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: May 31

Date of reporting period: May 31, 2011

Item 1. Reports to Stockholders.

2011 ANNUAL REPORT

TIAA-CREF LIFECYCLE FUNDS

OF THE TIAA-CREF FUNDS

MAY 31, 2011

Audited financial statements

	CONTENTS
	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		12
	Fund performance
	Lifecycle Retirement Income Fund		14
	Lifecycle 2010 Fund		16
	Lifecycle 2015 Fund		18
	Lifecycle 2020 Fund		20
	Lifecycle 2025 Fund		22
	Lifecycle 2030 Fund		24
	Lifecycle 2035 Fund		26
	Lifecycle 2040 Fund		28
	Lifecycle 2045 Fund		30
	Lifecycle 2050 Fund		32
	Lifecycle 2055 Fund		34
	Portfolios of investments		36
	Financial statements
	Statements of assets and liabilities		48
	Statements of operations		52
	Statements of changes in net assets		60
	Financial highlights		68
	Notes to financial statements		100
	Report of independent registered public accounting firm		108
	Trustees and officers		109
	Approval of investment management agreement		115
	Important tax information		121
	How to reach us	Inside back cover

UNDERSTANDING YOUR LIFECYCLE FUNDS REPORT

This annual report reflects the change in the end of the fiscal year of the TIAA-CREF Lifecycle Funds (other than the 2055 Fund) from September 30 to May 31. Beginning with this report, the Lifecycle Funds will issue annual reports dated May 31 and semiannual reports dated November 30.

          This annual report contains information about the investment performance and holdings of the Lifecycle Funds, an offering of the TIAA-CREF Funds, and describes the funds’ results for the eight months ended May 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 May 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 Annual Report§TIAA-CREF Lifecycle Funds

INFORMATION FOR LIFECYCLE FUNDS INVESTORS

PORTFOLIO LISTINGS

The complete Lifecycle Funds’ portfolios of investments begin on page 36 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 obtain a complete list of the Lifecycle 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 and Form N-Q filings. Due to the recent changes in the fiscal year-ends of the Lifecycle Funds, future Form N-CSR filings will be available as of May 31 and November 30; Form N-Q filings will be available as of February 28 and August 31. 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 email, 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 Annual 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 (foreign stocks), 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 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 markets 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 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 Annual 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 expense examples that appear in the tables on pages 6 through 11 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 six-month period and held for the entire period (December 1, 2010 to May 31, 2011) with the exception of the Lifecycle 2055 Fund. For the Lifecycle 2055 Fund, the fund’s actual expense ratio is based on the period from the fund’s inception date on April 29, 2011 through May 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, 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 during period” 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 this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

TIAA-CREF Lifecycle Funds§2011 Annual Report 5

IMPORTANT INFORMATION ABOUT EXPENSES

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

Lifecycle Funds—Retirement Class

	Beginning account value (12/1/10)	Ending account value (5/31/11)		Expenses paid during period (12/1/10–5/31/11)	*	Effective expenses paid during period (12/1/10–5/31/11)	†
Retirement Income Fund actual return	$1,000.00	$1,070.70		$1.29		$3.25
5% annual hypothetical return	1,000.00	1,023.68		1.26		3.18
2010 Fund actual return	$1,000.00	$1,083.97		$1.30		$3.33
5% annual hypothetical return	1,000.00	1,023.68		1.26		3.23
2015 Fund actual return	$1,000.00	$1,094.07		$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	$1,104.72		$1.31		$3.52
5% annual hypothetical return	1,000.00	1,023.68		1.26		3.38
2025 Fund actual return	$1,000.00	$1,114.79		$1.32		$3.59
5% annual hypothetical return	1,000.00	1,023.68		1.26		3.43
2030 Fund actual return	$1,000.00	$1,125.19		$1.32		$3.66
5% annual hypothetical return	1,000.00	1,023.68		1.26		3.48
2035 Fund actual return	$1,000.00	$1,135.75		$1.33		$3.73
5% annual hypothetical return	1,000.00	1,023.68		1.26		3.53
2040 Fund actual return	$1,000.00	$1,136.61		$1.33		$3.78
5% annual hypothetical return	1,000.00	1,023.68		1.26		3.58
2045 Fund actual return	$1,000.00	$1,136.68		$1.33		$3.78
5% annual hypothetical return	1,000.00	1,023.68		1.26		3.58
2050 Fund actual return	$1,000.00	$1,136.59		$1.33		$3.78
5% annual hypothetical return	1,000.00	1,023.68		1.26		3.58
2055 Fund actual return	$1,000.00	$   985.00	‡	$0.22	‡	$0.64	‡
5% annual hypothetical return	1,000.00	1,023.68		1.26		3.68

