$

337,040,174

$

61,124,881

$

64,444,261

$

11,070,053

$

–

$

(12,680,168)

$

4,551,822

$

325,722,413

Dividend

Value

379,742,946

73,704,460

81,511,583

18,699,299

–

(38,972,962)

7,437,300

329,063,416

Growth

Opportunities

ETF

352,196,264

46,251,353

48,691,307

(20,714,735)

–

50,990,411

771,006

380,031,986

International

Growth

271,590,528

11,360,716

190,184,153

(80,491,412)

(67,271,709)

54,996,030

2,277,536

–

TIAA-CREF

Funds:

Core

Bond

166,526,213

104,608,160

107,931,777

(18,759,624)

–

9,052,447

5,317,551

153,495,419

Core

Plus

Bond

106,541,209

50,934,066

56,171,836

(10,929,200)

–

4,334,814

3,718,210

94,709,053

Emerging

Markets

Debt

21,300,669

9,805,135

15,657,126

(2,840,703)

–

1,106,173

1,398,548

13,714,148

Emerging

Markets

Equity

157,914,642

104,443,395

55,799,153

(22,607,766)

–

15,428,471

1,696,950

199,379,589

Growth

&

Income

334,073,777

64,454,657

64,170,324

9,974,730

–

4,966,219

5,755,510

328,478,709

High-Yield

16,387,435

28,792,835

28,081,990

(1,433,877)

–

(592,631)

1,783,665

15,071,772

International

Bond

17,017,883

10,031,393

9,961,536

(2,239,703)

–

383,744

1,626,739

15,231,781

International

Equity

392,801,887

201,604,537

103,636,200

(14,844,147)

–

40,298,451

12,746,763

516,224,527

International

Opportunities

272,303,921

50,090,983

64,137,345

(21,022,541)

67,271,709

3,773,936

4,965,278

308,280,663

Large-Cap

Growth

352,391,906

53,477,353

64,886,910

(19,939,041)

–

56,831,867

2,708,955

377,875,175

Large-Cap

Value

380,523,753

59,437,994

85,977,129

15,650,823

–

(26,720,261)

7,382,766

329,372,131

Quant

International

Small-Cap

Equity

184,057,436

29,804,440

34,590,903

(8,893,240)

–

(7,372,233)

6,681,960

163,005,500

Quant

Small/Mid-Cap

Equity

110,438,385

32,545,155

34,900,145

4,117,646

–

(9,659,624)

1,525,306

95,400,240

Quant

Small-Cap

Equity

92,745,776

15,468,913

20,774,283

3,065,661

–

(3,985,460)

1,189,136

82,322,838

TIAA-CREF

Real

Property

Fund

LP

a

237,218,197

30,696,317

14,071,151

(622,827)

–

(35,529,157)

21,765,676

217,691,379

$4,182,813,001

$1,038,636,743

$1,145,579,112

$(162,760,604)

$–

$106,650,067

$95,300,677

$3,945,070,739

Notes

to

Financial

Statements

(continued)

118

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2050

Fund

Nuveen

Funds:

Dividend

Growth

$

263,856,041

$

51,306,045

$

45,279,956

$

7,824,706

$

–

$

(9,450,197)

$

3,621,508

$

263,178,957

Dividend

Value

297,670,495

58,353,048

56,088,521

14,822,976

–

(31,366,150)

5,913,352

265,435,660

Growth

Opportunities

ETF

275,816,956

35,853,650

29,364,503

(12,661,896)

–

36,893,074

612,867

306,537,281

International

Growth

212,627,717

9,429,895

149,978,954

(64,555,404)

(51,417,565)

43,894,311

1,750,406

–

TIAA-CREF

Funds:

Core

Bond

55,158,833

66,320,963

55,733,969

(6,606,325)

–

3,574,015

1,942,294

62,713,517

Core

Plus

Bond

36,991,318

28,437,029

24,196,807

(3,576,200)

–

1,381,523

1,377,070

39,036,863

Emerging

Markets

Debt

9,724,323

6,747,425

10,078,649

(1,293,853)

–

563,568

710,612

5,662,814

Emerging

Markets

Equity

123,949,865

81,552,819

38,709,188

(17,801,687)

–

12,096,144

1,351,914

161,087,953

Growth

&

Income

261,735,853

50,465,616

42,505,826

7,738,566

–

4,084,185

4,570,081

264,956,947

High-Yield

5,684,576

21,303,209

19,233,298

(730,152)

–

(322,217)

1,028,214

6,702,118

International

Bond

5,847,676

6,061,617

4,996,754

(947,762)

–

330,163

564,996

6,294,940

International

Equity

307,121,967

159,973,251

70,317,493

(12,587,393)

–

32,314,160

10,125,267

416,504,492

International

Opportunities

213,640,293

43,127,676

46,301,036

(16,396,522)

51,417,565

3,265,860

3,894,754

248,753,836

Large-Cap

Growth

276,448,661

46,619,610

47,319,948

(15,536,826)

–

45,138,481

2,154,995

305,349,978

Large-Cap

Value

297,930,591

47,893,084

59,395,055

9,570,145

–

(19,157,319)

5,858,973

266,093,664

Quant

International

Small-Cap

Equity

143,939,577

23,272,346

22,913,536

(6,537,378)

–

(6,372,830)

5,304,921

131,388,179

Quant

Small/Mid-Cap

Equity

86,546,958

25,338,863

24,686,193

2,928,460

–

(7,448,714)

1,204,689

77,039,261

Quant

Small-Cap

Equity

72,652,138

11,770,452

13,733,033

1,999,632

–

(2,926,042)

944,084

66,430,438

TIAA-CREF

Real

Property

Fund

LP

a

176,913,185

29,468,408

9,640,961

(523,612)

–

(27,180,528)

16,495,016

169,036,492

$3,124,257,023

$803,295,006

$770,473,680

$(114,870,525)

$–

$79,311,487

$69,426,013

$3,062,203,390

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2055

Fund

Nuveen

Funds:

Dividend

Growth

$

119,306,325

$

33,022,379

$

22,072,470

$

3,275,227

$

–

$

(3,739,092)

$

1,689,549

$

127,402,299

Dividend

Value

134,861,064

34,026,199

23,822,955

6,984,421

–

(14,737,497)

2,778,956

128,830,473

Growth

Opportunities

ETF

125,169,882

23,083,295

12,195,212

(5,360,170)

–

17,463,029

288,418

148,160,824

International

Growth

96,278,602

5,200,106

68,180,243

(29,475,359)

(23,505,555)

19,682,449

815,895

–

TIAA-CREF

Funds:

Core

Bond

15,402,221

29,178,020

23,287,001

(2,051,021)

–

1,158,576

576,617

20,400,795

Core

Plus

Bond

10,953,921

12,883,243

10,449,763

(1,363,241)

–

680,145

407,471

12,704,305

Emerging

Markets

Debt

3,536,492

3,230,773

4,673,590

(479,207)

–

209,818

275,035

1,824,286

Emerging

Markets

Equity

56,253,471

41,802,508

17,624,735

(9,192,315)

–

6,775,984

637,540

78,014,913

Growth

&

Income

118,841,676

29,942,324

18,804,084

3,691,333

–

2,382,722

2,137,399

128,243,594

High-Yield

1,671,477

10,138,958

9,100,070

(329,743)

–

(91,588)

425,150

2,289,034

International

Bond

1,706,364

2,349,084

1,862,124

(282,020)

–

99,302

162,755

2,010,606

International

Equity

139,142,949

83,950,756

31,060,217

(6,268,803)

–

16,064,655

4,771,331

201,829,340

International

Opportunities

96,948,952

25,699,056

20,459,096

(7,399,216)

23,505,555

2,106,974

1,813,654

120,402,225

Large-Cap

Growth

125,377,736

28,775,485

20,642,528

(7,053,700)

–

21,691,590

1,015,270

148,148,583

Large-Cap

Value

135,072,433

27,743,094

24,692,367

3,792,098

–

(8,103,403)

2,756,510

128,755,273

Quant

International

Small-Cap

Equity

65,187,111

14,035,275

9,573,732

(2,906,515)

–

(2,898,505)

2,495,078

63,843,634

Quant

Small/Mid-Cap

Equity

39,212,281

13,347,403

10,529,109

1,406,562

–

(3,502,539)

566,046

37,284,490

Quant

Small-Cap

Equity

32,916,502

7,007,006

5,807,018

900,078

–

(1,310,330)

446,340

32,130,614

TIAA-CREF

Real

Property

Fund

LP

a

79,015,123

18,067,456

3,401,299

(224,788)

–

(12,683,150)

7,549,013

80,773,342

$1,396,854,582

$443,482,420

$338,237,613

$(52,336,379)

$–

$41,249,140

$31,608,027

$1,463,048,630

119

8.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Funds may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Funds to

lend

cash

to

and/or

borrow

cash

from

certain

other

affiliated

Funds for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Fund may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

a

Fund may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Fund’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the current

fiscal

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2060

Fund

Nuveen

Funds:

Dividend

Growth

$

38,189,468

$

18,248,069

$

8,944,527

$

787,801

$

–

$

(746,251)

$

576,434

$

46,718,585

Dividend

Value

43,376,576

16,592,807

7,476,741

2,459,833

–

(5,052,820)

953,574

46,983,616

Growth

Opportunities

ETF

40,229,648

13,236,551

4,174,715

(1,831,034)

–

6,460,231

98,147

53,920,681

International

Growth

30,990,305

2,223,559

21,901,339

(9,695,269)

(8,014,966)

6,397,710

284,686

–

TIAA-CREF

Funds:

Core

Bond

2,028,688

8,659,554

6,649,833

(213,727)

–

97,641

98,288

3,922,323

Core

Plus

Bond

1,711,241

4,475,375

3,647,290

(239,134)

–

114,752

61,606

2,414,944

Emerging

Markets

Debt

873,546

1,252,512

1,654,647

(167,254)

–

46,763

58,645

350,920

Emerging

Markets

Equity

18,086,195

16,619,816

5,533,478

(3,336,929)

–

2,616,987

216,241

28,452,591

Growth

&

Income

38,250,933

14,883,438

6,134,462

1,298,692

–

1,129,814

726,015

46,754,736

High-Yield

269,179

3,509,355

3,202,993

(107,966)

–

(12,332)

127,149

455,243

International

Bond

255,266

837,409

686,090

(46,199)

–

18,102

22,169

378,488

International

Equity

44,478,938

36,878,379

11,436,680

(2,349,990)

–

6,085,553

1,624,209

73,656,200

International

Opportunities

31,263,555

13,265,385

7,104,434

(2,703,746)

8,014,966

1,202,085

616,495

43,937,811

Large-Cap

Growth

40,300,714

15,398,262

6,898,742

(2,810,753)

–

8,216,181

346,817

54,205,662

Large-Cap

Value

43,538,712

13,787,650

7,303,938

1,318,519

–

(2,624,401)

942,444

46,987,709

Quant

International

Small-Cap

Equity

20,937,017

7,886,192

3,638,639

(1,145,092)

–

(697,744)

848,994

23,341,734

Quant

Small/Mid-Cap

Equity

12,598,139

5,757,636

3,157,846

463,565

–

(1,161,165)

193,328

13,595,208

Quant

Small-Cap

Equity

10,575,310

3,429,779

1,622,456

340,370

–

(470,060)

152,138

11,715,880

TIAA-CREF

Real

Property

Fund

LP

a

24,990,614

9,428,258

912,008

(52,639)

–

(4,360,780)

2,501,275

29,093,445

$442,944,044

$206,369,986

$112,080,858

$(18,030,952)

$–

$17,260,266

$10,448,654

$526,885,776

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

2065

Fund

Nuveen

Funds:

Dividend

Growth

$

2,064,345

$

2,557,997

$

829,959

$

3,776

$

–

$

28,854

$

38,288

$

3,771,778

Dividend

Value

2,353,149

2,717,181

924,015

129,952

–

(292,426)

63,985

3,793,442

Growth

Opportunities

ETF

2,176,555

2,305,048

556,330

(235,818)

–

652,156

6,186

4,341,611

International

Growth

1,686,149

293,301

1,272,730

(445,542)

(474,257)

213,079

18,332

–

TIAA-CREF

Funds:

Core

Bond

162

144,692

103,475

(497)

–

118

2,936

41,000

Core

Plus

Bond

2,746

84,254

61,285

(359)

–

40

213

25,396

Emerging

Markets

Debt

2,595

9,103

7,735

(392)

–

104

142

3,675

Emerging

Markets

Equity

977,233

2,089,490

717,940

(260,220)

–

224,287

13,917

2,312,850

Growth

&

Income

2,070,204

2,407,339

763,456

9,614

–

220,346

47,176

3,771,390

High-Yield

256

270,118

260,660

(5,887)

–

52

7,710

3,879

International

Bond

238

10,823

6,990

(27)

–

21

82

4,065

International

Equity

2,401,741

4,758,842

1,506,078

(204,523)

–

516,198

104,383

5,966,180

International

Opportunities

1,693,189

2,368,636

951,041

(254,098)

474,257

232,881

40,159

3,563,824

Large-Cap

Growth

2,182,286

2,910,922

1,154,516

(476,326)

–

929,044

22,843

4,391,410

Large-Cap

Value

2,357,093

2,508,635

900,812

54,547

–

(111,707)

60,700

3,796,407

Quant

International

Small-Cap

Equity

1,135,387

1,329,973

477,265

(107,200)

–

11,811

54,672

1,892,706

Quant

Small/Mid-Cap

Equity

682,065

858,683

337,172

6,837

–

(52,704)

12,409

1,099,613

Quant

Small-Cap

Equity

572,519

633,496

217,960

5,159

–

(14,755)

9,778

943,942

TIAA-CREF

Real

Property

Fund

LP

a

1,334,216

1,484,171

196,570

(10,873)

–

(288,936)

153,217

2,322,008

$23,692,128

$29,742,704

$11,245,989

$(1,791,877)

$–

$2,268,463

$657,128

$42,045,176

a

Restricted

security

Notes

to

Financial

Statements

(continued)

120

9.

Line

of

Credit

The Funds

participate

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

shareholder

redemptions.

The

current

facility

was

entered

into

on

June

13,

2023

expiring

on

June

11,

2024,

replacing

the

previous facility,

which

expired

June

2023.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Funds are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

There

were

no

borrowings

under

this

credit

facility

by

the

Funds during

the

current fiscal

period.

Important

Tax

Information

(Unaudited)

121

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

allowable

amount,

as

being

from net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code: 

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

12.1

Lifecycle

Retirement

Income

$

14,112,422

12.2

Lifecycle

2010

29,158,365

12.3

Lifecycle

2015

45,111,498

12.4

Lifecycle

2020

107,977,277

12.5

Lifecycle

2025

181,293,762

12.6

Lifecycle

2030

223,672,262

12.7

Lifecycle

2035

260,383,909

12.8

Lifecycle

2040

343,941,755

12.9

Lifecycle

2045

245,683,071

13.01

Lifecycle

2050

184,213,360

13.1

Lifecycle

2055

78,783,341

13.2

Lifecycle

2060

22,421,673

13.3

Lifecycle

2065

469,466

Fund

Percentage

12.1

Lifecycle

Retirement

Income

10

.3

%

12.2

Lifecycle

2010

8

.6

12.3

Lifecycle

2015

10

.9

12.4

Lifecycle

2020

13

.2

12.5

Lifecycle

2025

16

.6

12.6

Lifecycle

2030

21

.7

12.7

Lifecycle

2035

29

.0

12.8

Lifecycle

2040

38

.3

12.9

Lifecycle

2045

44

.8

13.01

Lifecycle

2050

47

.5

13.1

Lifecycle

2055

45

.7

13.2

Lifecycle

2060

45

.3

13.3

Lifecycle

2065

47

.6

Fund

Percentage

12.1

Lifecycle

Retirement

Income

19

.3

%

12.2

Lifecycle

2010

16

.0

12.3

Lifecycle

2015

20

.3

12.4

Lifecycle

2020

24

.5

12.5

Lifecycle

2025

30

.7

12.6

Lifecycle

2030

40

.2

12.7

Lifecycle

2035

53

.8

12.8

Lifecycle

2040

72

.1

12.9

Lifecycle

2045

84

.0

13.01

Lifecycle

2050

89

.2

13.1

Lifecycle

2055

86

.3

13.2

Lifecycle

2060

86

.1

13.3

Lifecycle

2065

92

.3

Important

Tax

Information

(Unaudited)

(continued)

122

Foreign

Source

Income

and

Foreign

Tax

Credit

Pass

Through

Each

Fund

listed

below

has

made

an

election

under

Section

853

of

the

Internal

Revenue

Code

to

pass

through

foreign

taxes

paid: 

Fund

Foreign

Source

Income

Foreign

Source

Income

Per

Share

Qualifying

Foreign

Taxes

Paid

Qualifying

Foreign

Taxes

Paid

per

Share

12.1

Lifecycle

Retirement

Income

$

1,074,748

$

0.02520

$

232,485

$

0.00545

12.2

Lifecycle

2010

1,952,626

0.02306

432,078

0.00510

12.3

Lifecycle

2015

3,081,254

0.02289

679,311

0.00505

12.4

Lifecycle

2020

7,669,606

0.02658

1,698,665

0.00589

12.5

Lifecycle

2025

13,077,362

0.03155

2,887,497

0.00697

12.6

Lifecycle

2030

17,246,941

0.03706

3,732,190

0.00802

12.7

Lifecycle

2035

22,842,623

0.04771

2,835,379

0.00592

12.8

Lifecycle

2040

29,433,690

0.05145

6,141,467

0.01073

12.9

Lifecycle

2045

21,579,151

0.06376

4,579,807

0.01353

13.01

Lifecycle

2050

17,030,758

0.06639

3,597,344

0.01402

13.1

Lifecycle

2055

8,007,431

0.07735

1,676,244

0.01619

13.2

Lifecycle

2060

2,729,696

0.06315

558,450

0.01292

13.3

Lifecycle

2065

190,065

0.04747

27,600

0.00689

123

Additional

Fund

Information

(Unaudited)

Portfolio

holdings

The

TIAA-CREF

Funds

file

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(SEC),

and

they

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

TIAA-CREF

Funds’

holdings

(Schedules

of

Investments)

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

websites

at

TIAA.org

or

nuveen.com;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

Lifecycle

Funds’

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

Securities

and

Exchange

Commission

(SEC)

Form

N-CSR

and

Form

N-PORT

filings.

Form

N-CSR

filings

are

as

of

May

31

or

November

30;

Form

N-PORT

filings

are

as

of

the

last

day

of

February

or

August

31.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

TIAA-CREF

Real

Property

Fund

LP

Financial

statements

of

the

TIAA-CREF

Real

Property

Fund

LP,

in

which

the

Lifecycle

Funds

invest,

have

been

filed

as

an

exhibit

to

the

Funds’

Form

N-CSR

filing,

which

is

available

on

EDGAR

at

the

SEC’s

website,

sec.gov.

Proxy

voting

A

description

of

our

proxy

voting

policies

and

procedures

for

the

underlying

TIAA-CREF

Funds

of

the

Lifecycle

Funds

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-842-2252

to

request

a

free

copy.

A

report

of

how

the

Lifecycle

Funds’

underlying

TIAA-CREF

Funds

voted

during

the

most

recently

completed

twelve-month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

under

Get

Help

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-842-2252.

Fund

management

The

Lifecycle

Funds

are

managed

by

a

portfolio

management

team

of

Teachers

Advisors,

LLC.

The

members

of

this

team

are

responsible

for

the

day-to-day

investment

management

of

the

funds.

May

31,

2023

Trustees

and

Officers

(Unaudited)

124

Trustees

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

Forrest

Berkley

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Indefinite

term.

Trustee

since

2006.

Partner

(1990–2005)

and

Head

of

Global

Product

Management

(2003–2005),

GMO

(formerly,

Grantham,

Mayo,

Van

Otterloo

&

Co.)

(investment

management);

and

member

of

asset

allocation

portfolio

management

team,

GMO

(2003–2005).

88

Investment

Committee

Member,

Maine

Community

Foundation.

Joseph

A.

Boateng

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Trustee

Indefinite

term.

Trustee

since

2019.

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

88

Board

member,

Lumina

Foundation

and

Waterside

School;

Emeritus

Board

Member,

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member,

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member,

The

Seattle

Foundation.

Joseph

A.

Carrier

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1960

Trustee

Indefinite

term.

Trustee

since

2023.

Senior

Vice

President,

Enterprise

Risk

Management,

Franklin

Resources,

Inc.

(2020–2022).

Senior

Managing

Director,

Chief

Risk

Officer

and

Chief

Audit

Executive,

Legg

Mason,

Inc.

(2008–2020).

88

Director,

Franklin

Templeton

Irish

Funds;

Board

Member,

Cal

Ripken,

Sr.

Foundation;

Advisory

Board

Member,

Loyola

University

Maryland,

Sellinger

School

of

Business

and

Management.

Janice

C.

Eberly

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Indefinite

term.

Trustee

since

2018.

James

R.

and

Helen

D.

Russell

Professor

of

Finance

at

the

Kellogg

School

of

Management,

Northwestern

University

(2002–2011

and

since

2013),

Senior

Associate

Dean

for

Strategy

and

Academics

(since

2020)

and

Chair

of

the

Finance

Department

(2005–

2007).

Vice

President,

American

Economic

Association

(2020–2021).

Assistant

Secretary

for

Economic

Policy,

United

States

Department

of

the

Treasury

(2011–2013).

88

Member

of

the

Board

of

the

Office

of

Finance,

Federal

Home

Loan

Banks;

Director,

Avant,

LLC.

Nancy

A.

Eckl

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Indefinite

term.  

Trustee

since

2007.

Vice

President

(1990–2006),

American

Beacon

Advisors,

Inc.

and

of

certain

funds

advised

by

American

Beacon

Advisors,

Inc.

88

Independent

Director,

The

Lazard

Funds,

Inc.,

Lazard

Retirement

Series,

Inc.

and

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

Michael

A.

Forrester

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1967

Trustee

Indefinite

term.  

Trustee

since

2007.

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC.

88

Trustee,

Dexter

Southfield

School;

Member,

Governing

Council

of

the

Independent

Directors

Council.

Howell

E.

Jackson

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Indefinite

term.

Trustee

since

2005.

Special

Adviser,

White

House

Council

of

Economic

Advisers

(since

2023).

James

S.

Reid,

Jr.

Professor

of

Law

(since

2004),

Senior

Adviser

to

President

and

Provost

(2010–2012),

Acting

Dean

(2009),

Vice

Dean

for

Budget

(2003–2006)

and

on

the

faculty

(since

1989)

of

Harvard

Law

School.

88

Director,

Build

Commonwealth

(non-profit

organization).

Nicole

Thorne

Jenkins

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Trustee

Indefinite

term.

Trustee

since

2023.

John

A.

Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(2020–present).

Vice

Dean

(2016–2020),

Von

Allmen

Chaired

Professor

of

Accountancy

(2017–2020),

Associate

Professor

and

EY

Research

Fellow

(2012–2017),

Gatton

College

of

Business

and

Economics

at

the

University

of

Kentucky.

88

Trustee

and

Chair

of

the

Audit

&

Finance

Committee,

Strada

Education

Network.

Thomas

J.

Kenny

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Chairman

of

the

Board

and

Trustee

Indefinite

term.

Trustee

since

2011;

Chairman

for

term

ending

June

30,

2023.

Chairman

since

September

13,

2017.

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002-2010),

Goldman

Sachs

Asset

Management.

88

Director

and

Chair

of

the

Finance

and

Investment

Committee,

Aflac

Incorporated;

Director,

ParentSquare.

125

Officers

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

James

M.

Poterba

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1958

Trustee

Indefinite

term.

Trustee

since

2006.

President

and

Chief

Executive

Officer

(since

2008)

and

Program

Director

(1990–2008),

National

Bureau

of

Economic

Research.

Mitsui

Professor

of

Economics,

Massachusetts

Institute

of

Technology

(“MIT”)

(since

1996);

Affiliated

Faculty

Member

of

the

Finance

Group,

Alfred

P.

Sloan

School

of

Management

(since

2014);

Head

(2006–2008)

and

Associate

Head

(1994–2000

and

2001–2006),

Economics

Department

of

MIT.

88

Director,

National

Bureau

of

Economic

Research;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

Loren

M.

Starr

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1961

Trustee

Indefinite

term.

Trustee

since

2022.

Independent

Consultant/Advisor

(2021–Present).

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–

2020),

Invesco

Ltd.

88

None

currently.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Richard

S.

Biegen

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1962

Chief

Compliance

Officer

One-year

term.

Chief

Compliance

Officer

since

2008.

Senior

Managing

Director,

TIAA.

Chief

Compliance

Officer

of

the

College

Retirement

Equities

Fund

(“CREF”),

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

(collectively,

the

“TIAA-CREF

Fund

Complex”).

Claire

Borelli

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1960

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2023.

Senior

Executive

Vice

President,

Chief

People

Officer

of

TIAA

and

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Vice

President,

Chief

Diversity

&

Talent

Officer,

TIAA.

Prior

to

joining

TIAA,

Ms.

Borelli

served

as

Chief

Human

Resources

Officer

for

the

Consumer

Bank

and

Wealth

Management

sectors

of

JPMorgan

Chase

&

Co.

Derek

B.

Dorn

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1976

Senior

Managing

Director

and

Corporate

Secretary

One-year

term.

Senior

Managing

Director

and

Corporate

Secretary

since

2020.

Senior

Managing

Director

and

Corporate

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

and

the

TIAA-CREF

Fund

Complex.

Formerly,

Managing

Director,

Special

Assistant

to

the

CEO

and

Managing

Director,

Regulatory

Affairs,

TIAA.

Prior

to

joining

TIAA,

Mr.

Dorn

served

as

a

partner

at

Davis

&

Harman

LLP

and

an

adjunct

professor

of

Law

at

Georgetown

University

Law

Center.

John

L.

Douglas

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1950

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

One-year

term.

Executive

Vice

President

since

2021

and

Chief

Legal,

Risk

and

Compliance

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA.

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Senior

Advisor

to

the

CEO,

and

Senior

Executive

Vice

President,

Chief

Advocacy

&

Oversight

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Douglas

was

a

Partner

at

Davis

Polk

&

Wardwell

LLP.

W.

Dave

Dowrich

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1967

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President

and

Chief

Financial

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Prior

to

joining

TIAA,

Mr.

Dowrich

served

as

Chief

Financial

Officer,

International

Businesses

at

Prudential

Financial,

Inc.

Bradley

Finkle

TIAA

730

Third

Avenue

New

York,

NY   10017-3206

YOB:

1973

Principal

Executive

Officer

and

President

One-year

term.

Principal

Executive

Officer

and

President

since

2017.

Executive

Vice

President,

Head

of

Complementary

Businesses

and

Chief

Administrative

Officer

of

the

Chief

Operating

Office,

TIAA.

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Formerly,

Executive

Vice

President,

Chief

Operating

Officer,

Nuveen;

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1;

and

Senior

Managing

Director,

Co-Head

Nuveen

Equities

&

Fixed

Income

and

President

of

TIAA

Investments.

Jose

Minaya

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1971

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018.

Chief

Executive

Officer,

Nuveen.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Executive

Vice

President,

President

and

Chief

Investment

Officer,

Nuveen;

Executive

Vice

President,

Chief

Investment

Officer

and

President,

Nuveen

Global

Investments;

and

Senior

Managing

Director,

President,

Global

Investments,

TIAA.

Trustees

and

Officers

(Unaudited)

(continued)

May

31,

2023

126

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.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Colbert

Narcisse

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1965

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President,

Chief

Product

and

Business

Development

Officer

of

TIAA.

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Executive

Vice

President

of

TIAA-CREF

Funds

and

TIAA-

CREF

Life

Funds.

Formerly,

Executive

Vice

President

and

Head

of

Advisory

and

Corporate

Solutions,

TIAA.

Prior

to

joining

TIAA,

Mr.

Narcisse

served

as

Managing

Director

and

Head

of

International

Wealth

Management

and

Head

of

Traditional

and

Alternative

Investment

Products

at

Morgan

Stanley.

David

G.

Nason

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2020.

Senior

Executive

Vice

President,

Chief

Operating

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA,

Executive

Vice

President,

Chief

Risk

and

Compliance

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Nason

served

as

President

and

CEO

of

GE

Energy

Financial

Services.

E.

Scott

Wickerham

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1973

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

One-year

term.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

since

2017.

Senior

Managing

Director,

Head

of

Finance

for

Equities

and

Fixed

Income,

Nuveen.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Fund

Complex;

and

Vice

President

and

Controller

of

the

Nuveen

Funds.

Formerly,

Senior

Managing

Director,

Head,

Public

Investment

Finance,

Nuveen,

and

Managing

Director,

Head,

TC

Fund

Administration,

Nuveen.

127

Approval

of

Investment

Management

Agreement

(Unaudited)

Board

renewal

of

the

investment

management

agreement

for

the

TIAA-CREF

Lifecycle

Funds

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

TIAA-CREF

Funds

(the

“Trust”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Trust,

on

behalf

of

each

series

of

the

Trust.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

to

each

series

of

the

Trust

and

overseeing

the

everyday

operations

and

other

service

providers

of

the

Trust.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement

with

respect

to

each

series

of

the

TIAA-CREF

Lifecycle

Funds

(the

“Funds”).

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

each

Fund

will

remain

in

effect

only

if

the

Board,

including

a

majority

of

those

Trustees

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Trustees

because

they

are

not

“interested

persons”

of

the

Trust,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Trustees

is

an

interested

person

of

the

Trust

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Overview

of

the

renewal

process

The

Board

held

an

in-person

meeting

on

March

10,

2023,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

each

applicable

Fund

using

the

process

established

by

the

Board

described

further

below.

As

part

of

the

Board’s

established

process,

the

Board

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

Advisors,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

Advisors

and

the

Trust,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

each

Fund

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members,

on

behalf

of

the

Board,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

each

Fund,

including

data

relating

to

each

Fund’s

management

fee

rate,

total

expense

ratio,

short-term

and

long-term

investment

performance

and

portfolio

turnover

rate

(as

applicable).

Broadridge

compared

this

data,

as

relevant,

for

each

Fund

against

a

universe

of

investment

companies

(except

for

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

each

Fund

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

each

Fund’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

Advisors

or

the

Board).

The

Board

considered

the

propriety

of

each

Fund’s

applicable

peer

group

as

selected

by

Broadridge

and

use

of

the

Institutional

Class

as

the

base

class

for

comparison

purposes.

Among

other

matters,

the

Board

also

considered

information

from

Advisors

to

facilitate

the

Trustees’

evaluation

of

the

reasonableness

of

any

profits

earned

by

Advisors

with

respect

to

its

services

to

each

Fund

pursuant

to

the

Agreement.

128

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Legal

counsel

for

the

Trustees

also

requested

on

behalf

of

the

Board,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

each

Fund.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

each

Fund’s

investment

performance

and

a

narrative

analysis

of

the

performance

of

each

Fund

that

had

underperformed

certain

Board-specified

criteria,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Fund’s

performance

during

that

period;

(2)

a

description

of

any

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

each

Fund’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

certain

of

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Funds

in

addition

to

the

Funds’

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Funds

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Funds;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Funds

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

Securities

and

Exchange

Commission

(which

was

presented

only

to

legal

counsel

for

the

Trustees);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

On

March

2,

2023,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

Advisors’

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

10,

2023

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

each

Fund,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Fund;

(2)

the

Fund’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Fund

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Fund;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Fund

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Fund

for

the

benefit

of

its

investors,

such

as,

if

applicable,

through

management

fee

breakpoints;

(7)

comparisons,

if

applicable,

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Fund

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Fund.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

10,

2023

meeting

that

included

Advisors’

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

each

Fund.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

10,

2023

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Funds

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Funds.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

each

Fund,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

Trust-level

and

Fund-specific

information,

but

made

its

renewal

determinations

on

a

Fund-by-

Fund

basis.

In

deciding

whether

to

renew

the

Agreement

for

each

Fund,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

each

Fund.

At

its

meeting

on

March

10,

2023,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

each

Fund.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

each

Fund.

129

The

nature,

extent

and

quality

of

services

The

Board

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Funds

since

their

operations

commenced.

Investment

professionals

at

Advisors

also

manage

various

other

funds

and

accounts

of

the

Trust,

College

Retirement

Equities

Fund,

the

TIAA-CREF

Life

Funds

and

TIAA

Separate

Account

VA-1,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Funds

(which

are

funds

of

funds

that

may

invest

their

assets

in

the

securities

of

affiliated

and

unaffiliated

investment

companies

or

other

investment

pools,

referred

to

as

“Underlying

Funds”),

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

shares

of

Underlying

Funds

for

the

Funds’

investment

portfolios;

active

daily

monitoring

of

the

Funds’

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Funds

to

the

Board

on

a

regular

basis;

responding

to

Fund

flows;

compliance

monitoring;

coordinating

the

activities

of

each

Fund’s

service

providers;

and

overseeing

the

provision

of

various

administrative

services

to

the

Funds.

The

Board

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

Advisors

has

committed

significant

resources

to

supporting

the

series

of

the

Trust,

including

the

Funds.

It

also

considered

Advisors’

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Funds.

The

Board

also

considered,

among

other

factors,

the

performance

of

each

Fund,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Funds,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

Advisors

to

each

Fund

under

the

Agreement

was

reasonable.

Investment

performance

The

Board

considered

the

investment

performance

of

each

Fund,

over

the

periods

indicated

in

the

Fund-by-Fund

synopsis

below.

The

Board

considered

each

Fund’s

performance

as

compared

to

its

peer

group

and

peer

universe

(as

applicable)

and

its

benchmark

index.

For

details

regarding

each

Fund’s

performance,

see

the

Fund-by-Fund

synopsis

below.

The

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

each

Fund

was

reasonable.

Cost

and

profitability

The

Board

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Funds

for

the

calendar

year

2022.

The

Board

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

each

Fund

both

before

and

after

taking

into

account

the

costs

incurred

directly

or

indirectly

by

Advisors

in

connection

with

the

distribution

of

shares

of

the

Fund.

The

Board

considered

that

this

data

included

the

effect

of

the

Fund’s

unique

fee

structure

where

the

Funds

invest

in

fee-waived

Class

W

shares

of

the

TIAA-CREF

Underlying

Funds

and

the

Funds

pay

the

equivalent

of

these

Underlying

Funds’

management

fees

and

other

expenses

directly

as

part

of

the

Funds’

management

fee

rates

under

the

Agreement,

along

with

the

Funds’

existing

annual

management

fee

rate

of

0.10%

of

average

daily

net

assets.

The

Board

considered

that

the

Broadridge

fee

comparisons

would

be

affected

because

most

of

the

Funds’

peers

do

not

have

a

similar

fee

structure.

The

Board

acknowledged

the

reasonableness

of

having

management

fee

rates

which

permit

Advisors

to

maintain

and

improve

the

quality

of

services

provided

to

the

Funds

and

recognized

the

entrepreneurial

and

other

risks

assumed

by

Advisors

in

managing

the

Funds.

The

Board

also

noted

Advisors’

waiver

of

0.10%

of

each

Fund’s

management

fee

since

inception,

which

will

continue

through

at

least

September

30,

2025.

The

Board

also

considered

that

Advisors

had

agreed

to

additional

waivers

of

the

Funds’

fees,

which

will

continue

through

at

least

September

30,

2023.

Additionally,

with

respect

to

the

Lifecycle

2025-2045

Funds,

Advisors

has

agreed

to

increase

their

contractual

waivers

to

effect

a

decrease

in

their

net

expense

ratios

by

1

basis

point

starting

October

1,

2024,

and

with

respect

to

the

Lifecycle

2010-2050

Funds,

Advisors

has

agreed

to

increase

their

contractual

waivers

to

effect

a

decrease

in

their

net

expense

ratios

by

1

basis

point

starting

October

1,

2025.

For

reference,

one

basis

point

equals

0.01%.

The

Board

also

acknowledged

Advisors’

commitment

to

waive

fees

and/or

reimburse

Fund

expenses

to

the

extent

that

total

expenses,

including

expenses

attributable

to

the

Underlying

Funds,

exceed

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,

2022.

130

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Fees

charged

by

other

advisers

The

Board

considered

comparative

information

regarding

each

Fund’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Fund-by-Fund

synopsis

below.

The

Board

acknowledged

Advisors’

assertion

that,

while

the

Funds’

expense

structure

makes

the

Funds’

contractual

and

effective

management

fee

rates

appear

higher

as

compared

to

its

peers

(most

of

whom

have

a

traditional

funds

of

funds

fee

structure),

the

Funds’

total

expenses

were

favorable

as

compared

to

most

of

their

peers.

In

this

regard,

the

Board

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

a

Fund

and

its

comparable

mutual

funds.

The

Board

considered

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Funds’

actual

management

fee

rates

compare

to

those

of

similar

mutual

funds.

Additionally,

the

Board

considered

the

potential

limitations

of

such

comparisons

due

to,

among

other

factors,

the

fact

that,

in

many

instances,

Broadridge

based

its

comparisons

on

financial

data

relating

to

fiscal

periods

that

differed

from

the

period

for

which

the

Fund’s

data

were

derived.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds.

Economies

of

scale

The

Board

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

each

Fund,

and

whether

any

such

economies

are

shared

with

the

Funds.

The

Board

also

considered

that

because

Advisors

operated

each

Fund

at

a

loss,

and

has

waived

0.10%

of

its

management

fees

for

the

Funds

since

inception,

there

had

been

little

opportunity

to

pass

on

economies

of

scale

to

Fund

shareholders.

Based

on

all

factors

considered,

the

Board

concluded

that

the

Funds’

management

fee

rate

schedules

were

reasonable

in

light

of

current

economies

of

scale

considerations

and

current

asset

levels.

Fee

and

performance

comparisons

with

other

Advisors

clients

The

Board

considered

that

Advisors

provides

similar

investment

management

services

to

other

investment

companies.

The

Board

noted

that

Advisors

provides

funds

of

funds

management

services

to

the

TIAA-CREF

Lifestyle

Funds

and

the

TIAA-CREF

Life

Balanced

Fund,

with

annual

contractual

management

fee

rates

of

0.10%

of

average

daily

net

assets,

and

the

TIAA-CREF

Managed

Allocation

Fund,

for

which

Advisors

receives

no

management

fee.

The

Board

also

considered

that

Advisors

also

manages

the

TIAA-CREF

Lifecycle

Index

Funds,

which

have

the

same

fee

structure

as

the

Funds.

The

Board

also

discussed

the

performance

of

these

other

funds

of

funds

while

discussing

the

performance

of

the

Funds.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

Advisors

to

its

comparable

clients.

Other

benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Funds

to

Advisors

or

its

affiliates

for

other

services,

such

as

distribution

and

administration,

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Funds

share

investment

resources

and/or

personnel

with

other

clients

of

Advisors

and

the

ability

to

incubate

strategies

within

one

or

more

Funds

that

could

be

subsequently

utilized

to

manage

other

non-Fund

products.

Advisors

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Funds

have

with

certain

service

providers.

Advisors

and/or

its

affiliates

also

may

benefit

to

the

extent

that

the

Funds

add

scale

to

the

TIAA-CREF

Underlying

Funds

or

other

affiliated

underlying

funds.

Also,

Advisors

and

its

affiliates

earn

fees

on

the

Funds’

investments

in

other

underlying

affiliated

products,

such

as

other

TIAA-CREF

Funds,

Nuveen

Funds

and

the

TIAA-CREF

Real

Property

Fund.

Additionally,

the

Funds

may

be

utilized

as

investment

options

for

other

products

and

businesses

of

Advisors

and

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Funds

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Board

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

131

Fund-by-fund

synopsis

of

factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

each

Fund.

If

a

Fund

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

The

specific

management

fee,

expense

and

performance

factors

outlined

below

are

based

on

the

Institutional

Class

of

each

Fund.

Because

the

Institutional

Class

generally

has

lower

non-

management

expenses

than

the

other

classes

of

these

Funds,

the

expenses

and

performance

of

these

other

classes

will

differ

from

the

expenses

and

performance

shown

for

the

Institutional

Class.

All

time

periods

referenced

below

are

ended

December

31,

2022.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2022.

Statements

below

regarding

a

Fund’s

“effective

management

fee

rate”

refer

to

the

overall

effective

blended

fee

rate

that

applied

to

that

Fund

after

taking

into

account

any

applicable

fee

waivers

and/or

expense

reimbursements.

Statements

below

regarding

“net

loss”

refer

to

Advisors’

calculation

that

it

incurred

a

loss

for

the

services

that

it

rendered

to

a

Fund

during

2022

under

the

Agreement.

Lifecycle

Retirement

Income

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.200%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.027%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

was

in

the

1st

quintile

of

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”),

while

the

Fund’s

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

each

ranked

1

out

of

5

funds

within

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

3rd

and

1st

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”),

respectively.

The

Fund

was

in

the

2nd,

2nd,

3rd

and

1st

quintiles

within

the

group

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Group”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

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

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

2010

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.230%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.023%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

and

actual

management

fee

rate

(including

the

waiver)

were

in

the

2nd

and

3rd

quintile

of

its

Expense

Group,

respectively,

while

the

Fund’s

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

each

in

the

2nd

quintile

of

its

Expense

Universe.

The

Fund

was

in

the

2nd,

3rd

and

3rd

quintiles

and

ranked

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

3rd,

2nd,

3rd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

132

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

2015

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.240%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.028%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

was

in

the

1st

quintile

of

its

Expense

Group,

while

the

Fund’s

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

each

ranked

2

out

of

4

funds

within

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

2nd,

3rd

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

1st,

3rd

and

2nd

quintiles

and

ranked

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

2020

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.240%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.030%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

was

in

the

2nd

quintile

of

its

Expense

Group,

while

the

Fund’s

actual

management

fee

rate

(including

the

waiver)

ranked

3

out

of

5

funds

and

contractual

management

fee

rate

ranked

2

out

of

5

funds

within

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

3rd

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

1st,

3rd

and

3rd

quintiles

and

ranked

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

2025

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.240%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.032%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

133

The

Fund’s

total

expense

ratio

and

actual

management

fee

rate

(including

the

waiver)

were

each

in

the

2nd

quintile

of

its

Expense

Group,

while

its

contractual

management

fee

rate

was

in

the

1st

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

2nd,

3rd,

3rd

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

2030

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.240%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.044%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

and

actual

management

fee

rate

(including

the

waiver)

were

each

in

the

2nd

quintile

of

its

Expense

Group,

while

its

contractual

management

fee

rate

was

in

the

1st

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

2nd,

3rd,

4th

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd,

3rd

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

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

2035

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.230%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.056%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group,

while

its

actual

management

fee

rate

(including

the

waiver)

was

in

the

2nd

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

2nd,

3rd,

4th

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd,

3rd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

134

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Lifecycle

2040

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.220%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.076%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group,

while

its

actual

management

fee

rate

(including

the

waiver)

was

in

the

2nd

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

2nd,

4th,

5th

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd

3rd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

2045

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.210%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.075%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group,

while

its

actual

management

fee

rate

(including

the

waiver)

was

in

the

2nd

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

2nd,

2nd,

3rd

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

2050

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.200%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.085%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group,

while

its

actual

management

fee

rate

(including

the

waiver)

was

in

the

2nd

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

135

The

Fund

was

in

the

2nd,

3rd,

3rd

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd

3rd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

2055

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.190%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.085%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group,

while

its

actual

management

fee

(including

the

waiver)

was

in

the

2nd

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

2nd,

2nd,

4th

and

1st

quintiles

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

1st,

3rd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

2060

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.160%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.085%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group,

while

its

actual

management

fee

rate

(including

the

waiver)

was

in

the

3rd

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

2nd,

1st

and

4th

quintiles

of

its

Performance

Group

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

was

in

the

2nd,

1st

and

3rd

quintiles

of

its

Performance

Universe

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

136

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Lifecycle

2065

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022,

the

Fund’s

effective

management

fee

rate

was

0.00%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.096%

ending

September

30,

2023,

and

a

voluntary

management

fee

rate

waiver

of

0.10%

ending

September

30,

2024,

as

well

as

the

effect

of

a

voluntary

waiver

on

the

Fund’s

other

expenses

by

Advisors.

The

voluntary

management

fee

rate

waiver

of

0.10%

subsequently

has

been

extended

by

Advisors

through

September

30,

2025.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio

and

actual

management

fee

rate

(including

the

waiver)

were

each

in

the

1st

quintile

of

its

Expense

Universe,

while

the

contractual

management

fee

rate

was

in

the

2nd

quintile

of

its

Expense

Universe.

The

Fund

was

in

the

2nd

quintile

of

its

Performance

Group

and

its

Performance

Universe

for

both

the

one-year

and

since

inception

periods.

The

Fund

is

too

new

to

have

an

Overall

Morningstar

Rating.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

each

Fund.

137

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

series

of

the

Trust

covered

by

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

the

Funds’

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Fund

liquidity

risk,

as

discussed

further

below.

The

Funds’

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

14,

2023

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Funds’

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

the

Funds’

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

a

Fund’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

illiquid

investments.

Additional

Information

About

Index

Providers

(Unaudited)

138

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

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trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

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by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

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for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

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on

any

indexes

or

data

contained

in

this

communication.

No

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of

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from

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Group

is

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without

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relevant

LSE

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company’s

express

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consent.

The

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content

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MSCI

Indexes

Source:

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The

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and

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for

or

a

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of

any

financial

instruments

or

products

or

indices.

None

of

the

MSCI

information

is

intended

to

constitute

investment

advice

or

a

recommendation

to

make

(or

refrain

from

making)

any

kind

of

investment

decision

and

may

not

be

relied

on

as

such.

Historical

data

and

analysis

should

not

be

taken

as

an

indication

or

guarantee

of

any

future

performance

analysis,

forecast

or

prediction.

The

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information

is

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on

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is”

basis

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the

user

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any

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the

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Party

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for

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special,

incidental,

punitive,

consequential

(including,

without

limitation,

lost

profits)

or

any

other

damages.

(www.msci.com)

Bloomberg

Indexes

Source:

Bloomberg

Index

Services

Limited.

BLOOMBERG®is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

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the

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the

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therefrom

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maximum

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law,

neither

shall

have

any

liability

or

responsibility

for

injury

or

damages

arising

in

connection

therewith.

Standard

&

Poor's

Index

The

Indexes

in

the

S&P

Target

Date

Index

Series

are

products of

S&P

Dow

Jones

Indices

LLC,

a

division

of

S&P

Global,

or

its

affiliates

(“SPDJI”),

and have

been

licensed

for

use

by

the

funds.

Standard

&

Poor’s®

and

S&P®

are

registered

trademarks

of

Standard

&

Poor’s

Financial

Services

LLC,

a

division

of

S&P

Global

(“S&P”);

Dow

Jones®

is

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registered

trademark

of

Dow

Jones

Trademark

Holdings

LLC

(“Dow

Jones”).

It

is

not

possible

to

invest

directly

in

an

index.

The

funds

are not

sponsored,

endorsed,

sold

or

promoted

by

SPDJI,

Dow

Jones,

S&P,

any

of

their

respective

affiliates

(collectively,

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Dow

Jones

Indices”).

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Dow

Jones

Indices

does

not

make

any

representation

or

warranty,

express

or

implied,

to

the

owners

of

the funds

or

any

member

of

the

public

regarding

the

advisability

of

investing

in

securities

generally

or

in

the funds

particularly

or

the

ability

of

the

S&P

Target

Date

Index

Series to

track

general

market

performance.

Past

performance

of

an

index

is

not

an

indication

or

guarantee

of

future

results.

S&P

Dow

Jones

Indices’

only

relationship

to

the

funds

with

respect

to

the

S&P

Target

Date

Index

Series is

the

licensing

of

the Indexes

and

certain

trademarks,

service

marks

and/or

trade

names

of

S&P

Dow

Jones

Indices

and/or

its

licensors.

The Indexes

in

the

S&P

Target

Date

Index

Series

are

determined,

composed

and

calculated

by

S&P

Dow

Jones

Indices

without

regard

to

the

funds.

S&P

Dow

Jones

Indices

has

no

obligation

to

take

the

needs

of

the funds

or

the

owners

of

the funds

into

consideration

in

determining,

composing

or

calculating

the

S&P

Target

Date

Index

Series.

S&P

Dow

Jones

Indices

is

not

responsible

for

and

has

not

participated

in

the

determination

of

the

prices,

and

amount

of

the funds

or

the

timing

of

the

issuance

or

sale

of

fund

shares

or

in

the

determination

or

calculation

of

the

equation

by

which fund

shares

are

to

be

converted

into

cash,

surrendered

or

redeemed,

as

the

case

may

be.

S&P

Dow

Jones

Indices

has

no

obligation

or

liability

in

connection

with

the

administration,

marketing

or

trading

of

the

funds.

There

is

no

assurance

that

investment

products

based

on

the

S&P Target

Date

Index

Series

will

accurately

track

index

performance

or

provide

positive

investment

returns.

S&P

Dow

Jones

Indices

LLC

is

not

an

investment

or

tax

advisor.

A

tax

advisor

should

be

consulted

to

evaluate

the

impact

of

any

tax-exempt

securities

on

portfolios

and

the

tax

consequences

of

making

any

particular

investment

decision.

Inclusion

of

a

security

within

an

index

is

not

a

recommendation

by

S&P

Dow

Jones

Indices

to

buy,

sell,

or

hold

such

security,

nor

is

it

considered

to

be

investment

advice.

139

S&P

DOW

JONES

INDICES

DOES

NOT

GUARANTEE

THE

ADEQUACY,

ACCURACY,

TIMELINESS

AND/OR

THE

COMPLETENESS

OF

THE

S&P TARGET

DATE

INDEX

SERIES

OR

ANY

DATA

RELATED

THERETO

OR

ANY

COMMUNICATION,

INCLUDING

BUT

NOT

LIMITED

TO,

ORAL

OR

WRITTEN

COMMUNICATION

(INCLUDING

ELECTRONIC

COMMUNICATIONS)

WITH

RESPECT

THERETO.

S&P

DOW

JONES

INDICES

SHALL

NOT

BE

SUBJECT

TO

ANY

DAMAGES

OR

LIABILITY

FOR

ANY

ERRORS,

OMISSIONS,

OR

DELAYS

THEREIN.

S&P

DOW

JONES

INDICES

MAKES

NO

EXPRESS

OR

IMPLIED

WARRANTIES,

AND

EXPRESSLY

DISCLAIMS

ALL

WARRANTIES,

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE

OR

AS

TO

RESULTS

TO

BE

OBTAINED

BY

THE

FUND,

OWNERS

OF

THE

FUND,

OR

ANY

OTHER

PERSON

OR

ENTITY

FROM

THE

USE

OF

THE

S&P

500

INDEX

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.

How

to

Reach

Us

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A11067

(7/23)

Lifecycle

Index

Funds

TIAA-CREF

Annual

Report

TIAA-CREF

Funds

May

31,

2023

Fund

Name

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

14.1

TIAA-CREF

Lifecycle

Index

Retirement

Income

Fund

TRILX

TLIHX

TLIPX

TRCIX

14.2

TIAA-CREF

Lifecycle

Index

2010

Fund

TLTIX

TLTHX

TLTPX

TLTRX

14.3

TIAA-CREF

Lifecycle

Index

2015

Fund

TLFIX

TLFAX

TLFPX

TLGRX

14.4

TIAA-CREF

Lifecycle

Index

2020

Fund

TLWIX

TLWHX

TLWPX

TLWRX

14.5

TIAA-CREF

Lifecycle

Index

2025

Fund

TLQIX

TLQHX

TLVPX

TLQRX

14.6

TIAA-CREF

Lifecycle

Index

2030

Fund

TLHIX

TLHHX

TLHPX

TLHRX

14.7

TIAA-CREF

Lifecycle

Index

2035

Fund

TLYIX

TLYHX

TLYPX

TLYRX

14.8

TIAA-CREF

Lifecycle

Index

2040

Fund

TLZIX

TLZHX

TLPRX

TLZRX

14.9

TIAA-CREF

Lifecycle

Index

2045

Fund

TLXIX

TLMHX

TLMPX

TLMRX

15.01

TIAA-CREF

Lifecycle

Index

2050

Fund

TLLIX

TLLHX

TLLPX

TLLRX

15.1

TIAA-CREF

Lifecycle

Index

2055

Fund

TTIIX

TTIHX

TTIPX

TTIRX

15.2

TIAA-CREF

Lifecycle

Index

2060

Fund

TVIIX

TVIHX

TVIPX

TVITX

15.3

TIAA-CREF

Lifecycle

Index

2065

Fund

TFITX

TFIHX

TFIPX

TFIRX

Table

of

Contents

Letter

to

Investors

3

Important

Notices

5

About

the

Funds’

Benchmarks

6

Investment

results

of

the

Lifecycle

Index

Funds

7

Fund

Performance

8

Expense

Examples

34

Report

of

Independent

Registered

Public

Accounting

Firm

39

Portfolio

of

Investments

40

Statement

of

Assets

and

Liabilities

54

Statement

of

Operations

58

Statement

of

Changes

in

Net

Assets

62

Financial

Highlights

68

Notes

to

Financial

Statements

94

Important

Tax

Information

108

Additional

Fund

Information

110

Trustees

and

Officers

111

Approval

of

Investment

Management

Agreement

114

Liquidity

Risk

Management

Program

123

Additional

Information

About

Index

Providers

124

How

to

Reach

Us

Inside

Back

Cover

3

Letter

to

Investors

Brad

Finkle

Global

financial

markets

posted

mixed

results

for

the

twelve

months

ended

May

31,

2023.

The

Federal

Reserve

responded

to

continued

inflationary

pressure

by

raising

short-term

interest

rates

on

multiple

occasions

during

the

period.

U.S.

equities

advanced

as

the

economy

expanded

over

the

last

three

quarters

on

the

strength

of

consumer

and

business

spending.

However,

the

pace

of

growth

slowed

in

both

the

fourth

quarter

of

2022

and

the

first

quarter

of

2023.

Foreign

stocks

registered

gains

and

losses,

with

international

developed

markets

rising

and

emerging

markets

falling.

U.S.

fixed-income

securities

declined

as

U.S.

Treasury

yields

rose

across

all

maturities

(bond

prices

move

in

the

opposite

direction

of

yields).

These

market

conditions

were

reflected

in

the

performance

of

the

TIAA-

CREF

Lifecycle

Index

Funds

by

way

of

their

investments

in

various

asset

classes

through

underlying

funds.

The

majority

of

TIAA-CREF

Lifecycle

Index

Funds

advanced

for

the

period

but

all

underperformed

their

respective

composite

benchmarks.

(All

fund

returns

are

for

the

Retirement

Class.)

Returns

for

the

Retirement

Class

ranged

from

−0.7%

for

the

Lifecycle

Index

2010

Fund

to

1.0%

for

the

Lifecycle

Index

2065

Fund.

Stocks

and

bonds

posted

mixed

results

U.S.

equities

advanced

modestly

for

the

twelve

months

despite

pressure

from

inflation

and

rising

interest

rates,

while

oil

prices

fell

sharply

by

the

end

of

the

period.

The

unemployment

rate

rose

slightly

during

the

period,

climbing

to

3.7%

in

May

2023.

The

broad

domestic

stock

market,

as

represented

by

the

Russell

3000®

Index,

returned

2.0%.

The

Fed

raised

the

federal

funds

target

rate

to

5.00%–5.25%

in

May

2023

but

indicated

that

a

pause

in

future

increases

was

possible.

International

stocks

trailed

their

U.S.

counterparts.

The

MSCI

EAFE+Emerging

Markets

(EM)

Index,

which

measures

the

performance

of

leading

stocks

in

21

developed-markets

countries

outside

North

America

and

24

emerging-markets

countries,

returned

–0.6%

in

U.S.-dollar

terms.

The

economy

of

the

19-nation

euro

area

continued

to

expand,

but

the

rate

of

growth

slowed.

Inflation

remained

a

pressing

concern

in

Europe.

In

response,

the

European

Central

Bank

raised

its

suite

of

benchmark

interest

rates

multiple

times

during

the

twelve

months.

Among

developing

markets,

China’s

economic

growth

accelerated

as

the

country’s

severe

COVID-19

restrictions

were

relaxed.

U.S.

investment-grade

bonds

lost

ground

as

U.S.

Treasury

yields

rose

across

all

maturities.

The

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−2.1%

for

the

period.

Staying

focused

on

long-term

goals,

despite

short-term

challenges

Today’s

financial

landscape

has

certainly

given

investors

a

lot

to

think

about.

Inflation

and

higher

interest

rates

continue

to

be

areas

of

concern,

while

market

volatility

remains

unpredictable.

However,

it’s

important

to

remain

patient

and

stay

focused

on

your

long-term

goals

when

challenges

such

as

these

arise.

While

it’s

only

natural

to

be

curious

about

the

future,

we

all

know

that

no

one

can

predict

the

markets’

direction.

Moreover,

paying

too

much

attention

to

short-term

events

can

shift

your

focus

away

from

your

long-term

objectives.

As

such,

we

believe

that

maintaining

a

diversified

investment

portfolio,

consisting

of

multiple

asset

classes,

is

a

wise

course

of

action

for

all

market

conditions.

The

TIAA-CREF

Lifecycle

Index

Funds

use

dynamic

diversification

strategies

designed

to

help

mitigate

the

effects

of

market

volatility

and

keep

you

on

track

to

achieve

your

financial

goals.

Of

course,

diversification

does

not

guarantee

against

market

losses,

and

past

performance

cannot

guarantee

future

results.

Letter

to

Investors

(continued)

4

We

thank

you

for

trusting

us

to

manage

your

investments

through

the

TIAA-CREF

Lifecycle

Index

Funds.

If

you

have

any

questions

or

concerns,

please

consult

your

financial

advisor

or

call

a

TIAA

financial

consultant

at

800-842-2252.

You

can

also

reach

us

online

by

visiting

TIAA.org.

We

always

stand

ready

to

assist

you.

Brad

Finkle

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

Important

Notices

5

For

Shareholders

of

TIAA-CREF

Lifecycle

Index

Retirement

Income

Fund

TIAA-CREF

Lifecycle

Index

2010

Fund

TIAA-CREF

Lifecycle

Index

2015

Fund

TIAA-CREF

Lifecycle

Index

2020

Fund

TIAA-CREF

Lifecycle

Index

2025

Fund

TIAA-CREF

Lifecycle

Index

2030

Fund

TIAA-CREF

Lifecycle

Index

2035

Fund

TIAA-CREF

Lifecycle

Index

2040

Fund

TIAA-CREF

Lifecycle

Index

2045

Fund

TIAA-CREF

Lifecycle

Index

2050

Fund

TIAA-CREF

Lifecycle

Index

2055

Fund

TIAA-CREF

Lifecycle

Index

2060

Fund

TIAA-CREF

Lifecycle

Index

2065

Fund

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

prepared

for

the

Funds

included

within

this

shareholder

report

will

be

for

the

reporting

period

ended

May

31,

2024.

About

the

Funds’

Benchmarks

6

Composite

benchmark

Each

Lifecycle

Index

Fund

uses

a

composite

benchmark

that

represents

the

general

market

sectors

in

which

that

fund

invests.

These

may

include

U.S.

equity

(stocks),

international

equity

(foreign

stocks),

fixed

income,

short-term

fixed

income

and

inflation-protected

assets.

A

fund’s

composite

benchmark

combines

the

following

public

indexes

in

proportions

that

correspond

to

the

fund’s

target

market

sector

allocations:

Russell

3000®

Index

(U.S.

equity):

An

index

designed

to

measure

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.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

EAFE+EM

Index

(international

equity):

An

index

designed

to

measure

the

performance

of

the

leading

stocks

in

21

developed-markets

countries

outside

North

America—in

Europe,

Australasia

and

the

Far

East—and

in

24

emerging-

markets

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index

(fixed

income):

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index

(short-term

fixed

income):

An

index

designed

to

measure

the

performance

of

U.S.

Treasury

and

agency

securities

and

corporate

bonds

with

1-

to

3-year

maturities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1–10

Year

Index

(inflation-protected

assets):

An

index

designed

to

measure

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).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

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.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

funds’

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

7

Investment

results

of

the

Lifecycle

Index

Funds

Performance

for

the

twelve

months

ended

May

31,

2023

Seven

of

the

13

TIAA-CREF

Lifecycle

Index

Funds

posted

gains,

but

all

underperformed

their

respective

composite

benchmarks.

Returns

for

the

Retirement

Class

ranged

from

–0.66%

for

the

2010

Fund

to

1.03%

for

the

2065

Fund.

The

performance

tables

show

returns

for

all

share

classes

of

the

funds.

Financial

markets

posted

mixed

results

amid

persistent

inflation

The

U.S.

economy

expanded

during

the

period,

however,

the

pace

of

growth

slowed

at

the

end

of

2022

and

beginning

of

2023.

Real

Gross

Domestic

Product

(GDP),

which

measures

the

value

of

all

goods

and

services

produced

in

the

United

States,

grew

by

an

annualized

rate

of

3.2%

and

2.6%

in

the

third

and

fourth

quarters

of

2022,

respectively.

GDP

expanded

by

1.3%

in

the

first

quarter

of

2023,

according

to

the

government’s

“second”

estimate.

A

strong

labor

market

and

solid

consumer

spending

gave

the

economy

a

boost,

but

inflation

concerns,

and

rising

interest

rates

posed

challenges.

The

unemployment

rate

increased

slightly,

rising

from

3.6%

in

June

2022

to

3.7%

in

May

2023.

Core

inflation,

which

measures

all

items

except

food

and

energy,

rose

5.3%

over

the

twelve

months

ended

May

31,

2023.

Crude

oil

prices

declined

sharply,

falling

from

more

than

$115

per

barrel

at

the

beginning

of

the

period

to

$68

on

May

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

levels

by

raising

the

federal

funds

target

rate

eight

times

during

the

period.

Policymakers

increased

the

key

short-term

interest-rate

measure

to

5.00−5.25%

in

May

2023,

its

highest

level

since

2007.

Domestic

stocks

advanced

while

international

equities

lost

ground

for

the

period.

The

Russell

3000®

Index,

a

broad

measure

of

the

U.S.

stock

market,

rose

2.03%.

The

MSCI

EAFE+Emerging

Markets

(EM)

Index,

which

measures

the

performance

of

leading

stocks

in

21

developed-markets

countries

outside

North

America

and

24

emerging-markets

countries,

returned

–0.63%

in

U.S.-dollar

terms.

U.S.

investment-grade

bonds

were

hurt

by

the

impact

of

rising

yields

across

all

maturities

(bond

prices

move

in

the

opposite

direction

of

yields).

The

broad

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−2.14%.

Short-term

bonds,

as

measured

by

the

Bloomberg

U.S.

1–3

Year

Government/Credit

Index,

edged

higher

at

0.22%.

Equity

funds

posted

the

largest

gains

The

Lifecycle

Index

Funds

may

invest

in

up

to

five

sectors

of

the

investment

market:

U.S.

equity

(stocks),

international

equity

(foreign

stocks),

fixed

income,

short-term

fixed

income

and

inflation-protected

assets.

The

Lifecycle

Index

Funds

do

this

by

investing

in

various

underlying

funds

that

are

managed

to

track

individual

benchmark

indexes.

For

the

twelve

months,

equity

funds

recorded

the

largest

gains

and

contributed

most

to

the

funds’

absolute

returns—that

is,

without

regard

to

performance

relative

to

their

respective

composite

benchmarks.

The

International

Equity

Index

Fund

gained

the

most,

followed

by

the

Equity

Index

Fund.

The

Emerging

Markets

Equity

Index

Fund

posted

a

loss.

Among

fixed-income

funds,

the

Inflation-Linked

Bond

Fund

and

the

Bond

Index

Fund

declined

most.

Funds

with

larger

stock

exposure

performed

best

All

13

TIAA-CREF

Lifecycle

Index

Funds

produced

absolute

returns

that

fell

within

a

relatively

narrow

range

for

the

twelve-month

period.

However,

funds

with

larger

equity

allocations

generally

produced

better

returns.

For

example,

the

2065

Fund,

which

seeks

to

invest

more

than

90%

of

its

assets

in

equities,

posted

the

largest

gain.

By

contrast,

the

2010

Fund,

which

invests

less

than

40%

of

its

assets

in

stocks,

recorded

the

largest

decline.

(Performance

of

the

Lifecycle

Index

Funds’

underlying

funds

can

be

found

at

TIAA.org/

performance.)

Lifecycle

Index

Retirement

Income

Fund

8

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

Retirement

Income

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

9/30/09

-0.40%

4.04%

4.65%

0.22%

0.10%

Advisor

Class

12/4/15

-0.45

3.95

4.53

†

0.32

0.20

Premier

Class

9/30/09

-0.48

3.88

4.49

0.37

0.25

Retirement

Class

9/30/09

-0.60

3.78

4.39

0.47

0.35

Lifecycle

Index

Retirement

Income

Fund

Composite

Index

‡

–

-0.35

4.09

4.72

–

–

Broad

market

index

S&P

Target

Date

Retirement

Income

Index

–

0.19

3.08

3.66

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period

.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

Retirement

Income

Fund

Composite

Index

consisted

of:

40.0%

Bloomberg

U.S.

