Statements of changes in net assets

TIAA-CREF Lifestyle Funds ■ For the period or year ended

Lifestyle Income Fund
November 30, 2020 May 31, 2020
(unaudited)

CHANGE IN FUND SHARES

Shares sold: Institutional Class 321,070 312,649
Advisor Class 1 177
Premier Class 1,105 2,503
Retirement Class 350,732 554,999
Retail Class 323,771 773,394
Shares from fund
reorganization:‡ Institutional Class — —
Advisor Class — —
Premier Class — —
Retirement Class — —
Retail Class — —
Shares reinvested: Institutional Class 6,962 25,689
Advisor Class 2 21
Premier Class 62 429
Retirement Class 12,618 53,099
Retail Class 31,160 148,466
Shares redeemed: Institutional Class (51,243) (392,946)
Advisor Class — (451)
Premier Class — (48,541)
Retirement Class (131,239) (256,120)
Retail Class (204,697) (766,007)
Net increase (decrease) from shareholder transactions 660,304 407,361

38 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds See notes to financial statements