* The amounts in the “Expenses paid during period” 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 May 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. For the Lifecycle 2055 Fund, the amount paid in the “Expenses paid during period” is based on the fund’s actual expense ratio from the inception date on April 29, 2011 through May 31, 2011, multiplied by the average fund value over the period, multiplied by 32/365 for the actual expenses and 182/365 for the hypothetical expenses. There were 32 days in the period from the inception date to May 31, 2011 and 182 days in the six

6 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

continued

	months ended May 31, 2011. The fund’s annual expense ratio for the 32-day period was 0.25% for the Retirement Class.
†	The amounts in the “Effective expenses paid during period” 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 the six-month period, the total annualized weighted average expense ratio was 0.63% for the Retirement Income Fund; 0.64% for the 2010 Fund; 0.66% for the 2015 Fund; 0.67% for the 2020 Fund; 0.68% for the 2025 Fund; 0.69% for the 2030 Fund; 0.70% for the 2035 Fund; and 0.71% for the 2040, 2045 and 2050 Funds. For the 32-day period, the total annualized weighted average expense ratio was 0.73% for the 2055 Fund.
‡	The amounts shown are based on the period from the Lifecycle 2055 Fund’s inception date on April 29, 2011 through May 31, 2011.

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 7

IMPORTANT INFORMATION ABOUT EXPENSES

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

Lifecycle Funds—Institutional Class

	Beginning account value (12/1/10)	Ending account value (5/31/11)		Expenses paid during period (12/1/10–5/31/11)	*	Effective expenses paid  during period (12/1/10–5/31/11)	†
Retirement Income Fund actual return	$1,000.00	$1,071.84		$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	$1,086.07		$0.00		$2.03
5% annual hypothetical return	1,000.00	1,024.93		0.00		1.97
2015 Fund actual return	$1,000.00	$1,095.36		$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	$1,107.00		$0.00		$2.21
5% annual hypothetical return	1,000.00	1,024.93		0.00		2.12
2025 Fund actual return	$1,000.00	$1,117.03		$0.00		$2.27
5% annual hypothetical return	1,000.00	1,024.93		0.00		2.17
2030 Fund actual return	$1,000.00	$1,126.85		$0.00		$2.33
5% annual hypothetical return	1,000.00	1,024.93		0.00		2.22
2035 Fund actual return	$1,000.00	$1,137.49		$0.00		$2.40
5% annual hypothetical return	1,000.00	1,024.93		0.00		2.27
2040 Fund actual return	$1,000.00	$1,138.09		$0.00		$2.45
5% annual hypothetical return	1,000.00	1,024.93		0.00		2.32
2045 Fund actual return	$1,000.00	$1,138.00		$0.00		$2.45
5% annual hypothetical return	1,000.00	1,024.93		0.00		2.32
2050 Fund actual return	$1,000.00	$1,137.80		$0.00		$2.45
5% annual hypothetical return	1,000.00	1,024.93		0.00		2.32
2055 Fund actual return	$1,000.00	$   985.00	‡	$0.00	‡	$0.42	‡
5% annual hypothetical return	1,000.00	1,024.93		0.00		2.42

* The amounts in the “Expenses paid during period” 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 May 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. For the Lifecycle 2055 Fund, the amount paid in the “Expenses paid during period” is based on the fund’s actual expense ratio from the inception date on April 29, 2011 through May 31, 2011, multiplied by the average fund value over the period, multiplied by 32/365 for the actual expenses and 182/365 for the hypothetical expenses. There were 32 days in the period from the inception date to May 31, 2011 and 182 days in the six

8 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

continued

	months ended May 31, 2011. The fund’s annual expense ratio for the 32-day period was 0.00% for the Institutional Class.
†	The amounts in the “Effective expenses paid during period” 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 the six-month period, the total annualized weighted average expense ratio was 0.38% for the Retirement Income Fund; 0.39% for the 2010 Fund; 0.41% for the 2015 Fund; 0.42% for the 2020 Fund; 0.43% for the 2025 Fund; 0.44% for the 2030 Fund; 0.45% for the 2035 Fund; and 0.46% for the 2040, 2045 and 2050 Funds. For the 32-day period, the total annualized weighted average expense ratio was 0.48% for the 2055 Fund.
‡	The amounts shown are based on the period from the Lifecycle 2055 Fund’s inception date on April 29, 2011 through May 31, 2011.

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 9

IMPORTANT INFORMATION ABOUT EXPENSES

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

Lifecycle Funds—Retail Class
	Beginning account value (12/1/10)		Ending account value (5/31/11)		Expenses paid during period (12/1/10–5/31/11)		*	Effective expenses paid during period (12/1/10–5/31/11)		†
Retirement Income Fund
actual return		$1,000.00		$1,071.12		$0.83			$2.79
5% annual hypothetical return		1,000.00		1,024.13		0.81			2.72

*

The amounts in the “Expenses paid during period” 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 May 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 during period” 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.

