N-CSRS 1 c65221_ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS

(Exact Name of Registrant as specified in charter)

730 Third Avenue, New York, New York 10017-3206

(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-490-9000

Date of fiscal year end: September 30

Date of reporting period: March 31, 2011

Item 1. Reports to Stockholders.

2011 SEMIANNUAL REPORT

TIAA-CREF LIFECYCLE FUNDS

OF THE TIAA-CREF FUNDS

MARCH 31, 2011

Financial statements (unaudited)


CONTENTS

A change in the Lifecycle Funds reporting cycle	2

Understanding your Lifecycle Funds Report	2

Information for Lifecycle Funds investors	3

About the funds’ composite benchmarks	4

Important information about expenses	5

Investment results of the Lifecycle Funds	10

Fund performance
Lifecycle Retirement Income Fund	12
Lifecycle 2010 Fund	13
Lifecycle 2015 Fund	14
Lifecycle 2020 Fund	15
Lifecycle 2025 Fund	16
Lifecycle 2030 Fund	17
Lifecycle 2035 Fund	18
Lifecycle 2040 Fund	19
Lifecycle 2045 Fund	20
Lifecycle 2050 Fund	21

Portfolios of investments	22

Financial statements
Statements of assets and liabilities	32
Statements of operations	36
Statements of changes in net assets	40
Financial highlights	47
Notes to financial statements	78

Approval of investment management agreement	84

How to reach us	Inside back cover

(TIAA CREF LOGO)

A CHANGE IN THE LIFECYCLE FUNDS REPORTING CYCLE

The TIAA-CREF Funds Board of Trustees has approved a change to the fiscal year-end of the funds included in this semiannual report, from September 30 to May 31. Beginning May 31, 2011, the Lifecycle Funds will issue annual reports dated May 31 and semiannual reports dated November 30.

UNDERSTANDING YOUR LIFECYCLE FUNDS REPORT

This semiannual report contains information about the investment performance and holdings of the Lifecycle Funds, an offering of the TIAA-CREF Funds, as of March 31, 2011. The report contains three main sections:


	•	The fund performance section compares each fund’s investment returns with those of its composite benchmark and a broad-based market index.

	•	The portfolios of investments list the underlying funds in which each fund had investments as of March 31, 2011.

	•	The financial statements provide detailed information about the operations and financial condition of each fund.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 842-2252 for the Retirement, Institutional or Premier classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.


2	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

INFORMATION FOR LIFECYCLE FUNDS INVESTORS

PORTFOLIO LISTINGS

The complete Lifecycle Funds’ portfolios of investments begin on page 22 of this report. You can also obtain complete lists of the holdings of the Lifecycle Funds and of the underlying funds in which the Lifecycle Funds invest (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:


	•	By visiting our website at tiaa-cref.org; or

	•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the Lifecycle Funds’ and the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the Securities and Exchange Commission (SEC). (Form N-CSR lists holdings as of March 31 or September 30; Form N-Q lists holdings as of December 31 or June 30.) Copies of these forms are available:


	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

PROXY VOTING

A description of our proxy voting policies and procedures for the underlying funds of the Lifecycle Funds can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You may also call us at 800 842-2252 to request a free copy. A report of how the Lifecycle Funds and their underlying funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

CONTACTING TIAA-CREF

There are three easy ways to contact us: by e-mail, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800 842-2252.

FUND MANAGEMENT

The Lifecycle Funds are managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the funds.


	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	3

ABOUT THE FUNDS’ COMPOSITE BENCHMARKS

Each Lifecycle fund uses a composite benchmark that represents the five general market sectors in which each fund may invest: U.S. equity (stocks); international equity; fixed income; short-term fixed income; and inflation-protected assets. A fund’s composite benchmark combines the following public indexes in proportions that reflect the fund’s target market sector allocations:


	•	Russell 3000^® Index (U.S. equity), which measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.

	•	MSCI EAFE+EM (Emerging Markets) Index* (international equity), which measures the performance of the leading stocks in 22 developed countries outside North America—in Europe, Australasia and the Far East—and in 21 emerging countries in Europe, Asia, Africa, Latin America and the Middle East.

	•	Barclays Capital U.S. Aggregate Bond Index (fixed income), which measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

	•	Barclays Capital U.S. 1–5 Year Government/Credit Bond Index (short-term fixed income), which measures the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1–5 year maturities.

	•	Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (inflation-protected assets), which measures the performance of fixed-income securities with fixed-rate coupon payments that are adjusted for inflation, as measured by the Consumer Price Index for all Urban Consumers.


*	On February 1, 2011, the MSCI EAFE+EM (Emerging Markets) Index replaced the MSCI EAFE Index in the funds’ composite benchmarks as the benchmark for the international equity market sector.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

Russell 3000 is a trademark and service mark of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.


4	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

IMPORTANT INFORMATION ABOUT EXPENSES

Shareholders in the Lifecycle Funds incur only one of two potential types of costs:


	•	Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.

	•	However, they do incur ongoing costs, including management fees and other fund expenses. These include fees for the Lifecycle Funds and fees for the underlying funds; each Lifecycle fund bears its pro rata share of fees and expenses incurred by the underlying funds in which it invests.

The examples that appear in the tables on pages 6 through 9 are intended to help you understand your ongoing costs (in U.S. dollars) of investing in each fund. The examples are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

ACTUAL EXPENSES

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid” to estimate the expenses you paid during the six-month period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in this fund with the costs of other funds. To do so, compare our 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.


	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	5

IMPORTANT INFORMATION ABOUT EXPENSES

EXPENSE EXAMPLES—FOR THE SIX MONTHS ENDED MARCH 31, 2011

Lifecycle Funds—Retirement Class


	Beginning account value (10/1/10)	Ending account value (3/31/11)	Expenses paid during period (10/1/10–3/31/11)	*	Effective expenses paid during period (10/1/10–3/31/11)	^†

Retirement Income Fund actual return	$1,000.00	$1,065.06	$1.29		$3.24
5% annual hypothetical return	1,000.00	1,023.68	1.26		3.18

2010 Fund actual return	$1,000.00	$1,082.28	$1.30		$3.37
5% annual hypothetical return	1,000.00	1,023.68	1.26		3.28

2015 Fund actual return	$1,000.00	$1,095.67	$1.31		$3.45
5% annual hypothetical return	1,000.00	1,023.68	1.26		3.33

2020 Fund actual return	$1,000.00	$1,110.84	$1.32		$3.58
5% annual hypothetical return	1,000.00	1,023.68	1.26		3.43

2025 Fund actual return	$1,000.00	$1,124.51	$1.32		$3.65
5% annual hypothetical return	1,000.00	1,023.68	1.26		3.48

2030 Fund actual return	$1,000.00	$1,138.76	$1.33		$3.73
5% annual hypothetical return	1,000.00	1,023.68	1.26		3.53

2035 Fund actual return	$1,000.00	$1,154.31	$1.34		$3.81
5% annual hypothetical return	1,000.00	1,023.68	1.26		3.58

2040 Fund actual return	$1,000.00	$1,155.99	$1.34		$3.82
5% annual hypothetical return	1,000.00	1,023.68	1.26		3.58

2045 Fund actual return	$1,000.00	$1,154.07	$1.34		$3.87
5% annual hypothetical return	1,000.00	1,023.68	1.26		3.63

2050 Fund actual return	$1,000.00	$1,155.26	$1.34		$3.87
5% annual hypothetical return	1,000.00	1,023.68	1.26		3.63


*	The amounts in the “Expenses paid” column are based on each fund’s own expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. 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 when this waiver or reimbursement is scheduled to end. Without any 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 Retirement Class of the Lifecycle Funds.

^†	The amounts in the “Effective expenses paid” column are 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 that period, the total annualized, weighted average expense ratio was 0.63% for the Retirement Income Fund; 0.65% for the 2010 Fund; 0.66% for the 2015 Fund; 0.68% for the 2020 Fund; 0.69% for the 2025 Fund; 0.70% for the 2030 Fund; 0.71% for the 2035 and 2040 Funds; and 0.72% for the 2045 and 2050 Funds.


6	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

EXPENSE EXAMPLES—FOR THE SIX MONTHS ENDED MARCH 31, 2011

Lifecycle Funds—Institutional Class


	Beginning account value (10/1/10)	Ending account value (3/31/11)	Expenses paid during period (10/1/10–3/31/11)	*	Effective expenses paid during period (10/1/10–3/31/11)	^†

Retirement Income Fund actual return	$1,000.00	$1,065.13	$0.00		$1.96
5% annual hypothetical return	1,000.00	1,024.93	0.00		1.92

2010 Fund actual return	$1,000.00	$1,083.95	$0.00		$2.08
5% annual hypothetical return	1,000.00	1,024.93	0.00		2.02

2015 Fund actual return	$1,000.00	$1,098.02	$0.00		$2.14
5% annual hypothetical return	1,000.00	1,024.93	0.00		2.07

2020 Fund actual return	$1,000.00	$1,112.50	$0.00		$2.26
5% annual hypothetical return	1,000.00	1,024.93	0.00		2.17

2025 Fund actual return	$1,000.00	$1,126.71	$0.00		$2.33
5% annual hypothetical return	1,000.00	1,024.93	0.00		2.22

2030 Fund actual return	$1,000.00	$1,141.08	$0.00		$2.40
5% annual hypothetical return	1,000.00	1,024.93	0.00		2.27

2035 Fund actual return	$1,000.00	$1,155.06	$0.00		$2.47
5% annual hypothetical return	1,000.00	1,024.93	0.00		2.32

2040 Fund actual return	$1,000.00	$1,158.12	$0.00		$2.48
5% annual hypothetical return	1,000.00	1,024.93	0.00		2.32

2045 Fund actual return	$1,000.00	$1,156.79	$0.00		$2.53
5% annual hypothetical return	1,000.00	1,024.93	0.00		2.37

2050 Fund actual return	$1,000.00	$1,156.39	$0.00		$2.53
5% annual hypothetical return	1,000.00	1,024.93	0.00		2.37


*	The amounts in the “Expenses paid” column are based on each fund’s own expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. 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 when this waiver or reimbursement is scheduled to end. Without any 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 0.00% for the Institutional Class of the Lifecycle Funds.

^†	The amounts in the “Effective expenses paid” column are 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 that period, the total annualized, weighted average expense ratio was 0.38% for the Retirement Income Fund; 0.40% for the 2010 Fund; 0.41% for the 2015 Fund; 0.43% for the 2020 Fund; 0.44% for the 2025 Fund; 0.45% for the 2030 Fund; 0.46% for the 2035 and 2040 Funds; and 0.47% for the 2045 and 2050 Funds.


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	7


IMPORTANT INFORMATION ABOUT EXPENSES	continued

EXPENSE EXAMPLE—FOR THE SIX MONTHS ENDED MARCH 31, 2011

Lifecycle Funds—Retail Class


	Beginning account value (10/1/10)	Ending account value (3/31/11)	Expenses paid during period (10/1/10–3/31/11)	*	Effective expenses paid during period (10/1/10–3/31/11)	^†

Retirement Income Fund actual return	$1,000.00	$1,065.49	$0.82		$2.78
5% annual hypothetical return	1,000.00	1,024.13	0.81		2.72


*	The amounts in the “Expenses paid” column are based on the fund’s own expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. The expense charges of this fund may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date when this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the fund would be higher and its performance lower. The annualized expense ratio for the six-month period was 0.16% for the Retail Class of the Retirement Income Fund.

^†	The amounts in the “Effective expenses paid” column are based on the 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 that period, the total annualized, weighted average expense ratio was 0.54% for the Retail Class of the Retirement Income Fund.


8	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

concluded

EXPENSE EXAMPLES—FOR THE SIX MONTHS ENDED MARCH 31, 2011

Lifecycle Funds—Premier Class


	Beginning account value (10/1/10)	Ending account value (3/31/11)	Expenses paid during period (10/1/10–3/31/11)	*	Effective expenses paid during period (10/1/10–3/31/11)	^†

Retirement Income Fund actual return	$1,000.00	$1,064.40	$0.77		$2.73
5% annual hypothetical return	1,000.00	1,024.18	0.76		2.67

2010 Fund actual return	$1,000.00	$1,082.40	$0.78		$2.86
5% annual hypothetical return	1,000.00	1,024.18	0.76		2.77

2015 Fund actual return	$1,000.00	$1,096.49	$0.78		$2.93
5% annual hypothetical return	1,000.00	1,024.18	0.76		2.82

2020 Fund actual return	$1,000.00	$1,110.87	$0.79		$3.05
5% annual hypothetical return	1,000.00	1,024.18	0.76		2.92

2025 Fund actual return	$1,000.00	$1,126.48	$0.80		$3.13
5% annual hypothetical return	1,000.00	1,024.18	0.76		2.97

2030 Fund actual return	$1,000.00	$1,140.92	$0.80		$3.20
5% annual hypothetical return	1,000.00	1,024.18	0.76		3.02

2035 Fund actual return	$1,000.00	$1,154.68	$0.81		$3.28
5% annual hypothetical return	1,000.00	1,024.18	0.76		3.07

2040 Fund actual return	$1,000.00	$1,156.39	$0.81		$3.28
5% annual hypothetical return	1,000.00	1,024.18	0.76		3.07

2045 Fund actual return	$1,000.00	$1,156.50	$0.81		$3.33
5% annual hypothetical return	1,000.00	1,024.18	0.76		3.13

2050 Fund actual return	$1,000.00	$1,156.07	$0.81		$3.33
5% annual hypothetical return	1,000.00	1,024.18	0.76		3.13


*	The amounts in the “Expenses paid” column are based on each fund’s own expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. 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 when this waiver or reimbursement is scheduled to end. Without any 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 0.15% for the Premier Class of the Lifecycle Funds.

^†	The amounts in the “Effective expenses paid” column are 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 that period, the total annualized, weighted average expense ratio was 0.53% for the Retirement Income Fund; 0.55% for the 2010 Fund; 0.56% for the 2015 Fund; 0.58% for the 2020 Fund; 0.59% for the 2025 Fund; 0.60% for the 2030 Fund; 0.61% for the 2035 and 2040 Funds; and 0.62% for the 2045 and 2050 Funds.


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	9

INVESTMENT RESULTS OF THE LIFECYCLE FUNDS

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

For the six-month period, all ten of the TIAA-CREF Lifecycle Funds outperformed their respective composite benchmarks, with returns for the Retirement Class ranging from 6.51% for the Retirement Income Fund to 15.60% for the 2040 Fund.

The recovery wavers

The nation’s gross domestic product, which measures the value of all goods and services produced in the United States, increased at an annual rate of 3.1% in the fourth quarter of 2010. Early estimates for the first quarter of 2011 showed growth slowing to 1.8%. Higher corporate profits and the Federal Reserve’s ongoing purchases of U.S. Treasuries helped keep interest rates relatively low, encouraging investors.

The Russell 3000^® Index, which measures the broad U.S. stock market, rose 18.71% for the six months ended March 31, 2011. Foreign stocks also posted a double-digit gain but trailed U.S. issues. The MSCI EAFE+EM (Emerging Markets) Index, which measures stock performance in 22 developed nations outside North America and in 21 developing nations, gained 10.04% in dollar terms for the six months. During the period covered by this report, the MSCI EAFE+EM (Emerging Markets) Index replaced the MSCI EAFE Index in the Lifecycle Funds’ composite benchmarks.

Bonds decline as prices fall

Amid sluggish job growth, continuing weakness in the housing markets and high levels of personal debt, the Federal Reserve maintained its target for the federal funds rate within a range of 0% to 0.25%. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.) As the economy improved, some investors sought the potentially higher returns of stocks and lower-quality, high-yielding fixed-income securities. The Barclays Capital U.S. Aggregate Bond Index, which measures the broad market for investment-grade, fixed-rate bonds, fell 0.88% for the six months.

Commercial mortgage-backed securities posted a 3.0% gain, while corporate bonds, U.S. agency securities and Treasuries fell 0.8%, 0.8% and 2.8%, respectively. (Sector returns come from the components of the Barclays Capital aggregate index.)

Inflation-protected bonds returned 1.42%, as measured by the Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). Short-term bonds, as measured by the Barclays Capital U.S. 1–5 Year Government/Credit Bond Index, returned –0.33%.


10	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

All ten funds outpace their composite benchmarks

All ten Lifecycle Funds posted solid gains for the six months covered by this report, and each of the funds outperformed its composite benchmark.

The Lifecycle Funds invest in five sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income, short-term fixed-income and inflation-protected assets. The Lifecycle Funds do this by investing in various underlying mutual funds that in turn buy stocks, bonds or other securities in these market sectors.

The returns of a Lifecycle fund depend primarily on how its investments are distributed among the market sectors and how those sectors perform. How a Lifecycle fund performs in comparison with its composite benchmark depends on the performance of the individual underlying funds in comparison with the performance of the public indexes used to represent the market sectors in the fund’s composite benchmark.

During the six-month period, those Lifecycle Funds with larger investments in the U.S. and international equity sectors had the best absolute performance because these sectors easily outperformed the three fixed-income sectors during that time. For example, the 2050 Fund, which held approximately 90% equities and 10% fixed income, posted a 15.53% gain, while the Retirement Income Fund, with approximately 40% of its assets invested in equities, returned 6.51%.

The performance of the Lifecycle Funds, relative to their respective composite benchmarks, benefited most from their fixed-income holdings. All three underlying funds within the fixed-income segment outperformed the Barclays Capital aggregate index for the six-month period. Also boosting the funds’ relative performance were outsized results from the U.S. equity segment. Five of the eight underlying funds within this segment topped the return of the Russell 3000 Index.

For the Retirement Income, 2010 and 2015 funds, these results were partly offset by the underperformance of the Inflation-Linked Bond Fund versus the inflation-protected assets sector during the period.


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	11

LIFECYCLE RETIREMENT INCOME FUND


PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle Retirement Income Fund	6 months			1 year			since fund inception (11/30/07)

Retirement Class (inception: 11/30/2007)		6.51	%		10.23	%		2.51	%
Institutional Class (inception: 11/30/2007)		6.51			10.36			2.75
Retail Class (inception: 11/30/2007)		6.55			10.31			2.68
Premier Class (inception: 9/30/2009)		6.44			10.22			2.55	*

Retirement Income Fund Composite Index^†		6.28			9.92			3.24

Broad-based market index
Barclays Capital U.S. Aggregate Bond Index		–0.88			5.12			5.52

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-cref.org.


*	The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Premier Class. If these lower expenses had been reflected, the performance of the Premier Class shown for this period would have been higher.

^†	As of the close of business on March 31, 2011, the Retirement Income Fund Composite Index consisted of: 40.0% Barclays Capital U.S. Aggregate Bond Index; 30.0% Russell 3000^® Index; 10.0% MSCI EAFE+EM (Emerging Markets) Index; 10.0% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index; and 10.0% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		30.0	%		30.1	%
International equity		10.0			10.0
Fixed income		40.0			39.9
Short-term fixed income		10.0			9.9
Inflation-protected assets		10.0			10.0
Other assets & liabilities, net		—			0.1

Total		100.0			100.0


12	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

LIFECYCLE 2010 FUND


PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle 2010 Fund	6 months			1 year			5 years			since fund inception (10/15/04)

Retirement Class (inception: 10/15/2004)		8.23	%		11.44	%		3.95	%		5.11	%
Institutional Class (inception: 1/17/2007)		8.39			11.66			4.18	*		5.29	*
Premier Class (inception: 9/30/2009)		8.24			11.50			3.97	*		5.13	*

2010 Fund Composite Index^†		7.85			10.88			4.22			5.36

Broad-based market index
Barclays Capital U.S. Aggregate Bond Index		–0.88			5.12			6.03			4.99


*	The performance shown for the Institutional and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of the Institutional and Premier classes. If those lower expenses had been reflected, the performance of these two classes shown for these periods would have been higher.

^†	As of the close of business on March 31, 2011, the 2010 Fund Composite Index consisted of: 38.2% Barclays Capital U.S. Aggregate Bond Index; 36.9% Russell 3000^® Index; 12.3% MSCI EAFE+EM (Emerging Markets) Index; 6.3% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index; and 6.3% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		36.7	%		37.2	%
International equity		12.3			12.2
Fixed income		38.2			38.1
Short-term fixed income		6.4			6.1
Inflation-protected assets		6.4			6.1
Other assets & liabilities, net		—			0.3

Total		100.0			100.0


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	13

LIFECYCLE 2015 FUND


PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle 2015 Fund	6 months			1 year			5 years			since fund inception (10/15/04)

Retirement Class (inception: 10/15/2004)		9.57	%		12.20	%		3.72	%		5.17	%
Institutional Class (inception: 1/17/2007)		9.80			12.56			3.95	*		5.35	*
Premier Class (inception: 9/30/2009)		9.65			12.41			3.76	*		5.20	*

2015 Fund Composite Index^†		9.17			11.67			3.96			5.37

Broad-based market index
Russell 3000^® Index		18.71			17.41			2.95			5.70


*	The performance shown for the Institutional and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of the Institutional and Premier classes. If those lower expenses had been reflected, the performance of these two classes shown for these periods would have been higher.

^†	As of the close of business on March 31, 2011, the 2015 Fund Composite Index consisted of: 42.6% Russell 3000 Index; 34.6% Barclays Capital U.S. Aggregate Bond Index; 14.2% MSCI EAFE+EM (Emerging Markets) Index; 4.3% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index; and 4.3% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		42.3	%		42.8	%
International equity		14.1			14.0
Fixed income		34.8			34.5
Short-term fixed income		4.4			4.1
Inflation-protected assets		4.4			4.2
Other assets & liabilities, net		—			0.4

Total		100.0			100.0


14	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

LIFECYCLE 2020 FUND


PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle 2020 Fund	6 months			1 year			5 years			since fund inception (10/15/04)

Retirement Class (inception: 10/15/2004)		11.08	%		13.14	%		3.30	%		5.04	%
Institutional Class (inception: 1/17/2007)		11.25			13.51			3.52	*		5.21	*
Premier Class (inception: 9/30/2009)		11.09			13.34			3.34	*		5.07	*

2020 Fund Composite Index^†		10.54			12.50			3.55			5.23

Broad-based market index
Russell 3000^® Index		18.71			17.41			2.95			5.70


*	The performance shown for the Institutional and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of the Institutional and Premier classes. If those lower expenses had been reflected, the performance of these two classes shown for these periods would have been higher.

^†	As of the close of business on March 31, 2011, the 2020 Fund Composite Index consisted of: 48.6% Russell 3000 Index; 30.6% Barclays Capital U.S. Aggregate Bond Index; 16.2% MSCI EAFE+EM (Emerging Markets) Index; 2.3% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index; and 2.3% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		48.3	%		48.8	%
International equity		16.1			15.9
Fixed income		30.8			30.4
Short-term fixed income		2.4			2.2
Inflation-protected assets		2.4			2.3
Other assets & liabilities, net		—			0.4

Total		100.0			100.0


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	15

LIFECYCLE 2025 FUND


PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle 2025 Fund	6 months			1 year			5 years			since fund inception (10/15/04)

Retirement Class (inception: 10/15/2004)		12.45	%		14.01	%		2.91	%		4.93	%
Institutional Class (inception: 1/17/2007)		12.67			14.36			3.14	*		5.12	*
Premier Class (inception: 9/30/2009)		12.65			14.08			2.93	*		4.95	*

2025 Fund Composite Index^†		11.93			13.31			3.15			5.09

Broad-based market index
Russell 3000^® Index		18.71			17.41			2.95			5.70


*	The performance shown for the Institutional and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of the Institutional and Premier classes. If those lower expenses had been reflected, the performance of these two classes shown for these periods would have been higher.

^†	As of the close of business on March 31, 2011, the 2025 Fund Composite Index consisted of: 54.6% Russell 3000 Index; 26.6% Barclays Capital U.S. Aggregate Bond Index; 18.2% MSCI EAFE+EM (Emerging Markets) Index; 0.3% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L); and 0.3% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		54.3	%		54.6	%
International equity		18.1			18.0
Fixed income		26.8			26.4
Short-term fixed income		0.4			0.2
Inflation-protected assets		0.4			0.3
Other assets & liabilities, net		—			0.5

Total		100.0			100.0


16	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

LIFECYCLE 2030 FUND


PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle 2030 Fund	6 months			1 year			5 years			since fund inception (10/15/04)

Retirement Class (inception: 10/15/2004)		13.88	%		14.79	%		2.49	%		4.73	%
Institutional Class (inception: 1/17/2007)		14.11			15.20			2.73	*		4.91	*
Premier Class (inception: 9/30/2009)		14.09			15.04			2.53	*		4.76	*

2030 Fund Composite Index^†		13.39			14.11			2.75			4.95

Broad-based market index
Russell 3000^® Index		18.71			17.41			2.95			5.70


*	The performance shown for the Institutional and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of the Institutional and Premier classes. If those lower expenses had been reflected, the performance of these two classes shown for these periods would have been higher.

^†	As of the close of business on March 31, 2011, the 2030 Fund Composite Index consisted of: 60.6% Russell 3000 Index; 20.2% MSCI EAFE+EM (Emerging Markets) Index; and 19.2% Barclays Capital U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		60.3	%		60.5	%
International equity		20.1			20.0
Fixed income		19.6			19.0
Other assets & liabilities, net		—			0.5

Total		100.0			100.0


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	17

LIFECYCLE 2035 FUND


PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle 2035 Fund	6 months			1 year			5 years			since fund inception (10/15/04)

Retirement Class (inception: 10/15/2004)		15.43	%		15.66	%		2.50	%		4.93	%
Institutional Class (inception: 1/17/2007)		15.51			15.92			2.71	*		5.10	*
Premier Class (inception: 9/30/2009)		15.47			15.75			2.54	*		4.96	*

2035 Fund Composite Index^†		14.86			14.93			2.76			5.13

Broad-based market index
Russell 3000^® Index		18.71			17.41			2.95			5.70


*	The performance shown for the Institutional and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of the Institutional and Premier classes. If those lower expenses had been reflected, the performance of these two classes shown for these periods would have been higher.

^†	As of the close of business on March 31, 2011, the 2035 Fund Composite Index consisted of: 66.6% Russell 3000 Index; 22.2% MSCI EAFE+EM (Emerging Markets) Index; and 11.2% Barclays Capital U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		66.3	%		66.5	%
International equity		22.1			21.9
Fixed income		11.6			11.1
Other assets & liabilities, net		—			0.5

Total		100.0			100.0


18	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

LIFECYCLE 2040 FUND


PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle 2040 Fund	6 months			1 year			5 years			since fund inception (10/15/04)

Retirement Class (inception: 10/15/2004)		15.60	%		15.83	%		2.72	%		5.28	%
Institutional Class (inception: 1/17/2007)		15.81			16.23			2.94	*		5.46	*
Premier Class (inception: 9/30/2009)		15.64			16.05			2.76	*		5.31	*

2040 Fund Composite Index^†		14.99			15.07			2.91			5.42

Broad-based market index
Russell 3000^® Index		18.71			17.41			2.95			5.70


*	The performance shown for the Institutional and Premier classes that is prior to their respective inception dates is based on the performance of the fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of the Institutional and Premier classes. If those lower expenses had been reflected, the performance of these two classes shown for these periods would have been higher.

^†	As of the close of business on March 31, 2011, the 2040 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM (Emerging Markets) Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		67.5	%		67.3	%
International equity		22.5			22.2
Fixed income		10.0			10.0
Other assets & liabilities, net		—			0.5

Total		100.0			100.0


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	19

LIFECYCLE 2045 FUND


PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle 2045 Fund	6 months			1 year			since fund inception (11/30/07)

Retirement Class (inception: 11/30/2007)		15.41	%		15.71	%		–1.63	%
Institutional Class (inception: 11/30/2007)		15.68			15.98			–1.37
Premier Class (inception: 9/30/2009)		15.65			15.95			–1.54	*

2045 Fund Composite Index^†		14.99			15.07			–0.60

Broad-based market index
Russell 3000^® Index		18.71			17.41			–0.16


*	The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Premier Class. If these lower expenses had been reflected, the performance of the Premier Class shown for this period would have been higher.

^†	As of the close of business on March 31, 2011, the 2045 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM (Emerging Markets) Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		67.5	%		66.7	%
International equity		22.5			22.3
Fixed income		10.0			10.0
Other assets & liabilities, net		—			1.0

Total		100.0			100.0


20	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

LIFECYCLE 2050 FUND


PERFORMANCE AS OF MARCH 31, 2011


	Total return					Average annual total return

Lifecycle 2050 Fund	6 months		1 year			since fund inception (11/30/2007)

Retirement Class (inception: 11/30/2007)		15.53		15.83	%		–1.70	%
Institutional Class (inception: 11/30/2007)		15.64		16.09			–1.44
Premier Class (inception: 9/30/2009)		15.61		15.91			–1.66	*

2050 Fund Composite Index^†		14.99		15.07			–0.60

Broad-based market index
Russell 3000^® Index		18.71		17.41			–0.16


*	The performance shown for the Premier Class that is prior to its inception date is based on the performance of the fund’s Retirement Class. The performance for this period has not been restated to reflect the lower expenses of the Premier Class. If these lower expenses had been reflected, the performance of the Premier Class shown for this period would have been higher.

^†	As of the close of business on March 31, 2011, the 2050 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM (Emerging Markets) Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		67.5	%		66.7	%
International equity		22.5			22.3
Fixed income		10.0			10.0
Other assets & liabilities, net		—			1.0

Total		100.0			100.0


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	21

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE RETIREMENT INCOME FUND § MARCH 31, 2011


	Shares	Company	Value		% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	3,648,960	TIAA-CREF Bond Fund	$	37,803,227	38.9	%
	47,771	TIAA-CREF Bond Plus Fund		485,355	0.5
	48,743	TIAA-CREF High-Yield Fund		486,947	0.5

				38,775,529	39.9

INFLATION-PROTECTED ASSETS
	874,257	TIAA-CREF Inflation-Linked Bond Fund		9,756,703	10.0

				9,756,703	10.0

INTERNATIONAL EQUITY
	163,827	TIAA-CREF Emerging Markets Equity Fund		1,946,268	2.0
	524,973	TIAA-CREF Enhanced International Equity Index Fund		3,895,298	4.0
	393,907	TIAA-CREF International Equity Fund		3,903,621	4.0

				9,745,187	10.0

SHORT-TERM FIXED INCOME
	939,137	TIAA-CREF Short-Term Bond Fund		9,673,114	9.9

				9,673,114	9.9

U.S. EQUITY
	547,898	TIAA-CREF Enhanced Large-Cap Growth Index Fund		5,391,312	5.5
	618,013	TIAA-CREF Enhanced Large-Cap Value Index Fund		5,321,092	5.5
	469,247	TIAA-CREF Growth & Income Fund		4,556,393	4.7
	490,661	TIAA-CREF Large-Cap Growth Fund		5,407,082	5.6
	384,095	TIAA-CREF Large-Cap Value Fund		5,308,200	5.5
	18,428	TIAA-CREF Mid-Cap Growth Fund		384,586	0.4
	23,114	TIAA-CREF Mid-Cap Value Fund		422,059	0.4
	156,898	TIAA-CREF Small-Cap Equity Fund		2,460,168	2.5

				29,250,892	30.1


		TOTAL TIAA-CREF FUNDS (Cost $87,504,638)		97,201,425	99.9


		TOTAL PORTFOLIO (Cost $87,504,638)		97,201,425	99.9
		OTHER ASSETS & LIABILITIES, NET		45,817	0.1

		NET ASSETS	$	97,247,242	100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


22	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE 2010 FUND § MARCH 31, 2011


	Shares	Company		Value	% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	21,480,372	TIAA-CREF Bond Fund	$	222,536,656	35.2	%
	586,085	TIAA-CREF Bond Plus Fund		5,954,621	0.9
	1,256,256	TIAA-CREF High-Yield Fund		12,549,999	2.0

				241,041,276	38.1

INFLATION-PROTECTED ASSETS
	3,480,300	TIAA-CREF Inflation-Linked Bond Fund		38,840,150	6.1

				38,840,150	6.1

INTERNATIONAL EQUITY
	1,235,863	TIAA-CREF Emerging Markets Equity Fund		14,682,053	2.4
	4,192,465	TIAA-CREF Enhanced International Equity Index Fund		31,108,091	4.9
	3,137,205	TIAA-CREF International Equity Fund		31,089,703	4.9

				76,879,847	12.2

SHORT-TERM FIXED INCOME
	3,717,985	TIAA-CREF Short-Term Bond Fund		38,295,241	6.1

				38,295,241	6.1

U.S. EQUITY
	4,933,259	TIAA-CREF Enhanced Large-Cap Growth Index Fund		48,543,273	7.7
	5,517,114	TIAA-CREF Enhanced Large-Cap Value Index Fund		47,502,351	7.5
	3,490,879	TIAA-CREF Growth & Income Fund		33,896,436	5.4
	3,604,336	TIAA-CREF Large-Cap Growth Fund		39,719,782	6.3
	2,845,161	TIAA-CREF Large-Cap Value Fund		39,320,119	6.2
	139,583	TIAA-CREF Mid-Cap Growth Fund		2,913,092	0.5
	174,336	TIAA-CREF Mid-Cap Value Fund		3,183,376	0.5
	1,264,005	TIAA-CREF Small-Cap Equity Fund		19,819,600	3.1

				234,898,029	37.2


		TOTAL TIAA-CREF FUNDS (Cost $576,194,123)		629,954,543	99.7


		TOTAL PORTFOLIO (Cost $576,194,123)		629,954,543	99.7
		OTHER ASSETS & LIABILITIES, NET		2,070,434	0.3

		NET ASSETS	$	632,024,977	100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	23


PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE 2015 FUND § MARCH 31, 2011


	Shares	Company		Value	% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	24,228,140	TIAA-CREF Bond Fund	$	251,003,527	30.0	%
	1,503,546	TIAA-CREF Bond Plus Fund		15,276,029	1.8
	2,257,971	TIAA-CREF High-Yield Fund		22,557,127	2.7

				288,836,683	34.5

INFLATION-PROTECTED ASSETS
	3,139,970	TIAA-CREF Inflation-Linked Bond Fund		35,042,062	4.2

				35,042,062	4.2

INTERNATIONAL EQUITY
	1,934,866	TIAA-CREF Emerging Markets Equity Fund		22,986,211	2.8
	6,354,996	TIAA-CREF Enhanced International Equity Index Fund		47,154,068	5.6
	4,754,546	TIAA-CREF International Equity Fund		47,117,546	5.6

				117,257,825	14.0

SHORT-TERM FIXED INCOME
	3,366,293	TIAA-CREF Short-Term Bond Fund		34,672,819	4.1

				34,672,819	4.1

U.S. EQUITY
	7,436,482	TIAA-CREF Enhanced Large-Cap Growth Index Fund		73,174,983	8.7
	8,301,978	TIAA-CREF Enhanced Large-Cap Value Index Fund		71,480,030	8.5
	5,403,388	TIAA-CREF Growth & Income Fund		52,466,893	6.3
	5,613,508	TIAA-CREF Large-Cap Growth Fund		61,860,860	7.4
	4,403,381	TIAA-CREF Large-Cap Value Fund		60,854,729	7.3
	214,794	TIAA-CREF Mid-Cap Growth Fund		4,482,758	0.5
	268,261	TIAA-CREF Mid-Cap Value Fund		4,898,453	0.6
	1,876,424	TIAA-CREF Small-Cap Equity Fund		29,422,332	3.5

				358,641,038	42.8


		TOTAL TIAA-CREF FUNDS (Cost $756,449,508)		834,450,427	99.6


		TOTAL PORTFOLIO (Cost $756,449,508)		834,450,427	99.6
		OTHER ASSETS & LIABILITIES, NET		3,119,567	0.4

		NET ASSETS	$	837,569,994	100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


24	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE 2020 FUND § MARCH 31, 2011


	Shares	Company		Value	% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	22,877,736	TIAA-CREF Bond Fund	$	237,013,343	23.7	%
	3,643,756	TIAA-CREF Bond Plus Fund		37,020,565	3.7
	2,981,986	TIAA-CREF High-Yield Fund		29,790,045	3.0

				303,823,953	30.4

INFLATION-PROTECTED ASSETS
	2,018,680	TIAA-CREF Inflation-Linked Bond Fund		22,528,464	2.3

				22,528,464	2.3

INTERNATIONAL EQUITY
	2,613,082	TIAA-CREF Emerging Markets Equity Fund		31,043,409	3.1
	8,654,198	TIAA-CREF Enhanced International Equity Index Fund		64,214,149	6.4
	6,475,872	TIAA-CREF International Equity Fund		64,175,896	6.4

