Important information about expenses

Expense examples
Six months ended November 30, 2020
Beginning Ending Effective
account account Expenses paid expenses paid
Lifestyle Funds value value during period* during period†
Premier Class (6/1/20) (11/30/20) (6/1/20–11/30/20) (6/1/20–11/30/20)

Income Fund actual return $ 1,000.00 $ 1,070.40 $ 1.30 $ 2.91

5% annual hypothetical return 1,000.00 1,023.82 1.27 2.84
Conservative Fund actual return 1,000.00 1,114.24 1.33 3.18
5% annual hypothetical return 1,000.00 1,023.82 1.27 3.04
Moderate Fund actual return 1,000.00 1,158.46 1.30 3.41
5% annual hypothetical return 1,000.00 1,023.87 1.22 3.19
Growth Fund actual return 1,000.00 1,195.02 1.32 3.63
5% annual hypothetical return 1,000.00 1,023.87 1.22 3.35
Aggressive Growth Fund
actual return 1,000.00 1,233.48 1.34 3.86
5% annual hypothetical return 1,000.00 1,023.87 1.22 3.50
* “Expenses paid during period” is based on each 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 183/365. There were
183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share
classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including
the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the
expenses of the affected share classes would be higher and their performance lower. The annualized expense
ratio for the six-month period was 0.25% for the Income Fund, 0.25% for the Conservative Fund, 0.24% for the
Moderate Fund, 0.24% for the Growth Fund and 0.24% for the Aggressive Growth Fund.
†
“Effective expenses paid during period” is based on each 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). For the six-month period, the total
annualized weighted average expense ratio was 0.56% for the Income Fund, 0.60% for the Conservative Fund,
0.63% for the Moderate Fund, 0.66% for the Growth Fund and 0.69% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds 2020 Semiannual Report 11