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

Lifecycle Funds—Premier Class
	Beginning account value (12/1/10)		Ending account value (5/31/11)		Expenses paid during period (12/1/10–5/31/11)		*	Effective expenses paid during period (12/1/10–5/31/11)		†
Retirement Income Fund
actual return		$1,000.00		$1,071.11		$0.77			$2.74
5% annual hypothetical return		1,000.00		1,024.18		0.76			2.67
2010 Fund actual return		$1,000.00		$1,084.53		$0.78			$2.81
5% annual hypothetical return		1,000.00		1,024.18		0.76			2.72
2015 Fund actual return		$1,000.00		$1,095.00		$0.78			$2.92
5% annual hypothetical return		1,000.00		1,024.18		0.76			2.82
2020 Fund actual return		$1,000.00		$1,105.40		$0.79			$2.99
5% annual hypothetical return		1,000.00		1,024.18		0.76			2.87
2025 Fund actual return		$1,000.00		$1,115.64		$0.79			$3.06
5% annual hypothetical return		1,000.00		1,024.18		0.76			2.92

10 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

concluded

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

Lifecycle Funds—Premier Class
	Beginning account value (12/1/10)		Ending account value (5/31/11)			Expenses paid during period (12/1/10–5/31/11)		*	Effective expenses paid during period (12/1/10–5/31/11)		†
2030 Fund actual return		$1,000.00		$1,125.47			$0.79			$3.13
5% annual hypothetical return		1,000.00		1,024.18			0.76			2.97
2035 Fund actual return		$1,000.00		$1,135.90			$0.80			$3.20
5% annual hypothetical return		1,000.00		1,024.18			0.76			3.02
2040 Fund actual return		$1,000.00		$1,137.71			$0.80			$3.25
5% annual hypothetical return		1,000.00		1,024.18			0.76			3.07
2045 Fund actual return		$1,000.00		$1,136.40			$0.80			$3.25
5% annual hypothetical return		1,000.00		1,024.18			0.76			3.07
2050 Fund actual return		$1,000.00		$1,137.46			$0.80			$3.25
5% annual hypothetical return		1,000.00		1,024.18			0.76			3.07
2055 Fund actual return		$1,000.00		$   985.00	‡		$0.13	‡		$0.55	‡
5% annual hypothetical return		1,000.00		1,024.18			0.76			3.18

*	The amounts in the “Expenses paid during period” 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 May 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. For the Lifecycle 2055 Fund, the amount paid in the “Expenses paid during period” is based on the fund’s actual expense ratio from the inception date on April 29, 2011 through May 31, 2011, multiplied by the average fund value over the period, multiplied by 32/365 for the actual expenses and 182/365 for the hypothetical expenses. There were 32 days in the period from the inception date to May 31, 2011 and 182 days in the six months ended May 31, 2011. The fund’s annual expense ratio for the 32-day period was 0.15% for the Premier Class.
†	The amounts in the “Effective expenses paid during period” 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 the six-month period, the total annualized weighted average expense ratio was 0.53% for the Retirement Income Fund; 0.54% for the 2010 Fund; 0.56% for the 2015 Fund; 0.57% for the 2020 Fund; 0.58% for the 2025 Fund; 0.59% for the 2030 Fund; 0.60% for the 2035 Fund; and 0.61% for the 2040, 2045 and 2050 Funds. For the 32-day period, the total annualized weighted average expense ratio was 0.63% for the 2055 Fund.
‡	The amounts shown are based on the period from the Lifecycle 2055 Fund’s inception date on April 29, 2011 through May 31, 2011.

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 11

INVESTMENT RESULTS OF THE LIFECYCLE FUNDS

PERFORMANCE FOR THE EIGHT MONTHS ENDED MAY 31, 2011

All ten of the TIAA-CREF Lifecycle Funds that were in operation for the entire eight-month period outperformed their respective composite benchmarks. Returns for the Retirement Class ranged from 8.78% for the Retirement Income Fund to 17.81% for the 2040 Fund. The 2055 Fund, launched on April 29, 2011, posted a loss of 1.50% for the period ended May 31, 2011.

Economic recovery slows

The nation’s gross domestic product, which measures the value of all goods and services produced in the United States, increased by a year-over-year rate of 2.3% in the first quarter of 2011, a decline from the 2.8% rate of the previous quarter. The pace of growth was slowed by persistent unemployment, a depressed housing sector and higher commodity prices, especially for oil.

          The Russell 3000^® Index, which measures the broad U.S. stock market, jumped 20.85% for the eight months ended May 31, 2011. Foreign stocks also performed well but trailed U.S. issues. The MSCI EAFE (Europe, Australasia, Far East)+EM (Emerging Markets) Index, which measures stock performance in 22 developed nations outside North America and in 21 developing nations, gained 12.46% in dollar terms. During the reporting period, this index replaced the MSCI EAFE Index as the international equity component in the Lifecycle Funds’ composite benchmarks.