				159,433,454	15.9

SHORT-TERM FIXED INCOME
	2,176,525	TIAA-CREF Short-Term Bond Fund		22,418,206	2.2

				22,418,206	2.2

U.S. EQUITY
	10,082,374	TIAA-CREF Enhanced Large-Cap Growth Index Fund		99,210,559	9.9
	11,239,317	TIAA-CREF Enhanced Large-Cap Value Index Fund		96,770,523	9.7
	7,373,158	TIAA-CREF Growth & Income Fund		71,593,362	7.2
	7,678,879	TIAA-CREF Large-Cap Growth Fund		84,621,243	8.4
	6,006,079	TIAA-CREF Large-Cap Value Fund		83,004,013	8.3
	292,938	TIAA-CREF Mid-Cap Growth Fund		6,113,624	0.6
	365,710	TIAA-CREF Mid-Cap Value Fund		6,677,857	0.7
	2,523,357	TIAA-CREF Small-Cap Equity Fund		39,566,233	4.0

				487,557,414	48.8


		TOTAL TIAA-CREF FUNDS (Cost $891,611,433)		995,761,491	99.6


		TOTAL PORTFOLIO (Cost $891,611,433)		995,761,491	99.6
		OTHER ASSETS & LIABILITIES, NET		4,038,626	0.4

		NET ASSETS	$	999,800,117	100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	25

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE 2025 FUND § MARCH 31, 2011


	Shares	Company		Value	% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	15,446,942	TIAA-CREF Bond Fund	$	160,030,322	16.9	%
	5,303,175	TIAA-CREF Bond Plus Fund		53,880,254	5.7
	3,655,349	TIAA-CREF High-Yield Fund		36,516,939	3.8

				250,427,515	26.4

INFLATION-PROTECTED ASSETS
	224,228	TIAA-CREF Inflation-Linked Bond Fund		2,502,380	0.3

				2,502,380	0.3

INTERNATIONAL EQUITY
	2,797,866	TIAA-CREF Emerging Markets Equity Fund		33,238,643	3.5
	9,304,781	TIAA-CREF Enhanced International Equity Index Fund		69,041,477	7.3
	6,946,211	TIAA-CREF International Equity Fund		68,836,954	7.2

				171,117,074	18.0

SHORT-TERM FIXED INCOME
	242,092	TIAA-CREF Short-Term Bond Fund		2,493,547	0.2

				2,493,547	0.2

U.S. EQUITY
	10,717,864	TIAA-CREF Enhanced Large-Cap Growth Index Fund		105,463,778	11.1
	11,944,487	TIAA-CREF Enhanced Large-Cap Value Index Fund		102,842,035	10.8
	7,846,553	TIAA-CREF Growth & Income Fund		76,190,028	8.0
	8,173,290	TIAA-CREF Large-Cap Growth Fund		90,069,660	9.5
	6,395,170	TIAA-CREF Large-Cap Value Fund		88,381,247	9.3
	311,608	TIAA-CREF Mid-Cap Growth Fund		6,503,261	0.7
	389,027	TIAA-CREF Mid-Cap Value Fund		7,103,626	0.8
	2,677,622	TIAA-CREF Small-Cap Equity Fund		41,985,118	4.4

				518,538,753	54.6


		TOTAL TIAA-CREF FUNDS (Cost $835,916,021)		945,079,269	99.5


		TOTAL PORTFOLIO (Cost $835,916,021)		945,079,269	99.5
		OTHER ASSETS & LIABILITIES, NET		4,541,389	0.5

		NET ASSETS	$	949,620,658	100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


26	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE 2030 FUND § MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	9,541,065	TIAA-CREF Bond Fund	$	98,845,434		10.7	%
	4,160,146	TIAA-CREF Bond Plus Fund		42,267,081		4.6
	3,400,200	TIAA-CREF High-Yield Fund		33,967,996		3.7

				175,080,511		19.0

INTERNATIONAL EQUITY
	3,038,538	TIAA-CREF Emerging Markets Equity Fund		36,097,835		3.9
	9,987,331	TIAA-CREF Enhanced International Equity Index Fund		74,105,998		8.1
	7,458,564	TIAA-CREF International Equity Fund		73,914,370		8.0

				184,118,203		20.0

U.S. EQUITY
	11,425,692	TIAA-CREF Enhanced Large-Cap Growth Index Fund		112,428,811		12.2
	12,734,733	TIAA-CREF Enhanced Large-Cap Value Index Fund		109,646,048		11.9
	8,494,271	TIAA-CREF Growth & Income Fund		82,479,373		8.9
	8,852,628	TIAA-CREF Large-Cap Growth Fund		97,555,959		10.6
	6,913,165	TIAA-CREF Large-Cap Value Fund		95,539,937		10.4
	337,507	TIAA-CREF Mid-Cap Growth Fund		7,043,779		0.8
	420,909	TIAA-CREF Mid-Cap Value Fund		7,685,807		0.8
	2,884,688	TIAA-CREF Small-Cap Equity Fund		45,231,903		4.9

				557,611,617		60.5


		TOTAL TIAA-CREF FUNDS (Cost $796,399,017)		916,810,331		99.5


		TOTAL PORTFOLIO (Cost $796,399,017)		916,810,331		99.5
		OTHER ASSETS & LIABILITIES, NET		4,442,490		0.5

		NET ASSETS	$	921,252,821		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	27

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE 2035 FUND § MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	3,691,548	TIAA-CREF Bond Fund	$	38,244,435		4.1	%
	3,079,618	TIAA-CREF Bond Plus Fund		31,288,923		3.4
	3,308,914	TIAA-CREF High-Yield Fund		33,056,047		3.6

				102,589,405		11.1

INTERNATIONAL EQUITY
	3,350,277	TIAA-CREF Emerging Markets Equity Fund		39,801,290		4.3
	11,006,523	TIAA-CREF Enhanced International Equity Index Fund		81,668,401		8.8
	8,233,738	TIAA-CREF International Equity Fund		81,596,341		8.8

				203,066,032		21.9

U.S. EQUITY
	12,351,232	TIAA-CREF Enhanced Large-Cap Growth Index Fund		121,536,120		13.2
	13,769,151	TIAA-CREF Enhanced Large-Cap Value Index Fund		118,552,392		12.8
	9,498,288	TIAA-CREF Growth & Income Fund		92,228,372		10.0
	9,920,710	TIAA-CREF Large-Cap Growth Fund		109,326,226		11.8
	7,743,413	TIAA-CREF Large-Cap Value Fund		107,013,963		11.6
	376,183	TIAA-CREF Mid-Cap Growth Fund		7,850,942		0.8
	469,956	TIAA-CREF Mid-Cap Value Fund		8,581,400		0.9
	3,195,782	TIAA-CREF Small-Cap Equity Fund		50,109,869		5.4

				615,199,284		66.5


		TOTAL TIAA-CREF FUNDS (Cost $782,482,747)		920,854,721		99.5


		TOTAL PORTFOLIO (Cost $782,482,747)		920,854,721		99.5
		OTHER ASSETS & LIABILITIES, NET		4,900,263		0.5

		NET ASSETS	$	925,754,984		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


28	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE 2040 FUND § MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	3,920,733	TIAA-CREF Bond Fund	$	40,618,799		3.0	%
	4,485,298	TIAA-CREF Bond Plus Fund		45,570,629		3.4
	4,908,957	TIAA-CREF High-Yield Fund		49,040,478		3.6

				135,229,906		10.0

INTERNATIONAL EQUITY
	4,983,130	TIAA-CREF Emerging Markets Equity Fund		59,199,582		4.4
	16,367,519	TIAA-CREF Enhanced International Equity Index Fund		121,446,991		9.0
	12,058,549	TIAA-CREF International Equity Fund		119,500,217		8.8

				300,146,790		22.2

U.S. EQUITY
	18,283,131	TIAA-CREF Enhanced Large-Cap Growth Index Fund		179,906,008		13.3
	20,365,951	TIAA-CREF Enhanced Large-Cap Value Index Fund		175,350,842		13.0
	13,998,445	TIAA-CREF Growth & Income Fund		135,924,905		10.1
	14,620,064	TIAA-CREF Large-Cap Growth Fund		161,113,111		11.9
	11,424,877	TIAA-CREF Large-Cap Value Fund		157,891,803		11.7
	554,666	TIAA-CREF Mid-Cap Growth Fund		11,575,876		0.9
	692,889	TIAA-CREF Mid-Cap Value Fund		12,652,152		0.9
	4,691,232	TIAA-CREF Small-Cap Equity Fund		73,558,516		5.5

				907,973,213		67.3


		TOTAL TIAA-CREF FUNDS (Cost $1,130,688,746)		1,343,349,909		99.5


		TOTAL PORTFOLIO (Cost $1,130,688,746)		1,343,349,909		99.5
		OTHER ASSETS & LIABILITIES, NET		6,433,401		0.5

		NET ASSETS	$	1,349,783,310		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	29

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE 2045 FUND § MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	555,656	TIAA-CREF Bond Fund	$	5,756,592		3.5	%
	539,967	TIAA-CREF Bond Plus Fund		5,486,060		3.3
	528,782	TIAA-CREF High-Yield Fund		5,282,534		3.2

				16,525,186		10.0

INTERNATIONAL EQUITY
	620,255	TIAA-CREF Emerging Markets Equity Fund		7,368,630		4.5
	1,989,511	TIAA-CREF Enhanced International Equity Index Fund		14,762,170		8.9
	1,494,482	TIAA-CREF International Equity Fund		14,810,312		8.9

				36,941,112		22.3

U.S. EQUITY
	2,072,964	TIAA-CREF Enhanced Large-Cap Growth Index Fund		20,397,968		12.3
	2,337,228	TIAA-CREF Enhanced Large-Cap Value Index Fund		20,123,537		12.2
	1,771,192	TIAA-CREF Growth & Income Fund		17,198,272		10.3
	1,851,823	TIAA-CREF Large-Cap Growth Fund		20,407,090		12.3
	1,449,965	TIAA-CREF Large-Cap Value Fund		20,038,518		12.1
	69,657	TIAA-CREF Mid-Cap Growth Fund		1,453,747		0.9
	87,343	TIAA-CREF Mid-Cap Value Fund		1,594,885		1.0
	592,914	TIAA-CREF Small-Cap Equity Fund		9,296,887		5.6

				110,510,904		66.7


		TOTAL TIAA-CREF FUNDS (Cost $137,929,295)		163,977,202		99.0


		TOTAL PORTFOLIO (Cost $137,929,295)		163,977,202		99.0
		OTHER ASSETS & LIABILITIES, NET		1,626,598		1.0

		NET ASSETS	$	165,603,800		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


30	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE 2050 FUND § MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	281,494	TIAA-CREF Bond Fund	$	2,916,277		3.4	%
	275,953	TIAA-CREF Bond Plus Fund		2,803,679		3.3
	279,313	TIAA-CREF High-Yield Fund		2,790,336		3.3

				8,510,292		10.0

INTERNATIONAL EQUITY
	317,248	TIAA-CREF Emerging Markets Equity Fund		3,768,901		4.5
	1,015,720	TIAA-CREF Enhanced International Equity Index Fund		7,536,643		8.9
	763,826	TIAA-CREF International Equity Fund		7,569,515		8.9

				18,875,059		22.3

U.S. EQUITY
	1,058,796	TIAA-CREF Enhanced Large-Cap Growth Index Fund		10,418,551		12.3
	1,194,415	TIAA-CREF Enhanced Large-Cap Value Index Fund		10,283,909		12.1
	905,311	TIAA-CREF Growth & Income Fund		8,790,571		10.4
	947,687	TIAA-CREF Large-Cap Growth Fund		10,443,515		12.3
	740,917	TIAA-CREF Large-Cap Value Fund		10,239,467		12.1
	35,635	TIAA-CREF Mid-Cap Growth Fund		743,705		0.9
	44,645	TIAA-CREF Mid-Cap Value Fund		815,225		1.0
	303,014	TIAA-CREF Small-Cap Equity Fund		4,751,252		5.6

				56,486,195		66.7


		TOTAL TIAA-CREF FUNDS (Cost $70,903,861)		83,871,546		99.0


		TOTAL PORTFOLIO (Cost $70,903,861)		83,871,546		99.0
		OTHER ASSETS & LIABILITIES, NET		884,367		1.0

		NET ASSETS	$	84,755,913		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	31

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

TIAA-CREF LIFECYCLE FUNDS § MARCH 31, 2011


	Lifecycle Retirement Income Fund			Lifecycle 2010 Fund			Lifecycle 2015 Fund			Lifecycle 2020 Fund			Lifecycle 2025 Fund			Lifecycle 2030 Fund


ASSETS
Affiliated investments, at value*	$	97,201,425		$	629,954,543		$	834,450,427		$	995,761,491		$	945,079,269		$	916,810,331
Receivable from securities transactions		150,000			—			—			—			—			—
Receivable from Fund shares sold		142,446			2,851,304			4,431,752			5,449,745			5,411,946			5,778,420
Dividends and interest receivable		107,340			681,788			819,545			877,665			756,471			555,748
Due from affiliates		1,862			7,759			10,002			11,802			11,141			10,744
Other		740			7,251			8,556			9,380			8,788			8,377

Total assets		97,603,813			633,502,645			839,720,282			1,002,110,083			951,267,615			923,163,620


LIABILITIES
Overdraft payable		190,488			209,998			197,619			145,351			137,223			124,764
Management fees payable		796			5,147			6,803			8,117			7,705			7,469
Service agreement fees payable		1,099			10,381			13,514			16,077			15,222			14,620
Due to affiliates		8,074			10,328			13,379			16,928			16,423			16,013
Payable for securities transactions		107,340			1,146,266			1,798,545			1,984,665			1,340,471			1,620,748
Payable for Fund shares redeemed		27,367			—			—			—			—			—
Accrued expenses & other payables		21,407			95,548			120,428			138,828			129,913			127,185

Total liabilities		356,571			1,477,668			2,150,288			2,309,966			1,646,957			1,910,799


NET ASSETS	$	97,247,242		$	632,024,977		$	837,569,994		$	999,800,117		$	949,620,658		$	921,252,821


NET ASSETS CONSIST OF:
Paid-in-capital	$	90,324,448		$	608,607,457		$	767,207,688		$	898,920,500		$	842,514,698		$	806,282,191
Undistributed net investment income (loss)		436			5,053,870			3,814,590			4,101,919			3,325,882			2,068,678
Accumulated net realized gain (loss) on total investments		(2,774,429	)		(35,396,770	)		(11,453,203	)		(7,372,360	)		(5,383,170	)		(7,509,362	)
Net unrealized appreciation (depreciation) on total investments		9,696,787			53,760,420			78,000,919			104,150,058			109,163,248			120,411,314


NET ASSETS	$	97,247,242		$	632,024,977		$	837,569,994		$	999,800,117		$	949,620,658		$	921,252,821


RETIREMENT CLASS:
Net assets	$	53,680,224		$	509,184,187		$	663,848,470		$	791,292,201		$	749,379,013		$	720,465,097
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,450,858			44,781,702			58,060,348			69,513,977			66,356,621			64,415,909
Net asset value per share	$	9.85		$	11.37		$	11.43		$	11.38		$	11.29		$	11.18


INSTITUTIONAL CLASS:
Net assets	$	16,021,583		$	73,550,630		$	110,020,652		$	123,807,130		$	115,350,685		$	118,329,238
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,624,433			7,297,860			11,003,244			12,659,748			11,982,892			12,563,332
Net asset value per share	$	9.86		$	10.08		$	10.00		$	9.78		$	9.63		$	9.42


RETAIL CLASS:
Net assets	$	24,568,323		$	—		$	—		$	—		$	—		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,492,312			—			—			—			—			—
Net asset value per share	$	9.86			—			—			—			—			—


PREMIER CLASS:
Net assets	$	2,977,112		$	49,290,160		$	63,700,872		$	84,700,786		$	84,890,960		$	82,458,486
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		301,829			4,897,990			6,384,753			8,666,258			8,835,608			8,774,238
Net asset value per share	$	9.86		$	10.06		$	9.98		$	9.77		$	9.61		$	9.40

* Affiliated investments, Cost	$	87,504,638		$	576,194,123		$	756,449,508		$	891,611,433		$	835,916,021		$	796,399,017


32	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	33


STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)	concluded

TIAA-CREF LIFECYCLE FUNDS § MARCH 31, 2011


	Lifecycle 2035 Fund			Lifecycle 2040 Fund			Lifecycle 2045 Fund			Lifecycle 2050 Fund


ASSETS
Affiliated investments, at value*	$	920,854,721		$	1,343,349,909		$	163,977,202		$	83,871,546
Receivable from securities transactions		—			1,700,000			150,000			75,000
Receivable from Fund shares sold		6,389,266			7,915,731			1,870,560			1,072,040
Dividends and interest receivable		367,949			505,280			58,840			29,947
Due from affiliates		10,777			15,466			2,511			1,555
Other		8,243			12,312			916			450

Total assets		927,630,956			1,353,498,698			166,060,029			85,050,538


LIABILITIES
Overdraft payable		126,982			196,725			14,958			3,462
Management fees payable		7,492			10,933			1,333			681
Service agreement fees payable		14,600			21,763			2,515			1,289
Due to affiliates		16,474			23,011			2,344			1,164
Payable for securities transactions		1,579,949			3,296,280			412,840			273,947
Payable for Fund shares redeemed		5,644			—			—			—
Accrued expenses & other payables		124,831			166,676			22,239			14,082

Total liabilities		1,875,972			3,715,388			456,229			294,625


NET ASSETS	$	925,754,984		$	1,349,783,310		$	165,603,800		$	84,755,913


NET ASSETS CONSIST OF:
Paid-in-capital	$	791,577,986		$	1,145,064,653		$	141,088,025		$	73,441,977
Undistributed net investment income (loss)		981,038			1,449,394			129,145			64,639
Accumulated net realized gain (loss) on total investments		(5,176,014	)		(9,391,900	)		(1,661,277	)		(1,718,388	)
Net unrealized appreciation (depreciation) on total investments		138,371,974			212,661,163			26,047,907			12,967,685


NET ASSETS	$	925,754,984		$	1,349,783,310		$	165,603,800		$	84,755,913


RETIREMENT CLASS:
Net assets	$	720,672,823		$	1,073,785,506		$	124,557,855		$	64,095,691
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		63,817,338			93,285,251			14,265,167			7,374,981
Net asset value per share	$	11.29		$	11.51		$	8.73		$	8.69


INSTITUTIONAL CLASS:
Net assets	$	119,214,729		$	160,527,659		$	29,736,561		$	15,069,841
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		12,678,975			16,919,603			3,391,240			1,726,675
Net asset value per share	$	9.40		$	9.49		$	8.77		$	8.73


PREMIER CLASS:
Net assets	$	85,867,432		$	115,470,145		$	11,309,384		$	5,590,381
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		9,140,340			12,185,145			1,291,645			641,157
Net asset value per share	$	9.39		$	9.48		$	8.76		$	8.72

* Affiliated investments, Cost	$	782,482,747		$	1,130,688,746		$	137,929,295		$	70,903,861


34	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	35

STATEMENTS OF OPERATIONS (UNAUDITED)

TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD ENDED MARCH 31, 2011


	Lifecycle Retirement Income Fund			Lifecycle 2010 Fund			Lifecycle 2015 Fund			Lifecycle 2020 Fund			Lifecycle 2025 Fund			Lifecycle 2030 Fund


INVESTMENT INCOME
Dividends from affiliated investments	$	1,518,937		$	11,480,177		$	14,789,631		$	17,257,097		$	16,451,334		$	15,546,174

Total income		1,518,937			11,480,177			14,789,631			17,257,097			16,451,334			15,546,174


EXPENSES
Management fees		40,719			291,717			374,722			439,372			416,561			401,921
Distribution fees - Retirement Class		11,357			120,687			153,158			179,001			168,707			161,886
Distribution fees - Premier Class		1,675			30,570			38,955			51,566			51,379			49,426
Distribution fees - Retail Class		12,607			—			—			—			—			—
Fund administrative fees		2,766			20,215			26,099			30,640			29,145			27,969
Custody and accounting fees		7,185			5,304			5,274			5,274			5,272			5,273
Professional fees		12,531			16,401			17,480			18,325			17,998			17,712
Shareholder reports		12,037			76,740			92,097			107,553			100,478			101,870
Shareholder servicing - Retirement Class		57,023			604,043			766,470			895,772			844,250			810,132
Shareholder servicing - Institutional Class		159			278			306			268			296			259
Shareholder servicing - Retail Class		3,510			—			—			—			—			—
Shareholder servicing - Premier Class		144			169			160			205			205			134
Trustee fees and expenses		274			1,957			2,531			2,963			2,811			2,714
Compliance fees		946			7,100			8,995			10,579			9,788			9,699
Interest expense		240			1,162			1,813			2,093			1,860			1,913
Registration fees		11,541			26,314			27,283			32,641			32,062			31,488
Other expenses		2,227			5,257			9,533			11,645			9,724			10,291

Total expenses		176,941			1,207,914			1,524,876			1,787,897			1,690,536			1,632,687
Less: Expenses reimbursed by the investment adviser		(50,361	)		(161,504	)		(192,249	)		(222,951	)		(210,356	)		(210,022	)
Fee waiver by investment adviser and TPIS		(52,076	)		(412,404	)		(527,880	)		(618,373	)		(585,268	)		(563,807	)

Net expenses		74,504			634,006			804,747			946,573			894,912			858,858


Net investment income (loss)		1,444,433			10,846,171			13,984,884			16,310,524			15,556,422			14,687,316


NET REALIZED AND UNREALIZED GAIN (LOSS) ON AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		90,196			7,959,963			8,053,010			7,237,090			6,613,766			6,243,157
Realized gain distributions from affiliated investments		76,963			528,545			604,029			612,521			515,634			377,264

Net realized gain (loss) from affiliated investments		167,159			8,488,508			8,657,039			7,849,611			7,129,400			6,620,421

Net change in unrealized appreciation (depreciation) from affiliated investments		3,381,075			26,414,030			45,043,445			66,178,871			73,274,710			81,318,117

Net realized and unrealized gain (loss) from affiliated investments		3,548,234			34,902,538			53,700,484			74,028,482			80,404,110			87,938,538


Net increase (decrease) in net assets resulting from operations	$	4,992,667		$	45,748,709		$	67,685,368		$	90,339,006		$	95,960,532		$	102,625,854


36	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	37


STATEMENTS OF OPERATIONS (UNAUDITED)	concluded

TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD ENDED MARCH 31, 2011



	Lifecycle 2035 Fund			Lifecycle 2040 Fund			Lifecycle 2045 Fund			Lifecycle 2050 Fund


INVESTMENT INCOME
Dividends from affiliated investments	$	15,150,672		$	22,318,241		$	2,276,143		$	1,148,273

Total income		15,150,672			22,318,241			2,276,143			1,148,273


EXPENSES
Management fees		401,000			590,545			64,175			32,462
Distribution fees - Retirement Class		160,764			241,107			25,612			12,862
Distribution fees - Premier Class		51,277			69,492			5,709			2,689
Fund administrative fees		27,974			41,235			4,492			2,290
Custody and accounting fees		5,276			5,178			5,178			5,178
Professional fees		17,704			20,455			12,756			12,349
Shareholder reports		100,313			142,354			17,521			10,425
Shareholder servicing - Retirement Class		804,510			1,206,498			128,377			64,599
Shareholder servicing - Institutional Class		258			287			212			188
Shareholder servicing - Premier Class		205			216			143			151
Trustee fees and expenses		2,734			4,084			431			178
Compliance fees		9,675			14,355			1,567			793
Interest expense		1,764			2,344			297			172
Registration fees		30,779			34,839			12,665			9,250
Other expenses		9,163			13,087			4,852			3,095

Total expenses		1,623,396			2,386,076			283,987			156,681
Less: Expenses reimbursed by the investment adviser		(206,536	)		(279,397	)		(60,433	)		(44,359	)
Fee waiver by investment adviser and TPIS		(561,764	)		(831,652	)		(89,787	)		(45,323	)

Net expenses		855,096			1,275,027			133,767			66,999


Net investment income (loss)		14,295,576			21,043,214			2,142,376			1,081,274


NET REALIZED AND UNREALIZED GAIN (LOSS) ON AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		7,651,579			13,286,899			(109,274	)		(52,059	)
Realized gain distributions from affiliated investments		254,773			368,705			36,528			18,462

Net realized gain (loss) from affiliated investments		7,906,352			13,655,604			(72,746	)		(33,597	)

Net change in unrealized appreciation (depreciation) from affiliated investments		90,117,346			132,103,593			15,564,385			7,867,542

Net realized and unrealized gain (loss) from affiliated investments		98,023,698			145,759,197			15,491,639			7,833,945


Net increase (decrease) in net assets resulting from operations	$	112,319,274		$	166,802,411		$	17,634,015		$	8,915,219


38	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	39

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD OR YEAR ENDED


		Lifecycle Retirement Income Fund						Lifecycle 2010 Fund						Lifecycle 2015 Fund

		March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010

		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	1,444,433		$	1,062,941		$	10,846,171		$	9,906,125		$	13,984,884		$	11,108,485
Net realized gain (loss) from affiliated investments			167,159			(339,209	)		8,488,508			10,977,373			8,657,039			12,538,225
Net change in unrealized appreciation (depreciation) from affiliated investments			3,381,075			3,727,848			26,414,030			21,661,618			45,043,445			28,568,593

Net increase (decrease) from operations			4,992,667			4,451,580			45,748,709			42,545,116			67,685,368			52,215,303


DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(780,826	)		(579,122	)		(11,146,960	)		(8,398,807	)		(13,323,494	)		(9,076,969	)
	Institutional Class		(257,131	)		(192,757	)		(1,794,811	)		(493,693	)		(2,437,056	)		(521,574	)
	Retail Class		(367,141	)		(278,993	)		—			—			—			—
	Premier Class		(40,267	)		(10,791	)		(1,220,920	)		(6,159	)		(1,511,699	)		(5,837	)

Total distributions			(1,445,365	)		(1,061,663	)		(14,162,691	)		(8,898,659	)		(17,272,249	)		(9,604,380	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		16,105,672			30,762,339			55,242,669			121,741,530			86,972,799			161,829,502
	Institutional Class		4,751,423			6,563,399			35,555,819			22,450,783			54,587,734			32,436,788
	Retail Class		7,878,979			8,618,161			—			—			—			—
	Premier Class		2,128,462			1,175,494			21,508,752			27,541,461			28,986,184			31,004,840
Reinvestments of distributions:	Retirement Class		780,826			579,122			11,146,960			8,398,807			13,323,494			9,076,969
	Institutional Class		257,131			192,757			1,794,811			493,693			2,437,056			521,574
	Retail Class		346,593			265,338			—			—			—			—
	Premier Class		40,267			10,791			1,220,920			6,159			1,511,699			5,837
Redemptions:	Retirement Class		(4,903,724	)		(12,978,478	)		(53,420,415	)		(86,724,666	)		(59,332,585	)		(85,501,135	)
	Institutional Class		(673,906	)		(1,764,363	)		(5,044,202	)		(4,368,014	)		(1,993,200	)		(4,050,027	)
	Retail Class		(1,175,200	)		(1,525,816	)		—			—			—			—
	Premier Class		(734,399	)		(38,638	)		(2,316,001	)		(1,953,285	)		(1,467,219	)		(864,807	)

Net increase (decrease) from shareholder transactions			24,802,124			31,860,106			65,689,313			87,586,468			125,025,962			144,459,541

Net increase (decrease) in net assets			28,349,426			35,250,023			97,275,331			121,232,925			175,439,081			187,070,464

NET ASSETS
Beginning of period			68,897,816			33,647,793			534,749,646			413,516,721			662,130,913			475,060,449

End of period		$	97,247,242		$	68,897,816		$	632,024,977		$	534,749,646		$	837,569,994		$	662,130,913

Undistributed net investment income (loss) included in net assets		$	436		$	1,368		$	5,053,870		$	8,370,390		$	3,814,590		$	7,101,954


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		1,662,120			3,389,346			4,971,288			11,880,390			7,815,220			15,929,735
	Institutional Class		488,660			724,314			3,598,237			2,461,442			5,606,445			3,637,478
	Retail Class		809,973			949,443			—			—			—			—
	Premier Class		219,271			128,835			2,179,889			3,007,872			2,983,998			3,459,518
Shares reinvested:	Retirement Class		81,197			63,802			1,019,850			833,215			1,217,870			908,606
	Institutional Class		26,704			21,198			185,414			55,100			254,922			59,540
	Retail Class		35,997			29,219			—			—			—			—
	Premier Class		4,176			1,174			126,259			687			158,293			666
Shares redeemed:	Retirement Class		(507,607	)		(1,431,399	)		(4,812,096	)		(8,450,401	)		(5,355,146	)		(8,368,807	)
	Institutional Class		(69,467	)		(194,709	)		(508,434	)		(472,762	)		(204,905	)		(454,493	)
	Retail Class		(120,827	)		(167,977	)		—			—			—			—
	Premier Class		(75,704	)		(4,172	)		(235,284	)		(209,303	)		(150,293	)		(96,001	)

Net increase (decrease) from shareholder transactions			2,554,493			3,509,074			6,525,123			9,106,240			12,326,404			15,076,242


40 2011 Semiannual Report ▪ TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds ▪ 2011 Semiannual Report 41


STATEMENTS OF CHANGES IN NET ASSETS	continued

TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD OR YEAR ENDED


		Lifecycle 2020 Fund						Lifecycle 2025 Fund						Lifecycle 2030 Fund

		March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010

		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	16,310,524		$	11,233,012		$	15,556,422		$	9,796,661		$	14,687,316		$	8,368,084
Net realized gain (loss) from affiliated investments			7,849,611			15,081,518			7,129,400			14,333,708			6,620,421			10,994,001
Net change in unrealized appreciation (depreciation) from affiliated investments			66,178,871			31,848,229			73,274,710			31,119,159			81,318,117			33,363,134

Net increase (decrease) from operations			90,339,006			58,162,759			95,960,532			55,249,528			102,625,854			52,725,219


DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(14,697,533	)		(9,068,351	)		(13,407,375	)		(8,004,931	)		(12,017,345	)		(7,099,261	)
	Institutional Class		(2,596,371	)		(447,934	)		(2,429,636	)		(453,019	)		(2,343,331	)		(371,105	)
	Premier Class		(1,904,790	)		(5,501	)		(1,897,614	)		(5,265	)		(1,756,178	)		(4,994	)
From realized gains:	Retirement Class		(238,521	)		—			—			—			—			—
	Institutional Class		(38,059	)		—			—			—			—			—
	Premier Class		(28,419	)		—			—			—			—			—

Total distributions			(19,503,693	)		(9,521,786	)		(17,734,625	)		(8,463,215	)		(16,116,854	)		(7,475,360	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		113,924,726			230,529,925			103,218,263			216,041,278			96,970,801			212,969,733
	Institutional Class		64,533,347			34,080,190			57,553,890			31,993,277			62,928,499			28,821,581
	Premier Class		42,199,369			36,753,603			43,690,721			34,883,543			43,179,286			30,952,458
Reinvestments of distributions:	Retirement Class		14,936,054			9,068,351			13,407,375			8,004,931			12,017,345			7,099,261
	Institutional Class		2,634,430			447,934			2,429,636			453,019			2,343,331			371,105
	Premier Class		1,933,209			5,501			1,897,614			5,265			1,756,178			4,994
Redemptions:	Retirement Class		(69,496,892	)		(90,925,395	)		(63,249,934	)		(82,723,004	)		(67,368,809	)		(83,125,752	)
	Institutional Class		(997,491	)		(3,322,228	)		(2,894,234	)		(2,078,667	)		(1,318,939	)		(1,525,370	)
	Premier Class		(2,354,054	)		(571,074	)		(2,356,384	)		(649,268	)		(1,171,901	)		(243,899	)

Net increase (decrease) from shareholder transactions			167,312,698			216,066,807			153,696,947			205,930,374			149,335,791			195,324,111

Net increase (decrease) in net assets			238,148,011			264,707,780			231,922,854			252,716,687			235,844,791			240,573,970

NET ASSETS
Beginning of period			761,652,106			496,944,326			717,697,804			464,981,117			685,408,030			444,834,060

End of period		$	999,800,117		$	761,652,106		$	949,620,658		$	717,697,804		$	921,252,821		$	685,408,030

Undistributed net investment income (loss) included in net assets		$	4,101,919		$	6,990,089		$	3,325,882		$	5,504,085		$	2,068,678		$	3,498,217


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		10,329,846			23,083,553			9,477,944			22,131,481			9,043,622			22,378,576
	Institutional Class		6,833,759			3,967,873			6,243,833			3,844,452			7,040,677			3,588,912
	Premier Class		4,475,946			4,265,047			4,751,655			4,174,392			4,848,128			3,854,010
Shares reinvested:	Retirement Class		1,377,865			923,457			1,253,026			832,979			1,139,085			755,241
	Institutional Class		282,968			52,947			266,407			55,112			263,889			46,739
	Premier Class		207,872			650			208,529			641			198,214			630
Shares redeemed:	Retirement Class		(6,380,128	)		(9,087,598	)		(5,914,695	)		(8,438,788	)		(6,433,243	)		(8,704,695	)
	Institutional Class		(104,565	)		(385,709	)		(314,819	)		(246,151	)		(144,737	)		(187,423	)
	Premier Class		(246,992	)		(65,921	)		(253,094	)		(77,115	)		(128,655	)		(29,856	)

Net increase (decrease) from shareholder transactions			16,776,571			22,754,299			15,718,786			22,277,003			15,826,980			21,702,134


42 2011 Semiannual Report ▪ TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds ▪ 2011 Semiannual Report 43


STATEMENTS OF CHANGES IN NET ASSETS	continued

TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD OR YEAR ENDED


		Lifecycle 2035 Fund						Lifecycle 2040 Fund						Lifecycle 2045 Fund

		March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010

		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	14,295,576		$	7,351,442		$	21,043,214		$	11,068,355		$	2,142,376		$	711,089
Net realized gain (loss) from affiliated investments			7,906,352			9,612,312			13,655,604			9,297,640			(72,746	)		(952,035	)
Net change in unrealized appreciation (depreciation) from affiliated investments			90,117,346			35,134,870			132,103,593			57,162,386			15,564,385			6,377,773

Net increase (decrease) from operations			112,319,274			52,098,624			166,802,411			77,528,381			17,634,015			6,136,827


DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(11,214,774	)		(6,589,326	)		(16,956,995	)		(9,965,342	)		(1,734,458	)		(535,851	)
	Institutional Class		(2,248,116	)		(321,241	)		(3,141,235	)		(489,463	)		(333,309	)		(40,882	)
	Premier Class		(1,703,924	)		(4,740	)		(2,347,469	)		(4,830	)		(144,476	)		(3,698	)

Total distributions			(15,166,814	)		(6,915,307	)		(22,445,699	)		(10,459,635	)		(2,212,243	)		(580,431	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		94,943,933			214,442,981			127,674,702			300,480,230			35,250,145			59,740,615
	Institutional Class		65,582,325			26,952,326			84,607,456			36,567,437			19,804,039			6,091,185
	Premier Class		40,614,962			35,359,710			55,156,155			47,847,282			7,499,052			2,635,264
Reinvestments of distributions:	Retirement Class		11,214,774			6,589,326			16,956,995			9,965,342			1,734,458			535,851
	Institutional Class		2,248,116			321,241			3,141,235			489,463			333,309			40,882
	Premier Class		1,703,924			4,740			2,347,469			4,830			144,476			3,697
Redemptions:	Retirement Class		(64,440,809	)		(84,741,064	)		(85,786,527	)		(117,268,520	)		(9,385,509	)		(11,553,218	)
	Institutional Class		(854,228	)		(1,545,895	)		(1,193,225	)		(1,374,542	)		(310,346	)		(633,651	)
	Premier Class		(1,061,785	)		(244,200	)		(1,798,853	)		(557,860	)		(141,928	)		(38,941	)

Net increase (decrease) from shareholder transactions			149,951,212			197,139,165			201,105,407			276,153,662			54,927,696			56,821,684

Net increase (decrease) in net assets			247,103,672			242,322,482			345,462,119			343,222,408			70,349,468			62,378,080

NET ASSETS
Beginning of period			678,651,312			436,328,830			1,004,321,191			661,098,783			95,254,332			32,876,252