Aggregate

Bond

Index;

26.0%

Russell

3000®

Index;

14.0%

MSCI

EAFE

+

Emerging

Markets

Index;

10.0%

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index;

and

10.0%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1–10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

9

Lifecycle

Index

Retirement

Income

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

26.08

26.00

International

equity

13.77

14.00

Fixed

income

Fixed

income

40.02

40.00

Short-term

fixed

income

10.01

10.00

Inflation-protected

assets

10.00

10.00

Short-term

investments

0.09

–

Other

assets

&

liabilities,

net

0.03

–

Total

100.00

100.00

Lifecycle

Index

2010

Fund

10

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2010

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

9/30/09

-0.44%

4.02%

4.84%

0.22%

0.10%

Advisor

Class

12/4/15

-0.53

3.96

4.74

†

0.31

0.20

Premier

Class

9/30/09

-0.60

3.86

4.69

0.37

0.25

Retirement

Class

9/30/09

-0.66

3.77

4.58

0.47

0.35

Lifecycle

Index

2010

Fund

Composite

Index

‡

–

-0.41

4.07

4.92

–

–

Broad

market

index

S&P

Target

Date

2010

Index

–

0.45

3.63

4.33

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period

.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2010

Fund

Composite

Index

consisted

of:

40.0%

Bloomberg

U.S.

Aggregate

Bond

Index;

24.1%

Russell

3000®

Index;

13.0%

MSCI

EAFE

+

Emerging

Markets

Index;

12.9%

Bloomberg

U.S.

1-3

Year

Government/Credit

Bond

Index;

and

10.0%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

11

Lifecycle

Index

2010

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

24.22

24.05

International

equity

12.78

12.95

Fixed

income

Fixed

income

40.03

40.00

Short-term

fixed

income

12.91

13.00

Inflation-protected

assets

10.00

10.00

Short-term

investments

0.09

–

Other

assets

&

liabilities,

net

(0.03)

–

Total

100.00

100.00

Lifecycle

Index

2015

Fund

12

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2015

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

9/30/09

-0.28%

4.32%

5.25%

0.20%

0.10%

Advisor

Class

12/4/15

-0.33

4.24

5.15

†

0.30

0.20

Premier

Class

9/30/09

-0.45

4.15

5.09

0.36

0.25

Retirement

Class

9/30/09

-0.56

4.05

4.99

0.45

0.35

Lifecycle

Index

2015

Fund

Composite

Index

‡

–

-0.31

4.36

5.32

–

–

Broad

market

index

S&P

Target

Date

2015

Index

–

0.27

3.87

4.86

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period

.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2015

Fund

Composite

Index

consisted

of:

39.6%

Bloomberg

U.S.

Aggregate

Bond

Index;

27.3%

Russell

3000®

Index;

14.7%

MSCI

EAFE

+

Emerging

Markets

Index;

9.2%

Bloomberg

U.S.

1-3

Year

Government/Credit

Bond

Index;

and

9.2%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

13

Lifecycle

Index

2015

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

27.48

27.30

International

equity

14.50

14.70

Fixed

income

Fixed

income

39.61

39.60

Short-term

fixed

income

9.17

9.20

Inflation-protected

assets

9.15

9.20

Short-term

investments

0.09

–

Other

assets

&

liabilities,

net

(0.00)

–

Total

100.00

100.00

Lifecycle

Index

2020

Fund

14

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2020

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

9/30/09

-0.21%

4.59%

5.73%

0.19%

0.10%

Advisor

Class

12/4/15

-0.27

4.49

5.60

†

0.30

0.20

Premier

Class

9/30/09

-0.32

4.43

5.57

0.34

0.25

Retirement

Class

9/30/09

-0.39

4.34

5.47

0.44

0.35

Lifecycle

Index

2020

Fund

Composite

Index

‡

–

-0.17

4.64

5.80

–

–

Broad

market

index

S&P

Target

Date

2020

Index

–

0.18

3.96

5.26

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period

.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2020

Fund

Composite

Index

consisted

of:

38.5%

Bloomberg

U.S.

Aggregate

Bond

Index;

30.6%

Russell

3000®

Index;

16.5%

MSCI

EAFE

+

Emerging

Markets

Index;

7.2%

Bloomberg

U.S.

1-3

Year

Government/Credit

Bond

Index;

and

7.2%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

15

Lifecycle

Index

2020

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

30.75

30.55

International

equity

16.23

16.45

Fixed

income

Fixed

income

38.62

38.60

Short-term

fixed

income

7.17

7.20

Inflation-protected

assets

7.16

7.20

Short-term

investments

0.08

–

Other

assets

&

liabilities,

net

(0.01)

–

Total

100.00

100.00

Lifecycle

Index

2025

Fund

16

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2025

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

9/30/09

-0.01%

5.04%

6.33%

0.18%

0.10%

Advisor

Class

12/4/15

-0.06

4.95

6.20

†

0.28

0.20

Premier

Class

9/30/09

-0.17

4.90

6.17

0.33

0.25

Retirement

Class

9/30/09

-0.23

4.78

6.06

0.43

0.35

Lifecycle

Index

2025

Fund

Composite

Index

‡

–

0.00

5.10

6.39

–

–

Broad

market

index

S&P

Target

Date

2025

Index

–

0.55

4.59

5.91

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2025

Fund

Composite

Index

consisted

of:

36.3%

Bloomberg

U.S.

Aggregate

Bond

Index;

34.6%

Russell

3000®

Index;

18.7%

MSCI

EAFE

+

Emerging

Markets

Index;

5.2%

Bloomberg

U.S.

1-3

Year

Government/Credit

Bond

Index;

and

5.2%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

17

Lifecycle

Index

2025

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

34.86

34.58

International

equity

18.37

18.62

Fixed

income

Fixed

income

36.34

36.40

Short-term

fixed

income

5.16

5.20

Inflation-protected

assets

5.15

5.20

Short-term

investments

0.06

–

Other

assets

&

liabilities,

net

0.06

–

Total

100.00

100.00

Lifecycle

Index

2030

Fund

18

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2030

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

9/30/09

0.24%

5.51%

6.93%

0.18%

0.10%

Advisor

Class

12/4/15

0.15

5.42

6.79

†

0.28

0.20

Premier

Class

9/30/09

0.09

5.36

6.76

0.33

0.25

Retirement

Class

9/30/09

-0.02

5.26

6.66

0.43

0.35

Lifecycle

Index

2030

Fund

Composite

Index

‡

–

0.22

5.56

6.99

–

–

Broad

market

index

S&P

Target

Date

2030

Index

–

0.60

5.07

6.48

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2030

Fund

Composite

Index

consisted

of:

39.8%

Russell

3000®

Index;

32.3%

Bloomberg

U.S.

Aggregate

Bond

Index;

21.5%

MSCI

EAFE

+

Emerging

Markets

Index;

3.2%

Bloomberg

U.S.

1-3

Year

Government/Credit

Bond

Index;

and

3.2%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

19

Lifecycle

Index

2030

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

40.07

39.78

International

equity

21.13

21.42

Fixed

income

Fixed

income

32.33

32.40

Short-term

fixed

income

3.16

3.20

Inflation-protected

assets

3.15

3.20

Short-term

investments

0.07

–

Other

assets

&

liabilities,

net

0.09

–

Total

100.00

100.00

Lifecycle

Index

2035

Fund

20

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2035

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

9/30/09

0.69%

6.02%

7.52%

0.17%

0.10%

Advisor

Class

12/4/15

0.56

5.91

7.40

†

0.27

0.20

Premier

Class

9/30/09

0.54

5.85

7.36

0.32

0.25

Retirement

Class

9/30/09

0.43

5.75

7.25

0.42

0.35

Lifecycle

Index

2035

Fund

Composite

Index

‡

–

0.69

6.06

7.58

–

–

Broad

market

index

S&P

Target

Date

2035

Index

–

0.55

5.58

7.05

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2035

Fund

Composite

Index

consisted

of:

46.1%

Russell

3000®

Index;

26.7%

Bloomberg

U.S.

Aggregate

Bond

Index;

24.8%

MSCI

EAFE

+

Emerging

Markets

Index;

1.2%

Bloomberg

U.S.

1-3

Year

Government/Credit

Bond

Index;

and

1.2%

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

21

Lifecycle

Index

2035

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

46.42

46.02

International

equity

24.50

24.78

Fixed

income

Fixed

income

26.66

26.80

Short-term

fixed

income

1.16

1.20

Inflation-protected

assets

1.15

1.20

Short-term

investments

0.17

–

Other

assets

&

liabilities,

net

(0.06)

–

Total

100.00

100.00

Lifecycle

Index

2040

Fund

22

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2040

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

9/30/09

1.15%

6.53%

8.08%

0.17%

0.10%

Advisor

Class

12/4/15

1.05

6.44

7.95

†

0.27

0.20

Premier

Class

9/30/09

0.99

6.36

7.92

0.32

0.25

Retirement

Class

9/30/09

0.93

6.27

7.81

0.42

0.35

Lifecycle

Index

2040

Fund

Composite

Index

‡

–

1.14

6.57

8.13

–

–

Broad

market

index

S&P

Target

Date

2040

Index

–

0.62

5.97

7.45

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2040

Fund

Composite

Index

consisted

of:

52.8%

Russell

3000®

Index;

28.5%

MSCI

EAFE

+

Emerging

Markets

Index;

and

18.7%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

23

Lifecycle

Index

2040

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

53.14

52.78

International

equity

28.03

28.42

Fixed

income

18.62

18.80

Short-term

investments

0.10

–

Other

assets

&

liabilities,

net

0.11

–

Total

100.00

100.00

Lifecycle

Index

2045

Fund

24

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2045

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

9/30/09

1.11%

6.97%

8.42%

0.17%

0.10%

Advisor

Class

12/4/15

1.05

6.86

8.28

†

0.27

0.20

Premier

Class

9/30/09

0.99

6.81

8.26

0.32

0.25

Retirement

Class

9/30/09

0.89

6.70

8.15

0.42

0.35

Lifecycle

Index

2045

Fund

Composite

Index

‡

–

1.10

7.01

8.48

–

–

Broad

market

index

S&P

Target

Date

2045

Index

–

0.72

6.21

7.71

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2045

Fund

Composite

Index

consisted

of:

57.0%

Russell

3000®

Index;

30.7%

MSCI

EAFE

+

Emerging

Markets

Index;

and

12.3%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

25

Lifecycle

Index

2045

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

57.28

56.94

International

equity

30.21

30.66

Fixed

income

12.33

12.40

Short-term

investments

0.13

–

Other

assets

&

liabilities,

net

0.05

–

Total

100.00

100.00

Lifecycle

Index

2050

Fund

26

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2050

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

9/30/09

1.07%

7.06%

8.51%

0.17%

0.10%

Advisor

Class

12/4/15

0.99

6.97

8.38

†

0.27

0.20

Premier

Class

9/30/09

0.96

6.91

8.36

0.32

0.25

Retirement

Class

9/30/09

0.82

6.80

8.24

0.42

0.35

Lifecycle

Index

2050

Fund

Composite

Index

‡

–

1.03

7.10

8.57

–

–

Broad

market

index

S&P

Target

Date

2050

Index

–

0.73

6.30

7.91

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2050

Fund

Composite

Index

consisted

of:

58.8%

Russell

3000®

Index;

31.7%

MSCI

EAFE

+

Emerging

Markets

Index;

and

9.5%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

27

Lifecycle

Index

2050

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

59.12

58.82

International

equity

31.19

31.68

Fixed

income

9.49

9.50

Short-term

investments

0.15

–

Other

assets

&

liabilities,

net

0.05

–

Total

100.00

100.00

Lifecycle

Index

2055

Fund

28

Performance

as

of

May

31,

2023

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. 

$10,000

over

10

years

Retirement

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2055

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

4/29/11

1.10%

7.12%

8.59%

0.18%

0.10%

Advisor

Class

12/4/15

1.02

7.03

8.47

†

0.28

0.20

Premier

Class

4/29/11

0.95

6.97

8.43

0.33

0.25

Retirement

Class

4/29/11

0.85

6.86

8.32

0.43

0.35

Lifecycle

Index

2055

Fund

Composite

Index

‡

–

1.06

7.17

8.65

–

–

Broad

market

index

S&P

Target

Date

2055

Index

–

0.75

6.35

8.02

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2055

Fund

Composite

Index

consisted

of:

59.7%

Russell

3000®

Index;

32.1%

MSCI

EAFE

+

Emerging

Markets

Index;

and

8.2%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

29

Lifecycle

Index

2055

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

59.92

59.64

International

equity

31.63

32.11

Fixed

income

8.23

8.25

Short-term

investments

0.17

–

Other

assets

&

liabilities,

net

0.05

–

Total

100.00

100.00

Lifecycle

Index

2060

Fund

30

Performance

as

of

May

31,

2023

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. 

$10,000

invested

at

Fund's

inception

Retirement

Class

(inception

September

26,

2014)

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2060

Fund

Inception

date

1

year

5

years

since

inception

gross

net

Institutional

Class

9/26/14

1.20%

7.20%

7.91%

0.19%

0.10%

Advisor

Class

12/4/15

1.05

7.09

7.80

†

0.29

0.20

Premier

Class

9/26/14

0.99

7.04

7.74

0.34

0.25

Retirement

Class

9/26/14

0.90

6.93

7.64

0.44

0.35

Lifecycle

Index

2060

Fund

Composite

Index

‡

–

1.09

7.24

7.97

§

–

–

Broad

market

index

S&P

Target

Date

2060

Index

–

0.79

6.39

7.30

§

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Retirement

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Retirement

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2060

Fund

Composite

Index

consisted

of:

60.4%

Russell

3000®

Index;

32.6%

MSCI

EAFE

+

Emerging

Markets

Index;

and

7.0%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

§

Performance

is

calculated

from

the

inception

date

of

the

Retirement

Class.

31

Lifecycle

Index

2060

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

60.69

60.45

International

equity

32.05

32.55

Fixed

income

6.98

7.00

Short-term

investments

0.20

–

Other

assets

&

liabilities,

net

0.08

–

Total

100.00

100.00

Lifecycle

Index

2065

Fund

32

Performance

as

of

May

31,

2023

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. 

$10,000

invested

at

Fund's

inception

Retirement

Class

(inception

September

30,

2020)

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifecycle

Index

2065

Fund

Inception

date

1

year

since

inception

gross

net

Institutional

Class

9/30/20

1.29%

6.91%

0.82%

0.10%

Advisor

Class

9/30/20

1.22

6.83

0.90

0.18

Premier

Class

9/30/20

1.11

6.76

0.97

0.25

Retirement

Class

9/30/20

1.03

6.53

1.07

0.35

Lifecycle

Index

2065

Fund

Composite

Index

‡

–

1.12

6.89

§

–

–

Broad

market

index

S&P

Target

Date

2065+

Index

–

0.75

7.33

§

–

–

*

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

reimbursement

and

certain

waivers

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements

and

waivers,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifecycle

Index

2065

Fund

Composite

Index

consisted

of:

61.3%

Russell

3000®

Index;

33.0%

MSCI

EAFE

+

Emerging

Markets

Index;

and

5.7%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

§

Performance

is

calculated

from

the

inception

date

of

the

Retirement

Class.

33

Lifecycle

Index

2065

Fund

continued

continued

Asset

allocation

Target

allocation

June

30,

2023 

%

of

net

assets

as

of

5/31/2023

%

of

target

allocation

for

6/30/2023

Equity

U.S.

equity

61.29

61.26

International

equity

32.45

32.99

Fixed

income

5.72

5.75

Short-term

investments

0.42

–

Other

assets

&

liabilities,

net

0.12

–

Total

100.00

100.00

Expense

Examples

34

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

Fund

would

be

higher.

Note

also

that

shareholders

of

the

TIAA-CREF

Funds

do

not

incur

a

sales

charge

for

purchases,

reinvested

dividends

or

other

distributions.

The

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,

2022

–

May

31,

2023

).

Actual

expenses

The

first

section

in

each

table

uses

the

Fund’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

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

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Some

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

section

in

each

table

shows

hypothetical

account

values

and

expenses

based

on

the

Fund’s

actual

expense

ratio

for

each

share

class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

share

class’

actual

return.

This

hypothetical

example

cannot

be

used

to

estimate

the

actual

expenses

you

paid

for

the

period,

but

rather

allows

you

to

compare

the

ongoing

costs

of

investing

in

the

Fund

with

the

costs

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

mutual

funds.

14.1

Lifecycle

Index

Retirement

Income

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.09

$1,021.57

$1,021.33

$1,020.85

Expenses

incurred

during

the

period*

$0.50

$0.94

$1.25

$1.75

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.44

$1,024.00

$1,023.69

$1,023.20

Expenses

incurred

during

the

period*

$0.50

$0.94

$1.25

$1.76

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.19%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

35

14.2

Lifecycle

Index

2010

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,021.38

$1,021.07

$1,020.47

$1,020.08

Expenses

incurred

during

the

period*

$0.49

$0.97

$1.25

$1.75

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.44

$1,023.97

$1,023.69

$1,023.19

Expenses

incurred

during

the

period*

$0.50

$0.97

$1.25

$1.76

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.19%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

14.3

Lifecycle

Index

2015

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,021.73

$1,021.86

$1,020.76

$1,020.97

Expenses

incurred

during

the

period*

$0.50

$0.98

$1.25

$1.76

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.44

$1,023.96

$1,023.69

$1,023.19

Expenses

incurred

during

the

period*

$0.50

$0.98

$1.25

$1.76

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.19%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

14.4

Lifecycle

Index

2020

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.35

$1,021.77

$1,021.37

$1,021.36

Expenses

incurred

during

the

period*

$0.50

$1.02

$1.26

$1.76

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.44

$1,023.92

$1,023.69

$1,023.19

Expenses

incurred

during

the

period*

$0.50

$1.02

$1.26

$1.76

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.20%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

Expense

Examples

(continued)

36

14.5

Lifecycle

Index

2025

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.82

$1,022.90

$1,021.81

$1,021.84

Expenses

incurred

during

the

period*

$0.50

$1.01

$1.26

$1.76

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.44

$1,023.94

$1,023.69

$1,023.19

Expenses

incurred

during

the

period*

$0.50

$1.01

$1.26

$1.76

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.20%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

14.6

Lifecycle

Index

2030

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.63

$1,023.17

$1,022.64

$1,022.58

Expenses

incurred

during

the

period*

$0.50

$1.01

$1.26

$1.76

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.43

$1,023.93

$1,023.69

$1,023.19

Expenses

incurred

during

the

period*

$0.50

$1.01

$1.26

$1.76

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.20%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

14.7

Lifecycle

Index

2035

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.55

$1,024.10

$1,023.54

$1,022.98

Expenses

incurred

during

the

period*

$0.51

$1.01

$1.27

$1.77

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.43

$1,023.93

$1,023.68

$1,023.18

Expenses

incurred

during

the

period*

$0.51

$1.01

$1.27

$1.77

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.20%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

37

14.8

Lifecycle

Index

2040

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,025.70

$1,025.18

$1,024.64

$1,024.49

Expenses

incurred

during

the

period*

$0.51

$1.02

$1.27

$1.77

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.43

$1,023.93

$1,023.68

$1,023.18

Expenses

incurred

during

the

period*

$0.51

$1.02

$1.27

$1.77

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.20%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

14.9

Lifecycle

Index

2045

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,025.61

$1,025.52

$1,024.96

$1,024.44

Expenses

incurred

during

the

period*

$0.51

$1.01

$1.27

$1.77

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.43

$1,023.93

$1,023.68

$1,023.18

Expenses

incurred

during

the

period*

$0.51

$1.01

$1.26

$1.77

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.20%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

15.01

Lifecycle

Index

2050

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,025.92

$1,025.48

$1,025.64

$1,024.75

Expenses

incurred

during

the

period*

$0.51

$1.02

$1.27

$1.77

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.43

$1,023.93

$1,023.68

$1,023.18

Expenses

incurred

during

the

period*

$0.51

$1.02

$1.27

$1.77

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.20%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

Expense

Examples

(continued)

38

15.1

Lifecycle

Index

2055

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,026.40

$1,025.54

$1,025.37

$1,024.98

Expenses

incurred

during

the

period*

$0.51

$1.01

$1.27

$1.77

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.43

$1,023.93

$1,023.68

$1,023.18

Expenses

incurred

during

the

period*

$0.51

$1.01

$1.27

$1.77

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.20%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

15.2

Lifecycle

Index

2060

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,026.10

$1,025.21

$1,025.35

$1,025.11

Expenses

incurred

during

the

period*

$0.51

$1.01

$1.27

$1.78

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.43

$1,023.93

$1,023.68

$1,023.18

Expenses

incurred

during

the

period*

$0.51

$1.01

$1.27

$1.77

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.20%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

15.3

Lifecycle

Index

2065

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,027.28

$1,026.76

$1,026.63

$1,025.74

Expenses

incurred

during

the

period*

$0.51

$0.92

$1.28

$1.77

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.43

$1,024.02

$1,023.67

$1,023.18

Expenses

incurred

during

the

period*

$0.51

$0.92

$1.27

$1.77

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.18%

for

Advisor

Class,

0.25%

for

Premier

Class

and

0.35%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

Report

of

Independent

Registered

Public

Accounting

Firm

39

To

the

Board

of

Trustees

of

TIAA-CREF

Funds

and

Shareholders

of

TIAA-CREF

Lifecycle

Index

Retirement

Income

Fund,

TIAA-CREF

Lifecycle

Index

2010

Fund,

TIAA-CREF

Lifecycle

Index

2015

Fund,

TIAA-CREF

Lifecycle

Index

2020

Fund,

TIAA-CREF

Lifecycle

Index

2025

Fund,

TIAA-CREF

Lifecycle

Index

2030

Fund,

TIAA-CREF

Lifecycle

Index

2035

Fund,

TIAA-CREF

Lifecycle

Index

2040

Fund,

TIAA-

CREF

Lifecycle

Index

2045

Fund,

TIAA-CREF

Lifecycle

Index

2050

Fund,

TIAA-CREF

Lifecycle

Index

2055

Fund,

TIAA-CREF

Lifecycle

Index

2060

Fund,

and

TIAA-CREF

Lifecycle

Index

2065

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

TIAA-CREF

Lifecycle

Index

Retirement

Income

Fund,

TIAA-CREF

Lifecycle

Index

2010

Fund,

TIAA-CREF

Lifecycle

Index

2015

Fund,

TIAA-CREF

Lifecycle

Index

2020

Fund,

TIAA-CREF

Lifecycle

Index

2025

Fund,

TIAA-CREF

Lifecycle

Index

2030

Fund,

TIAA-CREF

Lifecycle

Index

2035

Fund,

TIAA-CREF

Lifecycle

Index

2040

Fund,

TIAA-CREF

Lifecycle

Index

2045

Fund,

TIAA-CREF

Lifecycle

Index

2050

Fund,

TIAA-

CREF

Lifecycle

Index

2055

Fund,

TIAA-CREF

Lifecycle

Index

2060

Fund,

and

TIAA-CREF

Lifecycle

Index

2065

Fund

(thirteen

of

the

funds

constituting

TIAA-CREF

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

May

31,

2023,

the

related

statements

of

operations

for

the

year

ended

May

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2023,

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,

2023,

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,

2023,

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

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,

2023

by

correspondence

with

the

transfer

agent,

broker

and

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Charlotte,

North

Carolina

July 21,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds

investment

company

group

since

2005. 

Lifecycle

Index

Retirement

Income

Fund

May

31,

2023

Portfolio

of

Investments

40

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

FIXED

INCOME—40.0%

25,738,283

TIAA-CREF

Bond

Index

Fund

$

246,572,754‌

TOTAL

FIXED

INCOME

246,572,754‌

INFLATION-PROTECTED

ASSETS—10.0%

5,794,006

TIAA-CREF

Inflation-Linked

Bond

Fund

61,590,283‌

TOTAL

INFLATION-PROTECTED

ASSETS

61,590,283‌

INTERNATIONAL

EQUITY—13.8%

2,568,701

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

25,532,887‌

2,892,523

TIAA-CREF

International

Equity

Index

Fund

59,296,719‌

TOTAL

INTERNATIONAL

EQUITY

84,829,606‌

SHORT-TERM

FIXED

INCOME—10.0%

6,473,528

TIAA-CREF

Short-Term

Bond

Index

Fund

61,692,720‌

TOTAL

SHORT-TERM

FIXED

INCOME

61,692,720‌

U.S.

EQUITY—26.1%

5,440,967

TIAA-CREF

Equity

Index

Fund

160,671,766‌

TOTAL

U.S.

EQUITY

160,671,766‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

615,357,129‌

(Cost

$570,466,817)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$580,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

580,000‌

TOTAL

REPURCHASE

AGREEMENT

580,000‌

TOTAL

SHORT-TERM

INVESTMENTS

580,000‌

(Cost

$580,000)

TOTAL

INVESTMENTS—100.0%

615,937,129‌

(Cost

$571,046,817)

OTHER

ASSETS

&

LIABILITIES,

NET—0.0%

179,183‌

NET

ASSETS—100.0%

$

616,116,312‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$580,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$591,685.

Portfolio

of

Investments

Lifecycle

Index

2010

Fund

May

31,

2023

41

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

FIXED

INCOME—40.0%

26,347,711

TIAA-CREF

Bond

Index

Fund

$

252,411,069‌

TOTAL

FIXED

INCOME

252,411,069‌

INFLATION-PROTECTED

ASSETS—10.0%

5,934,546

TIAA-CREF

Inflation-Linked

Bond

Fund

63,084,226‌

TOTAL

INFLATION-PROTECTED

ASSETS

63,084,226‌

INTERNATIONAL

EQUITY—12.8%

2,439,939

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

24,252,996‌

2,749,395

TIAA-CREF

International

Equity

Index

Fund

56,362,599‌

TOTAL

INTERNATIONAL

EQUITY

80,615,595‌

SHORT-TERM

FIXED

INCOME—12.9%

8,542,411

TIAA-CREF

Short-Term

Bond

Index

Fund

81,409,173‌

TOTAL

SHORT-TERM

FIXED

INCOME

81,409,173‌

U.S.

EQUITY—24.2%

5,172,541

TIAA-CREF

Equity

Index

Fund

152,745,142‌

TOTAL

U.S.

EQUITY

152,745,142‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

630,265,205‌

(Cost

$556,434,142)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$555,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

555,000‌

TOTAL

REPURCHASE

AGREEMENT

555,000‌

TOTAL

SHORT-TERM

INVESTMENTS

555,000‌

(Cost

$555,000)

TOTAL

INVESTMENTS—100.0%

630,820,205‌

(Cost

$556,989,142)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

192,136‌

)

NET

ASSETS—100.0%

$

630,628,069‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$555,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$566,168.

Lifecycle

Index

2015

Fund

May

31,

2023

Portfolio

of

Investments

42

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

FIXED

INCOME—39.6%

43,086,674

TIAA-CREF

Bond

Index

Fund

$

412,770,335‌

TOTAL

FIXED

INCOME

412,770,335‌

INFLATION-PROTECTED

ASSETS—9.1%

8,973,189

TIAA-CREF

Inflation-Linked

Bond

Fund

95,385,002‌

TOTAL

INFLATION-PROTECTED

ASSETS

95,385,002‌

INTERNATIONAL

EQUITY—14.5%

4,574,219

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

45,467,735‌

5,152,898

TIAA-CREF

International

Equity

Index

Fund

105,634,404‌

TOTAL

INTERNATIONAL

EQUITY

151,102,139‌

SHORT-TERM

FIXED

INCOME—9.2%

10,026,175

TIAA-CREF

Short-Term

Bond

Index

Fund

95,549,445‌

TOTAL

SHORT-TERM

FIXED

INCOME

95,549,445‌

U.S.

EQUITY—27.5%

9,695,958

TIAA-CREF

Equity

Index

Fund

286,321,636‌

TOTAL

U.S.

EQUITY

286,321,636‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

1,041,128,557‌

(Cost

$891,970,626)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$970,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

970,000‌

TOTAL

REPURCHASE

AGREEMENT

970,000‌

TOTAL

SHORT-TERM

INVESTMENTS

970,000‌

(Cost

$970,000)

TOTAL

INVESTMENTS—100.0%

1,042,098,557‌

(Cost

$892,940,626)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

45,083‌

)

NET

ASSETS—100.0%

$

1,042,053,474‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$970,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$989,468.

Portfolio

of

Investments

Lifecycle

Index

2020

Fund

May

31,

2023

43

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

FIXED

INCOME—38.6%

122,296,566

TIAA-CREF

Bond

Index

Fund

$

1,171,601,102‌

TOTAL

FIXED

INCOME

1,171,601,102‌

INFLATION-PROTECTED

ASSETS—7.1%

20,423,407

TIAA-CREF

Inflation-Linked

Bond

Fund

217,100,820‌

TOTAL

INFLATION-PROTECTED

ASSETS

217,100,820‌

INTERNATIONAL

EQUITY—16.2%

14,895,786

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

148,064,114‌

16,790,377

TIAA-CREF

International

Equity

Index

Fund

344,202,730‌

TOTAL

INTERNATIONAL

EQUITY

492,266,844‌

SHORT-TERM

FIXED

INCOME—7.2%

22,821,532

TIAA-CREF

Short-Term

Bond

Index

Fund

217,489,196‌

TOTAL

SHORT-TERM

FIXED

INCOME

217,489,196‌

U.S.

EQUITY—30.8%

31,592,250

TIAA-CREF

Equity

Index

Fund

932,919,130‌

TOTAL

U.S.

EQUITY

932,919,130‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

3,031,377,092‌

(Cost

$2,638,173,616)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$2,560,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

2,560,000‌

TOTAL

REPURCHASE

AGREEMENT

2,560,000‌

TOTAL

SHORT-TERM

INVESTMENTS

2,560,000‌

(Cost

$2,560,000)

TOTAL

INVESTMENTS—100.0%

3,033,937,092‌

(Cost

$2,640,733,616)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

247,229‌

)

NET

ASSETS—100.0%

$

3,033,689,863‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$2,560,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$2,611,210.

Lifecycle

Index

2025

Fund

May

31,

2023

Portfolio

of

Investments

44

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%a

FIXED

INCOME—36.3%

205,625,869

TIAA-CREF

Bond

Index

Fund

$

1,969,895,823‌

TOTAL

FIXED

INCOME

1,969,895,823‌

INFLATION-PROTECTED

ASSETS—5.1%

26,278,132

TIAA-CREF

Inflation-Linked

Bond

Fund

279,336,542‌

TOTAL

INFLATION-PROTECTED

ASSETS

279,336,542‌

INTERNATIONAL

EQUITY—18.4%

30,110,733

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

299,300,681‌

33,990,960

TIAA-CREF

International

Equity

Index

Fund

696,814,689‌

TOTAL

INTERNATIONAL

EQUITY

996,115,370‌

SHORT-TERM

FIXED

INCOME—5.2%

29,370,250

TIAA-CREF

Short-Term

Bond

Index

Fund

279,898,479‌

TOTAL

SHORT-TERM

FIXED

INCOME

279,898,479‌

U.S.

EQUITY—34.8%

63,990,216

TIAA-CREF

Equity

Index

Fund

1,889,631,091‌

TOTAL

U.S.

EQUITY

1,889,631,091‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

5,414,877,305‌

(Cost

$4,780,172,703)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$3,100,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

3,100,000‌

TOTAL

REPURCHASE

AGREEMENT

3,100,000‌

TOTAL

SHORT-TERM

INVESTMENTS

3,100,000‌

(Cost

$3,100,000)

TOTAL

INVESTMENTS—99.9%

5,417,977,305‌

(Cost

$4,783,272,703)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

3,164,325‌

NET

ASSETS—100.0%

$

5,421,141,630‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$3,100,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$3,162,043.

Portfolio

of

Investments

Lifecycle

Index

2030

Fund

May

31,

2023

45

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%a

FIXED

INCOME—32.3%

228,911,803

TIAA-CREF

Bond

Index

Fund

$

2,192,975,077‌

TOTAL

FIXED

INCOME

2,192,975,077‌

INFLATION-PROTECTED

ASSETS—3.1%

20,117,656

TIAA-CREF

Inflation-Linked

Bond

Fund

213,850,678‌

TOTAL

INFLATION-PROTECTED

ASSETS

213,850,678‌

INTERNATIONAL

EQUITY—21.1%

43,355,813

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

430,956,780‌

48,906,680

TIAA-CREF

International

Equity

Index

Fund

1,002,586,942‌

TOTAL

INTERNATIONAL

EQUITY

1,433,543,722‌

SHORT-TERM

FIXED

INCOME—3.2%

22,477,953

TIAA-CREF

Short-Term

Bond

Index

Fund

214,214,888‌

TOTAL

SHORT-TERM

FIXED

INCOME

214,214,888‌

U.S.

EQUITY—40.1%

92,053,541

TIAA-CREF

Equity

Index

Fund

2,718,341,064‌

TOTAL

U.S.

EQUITY

2,718,341,064‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

6,772,925,429‌

(Cost

$5,916,193,713)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$4,680,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

4,680,000‌

TOTAL

REPURCHASE

AGREEMENT

4,680,000‌

TOTAL

SHORT-TERM

INVESTMENTS

4,680,000‌

(Cost

$4,680,000)

TOTAL

INVESTMENTS—99.9%

6,777,605,429‌

(Cost

$5,920,873,713)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

5,957,308‌

NET

ASSETS—100.0%

$

6,783,562,737‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$4,680,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$4,773,630.

Lifecycle

Index

2035

Fund

May

31,

2023

Portfolio

of

Investments

46

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

FIXED

INCOME—26.7%

188,256,921

TIAA-CREF

Bond

Index

Fund

$

1,803,501,301‌

TOTAL

FIXED

INCOME

1,803,501,301‌

INFLATION-PROTECTED

ASSETS—1.1%

7,342,820

TIAA-CREF

Inflation-Linked

Bond

Fund

78,054,178‌

TOTAL

INFLATION-PROTECTED

ASSETS

78,054,178‌

INTERNATIONAL

EQUITY—24.5%

50,157,009

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

498,560,668‌

56,525,534

TIAA-CREF

International

Equity

Index

Fund

1,158,773,454‌

TOTAL

INTERNATIONAL

EQUITY

1,657,334,122‌

SHORT-TERM

FIXED

INCOME—1.2%

8,204,656

TIAA-CREF

Short-Term

Bond

Index

Fund

78,190,376‌

TOTAL

SHORT-TERM

FIXED

INCOME

78,190,376‌

U.S.

EQUITY—46.4%

106,344,174

TIAA-CREF

Equity

Index

Fund

3,140,343,453‌

TOTAL

U.S.

EQUITY

3,140,343,453‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

6,757,423,430‌

(Cost

$5,753,047,987)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.2%

REPURCHASE

AGREEMENT—0.2%

$11,660,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

11,660,000‌

TOTAL

REPURCHASE

AGREEMENT

11,660,000‌

TOTAL

SHORT-TERM

INVESTMENTS

11,660,000‌

(Cost

$11,660,000)

TOTAL

INVESTMENTS—100.1%

6,769,083,430‌

(Cost

$5,764,707,987)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.1)%

(

4,149,165‌

)

NET

ASSETS—100.0%

$

6,764,934,265‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$11,660,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$11,893,257.

Portfolio

of

Investments

Lifecycle

Index

2040

Fund

May

31,

2023

47

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%a

FIXED

INCOME—18.6%

135,382,293

TIAA-CREF

Bond

Index

Fund

$

1,296,962,363‌

TOTAL

FIXED

INCOME

1,296,962,363‌

INTERNATIONAL

EQUITY—28.0%

58,982,615

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

586,287,196‌

66,603,529

TIAA-CREF

International

Equity

Index

Fund

1,365,372,342‌

TOTAL

INTERNATIONAL

EQUITY

1,951,659,538‌

U.S.

EQUITY—53.2%

125,322,618

TIAA-CREF

Equity

Index

Fund

3,700,776,911‌

TOTAL

U.S.

EQUITY

3,700,776,911‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

6,949,398,812‌

(Cost

$5,684,613,579)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$7,020,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

7,020,000‌

TOTAL

REPURCHASE

AGREEMENT

7,020,000‌

TOTAL

SHORT-TERM

INVESTMENTS

7,020,000‌

(Cost

$7,020,000)

TOTAL

INVESTMENTS—99.9%

6,956,418,812‌

(Cost

$5,691,633,579)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

7,840,266‌

NET

ASSETS—100.0%

$

6,964,259,078‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$7,020,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$7,160,483.

Lifecycle

Index

2045

Fund

May

31,

2023

Portfolio

of

Investments

48

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%a

FIXED

INCOME—12.3%

71,028,167

TIAA-CREF

Bond

Index

Fund

$

680,449,841‌

TOTAL

FIXED

INCOME

680,449,841‌

INTERNATIONAL

EQUITY—30.2%

50,437,233

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

501,346,097‌

56,919,156

TIAA-CREF

International

Equity

Index

Fund

1,166,842,700‌

TOTAL

INTERNATIONAL

EQUITY

1,668,188,797‌

U.S.

EQUITY—57.3%

107,095,047

TIAA-CREF

Equity

Index

Fund

3,162,516,737‌

TOTAL

U.S.

EQUITY

3,162,516,737‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

5,511,155,375‌

(Cost

$4,594,183,432)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$7,075,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

7,075,000‌

TOTAL

REPURCHASE

AGREEMENT

7,075,000‌

TOTAL

SHORT-TERM

INVESTMENTS

7,075,000‌

(Cost

$7,075,000)

TOTAL

INVESTMENTS—99.9%

5,518,230,375‌

(Cost

$4,601,258,432)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

3,010,111‌

NET

ASSETS—100.0%

$

5,521,240,486‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$7,075,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$7,216,591.

Portfolio

of

Investments

Lifecycle

Index

2050

Fund

May

31,

2023

49

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%a

FIXED

INCOME—9.5%

45,665,840

TIAA-CREF

Bond

Index

Fund

$

437,478,752‌

TOTAL

FIXED

INCOME

437,478,752‌

INTERNATIONAL

EQUITY—31.2%

43,504,638

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

432,436,103‌

49,097,688

TIAA-CREF

International

Equity

Index

Fund

1,006,502,606‌

TOTAL

INTERNATIONAL

EQUITY

1,438,938,709‌

U.S.

EQUITY—59.1%

92,345,571

TIAA-CREF

Equity

Index

Fund

2,726,964,703‌

TOTAL

U.S.

EQUITY

2,726,964,703‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

4,603,382,164‌

(Cost

$3,876,367,427)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.2%

REPURCHASE

AGREEMENT—0.2%

$7,110,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

7,110,000‌

TOTAL

REPURCHASE

AGREEMENT

7,110,000‌

TOTAL

SHORT-TERM

INVESTMENTS

7,110,000‌

(Cost

$7,110,000)

TOTAL

INVESTMENTS—100.0%

4,610,492,164‌

(Cost

$3,883,477,427)

OTHER

ASSETS

&

LIABILITIES,

NET—0.0%

2,238,124‌

NET

ASSETS—100.0%

$

4,612,730,288‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$7,110,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$7,252,234.

Lifecycle

Index

2055

Fund

May

31,

2023

Portfolio

of

Investments

50

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%a

FIXED

INCOME—8.2%

22,493,527

TIAA-CREF

Bond

Index

Fund

$

215,487,985‌

TOTAL

FIXED

INCOME

215,487,985‌

INTERNATIONAL

EQUITY—31.7%

25,036,596

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

248,863,768‌

28,248,468

TIAA-CREF

International

Equity

Index

Fund

579,093,593‌

TOTAL

INTERNATIONAL

EQUITY

827,957,361‌

U.S.

EQUITY—59.9%

53,123,781

TIAA-CREF

Equity

Index

Fund

1,568,745,241‌

TOTAL

U.S.

EQUITY

1,568,745,241‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

2,612,190,587‌

(Cost

$2,298,774,052)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.2%

REPURCHASE

AGREEMENT—0.2%

$4,505,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

4,505,000‌

TOTAL

REPURCHASE

AGREEMENT

4,505,000‌

TOTAL

SHORT-TERM

INVESTMENTS

4,505,000‌

(Cost

$4,505,000)

TOTAL

INVESTMENTS—100.0%

2,616,695,587‌

(Cost

$2,303,279,052)

OTHER

ASSETS

&

LIABILITIES,

NET—0.0%

1,249,590‌

NET

ASSETS—100.0%

$

2,617,945,177‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$4,505,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$4,595,129.

Portfolio

of

Investments

Lifecycle

Index

2060

Fund

May

31,

2023

51

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.7%a

FIXED

INCOME—7.0%

9,852,273

TIAA-CREF

Bond

Index

Fund

$

94,384,779‌

TOTAL

FIXED

INCOME

94,384,779‌

INTERNATIONAL

EQUITY—32.0%

13,114,340

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

130,356,535‌

14,789,918

TIAA-CREF

International

Equity

Index

Fund

303,193,328‌

TOTAL

INTERNATIONAL

EQUITY

433,549,863‌

U.S.

EQUITY—60.7%

27,806,934

TIAA-CREF

Equity

Index

Fund

821,138,752‌

TOTAL

U.S.

EQUITY

821,138,752‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

1,349,073,394‌

(Cost

$1,252,926,706)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.2%

REPURCHASE

AGREEMENT—0.2%

$2,735,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

2,735,000‌

TOTAL

REPURCHASE

AGREEMENT

2,735,000‌

TOTAL

SHORT-TERM

INVESTMENTS

2,735,000‌

(Cost

$2,735,000)

TOTAL

INVESTMENTS—99.9%

1,351,808,394‌

(Cost

$1,255,661,706)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

1,103,626‌

NET

ASSETS—100.0%

$

1,352,912,020‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$2,735,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$2,789,732.

Lifecycle

Index

2065

Fund

May

31,

2023

Portfolio

of

Investments

52

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.5%a

FIXED

INCOME—5.7%

765,092

TIAA-CREF

Bond

Index

Fund

$

7,329,583‌

TOTAL

FIXED

INCOME

7,329,583‌

INTERNATIONAL

EQUITY—32.5%

1,261,142

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

12,535,747‌

1,417,657

TIAA-CREF

International

Equity

Index

Fund

29,061,972‌

TOTAL

INTERNATIONAL

EQUITY

41,597,719‌

U.S.

EQUITY—61.3%

2,660,093

TIAA-CREF

Equity

Index

Fund

78,552,541‌

TOTAL

U.S.

EQUITY

78,552,541‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

127,479,843‌

(Cost

$126,725,747)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.4%

REPURCHASE

AGREEMENT—0.4%

$540,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

540,000‌

TOTAL

REPURCHASE

AGREEMENT

540,000‌

TOTAL

SHORT-TERM

INVESTMENTS

540,000‌

(Cost

$540,000)

TOTAL

INVESTMENTS—99.9%

128,019,843‌

(Cost

$127,265,747)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

148,396‌

NET

ASSETS—100.0%

$

128,168,239‌

a

The

Fund

invests

its

assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$540,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$550,833.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

54

May

31,

2023

14.1

Lifecycle

Index

Retirement

Income

Fund

14.2

Lifecycle

Index

2010

Fund

14.3

Lifecycle

Index

2015

Fund

14.4

Lifecycle

Index

2020

Fund

ASSETS

Affiliated

investments,

at

value

‡

$

615,357,129‌

$

630,265,205‌

$

1,041,128,557‌

$

3,031,377,092‌

Short-term

investments,

at

value

#

580,000‌

555,000‌

970,000‌

2,560,000‌

Cash

4,486‌

1,800‌

3,194‌

3,740‌

Due

from

affiliates

63,993‌

66,262‌

94,383‌

227,093‌

Receivables:

Dividends

and

interest

762,621‌

840,754‌

1,266,438‌

3,437,206‌

Fund

shares

sold

356,058‌

606,928‌

524,618‌

1,140,881‌

Investments

sold

1,369,947‌

1,519,589‌

2,708,817‌

8,622,779‌

Other

8,615‌

15,386‌

27,384‌

57,877‌

Total

assets

618,502,849‌

633,870,924‌

1,046,723,391‌

3,047,426,668‌

LIABILITIES

Management

fees

payable

88,270‌

91,889‌

149,242‌

423,136‌

Service

agreement

fees

payable

8,176‌

12,392‌

19,500‌

46,759‌

Distribution

fees

payable

418‌

2,423‌

3,869‌

10,048‌

Due

to

affiliates

9,354‌

9,465‌

10,571‌

15,818‌

Payables:

Fund

shares

redeemed

183,564‌

839,589‌

580,476‌

1,673,340‌

Investments

purchased

-

regular

settlement

2,074,601‌

2,257,889‌

3,862,873‌

11,469,862‌

Trustee

compensation

8,566‌

15,335‌

27,304‌

57,651‌

Accrued

expenses

and

other

payables

13,588‌

13,873‌

16,082‌

40,191‌

Total

liabilities

2,386,537‌

3,242,855‌

4,669,917‌

13,736,805‌

Net

assets

$

616,116,312‌

$

630,628,069‌

$

1,042,053,474‌

$

3,033,689,863‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

592,839,374‌

$

572,215,865‌

$

913,997,358‌

$

2,701,182,583‌

Total

distributable

earnings

(loss)

23,276,938‌

58,412,204‌

128,056,116‌

332,507,280‌

Net

assets

$

616,116,312‌

$

630,628,069‌

$

1,042,053,474‌

$

3,033,689,863‌

‡

Affiliated

investments,

cost

$

570,466,817‌

$

556,434,142‌

$

891,970,626‌

$

2,638,173,616‌

#

Short-term

investments,

cost

$

580,000‌

$

555,000‌

$

970,000‌

$

2,560,000‌

INSTITUTIONAL

CLASS:

Net

assets

$

574,299,394‌

$

553,937,700‌

$

921,163,765‌

$

2,736,921,761‌

Shares

outstanding

38,534,474‌

35,435,350‌

55,980,651‌

153,889,213‌

Net

asset

value

per

share

$

14.90‌

$

15.63‌

$

16.46‌

$

17.79‌

ADVISOR

CLASS:

Net

assets

$

2,312,459‌

$

2,024,278‌

$

1,699,505‌

$

10,266,389‌

Shares

outstanding

155,185‌

129,471‌

103,339‌

578,115‌

Net

asset

value

per

share

$

14.90‌

$

15.63‌

$

16.45‌

$

17.76‌

PREMIER

CLASS:

Net

assets

$

3,277,067‌

$

19,016,487‌

$

30,386,283‌

$

78,462,789‌

Shares

outstanding

220,109‌

1,220,961‌

1,855,770‌

4,435,254‌

Net

asset

value

per

share

$

14.89‌

$

15.58‌

$

16.37‌

$

17.69‌

RETIREMENT

CLASS:

Net

assets

$

36,227,392‌

$

55,649,604‌

$

88,803,921‌

$

208,038,924‌

Shares

outstanding

2,436,147‌

3,594,361‌

5,441,401‌

11,802,915‌

Net

asset

value

per

share

$

14.87‌

$

15.48‌

$

16.32‌

$

17.63‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.0001‌

$

0.0001‌

$

0.0001‌

$

0.0001‌

See

Notes

to

Financial

Statements

55

14.5

Lifecycle

Index

2025

Fund

14.6

Lifecycle

Index

2030

Fund

14.7

Lifecycle

Index

2035

Fund

14.8

Lifecycle

Index

2040

Fund

14.9

Lifecycle

Index

2045

Fund

15.01

Lifecycle

Index

2050

Fund

$

5,414,877,305‌

$

6,772,925,429‌

$

6,757,423,430‌

$

6,949,398,812‌

$

5,511,155,375‌

$

4,603,382,164‌

3,100,000‌

4,680,000‌

11,660,000‌

7,020,000‌

7,075,000‌

7,110,000‌

4,036‌

1,455‌

434‌

4,326‌

4,884‌

4,240‌

372,216‌

432,946‌

399,407‌

396,672‌

318,120‌

264,845‌

5,544,140‌

5,892,583‌

4,571,700‌

3,150,124‌

1,648,160‌

1,061,376‌

3,425,380‌

7,538,985‌

3,446,253‌

9,520,213‌

7,260,047‌

6,258,314‌

18,345,115‌

24,593,463‌

26,252,696‌

28,299,205‌

21,219,302‌

16,852,500‌

74,469‌

81,931‌

77,150‌

83,368‌

53,113‌

40,968‌

5,445,742,661‌

6,816,146,792‌

6,803,831,070‌

6,997,872,720‌

5,548,734,001‌

4,634,974,407‌

737,615‌

896,264‌

868,036‌

877,593‌

689,452‌

574,123‌

87,281‌

97,546‌

89,232‌

84,317‌

67,931‌

56,966‌

15,255‌

19,255‌

21,538‌

22,356‌

13,090‌

10,585‌

21,923‌

25,143‌

24,883‌

25,437‌

21,507‌

19,237‌

4,198,613‌

3,169,301‌

2,147,482‌

1,014,182‌

2,191,670‌

1,088,229‌

19,377,055‌

28,171,158‌

35,539,643‌

31,374,925‌

24,341,927‌

20,354,001‌

74,059‌

81,421‌

76,649‌

82,861‌

52,717‌

40,635‌

89,230‌

123,967‌

129,342‌

131,971‌

115,221‌

100,343‌

24,601,031‌

32,584,055‌

38,896,805‌

33,613,642‌

27,493,515‌

22,244,119‌

$

5,421,141,630‌

$

6,783,562,737‌

$

6,764,934,265‌

$

6,964,259,078‌

$

5,521,240,486‌

$

4,612,730,288‌

$

4,886,337,176‌

$

6,053,539,217‌

$

5,911,762,176‌

$

5,876,430,000‌

$

4,706,290,556‌

$

3,958,124,444‌

534,804,454‌

730,023,520‌

853,172,089‌

1,087,829,078‌

814,949,930‌

654,605,844‌

$

5,421,141,630‌

$

6,783,562,737‌

$

6,764,934,265‌

$

6,964,259,078‌

$

5,521,240,486‌

$

4,612,730,288‌

$

4,780,172,703‌

$

5,916,193,713‌

$

5,753,047,987‌

$

5,684,613,579‌

$

4,594,183,432‌

$

3,876,367,427‌

$

3,100,000‌

$

4,680,000‌

$

11,660,000‌

$

7,020,000‌

$

7,075,000‌

$

7,110,000‌

$

4,888,761,035‌

$

6,168,804,208‌

$

6,172,054,977‌

$

6,388,980,599‌

$

5,095,780,509‌

$

4,258,463,197‌

250,806,682‌

291,198,807‌

270,333,071‌

264,060,042‌

203,385,938‌

167,833,771‌

$

19.49‌

$

21.18‌

$

22.83‌

$

24.20‌

$

25.05‌

$

25.37‌

$

22,051,594‌

$

33,508,859‌

$

25,308,257‌

$

24,491,048‌

$

24,081,803‌

$

19,403,292‌

1,133,953‌

1,584,893‌

1,110,777‌

1,013,843‌

963,363‌

766,294‌

$

19.45‌

$

21.14‌

$

22.78‌

$

24.16‌

$

25.00‌

$

25.32‌

$

119,307,960‌

$

150,728,100‌

$

169,166,318‌

$

176,063,942‌

$

103,385,856‌

$

83,196,136‌

6,148,583‌

7,155,529‌

7,454,127‌

7,321,139‌

4,147,996‌

3,298,060‌

$

19.40‌

$

21.06‌

$

22.69‌

$

24.05‌

$

24.92‌

$

25.23‌

$

391,021,041‌

$

430,521,570‌

$

398,404,713‌

$

374,723,489‌

$

297,992,318‌

$

251,667,663‌

20,256,966‌

20,529,757‌

17,634,273‌

15,642,647‌

12,019,080‌

10,029,863‌

$

19.30‌

$

20.97‌

$

22.59‌

$

23.96‌

$

24.79‌

$

25.09‌

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

$

0.0001‌

$

0.0001‌

$

0.0001‌

$

0.0001‌

$

0.0001‌

$

0.0001‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

56

(continued)

(continued)

Statement

of

Assets

and

Liabilities

(continued)

May

31,

2023

15.1

Lifecycle

Index

2055

Fund

15.2

Lifecycle

Index

2060

Fund

15.3

Lifecycle

Index

2065

Fund

ASSETS

Affiliated

investments,

at

value

‡

$

2,612,190,587‌

$

1,349,073,394‌

$

127,479,843‌

Short-term

investments,

at

value

#

4,505,000‌

2,735,000‌

540,000‌

Cash

2,471‌

4,559‌

750‌

Due

from

affiliates

160,832‌

95,462‌

24,774‌

Receivables:

Dividends

and

interest

521,497‌

227,545‌

17,321‌

Fund

shares

sold

4,331,597‌

2,926,402‌

591,528‌

Investments

sold

9,450,208‌

4,760,343‌

362,634‌

Other

17,790‌

6,288‌

211‌

Total

assets

2,631,179,982‌

1,359,828,993‌

129,017,061‌

LIABILITIES

Management

fees

payable

324,553‌

166,755‌

15,402‌

Service

agreement

fees

payable

31,445‌

15,311‌

1,250‌

Distribution

fees

payable

4,713‌

2,655‌

154‌

Due

to

affiliates

14,094‌

10,903‌

7,990‌

Payables:

Fund

shares

redeemed

944,615‌

308,730‌

23,656‌

Investments

purchased

-

regular

settlement

11,829,317‌

6,359,921‌

791,161‌

Trustee

compensation

17,598‌

6,186‌

188‌

Accrued

expenses

and

other

payables

68,470‌

46,512‌

9,021‌

Total

liabilities

13,234,805‌

6,916,973‌

848,822‌

Net

assets

$

2,617,945,177‌

$

1,352,912,020‌

$

128,168,239‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

2,340,074,792‌

$

1,275,702,955‌

$

128,751,586‌

Total

distributable

earnings

(loss)

277,870,385‌

77,209,065‌

(583,347‌)

Net

assets

$

2,617,945,177‌

$

1,352,912,020‌

$

128,168,239‌

‡

Affiliated

investments,

cost

$

2,298,774,052‌

$

1,252,926,706‌

$

126,725,747‌

#

Short-term

investments,

cost

$

4,505,000‌

$

2,735,000‌

$

540,000‌

INSTITUTIONAL

CLASS:

Net

assets

$

2,428,737,768‌

$

1,257,068,019‌

$

119,872,995‌

Shares

outstanding

118,718,755‌

79,405,427‌

10,601,519‌

Net

asset

value

per

share

$

20.46‌

$

15.83‌

$

11.31‌

ADVISOR

CLASS:

Net

assets

$

16,680,353‌

$

10,939,837‌

$

2,377,056‌

Shares

outstanding

816,953‌

691,783‌

212,803‌

Net

asset

value

per

share

$

20.42‌

$

15.81‌

$

11.17‌

PREMIER

CLASS:

Net

assets

$

37,211,522‌

$

21,158,459‌

$

1,229,226‌

Shares

outstanding

1,824,812‌

1,339,921‌

110,134‌

Net

asset

value

per

share

$

20.39‌

$

15.79‌

$

11.16‌

RETIREMENT

CLASS:

Net

assets

$

135,315,534‌

$

63,745,705‌

$

4,688,962‌

Shares

outstanding

6,656,225‌

4,047,339‌

419,622‌

Net

asset

value

per

share

$

20.33‌

$

15.75‌

$

11.17‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.0001‌

$

0.0001‌

$

0.0001‌

Statement

of

Operations

See

Notes

to

Financial

Statements

58

Year

Ended

May

31,

2023

14.1

Lifecycle

Index

Retirement

Income

Fund

14.2

Lifecycle

Index

2010

Fund

14.3

Lifecycle

Index

2015

Fund

14.4

Lifecycle

Index

2020

Fund

14.5

Lifecycle

Index

2025

Fund

INVESTMENT

INCOME

Dividends

from

affiliated

investments

$

15,991,651‌

$

17,001,227‌

$

27,726,958‌

$

75,217,530‌

$

124,599,099‌

Total

investment

income

15,991,651‌

17,001,227‌

27,726,958‌

75,217,530‌

124,599,099‌

EXPENSES

Management

fees

1,003,317‌

1,063,393‌

1,762,613‌

4,877,690‌

8,229,972‌

12b-1

distribution

and

service

fees

—

Premier

Class

5,492‌

28,759‌

46,055‌

116,150‌

177,365‌

Shareholder

servicing

agent

fees

—

Institutional

Class

6,718‌

3,714‌

5,302‌

12,092‌

15,064‌

Shareholder

servicing

agent

fees

—

Advisor

Class

2,247‌

1,770‌

1,559‌

10,364‌

21,932‌

Shareholder

servicing

agent

fees

—

Premier

Class

108‌

91‌

119‌

157‌

211‌

Shareholder

servicing

agent

fees

—

Retirement

Class

92,151‌

153,693‌

232,355‌

552,160‌

975,098‌

Administrative

service

fees

45,382‌

45,781‌

51,309‌

76,657‌

105,825‌

Trustees

fees

9,589‌

10,143‌

17,077‌

48,188‌

82,931‌

Custodian

fees

9,357‌

9,376‌

9,348‌

9,349‌

9,367‌

Overdraft

expense

5,568‌

4,271‌

6,111‌

6,415‌

1,200‌

Professional

fees

14,300‌

13,934‌

20,136‌

26,589‌

34,105‌

Registration

fees

62,207‌

63,086‌

65,102‌

65,389‌

66,527‌

Shareholder

reporting

expenses

24,294‌

24,886‌

29,934‌

52,305‌

74,917‌

Other

99,887‌

107,361‌

154,130‌

383,908‌

662,813‌

Total

expenses

1,380,617‌

1,530,258‌

2,401,150‌

6,237,413‌

10,457,327‌

Expenses

reimbursed

by

the

investment

adviser

(

201,853‌

)

(

202,454‌

)

(

228,772‌

)

(

330,875‌

)

(

466,550‌

)

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

(

492,375‌

)

(

521,544‌

)

(

840,028‌

)

(

2,239,115‌

)

(

3,649,236‌

)

Net

expenses

686,389‌

806,260‌

1,332,350‌

3,667,423‌

6,341,541‌

Net

investment

income

(loss)

15,305,262‌

16,194,967‌

26,394,608‌

71,550,107‌

118,257,558‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Portfolio

investments

(

55,656‌

)

(

119,817‌

)

–‌

(

60,077‌

)

–‌

Affiliated

investments

(

12,779,376‌

)

(

8,832,826‌

)

(

10,463,169‌

)

(

34,781,280‌

)

(

70,426,190‌

)

Distributions

from

affiliated

investments

938,878‌

978,531‌

1,592,342‌

4,233,377‌

7,006,107‌

Net

realized

gain

(loss)

(

11,896,154‌

)

(

7,974,112‌

)

(

8,870,827‌

)

(

30,607,980‌

)

(

63,420,083‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Affiliated

investments

(

5,999,510‌

)

(

10,055,029‌

)

(

22,376,751‌

)

(

49,927,204‌

)

(

46,905,868‌

)

Net

change

in

unrealized

appreciation

(depreciation)

(

5,999,510‌

)

(

10,055,029‌

)

(

22,376,751‌

)

(

49,927,204‌

)

(

46,905,868‌

)

Net

realized

and

unrealized

gain

(loss)

(

17,895,664‌

)

(

18,029,141‌

)

(

31,247,578‌

)

(

80,535,184‌

)

(

110,325,951‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

(

2,590,402‌

)

$

(

1,834,174‌

)

$

(

4,852,970‌

)

$

(

8,985,077‌

)

$

7,931,607‌

See

Notes

to

Financial

Statements

59

14.6

Lifecycle

Index

2030

Fund

14.7

Lifecycle

Index

2035

Fund

14.8

Lifecycle

Index

2040

Fund

14.9

Lifecycle

Index

2045

Fund

15.01

Lifecycle

Index

2050

Fund

15.1

Lifecycle

Index

2055

Fund

15.2

Lifecycle

Index

2060

Fund

$

144,364,900‌

$

134,528,337‌

$

133,689,448‌

$

100,356,027‌

$

82,332,354‌

$

44,837,144‌

$

21,987,195‌

144,364,900‌

134,528,337‌

133,689,448‌

100,356,027‌

82,332,354‌

44,837,144‌

21,987,195‌

9,748,234‌

9,276,865‌

9,387,160‌

7,214,396‌

5,978,637‌

3,268,438‌

1,598,728‌

219,377‌

236,551‌

246,856‌

139,184‌

116,962‌

49,816‌

25,638‌

17,446‌

16,756‌

18,902‌

16,356‌

17,443‌

14,587‌

13,284‌

30,472‌

21,045‌

22,629‌

20,485‌

16,891‌

13,896‌

9,764‌

225‌

240‌

247‌

186‌

174‌

155‌

139‌

1,060,105‌

961,341‌

914,534‌

737,087‌

640,580‌

357,217‌

169,151‌

120,930‌

119,425‌

121,921‌

102,930‌

91,906‌

67,460‌

52,313‌

100,502‌

98,141‌

101,126‌

78,029‌

64,873‌

35,325‌

17,180‌

9,368‌

9,353‌

9,352‌

9,351‌

9,353‌

9,348‌

9,352‌

1,376‌

840‌

4,868‌

3,488‌

2,442‌

506‌

335‌

37,888‌

35,896‌

36,497‌

31,210‌

28,931‌

23,636‌

18,763‌

66,812‌

70,130‌

70,835‌

68,877‌

65,500‌

66,629‌

64,812‌

87,441‌

87,365‌

92,104‌

82,781‌

81,395‌

66,917‌

60,568‌

811,440‌

797,926‌

827,553‌

665,421‌

563,328‌

330,039‌

182,341‌

12,311,616‌

11,731,874‌

11,854,584‌

9,169,781‌

7,678,415‌

4,303,969‌

2,222,368‌

(

548,968‌

)

(

553,614‌

)

(

570,238‌

)

(

498,249‌

)

(

456,650‌

)

(

359,126‌

)

(

294,288‌

)

(

4,105,855‌

)

(

3,672,267‌

)

(

3,616,336‌

)

(

2,782,605‌

)

(

2,272,809‌

)

(

1,244,131‌

)

(

609,386‌

)

7,656,793‌

7,505,993‌

7,668,010‌

5,888,927‌

4,948,956‌

2,700,712‌

1,318,694‌

136,708,107‌

127,022,344‌

126,021,438‌

94,467,100‌

77,383,398‌

42,136,432‌

20,668,501‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

88,744,683‌

)

(

116,760,481‌

)

(

135,729,526‌

)

(

80,086,453‌

)

(

53,571,064‌

)

(

27,502,242‌

)

(

14,127,274‌

)

8,206,691‌

7,850,105‌

8,334,216‌

6,744,699‌

5,734,186‌

3,164,171‌

1,573,656‌

(

80,537,992‌

)

(

108,910,376‌

)

(

127,395,310‌

)

(

73,341,754‌

)

(

47,836,878‌

)

(

24,338,071‌

)

(

12,553,618‌

)

(

20,813,225‌

)

52,152,223‌

103,241,296‌

65,814,212‌

42,957,082‌

29,243,049‌

21,010,620‌

(

20,813,225‌

)

52,152,223‌

103,241,296‌

65,814,212‌

42,957,082‌

29,243,049‌

21,010,620‌

(

101,351,217‌

)

(

56,758,153‌

)

(

24,154,014‌

)

(

7,527,542‌

)

(

4,879,796‌

)

4,904,978‌

8,457,002‌

$

35,356,890‌

$

70,264,191‌

$

101,867,424‌

$

86,939,558‌

$

72,503,602‌

$

47,041,410‌

$

29,125,503‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

60

(continued)

(continued)

Statement

of

Operations

(continued)

Year

Ended

May

31,

2023

15.3

Lifecycle

Index

2065

Fund

INVESTMENT

INCOME

Dividends

from

affiliated

investments

$

1,578,849‌

Total

investment

income

1,578,849‌

EXPENSES

Management

fees

116,972‌

12b-1

distribution

and

service

fees

—

Premier

Class

1,432‌

Shareholder

servicing

agent

fees

—

Institutional

Class

3,587‌

Shareholder

servicing

agent

fees

—

Advisor

Class

943‌

Shareholder

servicing

agent

fees

—

Premier

Class

85‌

Shareholder

servicing

agent

fees

—

Retirement

Class

7,359‌

Administrative

service

fees

38,627‌

Trustees

fees

1,211‌

Custodian

fees

9,436‌

Overdraft

expense

770‌

Professional

fees

15,276‌

Registration

fees

58,577‌

Shareholder

reporting

expenses

22,055‌

Other

33,484‌

Total

expenses

309,814‌

Expenses

reimbursed

by

the

investment

adviser

(

173,580‌

)