Bonds post modest gains

In the face of slow economic growth, 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.) The Barclays Capital U.S. Aggregate Bond Index, which measures the broad domestic market for investment-grade, fixed-rate bonds, returned 1.69% for the period.

          Commercial mortgage-backed securities posted a 5.7% gain, while corporate bonds returned 2.4%. Both U.S. Treasury and agency securities underperformed the Barclays Capital aggregate index for the eight months, returning –0.1% and 0.9%, respectively.

          Inflation-protected bonds returned 4.29%, 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 1.18%.

Security selections boost returns

The ten Lifecycle Funds operating for the entire period surpassed their composite benchmarks, with nine

12 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

funds posting double-digit gains. The 2055 Fund, which was launched on April 29, 2011, returned –1.50% versus –1.29% for its composite benchmark for the period ended May 31, 2011.

          The Lifecycle Funds may invest in up to 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 and 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 primarily 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 eight-month period, the Lifecycle Funds benefited from strong results from U.S. and international stocks held by the underlying funds. Those gains were partly offset by lower returns from the fixed-income sector. The Lifecycle Funds with larger allocations to the U.S. and international equity sectors produced better returns than those with smaller allocations.

          For example, the 2050 Fund, which held about 90% equities and 10% fixed income investments, posted a 17.79% gain, while the 2010 Fund, with a nearly equal mix of stocks and bonds, earned 10.51%. (All fund returns are for the Retirement Class.)

          The performance of all of the Lifecycle Funds, relative to their respective composite benchmarks, benefited from successful stock selection in the International Equity, Growth & Income and Enhanced Large-Cap Growth Index funds. Those positive effects more than offset poor relative performance from the Large-Cap Growth and Enhanced Large-Cap Value Index funds.

          The Lifecycle Funds were also helped by some of their fixed-income holdings. The largest contribution to relative returns within this sector came from the High-Yield Fund.

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

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 13

LIFECYCLE RETIREMENT INCOME FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle Retirement Income Fund	Inception	8 months		1 year		since fund inception (11/30/07)
Retirement Class	11/30/2007	8.78	%	14.97	%	3.01	%
Institutional Class	11/30/2007	8.89		15.21		3.27
Retail Class	11/30/2007	8.82		15.04		3.17
Premier Class	9/30/2009	8.82		15.06		3.07	*
Retirement Income Fund
Composite Index†	11/30/2007	8.67		14.69		3.74
Broad-based market index
Barclays Capital U.S.
Aggregate Bond Index	11/30/2007	1.69		5.84		6.02

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 May 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 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). On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

14 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception November 30, 2007)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		30.0	%		30.1	%
International equity		10.0			10.2
Fixed income
Fixed income		40.0			39.5
Short-term fixed income		10.0			9.9
Inflation-protected assets		10.0			9.9
Other assets & liabilities, net		—			0.4
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 15

LIFECYCLE 2010 FUND

PERFORMANCE AS OF MAY 31, 2011

		Total return						Average annual total return
Lifecycle 2010 Fund	Inception	8 months			1 year			5 years			since fund inception (10/15/04		)
Retirement Class	10/15/2004		10.51	%		17.39	%		4.72	%		5.31	%
Institutional Class	1/17/2007		10.76			17.77			4.96	*		5.50	*
Premier Class	9/30/2009		10.61			17.61			4.75	*		5.34	*
2010 Fund Composite Index†	10/15/2004		10.25			16.81			4.88			5.57
Broad-based market index
Barclays Capital U.S.
Aggregate Bond Index	10/15/2004		1.69			5.84			6.63			5.26

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 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 May 31, 2011, the 2010 Fund Composite Index consisted of: 38.2% Barclays Capital U.S. Aggregate Bond Index; 36.8% Russell 3000® Index; 12.2% MSCI EAFE+EM Index; 6.4% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index; and 6.4% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

16 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		36.7	%		36.2	%
International equity		12.3			12.3
Fixed income
Fixed income		38.2			38.6
Short-term fixed income		6.4			6.3
Inflation-protected assets		6.4			6.3
Other assets & liabilities, net		—			0.3
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 17

LIFECYCLE 2015 FUND

PERFORMANCE AS OF MAY 31, 2011

		Total return						Average annual total return
Lifecycle 2015 Fund	Inception	8 months			1 year			5 years			since fund inception (10/15/04		)
Retirement Class	10/15/2004		11.87	%		19.24	%		4.52	%		5.37	%
Institutional Class	1/17/2007		12.11			19.50			4.76	*		5.55	*
Premier Class	9/30/2009		11.96			19.35			4.56	*		5.40	*
2015 Fund Composite Index†	10/15/2004		11.56			18.55			4.64			5.58
Broad-based market index
Russell 3000® Index	10/15/2004		20.85			27.04			3.76			5.84