End of period		$	925,754,984		$	678,651,312		$	1,349,783,310		$	1,004,321,191		$	165,603,800		$	95,254,332

Undistributed net investment income (loss) included in net assets		$	981,038		$	1,852,277		$	1,449,394		$	2,851,880		$	129,145		$	199,011


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		8,796,012			22,658,387			11,630,391			31,180,406			4,226,422			8,147,563
	Institutional Class		7,415,418			3,413,510			9,491,608			4,577,505			2,356,968			827,776
	Premier Class		4,586,447			4,476,849			6,181,684			5,974,579			905,731			355,145
Shares reinvested:	Retirement Class		1,057,000			703,237			1,568,640			1,044,585			211,519			73,911
	Institutional Class		254,888			41,027			352,948			62,036			40,499			5,631
	Premier Class		193,189			605			264,057			612			17,576			509
Shares redeemed:	Retirement Class		(6,150,335	)		(8,922,575	)		(8,041,823	)		(12,102,237	)		(1,128,050	)		(1,552,330	)
	Institutional Class		(93,827	)		(190,812	)		(130,398	)		(168,618	)		(37,211	)		(87,302	)
	Premier Class		(118,575	)		(30,433	)		(197,116	)		(70,682	)		(16,900	)		(5,333	)

Net increase (decrease) from shareholder transactions			15,940,217			22,149,795			21,119,991			30,498,186			6,576,554			7,765,570


44	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	45


STATEMENTS OF CHANGES IN NET ASSETS	concluded

TIAA-CREF LIFECYCLE FUNDS § FOR THE PERIOD OR YEAR ENDED


		Lifecycle 2050 Fund

		March 31, 2011			September 30, 2010

		(unaudited)
OPERATIONS
Net investment income (loss)		$	1,081,274		$	348,643
Net realized gain (loss) from affiliated investments			(33,597	)		(534,707	)
Net change in unrealized appreciation (depreciation) from affiliated investments			7,867,542			3,169,172

Net increase (decrease) from operations			8,915,219			2,983,108


DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(868,683	)		(245,118	)
	Institutional Class		(178,659	)		(35,094	)
	Premier Class		(67,918	)		(3,877	)
From realized gains:	Retirement Class		(340,851	)		—
	Institutional Class		(64,043	)		—
	Premier Class		(24,903	)		—

Total distributions			(1,545,057	)		(284,089	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		19,878,104			31,042,641
	Institutional Class		8,335,886			4,259,586
	Premier Class		4,131,802			799,585
Reinvestments of distributions:	Retirement Class		1,209,534			245,118
	Institutional Class		242,702			35,094
	Premier Class		92,821			3,878
Redemptions:	Retirement Class		(3,704,801	)		(7,275,701	)
	Institutional Class		(150,039	)		(625,679	)
	Premier Class		(95,023	)		(4,586	)

Net increase (decrease) from shareholder transactions			29,940,986			28,479,936

Net increase (decrease) in net assets			37,311,148			31,178,955

NET ASSETS
Beginning of period			47,444,765			16,265,810

End of period		$	84,755,913		$	47,444,765

Undistributed net investment income (loss) included in net assets		$	64,639		$	98,626


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		2,390,813			4,222,654
	Institutional Class		992,213			575,981
	Premier Class		498,825			107,434
Shares reinvested:	Retirement Class		148,227			33,763
	Institutional Class		29,634			4,821
	Premier Class		11,333			533
Shares redeemed:	Retirement Class		(447,284	)		(983,928	)
	Institutional Class		(17,838	)		(85,661	)
	Premier Class		(11,146	)		(641	)

Net increase (decrease) from shareholder transactions			3,594,777			3,874,956


46	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements

FINANCIAL HIGHLIGHTS

LIFECYCLE RETIREMENT INCOME FUND § FOR THE PERIOD OR YEAR ENDED


	Retirement Class

	3/31/11			9/30/10			9/30/09			11/30/07 to 9/30/08		**

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.41		$	8.84		$	8.65		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.18			0.21			0.31
Net realized and unrealized gain (loss) on total investments		0.44			0.58			0.19			(1.34	)

Total gain (loss) from investment operations		0.61			0.76			0.40			(1.03	)

Less distributions from:
Net investment income		(0.17	)		(0.19	)		(0.21	)		(0.32	)
Net realized gains		—			—			—			—

Total distributions		(0.17	)		(0.19	)		(0.21	)		(0.32	)

Net asset value, end of period	$	9.85		$	9.41		$	8.84		$	8.65


TOTAL RETURN		6.51	%(b)		8.65	%		4.86	%		(10.49	)%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	53,680		$	39,682		$	19,384		$	4,800
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.52	%(c)		0.70	%		1.01	%		1.79	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		3.47	%(c)		2.04	%		2.59	%		4.00	%(c)
Portfolio turnover rate		5	%(b)		33	%		38	%		26	%(b)


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	47


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE RETIREMENT INCOME FUND § FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			11/30/07 to 9/30/08		**

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.43		$	8.85		$	8.65		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.21			0.23			0.34
Net realized and unrealized gain (loss) on total investments		0.43			0.58			0.19			(1.36	)

Total gain (loss) from investment operations		0.61			0.79			0.42			(1.02	)

Less distributions from:
Net investment income		(0.18	)		(0.21	)		(0.22	)		(0.33	)
Net realized gains		—			—			—			—

Total distributions		(0.18	)		(0.21	)		(0.22	)		(0.33	)

Net asset value, end of period	$	9.86		$	9.43		$	8.85		$	8.65


TOTAL RETURN		6.51	%(b)		9.01	%		5.19	%		(10.37	)%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	16,022		$	11,111		$	5,554		$	2,691
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.23	%(c)		0.41	%		0.73	%		1.49	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.77	%(c)		2.27	%		2.86	%		4.30	%(c)
Portfolio turnover rate		5	%(b)		33	%		38	%		26	%(b)


48	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE RETIREMENT INCOME FUND § FOR THE PERIOD OR YEAR ENDED


	Retail Class

	3/31/11			9/30/10			9/30/09			11/30/07 to 9/30/08		**

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.42		$	8.85		$	8.65		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.19			0.23			0.32
Net realized and unrealized gain (loss) on total investments		0.44			0.58			0.19			(1.34	)

Total gain (loss) from investment operations		0.61			0.77			0.42			(1.02	)

Less distributions from:
Net investment income		(0.17	)		(0.20	)		(0.22	)		(0.33	)
Net realized gains		—			—			—			—

Total distributions		(0.17	)		(0.20	)		(0.22	)		(0.33	)

Net asset value, end of period	$	9.86		$	9.42		$	8.85		$	8.65


TOTAL RETURN		6.55	%(b)		8.76	%		5.16	%		(10.37	)%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	24,568		$	16,652		$	8,460		$	6,171
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.38	%(c)		0.55	%		0.97	%		1.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.16	%(c)		0.15	%		0.05	%		0.00	%(c)
Ratio of net investment income to average net assets		3.58	%(c)		2.14	%		2.92	%		4.09	%(c)
Portfolio turnover rate		5	%(b)		33	%		38	%		26	%(b)


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	49


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE RETIREMENT INCOME FUND § FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09 to 9/30/09		§

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.43		$	8.85		$	8.85

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.17			—	(d)
Net realized and unrealized gain on total investments		0.43			0.61			—

Total gain from investment operations		0.60			0.78			—	(d)

Less distributions from:
Net investment income		(0.17	)		(0.20	)		—
Net realized gains		—			—			—

Total distributions		(0.17	)		(0.20	)		—

Net asset value, end of period	$	9.86		$	9.43		$	8.85


TOTAL RETURN		6.44	%(b)		8.86	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	2,977		$	1,453		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.39	%(c)		0.58	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		3.47	%(c)		1.91	%		0.00	%(c)
Portfolio turnover rate		5	%(b)		33	%		38	%


**	Fund commenced operations on November 30, 2007.

§	The Premier Class commenced operations on September 30, 2009.

(a)	Per share information is calculated based on average number of shares outstanding.

(b)	The percentage for the period of less than one year is not annualized.

(c)	The percentages shown for this period are annualized.

(d)	Amount represents less than $0.01 per share.

(e)	The Fund’s expenses do not include the expenses of the Underlying Funds. The annualized weighted average expense ratios of the Underlying Funds for the period ended September 30, 2010 and March 31, 2011 were 0.38% and 0.38%, respectively.


50	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2010 FUND § FOR THE PERIOD OR YEAR ENDED


	Retirement Class

	3/31/11			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.76		$	10.05		$	10.06		$	12.04		$	10.99		$	10.61

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.21			0.24			0.37			0.34			0.36
Net realized and unrealized gain (loss) on total investments		0.67			0.70			0.05			(1.95	)		0.98			0.29

Total gain (loss) from investment operations		0.87			0.91			0.29			(1.58	)		1.32			0.65

Less distributions from:
Net investment income		(0.26	)		(0.20	)		(0.21	)		(0.34	)		(0.24	)		(0.25	)
Net realized gains		—			—			(0.09	)		(0.06	)		(0.03	)		(0.02	)

Total distributions		(0.26	)		(0.20	)		(0.30	)		(0.40	)		(0.27	)		(0.27	)

Net asset value, end of period	$	11.37		$	10.76		$	10.05		$	10.06		$	12.04		$	10.99


TOTAL RETURN		8.23	%(b)		9.23	%		3.36	%		(13.59	)%		12.21	%		6.32	%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	509,184		$	469,156		$	395,514		$	351,907		$	255,875		$	59,699
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.46	%(c)		0.46	%		0.51	%		0.46	%		0.48	%		0.69	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.33	%
Ratio of net investment income to average net assets		3.66	%(c)		2.07	%		2.76	%		3.27	%		2.93	%		3.32	%
Portfolio turnover rate		6	%(b)		24	%		60	%		26	%		12	%		13	%


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	51


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2010 FUND § FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			9/30/08			1/17/07 to 9/30/07		‡

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.58		$	8.97		$	9.02		$	10.83		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.20			0.23			0.32			0.22
Net realized and unrealized gain (loss) on total investments		0.59			0.63			0.05			(1.71	)		0.61

Total gain (loss) from investment operations		0.79			0.83			0.28			(1.39	)		0.83

Less distributions from:
Net investment income		(0.29	)		(0.22	)		(0.24	)		(0.36	)		—
Net realized gains		—			—			(0.09	)		(0.06	)		—

Total distributions		(0.29	)		(0.22	)		(0.33	)		(0.42	)		—

Net asset value, end of period	$	10.08		$	9.58		$	8.97		$	9.02		$	10.83


TOTAL RETURN		8.39	%(b)		9.48	%		3.63	%		(13.37	)%		8.30	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	73,551		$	38,539		$	17,753		$	9,649		$	3,735
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.16	%(c)		0.16	%		0.21	%		0.17	%		0.31	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		4.01	%(c)		2.20	%		2.90	%		3.24	%		3.04	%(c)
Portfolio turnover rate		6	%(b)		24	%		60	%		26	%		12	%


52	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2010 FUND § FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09 to 9/30/09		§

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.57		$	8.97		$	8.97

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.14			—	(d)
Net realized and unrealized gain (loss) on total investments		0.59			0.68			—

Total gain (loss) from investment operations		0.78			0.82			—	(d)

Less distributions from:
Net investment income		(0.29	)		(0.22	)		—
Net realized gains		—			—			—

Total distributions		(0.29	)		(0.22	)		—

Net asset value, end of period	$	10.06		$	9.57		$	8.97


TOTAL RETURN		8.24	%(b)		9.32	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	49,290		$	27,054		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.30	%(c)		0.31	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		3.93	%(c)		1.50	%		0.00	%(c)
Portfolio turnover rate		6	%(b)		24	%		60	%


‡	The Institutional Class commenced operations on January 17, 2007.

§	The Premier Class commenced operations on September 30, 2009.

(a)	Per share information is calculated based on average number of shares outstanding.

(b)	The percentage for the period of less than one year is not annualized.

(c)	The percentages shown for this period are annualized.

(d)	Amount represents less than $0.01 per share.

(e)	The Fund’s expenses do not include the expenses of the Underlying Funds. The annualized weighted average expense ratios of the Underlying Funds for the period ended September 30, 2010 and March 31, 2011 were 0.40% and 0.40%, respectively.


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	53


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2015 FUND § FOR THE PERIOD OR YEAR ENDED


	Retirement Class

	3/31/11			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.67		$	9.94		$	9.99		$	12.26		$	11.06		$	10.66

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.20			0.22			0.35			0.32			0.31
Net realized and unrealized gain (loss) on total investments		0.81			0.72			(0.02	)		(2.23	)		1.16			0.40

Total gain (loss) from investment operations		1.01			0.92			0.20			(1.88	)		1.48			0.71

Less distributions from:
Net investment income		(0.25	)		(0.19	)		(0.21	)		(0.32	)		(0.26	)		(0.26	)
Net realized gains		—			—			(0.04	)		(0.07	)		(0.02	)		(0.05	)

Total distributions		(0.25	)		(0.19	)		(0.25	)		(0.39	)		(0.28	)		(0.31	)

Net asset value, end of period	$	11.43		$	10.67		$	9.94		$	9.99		$	12.26		$	11.06


TOTAL RETURN		9.57	%(b)		9.36	%		2.49	%		(15.83	)%		13.60	%		6.80	%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	663,848		$	580,270		$	456,392		$	295,996		$	201,246		$	53,660
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.45	%(c)		0.46	%		0.51	%		0.47	%		0.49	%		0.61	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.33	%
Ratio of net investment income to average net assets		3.66	%(c)		1.96	%		2.57	%		3.08	%		2.74	%		2.91	%
Portfolio turnover rate		3	%(b)		19	%		34	%		22	%		15	%		6	%


54	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2015 FUND § FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			9/30/08			1/17/07 to 9/30/07		‡

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.37		$	8.75		$	8.84		$	10.88		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.18			0.20			0.33			0.18
Net realized and unrealized gain (loss) on total investments		0.71			0.65			(0.02	)		(1.96	)		0.70

Total gain (loss) from investment operations		0.91			0.83			0.18			(1.63	)		0.88

Less distributions from:
Net investment income		(0.28	)		(0.21	)		(0.23	)		(0.34	)		—
Net realized gains		—			—			(0.04	)		(0.07	)		—

Total distributions		(0.28	)		(0.21	)		(0.27	)		(0.41	)		—

Net asset value, end of period	$	10.00		$	9.37		$	8.75		$	8.84		$	10.88


TOTAL RETURN		9.80	%(b)		9.62	%		2.66	%		(15.57	)%		8.80	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	110,021		$	50,118		$	18,419		$	6,896		$	3,525
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.15	%(c)		0.16	%		0.21	%		0.17	%		0.32	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		4.07	%(c)		2.03	%		2.59	%		3.36	%		2.37	%(c)
Portfolio turnover rate		3	%(b)		19	%		34	%		22	%		15	%


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	55


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2015 FUND § FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09 to 9/30/09		§

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.36		$	8.75		$	8.75

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.12			—	(d)
Net realized and unrealized gain (loss) on total investments		0.70			0.69			—

Total gain (loss) from investment operations		0.89			0.81			—	(d)

Less distributions from:
Net investment income		(0.27	)		(0.20	)		—
Net realized gains		—			—			—

Total distributions		(0.27	)		(0.20	)		—

Net asset value, end of period	$	9.98		$	9.36		$	8.75


TOTAL RETURN		9.65	%(b)		9.47	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	63,701		$	31,743		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.30	%(c)		0.31	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		3.99	%(c)		1.36	%		0.00	%(c)
Portfolio turnover rate		3	%(b)		19	%		34	%


‡	The Institutional Class commenced operations on January 17, 2007.

§	The Premier Class commenced operations on September 30, 2009.

(a)	Per share information is calculated based on average number of shares outstanding.

(b)	The percentage for the period of less than one year is not annualized.

(c)	The percentages shown for this period are annualized.

(d)	Amount represents less than $0.01 per share.

(e)	The Fund’s expenses do not include the expenses of the Underlying Funds. The annualized weighted average expense ratios of the Underlying Funds for the period ended September 30, 2010 and March 31, 2011 were 0.41% and 0.41%, respectively.


56	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2020 FUND § FOR THE PERIOD OR YEAR ENDED


	Retirement Class

	3/31/11			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.47		$	9.74		$	9.87		$	12.48		$	11.18		$	10.71

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.18			0.20			0.32			0.29			0.29
Net realized and unrealized gain (loss) on total investments		0.94			0.72			(0.11	)		(2.52	)		1.28			0.48

Total gain (loss) from investment operations		1.14			0.90			0.09			(2.20	)		1.57			0.77

Less distributions from:
Net investment income		(0.23	)		(0.17	)		(0.17	)		(0.32	)		(0.26	)		(0.27	)
Net realized gains		0.00	(d)		—			(0.05	)		(0.09	)		(0.01	)		(0.03	)

Total distributions		(0.23	)		(0.17	)		(0.22	)		(0.41	)		(0.27	)		(0.30	)

Net asset value, end of period	$	11.38		$	10.47		$	9.74		$	9.87		$	12.48		$	11.18


TOTAL RETURN		11.08	%(b)		9.36	%		1.40	%		(18.21	)%		14.23	%		7.30	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	791,292		$	672,342		$	479,735		$	277,700		$	181,152		$	45,193
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.45	%(c)		0.46	%		0.51	%		0.48	%		0.50	%		0.70	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.32	%
Ratio of net investment income to average net assets		3.64	%(c)		1.80	%		2.41	%		2.87	%		2.42	%		2.66	%
Portfolio turnover rate		3	%(b)		16	%		27	%		20	%		20	%		1	%


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	57


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2020 FUND § FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			9/30/08			1/17/07 to 9/30/07		‡

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.04		$	8.43		$	8.58		$	10.89		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.16			0.18			0.28			0.13
Net realized and unrealized gain (loss) on total investments		0.81			0.64			(0.09	)		(2.16	)		0.76

Total gain (loss) from investment operations		1.00			0.80			0.09			(1.88	)		0.89

Less distributions from:
Net investment income		(0.26	)		(0.19	)		(0.19	)		(0.34	)		—
Net realized gains		0.00	(d)		—			(0.05	)		(0.09	)		—

Total distributions		(0.26	)		(0.19	)		(0.24	)		(0.43	)		—

Net asset value, end of period	$	9.78		$	9.04		$	8.43		$	8.58		$	10.89


TOTAL RETURN		11.25	%(b)		9.63	%		1.66	%		(17.95	)%		8.90	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	123,807		$	51,076		$	16,959		$	5,618		$	1,472
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.15	%(c)		0.16	%		0.21	%		0.19	%		0.43	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		4.06	%(c)		1.86	%		2.45	%		2.91	%		1.83	%(c)
Portfolio turnover rate		3	%(b)		16	%		27	%		20	%		20	%


58	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2020 FUND § FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09 to 9/30/09		§

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.04		$	8.43		$	8.43

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.10			—	(d)
Net realized and unrealized gain (loss) on total investments		0.80			0.70			—

Total gain (loss) from investment operations		0.99			0.80			—	(d)

Less distributions from:
Net investment income		(0.26	)		(0.19	)		—
Net realized gains		0.00	(d)		—			—

Total distributions		(0.26	)		(0.19	)		—

Net asset value, end of period	$	9.77		$	9.04		$	8.43


TOTAL RETURN		11.09	%(b)		9.59	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	84,701		$	38,234		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.30	% (c)		0.31	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		3.96	%(c)		1.16	%		0.00	%(c)
Portfolio turnover rate		3	%(b)		16	%		27	%


‡	The Institutional Class commenced operations on January 17, 2007.

§	The Premier Class commenced operations on September 30, 2009.

(a)	Per share information is calculated based on average number of shares outstanding.

(b)	The percentage for the period of less than one year is not annualized.

(c)	The percentages shown for this period are annualized.

(d)	Amount represents less than $0.01 per share.

(e)	The Fund’s expenses do not include the expenses of the Underlying Funds. The annualized weighted average expense ratios of the Underlying Funds for the period ended September 30, 2010 and March 31, 2011 were 0.42% and 0.43%, respectively.


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	59


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2025 FUND § FOR THE PERIOD OR YEAR ENDED


	Retirement Class

	3/31/11			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.25		$	9.51		$	9.75		$	12.62		$	11.24		$	10.75

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.16			0.18			0.30			0.26			0.25
Net realized and unrealized gain (loss) on total investments		1.06			0.74			(0.21	)		(2.78	)		1.42			0.55

Total gain (loss) from investment operations		1.26			0.90			(0.03	)		(2.48	)		1.68			0.80

Less distributions from:
Net investment income		(0.22	)		(0.16	)		(0.15	)		(0.31	)		(0.28	)		(0.28	)
Net realized gains		—			—			(0.06	)		(0.08	)		(0.02	)		(0.03	)

Total distributions		(0.22	)		(0.16	)		(0.21	)		(0.39	)		(0.30	)		(0.31	)

Net asset value, end of period	$	11.29		$	10.25		$	9.51		$	9.75		$	12.62		$	11.24


TOTAL RETURN		12.45	%(b)		9.55	%		0.08	%		(20.25	)%		15.18	%		7.59	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	749,379		$	630,705		$	447,297		$	246,043		$	143,559		$	34,164
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.45	%(c)		0.46	%		0.52	%		0.49	%		0.53	%		0.73	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.33	%
Ratio of net investment income to average net assets		3.66	%(c)		1.67	%		2.27	%		2.64	%		2.12	%		2.25	%
Portfolio turnover rate		2	%(b)		15	%		22	%		17	%		25	%		3	%


60	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2025 FUND § FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			9/30/08			1/17/07 to 9/30/07		‡

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	8.78		$	8.17		$	8.41		$	10.93		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.14			0.16			0.26			0.11
Net realized and unrealized gain (loss) on total investments		0.91			0.65			(0.17	)		(2.37	)		0.82

Total gain (loss) from investment operations		1.10			0.79			(0.01	)		(2.11	)		0.93

Less distributions from:
Net investment income		(0.25	)		(0.18	)		(0.17	)		(0.33	)		—
Net realized gains		—			—			(0.06	)		(0.08	)		—

Total distributions		(0.25	)		(0.18	)		(0.23	)		(0.41	)		—

Net asset value, end of period	$	9.63		$	8.78		$	8.17		$	8.41		$	10.93


TOTAL RETURN		12.67	%(b)		9.76	%		0.37	%		(20.04	)%		9.30	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	115,351		$	50,809		$	17,434		$	5,096		$	2,204
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.15	%(c)		0.16	%		0.22	%		0.19	%		0.38	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		4.07	%(c)		1.72	%		2.21	%		2.63	%		1.45	%(c)
Portfolio turnover rate		2	%(b)		15	%		22	%		17	%		25	%


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	61


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2025 FUND § FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09 to 9/30/09		§

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	8.76		$	8.17		$	8.17

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.08			—	(d)
Net realized and unrealized gain (loss) on total investments		0.90			0.68			—

Total gain (loss) from investment operations		1.09			0.76			—	(d)

Less distributions from:
Net investment income		(0.24	)		(0.17	)		—
Net realized gains		—			—			—

Total distributions		(0.24	)		(0.17	)		—

Net asset value, end of period	$	9.61		$	8.76		$	8.17


TOTAL RETURN		12.65	%(b)		9.47	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	84,891		$	36,184		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.30	%(c)		0.31	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		4.05	%(c)		0.97	%		0.00	%(c)
Portfolio turnover rate		2	%(b)		15	%		22	%


‡	The Institutional Class commenced operations on January 17, 2007.

§	The Premier Class commenced operations on September 30, 2009.

(a)	Per share information is calculated based on average number of shares outstanding.

(b)	The percentage for the period of less than one year is not annualized.

(c)	The percentages shown for this period are annualized.

(d)	Amount represents less than $0.01 per share.

(e)	The Fund’s expenses do not include the expenses of the Underlying Funds. The annualized weighted average expense ratios of the Underlying Funds for the period ended September 30, 2010 and March 31, 2011 were 0.43% and 0.44%, respectively.


62	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2030 FUND § FOR THE PERIOD OR YEAR ENDED


	Retirement Class

	3/31/11			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.01		$	9.28		$	9.65		$	12.81		$	11.30		$	10.74

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.14			0.16			0.28			0.24			0.23
Net realized and unrealized gain (loss) on total investments		1.19			0.73			(0.34	)		(3.03	)		1.55			0.63

Total gain (loss) from investment operations		1.38			0.87			(0.18	)		(2.75	)		1.79			0.86

Less distributions from:
Net investment income		(0.21	)		(0.14	)		(0.15	)		(0.32	)		(0.26	)		(0.27	)
Net realized gains		—			—			(0.04	)		(0.09	)		(0.02	)		(0.03	)

Total distributions		(0.21	)		(0.14	)		(0.19	)		(0.41	)		(0.28	)		(0.30	)

Net asset value, end of period	$	11.18		$	10.01		$	9.28		$	9.65		$	12.81		$	11.30


TOTAL RETURN		13.88	%(b)		9.51	%		(1.41	)%		(22.21	)%		16.07	%		8.20	%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	720,465		$	607,051		$	429,188		$	222,388		$	128,768		$	29,807
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.45	%(c)		0.46	%		0.52	%		0.50	%		0.55	%		0.85	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.33	%
Ratio of net investment income to average net assets		3.57	%(c)		1.50	%		2.05	%		2.43	%		1.94	%		2.06	%
Portfolio turnover rate		2	%(b)		14	%		18	%		17	%		29	%		0	%(f)


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	63


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2030 FUND § FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			9/30/08			1/17/07 to 9/30/07		‡

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	8.47		$	7.87		$	8.22		$	10.96		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.12			0.14			0.26			0.02
Net realized and unrealized gain (loss) on total investments		1.00			0.64			(0.28	)		(2.58	)		0.94

Total gain (loss) from investment operations		1.18			0.76			(0.14	)		(2.32	)		0.96

Less distributions from:
Net investment income		(0.23	)		(0.16	)		(0.17	)		(0.33	)		—
Net realized gains		—			—			(0.04	)		(0.09	)		—

Total distributions		(0.23	)		(0.16	)		(0.21	)		(0.42	)		—

Net asset value, end of period	$	9.42		$	8.47		$	7.87		$	8.22		$	10.96


TOTAL RETURN		14.11	%(b)		9.80	%		(1.14	)%		(21.99	)%		9.60	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	118,329		$	45,757		$	15,396		$	4,003		$	1,735
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.15	%(c)		0.16	%		0.22	%		0.19	%		0.46	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		4.02	%(c)		1.52	%		2.11	%		2.68	%		0.33	%(c)
Portfolio turnover rate		2	%(b)		14	%		18	%		17	%		29	%


64	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2030 FUND § FOR THE PERIOD OR YEAR ENDED


	Premier Class

		3/31/11			9/30/10			9/30/09 to 9/30/09	§

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	8.45		$	7.87		$	7.87

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.06			—	(d)
Net realized and unrealized gain (loss) on total investments		1.00			0.68			—

Total gain (loss) from investment operations		1.18			0.74			—	(d)

Less distributions from:
Net investment income		(0.23	)		(0.16	)		—
Net realized gains		—			—			—

Total distributions		(0.23	)		(0.16	)		—

Net asset value, end of period	$	9.40		$	8.45		$	7.87


TOTAL RETURN		14.09	%(b)		9.50	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	82,458		$	32,600		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.30	%(c)		0.31	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		4.01	%(c)		0.75	%		0.00	%(c)
Portfolio turnover rate		2	%(b)		14	%		18	%


‡	The Institutional Class commenced operations on January 17, 2007.

§	The Premier Class commenced operations on September 30, 2009.

(a)	Per share information is calculated based on average number of shares outstanding.

(b)	The percentage for the period of less than one year is not annualized.

(c)	The percentages shown for this period are annualized.

(d)	Amount represents less than $0.01 per share.

(e)	The Fund’s expenses do not include the expenses of the Underlying Funds. The annualized weighted average expense ratios of the Underlying Funds for the period ended September 30, 2010 and March 31, 2011 were 0.44% and 0.45%, respectively.

(f)	Percentage is less than 1%.


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	65


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2035 FUND § FOR THE PERIOD OR YEAR ENDED


	Retirement Class

		3/31/11			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.96		$	9.24		$	9.68		$	12.98		$	11.38		$	10.78

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.13			0.14			0.25			0.21			0.19
Net realized and unrealized gain (loss) on total investments		1.33			0.72			(0.38	)		(3.16	)		1.68			0.73

Total gain (loss) from investment operations		1.52			0.85			(0.24	)		(2.91	)		1.89			0.92

Less distributions from:
Net investment income		(0.19	)		(0.13	)		(0.16	)		(0.31	)		(0.27	)		(0.28	)
Net realized gains		—			—			(0.04	)		(0.08	)		(0.02	)		(0.04	)

Total distributions		(0.19	)		(0.13	)		(0.20	)		(0.39	)		(0.29	)		(0.32	)

Net asset value, end of period	$	11.29		$	9.96		$	9.24		$	9.68		$	12.98		$	11.38


TOTAL RETURN		15.43	%(b)		9.33	%		(1.94	)%		(23.10	)%		16.91	%		8.62	%

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)	$	720,673		$	598,803		$	421,832		$	197,256		$	102,014		$	19,426
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.45	%(c)		0.46	%		0.51	%		0.51	%		0.60	%		1.03	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.33	%
Ratio of net investment income to average net assets		3.48	%(c)		1.33	%		1.86	%		2.22	%		1.72	%		1.76	%
Portfolio turnover rate		3	%(b)		11	%		15	%		17	%		24	%		1	%


66	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2035 FUND ▪ FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			9/30/08			1/17/07 to 9/30/07		‡

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$	8.34		$	7.75		$	8.16		$	11.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.11			0.12			0.23			0.07
Net realized and unrealized gain (loss) on total investments		1.10			0.63			(0.31	)		(2.66	)		0.93

Total gain (loss) from investment operations		1.28			0.74			(0.19	)		(2.43	)		1.00

Less distributions from:
Net investment income		(0.22	)		(0.15	)		(0.18	)		(0.33	)		—
Net realized gains		—			—			(0.04	)		(0.08	)		—

Total distributions		(0.22	)		(0.15	)		(0.22	)		(0.41	)		—

Net asset value, end of period	$	9.40		$	8.34		$	7.75		$	8.16		$	11.00


TOTAL RETURN		15.51	%(b)		9.67	%		(1.67	)%		(22.94	)%		10.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	119,215		$	42,535		$	14,247		$	3,569		$	1,432
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.15	%(c)		0.16	%		0.21	%		0.21	%		0.55	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.93	%(c)		1.33	%		1.87	%		2.35	%		0.90	%(c)
Portfolio turnover rate		3	%(b)		11	%		15	%		17	%		24	%


See notes to financial statements	TIAA-CREF Lifecycle Funds ▪ 2011 Semiannual Report	67


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2035 FUND ▪ FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09 to 9/30/09		§

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	8.33		$	7.75		$	7.75

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.04			—	(d)
Net realized and unrealized gain (loss) on total investments		1.10			0.69			—

Total gain (loss) from investment operations		1.27			0.73			—	(d)

Less distributions from:
Net investment income		(0.21	)		(0.15	)		—
Net realized gains		—			—			—

Total distributions		(0.21	)		(0.15	)		—

Net asset value, end of period	$	9.39		$	8.33		$	7.75


TOTAL RETURN		15.47	%(b)		9.50	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	85,867		$	37,314		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.30	%(c)		0.31	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		3.86	%(c)		0.51	%		0.00	%(c)
Portfolio turnover rate		3	%(b)		11	%		15	%


‡	The Institutional Class commenced operations on January 17, 2007.

§	The Premier Class commenced operations on September 30, 2009.

(a)	Per share information is calculated based on average number of shares outstanding.

(b)	The percentage for the period of less than one year is not annualized.

(c)	The percentages shown for this period are annualized.

(d)	Amount represents less than $0.01 per share.

(e)	The Fund’s expenses do not include the expenses of the Underlying Funds. The annualized weighted average expense ratios of the Underlying Funds for the period ended September 30, 2010 and March 31, 2011 were 0.45% and 0.46%, respectively.


68	2011 Semiannual Report ▪ TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2040 FUND ▪ FOR THE PERIOD OR YEAR ENDED


	Retirement Class

	3/31/11			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.14		$	9.40		$	9.83		$	13.16		$	11.45		$	10.81

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.13			0.15			0.26			0.20			0.17
Net realized and unrealized gain (loss) on total investments		1.38			0.75			(0.38	)		(3.21	)		1.82			0.79

Total gain (loss) from investment operations		1.57			0.88			(0.23	)		(2.95	)		2.02			0.96

Less distributions from:
Net investment income		(0.20	)		(0.14	)		(0.16	)		(0.31	)		(0.28	)		(0.27	)
Net realized gains		—			—			(0.04	)		(0.07	)		(0.03	)		(0.05	)

Total distributions		(0.20	)		(0.14	)		(0.20	)		(0.38	)		(0.31	)		(0.32	)

Net asset value, end of period	$	11.51		$	10.14		$	9.40		$	9.83		$	13.16		$	11.45


TOTAL RETURN		15.60	%(b)		9.42	%		(1.91	)%		(23.09	)%		17.93	%		9.04	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	1,073,786		$	893,915		$	639,490		$	285,171		$	141,996		$	21,093
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.45	%(c)		0.45	%		0.50	%		0.48	%		0.57	%		1.19	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.33	%
Ratio of net investment income to average net assets		3.48	%(c)		1.35	%		1.84	%		2.21	%		1.59	%		1.50	%
Portfolio turnover rate		5	%(b)		10	%		14	%		16	%		18	%		17	%


See notes to financial statements	TIAA-CREF Lifecycle Funds ▪ 2011 Semiannual Report	69


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2040 FUND § FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			9/30/08			1/17/07‡ to 9/30/07

	(unaudited		)
SELECTED PER SHARE DATA

Net asset value, beginning of period	$	8.40		$	7.81		$	8.21		$	11.04		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.11			0.12			0.23			0.06
Net realized and unrealized gain (loss) on total investments		1.13			0.63			(0.31	)		(2.67	)		0.98

Total gain (loss) from investment operations		1.31			0.74			(0.19	)		(2.44	)		1.04

Less distributions from:
Net investment income		(0.22	)		(0.15	)		(0.17	)		(0.32	)		—
Net realized gains		—			—			(0.04	)		(0.07	)		—

Total distributions		(0.22	)		(0.15	)		(0.21	)		(0.39	)		—

Net asset value, end of period	$	9.49		$	8.40		$	7.81		$	8.21		$	11.04


TOTAL RETURN		15.81	%(b)		9.65	%		(1.66	)%		(22.87	)%		10.40	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	160,528		$	60,554		$	21,359		$	5,714		$	2,414
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.20	%		0.18	%		0.44	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.95	%(c)		1.32	%		1.86	%		2.39	%		0.78	%(c)
Portfolio turnover rate		5	%(b)		10	%		14	%		16	%		18	%


70	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2040 FUND § FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09§ to 9/30/09

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	8.40		$	7.81		$	7.81

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.04			—	(d)
Net realized and unrealized gain (loss) on total investments		1.13			0.70			—

Total gain (loss) from investment operations		1.30			0.74			—	(d)

Less distributions from:
Net investment income		(0.22	)		(0.15	)		—
Net realized gains		—			—			—

Total distributions		(0.22	)		(0.15	)		—

Net asset value, end of period	$	9.48		$	8.40		$	7.81


TOTAL RETURN		15.64	%(b)		9.61	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	115,470		$	49,852		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.30	%(c)		0.31	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		3.85	%(c)		0.50	%		0.00	%(c)
Portfolio turnover rate		5	%(b)		10	%		14	%


‡	The Institutional Class commenced operations on January 17, 2007.

§	The Premier Class commenced operations on September 30, 2009.

(a)	Per share information is calculated based on average number of shares outstanding.

(b)	The percentage for the period of less than one year is not annualized.

(c)	The percentages shown for this period are annualized.

(d)	Amount represents less than $0.01 per share.

(e)	The Fund’s expenses do not include the expenses of the Underlying Funds. The annualized weighted average expense ratios of the Underlying Funds for the period ended September 30, 2010 and March 31, 2011 were 0.46% and 0.46%, respectively.


