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)

OPERATIONS
Net investment income (loss) $ 574,165 $ 1,641,189
Net realized gain (loss) from investments 1,482,640 460,714
Net change in unrealized appreciation (depreciation)
from affiliated investments 3,678,314 1,704,131
Net increase (decrease) in net assets from operations 5,735,119 3,806,034

DISTRIBUTIONS TO SHAREHOLDERS
Institutional Class (79,994) (283,593)
Advisor Class (929) (3,938)
Premier Class (2,446) (12,383)
Retirement Class (144,694) (585,654)
Retail Class (366,184) (1,674,077)
Total distributions (594,247) (2,559,645)

SHAREHOLDER TRANSACTIONS
Subscriptions: Institutional Class 3,723,384 3,511,997
Advisor Class 6 1,992
Premier Class 12,916 28,048
Retirement Class 4,096,477 6,182,077
Retail Class 3,765,200 8,692,775
Fund reorganization:‡ Institutional Class — —
Advisor Class — —
Premier Class — —
Retirement Class — —
Retail Class — —
Reinvestments of distributions: Institutional Class 79,899 283,196
Advisor Class 29 231
Premier Class 708 4,742
Retirement Class 144,613 585,285
Retail Class 357,096 1,638,191
Redemptions: Institutional Class (594,278) (4,380,122)
Advisor Class — (4,769)
Premier Class — (542,803)
Retirement Class (1,525,361) (2,858,598)
Retail Class (2,368,298) (8,439,810)
Net increase (decrease) from shareholder transactions 7,692,391 4,702,432
Net increase (decrease) in net assets 12,833,263 5,948,821

NET ASSETS
Beginning of period 79,288,275 73,339,454
End of period $92,121,538 $79,288,275

36 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds See notes to financial statements