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 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 May 31, 2011, the 2015 Fund Composite Index consisted of: 42.4% Russell 3000 Index; 34.7% Barclays Capital U.S. Aggregate Bond Index; 14.1% MSCI EAFE+EM Index; 4.4% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index; and 4.4% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

18 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		42.3	%		42.0	%
International equity		14.1			14.2
Fixed income
Fixed income		34.8			34.8
Short-term fixed income		4.4			4.3
Inflation-protected assets		4.4			4.3
Other assets & liabilities, net		—			0.4
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 19

LIFECYCLE 2020 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle 2020 Fund	Inception	8 months		1 year		5 years		since fund inception (10/15/04	)
Retirement Class	10/15/2004	13.43	%	21.18	%	4.13	%	5.24	%
Institutional Class	1/17/2007	13.64		21.57		4.36	*	5.41	*
Premier Class	9/30/2009	13.47		21.40		4.19	*	5.28	*
2020 Fund Composite Index†	10/15/2004	12.92		20.33		4.24		5.43
Broad-based market index
Russell 3000® Index	10/15/2004	20.85		27.04		3.76		5.84

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 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 May 31, 2011, the 2020 Fund Composite Index consisted of: 48.4% Russell 3000 Index; 30.7% Barclays Capital U.S. Aggregate Bond Index; 16.1% MSCI EAFE+EM Index; 2.4% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index; and 2.4% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

20 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		48.3	%		48.1	%
International equity		16.1			16.1
Fixed income
Fixed income		30.8			30.9
Short-term fixed income		2.4			2.3
Inflation-protected assets		2.4			2.3
Other assets & liabilities, net		—			0.3
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §2011 Annual Report 21

LIFECYCLE 2025 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle 2025 Fund	Inception	8 months		1 year		5 years		since fund inception (10/15/04	)
Retirement Class	10/15/2004	14.74	%	23.02	%	3.78	%	5.13	%
Institutional Class	1/17/2007	15.01		23.30		4.03	*	5.32	*
Premier Class	9/30/2009	14.88		23.02		3.79	*	5.13	*
2025 Fund Composite Index†	10/15/2004	14.29		22.12		3.86		5.29
Broad-based market index
Russell 3000® Index	10/15/2004	20.85		27.04		3.76		5.84

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 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 May 31, 2011, the 2025 Fund Composite Index consisted of: 54.4% Russell 3000 Index; 26.7% Barclays Capital U.S. Aggregate Bond Index; 18.1% MSCI EAFE+EM Index; 0.4% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L); and 0.4% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

22 2011 Annual Report  §TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		54.3	%		54.1	%
International equity		18.1			18.1
Fixed income
Fixed income		26.8			26.8
Short-term fixed income		0.4			0.3
Inflation-protected assets		0.4			0.3
Other assets & liabilities, net		—			0.4
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 23

LIFECYCLE 2030 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle 2030 Fund	Inception	8 months		1 year		5 years		since fund inception (10/15/04	)
Retirement Class	10/15/2004	16.12	%	24.71	%	3.38	%	4.91	%
Institutional Class	1/17/2007	16.41		25.13		3.63	*	5.10	*
Premier Class	9/30/2009	16.28		24.85		3.41	*	4.93	*
2030 Fund Composite Index†	10/15/2004	15.72		23.92		3.46		5.14
Broad-based market index
Russell 3000® Index	10/15/2004	20.85		27.04		3.76		5.84

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 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 May 31, 2011, the 2030 Fund Composite Index consisted of: 60.4% Russell 3000 Index; 20.1% MSCI EAFE+EM Index; and 19.5% Barclays Capital U.S. Aggregate Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

24 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		60.3	%		59.9	%
International equity		20.1			20.3
Fixed income		19.6			19.4
Other assets &
liabilities, net		—			0.4
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 25

LIFECYCLE 2035 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle 2035 Fund	Inception	8 months		1 year		5 years		since fund inception (10/15/04)
Retirement Class	10/15/2004	17.68	%	26.58	%	3.42	%	5.11	%
Institutional Class	1/17/2007	17.84		26.98		3.65	*	5.28	*
Premier Class	9/30/2009	17.68		26.65		3.45	*	5.13	*
2035 Fund Composite Index†	10/15/2004	17.15		25.74		3.48		5.31
Broad-based market index
Russell 3000® Index	10/15/2004	20.85		27.04		3.76		5.84

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 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 May 31, 2011, the 2035 Fund Composite Index consisted of: 66.4% Russell 3000 Index; 22.1% MSCI EAFE+EM Index; and 11.5% Barclays Capital U.S. Aggregate Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

26 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		66.3	%		65.8	%
International equity		22.1			22.5
Fixed income		11.6			11.2
Other assets &
liabilities, net		—			0.5
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 27