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	71


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2045 FUND § FOR THE PERIOD OR YEAR ENDED


	Retirement Class

	3/31/11			9/30/10			9/30/09			11/30/07 to 9/30/08		**

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	7.70		$	7.14		$	7.56		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.14			0.09			0.07			0.16
Net realized and unrealized gain (loss) on total investments		1.04			0.57			(0.33	)		(2.38	)

Total gain (loss) from investment operations		1.18			0.66			(0.26	)		(2.22	)

Less distributions from:
Net investment income		(0.15	)		(0.10	)		(0.12	)		(0.22	)
Net realized gains		—			—			(0.04	)		—

Total distributions		(0.15	)		(0.10	)		(0.16	)		(0.22	)

Net asset value, end of period	$	8.73		$	7.70		$	7.14		$	7.56


TOTAL RETURN		15.41	%(b)		9.32	%		(2.93	)%		(22.69	)%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	124,558		$	84,309		$	30,587		$	3,287
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.49	%(c)		0.64	%		0.98	%		6.60	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		3.29	%(c)		1.17	%		1.21	%		2.23	%(c)
Portfolio turnover rate		2	%(b)		18	%		8	%		27	%(b)


72	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2045 FUND § FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			11/30/07 to 9/30/08		**

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	7.73		$	7.16		$	7.57		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.15			0.09			0.12			0.26
Net realized and unrealized gain (loss) on total investments		1.05			0.59			(0.37	)		(2.47	)

Total gain (loss) from investment operations		1.20			0.68			(0.25	)		(2.21	)

Less distributions from:
Net investment income		(0.16	)		(0.11	)		(0.12	)		(0.22	)
Net realized gains		—			—			(0.04	)		—

Total distributions		(0.16	)		(0.11	)		(0.16	)		(0.22	)

Net asset value, end of period	$	8.77		$	7.73		$	7.16		$	7.57


TOTAL RETURN		15.68	%(b)		9.58	%		(2.68	)%		(22.57	)%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	29,737		$	7,970		$	2,039		$	780
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.19	%(c)		0.35	%		0.70	%		6.40	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.51	%(c)		1.29	%		1.95	%		3.55	%(c)
Portfolio turnover rate		2	%(b)		18	%		8	%		27	%(b)


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	73


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2045 FUND § FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09 to 9/30/09		§

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	7.72		$	7.16		$	7.16

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.15			0.06			—	(d)
Net realized and unrealized gain (loss) on total investments		1.05			0.61			—

Total gain from investment operations		1.20			0.67			—	(d)

Less distributions from:
Net investment income		(0.16	)		(0.11	)		—
Net realized gains		—			—			—

Total distributions		(0.16	)		(0.11	)		—

Net asset value, end of period	$	8.76		$	7.72		$	7.16


TOTAL RETURN		15.65	%(b)		9.39	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	11,309		$	2,975		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.35	%(c)		0.50	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		3.53	%(c)		0.79	%		0.00	%(c)
Portfolio turnover rate		2	%(b)		18	%		8	%


**	Fund commenced operations on November 30, 2007.

§	The Premier Class commenced operations on September 30, 2009.

(a)	Per share information is calculated based on average number of shares outstanding.

(b)	The percentage for the period of less than one year is not annualized.

(c)	The percentages shown for this period are annualized.

(d)	Amount represents less than $0.01 per share.

(e)	The Fund’s expenses do not include the expenses of the Underlying Funds. The annualized weighted average expense ratios of the Underlying Funds for the period ended September 30, 2010 and March 31, 2011 were 0.45% and 0.47%, respectively.


74	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2050 FUND § FOR THE PERIOD OR YEAR ENDED


	Retirement Class

	3/31/11			9/30/10			9/30/09			11/30/07 to 9/30/08		**

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	7.71		$	7.15		$	7.62		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.14			0.09			0.08			0.20
Net realized and unrealized gain (loss) on total investments		1.05			0.57			(0.42	)		(2.36	)

Total gain (loss) from investment operations		1.19			0.66			(0.34	)		(2.16	)

Less distributions from:
Net investment income		(0.15	)		(0.10	)		(0.13	)		(0.22	)
Net realized gains		(0.06	)		—			—	(d)		—

Total distributions		(0.21	)		(0.10	)		(0.13	)		(0.22	)

Net asset value, end of period	$	8.69		$	7.71		$	7.15		$	7.62


TOTAL RETURN		15.53	%(b)		9.38	%		(4.08	)%		(22.08	)%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	64,096		$	40,745		$	14,383		$	1,973
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.54	%(c)		0.83	%		1.45	%		7.70	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		3.29	%(c)		1.16	%		1.35	%		2.75	%(c)
Portfolio turnover rate		2	%(b)		24	%		18	%		73	%(b)


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	75


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE 2050 FUND § FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			11/30/07 to 9/30/08		**

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	7.75		$	7.18		$	7.64		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.15			0.10			0.12			0.27
Net realized and unrealized gain (loss) on total investments		1.05			0.58			(0.45	)		(2.41	)

Total gain (loss) from investment operations		1.20			0.68			(0.33	)		(2.14	)

Less distributions from:
Net investment income		(0.16	)		(0.11	)		(0.13	)		(0.22	)
Net realized gains		(0.06	)		—			—	(d)		—

Total distributions		(0.22	)		(0.11	)		(0.13	)		(0.22	)

Net asset value, end of period	$	8.73		$	7.75		$	7.18		$	7.64


TOTAL RETURN		15.64	%(b)		9.63	%		(3.81	)%		(21.86	)%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	15,070		$	5,599		$	1,633		$	783
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.24	%(c)		0.54	%		1.18	%		7.46	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.47	%(c)		1.35	%		2.04	%		3.55	%(c)
Portfolio turnover rate		2	%(b)		24	%		18	%		73	%(b)


76	2011 Semiannual Report § TIAA-CREF Lifecycle Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	concluded

LIFECYCLE 2050 FUND § FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09 to 9/30/09		§

	(unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	7.74		$	7.18		$	7.18

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.15			0.08			—	(d)
Net realized and unrealized gain (loss) on total investments		1.05			0.59			—

Total gain from investment operations		1.20			0.67			—	(d)

Less distributions from:
Net investment income		(0.16	)		(0.11	)		—
Net realized gains		(0.06	)		—			—

Total distributions		(0.22	)		(0.11	)		—

Net asset value, end of period	$	8.72		$	7.74		$	7.18


TOTAL RETURN		15.61	%(b)		9.45	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	5,590		$	1,100		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.39	%(c)		0.70	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		3.54	%(c)		1.09	%		0.00	%(c)
Portfolio turnover rate		2	%(b)		24	%		18	%


**	Fund commenced operations on November 30, 2007.

§	The Premier Class commenced operations on September 30, 2009.

(a)	Per share information is calculated based on average number of shares outstanding.

(b)	The percentage for the period of less than one year is not annualized.

(c)	The percentages shown for this period are annualized.

(d)	Amount represents less than $0.01 per share.

(e)	The Fund’s expenses do not include the expenses of the Underlying Funds. The annualized weighted average expense ratios of the Underlying Funds for the period ended September 30, 2010 and March 31, 2011 were 0.45% and 0.47%, respectively.


See notes to financial statements	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	77

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

TIAA-CREF LIFECYCLE FUNDS

Note 1—organization and significant accounting policies

The Lifecycle Funds (the “Funds,” each individually referred to as a “Fund”) are a sub-family of ten funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors Inc. (“Advisors”), a wholly-owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. The Funds offer up to four share classes, although any one Fund may not necessarily offer all four classes. The Funds may offer Institutional, Retirement, Retail and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Net Asset Value per share (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

Accounting for investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Dividends and distributions from the affiliated investment companies are recorded on the ex-dividend date. Dividends from the affiliated investment companies are recorded as dividend income, while capital gain distributions are recorded as gain distributions from investments in affiliated investment companies on the Statements of Operations. Realized gains and losses on sales from investments in affiliated investment companies are based upon the specific identification method.

Income and expenses of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees, and transfer agency


78	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2007-2010) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

Trustee compensation: The Funds pay the Board of Trustees (“Trustees”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, Trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. The investment of deferred amounts and the offsetting payable to the Trustees are included in other assets and accrued expenses and other payables in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Trustees. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:


	•	Level 1 – quoted prices in active markets for identical securities

	•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

	•	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example the type of security,


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

Investments in registered investment companies: These investments are valued at net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the period ended March 31, 2011, there were no significant transfers between levels by the Funds.

As of March 31, 2011, all of the investments in the Lifecycle Funds were valued based on Level 1 inputs.

Note 3—investment adviser and affiliates

Under the terms of its Investment Management Agreement, each Fund pays Advisors a monthly fee based on the annual rate of 0.10% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. Advisors has contractually agreed to waive its 0.10% management fee on each Lifecycle Fund through at least September 30, 2012.

Under the terms of the Funds’ Service Agreement, the Retirement Class of each Fund pays Advisors a monthly fee based on the annual rate of 0.25% of a Fund’s average daily net assets attributable to Retirement Class shares of a Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms.

Under the terms of the distribution Rule 12b-1 plans, the Retirement Class of each Fund reimburses TPIS for amounts incurred up to 0.05% of average daily net assets to distribute the Retirement Class of each Fund and up to 0.25% of average daily net assets to distribute the Retail Class of the Retirement Income Fund. However, TPIS has agreed not to seek any reimbursements under the distribution Rule 12b-1 plan from the Retirement Class through September 30, 2012. This agreement may be terminated before this date with the approval of the Trustees. The Premier Class of the Funds have adopted a distribution Rule 12b-1 plan that


80	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

compensates TPIS for providing distribution, promotional and/or shareholder services to the Premier Class at the annual rate of 0.15% of average daily net assets attributable to the Premier Class shares.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding acquired fund fees and extraordinary expenses) exceeds 0.25% of average daily net assets for the Retirement Class shares; 0.15% of average daily net assets for the Premier Class shares; 0.00% of average daily net assets for the Institutional Class shares; and 0.25% of average daily net assets for the Retail Class shares of the Retirement Income Fund. The expense reimbursement arrangements will continue through at least September 30, 2012, unless changed with approval of the Trustees.

Certain affiliated entities may pay Fund expenses on behalf of the Funds. The Funds reimburse the affiliated entities for any such payment. Amounts owed to Fund affiliates for payment of Fund expenses are disclosed as part of due to affiliates on the Statements of Assets and Liabilities.

At the commencement of operations of each Fund, TIAA, an affiliate, invested in each Fund. In addition, a registered separate account of TIAA also has various sub-accounts that invest in the Funds. The following is the percentage of the Funds’ shares owned by TIAA as of March 31, 2011:


Fund	TIAA			TIAA Access

Lifecycle Retirement Income		12	%		11	%
Lifecycle 2010		—			6	%
Lifecycle 2015		—			6	%
Lifecycle 2020		—			5	%
Lifecycle 2025		—			6	%
Lifecycle 2030		—			6	%
Lifecycle 2035		—			5	%
Lifecycle 2040		—			5	%
Lifecycle 2045		1	%		7	%
Lifecycle 2050		3	%		9	%


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Note 4—investments

At March 31, 2011, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:


Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Lifecycle Retirement Income	$	89,942,119	$	7,267,749	$	(8,443	)	$	7,259,306
Lifecycle 2010		598,068,419		32,031,810		(145,686	)		31,886,124
Lifecycle 2015		771,997,258		62,683,143		(229,974	)		62,453,169
Lifecycle 2020		904,069,720		91,974,341		(282,571	)		91,691,770
Lifecycle 2025		844,797,175		100,519,594		(237,500	)		100,282,094
Lifecycle 2030		805,186,752		111,785,122		(161,543	)		111,623,579
Lifecycle 2035		789,638,003		131,329,733		(113,015	)		131,216,718
Lifecycle 2040		1,142,655,496		200,834,608		(140,195	)		200,694,413
Lifecycle 2045		139,378,288		24,612,350		(13,436	)		24,598,914
Lifecycle 2050		72,002,628		11,874,080		(5,162	)		11,868,918

Purchases and sales of securities (other than short-term money market instruments) for all of the Funds for the period ended March 31, 2011 were as follows:


Fund	Purchases		Sales

Lifecycle Retirement Income	$	29,256,658	$	3,860,757
Lifecycle 2010		97,002,142		33,651,937
Lifecycle 2015		147,566,001		25,682,782
Lifecycle 2020		186,733,126		22,310,503
Lifecycle 2025		171,583,210		20,067,299
Lifecycle 2030		166,570,240		18,676,103
Lifecycle 2035		175,037,943		25,778,221
Lifecycle 2040		253,465,685		53,510,631
Lifecycle 2045		57,164,872		2,556,200
Lifecycle 2050		30,679,735		1,546,000


82	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

concluded

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended September 30, 2010 was as follows:


			2010

Fund		Ordinary Income	Long-Term Capital Gains		Total

Lifecycle Retirement Income	$	1,061,663	$	—	$	1,061,663
Lifecycle 2010		8,898,659		—		8,898,659
Lifecycle 2015		9,604,380		—		9,604,380
Lifecycle 2020		9,521,786		—		9,521,786
Lifecycle 2025		8,463,215		—		8,463,215
Lifecycle 2030		7,475,360		—		7,475,360
Lifecycle 2035		6,915,307		—		6,915,307
Lifecycle 2040		10,459,635		—		10,459,635
Lifecycle 2045		580,431		—		580,431
Lifecycle 2050		284,089		—		284,089

The tax character of the fiscal year 2011 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

Each of the Funds participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended March 31, 2011, there were no borrowings under this credit facility by the Funds.

Note 7—indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the Trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

Note 8—change in fiscal year end

On July 20, 2010, the Trustees approved a change of the Funds’ fiscal year end from September 30 to May 31.


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	83

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

BOARD APPROVAL OF THE INVESTMENT MANAGEMENT AGREEMENT FOR THE TIAA-CREF LIFECYCLE FUNDS OF THE TIAA-CREF FUNDS

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each Fund covered by this Report (the “Funds”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Funds.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on March 31, 2011, at which it considered the annual renewal of the Agreement with respect to each Fund using its previously established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with management and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewals, and then helped to evaluate the information provided in response to those guidelines. During a series of meetings held prior to the March 31, 2011 Board meetings, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to management and the Funds, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to all Trustees with respect to each Fund by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding the Retirement Class of each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and


84	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

long-term investment performance and portfolio turnover rates. Lipper also compared much of this data for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that it (and not management) had identified the selected comparative peer groups and universes and that it did so in a manner that was not intended to produce biased results for its clients. In considering Lipper’s data, the Board noted that the data on similar funds was based on historical information and had not been adjusted to reflect market volatility that affected the asset levels of many mutual funds during the period covered by that data due to the financial markets’ downturn and subsequent recovery.

Among other matters, the Operations Committee also requested and reviewed various sources of information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this connection, the Operations Committee emphasized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized by TAI.

In advance of the Board meeting held on March 31, 2011, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed its Lipper peer group over a three-year period, together with an explanation of any events that had a material impact on performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fees under the Agreement as compared to any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels,


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	85

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to each Fund, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized (if any) by TAI and its affiliates from their relationship with the Fund; (4) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (5) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fees with contracts entered into by TAI with other clients; and (7) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from its legal counsel, as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the Board considered the Agreement with respect to all Funds, the Board received and considered Fund-specific information and made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund.

At its meeting on March 31, 2011, the Board voted unanimously to renew the Agreement for each Fund. Set forth below are the general factors the Board considered for all of the Funds followed by a summary of certain specific factors the Board considered for each particular Fund.


86	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds and the other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds (which are funds of funds that invest their assets in the securities of other investment companies managed by TAI, referred to as “underlying funds”), including selecting underlying funds and allocating the Funds’ assets among the underlying funds, conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; active daily monitoring of the Funds’ investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In the course of its review of the quality of TAI’s services, the Board examined the investment performance of each Fund and concluded that it was within an acceptable range when compared with the Fund’s benchmark and/or its peer group of mutual funds.

In addition, the Board considered the nature and quality of non-portfolio management services provided or to be provided by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Fund, as applicable, over one-, two-, three-, four- and five-year and since inception periods. The Board considered each Fund’s performance as compared to its peer group, peer universe and benchmark index. In this regard, the Board considered that most financial markets had experienced nearly unprecedented volatility during recent years that had impacted the performance of many Funds and their underlying investment options. Despite these circumstances, the performance of most Funds generally compared favorably to their composite benchmarks (after considering the effect of expenses incurred to operate the Funds) and, with some exceptions, ranked in the top three performance quintiles versus their peer groups of mutual funds. (For additional detail regarding the performance of each Fund, see the Fund-by-Fund synopsis below.) Thus, the Board concluded that, under the totality of circumstances


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	87

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

considered, the investment performance of each Fund was within an acceptable range or that appropriate remedial actions had or were being implemented.

COST AND PROFITABILITY

The Board considered financial and profitability data relating to TAI’s services to the Funds for the calendar year 2010. In this connection, the Board considered profit calculations both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board considered that TAI does not earn a direct profit on any of the Funds, which is primarily due to a complete waiver of the Funds’ management fees and a reimbursement of all of their other expenses except for Retirement Class service fees and 12b-1 fees. The Board also considered that TAI may have indirect earnings with respect to the Funds based on the Funds’ investment in affiliated underlying funds also managed by TAI. The Board concluded that TAI’s direct and indirect profits were not excessive in light of various relevant factors. The Board acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board also acknowledged certain permanent and temporary waivers of management fees and reimbursements of expenses above specified amounts of TIAA-CREF Funds used as underlying investments for the Funds which would reduce the Funds’ expenses. During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions by TAI so as to assess whether sufficient resources are being devoted to these functions.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rates charged to a Fund under the Agreement typically were lower than the management fee rates charged by many or most comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. In this regard, the Board also considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which each Fund’s data was derived. Based on all factors considered, the Board concluded that the fee rates under the Agreement with respect to each Fund were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.


88	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

ECONOMIES OF SCALE

The Board considered whether TAI has experienced or would experience economies of scale in connection with the operation of each Fund. In this connection, the Board considered that TAI had incurred operating losses with respect to its services provided to the Funds during 2010 and TAI had waived its fees or reimbursed the Funds for all of their expenses other than Retirement Class service fees and 12b-1 fees. Thus, the Board determined that the Funds’ fee schedules are reasonable in light of current economies of scale considerations and current asset levels.

FEE COMPARISON WITH OTHER TAI CLIENTS

The Board considered that TAI and its affiliates provides funds-of-funds management services to the Lifecycle Index Funds, with a partially waived annual management fee of 0.10% of average daily net assets, and to the Managed Allocation Fund, which has no management fee. TAI also manages other asset allocation products, such as education savings plans (529 plans).

OTHER BENEFITS

The Board also considered additional benefits to the Funds and to TAI and its affiliates arising from the Agreement. For example, TAI continues to be willing to waive fees and make expense reimbursements to both the Funds and certain of the underlying funds in which they invest. In addition, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. TAI may also benefit from the Funds’ investment in underlying funds that are also managed by TAI.

FUND-BY-FUND FACTORS

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Retirement Class shares of each Fund. Because each of the Funds’ classes generally has different nonadvisory expenses, the expense and performance information for the Funds’ other classes will differ from the expense and performance information shown below. All time periods referenced below end as of December 31, 2010. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	89

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

star is the lowest rating category. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2010 under the Agreement.


LIFECYCLE RETIREMENT INCOME FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2012, which means the Fund’s actual current management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st quintile of the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).
•	For the one-, two- and three-year and since inception periods, the Fund was in the 4th, 5th, 2nd and 2nd quintiles, respectively, of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”).
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.
•	During the year, the Fund altered its allocation to add investments in the TIAA-CREF Emerging Markets Equity, Bond Plus and Short-Term Bond Funds.

LIFECYCLE 2010 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30 2012, which means the Fund’s actual current management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st and 2nd quintiles, respectively, of its Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 2nd, 4th, 3rd, 2nd and 3rd quintiles, respectively, of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.
•	During the year, the Fund altered its allocation to add investments in the TIAA-CREF Emerging Markets Equity, Bond Plus and Short-Term Bond Funds.


90	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

continued


LIFECYCLE 2015 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2012, which means the Fund’s actual current management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st quintile of its Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 2nd, 4th, 3rd, 3rd and 2nd quintiles, respectively, of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.
•	During the year, the Fund altered its allocation to add investments in the TIAA-CREF Emerging Markets Equity and Bond Plus Funds.

LIFECYCLE 2020 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2012, which means the Fund’s actual current management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st quintile of its Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 2nd, 3rd, 3rd, 2nd and 3rd quintiles, respectively, of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.
•	During the year, the Fund altered its allocation to add investments in the TIAA-CREF Emerging Markets Equity and Bond Plus Funds.

LIFECYCLE 2025 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2012, which means the Fund’s actual current management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st quintile of its Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 2nd, 4th, 4th, 3rd and 3rd quintiles, respectively, of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	91

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)


•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.
•	During the year, the Fund altered its allocation to add investments in the TIAA-CREF Emerging Markets Equity and Bond Plus Funds.

LIFECYCLE 2030 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2012, which means the Fund’s actual current management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st quintile of its Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 2nd, 4th, 4th, 3rd and 3rd quintiles, respectively, of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 2 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.
•	During the year, the Fund altered its allocation to add investments in the TIAA-CREF Emerging Markets Equity and Bond Plus Funds.

LIFECYCLE 2035 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2012, which means the Fund’s actual current management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st quintile of its Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the 2nd, 3rd, 5th, 3rd and 3rd quintiles, respectively, of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.
•	During the year, the Fund altered its allocation to add investments in the TIAA-CREF Emerging Markets Equity and Bond Plus Funds.


92	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

continued


LIFECYCLE 2040 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2012, which means the Fund’s actual current management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st quintile of its Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Fund was in the2nd, 4th, 4th, 2nd and 2nd quintiles, respectively, of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.
•	During the year, the Fund altered its allocation to add investments in the TIAA-CREF Emerging Markets Equity and Bond Plus Funds.

LIFECYCLE 2045 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2012, which means the Fund’s actual current management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st quintile of its Expense Universe.
•	For the one-, two- and three-year and since inception periods, the Fund was in the 3rd, 4th, 4th and 3rd quintiles, respectively, of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.
•	During the year, the Fund altered its allocation to add investments in the TIAA-CREF Emerging Markets Equity and Bond Plus Funds.

LIFECYCLE 2050 FUND
•	The Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to continue to waive this fee entirely through at least September 30, 2012, which means the Fund’s actual current management fee is 0.00% of average daily net assets.
•	The Fund’s management fees (after waiver) and total expenses were in the 1st quintile of its Expense Universe.
•	For the one-, two- and three-year and since inception periods, the Fund was in the 3rd, 4th, 4th and 3rd quintiles, respectively, of its Performance Universe.
•	The Fund received an Overall Morningstar Rating of 3 stars.


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	93


APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)	concluded


•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.
•	During the year, the Fund altered its allocation to add investments in the TIAA-CREF Emerging Markets Equity and Bond Plus Funds.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.


94	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

[This page intentionally left blank.]

HOW TO REACH US

TIAA-CREF WEBSITE

tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

800 842-2252

24 hours a day, 7 days a week

FOR THE HEARING- OR SPEECH-IMPAIRED

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252 for the Retirement, Institutional or Premier classes or 800 223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.


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C50644		A11014 (5/11)

2011 SEMIANNUAL REPORT

TIAA-CREF LIFECYCLE INDEX FUNDS

OF THE TIAA-CREF FUNDS

MARCH 31, 2011

Financial statements (unaudited)


CONTENTS

A change in the Lifecycle Index Funds reporting cycle		2

Understanding your Lifecycle Index Funds Report		3

Information for Lifecycle Index Funds investors		4

About the funds’ composite benchmarks		5

Important information about expenses		6

Investment results of the Lifecycle Index Funds		10

Fund performance
Lifecycle Index Retirement Income Fund		12
Lifecycle Index 2010 Fund		13
Lifecycle Index 2015 Fund		14
Lifecycle Index 2020 Fund		15
Lifecycle Index 2025 Fund		16
Lifecycle Index 2030 Fund		17
Lifecycle Index 2035 Fund		18
Lifecycle Index 2040 Fund		19
Lifecycle Index 2045 Fund		20
Lifecycle Index 2050 Fund		21

Portfolios of investments		22

Financial statements
Statements of assets and liabilities		28
Statements of operations		32
Statements of changes in net assets		36
Financial highlights		44
Notes to financial statements		64

Approval of investment management agreement		71

How to reach us	Inside back cover

A CHANGE IN THE LIFECYCLE INDEX FUNDS REPORTING CYCLE

The TIAA-CREF Funds Board of Trustees has approved a change to the fiscal year-end of the funds included in this semiannual report, from September 30 to May 31. Beginning May 31, 2011, the Lifecycle Index Funds will issue annual reports dated May 31 and semiannual reports dated November 30.


2	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

UNDERSTANDING YOUR LIFECYCLE INDEX FUNDS REPORT


This semiannual report contains information about the investment performance and holdings of the Lifecycle Index Funds, an offering of the TIAA-CREF Funds, as of March 31, 2011. The report contains three main sections:
●	The fund performance section compares each fund’s investment returns with those of its composite benchmark and a broad-based market index.
●	The portfolios of investments list the underlying funds in which each fund had investments as of March 31, 2011.
●	The financial statements provide detailed information about the operations and financial condition of each fund.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 842-2252. We urge you to read the prospectus carefully before investing.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	3

INFORMATION FOR LIFECYCLE INDEX FUNDS INVESTORS

PORTFOLIO LISTINGS


The complete Lifecycle Index Funds’ portfolios of investments begin on page 22 of this report. You can also obtain complete lists of the holdings of the Lifecycle Index Funds and of the underlying funds in which the Lifecycle Index Funds invest (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
●	By visiting our website at tiaa-cref.org; or
●	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.
You can also obtain a complete list of the Lifecycle Index Funds’ and the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the Securities and Exchange Commission (SEC). (Form N-CSR lists holdings as of March 31 or September 30; Form N-Q lists holdings as of December 31 or June 30.) Copies of these forms are available:
●	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or
●	From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

PROXY VOTING

A description of our proxy voting policies and procedures for the underlying funds of the Lifecycle Index Funds can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You may also call us at 800 842-2252 to request a free copy. A report of how the Lifecycle Index Funds and their underlying funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

CONTACTING TIAA-CREF

FUND MANAGEMENT

The Lifecycle Index Funds are managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the funds.


4	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

ABOUT THE FUNDS’ COMPOSITE BENCHMARKS


Each Lifecycle Index fund uses a composite benchmark that represents the four general market sectors in which each fund may invest: U.S. equity (stocks); international equity; fixed income; and inflation-protected assets. A fund’s composite benchmark combines the following public indexes in proportions that reflect the fund’s target market sector allocations:
●	Russell 3000^® Index (U.S. equity), which measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
●	MSCI EAFE+EM (Emerging Markets) Index* (international equity), which measures the performance of the leading stocks in 22 developed countries outside North America—in Europe, Australasia and the Far East—and in 21 emerging countries in Europe, Asia, Africa, Latin America and the Middle East.
●	Barclays Capital U.S. Aggregate Bond Index (fixed income), which measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.
●	Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (inflation-protected assets), which measures the performance of fixed-income securities with fixed-rate coupon payments that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers.


*	On February 1, 2011, the MSCI EAFE+EM (Emerging Markets) Index replaced the MSCI EAFE Index in the funds’ composite benchmarks as the benchmark for the international equity market sector.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

Russell 3000 is a trademark and service mark of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	5

IMPORTANT INFORMATION ABOUT EXPENSES


Shareholders in the Lifecycle Index Funds incur only one of two potential types of costs:
●	Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.
●	However, they do incur ongoing costs, including management fees and other fund expenses. These include fees for the Lifecycle Index Funds and fees for the underlying funds; each Lifecycle Index fund bears its pro rata share of fees and expenses incurred by the underlying funds in which it invests.
The examples that appear in the tables on pages 7 through 9 are intended to help you understand your ongoing costs (in U.S. dollars) of investing in each fund. The examples are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

ACTUAL EXPENSES

The first line of the two lines listed for each fund in the tables uses the fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid” to estimate the expenses you paid during the six-month period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in each fund’s entry in the tables shows a hypothetical account value and hypothetical expenses based on the fund’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the fund’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in this fund with the costs of other funds. To do so, compare our 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.


6	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

EXPENSE EXAMPLES—FOR THE SIX MONTHS ENDED MARCH 31, 2011

Lifecycle Index Funds—Retirement Class


	Beginning account value (10/1/10)	Ending account value (3/31/11)	Expenses paid during period (10/1/10–3/31/11)	*	Effective expenses paid during period (10/1/10–3/31/11)	^†

Retirement Income Fund actual return	$1,000.00	$1,058.61	$1.64		$2.26
5% annual hypothetical return	1,000.00	1,023.34	1.61		2.22

2010 Fund actual return	$1,000.00	$1,074.44	$1.66		$2.22
5% annual hypothetical return	1,000.00	1,023.34	1.61		2.17

2015 Fund actual return	$1,000.00	$1,087.40	$1.72		$2.29
5% annual hypothetical return	1,000.00	1,023.29	1.66		2.22

2020 Fund actual return	$1,000.00	$1,101.42	$1.73		$2.25
5% annual hypothetical return	1,000.00	1,023.29	1.66		2.17

2025 Fund actual return	$1,000.00	$1,116.19	$1.74		$2.27
5% annual hypothetical return	1,000.00	1,023.29	1.66		2.17

2030 Fund actual return	$1,000.00	$1,130.78	$1.75		$2.23
5% annual hypothetical return	1,000.00	1,023.29	1.66		2.12

2035 Fund actual return	$1,000.00	$1,145.38	$1.77		$2.25
5% annual hypothetical return	1,000.00	1,023.29	1.66		2.12

2040 Fund actual return	$1,000.00	$1,147.15	$1.77		$2.25
5% annual hypothetical return	1,000.00	1,023.29	1.66		2.12

2045 Fund actual return	$1,000.00	$1,146.20	$1.77		$2.25
5% annual hypothetical return	1,000.00	1,023.29	1.66		2.12

2050 Fund actual return	$1,000.00	$1,146.48	$1.77		$2.25
5% annual hypothetical return	1,000.00	1,023.29	1.66		2.12


*	The amounts in the “Expenses paid” column are based on each fund’s own expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. 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 when this waiver or reimbursement is scheduled to end. Without any 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 0.32% for the Retirement Income and 2010 Funds; and 0.33% for the 2015, 2020, 2025, 2030, 2035, 2040, 2045 and 2050 Funds.
^†	The amounts in the “Effective expenses paid” column are 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 that period, the total annualized, weighted average expense ratio was 0.44% for the Retirement Income and 2015 Funds; 0.43% for the 2010, 2020 and 2025 Funds; and 0.42% for the 2030, 2035, 2040, 2045 and 2050 Funds.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	7


IMPORTANT INFORMATION ABOUT EXPENSES	continued

EXPENSE EXAMPLES—FOR THE SIX MONTHS ENDED MARCH 31, 2011

Lifecycle Index Funds—Institutional Class


	Beginning account value (10/1/10)	Ending account value (3/31/11)	Expenses paid during period (10/1/10–3/31/11)	*	Effective expenses paid during period (10/1/10–3/31/11)	^†

Retirement Income Fund actual return	$1,000.00	$1,059.83	$0.36		$0.98
5% annual hypothetical return	1,000.00	1,024.58	0.35		0.96

2010 Fund actual return	$1,000.00	$1,076.13	$0.36		$0.93
5% annual hypothetical return	1,000.00	1,024.58	0.35		0.91

2015 Fund actual return	$1,000.00	$1,089.00	$0.36		$0.94
5% annual hypothetical return	1,000.00	1,024.58	0.35		0.91

2020 Fund actual return	$1,000.00	$1,103.02	$0.42		$0.94
5% annual hypothetical return	1,000.00	1,024.53	0.40		0.91

2025 Fund actual return	$1,000.00	$1,117.76	$0.42		$0.95
5% annual hypothetical return	1,000.00	1,024.53	0.40		0.91

2030 Fund actual return	$1,000.00	$1,132.10	$0.43		$0.90
5% annual hypothetical return	1,000.00	1,024.53	0.40		0.86

2035 Fund actual return	$1,000.00	$1,146.76	$0.43		$0.91
5% annual hypothetical return	1,000.00	1,024.53	0.40		0.86

2040 Fund actual return	$1,000.00	$1,147.52	$0.43		$0.91
5% annual hypothetical return	1,000.00	1,024.53	0.40		0.86

2045 Fund actual return	$1,000.00	$1,146.75	$0.43		$0.91
5% annual hypothetical return	1,000.00	1,024.53	0.40		0.86

2050 Fund actual return	$1,000.00	$1,148.02	$0.43		$0.91
5% annual hypothetical return	1,000.00	1,024.53	0.40		0.86


*	The amounts in the “Expenses paid” column are based on each fund’s own expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. 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 when this waiver or reimbursement is scheduled to end. Without any 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 0.07% for the Retirement Income, 2010 and 2015 Funds; and 0.08% for the 2020, 2025, 2030, 2035, 2040, 2045 and 2050 Funds.
^†	The amounts in the “Effective expenses paid” column are 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 that period, the total annualized, weighted average expense ratio was 0.19% for the Retirement Income Fund; 0.18% for the 2010, 2015, 2020 and 2025 Funds; and 0.17% for the 2030, 2035, 2040, 2045 and 2050 Funds.


8	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

concluded

EXPENSE EXAMPLES—FOR THE SIX MONTHS ENDED MARCH 31, 2011

Lifecycle Index Funds—Premier Class


	Beginning account value (10/1/10)	Ending account value (3/31/11)	Expenses paid during period (10/1/10–3/31/11)	*	Effective expenses paid during period (10/1/10–3/31/11)	^†

Retirement Income Fund actual return	$1,000.00	$1,059.13	$1.13		$1.75
5% annual hypothetical return	1,000.00	1,023.83	1.11		1.72

2010 Fund actual return	$1,000.00	$1,075.83	$1.14		$1.71
5% annual hypothetical return	1,000.00	1,023.83	1.11		1.66

2015 Fund actual return	$1,000.00	$1,088.79	$1.15		$1.72
5% annual hypothetical return	1,000.00	1,023.83	1.11		1.66

2020 Fund actual return	$1,000.00	$1,101.89	$1.21		$1.73
5% annual hypothetical return	1,000.00	1,023.78	1.16		1.66

2025 Fund actual return	$1,000.00	$1,116.54	$1.21		$1.74
5% annual hypothetical return	1,000.00	1,023.78	1.16		1.66

2030 Fund actual return	$1,000.00	$1,131.00	$1.22		$1.70
5% annual hypothetical return	1,000.00	1,023.78	1.16		1.61

2035 Fund actual return	$1,000.00	$1,145.56	$1.23		$1.71
5% annual hypothetical return	1,000.00	1,023.78	1.16		1.61

2040 Fund actual return	$1,000.00	$1,146.46	$1.23		$1.71
5% annual hypothetical return	1,000.00	1,023.78	1.16		1.61

2045 Fund actual return	$1,000.00	$1,146.49	$1.23		$1.71
5% annual hypothetical return	1,000.00	1,023.78	1.16		1.61

2050 Fund actual return	$1,000.00	$1,146.82	$1.23		$1.71
5% annual hypothetical return	1,000.00	1,023.78	1.16		1.61


*	The amounts in the “Expenses paid” column are based on each fund’s own expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 182/365. There were 182 days in the six months ended March 31, 2011. 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 when this waiver or reimbursement is scheduled to end. Without any 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 0.22% for the Retirement Income, 2010 and 2015 Funds; and 0.23% for the 2020, 2025, 2030, 2035, 2040, 2045 and 2050 Funds.
^†	The amounts in the “Effective expenses paid” column are 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 that period, the total annualized, weighted average expense ratio was 0.34% for the Retirement Income Fund; 0.33% for the 2010, 2015, 2020 and 2025 Funds; and 0.32% for the 2030, 2035, 2040, 2045 and 2050 Funds.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	9

INVESTMENT RESULTS OF THE LIFECYCLE INDEX FUNDS

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

For the six-month period, all ten TIAA-CREF Lifecycle Index Funds trailed their respective composite benchmarks, with returns for the Retirement Class ranging from 5.86% for the Retirement Income Fund to 14.72% for the 2040 Fund.

The funds’ returns included deductions for expenses, while those of their respective composite benchmarks did not. The funds had risk profiles similar to those of their underlying funds.

The recovery wavers

Bonds decline as prices fall


10	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Inflation-protected bonds returned 1.42%, as measured by the Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L).