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

(

45,094‌

)

Net

expenses

91,140‌

Net

investment

income

(loss)

1,487,709‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Portfolio

investments

35,189‌

Affiliated

investments

(

1,181,919‌

)

Distributions

from

affiliated

investments

114,167‌

Net

realized

gain

(loss)

(

1,032,563‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Affiliated

investments

3,395,359‌

Net

change

in

unrealized

appreciation

(depreciation)

3,395,359‌

Net

realized

and

unrealized

gain

(loss)

2,362,796‌

Net

increase

(decrease)

in

net

assets

from

operations

$

3,850,505‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

62

14.1

Lifecycle

Index

Retirement

Income

Fund

14.2

Lifecycle

Index

2010

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

OPERATIONS

Net

investment

income

(loss)

$

15,305,262‌

$

13,434,731‌

$

16,194,967‌

$

14,271,640‌

Net

realized

gain

(loss)

(

11,896,154‌

)

8,011,700‌

(

7,974,112‌

)

13,134,854‌

Net

change

in

unrealized

appreciation

(depreciation)

(

5,999,510‌

)

(

61,112,423‌

)

(

10,055,029‌

)

(

68,940,130‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

2,590,402‌

)

(

39,665,992‌

)

(

1,834,174‌

)

(

41,533,636‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

–‌

Dividends:

Institutional

Class

(

18,281,295‌

)

(

23,367,380‌

)

(

18,252,249‌

)

(

26,899,334‌

)

Advisor

Class

(

75,799‌

)

(

119,013‌

)

(

59,758‌

)

(

85,571‌

)

Premier

Class

(

122,700‌

)

(

919,478‌

)

(

606,988‌

)

(

1,672,994‌

)

Retirement

Class

(

1,135,242‌

)

(

1,803,151‌

)

(

1,903,649‌

)

(

3,559,797‌

)

Total

distributions

(

19,615,036‌

)

(

26,209,022‌

)

(

20,822,644‌

)

(

32,217,696‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

182,382,054‌

225,511,260‌

143,562,938‌

152,957,187‌

Reinvestments

of

distributions

17,905,642‌

24,181,755‌

20,192,977‌

31,037,749‌

Redemptions

(

166,855,638‌

)

(

202,510,012‌

)

(

128,482,532‌

)

(

180,233,217‌

)

Net

increase

(decrease)

from

shareholder

transactions

33,432,058‌

47,183,003‌

35,273,383‌

3,761,719‌

Net

increase

(decrease)

in

net

assets

11,226,620‌

(

18,692,011‌

)

12,616,565‌

(

69,989,613‌

)

NET

ASSETS

Beginning

of

period

604,889,692‌

623,581,703‌

618,011,504‌

688,001,117‌

End

of

period

$

616,116,312‌

$

604,889,692‌

$

630,628,069‌

$

618,011,504‌

See

Notes

to

Financial

Statements

63

14.3

Lifecycle

Index

2015

Fund

14.4

Lifecycle

Index

2020

Fund

14.5

Lifecycle

Index

2025

Fund

14.6

Lifecycle

Index

2030

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

$

26,394,608‌

$

24,807,424‌

$

71,550,107‌

$

67,578,449‌

$

118,257,558‌

$

104,821,292‌

$

136,708,107‌

$

118,135,826‌

(

8,870,827‌

)

21,740,192‌

(

30,607,980‌

)

67,017,343‌

(

63,420,083‌

)

83,191,350‌

(

80,537,992‌

)

74,721,570‌

(

22,376,751‌

)

(

123,346,417‌

)

(

49,927,204‌

)

(

355,369,871‌

)

(

46,905,868‌

)

(

563,732,307‌

)

(

20,813,225‌

)

(

649,186,753‌

)

(

4,852,970‌

)

(

76,798,801‌

)

(

8,985,077‌

)

(

220,774,079‌

)

7,931,607‌

(

375,719,665‌

)

35,356,890‌

(

456,329,357‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

29,330,849‌

)

(

50,722,893‌

)

(

80,849,668‌

)

(

143,493,366‌

)

(

129,927,780‌

)

(

179,479,086‌

)

(

150,753,060‌

)

(

174,866,931‌

)

(

53,333‌

)

(

124,912‌

)

(

302,701‌

)

(

728,037‌

)

(

636,179‌

)

(

912,408‌

)

(

827,972‌

)

(

970,266‌

)

(

938,974‌

)

(

4,365,306‌

)

(

2,263,316‌

)

(

13,108,202‌

)

(

3,231,783‌

)

(

14,902,560‌

)

(

3,801,250‌

)

(

13,345,660‌

)

(

2,794,638‌

)

(

5,639,852‌

)

(

6,188,502‌

)

(

14,022,004‌

)

(

10,200,914‌

)

(

17,495,737‌

)

(

10,424,052‌

)

(

15,210,821‌

)

(

33,117,794‌

)

(

60,852,963‌

)

(

89,604,187‌

)

(

171,351,609‌

)

(

143,996,656‌

)

(

212,789,791‌

)

(

165,806,334‌

)

(

204,393,678‌

)

155,138,426‌

298,538,972‌

511,641,269‌

881,437,350‌

1,066,264,676‌

1,493,482,027‌

1,429,792,810‌

1,777,794,808‌

32,005,375‌

58,717,370‌

85,700,117‌

163,285,197‌

136,276,129‌

200,549,555‌

159,086,047‌

195,667,710‌

(

210,710,319‌

)

(

304,671,907‌

)

(

562,296,822‌

)

(

922,546,800‌

)

(

793,981,695‌

)

(

1,185,806,901‌

)

(

781,026,233‌

)

(

1,168,548,525‌

)

(

23,566,518‌

)

52,584,435‌

35,044,564‌

122,175,747‌

408,559,110‌

508,224,681‌

807,852,624‌

804,913,993‌

(

61,537,282‌

)

(

85,067,329‌

)

(

63,544,700‌

)

(

269,949,941‌

)

272,494,061‌

(

80,284,775‌

)

677,403,180‌

144,190,958‌

1,103,590,756‌

1,188,658,085‌

3,097,234,563‌

3,367,184,504‌

5,148,647,569‌

5,228,932,344‌

6,106,159,557‌

5,961,968,599‌

$

1,042,053,474‌

$

1,103,590,756‌

$

3,033,689,863‌

$

3,097,234,563‌

$

5,421,141,630‌

$

5,148,647,569‌

$

6,783,562,737‌

$

6,106,159,557‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

64

(continued)

(continued)

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

14.7

Lifecycle

Index

2035

Fund

14.8

Lifecycle

Index

2040

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

OPERATIONS

Net

investment

income

(loss)

$

127,022,344‌

$

108,517,796‌

$

126,021,438‌

$

110,394,443‌

Net

realized

gain

(loss)

(

108,910,376‌

)

62,706,883‌

(

127,395,310‌

)

66,619,250‌

Net

change

in

unrealized

appreciation

(depreciation)

52,152,223‌

(

622,209,030‌

)

103,241,296‌

(

644,141,053‌

)

Net

increase

(decrease)

in

net

assets

from

operations

70,264,191‌

(

450,984,351‌

)

101,867,424‌

(

467,127,360‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

–‌

Dividends:

Institutional

Class

(

141,975,692‌

)

(

151,468,330‌

)

(

143,168,670‌

)

(

160,002,570‌

)

Advisor

Class

(

533,018‌

)

(

531,231‌

)

(

572,660‌

)

(

629,974‌

)

Premier

Class

(

3,866,279‌

)

(

11,963,664‌

)

(

3,901,042‌

)

(

12,167,868‌

)

Retirement

Class

(

8,978,227‌

)

(

12,253,439‌

)

(

8,360,596‌

)

(

12,094,241‌

)

Total

distributions

(

155,353,216‌

)

(

176,216,664‌

)

(

156,002,968‌

)

(

184,894,653‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

1,452,823,028‌

1,726,861,271‌

1,374,271,792‌

1,682,438,779‌

Reinvestments

of

distributions

148,974,623‌

168,367,726‌

151,188,334‌

178,596,104‌

Redemptions

(

662,613,309‌

)

(

991,992,149‌

)

(

601,622,212‌

)

(

927,604,611‌

)

Net

increase

(decrease)

from

shareholder

transactions

939,184,342‌

903,236,848‌

923,837,914‌

933,430,272‌

Net

increase

(decrease)

in

net

assets

854,095,317‌

276,035,833‌

869,702,370‌

281,408,259‌

NET

ASSETS

Beginning

of

period

5,910,838,948‌

5,634,803,115‌

6,094,556,708‌

5,813,148,449‌

End

of

period

$

6,764,934,265‌

$

5,910,838,948‌

$

6,964,259,078‌

$

6,094,556,708‌

See

Notes

to

Financial

Statements

65

14.9

Lifecycle

Index

2045

Fund

15.01

Lifecycle

Index

2050

Fund

15.1

Lifecycle

Index

2055

Fund

15.2

Lifecycle

Index

2060

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

$

94,467,100‌

$

82,522,417‌

$

77,383,398‌

$

67,782,635‌

$

42,136,432‌

$

34,693,666‌

$

20,668,501‌

$

14,718,532‌

(

73,341,754‌

)

39,462,398‌

(

47,836,878‌

)

20,352,197‌

(

24,338,071‌

)

6,567,172‌

(

12,553,618‌

)

920,326‌

65,814,212‌

(

474,055,366‌

)

42,957,082‌

(

380,325,233‌

)

29,243,049‌

(

193,279,045‌

)

21,010,620‌

(

86,316,189‌

)

86,939,558‌

(

352,070,551‌

)

72,503,602‌

(

292,190,401‌

)

47,041,410‌

(

152,018,207‌

)

29,125,503‌

(

70,677,331‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

105,335,198‌

)

(

103,134,683‌

)

(

83,092,318‌

)

(

77,510,635‌

)

(

44,335,827‌

)

(

35,180,792‌

)

(

21,238,837‌

)

(

14,471,207‌

)

(

479,857‌

)

(

459,337‌

)

(

395,306‌

)

(

340,993‌

)

(

299,126‌

)

(

223,836‌

)

(

210,367‌

)

(

155,309‌

)

(

2,106,951‌

)

(

8,260,023‌

)

(

1,658,463‌

)

(

6,498,486‌

)

(

683,266‌

)

(

2,815,516‌

)

(

340,958‌

)

(

846,898‌

)

(

6,503,116‌

)

(

8,029,629‌

)

(

5,337,628‌

)

(

6,265,450‌

)

(

2,954,895‌

)

(

2,917,882‌

)

(

1,388,588‌

)

(

1,128,612‌

)

(

114,425,122‌

)

(

119,883,672‌

)

(

90,483,715‌

)

(

90,615,564‌

)

(

48,273,114‌

)

(

41,138,026‌

)

(

23,178,750‌

)

(

16,602,026‌

)

1,279,041,500‌

1,435,832,873‌

1,129,030,987‌

1,253,751,390‌

816,853,280‌

775,471,065‌

578,045,540‌

469,725,132‌

110,763,392‌

115,497,700‌

87,252,009‌

86,977,213‌

46,341,525‌

38,963,173‌

22,172,619‌

15,860,235‌

(

483,143,445‌

)

(

771,337,069‌

)

(

424,906,290‌

)

(

659,448,062‌

)

(

260,732,719‌

)

(

383,150,749‌

)

(

173,826,135‌

)

(

180,454,672‌

)

906,661,447‌

779,993,504‌

791,376,706‌

681,280,541‌

602,462,086‌

431,283,489‌

426,392,024‌

305,130,695‌

879,175,883‌

308,039,281‌

773,396,593‌

298,474,576‌

601,230,382‌

238,127,256‌

432,338,777‌

217,851,338‌

4,642,064,603‌

4,334,025,322‌

3,839,333,695‌

3,540,859,119‌

2,016,714,795‌

1,778,587,539‌

920,573,243‌

702,721,905‌

$

5,521,240,486‌

$

4,642,064,603‌

$

4,612,730,288‌

$

3,839,333,695‌

$

2,617,945,177‌

$

2,016,714,795‌

$

1,352,912,020‌

$

920,573,243‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

66

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

15.3

Lifecycle

Index

2065

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

OPERATIONS

Net

investment

income

(loss)

$

1,487,709‌

$

460,462‌

Net

realized

gain

(loss)

(

1,032,563‌

)

(

137,992‌

)

Net

change

in

unrealized

appreciation

(depreciation)

3,395,359‌

(

4,003,794‌

)

Net

increase

(decrease)

in

net

assets

from

operations

3,850,505‌

(

3,681,324‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

Dividends:

Institutional

Class

(

1,496,866‌

)

(

467,220‌

)

Advisor

Class

(

15,962‌

)

(

20,417‌

)

Premier

Class

(

18,435‌

)

(

19,975‌

)

Retirement

Class

(

52,353‌

)

(

24,669‌

)

Total

distributions

(

1,583,616‌

)

(

532,281‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

90,742,768‌

51,899,853‌

Reinvestments

of

distributions

1,462,476‌

393,291‌

Redemptions

(

14,094,375‌

)

(

9,375,711‌

)

Net

increase

(decrease)

from

shareholder

transactions

78,110,869‌

42,917,433‌

Net

increase

(decrease)

in

net

assets

80,377,758‌

38,703,828‌

NET

ASSETS

Beginning

of

period

47,790,481‌

9,086,653‌

End

of

period

$

128,168,239‌

$

47,790,481‌

Financial

Highlights

See

Notes

to

Financial

Statements

68

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

14.1

LIFECYCLE

INDEX

RETIREMENT

INCOME

FUND

Institutional

Class:

5/31/23

$

15

.48‌

$

0

.39‌

$

(

0

.47‌

)

$

(

0

.08‌

)

$

(

0

.38‌

)

$

(

0

.12‌

)

$

(

0

.50‌

)

$

14

.90‌

5/31/22

17

.20‌

0

.36‌

(

1

.37‌

)

(

1

.01‌

)

(

0

.38‌

)

(

0

.33‌

)

(

0

.71‌

)

15

.48‌

5/31/21

15

.10‌

0

.28‌

2

.16‌

2

.44‌

(

0

.29‌

)

(

0

.05‌

)

(

0

.34‌

)

17

.20‌

5/31/20

14

.31‌

0

.34‌

0

.82‌

1

.16‌

(

0

.35‌

)

(

0

.02‌

)

(

0

.37‌

)

15

.10‌

5/31/19

14

.22‌

0

.34‌

0

.15‌

0

.49‌

(

0

.34‌

)

(

0

.06‌

)

(

0

.40‌

)

14

.31‌

Advisor

Class:

5/31/23

15

.47‌

0

.37‌

(

0

.46‌

)

(

0

.09‌

)

(

0

.36‌

)

(

0

.12‌

)

(

0

.48‌

)

14

.90‌

5/31/22

17

.19‌

0

.35‌

(

1

.38‌

)

(

1

.03‌

)

(

0

.36‌

)

(

0

.33‌

)

(

0

.69‌

)

15

.47‌

5/31/21

15

.10‌

0

.24‌

2

.18‌

2

.42‌

(

0

.28‌

)

(

0

.05‌

)

(

0

.33‌

)

17

.19‌

5/31/20

14

.31‌

0

.36‌

0

.79‌

1

.15‌

(

0

.34‌

)

(

0

.02‌

)

(

0

.36‌

)

15

.10‌

5/31/19

14

.22‌

0

.33‌

0

.16‌

0

.49‌

(

0

.34‌

)

(

0

.06‌

)

(

0

.40‌

)

14

.31‌

Premier

Class:

5/31/23

15

.46‌

0

.37‌

(

0

.46‌

)

(

0

.09‌

)

(

0

.36‌

)

(

0

.12‌

)

(

0

.48‌

)

14

.89‌

5/31/22

17

.18‌

0

.41‌

(

1

.45‌

)

(

1

.04‌

)

(

0

.35‌

)

(

0

.33‌

)

(

0

.68‌

)

15

.46‌

5/31/21

15

.09‌

0

.27‌

2

.14‌

2

.41‌

(

0

.27‌

)

(

0

.05‌

)

(

0

.32‌

)

17

.18‌

5/31/20

14

.30‌

0

.32‌

0

.82‌

1

.14‌

(

0

.33‌

)

(

0

.02‌

)

(

0

.35‌

)

15

.09‌

5/31/19

14

.20‌

0

.31‌

0

.17‌

0

.48‌

(

0

.32‌

)

(

0

.06‌

)

(

0

.38‌

)

14

.30‌

Retirement

Class:

5/31/23

15

.44‌

0

.35‌

(

0

.46‌

)

(

0

.11‌

)

(

0

.34‌

)

(

0

.12‌

)

(

0

.46‌

)

14

.87‌

5/31/22

17

.16‌

0

.32‌

(

1

.38‌

)

(

1

.06‌

)

(

0

.33‌

)

(

0

.33‌

)

(

0

.66‌

)

15

.44‌

5/31/21

15

.07‌

0

.24‌

2

.16‌

2

.40‌

(

0

.26‌

)

(

0

.05‌

)

(

0

.31‌

)

17

.16‌

5/31/20

14

.28‌

0

.31‌

0

.81‌

1

.12‌

(

0

.31‌

)

(

0

.02‌

)

(

0

.33‌

)

15

.07‌

5/31/19

14

.19‌

0

.31‌

0

.15‌

0

.46‌

(

0

.31‌

)

(

0

.06‌

)

(

0

.37‌

)

14

.28‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

69

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.40‌

)

%

$

574,299‌

0

.22‌

%

g

0

.10‌

%

g

2

.62‌

%

24‌

%

(

6

.20‌

)

557,296‌

0

.23‌

g

0

.10‌

g

2

.13‌

24‌

16

.36‌

547,545‌

0

.23‌

g

0

.10‌

g

1

.69‌

23‌

8

.17‌

437,256‌

0

.26‌

g

0

.10‌

g

2

.32‌

27‌

3

.66‌

306,742‌

0

.24‌

f

0

.07‌

f

2

.39‌

23‌

(

0

.45‌

)

2,312‌

0

.31‌

g

0

.19‌

g

2

.52‌

24‌

(

6

.30‌

)

2,699‌

0

.33‌

g

0

.20‌

g

2

.08‌

24‌

16

.16‌

2,242‌

0

.34‌

g

0

.20‌

g

1

.49‌

23‌

8

.08‌

989‌

0

.37‌

g

0

.22‌

g

2

.41‌

27‌

3

.64‌

160‌

0

.27‌

f

0

.10‌

f

2

.33‌

23‌

(

0

.48‌

)

3,277‌

0

.37‌

g

0

.25‌

g

2

.53‌

24‌

(

6

.36‌

)

3,993‌

0

.38‌

g

0

.25‌

g

2

.37‌

24‌

16

.12‌

25,449‌

0

.38‌

g

0

.25‌

g

1

.63‌

23‌

8

.09‌

29,105‌

0

.40‌

g

0

.25‌

g

2

.17‌

27‌

3

.44‌

29,443‌

0

.39‌

f

0

.22‌

f

2

.20‌

23‌

(

0

.60‌

)

36,227‌

0

.47‌

g

0

.35‌

g

2

.36‌

24‌

(

6

.45‌

)

40,901‌

0

.48‌

g

0

.35‌

g

1

.90‌

24‌

16

.04‌

48,346‌

0

.48‌

g

0

.35‌

g

1

.45‌

23‌

7

.91‌

35,862‌

0

.50‌

g

0

.35‌

g

2

.09‌

27‌

3

.40‌

34,847‌

0

.49‌

f

0

.32‌

f

2

.19‌

23‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

70

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

14.2

LIFECYCLE

INDEX

2010

FUND

Institutional

Class:

5/31/23

$

16

.24‌

$

0

.41‌

$

(

0

.50‌

)

$

(

0

.09‌

)

$

(

0

.39‌

)

$

(

0

.13‌

)

$

(

0

.52‌

)

$

15

.63‌

5/31/22

18

.13‌

0

.38‌

(

1

.41‌

)

(

1

.03‌

)

(

0

.38‌

)

(

0

.48‌

)

(

0

.86‌

)

16

.24‌

5/31/21

15

.97‌

0

.30‌

2

.28‌

2

.58‌

(

0

.31‌

)

(

0

.11‌

)

(

0

.42‌

)

18

.13‌

5/31/20

15

.11‌

0

.36‌

0

.87‌

1

.23‌

(

0

.35‌

)

(

0

.02‌

)

(

0

.37‌

)

15

.97‌

5/31/19

15

.04‌

0

.36‌

0

.15‌

0

.51‌

(

0

.35‌

)

(

0

.09‌

)

(

0

.44‌

)

15

.11‌

Advisor

Class:

5/31/23

16

.24‌

0

.39‌

(

0

.49‌

)

(

0

.10‌

)

(

0

.38‌

)

(

0

.13‌

)

(

0

.51‌

)

15

.63‌

5/31/22

18

.13‌

0

.36‌

(

1

.40‌

)

(

1

.04‌

)

(

0

.37‌

)

(

0

.48‌

)

(

0

.85‌

)

16

.24‌

5/31/21

15

.97‌

0

.22‌

2

.35‌

2

.57‌

(

0

.30‌

)

(

0

.11‌

)

(

0

.41‌

)

18

.13‌

5/31/20

15

.11‌

0

.36‌

0

.87‌

1

.23‌

(

0

.35‌

)

(

0

.02‌

)

(

0

.37‌

)

15

.97‌

5/31/19

15

.05‌

0

.39‌

0

.11‌

0

.50‌

(

0

.35‌

)

(

0

.09‌

)

(

0

.44‌

)

15

.11‌

Premier

Class:

5/31/23

16

.18‌

0

.38‌

(

0

.48‌

)

(

0

.10‌

)

(

0

.37‌

)

(

0

.13‌

)

(

0

.50‌

)

15

.58‌

5/31/22

18

.06‌

0

.37‌

(

1

.42‌

)

(

1

.05‌

)

(

0

.35‌

)

(

0

.48‌

)

(

0

.83‌

)

16

.18‌

5/31/21

15

.92‌

0

.27‌

2

.26‌

2

.53‌

(

0

.28‌

)

(

0

.11‌

)

(

0

.39‌

)

18

.06‌

5/31/20

15

.06‌

0

.35‌

0

.86‌

1

.21‌

(

0

.33‌

)

(

0

.02‌

)

(

0

.35‌

)

15

.92‌

5/31/19

15

.00‌

0

.35‌

0

.13‌

0

.48‌

(

0

.33‌

)

(

0

.09‌

)

(

0

.42‌

)

15

.06‌

Retirement

Class:

5/31/23

16

.08‌

0

.37‌

(

0

.49‌

)

(

0

.12‌

)

(

0

.35‌

)

(

0

.13‌

)

(

0

.48‌

)

15

.48‌

5/31/22

17

.96‌

0

.33‌

(

1

.39‌

)

(

1

.06‌

)

(

0

.34‌

)

(

0

.48‌

)

(

0

.82‌

)

16

.08‌

5/31/21

15

.83‌

0

.25‌

2

.26‌

2

.51‌

(

0

.27‌

)

(

0

.11‌

)

(

0

.38‌

)

17

.96‌

5/31/20

14

.98‌

0

.32‌

0

.87‌

1

.19‌

(

0

.32‌

)

(

0

.02‌

)

(

0

.34‌

)

15

.83‌

5/31/19

14

.92‌

0

.32‌

0

.14‌

0

.46‌

(

0

.31‌

)

(

0

.09‌

)

(

0

.40‌

)

14

.98‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

71

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.44‌

)

%

$

553,938‌

0

.22‌

%

g

0

.10‌

%

g

2

.63‌

%

22‌

%

(

6

.07‌

)

526,583‌

0

.22‌

g

0

.10‌

g

2

.12‌

23‌

16

.22‌

560,852‌

0

.23‌

g

0

.10‌

g

1

.71‌

28‌

8

.18‌

442,192‌

0

.25‌

g

0

.10‌

g

2

.32‌

22‌

3

.57‌

335,348‌

0

.22‌

f

0

.07‌

f

2

.40‌

19‌

(

0

.53‌

)

2,024‌

0

.31‌

g

0

.19‌

g

2

.52‌

22‌

(

6

.16‌

)

1,715‌

0

.32‌

g

0

.20‌

g

2

.03‌

23‌

16

.18‌

1,950‌

0

.32‌

g

0

.19‌

g

1

.28‌

28‌

8

.16‌

123‌

0

.26‌

g

0

.12‌

g

2

.30‌

22‌

3

.52‌

113‌

0

.27‌

f

0

.13‌

f

2

.57‌

19‌

(

0

.60‌

)

19,016‌

0

.37‌

g

0

.25‌

g

2

.47‌

22‌

(

6

.19‌

)

21,048‌

0

.38‌

g

0

.25‌

g

2

.07‌

23‌

15

.99‌

43,665‌

0

.38‌

g

0

.25‌

g

1

.56‌

28‌

8

.06‌

31,580‌

0

.40‌

g

0

.25‌

g

2

.20‌

22‌

3

.42‌

32,634‌

0

.36‌

f

0

.21‌

f

2

.35‌

19‌

(

0

.66‌

)

55,650‌

0

.47‌

g

0

.35‌

g

2

.39‌

22‌

(

6

.32‌

)

68,666‌

0

.47‌

g

0

.35‌

g

1

.88‌

23‌

15

.91‌

81,534‌

0

.48‌

g

0

.35‌

g

1

.46‌

28‌

7

.93‌

74,599‌

0

.50‌

g

0

.35‌

g

2

.08‌

22‌

3

.32‌

70,013‌

0

.47‌

f

0

.32‌

f

2

.16‌

19‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

72

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

14.3

LIFECYCLE

INDEX

2015

FUND

Institutional

Class:

5/31/23

$

17

.05‌

$

0

.42‌

$

(

0

.48‌

)

$

(

0

.06‌

)

$

(

0

.42‌

)

$

(

0

.11‌

)

$

(

0

.53‌

)

$

16

.46‌

5/31/22

19

.15‌

0

.39‌

(

1

.52‌

)

(

1

.13‌

)

(

0

.40‌

)

(

0

.57‌

)

(

0

.97‌

)

17

.05‌

5/31/21

16

.65‌

0

.31‌

2

.69‌

3

.00‌

(

0

.34‌

)

(

0

.16‌

)

(

0

.50‌

)

19

.15‌

5/31/20

15

.76‌

0

.38‌

0

.92‌

1

.30‌

(

0

.38‌

)

(

0

.03‌

)

(

0

.41‌

)

16

.65‌

5/31/19

15

.74‌

0

.37‌

0

.13‌

0

.50‌

(

0

.37‌

)

(

0

.11‌

)

(

0

.48‌

)

15

.76‌

Advisor

Class:

5/31/23

17

.04‌

0

.40‌

(

0

.48‌

)

(

0

.08‌

)

(

0

.40‌

)

(

0

.11‌

)

(

0

.51‌

)

16

.45‌

5/31/22

19

.14‌

0

.40‌

(

1

.55‌

)

(

1

.15‌

)

(

0

.38‌

)

(

0

.57‌

)

(

0

.95‌

)

17

.04‌

5/31/21

16

.65‌

0

.23‌

2

.75‌

2

.98‌

(

0

.33‌

)

(

0

.16‌

)

(

0

.49‌

)

19

.14‌

5/31/20

15

.76‌

0

.39‌

0

.90‌

1

.29‌

(

0

.37‌

)

(

0

.03‌

)

(

0

.40‌

)

16

.65‌

5/31/19

15

.74‌

0

.37‌

0

.12‌

0

.49‌

(

0

.36‌

)

(

0

.11‌

)

(

0

.47‌

)

15

.76‌

Premier

Class:

5/31/23

16

.97‌

0

.39‌

(

0

.49‌

)

(

0

.10‌

)

(

0

.39‌

)

(

0

.11‌

)

(

0

.50‌

)

16

.37‌

5/31/22

19

.07‌

0

.41‌

(

1

.57‌

)

(

1

.16‌

)

(

0

.37‌

)

(

0

.57‌

)

(

0

.94‌

)

16

.97‌

5/31/21

16

.58‌

0

.28‌

2

.68‌

2

.96‌

(

0

.31‌

)

(

0

.16‌

)

(

0

.47‌

)

19

.07‌

5/31/20

15

.69‌

0

.36‌

0

.91‌

1

.27‌

(

0

.35‌

)

(

0

.03‌

)

(

0

.38‌

)

16

.58‌

5/31/19

15

.68‌

0

.36‌

0

.10‌

0

.46‌

(

0

.34‌

)

(

0

.11‌

)

(

0

.45‌

)

15

.69‌

Retirement

Class:

5/31/23

16

.92‌

0

.37‌

(

0

.48‌

)

(

0

.11‌

)

(

0

.38‌

)

(

0

.11‌

)

(

0

.49‌

)

16

.32‌

5/31/22

19

.00‌

0

.34‌

(

1

.50‌

)

(

1

.16‌

)

(

0

.35‌

)

(

0

.57‌

)

(

0

.92‌

)

16

.92‌

5/31/21

16

.52‌

0

.26‌

2

.67‌

2

.93‌

(

0

.29‌

)

(

0

.16‌

)

(

0

.45‌

)

19

.00‌

5/31/20

15

.64‌

0

.33‌

0

.91‌

1

.24‌

(

0

.33‌

)

(

0

.03‌

)

(

0

.36‌

)

16

.52‌

5/31/19

15

.62‌

0

.33‌

0

.13‌

0

.46‌

(

0

.33‌

)

(

0

.11‌

)

(

0

.44‌

)

15

.64‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

73

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.28‌

)

%

$

921,164‌

0

.20‌

%

g

0

.10‌

%

g

2

.55‌

%

18‌

%

(

6

.32‌

)

966,867‌

0

.21‌

g

0

.10‌

g

2

.08‌

19‌

18

.16‌

962,220‌

0

.21‌

g

0

.10‌

g

1

.71‌

26‌

8

.24‌

819,474‌

0

.23‌

g

0

.10‌

g

2

.33‌

25‌

3

.40‌

654,257‌

0

.20‌

f

0

.07‌

f

2

.38‌

17‌

(

0

.33‌

)

1,700‌

0

.30‌

g

0

.20‌

g

2

.48‌

18‌

(

6

.40‌

)

1,657‌

0

.31‌

g

0

.20‌

g

2

.13‌

19‌

18

.05‌

1,396‌

0

.31‌

g

0

.20‌

g

1

.28‌

26‌

8

.19‌

592‌

0

.30‌

g

0

.18‌

g

2

.38‌

25‌

3

.31‌

164‌

0

.24‌

f

0

.11‌

f

2

.38‌

17‌

(

0

.45‌

)

30,386‌

0

.35‌

g

0

.25‌

g

2

.41‌

18‌

(

6

.49‌

)

34,529‌

0

.36‌

g

0

.25‌

g

2

.16‌

19‌

18

.00‌

98,140‌

0

.36‌

g

0

.25‌

g

1

.55‌

26‌

8

.12‌

85,350‌

0

.37‌

g

0

.25‌

g

2

.18‌

25‌

3

.19‌

94,174‌

0

.34‌

f

0

.21‌

f

2

.31‌

17‌

(

0

.56‌

)

88,804‌

0

.45‌

g

0

.35‌

g

2

.31‌

18‌

(

6

.51‌

)

100,537‌

0

.46‌

g

0

.35‌

g

1

.83‌

19‌

17

.88‌

126,902‌

0

.46‌

g

0

.35‌

g

1

.44‌

26‌

7

.96‌

122,731‌

0

.47‌

g

0

.35‌

g

2

.05‌

25‌

3

.09‌

130,910‌

0

.45‌

f

0

.32‌

f

2

.14‌

17‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

74

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

14.4

LIFECYCLE

INDEX

2020

FUND

Institutional

Class:

5/31/23

$

18

.39‌

$

0

.43‌

$

(

0

.48‌

)

$

(

0

.05‌

)

$

(

0

.43‌

)

$

(

0

.12‌

)

$

(

0

.55‌

)

$

17

.79‌

5/31/22

20

.70‌

0

.41‌

(

1

.66‌

)

(

1

.25‌

)

(

0

.43‌

)

(

0

.63‌

)

(

1

.06‌

)

18

.39‌

5/31/21

17

.63‌

0

.33‌

3

.20‌

3

.53‌

(

0

.36‌

)

(

0

.10‌

)

(

0

.46‌

)

20

.70‌

5/31/20

16

.65‌

0

.40‌

0

.99‌

1

.39‌

(

0

.39‌

)

(

0

.02‌

)

(

0

.41‌

)

17

.63‌

5/31/19

16

.63‌

0

.39‌

0

.08‌

0

.47‌

(

0

.38‌

)

(

0

.07‌

)

(

0

.45‌

)

16

.65‌

Advisor

Class:

5/31/23

18

.36‌

0

.41‌

(

0

.48‌

)

(

0

.07‌

)

(

0

.41‌

)

(

0

.12‌

)

(

0

.53‌

)

17

.76‌

5/31/22

20

.67‌

0

.41‌

(

1

.68‌

)

(

1

.27‌

)

(

0

.41‌

)

(

0

.63‌

)

(

1

.04‌

)

18

.36‌

5/31/21

17

.61‌

0

.27‌

3

.23‌

3

.50‌

(

0

.34‌

)

(

0

.10‌

)

(

0

.44‌

)

20

.67‌

5/31/20

16

.64‌

0

.43‌

0

.94‌

1

.37‌

(

0

.38‌

)

(

0

.02‌

)

(

0

.40‌

)

17

.61‌

5/31/19

16

.62‌

0

.38‌

0

.08‌

0

.46‌

(

0

.37‌

)

(

0

.07‌

)

(

0

.44‌

)

16

.64‌

Premier

Class:

5/31/23

18

.29‌

0

.40‌

(

0

.48‌

)

(

0

.08‌

)

(

0

.40‌

)

(

0

.12‌

)

(

0

.52‌

)

17

.69‌

5/31/22

20

.59‌

0

.44‌

(

1

.72‌

)

(

1

.28‌

)

(

0

.39‌

)

(

0

.63‌

)

(

1

.02‌

)

18

.29‌

5/31/21

17

.55‌

0

.30‌

3

.17‌

3

.47‌

(

0

.33‌

)

(

0

.10‌

)

(

0

.43‌

)

20

.59‌

5/31/20

16

.57‌

0

.38‌

0

.99‌

1

.37‌

(

0

.37‌

)

(

0

.02‌

)

(

0

.39‌

)

17

.55‌

5/31/19

16

.55‌

0

.37‌

0

.07‌

0

.44‌

(

0

.35‌

)

(

0

.07‌

)

(

0

.42‌

)

16

.57‌

Retirement

Class:

5/31/23

18

.22‌

0

.38‌

(

0

.47‌

)

(

0

.09‌

)

(

0

.38‌

)

(

0

.12‌

)

(

0

.50‌

)

17

.63‌

5/31/22

20

.52‌

0

.36‌

(

1

.66‌

)

(

1

.30‌

)

(

0

.37‌

)

(

0

.63‌

)

(

1

.00‌

)

18

.22‌

5/31/21

17

.48‌

0

.28‌

3

.17‌

3

.45‌

(

0

.31‌

)

(

0

.10‌

)

(

0

.41‌

)

20

.52‌

5/31/20

16

.51‌

0

.35‌

0

.99‌

1

.34‌

(

0

.35‌

)

(

0

.02‌

)

(

0

.37‌

)

17

.48‌

5/31/19

16

.49‌

0

.34‌

0

.09‌

0

.43‌

(

0

.34‌

)

(

0

.07‌

)

(

0

.41‌

)

16

.51‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

75

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.21‌

)

%

$

2,736,922‌

0

.19‌

%

g

0

.10‌

%

g

2

.44‌

%

19‌

%

(

6

.51‌

)

2,756,707‌

0

.19‌

g

0

.10‌

g

2

.01‌

19‌

20

.14‌

2,729,084‌

0

.20‌

g

0

.10‌

g

1

.72‌

21‌

8

.36‌

2,221,699‌

0

.21‌

g

0

.10‌

g

2

.32‌

20‌

3

.07‌

1,636,541‌

0

.19‌

f

0

.08‌

f

2

.34‌

12‌

(

0

.27‌

)

10,266‌

0

.29‌

g

0

.20‌

g

2

.36‌

19‌

(

6

.60‌

)

10,672‌

0

.30‌

g

0

.20‌

g

2

.03‌

19‌

20

.00‌

11,420‌

0

.30‌

g

0

.20‌

g

1

.37‌

21‌

8

.25‌

4,832‌

0

.31‌

g

0

.21‌

g

2

.51‌

20‌

2

.95‌

708‌

0

.27‌

f

0

.16‌

f

2

.30‌

12‌

(

0

.32‌

)

78,463‌

0

.34‌

g

0

.25‌

g

2

.30‌

19‌

(

6

.65‌

)

82,754‌

0

.35‌

g

0

.25‌

g

2

.13‌

19‌

19

.89‌

316,253‌

0

.35‌

g

0

.25‌

g

1

.55‌

21‌

8

.25‌

268,403‌

0

.36‌

g

0

.25‌

g

2

.16‌

20‌

2

.86‌

257,430‌

0

.33‌

f

0

.22‌

f

2

.24‌

12‌

(

0

.39‌

)

208,039‌

0

.44‌

g

0

.35‌

g

2

.20‌

19‌

(

6

.76‌

)

247,101‌

0

.44‌

g

0

.35‌

g

1

.78‌

19‌

19

.85‌

310,428‌

0

.45‌

g

0

.35‌

g

1

.46‌

21‌

8

.10‌

303,700‌

0

.46‌

g

0

.35‌

g

2

.05‌

20‌

2

.76‌

316,512‌

0

.43‌

f

0

.32‌

f

2

.09‌

12‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

76

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

14.5

LIFECYCLE

INDEX

2025

FUND

Institutional

Class:

5/31/23

$

20

.07‌

$

0

.45‌

$

(

0

.47‌

)

$

(

0

.02‌

)

$

(

0

.44‌

)

$

(

0

.12‌

)

$

(

0

.56‌

)

$

19

.49‌

5/31/22

22

.36‌

0

.43‌

(

1

.83‌

)

(

1

.40‌

)

(

0

.45‌

)

(

0

.44‌

)

(

0

.89‌

)

20

.07‌

5/31/21

18

.53‌

0

.35‌

3

.94‌

4

.29‌

(

0

.37‌

)

(

0

.09‌

)

(

0

.46‌

)

22

.36‌

5/31/20

17

.49‌

0

.42‌

1

.05‌

1

.47‌

(

0

.41‌

)

(

0

.02‌

)

(

0

.43‌

)

18

.53‌

5/31/19

17

.51‌

0

.40‌

0

.02‌

0

.42‌

(

0

.39‌

)

(

0

.05‌

)

(

0

.44‌

)

17

.49‌

Advisor

Class:

5/31/23

20

.02‌

0

.44‌

(

0

.47‌

)

(

0

.03‌

)

(

0

.42‌

)

(

0

.12‌

)

(

0

.54‌

)

19

.45‌

5/31/22

22

.32‌

0

.42‌

(

1

.85‌

)

(

1

.43‌

)

(

0

.43‌

)

(

0

.44‌

)

(

0

.87‌

)

20

.02‌

5/31/21

18

.50‌

0

.31‌

3

.96‌

4

.27‌

(

0

.36‌

)

(

0

.09‌

)

(

0

.45‌

)

22

.32‌

5/31/20

17

.47‌

0

.42‌

1

.03‌

1

.45‌

(

0

.40‌

)

(

0

.02‌

)

(

0

.42‌

)

18

.50‌

5/31/19

17

.50‌

0

.40‌

0

.00‌

d

0

.40‌

(

0

.38‌

)

(

0

.05‌

)

(

0

.43‌

)

17

.47‌

Premier

Class:

5/31/23

19

.98‌

0

.42‌

(

0

.47‌

)

(

0

.05‌

)

(

0

.41‌

)

(

0

.12‌

)

(

0

.53‌

)

19

.40‌

5/31/22

22

.26‌

0

.47‌

(

1

.90‌

)

(

1

.43‌

)

(

0

.41‌

)

(

0

.44‌

)

(

0

.85‌

)

19

.98‌

5/31/21

18

.45‌

0

.32‌

3

.92‌

4

.24‌

(

0

.34‌

)

(

0

.09‌

)

(

0

.43‌

)

22

.26‌

5/31/20

17

.41‌

0

.39‌

1

.05‌

1

.44‌

(

0

.38‌

)

(

0

.02‌

)

(

0

.40‌

)

18

.45‌

5/31/19

17

.44‌

0

.38‌

0

.01‌

0

.39‌

(

0

.37‌

)

(

0

.05‌

)

(

0

.42‌

)

17

.41‌

Retirement

Class:

5/31/23

19

.87‌

0

.40‌

(

0

.47‌

)

(

0

.07‌

)

(

0

.38‌

)

(

0

.12‌

)

(

0

.50‌

)

19

.30‌

5/31/22

22

.15‌

0

.37‌

(

1

.82‌

)

(

1

.45‌

)

(

0

.39‌

)

(

0

.44‌

)

(

0

.83‌

)

19

.87‌

5/31/21

18

.36‌

0

.30‌

3

.90‌

4

.20‌

(

0

.32‌

)

(

0

.09‌

)

(

0

.41‌

)

22

.15‌

5/31/20

17

.34‌

0

.37‌

1

.03‌

1

.40‌

(

0

.36‌

)

(

0

.02‌

)

(

0

.38‌

)

18

.36‌

5/31/19

17

.36‌

0

.35‌

0

.03‌

0

.38‌

(

0

.35‌

)

(

0

.05‌

)

(

0

.40‌

)

17

.34‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

d

Value

rounded

to

zero.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

77

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.01‌

)

%

$

4,888,761‌

0

.18‌

%

g

0

.10‌

%

g

2

.33‌

%

14‌

%

(

6

.65‌

)

4,582,423‌

0

.19‌

g

0

.10‌

g

1

.95‌

14‌

23

.29‌

4,263,286‌

0

.19‌

g

0

.10‌

g

1

.71‌

18‌

8

.35‌

3,152,216‌

0

.20‌

g

0

.11‌

g

2

.31‌

17‌

2

.58‌

2,108,199‌

0

.18‌

f

0

.08‌

f

2

.28‌

11‌

(

0

.06‌

)

22,052‌

0

.28‌

g

0

.20‌

g

2

.30‌

14‌

(

6

.78‌

)

21,746‌

0

.29‌

g

0

.21‌

g

1

.92‌

14‌

23

.20‌

17,472‌

0

.29‌

g

0

.20‌

g

1

.47‌

18‌

8

.23‌

2,837‌

0

.30‌

g

0

.21‌

g

2

.30‌

17‌

2

.51‌

1,001‌

0

.28‌

f

0

.18‌

f

2

.28‌

11‌

(

0

.17‌

)

119,308‌

0

.33‌

g

0

.25‌

g

2

.20‌

14‌

(

6

.79‌

)

123,482‌

0

.34‌

g

0

.25‌

g

2

.06‌

14‌

23

.11‌

466,892‌

0

.34‌

g

0

.25‌

g

1

.55‌

18‌

8

.24‌

357,784‌

0

.35‌

g

0

.26‌

g

2

.15‌

17‌

2

.44‌

328,028‌

0

.33‌

f

0

.22‌

f

2

.20‌

11‌

(

0

.23‌

)

391,021‌

0

.43‌

g

0

.35‌

g

2

.10‌

14‌

(

6

.91‌

)

420,997‌

0

.44‌

g

0

.35‌

g

1

.71‌

14‌

22

.99‌

481,282‌

0

.44‌

g

0

.35‌

g

1

.46‌

18‌

8

.05‌

424,099‌

0

.46‌

g

0

.36‌

g

2

.05‌

17‌

2

.33‌

408,411‌

0

.43‌

f

0

.32‌

f

2

.03‌

11‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

78

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

14.6

LIFECYCLE

INDEX

2030

FUND

Institutional

Class:

5/31/23

$

21

.72‌

$

0

.46‌

$

(

0

.44‌

)

$

0

.02‌

$

(

0

.44‌

)

$

(

0

.12‌

)

$

(

0

.56‌

)

$

21

.18‌

5/31/22

24

.08‌

0

.45‌

(

2

.03‌

)

(

1

.58‌

)

(

0

.47‌

)

(

0

.31‌

)

(

0

.78‌

)

21

.72‌

5/31/21

19

.40‌

0

.38‌

4

.77‌

5

.15‌

(

0

.39‌

)

(

0

.08‌

)

(

0

.47‌

)

24

.08‌

5/31/20

18

.33‌

0

.44‌

1

.08‌

1

.52‌

(

0

.43‌

)

(

0

.02‌

)

(

0

.45‌

)

19

.40‌

5/31/19

18

.42‌

0

.41‌

(

0

.04‌

)

0

.37‌

(

0

.41‌

)

(

0

.05‌

)

(

0

.46‌

)

18

.33‌

Advisor

Class:

5/31/23

21

.68‌

0

.45‌

(

0

.45‌

)

—‌

(

0

.42‌

)

(

0

.12‌

)

(

0

.54‌

)

21

.14‌

5/31/22

24

.04‌

0

.43‌

(

2

.03‌

)

(

1

.60‌

)

(

0

.45‌

)

(

0

.31‌

)

(

0

.76‌

)

21

.68‌

5/31/21

19

.38‌

0

.31‌

4

.80‌

5

.11‌

(

0

.37‌

)

(

0

.08‌

)

(

0

.45‌

)

24

.04‌

5/31/20

18

.31‌

0

.42‌

1

.09‌

1

.51‌

(

0

.42‌

)

(

0

.02‌

)

(

0

.44‌

)

19

.38‌

5/31/19

18

.41‌

0

.43‌

(

0

.08‌

)

0

.35‌

(

0

.40‌

)

(

0

.05‌

)

(

0

.45‌

)

18

.31‌

Premier

Class:

5/31/23

21

.60‌

0

.43‌

(

0

.44‌

)

(

0

.01‌

)

(

0

.41‌

)

(

0

.12‌

)

(

0

.53‌

)

21

.06‌

5/31/22

23

.96‌

0

.50‌

(

2

.12‌

)

(

1

.62‌

)

(

0

.43‌

)

(

0

.31‌

)

(

0

.74‌

)

21

.60‌

5/31/21

19

.31‌

0

.34‌

4

.75‌

5

.09‌

(

0

.36‌

)

(

0

.08‌

)

(

0

.44‌

)

23

.96‌

5/31/20

18

.24‌

0

.41‌

1

.09‌

1

.50‌

(

0

.41‌

)

(

0

.02‌

)

(

0

.43‌

)

19

.31‌

5/31/19

18

.34‌

0

.40‌

(

0

.07‌

)

0

.33‌

(

0

.38‌

)

(

0

.05‌

)

(

0

.43‌

)

18

.24‌

Retirement

Class:

5/31/23

21

.51‌

0

.41‌

(

0

.44‌

)

(

0

.03‌

)

(

0

.39‌

)

(

0

.12‌

)

(

0

.51‌

)

20

.97‌

5/31/22

23

.85‌

0

.39‌

(

2

.01‌

)

(

1

.62‌

)

(

0

.41‌

)

(

0

.31‌

)

(

0

.72‌

)

21

.51‌

5/31/21

19

.22‌

0

.32‌

4

.72‌

5

.04‌

(

0

.33‌

)

(

0

.08‌

)

(

0

.41‌

)

23

.85‌

5/31/20

18

.16‌

0

.39‌

1

.08‌

1

.47‌

(

0

.39‌

)

(

0

.02‌

)

(

0

.41‌

)

19

.22‌

5/31/19

18

.26‌

0

.36‌

(

0

.05‌

)

0

.31‌

(

0

.36‌

)

(

0

.05‌

)

(

0

.41‌

)

18

.16‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

79

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

0

.24‌

%

$

6,168,804‌

0

.18‌

%

g

0

.10‌

%

g

2

.22‌

%

12‌

%

(

6

.86‌

)

5,483,743‌

0

.18‌

g

0

.10‌

g

1

.88‌

13‌

26

.70‌

4,966,053‌

0

.19‌

g

0

.10‌

g

1

.70‌

16‌

8

.25‌

3,449,438‌

0

.20‌

g

0

.10‌

g

2

.30‌

15‌

2

.13‌

2,291,258‌

0

.18‌

f

0

.08‌

f

2

.24‌

10‌

0

.15‌

33,509‌

0

.28‌

g

0

.20‌

g

2

.17‌

12‌

(

6

.94‌

)

26,880‌

0

.28‌

g

0

.20‌

g

1

.83‌

13‌

26

.54‌

23,352‌

0

.29‌

g

0

.20‌

g

1

.38‌

16‌

8

.20‌

5,671‌

0

.30‌

g

0

.21‌

g

2

.20‌

15‌

2

.03‌

1,311‌

0

.28‌

f

0

.18‌

f

2

.36‌

10‌

0

.09‌

150,728‌

0

.33‌

g

0

.25‌

g

2

.09‌

12‌

(

7

.00‌

)

150,515‌

0

.33‌

g

0

.25‌

g

2

.04‌

13‌

26

.45‌

475,693‌

0

.34‌

g

0

.25‌

g

1

.54‌

16‌

8

.14‌

344,547‌

0

.35‌

g

0

.25‌

g

2

.14‌

15‌

1

.98‌

318,862‌

0

.32‌

f

0

.22‌

f

2

.16‌

10‌

(

0

.02‌

)

430,522‌

0

.43‌

g

0

.35‌

g

1

.97‌

12‌

(

7

.07‌

)

445,022‌

0

.43‌

g

0

.35‌

g

1

.66‌

13‌

26

.40‌

496,871‌

0

.44‌

g

0

.35‌

g

1

.45‌

16‌

8

.02‌

419,628‌

0

.45‌

g

0

.35‌

g

2

.04‌

15‌

1

.88‌

392,792‌

0

.42‌

f

0

.32‌

f

2

.01‌

10‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

80

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

14.7

LIFECYCLE

INDEX

2035

FUND

Institutional

Class:

5/31/23

$

23

.28‌

$

0

.47‌

$

(

0

.34‌

)

$

0

.13‌

$

(

0

.45‌

)

$

(

0

.13‌

)

$

(

0

.58‌

)

$

22

.83‌

5/31/22

25

.77‌

0

.46‌

(

2

.18‌

)

(

1

.72‌

)

(

0

.50‌

)

(

0

.27‌

)

(

0

.77‌

)

23

.28‌

5/31/21

20

.21‌

0

.40‌

5

.64‌

6

.04‌

(

0

.40‌

)

(

0

.08‌

)

(

0

.48‌

)

25

.77‌

5/31/20

19

.12‌

0

.46‌

1

.11‌

1

.57‌

(

0

.46‌

)

(

0

.02‌

)

(

0

.48‌

)

20

.21‌

5/31/19

19

.32‌

0

.42‌

(

0

.14‌

)

0

.28‌

(

0

.42‌

)

(

0

.06‌

)

(

0

.48‌

)

19

.12‌

Advisor

Class:

5/31/23

23

.24‌

0

.45‌

(

0

.35‌

)

0

.10‌

(

0

.43‌

)

(

0

.13‌

)

(

0

.56‌

)

22

.78‌

5/31/22

25

.73‌

0

.44‌

(

2

.19‌

)

(

1

.75‌

)

(

0

.47‌

)

(

0

.27‌

)

(

0

.74‌

)

23

.24‌

5/31/21

20

.18‌

0

.32‌

5

.70‌

6

.02‌

(

0

.39‌

)

(

0

.08‌

)

(

0

.47‌

)

25

.73‌

5/31/20

19

.10‌

0

.50‌

1

.04‌

1

.54‌

(

0

.44‌

)

(

0

.02‌

)

(

0

.46‌

)

20

.18‌

5/31/19

19

.31‌

0

.40‌

(

0

.13‌

)

0

.27‌

(

0

.42‌

)

(

0

.06‌

)

(

0

.48‌

)

19

.10‌

Premier

Class:

5/31/23

23

.14‌

0

.43‌

(

0

.33‌

)

0

.10‌

(

0

.42‌

)

(

0

.13‌

)

(

0

.55‌

)

22

.69‌

5/31/22

25

.63‌

0

.51‌

(

2

.27‌

)

(

1

.76‌

)

(

0

.46‌

)

(

0

.27‌

)

(

0

.73‌

)

23

.14‌

5/31/21

20

.11‌

0

.36‌

5

.61‌

5

.97‌

(

0

.37‌

)

(

0

.08‌

)

(

0

.45‌

)

25

.63‌

5/31/20

19

.02‌

0

.43‌

1

.11‌

1

.54‌

(

0

.43‌

)

(

0

.02‌

)

(

0

.45‌

)

20

.11‌

5/31/19

19

.22‌

0

.40‌

(

0

.14‌

)

0

.26‌

(

0

.40‌

)

(

0

.06‌

)

(

0

.46‌

)

19

.02‌

Retirement

Class:

5/31/23

23

.04‌

0

.41‌

(

0

.33‌

)

0

.08‌

(

0

.40‌

)

(

0

.13‌

)

(

0

.53‌

)

22

.59‌

5/31/22

25

.52‌

0

.40‌

(

2

.18‌

)

(

1

.78‌

)

(

0

.43‌

)

(

0

.27‌

)

(

0

.70‌

)

23

.04‌

5/31/21

20

.02‌

0

.33‌

5

.60‌

5

.93‌

(

0

.35‌

)

(

0

.08‌

)

(

0

.43‌

)

25

.52‌

5/31/20

18

.94‌

0

.41‌

1

.10‌

1

.51‌

(

0

.41‌

)

(

0

.02‌

)

(

0

.43‌

)

20

.02‌

5/31/19

19

.14‌

0

.37‌

(

0

.13‌

)

0

.24‌

(

0

.38‌

)

(

0

.06‌

)

(

0

.44‌

)

18

.94‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

81

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

0

.69‌

%

$

6,172,055‌

0

.17‌

%

g

0

.10‌

%

g

2

.11‌

%

12‌

%

(

7

.00‌

)

5,330,114‌

0

.18‌

g

0

.10‌

g

1

.81‌

12‌

30

.12‌

4,697,189‌

0

.18‌

g

0

.10‌

g

1

.70‌

15‌

8

.12‌

3,151,680‌

0

.19‌

g

0

.11‌

g

2

.30‌

14‌

1

.66‌

2,077,146‌

0

.17‌

f

0

.08‌

f

2

.20‌

7‌

0

.56‌

25,308‌

0

.27‌

g

0

.20‌

g

2

.03‌

12‌

(

7

.09‌

)

18,143‌

0

.28‌

g

0

.20‌

g

1

.72‌

12‌

30

.03‌

15,231‌

0

.28‌

g

0

.20‌

g

1

.37‌

15‌

8

.02‌

3,623‌

0

.29‌

g

0

.20‌

g

2

.51‌

14‌

1

.52‌

1,036‌

0

.27‌

f

0

.18‌

f

2

.12‌

7‌

0

.54‌

169,166‌

0

.32‌

g

0

.25‌

g

1

.96‌

12‌

(

7

.18‌

)

161,087‌

0

.33‌

g

0

.25‌

g

1

.97‌

12‌

29

.90‌

470,422‌

0

.33‌

g

0

.25‌

g

1

.54‌

15‌

8

.02‌

331,062‌

0

.34‌

g

0

.26‌

g

2

.15‌

14‌

1

.46‌

295,473‌

0

.32‌

f

0

.23‌

f

2

.10‌

7‌

0

.43‌

398,405‌

0

.42‌

g

0

.35‌

g

1

.86‌

12‌

(

7

.26‌

)

401,495‌

0

.43‌

g

0

.35‌

g

1

.58‌

12‌

29

.81‌

451,962‌

0

.43‌

g

0

.35‌

g

1

.45‌

15‌

7

.89‌

372,294‌

0

.44‌

g

0

.36‌

g

2

.04‌

14‌

1

.36‌

353,729‌

0

.42‌

f

0

.33‌

f

1

.94‌

7‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

82

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

14.8

LIFECYCLE

INDEX

2040

FUND

Institutional

Class:

5/31/23

$

24

.55‌

$

0

.48‌

$

(

0

.23‌

)

$

0

.25‌

$

(

0

.47‌

)

$

(

0

.13‌

)

$

(

0

.60‌

)

$

24

.20‌

5/31/22

27

.19‌

0

.48‌

(

2

.30‌

)

(

1

.82‌

)

(

0

.53‌

)

(

0

.29‌

)

(

0

.82‌

)

24

.55‌

5/31/21

20

.71‌

0

.41‌

6

.56‌

6

.97‌

(

0

.41‌

)

(

0

.08‌

)

(

0

.49‌

)

27

.19‌

5/31/20

19

.65‌

0

.47‌

1

.08‌

1

.55‌

(

0

.47‌

)

(

0

.02‌

)

(

0

.49‌

)

20

.71‌

5/31/19

19

.96‌

0

.42‌

(

0

.25‌

)

0

.17‌

(

0

.43‌

)

(

0

.05‌

)

(

0

.48‌

)

19

.65‌

Advisor

Class:

5/31/23

24

.51‌

0

.47‌

(

0

.24‌

)

0

.23‌

(

0

.45‌

)

(

0

.13‌

)

(

0

.58‌

)

24

.16‌

5/31/22

27

.16‌

0

.47‌

(

2

.32‌

)

(

1

.85‌

)

(

0

.51‌

)

(

0

.29‌

)

(

0

.80‌

)

24

.51‌

5/31/21

20

.69‌

0

.31‌

6

.64‌

6

.95‌

(

0

.40‌

)

(

0

.08‌

)

(

0

.48‌

)

27

.16‌

5/31/20

19

.63‌

0

.47‌

1

.07‌

1

.54‌

(

0

.46‌

)

(

0

.02‌

)

(

0

.48‌

)

20

.69‌

5/31/19

19

.94‌

0

.40‌

(

0

.24‌

)

0

.16‌

(

0

.42‌

)

(

0

.05‌

)

(

0

.47‌

)

19

.63‌

Premier

Class:

5/31/23

24

.40‌

0

.44‌

(

0

.23‌

)

0

.21‌

(

0

.43‌

)

(

0

.13‌

)

(

0

.56‌

)

24

.05‌

5/31/22

27

.04‌

0

.54‌

(

2

.40‌

)

(

1

.86‌

)

(

0

.49‌

)

(

0

.29‌

)

(

0

.78‌

)

24

.40‌

5/31/21

20

.60‌

0

.36‌

6

.54‌

6

.90‌

(

0

.38‌

)

(

0

.08‌

)

(

0

.46‌

)

27

.04‌

5/31/20

19

.55‌

0

.44‌

1

.07‌

1

.51‌

(

0

.44‌

)

(

0

.02‌

)

(

0

.46‌

)

20

.60‌

5/31/19

19

.86‌

0

.41‌

(

0

.27‌

)

0

.14‌

(

0

.40‌

)

(

0

.05‌

)

(

0

.45‌

)

19

.55‌

Retirement

Class:

5/31/23

24

.30‌

0

.42‌

(

0

.22‌

)

0

.20‌

(

0

.41‌

)

(

0

.13‌

)

(

0

.54‌

)

23

.96‌

5/31/22

26

.93‌

0

.42‌

(

2

.30‌

)

(

1

.88‌

)

(

0

.46‌

)

(

0

.29‌

)

(

0

.75‌

)

24

.30‌

5/31/21

20

.52‌

0

.34‌

6

.51‌

6

.85‌

(

0

.36‌

)

(

0

.08‌

)

(

0

.44‌

)

26

.93‌

5/31/20

19

.47‌

0

.42‌

1

.07‌

1

.49‌

(

0

.42‌

)

(

0

.02‌

)

(

0

.44‌

)

20

.52‌

5/31/19

19

.78‌

0

.37‌

(

0

.25‌

)

0

.12‌

(

0

.38‌

)

(

0

.05‌

)

(

0

.43‌

)

19

.47‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

83

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.15‌

%

$

6,388,981‌

0

.17‌

%

g

0

.10‌

%

g

2

.03‌

%

13‌

%

(

7

.00‌

)

5,515,470‌

0

.17‌

g

0

.10‌

g

1

.78‌

12‌

33

.87‌

4,914,220‌

0

.18‌

g

0

.10‌

g

1

.68‌

14‌

7

.81‌

3,297,735‌

0

.19‌

g

0

.10‌

g

2

.28‌

11‌

1

.08‌

2,269,054‌

0

.17‌

f

0

.08‌

f

2

.14‌

6‌

1

.05‌

24,491‌

0

.27‌

g

0

.20‌

g

2

.00‌

13‌

(

7

.12‌

)

21,468‌

0

.27‌

g

0

.20‌

g

1

.75‌

12‌

33

.78‌

16,071‌

0

.28‌

g

0

.20‌

g

1

.25‌

14‌

7

.75‌

3,215‌

0

.28‌

g

0

.19‌

g

2

.30‌

11‌

0

.96‌

2,047‌

0

.25‌

f

0

.16‌

f

2

.02‌

6‌

0

.99‌

176,064‌

0

.32‌

g

0

.25‌

g

1

.88‌

13‌

(

7

.18‌

)

172,180‌

0

.32‌

g

0

.25‌

g

1

.98‌

12‌

33

.69‌

447,061‌

0

.33‌

g

0

.25‌

g

1

.50‌

14‌

7

.65‌

291,837‌

0

.34‌

g

0

.25‌

g

2

.12‌

11‌

0

.87‌

258,812‌

0

.31‌

f

0

.23‌

f

2

.09‌

6‌

0

.93‌

374,723‌

0

.42‌

g

0

.35‌

g

1

.79‌

13‌

(

7

.26‌

)

385,438‌

0

.42‌

g

0

.35‌

g

1

.55‌

12‌

33

.55‌

435,795‌

0

.43‌

g

0

.35‌

g

1

.42‌

14‌

7

.58‌

348,208‌

0

.44‌

g

0

.35‌

g

2

.02‌

11‌

0

.77‌

336,720‌

0

.42‌

f

0

.33‌

f

1

.89‌

6‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

84

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

14.9

LIFECYCLE

INDEX

2045

FUND

Institutional

Class:

5/31/23

$

25

.39‌

$

0

.48‌

$

(

0

.24‌

)

$

0

.24‌

$

(

0

.47‌

)

$

(

0

.11‌

)

$

(

0

.58‌

)

$

25

.05‌

5/31/22

27

.98‌

0

.49‌

(

2

.35‌

)

(

1

.86‌

)

(

0

.55‌

)

(

0

.18‌

)

(

0

.73‌

)

25

.39‌

5/31/21

20

.68‌

0

.41‌

7

.34‌

7

.75‌

(

0

.41‌

)

(

0

.04‌

)

(

0

.45‌

)

27

.98‌

5/31/20

19

.69‌

0

.47‌

1

.02‌

1

.49‌

(

0

.48‌

)

(

0

.02‌

)

(

0

.50‌

)

20

.68‌

5/31/19

20

.09‌

0

.42‌

(

0

.34‌

)

0

.08‌

(

0

.43‌

)

(

0

.05‌

)

(

0

.48‌

)

19

.69‌

Advisor

Class:

5/31/23

25

.33‌

0

.46‌

(

0

.23‌

)

0

.23‌

(

0

.45‌

)

(

0

.11‌

)

(

0

.56‌

)

25

.00‌

5/31/22

27

.93‌

0

.49‌

(

2

.38‌

)

(

1

.89‌

)

(

0

.53‌

)

(

0

.18‌

)

(

0

.71‌

)

25

.33‌

5/31/21

20

.65‌

0

.32‌

7

.39‌

7

.71‌

(

0

.39‌

)

(

0

.04‌

)

(

0

.43‌

)

27

.93‌

5/31/20

19

.66‌

0

.48‌

0

.99‌

1

.47‌

(

0

.46‌

)

(

0

.02‌

)

(

0

.48‌

)

20

.65‌

5/31/19

20

.08‌

0

.42‌

(

0

.37‌

)

0

.05‌

(

0

.42‌

)

(

0

.05‌

)

(

0

.47‌

)

19

.66‌

Premier

Class:

5/31/23

25

.25‌

0

.44‌

(

0

.23‌

)

0

.21‌

(

0

.43‌

)

(

0

.11‌

)

(

0

.54‌

)

24

.92‌

5/31/22

27

.83‌

0

.62‌

(

2

.51‌

)

(

1

.89‌

)

(

0

.51‌

)

(

0

.18‌

)

(

0

.69‌

)

25

.25‌

5/31/21

20

.58‌

0

.36‌

7

.31‌

7

.67‌

(

0

.38‌

)

(

0

.04‌

)

(

0

.42‌

)

27

.83‌

5/31/20

19

.60‌

0

.44‌

1

.01‌

1

.45‌

(

0

.45‌

)

(

0

.02‌

)

(

0

.47‌

)

20

.58‌

5/31/19

20

.00‌

0

.41‌

(

0

.35‌

)