LIFECYCLE 2040 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle 2040 Fund	Inception	8 months		1 year		5 years		since fund inception (10/15/04)
Retirement Class	10/15/2004	17.81	%	26.81	%	3.66	%	5.44	%
Institutional Class	1/17/2007	18.01		27.09		3.89	*	5.61	*
Premier Class	9/30/2009	17.83		26.90		3.70	*	5.47	*
2040 Fund Composite Index†	10/15/2004	17.27		25.88		3.64		5.59
Broad-based market index
Russell 3000® Index	10/15/2004	20.85		27.04		3.76		5.84

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 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 May 31, 2011, the 2040 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

28 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception October 15, 2004)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		67.5	%		66.9	%
International equity		22.5			22.7
Fixed income		10.0			9.9
Other assets &
liabilities, net		—			0.5
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 29

LIFECYCLE 2045 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle 2045 Fund	Inception	8 months		1 year		since fund inception (11/30/07)
Retirement Class	11/30/2007	17.65	%	26.70	%	–1.01	%
Institutional Class	11/30/2007	17.92		26.95		–0.76
Premier Class	9/30/2009	17.76		26.80		–0.96	*
2045 Fund Composite Index†	11/30/2007	17.27		25.88		–0.02
Broad-based market index
Russell 3000® Index	11/30/2007	20.85		27.04		0.36

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 May 31, 2011, the 2045 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

30 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception November 30, 2007)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		67.5	%		66.7	%
International equity		22.5			22.4
Fixed income		10.0			10.0
Other assets &
liabilities, net		—			0.9
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 31

LIFECYCLE 2050 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle 2050 Fund	Inception	8 months		1 year		since fund inception (11/30/2007)
Retirement Class	11/30/2007	17.79	%	26.66	%	–1.07	%
Institutional Class	11/30/2007	17.89		27.07		–0.82
Premier Class	9/30/2009	17.86		26.88		–1.04	*
2050 Fund Composite Index†	11/30/2007	17.27		25.88		–0.02
Broad-based market index
Russell 3000® Index	11/30/2007	20.85		27.04		0.36

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 May 31, 2011, the 2050 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

32 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception November 30, 2007)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		67.5	%		66.8	%
International equity		22.5			22.5
Fixed income		10.0			9.9
Other assets &
liabilities, net		—			0.8
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 33

LIFECYCLE 2055 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return
Lifecycle 2055 Fund	Inception	since inception (4/29/2011)
Retirement Class	4/29/2011	–1.50	%
Institutional Class	4/29/2011	–1.50
Premier Class	4/29/2011	–1.50
2055 Fund Composite Index*	4/29/2011	–1.29
Broad-based market index
Russell 3000® Index	4/29/2011	–1.14

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.
*	As of the close of business on May 31, 2011, the 2055 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM 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.

34 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception April 29, 2011)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		67.5	%		67.5	%
International equity		22.5			22.4
Fixed income		10.0			10.1
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 35

PORTFOLIO OF INVESTMENTS

LIFECYCLE RETIREMENT INCOME FUND § MAY 31, 2011

	Shares	Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	3,980,708	TIAA-CREF Bond Fund		$	42,076,079		38.5	%
	52,089	TIAA-CREF Bond Plus Fund			539,645		0.5
	53,624	TIAA-CREF High-Yield Fund			539,454		0.5
					43,155,178		39.5
INFLATION-PROTECTED ASSETS
	940,061	TIAA-CREF Inflation-Linked Bond Fund			10,782,505		9.9
					10,782,505		9.9
INTERNATIONAL EQUITY
	225,750	TIAA-CREF Emerging Markets Equity Fund			2,708,995		2.5
	542,697	TIAA-CREF Enhanced International Equity Index Fund			4,167,913		3.8
	403,502	TIAA-CREF International Equity Fund			4,188,352		3.9
					11,065,260		10.2
SHORT-TERM FIXED INCOME
	1,035,781	TIAA-CREF Short-Term Bond Fund			10,792,838		9.9
					10,792,838		9.9
U.S. EQUITY
	604,036	TIAA-CREF Enhanced Large-Cap Growth Index Fund			6,064,524		5.5
	680,853	TIAA-CREF Enhanced Large-Cap Value Index Fund			5,943,849		5.5
	515,638	TIAA-CREF Growth & Income Fund			5,104,813		4.7
	549,563	TIAA-CREF Large-Cap Growth Fund			6,072,676		5.6
	426,449	TIAA-CREF Large-Cap Value Fund			5,953,225		5.5
	20,240	TIAA-CREF Mid-Cap Growth Fund			432,127		0.4
	25,072	TIAA-CREF Mid-Cap Value Fund			470,094		0.4
	173,382	TIAA-CREF Small-Cap Equity Fund			2,756,781		2.5
					32,798,089		30.1
		TOTAL TIAA-CREF FUNDS (Cost $96,873,497)			108,593,870		99.6
		TOTAL PORTFOLIO	(Cost $96,873,497)		108,593,870		99.6
		OTHER ASSETS & LIABILITIES, NET			399,581		0.4
		NET ASSETS		$	108,993,451		100.0	%