All ten funds produce solid gains

All ten Lifecycle Index Funds posted substantial results for the six months covered by this report, but their returns trailed those of their respective composite benchmarks, due to modest underperformance of the underlying index funds and fund expenses. The difference between the individual funds’ returns and those of their respective benchmarks ranged from 0.27 of a percentage point for the 2040 Fund to 0.41 of a point for the 2015 Fund.

The return of a Lifecycle Index fund during a particular period depends primarily on how its investments are distributed among the market sectors in which it invests and how those sectors performed.

The Lifecycle Index Funds can invest in four sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income and inflation-protected assets. They do this by investing in various underlying mutual funds that in turn buy stocks, bonds and other securities in these market sectors.

During the period, the Lifecycle Index Funds invested in the Institutional share class of the following TIAA-CREF Funds: the Equity Index Fund, which invests in the broad U.S. stock market; the International Equity Index Fund, which invests in a diversified portfolio of foreign stocks; the Emerging Markets Equity Index Fund, which invests in leading stocks in emerging countries; the Bond Index Fund, which invests in the U.S. investment-grade, fixed-rate bond market; and the Inflation-Linked Bond Fund, which invests in inflation-protected securities.

During the six months covered by this report, the funds benefited from strong positive returns from U.S. and international stocks, but those gains were partly offset by disappointing returns from the fixed-income sectors. Those funds with larger allocations to stock funds than to bond funds produced better absolute results for the period.

For example, the 2050 Fund, whose net assets consisted of 90% equities and 10% fixed-income investments at period-end, posted a 14.65% gain, while the 2010 Fund, with only about half its assets in equities, returned 7.44%. (All fund returns are for the Retirement Class.)


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	11

LIFECYCLE INDEX RETIREMENT INCOME FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return				Average annual total return

Lifecycle Index Retirement Income Fund	6 months		1 year		since inception

Retirement Class (inception: 9/30/2009)	5.86	%	9.62	%	9.72	%
Institutional Class (inception: 9/30/2009)	5.98		9.87		9.99
Premier Class (inception: 9/30/2009)	5.91		9.73		9.83

Lifecycle Index Retirement Income Fund Composite Index*	6.22		10.14		10.36

Broad-based market index Barclays Capital U.S. Aggregate Bond Index	–0.88		5.12		4.75

As of the close of business on March 31, 2011, the Lifecycle Index Retirement Income Fund Composite Index consisted of: 50.0% Barclays Capital U.S. Aggregate Bond Index; 30.0% Russell 3000^® Index; 10.0% MSCI EAFE+EM (Emerging Markets) Index; and 10.0% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION

	Target allocation		% of net assets as of 3/31/11

U.S. equity	30.0	%	30.0	%
International equity	10.0		10.0
Fixed income	50.0		49.9
Inflation-protected assets	10.0		10.1

Total	100.0		100.0


12	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

LIFECYCLE INDEX 2010 FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return				Average annual total return

Lifecycle Index 2010 Fund	6 months		1 year		since inception

Retirement Class (inception: 9/30/2009)	7.44	%	10.51	%	10.89	%
Institutional Class (inception: 9/30/2009)	7.61		10.78		11.19
Premier Class (inception: 9/30/2009)	7.58		10.75		11.07

Lifecycle Index 2010 Fund Composite Index*	7.82		11.01		11.51

Broad-based market index Barclays Capital U.S. Aggregate Bond Index	–0.88		5.12		4.75

As of the close of business on March 31, 2011, the Lifecycle Index 2010 Fund Composite Index consisted of: 44.5% Barclays Capital U.S. Aggregate Bond Index; 36.9% Russell 3000^® Index; 12.3% MSCI EAFE+EM (Emerging Markets) Index; and 6.3% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION

	Target allocation		% of net assets as of 3/31/11

U.S. equity	36.8	%	37.2	%
International equity	12.2		12.3
Fixed income	44.6		44.2
Inflation-protected assets	6.4		6.2
Other assets & liabilities, net	—		0.1

Total	100.0		100.0


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	13

LIFECYCLE INDEX 2015 FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return				Average annual total return

Lifecycle Index 2015 Fund	6 months		1 year		since inception

Retirement Class (inception: 9/30/2009)	8.74	%	11.20	%	11.80	%
Institutional Class (inception: 9/30/2009)	8.90		11.47		12.09
Premier Class (inception: 9/30/2009)	8.88		11.35		11.91

Lifecycle Index 2015 Fund Composite Index*	9.15		11.76		12.46

Broad-based market index Russell 3000^® Index	18.71		17.41		20.19

As of the close of business on March 31, 2011, the Lifecycle Index 2015 Fund Composite Index consisted of: 42.6% Russell 3000 Index; 38.9% Barclays Capital U.S. Aggregate Bond Index; 14.2% MSCI EAFE+EM (Emerging Markets) Index; and 4.3% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)


ASSET ALLOCATION

	Target allocation		% of net assets as of 3/31/11

U.S. equity	42.3	%	42.7	%
International equity	14.1		14.2
Fixed income	39.2		38.7
Inflation-protected assets	4.4		4.3
Other assets & liabilities, net	—		0.1

Total	100.0		100.0


14	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

LIFECYCLE INDEX 2020 FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle Index 2020 Fund	6 months			1 year			since inception

Retirement Class (inception: 9/30/2009)		10.14	%		12.11	%		12.79	%
Institutional Class (inception: 9/30/2009)		10.30			12.37			13.08
Premier Class (inception: 9/30/2009)		10.19			12.05			12.84

Lifecycle Index 2020 Fund Composite Index*		10.53			12.55			13.42

Broad-based market index Russell 3000^® Index		18.71			17.41			20.19

As of the close of business on March 31, 2011, the Lifecycle Index 2020 Fund Composite Index consisted of: 48.6% Russell 3000 Index; 32.9% Barclays Capital U.S. Aggregate Bond Index; 16.2% MSCI EAFE+EM (Emerging Markets) Index; and 2.3% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)

ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		48.3	%		48.6	%
International equity		16.1			16.2
Fixed income		33.2			32.7
Inflation-protected assets		2.4			2.3
Other assets & liabilities, net		—			0.2

Total		100.0			100.0


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	15

LIFECYCLE INDEX 2025 FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle Index 2025 Fund	6 months			1 year			since inception

Retirement Class (inception: 9/30/2009)		11.62	%		12.87	%		13.76	%
Institutional Class (inception: 9/30/2009)		11.78			13.24			14.06
Premier Class (inception: 9/30/2009)		11.65			13.01			13.88

Lifecycle Index 2025 Fund Composite Index*		11.93			13.31			14.37

Broad-based market index Russell 3000^® Index		18.71			17.41			20.19

As of the close of business on March 31, 2011, the Lifecycle Index 2025 Fund Composite Index consisted of: 54.6% Russell 3000 Index; 26.9% Barclays Capital U.S. Aggregate Bond Index; 18.2% MSCI EAFE+EM (Emerging Markets) Index; and 0.3% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)

ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		54.3	%		54.5	%
International equity		18.1			18.4
Fixed income		27.2			26.6
Inflation-protected assets		0.4			0.3
Other assets & liabilities, net		—			0.2

Total		100.0			100.0


16	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

LIFECYCLE INDEX 2030 FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle Index 2030 Fund	6 months			1 year			since inception

Retirement Class (inception: 9/30/2009)		13.08	%		13.60	%		14.75	%
Institutional Class (inception: 9/30/2009)		13.21			14.05			15.10
Premier Class (inception: 9/30/2009)		13.10			13.73			14.86

Lifecycle Index 2030 Fund Composite Index*		13.39			14.11			15.34

Broad-based market index Russell 3000^® Index		18.71			17.41			20.19


*	As of the close of business on March 31, 2011, the Lifecycle Index 2030 Fund Composite Index consisted of: 60.6% Russell 3000 Index; 20.2% MSCI EAFE+EM (Emerging Markets) Index; and 19.2% Barclays Capital U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)

ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		60.3	%		60.8	%
International equity		20.1			20.1
Fixed income		19.6			19.0
Other assets & liabilities, net		—			0.1

Total		100.0			100.0


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	17

LIFECYCLE INDEX 2035 FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return					Average annual total return

Lifecycle Index 2035 Fund		6 months		1 year		since inception

Retirement Class (inception: 9/30/2009)		14.54	%	14.43	%		15.71	%
Institutional Class (inception: 9/30/2009)		14.68		14.78			15.99
Premier Class (inception: 9/30/2009)		14.56		14.56			15.81

Lifecycle Index 2035 Fund Composite Index*		14.86		14.93			16.30

Broad-based market index Russell 3000^® Index		18.71		17.41			20.19


*	As of the close of business on March 31, 2011, the Lifecycle Index 2035 Fund Composite Index consisted of: 66.6% Russell 3000 Index; 22.2% MSCI EAFE+EM (Emerging Markets) Index; and 11.2% Barclays Capital U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)

ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		66.3	%		66.6	%
International equity		22.1			22.2
Fixed income		11.6			11.1
Other assets & liabilities, net		—			0.1

Total		100.0			100.0


18	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

LIFECYCLE INDEX 2040 FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle Index 2040 Fund	6 months			1 year			since inception

Retirement Class (inception: 9/30/2009)		14.72	%		14.61	%		15.81	%
Institutional Class (inception: 9/30/2009)		14.75			14.96			16.09
Premier Class (inception: 9/30/2009)		14.65			14.65			15.85

Lifecycle Index 2040 Fund Composite Index*		14.99			15.07			16.40

Broad-based market index Russell 3000^® Index		18.71			17.41			20.19


*	As of the close of business on March 31, 2011, the Lifecycle Index 2040 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM (Emerging Markets) Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)

ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		67.5	%		67.4	%
International equity		22.5			22.5
Fixed income		10.0			9.9
Other assets & liabilities, net		—			0.2

Total		100.0			100.0


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	19

LIFECYCLE INDEX 2045 FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle Index 2045 Fund	6 months			1 year			since inception

Retirement Class (inception: 9/30/2009)		14.62	%		14.62	%		15.78	%
Institutional Class (inception: 9/30/2009)		14.67			14.78			16.01
Premier Class (inception: 9/30/2009)		14.65			14.65			15.89

Lifecycle Index 2045 Fund Composite Index*		14.99			15.07			16.40

Broad-based market index Russell 3000^® Index		18.71			17.41			20.19


*	As of the close of business on March 31, 2011, the Lifecycle Index 2045 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM (Emerging Markets) Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)

ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		67.5	%		67.2	%
International equity		22.5			22.6
Fixed income		10.0			9.9
Other assets & liabilities, net		—			0.3

Total		100.0			100.0


20	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

LIFECYCLE INDEX 2050 FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Lifecycle Index 2050 Fund	6 months			1 year			since inception

Retirement Class (inception: 9/30/2009)		14.65	%		14.65	%		15.80	%
Institutional Class (inception: 9/30/2009)		14.80			14.91			16.10
Premier Class (inception: 9/30/2009)		14.68			14.68			15.91

Lifecycle Index 2050 Fund Composite Index*		14.99			15.07			16.40

Broad-based market index Russell 3000^® Index		18.71			17.41			20.19


*	As of the close of business on March 31, 2011, the Lifecycle Index 2050 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM (Emerging Markets) Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

TARGET ALLOCATION

(PIE CHART)

ASSET ALLOCATION


	Target allocation			% of net assets as of 3/31/11

U.S. equity		67.5	%		67.4	%
International equity		22.5			22.4
Fixed income		10.0			10.0
Other assets & liabilities, net		—			0.2

Total		100.0			100.0


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	21

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE INDEX RETIREMENT INCOME FUND n MARCH 31, 2011


Shares		Company	Value			% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	441,530	TIAA-CREF Bond Index Fund	$	4,525,680			49.9	%

				4,525,680			49.9

INFLATION-PROTECTED ASSETS
	81,945	TIAA-CREF Inflation-Linked Bond Fund		914,508			10.1

				914,508			10.1

INTERNATIONAL EQUITY
	18,807	TIAA CREF Emerging Market Equity Index Fund		225,494			2.5
	39,880	TIAA-CREF International Equity Index Fund		680,349			7.5

				905,843			10.0

	U.S. EQUITY
	268,296	TIAA-CREF Equity Index Fund		2,720,521			30.0

				2,720,521			30.0

		TOTAL TIAA-CREF FUNDS (Cost $8,397,529)		9,066,552			100.0


		TOTAL PORTFOLIO (Cost $8,397,529)		9,066,552			100.0
		OTHER ASSETS & LIABILITIES, NET		(4,190	)		0.0

		NET ASSETS	$	9,062,362			100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

LIFECYCLE INDEX 2010 FUND n MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	2,294,355	TIAA-CREF Bond Index Fund	$	23,517,139		44.2	%

				23,517,139		44.2

INFLATION-PROTECTED ASSETS
	297,642	TIAA-CREF Inflation-Linked Bond Fund		3,321,687		6.2

				3,321,687		6.2

INTERNATIONAL EQUITY
	135,055	TIAA CREF Emerging Market Equity Index Fund		1,619,311		3.0
	289,887	TIAA-CREF International Equity Index Fund		4,945,470		9.3

				6,564,781		12.3

	U.S. EQUITY
	1,953,115	TIAA-CREF Equity Index Fund		19,804,588		37.2

				19,804,588		37.2

		TOTAL TIAA-CREF FUNDS (Cost $49,396,121)		53,208,195		99.9


		TOTAL PORTFOLIO (Cost $49,396,121)		53,208,195		99.9
		OTHER ASSETS & LIABILITIES, NET		43,175		0.1

		NET ASSETS	$	53,251,370		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


22	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE INDEX 2015 FUND n MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	3,035,201	TIAA-CREF Bond Index Fund	$	31,110,809		38.7	%

				31,110,809		38.7

INFLATION-PROTECTED ASSETS
	308,585	TIAA-CREF Inflation-Linked Bond Fund		3,443,814		4.3

				3,443,814		4.3

INTERNATIONAL EQUITY
	230,357	TIAA CREF Emerging Market Equity Index Fund		2,761,979		3.4
	509,995	TIAA-CREF International Equity Index Fund		8,700,509		10.8

				11,462,488		14.2

	U.S. EQUITY
	3,386,165	TIAA-CREF Equity Index Fund		34,335,712		42.7

				34,335,712		42.7

		TOTAL TIAA-CREF FUNDS (Cost $74,089,302)		80,352,823		99.9


		TOTAL PORTFOLIO (Cost $74,089,302)		80,352,823		99.9
		OTHER ASSETS & LIABILITIES, NET		106,565		0.1

		NET ASSETS	$	80,459,388		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

LIFECYCLE INDEX 2020 FUND n MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	3,184,969	TIAA-CREF Bond Index Fund	$	32,645,928		32.7	%

				32,645,928		32.7

INFLATION-PROTECTED ASSETS
	202,214	TIAA-CREF Inflation-Linked Bond Fund		2,256,709		2.3

				2,256,709		2.3

INTERNATIONAL EQUITY
	333,735	TIAA CREF Emerging Market Equity Index Fund		4,001,481		4.0
	714,725	TIAA-CREF International Equity Index Fund		12,193,202		12.2

				16,194,683		16.2

	U.S. EQUITY
	4,792,121	TIAA-CREF Equity Index Fund		48,592,103		48.6

				48,592,103		48.6

		TOTAL TIAA-CREF FUNDS (Cost $91,087,553)		99,689,423		99.8


		TOTAL PORTFOLIO (Cost $91,087,553)		99,689,423		99.8
		OTHER ASSETS & LIABILITIES, NET		159,082		0.2

		NET ASSETS	$	99,848,505		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	23

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE INDEX 2025 FUND n MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	2,355,300	TIAA-CREF Bond Index Fund	$	24,141,820		26.6	%

				24,141,820		26.6

INFLATION-PROTECTED ASSETS
	21,626	TIAA-CREF Inflation-Linked Bond Fund		241,351		0.3

				241,351		0.3

INTERNATIONAL EQUITY
	346,857	TIAA CREF Emerging Market Equity Index Fund		4,158,812		4.6
	735,739	TIAA-CREF International Equity Index Fund		12,551,714		13.8

				16,710,526		18.4

	U.S. EQUITY
	4,885,754	TIAA-CREF Equity Index Fund		49,541,542		54.5

				49,541,542		54.5

		TOTAL TIAA-CREF FUNDS (Cost $81,846,970)		90,635,239		99.8


		TOTAL PORTFOLIO (Cost $81,846,970)		90,635,239		99.8
		OTHER ASSETS & LIABILITIES, NET		158,057		0.2

		NET ASSETS	$	90,793,296		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

LIFECYCLE INDEX 2030 FUND n MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	1,914,345	TIAA-CREF Bond Index Fund	$	19,622,036		19.0	%

				19,622,036		19.0

INTERNATIONAL EQUITY
	411,069	TIAA CREF Emerging Market Equity Index Fund		4,928,719		4.8
	925,998	TIAA-CREF International Equity Index Fund		15,797,531		15.3

				20,726,250		20.1

	U.S. EQUITY
	6,191,186	TIAA-CREF Equity Index Fund		62,778,626		60.8

				62,778,626		60.8

		TOTAL TIAA-CREF FUNDS (Cost $92,052,756)		103,126,912		99.9

		TOTAL PORTFOLIO (Cost $92,052,756)		103,126,912		99.9
		OTHER ASSETS & LIABILITIES, NET		143,009		0.1

		NET ASSETS	$	103,269,921		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


24	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE INDEX 2035 FUND n MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	1,017,885	TIAA-CREF Bond Index Fund	$	10,433,323		11.1	%

				10,433,323		11.1

INTERNATIONAL EQUITY
	434,577	TIAA CREF Emerging Market Equity Index Fund		5,210,584		5.5
	922,655	TIAA-CREF International Equity Index Fund		15,740,495		16.7

				20,951,079		22.2

	U.S. EQUITY
	6,191,467	TIAA-CREF Equity Index Fund		62,781,479		66.6

				62,781,479		66.6

		TOTAL TIAA-CREF FUNDS (Cost $82,938,664)		94,165,881		99.9


		TOTAL PORTFOLIO (Cost $82,938,664)		94,165,881		99.9
		OTHER ASSETS & LIABILITIES, NET		138,791		0.1

		NET ASSETS	$	94,304,672		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

LIFECYCLE INDEX 2040 FUND n MARCH 31, 2011


Shares		Company	Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	1,206,373	TIAA-CREF Bond Index Fund	$	12,365,325		9.9	%

				12,365,325		9.9

INTERNATIONAL EQUITY
	563,879	TIAA CREF Emerging Market Equity Index Fund		6,760,912		5.4
	1,249,484	TIAA-CREF International Equity Index Fund		21,316,205		17.1

				28,077,117		22.5

	U.S. EQUITY
	8,311,662	TIAA-CREF Equity Index Fund		84,280,255		67.4

				84,280,255		67.4

		TOTAL TIAA-CREF FUNDS (Cost $108,994,832)		124,722,697		99.8


		TOTAL PORTFOLIO (Cost $108,994,832)		124,722,697		99.8
		OTHER ASSETS & LIABILITIES, NET		292,876		0.2

		NET ASSETS	$	125,015,573		100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	25

PORTFOLIO OF INVESTMENTS (UNAUDITED)

LIFECYCLE INDEX 2045 FUND n MARCH 31, 2011


	Shares	Company		Value	% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	294,885	TIAA-CREF Bond Index Fund	$	3,022,575	9.9	%

				3,022,575	9.9

INTERNATIONAL EQUITY
	138,505	TIAA CREF Emerging Market Equity Index Fund		1,660,672	5.5
	304,785	TIAA-CREF International Equity Index Fund		5,199,634	17.1

				6,860,306	22.6

	U.S. EQUITY
	2,017,923	TIAA-CREF Equity Index Fund		20,461,744	67.2

				20,461,744	67.2

		TOTAL TIAA-CREF FUNDS (Cost $26,634,935)		30,344,625	99.7


		TOTAL PORTFOLIO (Cost $26,634,935)		30,344,625	99.7
		OTHER ASSETS & LIABILITIES, NET		101,005	0.3

		NET ASSETS	$	30,445,630	100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

LIFECYCLE INDEX 2050 FUND n MARCH 31, 2011


	Shares	Company		Value	% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	199,420	TIAA-CREF Bond Index Fund	$	2,044,055	10.0	%

				2,044,055	10.0

INTERNATIONAL EQUITY
	94,493	TIAA CREF Emerging Market Equity Index Fund		1,132,969	5.5
	203,225	TIAA-CREF International Equity Index Fund		3,467,016	16.9

				4,599,985	22.4

U.S. EQUITY
	1,357,875	TIAA-CREF Equity Index Fund		13,768,852	67.4

				13,768,852	67.4

		TOTAL TIAA-CREF FUNDS (Cost $17,818,216)		20,412,892	99.8


		TOTAL PORTFOLIO (Cost $17,818,216)		20,412,892	99.8
		OTHER ASSETS & LIABILITIES, NET		49,374	0.2

		NET ASSETS	$	20,462,266	100.0	%


(a)	The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


26	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements

[This page intentionally left blank.]


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	27

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

TIAA-CREF LIFECYCLE INDEX FUNDS n MARCH 31, 2011


	Lifecycle Index Retirement Income Fund		Lifecycle Index 2010 Fund			Lifecycle Index 2015 Fund			Lifecycle Index 2020 Fund			Lifecycle Index 2025 Fund		Lifecycle Index 2030 Fund


ASSETS
Affiliated investments, at value*	$	9,066,552	$	53,208,195		$	80,352,823		$	99,689,423		$	90,635,239	$	103,126,912
Cash		—		—			4,169			—			5,632		—
Receivable from securities transactions		—		19,000			—			—			—		—
Receivable from Fund shares sold		11,420		79,851			162,453			228,479			235,701		216,688
Dividends and interest receivable		9,449		49,866			65,769			68,660			50,940		41,601
Due from affiliates		429		638			744			783			758		769
Other		87		272			366			417			382		440

Total assets		9,087,937		53,357,822			80,586,324			99,987,762			90,928,652		103,386,410


LIABILITIES
Management fees payable		45		305			526			734			666		842
Due to affiliates		277		1,305			1,675			3,034			1,938		2,584
Overdraft payable		2,864		34,774			—			8,060			—		7,713
Payable for securities transactions		9,448		49,866			99,769			100,660			107,939		78,601
Accrued expenses & other payables		12,941		20,202			24,966			26,769			24,813		26,749

Total liabilities		25,575		106,452			126,936			139,257			135,356		116,489


NET ASSETS	$	9,062,362	$	53,251,370		$	80,459,388		$	99,848,505		$	90,793,296	$	103,269,921


NET ASSETS CONSIST OF:
Paid-in-capital	$	8,383,534	$	49,390,651		$	74,050,362		$	91,084,945		$	81,851,848	$	92,119,564
Undistributed net investment income (loss)		66		164,431			200,424			186,013			121,461		86,395
Accumulated net realized gain (loss) on total investments		9,739		(115,786	)		(54,919	)		(24,323	)		31,718		(10,194	)
Net unrealized appreciation (depreciation) on total investments		669,023		3,812,074			6,263,521			8,601,870			8,788,269		11,074,156


NET ASSETS	$	9,062,362	$	53,251,370		$	80,459,388		$	99,848,505		$	90,793,296	$	103,269,921


RETIREMENT CLASS:
Net assets	$	316,363	$	576,646		$	1,616,223		$	2,059,221		$	931,311	$	1,587,160
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		28,517		50,342			139,319			175,255			78,306		131,684
Net asset value per share	$	11.09	$	11.45		$	11.60		$	11.75		$	11.89	$	12.05


INSTITUTIONAL CLASS:
Net assets	$	6,988,148	$	45,482,218		$	70,273,087		$	79,056,673		$	79,484,675	$	86,797,119
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		629,891		3,960,424			6,041,497			6,712,796			6,668,619		7,182,035
Net asset value per share	$	11.09	$	11.48		$	11.63		$	11.78		$	11.92	$	12.09


PREMIER CLASS:
Net assets	$	1,757,851	$	7,192,506		$	8,570,078		$	18,732,611		$	10,377,310	$	14,885,642
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		158,513		627,247			738,096			1,593,841			871,831		1,233,985
Net asset value per share	$	11.09	$	11.47		$	11.61		$	11.75		$	11.90	$	12.06

* Affiliated investments, Cost	$	8,397,529	$	49,396,121		$	74,089,302		$	91,087,553		$	81,846,970	$	92,052,756


28	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	29


STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)	concluded

TIAA-CREF LIFECYCLE INDEX FUNDS n MARCH 31, 2011


	Lifecycle Index 2035 Fund		Lifecycle Index 2040 Fund		Lifecycle Index 2045 Fund		Lifecycle Index 2050 Fund


ASSETS
Affiliated investments, at value*	$	94,165,881	$	124,722,697	$	30,344,625	$	20,412,892
Cash		1,815		—		—		—
Receivable from securities transactions		—		10,000		2,000		—
Receivable from Fund shares sold		212,103		387,762		145,712		74,743
Dividends and interest receivable		21,836		26,324		6,383		4,299
Due from affiliates		750		856		504		463
Other		405		579		174		135

Total assets		94,402,790		125,148,218		30,499,398		20,492,532


LIABILITIES
Management fees payable		768		1,018		247		167
Due to affiliates		1,565		2,165		676		340
Overdraft payable		—		3,798		1,001		2,670
Payable for securities transactions		70,837		96,325		36,383		13,299
Payable for Fund shares redeemed		711		4		—		—
Accrued expenses & other payables		24,237		29,335		15,461		13,790

Total liabilities		98,118		132,645		53,768		30,266


NET ASSETS	$	94,304,672	$	125,015,573	$	30,445,630	$	20,462,266


NET ASSETS CONSIST OF:
Paid-in-capital	$	82,987,863	$	109,146,738	$	26,714,889	$	17,861,035
Undistributed net investment income (loss)		36,304		41,427		9,384		6,538
Accumulated net realized gain (loss) on total investments		53,288		99,543		11,667		17
Net unrealized appreciation (depreciation) on total investments		11,227,217		15,727,865		3,709,690		2,594,676


NET ASSETS	$	94,304,672	$	125,015,573	$	30,445,630	$	20,462,266


RETIREMENT CLASS:
Net assets	$	1,289,148	$	1,440,249	$	513,374	$	371,074
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		105,747		117,782		42,300		30,588
Net asset value per share	$	12.19	$	12.23	$	12.14	$	12.13


INSTITUTIONAL CLASS:
Net assets	$	85,697,820	$	113,106,903	$	26,135,469	$	18,148,655
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,010,710		9,226,960		2,148,530		1,492,475
Net asset value per share	$	12.22	$	12.26	$	12.16	$	12.16


PREMIER CLASS:
Net assets	$	7,317,704	$	10,468,421	$	3,796,787	$	1,942,537
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		599,825		855,788		312,521		160,038
Net asset value per share	$	12.20	$	12.23	$	12.15	$	12.14

* Affiliated investments, Cost	$	82,938,664	$	108,994,832	$	26,634,935	$	17,818,216


30	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	31

STATEMENTS OF OPERATIONS (UNAUDITED)

TIAA-CREF LIFECYCLE INDEX FUNDS n FOR THE PERIOD ENDED MARCH 31, 2011


	Lifecycle Index Retirement Income Fund			Lifecycle Index 2010 Fund			Lifecycle Index 2015 Fund			Lifecycle Index 2020 Fund			Lifecycle Index 2025 Fund			Lifecycle Index 2030 Fund


INVESTMENT INCOME
Dividends from affiliated investments	$	125,841		$	798,877		$	1,126,312		$	1,386,365		$	1,297,419		$	1,488,500

Total income		125,841			798,877			1,126,312			1,386,365			1,297,419			1,488,500


EXPENSES
Management fees		4,161			24,231			35,015			42,821			38,913			44,255
Distribution fees - Retirement Class		72			98			179			196			135			245
Distribution fees - Premier Class		1,140			4,934			6,351			12,739			7,136			9,946
Fund administration fees		296			1,760			2,526			3,094			2,795			3,187
Custody and accounting fees		5,320			5,319			5,318			5,317			5,319			5,320
Professional fees		9,031			12,349			12,513			12,496			12,472			12,525
Shareholder reports		511			8,583			13,515			16,387			14,758			16,160
Shareholder servicing - Retirement Class		530			642			1,032			1,137			823			1,364
Shareholder servicing - Institutional Class		135			196			185			175			86			221
Shareholder servicing - Premier Class		87			108			91			69			110			77
Trustee fees and expenses		14			177			246			298			288			308
Compliance fees		84			604			893			1,081			990			1,112
Interest expense		65			1,294			1,101			1,111			977			1,039
Registration fees		7,847			7,847			7,847			7,847			7,847			7,847
Other expenses		1,169			3,851			5,300			6,657			5,576			6,040

Total expenses		30,462			71,993			92,112			111,425			98,225			109,646
Less: Expenses reimbursed by the investment adviser		(24,727	)		(42,240	)		(49,675	)		(54,691	)		(51,368	)		(53,976	)
Fee waiver by investment adviser and TPIS		(1,463	)		(7,367	)		(9,420	)		(9,918	)		(8,968	)		(8,654	)

Net expenses		4,272			22,386			33,017			46,816			37,889			47,016


Net investment income (loss)		121,569			776,491			1,093,295			1,339,549			1,259,530			1,441,484


NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		20,968			24,005			32,507			61,848			87,615			104,556
Realized gain from distributions from affiliated investments		577			3,261			3,793			3,820			2,861			2,251

Net realized gain (loss) from affiliated investments		21,545			27,266			36,300			65,668			90,476			106,807

Net change in unrealized appreciation (depreciation) from affiliated investments		335,918			2,609,446			4,647,799			6,709,956			7,016,993			9,024,826

Net realized and unrealized gain (loss) from affiliated investments		357,463			2,636,712			4,684,099			6,775,624			7,107,469			9,131,633


Net increase (decrease) in net assets resulting from operations	$	479,032		$	3,413,203		$	5,777,394		$	8,115,173		$	8,366,999		$	10,573,117


32	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	33


STATEMENTS OF OPERATIONS (UNAUDITED)	concluded

TIAA-CREF LIFECYCLE INDEX FUNDS n FOR THE PERIOD ENDED MARCH 31, 2011


	Lifecycle Index 2035 Fund			Lifecycle Index 2040 Fund			Lifecycle Index 2045 Fund			Lifecycle Index 2050 Fund


INVESTMENT INCOME
Dividends from affiliated investments	$	1,392,458		$	1,876,565		$	442,638		$	289,228

Total income		1,392,458			1,876,565			442,638			289,228


EXPENSES
Management fees		40,305			54,454			12,926			8,623
Distribution fees - Retirement Class		202			192			103			80
Distribution fees - Premier Class		4,843			7,011			2,412			1,274
Fund administration fees		2,935			3,942			921			572
Custody and accounting fees		5,320			5,320			5,320			5,320
Professional fees		12,615			12,399			12,092			10,935
Shareholder reports		14,985			22,872			2,550			191
Shareholder servicing - Retirement Class		1,190			1,097			660			591
Shareholder servicing - Institutional Class		181			112			167			114
Shareholder servicing - Premier Class		85			101			77			93
Trustee fees and expenses		289			360			83			45
Compliance fees		1,024			1,380			324			210
Interest expense		952			1,129			191			98
Registration fees		7,847			7,847			7,847			7,847
Other expenses		4,746			4,912			2,024			1,653

Total expenses		97,519			123,128			47,697			37,646
Less: Expenses reimbursed by the investment adviser		(51,158	)		(60,513	)		(31,745	)		(27,267	)
Fee waiver by investment adviser and TPIS		(7,873	)		(10,644	)		(2,562	)		(1,712	)

Net expenses		38,488			51,971			13,390			8,667


Net investment income (loss)		1,353,970			1,824,594			429,248			280,561


NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		105,832			177,323			32,525			21,655
Realized gain from distributions from affiliated investments		1,174			1,482			350			228

Net realized gain (loss) from affiliated investments		107,006			178,805			32,875			21,883

Net change in unrealized appreciation (depreciation) from affiliated investments		9,214,912			12,594,450			2,985,708			1,988,104

Net realized and unrealized gain (loss) from affiliated investments		9,321,918			12,773,255			3,018,583			2,009,987


Net increase (decrease) in net assets resulting from operations	$	10,675,888		$	14,597,849		$	3,447,831		$	2,290,548


34	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	35

STATEMENTS OF CHANGES IN NET ASSETS

TIAA-CREF LIFECYCLE INDEX FUNDS n FOR THE PERIOD OR YEAR ENDED


		Lifecycle Index Retirement Income Fund						Lifecycle Index 2010 Fund						Lifecycle Index 2015 Fund

		March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010

		(Unaudited)						(Unaudited)						(Unaudited)
OPERATIONS
Net investment income (loss)		$	121,569		$	121,290		$	776,491		$	227,369		$	1,093,295		$	255,968
Net realized gain (loss) from affiliated investments			21,545			16,129			27,266			(115,035	)		36,300			(66,885	)
Net change in unrealized appreciation (depreciation) from affiliated investments			335,918			333,105			2,609,446			1,202,628			4,647,799			1,615,722

Net increase from operations			479,032			470,524			3,413,203			1,314,962			5,777,394			1,804,805


DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(3,806	)		(4,962	)		(5,101	)		(1,096	)		(6,081	)		(916	)
	Institutional Class		(96,605	)		(111,108	)		(686,469	)		(52,381	)		(951,241	)		(56,496	)
	Premier Class		(21,191	)		(5,215	)		(93,316	)		(1,160	)		(133,219	)		(981	)
From realized gains:	Retirement Class		(932	)		—			(192	)		—			(142	)		—
	Institutional Class		(22,091	)		—			(24,428	)		—			(21,159	)		—
	Premier Class		(4,913	)		—			(3,396	)		—			(3,032	)		—

Total distributions			(149,538	)		(121,285	)		(812,902	)		(54,637	)		(1,114,874	)		(58,393	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		25,979			2,398			259,099			28,248			1,254,451			53,973
	Institutional Class		1,273,525			2,956,483			22,959,368			28,777,699			26,689,450			39,462,318
	Premier Class		1,563,399			482			6,951,183			477,085			8,781,565			479,702
Reinvestments of distributions:	Retirement Class		4,738			4,962			5,293			1,096			6,223			916
	Institutional Class		118,696			111,108			710,897			52,381			972,400			56,496
	Premier Class		26,104			5,215			96,712			1,160			136,251			980
Redemptions:	Retirement Class		—			(10	)		(8,746	)		(286	)		(9,568	)		(490	)
	Institutional Class		(350,529	)		(1,193,366	)		(10,993,156	)		(2,943,089	)		(4,730,042	)		(1,420,933	)
	Premier Class		(165,531	)		(10	)		(981,875	)		(2,311	)		(1,683,093	)		(129	)

Net increase (decrease) from shareholder transactions			2,496,381			1,887,262			18,998,775			26,391,983			31,417,637			38,632,833

Net increase (decrease) in net assets			2,825,875			2,236,501			21,599,076			27,652,308			36,080,157			40,379,245

NET ASSETS
Beginning of period			6,236,487			3,999,986			31,652,294			3,999,986			44,379,231			3,999,986

End of period		$	9,062,362		$	6,236,487		$	53,251,370		$	31,652,294		$	80,459,388		$	44,379,231

Undistributed net investment income (loss) included in net assets		$	66		$	99		$	164,431		$	172,826		$	200,424		$	197,670


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		2,366			231			22,903			2,661			109,381			5,179
	Institutional Class		116,759			288,026			2,056,654			2,751,512			2,380,025			3,772,869
	Premier Class		145,821			46			637,134			44,629			806,380			44,914
Shares reinvested:	Retirement Class		438			484			480			108			560			90
	Institutional Class		10,960			10,823			64,393			5,146			87,289			5,539
	Premier Class		2,410			508			8,768			114			12,253			96
Shares redeemed:	Retirement Class		—			(1	)		(782	)		(28	)		(842	)		(48	)
	Institutional Class		(31,977	)		(114,700	)		(982,188	)		(285,093	)		(417,301	)		(136,925	)
	Premier Class		(15,272	)		(1	)		(88,185	)		(213	)		(150,535	)		(12	)

Net increase (decrease) from shareholder transactions			231,505			185,416			1,719,177			2,518,836			2,827,210			3,691,702


36	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	37


STATEMENTS OF CHANGES IN NET ASSETS	continued

TIAA-CREF LIFECYCLE INDEX FUNDS n FOR THE PERIOD OR YEAR ENDED


		Lifecycle Index 2020 Fund						Lifecycle Index 2025 Fund						Lifecycle Index 2030 Fund