0

.06‌

(

0

.41‌

)

(

0

.05‌

)

(

0

.46‌

)

19

.60‌

Retirement

Class:

5/31/23

25

.12‌

0

.42‌

(

0

.23‌

)

0

.19‌

(

0

.41‌

)

(

0

.11‌

)

(

0

.52‌

)

24

.79‌

5/31/22

27

.70‌

0

.43‌

(

2

.35‌

)

(

1

.92‌

)

(

0

.48‌

)

(

0

.18‌

)

(

0

.66‌

)

25

.12‌

5/31/21

20

.49‌

0

.34‌

7

.26‌

7

.60‌

(

0

.35‌

)

(

0

.04‌

)

(

0

.39‌

)

27

.70‌

5/31/20

19

.51‌

0

.42‌

1

.01‌

1

.43‌

(

0

.43‌

)

(

0

.02‌

)

(

0

.45‌

)

20

.49‌

5/31/19

19

.91‌

0

.36‌

(

0

.32‌

)

0

.04‌

(

0

.39‌

)

(

0

.05‌

)

(

0

.44‌

)

19

.51‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

85

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.11‌

%

$

5,095,781‌

0

.17‌

%

g

0

.10‌

%

g

1

.96‌

%

10‌

%

(

6

.92‌

)

4,224,772‌

0

.17‌

g

0

.10‌

g

1

.75‌

11‌

37

.71‌

3,640,347‌

0

.17‌

g

0

.10‌

g

1

.65‌

11‌

7

.43‌

2,269,913‌

0

.19‌

g

0

.10‌

g

2

.27‌

6‌

0

.58‌

1,451,216‌

0

.17‌

f

0

.08‌

f

2

.10‌

4‌

1

.05‌

24,082‌

0

.27‌

g

0

.20‌

g

1

.90‌

10‌

(

7

.04‌

)

18,259‌

0

.27‌

g

0

.20‌

g

1

.77‌

11‌

37

.58‌

12,840‌

0

.28‌

g

0

.20‌

g

1

.29‌

11‌

7

.37‌

2,504‌

0

.29‌

g

0

.21‌

g

2

.31‌

6‌

0

.41‌

1,162‌

0

.27‌

f

0

.18‌

f

2

.10‌

4‌

0

.99‌

103,386‌

0

.32‌

g

0

.25‌

g

1

.84‌

10‌

(

7

.06‌

)

90,924‌

0

.32‌

g

0

.25‌

g

2

.17‌

11‌

37

.48‌

352,496‌

0

.32‌

g

0

.25‌

g

1

.47‌

11‌

7

.28‌

225,642‌

0

.34‌

g

0

.25‌

g

2

.12‌

6‌

0

.43‌

195,595‌

0

.32‌

f

0

.22‌

f

2

.05‌

4‌

0

.89‌

297,992‌

0

.42‌

g

0

.35‌

g

1

.76‌

10‌

(

7

.18‌

)

308,109‌

0

.42‌

g

0

.35‌

g

1

.54‌

11‌

37

.32‌

328,342‌

0

.42‌

g

0

.35‌

g

1

.40‌

11‌

7

.21‌

256,314‌

0

.44‌

g

0

.35‌

g

2

.03‌

6‌

0

.32‌

236,400‌

0

.42‌

f

0

.32‌

f

1

.83‌

4‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

86

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

15.01

LIFECYCLE

INDEX

2050

FUND

Institutional

Class:

5/31/23

$

25

.69‌

$

0

.47‌

$

(

0

.23‌

)

$

0

.24‌

$

(

0

.47‌

)

$

(

0

.09‌

)

$

(

0

.56‌

)

$

25

.37‌

5/31/22

28

.25‌

0

.49‌

(

2

.37‌

)

(

1

.88‌

)

(

0

.56‌

)

(

0

.12‌

)

(

0

.68‌

)

25

.69‌

5/31/21

20

.75‌

0

.41‌

7

.53‌

7

.94‌

(

0

.41‌

)

(

0

.03‌

)

(

0

.44‌

)

28

.25‌

5/31/20

19

.75‌

0

.47‌

1

.03‌

1

.50‌

(

0

.48‌

)

(

0

.02‌

)

(

0

.50‌

)

20

.75‌

5/31/19

20

.17‌

0

.42‌

(

0

.35‌

)

0

.07‌

(

0

.44‌

)

(

0

.05‌

)

(

0

.49‌

)

19

.75‌

Advisor

Class:

5/31/23

25

.64‌

0

.48‌

(

0

.26‌

)

0

.22‌

(

0

.45‌

)

(

0

.09‌

)

(

0

.54‌

)

25

.32‌

5/31/22

28

.21‌

0

.49‌

(

2

.40‌

)

(

1

.91‌

)

(

0

.54‌

)

(

0

.12‌

)

(

0

.66‌

)

25

.64‌

5/31/21

20

.72‌

0

.33‌

7

.58‌

7

.91‌

(

0

.39‌

)

(

0

.03‌

)

(

0

.42‌

)

28

.21‌

5/31/20

19

.73‌

0

.50‌

0

.97‌

1

.47‌

(

0

.46‌

)

(

0

.02‌

)

(

0

.48‌

)

20

.72‌

5/31/19

20

.16‌

0

.41‌

(

0

.36‌

)

0

.05‌

(

0

.43‌

)

(

0

.05‌

)

(

0

.48‌

)

19

.73‌

Premier

Class:

5/31/23

25

.54‌

0

.44‌

(

0

.23‌

)

0

.21‌

(

0

.43‌

)

(

0

.09‌

)

(

0

.52‌

)

25

.23‌

5/31/22

28

.09‌

0

.64‌

(

2

.55‌

)

(

1

.91‌

)

(

0

.52‌

)

(

0

.12‌

)

(

0

.64‌

)

25

.54‌

5/31/21

20

.63‌

0

.36‌

7

.51‌

7

.87‌

(

0

.38‌

)

(

0

.03‌

)

(

0

.41‌

)

28

.09‌

5/31/20

19

.65‌

0

.44‌

1

.01‌

1

.45‌

(

0

.45‌

)

(

0

.02‌

)

(

0

.47‌

)

20

.63‌

5/31/19

20

.07‌

0

.41‌

(

0

.37‌

)

0

.04‌

(

0

.41‌

)

(

0

.05‌

)

(

0

.46‌

)

19

.65‌

Retirement

Class:

5/31/23

25

.41‌

0

.42‌

(

0

.25‌

)

0

.17‌

(

0

.40‌

)

(

0

.09‌

)

(

0

.49‌

)

25

.09‌

5/31/22

27

.95‌

0

.42‌

(

2

.35‌

)

(

1

.93‌

)

(

0

.49‌

)

(

0

.12‌

)

(

0

.61‌

)

25

.41‌

5/31/21

20

.54‌

0

.34‌

7

.45‌

7

.79‌

(

0

.35‌

)

(

0

.03‌

)

(

0

.38‌

)

27

.95‌

5/31/20

19

.56‌

0

.42‌

1

.01‌

1

.43‌

(

0

.43‌

)

(

0

.02‌

)

(

0

.45‌

)

20

.54‌

5/31/19

19

.98‌

0

.36‌

(

0

.34‌

)

0

.02‌

(

0

.39‌

)

(

0

.05‌

)

(

0

.44‌

)

19

.56‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

87

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.07‌

%

$

4,258,463‌

0

.17‌

%

g

0

.10‌

%

g

1

.93‌

%

8‌

%

(

6

.92‌

)

3,473,689‌

0

.17‌

g

0

.10‌

g

1

.75‌

11‌

38

.50‌

2,948,578‌

0

.18‌

g

0

.10‌

g

1

.63‌

9‌

7

.46‌

1,786,312‌

0

.19‌

g

0

.10‌

g

2

.26‌

5‌

0

.47‌

1,066,667‌

0

.18‌

f

0

.08‌

f

2

.08‌

5‌

0

.99‌

19,403‌

0

.27‌

g

0

.20‌

g

1

.96‌

8‌

(

7

.04‌

)

14,242‌

0

.27‌

g

0

.20‌

g

1

.75‌

11‌

38

.42‌

10,851‌

0

.27‌

g

0

.20‌

g

1

.30‌

9‌

7

.35‌

2,546‌

0

.28‌

g

0

.20‌

g

2

.41‌

5‌

0

.37‌

1,200‌

0

.27‌

f

0

.17‌

f

2

.07‌

5‌

0

.96‌

83,196‌

0

.32‌

g

0

.25‌

g

1

.79‌

8‌

(

7

.06‌

)

80,318‌

0

.32‌

g

0

.25‌

g

2

.20‌

11‌

38

.36‌

295,691‌

0

.33‌

g

0

.25‌

g

1

.47‌

9‌

7

.26‌

188,481‌

0

.34‌

g

0

.25‌

g

2

.11‌

5‌

0

.32‌

157,105‌

0

.32‌

f

0

.22‌

f

2

.06‌

5‌

0

.82‌

251,668‌

0

.42‌

g

0

.35‌

g

1

.74‌

8‌

(

7

.15‌

)

271,085‌

0

.42‌

g

0

.35‌

g

1

.52‌

11‌

38

.15‌

285,738‌

0

.43‌

g

0

.35‌

g

1

.41‌

9‌

7

.19‌

218,846‌

0

.45‌

g

0

.35‌

g

2

.04‌

5‌

0

.21‌

202,199‌

0

.42‌

f

0

.32‌

f

1

.83‌

5‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

88

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

15.1

LIFECYCLE

INDEX

2055

FUND

Institutional

Class:

5/31/23

$

20

.70‌

$

0

.38‌

$

(

0

.19‌

)

$

0

.19‌

$

(

0

.37‌

)

$

(

0

.06‌

)

$

(

0

.43‌

)

$

20

.46‌

5/31/22

22

.70‌

0

.40‌

(

1

.92‌

)

(

1

.52‌

)

(

0

.45‌

)

(

0

.03‌

)

(

0

.48‌

)

20

.70‌

5/31/21

16

.59‌

0

.32‌

6

.14‌

6

.46‌

(

0

.33‌

)

(

0

.02‌

)

(

0

.35‌

)

22

.70‌

5/31/20

15

.80‌

0

.37‌

0

.82‌

1

.19‌

(

0

.38‌

)

(

0

.02‌

)

(

0

.40‌

)

16

.59‌

5/31/19

16

.15‌

0

.33‌

(

0

.30‌

)

0

.03‌

(

0

.35‌

)

(

0

.03‌

)

(

0

.38‌

)

15

.80‌

Advisor

Class:

5/31/23

20

.66‌

0

.36‌

(

0

.18‌

)

0

.18‌

(

0

.36‌

)

(

0

.06‌

)

(

0

.42‌

)

20

.42‌

5/31/22

22

.66‌

0

.38‌

(

1

.92‌

)

(

1

.54‌

)

(

0

.43‌

)

(

0

.03‌

)

(

0

.46‌

)

20

.66‌

5/31/21

16

.57‌

0

.29‌

6

.13‌

6

.42‌

(

0

.31‌

)

(

0

.02‌

)

(

0

.33‌

)

22

.66‌

5/31/20

15

.79‌

0

.35‌

0

.82‌

1

.17‌

(

0

.37‌

)

(

0

.02‌

)

(

0

.39‌

)

16

.57‌

5/31/19

16

.14‌

0

.33‌

(

0

.31‌

)

0

.02‌

(

0

.34‌

)

(

0

.03‌

)

(

0

.37‌

)

15

.79‌

Premier

Class:

5/31/23

20

.63‌

0

.35‌

(

0

.19‌

)

0

.16‌

(

0

.34‌

)

(

0

.06‌

)

(

0

.40‌

)

20

.39‌

5/31/22

22

.62‌

0

.53‌

(

2

.07‌

)

(

1

.54‌

)

(

0

.42‌

)

(

0

.03‌

)

(

0

.45‌

)

20

.63‌

5/31/21

16

.54‌

0

.29‌

6

.11‌

6

.40‌

(

0

.30‌

)

(

0

.02‌

)

(

0

.32‌

)

22

.62‌

5/31/20

15

.76‌

0

.35‌

0

.81‌

1

.16‌

(

0

.36‌

)

(

0

.02‌

)

(

0

.38‌

)

16

.54‌

5/31/19

16

.11‌

0

.34‌

(

0

.33‌

)

0

.01‌

(

0

.33‌

)

(

0

.03‌

)

(

0

.36‌

)

15

.76‌

Retirement

Class:

5/31/23

20

.57‌

0

.35‌

(

0

.20‌

)

0

.15‌

(

0

.33‌

)

(

0

.06‌

)

(

0

.39‌

)

20

.33‌

5/31/22

22

.56‌

0

.34‌

(

1

.91‌

)

(

1

.57‌

)

(

0

.39‌

)

(

0

.03‌

)

(

0

.42‌

)

20

.57‌

5/31/21

16

.50‌

0

.28‌

6

.08‌

6

.36‌

(

0

.28‌

)

(

0

.02‌

)

(

0

.30‌

)

22

.56‌

5/31/20

15

.73‌

0

.34‌

0

.79‌

1

.13‌

(

0

.34‌

)

(

0

.02‌

)

(

0

.36‌

)

16

.50‌

5/31/19

16

.07‌

0

.29‌

(

0

.29‌

)

0

.00‌

d

(

0

.31‌

)

(

0

.03‌

)

(

0

.34‌

)

15

.73‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

d

Value

rounded

to

zero.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

89

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.10‌

%

$

2,428,738‌

0

.18‌

%

g

0

.10‌

%

g

1

.92‌

%

7‌

%

(

6

.91‌

)

1,822,272‌

0

.18‌

g

0

.10‌

g

1

.75‌

11‌

39

.14‌

1,478,111‌

0

.18‌

g

0

.10‌

g

1

.61‌

6‌

7

.37‌

801,496‌

0

.20‌

g

0

.11‌

g

2

.23‌

7‌

0

.34‌

439,798‌

0

.20‌

f

0

.09‌

f

2

.04‌

4‌

1

.02‌

16,680‌

0

.27‌

g

0

.20‌

g

1

.85‌

7‌

(

7

.00‌

)

12,050‌

0

.28‌

g

0

.20‌

g

1

.71‌

11‌

38

.98‌

8,251‌

0

.28‌

g

0

.20‌

g

1

.46‌

6‌

7

.24‌

1,534‌

0

.29‌

g

0

.20‌

g

2

.13‌

7‌

0

.30‌

755‌

0

.28‌

f

0

.17‌

f

2

.11‌

4‌

0

.95‌

37,212‌

0

.33‌

g

0

.25‌

g

1

.78‌

7‌

(

7

.02‌

)

33,219‌

0

.33‌

g

0

.25‌

g

2

.28‌

11‌

38

.91‌

142,662‌

0

.33‌

g

0

.25‌

g

1

.45‌

6‌

7

.19‌

79,521‌

0

.35‌

g

0

.26‌

g

2

.09‌

7‌

0

.20‌

57,625‌

0

.34‌

f

0

.23‌

f

2

.10‌

4‌

0

.85‌

135,316‌

0

.43‌

g

0

.35‌

g

1

.76‌

7‌

(

7

.13‌

)

149,174‌

0

.43‌

g

0

.35‌

g

1

.52‌

11‌

38

.76‌

149,564‌

0

.43‌

g

0

.35‌

g

1

.44‌

6‌

7

.05‌

114,986‌

0

.46‌

g

0

.36‌

g

2

.02‌

7‌

0

.16‌

98,131‌

0

.44‌

f

0

.33‌

f

1

.84‌

4‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

90

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

15.2

LIFECYCLE

INDEX

2060

FUND

Institutional

Class:

5/31/23

$

15

.99‌

$

0

.29‌

$

(

0

.12‌

)

$

0

.17‌

$

(

0

.29‌

)

$

(

0

.04‌

)

$

(

0

.33‌

)

$

15

.83‌

5/31/22

17

.52‌

0

.30‌

(

1

.47‌

)

(

1

.17‌

)

(

0

.35‌

)

(

0

.01‌

)

(

0

.36‌

)

15

.99‌

5/31/21

12

.75‌

0

.25‌

4

.78‌

5

.03‌

(

0

.25‌

)

(

0

.01‌

)

(

0

.26‌

)

17

.52‌

5/31/20

12

.14‌

0

.28‌

0

.63‌

0

.91‌

(

0

.29‌

)

(

0

.01‌

)

(

0

.30‌

)

12

.75‌

5/31/19

12

.44‌

0

.26‌

(

0

.24‌

)

0

.02‌

(

0

.27‌

)

(

0

.05‌

)

(

0

.32‌

)

12

.14‌

Advisor

Class:

5/31/23

15

.98‌

0

.29‌

(

0

.15‌

)

0

.14‌

(

0

.27‌

)

(

0

.04‌

)

(

0

.31‌

)

15

.81‌

5/31/22

17

.51‌

0

.29‌

(

1

.48‌

)

(

1

.19‌

)

(

0

.33‌

)

(

0

.01‌

)

(

0

.34‌

)

15

.98‌

5/31/21

12

.75‌

0

.20‌

4

.81‌

5

.01‌

(

0

.24‌

)

(

0

.01‌

)

(

0

.25‌

)

17

.51‌

5/31/20

12

.15‌

0

.27‌

0

.62‌

0

.89‌

(

0

.28‌

)

(

0

.01‌

)

(

0

.29‌

)

12

.75‌

5/31/19

12

.45‌

0

.26‌

(

0

.25‌

)

0

.01‌

(

0

.26‌

)

(

0

.05‌

)

(

0

.31‌

)

12

.15‌

Premier

Class:

5/31/23

15

.96‌

0

.27‌

(

0

.13‌

)

0

.14‌

(

0

.27‌

)

(

0

.04‌

)

(

0

.31‌

)

15

.79‌

5/31/22

17

.48‌

0

.40‌

(

1

.59‌

)

(

1

.19‌

)

(

0

.32‌

)

(

0

.01‌

)

(

0

.33‌

)

15

.96‌

5/31/21

12

.73‌

0

.22‌

4

.77‌

4

.99‌

(

0

.23‌

)

(

0

.01‌

)

(

0

.24‌

)

17

.48‌

5/31/20

12

.13‌

0

.27‌

0

.61‌

0

.88‌

(

0

.27‌

)

(

0

.01‌

)

(

0

.28‌

)

12

.73‌

5/31/19

12

.43‌

0

.24‌

(

0

.24‌

)

0

.00‌

d

(

0

.25‌

)

(

0

.05‌

)

(

0

.30‌

)

12

.13‌

Retirement

Class:

5/31/23

15

.92‌

0

.27‌

(

0

.15‌

)

0

.12‌

(

0

.25‌

)

(

0

.04‌

)

(

0

.29‌

)

15

.75‌

5/31/22

17

.44‌

0

.26‌

(

1

.46‌

)

(

1

.20‌

)

(

0

.31‌

)

(

0

.01‌

)

(

0

.32‌

)

15

.92‌

5/31/21

12

.70‌

0

.22‌

4

.75‌

4

.97‌

(

0

.22‌

)

(

0

.01‌

)

(

0

.23‌

)

17

.44‌

5/31/20

12

.11‌

0

.26‌

0

.60‌

0

.86‌

(

0

.26‌

)

(

0

.01‌

)

(

0

.27‌

)

12

.70‌

5/31/19

12

.41‌

0

.23‌

(

0

.24‌

)

(

0

.01‌

)

(

0

.24‌

)

(

0

.05‌

)

(

0

.29‌

)

12

.11‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

d

Value

rounded

to

zero.

f

From

June

1,

2018

through

September

30,

2018,

the

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

Beginning

October

1,

2018,

the

Lifecycle

Index

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

91

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.20‌

%

$

1,257,068‌

0

.19‌

%

g

0

.10‌

%

g

1

.92‌

%

7‌

%

(

6

.93‌

)

828,871‌

0

.19‌

g

0

.10‌

g

1

.75‌

10‌

39

.68‌

600,348‌

0

.21‌

g

0

.10‌

g

1

.59‌

6‌

7

.36‌

267,485‌

0

.26‌

g

0

.11‌

g

2

.21‌

16‌

0

.25‌

112,059‌

0

.32‌

f

0

.08‌

f

2

.15‌

28‌

1

.05‌

10,940‌

0

.28‌

g

0

.20‌

g

1

.89‌

7‌

(

7

.01‌

)

9,092‌

0

.29‌

g

0

.20‌

g

1

.69‌

10‌

39

.51‌

5,527‌

0

.30‌

g

0

.20‌

g

1

.31‌

6‌

7

.21‌

1,292‌

0

.35‌

g

0

.20‌

g

2

.11‌

16‌

0

.22‌

590‌

0

.39‌

f

0

.17‌

f

2

.16‌

28‌

0

.99‌

21,158‌

0

.34‌

g

0

.25‌

g

1

.76‌

7‌

(

7

.01‌

)

15,601‌

0

.34‌

g

0

.25‌

g

2

.23‌

10‌

39

.44‌

40,943‌

0

.35‌

g

0

.25‌

g

1

.42‌

6‌

7

.17‌

17,927‌

0

.41‌

g

0

.26‌

g

2

.09‌

16‌

0

.12‌

8,644‌

0

.46‌

f

0

.23‌

f

1

.95‌

28‌

0

.90‌

63,746‌

0

.44‌

g

0

.35‌

g

1

.79‌

7‌

(

7

.11‌

)

67,009‌

0

.44‌

g

0

.35‌

g

1

.50‌

10‌

39

.33‌

55,903‌

0

.45‌

g

0

.35‌

g

1

.43‌

6‌

7

.01‌

37,293‌

0

.51‌

g

0

.36‌

g

2

.00‌

16‌

0

.05‌

25,636‌

0

.56‌

f

0

.33‌

f

1

.89‌

28‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

92

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

15.3

LIFECYCLE

INDEX

2065

FUND

Institutional

Class:

5/31/23

$

11

.40‌

$

0

.21‌

$

(

0

.08‌

)

$

0

.13‌

$

(

0

.20‌

)

$

(

0

.02‌

)

$

(

0

.22‌

)

$

11

.31‌

5/31/22

12

.45‌

0

.21‌

(

1

.02‌

)

(

0

.81‌

)

(

0

.23‌

)

(

0

.01‌

)

(

0

.24‌

)

11

.40‌

5/31/21

*

10

.00‌

0

.15‌

2

.48‌

2

.63‌

(

0

.18‌

)

—‌

(

0

.18‌

)

12

.45‌

Advisor

Class:

5/31/23

11

.27‌

0

.12‌

0

.00‌

d

0

.12‌

(

0

.20‌

)

(

0

.02‌

)

(

0

.22‌

)

11

.17‌

5/31/22

12

.46‌

0

.22‌

(

1

.04‌

)

(

0

.82‌

)

(

0

.36‌

)

(

0

.01‌

)

(

0

.37‌

)

11

.27‌

5/31/21

*

10

.00‌

0

.16‌

2

.48‌

2

.64‌

(

0

.18‌

)

—‌

(

0

.18‌

)

12

.46‌

Premier

Class:

5/31/23

11

.26‌

0

.19‌

(

0

.08‌

)

0

.11‌

(

0

.19‌

)

(

0

.02‌

)

(

0

.21‌

)

11

.16‌

5/31/22

12

.46‌

0

.18‌

(

1

.01‌

)

(

0

.83‌

)

(

0

.36‌

)

(

0

.01‌

)

(

0

.37‌

)

11

.26‌

5/31/21

*

10

.00‌

0

.16‌

2

.48‌

2

.64‌

(

0

.18‌

)

—‌

(

0

.18‌

)

12

.46‌

Retirement

Class:

5/31/23

11

.27‌

0

.17‌

(

0

.07‌

)

0

.10‌

(

0

.18‌

)

(

0

.02‌

)

(

0

.20‌

)

11

.17‌

5/31/22

12

.44‌

0

.17‌

(

1

.04‌

)

(

0

.87‌

)

(

0

.29‌

)

(

0

.01‌

)

(

0

.30‌

)

11

.27‌

5/31/21

*

10

.00‌

0

.15‌

2

.46‌

2

.61‌

(

0

.17‌

)

—‌

(

0

.17‌

)

12

.44‌

*

The

Fund

commenced

operations

on

September

30,

2020.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

g

The

Fund's

expenses

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

93

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.29‌

%

$

119,873‌

0

.38‌

%

g

0

.10‌

%

g

1

.90‌

%

22‌

%

(

6

.70‌

)

44,526‌

0

.82‌

g

0

.11‌

g

1

.76‌

108‌

26

.45‌

7,131‌

3

.91‌

c

,g

0

.10‌

c

,g

2

.02‌

c

36‌

1

.22‌

2,377‌

0

.45‌

g

0

.18‌

g

1

.11‌

22‌

(

6

.83‌

)

716‌

0

.83‌

g

0

.13‌

g

1

.81‌

108‌

26

.48‌

626‌

4

.26‌

c

,g

0

.25‌

c

,g

2

.16‌

c

36‌

1

.11‌

1,229‌

0

.53‌

g

0

.25‌

g

1

.75‌

22‌

(

6

.90‌

)

808‌

0

.97‌

g

0

.25‌

g

1

.49‌

108‌

26

.48‌

637‌

4

.41‌

c

,g

0

.25‌

c

,g

2

.14‌

c

36‌

1

.03‌

4,689‌

0

.63‌

g

0

.35‌

g

1

.62‌

22‌

(

7

.26‌

)

1,740‌

1

.08‌

g

0

.36‌

g

1

.42‌

108‌

26

.35‌

693‌

4

.54‌

c

,g

0

.35‌

c

,g

2

.00‌

c

36‌

94

Notes

to

Financial

Statements

1.

Organization

The

Lifecycle

Index

Funds

(collectively

the

“Funds,”

each

individually

referred

to

as

a

“Fund”)

are

a

sub-family

of

mutual

funds

offered

by

the

TIAA-CREF

Funds

(the

“Trust”),

a

Delaware

statutory

trust,

that

is

registered

with

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Funds

is

May

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

May

31,

2023

(the

"current

fiscal

period").

Teachers

Advisors,

LLC

(the

"Adviser”),

a

wholly

owned

indirect

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

is

registered

with

the

SEC

as

an

investment

adviser

and

provides

investment

management

services

for

the

Funds.

The

Funds

offer

their

shares,

without

a

sales

load,

through

their

principal

underwriter,

Nuveen

Securities,

LLC

(“Nuveen

Securities”),

which

is

a

wholly

owned

indirect

subsidiary

of

TIAA.  

Each

Fund

is

a

“fund

of

funds”

that

diversifies

its

assets

by

investing

in

Class

W shares

of

other

funds

of

the

Trust

and

potentially

other

investment

pools

or

investment

products. The

Funds

offer

Institutional

Class,

Advisor

Class, Premier

Class and

Retirement

Class

shares.

Each

class

differs

by

the

allocation

of

class-specific

expenses

and

voting

rights

in

matters

affecting

a

single

class.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The Funds

are

investment

companies

and

follow

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

. The net

asset

value (“NAV”)

for

financial

reporting

purposes

may

differ

from

the NAV

for

processing

transactions.

The NAV

for

financial

reporting

purposes

includes

security

and shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the NAV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums.

Dividend

income

is

recorded

on

the

ex-dividend

date. Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Funds

estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions. 

Multiclass

Operations

and

Allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation

of

a

Fund

are

allocated

on

a

pro

rata

basis

to

each

class

of

shares,

except

for

service

agreement

fees,

distribution

fees

and

transfer

agency

fees

and

expenses, which

are

unique

to

each

class

of

shares.

Most

expenses

of

the

Trust

can

be

directly

attributed

to

a

Fund.

Expenses

that

cannot

be

directly

attributed

are

allocated

to

each

Fund

in

the

Trust

based

upon

the

average

net

assets

of

each

Fund.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

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

Statement

of

Assets

and

Liabilities.

Trustees’

fees,

including

any

deferred

and

long-term

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

Indemnification:

 Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

95

New

Rule

Issuance:

 A

new

rule

adopted

by

the

SEC

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements

The Funds'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

that

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level 1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the Funds'

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

generally

classified

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

asked

prices

is

utilized

and

the

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

The

following

table

summarizes

the

market

value

of

the Funds’

investments

as

of

the

end

of

the

current

fiscal

period, based

on

the

inputs

used

to

value

them:

Fund

Level

1

Level

2

Level

3

Total

Lifecycle

Index

Retirement

Income

Registered

investment

companies

$615,357,129

$—

$—

$615,357,129

Short-term

investments

—

580,000

—

580,000

Total

$615,357,129

$580,000

$—

$615,937,129

1

1

1

1

1

Lifecycle

Index

2010

Registered

investment

companies

$630,265,205

$—

$—

$630,265,205

Short-term

investments

—

555,000

—

555,000

Total

$630,265,205

$555,000

$—

$630,820,205

1

1

1

1

1

Lifecycle

Index

2015

Registered

investment

companies

$1,041,128,557

$—

$—

$1,041,128,557

Short-term

investments

—

970,000

—

970,000

Total

$1,041,128,557

$970,000

$—

$1,042,098,557

1

1

1

1

1

Notes

to

Financial

Statements

(continued)

96

4.

Investments

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Fund’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

Purchases

and

Sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments)

for

all

of

the Funds for

the

current

fiscal

period,

were

as

follows:

Fund

Level

1

Level

2

Level

3

Total

Lifecycle

Index

2020

Registered

investment

companies

$3,031,377,092

$—

$—

$3,031,377,092

Short-term

investments

—

2,560,000

—

2,560,000

Total

$3,031,377,092

$2,560,000

$—

$3,033,937,092

1

1

1

1

1

Lifecycle

Index

2025

Registered

investment

companies

$5,414,877,305

$—

$—

$5,414,877,305

Short-term

investments

—

3,100,000

—

3,100,000

Total

$5,414,877,305

$3,100,000

$—

$5,417,977,305

1

1

1

1

1

Lifecycle

Index

2030

Registered

investment

companies

$6,772,925,429

$—

$—

$6,772,925,429

Short-term

investments

—

4,680,000

—

4,680,000

Total

$6,772,925,429

$4,680,000

$—

$6,777,605,429

1

1

1

1

1

Lifecycle

Index

2035

Registered

investment

companies

$6,757,423,430

$—

$—

$6,757,423,430

Short-term

investments

—

11,660,000

—

11,660,000

Total

$6,757,423,430

$11,660,000

$—

$6,769,083,430

1

1

1

1

1

Lifecycle

Index

2040

Registered

investment

companies

$6,949,398,812

$—

$—

$6,949,398,812

Short-term

investments

—

7,020,000

—

7,020,000

Total

$6,949,398,812

$7,020,000

$—

$6,956,418,812

1

1

1

1

1

Lifecycle

Index

2045

Registered

investment

companies

$5,511,155,375

$—

$—

$5,511,155,375

Short-term

investments

—

7,075,000

—

7,075,000

Total

$5,511,155,375

$7,075,000

$—

$5,518,230,375

1

1

1

1

1

Lifecycle

Index

2050

Registered

investment

companies

$4,603,382,164

$—

$—

$4,603,382,164

Short-term

investments

—

7,110,000

—

7,110,000

Total

$4,603,382,164

$7,110,000

$—

$4,610,492,164

1

1

1

1

1

Lifecycle

Index

2055

Registered

investment

companies

$2,612,190,587

$—

$—

$2,612,190,587

Short-term

investments

—

4,505,000

—

4,505,000

Total

$2,612,190,587

$4,505,000

$—

$2,616,695,587

1

1

1

1

1

Lifecycle

Index

2060

Registered

investment

companies

$1,349,073,394

$—

$—

$1,349,073,394

Short-term

investments

—

2,735,000

—

2,735,000

Total

$1,349,073,394

$2,735,000

$—

$1,351,808,394

1

1

1

1

1

Lifecycle

Index

2065

Registered

investment

companies

$127,479,843

$—

$—

$127,479,843

Short-term

investments

—

540,000

—

540,000

Total

$127,479,843

$540,000

$—

$128,019,843

1

1

1

1

1

97

5.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

14.1

Lifecycle

Index

Retirement

Income

$

170,356,513

$

141,586,014

14.2

Lifecycle

Index

2010

170,059,196

137,927,733

14.3

Lifecycle

Index

2015

185,283,783

214,051,927

14.4

Lifecycle

Index

2020

577,925,970

557,006,822

14.5

Lifecycle

Index

2025

1,083,122,034

697,192,219

14.6

Lifecycle

Index

2030

1,499,219,182

719,387,333

14.7

Lifecycle

Index

2035

1,673,193,330

755,541,938

14.8

Lifecycle

Index

2040

1,710,743,494

816,638,637

14.9

Lifecycle

Index

2045

1,355,154,550

465,488,597

15.01

Lifecycle

Index

2050

1,090,637,623

309,660,762

15.1

Lifecycle

Index

2055

749,969,755

152,924,011

15.2

Lifecycle

Index

2060

494,628,849

71,299,989

15.3

Lifecycle

Index

2065

95,067,347

17,611,994

Year

Ended

5/31/23

Year

Ended

5/31/22

14.1

Lifecycle

Index

Retirement

Income

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

11,986,225

$

177,145,467

12,575,758

$

210,675,605

Advisor

Class

67,672

1,002,406

102,421

1,716,222

Premier

Class

48,132

717,389

161,041

2,776,065

Retirement

Class

236,422

3,516,792

607,456

10,343,368

Total

subscriptions

12,338,451

182,382,054

13,446,676

225,511,260

Reinvestments

of

distributions:

Institutional

Class

1,151,621

16,632,861

1,270,015

21,490,375

Advisor

Class

4,988

72,028

6,715

113,592

Premier

Class

4,572

65,970

45,685

775,303

Retirement

Class

78,741

1,134,783

106,694

1,802,485

Total

reinvestments

of

distributions

1,239,922

17,905,642

1,429,109

24,181,755

Redemptions:

Institutional

Class

(10,613,893)

(156,450,550)

(9,676,743)

(162,321,585)

Advisor

Class

(91,914)

(1,356,812)

(65,088)

(1,024,166)

Premier

Class

(90,848)

(1,337,916)

(1,429,368)

(24,249,034)

Retirement

Class

(527,796)

(7,710,360)

(882,919)

(14,915,227)

Total

redemptions

(11,324,451)

(166,855,638)

(12,054,118)

(202,510,012)

Net

increase

(decrease)

from

shareholder

transactions

2,253,922

$

33,432,058

2,821,667

$

47,183,003

Year

Ended

5/31/23

Year

Ended

5/31/22

14.2

Lifecycle

Index

2010

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

8,598,657

$

133,984,767

7,692,685

$

137,440,086

Advisor

Class

153,850

2,411,354

12,364

219,811

Premier

Class

117,623

1,824,406

221,777

3,983,386

Retirement

Class

348,180

5,342,411

640,586

11,313,904

Total

subscriptions

9,218,310

143,562,938

8,567,412

152,957,187

Reinvestments

of

distributions:

Institutional

Class

1,165,737

17,660,911

1,460,551

25,807,942

Advisor

Class

3,692

55,966

4,487

79,288

Premier

Class

37,911

572,451

90,331

1,590,722

Retirement

Class

126,741

1,903,649

203,185

3,559,797

Total

reinvestments

of

distributions

1,334,081

20,192,977

1,758,554

31,037,749

Redemptions:

Institutional

Class

(6,763,434)

(105,147,400)

(7,656,887)

(134,974,480)

Advisor

Class

(133,704)

(2,094,288)

(18,799)

(340,286)

Premier

Class

(235,778)

(3,646,327)

(1,428,331)

(25,502,732)

Retirement

Class

(1,150,544)

(17,594,517)

(1,112,863)

(19,415,719)

Total

redemptions

(8,283,460)

(128,482,532)

(10,216,880)

(180,233,217)

Net

increase

(decrease)

from

shareholder

transactions

2,268,931

$

35,273,383

109,086

$

3,761,719

Notes

to

Financial

Statements

(continued)

98

Year

Ended

5/31/23

Year

Ended

5/31/22

14.3

Lifecycle

Index

2015

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

8,706,481

$

141,923,060

14,720,742

$

277,166,164

Advisor

Class

18,825

307,570

79,095

1,512,539

Premier

Class

180,499

2,935,807

323,706

6,105,260

Retirement

Class

619,327

9,971,989

742,144

13,755,009

Total

subscriptions

9,525,132

155,138,426

15,865,687

298,538,972

Reinvestments

of

distributions:

Institutional

Class

1,779,925

28,300,802

2,618,344

48,779,749

Advisor

Class

3,119

49,600

6,333

117,985

Premier

Class

54,348

860,335

225,204

4,179,785

Retirement

Class

176,988

2,794,638

304,857

5,639,851

Total

reinvestments

of

distributions

2,014,380

32,005,375

3,154,738

58,717,370

Redemptions:

Institutional

Class

(11,197,249)

(182,811,932)

(10,887,395)

(202,244,641)

Advisor

Class

(15,822)

(258,604)

(61,159)

(1,049,625)

Premier

Class

(413,689)

(6,699,580)

(3,661,529)

(68,419,546)

Retirement

Class

(1,298,332)

(20,940,203)

(1,782,248)

(32,958,095)

Total

redemptions

(12,925,092)

(210,710,319)

(16,392,331)

(304,671,907)

Net

increase

(decrease)

from

shareholder

transactions

(1,385,580)

$

(23,566,518)

2,628,094

$

52,584,435

Year

Ended

5/31/23

Year

Ended

5/31/22

14.4

Lifecycle

Index

2020

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

27,127,506

$

477,461,227

40,609,276

$

825,834,111

Advisor

Class

158,091

2,795,804

382,531

7,726,756

Premier

Class

590,138

10,319,910

828,312

16,902,954

Retirement

Class

1,211,104

21,064,328

1,527,331

30,973,529

Total

subscriptions

29,086,839

511,641,269

43,347,450

881,437,350

Reinvestments

of

distributions:

Institutional

Class

4,512,123

77,292,671

6,755,717

136,195,252

Advisor

Class

17,475

298,992

35,788

720,772

Premier

Class

112,607

1,919,952

615,205

12,347,169

Retirement

Class

364,029

6,188,502

701,100

14,022,004

Total

reinvestments

of

distributions

5,006,234

85,700,117

8,107,810

163,285,197

Redemptions:

Institutional

Class

(27,668,648)

(487,395,995)

(29,292,538)

(589,965,470)

Advisor

Class

(178,746)

(3,104,195)

(389,534)

(7,388,574)

Premier

Class

(791,770)

(13,840,191)

(12,276,671)

(249,302,384)

Retirement

Class

(3,332,516)

(57,956,441)

(3,797,714)

(75,890,372)

Total

redemptions

(31,971,680)

(562,296,822)

(45,756,457)

(922,546,800)

Net

increase

(decrease)

from

shareholder

transactions

2,121,393

$

35,044,564

5,698,803

$

122,175,747

Year

Ended

5/31/23

Year

Ended

5/31/22

14.5

Lifecycle

Index

2025

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

51,699,679

$

991,946,279

62,619,037

$

1,385,975,613

Advisor

Class

275,521

5,221,601

527,041

11,693,861

Premier

Class

1,125,162

21,522,640

1,460,832

32,510,840

Retirement

Class

2,504,082

47,574,156

2,888,763

63,301,713

Total

subscriptions

55,604,444

1,066,264,676

67,495,673

1,493,482,027

Reinvestments

of

distributions:

Institutional

Class

6,572,746

122,910,358

7,626,188

168,462,488

Advisor

Class

33,898

632,538

41,112

906,520

Premier

Class

135,927

2,532,319

622,037

13,684,810

Retirement

Class

550,211

10,200,914

798,892

17,495,737

Total

reinvestments

of

distributions

7,292,782

136,276,129

9,088,229

200,549,555

Redemptions:

Institutional

Class

(35,813,836)

(689,166,611)

(32,555,546)

(712,841,620)

Advisor

Class

(261,519)

(5,009,768)

(265,005)

(5,508,338)

Premier

Class

(1,293,553)

(24,583,415)

(16,878,190)

(375,387,419)

Retirement

Class

(3,980,184)

(75,221,901)

(4,230,217)

(92,069,524)

Total

redemptions

(41,349,092)

(793,981,695)

(53,928,958)

(1,185,806,901)

Net

increase

(decrease)

from

shareholder

transactions

21,548,134

$

408,559,110

22,654,944

$

508,224,681

99

Year

Ended

5/31/23

Year

Ended

5/31/22

14.6

Lifecycle

Index

2030

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

64,118,120

$

1,331,942,651

69,562,608

$

1,665,137,152

Advisor

Class

502,483

10,314,339

588,711

14,038,747

Premier

Class

1,207,434

24,959,433

1,340,454

32,107,901

Retirement

Class

3,049,170

62,576,387

2,815,024

66,511,008

Total

subscriptions

68,877,207

1,429,792,810

74,306,797

1,777,794,808

Reinvestments

of

distributions:

Institutional

Class

7,150,909

144,591,373

6,953,414

166,951,460

Advisor

Class

40,830

824,368

40,251

965,225

Premier

Class

161,345

3,246,254

524,695

12,540,204

Retirement

Class

520,162

10,424,052

639,110

15,210,821

Total

reinvestments

of

distributions

7,873,246

159,086,047

8,157,470

195,667,710

Redemptions:

Institutional

Class

(32,490,617)

(676,170,775)

(30,334,567)

(721,299,548)

Advisor

Class

(198,044)

(4,101,545)

(360,673)

(7,901,355)

Premier

Class

(1,180,278)

(24,354,540)

(14,755,878)

(355,718,525)

Retirement

Class

(3,730,845)

(76,399,373)

(3,598,413)

(83,629,097)

Total

redemptions

(37,599,784)

(781,026,233)

(49,049,531)

(1,168,548,525)

Net

increase

(decrease)

from

shareholder

transactions

39,150,669

$

807,852,624

33,414,736

$

804,913,993

Year

Ended

5/31/23

Year

Ended

5/31/22

14.7

Lifecycle

Index

2035

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

60,713,530

$

1,351,738,725

63,191,652

$

1,619,543,581

Advisor

Class

444,830

9,814,231

393,351

9,992,294

Premier

Class

1,342,787

29,845,015

1,297,709

33,308,908

Retirement

Class

2,778,306

61,425,057

2,525,546

64,016,488

Total

subscriptions

65,279,453

1,452,823,028

67,408,258

1,726,861,271

Reinvestments

of

distributions:

Institutional

Class

6,291,815

136,217,788

5,588,451

144,405,578

Advisor

Class

24,499

529,418

20,406

526,475

Premier

Class

150,915

3,249,191

434,937

11,182,234

Retirement

Class

418,760

8,978,226

478,650

12,253,439

Total

reinvestments

of

distributions

6,885,989

148,974,623

6,522,444

168,367,726

Redemptions:

Institutional

Class

(25,621,389)

(572,106,366)

(22,071,387)

(563,977,793)

Advisor

Class

(139,365)

(3,084,341)

(224,895)

(5,439,604)

Premier

Class

(999,948)

(22,035,180)

(13,126,222)

(340,422,523)

Retirement

Class

(2,988,858)

(65,387,422)

(3,290,744)

(82,152,229)

Total

redemptions

(29,749,560)

(662,613,309)

(38,713,248)

(991,992,149)

Net

increase

(decrease)

from

shareholder

transactions

42,415,882

$

939,184,342

35,217,454

$

903,236,848

Year

Ended

5/31/23

Year

Ended

5/31/22

14.8

Lifecycle

Index

2040

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

54,764,924

$

1,285,598,009

58,503,434

$

1,582,174,468

Advisor

Class

271,658

6,332,337

392,807

10,656,519

Premier

Class

1,274,919

29,892,404

1,286,616

34,907,398

Retirement

Class

2,248,262

52,449,042

2,038,343

54,700,394

Total

subscriptions

58,559,763

1,374,271,792

62,221,200

1,682,438,779

Reinvestments

of

distributions:

Institutional

Class

6,090,185

138,734,411

5,649,832

154,240,411

Advisor

Class

25,001

569,017

22,916

624,907

Premier

Class

155,530

3,524,310

428,444

11,636,545

Retirement

Class

370,265

8,360,596

446,776

12,094,241

Total

reinvestments

of

distributions

6,640,981

151,188,334

6,547,968

178,596,104

Redemptions:

Institutional

Class

(21,488,387)

(505,482,129)

(20,187,224)

(543,368,779)

Advisor

Class

(158,740)

(3,748,544)

(131,587)

(3,372,665)

Premier

Class

(1,166,009)

(26,993,241)

(11,193,100)

(306,870,714)

Retirement

Class

(2,834,336)

(65,398,298)

(2,808,142)

(73,992,453)

Total

redemptions

(25,647,472)

(601,622,212)

(34,320,053)

(927,604,611)

Net

increase

(decrease)

from

shareholder

transactions

39,553,272

$

923,837,914

34,449,115

$

933,430,272

Notes

to

Financial

Statements

(continued)

100

Year

Ended

5/31/23

Year

Ended

5/31/22

14.9

Lifecycle

Index

2045

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

49,155,216

$

1,193,128,535

47,926,028

$

1,341,462,527

Advisor

Class

408,364

9,779,505

347,237

9,666,839

Premier

Class

1,077,402

26,118,036

932,881

26,121,199

Retirement

Class

2,080,973

50,015,424

2,106,350

58,582,308

Total

subscriptions

52,721,955

1,279,041,500

51,312,496

1,435,832,873

Reinvestments

of

distributions:

Institutional

Class

4,344,584

102,054,269

3,509,129

99,203,074

Advisor

Class

20,310

476,279

16,117

454,832

Premier

Class

73,952

1,729,728

277,547

7,810,166

Retirement

Class

279,463

6,503,116

286,670

8,029,628

Total

reinvestments

of

distributions

4,718,309

110,763,392

4,089,463

115,497,700

Redemptions:

Institutional

Class

(16,540,497)

(401,847,490)

(15,124,315)

(422,308,311)

Advisor

Class

(186,151)

(4,550,153)

(102,325)

(2,653,378)

Premier

Class

(603,649)

(14,458,358)

(10,274,622)

(292,405,889)

Retirement

Class

(2,605,080)

(62,287,444)

(1,982,851)

(53,969,491)

Total

redemptions

(19,935,377)

(483,143,445)

(27,484,113)

(771,337,069)

Net

increase

(decrease)

from

shareholder

transactions

37,504,887

$

906,661,447

27,917,846

$

779,993,504

Year

Ended

5/31/23

Year

Ended

5/31/22

15.01

Lifecycle

Index

2050

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

43,378,142

$

1,063,780,673

41,378,867

$

1,171,798,343

Advisor

Class

310,326

7,491,969

277,034

7,853,890

Premier

Class

670,843

16,388,514

809,191

23,003,492

Retirement

Class

1,704,118

41,369,831

1,829,383

51,095,665

Total

subscriptions

46,063,429

1,129,030,987

44,294,475

1,253,751,390

Reinvestments

of

distributions:

Institutional

Class

3,379,444

80,261,796

2,596,737

74,344,572

Advisor

Class

16,528

391,875

11,781

336,827

Premier

Class

53,352

1,260,711

211,740

6,030,364

Retirement

Class

227,036

5,337,627

221,004

6,265,450

Total

reinvestments

of

distributions

3,676,360

87,252,009

3,041,262

86,977,213

Redemptions:

Institutional

Class

(14,146,734)

(346,174,957)

(13,115,403)

(369,938,596)

Advisor

Class

(116,002)

(2,854,817)

(118,080)

(3,166,096)

Premier

Class

(570,909)

(13,846,561)

(8,402,233)

(242,092,087)

Retirement

Class

(2,570,690)

(62,029,955)

(1,602,795)

(44,251,283)

Total

redemptions

(17,404,335)

(424,906,290)

(23,238,511)

(659,448,062)

Net

increase

(decrease)

from

shareholder

transactions

32,335,454

$

791,376,706

24,097,226

$

681,280,541

Year

Ended

5/31/23

Year

Ended

5/31/22

15.1

Lifecycle

Index

2055

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

38,723,314

$

765,646,583

31,434,359

$

714,967,259

Advisor

Class

294,807

5,771,436

260,613

5,903,461

Premier

Class

543,669

10,710,895

806,254

18,527,070

Retirement

Class

1,763,013

34,724,366

1,599,823

36,073,275

Total

subscriptions

41,324,803

816,853,280

34,101,049

775,471,065

Reinvestments

of

distributions:

Institutional

Class

2,227,549

42,613,006

1,440,336

33,228,545

Advisor

Class

15,484

295,744

9,554

220,118

Premier

Class

25,066

478,269

112,915

2,597,053

Retirement

Class

155,255

2,954,506

127,122

2,917,457

Total

reinvestments

of

distributions

2,423,354

46,341,525

1,689,927

38,963,173

Redemptions:

Institutional

Class

(10,283,713)

(202,946,605)

(9,948,062)

(226,734,529)

Advisor

Class

(76,648)

(1,523,935)

(50,954)

(1,115,572)

Premier

Class

(354,296)

(6,950,693)

(5,615,842)

(130,625,721)

Retirement

Class

(2,515,314)

(49,311,486)

(1,103,245)

(24,674,927)

Total

redemptions

(13,229,971)

(260,732,719)

(16,718,103)

(383,150,749)

Net

increase

(decrease)

from

shareholder

transactions

30,518,186

$

602,462,086

19,072,873

$

431,283,489

101

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund’s

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

distribution

reallocations

and

investments

in

underlying

funds.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

Year

Ended

5/31/23

Year

Ended

5/31/22

15.2

Lifecycle

Index

2060

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

35,061,006

$

536,252,969

24,189,443

$

423,652,731

Advisor

Class

298,688

4,539,800

300,674

5,291,432

Premier

Class

569,589

8,695,066

743,805

13,184,457

Retirement

Class

1,870,744

28,557,705

1,581,294

27,596,512

Total

subscriptions

37,800,027

578,045,540

26,815,216

469,725,132

Reinvestments

of

distributions:

Institutional

Class

1,375,705

20,346,681

775,754

13,831,699

Advisor

Class

14,020

207,216

8,526

151,928

Premier

Class

15,611

230,427

42,040

748,307

Retirement

Class

94,250

1,388,295

63,530

1,128,301

Total

reinvestments

of

distributions

1,499,586

22,172,619

889,850

15,860,235

Redemptions:

Institutional

Class

(8,852,893)

(135,144,083)

(7,411,531)

(129,659,523)

Advisor

Class

(189,872)

(2,926,764)

(55,957)

(982,616)

Premier

Class

(223,027)

(3,391,639)

(2,149,761)

(38,656,420)

Retirement

Class

(2,128,013)

(32,363,649)

(640,121)

(11,156,113)

Total

redemptions

(11,393,805)

(173,826,135)

(10,257,370)

(180,454,672)

Net

increase

(decrease)

from

shareholder

transactions

27,905,808

$

426,392,024

17,447,696

$

305,130,695

Year

Ended

5/31/23

Year

Ended

5/31/22

15.3

Lifecycle

Index

2065

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

7,791,179

$

85,276,166

4,030,415

$

49,994,766

Advisor

Class

160,921

1,747,332

14,601

180,844

Premier

Class

43,518

467,516

24,677

307,613

Retirement

Class

299,613

3,251,754

116,709

1,416,630

Total

subscriptions

8,295,231

90,742,768

4,186,402

51,899,853

Reinvestments

of

distributions:

Institutional

Class

133,411

1,407,489

29,914

379,906

Advisor

Class

468

4,882

163

2,045

Premier

Class

752

7,832

122

1,538

Retirement

Class

4,049

42,273

779

9,802

Total

reinvestments

of

distributions

138,680

1,462,476

30,978

393,291

Redemptions:

Institutional

Class

(1,229,812)

(13,481,070)

(726,234)

(9,076,696)

Advisor

Class

(12,136)

(132,833)

(1,473)

(17,739)

Premier

Class

(5,916)

(63,613)

(4,135)

(52,656)

Retirement

Class

(38,390)

(416,859)

(18,852)

(228,620)

Total

redemptions

(1,286,254)

(14,094,375)

(750,694)

(9,375,711)

Net

increase

(decrease)

from

shareholder

transactions

7,147,657

$

78,110,869

3,466,686

$

42,917,433

Notes

to

Financial

Statements

(continued)

102

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

As

of year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid was

as

follows:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

14.1

Lifecycle

Index

Retirement

Income

$593,338,475

$71,377,596

$(48,778,942)

$22,598,654

14.2

Lifecycle

Index

2010

575,505,579

103,326,029

(48,011,403)

55,314,626

14.3

Lifecycle

Index

2015

922,664,589

198,105,476

(78,671,508)

119,433,968

14.4

Lifecycle

Index

2020

2,717,998,128

535,108,446

(219,169,482)

315,938,964

14.5

Lifecycle

Index

2025

4,904,249,502

889,171,718

(375,443,915)

513,727,803

14.6

Lifecycle

Index

2030

6,069,841,380

1,136,627,796

(428,863,747)

707,764,049

14.7

Lifecycle

Index

2035

5,921,150,214

1,215,584,174

(367,650,958)

847,933,216

14.8

Lifecycle

Index

2040

5,848,422,619

1,415,255,996

(307,259,803)

1,107,996,193

14.9

Lifecycle

Index

2045

4,705,749,168

1,017,545,323

(205,064,116)

812,481,207

15.01

Lifecycle

Index

2050

3,964,475,692

805,638,766

(159,622,294)

646,016,472

15.1

Lifecycle

Index

2055

2,343,258,294

357,142,838

(83,705,545)

273,437,293

15.2

Lifecycle

Index

2060

1,276,646,652

117,414,970

(42,253,228)

75,161,742

15.3

Lifecycle

Index

2065

128,782,973

1,904,744

(2,667,874)

(763,130)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

14.1

Lifecycle

Index

Retirement

Income

$1,429,999

$–

$22,598,654

$(743,101)

$–

$(8,614)

$23,276,938

14.2

Lifecycle

Index

2010

3,432,768

–

55,314,626

(319,805)

–

(15,385)

58,412,204

14.3

Lifecycle

Index

2015

6,524,163

2,125,367

119,433,968

–

–

(27,382)

128,056,116

14.4

Lifecycle

Index

2020

16,626,194

–

315,938,964

–

–

(57,878)

332,507,280

14.5

Lifecycle

Index

2025

23,517,467

–

513,727,803

(2,366,347)

–

(74,469)

534,804,454

14.6

Lifecycle

Index

2030

24,455,037

–

707,764,049

(2,113,634)

–

(81,932)

730,023,520

14.7

Lifecycle

Index

2035

18,126,009

–

847,933,216

(12,809,985)

–

(77,151)

853,172,089

14.8

Lifecycle

Index

2040

11,484,378

–

1,107,996,193

(31,568,126)

–

(83,367)

1,087,829,078

14.9

Lifecycle

Index

2045

5,194,977

–

812,481,207

(2,673,139)

–

(53,115)

814,949,930

15.01

Lifecycle

Index

2050

2,896,722

5,733,616

646,016,472

–

–

(40,966)

654,605,844

15.1

Lifecycle

Index

2055

1,287,467

3,163,415

273,437,293

–

–

(17,790)

277,870,385

15.2

Lifecycle

Index

2060

479,954

1,573,656

75,161,742

–

–

(6,287)

77,209,065

15.3

Lifecycle

Index

2065

65,828

114,166

(763,130)

–

–

(211)

(583,347)

5/31/23

5/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

14.1

Lifecycle

Index

Retirement

Income

$

14,973,887

$

4,641,149

$

15,294,862

$

10,914,160

14.2

Lifecycle

Index

2010

15,806,996

5,015,648

17,855,451

14,362,245

14.3

Lifecycle

Index

2015

26,070,743

7,047,051

27,582,507

33,270,456

14.4

Lifecycle

Index

2020

69,866,800

19,737,387

78,091,181

93,260,428

14.5

Lifecycle

Index

2025

113,331,702

30,664,954

123,609,053

89,180,738

14.6

Lifecycle

Index

2030

130,012,618

35,793,716

156,283,713

48,109,965

14.7

Lifecycle

Index

2035

121,786,193

33,567,023

156,706,880

19,509,784

14.8

Lifecycle

Index

2040

122,514,828

33,488,140

172,363,213

12,531,440

14.9

Lifecycle

Index

2045

91,708,612

22,716,510

115,649,595

4,234,077

15.01

Lifecycle

Index

2050

77,452,283

13,031,432

89,206,724

1,408,840

15.1

Lifecycle

Index

2055

41,457,487

6,815,627

40,570,606

567,420

15.2

Lifecycle

Index

2060

20,274,770

2,903,980

16,453,830

148,196

15.3

Lifecycle

Index

2065

1,488,626

94,990

530,699

1,582

103

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Investment

Adviser

and

Other

Transactions

with

Affiliates

Under

the

terms

of

its

Investment

Management

Agreement,

the

Adviser

is

entitled

to

a

fee

that

is

made

up

of

two

components,

which

are

added

together

to

create

the

total

investment

management

fee.

The

first

component,

the

asset

allocation

fee

rate,

is

an

annual

rate

of

0.10%

of

the

average

daily

net

assets

of

each

Fund.

The

second

component,

the

Underlying

Funds

fee

rate

is

calculated

as

follows:

for

each

Underlying

Fund

of

the

Trust

in

which

a

Fund

is

invested,

the

effective

Underlying

Fund’s

annual

investment

management

fee

rate,

as

determined

pursuant

to

its

investment

management

agreement,

net

of

any

fee

waivers

or

reimbursements

applicable

to

the

Underlying

Fund

(excluding

the

Class

W

shares

investment

management

fee

waiver

and/or

reimbursement),

in

proportion

to

the

percentage

of

the

Fund’s

net

assets

invested

in

the

Underlying

Fund,

applied

to

the

Fund’s

average

daily

net

assets.

The

Adviser

has

contractually

agreed

to

waive

a

portion

of

the

asset

allocation

fee

rate

equal

to,

on

an

annual

basis,

the

following

percentages

of

the

average

daily

net

assets

of

each

Fund.

As

of

the

end

of

the

current

fiscal

period,

the

Adviser

received

from

the

Funds

the

following

effective

annual

rate

as

a

percentage

of

average

daily

net

assets

of

each

Fund:

The

Funds

have

entered

into

an

Administrative

Service

Agreement

with

the

Adviser

under

which

the

Funds

pay

the

Adviser

for

its

cost

in

providing

certain

administrative

and

compliance

services

to

the

Funds.

Under

the

terms

of

a

Retirement

Class

Service

Agreement

with

respect

to

each

Fund,

the

Retirement

Class

of

the

Fund

pays

the

Advisers

a

monthly

fee

based

on

the

annual

rate

of

0.25%

of

the

Fund’s

average

daily

net

assets

attributable

to

Retirement

Class

shares

of

the

Fund

for

providing

certain

administrative

services

related

to

the

maintenance

of

Retirement

Class

shares

on

retirement

plan

or

other

platforms.

Substantially

all

of

the

Retirement

Class

shareholder

servicing

fees

reported

on

the

Statements

of

operations

are

paid

to

the

Adviser

under

the

Service

Agreement.

Under

the

terms

of

a

distribution

Rule

12b-1

plan,

the

Retirement

Class

and

Premier

Class

of

the

Funds compensated

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Retirement

Class

and

Premier

Class

at

the

annual

rate

of

0.05%

and

0.15%

of

the

average

daily

net

assets

attributable

to

the

Retirement

Class

shares

and

Premier

Class

shares,

respectively.

However,

Nuveen

Securities

had

agreed

not

to

seek

any

reimbursements

under

the

distribution

Rule

12b-1

plan

from

the

Retirement

Class

and

the

plan

was

suspended

through

September

12,

2022.

Effective

September

13,

2022,

Nuveen

Securities

and

the

Board

terminated

the

distribution

12b-1

plan

for

the

Retirement

Class

of

the

Funds.

The

Adviser

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

Fund

Short-Term

Long-Term

Total

14.1

Lifecycle

Index

Retirement

Income

$

159,557

$

583,544

$

743,101

14.2

Lifecycle

Index

2010

–

319,805

319,805

14.3

Lifecycle

Index

2015

–

–

–

14.4

Lifecycle

Index

2020

–

–

–

14.5

Lifecycle

Index

2025

–

2,366,347

2,366,347

14.6

Lifecycle

Index

2030

431,375

1,682,259

2,113,634

14.7

Lifecycle

Index

2035

–

12,809,985

12,809,985

14.8

Lifecycle

Index

2040

–

31,568,126

31,568,126

14.9

Lifecycle

Index

2045

–

2,673,139

2,673,139

15.01

Lifecycle

Index

2050

–

–

–

15.1

Lifecycle

Index

2055

–

–

–

15.2

Lifecycle

Index

2060

–

–

–

15.3

Lifecycle

Index

2065

–

–

–

Investment

Management

Fee

Waiver

Fund

Investment

Management

Fee—Effective

Rate

Effective

10/1/22*

Prior

to

10/1/22

Lifecycle

Index

Retirement

Income

0.09%

0.083%

0.085%

Lifecycle

Index

2010

0.09

0.083

0.085

Lifecycle

Index

2015

0.09

0.080

0.081

Lifecycle

Index

2020

0.09

0.075

0.077

Lifecycle

Index

2025

0.09

0.071

0.072

Lifecycle

Index

2030

0.09

0.066

0.066

Lifecycle

Index

2035

0.09

0.060

0.061

Lifecycle

Index

2040

0.09

0.057

0.059

Lifecycle

Index

2045

0.09

0.057

0.058

Lifecycle

Index

2050

0.09

0.056

0.057

Lifecycle

Index

2055

0.09

0.056

0.057

Lifecycle

Index

2060

0.09

0.056

0.057

Lifecycle

Index

2065

0.09

0.057

0.056

*  

These

waivers

will

remain

in

effect

through

September

30,

2023,

unless

changed

with

approval

of

the

Board

of

Trustees.

Notes

to

Financial

Statements

(continued)

104

expenses

originally

attributable

to

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds)

exceeds

the

following

percentages

of

average

daily

net

assets

for

each

class:

The

Funds

may

purchase

or

sell

investment

securities

in

transactions

with

affiliated

entities

under

procedure

adopted

by

the

Board,

pursuant

to

the

1940

Act.

These

transactions

are

effected

at

market

rates

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

did

not

engage

in

security

transactions

with

affiliated

entities.

The

following

is

the

percentage

of

the

Funds’

shares

owned

by

TIAA

as

of

the

end

of

the

current

fiscal

period:

Investments

in

other

investment

companies

advised

by

the

Adviser

and

Nuveen

Fund

Advisors,

LLC

are

deemed

to

be

affiliated

investments.

The

Funds

invest

their assets

in

Class

W

shares

of

the

affiliated

TIAA-CREF

Funds.

Information

regarding

transactions

with

affiliated

companies

is

as

follows:

Maximum

Expense

Amounts

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Fund

Effective

10/1/22*

Prior

to

10/1/22

Effective

10/1/22*

Prior

to

10/1/22

Effective

10/1/22*

Prior

to

10/1/22

Effective

10/1/22*

Prior

to

10/1/22

Lifecycle

Index

Retirement

Income

0.017%

0.015%

0.167%

0.165%

0.167%

0.165%

0.267%

0.265%

Lifecycle

Index

2010

0.017

0.015

0.167

0.165

0.167

0.165

0.267

0.265

Lifecycle

Index

2015

0.020

0.019

0.170

0.169

0.170

0.169

0.270

0.269

Lifecycle

Index

2020

0.025

0.023

0.175

0.173

0.175

0.173

0.275

0.273

Lifecycle

Index

2025

0.029

0.028

0.179

0.178

0.179

0.178

0.279

0.278

Lifecycle

Index

2030

0.034

0.034

0.184

0.184

0.184

0.184

0.284

0.284

Lifecycle

Index

2035

0.040

0.039

0.190

0.189

0.190

0.189

0.290

0.289

Lifecycle

Index

2040

0.043

0.041

0.193

0.191

0.193

0.191

0.293

0.291

Lifecycle

Index

2045

0.043

0.042

0.193

0.192

0.193

0.192

0.293

0.292

Lifecycle

Index

2050

0.044

0.043

0.194

0.193

0.194

0.193

0.294

0.293

Lifecycle

Index

2055

0.044

0.043

0.194

0.193

0.194

0.193

0.294

0.293

Lifecycle

Index

2060

0.044

0.043

0.194

0.193

0.194

0.193

0.294

0.293

Lifecycle

Index

2065

0.043

0.044

0.193

0.194

0.193

0.194

0.293

0.294

*  

The

expense

reimbursement

agreements

will

continue

through

at

least

September

30,

2023,

unless

changed

with

approval

of

the

Board.

Underlying

Fund

TIAA

Total

15.3

Lifecycle

Index

2065

4

%

4

%

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

Retirement

Income

Fund

TIAA-CREF

Funds:

Bond

Index

$

241,996,676

$

58,202,388

$

41,859,098

$

(7,181,484)

$

(4,464,450)

$

6,461,547

$

246,572,754

Emerging

Markets

Equity

Index

27,072,248

9,219,769

8,005,663

(1,432,423)

(1,321,044)

662,141

25,532,887

Equity

Index

156,711,650

43,349,915

40,851,827

(170,356)

1,989,122

2,354,269

160,671,766

Inflation-Linked

Bond

60,434,770

15,923,358

9,113,899

(635,248)

(4,557,837)

3,666,421

61,590,283

International

Equity

Index

58,543,978

14,913,811

15,239,113

(1,549,203)

2,627,246

1,591,451

59,296,719

Short-Term

Bond

Index

60,661,850

18,135,416

15,960,215

(871,784)

(272,547)

1,255,822

61,692,720

$605,421,172

$159,744,657

$131,029,815

$(11,840,498)

$(5,999,510)

$15,991,651

$615,357,129

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2010

Fund

TIAA-CREF

Funds:

Bond

Index

$

246,685,666

$

50,382,050

$

32,561,952

$

(5,613,722)

$

(6,351,543)

$

6,839,544

$

252,411,069

Emerging

Markets

Equity

Index

26,301,667

9,387,272

8,793,190

(1,217,133)

(1,425,620)

664,243

24,252,996

Equity

Index

152,169,777

43,237,666

44,362,484

1,199,825

857,989

2,360,159

152,745,142

Inflation-Linked

Bond

61,596,769

14,656,409

7,225,347

(355,219)

(5,096,915)

3,881,385

63,084,226

International

Equity

Index

56,852,982

14,739,123

16,735,844

(970,840)

2,477,178

1,595,039

56,362,599

Short-Term

Bond

Index

73,534,554

23,864,955

14,577,014

(897,204)

(516,118)

1,660,857

81,409,173

$617,141,415

$156,267,475

$124,255,831

$(7,854,293)

$(10,055,029)

$17,001,227

$630,265,205

105

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2015

Fund

TIAA-CREF

Funds:

Bond

Index

$

434,036,659

$

60,220,594

$

60,659,866

$

(9,922,273)

$

(10,696,219)

$

11,293,102

$

412,770,335

Emerging

Markets

Equity

Index

52,999,052

12,431,130

14,654,916

(2,449,641)

(2,857,890)

1,239,550

45,467,735

Equity

Index

307,628,837

55,167,857

78,724,130

7,882,114

(4,967,845)

4,389,923

286,321,636

Inflation-Linked

Bond

96,348,730

17,354,731

9,342,021

(468,476)

(7,789,377)

5,836,627

95,385,002

International

Equity

Index

115,027,863

18,871,900

30,119,011

(2,722,457)

4,576,109

2,978,126

105,634,404

Short-Term

Bond

Index

96,695,481

21,237,571

20,551,984

(1,190,094)

(641,529)

1,989,630

95,549,445

$1,102,736,622

$185,283,783

$214,051,928

$(8,870,827)

$(22,376,751)

$27,726,958

$1,041,128,557

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2020

Fund

TIAA-CREF

Funds:

Bond

Index

$

1,186,433,129

$

184,972,015

$

142,228,405

$

(25,332,249)

$

(31,671,303)

$

31,173,316

$

1,171,601,102

Emerging

Markets

Equity

Index

166,518,723

41,564,131

43,256,895

(8,271,586)

(8,490,259)

3,886,756

148,064,114

Equity

Index

963,729,539

175,944,229

214,321,784

15,270,776

(5,614,127)

13,789,535

932,919,130

Inflation-Linked

Bond

208,959,802

45,719,805

18,085,871

(694,525)

(17,226,602)

12,656,875

217,100,820

International

Equity

Index

359,883,345

61,610,565

82,849,306

(9,008,781)

14,566,907

9,317,135

344,202,730

Short-Term

Bond

Index

209,701,967

52,850,113

41,059,526

(2,511,538)

(1,491,820)

4,393,913

217,489,196

$3,095,226,505

$562,660,858

$541,801,787

$(30,547,903)

$(49,927,204)

$75,217,530

$3,031,377,092

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2025

Fund

TIAA-CREF

Funds:

Bond

Index

$

1,825,443,378

$

389,092,811

$

155,004,996

$

(30,245,966)

$

(58,461,960)

$

50,420,299

$

1,969,895,823

Emerging

Markets

Equity

Index

316,232,813

79,088,304

63,721,054

(16,629,069)

(15,670,313)

7,727,013

299,300,681

Equity

Index

1,830,761,711

337,481,208

298,446,411

4,121,857

19,845,799

27,275,941

1,889,631,091

Inflation-Linked

Bond

244,536,062

71,627,815

13,640,692

47,858

(21,288,912)

15,206,059

279,336,542

International

Equity

Index

683,876,937

129,255,900

128,985,321

(18,284,655)

30,951,828

18,505,318

696,814,689

Short-Term

Bond

Index

245,428,646

76,575,996

37,393,744

(2,430,109)

(2,282,310)

5,464,469

279,898,479

$5,146,279,547

$1,083,122,034

$697,192,218

$(63,420,084)

$(46,905,868)

$124,599,099

$5,414,877,305

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2030

Fund

TIAA-CREF

Funds:

Bond

Index

$

1,920,739,667

$

531,080,680

$

163,585,481

$

(31,824,275)

$

(62,428,229)

$

54,611,996

$

2,192,975,077

Emerging

Markets

Equity

Index

429,410,046

118,681,242

72,933,639

(19,308,321)

(24,892,548)

10,820,087

430,956,780

Equity

Index

2,486,767,967

509,150,270

307,801,663

(6,180,841)

42,187,459

38,158,771

2,718,341,064

Inflation-Linked

Bond

168,072,631

69,338,208

7,282,907

387,478

(15,247,454)

10,756,515

213,850,678

International

Equity

Index

928,973,690

201,793,365

147,409,984

(22,244,786)

41,474,657

26,014,246

1,002,586,942

Short-Term

Bond

Index

168,687,488

69,175,417

20,373,660

(1,367,247)

(1,907,110)

4,003,285

214,214,888

$6,102,651,489

$1,499,219,182

$719,387,334

$(80,537,992)

$(20,813,225)

$144,364,900

$6,772,925,429

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2035

Fund

TIAA-CREF

Funds:

Bond

Index

$

1,622,551,233

$

538,220,957

$

274,269,457

$

(57,030,362)

$

(25,168,129)

$

44,546,095

$

1,803,501,301

Emerging

Markets

Equity

Index

468,588,533

146,673,778

69,191,870

(19,408,855)

(28,100,918)

12,380,126

498,560,668

Equity

Index

2,711,122,852

650,263,421

264,604,817

(11,241,269)

61,397,789

43,520,120

3,140,343,453

Inflation-Linked

Bond

44,679,048

38,577,573

613,201

380,639

(4,517,241)

3,108,220

78,054,178

International

Equity

Index

1,012,599,001

263,014,182

144,669,983

(21,459,501)

49,289,755

29,671,042

1,158,773,454

Short-Term

Bond

Index

44,839,629

36,443,418

2,192,609

(151,029)

(749,033)

1,302,734

78,190,376

$5,904,380,296

$1,673,193,329

$755,541,937

$(108,910,377)

$52,152,223

$134,528,337

$6,757,423,430

Notes

to

Financial

Statements

(continued)

106

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2040

Fund

TIAA-CREF

Funds:

Bond

Index

$

1,278,522,913

$

427,564,386

$

340,233,639

$

(70,953,961)

$

2,635,189

$

32,980,947

$

1,296,962,363

Emerging

Markets

Equity

Index

537,419,834

175,890,303

73,428,385

(20,800,195)

(32,794,361)

14,569,958

586,287,196

Equity

Index

3,110,017,627

786,692,259

250,202,777

(12,444,611)

74,476,104

51,222,766

3,700,776,911

International

Equity

Index

1,161,821,811

320,596,546

152,773,836

(23,196,543)

58,924,364

34,915,777

1,365,372,342

$6,087,782,185

$1,710,743,494

$816,638,637

$(127,395,310)

$103,241,296

$133,689,448

$6,949,398,812

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2045

Fund

TIAA-CREF

Funds:

Bond

Index

$

603,073,159

$

245,361,285

$

135,646,856

$

(28,692,581)

$

(3,348,018)

$

16,747,918

$

680,449,841

Emerging

Markets

Equity

Index

450,041,862

147,419,123

49,935,507

(14,929,967)

(31,249,414)

12,089,288

501,346,097

Equity

Index

2,607,983,536

680,899,382

165,197,908

(11,749,074)

57,028,352

42,550,187

3,162,516,737

International

Equity

Index

974,663,106

281,474,760

114,708,326

(17,970,132)

43,383,292

28,968,634

1,166,842,700

$4,635,761,663

$1,355,154,550

$465,488,597

$(73,341,754)

$65,814,212

$100,356,027

$5,511,155,375

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2050

Fund

TIAA-CREF

Funds:

Bond

Index

$

352,982,102

$

148,816,019

$

46,644,058

$

(9,176,619)

$

(8,304,350)

$

10,548,439

$

437,478,752

Emerging

Markets

Equity

Index

388,582,935

128,230,356

43,929,586

(13,559,094)

(26,888,508)

10,354,989

432,436,103

Equity

Index

2,250,442,051

574,706,154

125,900,280

(10,156,441)

43,413,063

36,559,829

2,726,964,703

International

Equity

Index

841,012,196

238,885,094

93,186,837

(14,944,724)

34,736,877

24,869,097

1,006,502,606

$3,833,019,284

$1,090,637,623

$309,660,761

$(47,836,878)

$42,957,082

$82,332,354

$4,603,382,164

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2055

Fund

TIAA-CREF

Funds:

Bond

Index

$

160,272,647

$

84,864,454

$

21,479,714

$

(4,291,989)

$

(3,785,360)

$

5,045,680

$

215,487,985

Emerging

Markets

Equity

Index

207,301,415

84,878,500

21,476,735

(6,953,094)

(14,886,318)

5,745,602

248,863,768

Equity

Index

1,198,588,179

409,839,798

58,704,317

(4,654,955)

26,748,654

20,274,238

1,568,745,241

International

Equity

Index

447,241,795

170,387,003

51,263,245

(8,438,033)

21,166,073

13,771,624

579,093,593

$2,013,404,036

$749,969,755

$152,924,011

$(24,338,071)

$29,243,049

$44,837,144

$2,612,190,587

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2060

Fund

TIAA-CREF

Funds:

Bond

Index

$

61,674,053

$

43,985,042

$

8,079,601

$

(1,617,917)

$

(1,538,418)

$

2,123,503

$

94,384,779

Emerging

Markets

Equity

Index

95,896,156

55,543,446

10,828,934

(3,763,807)

(6,490,326)

2,865,171

130,356,535

Equity

Index

554,502,836

281,184,155

26,891,816

(2,818,619)

16,697,472

10,131,956

821,138,752

International

Equity

Index

206,788,145

113,916,204

25,499,638

(4,353,275)

12,341,892

6,866,565

303,193,328

$918,861,190

$494,628,847

$71,299,989

$(12,553,618)

$21,010,620

$21,987,195

$1,349,073,394

107

8.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Funds may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Funds to

lend

cash

to

and/or

borrow

cash

from

certain

other

affiliated

Funds for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Fund may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

a

Fund may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Fund’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the current

fiscal

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

9.

Line

of

Credit

The Funds

participate

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

shareholder

redemptions.

The

current

facility

was

entered

into

on

June

13,

2023

expiring

on

June

11,

2024,

replacing

the

previous facility,

which

expired

June

2023.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Funds are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

There

were

no

borrowings

under

this

credit

facility

by

the

Funds during

the

current fiscal

period.

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifecycle

Index

2065

Fund

TIAA-CREF

Funds:

Bond

Index

$

2,610,749

$

5,332,045

$

459,239

$

(80,913)

$

(70,800)

$

133,364

$

7,329,583

Emerging

Markets

Equity

Index

5,059,110

8,991,755

880,794

(266,118)

(368,206)

207,650

12,535,747

Equity

Index

29,225,942

50,316,690

3,018,179

(391,164)

2,531,160

738,528

78,552,541

International

Equity

Index

10,880,059

19,272,140

2,063,875

(329,557)

1,303,205

499,307

29,061,972

$47,775,860

$83,912,630

$6,422,087

$(1,067,752)

$3,395,359

$1,578,849

$127,479,843

108

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

allowable

amount,

as

being

from net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code: 

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

14.1

Lifecycle

Index

Retirement

Income

$

4,641,149

14.2

Lifecycle

Index

2010

5,015,648

14.3

Lifecycle

Index

2015

7,047,051

14.4

Lifecycle

Index

2020

19,737,387

14.5

Lifecycle

Index

2025

30,664,954

14.6

Lifecycle

Index

2030

35,793,716

14.7

Lifecycle

Index

2035

33,567,023

14.8

Lifecycle

Index

2040

33,488,140

14.9

Lifecycle

Index

2045

22,716,510

15.01

Lifecycle

Index

2050

13,031,432

15.1

Lifecycle

Index

2055

6,815,627

15.2

Lifecycle

Index

2060

2,903,980

15.3

Lifecycle

Index

2065

94,990

Fund

Percentage

14.1

Lifecycle

Index

Retirement

Income

14.1

%

14.2

Lifecycle

Index

2010

13.4

14.3

Lifecycle

Index

2015

15.1

14.4

Lifecycle

Index

2020

17.7

14.5

Lifecycle

Index

2025

21.5

14.6

Lifecycle

Index

2030

26.1

14.7

Lifecycle

Index

2035

31.6

14.8

Lifecycle

Index

2040

36.8

14.9

Lifecycle

Index

2045

40.7

15.01

Lifecycle

Index

2050

41.4

15.1

Lifecycle

Index

2055

42.9

15.2

Lifecycle

Index

2060

43.8

15.3

Lifecycle

Index

2065

43.5

Fund

Percentage

14.1

Lifecycle

Index

Retirement

Income

27.1

%

14.2

Lifecycle

Index

2010

25.8

14.3

Lifecycle

Index

2015

29.1

14.4

Lifecycle

Index

2020

34.0

14.5

Lifecycle

Index

2025

41.4

14.6

Lifecycle

Index

2030

50.4

14.7

Lifecycle

Index

2035

61.1

14.8

Lifecycle

Index

2040

71.1

14.9

Lifecycle

Index

2045

78.6

15.01

Lifecycle

Index

2050

79.9

15.1

Lifecycle

Index

2055

82.6

15.2

Lifecycle

Index

2060

84.3

15.3

Lifecycle

Index

2065

83.6

109

Foreign

Source

Income

and

Foreign

Tax

Credit

Pass

Through

Each

Fund

listed

below

has

made

an

election

under

Section

853

of

the

Internal

Revenue

Code

to

pass

through

foreign

taxes

paid: 

Fund

Foreign

Source

Income

Foreign

Source

Income

Per

Share

Qualifying

Foreign

Taxes

Paid

Qualifying

Foreign

Taxes

Paid

per

Share

14.1

Lifecycle

Index

Retirement

Income

$

2,164,041

$

0.05234

$

182,543

$

0.00442

14.2

Lifecycle

Index

2010

2,185,323

0.05412

183,030

0.00453

14.3

Lifecycle

Index

2015

4,072,593

0.06426

341,655

0.00539

14.4

Lifecycle

Index

2020

12,733,413

0.07459

1,069,959

0.00627

14.5

Lifecycle

Index

2025

25,255,686

0.09073

2,126,009

0.00764

14.6

Lifecycle

Index

2030

35,274,698

0.11007

2,983,470

0.00931

14.7

Lifecycle

Index

2035

40,052,957

0.13507

3,407,665

0.01149

14.8

Lifecycle

Index

2040

46,935,418

0.16295

4,010,196

0.01392

14.9

Lifecycle

Index

2045

38,942,579

0.17660

3,327,270

0.01509

15.01

Lifecycle

Index

2050

33,430,710

0.18376

2,853,517

0.01568

15.1

Lifecycle

Index

2055

18,578,460

0.14513

1,581,578

0.01235

15.2

Lifecycle

Index

2060

9,266,737

0.10840

788,628

0.00923

15.3

Lifecycle

Index

2065

669,248

0.05900

57,260

0.00505

Additional

Fund

Information

(Unaudited)

110

Portfolio

holdings

The

TIAA-CREF

Funds

file

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(SEC),

and

they

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

TIAA-CREF

Funds’

holdings

(Schedules

of

Investments)

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

websites

at

TIAA.org

or

nuveen.com;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

Lifecycle

Index

Funds’

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

Securities

and

Exchange

Commission

(SEC)

Form

N-CSR

and

Form

N-PORT

filings.

Form

N-CSR

filings

are

as

of

May

31

or

November

30;

Form

N-PORT

filings

are

as

of

the

last

day

of

February

or

August

31.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

Proxy

voting

A

description

of

our

proxy

voting

policies

and

procedures

for

the

underlying

TIAA-CREF

Funds

of

the

Lifecycle

Index

Funds

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-842-2252

to

request

a

free

copy.

A

report

of

how

the

Lifecycle

Index

Funds’

underlying

TIAA-CREF

Funds

voted

during

the

most

recently

completed

twelve-month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

under

Get

Help

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-842-2252.

Fund

management

The

Lifecycle

Index

Funds

are

managed

by

a

portfolio

management

team

of

Teachers

Advisors,

LLC.

The

members

of

this

team

are

responsible

for

the

day-to-day

investment

management

of

the

funds.

Trustees

and

Officers

(Unaudited)

May

31,

2023

111

Trustees

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

Forrest

Berkley

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Indefinite

term.

Trustee

since

2006.

Partner

(1990–2005)

and

Head

of

Global

Product

Management

(2003–2005),

GMO

(formerly,

Grantham,

Mayo,

Van

Otterloo

&

Co.)

(investment

management);

and

member

of

asset

allocation

portfolio

management

team,

GMO

(2003–2005).

88

Investment

Committee

Member,

Maine

Community

Foundation.

Joseph

A.

Boateng

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Trustee

Indefinite

term.

Trustee

since

2019.

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

88

Board

member,

Lumina

Foundation

and

Waterside

School;

Emeritus

Board

Member,

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member,

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member,

The

Seattle

Foundation.

Joseph

A.

Carrier

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1960

Trustee

Indefinite

term.

Trustee

since

2023.

Senior

Vice

President,

Enterprise

Risk

Management,

Franklin

Resources,

Inc.

(2020–2022).

Senior

Managing

Director,

Chief

Risk

Officer

and

Chief

Audit

Executive,

Legg

Mason,

Inc.

(2008–2020).

88

Director,

Franklin

Templeton

Irish

Funds;

Board

Member,

Cal

Ripken,

Sr.

Foundation;

Advisory

Board

Member,

Loyola

University

Maryland,

Sellinger

School

of

Business

and

Management.

Janice

C.

Eberly

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Indefinite

term.

Trustee

since

2018.

James

R.

and

Helen

D.

Russell

Professor

of

Finance

at

the

Kellogg

School

of

Management,

Northwestern

University

(2002–2011

and

since

2013),

Senior

Associate

Dean

for

Strategy

and

Academics

(since

2020)

and

Chair

of

the

Finance

Department

(2005–

2007).

Vice

President,

American

Economic

Association

(2020–2021).

Assistant

Secretary

for

Economic

Policy,

United

States

Department

of

the

Treasury

(2011–2013).

88

Member

of

the

Board

of

the

Office

of

Finance,

Federal

Home

Loan

Banks;

Director,

Avant,

LLC.

Nancy

A.

Eckl

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Indefinite

term.  

Trustee

since

2007.

Vice

President

(1990–2006),

American

Beacon

Advisors,

Inc.

and

of

certain

funds

advised

by

American

Beacon

Advisors,

Inc.

88

Independent

Director,

The

Lazard

Funds,

Inc.,

Lazard

Retirement

Series,

Inc.

and

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

Michael

A.

Forrester

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1967

Trustee

Indefinite

term.  

Trustee

since

2007.

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC.

88

Trustee,

Dexter

Southfield

School;

Member,

Governing

Council

of

the

Independent

Directors

Council.

Howell

E.

Jackson

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Indefinite

term.

Trustee

since

2005.

Special

Adviser,

White

House

Council

of

Economic

Advisers

(since

2023).

James

S.

Reid,

Jr.

Professor

of

Law

(since

2004),

Senior

Adviser

to

President

and

Provost

(2010–2012),

Acting

Dean

(2009),

Vice

Dean

for

Budget

(2003–2006)

and

on

the

faculty

(since

1989)

of

Harvard

Law

School.

88

Director,

Build

Commonwealth

(non-profit

organization).

Nicole

Thorne

Jenkins

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Trustee

Indefinite

term.

Trustee

since

2023.

John

A.

Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(2020–present).

Vice

Dean

(2016–2020),

Von

Allmen

Chaired

Professor

of

Accountancy

(2017–2020),

Associate

Professor

and

EY

Research

Fellow

(2012–2017),

Gatton

College

of

Business

and

Economics

at

the

University

of

Kentucky.

88

Trustee

and

Chair

of

the

Audit

&

Finance

Committee,

Strada

Education

Network.

Thomas

J.

Kenny

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Chairman

of

the

Board

and

Trustee

Indefinite

term.

Trustee

since

2011;

Chairman

for

term

ending

June

30,

2023.

Chairman

since

September

13,

2017.

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002-2010),

Goldman

Sachs

Asset

Management.

88

Director

and

Chair

of

the

Finance

and

Investment

Committee,

Aflac

Incorporated;

Director,

ParentSquare.

Trustees

and

Officers

(Unaudited)

(continued)

May

31,

2023

112

Officers

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

James

M.

Poterba

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1958

Trustee

Indefinite

term.

Trustee

since

2006.

President

and

Chief

Executive

Officer

(since

2008)

and

Program

Director

(1990–2008),

National

Bureau

of

Economic

Research.

Mitsui

Professor

of

Economics,

Massachusetts

Institute

of

Technology

(“MIT”)

(since

1996);

Affiliated

Faculty

Member

of

the

Finance

Group,

Alfred

P.

Sloan

School

of

Management

(since

2014);

Head

(2006–2008)

and

Associate

Head

(1994–2000

and

2001–2006),

Economics

Department

of

MIT.

88

Director,

National

Bureau

of

Economic

Research;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

Loren

M.

Starr

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1961

Trustee

Indefinite

term.

Trustee

since

2022.

Independent

Consultant/Advisor

(2021–Present).

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–

2020),

Invesco

Ltd.

88

None

currently.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Richard

S.

Biegen

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1962

Chief

Compliance

Officer

One-year

term.

Chief

Compliance

Officer

since

2008.

Senior

Managing

Director,

TIAA.

Chief

Compliance

Officer

of

the

College

Retirement

Equities

Fund

(“CREF”),

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

(collectively,

the

“TIAA-CREF

Fund

Complex”).

Claire

Borelli

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1960

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2023.

Senior

Executive

Vice

President,

Chief

People

Officer

of

TIAA

and

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Vice

President,

Chief

Diversity

&

Talent

Officer,

TIAA.

Prior

to

joining

TIAA,

Ms.

Borelli

served

as

Chief

Human

Resources

Officer

for

the

Consumer

Bank

and

Wealth

Management

sectors

of

JPMorgan

Chase

&

Co.

Derek

B.

Dorn

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1976

Senior

Managing

Director

and

Corporate

Secretary

One-year

term.

Senior

Managing

Director

and

Corporate

Secretary

since

2020.

Senior

Managing

Director

and

Corporate

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

and

the

TIAA-CREF

Fund

Complex.

Formerly,

Managing

Director,

Special

Assistant

to

the

CEO

and

Managing

Director,

Regulatory

Affairs,

TIAA.

Prior

to

joining

TIAA,

Mr.

Dorn

served

as

a

partner

at

Davis

&

Harman

LLP

and

an

adjunct

professor

of

Law

at

Georgetown

University

Law

Center.

John

L.

Douglas

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1950

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

One-year

term.

Executive

Vice

President

since

2021

and

Chief

Legal,

Risk

and

Compliance

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA.

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Senior

Advisor

to

the

CEO,

and

Senior

Executive

Vice

President,

Chief

Advocacy

&

Oversight

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Douglas

was

a

Partner

at

Davis

Polk

&

Wardwell

LLP.

W.

Dave

Dowrich

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1967

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President

and

Chief

Financial

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Prior

to

joining

TIAA,

Mr.

Dowrich

served

as

Chief

Financial

Officer,

International

Businesses

at

Prudential

Financial,

Inc.

Bradley

Finkle

TIAA

730

Third

Avenue

New

York,

NY   10017-3206

YOB:

1973

Principal

Executive

Officer

and

President

One-year

term.

Principal

Executive

Officer

and

President

since

2017.

Executive

Vice

President,

Head

of

Complementary

Businesses

and

Chief

Administrative

Officer

of

the

Chief

Operating

Office,

TIAA.

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Formerly,

Executive

Vice

President,

Chief

Operating

Officer,

Nuveen;

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1;

and

Senior

Managing

Director,

Co-Head

Nuveen

Equities

&

Fixed

Income

and

President

of

TIAA

Investments.

Jose

Minaya

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1971

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018.

Chief

Executive

Officer,

Nuveen.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Executive

Vice

President,

President

and

Chief

Investment

Officer,

Nuveen;

Executive

Vice

President,

Chief

Investment

Officer

and

President,

Nuveen

Global

Investments;

and

Senior

Managing

Director,

President,

Global

Investments,

TIAA.

113

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.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Colbert

Narcisse

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1965

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President,

Chief

Product

and

Business

Development

Officer

of

TIAA.

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Executive

Vice

President

of

TIAA-CREF

Funds

and

TIAA-

CREF

Life

Funds.

Formerly,

Executive

Vice

President

and

Head

of

Advisory

and

Corporate

Solutions,

TIAA.

Prior

to

joining

TIAA,

Mr.

Narcisse

served

as

Managing

Director

and

Head

of

International

Wealth

Management

and

Head

of

Traditional

and

Alternative

Investment

Products

at

Morgan

Stanley.

David

G.

Nason

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2020.

Senior

Executive

Vice

President,

Chief

Operating

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA,

Executive

Vice

President,

Chief

Risk

and

Compliance

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Nason

served

as

President

and

CEO

of

GE

Energy

Financial

Services.

E.

Scott

Wickerham

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1973

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

One-year

term.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

since

2017.

Senior

Managing

Director,

Head

of

Finance

for

Equities

and

Fixed

Income,

Nuveen.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Fund

Complex;

and

Vice

President

and

Controller

of

the

Nuveen

Funds.

Formerly,

Senior

Managing

Director,

Head,

Public

Investment

Finance,

Nuveen,

and

Managing

Director,

Head,

TC

Fund

Administration,

Nuveen.

114

Approval

of

Investment

Management

Agreement

(Unaudited)

Board

renewal

of

the

investment

management

agreement

for

the

TIAA-CREF

Lifecycle

Index

Funds

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

TIAA-CREF

Funds

(the

“Trust”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Trust,

on

behalf

of

each

series

of

the

Trust.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

to

each

series

of

the

Trust

and

overseeing

the

everyday

operations

and

other

service

providers

of

the

Trust.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement

with

respect

to

each

series

of

the

TIAA-CREF

Lifecycle

Index

Funds

(the

“Funds”).

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

each

Fund

will

remain

in

effect

only

if

the

Board,

including

a

majority

of

those

Trustees

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Trustees

because

they

are

not

“interested

persons”

of

the

Trust,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Trustees

is

an

interested

person

of

the

Trust

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Overview

of

the

renewal

process

The

Board

held

an

in-person

meeting

on

March

10,

2023,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

each

applicable

Fund

using

the

process

established

by

the

Board

described

further

below.

As

part

of

the

Board’s

established

process,

the

Board

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

Advisors,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

Advisors

and

the

Trust,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

each

Fund

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members,

on

behalf

of

the

Board,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

each

Fund,

including

data

relating

to

each

Fund’s

management

fee

rate,

total

expense

ratio,

short-term

and

long-term

investment

performance

and

portfolio

turnover

rate

(as

applicable).

Broadridge

compared

this

data,

as

relevant,

for

each

Fund

against

a

universe

of

investment

companies

(except

for

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

each

Fund

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

each

Fund’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

Advisors

or

the

Board).

The

Board

considered

the

propriety

of

each

Fund’s

applicable

peer

group

as

selected

by

Broadridge

and

use

of

the

Institutional

Class

shares

as

the

base

share

class

for

comparison

purposes.

Among

other

matters,

the

Board

also

considered

information

from

Advisors

to

facilitate

the

Trustees’

evaluation

of

the

reasonableness

of

any

profits

earned

by

Advisors

with

respect

to

its

services

to

each

Fund

pursuant

to

the

Agreement.

115

Legal

counsel

for

the

Trustees

also

requested

on

behalf

of

the

Board,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

each

Fund.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

each

Fund’s

investment

performance

and

a

narrative

analysis

of

the

performance

of

each

Fund

that

had

underperformed

certain

Board-specified

criteria,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Fund’s

performance

during

that

period;

(2)

a

description

of

any

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

each

Fund’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

certain

of

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Funds

in

addition

to

the

Funds’

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Funds

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Funds;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Funds

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

Securities

and

Exchange

Commission

(which

was

presented

only

to

legal

counsel

for

the

Trustees);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

On

March

2,

2023,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

Advisors’

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

10,

2023

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

each

Fund,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Fund;

(2)

the

Fund’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Fund

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Fund;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Fund

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Fund

for

the

benefit

of

its

investors,

such

as,

if

applicable,

through

management

fee

breakpoints;

(7)

comparisons,

if

applicable,

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Fund

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Fund.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

10,

2023

meeting

that

included

Advisors’

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

each

Fund.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

10,

2023

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Funds

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Funds.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

each

Fund,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

Trust-level

and

Fund-specific

information,

but

made

its

renewal

determinations

on

a

Fund-by-

Fund

basis.

In

deciding

whether

to

renew

the

Agreement

for

each

Fund,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

each

Fund.

At

its

meeting

on

March

10,

2023,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

each

Fund.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

each

Fund.

116

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

The

nature,

extent

and

quality

of

services

The

Board

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Funds

since

their

operations

commenced.

Investment

professionals

at

Advisors

also

manage

various

other

funds

and

accounts

of

the

Trust,

College

Retirement

Equities

Fund,

the

TIAA-CREF

Life

Funds

and

TIAA

Separate

Account

VA-1,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Funds

(which

are

funds

of

funds

that

may

invest

their

assets

in

the

securities

of

affiliated

and

unaffiliated

investment

companies

or

other

investment

pools,

referred

to

as

“Underlying

Funds”),

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

shares

of

Underlying

Funds

for

the

Funds’

investment

portfolios;

active

daily

monitoring

of

the

Funds’

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Funds

to

the

Board

on

a

regular

basis;

responding

to

Fund

flows;

compliance

monitoring;

coordinating

the

activities

of

each

Fund’s

service

providers;

and

overseeing

the

provision

of

various

administrative

services

to

the

Funds.

The

Board

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

Advisors

has

committed

significant

resources

to

supporting

the

series

of

the

Trust,

including

the

Funds.

It

also

considered

Advisors’

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Funds.

The

Board

also

considered,

among

other

factors,

the

performance

of

each

Fund,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Funds,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

Advisors

to

each

Fund

under

the

Agreement

was

reasonable.

Investment

performance

The

Board

considered

the

investment

performance

of

each

Fund,

over

the

periods

indicated

in

the

Fund-by-Fund

synopsis

below.

The

Board

considered

each

Fund’s

performance

as

compared

to

its

peer

group

and

peer

universe

(as

applicable)

and

its

benchmark

index.

For

details

regarding

each

Fund’s

performance,

see

the

Fund-by-Fund

synopsis

below.

The

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

each

Fund

was

reasonable.

Cost

and

profitability

The

Board

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Funds

for

the

calendar

year

2022.

The

Board

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

each

Fund

both

before

and

after

taking

into

account

the

costs

incurred

directly

or

indirectly

by

Advisors

in

connection

with

the

distribution

of

shares

of

the

Fund.

The

Board

considered

that

this

data

included

the

effect

of

the

Fund’s

unique

fee

structure

where

the

Funds

invest

in

fee-waived

Class

W

shares

of

the

TIAA-CREF

Underlying

Funds

and

the

Funds

pay

the

equivalent

of

these

Underlying

Funds’

management

fees

and

other

expenses

directly

as

part

of

the

Funds’

management

fee

rates

under

the

Agreement,

along

with

the

Funds’

existing

annual

management

fee

rate

of

0.10%

of

average

daily

net

assets.

The

Board

considered

that

the

Broadridge

fee

comparisons

would

be

affected

because

most

of

the

Funds’

peers

do

not

have

a

similar

fee

structure.

The

Board

acknowledged

the

reasonableness

of

having

management

fee

rates

which

permit

Advisors

to

maintain

and

improve

the

quality

of

services

provided

to

the

Funds

and

recognized

the

entrepreneurial

and

other

risks

assumed

by

Advisors

in

managing

the

Funds.

The

Board

also

considered

that

Advisors

had

agreed

to

waive

a

portion

of

each

Fund’s

fees

through

at

least

September

30,

2023.

The

Board

also

acknowledged

Advisors’

commitment

to

waive

fees

and/or

reimburse

Fund

expenses

to

the

extent

that

total

expenses,

including

expenses

attributable

to

the

Underlying

Funds,

exceed

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,

2022.

117

Fees

charged

by

other

advisers

The

Board

considered

comparative

information

regarding

each

Fund’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Fund-by-Fund

synopsis

below.

The

Board

acknowledged

Advisors’

assertion

that,

while

the

Funds’

expense

structure

makes

the

Funds’

contractual

and

effective

management

fee

rates

appear

higher

as

compared

to

its

peers

(most

of

whom

have

a

traditional

funds

of

funds

fee

structure),

the

Funds’

total

expenses

were

favorable

as

compared

to

most

of

their

peers.

In

this

regard,

the

Board

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

a

Fund

and

its

comparable

mutual

funds.

The

Board

considered

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Funds’

actual

management

fee

rates

compare

to

those

of

similar

mutual

funds.

Additionally,

the

Board

considered

the

potential

limitations

of

such

comparisons

due

to,

among

other

factors,

the

fact

that,

in

many

instances,

Broadridge

based

its

comparisons

on

financial

data

relating

to

fiscal

periods

that

differed

from

the

period

for

which

the

Fund’s

data

were

derived.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds.

Economies

of

scale

The

Board

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

each

Fund,

and

whether

any

such

economies

are

shared

with

the

Funds.

The

Board

also

considered

that

because

Advisors

operated

each

Fund

at

a

loss,

and

has

waived

a

portion

of

its

management

fees

for

each

of

the

Funds,

there

had

been

little

opportunity

to

pass

on

economies

of

scale

to

Fund

shareholders.

Based

on

all

factors

considered,

the

Board

concluded

that

the

Funds’

management

fee

rate

schedules

were

reasonable

in

light

of

current

economies

of

scale

considerations

and

current

asset

levels.

Fee

and

performance

comparisons

with

other

Advisors

clients

The

Board

considered

that

Advisors

provides

similar

investment

management

services

to

other

investment

companies.

The

Board

noted

that

Advisors

provides

funds

of

funds

management

services

to

the

TIAA-CREF

Lifestyle

Funds

and

the

TIAA-CREF

Life

Balanced

Fund,

with

annual

contractual

management

fee

rates

of

0.10%

of

average

daily

net

assets,

and

the

TIAA-CREF

Managed

Allocation

Fund,

for

which

Advisors

receives

no

management

fee.

The

Board

also

considered

that

Advisors

also

manages

the

TIAA-CREF

Lifecycle

Funds,

which

have

the

same

fee

structure

as

the

Funds.

The

Board

also

discussed

the

performance

of

these

other

funds

of

funds

while

discussing

the

performance

of

the

Funds.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

Advisors

to

its

comparable

clients.

Other

benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Funds

to

Advisors

or

its

affiliates

for

other

services,

such

as

distribution

and

administration,

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Funds

share

investment

resources

and/or

personnel

with

other

clients

of

Advisors

and

the

ability

to

incubate

strategies

within

one

or

more

Funds

that

could

be

subsequently

utilized

to

manage

other

non-Fund

products.

Advisors

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Funds

have

with

certain

service

providers.

Advisors

and/or

its

affiliates

also

may

benefit

to

the

extent

that

the

Funds

add

scale

to

the

TIAA-CREF

Underlying

Funds

or

other

affiliated

underlying

funds.

Also,

Advisors

and

its

affiliates

earn

fees

on

the

Funds’

investments

in

other

affiliated

products,

such

as

other

TIAA-CREF

Funds.

Additionally,

the

Funds

may

be

utilized

as

investment

options

for

other

products

and

businesses

of

Advisors

and

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Funds

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Board

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

118

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Fund-by-fund

synopsis

of

factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

each

Fund.

If

a

Fund

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

The

specific

management

fee,

expense

and

performance

factors

outlined

below

are

based

on

the

Institutional

Class

of

each

Fund.

Because

the

Institutional

Class

generally

has

lower

non-

management

expenses

than

the

other

classes

of

these

Funds,

the

expenses

and

performance

of

these

other

classes

will

differ

from

the

expenses

and

performance

shown

for

the

Institutional

Class.

All

time

periods

referenced

below

are

ended

December

31,

2022.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2022.

Statements

below

regarding

a

Fund’s

“effective

management

fee

rate”

refer

to

the

overall

effective

blended

fee

rate

that

applied

to

that

Fund

after

taking

into

account

any

applicable

fee

waivers

and/or

expense

reimbursements.

Statements

below

regarding

“net

loss”

refer

to

Advisors’

calculation

that

it

incurred

a

loss

for

the

services

that

it

rendered

to

a

Fund

during

2022

under

the

Agreement.

Lifecycle

Index

Retirement

Income

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.050%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.083%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

1

out

of

4

funds,

2

out

of

4

funds

and

1

out

of

4

funds

within

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”),

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

2nd

and

1st

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”),

respectively.

The

Fund

ranked

3

out

of

4

funds,

1

out

of

4

funds,

1

out

of

4

funds

and

1

out

of

3

funds

within

the

group

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Group”)

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Fund

was

in

the

3rd,

1st,

1st

and

1st

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

(“Performance

Universe”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2010

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.060%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.083%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

each

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

3rd,

1st

and

3rd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

2

out

of

3

funds,

1

out

of

3

funds,

1

out

of

3

funds

and

1

out

of

2

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

4th,

2nd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

119

Lifecycle

Index

2015

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.070%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.080%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

each

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

2nd,

1st

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

2

out

of

3

funds,

1

out

of

3

funds,

1

out

of

3

funds

and

1

out

of

2

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

3rd,

2nd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2020

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.080%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.075%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

2

out

of

4

funds,

3

out

of

4

funds

and

2

out

of

4

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

3rd

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

3

out

of

4

funds,

1

out

of

4

funds,

1

out

of

4

funds

and

1

out

of

2

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

3rd,

2nd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2025

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.080%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.071%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

3

out

of

5

funds

and

2

out

of

5

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

3rd

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

2

out

of

5

funds,

1

out

of

5

funds,

1

out

of

5

funds

and

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

3rd,

2nd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

120

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2030

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.080%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.066%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

3

out

of

5

funds

and

2

out

of

5

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

3rd

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

1

out

of

5

funds,

1

out

of

5

funds,

1

out

of

5

funds

and

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

3rd,

2nd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2035

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.080%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.060%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

4

out

of

5

funds

and

2

out

of

5

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

1

out

of

5

funds,

1

out

of

5

funds,

1

out

of

5

funds

and

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2040

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.080%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.057%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

4

out

of

5

funds

and

2

out

of

5

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

121

The

Fund

ranked

1

out

of

5

funds,

1

out

of

5

funds,

1

out

of

5

funds

and

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2045

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.080%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.057%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

4

out

of

5

funds

and

2

out

of

5

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

1

out

of

5

funds,

1

out

of

5

funds,

1

out

of

5

funds

and

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

1st,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2050

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.080%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.056%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

4

out

of

5

funds

and

2

out

of

5

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

1

out

of

5

funds,

1

out

of

5

funds,

1

out

of

5

funds

and

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

1st,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2055

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.080%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.056%

provided

by

Advisors

extending

through

September

30,

2023.

122

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

4

out

of

5

funds

and

2

out

of

5

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

(including

the

waiver)

were

in

the

1st,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

1

out

of

5

funds,

1

out

of

5

funds,

1

out

of

5

funds

and

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

1st,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-

five-,

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2060

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.060%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.056%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

3

out

of

5

funds

and

2

out

of

5

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

1st,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

1

out

of

5

funds

within

its

Performance

Group

for

each

of

the

one-,

three-

and

five-year

periods.

The

Fund

was

in

the

2nd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifecycle

Index

2065

Fund

As

discussed

above,

instead

of

incurring

the

TIAA-CREF

Underlying

Fund

expenses

indirectly,

the

Fund

invests

in

the

fee-waived

Class

W

of

the

TIAA-CREF

Underlying

Funds

and

pays

such

expenses

directly.

These

expenses

may

fluctuate

daily

based

upon

the

Fund’s

actual

allocations

to

the

Underlying

Funds.

The

Fund

also

incurs

an

annual

asset

allocation

fee

of

0.10%

of

average

daily

net

assets

as

part

of

its

management

fee

rate.

As

of

December

31,

2022

the

Fund’s

effective

management

fee

rate

was

0.000%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.057%

provided

by

Advisors

extending

through

September

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

1

out

of

5

funds

and

2

out

of

5

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

(including

the

waiver)

and

contractual

management

fee

rate

were

in

the

2nd,

1st

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

ranked

1

out

of

5

funds

and

1

out

of

4

funds

within

its

Performance

Group

for

the

one-year

and

since

inception

periods,

respectively.

The

Fund

was

in

the

2nd

quintile

of

its

Performance

Universe

for

each

of

the

one-year

and

since

inception

periods.

The

Fund

is

too

new

to

have

received

an

Overall

Morningstar

Rating.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

each

Fund.

123

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

series

of

the

Trust

covered

by

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

the

Funds’

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Fund

liquidity

risk,

as

discussed

further

below.

The

Funds’

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

14,

2023

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Funds’

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

the

Funds’

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

a

Fund’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

illiquid

investments.

Additional

Information

About

Index

Providers

(Unaudited)

124

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

Indexes

Source:

MSCI.

The

MSCI

information

may

only

be

used

for

your

internal

use,

may

not

be

reproduced

or

redisseminated

in

any

form

and

may

not

be

used

as

a

basis

for

or

a

component

of

any

financial

instruments

or

products

or

indices.

None

of

the

MSCI

information

is

intended

to

constitute

investment

advice

or

a

recommendation

to

make

(or

refrain

from

making)

any

kind

of

investment

decision

and

may

not

be

relied

on

as

such.

Historical

data

and

analysis

should

not

be

taken

as

an

indication

or

guarantee

of

any

future

performance

analysis,

forecast

or

prediction.

The

MSCI

information

is

provided

on

an

“as

is”

basis

and

the

user

of

this

information

assumes

the

entire

risk

of

any

use

made

of

this

information.

MSCI,

each

of

its

affiliates

and

each

other

person

involved

in

or

related

to

compiling,

computing

or

creating

any

MSCI

information

(collectively,

the

“MSCI

Parties”)

expressly

disclaims

all

warranties

(including,

without

limitation,

any

warranties

of

originality,

accuracy,

completeness,

timeliness,

non-infringement,

merchantability

and

fitness

for

a

particular

purpose)

with

respect

to

this

information.

Without

limiting

any

of

the

foregoing,

in

no

event

shall

any

MSCI

Party

have

any

liability

for

any

direct,

indirect,

special,

incidental,

punitive,

consequential

(including,

without

limitation,

lost

profits)

or

any

other

damages.

(www.msci.com)

Bloomberg

Indexes

Source:

Bloomberg

Index

Services

Limited.

BLOOMBERG®is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively

“Bloomberg”). Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

neither approves

nor

endorses

this

material,

nor

guarantees

the

accuracy

or

completeness

of

any

information

herein,

nor

makes

any

warranty,

express

or

implied,

as

to

the

results

to

be

obtained

therefrom

and,

to

the

maximum

extent

allowed

by

law,

neither

shall

have

any

liability

or

responsibility

for

injury

or

damages

arising

in

connection

therewith.

Standard

&

Poor's

Index

The

Indexes

in

the

S&P

Target

Date

Index

Series

are

products of

S&P

Dow

Jones

Indices

LLC,

a

division

of

S&P

Global,

or

its

affiliates

(“SPDJI”),

and have

been

licensed

for

use

by

the

funds.

Standard

&

Poor’s®

and

S&P®

are

registered

trademarks

of

Standard

&

Poor’s

Financial

Services

LLC,

a

division

of

S&P

Global

(“S&P”);

Dow

Jones®

is

a

registered

trademark

of

Dow

Jones

Trademark

Holdings

LLC

(“Dow

Jones”).

It

is

not

possible

to

invest

directly

in

an

index.

The

funds

are not

sponsored,

endorsed,

sold

or

promoted

by

SPDJI,

Dow

Jones,

S&P,

any

of

their

respective

affiliates

(collectively,

“S&P

Dow

Jones

Indices”).

S&P

Dow

Jones

Indices

does

not

make

any

representation

or

warranty,

express

or

implied,

to

the

owners

of

the funds

or

any

member

of

the

public

regarding

the

advisability

of

investing

in

securities

generally

or

in

the funds

particularly

or

the

ability

of

the

S&P

Target

Date

Index

Series to

track

general

market

performance.

Past

performance

of

an

index

is

not

an

indication

or

guarantee

of

future

results.

S&P

Dow

Jones

Indices’

only

relationship

to

the

funds

with

respect

to

the

S&P

Target

Date

Index

Series is

the

licensing

of

the Indexes

and

certain

trademarks,

service

marks

and/or

trade

names

of

S&P

Dow

Jones

Indices

and/or

its

licensors.

The Indexes

in

the

S&P

Target

Date

Index

Series

are

determined,

composed

and

calculated

by

S&P

Dow

Jones

Indices

without

regard

to

the

funds.

S&P

Dow

Jones

Indices

has

no

obligation

to

take

the

needs

of

the funds

or

the

owners

of

the funds

into

consideration

in

determining,

composing

or

calculating

the

S&P

Target

Date

Index

Series.

S&P

Dow

Jones

Indices

is

not

responsible

for

and

has

not

participated

in

the

determination

of

the

prices,

and

amount

of

the funds

or

the

timing

of

the

issuance

or

sale

of

fund

shares

or

in

the

determination

or

calculation

of

the

equation

by

which fund

shares

are

to

be

converted

into

cash,

surrendered

or

redeemed,

as

the

case

may

be.

S&P

Dow

Jones

Indices

has

no

obligation

or

liability

in

connection

with

the

administration,

marketing

or

trading

of

the

funds.

There

is

no

assurance

that

investment

products

based

on

the

S&P Target

Date

Index

Series

will

accurately

track

index

performance

or

provide

positive

investment

returns.

S&P

Dow

Jones

Indices

LLC

is

not

an

investment

or

tax

advisor.

A

tax

advisor

should

be

consulted

to

evaluate

the

impact

of

any

tax-exempt

securities

on

portfolios

and

the

tax

consequences

of

making

any

particular

investment

decision.

Inclusion

of

a

security

within

an

index

is

not

a

recommendation

by

S&P

Dow

Jones

Indices

to

buy,

sell,

or

hold

such

security,

nor

is

it

considered

to

be

investment

advice.

125

S&P

DOW

JONES

INDICES

DOES

NOT

GUARANTEE

THE

ADEQUACY,

ACCURACY,

TIMELINESS

AND/OR

THE

COMPLETENESS

OF

THE

S&P TARGET

DATE

INDEX

SERIES

OR

ANY

DATA

RELATED

THERETO

OR

ANY

COMMUNICATION,

INCLUDING

BUT

NOT

LIMITED

TO,

ORAL

OR

WRITTEN

COMMUNICATION

(INCLUDING

ELECTRONIC

COMMUNICATIONS)

WITH

RESPECT

THERETO.

S&P

DOW

JONES

INDICES

SHALL

NOT

BE

SUBJECT

TO

ANY

DAMAGES

OR

LIABILITY

FOR

ANY

ERRORS,

OMISSIONS,

OR

DELAYS

THEREIN.

S&P

DOW

JONES

INDICES

MAKES

NO

EXPRESS

OR

IMPLIED

WARRANTIES,

AND

EXPRESSLY

DISCLAIMS

ALL

WARRANTIES,

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE

OR

AS

TO

RESULTS

TO

BE

OBTAINED

BY

THE

FUND,

OWNERS

OF

THE

FUND,

OR

ANY

OTHER

PERSON

OR

ENTITY

FROM

THE

USE

OF

THE

S&P

500

INDEX

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.

How

to

Reach

Us

©2023

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

Websites

TIAA.org

nuveen.com

Automated

telephone

service

800-842-2252

24

hours

a

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For

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or

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800-842-2755

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a.m.

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(ET),

Monday–Friday

You

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

fund

before

investing.

For

a

prospectus

that

contains

this

and

other

information,

please

visit

TIAA.org,

or

call

800-842-2252

for

the

Institutional,

Advisor,

Premier,

and

Retirement

classes

or

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for

the

Retail

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Please

read

the

prospectus

carefully

before

investing.

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products

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Deposit

Insurance

Corporation

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guaranteed,

are

not

bank

deposits,

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federal

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or

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and

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and

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services

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Individual

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advice

under

ERISA,

a

securities

recommendation

under

all

securities

laws,

or

an

insurance

product

recommendation

under

state

insurance

laws

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This

material

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take

into

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any

specific

objectives

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circumstances

of

any

particular

investor,

or

suggest

any

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course

of

action.

Investment

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should

be

made

based

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an

investor’s

own

objectives

and

circumstances.

2923422

We’re

fond

of

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Switch

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A12027

(7/23)

Lifestyle

Funds

TIAA-CREF

Annual

Report

TIAA-CREF

Funds

May

31,

2023

Fund

Name

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

16.1

TIAA-CREF

Lifestyle

Income

Fund

TSITX

TSIHX

TSIPX

TLSRX

TSILX

16.2

TIAA-CREF

Lifestyle

Conservative

Fund

TCSIX

TLSHX

TLSPX

TSCTX

TSCLX

16.3

TIAA-CREF

Lifestyle

Moderate

Fund

TSIMX

TSMHX

TSMPX

TSMTX

TSMLX

16.4

TIAA-CREF

Lifestyle

Growth

Fund

TSGGX

TSGHX

TSGPX

TSGRX

TSGLX

16.5

TIAA-CREF

Lifestyle

Aggressive

Growth

Fund

TSAIX

TSAHX

TSAPX

TSARX

TSALX

Table

of

Contents

Letter

to

Investors

3

Important

Notices

5

About

the

Funds’

Benchmarks

6

Investment

Results

of

the

Lifestyle

Funds

7

Fund

Performance

8

Expense

Examples

18

Report

of

Independent

Registered

Public

Accounting

Firm

21

Portfolio

of

Investments

22

Statement

of

Assets

and

Liabilities

28

Statement

of

Operations

30

Statement

of

Changes

in

Net

Assets

32

Financial

Highlights

34

Notes

to

Financial

Statements

44

Important

Tax

Information

54

Additional

Fund

Information

55

Trustees

and

Officers

56

Approval

of

Investment

Management

Agreement

59

Liquidity

Risk

Management

Program

65

Additional

Information

About

Index

Providers

66

How

to

Reach

Us

Inside

Back

Cover

3

Letter

to

Investors

Brad

Finkle

Global

financial

markets

posted

mixed

results

for

the

twelve

months

ended

May

31,

2023.

The

Federal

Reserve

responded

to

continued

inflationary

pressure

by

raising

short-term

interest

rates

on

multiple

occasions

during

the

period.

U.S.

equities

advanced

as

the

economy

expanded

over

the

last

three

quarters

on

the

strength

of

consumer

and

business

spending.

However,

the

pace

of

growth

slowed

in

both

the

fourth

quarter

of

2022

and

the

first

quarter

of

2023.

Foreign

stocks

registered

gains

and

losses,

with

international

developed

markets

rising

and

emerging

markets

falling.

U.S.

fixed-income

securities

declined

as

U.S.

Treasury

yields

rose

across

all

maturities

(bond

prices

move

in

the

opposite

direction

of

yields).

These

market

conditions

were

reflected

in

the

performance

of

the

TIAA-

CREF

Lifestyle

Funds

by

way

of

their

investments

in

various

asset

classes

through

underlying

funds.

All

five

TIAA-CREF

Lifestyle

Funds

advanced

for

the

period

and

outperformed

their

respective

composite

benchmarks.

(All

fund

returns

are

for

the

Institutional

Class.)

Returns

for

the

Institutional

Class

ranged

from

0.3%

for

the

Lifestyle

Conservative

Fund

to

1.5%

for

the

Lifestyle

Aggressive

Growth

Fund.

Stocks

and

bonds

posted

mixed

results

U.S.

equities

advanced

modestly

for

the

twelve

months

despite

pressure

from

inflation

and

rising

interest

rates,

while

oil

prices

fell

sharply

by

the

end

of

the

period.

The

unemployment

rate

rose

slightly

during

the

period,

climbing

to

3.7%

in

May

2023.

The

broad

domestic

stock

market,

as

represented

by

the

Russell

3000®

Index,

returned

2.0%.

The

Fed

raised

the

federal

funds

target

rate

to

5.00%–5.25%

in

May

2023

but

indicated

that

a

pause

in

future

increases

was

possible.

International

stocks

trailed

their

U.S.

counterparts.

The

MSCI

ACWI

ex

USA

Investable

Market

Index

(IMI),

which

measures

the

performance

of

large-,

mid-

and

small-cap

securities

in

22

of

23

developed-markets

countries

(excluding

the

United

States)

and

24

emerging-markets

countries,

returned

−1.9%

in

U.S.-dollar

terms.

The

economy

of

the

19-nation

euro

area

continued

to

expand,

but

the

rate

of

growth

slowed.

Inflation

remained

a

pressing

concern

in

Europe.

In

response,

the

European

Central

Bank

raised

its

suite

of

benchmark

interest

rates

multiple

times

during

the

twelve

months.

Among

developing

markets,

China’s

economic

growth

accelerated

as

the

country’s

severe

COVID-19

restrictions

were

relaxed.

U.S.

investment-grade

bonds

lost

ground

as

U.S.

Treasury

yields

rose

across

all

maturities.

The

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−2.1%

for

the

period.

Staying

focused

on

long-term

goals,

despite

short-term

challenges

Today’s

financial

landscape

has

certainly

given

investors

a

lot

to

think

about.

Inflation

and

higher

interest

rates

continue

to

be

areas

of

concern,

while

market

volatility

remains

unpredictable.

However,

it’s

important

to

remain

patient

and

stay

focused

on

your

long-term

goals

when

challenges

such

as

these

arise.

While

it’s

only

natural

to

be

curious

about

the

future,

we

all

know

that

no

one

can

predict

the

markets’

direction.

Moreover,

paying

too

much

attention

to

short-

term

events

can

shift

your

focus

away

from

your

long-term

objectives.

As

such,

we

believe

that

maintaining

a

diversified

investment

portfolio,

consisting

of

multiple

asset

classes,

is

a

wise

course

of

action

for

all

market

conditions.

The

TIAA-CREF

Lifestyle

Funds

use

dynamic

diversification

strategies

designed

to

help

mitigate

the

effects

of

market

volatility

and

keep

you

on

track

to

achieve

your

financial

goals.

Of

course,

diversification

does

not

guarantee

against

market

losses,

and

past

performance

cannot

guarantee

future

results.

Letter

to

Investors

(continued)

4

We

thank

you

for

trusting

us

to

manage

your

investments

through

the

TIAA-CREF

Lifestyle

Funds.

If

you

have

any

questions

or

concerns,

please

consult

your

financial

advisor

or

call

a

TIAA

financial

consultant

at

800-842-2252.

You

can

also

reach

us

online

by

visiting

TIAA.org.

We

always

stand

ready

to

assist

you.

Brad

Finkle

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

Important

Notices

5

For

Shareholders

of

TIAA-CREF

Lifestyle

Income

Fund

TIAA-CREF

Lifestyle

Conservative

Fund

TIAA-CREF

Lifestyle

Moderate

Fund

TIAA-CREF

Lifestyle

Growth

Fund

TIAA-CREF

Lifestyle

Aggressive

Growth

Fund

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

prepared

for

the

Funds

included

within

this

shareholder

report

will

be

for

the

reporting

period

ended

May

31,

2024.

About

the

Funds’

Benchmarks

6

Composite

benchmarks

Each

Lifestyle

Fund

uses

a

composite

benchmark

that

represents

the

general

market

sectors

in

which

that

fund

invests.

These

may

include

U.S.

equity

(stocks),

international

equity

(foreign

stocks),

fixed

income

and

short-term

fixed

income.

A

fund’s

composite

benchmark

may

combine

the

following

public

indexes

in

proportions

that

reflect

the

fund’s

target

market

sector

allocations:

Russell

3000®

Index

(U.S.

equity):

An

index

designed

to

measure

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.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

ACWI

ex

USA

Investable

Market

Index

(IMI)

(international

equity):

An

index

designed

to

measure

the

performance

of

large-,

mid-

and

small-cap

securities

across

22

of

23

developed-markets

countries

(excluding

the

United

States)

and

24

emerging-markets

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index

(fixed

income):

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index

(short-term

fixed

income):

An

index

designed

to

measure

the

performance

of

U.S.

Treasury

and

agency

securities

and

corporate

bonds

with

1-

to

3-year

maturities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Broad

market

indexes

The

returns

shown

against

the

broad-based

securities

market

index

compare

a

fund’s

average

annual

returns

with

a

broad

measure

of

market

performance.

The

Morningstar

Target

Risk

Index

Series

is

an

asset

allocation

index

series

comprised

of

constituent

Morningstar

indexes

and

reflects

global

equity

market

exposures

of

20%,

40%,

60%,

80%

or

95%

based

on

an

asset

allocation

methodology

from

Ibbotson

Associates,

a

Morningstar

company.

The

returns

of

the

Morningstar

Target

Risk

Index

Series

reflect

multi-asset

class

exposure

and

similar

risk

profiles

as

the

Funds.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

funds’

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

7

Investment

Results

of

the

Lifestyle

Funds

Performance

for

the

twelve

months

ended

May

31,

2023

All

five

of

the

Lifestyle

Funds

posted

gains

and

outperformed

their

respective

composite

benchmarks.

Institutional

Class

returns

ranged

from

0.31%

for

the

Lifestyle

Conservative

Fund

to

1.46%

for

the

Lifestyle

Aggressive

Growth

Fund.

The

performance

tables

show

returns

for

all

share

classes

of

the

funds.

Financial

markets

posted

mixed

results

amid

persistent

inflation

The

U.S.

economy

expanded

during

the

period,

however,

the

pace

of

growth

slowed

at

the

end

of

2022

and

beginning

of

2023.

Real

Gross

Domestic

Product

(GDP),

which

measures

the

value

of

all

goods

and

services

produced

in

the

United

States,

grew

by

an

annualized

rate

of

3.2%

and

2.6%

in

the

third

and

fourth

quarters

of

2022,

respectively.

GDP

expanded

by

1.3%

in

the

first

quarter

of

2023,

according

to

the

government’s

“second”

estimate.

A

strong

labor

market

and

solid

consumer

spending

gave

the

economy

a

boost,

but

inflation

concerns,

and

rising

interest

rates

posed

challenges.

The

unemployment

rate

increased

slightly,

rising

from

3.6%

in

June

2022

to

3.7%

in

May

2023.

Core

inflation,

which

measures

all

items

except

food

and

energy,

rose

5.3%

over

the

twelve

months

ended

May

31,

2023.

Crude

oil

prices

declined

sharply,

falling

from

more

than

$115

per

barrel

at

the

beginning

of

the

period

to

$68

on

May

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

levels

by

raising

the

federal

funds

target

rate

eight

times

during

the

period.

Policymakers

increased

the

key

short-term

interest-rate

measure

to

5.00−5.25%

in

May

2023,

its

highest

level

since

2007.

Domestic

stocks

advanced

while

international

equities

lost

ground

for

the

period.

The

Russell

3000®

Index,

a

broad

measure

of

the

U.S.

stock

market,

rose

2.03%.

The

MSCI

ACWI

ex

USA

Investable

Market

Index

(IMI),

which

measures

the

performance

of

large-,

mid-

and

small-cap

securities

in

22

of

23

developed-markets

countries

(excluding

the

United

States)

and

24

emerging-markets

countries,

returned

−1.86%

in

U.S.-dollar

terms.

U.S.

investment-grade

bonds

were

hurt

by

the

impact

of

rising

yields

across

all

maturities

(bond

prices

move

in

the

opposite

direction

of

yields).

The

broad

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−2.14%.

Short-term

bonds,

as

measured

by

the

Bloomberg

U.S.

1–3

Year

Government/Credit

Index,

edged

higher

at

0.22%.

U.S.

equity

funds

posted

the

largest

gains

The

Lifestyle

Funds

may

invest

in

up

to

four

sectors

of

the

investment

markets:

U.S.

equity

(stocks),

international

equity

(foreign

stocks),

fixed

income

and

short-term

fixed

income.

The

Lifestyle

Funds

do

this

by

investing

in

various

underlying

funds

that,

in

turn,

buy

stocks,

bonds

and

other

securities

in

these

market

sectors.

(Other

than

the

Nuveen

Growth

Opportunities

ETF,

the

Nuveen

Dividend

Value

Fund

and

the

Nuveen

Dividend

Growth

Fund,

all

funds

mentioned

below

are

TIAA-CREF

Funds.)

For

the

twelve

months,

U.S.

equity

funds

recorded

the

largest

gains

and

contributed

most

to

the

funds’

absolute

returns—that

is,

without

regard

to

performance

relative

to

their

respective

composite

benchmarks.

Within

the

U.S.

equity

category,

the

Large-Cap

Growth

Fund,

the

Nuveen

Growth

Opportunities

ETF

and

the

Growth

&

Income

Fund

gained

most,

while

the

Quant

Small/Mid-Cap

Equity

Fund

and

the

Nuveen

Dividend

Value

Fund

posted

the

largest

losses.

Among

foreign

stock

funds,

nearly

all

registered

negative

returns,

with

the

Emerging

Markets

Equity

Fund

declining

the

most.

Within

fixed

income,

the

Short-Term

Bond

Fund

advanced,

while

the

Core

Bond

Fund

and

the

Core

Plus

Bond

Fund

posted

losses.

U.S.

stock

funds

contributed

most

to

relative

performance

For

the

twelve

months,

all

of

the

Lifestyle

Funds

outperformed

their

respective

composite

benchmarks,

primarily

due

to

the

relative

strength

of

underlying

funds

investing

in

U.S.

equities.

Within

U.S.

equities,

the

Large-Cap

Value

Fund,

the

Growth

&

Income

Fund

and

the

Large-Cap

Growth

Fund

contributed

most

to

the

relative

performance

of

all

Lifestyle

Funds.

The

Quant

Small-Cap

Equity

Fund

also

benefited

the

funds’

relative

returns.

In

contrast,

the

Nuveen

Dividend

Growth

Fund

was

the

largest

detractor

from

relative

performance

across

all

Lifestyle

Funds.

In

the

foreign

stock

category,

all

funds

detracted

from

the

Lifestyle

Funds’

relative

performance

with

the

International

Equity

Fund

and

the

International

Opportunities

Fund

detracting

most.

In

the

fixed-income

sector,

the

Short-Term

Bond

Fund

and

the

Core

Bond

Fund

benefited

the

performance

of

the

Lifestyle

Income

Fund

and

the

Lifestyle

Conservative

Fund.

The

Core

Plus

Bond

Fund

contributed

to

the

relative

performance

of

all

Lifestyle

Funds

except

the

Lifestyle

Aggressive

Growth

Fund,

which

has

a

target

allocation

of

100%

equities.

(Performance

of

the

Lifestyle

Funds’

underlying

TIAA-CREF

Funds

can

be

found

at

TIAA.org/performance.)

Lifestyle

Income

Fund

8

Performance

as

of

May

31,

2023

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. 

$2,000,000

over

10

years

Institutional

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifestyle

Income

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

12/9/11

0.34%

2.47%

3.09%

0.63%

0.43%

Advisor

Class

12/4/15

0.30

2.43

3.07

†

0.71

0.51

Premier

Class

12/9/11

0.18

2.32

2.93

0.79

0.58

Retirement

Class

12/9/11

0.08

2.22

2.83

0.88

0.68

Retail

Class

12/9/11

0.05

2.19

2.80

0.91

0.71

Lifestyle

Income

Fund

Composite

Index

‡

–

-0.36

2.56

2.91

–

–

Broad

market

index

Morningstar

Conservative

Target

Risk

Index

–

-2.13

2.05

2.53

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifestyle

Income

Fund

Composite

Index

consisted

of:

40.0%

Bloomberg

U.S.

Aggregate

Bond

Index;

40.0%

Bloomberg

U.S.

1–3

Year

Government/Credit

Bond

Index;

13.0%

Russell

3000®

Index;

and

7.0%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

9

Lifestyle

Income

Fund

continued

continued

Asset

allocation

Target

allocation

%

of

net

assets

as

of

5/31/2023

Equity

U.S.

equity

13.01

International

equity

6.90

Fixed

income

Fixed

income

40.01

Short-term

fixed

income

40.00

Short-term

investments

0.08

Other

assets

&

liabilities,

net

(0.00)

Total

100.00

Lifestyle

Conservative

Fund

10

Performance

as

of

May

31,

2023

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. 

$2,000,000

over

10

years

Institutional

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifestyle

Conservative

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

12/9/11

0.31%

3.48%

4.58%

0.55%

0.49%

Advisor

Class

12/4/15

0.29

3.38

4.52

†

0.65

0.59

Premier

Class

12/9/11

0.23

3.34

4.42

0.71

0.64

Retirement

Class

12/9/11

0.13

3.24

4.33

0.80

0.74

Retail

Class

12/9/11

0.11

3.20

4.29

0.82

0.76

Lifestyle

Conservative

Fund

Composite

Index

‡

–

-0.18

3.94

4.60

–

–

Broad

market

index

Morningstar

Moderately

Conservative

Target

Risk

Index

–

-1.34

3.55

4.25

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifestyle

Conservative

Fund

Composite

Index

consisted

of:

40.0%

Bloomberg

U.S.

Aggregate

Bond

Index;

26.0%

Russell

3000®

Index;

20.0%

Bloomberg

U.S.

1-3

Year

Government/Credit

Bond

Index;

and

14.0%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

11

Lifestyle

Conservative

Fund

continued

continued

Asset

allocation

Target

allocation

%

of

net

assets

as

of

5/31/2023

Equity

U.S.

equity

26.04

International

equity

13.76

Fixed

income

Fixed

income

40.01

Short-term

fixed

income

20.00

Short-term

investments

0.09

Other

assets

&

liabilities,

net

0.10

Total

100.00

Lifestyle

Moderate

Fund

12

Performance

as

of

May

31,

2023

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. 

$2,000,000

over

10

years

Institutional

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifestyle

Moderate

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

12/9/11

0.38%

4.44%

6.03%

0.59%

0.55%

Advisor

Class

12/4/15

0.30

4.35

5.97

†

0.67

0.63

Premier

Class

12/9/11

0.20

4.28

5.88

0.75

0.70

Retirement

Class

12/9/11

0.12

4.18

5.77

0.84

0.80

Retail

Class

12/9/11

0.09

4.14

5.74

0.86

0.82

Lifestyle

Moderate

Fund

Composite

Index

‡

–

-0.13

5.20

6.23

–

–

Broad

market

index

Morningstar

Moderate

Target

Risk

Index

–

-1.54

4.47

5.52

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifestyle

Moderate

Fund

Composite

Index

consisted

of:

40.0%

Bloomberg

U.S.

Aggregate

Bond

Index;

39.0%

Russell

3000®

Index;

and

21.0%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

13

Lifestyle

Moderate

Fund

continued

continued

Asset

allocation

Target

allocation

%

of

net

assets

as

of

5/31/2023

Equity

U.S.

equity

39.19

International

equity

20.68

Fixed

income

40.10

Short-term

investments

0.07

Other

assets

&

liabilities,

net

(0.04)

Total

100.00

Lifestyle

Growth

Fund

14

Performance

as

of

May

31,

2023

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. 

$2,000,000

over

10

years

Institutional

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifestyle

Growth

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

12/9/11

1.01%

5.34%

7.29%

0.66%

0.60%

Advisor

Class

12/4/15

0.85

5.23

7.23

†

0.75

0.69

Premier

Class

12/9/11

0.78

5.19

7.12

0.82

0.75

Retirement

Class

12/9/11

0.73

5.07

7.01

0.91

0.85

Retail

Class

12/9/11

0.71

5.04

6.97

0.94

0.88

Lifestyle

Growth

Fund

Composite

Index

‡

–

0.38

6.46

7.72

–

–

Broad

market

index

Morningstar

Moderately

Aggressive

Target

Risk

Index

–

-1.26

5.38

6.79

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifestyle

Growth

Fund

Composite

Index

consisted

of:

52.0%

Russell

3000®

Index;

28.0%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index;

and

20.0%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

15

Lifestyle

Growth

Fund

continued

continued

Asset

allocation

Target

allocation

%

of

net

assets

as

of

5/31/2023

Equity

U.S.

equity

52.33

International

equity

27.58

Fixed

income

20.07

Short-term

investments

0.03

Other

assets

&

liabilities,

net

(0.01)

Total

100.00

Lifestyle

Aggressive

Growth

Fund

16

Performance

as

of

May

31,

2023

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. 

$2,000,000

over

10

years

Institutional

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Lifestyle

Aggressive

Growth

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

12/9/11

1.46%

6.24%

8.54%

0.73%

0

.64%

Advisor

Class

12/4/15

1.

33

6.16

8.48

†

0.82

0.73

Premier

Class

12/9/11

1.29

6.07

8.38

0.89

0.79

Retirement

Class

12/9/11

1.20

5.98

8.27

0.98

0.89

Retail

Class

12/9/11

1.17

5.91

8.20

1.02

0.93

Lifestyle

Aggressive

Growth

Fund

Composite

Index

‡

–

0.81

7.62

9.14

–

–

Broad

market

index

Morningstar

Aggressive

Target

Risk

Index

–

-0.95

5.98

7.72

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Lifestyle

Aggressive

Growth

Fund

Composite

Index

consisted

of:

65.0%

Russell

3000®

Index;

and

35.0%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

17

Lifestyle

Aggressive

Growth

Fund

continued

continued

Asset

allocation

Target

allocation

%

of

net

assets

as

of

5/31/2023

Equity

U.S.

equity

65.46

International

equity

34.50

Short-term

investments

0.04

Other

assets

&

liabilities,

net

(0.00)

Total

100.00

Expense

Examples

18

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

Fund

would

be

higher.

Note

also

that

shareholders

of

the

TIAA-CREF

Funds

do

not

incur

a

sales

charge

for

purchases,

reinvested

dividends

or

other

distributions.

The

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,

2022

–

May

31,

2023

).

Actual

expenses

The

first

section

in

each

table

uses

the

Fund’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

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

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Some

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

section

in

each

table

shows

hypothetical

account

values

and

expenses

based

on

the

Fund’s

actual

expense

ratio

for

each

share

class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

share

class’

actual

return.

This

hypothetical

example

cannot

be

used

to

estimate

the

actual

expenses

you

paid

for

the

period,

but

rather

allows

you

to

compare

the

ongoing

costs

of

investing

in

the

Fund

with

the

costs

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

mutual

funds.

16.1

Lifestyle

Income

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.38

$1,023.18

$1,022.58

$1,022.10

$1,021.98

Expenses

incurred

during

the

period*

$0.51

$0.75

$1.26

$1.77

$1.90

Effective

expenses

incurred

during

the

period

†

$2.21

$2.45

$2.96

$3.47

$3.60

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.43

$1,024.19

$1,023.68

$1,023.18

$1,023.05

Expenses

incurred

during

the

period*

$0.51

$0.75

$1.27

$1.77

$1.90

Effective

expenses

incurred

during

the

period

†

$2.21

$2.45

$2.97

$3.47

$3.60

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.15%

for

Advisor

Class,

0.25%

for

Premier

Class,

0.35%

for

Retirement

Class

and

0.38%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.44%

for

Institutional

Class,

0.49%

for

Advisor

Class,

0.59%

for

Premier

Class,

0.69%

for

Retirement

Class

and

0.71%

for

Retail

Class.

19

16.2

Lifestyle

Conservative

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.38

$1,023.86

$1,024.46

$1,023.97

$1,023.84

Expenses

incurred

during

the

period*

$0.51

$1.03

$1.27

$1.77

$1.90

Effective

expenses

incurred

during

the

period

†

$2.47

$3.00

$3.23

$3.74

$3.86

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.43

$1,023.91

$1,023.68

$1,023.18

$1,023.06

Expenses

incurred

during

the

period*

$0.51

$1.03

$1.27

$1.77

$1.90

Effective

expenses

incurred

during

the

period

†

$2.47

$3.00

$3.23

$3.73

$3.86

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.10%

for

Institutional

Class,

0.20%

for

Advisor

Class,

0.25%

for

Premier

Class,

0.35%

for

Retirement

Class

and

0.38%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.49%

for

Institutional

Class,

0.59%

for

Advisor

Class,

0.64%

for

Premier

Class,

0.74%

for

Retirement

Class

and

0.77%

for

Retail

Class.

16.3

Lifestyle

Moderate

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,026.39

$1,025.95

$1,025.47

$1,025.09

$1,024.99

Expenses

incurred

during

the

period*

$0.31

$0.73

$1.14

$1.57

$1.70

Effective

expenses

incurred

during

the

period

†

$2.53

$2.95

$3.37

$3.79

$3.92

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.63

$1,024.21

$1,023.80

$1,023.38

$1,023.25

Expenses

incurred

during

the

period*

$0.31

$0.73

$1.14

$1.57

$1.70

Effective

expenses

incurred

during

the

period

†

$2.53

$2.95

$3.37

$3.79

$3.92

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.06%

for

Institutional

Class,

0.14%

for

Advisor

Class,

0.23%

for

Premier

Class,

0.31%

for

Retirement

Class

and

0.34%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.50%

for

Institutional

Class,

0.58%

for

Advisor

Class,

0.67%

for

Premier

Class,

0.75%

for

Retirement

Class

and

0.78%

for

Retail

Class.

Expense

Examples

(continued)

20

16.4

Lifestyle

Growth

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,027.53

$1,026.60

$1,026.56

$1,026.81

$1,025.97

Expenses

incurred

during

the

period*

$0.07

$0.55

$0.92

$1.33

$1.49

Effective

expenses

incurred

during

the

period

†

$2.53

$3.01

$3.38

$3.80

$3.95

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.87

$1,024.39

$1,024.03

$1,023.62

$1,023.46

Expenses

incurred

during

the

period*

$0.07

$0.55

$0.92

$1.33

$1.49

Effective

expenses

incurred

during

the

period

†

$2.53

$3.01

$3.38

$3.79

$3.95

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.01%

for

Institutional

Class,

0.11%

for

Advisor

Class,

0.18%

for

Premier

Class,

0.26%

for

Retirement

Class

and

0.29%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.50%

for

Institutional

Class,

0.60%

for

Advisor

Class,

0.67%

for

Premier

Class,

0.75%

for

Retirement

Class

and

0.78%

for

Retail

Class.

16.5

Lifestyle

Aggressive

Growth

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,027.92

$1,027.20

$1,027.37

$1,026.51

$1,026.25

Expenses

incurred

during

the

period*

$0.30

$0.79

$1.14

$1.56

$1.79

Effective

expenses

incurred

during

the

period

†

$3.01

$3.50

$3.85

$4.27

$4.50

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.64

$1,024.15

$1,023.81

$1,023.39

$1,023.16

Expenses

incurred

during

the

period*

$0.30

$0.79

$1.14

$1.56

$1.79

Effective

expenses

incurred

during

the

period

†

$3.00

$3.49

$3.84

$4.26

$4.49

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.06%

for

Institutional

Class,

0.16%

for

Advisor

Class,

0.23%

for

Premier

Class,

0.31%

for

Retirement

Class

and

0.35%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.59%

for

Institutional

Class,

0.69%

for

Advisor

Class,

0.76%

for

Premier

Class,

0.85%

for

Retirement

Class

and

0.89%

for

Retail

Class.

Report

of

Independent

Registered

Public

Accounting

Firm

21

To

the

Board

of

Trustees

of

TIAA-CREF

Funds

and

Shareholders

of

TIAA-CREF

Lifestyle

Income

Fund,

TIAA-CREF

Lifestyle

Conservative

Fund,

TIAA-CREF

Lifestyle

Moderate

Fund,

TIAA-CREF

Lifestyle

Growth

Fund,

and

TIAA-CREF

Lifestyle

Aggressive

Growth

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

TIAA-CREF

Lifestyle

Income

Fund,

TIAA-CREF

Lifestyle

Conservative

Fund,

TIAA-CREF

Lifestyle

Moderate

Fund,

TIAA-CREF

Lifestyle

Growth

Fund,

and

TIAA-CREF

Lifestyle

Aggressive

Growth

Fund

(five

of

the

funds

constituting

TIAA-CREF

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

May

31,

2023,

the

related

statements

of

operations

for

the

year

ended

May

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2023

(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,

2023,

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,

2023,

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2023

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

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,

2023

by

correspondence

with

the

transfer

agent,

broker

and

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Charlotte,

North

Carolina

July 21,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds

investment

company

group

since

2005. 

Lifestyle

Income

Fund

May

31,

2023

Portfolio

of

Investments

22

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

FIXED

INCOME—40.0%

1,733,581

TIAA-CREF

Core

Bond

Fund

$

15,740,917‌

1,733,581

TIAA-CREF

Core

Plus

Bond

Fund

15,740,917‌

TOTAL

FIXED

INCOME

31,481,834‌

INTERNATIONAL

EQUITY—6.9%

121,861

TIAA-CREF

Emerging

Markets

Equity

Fund

913,961‌

193,315

TIAA-CREF

International

Equity

Fund

2,354,581‌

101,764

TIAA-CREF

International

Opportunities

Fund

1,407,394‌

79,665

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

747,258‌

TOTAL

INTERNATIONAL

EQUITY

5,423,194‌

SHORT-TERM

FIXED

INCOME—40.0%

3,188,432

TIAA-CREF

Short-Term

Bond

Fund

31,469,819‌

TOTAL

SHORT-TERM

FIXED

INCOME

31,469,819‌

U.S.

EQUITY—13.0%

28,958

Nuveen

Dividend

Growth

Fund

1,485,237‌

115,094

Nuveen

Dividend

Value

Fund

1,499,681‌

81,457

Nuveen

Growth

Opportunities

ETF

1,743,180‌

106,210

TIAA-CREF

Growth

&

Income

Fund

1,488,000‌

85,566

TIAA-CREF

Large-Cap

Growth

Fund

1,714,748‌

79,014

TIAA-CREF

Large-Cap

Value

Fund

1,498,903‌

24,456

TIAA-CREF

Quant

Small-Cap

Equity

Fund

373,203‌

36,704

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

434,210‌

TOTAL

U.S.

EQUITY

10,237,162‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

78,612,009‌

(Cost

$82,592,174)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$65,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

65,000‌

TOTAL

REPURCHASE

AGREEMENT

65,000‌

TOTAL

SHORT-TERM

INVESTMENTS

65,000‌

(Cost

$65,000)

TOTAL

INVESTMENTS—100.0%

78,677,009‌

(Cost

$82,657,174)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

1,131‌

)

NET

ASSETS—100.0%

$

78,675,878‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Institutional

Class

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$65,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$66,303.

Portfolio

of

Investments

Lifestyle

Conservative

Fund

May

31,

2023

23

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.8%a

FIXED

INCOME—40.0%

3,339,225

TIAA-CREF

Core

Bond

Fund

$

30,320,164‌

10,019,502

TIAA-CREF

Core

Plus

Bond

Fund

90,977,082‌

TOTAL

FIXED

INCOME

121,297,246‌

INTERNATIONAL

EQUITY—13.8%

934,690

TIAA-CREF

Emerging

Markets

Equity

Fund

7,010,174‌

1,489,092

TIAA-CREF

International

Equity

Fund

18,137,136‌

782,604

TIAA-CREF

International

Opportunities

Fund

10,823,409‌

613,265

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

5,752,427‌

TOTAL

INTERNATIONAL

EQUITY

41,723,146‌

SHORT-TERM

FIXED

INCOME—20.0%

6,143,635

TIAA-CREF

Short-Term

Bond

Fund

60,637,677‌

TOTAL

SHORT-TERM

FIXED

INCOME

60,637,677‌

U.S.

EQUITY—26.0%

221,771

Nuveen

Dividend

Growth

Fund

11,374,615‌

890,680

Nuveen

Dividend

Value

Fund

11,605,558‌

628,663

Nuveen

Growth

Opportunities

ETF

13,453,388‌

818,648

TIAA-CREF

Growth

&

Income

Fund

11,469,260‌

662,228

TIAA-CREF

Large-Cap

Growth

Fund

13,271,050‌

609,630

TIAA-CREF

Large-Cap

Value

Fund

11,564,686‌

188,431

TIAA-CREF

Quant

Small-Cap

Equity

Fund

2,875,451‌

283,056

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

3,348,557‌

TOTAL

U.S.

EQUITY

78,962,565‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

302,620,634‌

(Cost

$310,554,972)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$275,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

275,000‌

TOTAL

REPURCHASE

AGREEMENT

275,000‌

TOTAL

SHORT-TERM

INVESTMENTS

275,000‌

(Cost

$275,000)

TOTAL

INVESTMENTS—99.9%

302,895,634‌

(Cost

$310,829,972)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

289,075‌

NET

ASSETS—100.0%

$

303,184,709‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Institutional

Class

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$275,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$280,515.

Lifestyle

Moderate

Fund

May

31,

2023

Portfolio

of

Investments

24

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—99.9%a

FIXED

INCOME—40.1%

22,719,114

TIAA-CREF

Core

Plus

Bond

Fund

$

206,289,559‌

TOTAL

FIXED

INCOME

206,289,559‌

INTERNATIONAL

EQUITY—20.6%

2,379,849

TIAA-CREF

Emerging

Markets

Equity

Fund

17,848,866‌

3,799,818

TIAA-CREF

International

Equity

Fund

46,281,780‌

1,994,032

TIAA-CREF

International

Opportunities

Fund

27,577,460‌

1,563,522

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

14,665,833‌

TOTAL

INTERNATIONAL

EQUITY

106,373,939‌

U.S.

EQUITY—39.2%

567,191

Nuveen

Dividend

Growth

Fund

29,091,239‌

2,273,021

Nuveen

Dividend

Value

Fund

29,617,467‌

1,599,050

Nuveen

Growth

Opportunities

ETF

34,219,670‌

2,090,613

TIAA-CREF

Growth

&

Income

Fund

29,289,490‌

1,696,037

TIAA-CREF

Large-Cap

Growth

Fund

33,988,575‌

1,556,821

TIAA-CREF

Large-Cap

Value

Fund

29,532,896‌

481,200

TIAA-CREF

Quant

Small-Cap

Equity

Fund

7,343,111‌

722,930

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

8,552,263‌

TOTAL

U.S.

EQUITY

201,634,711‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

514,298,209‌

(Cost

$518,647,159)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$370,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

370,000‌

TOTAL

REPURCHASE

AGREEMENT

370,000‌

TOTAL

SHORT-TERM

INVESTMENTS

370,000‌

(Cost

$370,000)

TOTAL

INVESTMENTS—100.0%

514,668,209‌

(Cost

$519,017,159)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

214,411‌

)

NET

ASSETS—100.0%

$

514,453,798‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Institutional

Class

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$370,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$377,445.

Portfolio

of

Investments

Lifestyle

Growth

Fund

May

31,

2023

25

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—100.0%a

FIXED

INCOME—20.1%

6,019,263

TIAA-CREF

Core

Plus

Bond

Fund

$

54,654,911‌

TOTAL

FIXED

INCOME

54,654,911‌

INTERNATIONAL

EQUITY—27.6%

1,679,009

TIAA-CREF

Emerging

Markets

Equity

Fund

12,592,564‌

2,682,121

TIAA-CREF

International

Equity

Fund

32,668,228‌

1,409,293

TIAA-CREF

International

Opportunities

Fund

19,490,527‌

1,103,458

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

10,350,440‌

TOTAL

INTERNATIONAL

EQUITY

75,101,759‌

U.S.

EQUITY—52.3%

401,507

Nuveen

Dividend

Growth

Fund

20,593,291‌

1,605,038

Nuveen

Dividend

Value

Fund

20,913,650‌

1,129,256

Nuveen

Growth

Opportunities

ETF

24,166,078‌

1,477,951

TIAA-CREF

Growth

&

Income

Fund

20,706,098‌

1,199,987

TIAA-CREF

Large-Cap

Growth

Fund

24,047,744‌

1,099,675

TIAA-CREF

Large-Cap

Value

Fund

20,860,836‌

340,168

TIAA-CREF

Quant

Small-Cap

Equity

Fund

5,190,968‌

510,821

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

6,043,007‌

TOTAL

U.S.

EQUITY

142,521,672‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

272,278,342‌

(Cost

$264,402,234)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.0%

REPURCHASE

AGREEMENT—0.0%

$100,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

100,000‌

TOTAL

REPURCHASE

AGREEMENT

100,000‌

TOTAL

SHORT-TERM

INVESTMENTS

100,000‌

(Cost

$100,000)

TOTAL

INVESTMENTS—100.0%

272,378,342‌

(Cost

$264,502,234)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

40,476‌

)

NET

ASSETS—100.0%

$

272,337,866‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Institutional

Class

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$100,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.000%

and

maturity

date

7/31/28,

valued

at

$102,069.

Lifestyle

Aggressive

Growth

Fund

May

31,

2023

Portfolio

of

Investments

26

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—100.0%a

INTERNATIONAL

EQUITY—34.5%

1,636,712

TIAA-CREF

Emerging

Markets

Equity

Fund

$

12,275,340‌

2,614,394

TIAA-CREF

International

Equity

Fund

31,843,322‌

1,372,126

TIAA-CREF

International

Opportunities

Fund

18,976,503‌

1,073,837

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

10,072,595‌

TOTAL

INTERNATIONAL

EQUITY

73,167,760‌

U.S.

EQUITY—65.5%

390,874

Nuveen

Dividend

Growth

Fund

20,047,915‌

1,563,411

Nuveen

Dividend

Value

Fund

20,371,243‌

1,097,984

Nuveen

Growth

Opportunities

ETF

23,496,858‌

1,443,552

TIAA-CREF

Growth

&

Income

Fund

20,224,168‌

1,167,396

TIAA-CREF

Large-Cap

Growth

Fund

23,394,616‌

1,071,451

TIAA-CREF

Large-Cap

Value

Fund

20,325,418‌

331,920

TIAA-CREF

Quant

Small-Cap

Equity

Fund

5,065,103‌

497,577

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

5,886,336‌

TOTAL

U.S.

EQUITY

138,811,657‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

211,979,417‌

(Cost

$201,677,247)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.0%

REPURCHASE

AGREEMENT—0.0%

$75,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

75,000‌

TOTAL

REPURCHASE

AGREEMENT

75,000‌

TOTAL

SHORT-TERM

INVESTMENTS

75,000‌

(Cost

$75,000)

TOTAL

INVESTMENTS—100.0%

212,054,417‌

(Cost

$201,752,247)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.0)%

(

629‌

)

NET

ASSETS—100.0%

$

212,053,788‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Institutional

Class

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$75,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

4/30/27,

valued

at

$76,555.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

28

May

31,

2023

16.1

Lifestyle

Income

Fund

16.2

Lifestyle

Conservative

Fund

16.3

Lifestyle

Moderate

Fund

ASSETS

Affiliated

investments,

at

value

‡

$

78,612,009‌

$

302,620,634‌

$

514,298,209‌

Short-term

investments,

at

value

#

65,000‌

275,000‌

370,000‌

Cash

4,394‌

3,279‌

3,706‌

Due

from

affiliates

19,144‌

21,309‌

30,602‌

Receivables:

Dividends

and

interest

200,613‌

592,248‌

703,744‌

Fund

shares

sold

939‌

390,666‌

11,219‌

Investments

sold

103,493‌

716,397‌

1,795,152‌

Other

2,646‌

7,221‌

10,752‌

Total

assets

79,008,238‌

304,626,754‌

517,223,384‌

LIABILITIES

Management

fees

payable

6,739‌

25,856‌

43,942‌

Service

agreement

fees

payable

3,696‌

10,534‌

23,616‌

Distribution

fees

payable

10,181‌

43,048‌

71,294‌

Due

to

affiliates

9,540‌

10,159‌

10,735‌

Payables:

Fund

shares

redeemed

4,169‌

58,038‌

238,699‌

Investments

purchased

-

regular

settlement

288,026‌

1,265,944‌

2,336,779‌

Trustee

compensation

2,621‌

7,179‌

10,714‌

Accrued

expenses

and

other

payables

7,388‌

21,287‌

33,807‌

Total

liabilities

332,360‌

1,442,045‌

2,769,586‌

Net

assets

$

78,675,878‌

$

303,184,709‌

$

514,453,798‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

85,720,233‌

$

326,004,156‌

$

545,287,668‌

Total

distributable

earnings

(loss)

(

7,044,355‌

)

(

22,819,447‌

)

(

30,833,870‌

)

Net

assets

$

78,675,878‌

$

303,184,709‌

$

514,453,798‌

‡

Affiliated

investments,

cost

$

82,592,174‌

$

310,554,972‌

$

518,647,159‌

#

Short-term

investments,

cost

$

65,000‌

$

275,000‌

$

370,000‌

INSTITUTIONAL

CLASS:

Net

assets

$

13,662,504‌

$

51,083,765‌

$

68,230,512‌

Shares

outstanding

1,336,874‌

4,444,429‌

5,330,218‌

Net

asset

value

per

share

$

10

.22‌

$

11

.49‌

$

12

.80‌

ADVISOR

CLASS:

Net

assets

$

104,705‌

$

3,076,334‌

$

7,293,934‌

Shares

outstanding

10,249‌

267,702‌

569,963‌

Net

asset

value

per

share

$

10

.22‌

$

11

.49‌

$

12

.80‌

PREMIER

CLASS:

Net

assets

$

365,931‌

$

249,150‌

$

256,752‌

Shares

outstanding

35,783‌

21,669‌

20,000‌

Net

asset

value

per

share

$

10

.23‌

$

11

.50‌

$

12

.84‌

RETIREMENT

CLASS:

Net

assets

$

17,309,552‌

$

47,412,660‌

$

105,237,774‌

Shares

outstanding

1,695,678‌

4,131,324‌

8,235,423‌

Net

asset

value

per

share

$

10

.21‌

$

11

.48‌

$

12

.78‌

RETAIL

CLASS:

Net

assets

$

47,233,186‌

$

201,362,800‌

$

333,434,826‌

Shares

outstanding

4,626,862‌

17,554,844‌

26,108,940‌

Net

asset

value

per

share

$

10

.21‌

$

11

.47‌

$

12

.77‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

See

Notes

to

Financial

Statements

29

16.4

Lifestyle

Growth

Fund

16.5

Lifestyle

Aggressive

Growth

Fund

$

272,278,342‌

$

211,979,417‌

100,000‌

75,000‌

1,817‌

4,290‌

38,380‌

20,029‌

187,597‌

11‌

10,585‌

111,612‌

1,130,720‌

1,080,897‌

5,363‌

3,836‌

273,752,804‌

213,275,092‌

23,423‌

18,099‌

11,308‌

12,047‌

37,760‌

21,871‌

10,072‌

9,891‌

163,903‌

189,918‌

1,142,269‌

948,315‌

5,343‌

3,807‌

20,860‌

17,356‌

1,414,938‌

1,221,304‌

$

272,337,866‌

$

212,053,788‌

$

280,695,105‌

$

213,758,476‌

(

8,357,239‌

)

(

1,704,688‌

)

$

272,337,866‌

$

212,053,788‌

$

264,402,234‌

$

201,677,247‌

$

100,000‌

$

75,000‌

$

43,616,134‌

$

51,861,754‌

3,044,254‌

3,280,819‌

$

14

.33‌

$

15

.81‌

$

3,806,655‌

$

4,907,925‌

265,972‌

310,536‌

$

14

.31‌

$

15

.80‌

$

295,542‌

$

320,316‌

20,596‌

20,201‌

$

14

.35‌

$

15

.86‌

$

48,700,896‌

$

52,654,623‌

3,416,395‌

3,347,670‌

$

14

.26‌

$

15

.73‌

$

175,918,639‌

$

102,309,170‌

12,363,193‌

6,519,646‌

$

14

.23‌

$

15

.69‌

Unlimited

Unlimited

$

0

.0001‌

$

0

.0001‌

Statement

of

Operations

See

Notes

to

Financial

Statements

30

Year

Ended

May

31,

2023

16.1

Lifestyle

Income

Fund

16.2

Lifestyle

Conservative

Fund

16.3

Lifestyle

Moderate

Fund

INVESTMENT

INCOME

Dividends

from

affiliated

investments

$

2,430,700‌

$

8,355,259‌

$

12,632,897‌

Total

investment

income

2,430,700‌

8,355,259‌

12,632,897‌

EXPENSES

Management

fees

83,150‌

312,822‌

522,590‌

12b-1

distribution

and

service

fees

—

Premier

Class

526‌

374‌

386‌

12b-1

distribution

and

service

fees

—

Retail

Class

125,429‌

519,807‌

846,366‌

Shareholder

servicing

agent

fees

—

Institutional

Class

370‌

1,177‌

578‌

Shareholder

servicing

agent

fees

—

Advisor

Class

49‌

3,393‌

7,020‌

Shareholder

servicing

agent

fees

—

Premier

Class

45‌

60‌

35‌

Shareholder

servicing

agent

fees

—

Retirement

Class

46,466‌

125,824‌

265,129‌

Shareholder

servicing

agent

fees

—

Retail

Class

13,719‌

49,104‌

83,670‌

Administrative

service

fees

46,231‌

49,255‌

52,010‌

Trustees

fees

1,345‌

5,146‌

8,563‌

Custodian

fees

9,354‌

9,581‌

9,633‌

Overdraft

expense

1,069‌

1,981‌

1,418‌

Professional

fees

15,976‌

16,782‌

17,515‌

Registration

fees

72,025‌

74,480‌

77,452‌

Shareholder

reporting

expenses

18,775‌

35,942‌

51,396‌

Other

26,337‌

27,610‌

28,820‌

Total

expenses

460,866‌

1,233,338‌

1,972,581‌

Expenses

reimbursed

by

the

investment

adviser

(190,573‌)

(220,140‌)

(467,917‌)

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

(1,112‌)

–‌

–‌

Net

expenses

269,181‌

1,013,198‌

1,504,664‌

Net

investment

income

(loss)

2,161,519‌

7,342,061‌

11,128,233‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Affiliated

investments

(2,450,157‌)

(12,762,745‌)

(24,522,080‌)

Distributions

from

affiliated

investments

464,087‌

3,052,522‌

7,346,494‌

Net

realized

gain

(loss)

(1,986,070‌)

(9,710,223‌)

(17,175,586‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Affiliated

investments

(375,986‌)

1,479,759‌

4,683,499‌

Net

change

in

unrealized

appreciation

(depreciation)

(375,986‌)

1,479,759‌

4,683,499‌

Net

realized

and

unrealized

gain

(loss)

(2,362,056‌)

(8,230,464‌)

(12,492,087‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(200,537‌)

$

(888,403‌)

$

(1,363,854‌)

See

Notes

to

Financial

Statements

31

16.4

Lifestyle

Growth

Fund

16.5

Lifestyle

Aggressive

Growth

Fund

$

5,331,975‌

$

3,015,914‌

5,331,975‌

3,015,914‌

276,067‌

207,112‌

442‌

476‌

441,476‌

249,991‌

589‌

1,214‌

3,765‌

4,793‌

45‌

38‌

130,080‌

132,125‌

53,172‌

44,094‌

48,765‌

47,866‌

4,525‌

3,359‌

9,597‌

9,604‌

1,281‌

507‌

16,657‌

16,910‌

72,928‌

71,625‌

35,357‌

30,544‌

27,382‌

25,939‌

1,122,128‌

846,197‌

(460,712‌)

(301,298‌)

–‌

–‌

661,416‌

544,899‌

4,670,559‌

2,471,015‌

(15,926,365‌)

(11,531,159‌)

5,135,917‌

4,828,213‌

(10,790,448‌)

(6,702,946‌)

7,143,286‌

6,414,482‌

7,143,286‌

6,414,482‌

(3,647,162‌)

(288,464‌)

$

1,023,397‌

$

2,182,551‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

32

16.1

Lifestyle

Income

Fund

16.2

Lifestyle

Conservative

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

OPERATIONS

Net

investment

income

(loss)

$

2,161,519‌

$

1,576,296‌

$

7,342,061‌

$

5,765,592‌

Net

realized

gain

(loss)

(

1,986,070‌

)

2,209,592‌

(

9,710,223‌

)

17,005,753‌

Net

change

in

unrealized

appreciation

(depreciation)

(

375,986‌

)

(

10,696,141‌

)

1,479,759‌

(

54,077,906‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

200,537‌

)

(

6,910,253‌

)

(

888,403‌

)

(

31,306,561‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

–‌

Dividends:

Institutional

Class

(

615,404‌

)

(

836,728‌

)

(

3,153,197‌

)

(

4,431,319‌

)

Advisor

Class

(

4,815‌

)

(

6,307‌

)

(

211,720‌

)

(

339,685‌

)

Premier

Class

(

14,930‌

)

(

17,464‌

)

(

15,317‌

)

(

52,692‌

)

Retirement

Class

(

761,038‌

)

(

1,157,098‌

)

(

2,971,032‌

)

(

4,185,093‌

)

Retail

Class

(

2,056,252‌

)

(

2,756,387‌

)

(

12,276,108‌

)

(

16,856,416‌

)

Total

distributions

(

3,452,439‌

)

(

4,773,984‌

)

(

18,627,374‌

)

(

25,865,205‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

4,281,508‌

16,165,069‌

23,196,767‌

64,076,223‌

Reinvestments

of

distributions

3,385,963‌

4,697,060‌

18,327,367‌

25,397,657‌

Redemptions

(

16,698,988‌

)

(

18,010,793‌

)

(

60,172,306‌

)

(

59,945,745‌

)

Net

increase

(decrease)

from

shareholder

transactions

(

9,031,517‌

)

2,851,336‌

(

18,648,172‌

)

29,528,135‌

Net

increase

(decrease)

in

net

assets

(

12,684,493‌

)

(

8,832,901‌

)

(

38,163,949‌

)

(

27,643,631‌

)

NET

ASSETS

Beginning

of

period

91,360,371‌

100,193,272‌

341,348,658‌

368,992,289‌

End

of

period

$

78,675,878‌

$

91,360,371‌

$

303,184,709‌

$

341,348,658‌

See

Notes

to

Financial

Statements

33

16.3

Lifestyle

Moderate

Fund

16.4

Lifestyle

Growth

Fund

16.5

Lifestyle

Aggressive

Growth

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

$

11,128,233‌

$

9,516,942‌

$

4,670,559‌

$

4,314,720‌

$

2,471,015‌

$

2,730,484‌

(

17,175,586‌

)

42,275,385‌

(

10,790,448‌

)

28,405,196‌

(

6,702,946‌

)

23,759,877‌

4,683,499‌

(

114,633,540‌

)

7,143,286‌

(

67,414,056‌

)

6,414,482‌

(

52,907,742‌

)

(

1,363,854‌

)

(

62,841,213‌

)

1,023,397‌

(

34,694,140‌

)

2,182,551‌

(

26,417,381‌

)

–‌

–‌

–‌

–‌

–‌

–‌

(

4,964,941‌

)

(

8,103,346‌

)

(

3,141,646‌

)

(

5,355,950‌

)

(

4,051,681‌

)

(

5,778,488‌

)

(

636,029‌

)

(

1,171,871‌

)

(

292,838‌

)

(

694,923‌

)

(

402,968‌

)

(

989,824‌

)

(

18,388‌

)

(

61,004‌

)

(

21,843‌

)

(

205,101‌

)

(

26,954‌

)

(

46,479‌

)

(

7,311,137‌

)

(

11,237,327‌

)

(

3,726,239‌

)

(

6,371,554‌

)

(

4,329,273‌

)

(

7,035,640‌

)

(

23,368,593‌

)

(

36,277,173‌

)

(

12,672,292‌

)

(

21,994,766‌

)

(

8,079,643‌

)

(

13,194,207‌

)

(

36,299,088‌

)

(

56,850,721‌

)

(

19,854,858‌

)

(

34,622,294‌

)

(

16,890,519‌

)

(

27,044,638‌

)

28,393,270‌

88,498,637‌

15,859,598‌

46,057,638‌

17,674,668‌

46,343,469‌

35,753,904‌

55,951,338‌

19,672,695‌

34,145,448‌

16,684,260‌

26,318,346‌

(

81,062,662‌

)

(

79,456,310‌

)

(

43,831,557‌

)

(

41,687,723‌

)

(

26,939,413‌

)

(

38,931,951‌

)

(

16,915,488‌

)

64,993,665‌

(

8,299,264‌

)

38,515,363‌

7,419,515‌

33,729,864‌

(

54,578,430‌

)

(

54,698,269‌

)

(

27,130,725‌

)

(

30,801,071‌

)

(

7,288,453‌

)

(

19,732,155‌

)

569,032,228‌

623,730,497‌

299,468,591‌

330,269,662‌

219,342,241‌

239,074,396‌

$

514,453,798‌

$

569,032,228‌

$

272,337,866‌

$

299,468,591‌

$

212,053,788‌

$

219,342,241‌

Financial

Highlights

See

Notes

to

Financial

Statements

34

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

16.1

LIFESTYLE

INCOME

FUND

Institutional

Class:

5/31/23

$

10

.65‌

$

0

.29‌

$

(

0

.27‌

)

$

0

.02‌

$

(

0

.28‌

)

$

(

0

.17‌

)

$

(

0

.45‌

)

$

10

.22‌

5/31/22

11

.97‌

0

.21‌

(

0

.96‌

)

(

0

.75‌

)

(

0

.25‌

)

(

0

.32‌

)

(

0

.57‌

)

10

.65‌

5/31/21

11

.22‌

0

.20‌

0

.98‌

1

.18‌

(

0

.26‌

)

(

0

.17‌

)

(

0

.43‌

)

11

.97‌

5/31/20

11

.02‌

0

.26‌

0

.33‌

0

.59‌

(

0

.27‌

)

(

0

.12‌

)

(

0

.39‌

)

11

.22‌

5/31/19

11

.08‌

0

.28‌

0

.05‌

0

.33‌

(

0

.29‌

)

(

0

.10‌

)

(

0

.39‌

)

11

.02‌

Advisor

Class:

5/31/23

10

.65‌

0

.28‌

(

0

.26‌

)

0

.02‌

(

0

.28‌

)

(

0

.17‌

)

(

0

.45‌

)

10

.22‌

5/31/22

11

.96‌

0

.20‌

(

0

.95‌

)

(

0

.75‌

)

(

0

.24‌

)

(

0

.32‌

)

(

0

.56‌

)

10

.65‌

5/31/21

11

.22‌

0

.19‌

0

.98‌

1

.17‌

(

0

.26‌

)

(

0

.17‌

)

(

0

.43‌

)

11

.96‌

5/31/20

11

.02‌

0

.26‌

0

.33‌

0

.59‌

(

0

.27‌

)

(

0

.12‌

)

(

0

.39‌

)

11

.22‌

5/31/19

11

.07‌

0

.28‌

0

.06‌

0

.34‌

(

0

.29‌

)

(

0

.10‌

)

(

0

.39‌

)

11

.02‌

Premier

Class:

5/31/23

10

.66‌

0

.28‌

(

0

.27‌

)

0

.01‌

(

0

.27‌

)

(

0

.17‌

)

(

0

.44‌

)

10

.23‌

5/31/22

11

.98‌

0

.19‌

(

0

.96‌

)

(

0

.77‌

)

(

0

.23‌

)

(

0

.32‌

)

(

0

.55‌

)

10

.66‌

5/31/21

11

.23‌

0

.18‌

0

.98‌

1

.16‌

(

0

.24‌

)

(

0

.17‌

)

(

0

.41‌

)

11

.98‌

5/31/20

11

.02‌

0

.25‌

0

.34‌

0

.59‌

(

0

.26‌

)

(

0

.12‌

)

(

0

.38‌

)

11

.23‌

5/31/19

11

.09‌

0

.27‌

0

.04‌

0

.31‌

(

0

.28‌

)

(

0

.10‌

)

(

0

.38‌

)

11

.02‌

Retirement

Class:

5/31/23

10

.64‌

0

.26‌

(

0

.26‌

)

—‌

(

0

.26‌

)

(

0

.17‌

)

(

0

.43‌

)

10

.21‌

5/31/22

11

.96‌

0

.18‌

(

0

.96‌

)

(

0

.78‌

)

(

0

.22‌

)

(

0

.32‌

)

(

0

.54‌

)

10

.64‌

5/31/21

11

.21‌

0

.17‌

0

.98‌

1

.15‌

(

0

.23‌

)

(

0

.17‌

)

(

0

.40‌

)

11

.96‌

5/31/20

11

.00‌

0

.24‌

0

.34‌

0

.58‌

(

0

.25‌

)

(

0

.12‌

)

(

0

.37‌

)

11

.21‌

5/31/19

11

.06‌

0

.25‌

0

.06‌

0

.31‌

(

0

.27‌

)

(

0

.10‌

)

(

0

.37‌

)

11

.00‌

Retail

Class:

5/31/23

10

.64‌

0

.26‌

(

0

.27‌

)

(

0

.01‌

)

(

0

.25‌

)

(

0

.17‌

)

(

0

.42‌

)

10

.21‌

5/31/22

11

.96‌

0

.18‌

(

0

.96‌

)

(

0

.78‌

)

(

0

.22‌

)

(

0

.32‌

)

(

0

.54‌

)

10

.64‌

5/31/21

11

.21‌

0

.16‌

0

.99‌

1

.15‌

(

0

.23‌

)

(

0

.17‌

)

(

0

.40‌

)

11

.96‌

5/31/20

11

.01‌

0

.23‌

0

.33‌

0

.56‌

(

0

.24‌

)

(

0

.12‌

)

(

0

.36‌

)

11

.21‌

5/31/19

11

.07‌

0

.25‌

0

.05‌

0

.30‌

(

0

.26‌

)

(

0

.10‌

)

(

0

.36‌

)

11

.01‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

e

The

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

35

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

e

Net

Expenses

e

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

0

.34‌

%

$

13,663‌

0

.33‌

%

0

.10‌

%

2

.83‌

%

16‌

%

(

6

.56‌

)

15,247‌

0

.30‌

0

.10‌

1

.78‌

20‌

10

.58‌

15,514‌

0

.29‌

0

.10‌

1

.67‌

27‌

5

.53‌

8,234‌

0

.36‌

0

.10‌

2

.37‌

27‌

3

.26‌

8,683‌

0

.36‌

0

.10‌

2

.57‌

29‌

0

.30‌

105‌

0

.37‌

0

.15‌

2

.78‌

16‌

(

6

.55‌

)

120‌

0

.35‌

0

.15‌

1

.72‌

20‌

10

.48‌

133‌

0

.33‌

0

.14‌

1

.63‌

27‌

5

.47‌

110‌

0

.41‌

0

.15‌

2

.31‌

27‌

3

.24‌

110‌

0

.37‌

0

.13‌

2

.53‌

29‌

0

.18‌

366‌

0

.49‌

0

.25‌

2

.69‌

16‌

(

6

.61‌

)

349‌

0

.46‌

0

.25‌

1

.63‌

20‌

10

.32‌

361‌

0

.45‌

0

.25‌

1

.53‌

27‌

5

.47‌

313‌

0

.52‌

0

.25‌

2

.15‌

27‌

3

.02‌

810‌

0

.51‌

0

.25‌

2

.44‌

29‌

0

.08‌

17,310‌

0

.58‌

0

.35‌

2

.57‌

16‌

(

6

.71‌

)

20,443‌

0

.55‌

0

.35‌

1

.51‌

20‌

10

.23‌

26,139‌

0

.54‌

0

.35‌

1

.43‌

27‌

5

.35‌

19,742‌

0

.60‌

0

.35‌

2

.11‌

27‌

2

.92‌

15,504‌

0

.60‌

0

.35‌

2

.29‌

29‌

0

.05‌

47,233‌

0

.61‌

0

.38‌

2

.55‌

16‌

(

6

.73‌

)

55,202‌

0

.58‌

0

.35‌

1

.52‌

20‌

10

.21‌

58,046‌

0

.57‌

0

.38‌

1

.40‌

27‌

5

.23‌

50,890‌

0

.63‌

0

.38‌

2

.09‌

27‌

2

.98‌

48,233‌

0

.63‌

0

.38‌

2

.27‌

29‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

36

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

16.2

LIFESTYLE

CONSERVATIVE

FUND

Institutional

Class:

5/31/23

$

12

.21‌

$

0

.30‌

$

(

0

.29‌

)

$

0

.01‌

$

(

0

.35‌

)

$

(

0

.38‌

)

$

(

0

.73‌

)

$

11

.49‌

5/31/22

14

.25‌

0

.24‌

(

1

.29‌

)

(

1

.05‌

)

(

0

.36‌

)

(

0

.63‌

)

(

0

.99‌

)

12

.21‌

5/31/21

12

.57‌

0

.22‌

2

.11‌

2

.33‌

(

0

.32‌

)

(

0

.33‌

)

(

0

.65‌

)

14

.25‌

5/31/20

12

.26‌

0

.28‌

0

.49‌

0

.77‌

(

0

.23‌

)

(

0

.23‌

)

(

0

.46‌

)

12

.57‌

5/31/19

12

.58‌

0

.29‌

(

0

.10‌

)

0

.19‌

(

0

.33‌

)

(

0

.18‌

)

(

0

.51‌

)

12

.26‌

Advisor

Class:

5/31/23

12

.20‌

0

.29‌

(

0

.28‌

)

0

.01‌

(

0

.34‌

)

(

0

.38‌

)

(

0

.72‌

)

11

.49‌

5/31/22

14

.25‌

0

.22‌

(

1

.30‌

)

(

1

.08‌

)

(

0

.34‌

)

(

0

.63‌

)

(

0

.97‌

)

12

.20‌

5/31/21

12

.57‌

0

.21‌

2

.10‌

2

.31‌

(

0

.30‌

)

(

0

.33‌

)

(

0

.63‌

)

14

.25‌

5/31/20

12

.26‌

0

.30‌

0

.46‌

0

.76‌

(

0

.22‌

)

(

0

.23‌

)

(

0

.45‌

)

12

.57‌

5/31/19

12

.58‌

0

.26‌

(

0

.08‌

)

0

.18‌

(

0

.32‌

)

(

0

.18‌

)

(

0

.50‌

)

12

.26‌

Premier

Class:

5/31/23

12

.21‌

0

.28‌

(

0

.28‌

)

—‌

(

0

.33‌

)

(

0

.38‌

)

(

0

.71‌

)

11

.50‌

5/31/22

14

.26‌

0

.22‌

(

1

.30‌

)

(

1

.08‌

)

(

0

.34‌

)

(

0

.63‌

)

(

0

.97‌

)

12

.21‌

5/31/21

12

.58‌

0

.20‌

2

.11‌

2

.31‌

(

0

.30‌

)

(

0

.33‌

)

(

0

.63‌

)

14

.26‌

5/31/20

12

.27‌

0

.26‌

0

.49‌

0

.75‌

(

0

.21‌

)

(

0

.23‌

)

(

0

.44‌

)

12

.58‌

5/31/19

12

.59‌

0

.27‌

(

0

.10‌

)

0

.17‌

(

0

.31‌

)

(

0

.18‌

)

(

0

.49‌

)

12

.27‌

Retirement

Class:

5/31/23

12

.19‌

0

.27‌

(

0

.28‌

)

(

0

.01‌

)

(

0

.32‌

)

(

0

.38‌

)

(

0

.70‌

)

11

.48‌

5/31/22

14

.23‌

0

.20‌

(

1

.29‌

)

(

1

.09‌

)

(

0

.32‌

)

(

0

.63‌

)

(

0

.95‌

)

12

.19‌

5/31/21

12

.55‌

0

.19‌

2

.10‌

2

.29‌

(

0

.28‌

)

(

0

.33‌

)

(

0

.61‌

)

14

.23‌

5/31/20

12

.25‌

0

.25‌

0

.48‌

0

.73‌

(

0

.20‌

)

(

0

.23‌

)

(

0

.43‌

)

12

.55‌

5/31/19

12

.57‌

0

.26‌

(

0

.10‌

)

0

.16‌

(

0

.30‌

)

(

0

.18‌

)

(

0

.48‌

)

12

.25‌

Retail

Class:

5/31/23

12

.18‌

0

.26‌

(

0

.27‌

)

(

0

.01‌

)

(

0

.32‌

)

(

0

.38‌

)

(

0

.70‌

)

11

.47‌

5/31/22

14

.22‌

0

.20‌

(

1

.29‌

)

(

1

.09‌

)

(

0

.32‌

)

(

0

.63‌

)

(

0

.95‌

)

12

.18‌

5/31/21

12

.55‌

0

.18‌

2

.10‌

2

.28‌

(

0

.28‌

)

(

0

.33‌

)

(

0

.61‌

)

14

.22‌

5/31/20

12

.24‌

0

.25‌

0

.49‌

0

.74‌

(

0

.20‌

)

(

0

.23‌

)

(

0

.43‌

)

12

.55‌

5/31/19

12

.56‌

0

.25‌

(

0

.10‌

)

0

.15‌

(

0

.29‌

)

(

0

.18‌

)

(

0

.47‌

)

12

.24‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

e

The

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

37

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

e

Net

Expenses

e

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

0

.31‌

%

$

51,084‌

0

.17‌

%

0

.10‌

%

2

.57‌

%

19‌

%

(

7

.99‌

)

55,791‌

0

.16‌

0

.10‌

1

.77‌

21‌

18

.77‌

53,420‌

0

.17‌

0

.10‌

1

.63‌

35‌

6

.44‌

34,603‌

0

.19‌

0

.10‌

2

.25‌

29‌

1

.68‌

27,635‌

0

.20‌

0

.10‌

2

.34‌

24‌

0

.29‌

3,076‌

0

.27‌

0

.20‌

2

.48‌

19‌

(

8

.09‌

)

3,876‌

0

.26‌

0

.20‌

1

.62‌

21‌

18

.57‌

7,122‌

0

.26‌

0

.20‌

1

.54‌

35‌

6

.33‌

6,559‌

0

.29‌

0

.20‌

2

.45‌

29‌

1

.62‌

379‌

0

.27‌

0

.18‌

2

.16‌

24‌

0

.23‌

249‌

0

.34‌

0

.25‌

2

.43‌

19‌

(

8

.14‌

)

262‌

0

.32‌

0

.25‌

1

.60‌

21‌

18

.49‌

774‌

0

.32‌

0

.25‌

1

.48‌

35‌

6

.27‌

665‌

0

.35‌

0

.25‌

2

.05‌

29‌

1

.62‌

699‌

0

.35‌

0

.25‌

2

.17‌

24‌

0

.13‌

47,413‌

0

.42‌

0

.35‌

2

.32‌

19‌

(

8

.17‌

)

56,686‌

0

.41‌

0

.35‌

1

.50‌

21‌

18

.44‌

63,022‌

0

.41‌

0

.34‌

1

.39‌

35‌

6

.11‌

46,255‌

0

.43‌

0

.33‌

1

.98‌

29‌

1

.51‌

44,397‌

0

.44‌

0

.35‌

2

.08‌

24‌

0

.11‌

201,363‌

0

.44‌

0

.37‌

2

.30‌

19‌

(

8

.25‌

)

224,733‌

0

.43‌

0

.36‌

1

.49‌

21‌

18

.40‌

244,655‌

0

.44‌

0

.37‌

1

.36‌

35‌

6

.16‌

206,100‌

0

.45‌

0

.37‌

1

.99‌

29‌

1

.41‌

157,919‌

0

.46‌

0

.37‌

2

.06‌

24‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

38

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

16.3

LIFESTYLE

MODERATE

FUND

Institutional

Class:

5/31/23

$

13

.74‌

$

0

.30‌

$

(

0

.30‌

)

$

—‌

$

(

0

.33‌

)

$

(

0

.61‌

)

$

(

0

.94‌

)

$

12

.80‌

5/31/22

16

.68‌

0

.28‌

(

1

.71‌

)

(

1

.43‌

)

(

0

.49‌

)

(

1

.02‌

)

(

1

.51‌

)

13

.74‌

5/31/21

13

.84‌

0

.25‌

3

.47‌

3

.72‌

(

0

.38‌

)

(

0

.50‌

)

(

0

.88‌

)

16

.68‌

5/31/20

13

.55‌

0

.29‌

0

.67‌

0

.96‌

(

0

.28‌

)

(

0

.39‌

)

(

0

.67‌

)

13

.84‌

5/31/19

14

.18‌

0

.29‌

(

0

.30‌

)

(

0

.01‌

)

(

0

.36‌

)

(

0

.26‌

)

(

0

.62‌

)

13

.55‌

Advisor

Class:

5/31/23

13

.74‌

0

.30‌

(

0

.31‌

)

(

0

.01‌

)

(

0

.32‌

)

(

0

.61‌

)

(

0

.93‌

)

12

.80‌

5/31/22

16

.67‌

0

.26‌

(

1

.70‌

)

(

1

.44‌

)

(

0

.47‌

)

(

1

.02‌

)

(

1

.49‌

)

13

.74‌

5/31/21

13

.84‌

0

.23‌

3

.47‌

3

.70‌

(

0

.37‌

)

(

0

.50‌

)

(

0

.87‌

)

16

.67‌

5/31/20

13

.55‌

0

.37‌

0

.58‌

0

.95‌

(

0

.27‌

)

(

0

.39‌

)

(

0

.66‌

)

13

.84‌

5/31/19

14

.18‌

0

.28‌

(

0

.29‌

)

(

0

.01‌

)

(

0

.36‌

)

(

0

.26‌

)

(

0

.62‌

)

13

.55‌

Premier

Class:

5/31/23

13

.78‌

0

.28‌

(

0

.30‌

)

(

0

.02‌

)

(

0

.31‌

)

(

0

.61‌

)

(

0

.92‌

)

12

.84‌

5/31/22

16

.72‌

0

.26‌

(

1

.72‌

)

(

1

.46‌

)

(

0

.46‌

)

(

1

.02‌

)

(

1

.48‌

)

13

.78‌

5/31/21

13

.87‌

0

.23‌

3

.48‌

3

.71‌

(

0

.36‌

)

(

0

.50‌

)

(

0

.86‌

)

16

.72‌

5/31/20

13

.58‌

0

.24‌

0

.70‌

0

.94‌

(

0

.26‌

)

(

0

.39‌

)

(

0

.65‌

)

13

.87‌

5/31/19

14

.21‌

0

.28‌

(

0

.30‌

)

(

0

.02‌

)

(

0

.35‌

)

(

0

.26‌

)

(

0

.61‌

)

13

.58‌

Retirement

Class:

5/31/23

13

.72‌

0

.27‌

(

0

.30‌

)

(

0

.03‌

)

(

0

.30‌

)

(

0

.61‌

)

(

0

.91‌

)

12

.78‌

5/31/22

16

.65‌

0

.23‌

(

1

.70‌

)

(

1

.47‌

)

(

0

.44‌

)

(

1

.02‌

)

(

1

.46‌

)

13

.72‌

5/31/21

13

.82‌

0

.21‌

3

.47‌

3

.68‌

(

0

.35‌

)

(

0

.50‌

)

(

0

.85‌

)

16

.65‌

5/31/20

13

.53‌

0

.25‌

0

.68‌

0

.93‌

(

0

.25‌

)

(

0

.39‌

)

(

0

.64‌

)

13

.82‌

5/31/19

14

.17‌

0

.26‌

(

0

.31‌

)

(

0

.05‌

)

(

0

.33‌

)

(

0

.26‌

)

(

0

.59‌

)

13

.53‌

Retail

Class:

5/31/23

13

.71‌

0

.27‌

(

0

.31‌

)

(

0

.04‌

)

(

0

.29‌

)

(

0

.61‌

)

(

0

.90‌

)

12

.77‌

5/31/22

16

.64‌

0

.23‌

(

1

.70‌

)

(

1

.47‌

)

(

0

.44‌

)

(

1

.02‌

)

(

1

.46‌

)

13

.71‌

5/31/21

13

.82‌

0

.20‌

3

.46‌

3

.66‌

(

0

.34‌

)

(

0

.50‌

)

(

0

.84‌

)

16

.64‌

5/31/20

13

.52‌

0

.27‌

0

.67‌

0

.94‌

(

0

.25‌

)

(

0

.39‌

)

(

0

.64‌

)

13

.82‌

5/31/19

14

.16‌

0

.25‌

(

0

.30‌

)

(

0

.05‌

)

(

0

.33‌

)

(

0

.26‌

)

(

0

.59‌

)

13

.52‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

e

The

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

39

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

e

Net

Expenses

e

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

0

.38‌

%

$

68,231‌

0

.15‌

%

0

.06‌

%

2

.36‌

%

19‌

%

(

9

.58‌

)

76,453‌

0

.14‌

0

.10‌

1

.75‌

21‌

27

.47‌

77,429‌

0

.15‌

0

.09‌

1

.58‌

47‌

7

.23‌

52,090‌

0

.16‌

0

.10‌

2

.10‌

31‌

0

.14‌

39,367‌

0

.17‌

0

.10‌

2

.16‌

23‌

0

.30‌

7,294‌

0

.23‌

0

.14‌

2

.31‌

19‌

(

9

.60‌

)

10,895‌

0

.22‌

0

.18‌

1

.64‌

21‌

27

.29‌

13,719‌

0

.23‌

0

.17‌

1

.50‌

47‌

7

.12‌

12,977‌

0

.26‌

0

.20‌

2

.64‌

31‌

0

.09‌

707‌

0

.23‌

0

.16‌

2

.02‌

23‌

0

.20‌

257‌

0

.31‌

0

.22‌

2

.21‌

19‌

(

9

.64‌

)

276‌

0

.30‌

0

.25‌

1

.60‌

21‌

27

.22‌

689‌

0

.31‌

0

.24‌

1

.45‌

47‌

7

.03‌

557‌

0

.32‌

0

.25‌

1

.72‌

31‌

0

.01‌

1,001‌

0

.32‌

0

.25‌

2

.06‌

23‌

0

.12‌

105,238‌

0

.40‌

0

.31‌

2

.11‌

19‌

(

9

.77‌

)

114,335‌

0

.39‌

0

.35‌

1

.48‌

21‌

27

.12‌

121,361‌

0

.40‌

0

.34‌

1

.35‌

47‌

6

.95‌

93,587‌

0

.41‌

0

.35‌

1

.81‌

31‌

(

0

.11‌

)

92,295‌

0

.42‌

0

.35‌

1

.87‌

23‌

0

.09‌

333,435‌

0

.42‌

0

.33‌

2

.09‌

19‌

(

9

.78‌

)

367,073‌

0

.41‌

0

.36‌

1

.46‌

21‌

27

.02‌

410,533‌

0

.42‌

0

.36‌

1

.32‌

47‌

7

.01‌

330,823‌

0

.43‌

0

.37‌

1

.95‌

31‌

(

0

.20‌

)

215,314‌

0

.43‌

0

.37‌

1

.85‌

23‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

40

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

16.4

LIFESTYLE

GROWTH

FUND

Institutional

Class:

5/31/23

$

15

.34‌

$

0

.27‌

$

(

0

.19‌

)

$

0

.08‌

$

(

0

.27‌

)

$

(

0

.82‌

)

$

(

1

.09‌

)

$

14

.33‌

5/31/22

18

.98‌

0

.27‌

(

1

.94‌

)

(

1

.67‌

)

(

0

.62‌

)

(

1

.35‌

)

(

1

.97‌

)

15

.34‌

5/31/21

14

.87‌

0

.23‌

4

.99‌

5

.22‌

(

0

.41‌

)

(

0

.70‌

)

(

1

.11‌

)

18

.98‌

5/31/20

14

.66‌

0

.28‌

0

.78‌

1

.06‌

(

0

.28‌

)

(

0

.57‌

)

(

0

.85‌

)

14

.87‌

5/31/19

15

.75‌

0

.26‌

(

0

.63‌

)

(

0

.37‌

)

(

0

.36‌

)

(

0

.36‌

)

(

0

.72‌

)

14

.66‌

Advisor

Class:

5/31/23

15

.33‌

0

.26‌

(

0

.20‌

)

0

.06‌

(

0

.26‌

)

(

0

.82‌

)

(

1

.08‌

)

14

.31‌

5/31/22

18

.96‌

0

.26‌

(

1

.94‌

)

(

1

.68‌

)

(

0

.60‌

)

(

1

.35‌

)

(

1

.95‌

)

15

.33‌

5/31/21

14

.86‌

0

.22‌

4

.98‌

5

.20‌

(

0

.40‌

)

(

0

.70‌

)

(

1

.10‌

)

18

.96‌

5/31/20

14

.65‌

0

.38‌

0

.66‌

1

.04‌

(

0

.26‌

)

(

0

.57‌

)

(

0

.83‌

)

14

.86‌

5/31/19

15

.74‌

0

.22‌

(

0

.60‌

)

(

0

.38‌

)

(

0

.35‌

)

(

0

.36‌

)

(

0

.71‌

)

14

.65‌

Premier

Class:

5/31/23

15

.36‌

0

.25‌

(

0

.20‌

)

0

.05‌

(

0

.24‌

)

(

0

.82‌

)

(

1

.06‌

)

14

.35‌

5/31/22

18

.97‌

0

.26‌

(

1

.93‌

)

(

1

.67‌

)

(

0

.59‌

)

(

1

.35‌

)

(

1

.94‌

)

15

.36‌

5/31/21

14

.87‌

0

.20‌

4

.99‌

5

.19‌

(

0

.39‌

)

(

0

.70‌

)

(

1

.09‌

)

18

.97‌

5/31/20

14

.65‌

0

.25‌

0

.79‌

1

.04‌

(

0

.25‌

)

(

0

.57‌

)

(

0

.82‌

)

14

.87‌

5/31/19

15

.75‌

0

.24‌

(

0

.64‌

)

(

0

.40‌

)

(

0

.34‌

)

(

0

.36‌

)

(

0

.70‌

)

14

.65‌

Retirement

Class:

5/31/23

15

.27‌

0

.24‌

(

0

.20‌

)

0

.04‌

(

0

.23‌

)

(

0

.82‌

)

(

1

.05‌

)

14

.26‌

5/31/22

18

.90‌

0

.22‌

(

1

.93‌

)

(

1

.71‌

)

(

0

.57‌

)

(

1

.35‌

)

(

1

.92‌

)

15

.27‌

5/31/21

14

.81‌

0

.18‌

4

.98‌

5

.16‌

(

0

.37‌

)

(

0

.70‌

)

(

1

.07‌

)

18

.90‌

5/31/20

14

.60‌

0

.23‌

0

.78‌

1

.01‌

(

0

.23‌

)

(

0

.57‌

)

(

0

.80‌

)

14

.81‌

5/31/19

15

.69‌

0

.23‌

(

0

.64‌

)

(

0

.41‌

)

(

0

.32‌

)

(

0

.36‌

)

(

0

.68‌

)

14

.60‌

Retail

Class:

5/31/23

15

.24‌

0

.23‌

(

0

.19‌

)

0

.04‌

(

0

.23‌

)

(

0

.82‌

)

(

1

.05‌

)

14

.23‌

5/31/22

18

.87‌

0

.22‌

(

1

.94‌

)

(

1

.72‌

)

(

0

.56‌

)

(

1

.35‌

)

(

1

.91‌

)

15

.24‌

5/31/21

14

.79‌

0

.18‌

4

.97‌

5

.15‌

(

0

.37‌

)

(

0

.70‌

)

(

1

.07‌

)

18

.87‌

5/31/20

14

.58‌

0

.27‌

0

.74‌

1

.01‌

(

0

.23‌

)

(

0

.57‌

)

(

0

.80‌

)

14

.79‌

5/31/19

15

.67‌

0

.22‌

(

0

.64‌

)

(

0

.42‌

)

(

0

.31‌

)

(

0

.36‌

)

(

0

.67‌

)

14

.58‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

e

The

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

41

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

e

Net

Expenses

e

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.01‌

%

$

43,616‌

0

.18‌

%

0

.01‌

%

1

.91‌

%

20‌

%

(

9

.96‌

)

47,024‌

0

.16‌

0

.08‌

1

.50‌

26‌

35

.87‌

48,422‌

0

.18‌

0

.09‌

1

.34‌

54‌

7

.18‌

33,985‌

0

.21‌

0

.10‌

1

.87‌

35‌

(

2

.07‌

)

33,809‌

0

.23‌

0

.10‌

1

.76‌

29‌

0

.85‌

3,807‌

0

.27‌

0

.11‌

1

.82‌

20‌

(

10

.00‌

)

5,138‌

0

.25‌

0

.16‌

1

.44‌

26‌

35

.72‌

7,976‌

0

.26‌

0

.17‌

1

.28‌

54‌

7

.03‌

8,870‌

0

.30‌

0

.20‌

2

.57‌

35‌

(

2

.13‌

)

346‌

0

.29‌

0

.17‌

1

.45‌

29‌

0

.78‌

296‌

0

.34‌

0

.18‌

1

.78‌

20‌

(

9

.93‌

)

316‌

0

.32‌

0

.23‌

1

.41‌

26‌

35

.62‌

2,022‌

0

.33‌

0

.24‌

1

.18‌

54‌

7

.02‌

1,356‌

0

.36‌

0

.25‌

1

.64‌

35‌

(

2

.24‌

)

1,553‌

0

.38‌

0

.25‌

1

.63‌

29‌

0

.73‌

48,701‌

0

.43‌

0

.26‌

1

.67‌

20‌

(

10

.12‌

)

56,946‌

0

.41‌

0

.33‌

1

.26‌

26‌

35

.51‌

59,232‌

0

.43‌

0

.34‌

1

.07‌

54‌

6

.87‌

42,326‌

0

.45‌

0

.35‌

1

.55‌

35‌

(

2

.34‌

)

40,228‌

0

.47‌

0

.35‌

1

.52‌

29‌

0

.71‌

175,919‌

0

.46‌

0

.29‌

1

.64‌

20‌

(

10

.17‌

)

190,045‌

0

.44‌

0

.34‌

1

.25‌

26‌

35

.45‌

212,617‌

0

.46‌

0

.37‌

1

.05‌

54‌

6

.85‌

162,347‌

0

.48‌

0

.38‌

1

.79‌

35‌

(

2

.32‌

)

85,422‌

0

.50‌

0

.38‌

1

.44‌

29‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

42

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

16.5

LIFESTYLE

AGGRESSIVE

GROWTH

FUND

Institutional

Class:

5/31/23

$

17

.03‌

$

0

.22‌

$

(

0

.08‌

)

$

0

.14‌

$

(

0

.29‌

)

$

(

1

.07‌

)

$

(

1

.36‌

)

$

15

.81‌

5/31/22

21

.32‌

0

.26‌

(

2

.19‌

)

(

1

.93‌

)

(

0

.70‌

)

(

1

.66‌

)

(

2

.36‌

)

17

.03‌

5/31/21

15

.55‌

0

.20‌

6

.64‌

6

.84‌

(

0

.50‌

)

(

0

.57‌

)

(

1

.07‌

)

21

.32‌

5/31/20

15

.40‌

0

.25‌

0

.87‌

1

.12‌

(

0

.17‌

)

(

0

.80‌

)

(

0

.97‌

)

15

.55‌

5/31/19

16

.95‌

0

.23‌

(

0

.98‌

)

(

0

.75‌

)

(

0

.37‌

)

(

0

.43‌

)

(

0

.80‌

)

15

.40‌

Advisor

Class:

5/31/23

17

.03‌

0

.21‌

(

0

.09‌

)

0

.12‌

(

0

.28‌

)

(

1

.07‌

)

(

1

.35‌

)

15

.80‌

5/31/22

21

.32‌

0

.26‌

(

2

.21‌

)

(

1

.95‌

)

(

0

.68‌

)

(

1

.66‌

)

(

2

.34‌

)

17

.03‌

5/31/21

15

.55‌

0

.18‌

6

.64‌

6

.82‌

(

0

.48‌

)

(

0

.57‌

)

(

1

.05‌

)

21

.32‌

5/31/20

15

.40‌

0

.37‌

0

.72‌

1

.09‌

(

0

.14‌

)

(

0

.80‌

)

(

0

.94‌

)

15

.55‌

5/31/19

16

.94‌

0

.18‌

(

0

.93‌

)

(

0

.75‌

)

(

0

.36‌

)

(

0

.43‌

)

(

0

.79‌

)

15

.40‌

Premier

Class:

5/31/23

17

.08‌

0

.20‌

(

0

.08‌

)

0

.12‌

(

0

.27‌

)

(

1

.07‌

)

(

1

.34‌

)

15

.86‌

5/31/22

21

.37‌

0

.24‌

(

2

.20‌

)

(

1

.96‌

)

(

0

.67‌

)

(

1

.66‌

)

(

2

.33‌

)

17

.08‌

5/31/21

15

.59‌

0

.18‌

6

.64‌

6

.82‌

(

0

.47‌

)

(

0

.57‌

)

(

1

.04‌

)

21

.37‌

5/31/20

15

.43‌

0

.03‌

1

.06‌

1

.09‌

(

0

.13‌

)

(

0

.80‌

)

(

0

.93‌

)

15

.59‌

5/31/19

16

.99‌

0

.20‌

(

0

.99‌

)

(

0

.79‌

)

(

0

.34‌

)

(

0

.43‌

)

(

0

.77‌

)

15

.43‌

Retirement

Class:

5/31/23

16

.95‌

0

.18‌

(

0

.08‌

)

0

.10‌

(

0

.25‌

)

(

1

.07‌

)

(

1

.32‌

)

15

.73‌

5/31/22

21

.23‌

0

.22‌

(

2

.19‌

)

(

1

.97‌

)

(

0

.65‌

)

(

1

.66‌

)

(

2

.31‌

)

16

.95‌

5/31/21

15

.49‌

0

.15‌

6

.62‌

6

.77‌

(

0

.46‌

)

(

0

.57‌

)

(

1

.03‌

)

21

.23‌

5/31/20

15

.35‌

0

.20‌

0

.87‌

1

.07‌

(

0

.13‌

)

(

0

.80‌

)

(

0

.93‌

)

15

.49‌

5/31/19

16

.89‌

0

.18‌

(

0

.96‌

)

(

0

.78‌

)

(

0

.33‌

)

(

0

.43‌

)

(

0

.76‌

)

15

.35‌

Retail

Class:

5/31/23

16

.91‌

0

.17‌

(

0

.07‌

)

0

.10‌

(

0

.25‌

)

(

1

.07‌

)

(

1

.32‌

)

15

.69‌

5/31/22

21

.19‌

0

.21‌

(

2

.19‌

)

(

1

.98‌

)

(

0

.64‌

)

(

1

.66‌

)

(

2

.30‌

)

16

.91‌

5/31/21

15

.46‌

0

.14‌

6

.61‌

6

.75‌

(

0

.45‌

)

(

0

.57‌

)

(

1

.02‌

)

21

.19‌

5/31/20

15

.33‌

0

.24‌

0

.82‌

1

.06‌

(

0

.13‌

)

(

0

.80‌

)

(

0

.93‌

)

15

.46‌

5/31/19

16

.88‌

0

.17‌

(

0

.97‌

)

(

0

.80‌

)

(

0

.32‌

)

(

0

.43‌

)

(

0

.75‌

)

15

.33‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

e

The

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

43

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

e

Net

Expenses

e

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

1

.46‌

%

$

51,862‌

0

.20‌

%

0

.05‌

%

1

.40‌

%

21‌

%

(

10

.32‌

)

50,497‌

0

.19‌

0

.04‌

1

.28‌

30‌

44

.79‌

45,923‌

0

.21‌

0

.08‌

1

.08‌

56‌

7

.14‌

26,474‌

0

.25‌

0

.10‌

1

.56‌

33‌

(

4

.11‌

)

25,052‌

0

.28‌

0

.10‌

1

.42‌

24‌

1

.33‌

4,908‌

0

.29‌

0

.15‌

1

.31‌

21‌

(

10

.40‌

)

6,248‌

0

.28‌

0

.13‌

1

.28‌

30‌

44

.68‌

9,163‌

0

.30‌

0

.18‌

0

.98‌

56‌

7

.01‌

7,051‌

0

.33‌

0

.19‌

2

.39‌

33‌

(

4

.10‌

)

205‌

0

.30‌

0

.14‌

1

.08‌

24‌

1

.29‌

320‌

0

.36‌

0

.22‌

1

.27‌

21‌

(

10

.43‌

)

342‌

0

.35‌

0

.20‌

1

.21‌

30‌

44

.54‌

427‌

0

.37‌

0

.23‌

0

.95‌

56‌

7

.00‌

313‌

0

.39‌

0

.25‌

0

.17‌

33‌

(

4

.31‌

)

363‌

0

.43‌

0

.25‌

1

.22‌

24‌

1

.20‌

52,655‌

0

.45‌

0

.31‌

1

.16‌

21‌

(

10

.54‌

)

56,152‌

0

.44‌

0

.29‌

1

.08‌

30‌

44

.47‌

65,640‌

0

.45‌

0

.33‌

0

.82‌

56‌

6

.85‌

42,644‌

0

.49‌

0

.35‌

1

.29‌

33‌

(

4

.33‌

)

42,107‌

0

.52‌

0

.35‌

1

.09‌

24‌

1

.17‌

102,309‌

0

.49‌

0

.35‌

1

.10‌

21‌

(

10

.59‌

)

106,104‌

0

.48‌

0

.32‌

1

.04‌

30‌

44

.41‌

117,922‌

0

.50‌

0

.38‌

0

.78‌

56‌

6

.80‌

83,795‌

0

.54‌

0

.40‌

1

.56‌

33‌

(

4

.45‌

)

48,507‌

0

.57‌

0

.40‌

1

.04‌

24‌

44

Notes

to

Financial

Statements

1.

Organization

The

Lifestyle

Funds

(collectively

the

“Funds,”

each

individually

referred

to

as

a

“Fund”)

are

a

sub-family

of

mutual

funds

offered

by

the

TIAA-CREF

Funds

(the

“Trust”),

a

Delaware

statutory

trust,

that

is

registered

with

the

U.S. Securities

and

Exchange

Commission

(“SEC”)

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Funds

is

May

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

May

31,

2023

(the

"current

fiscal

period").

Teachers

Advisors,

LLC

(the

“Adviser”),

a

wholly

owned

indirect

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

is

registered

with

the

SEC

as

an

investment

adviser

and

provides

investment

management

services

for

the

Funds.

The

Funds

offer

their

shares,

without

a

sales

load,

through

their

principal

underwriter,

Nuveen

Securities,

LLC

(“Nuveen

Securities”),

which

is

a

wholly

owned

indirect

subsidiary

of

TIAA.

Each

Fund

is

a

“fund

of

funds”

that

diversifies

its

assets

by

investing

in

Institutional

Class

shares

of

other

funds

of

the

Trust

and

potentially

other

investment

pools

or

investment

products.

The

Funds

offer

Institutional

Class,

Advisor

Class,

Premier

Class,

Retirement

Class and Retail

Class shares.

Each

class

differs

by

the

allocation

of

class-specific

expenses

and

voting

rights

in

matters

affecting

a

single

class.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The Funds

are

investment

companies

and

follow

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

. The net

asset

value (“NAV”)

for

financial

reporting

purposes

may

differ

from

the NAV

for

processing

transactions.

The NAV

for

financial

reporting

purposes

includes

security

and shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the NAV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums.

Dividend

income

is

recorded

on

the

ex-dividend

date. Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Funds

estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions. 

Multiclass

Operations

and

Allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation

of

a

Fund

are

allocated

on

a

pro

rata

basis

to

each

class

of

shares,

except

for

service

agreement

fees,

distribution

fees

and

transfer

agency

fees

and

expenses, which

are

unique

to

each

class

of

shares.

Most

expenses

of

the

Trust

can

be

directly

attributed

to

a

Fund.

Expenses

that

cannot

be

directly

attributed

are

allocated

to

each

Fund

in

the

Trust

based

upon

the

average

net

assets

of

each

Fund.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

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

Statement

of

Assets

and

Liabilities.

Trustees’

fees,

including

any

deferred

and

long-term

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

Indemnification:

 Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

45

New

Rule

Issuance:

 A

new

rule

adopted

by

the

SEC

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements

The Funds'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

that

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level 1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the Funds'

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

generally

classified

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

asked

prices

is

utilized

and

the

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

The

following

table

summarizes

the

market

value

of

the Funds’

investments

as

of

the

end

of

the

current

fiscal

period, based

on

the

inputs

used

to

value

them:

Fund

Level

1

Level

2

Level

3

Total

Lifestyle

Income

Registered

investment

companies

$78,612,009

$—

$—

$78,612,009

Short-term

investments

—

65,000

—

65,000

Total

$78,612,009

$65,000

$—

$78,677,009

1

1

1

1

1

Lifestyle

Conservative

Registered

investment

companies

$302,620,634

$—

$—

$302,620,634

Short-term

investments

—

275,000

—

275,000

Total

$302,620,634

$275,000

$—

$302,895,634

1

1

1

1

1

Lifestyle

Moderate

Registered

investment

companies

$514,298,209

$—

$—

$514,298,209

Short-term

investments

—

370,000

—

370,000

Total

$514,298,209

$370,000

$—

$514,668,209

1

1

1

1

1

Lifestyle

Growth

Registered

investment

companies

$272,278,342

$—

$—

$272,278,342

Short-term

investments

—

100,000

—

100,000

Total

$272,278,342

$100,000

$—

$272,378,342

1

1

1

1

1

Notes

to

Financial

Statements

(continued)

46

4.

Investments

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Fund’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

Purchases

and

Sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments)

for

all

of

the Funds for

the

current

fiscal

period,

were

as

follows:

5.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Fund

Level

1

Level

2

Level

3

Total

Lifestyle

Aggressive

Growth

Registered

investment

companies

$211,979,417

$—

$—

$211,979,417

Short-term

investments

—

75,000

—

75,000

Total

$211,979,417

$75,000

$—

$212,054,417

1

1

1

1

1

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

16.1

Lifestyle

Income

$

12,969,049

$

22,850,271

16.2

Lifestyle

Conservative

59,162,245

86,339,023

16.3

Lifestyle

Moderate

101,009,308

135,478,960

16.4

Lifestyle

Growth

55,542,004

73,723,216

16.5

Lifestyle

Aggressive

Growth

43,872,004

46,120,963

Year

Ended

5/31/23

Year

Ended

5/31/22

16.1

Lifestyle

Income

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

124,946

$

1,268,906

361,498

$

4,263,659

Advisor

Class

790

8,095

–

–

Premier

Class

2,406

24,593

2,109

24,522

Retirement

Class

72,501

737,335

203,018

2,357,343

Retail

Class

218,171

2,242,579

812,775

9,519,545

Total

subscriptions

418,814

4,281,508

1,379,400

16,165,069

Reinvestments

of

distributions:

Institutional

Class

61,090

614,951

72,451

835,911

Advisor

Class

56

567

83

958

Premier

Class

615

6,200

547

6,308

Retirement

Class

75,598

760,612

100,314

1,156,553

Retail

Class

199,092

2,003,633

234,085

2,697,330

Total

reinvestments

of

distributions

336,451

3,385,963

407,480

4,697,060

Redemptions:

Institutional

Class

(280,139)

(2,889,853)

(299,059)

(3,384,411)

Advisor

Class

(1,820)

(18,572)

–

–

Premier

Class

–

–

–

–

Retirement

Class

(373,279)

(3,816,901)

(568,567)

(6,421,522)

Retail

Class

(977,314)

(9,973,662)

(714,785)

(8,204,860)

Total

redemptions

(1,632,552)

(16,698,988)

(1,582,411)

(18,010,793)

Net

increase

(decrease)

from

shareholder

transactions

(877,287)

$

(9,031,517)

204,469

$

2,851,336

47

Year

Ended

5/31/23

Year

Ended

5/31/22

16.2

Lifestyle

Conservative

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

790,867

$

9,101,958

1,671,625

$

23,362,833

Advisor

Class

33,424

385,345

34,696

473,505

Premier

Class

96

1,121

135

1,854

Retirement

Class

249,651

2,875,462

664,895

8,891,734

Retail

Class

944,805

10,832,881

2,275,778

31,346,297

Total

subscriptions

2,018,843

23,196,767

4,647,129

64,076,223

Reinvestments

of

distributions:

Institutional

Class

281,938

3,152,427

328,770

4,430,324

Advisor

Class

17,576

196,503

23,156

312,471

Premier

Class

101

1,125

2,472

33,362

Retirement

Class

265,956

2,970,334

310,828

4,184,140

Retail

Class

1,075,188

12,006,978

1,222,242

16,437,360

Total

reinvestments

of

distributions

1,640,759

18,327,367

1,887,468

25,397,657

Redemptions:

Institutional

Class

(1,199,464)

(13,669,410)

(1,178,318)

(15,936,143)

Advisor

Class

(100,964)

(1,152,864)

(240,150)

(3,384,957)

Premier

Class

(7)

(83)

(35,378)

(431,738)

Retirement

Class

(1,035,904)

(11,955,708)

(753,489)

(10,126,408)

Retail

Class

(2,915,562)

(33,394,241)

(2,250,452)

(30,066,499)

Total

redemptions

(5,251,901)

(60,172,306)

(4,457,787)

(59,945,745)

Net

increase

(decrease)

from

shareholder

transactions

(1,592,299)

$

(18,648,172)

2,076,810

$

29,528,135

Year

Ended

5/31/23

Year

Ended

5/31/22

16.3

Lifestyle

Moderate

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

507,911

$

6,505,288

1,583,711

$

26,123,926

Advisor

Class

85,026

1,084,126

58,233

931,203

Premier

Class

–

–

–

–

Retirement

Class

541,195

7,015,718

1,212,420

19,396,801

Retail

Class

1,074,375

13,788,138

2,642,992

42,046,707

Total

subscriptions

2,208,507

28,393,270

5,497,356

88,498,637

Reinvestments

of

distributions:

Institutional

Class

403,943

4,963,999

523,566

8,101,844

Advisor

Class

50,187

616,632

73,543

1,138,162

Premier

Class

–

–

2,028

31,451

Retirement

Class

595,611

7,310,228

727,459

11,235,866

Retail

Class

1,864,384

22,863,045

2,296,349

35,444,015

Total

reinvestments

of

distributions

2,914,125

35,753,904

3,622,945

55,951,338

Redemptions:

Institutional

Class

(1,144,989)

(14,645,725)

(1,185,849)

(18,516,305)

Advisor

Class

(358,361)

(4,544,491)

(161,424)

(2,549,794)

Premier

Class

–

–

(23,228)

(319,497)

Retirement

Class

(1,236,109)

(15,785,021)

(893,057)

(13,879,667)

Retail

Class

(3,603,539)

(46,087,425)

(2,831,103)

(44,191,047)

Total

redemptions

(6,342,998)

(81,062,662)

(5,094,661)

(79,456,310)

Net

increase

(decrease)

from

shareholder

transactions

(1,220,366)

$

(16,915,488)

4,025,640

$

64,993,665

Notes

to

Financial

Statements

(continued)

48

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund’s

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

distribution

reallocations

and

investments

in

underlying

funds.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

Year

Ended

5/31/23

Year

Ended

5/31/22

16.4

Lifestyle

Growth

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

285,013

$

4,079,973

718,957

$

12,980,353

Advisor

Class

31,936

452,762

35,763

598,661

Premier

Class

1

15

4,633

82,521

Retirement

Class

223,886

3,218,482

686,408

12,450,340

Retail

Class

573,885

8,108,366

1,088,075

19,945,763

Total

subscriptions

1,114,721

15,859,598

2,533,836

46,057,638

Reinvestments

of

distributions:

Institutional

Class

232,903

3,134,869

308,336

5,328,047

Advisor

Class

20,438

274,891

29,561

510,525

Premier

Class

43

586

9,622

166,262

Retirement

Class

277,792

3,725,184

370,112

6,369,630

Retail

Class

936,308

12,537,165

1,267,228

21,770,984

Total

reinvestments

of

distributions

1,467,484

19,672,695

1,984,859

34,145,448

Redemptions:

Institutional

Class

(538,553)

(7,572,429)

(513,704)

(9,118,197)

Advisor

Class

(121,640)

(1,767,937)

(150,710)

(2,681,582)

Premier

Class

–

–

(100,267)

(1,545,777)

Retirement

Class

(815,590)

(11,589,481)

(460,999)

(8,175,321)

Retail

Class

(1,615,305)

(22,901,710)

(1,156,887)

(20,166,846)

Total

redemptions

(3,091,088)

(43,831,557)

(2,382,567)

(41,687,723)

Net

increase

(decrease)

from

shareholder

transactions

(508,883)

$

(8,299,264)

2,136,128

$

38,515,363

Year

Ended

5/31/23

Year

Ended

5/31/22

16.5

Lifestyle

Aggressive

Growth

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

534,365

$

8,415,601

1,119,149

$

22,751,702

Advisor

Class

22,520

347,628

46,946

898,962

Premier

Class

185

2,977

–

–

Retirement

Class

209,827

3,289,892

365,593

7,448,262

Retail

Class

359,559

5,618,570

749,628

15,244,543

Total

subscriptions

1,126,456

17,674,668

2,281,316

46,343,469

Reinvestments

of

distributions:

Institutional

Class

276,472

4,050,319

299,592

5,776,132

Advisor

Class

20,527

300,716

28,425

548,325

Premier

Class

16

245

–

–

Retirement

Class

296,231

4,322,012

365,454

7,020,358

Retail

Class

550,204

8,010,968

676,762

12,973,531

Total

reinvestments

of

distributions

1,143,450

16,684,260

1,370,233

26,318,346

Redemptions:

Institutional

Class

(495,441)

(7,760,747)

(607,525)

(12,126,619)

Advisor

Class

(99,383)

(1,589,719)

(138,272)

(2,551,515)

Premier

Class

–

–

–

–

Retirement

Class

(471,598)

(7,236,702)

(510,140)

(10,209,697)

Retail

Class

(663,153)

(10,352,245)

(719,021)

(14,044,120)

Total

redemptions

(1,729,575)

(26,939,413)

(1,974,958)

(38,931,951)

Net

increase

(decrease)

from

shareholder

transactions

540,331

$

7,419,515

1,676,591

$

33,729,864

49

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

As

of year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Investment

Adviser

and

Other

Transactions

with  Affiliates

Under

the

terms

of

its

Investment

Management

Agreement,

each

Fund

pays

the

Adviser

a

monthly

fee

based

on

the

annual

rate

of

0.10%

of

the

Fund’s

average

daily

net

assets

for

the

management

of

the

Fund’s

investment

portfolio.

The

Funds

have

entered

into

an

Administrative

Service

Agreement

with

the

Adviser

under

which

the

Funds

pay

the

Adviser

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

the

Adviser

a

monthly

fee

based

on

the

annual

rate

of

0.25%

of

a

Fund’s

average

daily

net

assets

attributable

to

Retirement

Class

shares

of

a

Fund

for

providing

certain

administrative

services

related

to

the

maintenance

of

Retirement

Class

shares

on

retirement

plan

or

other

platforms.

Substantially,

all

of

the

Retirement

Class

shareholder

servicing

fees

reported

on

the

Statements

of

operations

are

paid

to

the

Adviser

under

the

Service

Agreement.

Under

the

terms

of

a

distribution

Rule

12b-1

plan,

the

Retail

Class

of

each

Fund

compensates

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Retail

Class

of

the

Fund

at

the

annual

rate

of

0.25%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Retail

Class.

The

Premier

Class

of

each

Fund

is

subject

to

a

distribution

Rule

12b-1

plan

that

compensates

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Premier

Class

of

the

Fund

at

the

annual

rate

of

0.15%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Premier

Class. 

The

Adviser

has

agreed

to

reimburse

each

Fund

if

its

total

expense

ratio

(excluding

interest,

taxes,

brokerage

commissions

and

other

transactional

expenses,

acquired

fund

fees

and

expenses

and

extraordinary

expenses)

exceeds

certain

percentages.

As

of the

end

of

the

current

fiscal

period,

the

maximum

expense

amounts

(after

waivers

and

reimbursements)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

16.1

Lifestyle

Income

$84,620,873

$1,894,995

$(7,838,859)

$(5,943,864)

16.2

Lifestyle

Conservative

321,143,911

13,322,048

(31,570,325)

(18,248,277)

16.3

Lifestyle

Moderate

536,088,427

30,872,305

(52,292,523)

(21,420,218)

16.4

Lifestyle

Growth

275,955,625

20,683,326

(24,260,609)

(3,577,283)

16.5

Lifestyle

Aggressive

Growth

210,574,235

16,988,614

(15,508,432)

1,480,182

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

16.1

Lifestyle

Income

$367,547

$–

$(5,943,864)

$(1,465,392)

$–

$(2,646)

$(7,044,355)

16.2

Lifestyle

Conservative

1,061,262

–

(18,248,277)

(5,625,212)

–

(7,220)

(22,819,447)

16.3

Lifestyle

Moderate

1,214,229

–

(21,420,217)

(10,617,131)

–

(10,751)

(30,833,870)

16.4

Lifestyle

Growth

958,897

–

(3,577,283)

(5,733,489)

–

(5,364)

(8,357,239)

16.5

Lifestyle

Aggressive

Growth

19,023

–

1,480,180

(3,200,055)

–

(3,836)

(1,704,688)

5/31/23

5/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

16.1

Lifestyle

Income

$

2,107,819

$

1,344,620

$

2,024,504

$

2,749,480

16.2

Lifestyle

Conservative

9,111,900

9,515,474

9,127,147

16,738,058

16.3

Lifestyle

Moderate

12,928,821

23,370,267

18,156,687

38,694,034

16.4

Lifestyle

Growth

5,173,012

14,681,846

10,977,768

23,644,526

16.5

Lifestyle

Aggressive

Growth

4,652,072

12,238,447

8,598,770

18,445,868

Fund

Short-Term

Long-Term

Total

16.1

Lifestyle

Income

$

601,980

$

863,412

$

1,465,392

16.2

Lifestyle

Conservative

3,319,523

2,305,689

5,625,212

16.3

Lifestyle

Moderate

6,545,875

4,071,256

10,617,131

16.4

Lifestyle

Growth

4,259,527

1,473,962

5,733,489

16.5

Lifestyle

Aggressive

Growth

2,419,200

780,855

3,200,055

Notes

to

Financial

Statements

(continued)

50

Prior

to

October

1,

2022,

the

investment

management

fee

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

were

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Effective

May

1,

2023,

for

a

one

year

period, the

Adviser agreed

to

voluntarily

waive

a

portion

of

the

investment

management

fee

and/or

the

expense

cap

for

certain

funds.

This

waiver

is

voluntary

in

nature

and

can

be

discontinued

at

any

time

without

prior

notice

to

shareholders

upon

Board

approval.

The

investment

management

fee

and

maximum

expense

amounts

(after

voluntary

waivers)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Prior

to

May

1,

2023, the

Adviser agreed

to

voluntarily

waive

a

portion

of

the

investment

management

fee

and/or

the

expense

cap

for

certain

funds.

The

investment

management

fee

and

maximum

expense

amounts

(after

voluntary

waiver)

were

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class,

inclusive

of

voluntary

and

contractual

waivers:

Investment

Management

Fee-

Effective

Rate

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

16.1

Lifestyle

Income

0.100

%

0.100

%

0.250

%

0.250

%

0.350

%

0.450

%

16.2

Lifestyle

Conservative

0.100

0.100

0.250

0.250

0.350

0.450

16.3

Lifestyle

Moderate

0.100

0.100

0.250

0.250

0.350

0.450

16.4

Lifestyle

Growth

0.100

0.100

0.250

0.250

0.350

0.450

16.5

Lifestyle

Aggressive

Growth

0.100

0.100

0.250

0.250

0.350

0.450

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

expense

reimbursement

arrangements

will

continue

through

at

least

September

30,

2023.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Investment

Management

Fee-Effective

Rate

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

16.1

Lifestyle

Income

0.100

%

0.100

%

0.250

%

0.250

%

0.350

%

0.490

%

16.2

Lifestyle

Conservative

0.100

%

0.100

0.250

0.250

0.350

0.490

16.3

Lifestyle

Moderate

0.100

%

0.100

0.250

0.250

0.350

0.490

16.4

Lifestyle

Growth

0.100

%

0.100

0.250

0.250

0.350

0.490

16.5

Lifestyle

Aggressive

Growth

0.100

%

0.100

0.250

0.250

0.350

0.490

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Investment

Management

Fee

Range

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

16.3

Lifestyle

Moderate

0.100

%

0.085

%

0.235

%

0.235

%

0.335

%

0.435

%

16.4

Lifestyle

Growth

0.100

%

0.025

0.175

0.175

0.275

0.375

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Investment

Management

Fee

Range

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

16.3

Lifestyle

Moderate

0.100

%

0.055

%

0.250

%

0.250

%

0.350

%

0.450

%

16.4

Lifestyle

Growth

0.100

%

0.010

0.250

0.250

0.350

0.450

16.5

Lifestyle

Aggressive

Growth

0.100

%

0.050

0.250

0.250

0.350

0.450

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

51

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.

During

the

current

fiscal

period,

the

Funds

engaged

in

the

following

security

transactions

with

affiliated

entities: 

Investments

in

other

investment

companies

advised

by

the

Adviser

and

Nuveen

Fund

Advisors,

LLC

are

deemed

to

be

affiliated

investments.

The

Funds

invest

their assets

in

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Institutional

Class

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

Effective

after

the

close

of

business

on

October

28,

2022,

the

Nuveen

International

Growth

Fund

merged

into

the

TIAA-CREF

International

Opportunities

Fund.

Information

regarding

transactions

with

affiliated

companies

is

as

follows:

Fund

Purchases

Sales

Realized

Gain

(Loss)

Lifestyle

Income

$

23,448

$

292,360

$

(136,391)

Lifestyle

Conservative

54,624

801,806

(366,241)

Lifestyle

Moderate

35,531

1,143,342

(513,979)

Lifestyle

Growth

51,554

905,008

(348,998)

Lifestyle

Aggressive

Growth

174,594

437,307

(210,056)

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifestyle

Income

Fund

Nuveen

Funds:

Dividend

Growth

$

1,691,815

$

667,340

$

846,114

$

82,728

$

–

$

(87,027)

$

19,446

$

1,485,237

Dividend

Value

1,912,791

884,164

1,102,307

128,259

–

(186,343)

41,953

1,499,681

Growth

Opportunities

ETF

1,775,601

437,664

589,332

(245,093)

–

364,340

3,046

1,743,180

International

Growth

1,371,667

79,172

977,111

(375,507)

(355,021)

256,800

11,500

–

TIAA-CREF

Funds:

Core

Bond

18,258,549

1,203,308

2,821,166

(398,008)

–

(501,766)

575,299

15,740,917

Core

Plus

Bond

18,272,601

1,114,500

2,693,353

(407,675)

–

(545,156)

640,247

15,740,917

Emerging

Markets

Equity

793,884

531,089

377,279

(144,213)

–

110,480

531

913,961

Growth

&

Income

1,684,223

627,754

841,062

27,267

–

66,952

18,672

1,488,000

International

Equity

1,967,643

1,048,229

800,538

(93,487)

–

232,734

52,932

2,354,581

International

Opportunities

1,378,074

330,226

560,284

(138,237)

355,021

42,594

16,485

1,407,394

Large-Cap

Growth

1,779,629

532,317

744,535

(175,881)

–

323,218

4,668

1,714,748

Large-Cap

Value

1,924,904

789,067

1,119,510

109,337

–

(122,431)

35,571

1,498,903

Quant

International

Small-Cap

Equity

924,211

156,471

258,029

(53,706)

–

(21,689)

26,400

747,258

Quant

Small/Mid-Cap

Equity

561,079

1,097,771

1,113,358

6,441

–

(38,176)

10,808

434,210

Quant

Small-Cap

Equity

467,896

101,907

176,557

21,741

–

(21,105)

3,884

373,203

Short-Term

Bond

36,554,807

3,368,070

7,829,736

(330,036)

–

(249,411)

969,258

31,469,819

$91,319,374

$12,969,049

$22,850,271

$(1,986,070)

$–

$(375,986)

$2,430,700

$78,612,009

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifestyle

Conservative

Fund

Nuveen

Funds:

Dividend

Growth

$

12,595,850

$

3,645,569

$

4,607,135

$

470,512

$

–

$

(518,712)

$

157,980

$

11,374,615

Dividend

Value

14,345,007

4,156,734

5,329,038

828,431

–

(1,461,618)

295,127

11,605,558

Growth

Opportunities

ETF

13,306,563

1,786,228

2,652,253

(1,096,887)

–

2,109,737

26,504

13,453,388

International

Growth

10,259,696

445,086

7,113,862

(2,779,920)

(2,788,178)

1,977,178

90,126

–

TIAA-CREF

Funds:

Core

Bond

34,077,744

3,080,308

5,111,679

(794,568)

–

(931,641)

1,086,559

30,320,164

Core

Plus

Bond

102,340,233

8,114,967

14,000,849

(2,316,076)

–

(3,161,193)

3,618,193

90,977,082

Emerging

Markets

Equity

5,964,830

3,600,112

2,276,703

(906,244)

–

628,179

4,052

7,010,174

Growth

&

Income

12,637,942

3,047,910

4,106,013

13,392

–

570,524

155,690

11,469,260

International

Equity

14,670,393

7,527,770

4,994,175

(804,347)

–

1,737,495

402,523

18,137,136

International

Opportunities

10,287,111

2,125,507

3,594,506

(1,038,940)

2,788,178

256,059

119,342

10,823,409

Large-Cap

Growth

13,306,055

2,384,121

3,663,531

(924,837)

–

2,169,242

42,466

13,271,050

Large-Cap

Value

14,374,090

3,775,111

5,701,523

481,322

–

(802,505)

242,330

11,564,686

Quant

International

Small-Cap

Equity

6,928,444

949,277

1,529,800

(383,309)

–

(212,185)

201,779

5,752,427

Quant

Small/Mid-Cap

Equity

4,180,591

4,075,107

4,262,323

80,631

–

(314,271)

55,866

3,348,557

Quant

Small-Cap

Equity

3,491,731

700,193

1,141,675

113,723

–

(131,866)

29,427

2,875,451

Short-Term

Bond

68,314,118

9,748,245

16,253,958

(653,106)

–

(434,664)

1,827,295

60,637,677

$341,080,398

$59,162,245

$86,339,023

$(9,710,223)

$–

$1,479,759

$8,355,259

$302,620,634

Notes

to

Financial

Statements

(continued)

52

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifestyle

Moderate

Fund

Nuveen

Funds:

Dividend

Growth

$

31,402,256

$

7,018,001

$

8,582,383

$

1,065,812

$

–

$

(1,251,190)

$

406,121

$

29,091,239

Dividend

Value

35,889,510

7,670,327

9,856,481

1,957,635

–

(3,766,300)

720,626

29,617,467

Growth

Opportunities

ETF

33,272,297

2,880,469

4,547,439

(1,839,768)

–

4,454,111

70,238

34,219,670

International

Growth

25,741,337

847,744

17,852,760

(7,274,620)

(6,676,205)

5,214,504

215,957

–

TIAA-CREF

Funds:

Core

Plus

Bond

227,795,677

27,257,482

36,653,034

(4,821,188)

–

(7,289,378)

8,075,520

206,289,559

Emerging

Markets

Equity

14,822,888

8,408,894

4,712,556

(2,162,610)

–

1,492,250

10,265

17,848,866

Growth

&

Income

31,603,028

6,103,887

7,962,308

294,342

–

1,099,188

402,723

29,289,490

International

Equity

36,719,759

17,120,565

9,813,477

(1,441,699)

–

3,696,632

1,020,593

46,281,780

International

Opportunities

25,747,900

3,288,037

6,165,462

(1,780,827)

6,676,205

(188,393)

298,452

27,577,460

Large-Cap

Growth

33,283,739

4,115,696

6,632,476

(2,026,374)

–

5,247,990

113,239

33,988,575

Large-Cap

Value

35,958,371

6,373,875

10,445,623

1,056,557

–

(2,037,057)

592,328

29,532,896

Quant

International

Small-Cap

Equity

17,234,930

1,860,975

2,903,466

(697,107)

–

(829,499)

511,413

14,665,833

Quant

Small/Mid-Cap

Equity

10,402,929

6,725,236

7,094,712

181,713

–

(774,530)

120,703

8,552,263

Quant

Small-Cap

Equity

8,731,821

1,338,120

2,256,783

312,548

–

(384,829)

74,719

7,343,111

$568,606,442

$101,009,308

$135,478,960

$(17,175,586)

$–

$4,683,499

$12,632,897

$514,298,209

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifestyle

Growth

Fund

Nuveen

Funds:

Dividend

Growth

$

21,973,571

$

3,911,699

$

4,704,565

$

622,313

$

–

$

(800,256)

$

291,627

$

20,593,291

Dividend

Value

25,199,756

4,890,754

6,256,073

1,296,746

–

(2,635,641)

503,098

20,913,650

Growth

Opportunities

ETF

23,402,976

1,846,661

2,941,150

(1,209,435)

–

3,067,026

50,638

24,166,078

International

Growth

18,089,087

403,250

12,686,229

(5,352,767)

(4,251,965)

3,798,624

137,620

–

TIAA-CREF

Funds:

Core

Plus

Bond

59,985,579

10,255,760

12,390,547

(1,706,340)

–

(1,489,541)

2,139,364

54,654,911

Emerging

Markets

Equity

10,418,066

5,977,364

3,331,597

(1,648,862)

–

1,177,593

7,227

12,592,564

Growth

&

Income

22,171,305

3,562,632

4,633,197

291,417

–

651,017

288,635

20,706,098

International

Equity

25,772,104

11,413,422

6,089,274

(891,637)

–

2,463,613

722,727

32,668,228

International

Opportunities

18,119,170

2,149,374

3,741,587

(1,346,792)

4,251,965

58,397

205,948

19,490,527

Large-Cap

Growth

23,323,753

2,234,394

3,873,446

(1,340,223)

–

3,703,266

81,848

24,047,744

Large-Cap

Value

25,237,174

3,552,600

6,199,306

640,666

–

(1,417,650)

410,916

20,860,836

Quant

International

Small-Cap

Equity

12,106,152

1,120,949

1,793,854

(424,120)

–

(658,687)

361,526

10,350,440

Quant

Small/Mid-Cap

Equity

7,310,502

3,495,710

3,764,678

113,977

–

(539,639)

77,835

6,043,007

Quant

Small-Cap

Equity

6,133,438

727,435

1,317,713

164,609

–

(234,836)

52,966

5,190,968

$299,242,633

$55,542,004

$73,723,216

$(10,790,448)

$–

$7,143,286

$5,331,975

$272,278,342

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Lifestyle

Aggressive

Growth

Fund

Nuveen

Funds:

Dividend

Growth

$

20,291,697

$

4,735,728

$

4,405,131

$

521,379

$

–

$

(703,055)

$

275,569

$

20,047,915

Dividend

Value

23,096,290

4,556,403

4,470,173

1,124,606

–

(2,456,860)

469,387

20,371,243

Growth

Opportunities

ETF

21,380,671

1,498,632

1,235,823

(480,811)

–

2,334,189

48,589

23,496,858

International

Growth

16,548,191

463,360

11,521,221

(4,918,789)

(4,104,562)

3,533,021

132,746

–

TIAA-CREF

Funds:

Emerging

Markets

Equity

9,533,672

6,167,770

3,029,568

(1,500,915)

–

1,104,381

6,850

12,275,340

Growth

&

Income

20,350,737

3,181,586

2,923,313

608,079

–

292,014

279,182

20,224,168

International

Equity

23,675,384

11,238,623

4,535,882

(679,294)

–

2,144,491

686,746

31,843,322

International

Opportunities

16,553,918

2,047,003

2,491,903

(933,817)

4,104,562

(303,260)

191,102

18,976,503

Large-Cap

Growth

21,400,319

2,374,737

2,660,762

(990,462)

–

3,270,784

78,581

23,394,616

Large-Cap

Value

23,064,960

2,855,696

3,930,502

585,354

–

(1,357,537)

384,993

20,325,418

Quant

International

Small-Cap

Equity

11,108,368

1,244,410

1,277,503

(305,413)

–

(697,267)

342,431

10,072,595

Quant

Small/Mid-Cap

Equity

6,711,483

2,815,057

2,734,581

143,133

–

(537,088)

69,521

5,886,336

Quant

Small-Cap

Equity

5,629,363

692,999

904,601

124,004

–

(209,331)

50,217

5,065,103

$219,345,053

$43,872,004

$46,120,963

$(6,702,946)

$–

$6,414,482

$3,015,914

$211,979,417

53

8.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Funds may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Funds to

lend

cash

to

and/or

borrow

cash

from

certain

other

affiliated

Funds for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Fund may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

a

Fund may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Fund’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the current

fiscal

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

9.

Line

of

Credit

The Funds

participate

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

shareholder

redemptions.

The

current

facility

was

entered

into

on

June

13,

2023

expiring

on

June

11,

2024,

replacing

the

previous facility,

which

expired

June

2023.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Funds are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

There

were

no

borrowings

under

this

credit

facility

by

the

Funds during

the

current fiscal

period.

54

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

allowable

amount,

as

being

from net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code: 

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Foreign

Source

Income

and

Foreign

Tax

Credit

Pass

Through

Each

Fund

listed

below

has

made

an

election

under

Section

853

of

the

Internal

Revenue

Code

to

pass

through

foreign

taxes

paid: 

Fund

Net

Long-Term

Capital

Gains

16.1

Lifestyle

Income

$

1,344,620

16.2

Lifestyle

Conservative

9,515,474

16.3

Lifestyle

Moderate

23,370,267

16.4

Lifestyle

Growth

14,681,846

16.5

Lifestyle

Aggressive

Growth

12,238,447

Fund

Percentage

16.1

Lifestyle

Income

6

.3

%

16.2

Lifestyle

Conservative

10

.5

16.3

Lifestyle

Moderate

18

.6

16.4

Lifestyle

Growth

28

.4

16.5

Lifestyle

Aggressive

Growth

29

.3

Fund

Percentage

16.1

Lifestyle

Income

11

.2

%

16.2

Lifestyle

Conservative

19

.0

16.3

Lifestyle

Moderate

34

.0

16.4

Lifestyle

Growth

51

.9

16.5

Lifestyle

Aggressive

Growth

54

.0

Fund

Foreign

Source

Income

Foreign

Source

Income

Per

Share

Qualifying

Foreign

Taxes

Paid

Qualifying

Foreign

Taxes

Paid

per

Share

16.1

Lifestyle

Income

$

80,975

$

0.01051

$

22,024

$

0.00286

16.2

Lifestyle

Conservative

589,211

0.02230

163,621

0.00619

16.3

Lifestyle

Moderate

1,471,417

0.03654

417,339

0.01036

16.4

Lifestyle

Growth

1,003,254

0.05250

296,330

0.01551

16.5

Lifestyle

Aggressive

Growth

933,819

0.06928

274,780

0.02039

55

Additional

Fund

Information

(Unaudited)

Portfolio

holdings

The

TIAA-CREF

Funds

file

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(SEC),

and

they

are

available

to

the

public.

You

can

obtain

complete

lists

of

the

holdings

of

the

Lifestyle

Funds

and

of

the

underlying

TIAA-CREF

Funds

in

which

the

Lifestyle

Funds

invest

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

websites

at

TIAA.org;

or

nuveen.com;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

Lifestyle

Funds’

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

Securities

and

Exchange

Commission

(SEC)

Form

N-CSR

and

Form

N-PORT

filings.

Form

N-CSR

filings

are

as

of

May

31

or

August

30;

Form

N-PORT

filings

are

as

of

the

last

day

of

February

or

August

31.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

Proxy

voting

A

description

of

our

proxy

voting

policies

and

procedures

for

the

underlying

TIAA-CREF

Funds

of

the

Lifestyle

Funds

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-842-2252

to

request

a

free

copy.

A

report

of

how

the

Lifestyle

Funds’

underlying

TIAA-CREF

Funds

voted

during

the

most

recently

completed

twelve-month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-842-2252.

Fund

management

The

Lifestyle

Funds

are

managed

by

a

portfolio

management

team

of

Teachers

Advisors,

LLC.

The

members

of

this

team

are

responsible

for

the

day-to-day

investment

management

of

the

funds.

May

31,

2023

Trustees

and

Officers

(Unaudited)

56

Trustees

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

Forrest

Berkley

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Indefinite

term.

Trustee

since

2006.

Partner

(1990–2005)

and

Head

of

Global

Product

Management

(2003–2005),

GMO

(formerly,

Grantham,

Mayo,

Van

Otterloo

&

Co.)

(investment

management);

and

member

of

asset

allocation

portfolio

management

team,

GMO

(2003–2005).

88

Investment

Committee

Member,

Maine

Community

Foundation.

Joseph

A.

Boateng

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Trustee

Indefinite

term.

Trustee

since

2019.

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

88

Board

member,

Lumina

Foundation

and

Waterside

School;

Emeritus

Board

Member,

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member,

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member,

The

Seattle

Foundation.

Joseph

A.

Carrier

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1960

Trustee

Indefinite

term.

Trustee

since

2023.

Senior

Vice

President,

Enterprise

Risk

Management,

Franklin

Resources,

Inc.

(2020–2022).

Senior

Managing

Director,

Chief

Risk

Officer

and

Chief

Audit

Executive,

Legg

Mason,

Inc.

(2008–2020).

88

Director,

Franklin

Templeton

Irish

Funds;

Board

Member,

Cal

Ripken,

Sr.

Foundation;

Advisory

Board

Member,

Loyola

University

Maryland,

Sellinger

School

of

Business

and

Management.

Janice

C.

Eberly

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Indefinite

term.

Trustee

since

2018.

James

R.

and

Helen

D.

Russell

Professor

of

Finance

at

the

Kellogg

School

of

Management,

Northwestern

University

(2002–2011

and

since

2013),

Senior

Associate

Dean

for

Strategy

and

Academics

(since

2020)

and

Chair

of

the

Finance

Department

(2005–

2007).

Vice

President,

American

Economic

Association

(2020–2021).

Assistant

Secretary

for

Economic

Policy,

United

States

Department

of

the

Treasury

(2011–2013).

88

Member

of

the

Board

of

the

Office

of

Finance,

Federal

Home

Loan

Banks;

Director,

Avant,

LLC.

Nancy

A.

Eckl

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Indefinite

term.  

Trustee

since

2007.

Vice

President

(1990–2006),

American

Beacon

Advisors,

Inc.

and

of

certain

funds

advised

by

American

Beacon

Advisors,

Inc.

88

Independent

Director,

The

Lazard

Funds,

Inc.,

Lazard

Retirement

Series,

Inc.

and

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

Michael

A.

Forrester

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1967

Trustee

Indefinite

term.  

Trustee

since

2007.

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC.

88

Trustee,

Dexter

Southfield

School;

Member,

Governing

Council

of

the

Independent

Directors

Council.

Howell

E.

Jackson

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Indefinite

term.

Trustee

since

2005.

Special

Adviser,

White

House

Council

of

Economic

Advisers

(since

2023).

James

S.

Reid,

Jr.

Professor

of

Law

(since

2004),

Senior

Adviser

to

President

and

Provost

(2010–2012),

Acting

Dean

(2009),

Vice

Dean

for

Budget

(2003–2006)

and

on

the

faculty

(since

1989)

of

Harvard

Law

School.

88

Director,

Build

Commonwealth

(non-profit

organization).

Nicole

Thorne

Jenkins

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Trustee

Indefinite

term.

Trustee

since

2023.

John

A.

Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(2020–present).

Vice

Dean

(2016–2020),

Von

Allmen

Chaired

Professor

of

Accountancy

(2017–2020),

Associate

Professor

and

EY

Research

Fellow

(2012–2017),

Gatton

College

of

Business

and

Economics

at

the

University

of

Kentucky.

88

Trustee

and

Chair

of

the

Audit

&

Finance

Committee,

Strada

Education

Network.

Thomas

J.

Kenny

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Chairman

of

the

Board

and

Trustee

Indefinite

term.

Trustee

since

2011;

Chairman

for

term

ending

June

30,

2023.

Chairman

since

September

13,

2017.

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002-2010),

Goldman

Sachs

Asset

Management.

88

Director

and

Chair

of

the

Finance

and

Investment

Committee,

Aflac

Incorporated;

Director,

ParentSquare.

57

Officers

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

James

M.

Poterba

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1958

Trustee

Indefinite

term.

Trustee

since

2006.

President

and

Chief

Executive

Officer

(since

2008)

and

Program

Director

(1990–2008),

National

Bureau

of

Economic

Research.

Mitsui

Professor

of

Economics,

Massachusetts

Institute

of

Technology

(“MIT”)

(since

1996);

Affiliated

Faculty

Member

of

the

Finance

Group,

Alfred

P.

Sloan

School

of

Management

(since

2014);

Head

(2006–2008)

and

Associate

Head

(1994–2000

and

2001–2006),

Economics

Department

of

MIT.

88

Director,

National

Bureau

of

Economic

Research;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

Loren

M.

Starr

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1961

Trustee

Indefinite

term.

Trustee

since

2022.

Independent

Consultant/Advisor

(2021–Present).

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–

2020),

Invesco

Ltd.

88

None

currently.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Richard

S.

Biegen

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1962

Chief

Compliance

Officer

One-year

term.

Chief

Compliance

Officer

since

2008.

Senior

Managing

Director,

TIAA.

Chief

Compliance

Officer

of

the

College

Retirement

Equities

Fund

(“CREF”),

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

(collectively,

the

“TIAA-CREF

Fund

Complex”).

Claire

Borelli

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1960

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2023.

Senior

Executive

Vice

President,

Chief

People

Officer

of

TIAA

and

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Vice

President,

Chief

Diversity

&

Talent

Officer,

TIAA.

Prior

to

joining

TIAA,

Ms.

Borelli

served

as

Chief

Human

Resources

Officer

for

the

Consumer

Bank

and

Wealth

Management

sectors

of

JPMorgan

Chase

&

Co.

Derek

B.

Dorn

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1976

Senior

Managing

Director

and

Corporate

Secretary

One-year

term.

Senior

Managing

Director

and

Corporate

Secretary

since

2020.

Senior

Managing

Director

and

Corporate

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

and

the

TIAA-CREF

Fund

Complex.

Formerly,

Managing

Director,

Special

Assistant

to

the

CEO

and

Managing

Director,

Regulatory

Affairs,

TIAA.

Prior

to

joining

TIAA,

Mr.

Dorn

served

as

a

partner

at

Davis

&

Harman

LLP

and

an

adjunct

professor

of

Law

at

Georgetown

University

Law

Center.

John

L.

Douglas

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1950

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

One-year

term.

Executive

Vice

President

since

2021

and

Chief

Legal,

Risk

and

Compliance

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA.

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Senior

Advisor

to

the

CEO,

and

Senior

Executive

Vice

President,

Chief

Advocacy

&

Oversight

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Douglas

was

a

Partner

at

Davis

Polk

&

Wardwell

LLP.

W.

Dave

Dowrich

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1967

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President

and

Chief

Financial

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Prior

to

joining

TIAA,

Mr.

Dowrich

served

as

Chief

Financial

Officer,

International

Businesses

at

Prudential

Financial,

Inc.

Bradley

Finkle

TIAA

730

Third

Avenue

New

York,

NY   10017-3206

YOB:

1973

Principal

Executive

Officer

and

President

One-year

term.

Principal

Executive

Officer

and

President

since

2017.

Executive

Vice

President,

Head

of

Complementary

Businesses

and

Chief

Administrative

Officer

of

the

Chief

Operating

Office,

TIAA.

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Formerly,

Executive

Vice

President,

Chief

Operating

Officer,

Nuveen;

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1;

and

Senior

Managing

Director,

Co-Head

Nuveen

Equities

&

Fixed

Income

and

President

of

TIAA

Investments.

Jose

Minaya

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1971

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018.

Chief

Executive

Officer,

Nuveen.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Executive

Vice

President,

President

and

Chief

Investment

Officer,

Nuveen;

Executive

Vice

President,

Chief

Investment

Officer

and

President,

Nuveen

Global

Investments;

and

Senior

Managing

Director,

President,

Global

Investments,

TIAA.

Trustees

and

Officers

(Unaudited)

(continued)

May

31,

2023

58

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.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Colbert

Narcisse

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1965

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President,

Chief

Product

and

Business

Development

Officer

of

TIAA.

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Executive

Vice

President

of

TIAA-CREF

Funds

and

TIAA-

CREF

Life

Funds.

Formerly,

Executive

Vice

President

and

Head

of

Advisory

and

Corporate

Solutions,

TIAA.

Prior

to

joining

TIAA,

Mr.

Narcisse

served

as

Managing

Director

and

Head

of

International

Wealth

Management

and

Head

of

Traditional

and

Alternative

Investment

Products

at

Morgan

Stanley.

David

G.

Nason

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2020.

Senior

Executive

Vice

President,

Chief

Operating

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA,

Executive

Vice

President,

Chief

Risk

and

Compliance

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Nason

served

as

President

and

CEO

of

GE

Energy

Financial

Services.

E.

Scott

Wickerham

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1973

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

One-year

term.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

since

2017.

Senior

Managing

Director,

Head

of

Finance

for

Equities

and

Fixed

Income,

Nuveen.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Fund

Complex;

and

Vice

President

and

Controller

of

the

Nuveen

Funds.

Formerly,

Senior

Managing

Director,

Head,

Public

Investment

Finance,

Nuveen,

and

Managing

Director,

Head,

TC

Fund

Administration,

Nuveen.

59

Approval

of

Investment

Management

Agreement

(Unaudited)

Board

renewal

of

the

investment

management

agreement

for

the

TIAA-CREF

Lifestyle

Funds

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

TIAA-CREF

Funds

(the

“Trust”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Trust,

on

behalf

of

each

series

of

the

Trust.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

to

each

series

of

the

Trust

and

overseeing

the

everyday

operations

and

other

service

providers

of

the

Trust.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement

with

respect

to

each

series

of

the

TIAA-CREF

Lifestyle

Funds

(the

“Funds”).

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

each

Fund

will

remain

in

effect

only

if

the

Board,

including

a

majority

of

those

Trustees

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Trustees

because

they

are

not

“interested

persons”

of

the

Trust,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Trustees

is

an

interested

person

of

the

Trust

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Overview

of

the

renewal

process

The

Board

held

an

in-person

meeting

on

March

10,

2023,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

each

applicable

Fund

using

the

process

established

by

the

Board

described

further

below.

As

part

of

the

Board’s

established

process,

the

Board

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

Advisors,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

Advisors

and

the

Trust,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

each

Fund

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members,

on

behalf

of

the

Board,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

each

Fund,

including

data

relating

to

each

Fund’s

management

fee

rate,

total

expense

ratio,

short-term

and

long-term

investment

performance

and

portfolio

turnover

rate

(as

applicable).

Broadridge

compared

this

data,

as

relevant,

for

each

Fund

against

a

universe

of

investment

companies

(except

for

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

each

Fund

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

each

Fund’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

Advisors

or

the

Board).

The

Board

considered

the

propriety

of

each

Fund’s

applicable

peer

group

as

selected

by

Broadridge

and

use

of

the

Retail

Class

as

the

base

class

for

comparison

purposes.

Among

other

matters,

the

Board

also

considered

information

from

Advisors

to

facilitate

the

Trustees’

evaluation

of

the

reasonableness

of

any

profits

earned

by

Advisors

with

respect

to

its

services

to

each

Fund

pursuant

to

the

Agreement.

60

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Legal

counsel

for

the

Trustees

also

requested

on

behalf

of

the

Board,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

each

Fund.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

each

Fund’s

investment

performance

and

a

narrative

analysis

of

the

performance

of

each

Fund

that

had

underperformed

certain

Board-specified

criteria,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Fund’s

performance

during

that

period;

(2)

a

description

of

any

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

each

Fund’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

certain

of

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Funds

in

addition

to

the

Funds’

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Funds

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Funds;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Funds

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

Securities

and

Exchange

Commission

(which

was

presented

only

to

legal

counsel

for

the

Trustees);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

On

March

2,

2023,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

Advisors’

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

10,

2023

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

each

Fund,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Fund;

(2)

the

Fund’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Fund

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Fund;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Fund

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Fund

for

the

benefit

of

its

investors,

such

as,

if

applicable,

through

management

fee

breakpoints;

(7)

comparisons,

if

applicable,

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Fund

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Fund.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

10,

2023

meeting

that

included

Advisors’

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

each

Fund.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

10,

2023

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Funds

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Funds.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

each

Fund,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

Trust-level

and

Fund-specific

information,

but

made

its

renewal

determinations

on

a

Fund-by-

Fund

basis.

In

deciding

whether

to

renew

the

Agreement

for

each

Fund,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

each

Fund.

At

its

meeting

on

March

10,

2023,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

each

Fund.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

each

Fund.

61

The

nature,

extent

and

quality

of

services

The

Board

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Funds

since

their

operations

commenced.

Investment

professionals

at

Advisors

also

manage

various

other

funds

and

accounts

of

the

Trust,

College

Retirement

Equities

Fund,

the

TIAA-CREF

Life

Funds

and

TIAA

Separate

Account

VA-1,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Funds

(which

are

funds

of

funds

that

may

invest

their

assets

in

the

securities

of

affiliated

and

unaffiliated

investment

companies

or

other

investment

pools,

referred

to

as

“Underlying

Funds”),

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

shares

of

Underlying

Funds

for

the

Funds’

investment

portfolios;

active

daily

monitoring

of

the

Funds’

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Funds

to

the

Board

on

a

regular

basis;

responding

to

Fund

flows;

compliance

monitoring;

coordinating

the

activities

of

each

Fund’s

service

providers;

and

overseeing

the

provision

of

various

administrative

services

to

the

Funds.

The

Board

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

Advisors

has

committed

significant

resources

to

supporting

the

series

of

the

Trust,

including

the

Funds.

It

also

considered

Advisors’

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Funds.

The

Board

also

considered,

among

other

factors,

the

performance

of

each

Fund,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Funds,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

by

Advisors

to

each

Fund

under

the

Agreement

was

reasonable.

Investment

performance

The

Board

considered

the

investment

performance

of

each

Fund,

over

the

periods

indicated

in

the

Fund-by-Fund

synopsis

below.

The

Board

considered

each

Fund’s

performance

as

compared

to

its

peer

group

and

peer

universe

(as

applicable)

and

its

benchmark

index.

For

details

regarding

each

Fund’s

performance,

see

the

Fund-by-Fund

synopsis

below.

The

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

each

Fund

was

reasonable.

Cost

and

profitability

The

Board

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Funds

for

the

calendar

year

2022.

The

Board

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

each

Fund

both

before

and

after

taking

into

account

the

costs

incurred

directly

or

indirectly

by

Advisors

in

connection

with

the

distribution

of

shares

of

the

Fund.

The

Board

acknowledged

the

reasonableness

of

having

management

fee

rates

which

permit

Advisors

to

maintain

and

improve

the

quality

of

services

provided

to

the

Funds

and

recognized

the

entrepreneurial

and

other

risks

assumed

by

Advisors

in

managing

the

Funds.

The

Board

also

acknowledged

certain

fee

waivers

and

reimbursements

of

expenses

above

specified

amounts

undertaken

by

Advisors

with

respect

to

many

of

the

Underlying

Funds

which,

in

turn,

reduce

the

expenses

of

the

Funds.

The

Board

also

recognized

Advisors’

commitment

to

reimburse

Fund

expenses

to

the

extent

that

total

annual

operating

expenses

exceeded

certain

specified

amounts.

The

Board

considered

that

Advisors

had

calculated

that

it

incurred

losses

with

respect

to

each

Fund

under

the

Agreement

for

the

one-year

period

ended

December

31,

2022.

The

Board

also

considered

that,

in

the

aggregate,

Advisors

had

generated

indirect

earnings

with

respect

to

the

Funds’

investment

in

Underlying

Funds

also

managed

by

Advisors.

Fees

charged

by

other

advisers

The

Board

considered

comparative

information

regarding

each

Fund’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Fund-by-Fund

synopsis

below.

The

Board

determined

that

the

management

fee

rate

charged

to

a

Fund

under

the

Agreement

typically

was

lower

than

the

management

fee

rates

charged

to

many

or

most

other

comparable

mutual

funds.

In

this

regard,

the

Board

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

a

Fund

and

its

comparable

mutual

funds.

The

Board

considered

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Funds’

actual

management

fee

rates

compare

to

those

of

similar

mutual

funds.

Additionally,

the

Board

considered

the

potential

limitations

of

such

comparisons

due

to,

among

other

factors,

the

fact

that,

in

many

instances,

Broadridge

based

its

comparisons

on

financial

data

relating

to

fiscal

periods

that

differed

from

the

period

for

which

the

Fund’s

data

were

derived.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds.

62

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Economies

of

scale

The

Board

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

each

Fund,

and

whether

any

such

economies

are

shared

with

the

Funds.

The

Board

also

considered

that

because

Advisors

operated

each

Fund

at

a

loss,

there

had

been

little

opportunity

to

pass

on

economies

of

scale

to

Fund

shareholders.

Based

on

all

factors

considered,

the

Board

concluded

that

the

Funds’

management

fee

rate

schedules

were

reasonable

in

light

of

current

economies

of

scale

considerations

and

current

asset

levels.

Fee

and

performance

comparisons

with

other

Advisors

clients

The

Board

considered

that

Advisors

provides

similar

investment

management

services

to

other

investment

companies.

The

Board

noted

that

Advisors

provides

funds

of

funds

management

services

to

the

TIAA-CREF

Life

Balanced

Fund,

with

an

annual

management

fee

rate

of

0.10%

of

average

daily

net

assets,

and

the

TIAA-CREF

Managed

Allocation

Fund,

for

which

Advisors

receives

no

management

fee.

The

Board

also

considered

that

Advisors

also

manages

the

TIAA-CREF

Lifecycle

and

Lifecycle

Index

Funds,

which

have

a

different

expense

structure

where

both

the

fund

of

fund

fees

and

the

underlying

fund

fees

are

charged

to

the

funds

of

funds

directly.

The

Board

also

discussed

the

performance

of

these

other

funds

of

funds

while

discussing

the

performance

of

the

Funds.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

Advisors

to

its

comparable

clients.

Other

benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Funds

to

Advisors

or

its

affiliates

for

other

services,

such

as

distribution

and

administration,

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Funds

share

investment

resources

and/or

personnel

with

other

clients

of

Advisors

and

the

ability

to

incubate

strategies

within

one

or

more

Funds

that

could

be

subsequently

utilized

to

manage

other

non-Fund

products.

Advisors

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Funds

have

with

certain

service

providers.

Advisors

and/or

its

affiliates

also

may

benefit

to

the

extent

that

the

Funds

add

scale

to

the

TIAA-CREF

Underlying

Funds

or

other

affiliated

underlying

funds.

Also,

Advisors

and

its

affiliates

earn

fees

on

the

Funds’

investments

in

other

underlying

affiliated

products,

such

as

TIAA-CREF

Funds

and

Nuveen

Funds.

Additionally,

the

Funds

may

be

utilized

as

investment

options

for

other

products

and

businesses

of

Advisors

and

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Funds

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Board

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

Fund-by-fund

synopsis

of

factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

each

Fund.

If

a

Fund

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

The

specific

management

fee,

expense

and

performance

factors

outlined

below

are

based

on

the

Retail

Class

of

each

Fund.

Because

the

Retail

Class

generally

has

higher

non-management

expenses

than

the

other

classes

of

these

Funds,

the

expenses

and

performance

of

these

other

classes

will

differ

from

the

expenses

and

performance

shown

for

the

Retail

Class.

All

time

periods

referenced

below

are

ended

December

31,

2022.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2022.

Statements

below

regarding

“net

loss”

refer

to

Advisors’

calculation

that

it

incurred

a

loss

for

the

services

that

it

rendered

to

a

Fund

during

2022

under

the

Agreement.

Lifestyle

Aggressive

Growth

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.10%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

2nd,

1st

and

1st

quintiles

of

both

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”)

and

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”),

respectively.

The

Fund

was

in

the

4th,

2nd,

2nd

and

1st

quintiles

of

the

group

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Group”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

on

the

5th,

3rd,

3rd

and

2nd

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Universe”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

63

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifestyle

Growth

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.10%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

2nd,

1st

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

5th,

2nd,

2nd

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

5th,

4th,

4th

and

3rd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifestyle

Moderate

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.10%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

1st,

2nd

and

1st

quintiles

of

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

2nd

quintile

of

its

Expense

Universe.

The

Fund

was

in

the

4th,

1st,

1st

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

5th,

4th,

3rd

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

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifestyle

Conservative

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.10%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

1st,

1st

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

2nd,

1st,

1st

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

4th,

2nd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

Lifestyle

Income

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.10%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

1st,

1st

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

1st,

1st,

2nd

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

3rd,

3rd

and

3rd

quintiles

of

its

Performance

Universe

for

of

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

64

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

in

the

aggregate

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

each

Fund.

65

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

series

of

the

Trust

covered

by

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

the

Funds’

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Fund

liquidity

risk,

as

discussed

further

below.

The

Funds’

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

14,

2023

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Funds’

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

the

Funds’

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

a

Fund’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

illiquid

investments.

Additional

Information

About

Index

Providers

(Unaudited)

66

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

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the

content

of

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communication.

MSCI

Indexes

Source:

MSCI.