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

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

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2010 FUND § MAY 31, 2011

	Shares	Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	22,302,793	TIAA-CREF Bond Fund		$	235,740,525		36.3	%
	602,500	TIAA-CREF Bond Plus Fund			6,241,903		1.0
	835,696	TIAA-CREF High-Yield Fund			8,407,104		1.3
					250,389,532		38.6
INFLATION-PROTECTED ASSETS
	3,578,846	TIAA-CREF Inflation-Linked Bond Fund			41,049,360		6.3
					41,049,360		6.3
INTERNATIONAL EQUITY
	1,422,442	TIAA-CREF Emerging Markets Equity Fund			17,069,308		2.6
	4,104,910	TIAA-CREF Enhanced International Equity Index Fund			31,525,707		4.8
	3,061,971	TIAA-CREF International Equity Fund			31,783,263		4.9
					80,378,278		12.3
SHORT-TERM FIXED INCOME
	3,928,607	TIAA-CREF Short-Term Bond Fund			40,936,086		6.3
					40,936,086		6.3
U.S. EQUITY
	4,620,668	TIAA-CREF Enhanced Large-Cap Growth Index Fund			46,391,505		7.1
	5,172,530	TIAA-CREF Enhanced Large-Cap Value Index Fund			45,156,191		6.9
	3,574,161	TIAA-CREF Growth & Income Fund			35,384,192		5.4
	3,773,881	TIAA-CREF Large-Cap Growth Fund			41,701,385		6.4
	2,947,347	TIAA-CREF Large-Cap Value Fund			41,144,961		6.3
	141,951	TIAA-CREF Mid-Cap Growth Fund			3,030,646		0.5
	177,034	TIAA-CREF Mid-Cap Value Fund			3,319,389		0.5
	1,261,164	TIAA-CREF Small-Cap Equity Fund			20,052,502		3.1
					236,180,771		36.2
		TOTAL TIAA-CREF FUNDS (Cost $585,914,382)			648,934,027		99.7
		TOTAL PORTFOLIO	(Cost $585,914,382)		648,934,027		99.7
		OTHER ASSETS & LIABILITIES, NET			2,126,565		0.3
		NET ASSETS		$	651,060,592		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 Annual Report 37

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2015 FUND § MAY 31, 2011

	Shares	Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	25,656,228	TIAA-CREF Bond Fund		$	271,186,333		31.0	%
	1,548,891	TIAA-CREF Bond Plus Fund			16,046,513		1.8
	1,745,836	TIAA-CREF High-Yield Fund			17,563,108		2.0
					304,795,954		34.8
INFLATION-PROTECTED ASSETS
	3,292,148	TIAA-CREF Inflation-Linked Bond Fund			37,760,934		4.3
					37,760,934		4.3
INTERNATIONAL EQUITY
	2,283,686	TIAA-CREF Emerging Markets Equity Fund			27,404,227		3.1
	6,273,000	TIAA-CREF Enhanced International Equity Index Fund			48,176,640		5.5
	4,692,225	TIAA-CREF International Equity Fund			48,705,294		5.6
					124,286,161		14.2
SHORT-TERM FIXED INCOME
	3,623,940	TIAA-CREF Short-Term Bond Fund			37,761,458		4.3
					37,761,458		4.3
U.S. EQUITY
	7,100,580	TIAA-CREF Enhanced Large-Cap Growth Index Fund			71,289,820		8.1
	7,991,170	TIAA-CREF Enhanced Large-Cap Value Index Fund			69,762,914		8.0
	5,630,293	TIAA-CREF Growth & Income Fund			55,739,896		6.4
	5,946,465	TIAA-CREF Large-Cap Growth Fund			65,708,441		7.5
	4,619,563	TIAA-CREF Large-Cap Value Fund			64,489,100		7.4
	221,954	TIAA-CREF Mid-Cap Growth Fund			4,738,715		0.5
	276,622	TIAA-CREF Mid-Cap Value Fund			5,186,663		0.6
	1,916,999	TIAA-CREF Small-Cap Equity Fund			30,480,280		3.5
					367,395,829		42.0
		TOTAL TIAA-CREF FUNDS (Cost $781,376,903)			872,000,336		99.6
		TOTAL PORTFOLIO	(Cost $781,376,903)		872,000,336		99.6
		OTHER ASSETS & LIABILITIES, NET			3,296,383		0.4
		NET ASSETS		$	875,296,719		100.0	%