		March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010

		(Unaudited)						(Unaudited)						(Unaudited)
OPERATIONS
Net investment income (loss)		$	1,339,549		$	228,684		$	1,259,530		$	181,392		$	1,441,484		$	157,590
Net realized gain (loss) from affiliated investments			65,668			(68,637	)		90,476			(43,899	)		106,807			(98,242	)
Net change in unrealized appreciation (depreciation) from affiliated investments			6,709,956			1,891,914			7,016,993			1,771,276			9,024,826			2,049,330

Net increase from operations			8,115,173			2,051,961			8,366,999			1,908,769			10,573,117			2,108,678


DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(5,768	)		(1,018	)		(6,641	)		(1,158	)		(12,705	)		(919	)
	Institutional Class		(1,056,701	)		(58,364	)		(1,099,015	)		(60,081	)		(1,220,880	)		(63,350	)
	Premier Class		(259,383	)		(1,081	)		(151,439	)		(1,222	)		(213,935	)		(984	)
From realized gains:	Retirement Class		(98	)		—			(82	)		—			(171	)		—
	Institutional Class		(16,991	)		—			(12,952	)		—			(15,767	)		—
	Premier Class		(4,266	)		—			(1,824	)		—			(2,822	)		—

Total distributions			(1,343,207	)		(60,463	)		(1,271,953	)		(62,461	)		(1,466,280	)		(65,253	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		1,715,294			32,462			625,767			52,596			1,065,785			179,463
	Institutional Class		23,698,676			47,324,288			23,055,212			46,351,206			21,718,428			52,485,244
	Premier Class		16,341,497			1,558,945			8,157,212			1,369,921			12,760,609			810,595
Reinvestments of distributions:	Retirement Class		5,866			1,017			6,723			1,158			12,876			919
	Institutional Class		1,073,692			58,364			1,111,967			60,080			1,236,647			63,350
	Premier Class		263,649			1,081			153,264			1,222			216,757			983
Redemptions:	Retirement Class		(10,030	)		(1,113	)		(65,491	)		(2,162	)		(33,914	)		(5,331	)
	Institutional Class		(2,814,375	)		(1,070,393	)		(2,091,228	)		(463,595	)		(737,378	)		(1,083,125	)
	Premier Class		(1,090,640	)		(3,225	)		(471,876	)		(20	)		(571,065	)		(1,170	)

Net increase (decrease) from shareholder transactions			39,183,629			47,901,426			30,481,550			47,370,406			35,668,745			52,450,928

Net increase (decrease) in net assets			45,955,595			49,892,924			37,576,596			49,216,714			44,775,582			54,494,353

NET ASSETS
Beginning of period			53,892,910			3,999,986			53,216,700			3,999,986			58,494,339			3,999,986

End of period		$	99,848,505		$	53,892,910		$	90,793,296		$	53,216,700		$	103,269,921		$	58,494,339

Undistributed net investment income (loss) included in net assets		$	186,013		$	168,315		$	121,461		$	119,026		$	86,395		$	92,431


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		147,491			3,113			53,349			5,073			91,466			17,462
	Institutional Class		2,095,782			4,516,336			2,026,004			4,412,675			1,891,466			4,993,686
	Premier Class		1,494,375			146,103			745,803			128,507			1,164,513			76,039
Shares reinvested:	Retirement Class		524			100			596			113			1,131			90
	Institutional Class		95,694			5,716			98,404			5,885			108,478			6,187
	Premier Class		23,540			106			13,575			120			19,030			96
Shares redeemed:	Retirement Class		(864	)		(109	)		(5,614	)		(212	)		(2,940	)		(525	)
	Institutional Class		(249,013	)		(101,719	)		(180,200	)		(44,148	)		(63,423	)		(104,359	)
	Premier Class		(94,986	)		(297	)		(41,172	)		(2	)		(50,584	)		(109	)

Net increase (decrease) from shareholder transactions			3,512,543			4,569,349			2,710,745			4,508,011			3,159,137			4,988,567


38	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	39


STATEMENTS OF CHANGES IN NET ASSETS	continued

TIAA-CREF LIFECYCLE INDEX FUNDS n FOR THE PERIOD OR YEAR ENDED


		Lifecycle Index 2035 Fund						Lifecycle Index 2040 Fund						Lifecycle Index 2045 Fund

		March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010			March 31, 2011			September 30, 2010

		(Unaudited)						(Unaudited)						(Unaudited)
OPERATIONS
Net investment income (loss)		$	1,353,970		$	108,750		$	1,824,594		$	132,626		$	429,248		$	82,939
Net realized gain (loss) from affiliated investments			107,006			(43,383	)		178,805			(61,250	)		32,875			(15,891	)
Net change in unrealized appreciation (depreciation) from affiliated investments			9,214,912			2,012,305			12,594,450			3,133,415			2,985,708			723,982

Net increase from operations			10,675,888			2,077,672			14,597,849			3,204,791			3,447,831			791,030


DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(11,939	)		(1,046	)		(9,880	)		(511	)		(6,515	)		(2,305	)
	Institutional Class		(1,241,075	)		(64,579	)		(1,681,104	)		(66,781	)		(376,305	)		(61,351	)
	Premier Class		(106,763	)		(1,110	)		(157,036	)		(575	)		(54,051	)		(2,370	)
From realized gains:	Retirement Class		(94	)		—			(100	)		—			(82	)		—
	Institutional Class		(9,415	)		—			(16,352	)		—			(4,565	)		—
	Premier Class		(827	)		—			(1,559	)		—			(669	)		—

Total distributions			(1,370,113	)		(66,735	)		(1,866,031	)		(67,867	)		(442,187	)		(66,026	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		835,535			129,980			966,605			121,564			140,728			54,783
	Institutional Class		21,634,208			51,457,873			21,774,885			73,388,721			6,064,709			13,247,644
	Premier Class		5,341,776			1,045,852			7,762,550			1,491,364			3,003,635			133,385
Reinvestments of distributions:	Retirement Class		12,033			1,046			9,980			511			6,597			2,305
	Institutional Class		1,250,490			64,579			1,697,456			66,781			380,870			61,351
	Premier Class		107,590			1,110			158,596			575			54,721			2,370
Redemptions:	Retirement Class		(44,373	)		(4,603	)		(6,644	)		(4,290	)		(6,785	)		(3,530	)
	Institutional Class		(2,090,750	)		(536,553	)		(1,047,690	)		(893,887	)		(189,388	)		(196,091	)
	Premier Class		(217,790	)		(29	)		(340,222	)		(10	)		(42,298	)		(10	)

Net increase (decrease) from shareholder transactions			26,828,719			52,159,255			30,975,516			74,171,329			9,412,789			13,302,207

Net increase (decrease) in net assets			36,134,494			54,170,192			43,707,334			77,308,253			12,418,433			14,027,211

NET ASSETS
Beginning of period			58,170,178			3,999,986			81,308,239			3,999,986			18,027,197			3,999,986

End of period		$	94,304,672		$	58,170,178		$	125,015,573		$	81,308,239		$	30,445,630		$	18,027,197

Undistributed net investment income (loss) included in net assets		$	36,304		$	42,110		$	41,427		$	64,853		$	9,384		$	17,007


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		71,125			12,652			81,044			11,806			12,079			5,347
	Institutional Class		1,873,857			4,899,242			1,887,055			7,010,897			528,246			1,266,083
	Premier Class		485,924			98,291			706,675			139,891			273,549			12,594
Shares reinvested:	Retirement Class		1,051			102			869			50			579			226
	Institutional Class		109,023			6,301			147,605			6,502			33,380			6,015
	Premier Class		9,388			108			13,815			56			4,800			232
Shares redeemed:	Retirement Class		(3,733	)		(451	)		(568	)		(419	)		(580	)		(351	)
	Institutional Class		(176,005	)		(51,707	)		(89,629	)		(85,470	)		(16,579	)		(18,614	)
	Premier Class		(18,883	)		(3	)		(29,648	)		(1	)		(3,654	)		(1	)

Net increase (decrease) from shareholder transactions			2,351,747			4,964,535			2,717,218			7,083,312			831,820			1,271,531


40	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	41


STATEMENTS OF CHANGES IN NET ASSETS	concluded

TIAA-CREF LIFECYCLE INDEX FUNDS n FOR THE PERIOD OR YEAR ENDED


		Lifecycle Index 2050 Fund

		March 31, 2011			September 30, 2010

		(Unaudited)
OPERATIONS
Net investment income (loss)		$	280,561		$	78,549
Net realized gain (loss) from affiliated investments			21,883			(17,202	)
Net change in unrealized appreciation (depreciation) from affiliated investments			1,988,104			606,572

Net increase from operations			2,290,548			667,919


DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(5,131	)		(2,534	)
	Institutional Class		(252,718	)		(60,836	)
	Premier Class		(28,847	)		(2,599	)
From realized gains:	Retirement Class		(87	)		—
	Institutional Class		(4,099	)		—
	Premier Class		(478	)		—

Total distributions			(291,360	)		(65,969	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		45,621			14,715
	Institutional Class		4,644,886			7,659,905
	Premier Class		1,437,382			54,592
Reinvestments of distributions:	Retirement Class		5,218			2,534
	Institutional Class		256,818			60,836
	Premier Class		29,325			2,599
Redemptions:	Retirement Class		(3,260	)		(1,428	)
	Institutional Class		(57,267	)		(243,006	)
	Premier Class		(48,318	)		(10	)

Net increase (decrease) from shareholder transactions			6,310,405			7,550,737

Net increase (decrease) in net assets			8,309,593			8,152,687

NET ASSETS
Beginning of period			12,152,673			3,999,986

End of period		$	20,462,266		$	12,152,673

Undistributed net investment income (loss) included in net assets		$	6,538		$	12,674


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		3,862			1,437
	Institutional Class		404,781			737,505
	Premier Class		131,211			5,158
Shares reinvested:	Retirement Class		458			249
	Institutional Class		22,508			5,970
	Premier Class		2,575			255
Shares redeemed:	Retirement Class		(276	)		(142	)
	Institutional Class		(4,993	)		(23,296	)
	Premier Class		(4,160	)		(1	)

Net increase (decrease) from shareholder transactions			555,966			727,135


42	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements

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TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	43

FINANCIAL HIGHLIGHTS

LIFECYCLE INDEX RETIREMENT INCOME FUND n FOR THE PERIOD OR YEAR ENDED


	Retirement Class									Institutional Class

	3/31/11			9/30/10			9/30/09*			3/31/11			9/30/10			9/30/09*

	(Unaudited)									(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.65		$	10.00		$	10.00		$	10.65		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.14			0.22			—	(d)		0.16			0.22			—	(d)
Net realized and unrealized gain (loss) on total investments		0.48			0.63			—			0.48			0.65			—

Total gain (loss) from investment operations		0.62			0.85			—	(d)		0.64			0.87			—	(d)

Less distributions from:
Net investment income		(0.14	)		(0.20	)		—			(0.16	)		(0.22	)		—
Net realized gains		(0.04	)		—			—			(0.04	)		—			—

Total distributions		(0.18	)		(0.20	)		—			(0.20	)		(0.22	)		—

Net asset value, end of period	$	11.09		$	10.65		$	10.00		$	11.09		$	10.65		$	10.00


TOTAL RETURN		5.86	%(b)		8.56	%		0.00	%(b)		5.98	%(b)		8.82	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	316		$	274		$	250		$	6,988		$	5,690		$	3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		1.11	%(c)		2.07	%		875.82	%(c)		0.69	%(c)		1.74	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.32	%(c)		0.33	%		0.35	%(c)		0.07	%(c)		0.08	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		2.64	%(c)		2.13	%		(0.35	)%(c)		2.97	%(c)		2.19	%		(0.10	)%(c)
Portfolio turnover		10	%(b)		39	%		—	%(b)		10	%(b)		39	%		—	%(b)


44	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX RETIREMENT INCOME FUND n FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09*

	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.65		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.15			0.23			—	(d)
Net realized and unrealized gain (loss) on total investments		0.48			0.63			—

Total gain (loss) from investment operations		0.63			0.86			—	(d)

Less distributions from:
Net investment income		(0.15	)		(0.21	)		—
Net realized gains		(0.04	)		—			—

Total distributions		(0.19	)		(0.21	)		—

Net asset value, end of period	$	11.09		$	10.65		$	10.00


TOTAL RETURN		5.91	%(b)		8.67	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	1,758		$	272		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.85	%(c)		1.91	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.22	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		2.76	%(c)		2.24	%		(0.25	)%(c)
Portfolio turnover		10	%(b)		39	%		—	%(b)


*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The percentages for the period of less than one year are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expense of the Underlying Funds. The annualized weighted average expense ratio of the Underlying Fund was 0.12% for the period ended March 31, 2011 and 0.13% for the period ended September 30, 2010.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	45


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2010 FUND n FOR THE PERIOD OR YEAR ENDED


	Retirement Class									Institutional Class

	3/31/11			9/30/10			9/30/09*			3/31/11			9/30/10			9/30/09*

	(Unaudited)									(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.82		$	10.00		$	10.00		$	10.84		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.15			0.21			—	(d)		0.18			0.17			—	(d)
Net realized and unrealized gain (loss) on total investments		0.65			0.65			—			0.64			0.72			—

Total gain (loss) from investment operations		0.80			0.86			—	(d)		0.82			0.89			—	(d)

Less distributions from:
Net investment income		(0.16	)		(0.04	)		—			(0.17	)		(0.05	)		—
Net realized gains		(0.01	)		—			—			(0.01	)		—			—

Total distributions		(0.17	)		(0.04	)		—			(0.18	)		(0.05	)		—

Net asset value, end of period	$	11.45		$	10.82		$	10.00		$	11.48		$	10.84		$	10.00


TOTAL RETURN		7.44	%(b)		8.67	%		0.00	%(b)		7.61	%(b)		8.94	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	577		$	300		$	250		$	45,482		$	30,599		$	3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.65	%(c)		1.22	%		875.82	%(c)		0.27	%(c)		0.80	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.32	%(c)		0.33	%		0.35	%(c)		0.07	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		2.66	%(c)		2.01	%		(0.35	)%(c)		3.26	%(c)		1.65	%		(0.10	)%(c)
Portfolio turnover		36	%(b)		43	%		—	%(b)		36	%(b)		43	%		—	%(b)


46	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2010 FUND n FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09*

	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.83		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.16			0.22			—	(d)
Net realized and unrealized gain (loss) on total investments		0.66			0.66			—

Total gain (loss) from investment operations		0.82			0.88			—	(d)

Less distributions from:
Net investment income		(0.17	)		(0.05	)		—
Net realized gains		(0.01	)		—			—

Total distributions		(0.18	)		(0.05	)		—

Net asset value, end of period	$	11.47		$	10.83		$	10.00


TOTAL RETURN		7.58	%(b)		8.79	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	7,193		$	753		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.43	%(c)		1.04	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.22	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		2.89	%(c)		2.08	%		(0.25	)%(c)
Portfolio turnover		36	%(b)		43	%		—	%(b)


*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The percentages for the period of less than one year are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expense of the Underlying Funds. The annualized weighted average expense ratio of the Underlying Fund was 0.11% for the period ended March 31, 2011 and 0.12% for the period ended September 30, 2010.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	47


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2015 FUND n FOR THE PERIOD OR YEAR ENDED


	Retirement Class									Institutional Class

	3/31/11			9/30/10			9/30/09*			3/31/11			9/30/10			9/30/09*

	(Unaudited)									(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.83		$	10.00		$	10.00		$	10.85		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.12			0.20			—	(d)		0.18			0.14			—	(d)
Net realized and unrealized gain (loss) on total investments		0.82			0.67			—			0.77			0.75			—

Total gain (loss) from investment operations		0.94			0.87			—	(d)		0.95			0.89			—	(d)

Less distributions from:
Net investment income		(0.17	)		(0.04	)		—			(0.17	)		(0.04	)		—

Total distributions		(0.17	)		(0.04	)		—			(0.17	)		(0.04	)		—

Net asset value, end of period	$	11.60		$	10.83		$	10.00		$	11.63		$	10.85		$	10.00


TOTAL RETURN		8.74	%(b)		8.69	%		0.00	%(b)		8.90	%(b)		8.96	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	1,616		$	327		$	250		$	70,273		$	43,294		$	3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.57	%(c)		1.07	%		875.82	%(c)		0.24	%(c)		0.64	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.33	%(c)		0.33	%		0.35	%(c)		0.07	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		2.09	%(c)		1.89	%		(0.35	)%(c)		3.14	%(c)		1.38	%		(0.10	)%(c)
Portfolio turnover		12	%(b)		23	%		—	%(b)		12	%(b)		23	%		—	%(b)


48	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2015 FUND n FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09*

	(Unaudited		)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.83		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.20			—	(d)
Net realized and unrealized gain (loss) on total investments		0.78			0.67			—

Total gain (loss) from investment operations		0.95			0.87			—	(d)

Less distributions from:
Net investment income		(0.17	)		(0.04	)		—

Total distributions		(0.17	)		(0.04	)		—

Net asset value, end of period	$	11.61		$	10.83		$	10.00


TOTAL RETURN		8.88	%(b)		8.72	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	8,570		$	758		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.40	%(c)		0.90	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.22	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		3.05	%(c)		1.97	%		(0.25	)%(c)
Portfolio turnover		12	%(b)		23	%		—	%(b)


*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The percentages for the period of less than one year are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expense of the Underlying Funds. The annualized weighted average expense ratio of the Underlying Fund was 0.11% for the period ended March 31, 2011 and September 30, 2010.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	49


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2020 FUND n FOR THE PERIOD OR YEAR ENDED


	Retirement Class									Institutional Class

	3/31/11			9/30/10			9/30/09*			3/31/11			9/30/10			9/30/09*

	(Unaudited)									(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.83		$	10.00		$	10.00		$	10.85		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.10			0.19			—	(d)		0.18			0.12			—	(d)
Net realized and unrealized gain (loss) on total investments		0.99			0.68			—			0.93			0.78			—

Total gain (loss) from investment operations		1.09			0.87			—	(d)		1.11			0.90			—	(d)

Less distributions from:
Net investment income		(0.17	)		(0.04	)		—			(0.18	)		(0.05	)		—

Total distributions		(0.17	)		(0.04	)		—			(0.18	)		(0.05	)		—

Net asset value, end of period	$	11.75		$	10.83		$	10.00		$	11.78		$	10.85		$	10.00


TOTAL RETURN		10.14	%(b)		8.73	%		0.00	%(b)		10.30	%(b)		9.00	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	2,059		$	304		$	250		$	79,057		$	51,737		$	3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.56	%(c)		1.06	%		875.82	%(c)		0.23	%(c)		0.62	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.33	%(c)		0.33	%		0.35	%(c)		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		1.81	(c)		1.80	%		(0.35	)%(c)		3.17	%(c)		1.16	%		(0.10	)%(c)
Portfolio turnover		8	%(b)		22	%		—	%(b)		8	%(b)		22	%		—	%(b)


50	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2020 FUND n FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09*

	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.83		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.18			—	(d)
Net realized and unrealized gain (loss) on total investments		0.92			0.69			—

Total gain (loss) from investment operations		1.09			0.87			—	(d)

Less distributions from:
Net investment income		(0.17	)		(0.04	)		—

Total distributions		(0.17	)		(0.04	)		—

Net asset value, end of period	$	11.75		$	10.83		$	10.00


TOTAL RETURN		10.19	%(b)		8.76	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	18,733		$	1,851		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.38	%(c)		0.85	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.23	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		3.03	%(c)		1.72	%		(0.25	)%(c)
Portfolio turnover		8	%(b)		22	%		—	%(b)


*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The percentages for the period of less than one year are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expense of the Underlying Funds. The annualized weighted average expense ratio of the Underlying Fund was 0.10% for the period ended March 31, 2011 and September 30, 2010.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	51


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2025 FUND n FOR THE PERIOD OR YEAR ENDED


	Retirement Class									Institutional Class

	3/31/11			9/30/10			9/30/09*			3/31/11			9/30/10			9/30/09*

	(Unaudited)									(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.82		$	10.00		$	10.00		$	10.84		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.14			0.18			—	(d)		0.19			0.10			—	(d)
Net realized and unrealized gain (loss) on total investments		1.11			0.69			—			1.07			0.79			—

Total gain (loss) from investment operations		1.25			0.87			—	(d)		1.26			0.89			—	(d)

Less distributions from:
Net investment income		(0.18	)		(0.05	)		—			(0.18	)		(0.05	)		—

Total distributions		(0.18	)		(0.05	)		—			(0.18	)		(0.05	)		—

Net asset value, end of period	$	11.89		$	10.82		$	10.00		$	11.92		$	10.84		$	10.00


TOTAL RETURN		11.62	%(b)		8.69	%		0.00	%(b)		11.78	%(b)		8.96	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	931		$	324		$	250		$	79,485		$	51,228		$	3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.58	%(c)		1.10	%		875.82	%(c)		0.23	%(c)		0.65	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.33	%(c)		0.33	%		0.35	%(c)		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		2.48	%(c)		1.69	%		(0.35	)%(c)		3.26	%(c)		0.97	%		(0.10	)%(c)
Portfolio turnover		7	%(b)		16	%		—	%(b)		7	%(b)		16	%		—	%(b)


52	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2025 FUND n FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09*

	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.83		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.17			—	(d)
Net realized and unrealized gain (loss) on total investments		1.07			0.71			—

Total gain (loss) from investment operations		1.25			0.88			—	(d)

Less distributions from:
Net investment income		(0.18	)		(0.05	)		—

Total distributions		(0.18	)		(0.05	)		—

Net asset value, end of period	$	11.90		$	10.83		$	10.00


TOTAL RETURN		11.65	%(b)		8.82	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	10,377		$	1,664		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.39	%(c)		0.89	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.23	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		3.11	%(c)		1.61	%		(0.25	)%(c)
Portfolio turnover		7	%(b)		16	%		—	%(b)


*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The percentages for the period of less than one year are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expense of the Underlying Funds. The annualized weighted average expense ratio of the Underlying Fund was 0.10% for the period ended March 31, 2011 and September 30, 2010.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	53


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2030 FUND n FOR THE PERIOD OR YEAR ENDED


	Retirement Class									Institutional Class

	3/31/11			9/30/10			9/30/09*			3/31/11			9/30/10			9/30/09*

	(Unaudited)									(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.83		$	10.00		$	10.00		$	10.86		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.15			0.15			—	(d)		0.19			0.07			—	(d)
Net realized and unrealized gain (loss) on total investments		1.25			0.72			—			1.23			0.83			—

Total gain (loss) from investment operations		1.40			0.87			—	(d)		1.42			0.90			—	(d)

Less distributions from:
Net investment income		(0.18	)		(0.04	)		—			(0.19	)		(0.04	)		—

Total distributions		(0.18	)		(0.04	)		—			(0.19	)		(0.04	)		—

Net asset value, end of period	$	12.05		$	10.83		$	10.00		$	12.09		$	10.86		$	10.00


TOTAL RETURN		13.08	%(b)		8.69	%		0.00	%(b)		13.21	%(b)		9.06	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	1,587		$	455		$	250		$	86,797		$	56,944		$	3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.55	%(c)		1.01	%		875.82	%(c)		0.22	%(c)		0.59	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.33	%(c)		0.33	%		0.35	%(c)		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		2.52	%(c)		1.47	%		(0.35	)%(c)		3.29	%(c)		0.71	%		(0.10	)%(c)
Portfolio turnover		6	%(b)		16	%		—	%(b)		6	%(b)		16	%		—	%(b)


54	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2030 FUND n FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09*

	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.84		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.16			—	(d)
Net realized and unrealized gain (loss) on total investments		1.23			0.72			—

Total gain (loss) from investment operations		1.41			0.88			—	(d)

Less distributions from:
Net investment income		(0.19	)		(0.04	)		—

Total distributions		(0.19	)		(0.04	)		—

Net asset value, end of period	$	12.06		$	10.84		$	10.00


TOTAL RETURN		13.10	%(b)		8.82	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	14,886		$	1,095		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.37	%(c)		0.83	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.23	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		3.13	%(c)		1.56	%		(0.25	)%(c)
Portfolio turnover		6	%(b)		16	%		—	%(b)


*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The percentages for the period of less than one year are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expense of the Underlying Funds. The annualized weighted average expense ratio of the Underlying Fund was 0.09% for the period ended March 31, 2011 and September 30, 2010.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	55


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2035 FUND n FOR THE PERIOD OR YEAR ENDED


	Retirement Class									Institutional Class

	3/31/11			9/30/10			9/30/09*			3/31/11			9/30/10			9/30/09*

	(Unaudited)									(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.82		$	10.00		$	10.00		$	10.84		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.15			0.15			—	(d)		0.20			0.05			—	(d)
Net realized and unrealized gain (loss) on total investments		1.41			0.71			—			1.38			0.84			—

Total gain (loss) from investment operations		1.56			0.86			—	(d)		1.58			0.89			—	(d)

Less distributions from:
Net investment income		(0.19	)		(0.04	)		—			(0.20	)		(0.05	)		—

Total distributions		(0.19	)		(0.04	)		—			(0.20	)		(0.05	)		—

Net asset value, end of period	$	12.19		$	10.82		$	10.00		$	12.22		$	10.84		$	10.00


TOTAL RETURN		14.54	%(b)		8.64	%		0.00	%(b)		14.68	%(b)		8.91	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	1,289		$	404		$	250		$	85,698		$	56,430		$	3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.57	%(c)		1.04	%		875.82	%(c)		0.23	%(c)		0.61	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.33	%(c)		0.33	%		0.35	%(c)		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		2.62	%(c)		1.41	%		(0.35	)%(c)		3.38	%(c)		0.52	%		(0.10	)%(c)
Portfolio turnover		7	%(b)		10	%		—	%(b)		7	%(b)		10	%		—	%(b)


56	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2035 FUND n FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09*

	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.83		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.14			—	(d)
Net realized and unrealized gain (loss) on total investments		1.37			0.73			—

Total gain (loss) from investment operations		1.56			0.87			—	(d)

Less distributions from:
Net investment income		(0.19	)		(0.04	)		—

Total distributions		(0.19	)		(0.04	)		—

Net asset value, end of period	$	12.20		$	10.83		$	10.00


TOTAL RETURN		14.56	%(b)		8.77	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	7,318		$	1,336		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.38	%(c)		0.85	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.23	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		3.19	%(c)		1.40	%		(0.25	)%(c)
Portfolio turnover		7	%(b)		10	%		—	%(b)


*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The percentages for the period of less than one year are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expense of the Underlying Funds. The annualized weighted average expense ratio of the Underlying Fund was 0.09% for the period ended March 31, 2011 and September 30, 2010.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	57


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2040 FUND n FOR THE PERIOD OR YEAR ENDED


	Retirement Class									Institutional Class

	3/31/11			9/30/10			9/30/09*			3/31/11			9/30/10			9/30/09*

	(Unaudited)									(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.84		$	10.00		$	10.00		$	10.87		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.14			0.15			—	(d)		0.20			0.04			—	(d)
Net realized and unrealized gain (loss) on total investments		1.44			0.71			—			1.39			0.86			—

Total gain (loss) from investment operations		1.58			0.86			—	(d)		1.59			0.90			—	(d)

Less distributions from:
Net investment income		(0.19	)		(0.02	)		—			(0.20	)		(0.03	)		—

Total distributions		(0.19	)		(0.02	)		—			(0.20	)		(0.03	)		—

Net asset value, end of period	$	12.23		$	10.84		$	10.00		$	12.26		$	10.87		$	10.00


TOTAL RETURN		14.72	%(b)		8.62	%		0.00	%(b)		14.75	%(b)		8.98	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	1,440		$	395		$	250		$	113,107		$	79,123		$	3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.54	%(c)		0.88	%		875.82	%(c)		0.21	%(c)		0.47	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.33	%(c)		0.33	%		0.35	%(c)		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		2.44	%(c)		1.41	%		(0.35	)%(c)		3.37	%(c)		0.42	%		(0.10	)%(c)
Portfolio turnover		6	%(b)		11	%		—	%(b)		6	%(b)		11	%		—	%(b)


58	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2040 FUND n FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09*

	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.85		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.14			—	(d)
Net realized and unrealized gain (loss) on total investments		1.38			0.73			—

Total gain (loss) from investment operations		1.57			0.87			—	(d)

Less distributions from:
Net investment income		(0.19	)		(0.02	)		—

Total distributions		(0.19	)		(0.02	)		—

Net asset value, end of period	$	12.23		$	10.85		$	10.00


TOTAL RETURN	$	14.65	%(b)		8.74	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	10,468		$	1,790		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.36	%(c)		0.69	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.23	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		3.22	%(c)		1.32	%		(0.25	)%(c)
Portfolio turnover		6	%(b)		11	%		—	%(b)


*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The percentages for the period of less than one year are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expense of the Underlying Funds. The annualized weighted average expense ratio of the Underlying Fund was 0.09% for the period ended March 31, 2011 and September 30, 2010.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	59


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2045 FUND n FOR THE PERIOD OR YEAR ENDED


	Retirement Class									Institutional Class

	3/31/11			9/30/10			9/30/09*			3/31/11			9/30/10			9/30/09*

	(Unaudited)									(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.77		$	10.00		$	10.00		$	10.79		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.15			—	(d)		0.19			0.09			—	(d)
Net realized and unrealized gain (loss) on total investments		1.39			0.71			—			1.38			0.80			—

Total gain (loss) from investment operations		1.56			0.86			—	(d)		1.57			0.89			—	(d)

Less distributions from:
Net investment income		(0.19	)		(0.09	)		—			(0.20	)		(0.10	)		—

Total distributions		(0.19	)		(0.09	)		—			(0.20	)		(0.10	)		—

Net asset value, end of period	$	12.14		$	10.77		$	10.00		$	12.16		$	10.79		$	10.00


TOTAL RETURN		14.62	%(b)		8.67	%		0.00	%(b)		14.67	%(b)		8.94	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	513		$	325		$	250		$	26,135		$	17,294		$	3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.71	%(c)		1.53	%		875.82	%(c)		0.34	%(c)		1.15	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.33	%(c)		0.33	%		0.35	%(c)		0.08	%(c)		0.08	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		2.94	%(c)		1.46	%		(0.35	)%(c)		3.36	%(c)		0.90	%		(0.10	)%(c)
Portfolio turnover		6	%(b)		10	%		—	%(b)		6	%(b)		10	%		—	%(b)


60	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2045 FUND n FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09*

	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.78		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.16			—	(d)
Net realized and unrealized gain (loss) on total investments		1.38			0.71			—

Total gain (loss) from investment operations		1.56			0.87			—	(d)

Less distributions from:
Net investment income		(0.19	)		(0.09	)		—

Total distributions		(0.19	)		(0.09	)		—

Net asset value, end of period	$	12.15		$	10.78		$	10.00


TOTAL RETURN		14.65	%(b)		8.80	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	3,797		$	408		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.50	%(c)		1.37	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.23	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		3.19	%(c)		1.57	%		(0.25	)%(c)
Portfolio turnover		6	%(b)		10	%		—	%(b)


*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The percentages for the period of less than one year are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expense of the Underlying Funds. The annualized weighted average expense ratio of the Underlying Fund was 0.09% for the period ended March 31, 2011 and September 30, 2010.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	61


FINANCIAL HIGHLIGHTS	continued

LIFECYCLE INDEX 2050 FUND n FOR THE PERIOD OR YEAR ENDED


	Retirement Class									Institutional Class

	3/31/11			9/30/10			9/30/09*			3/31/11			9/30/10			9/30/09*

	(Unaudited)									(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.76		$	10.00		$	10.00		$	10.78		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.15			—	(d)		0.19			0.11			—	(d)
Net realized and unrealized gain (loss) on total investments		1.39			0.71			—			1.39			0.78			—

Total gain (loss) from investment operations		1.56			0.86			—	(d)		1.58			0.89			—	(d)

Less distributions from:
Net investment income		(0.19	)		(0.10	)		—			(0.20	)		(0.11	)		—

Total distributions		(0.19	)		(0.10	)		—			(0.20	)		(0.11	)		—

Net asset value, end of period	$	12.13		$	10.76		$	10.00		$	12.16		$	10.78		$	10.00


TOTAL RETURN		14.65	%(b)		8.67	%		0.00	%(b)		14.80	%(b)		8.94	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	371		$	286		$	250		$	18,149		$	11,539		$	3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.84	%(c)		1.80	%		875.82	%(c)		0.41	%(c)		1.46	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.33	%(c)		0.33	%		0.35	%(c)		0.08	%(c)		0.08	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		3.03	%(c)		1.49	%		(0.35	)%(c)		3.26	%(c)		1.10	%		(0.10	)%(c)
Portfolio turnover		5	%(b)		11	%		—	%(b)		5	%(b)		11	%		—	%(b)


62	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements


FINANCIAL HIGHLIGHTS	concluded

LIFECYCLE INDEX 2050 FUND n FOR THE PERIOD OR YEAR ENDED


	Premier Class

	3/31/11			9/30/10			9/30/09*

	(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.77		$	10.00		$	10.00

Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.16			—	(d)
Net realized and unrealized gain (loss) on total investments		1.38			0.71			—

Total gain (loss) from investment operations		1.57			0.87			—	(d)

Less distributions from:
Net investment income		(0.20	)		(0.10	)		—

Total distributions		(0.20	)		(0.10	)		—

Net asset value, end of period	$	12.14		$	10.77		$	10.00


TOTAL RETURN		14.68	%(b)		8.80	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	1,943		$	328		$	250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.58	%(c)		1.65	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.23	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		3.21	%(c)		1.59	%		(0.25	)%(c)
Portfolio turnover		5	%(b)		11	%		—	%(b)


*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
(a)	Per share information is calculated based on average number of shares outstanding.
(b)	The percentages for the period of less than one year are not annualized.
(c)	The percentages shown for this period are annualized.
(d)	Amount represents less than $0.01 per share.
(e)	The Fund’s expenses do not include the expense of the Underlying Funds. The annualized weighted average expense ratio of the Underlying Fund was 0.09% for the period ended March 31, 2011 and September 30, 2010.


See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	63

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

TIAA-CREF LIFECYCLE INDEX FUNDS

Note 1—organization and significant accounting policies

The Lifecycle Index Funds (the “Funds,” each individually referred to as a “Fund”) are a sub-family of ten funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. Each Lifecycle Index Fund commenced operations on September 30, 2009.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly-owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. The Funds offer Institutional, Retirement and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.


64	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

Income and expenses of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees, and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2009-2010) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

Note 2—valuation of investments


	•	Level 1 – quoted prices in active markets for identical securities

	•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

	•	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	65

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

Investments in registered investment companies: These investments are valued at net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. As of March 31, 2011, there were no significant transfers between levels by the Funds.

As of March 31, 2011, all of the investments in the Lifecycle Index Funds were valued based on Level 1 inputs.

Note 3—investment adviser and affiliates

Under the terms of its Investment Management Agreement, each Fund pays Advisors a monthly fee based on the annual rate of 0.10% of a Fund’s average daily net assets for the management of a Fund’s investment portfolio. Advisors has contractually agreed to waive a portion of certain Funds’ management fees equal to, on an annual basis, the following percentages of the average daily net assets of each Fund: 0.04% for the Retirement Income Fund; 0.03% for the 2010 Fund; 0.02% for the 2015 Fund; 0.01% for the 2020 Fund; and 0.01% for the 2025 Fund. These waivers will remain in effect through September 30, 2012. However, this agreement may be terminated before this date with the approval of the Trustees.

Prior to February 1, 2011, Advisors had contractually agreed to waive a portion of each Fund’s management fees equal to, on an annual basis, 0.03% of the Funds average daily net assets.

Under the terms of the Funds’ Service Agreement, the Retirement Class of each Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms.

The Retirement Class and Premier Class of the Funds have adopted a distribution Rule 12b-1 plan that compensates TPIS for providing distribution, promotional


66	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

and/or shareholder services to the Retirement Class and Premier Class at the annual rate of 0.05% and 0.15% of the average daily net assets attributable to the Retirement Class shares and Premier Class shares, respectively. TPIS has agreed not to seek any payment from the Retirement Class shares under the distribution Rule 12b-1 plan through September 30, 2012. However, this agreement may be terminated before this date with the approval of the Trustees.

Certain affiliated entities may pay Fund expenses on behalf of the Funds. The Funds reimburse the affiliated entities for any such payment. Amounts owed to Fund affiliates for payment of fund expenses are disclosed as part of due to affiliates on the Statements of Assets and Liabilities.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding aquired fund fees and extraordinary expenses) exceed 0.35% of average daily net assets for the Retirement Class shares; 0.25% of the average daily net assets for the Premier Class shares; and 0.10% of average daily net assets for the Institutional Class shares of the Funds. The expense reimbursement arrangements will continue through at least September 30, 2012, unless changed with the approval of the Trustees.