The

MSCI

information

may

only

be

used

for

your

internal

use,

may

not

be

reproduced

or

redisseminated

in

any

form

and

may

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be

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for

or

a

component

of

any

financial

instruments

or

products

or

indices.

None

of

the

MSCI

information

is

intended

to

constitute

investment

advice

or

a

recommendation

to

make

(or

refrain

from

making)

any

kind

of

investment

decision

and

may

not

be

relied

on

as

such.

Historical

data

and

analysis

should

not

be

taken

as

an

indication

or

guarantee

of

any

future

performance

analysis,

forecast

or

prediction.

The

MSCI

information

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on

an

“as

is”

basis

and

the

user

of

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assumes

the

entire

risk

of

any

use

made

of

this

information.

MSCI,

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affiliates

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involved

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warranties

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originality,

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the

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Party

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direct,

indirect,

special,

incidental,

punitive,

consequential

(including,

without

limitation,

lost

profits)

or

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other

damages.

(www.msci.com)

Bloomberg

Indexes

Source:

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Index

Services

Limited.

BLOOMBERG®is

a

trademark

and

service

mark

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Bloomberg

Finance

L.P.

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the

accuracy

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nor

makes

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as

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the

results

to

be

obtained

therefrom

and,

to

the

maximum

extent

allowed

by

law,

neither

shall

have

any

liability

or

responsibility

for

injury

or

damages

arising

in

connection

therewith.

Morningstar

Index

©2023

Morningstar.

All

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Reserved.

The

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(1)

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proprietary

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use

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this

information.

How

to

Reach

Us

©2023

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

Websites

TIAA.org

nuveen.com

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telephone

service

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24

hours

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days

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a.m.

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(ET),

Monday–Friday

You

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

fund

before

investing.

For

a

prospectus

that

contains

this

and

other

information,

please

visit

TIAA.org,

or

call

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for

the

Institutional,

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and

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or

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action.

Investment

decisions

should

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made

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an

investor’s

own

objectives

and

circumstances.

2923428

We’re

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Switch

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eDelivery

options

A13442

(7/23)

Managed

Allocation

Fund

TIAA-CREF

Annual

Report

TIAA-CREF

Funds

May

31,

2023

Fund

Name

Institutional

Class

Retirement

Class

Retail

Class

18.1

TIAA-CREF

Managed

Allocation

Fund

TIMIX

TITRX

TIMRX

Table

of

Contents

Letter

to

Investors

3

Important

Notices

5

About

the

Fund’s

Benchmarks

6

Investment

results

of

the

Managed

Allocation

Fund

7

Fund

Performance

8

Expense

Examples

10

Report

of

Independent

Registered

Public

Accounting

Firm

11

Portfolio

of

Investments

12

Statement

of

Assets

and

Liabilities

13

Statement

of

Operations

14

Statement

of

Changes

in

Net

Assets

15

Financial

Highlights

16

Notes

to

Financial

Statements

18

Important

Tax

Information

23

Additional

Fund

Information

24

Trustees

and

Officers

25

Approval

of

Investment

Management

Agreement

28

Liquidity

Risk

Management

Program

32

Additional

Information

About

Index

Providers

33

How

to

Reach

Us

Inside

Back

Cover

3

Letter

to

Investors

Brad

Finkle

Global

financial

markets

posted

mixed

results

for

the

twelve

months

ended

May

31,

2023.

The

Federal

Reserve

responded

to

continued

inflationary

pressure

by

raising

short-term

interest

rates

on

multiple

occasions

during

the

period.

U.S.

equities

advanced

as

the

economy

expanded

over

the

last

three

quarters

on

the

strength

of

consumer

and

business

spending.

However,

the

pace

of

growth

slowed

in

both

the

fourth

quarter

of

2022

and

the

first

quarter

of

2023.

Foreign

stocks

registered

gains

and

losses,

with

international

developed

markets

rising

and

emerging

markets

falling.

U.S.

fixed-income

securities

declined

as

U.S.

Treasury

yields

rose

across

all

maturities

(bond

prices

move

in

the

opposite

direction

of

yields).

These

market

conditions

were

reflected

in

the

performance

of

the

TIAA-

CREF

Managed

Allocation

Fund

by

way

of

its

investments

in

various

asset

classes

through

underlying

funds.

The

Fund’s

Institutional

Class

returned

0.4%,

surpassing

the

−0.1%

return

of

its

composite

benchmark.

Stocks

and

bonds

posted

mixed

results

U.S.

equities

advanced

modestly

for

the

twelve

months

despite

pressure

from

inflation

and

rising

interest

rates,

while

oil

prices

fell

sharply

by

the

end

of

the

period.

The

unemployment

rate

rose

slightly

during

the

period,

climbing

to

3.7%

in

May

2023.

The

broad

domestic

stock

market,

as

represented

by

the

Russell

3000®

Index,

returned

2.0%.

The

Fed

raised

the

federal

funds

target

rate

to

5.00%–5.25%

in

May

2023

but

indicated

that

a

pause

in

future

increases

was

possible.

International

stocks

trailed

their

U.S.

counterparts.

The

MSCI

ACWI

ex

USA

Investable

Market

Index

(IMI),

which

measures

the

performance

of

large-,

mid-

and

small-cap

securities

in

22

of

23

developed-markets

countries

(excluding

the

United

States)

and

24

emerging-markets

countries,

returned

−1.9%

in

U.S.-dollar

terms.

The

economy

of

the

19-nation

euro

area

continued

to

expand,

but

the

rate

of

growth

slowed.

Inflation

remained

a

pressing

concern

in

Europe.

In

response,

the

European

Central

Bank

raised

its

suite

of

benchmark

interest

rates

multiple

times

during

the

twelve

months.

Among

developing

markets,

China’s

economic

growth

accelerated

as

the

country’s

severe

COVID-19

restrictions

were

relaxed.

U.S.

investment-grade

bonds

lost

ground

as

U.S.

Treasury

yields

rose

across

all

maturities.

The

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−2.1%

for

the

period.

Staying

focused

on

long-term

goals,

despite

short-term

challenges

Today’s

financial

landscape

has

certainly

given

investors

a

lot

to

think

about.

Inflation

and

higher

interest

rates

continue

to

be

areas

of

concern,

while

market

volatility

remains

unpredictable.

However,

it’s

important

to

remain

patient

and

stay

focused

on

your

long-term

goals

when

challenges

such

as

these

arise.

While

it’s

only

natural

to

be

curious

about

the

future,

we

all

know

that

no

one

can

predict

the

markets’

direction.

Moreover,

paying

too

much

attention

to

short-

term

events

can

shift

your

focus

away

from

your

long-term

objectives.

As

such,

we

believe

that

maintaining

a

diversified

investment

portfolio,

consisting

of

multiple

asset

classes,

is

a

wise

course

of

action

for

all

market

conditions.

The

TIAA-

CREF

Managed

Allocation

Fund

uses

a

dynamic

diversification

strategy

designed

to

help

mitigate

the

effects

of

market

volatility

and

keep

you

on

track

to

achieve

your

financial

goals.

Of

course,

diversification

does

not

guarantee

against

market

losses,

and

past

performance

cannot

guarantee

future

results.

Letter

to

Investors

(continued)

4

We

thank

you

for

trusting

us

to

manage

your

investments

through

the

TIAA-CREF

Managed

Allocation

Fund.

If

you

have

any

questions

or

concerns,

please

consult

your

financial

advisor

or

call

a

TIAA

financial

consultant

at

800-842-2252.

You

can

also

reach

us

online

by

visiting

TIAA.org.

We

always

stand

ready

to

assist

you.

Brad

Finkle

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

Important

Notices

5

For

Shareholders

of

TIAA-CREF

Managed

Allocation

Fund

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

prepared

for

the

Fund

included

within

this

shareholder

report

will

be

for

the

reporting

period

ended

May

31,

2024.

About

the

Fund’s

Benchmarks

6

Composite

benchmark

The

Managed

Allocation

Fund

uses

a

composite

benchmark

that

combines

the

following

public

indexes

in

proportions

that

reflect

the

Fund's

target

market

sector

allocations:

Russell

3000®

Index

(U.S.

equity):

An

index

designed

to

measure

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.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

ACWI

ex

USA

Investable

Market

Index

(IMI)

(international

equity):

An

index

designed

to

measure

the

performance

of

large-,

mid-

and

small-cap

securities

across

22

of

23

developed-markets

countries

(excluding

the

United

States)

and

24

emerging-markets

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index

(fixed

income):

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Broad

market

index

The

returns

shown

against

the

broad-based

securities

market

index

compare

the

Fund’s

average

annual

returns

with

a

broad

measure

of

market

performance.

The

Morningstar

Moderate

Target

Risk

Index

is

an

asset

allocation

index

comprised

of

constituent

Morningstar

indexes

and

reflects

global

equity

market

exposure

of

60%

based

on

an

asset

allocation

methodology

from

Ibbotson

Associates,

a

Morningstar

company.

The

returns

of

the

Morningstar

Moderate

Target

Risk

Index

reflect

multi-

asset

class

exposure

and

a

similar

risk

profile

as

the

Fund.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

Fund’s

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

7

Investment

results

of

the

Managed

Allocation

Fund

Performance

for

the

twelve

months

ended

May

31,

2023

The

Managed

Allocation

Fund

returned

0.39%

for

the

Institutional

Class,

compared

with

the

−0.13%

return

of

its

benchmark,

the

Managed

Allocation

Fund

Composite

Index.

The

performance

table

shows

returns

for

all

share

classes

of

the

Fund.

Financial

markets

posted

mixed

results

amid

persistent

inflation

The

U.S.

economy

expanded

during

the

period,

however,

the

pace

of

growth

slowed

at

the

end

of

2022

and

beginning

of

2023.

Real

Gross

Domestic

Product

(GDP),

which

measures

the

value

of

all

goods

and

services

produced

in

the

United

States,

grew

by

an

annualized

rate

of

3.2%

and

2.6%

in

the

third

and

fourth

quarters

of

2022,

respectively.

GDP

expanded

by

1.3%

in

the

first

quarter

of

2023,

according

to

the

government’s

“second”

estimate.

A

strong

labor

market

and

solid

consumer

spending

gave

the

economy

a

boost,

but

inflation

concerns,

and

rising

interest

rates

posed

challenges.

The

unemployment

rate

increased

slightly,

rising

from

3.6%

in

June

2022

to

3.7%

in

May

2023.

Core

inflation,

which

measures

all

items

except

food

and

energy,

rose

5.3%

over

the

twelve

months

ended

May

31,

2023.

Crude

oil

prices

declined

sharply,

falling

from

more

than

$115

per

barrel

at

the

beginning

of

the

period

to

$68

on

May

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

levels

by

raising

the

federal

funds

target

rate

eight

times

during

the

period.

Policymakers

increased

the

key

short-term

interest-rate

measure

to

5.00−5.25%

in

May

2023,

its

highest

level

since

2007.

Domestic

stocks

advanced

while

international

equities

lost

ground

for

the

period.

The

Russell

3000®

Index,

a

broad

measure

of

the

U.S.

stock

market,

rose

2.03%.

The

MSCI

ACWI

ex

USA

Investable

Market

Index

(IMI),

which

measures

the

performance

of

large-,

mid-

and

small-cap

securities

in

22

of

23

developed-markets

countries

(excluding

the

United

States)

and

24

emerging-markets

countries,

returned

−1.86%

in

U.S.-dollar

terms.

U.S.

investment-grade

bonds

were

hurt

by

the

impact

of

rising

yields

across

all

maturities

(bond

prices

move

in

the

opposite

direction

of

yields).

The

broad

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−2.14%.

U.S.

equity

funds

posted

the

largest

gains

The

Managed

Allocation

Fund

may

invest

in

up

to

three

sectors

of

the

investment

markets:

U.S.

equity

(stocks),

international

equity

(foreign

stocks)

and

fixed

income.

The

Fund

does

this

by

investing

in

various

underlying

funds

that,

in

turn,

buy

stocks,

bonds

and

other

securities

in

these

market

sectors.

(Other

than

the

Nuveen

Growth

Opportunities

ETF,

the

Nuveen

Dividend

Value

Fund

and

the

Nuveen

Dividend

Growth

Fund,

all

funds

mentioned

below

are

TIAA-CREF

Funds.)

For

the

twelve

months,

U.S.

equity

funds

recorded

the

largest

gains

and

contributed

most

to

the

Fund’s

absolute

return—that

is,

without

regard

to

the

performance

of

its

composite

benchmark.

Within

the

U.S.

equity

category,

the

Large-Cap

Growth

Fund,

the

Nuveen

Growth

Opportunities

ETF

and

the

Growth

&

Income

Fund

gained

most,

while

the

Quant

Small/Mid-Cap

Equity

Fund

and

the

Nuveen

Dividend

Value

Fund

posted

the

largest

losses.

Among

foreign

stock

funds,

nearly

all

registered

negative

returns,

with

the

Emerging

Markets

Equity

Fund

declining

the

most.

Within

fixed

income,

the

Core

Plus

Bond

Fund

posted

a

loss.

(All

fund

returns

are

for

the

Institutional

Class.)

U.S.

stock

funds

contributed

most

to

relative

performance

For

the

twelve

months,

the

Fund

outperformed

its

composite

benchmark

primarily

due

to

the

relative

strength

of

underlying

funds

investing

in

U.S.

equities.

Within

U.S.

equities,

the

Large-Cap

Value

Fund,

the

Growth

&

Income

Fund

and

the

Large-Cap

Growth

Fund

contributed

most

to

relative

performance.

The

Quant

Small-Cap

Equity

Fund

also

benefited

the

Fund’s

relative

return.

In

contrast,

the

Nuveen

Dividend

Growth

Fund

was

the

largest

detractor

from

relative

performance.

In

the

foreign

stock

category,

all

funds

detracted

from

the

Fund’s

relative

performance

with

the

International

Equity

Fund

and

the

International

Opportunities

Fund

detracting

most.

In

the

fixed-income

sector,

the

Core

Plus

Bond

Fund

benefited

the

Fund’s

relative

performance.

(Performance

of

the

Managed

Allocation

Fund’s

underlying

TIAA-CREF

Funds

can

be

found

at

TIAA.org/performance.)

Managed

Allocation

Fund

8

Performance

as

of

May

31,

2023

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. 

$2,000,000

over

10

years

Institutional

Class

Ending

amounts

are

as

of

May

31,

2023.

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Managed

Allocation

Fund

Inception

date

1

year

5

years

10

years

gross

net

Institutional

Class

3/31/06

0.39%

4.50%

6.10%

0.48%

0.45%

Retirement

Class

3/31/06

0.21

4.26

5.84

0.73

0.70

Retail

Class

3/31/06

0.20

4.26

5.84

0.76

0.70

Managed

Allocation

Fund

Composite

Index

‡

–

-0.13

5.20

6.24

–

–

Broad

market

index

Morningstar

Moderate

Target

Risk

Index

–

-1.54

4.47

5.52

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

September

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

‡

As

of

the

close

of

business

on

May

31,

2023,

the

Managed

Allocation

Fund

Composite

Index

consisted

of:

40.0%

Bloomberg

U.S.

Aggregate

Bond

Index;

39.0%

Russell

3000®

Index;

and

21.0%

MSCI

All

Country

World

Index

ex

USA

Investable

Market

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

9

Managed

Allocation

Fund

continued

continued

Asset

allocation

Target

allocation

%

of

net

assets

as

of

5/31/2023

Equity

U.S.

equity

39.19

International

equity

20.68

Fixed

income

40.08

Short-term

investments

0.15

Other

assets

&

liabilities,

net

(0.10)

Total

100.00

Expense

Examples

10

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

Fund

would

be

higher.

Note

also

that

shareholders

of

the

TIAA-CREF

Funds

do

not

incur

a

sales

charge

for

purchases,

reinvested

dividends

or

other

distributions.

The

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,

2022

–

May

31,

2023

).

Actual

expenses

The

first

section

in

each

table

uses

the

Fund’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

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

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Some

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

section

in

each

table

shows

hypothetical

account

values

and

expenses

based

on

the

Fund’s

actual

expense

ratio

for

each

share

class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

share

class’

actual

return.

This

hypothetical

example

cannot

be

used

to

estimate

the

actual

expenses

you

paid

for

the

period,

but

rather

allows

you

to

compare

the

ongoing

costs

of

investing

in

the

Fund

with

the

costs

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

mutual

funds.

18.1

Managed

Allocation

Fund

Share

Class

Institutional

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,026.05

$1,025.71

$1,025.54

Expenses

incurred

during

the

period*

$0.00

$1.26

$1.26

Effective

expenses

incurred

during

the

period

†

$2.23

$3.49

$3.49

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.93

$1,023.68

$1,023.68

Expenses

incurred

during

the

period*

$0.00

$1.26

$1.26

Effective

expenses

incurred

during

the

period

†

$2.23

$3.49

$3.49

*

"Expenses

incurred

during

the

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,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.00%

for

Institutional

Class,

0.25%

for

Retirement

Class

and

0.25%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

†

"Effective

expenses

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratios

for

that

period

were

0.44%

for

Institutional

Class,

0.69%

for

Retirement

Class

and

0.69%

for

Retail

Class.

Report

of

Independent

Registered

Public

Accounting

Firm

11

To

the

Board

of

Trustees

of

TIAA-CREF

Funds

and

Shareholders

of

TIAA-CREF

Managed

Allocation

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

TIAA-CREF

Managed

Allocation

Fund

(one

of

the

funds

constituting

TIAA-CREF

Funds,

hereafter

referred

to

as

the

"Fund")

as

of

May

31,

2023,

the

related

statement

of

operations

for

the

year

ended

May

31,

2023,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

May

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

May

31,

2023

by

correspondence

with

the

transfer

agent,

broker

and

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Charlotte,

North

Carolina

July 21,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds

investment

company

group

since

2005. 

Managed

Allocation

Fund

May

31,

2023

Portfolio

of

Investments

12

See

Notes

to

Financial

Statements

SHARES

SECURITY

VALUE

AFFILIATED

INVESTMENT

COMPANIES—100.0%a

FIXED

INCOME—40.1%

36,323,746

TIAA-CREF

Core

Plus

Bond

Fund

$

329,819,616‌

TOTAL

FIXED

INCOME

329,819,616‌

INTERNATIONAL

EQUITY—20.7%

3,812,761

TIAA-CREF

Emerging

Markets

Equity

Fund

28,595,709‌

6,071,994

TIAA-CREF

International

Equity

Fund

73,956,884‌

3,193,297

TIAA-CREF

International

Opportunities

Fund

44,163,298‌

2,503,719

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

23,484,883‌

TOTAL

INTERNATIONAL

EQUITY

170,200,774‌

U.S.

EQUITY—39.2%

905,522

Nuveen

Dividend

Growth

Fund

46,444,219‌

3,632,540

Nuveen

Dividend

Value

Fund

47,332,002‌

2,552,552

Nuveen

Growth

Opportunities

ETF

54,624,613‌

3,348,915

TIAA-CREF

Growth

&

Income

Fund

46,918,306‌

2,710,365

TIAA-CREF

Large-Cap

Growth

Fund

54,315,706‌

2,498,389

TIAA-CREF

Large-Cap

Value

Fund

47,394,445‌

769,244

TIAA-CREF

Quant

Small-Cap

Equity

Fund

11,738,669‌

1,155,232

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

13,666,397‌

TOTAL

U.S.

EQUITY

322,434,357‌

TOTAL

AFFILIATED

INVESTMENT

COMPANIES

822,454,747‌

(Cost

$779,510,880)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$1,200,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.060

%

06/01/23

1,200,000‌

TOTAL

REPURCHASE

AGREEMENT

1,200,000‌

TOTAL

SHORT-TERM

INVESTMENTS

1,200,000‌

(Cost

$1,200,000)

TOTAL

INVESTMENTS—100.1%

823,654,747‌

(Cost

$780,710,880)

OTHER

ASSETS

&

LIABILITIES,

NET—(0.1)%

(

821,514‌

)

NET

ASSETS—100.0%

$

822,833,233‌

ETF

Exchange

Traded

Fund

a

The

Fund

invests

its

assets

in

the

affiliated

Nuveen

Growth

Opportunities

ETF,

Institutional

Class

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.060%

dated

5/31/23

to

be

repurchased

at

$1,200,000

on

6/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.250%

and

maturity

date

6/30/28,

valued

at

$1,224,057.

13

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

May

31,

2023

18.1

Managed

Allocation

Fund

ASSETS

Affiliated

investments,

at

value

‡

$

822,454,747‌

Short-term

investments,

at

value

#

1,200,000‌

Cash

2,888‌

Due

from

affiliates

47,046‌

Receivables:

Dividends

and

interest

1,125,314‌

Fund

shares

sold

20,407‌

Investments

sold

2,935,438‌

Other

59,302‌

Total

assets

827,845,142‌

LIABILITIES

Service

agreement

fees

payable

14,723‌

Distribution

fees

payable

156,699‌

Due

to

affiliates

8,420‌

Payables:

Fund

shares

redeemed

293,118‌

Investments

purchased

-

regular

settlement

4,406,291‌

Trustee

compensation

59,241‌

Accrued

expenses

and

other

payables

73,417‌

Total

liabilities

5,011,909‌

Net

assets

$

822,833,233‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

815,132,670‌

Total

distributable

earnings

(loss)

7,700,563‌

Net

assets

$

822,833,233‌

‡

Affiliated

investments,

cost

$

779,510,880‌

#

Short-term

investments,

cost

$

1,200,000‌

INSTITUTIONAL

CLASS:

Net

assets

$

18,492,975‌

Shares

outstanding

1,699,194‌

Net

asset

value

per

share

$

10

.88‌

RETIREMENT

CLASS:

Net

assets

$

69,526,022‌

Shares

outstanding

6,398,056‌

Net

asset

value

per

share

$

10

.87‌

RETAIL

CLASS:

Net

assets

$

734,814,236‌

Shares

outstanding

67,234,554‌

Net

asset

value

per

share

$

10

.93‌

Authorized

shares

-

per

class

Unlimited

Par

value

per

share

$

0

.0001‌

14

Statement

of

Operations

See

Notes

to

Financial

Statements

Year

Ended

May

31,

2023

18.1

Managed

Allocation

Fund

INVESTMENT

INCOME

Dividends

from

affiliated

investments

$

20,029,861‌

Total

investment

income

20,029,861‌

EXPENSES

12b-1

distribution

and

service

fees

—

Retail

Class

1,843,552‌

Shareholder

servicing

agent

fees

—

Institutional

Class

134‌

Shareholder

servicing

agent

fees

—

Retirement

Class

174,133‌

Shareholder

servicing

agent

fees

—

Retail

Class

308,382‌

Administrative

service

fees

40,735‌

Trustees

fees

13,543‌

Custodian

fees

9,441‌

Overdraft

expense

773‌

Professional

fees

18,157‌

Registration

fees

55,856‌

Shareholder

reporting

expenses

64,287‌

Other

29,440‌

Total

expenses

2,558,433‌

Expenses

reimbursed

by

the

investment

adviser

(

442,441‌

)

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

(

97,634‌

)

Net

expenses

2,018,358‌

Net

investment

income

(loss)

18,011,503‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Affiliated

investments

(

35,225,630‌

)

Distributions

from

affiliated

investments

11,667,054‌

Net

realized

gain

(loss)

(

23,558,576‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Affiliated

investments

5,089,157‌

Net

change

in

unrealized

appreciation

(depreciation)

5,089,157‌

Net

realized

and

unrealized

gain

(loss)

(

18,469,419‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

(

457,916‌

)

15

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

18.1

Managed

Allocation

Fund

Year

Ended

5/31/23

Year

Ended

5/31/22

OPERATIONS

Net

investment

income

(loss)

$

18,011,503‌

$

15,982,076‌

Net

realized

gain

(loss)

(

23,558,576‌

)

74,065,291‌

Net

change

in

unrealized

appreciation

(depreciation)

5,089,157‌

(

185,924,714‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

457,916‌

)

(

95,877,347‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

Dividends:

Institutional

Class

(

1,557,184‌

)

(

2,793,433‌

)

Retirement

Class

(

5,228,672‌

)

(

8,680,010‌

)

Retail

Class

(

53,781,744‌

)

(

93,479,940‌

)

Total

distributions

(

60,567,600‌

)

(

104,953,383‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

27,414,290‌

46,265,893‌

Reinvestments

of

distributions

58,701,042‌

101,568,920‌

Redemptions

(

90,380,463‌

)

(

91,313,891‌

)

Net

increase

(decrease)

from

shareholder

transactions

(

4,265,131‌

)

56,520,922‌

Net

increase

(decrease)

in

net

assets

(

65,290,647‌

)

(

144,309,808‌

)

NET

ASSETS

Beginning

of

period

888,123,880‌

1,032,433,688‌

End

of

period

$

822,833,233‌

$

888,123,880‌

Financial

Highlights

See

Notes

to

Financial

Statements

16

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

j

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

18.1

MANAGED

ALLOCATION

FUND

Institutional

Class:

5/31/23

$

11

.73‌

$

0

.26‌

$

(

0

.26‌

)

$

—‌

$

(

0

.28‌

)

$

(

0

.57‌

)

$

(

0

.85‌

)

$

10

.88‌

5/31/22

14

.46‌

0

.25‌

(

1

.45‌

)

(

1

.20‌

)

(

0

.44‌

)

(

1

.09‌

)

(

1

.53‌

)

11

.73‌

5/31/21

12

.32‌

0

.23‌

3

.07‌

3

.30‌

(

0

.37‌

)

(

0

.79‌

)

(

1

.16‌

)

14

.46‌

5/31/20

12

.18‌

0

.28‌

0

.58‌

0

.86‌

(

0

.28‌

)

(

0

.44‌

)

(

0

.72‌

)

12

.32‌

5/31/19

12

.89‌

0

.29‌

(

0

.29‌

)

0

.00‌

d

(

0

.35‌

)

(

0

.36‌

)

(

0

.71‌

)

12

.18‌

Retirement

Class:

5/31/23

11

.71‌

0

.24‌

(

0

.26‌

)

(

0

.02‌

)

(

0

.25‌

)

(

0

.57‌

)

(

0

.82‌

)

10

.87‌

5/31/22

14

.44‌

0

.21‌

(

1

.45‌

)

(

1

.24‌

)

(

0

.40‌

)

(

1

.09‌

)

(

1

.49‌

)

11

.71‌

5/31/21

12

.31‌

0

.20‌

3

.05‌

3

.25‌

(

0

.33‌

)

(

0

.79‌

)

(

1

.12‌

)

14

.44‌

5/31/20

12

.16‌

0

.25‌

0

.59‌

0

.84‌

(

0

.25‌

)

(

0

.44‌

)

(

0

.69‌

)

12

.31‌

5/31/19

12

.87‌

0

.25‌

(

0

.28‌

)

(

0

.03‌

)

(

0

.32‌

)

(

0

.36‌

)

(

0

.68‌

)

12

.16‌

Retail

Class:

5/31/23

11

.77‌

0

.24‌

(

0

.26‌

)

(

0

.02‌

)

(

0

.25‌

)

(

0

.57‌

)

(

0

.82‌

)

10

.93‌

5/31/22

14

.51‌

0

.22‌

(

1

.46‌

)

(

1

.24‌

)

(

0

.41‌

)

(

1

.09‌

)

(

1

.50‌

)

11

.77‌

5/31/21

12

.36‌

0

.20‌

3

.07‌

3

.27‌

(

0

.33‌

)

(

0

.79‌

)

(

1

.12‌

)

14

.51‌

5/31/20

12

.21‌

0

.25‌

0

.59‌

0

.84‌

(

0

.25‌

)

(

0

.44‌

)

(

0

.69‌

)

12

.36‌

5/31/19

12

.92‌

0

.25‌

(

0

.28‌

)

(

0

.03‌

)

(

0

.32‌

)

(

0

.36‌

)

(

0

.68‌

)

12

.21‌

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

d

Value

rounded

to

zero.

e

The

Fund's

expenses

do

not

include

the

expenses

of

the

Underlying

Funds.

j

Short-term

and

long-term

capital

gain

distributions

received

from

the

underlying

Funds

are

presented

in

net

realized

and

unrealized

gain

(loss)

on

total

investments

for

all

periods

presented.

See

Notes

to

Financial

Statements

17

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

e

Net

Expenses

e

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

0

.39‌

%

$

18,493‌

0

.03‌

%

0.00‌

%

2

.40‌

%

19‌

%

(

9

.45‌

)

24,214‌

0

.03‌

0.00‌

1

.84‌

23‌

27

.52‌

24,885‌

0

.02‌

0.00‌

1

.71‌

42‌

7

.09‌

16,997‌

0

.03‌

0.00‌

2

.21‌

27‌

0

.40‌

18,320‌

0

.03‌

0.00‌

2

.34‌

20‌

0

.21‌

69,526‌

0

.28‌

0

.25‌

2

.18‌

19‌

(

9

.70‌

)

73,347‌

0

.28‌

0

.25‌

1

.56‌

23‌

27

.15‌

88,693‌

0

.27‌

0

.25‌

1

.48‌

42‌

6

.91‌

70,404‌

0

.28‌

0

.25‌

1

.98‌

27‌

0

.14‌

70,068‌

0

.28‌

0

.25‌

2

.03‌

20‌

0

.20‌

734,814‌

0

.32‌

0

.25‌

2

.17‌

19‌

(

9

.69‌

)

790,563‌

0

.31‌

0

.23‌

1

.59‌

23‌

27

.20‌

918,856‌

0

.31‌

0

.25‌

1

.48‌

42‌

6

.87‌

750,844‌

0

.32‌

0

.25‌

1

.97‌

27‌

0

.14‌

745,328‌

0

.32‌

0

.25‌

2

.00‌

20‌

18

Notes

to

Financial

Statements

1.

Organization

The

Managed

Allocation

Fund

(the

“Fund”)

is

one

of

the

investment

portfolios

of

the

TIAA-CREF

Funds

(the

“Trust”),

a

Delaware

statutory

trust,

that

is

registered

with

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the Fund

is

May

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

May

31,

2023

(the

"current

fiscal

period").

Teachers

Advisors,

LLC

(the

“Adviser”),

a

wholly

owned

indirect

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

is

registered

with

the

SEC

as

an

investment

adviser

and

provides

investment

management

services

for

the

Fund.

The

Fund

offers

its

shares,

without

a

sales

load,

through

its

principal

underwriter,

Nuveen

Securities,

LLC

(“Nuveen

Securities”),

which

is

a

wholly

owned

indirect

subsidiary

of

TIAA.

The

Fund

is

a

“fund

of

funds”

that

diversifies

its

assets

by

investing

in

Institutional

Class

shares

of

other

funds

of

the

Trust

and

potentially

other

investment

pools

or

investment

products.

The

Fund

offers

three

share

classes:

Institutional

Class,

Retirement

Class

and

Retail

Class shares.

Each

class

differs

by

the

allocation

of

class-specific

expenses

and

voting

rights

in

matters

affecting

a

single

class.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The 

Fund

 is

an

investment

company

and

follows

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

.

The 

net

asset

value 

(“NAV”)

 for

financial

reporting

purposes

may

differ

from

the 

NAV

for

processing

transactions.

The 

NAV

for

financial

reporting

purposes

includes

security

and 

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the 

NAV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Fund

.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the

Fund

determines

the

existence

of

a

dividend

declaration.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Fund

estimates

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions. 

Multiclass

Operations

and

Allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation of the

Fund

are

allocated

on

a

pro

rata

basis

to

each

class

of

shares,

except

for

service

agreement

fees,

distribution

fees

and

transfer

agency

fees

and

expenses,

which

are

unique

to

each

class

of

shares.

Most

expenses

of

the

Trust

can

be

directly

attributed

to a

Fund.

Expenses

that

cannot

be

directly

attributed

are

allocated

to

each

Fund

in

the

Trust

based

upon

the

average

net

assets

of

each

Fund.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Compensation:

The

Fund pays

the

members

of

the

Board

of

Trustees

(“Board”),

all

of

whom

are

independent,

certain

remuneration

for

their

services,

plus

travel

and

other

expenses.

Trustees

may

elect

to

participate

in

a

deferred

compensation

plan

and

defer

all

or

a

portion

of

their

compensation.

In

addition,

trustees

participate

in

a

long-term

compensation

plan.

Amounts

deferred

are

retained

by

the

Fund

until

paid. Amounts

payable

to

the

trustees

for

compensation

are

included

separately in

the

accompanying

Statement

of

Assets

and

Liabilities. Trustees’

fees,

including

any

deferred

and

long-term

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

Indemnification:

 Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

19

New

Rule

Issuance:

 A

new

rule

adopted

by

the

SEC

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations. The

Fund

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Fund.

3.

Investment

Valuation

and

Fair

Value

Measurements

The Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

that

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level 1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

generally

classified

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

asked

prices

is

utilized

and

the

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

The

following

table

summarizes

the

market

value

of

the Fund’s

investments

as

of

the

end

of

the

current

fiscal

period,

based

on

the

inputs

used

to

value

them: 

4.

Investments

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Fund’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

Purchases

and

Sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments) for

the Fund for

the

current

fiscal

period,

were

as

follows:

Fund

Level

1

Level

2

Level

3

Total

Managed

Allocation

Registered

investment

companies

$822,454,747

$—

$—

$822,454,747

Short-term

investments

—

1,200,000

—

1,200,000

Total

$822,454,747

$1,200,000

$—

$823,654,747

1

1

1

1

1

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

18.1

Managed

Allocation

$

158,479,889

$

193,502,945

Notes

to

Financial

Statements

(continued)

20

5.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

6.

Income

Tax

Information

The Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

The

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A Fund’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund’s

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

distribution

reallocations

and

investments

in

underlying

funds.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows: 

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid was

as

follows:

Year

Ended

5/31/23

Year

Ended

5/31/22

18.1

Managed

Allocation

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

81,436

$

893,165

756,173

$

10,633,191

Retirement

Class

755,954

8,161,292

534,362

7,154,597

Retail

Class

1,669,657

18,359,833

2,055,949

28,478,105

Total

subscriptions

2,507,047

27,414,290

3,346,484

46,265,893

Reinvestments

of

distributions:

Institutional

Class

148,870

1,555,683

208,293

2,751,461

Retirement

Class

501,151

5,228,672

657,794

8,680,010

Retail

Class

4,947,633

51,916,687

6,795,991

90,137,449

Total

reinvestments

of

distributions

5,597,654

58,701,042

7,662,078

101,568,920

Redemptions:

Institutional

Class

(

595,348

)

(

6,449,876

)

(

620,879

)

(

8,692,971

)

Retirement

Class

(

1,121,770

)

(

12,236,222

)

(

1,070,985

)

(

14,619,447

)

Retail

Class

(

6,533,550

)

(

71,694,365

)

(

5,025,103

)

(

68,001,473

)

Total

redemptions

(

8,250,668

)

(

90,380,463

)

(

6,716,967

)

(

91,313,891

)

Net

increase

(decrease)

from

shareholder

transactions

(

145,967

)

$

(

4,265,131

)

4,291,595

$

56,520,922

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

18.1

Managed

Allocation

$806,458,572

$91,255,604

$(74,059,429)

$17,196,175

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

18.1

Managed

Allocation

$2,037,278

$–

$17,196,175

$(11,486,549)

$–

$(46,341)

$7,700,563

5/31/23

5/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

18.1

Managed

Allocation

$

18,431,561

$

42,136,039

$

43,671,754

$

61,281,629

21

As

of

year

end,

the

Fund

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Investment

Adviser

and

Other

Transactions

with

Affiliates

Under

the

terms

of

its

Investment

Management

Agreement,

the

Fund

does

not

pay

the

Adviser

a

fee

for

the

management

of

the

Fund’s

investment

portfolio.

The

Fund

has

entered

into

an

Administrative

Service

Agreement

with

the

Adviser

under

which

the

Fund

pays

the

Adviser

for

its

costs

in

providing

certain

administrative

and

compliance

services

to

the

Fund.

Under

the

terms

of

the

Fund’s

Retirement

Class

Service

Agreement,

the

Retirement

Class

of

the

Fund

pays

Advisors

a

monthly

fee

based

on

the

annual

rate

of

0.25%

of

the

Fund’s

average

daily

net

assets

attributable

to

Retirement

Class

shares

of

the

Fund

for

providing

certain

administrative

services

related

to

the

maintenance

of

Retirement

Class

shares

on

retirement

plan

or

other

platforms.

Substantially,

all

of

the

Retirement

Class

shareholder

servicing

fees

reported

on

the

Statement

of

operations

are

paid

to

the

Adviser

under

the

Service

Agreement.

Under

the

terms

of

a

distribution

Rule

12b-1

plan,

the

Retail

Class

of

the

Fund

compensated

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Retail

Class

of

the

Fund

at

the

annual

rate

of

0.25%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Retail

Class.

The

Adviser has

agreed

to

reimburse

the

Fund

if

its

total

expense

ratio

(excluding

interest,

taxes,

brokerage

commissions

and

other

transactional

expenses,

acquired

fund

fees

and

expenses

and

extraordinary

expenses)

exceeds

0.00%

of

average

daily

net

assets

for

the

Institutional

Class

shares;

and

0.25%

of

average

daily

net

assets

for

the

Retirement

and

Retail

Class

shares.

The

expense

reimbursement

arrangements

will

continue

through

at

least

September

30,

2023,

unless

changed

with

approval

of

the

Board.

The

Funds

may

purchase

or

sell

investment

securities

in

transactions

with

affiliated

entities

under

procedure

adopted

by

the

Board,

pursuant

to

the

1940

Act.

These

transactions

are

effected

at

market

rates

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Fund

engaged

in

the

following

security

transactions

with

affiliated

entities:

Investments

in

other

investment

companies

advised

by

the

Adviser

and

Nuveen

Fund

Advisors,

LLC

are

deemed

to

be

affiliated

investments.

The

Fund

invests

its

assets

in the

affiliated

Nuveen

Growth

Opportunities

ETF,

Institutional

Class

shares

of

the

affiliated

TIAA-CREF

Funds

and

Class

R6

shares

of

the

affiliated

Nuveen

Funds.

Effective

after

the

close

of

business

on

October

28,

2022,

the

Nuveen

International

Growth

Fund

merged

into

the

TIAA-CREF

International

Opportunities

Fund.

Information

regarding

transactions

with

affiliated

companies

is

as

follows:

Fund

Short-Term

Long-Term

Total

18.1

Managed

Allocation

$

6,923,169

$

4,563,380

$

11,486,549

Fund

Purchases

Sales

Realized

Gain

(Loss)

Managed

Allocation

$

–

$

91,039

$

(

24,635

)

Issue

Value

at

5/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Merger

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

5/31/23

Managed

Allocation

Fund

Nuveen

Funds:

Dividend

Growth

$

49,394,678

$

10,846,612

$

12,582,503

$

1,604,945

$

–

$

(

1,920,883

)

$

662,951

$

46,444,219

Dividend

Value

55,954,978

12,176,671

14,342,664

2,866,210

–

(

5,706,521

)

1,144,464

47,332,002

Growth

Opportunities

ETF

51,967,912

5,113,578

6,730,112

(

2,780,803

)

–

7,054,038

111,328

54,624,613

International

Growth

40,110,446

1,092,984

27,561,556

(

11,507,090

)

(

10,106,494

)

7,971,710

335,953

–

TIAA-CREF

Funds:

Core

Plus

Bond

355,358,767

41,414,855

48,050,862

(

8,947,165

)

–

(

9,955,979

)

12,784,027

329,819,616

Emerging

Markets

Equity

23,199,608

13,634,934

7,260,664

(

2,939,771

)

–

1,961,602

16,303

28,595,709

Growth

&

Income

49,194,988

10,109,814

11,750,941

1,669,899

–

625,763

637,148

46,918,306

International

Equity

57,538,927

27,408,675

14,758,461

(

1,513,761

)

–

5,281,504

1,625,626

73,956,884

International

Opportunities

40,105,285

5,633,479

9,016,940

(

2,289,186

)

10,106,494

(

375,834

)

471,356

44,163,298

Large-Cap

Growth

51,727,919

5,542,759

8,240,454

(

2,548,008

)

–

7,833,490

179,560

54,315,706

Large-Cap

Value

56,002,385

10,136,582

15,056,568

2,747,919

–

(

4,257,199

)

939,749

47,394,445

Quant

International

Small-Cap

Equity

27,102,872

3,022,323

4,299,792

(

1,034,778

)

–

(

1,305,742

)

811,067

23,484,883

Quant

Small/Mid-Cap

Equity

16,314,221

10,264,983

10,623,732

598,373

–

(

1,478,604

)

191,419

13,666,397

Quant

Small-Cap

Equity

13,641,291

2,081,640

3,227,696

514,640

–

(

638,188

)

118,910

11,738,669

$887,614,277

$158,479,889

$193,502,945

$(23,558,576)

$–

$5,089,157

$20,029,861

$822,454,747

Notes

to

Financial

Statements

(continued)

22

8.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Fund

may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Fund

to

lend

cash

to

and/or

borrow

cash

from

certain other

affiliated

Funds

for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

the Fund

may

not

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

the

Fund

may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Fund’s

investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During

the current

fiscal

period,

there

were

no

inter-fund

borrowing

or

lending

transactions.

9.

Line

of

Credit

The Fund

participates

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

shareholder

redemptions.

The

current

facility

was

entered

into

on

June

13,

2023

expiring

on

June

11,

2024,

replacing

the

previous facility,

which

expired

June

2023.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Fund is

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

There

were

no

borrowings

under

this

credit

facility

by

the

Fund during

the

current fiscal period.

Important

Tax

Information

(Unaudited)

23

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

the

Fund

designates

the

following

distribution

amounts,

or

maximum

allowable

amount,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code: 

Dividends

Received

Deduction

(DRD)

The

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

The

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Foreign

Source

Income

and

Foreign

Tax

Credit

Pass

Through

The

Fund

listed

below

has

made

an

election

under

Section

853

of

the

Internal

Revenue

Code

to

pass

through

foreign

taxes

paid: 

Fund

Net

Long-Term

Capital

Gains

18.1

Managed

Allocation

$

42,136,039

Fund

Percentage

18.1

Managed

Allocation

20

.5

%

Fund

Percentage

18.1

Managed

Allocation

37

.6

%

Fund

Foreign

Source

Income

Foreign

Source

Income

Per

Share

Qualifying

Foreign

Taxes

Paid

Qualifying

Foreign

Taxes

Paid

per

Share

18.1

Managed

Allocation

$

2,231,093

$

0.02962

$

676,699

$

0.00898

Additional

Fund

Information

(Unaudited)

24

Portfolio

holdings

The

TIAA-CREF

Funds

file

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(SEC),

and

they

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

TIAA-CREF

Funds’

holdings

(Schedules

of

Investments)

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

websites

at

TIAA.org;

or

nuveen.com;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

Managed

Allocation

Fund’s

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

Securities

and

Exchange

Commission

(SEC)

Form

N-CSR

and

Form

N-PORT

filings.

Form

N-CSR

filings

are

as

of

May

31

or

August

30;

Form

N-PORT

filings

are

as

of

the

last

day

of

February

or

August

31.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

Proxy

voting

A

description

of

our

proxy

voting

policies

and

procedures

for

the

underlying

TIAA-CREF

Funds

of

the

Managed

Allocation

Fund

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-842-2252

to

request

a

free

copy.

A

report

of

how

the

Managed

Allocation

Fund’s

underlying

TIAA-CREF

Funds

voted

during

the

most

recently

completed

twelve-month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-842-2252.

Fund

management

The

Managed

Allocation

Fund

is

managed

by

a

portfolio

management

team

of

Teachers

Advisors,

LLC.

The

members

of

this

team

are

responsible

for

the

day-to-day

investment

management

of

the

Fund.

Trustees

and

Officers

(Unaudited)

May

31,

2023

25

Trustees

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

Forrest

Berkley

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Indefinite

term.

Trustee

since

2006.

Partner

(1990–2005)

and

Head

of

Global

Product

Management

(2003–2005),

GMO

(formerly,

Grantham,

Mayo,

Van

Otterloo

&

Co.)

(investment

management);

and

member

of

asset

allocation

portfolio

management

team,

GMO

(2003–2005).

88

Investment

Committee

Member,

Maine

Community

Foundation.

Joseph

A.

Boateng

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Trustee

Indefinite

term.

Trustee

since

2019.

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

88

Board

member,

Lumina

Foundation

and

Waterside

School;

Emeritus

Board

Member,

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member,

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member,

The

Seattle

Foundation.

Joseph

A.

Carrier

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1960

Trustee

Indefinite

term.

Trustee

since

2023.

Senior

Vice

President,

Enterprise

Risk

Management,

Franklin

Resources,

Inc.

(2020–2022).

Senior

Managing

Director,

Chief

Risk

Officer

and

Chief

Audit

Executive,

Legg

Mason,

Inc.

(2008–2020).

88

Director,

Franklin

Templeton

Irish

Funds;

Board

Member,

Cal

Ripken,

Sr.

Foundation;

Advisory

Board

Member,

Loyola

University

Maryland,

Sellinger

School

of

Business

and

Management.

Janice

C.

Eberly

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Indefinite

term.

Trustee

since

2018.

James

R.

and

Helen

D.

Russell

Professor

of

Finance

at

the

Kellogg

School

of

Management,

Northwestern

University

(2002–2011

and

since

2013),

Senior

Associate

Dean

for

Strategy

and

Academics

(since

2020)

and

Chair

of

the

Finance

Department

(2005–

2007).

Vice

President,

American

Economic

Association

(2020–2021).

Assistant

Secretary

for

Economic

Policy,

United

States

Department

of

the

Treasury

(2011–2013).

88

Member

of

the

Board

of

the

Office

of

Finance,

Federal

Home

Loan

Banks;

Director,

Avant,

LLC.

Nancy

A.

Eckl

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Indefinite

term.  

Trustee

since

2007.

Vice

President

(1990–2006),

American

Beacon

Advisors,

Inc.

and

of

certain

funds

advised

by

American

Beacon

Advisors,

Inc.

88

Independent

Director,

The

Lazard

Funds,

Inc.,

Lazard

Retirement

Series,

Inc.

and

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

Michael

A.

Forrester

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1967

Trustee

Indefinite

term.  

Trustee

since

2007.

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC.

88

Trustee,

Dexter

Southfield

School;

Member,

Governing

Council

of

the

Independent

Directors

Council.

Howell

E.

Jackson

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Indefinite

term.

Trustee

since

2005.

Special

Adviser,

White

House

Council

of

Economic

Advisers

(since

2023).

James

S.

Reid,

Jr.

Professor

of

Law

(since

2004),

Senior

Adviser

to

President

and

Provost

(2010–2012),

Acting

Dean

(2009),

Vice

Dean

for

Budget

(2003–2006)

and

on

the

faculty

(since

1989)

of

Harvard

Law

School.

88

Director,

Build

Commonwealth

(non-profit

organization).

Nicole

Thorne

Jenkins

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Trustee

Indefinite

term.

Trustee

since

2023.

John

A.

Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(2020–present).

Vice

Dean

(2016–2020),

Von

Allmen

Chaired

Professor

of

Accountancy

(2017–2020),

Associate

Professor

and

EY

Research

Fellow

(2012–2017),

Gatton

College

of

Business

and

Economics

at

the

University

of

Kentucky.

88

Trustee

and

Chair

of

the

Audit

&

Finance

Committee,

Strada

Education

Network.

Thomas

J.

Kenny

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Chairman

of

the

Board

and

Trustee

Indefinite

term.

Trustee

since

2011;

Chairman

for

term

ending

June

30,

2023.

Chairman

since

September

13,

2017.

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002-2010),

Goldman

Sachs

Asset

Management.

88

Director

and

Chair

of

the

Finance

and

Investment

Committee,

Aflac

Incorporated;

Director,

ParentSquare.

Trustees

and

Officers

(Unaudited)

(continued)

May

31,

2023

26

Officers

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

James

M.

Poterba

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1958

Trustee

Indefinite

term.

Trustee

since

2006.

President

and

Chief

Executive

Officer

(since

2008)

and

Program

Director

(1990–2008),

National

Bureau

of

Economic

Research.

Mitsui

Professor

of

Economics,

Massachusetts

Institute

of

Technology

(“MIT”)

(since

1996);

Affiliated

Faculty

Member

of

the

Finance

Group,

Alfred

P.

Sloan

School

of

Management

(since

2014);

Head

(2006–2008)

and

Associate

Head

(1994–2000

and

2001–2006),

Economics

Department

of

MIT.

88

Director,

National

Bureau

of

Economic

Research;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

Loren

M.

Starr

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1961

Trustee

Indefinite

term.

Trustee

since

2022.

Independent

Consultant/Advisor

(2021–Present).

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–

2020),

Invesco

Ltd.

88

None

currently.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Richard

S.

Biegen

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1962

Chief

Compliance

Officer

One-year

term.

Chief

Compliance

Officer

since

2008.

Senior

Managing

Director,

TIAA.

Chief

Compliance

Officer

of

the

College

Retirement

Equities

Fund

(“CREF”),

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

(collectively,

the

“TIAA-CREF

Fund

Complex”).

Claire

Borelli

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1960

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2023.

Senior

Executive

Vice

President,

Chief

People

Officer

of

TIAA

and

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Vice

President,

Chief

Diversity

&

Talent

Officer,

TIAA.

Prior

to

joining

TIAA,

Ms.

Borelli

served

as

Chief

Human

Resources

Officer

for

the

Consumer

Bank

and

Wealth

Management

sectors

of

JPMorgan

Chase

&

Co.

Derek

B.

Dorn

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1976

Senior

Managing

Director

and

Corporate

Secretary

One-year

term.

Senior

Managing

Director

and

Corporate

Secretary

since

2020.

Senior

Managing

Director

and

Corporate

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

and

the

TIAA-CREF

Fund

Complex.

Formerly,

Managing

Director,

Special

Assistant

to

the

CEO

and

Managing

Director,

Regulatory

Affairs,

TIAA.

Prior

to

joining

TIAA,

Mr.

Dorn

served

as

a

partner

at

Davis

&

Harman

LLP

and

an

adjunct

professor

of

Law

at

Georgetown

University

Law

Center.

John

L.

Douglas

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1950

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

One-year

term.

Executive

Vice

President

since

2021

and

Chief

Legal,

Risk

and

Compliance

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA.

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Senior

Advisor

to

the

CEO,

and

Senior

Executive

Vice

President,

Chief

Advocacy

&

Oversight

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Douglas

was

a

Partner

at

Davis

Polk

&

Wardwell

LLP.

W.

Dave

Dowrich

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1967

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President

and

Chief

Financial

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Prior

to

joining

TIAA,

Mr.

Dowrich

served

as

Chief

Financial

Officer,

International

Businesses

at

Prudential

Financial,

Inc.

Bradley

Finkle

TIAA

730

Third

Avenue

New

York,

NY   10017-3206

YOB:

1973

Principal

Executive

Officer

and

President

One-year

term.

Principal

Executive

Officer

and

President

since

2017.

Executive

Vice

President,

Head

of

Complementary

Businesses

and

Chief

Administrative

Officer

of

the

Chief

Operating

Office,

TIAA.

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Formerly,

Executive

Vice

President,

Chief

Operating

Officer,

Nuveen;

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1;

and

Senior

Managing

Director,

Co-Head

Nuveen

Equities

&

Fixed

Income

and

President

of

TIAA

Investments.

Jose

Minaya

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1971

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018.

Chief

Executive

Officer,

Nuveen.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Executive

Vice

President,

President

and

Chief

Investment

Officer,

Nuveen;

Executive

Vice

President,

Chief

Investment

Officer

and

President,

Nuveen

Global

Investments;

and

Senior

Managing

Director,

President,

Global

Investments,

TIAA.

27

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.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Colbert

Narcisse

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1965

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President,

Chief

Product

and

Business

Development

Officer

of

TIAA.

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Executive

Vice

President

of

TIAA-CREF

Funds

and

TIAA-

CREF

Life

Funds.

Formerly,

Executive

Vice

President

and

Head

of

Advisory

and

Corporate

Solutions,

TIAA.

Prior

to

joining

TIAA,

Mr.

Narcisse

served

as

Managing

Director

and

Head

of

International

Wealth

Management

and

Head

of

Traditional

and

Alternative

Investment

Products

at

Morgan

Stanley.

David

G.

Nason

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2020.

Senior

Executive

Vice

President,

Chief

Operating

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA,

Executive

Vice

President,

Chief

Risk

and

Compliance

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Nason

served

as

President

and

CEO

of

GE

Energy

Financial

Services.

E.

Scott

Wickerham

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1973

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

One-year

term.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

since

2017.

Senior

Managing

Director,

Head

of

Finance

for

Equities

and

Fixed

Income,

Nuveen.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Fund

Complex;

and

Vice

President

and

Controller

of

the

Nuveen

Funds.

Formerly,

Senior

Managing

Director,

Head,

Public

Investment

Finance,

Nuveen,

and

Managing

Director,

Head,

TC

Fund

Administration,

Nuveen.

28

Approval

of

Investment

Management

Agreement

(Unaudited)

Board

renewal

of

the

investment

management

agreement

for

the

TIAA-CREF

Managed

Allocation

Fund

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

TIAA-CREF

Funds

(the

“Trust”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Trust,

on

behalf

of

each

series

of

the

Trust.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

to

each

series

of

the

Trust

and

overseeing

the

everyday

operations

and

other

service

providers

of

the

Trust.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement

with

respect

to

the

TIAA-CREF

Managed

Allocation

Fund

(the

“Fund”).

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

states

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

the

Fund

will

remain

in

effect

only

if

the

Board,

including

a

majority

of

those

Trustees

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Trustees

because

they

are

not

“interested

persons”

of

the

Trust,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Trustees

is

an

interested

person

of

the

Trust

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Overview

of

the

renewal

process

The

Board

held

an

in-person

March

10,

2023,

in

order

to

consider

the

annual

renewal

of

the

Agreement

for

the

Fund

using

the

process

established

by

the

Board

described

further

below.

As

part

of

the

Board’s

established

process,

the

Board

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

Advisors,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

Advisors

and

the

Trust,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

the

Fund

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members,

on

behalf

of

the

Board,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

the

Fund,

including

data

relating

to

the

Fund’s

management

fee

rate,

total

expense

ratio,

short-term

and

long-term

investment

performance

and

portfolio

turnover

rate.

Broadridge

compared

this

data,

as

relevant,

for

the

Fund

against

a

universe

of

investment

companies

(except

for

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

the

Fund

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

the

Fund’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

Advisors

or

the

Board).

The

Board

considered

the

propriety

of

the

Fund’s

applicable

peer

group

as

selected

by

Broadridge

and

use

of

the

Institutional

Class

as

the

base

class

for

comparison

purposes.

29

Legal

counsel

for

the

Trustees

also

requested

on

behalf

of

the

Board,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

the

Fund.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

the

Fund’s

investment

performance

and

an

explanation

of

any

events

that

had

a

material

impact

on

the

Fund’s

performance

during

that

period;

(2)

a

description

of

any

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

the

Fund’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

certain

of

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Fund

in

addition

to

the

Fund’s

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Fund

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Fund;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Fund

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

Securities

and

Exchange

Commission

(which

was

presented

only

to

legal

counsel

for

the

Trustees);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

report

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

On

March

2,

2023,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

Advisors’

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

10,

2023

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

the

Fund,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Fund;

(2)

the

Fund’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Fund

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Fund;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Fund

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Fund

for

the

benefit

of

its

investors,

such

as,

if

applicable,

through

management

fee

breakpoints;

(7)

comparisons,

if

applicable,

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Fund

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Fund.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

10,

2023

meeting

that

included

Advisors’

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

the

Fund.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

10,

2023

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Fund

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Fund.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

the

Fund,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

Trust-level

and

Fund-specific

information,

but

made

its

renewal

determinations

on

a

Fund-

level

basis.

In

deciding

whether

to

renew

the

Agreement

for

the

Fund,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

the

Fund.

At

its

meeting

on

March

10,

2023,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

the

Fund.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

the

Fund.

30

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

The

nature,

extent

and

quality

of

services

The

Board

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Fund

since

its

operations

commenced.

Investment

professionals

at

Advisors

also

manage

various

other

funds

and

accounts

of

the

Trust,

College

Retirement

Equities

Fund,

the

TIAA-CREF

Life

Funds

and

TIAA

Separate

Account

VA-1,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Fund

(which

is

a

fund

of

funds

that

may

invest

its

assets

in

the

securities

of

affiliated

and

unaffiliated

investment

companies

or

other

investment

pools,

referred

to

as

“Underlying

Funds”),

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

shares

of

Underlying

Funds

for

the

Fund’s

investment

portfolio;

active

daily

monitoring

of

the

Fund’s

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Fund

to

the

Board

on

a

regular

basis;

responding

to

Fund

flows;

compliance

monitoring;

coordinating

the

activities

of

the

Fund’s

service

providers;

and

overseeing

the

provision

of

various

administrative

services

to

the

Fund.

The

Board

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

Advisors

has

committed

significant

resources

to

supporting

the

series

of

the

Trust,

including

the

Fund.

It

also

considered

Advisors’

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Fund.

The

Board

also

considered,

among

other

factors,

the

performance

of

the

Fund,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Fund,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

Advisors

to

the

Fund

under

the

Agreement

was

reasonable.

Investment

performance

The

Board

considered

the

investment

performance

of

the

Fund

over

the

one-,

three-,

five-

and

ten-year

periods

ended

December

31,

2022.

The

Board

considered

the

Fund’s

performance

as

compared

to

its

peer

group

and

peer

universe

and

its

benchmark

index.

For

details

regarding

the

Fund’s

performance,

see

the

Fund

synopsis

below.

The

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

the

Fund

was

reasonable.

Cost

and

profitability

The

Board

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Fund

for

the

calendar

year

2022.

The

Board

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

the

Fund

both

before

and

after

taking

into

account

the

costs

incurred

directly

or

indirectly

by

Advisors

in

connection

with

the

distribution

of

shares

of

the

Fund.

The

Board

considered

that

Advisors

had

incurred

a

net

loss

with

respect

to

the

Fund

in

2022,

which

was

because

Advisors

did

not

charge

the

Fund

any

management

fees

under

the

Agreement.

The

Board

also

acknowledged

certain

fee

waivers

and

reimbursements

of

expenses

above

specified

amounts

undertaken

by

Advisors

with

respect

to

many

of

the

Underlying

Funds

which,

in

turn,

reduce

the

expenses

of

the

Fund.

The

Board

also

recognized

Advisors’

commitment

to

reimburse

Fund

expenses

to

the

extent

that

total

annual

operating

expenses

exceeded

certain

specified

amounts.

The

Board

also

considered

that,

in

the

aggregate,

Advisors

had

generated

indirect

earnings

with

respect

to

the

Fund’s

investment

in

Underlying

Funds

also

managed

by

Advisors.

Fees

charged

by

other

advisers

The

Board

considered

comparative

information

regarding

the

Fund’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Fund

synopsis

below.

The

Board

acknowledged

that

Advisors

did

not

charge

a

management

fee

to

the

Fund.

Economies

of

scale

The

Board

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

the

Fund.

The

Board

also

considered

that

because

Advisors

operated

the

Fund

at

a

loss

and

did

not

charge

the

Fund

a

management

fee,

there

had

been

little

opportunity

to

pass

on

economies

of

scale

to

Fund

shareholders.

Based

on

all

factors

considered,

the

Board

concluded

that

the

Fund’s

management

fee

rate

schedule

was

reasonable

in

light

of

current

economies

of

scale

considerations

and

the

Fund’s

current

asset

level.

31

Fee

and

performance

comparisons

with

other

Advisors

clients

The

Board

considered

that

Advisors

provides

investment

management

services

to

other

investment

companies,

including

foreign

funds

(UCITS),

and

separately

managed

accounts.

However,

the

Board

acknowledged

that

Advisors

did

not

charge

a

management

fee

to

the

Fund.

Other

benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Fund

to

Advisors

or

its

affiliates

for

other

services,

such

as

distribution

and

administration,

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Fund

shares

investment

resources

and/or

personnel

with

other

clients

of

Advisors.

Advisors

and/or

its

affiliates

also

may

benefit

to

the

extent

that

the

Funds

add

scale

to

the

TIAA-CREF

Underlying

Funds

or

other

affiliated

underlying

funds.

Also,

Advisors

and

its

affiliates

earn

fees

on

the

Funds’

investments

in

other

underlying

affiliated

products,

such

as

other

TIAA-CREF

Funds

and

Nuveen

Funds.

Additionally,

the

Fund

may

be

utilized

as

an

investment

option

for

other

products

and

businesses

of

Advisors

and

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Fund

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Board

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

Fund

synopsis

of

factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

the

Fund.

When

the

Fund

is

described

in

the

following

discussion

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

The

specific

management

fee,

expense

and

performance

factors

outlined

below

are

based

on

the

Institutional

Class

of

the

Fund.

Because

the

Institutional

Class

generally

has

lower

non-

management

expenses

than

the

other

classes

of

the

Fund,

the

expenses

and

performance

of

these

other

classes

will

differ

from

the

expenses

and

performance

shown

for

the

Institutional

Class.

All

time

periods

referenced

below

are

ended

December

31,

2022.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2022.

The

statement

below

regarding

“net

loss”

refers

to

Advisors’

calculation

that

it

incurred

a

loss

for

the

services

that

it

rendered

to

a

Fund

during

2022

under

the

Agreement.

The

Fund’s

annual

contractual

management

fee

rate

is

0.00%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio

was

in

the

1st

quintile

of

both

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”)

and

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”).

The

Fund

did

not

have

an

Expense

Group

or

an

Expense

Universe

for

its

actual

management

fee

rate

or

its

contractual

management

fee

rate

because

the

Fund

is

not

charged

a

management

fee.

The

Fund

was

in

the

4th,

2nd,

1st

and

1st

quintiles

of

the

group

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

5th,

3rd,

3rd

and

2nd

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

for

each

of

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

without

taking

into

account

profits

Advisors

earned

with

respect

to

the

Underlying

Funds

that

are

also

managed

by

Advisors

in

which

the

Fund

invests.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

the

Fund.

Liquidity

Risk

Management

Program

(Unaudited)

32

Discussion

of

the

operation

and

effectiveness

of

the

Fund’s

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

the

series

of

the

Trust

covered

by

this

Report

(the

“Fund”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Fund

liquidity

risk,

as

discussed

further

below.

The

Fund’s

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

14,

2023

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

the

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Fund

portfolio

investments

are

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

A

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

the

Fund

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

the

Fund’s

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

a

Fund’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

the

Fund

did

not

exceed

the

15%

limit

on

illiquid

investments.

33

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Historical

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and

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as

an

indication

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guarantee

of

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future

performance

analysis,

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or

prediction.

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MSCI,

each

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affiliates

and

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responsibility

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How

to

Reach

Us

©2023

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

Websites

TIAA.org

nuveen.com

Automated

telephone

service

800-842-2252

24

hours

a

day,

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days

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week

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(ET),

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You

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

fund

before

investing.

For

a

prospectus

that

contains

this

and

other

information,

please

visit

TIAA.org,

or

call

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for

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Institutional,

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and

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or

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FINRA,

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own

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and

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A12452

(7/23)

Item 2.  Code of Conduct.

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

2(b) No response required.

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

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

2(e) Not applicable.

2(f) The Registrant has posted the code of ethics on its website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf.

Item 3.  Audit Committee Financial Expert.

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

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

Item 4.  Principal Accountant Fees and Services.

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

The aggregate fees billed by PwC as disclosed below for the fiscal year ended May 31, 2022 may not align with the figures reported and filed with the Securities and Exchange Commission in the Form N-CSR for the fiscal year ended May 31, 2022 because the fees disclosed in this Form N-CSR reflect fees updated after the date of the May 31, 2022 Form N-CSR.

4(a) Audit Fees.

For the fiscal years ended May 31, 2023 and May 31, 2022, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $459,805 and $497,075, respectively.

4(b) Audit Related Fees.

For the fiscal years ended May 31, 2023 and May 31, 2022, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended May 31, 2023 and May 31, 2022, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended May 31, 2023 and May 31, 2022, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended May 31, 2023 and May 31, 2022, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended May 31, 2023 and May 31, 2022, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended May 31, 2023 and May 31, 2022, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2023 and May 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2023 and May 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2023 and May 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2023 and May 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2023 and May 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2023 and May 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended May 31, 2023 and May 31, 2022, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $1,402,275 and $1,207,196, respectively.

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

Item 5.  Audit Committee of Listed Registrants.

Not Applicable.

Item 6.  Schedule of Investments.

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

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11.  Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13.  Exhibits.

13(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on Registrant’s website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf and there were no amendments during the period covered by this report.

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

13(c) Copy of the financial statements for the TIAA-CREF Real Property Fund

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: July 21, 2023	TIAA-CREF FUNDS
	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: July 21, 2023	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)
Dated: July 21, 2023	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal
		Accounting Officer and Treasurer
		(principal financial officer)