Financial highlights

TIAA-CREF Lifestyle Funds

Selected per share data

____________________________________________________________________
Gain (loss) from investment operations
_________________________________
Net realized
For the Net asset Net and unrealized Less
Total gain __ distributions from
__________________
period value, investment gain (loss) (loss) from Net Net
or year beginning income on total investment investment realized
ended of period (loss)a investments j operations income gains
LIFESTYLE CONSERVATIVE FUND
Institutional Class: 11/30/20# $12.57 $0.09 $ 1.35 $ 1.44 $(0.09) $ —
5/31/20 12.26 0.28 0.49 0.77 (0.23) (0.23)
5/31/19 12.58 0.29 (0.10) 0.19 (0.33) (0.18)
5/31/18 12.22 0.26 0.49 0.75 (0.32) (0.07)
5/31/17 11.64 0.23 0.78 1.01 (0.28) (0.15)
5/31/16 12.13 0.22 (0.27) (0.05) (0.27) (0.17)
Advisor Class: 11/30/20# 12.57 0.08 1.35 1.43 (0.08) —
5/31/20 12.26 0.30 0.46 0.76 (0.22) (0.23)
5/31/19 12.58 0.26 (0.08) 0.18 (0.32) (0.18)
5/31/18 12.23 0.25 0.48 0.73 (0.31) (0.07)
5/31/17 11.64 0.23 0.78 1.01 (0.27) (0.15)
5/31/16‡ 11.86 0.09 0.04 0.13 (0.18) (0.17)
Premier Class: 11/30/20# 12.58 0.08 1.35 1.43 (0.08) —
5/31/20 12.27 0.26 0.49 0.75 (0.21) (0.23)
5/31/19 12.59 0.27 (0.10) 0.17 (0.31) (0.18)
5/31/18 12.23 0.24 0.49 0.73 (0.30) (0.07)
5/31/17 11.63 0.22 0.77 0.99 (0.24) (0.15)
5/31/16 12.12 0.22 (0.29) (0.07) (0.25) (0.17)
Retirement Class: 11/30/20# 12.55 0.07 1.36 1.43 (0.08) —
5/31/20 12.25 0.25 0.48 0.73 (0.20) (0.23)
5/31/19 12.57 0.26 (0.10) 0.16 (0.30) (0.18)
5/31/18 12.21 0.23 0.49 0.72 (0.29) (0.07)
5/31/17 11.62 0.20 0.79 0.99 (0.25) (0.15)
5/31/16 12.11 0.20 (0.28) (0.08) (0.24) (0.17)
Retail Class: 11/30/20# 12.55 0.07 1.35 1.42 (0.07) —
5/31/20 12.24 0.25 0.49 0.74 (0.20) (0.23)
5/31/19 12.56 0.25 (0.10) 0.15 (0.29) (0.18)
5/31/18 12.20 0.22 0.49 0.71 (0.28) (0.07)
5/31/17 11.62 0.20 0.77 0.97 (0.24) (0.15)
5/31/16 12.11 0.20 (0.28) (0.08) (0.24) (0.17)

46 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds See notes to financial statements