At the commencement of operations of each Fund, TIAA, an affiliate, invested in the Fund. The following is the percentage of the Funds’ shares owned by affiliates as of March 31, 2011:


Fund	TIAA

Lifecycle Index Retirement Income	51	%
Lifecycle Index 2010	9	%
Lifecycle Index 2015	6	%
Lifecycle Index 2020	5	%
Lifecycle Index 2025	5	%
Lifecycle Index 2030	5	%
Lifecycle Index 2035	5	%
Lifecycle Index 2040	4	%
Lifecycle Index 2045	16	%
Lifecycle Index 2050	24	%


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	67

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Note 4—investments


Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Lifecycle Index Retirement Income	$	8,410,667	$	655,885	$	—		$	655,885
Lifecycle Index 2010		49,631,320		3,617,425		(40,550	)		3,576,875
Lifecycle Index 2015		74,245,596		6,205,115		(97,888	)		6,107,227
Lifecycle Index 2020		91,217,044		8,644,246		(171,867	)		8,472,379
Lifecycle Index 2025		81,926,818		8,813,316		(104,895	)		8,708,421
Lifecycle Index 2030		92,180,592		11,031,218		(84,898	)		10,946,320
Lifecycle Index 2035		83,008,981		11,194,333		(37,433	)		11,156,900
Lifecycle Index 2040		109,079,848		15,678,057		(35,209	)		15,642,848
Lifecycle Index 2045		26,657,485		3,689,310		(2,170	)		3,687,140
Lifecycle Index 2050		17,842,570		2,570,426		(104	)		2,570,322

Purchases and sales of securities, excluding short-term instruments, for the Funds, for the period ended March 31, 2011 were as follows:


Fund		Purchases		Sales

Lifecycle Index Retirement Income	$	3,264,312	$	805,893
Lifecycle Index 2010		35,995,418		17,032,401
Lifecycle Index 2015		39,721,428		8,342,047
Lifecycle Index 2020		46,182,760		6,911,852
Lifecycle Index 2025		35,802,627		5,335,105
Lifecycle Index 2030		40,764,361		4,966,100
Lifecycle Index 2035		32,614,967		5,751,308
Lifecycle Index 2040		37,127,544		6,214,040
Lifecycle Index 2045		10,817,317		1,431,252
Lifecycle Index 2050		7,169,368		876,907


68	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended September 30, 2010 was as follows:


	2010

Fund	Ordinary Income		Long-Term Capital Gains		Total

Lifecycle Index Retirement Income	$	121,285	$	—	$	121,285
Lifecycle Index 2010		54,637		—		54,637
Lifecycle Index 2015		58,393		—		58,393
Lifecycle Index 2020		60,463		—		60,463
Lifecycle Index 2025		62,461		—		62,461
Lifecycle Index 2030		65,253		—		65,253
Lifecycle Index 2035		66,735		—		66,735
Lifecycle Index 2040		67,867		—		67,867
Lifecycle Index 2045		66,026		—		66,026
Lifecycle Index 2050		65,969		—		65,969

The tax character of the fiscal year 2011 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

Note 7—indemnification


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	69


NOTES TO FINANCIAL STATEMENTS	concluded

Note 8—change in fiscal year end

On July 20, 2010, the Trustees approved a change of the Funds’ fiscal year end from September 30 to May 31.


70	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

BOARD APPROVAL OF THE INVESTMENT MANAGEMENT AGREEMENT FOR THE TIAA-CREF LIFECYCLE INDEX FUNDS OF THE TIAA-CREF FUNDS

OVERVIEW OF THE RENEWAL PROCESS

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding the Institutional Class of each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	71

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)


72	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	73

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds and the other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds (which are funds of funds that invest their assets in the securities of other investment companies managed by TAI, referred to as “underlying funds”), including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios; selecting underlying funds and allocating the Funds’ assets among the underlying funds, active daily monitoring of the Funds’ investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Fund, as applicable, over the one-year and since inception periods. The Board considered each Fund’s performance as compared to its peer group and benchmark index. The performance of most Funds generally compared favorably to their benchmarks (after considering the effect of expenses incurred to operate the Funds) and, with some exceptions, ranked in the top three performance quintiles versus their peer universes of mutual funds. (For additional detail regarding the performance of each Fund, see the Fund-by-Fund synopsis below.) Thus, the Board concluded that the investment performance of each Fund was within an acceptable range.


74	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

COST AND PROFITABILITY

The Board considered financial and profitability data relating to TAI’s services to the Funds for the calendar year 2010. In this connection, the Board considered profit calculations both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Funds. The Board considered that TAI does not earn a direct profit on any of the Funds, which is primarily due to a partial waiver of some of the Funds’ management fees and a reimbursement of each Fund’s other expenses except service and 12b-1 fees. The Board also considered that TAI may have indirect earnings with respect to the Funds based on the Funds’ investment in affiliated underlying funds also managed by TAI. The Board concluded that TAI’s direct and indirect profits were not excessive in light of various relevant factors. The Board acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services provided to the Funds. The Board also acknowledged certain permanent and temporary waivers of management fees and reimbursements of expenses above specified amounts of TIAA-CREF Funds used as underlying investments for the Funds which would reduce the Funds’ expenses. During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions by TAI so as to assess whether sufficient resources are being devoted to these functions.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rates charged to a Fund under the Agreement typically were reasonable. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds. In this regard, the Board also considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data was derived. Based on all factors considered, the Board concluded that the fee rates under the Agreement with respect to each Fund were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.

ECONOMIES OF SCALE


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	75

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

waived its fees on some Funds and reimbursed the Funds for all of their expenses other than Retirement Class service fees and 12b-1 fees. Thus, the Board determined that the Funds’ fee schedules are reasonable in light of current economies of scale considerations and current asset levels.

FEE COMPARISON WITH OTHER TAI CLIENTS

The Board considered that TAI and its affiliates provides funds-of-funds management services to the Lifecycle Funds, with an annual management fee of 0.10% of average daily net assets that is currently being entirely waived by TAI, and the Managed Allocation Fund, which has no management fee. TAI also manages other asset allocation products, such as education savings plans (529 plans).

OTHER BENEFITS

FUND-BY-FUND FACTORS

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of each Fund. Because each of the Funds’ classes generally has different nonadvisory expenses, the expense and performance information for the Funds’ other classes will differ from the expense and performance information shown below. All time periods referenced below end as of December 31, 2010. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2010 under the Agreement.


76	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

LIFECYCLE INDEX RETIREMENT INCOME FUND


•	The Fund’s annual contractual management fee is 0.10% of average daily net assets.
•	The Fund’s total expenses and management fees were in the 1st quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Expense Universe”).
•	For the one-year period, the Fund was in the 3rd quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”).
•	The Fund has not been operational for a sufficient time to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.

LIFECYCLE INDEX 2010 FUND


•	The Fund’s annual contractual management fee is 0.10% of average daily net assets.
•	The Fund’s Expense Universe was too small to provide a meaningful comparison because so few competing indexed target date funds are currently offered.
•	For the one-year period, the Fund was in the 3rd quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient time to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.

LIFECYCLE INDEX 2015 FUND


•	The Fund’s annual contractual management fee is 0.10% of average daily net assets.
•	The Fund’s Expense Group and Expense Universe were too small to provide a meaningful comparison because so few competing indexed target date funds are currently offered.
•	For the one-year period, the Fund was in the 3rd quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient time to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	77

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

LIFECYCLE INDEX 2020 FUND


•	The Fund’s annual contractual management fee is 0.10% of average daily net assets.
•	The Fund’s Expense Group and Expense Universe were too small to provide a meaningful comparison because so few competing indexed target date funds are currently offered.
•	For the one-year period, the Fund was in the 3rd quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient time to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.

LIFECYCLE INDEX 2025 FUND


•	The Fund’s annual contractual management fee is 0.10% of average daily net assets.
•	The Fund’s Expense Group and Expense Universe were too small to provide a meaningful comparison because so few competing indexed target date funds are currently offered.
•	For the one-year period, the Fund was in the 4th quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient time to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.

LIFECYCLE INDEX 2030 FUND


•	The Fund’s annual contractual management fee is 0.10% of average daily net assets.
•	The Fund’s Expense Group and Expense Universe were too small to provide a meaningful comparison because so few competing indexed target date funds are currently offered.
•	For the one-year period, the Fund was in the 4th quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient time to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.


78	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

LIFECYCLE INDEX 2035 FUND


•	The Fund’s annual contractual management fee is 0.10% of average daily net assets.
•	The Fund’s Expense Group and Expense Universe were too small to provide a meaningful comparison because so few competing indexed target date funds are currently offered.
•	For the one-year period, the Fund was in the 4th quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient time to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.

LIFECYCLE INDEX 2040 FUND


•	The Fund’s annual contractual management fee is 0.10% of average daily net assets.
•	The Fund’s Expense Group and Expense Universe were too small to provide a meaningful comparison because so few competing indexed target date funds are currently offered.
•	For the one-year period, the Fund was in the 4th quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient time to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.

LIFECYCLE INDEX 2045 FUND


•	The Fund’s annual contractual management fee is 0.10% of average daily net assets.
•	The Fund’s Expense Group and Expense Universe were too small to provide a meaningful comparison because so few competing indexed target date funds are currently offered.
•	For the one-year period, the Fund was in the 4th quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient time to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	79


APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)	concluded

LIFECYCLE INDEX 2050 FUND


•	The Fund’s annual contractual management fee is 0.10% of average daily net assets.
•	The Fund’s Expense Group and Expense Universe were too small to provide a meaningful comparison because so few competing indexed target date funds are currently offered.
•	For the one-year period, the Fund was in the 4th quintile of its Performance Universe.
•	The Fund has not been operational for a sufficient time to have received an Overall Morningstar Rating.
•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Lifecycle Fund.


80	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

HOW TO REACH US

TIAA-CREF WEBSITE

tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

800 842-2252

24 hours a day, 7 days a week

FOR THE HEARING- OR SPEECH-IMPAIRED

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.


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C50645	A12028 (5/11)



	2011 SEMIANNUAL REPORT



	TIAA-CREF
	MANAGED ALLOCATION FUND
	OF THE TIAA-CREF FUNDS

	MARCH 31, 2011

	Financial statements (unaudited)


CONTENTS

A change in the fund’s reporting cycle		2

Understanding your fund report		2

Information for investors		3

About the fund’s composite benchmark		4

Important information about expenses		5

Fund performance
Managed Allocation Fund		7

Portfolio of investments		9

Financial statements
Statement of assets and liabilities		10
Statement of operations		11
Statement of changes in net assets		12
Financial highlights		13
Notes to financial statements		16

Approval of investment management agreement		21

How to reach us	Inside back cover

(TIAA CREF LOGO)

A CHANGE IN THE FUND’S REPORTING CYCLE

The TIAA-CREF Funds Board of Trustees has approved a change to the fiscal year-end of the Managed Allocation Fund, from September 30 to May 31. Beginning May 31, 2011, the fund will issue annual reports dated May 31 and semiannual reports dated November 30.

UNDERSTANDING YOUR FUND REPORT

This semiannual report contains information about the Managed Allocation Fund and describes the fund’s results for the six months ended March 31, 2011. The report contains three main sections:


	•	The fund performance section compares the fund’s investment returns with those of its benchmark index.

	•	The portfolio of investments lists the underlying funds in which the Managed Allocation Fund had investments as of March 31, 2011.

	•	The financial statements provide detailed information about the operations and financial condition of the fund.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 842-2252 for the Institutional or Retirement classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.


2	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

INFORMATION FOR INVESTORS

PORTFOLIO HOLDINGS

The complete Managed Allocation Fund’s portfolio of investments appears on page 9 of this report. You can also obtain a complete list of the holdings of the Managed Allocation Fund and of the underlying funds in which the Managed Allocation Fund invests (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:


	•	By visiting our website at tiaa-cref.org; or

	•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the Managed Allocation Fund’s and the TIAA-CREF Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the Securities and Exchange Commission (SEC). (Form N-CSR lists holdings as of March 31 or September 30; Form N-Q lists holdings as of December 31 or June 30.) Copies of these forms are available:


	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

PROXY VOTING

A description of our proxy voting policies and procedures for the underlying funds of the Managed Allocation Fund can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You can also call us at 800 842-2252 to request a free copy. A report of how the Managed Allocation Fund and its underlying funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

CONTACTING TIAA-CREF

FUND MANAGEMENT

The Managed Allocation Fund is managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day investment management of the fund.


TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	3

ABOUT THE FUND’S COMPOSITE BENCHMARK

The Managed Allocation Fund uses a composite benchmark that combines the following public indexes in proportions that reflect the fund’s target allocations:


	•	Russell 3000® Index (U.S. equity), which measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.

	•	MSCI EAFE+EM (Emerging Markets) Index* (international equity), which measures the performance of the leading stocks in 22 developed countries outside North America—in Europe, Australasia and the Far East—and in 21 emerging countries in Europe, Asia, Africa, Latin America and the Middle East.

	•	Barclays Capital U.S. Aggregate Bond Index (fixed income), which measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.


*	On February 1, 2011, the MSCI EAFE+EM (Emerging Markets) Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.


4	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

IMPORTANT INFORMATION ABOUT EXPENSES

Shareholders in the Managed Allocation Fund incur only one of two potential types of costs:


	•	Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.

	•	However, they do incur ongoing costs, including management fees and other fund expenses. These include fees for the Managed Allocation Fund and fees for the underlying funds; the Managed Allocation Fund bears its pro rata share of fees and expenses incurred by the underlying funds in which it invests.

The example that appears in the table on page 6 is intended to help you understand your ongoing costs (in U.S. dollars) of investing in the fund. The example is also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

ACTUAL EXPENSES

The first line of the two lines listed for each share class in the table uses that class’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the six-month period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in each share class’s entry in the tables shows a hypothetical account value and hypothetical expenses based on the fund’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the share class’s actual return.


TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	5

IMPORTANT INFORMATION ABOUT EXPENSES

EXPENSE EXAMPLE—FOR THE SIX MONTHS ENDED MARCH 31, 2011

Managed Allocation Fund


	Beginning account value (10/1/10)		Ending account value (3/31/11)		Expenses paid during period* (10/1/10–3/31/11)		Effective expenses paid during period (10/1/10–3/31/11)		^†

Institutional Class
Actual return		$1,000.00		$1,101.68		$0.00		$2.20
5% annual hypothetical return		1,000.00		1,024.93		0.00		2.12

Retirement Class
Actual return		$1,000.00		$1,101.56		$1.31		$3.51
5% annual hypothetical return		1,000.00		1,023.68		1.26		3.38

Retail Class
Actual return		$1,000.00		$1,101.39		$1.10		$3.30
5% annual hypothetical return		1,000.00		1,023.88		1.06		3.18


*	“Expenses paid” is based on the 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 182/365. There were 182 days in the six months ended March 31, 2011. The fund’s annualized six-month expense ratio for that period was 0.00% for the Institutional Class, 0.25% for the Retirement Class and 0.21% for the Retail Class. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and their performance lower.
^†	“Effective expenses paid” is based on the 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 most recent fiscal half-year. For that period, the total annualized, weighted, average expense ratio was 0.42% for the Institutional Class, 0.67% for the Retirement Class and 0.63% for the Retail Class.


6	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

MANAGED ALLOCATION FUND

PERFORMANCE FOR THE SIX MONTHS ENDED MARCH 31, 2011

The Managed Allocation Fund returned 10.17% for the Institutional Class, compared with the 9.52% return of its benchmark, the Managed Allocation Composite Index. For the year ended March 31, 2011, the fund returned 13.22%, versus 12.04% for its composite index. The table on the following page shows returns for all share classes of the fund.

Stocks score gains, but bonds fall

The U.S. stock market, as measured by the Russell 3000® Index, soared an impressive 18.71% for the period, but it was not a smooth climb. The Russell 3000 rose 11.59% in the fourth quarter of 2010 and continued upwards as 2011 began. However, the catastrophic earthquake in Japan on March 11 sent prices tumbling. The market rebounded in the final weeks of the month, lifting the index to a 6.38% gain for the quarter.

The MSCI EAFE+EM (Emerging Markets) Index, which measures stock performance in 22 developed nations outside North America and in 21 developing nations, returned 10.04% in dollar terms for the six months. During the period covered by this report, the MSCI EAFE+EM (Emerging Markets) Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector.

For the six months, the broad investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index, posted a loss of 0.88%. Much of the decline resulted from falling prices for U.S. Treasury securities, which made up about one-third of the overall index at period-end.

The fund tops its composite benchmark

For the period, the absolute return of the Managed Allocation Fund benefited from double-digit gains in nearly all the stock funds in which it invested. The fund’s return was lifted by the Enhanced Large-Cap Growth Index Fund (up 19.83%) and the Enhanced Large-Cap Value Index Fund (up 17.80%). (Fund returns are for the Institutional Class.) Together, these two components made up almost one-fifth of the fund’s net assets on March 31, 2011.

The fund outpaced its composite benchmark primarily because of favorable relative results from the Bond Plus Fund. While the Bond Plus Fund posted an absolute return of
-0.03%, it still topped the return of the Barclays Capital aggregate index. Also boosting the fund’s relative performance were outsized results from the fund’s U.S. equity segment, which outperformed the Russell 3000 Index.


TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	7

MANAGED ALLOCATION FUND

PERFORMANCE AS OF MARCH 31, 2011


	Total return						Average annual total return

Managed Allocation Fund	6 months			1 year			5 years			since inception

Institutional Class (inception: 3/31/2006)		10.17	%		13.22	%		3.83	%		3.83	%
Retirement Class (inception: 3/31/2006)		10.16			12.94			3.57			3.57
Retail Class (inception: 3/31/2006)		10.14			13.06			3.78			3.78

Managed Allocation Composite Index*		9.52			12.04			4.37			4.37

Broad-based market index
Russell 3000^® Index		18.71			17.41			2.95			2.95


*	At March 31, 2011, the Managed Allocation Composite Index consisted of: 45.0% Russell 3000 Index; 40.0% Barclays Capital U.S. Aggregate Bond Index; and 15.0% MSCI EAFE+EM (Emerging Markets) Index. The fund’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

PORTFOLIO COMPOSITION


TIAA-CREF Funds (Institutional Class)	% of net assets as of 3/31/2011

Bond Plus Fund		39.9
Enhanced Large-Cap Growth Index Fund		9.4
Enhanced Large-Cap Value Index Fund		9.2
Large-Cap Growth Fund		7.6
Large-Cap Value Fund		7.5
Growth & Income Fund		6.4
Enhanced International Equity Index Fund		6.1
International Equity Fund		6.0
Small-Cap Equity Fund		3.9
Emerging Markets Equity Fund		2.9
Mid-Cap Value Fund		0.6
Mid-Cap Growth Fund		0.6
Other assets & liabilities, net		–0.1

Total		100.0


8	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

PORTFOLIO OF INVESTMENTS (UNAUDITED)

MANAGED ALLOCATION FUND § MARCH 31, 2011


Shares		Company	Value			% of net assets

TIAA-CREF FUNDS (a)
	23,130,461	TIAA-CREF Bond Plus Fund	$	235,005,481			39.9	%
	1,440,960	TIAA-CREF Emerging Markets Equity Fund		17,118,605			2.9
	4,780,576	TIAA-CREF Enhanced International Equity Index Fund		35,471,874			6.1
	5,616,391	TIAA-CREF Enhanced Large-Cap Growth Index Fund		55,265,283			9.4
	6,289,810	TIAA-CREF Enhanced Large-Cap Value Index Fund		54,155,262			9.2
	3,905,581	TIAA-CREF Growth & Income Fund		37,923,188			6.4
	3,575,737	TIAA-CREF International Equity Fund		35,435,552			6.0
	4,039,384	TIAA-CREF Large-Cap Growth Fund		44,514,013			7.6
	3,196,016	TIAA-CREF Large-Cap Value Fund		44,168,948			7.5
	157,470	TIAA-CREF Mid-Cap Growth Fund		3,286,403			0.6
	195,878	TIAA-CREF Mid-Cap Value Fund		3,576,723			0.6
	1,471,016	TIAA-CREF Small-Cap Equity Fund		23,065,527			3.9


		TOTAL TIAA-CREF FUNDS (Cost $548,671,142)		588,986,859			100.1

		TOTAL INVESTMENTS (Cost $548,671,142)		588,986,859			100.1
		OTHER ASSETS & LIABILITIES, NET		(372,119	)		(0.1	)

		NET ASSETS	$	588,614,740			100.0	%



(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.


See notes to financial statements	TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	9

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)

MANAGED ALLOCATION FUND § MARCH 31, 2011




ASSETS
Affiliated investments, at value ^‡	$	588,986,859
Cash		28,436
Receivable from Fund shares sold		331,871
Dividends and interest receivable		782,756
Due from affiliates		4,173
Other		21,547

Total assets		590,155,642


LIABILITIES
Service agreement fees payable		652
Distribution fees payable		174,532
Due to affiliates		3,940
Payable for securities transactions		812,755
Payable for Fund shares redeemed		265,641
Accrued expenses & other payables		283,382

Total liabilities		1,540,902

NET ASSETS	$	588,614,740


NET ASSETS CONSIST OF:
Paid-in-capital	$	587,884,927
Undistributed net investment income (loss)		(1,798	)
Accumulated net realized gain (loss) on total investments		(39,584,106	)
Accumulated net unrealized appreciation (depreciation) on total investments		40,315,717

NET ASSETS	$	588,614,740


INSTITUTIONAL CLASS:
Net assets	$	4,083,809
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		401,802

Net asset value per share	$	10.16


RETIREMENT CLASS:
Net assets	$	31,905,954
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,141,264

Net asset value per share	$	10.16


RETAIL CLASS:
Net assets	$	552,624,977
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		54,256,422

Net asset value per share	$	10.19

^‡ Affiliated investments, Cost	$	548,671,142


10	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund	See notes to financial statements

STATEMENT OF OPERATIONS (UNAUDITED)

MANAGED ALLOCATION FUND § FOR THE PERIOD ENDED MARCH 31, 2011




INVESTMENT INCOME
Dividends from affiliated investments	$	10,678,739

Total income		10,678,739


EXPENSES
Distribution fees – Retail Class		324,380
Fund administration fees		19,484
Custody and accounting fees		7,034
Professional fees		16,334
Shareholder reports		175,714
Shareholder servicing – Institutional Class		123
Shareholder servicing – Retirement Class		35,718
Shareholder servicing – Retail Class		236,457
Trustee fees and expenses		1,900
Compliance fees		6,701
Interest expense		491
Registration fees		27,357
Other expenses		2,955

Total expenses		854,648
Less: Expenses reimbursed by the investment adviser		(257,153	)

Net expenses		597,495

Net investment income		10,081,244


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		9,785,390
Realized gain distributions from affiliated investments		75,075

Net realized gain (loss) from affiliated investments		9,860,465

Net change in unrealized appreciation (depreciation) from affiliated investments		33,919,887

Net realized and unrealized gain (loss) from affiliated investments		43,780,352

Net increase (decrease) in net assets resulting from operations	$	53,861,596


See notes to financial statements	TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	11

STATEMENT OF CHANGES IN NET ASSETS

MANAGED ALLOCATION FUND § FOR THE PERIOD OR YEAR ENDED


		March 31, 2011			September 30, 2010

			(unaudited)
OPERATIONS
Net investment income (loss)		$	10,081,244		$	12,591,028
Net realized gain (loss) from affiliated investments			9,860,465			13,676,895
Net change in unrealized appreciation (depreciation) from affiliated investments			33,919,887			24,039,726

Net increase (decrease) from operations			53,861,596			50,307,649


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(62,349	)		(37,089	)
	Retirement Class		(504,469	)		(562,210	)
	Retail Class		(9,522,030	)		(11,986,288	)

Total distributions			(10,088,848	)		(12,585,587	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		1,655,325			1,682,964
	Retirement Class		8,187,716			9,388,130
	Retail Class		29,873,826			41,096,004
Reinvestments of distributions:	Institutional Class		60,519			29,762
	Retirement Class		504,469			562,210
	Retail Class		9,022,042			11,450,801
Redemptions:	Institutional Class		(404,788	)		(1,321,657	)
	Retirement Class		(3,366,512	)		(8,485,393	)
	Retail Class		(33,361,863	)		(53,942,310	)

Net increase (decrease) from shareholder transactions			12,170,734			460,511

Net increase (decrease) in net assets			55,943,482			38,182,573

NET ASSETS
Beginning of period			532,671,258			494,488,685

End of period		$	588,614,740		$	532,671,258

Undistributed net investment income (loss) included in net assets		$	(1,798	)	$	5,806


CHANGE IN FUND SHARES
Shares sold:	Institutional Class		166,098			183,529
	Retirement Class		831,904			1,038,761
	Retail Class		3,008,068			4,547,497
Shares reinvested:	Institutional Class		6,143			3,272
	Retirement Class		51,328			62,458
	Retail Class		915,750			1,268,455
Shares redeemed:	Institutional Class		(40,959	)		(146,711	)
	Retirement Class		(340,323	)		(942,830	)
	Retail Class		(3,365,665	)		(5,972,431	)

Net increase from shareholder transactions			1,232,344			42,000


12	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund	See notes to financial statements

FINANCIAL HIGHLIGHTS

MANAGED ALLOCATION FUND § FOR THE PERIOD OR YEAR ENDED


	Institutional Class

	3/31/11			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.40		$	8.73		$	8.86		$	11.03		$	10.11		$	10.00


Gain from investment operations:
Net investment income(a)		0.19			0.24			0.24			0.33			0.33			0.11
Net realized and unrealized gain (loss) on total investments		0.76			0.67			(0.13	)		(2.16	)		1.12			0.11

Total gain (loss) from investment operations		0.95			0.91			0.11			(1.83	)		1.45			0.22


Less distributions from:
Net investment income		(0.19	)		(0.24	)		(0.24	)		(0.33	)		(0.53	)		(0.11	)
Net realized gains		—			—			—			(0.01	)		—			—

Total distributions		(0.19	)		(0.24	)		(0.24	)		(0.34	)		(0.53	)		(0.11	)

Net asset value, end of period	$	10.16		$	9.40		$	8.73		$	8.86		$	11.03		$	10.11


TOTAL RETURN		10.17	%(b)		10.52	%		1.74	%		(16.92	)%		14.68	%		2.25	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	4,084		$	2,542		$	2,011		$	1,832		$	4,718		$	2,046
Ratio of expenses to average net assets before expense waiver and reimbursement(e)		0.10	%(c)		0.06	%		0.10	%		0.07	%		0.12	%		1.50	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement(e)		0.00	%(c)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.88	%(c)		2.68	%		3.15	%		3.28	%		3.12	%		2.26	%(c)
Portfolio turnover rate		8	%(b)		21	%		48	%		26	%		13	%		8	%(b)


See notes to financial statements	TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	13


FINANCIAL HIGHLIGHTS	continued

MANAGED ALLOCATION FUND § FOR THE PERIOD OR YEAR ENDED


	Retirement Class

	3/31/11			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.39		$	8.72		$	8.86		$	11.03		$	10.13		$	10.00


Gain from investment operations:
Net investment income(a)		0.17			0.21			0.21			0.29			0.35			0.11
Net realized and unrealized gain (loss) on total investments		0.78			0.67			(0.12	)		(2.14	)		1.06			0.11

Total gain (loss) from investment operations		0.95			0.88			0.09			(1.85	)		1.41			0.22


Less distributions from:
Net investment income		(0.18	)		(0.21	)		(0.23	)		(0.31	)		(0.51	)		(0.09	)
Net realized gains		—			—			—			(0.01	)		—			—

Total distributions		(0.18	)		(0.21	)		(0.23	)		(0.32	)		(0.51	)		(0.09	)

Net asset value, end of period	$	10.16		$	9.39		$	8.72		$	8.86		$	11.03		$	10.13


TOTAL RETURN		10.16	%(b)		10.26	%		1.39	%		(17.10	)%		14.27	%		2.17	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	31,906		$	24,404		$	21,287		$	13,678		$	16,570		$	8,358
Ratio of expenses to average net assets before expense waiver and reimbursement(e)		0.34	%(c)		0.30	%		0.34	%		0.31	%		0.37	%		1.59	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement(e)		0.25	%(c)		0.25	%		0.25	%		0.24	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		3.45	%(c)		2.36	%		2.82	%		2.84	%		3.26	%		2.14	%(c)
Portfolio turnover rate		8	%(b)		21	%		48	%		26	%		13	%		8	%(b)


14	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund	See notes to financial statements


FINANCIAL HIGHLIGHTS	concluded

MANAGED ALLOCATION FUND § FOR THE PERIOD OR YEAR ENDED


	Retail Class

	3/31/11			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	9.42		$	8.75		$	8.88		$	11.05		$	10.16		$	10.00


Gain from investment operations:
Net investment income(a)		0.18			0.22			0.24			0.32			0.22			0.13
Net realized and unrealized gain (loss) on total investments		0.77			0.67			(0.13	)		(2.15	)		1.21			0.10

Total gain (loss) from investment operations		0.95			0.89			0.11			(1.83	)		1.43			0.23


Less distributions from:
Net investment income		(0.18	)		(0.22	)		(0.24	)		(0.33	)		(0.54	)		(0.07	)
Net realized gains		—			—			—			(0.01	)		—			—

Total distributions		(0.18	)		(0.22	)		(0.24	)		(0.34	)		(0.54	)		(0.07	)

Net asset value, end of period	$	10.19		$	9.42		$	8.75		$	8.88		$	11.05		$	10.16


TOTAL RETURN		10.14	%(b)		10.34	%		1.70	%		(16.89	)%		14.47	%		2.36	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	552,625		$	505,725		$	471,190		$	489,340		$	620,616		$	7,505
Ratio of expenses to average net assets before expense waiver and reimbursement(e)		0.30	%(c)		0.21	%		0.44	%		0.37	%		0.45	%		1.38	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement(e)		0.21	%(c)		0.16	%		0.05	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		3.59	%(c)		2.47	%		3.16	%		3.16	%		1.99	%		2.56	%(c)
Portfolio turnover rate		8	%(b)		21	%		48	%		26	%		13	%		8	%(b)


(a)	Based on average shares outstanding.

(b)	The percentages shown for this period are not annualized.

(c)	The percentages shown for this period are annualized.

(d)	The Fund commenced operations on March 31, 2006.

(e)	The Fund’s expenses do not include the expenses of the underlying Funds. The annualized weighted average expense ratios of the underlying Funds for the periods ended March 31, 2011 and September 30, 2010 were 0.42% and 0.42%, respectively.


See notes to financial statements	TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	15

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Note 1—organization and significant accounting policies

The TIAA-CREF Managed Allocation Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly-owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Fund. The Fund offers three share classes: Institutional, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

Security valuation: The Fund’s investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

Accounting for investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Dividends and distributions from the affiliated investment companies are recorded on the ex-dividend date. Dividends from the affiliated investment companies are recorded as dividend income, while capital gain distributions are recorded as gain distributions from investments in affiliated investment companies on the Statement of Operations. Realized gains and losses on sales from investments in affiliated investment companies are based upon the specific identification method.

Income and expenses of the Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees, and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly


16	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

continued

attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

Income taxes: The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that the Fund distributes all taxable income each year and complies with various other Code requirements. Therefore, no federal income tax provision is required. Management has analyzed the Fund’s tax positions taken for all open federal income tax years (2007–2010) and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

Trustee compensation: The Fund pays the Board of Trustees (“Trustees”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, Trustees participate in a long-term compensation plan. Amounts deferred are retained by the Fund until paid. The investment of deferred amounts and the offsetting payable to the Trustees are included in other assets and accrued expenses and other payables in the accompanying Statement of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statement of Operations.

Note 2—valuation of investments


	•	Level 1 – quoted prices in active markets for identical securities

	•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)


TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	17

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value follows:

Investments in registered investment companies: These investments are valued at net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Transfers between levels are recognized at the end of the reporting period. For the period ended March 31, 2011, there were no significant transfers between levels by the Fund.

As of March 31, 2011, all of the investments in the Fund were valued based on Level 1 inputs.

Note 3—investment adviser and affiliates

Under the terms of its Investment Management Agreement, the Fund pays Advisors a monthly fee based on the annual rate of 0.00% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. Under the terms of the Fund’s Service Agreement, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to Advisors under the Service Agreement. Under the terms of a distribution Rule 12b-1 plan, the Retail Class of the Fund reimburses TPIS for amounts incurred up to 0.25% of the average daily net assets to distribute the Fund’s Retail Class shares.

Certain affiliated entities may pay Fund expenses on behalf of the Fund. The Fund reimburses the affiliated entities for any such payment. Amounts owed to Fund affiliates for payment of Fund expenses are disclosed as due to affiliates on the Statement of Assets and Liabilities.

Advisors has agreed to reimburse the Fund if its total expense ratio (excluding acquired fund fees and extraordinary expenses) exceeds 0.25% of average daily net assets for the Retirement and Retail Class shares; and 0.00% of average daily net assets for the Institutional Class shares. The expense reimbursement arrangements will continue through at least September 30, 2012, unless changed with approval of the Trustees.


18	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

continued

The Fund may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Trustees, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

Note 4—investments

At March 31, 2011, the cost of portfolio investments for federal income tax purposes was $548,671,142. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $37,552,160, consisting of gross unrealized appreciation of $45,540,229, and gross unrealized depreciation of $(7,988,069).

Purchases and sales of portfolio securities (other than short-term money market instruments) for the period ended March 31, 2011 were $55,530,905 and $43,098,068, respectively.

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended September 30, 2010 was as follows:


Ordinary Income		Long-Term Capital Gains		Total

$	12,585,587	$	—	$	12,585,587

The tax character of the fiscal year 2011 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

The Fund participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the Fund at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended March 31, 2011, there were no borrowings under this credit facility by the Fund.

Note 7—indemnification

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this


TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	19


NOTES TO FINANCIAL STATEMENTS (UNAUDITED)	concluded

would involve future claims against the Fund that have not yet occurred. Also, under the Fund’s organizational documents, the Trustees and officers of the Fund are indemnified against certain liabilities that may arise out of their duties to the Fund. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

Note 8—change in fiscal year end

On July 20, 2010, the Trustees approved a change of the Fund’s fiscal year end from September 30 to May 31.


20	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

BOARD APPROVAL OF THE INVESTMENT MANAGEMENT AGREEMENT FOR THE TIAA-CREF MANAGED ALLOCATION FUND

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that, after an initial period of up to two years, the Agreement for the Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are deemed to be independent persons for this purpose.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on March 31, 2011, at which it considered the annual renewal of the Agreement with respect to each Fund using its previously established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with management and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewals, and then helped to evaluate the information provided in response to those guidelines. During a series of meetings held prior to the March 31, 2011 Board meetings, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to management and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to all Trustees with respect to the Fund by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.


	TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	21

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

relating to the Fund’s management fee rates, total expense ratios, short-term and long-term investment performance and portfolio turnover rates. Lipper also compared much of this data for the Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that it (and not management) had identified the selected comparative peer group and universe and that it did so in a manner that was not intended to produce biased results for its clients. In considering Lipper’s data, the Board noted that the data on similar funds was based on historical information and had not been adjusted to reflect market volatility that affected the asset levels of many mutual funds during the period covered by that data due to the financial markets’ downturn and subsequent recovery.

Among other matters, the Operations Committee also requested and reviewed various sources of information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to the Fund pursuant to the Agreement. In this connection, the Operations Committee emphasized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized by TAI.

In advance of the Board meeting held on March 31, 2011, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for the Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to the Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of the Fund, which had underperformed its Lipper peer group over a three-year period, together with an explanation of any events that had a material impact on performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Fund’s fees under the Agreement as compared to any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Fund aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing


22	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

continued

levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Fund; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Fund and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to the Fund, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized (if any) by TAI and its affiliates from their relationship with the Fund; (4) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (5) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (6) comparisons of services and fees with contracts entered into by TAI with other clients; and (7) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for the Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Fund. In addition, the Board received and considered information from its legal counsel, as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determination on a Fund-level basis. In deciding whether to renew the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Fund.

At its meeting on March 31, 2011, the Board voted unanimously to renew the Agreement for the Fund. Set forth below are the general factors the Board considered for the Fund followed by a summary of certain specific factors the Board considered for the Fund.


	TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	23

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Life Funds and the other series of the Trust. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Fund (which is a fund of funds that invests its assets in the securities of other investment companies managed by TAI, referred to as “underlying funds”), including conducting research, recommending investments and placing orders to buy and sell securities for the Fund’s investment portfolio; selecting underlying funds and allocating the Fund’s assets among the underlying funds, active daily monitoring of the Fund’s investment portfolio by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Fund to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Fund. The Board considered that TAI has carried out these responsibilities in a competent and professional manner.

The Board also considered, among other factors, the performance of the Fund, as discussed below. In the course of its review of the quality of TAI’s services, the Board examined the investment performance of the Fund and concluded that it was within an acceptable range when compared with the Fund’s composite benchmark and/or its peer group of mutual funds.

INVESTMENT PERFORMANCE

The Board considered the investment performance of the Fund, as applicable, over the one-, two-, three- and four-year and since inception periods. The Board considered the Fund’s performance as compared to its peer group and benchmark index. In this regard, the Board considered that most financial markets had experienced nearly unprecedented volatility during recent years that had impacted the performance of the Fund and its underlying investment options. Despite these circumstances, the performance of the Fund generally compared favorably to its composite benchmark (after considering the effect of expenses incurred to operate the Funds) and ranked in the top three performance quintiles versus its peer universes of mutual funds. (For additional detail regarding the performance of the Fund, see the synopsis below.) Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of the Fund was within an acceptable range.


24	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

continued

COST AND PROFITABILITY

The Board considered financial and profitability data relating to TAI’s services to the Fund for the calendar year 2010. In this connection, the Board considered profit calculations both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board considered that TAI does not earn a direct profit on the Fund which is primarily due to the fact that the management fee is 0.00%. The Board also considered that TAI may have indirect earnings with respect to the Fund based on the Fund’s investment in affiliated underlying funds also managed by TAI. The Board concluded that TAI’s direct and indirect profits were not excessive in light of various relevant factors. The Board also acknowledged certain permanent and temporary waivers of management fees and reimbursements of expenses above specified amounts of TIAA-CREF Funds used as underlying investments for the Fund which would reduce the Fund’s expenses. During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions by TAI so as to assess whether sufficient resources are being devoted to these functions.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rate charged to the Fund under the Agreement typically was lower than the management fee rates charged by many or most comparable mutual funds. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between the Fund and its comparable mutual funds. In this regard, the Board also considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data was derived. Based on all factors considered, the Board concluded that the fee rates under the Agreement with respect to the Fund were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.

ECONOMIES OF SCALE

The Board considered whether TAI has experienced or would experience economies of scale in connection with the operation of the Fund. In this connection, the Board considered that TAI had incurred operating losses with respect to its services provided to the Fund during 2010 due to TAI’s management fee of 0.00%. Thus, the Board determined that the Fund’s fee schedule is reasonable in light of current economies of scale considerations and current asset levels.


	TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	25

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

FEE COMPARISON WITH OTHER TAI CLIENTS

The Board considered that TAI and its affiliates provides funds-of-funds management services to the Lifecycle Funds, with an annual management fee of 0.10% of average daily net assets that is currently being entirely waived by TAI, and the Lifecycle Index Fund, which also has an annual management fee of 0.10%, with only partial, voluntary waivers on some of these funds. TAI also manages other asset allocation products, such as education savings plans (529 plans).

OTHER BENEFITS

The Board also considered additional benefits to the Fund and to TAI and its affiliates arising from the Agreement. For example, TAI continues to be willing to make expenses reimbursement on certain of the underlying funds in which they invest. In addition, TAI and its affiliates may benefit from the advisory relationship with the Fund to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs.

SYNOPSIS OF FACTORS

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Retirement Class shares of each Fund. Because each of the Fund’s classes generally has different nonadvisory expenses, the expense and performance information for the Fund’s other classes will differ from the expense and performance information shown below. All time periods referenced below end as of December 31, 2010. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to a Fund during 2010 under the Agreement.

MANAGED ALLOCATION FUND


•	The Fund’s annual contractual management fee is 0.00% of average daily net assets.

•	The Fund’s total expenses and management fees are in the 1st quintile of the universe of comparable funds identified by Lipper for expense comparison purposes.


26	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

concluded


•	For the one- and three-year periods, the Fund was in the 1st and 4th quintiles, respectively, of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”). For the two- and four-year and since inceptions periods, the Fund was in the 3rd quintile of its Performance Universe.

•	The Fund received an Overall Morningstar Rating of 3 stars.

•	TAI incurred a net loss with respect to its services to the Fund for the one-year period, without taking into account any profits that TAI might have earned with respect to the underlying funds (which also are managed by TAI) in which this Fund invests.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for the Fund.


	TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	27

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HOW TO REACH US

TIAA-CREF WEBSITE

tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

800 842-2252

24 hours a day, 7 days a week

FOR THE HEARING- OR SPEECH-IMPAIRED

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252 for the Retirement or Institutional classes or 800 223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.


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C50646	A12486 (5/11)

Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle Retirement Income Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 39.9%
	3,648,960	TIAA-CREF Bond Fund	$	37,803,227
	47,771	TIAA-CREF Bond Plus Fund		485,355
	48,743	TIAA-CREF High-Yield Fund		486,947

		TOTAL FIXED INCOME		38,775,529

INFLATION-PROTECTED ASSETS - 10.0%
	874,257	TIAA-CREF Inflation-Linked Bond Fund		9,756,703

		TOTAL INFLATION-PROTECTED ASSETS		9,756,703

INTERNATIONAL EQUITY - 10.0%
	163,827	TIAA-CREF Emerging Markets Equity Fund		1,946,268
	524,973	TIAA-CREF Enhanced International Equity Index Fund		3,895,298
	393,907	TIAA-CREF International Equity Fund		3,903,621

		TOTAL INTERNATIONAL EQUITY		9,745,187

SHORT-TERM FIXED INCOME - 9.9%
	939,137	TIAA-CREF Short-Term Bond Fund		9,673,114

		TOTAL SHORT-TERM FIXED INCOME		9,673,114

U.S. EQUITY - 30.1%
	547,898	TIAA-CREF Enhanced Large-Cap Growth Index Fund		5,391,312
	618,013	TIAA-CREF Enhanced Large-Cap Value Index Fund		5,321,092
	469,247	TIAA-CREF Growth & Income Fund		4,556,393
	490,661	TIAA-CREF Large-Cap Growth Fund		5,407,082
	384,095	TIAA-CREF Large-Cap Value Fund		5,308,200
	18,428	TIAA-CREF Mid-Cap Growth Fund		384,586
	23,114	TIAA-CREF Mid-Cap Value Fund		422,059
	156,898	TIAA-CREF Small-Cap Equity Fund		2,460,168

		TOTAL U.S. EQUITY		29,250,892


		TOTAL TIAA-CREF FUNDS (Cost $87,504,638)		97,201,425

		TOTAL INVESTMENTS - 99.9% (Cost $87,504,638)		97,201,425
		OTHER ASSETS & LIABILITIES, NET - 0.1%		45,817

		NET ASSETS - 100.0%	$	97,247,242


^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.7%(a)

FIXED INCOME - 38.1%
	21,480,372	TIAA-CREF Bond Fund	$	222,536,656
	586,085	TIAA-CREF Bond Plus Fund		5,954,621
	1,256,256	TIAA-CREF High-Yield Fund		12,549,999

		TOTAL FIXED INCOME		241,041,276

INFLATION-PROTECTED ASSETS - 6.1%
	3,480,300	TIAA-CREF Inflation-Linked Bond Fund		38,840,150

		TOTAL INFLATION-PROTECTED ASSETS		38,840,150

INTERNATIONAL EQUITY - 12.2%
	1,235,863	TIAA-CREF Emerging Markets Equity Fund		14,682,053
	4,192,465	TIAA-CREF Enhanced International Equity Index Fund		31,108,091
	3,137,205	TIAA-CREF International Equity Fund		31,089,703

		TOTAL INTERNATIONAL EQUITY		76,879,847

SHORT-TERM FIXED INCOME - 6.1%
	3,717,985	TIAA-CREF Short-Term Bond Fund		38,295,241

		TOTAL SHORT-TERM FIXED INCOME		38,295,241

U.S. EQUITY - 37.2%
	4,933,259	TIAA-CREF Enhanced Large-Cap Growth Index Fund		48,543,273
	5,517,114	TIAA-CREF Enhanced Large-Cap Value Index Fund		47,502,351
	3,490,879	TIAA-CREF Growth & Income Fund		33,896,436
	3,604,336	TIAA-CREF Large-Cap Growth Fund		39,719,782
	2,845,161	TIAA-CREF Large-Cap Value Fund		39,320,119
	139,583	TIAA-CREF Mid-Cap Growth Fund		2,913,092
	174,336	TIAA-CREF Mid-Cap Value Fund		3,183,376
	1,264,005	TIAA-CREF Small-Cap Equity Fund		19,819,600

		TOTAL U.S. EQUITY		234,898,029


		TOTAL TIAA-CREF FUNDS (Cost $576,194,123)		629,954,543

		TOTAL INVESTMENTS - 99.7% (Cost $576,194,123)		629,954,543
		OTHER ASSETS & LIABILITIES, NET - 0.3%		2,070,434

		NET ASSETS - 100.0%	$	632,024,977


^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.6%(a)

FIXED INCOME - 34.5%
	24,228,140	TIAA-CREF Bond Fund	$	251,003,527
	1,503,546	TIAA-CREF Bond Plus Fund		15,276,029
	2,257,971	TIAA-CREF High-Yield Fund		22,557,127

		TOTAL FIXED INCOME		288,836,683

INFLATION-PROTECTED ASSETS - 4.2%
	3,139,970	TIAA-CREF Inflation-Linked Bond Fund		35,042,062

		TOTAL INFLATION-PROTECTED ASSETS		35,042,062

INTERNATIONAL EQUITY - 14.0%
	1,934,866	TIAA-CREF Emerging Markets Equity Fund		22,986,211
	6,354,996	TIAA-CREF Enhanced International Equity Index Fund		47,154,068
	4,754,546	TIAA-CREF International Equity Fund		47,117,546

		TOTAL INTERNATIONAL EQUITY		117,257,825

SHORT-TERM FIXED INCOME - 4.1%
	3,366,293	TIAA-CREF Short-Term Bond Fund		34,672,819

		TOTAL SHORT-TERM FIXED INCOME		34,672,819

U.S. EQUITY - 42.8%
	7,436,482	TIAA-CREF Enhanced Large-Cap Growth Index Fund		73,174,983
	8,301,978	TIAA-CREF Enhanced Large-Cap Value Index Fund		71,480,030
	5,403,388	TIAA-CREF Growth & Income Fund		52,466,893
	5,613,508	TIAA-CREF Large-Cap Growth Fund		61,860,860
	4,403,381	TIAA-CREF Large-Cap Value Fund		60,854,729
	214,794	TIAA-CREF Mid-Cap Growth Fund		4,482,758
	268,261	TIAA-CREF Mid-Cap Value Fund		4,898,453
	1,876,424	TIAA-CREF Small-Cap Equity Fund		29,422,332

		TOTAL U.S. EQUITY		358,641,038


		TOTAL TIAA-CREF FUNDS (Cost $756,449,508)		834,450,427

		TOTAL INVESTMENTS - 99.6% (Cost $756,449,508)		834,450,427
		OTHER ASSETS & LIABILITIES, NET - 0.4%		3,119,567

		NET ASSETS - 100.0%	$	837,569,994


^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.6%(a)

FIXED INCOME - 30.4%
	22,877,736	TIAA-CREF Bond Fund	$	237,013,343
	3,643,756	TIAA-CREF Bond Plus Fund		37,020,565
	2,981,986	TIAA-CREF High-Yield Fund		29,790,045

		TOTAL FIXED INCOME		303,823,953

INFLATION-PROTECTED ASSETS - 2.3%
	2,018,680	TIAA-CREF Inflation-Linked Bond Fund		22,528,464

		TOTAL INFLATION-PROTECTED ASSETS		22,528,464

INTERNATIONAL EQUITY - 15.9%
	2,613,082	TIAA-CREF Emerging Markets Equity Fund		31,043,409
	8,654,198	TIAA-CREF Enhanced International Equity Index Fund		64,214,149
	6,475,872	TIAA-CREF International Equity Fund		64,175,896

		TOTAL INTERNATIONAL EQUITY		159,433,454

SHORT-TERM FIXED INCOME - 2.2%
	2,176,525	TIAA-CREF Short-Term Bond Fund		22,418,206

		TOTAL SHORT-TERM FIXED INCOME		22,418,206

U.S. EQUITY - 48.8%
	10,082,374	TIAA-CREF Enhanced Large-Cap Growth Index Fund		99,210,559
	11,239,317	TIAA-CREF Enhanced Large-Cap Value Index Fund		96,770,523
	7,373,158	TIAA-CREF Growth & Income Fund		71,593,362
	7,678,879	TIAA-CREF Large-Cap Growth Fund		84,621,243
	6,006,079	TIAA-CREF Large-Cap Value Fund		83,004,013
	292,938	TIAA-CREF Mid-Cap Growth Fund		6,113,624
	365,710	TIAA-CREF Mid-Cap Value Fund		6,677,857
	2,523,357	TIAA-CREF Small-Cap Equity Fund		39,566,233

		TOTAL U.S. EQUITY		487,557,414

		TOTAL TIAA-CREF FUNDS (Cost $891,611,433)		995,761,491


		TOTAL INVESTMENTS - 99.6% (Cost $891,611,433)		995,761,491
		OTHER ASSETS & LIABILITIES, NET - 0.4%		4,038,626

		NET ASSETS - 100.0%	$	999,800,117


^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.5%(a)

FIXED INCOME - 26.4%
	15,446,942	TIAA-CREF Bond Fund	$	160,030,322
	5,303,175	TIAA-CREF Bond Plus Fund		53,880,254
	3,655,349	TIAA-CREF High-Yield Fund		36,516,939

		TOTAL FIXED INCOME		250,427,515

INFLATION-PROTECTED ASSETS - 0.3%
	224,228	TIAA-CREF Inflation-Linked Bond Fund		2,502,380

		TOTAL INFLATION-PROTECTED ASSETS		2,502,380

INTERNATIONAL EQUITY - 18.0%
	2,797,866	TIAA-CREF Emerging Markets Equity Fund		33,238,643
	9,304,781	TIAA-CREF Enhanced International Equity Index Fund		69,041,477
	6,946,211	TIAA-CREF International Equity Fund		68,836,954

		TOTAL INTERNATIONAL EQUITY		171,117,074

SHORT-TERM FIXED INCOME - 0.2%
	242,092	TIAA-CREF Short-Term Bond Fund		2,493,547

		TOTAL SHORT-TERM FIXED INCOME		2,493,547

U.S. EQUITY - 54.6%
	10,717,864	TIAA-CREF Enhanced Large-Cap Growth Index Fund		105,463,778
	11,944,487	TIAA-CREF Enhanced Large-Cap Value Index Fund		102,842,035
	7,846,553	TIAA-CREF Growth & Income Fund		76,190,028
	8,173,290	TIAA-CREF Large-Cap Growth Fund		90,069,660
	6,395,170	TIAA-CREF Large-Cap Value Fund		88,381,247
	311,608	TIAA-CREF Mid-Cap Growth Fund		6,503,261
	389,027	TIAA-CREF Mid-Cap Value Fund		7,103,626
	2,677,622	TIAA-CREF Small-Cap Equity Fund		41,985,118

		TOTAL U.S. EQUITY		518,538,753


		TOTAL TIAA-CREF FUNDS (Cost $835,916,021)		945,079,269

		TOTAL INVESTMENTS - 99.5% (Cost $835,916,021)		945,079,269

		OTHER ASSETS & LIABILITIES, NET - 0.5%		4,541,389

		NET ASSETS - 100.0%	$	949,620,658


^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.5%(a)

FIXED INCOME - 19.0%
	9,541,065	TIAA-CREF Bond Fund	$	98,845,434
	4,160,146	TIAA-CREF Bond Plus Fund		42,267,081
	3,400,200	TIAA-CREF High-Yield Fund		33,967,996

		TOTAL FIXED INCOME		175,080,511

INTERNATIONAL EQUITY - 20.0%
	3,038,538	TIAA-CREF Emerging Markets Equity Fund		36,097,835
	9,987,331	TIAA-CREF Enhanced International Equity Index Fund		74,105,998
	7,458,564	TIAA-CREF International Equity Fund		73,914,370

		TOTAL INTERNATIONAL EQUITY		184,118,203

U.S. EQUITY - 60.5%
	11,425,692	TIAA-CREF Enhanced Large-Cap Growth Index Fund		112,428,811
	12,734,733	TIAA-CREF Enhanced Large-Cap Value Index Fund		109,646,048
	8,494,271	TIAA-CREF Growth & Income Fund		82,479,373
	8,852,628	TIAA-CREF Large-Cap Growth Fund		97,555,959
	6,913,165	TIAA-CREF Large-Cap Value Fund		95,539,937
	337,507	TIAA-CREF Mid-Cap Growth Fund		7,043,779
	420,909	TIAA-CREF Mid-Cap Value Fund		7,685,807
	2,884,688	TIAA-CREF Small-Cap Equity Fund		45,231,903

		TOTAL U.S. EQUITY		557,611,617


		TOTAL TIAA-CREF FUNDS (Cost $796,399,017)		916,810,331


		TOTAL INVESTMENTS - 99.5% (Cost $796,399,017)		916,810,331
		OTHER ASSETS & LIABILITIES, NET - 0.5%		4,442,490

		NET ASSETS - 100.0%	$	921,252,821


^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.5%(a)

FIXED INCOME - 11.1%
	3,691,548	TIAA-CREF Bond Fund	$	38,244,435
	3,079,618	TIAA-CREF Bond Plus Fund		31,288,923
	3,308,914	TIAA-CREF High-Yield Fund		33,056,047

		TOTAL FIXED INCOME		102,589,405

INTERNATIONAL EQUITY - 21.9%
	3,350,277	TIAA-CREF Emerging Markets Equity Fund		39,801,290
	11,006,523	TIAA-CREF Enhanced International Equity Index Fund		81,668,401
	8,233,738	TIAA-CREF International Equity Fund		81,596,341

		TOTAL INTERNATIONAL EQUITY		203,066,032

U.S. EQUITY - 66.5%
	12,351,232	TIAA-CREF Enhanced Large-Cap Growth Index Fund		121,536,120
	13,769,151	TIAA-CREF Enhanced Large-Cap Value Index Fund		118,552,392
	9,498,288	TIAA-CREF Growth & Income Fund		92,228,372
	9,920,710	TIAA-CREF Large-Cap Growth Fund		109,326,226
	7,743,413	TIAA-CREF Large-Cap Value Fund		107,013,963
	376,183	TIAA-CREF Mid-Cap Growth Fund		7,850,942
	469,956	TIAA-CREF Mid-Cap Value Fund		8,581,400
	3,195,782	TIAA-CREF Small-Cap Equity Fund		50,109,869

		TOTAL U.S. EQUITY		615,199,284


		TOTAL TIAA-CREF FUNDS (Cost $782,482,747)		920,854,721

		TOTAL INVESTMENTS - 99.5% (Cost $782,482,747)		920,854,721
		OTHER ASSETS & LIABILITIES, NET - 0.5%		4,900,263

		NET ASSETS - 100.0%	$	925,754,984


^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.5%(a)

FIXED INCOME - 10.0%
	3,920,733	TIAA-CREF Bond Fund	$	40,618,799
	4,485,298	TIAA-CREF Bond Plus Fund		45,570,629
	4,908,957	TIAA-CREF High-Yield Fund		49,040,478

		TOTAL FIXED INCOME		135,229,906

INTERNATIONAL EQUITY - 22.2%
	4,983,130	TIAA-CREF Emerging Markets Equity Fund		59,199,582
	16,367,519	TIAA-CREF Enhanced International Equity Index Fund		121,446,991
	12,058,549	TIAA-CREF International Equity Fund		119,500,217

		TOTAL INTERNATIONAL EQUITY		300,146,790

U.S. EQUITY - 67.3%
	18,283,131	TIAA-CREF Enhanced Large-Cap Growth Index Fund		179,906,008
	20,365,951	TIAA-CREF Enhanced Large-Cap Value Index Fund		175,350,842
	13,998,445	TIAA-CREF Growth & Income Fund		135,924,905
	14,620,064	TIAA-CREF Large-Cap Growth Fund		161,113,111
	11,424,877	TIAA-CREF Large-Cap Value Fund		157,891,803
	554,666	TIAA-CREF Mid-Cap Growth Fund		11,575,876
	692,889	TIAA-CREF Mid-Cap Value Fund		12,652,152
	4,691,232	TIAA-CREF Small-Cap Equity Fund		73,558,516

		TOTAL U.S. EQUITY		907,973,213


		TOTAL TIAA-CREF FUNDS (Cost $1,130,688,746)		1,343,349,909


		TOTAL INVESTMENTS - 99.5% (Cost $1,130,688,746)		1,343,349,909
		OTHER ASSETS & LIABILITIES, NET - 0.5%		6,433,401

		NET ASSETS - 100.0%	$	1,349,783,310


^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.0%(a)

FIXED INCOME - 10.0%
	555,656	TIAA-CREF Bond Fund	$	5,756,592
	539,967	TIAA-CREF Bond Plus Fund		5,486,060
	528,782	TIAA-CREF High-Yield Fund		5,282,534

		TOTAL FIXED INCOME		16,525,186

INTERNATIONAL EQUITY - 22.3%
	620,255	TIAA-CREF Emerging Markets Equity Fund		7,368,630
	1,989,511	TIAA-CREF Enhanced International Equity Index Fund		14,762,170
	1,494,482	TIAA-CREF International Equity Fund		14,810,312

		TOTAL INTERNATIONAL EQUITY		36,941,112

U.S. EQUITY - 66.7%
	2,072,964	TIAA-CREF Enhanced Large-Cap Growth Index Fund		20,397,968
	2,337,228	TIAA-CREF Enhanced Large-Cap Value Index Fund		20,123,537
	1,771,192	TIAA-CREF Growth & Income Fund		17,198,272
	1,851,823	TIAA-CREF Large-Cap Growth Fund		20,407,090
	1,449,965	TIAA-CREF Large-Cap Value Fund		20,038,518
	69,657	TIAA-CREF Mid-Cap Growth Fund		1,453,747
	87,343	TIAA-CREF Mid-Cap Value Fund		1,594,885
	592,914	TIAA-CREF Small-Cap Equity Fund		9,296,887

		TOTAL U.S. EQUITY		110,510,904


		TOTAL TIAA-CREF FUNDS (Cost $137,929,295)		163,977,202


		TOTAL INVESTMENTS - 99.0% (Cost $137,929,295)		163,977,202
		OTHER ASSETS & LIABILITIES, NET - 1.0%		1,626,598

		NET ASSETS - 100.0%	$	165,603,800


^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.0%(a)

FIXED INCOME - 10.0%
	281,494	TIAA-CREF Bond Fund	$	2,916,277
	275,953	TIAA-CREF Bond Plus Fund		2,803,679
	279,313	TIAA-CREF High-Yield Fund		2,790,336

		TOTAL FIXED INCOME		8,510,292

INTERNATIONAL EQUITY - 22.3%
	317,248	TIAA-CREF Emerging Markets Equity Fund		3,768,901
	1,015,720	TIAA-CREF Enhanced International Equity Index Fund		7,536,643
	763,826	TIAA-CREF International Equity Fund		7,569,515

		TOTAL INTERNATIONAL EQUITY		18,875,059

U.S. EQUITY - 66.7%
	1,058,796	TIAA-CREF Enhanced Large-Cap Growth Index Fund		10,418,551
	1,194,415	TIAA-CREF Enhanced Large-Cap Value Index Fund		10,283,909
	905,311	TIAA-CREF Growth & Income Fund		8,790,571
	947,687	TIAA-CREF Large-Cap Growth Fund		10,443,515
	740,917	TIAA-CREF Large-Cap Value Fund		10,239,467
	35,635	TIAA-CREF Mid-Cap Growth Fund		743,705
	44,645	TIAA-CREF Mid-Cap Value Fund		815,225
	303,014	TIAA-CREF Small-Cap Equity Fund		4,751,252

		TOTAL U.S. EQUITY		56,486,195


		TOTAL TIAA-CREF FUNDS (Cost $70,903,861)		83,871,546


		TOTAL INVESTMENTS - 99.0% (Cost $70,903,861)		83,871,546
		OTHER ASSETS & LIABILITIES, NET - 1.0%		884,367

		NET ASSETS - 100.0%	$	84,755,913


^(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index Retirement Income Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES	COMPANY	VALUE


TIAA-CREF FUNDS - 100.0%(a)

FIXED INCOME - 49.9%
441,530	TIAA-CREF Bond Index Fund	$	4,525,680

	TOTAL FIXED INCOME		4,525,680


INFLATION-PROTECTED ASSETS - 10.1%
81,945	TIAA-CREF Inflation-Linked Bond Fund		914,508

	TOTAL INFLATION-PROTECTED ASSETS		914,508


INTERNATIONAL EQUITY - 10.0%
18,807	TIAA CREF Emerging Market Equity Index Fund		225,494
39,880	TIAA-CREF International Equity Index Fund		680,349

	TOTAL INTERNATIONAL EQUITY		905,843


U.S. EQUITY - 30.0%
268,296	TIAA-CREF Equity Index Fund		2,720,521

	TOTAL U.S. EQUITY		2,720,521


	TOTAL TIAA-CREF FUNDS		9,066,552

	(Cost $8,397,529)

	TOTAL INVESTMENTS - 100.0%		9,066,552
	(Cost $8,397,529)
	OTHER ASSETS & LIABILITIES, NET - 0.0%		(4,190	)


	NET ASSETS - 100.0%	$	9,062,362




(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2010 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES	COMPANY	VALUE


TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 44.2%
2,294,355	TIAA-CREF Bond Index Fund	$	23,517,139

	TOTAL FIXED INCOME		23,517,139


INFLATION-PROTECTED ASSETS - 6.2%
297,642	TIAA-CREF Inflation-Linked Bond Fund		3,321,687

	TOTAL INFLATION-PROTECTED ASSETS		3,321,687


INTERNATIONAL EQUITY - 12.3%
135,055	TIAA CREF Emerging Market Equity Index Fund		1,619,311
289,887	TIAA-CREF International Equity Index Fund		4,945,470

	TOTAL INTERNATIONAL EQUITY		6,564,781


U.S. EQUITY - 37.2%
1,953,115	TIAA-CREF Equity Index Fund		19,804,588

	TOTAL U.S. EQUITY		19,804,588


	TOTAL TIAA-CREF FUNDS		53,208,195

	(Cost $49,396,121)

	TOTAL INVESTMENTS - 99.9%		53,208,195
	(Cost $49,396,121)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		43,175


	NET ASSETS - 100.0%	$	53,251,370




(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2015 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES	COMPANY	VALUE


TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 38.7%
3,035,201	TIAA-CREF Bond Index Fund	$	31,110,809

	TOTAL FIXED INCOME		31,110,809


INFLATION-PROTECTED ASSETS - 4.3%
308,585	TIAA-CREF Inflation-Linked Bond Fund		3,443,814

	TOTAL INFLATION-PROTECTED ASSETS		3,443,814


INTERNATIONAL EQUITY - 14.2%
230,357	TIAA CREF Emerging Market Equity Index Fund		2,761,979
509,995	TIAA-CREF International Equity Index Fund		8,700,509

	TOTAL INTERNATIONAL EQUITY		11,462,488


U.S. EQUITY - 42.7%
3,386,165	TIAA-CREF Equity Index Fund		34,335,712

	TOTAL U.S. EQUITY		34,335,712


	TOTAL TIAA-CREF FUNDS		80,352,823

	(Cost $74,089,302)

	TOTAL INVESTMENTS - 99.9%		80,352,823
	(Cost $74,089,302)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		106,565


	NET ASSETS - 100.0%	$	80,459,388




(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2020 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES	COMPANY	VALUE


TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 32.7%
3,184,969	TIAA-CREF Bond Index Fund	$	32,645,928

	TOTAL FIXED INCOME		32,645,928


INFLATION-PROTECTED ASSETS - 2.3%
202,214	TIAA-CREF Inflation-Linked Bond Fund		2,256,709

	TOTAL INFLATION-PROTECTED ASSETS		2,256,709


INTERNATIONAL EQUITY - 16.2%
333,735	TIAA CREF Emerging Market Equity Index Fund		4,001,481
714,725	TIAA-CREF International Equity Index Fund		12,193,202

	TOTAL INTERNATIONAL EQUITY		16,194,683


U.S. EQUITY - 48.6%
4,792,121	TIAA-CREF Equity Index Fund		48,592,103

	TOTAL U.S. EQUITY		48,592,103


	TOTAL TIAA-CREF FUNDS		99,689,423

	(Cost $91,087,553)

	TOTAL INVESTMENTS - 99.8%		99,689,423
	(Cost $91,087,553)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		159,082


	NET ASSETS - 100.0%	$	99,848,505




(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2025 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES	COMPANY	VALUE


TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 26.6%
2,355,300	TIAA-CREF Bond Index Fund	$	24,141,820

	TOTAL FIXED INCOME		24,141,820


INFLATION-PROTECTED ASSETS - 0.3%
21,626	TIAA-CREF Inflation-Linked Bond Fund		241,351

	TOTAL INFLATION-PROTECTED ASSETS		241,351


INTERNATIONAL EQUITY - 18.4%
346,857	TIAA CREF Emerging Market Equity Index Fund		4,158,812
735,739	TIAA-CREF International Equity Index Fund		12,551,714

	TOTAL INTERNATIONAL EQUITY		16,710,526


U.S. EQUITY - 54.5%
4,885,754	TIAA-CREF Equity Index Fund		49,541,542

	TOTAL U.S. EQUITY		49,541,542


	TOTAL TIAA-CREF FUNDS		90,635,239

	(Cost $81,846,970)

	TOTAL INVESTMENTS - 99.8%		90,635,239
	(Cost $81,846,970)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		158,057


	NET ASSETS - 100.0%	$	90,793,296




(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2030 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES	COMPANY	VALUE


TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 19.0%
1,914,345	TIAA-CREF Bond Index Fund	$	19,622,036

	TOTAL FIXED INCOME		19,622,036


INTERNATIONAL EQUITY - 20.1%
411,069	TIAA CREF Emerging Market Equity Index Fund		4,928,719
925,998	TIAA-CREF International Equity Index Fund		15,797,531

	TOTAL INTERNATIONAL EQUITY		20,726,250


U.S. EQUITY - 60.8%
6,191,186	TIAA-CREF Equity Index Fund		62,778,626

	TOTAL U.S. EQUITY		62,778,626


	TOTAL TIAA-CREF FUNDS		103,126,912

	(Cost $92,052,756)

	TOTAL INVESTMENTS - 99.9%		103,126,912
	(Cost $92,052,756)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		143,009


	NET ASSETS - 100.0%	$	103,269,921




(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2035 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES	COMPANY	VALUE


TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 11.1%
1,017,885	TIAA-CREF Bond Index Fund	$	10,433,323

	TOTAL FIXED INCOME		10,433,323


INTERNATIONAL EQUITY - 22.2%
434,577	TIAA CREF Emerging Market Equity Index Fund		5,210,584
922,655	TIAA-CREF International Equity Index Fund		15,740,495

	TOTAL INTERNATIONAL EQUITY		20,951,079


U.S. EQUITY - 66.6%
6,191,467	TIAA-CREF Equity Index Fund		62,781,479

	TOTAL U.S. EQUITY		62,781,479


	TOTAL TIAA-CREF FUNDS		94,165,881

	(Cost $82,938,664)

	TOTAL INVESTMENTS - 99.9%		94,165,881
	(Cost $82,938,664)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		138,791


	NET ASSETS - 100.0%	$	94,304,672




(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2040 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES	COMPANY	VALUE


TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 9.9%
1,206,373	TIAA-CREF Bond Index Fund	$	12,365,325

	TOTAL FIXED INCOME		12,365,325


INTERNATIONAL EQUITY - 22.5%
563,879	TIAA CREF Emerging Market Equity Index Fund		6,760,912
1,249,484	TIAA-CREF International Equity Index Fund		21,316,205

	TOTAL INTERNATIONAL EQUITY		28,077,117


U.S. EQUITY - 67.4%
8,311,662	TIAA-CREF Equity Index Fund		84,280,255

	TOTAL U.S. EQUITY		84,280,255


	TOTAL TIAA-CREF FUNDS		124,722,697

	(Cost $108,994,832)

	TOTAL INVESTMENTS - 99.8%		124,722,697
	(Cost $108,994,832)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		292,876


	NET ASSETS - 100.0%	$	125,015,573




(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2045 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES	COMPANY	VALUE


TIAA-CREF FUNDS - 99.7%(a)

FIXED INCOME - 9.9%
294,885	TIAA-CREF Bond Index Fund	$	3,022,575

	TOTAL FIXED INCOME		3,022,575


INTERNATIONAL EQUITY - 22.6%
138,505	TIAA CREF Emerging Market Equity Index Fund		1,660,672
304,785	TIAA-CREF International Equity Index Fund		5,199,634

	TOTAL INTERNATIONAL EQUITY		6,860,306


U.S. EQUITY - 67.2%
2,017,923	TIAA-CREF Equity Index Fund		20,461,744

	TOTAL U.S. EQUITY		20,461,744


	TOTAL TIAA-CREF FUNDS		30,344,625

	(Cost $26,634,935)

	TOTAL INVESTMENTS - 99.7%		30,344,625
	(Cost $26,634,935)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		101,005


	NET ASSETS - 100.0%	$	30,445,630




(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF LIFECYCLE INDEX FUNDS - Lifecycle Index 2050 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES	COMPANY	VALUE


TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 10.0%
199,420	TIAA-CREF Bond Index Fund	$	2,044,055

	TOTAL FIXED INCOME		2,044,055


INTERNATIONAL EQUITY - 22.4%
94,493	TIAA CREF Emerging Market Equity Index Fund		1,132,969
203,225	TIAA-CREF International Equity Index Fund		3,467,016

	TOTAL INTERNATIONAL EQUITY		4,599,985


U.S. EQUITY - 67.4%
1,357,875	TIAA-CREF Equity Index Fund		13,768,852

	TOTAL U.S. EQUITY		13,768,852


	TOTAL TIAA-CREF FUNDS		20,412,892

	(Cost $17,818,216)

	TOTAL INVESTMENTS - 99.8%		20,412,892
	(Cost $17,818,216)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		49,374


	NET ASSETS - 100.0%	$	20,462,266




(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

TIAA-CREF FUNDS
MANAGED ALLOCATION FUND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 100.1%(a)
	23,130,461	TIAA-CREF Bond Plus Fund	$	235,005,481
	1,440,960	TIAA-CREF Emerging Markets Equity Fund		17,118,605
	4,780,576	TIAA-CREF Enhanced International Equity Index Fund		35,471,874
	5,616,391	TIAA-CREF Enhanced Large-Cap Growth Index Fund		55,265,283
	6,289,810	TIAA-CREF Enhanced Large-Cap Value Index Fund		54,155,262
	3,905,581	TIAA-CREF Growth & Income Fund		37,923,188
	3,575,737	TIAA-CREF International Equity Fund		35,435,552
	4,039,384	TIAA-CREF Large-Cap Growth Fund		44,514,013
	3,196,016	TIAA-CREF Large-Cap Value Fund		44,168,948
	157,470	TIAA-CREF Mid-Cap Growth Fund		3,286,403
	195,878	TIAA-CREF Mid-Cap Value Fund		3,576,723
	1,471,016	TIAA-CREF Small-Cap Equity Fund		23,065,527

		TOTAL TIAA-CREF FUNDS (Cost $548,671,142)		588,986,859


		TOTAL INVESTMENTS - 100.1% (Cost $548,671,142)		588,986,859
		OTHER ASSETS & LIABILITIES, NET - (0.1)%		(372,119	)

		NET ASSETS - 100.0%	$	588,614,740


^a The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days from the date hereof under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s half-year period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	TIAA-CREF FUNDS

Dated: May 16, 2011	By:	/s/ Scott C. Evans

		Scott C. Evans
		President and Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


Dated: May 16, 2011	By:	/s/ Scott C. Evans

		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)

Dated: May 16, 2011	By:	/s/ Phillip G. Goff

		Phillip G. Goff
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification