Lifestyle Moderate Fund

Performance as of November 30, 2020

Lifestyle Moderate Fund Average annual Annual operating
Total return total return expenses*#
Inception since
date 6 months 1 year 5 years inception gross net

Institutional Class 12/9/11 15.97% 14.22% 8.97% 9.26% 0.58% 0.52%

Advisor Class 12/4/15 15.92 14.11 8.90† 9.22† 0.68 0.62
Premier Class 12/9/11 15.85 14.01 8.82 9.09 0.74 0.67
Retirement Class 12/9/11 15.85 13.95 8.69 8.99 0.83 0.77
Retail Class 12/9/11 15.76 13.85 8.68 8.95 0.85 0.79
Lifestyle Moderate Fund
Composite Index‡ — 14.27 13.46 9.20 8.96§ — —

Broad market index

Morningstar Moderate
Target Risk Index — 14.32 11.77 8.79 8.28§ — —
The returns in this report show past performance, which is no guarantee of future results. The returns do
not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns
and the principal value of your investment will fluctuate. Current performance may be higher or lower than
that shown, and you may have a gain or a loss when you redeem your shares. For current performance
information, including performance to the most recent month-end, please visit TIAA.org. Performance
may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement
arrangements, performance would be lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating
expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement
will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees.
Without these reimbursements, expenses would be higher and returns lower.
#
These expenses include underlying fund expenses.
†
The performance shown for the Advisor Class that is prior to its inception date is based on performance of the
Institutional Class. The performance for these periods 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
these periods would have been different because the Advisor Class has different expenses than the Institutional
Class.
‡
As of the close of business on November 30, 2020, the Lifestyle Moderate Fund Composite Index consisted of:
42.0% Russell 3000® Index; 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; and 18.0% 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.
§
Performance is calculated from the inception date of the Institutional Class.

20 2020 Semiannual Report TIAA-CREF Lifestyle Funds