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

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

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2020 FUND § MAY 31, 2011

	Shares	Company			Value	% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	24,254,255	TIAA-CREF Bond Fund		$	256,367,470		24.4	%
	3,755,250	TIAA-CREF Bond Plus Fund			38,904,388		3.7
	2,970,691	TIAA-CREF High-Yield Fund			29,885,156		2.8
					325,157,014		30.9
INFLATION-PROTECTED ASSETS
	2,150,038	TIAA-CREF Inflation-Linked Bond Fund			24,660,931		2.3
					24,660,931		2.3
INTERNATIONAL EQUITY
	3,161,002	TIAA-CREF Emerging Markets Equity Fund			37,932,020		3.6
	8,589,052	TIAA-CREF Enhanced International Equity Index Fund			65,963,922		6.2
	6,423,172	TIAA-CREF International Equity Fund			66,672,523		6.3
					170,568,465		16.1
SHORT-TERM FIXED INCOME
	2,367,328	TIAA-CREF Short-Term Bond Fund			24,667,562		2.3
					24,667,562		2.3
U.S. EQUITY
	9,715,556	TIAA-CREF Enhanced Large-Cap Growth Index Fund			97,544,185		9.3
	10,927,906	TIAA-CREF Enhanced Large-Cap Value Index Fund			95,400,619		9.1
	7,819,561	TIAA-CREF Growth & Income Fund			77,413,655		7.3
	8,258,992	TIAA-CREF Large-Cap Growth Fund			91,261,866		8.6
	6,422,612	TIAA-CREF Large-Cap Value Fund			89,659,663		8.5
	307,489	TIAA-CREF Mid-Cap Growth Fund			6,564,883		0.6
	383,175	TIAA-CREF Mid-Cap Value Fund			7,184,527		0.7
	2,638,083	TIAA-CREF Small-Cap Equity Fund			41,945,521		4.0
					506,974,919		48.1
		TOTAL TIAA-CREF FUNDS (Cost $932,070,487)			1,052,028,891		99.7
		TOTAL PORTFOLIO	(Cost $932,070,487)		1,052,028,891		99.7
		OTHER ASSETS & LIABILITIES, NET			3,665,405		0.3
		NET ASSETS		$	1,055,694,296		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 Annual Report 39

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2025 FUND § MAY 31, 2011

	Shares	Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	16,316,689	TIAA-CREF Bond Fund		$	172,467,400		17.3	%
	5,495,608	TIAA-CREF Bond Plus Fund			56,934,495		5.7
	3,803,496	TIAA-CREF High-Yield Fund			38,263,172		3.8
					267,665,067		26.8
INFLATION-PROTECTED ASSETS
	290,810	TIAA-CREF Inflation-Linked Bond Fund			3,335,592		0.3
					3,335,592		0.3
INTERNATIONAL EQUITY
	3,435,576	TIAA-CREF Emerging Markets Equity Fund			41,226,907		4.1
	9,164,766	TIAA-CREF Enhanced International Equity Index Fund			70,385,401		7.0
	6,769,000	TIAA-CREF International Equity Fund			70,262,223		7.0
					181,874,531		18.1
SHORT-TERM FIXED INCOME
	320,133	TIAA-CREF Short-Term Bond Fund			3,335,787		0.3
					3,335,787		0.3
U.S. EQUITY
	10,286,694	TIAA-CREF Enhanced Large-Cap Growth Index Fund			103,278,406		10.4
	11,519,493	TIAA-CREF Enhanced Large-Cap Value Index Fund			100,565,172		10.0
	8,375,216	TIAA-CREF Growth & Income Fund			82,914,637		8.3
	8,864,915	TIAA-CREF Large-Cap Growth Fund			97,957,314		9.8
	6,885,484	TIAA-CREF Large-Cap Value Fund			96,121,353		9.6
	328,965	TIAA-CREF Mid-Cap Growth Fund			7,023,393		0.7
	409,690	TIAA-CREF Mid-Cap Value Fund			7,681,683		0.8
	2,821,245	TIAA-CREF Small-Cap Equity Fund			44,857,795		4.5
					540,399,753		54.1
		TOTAL TIAA-CREF FUNDS (Cost $873,828,568)			996,610,730		99.6
		TOTAL PORTFOLIO	(Cost $873,828,568)		996,610,730		99.6
		OTHER ASSETS & LIABILITIES, NET			4,135,014		0.4
		NET ASSETS		$	1,000,745,744		100.0	%

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

40 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2030 FUND § MAY 31, 2011

	Shares	Company			Value	% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	8,882,812	TIAA-CREF Bond Fund		$	93,891,322		9.7	%
	5,388,509	TIAA-CREF Bond Plus Fund			55,824,948		5.8
	3,706,338	TIAA-CREF High-Yield Fund			37,285,765		3.9
					187,002,035		19.4
INTERNATIONAL EQUITY
	3,706,456	TIAA-CREF Emerging Markets Equity Fund			44,477,469		4.6
	9,871,070	TIAA-CREF Enhanced International Equity Index Fund			75,809,820		7.8
	7,367,349	TIAA-CREF International Equity Fund			76,473,084		7.9
					196,760,373		20.3
U.S. EQUITY
	10,922,037	TIAA-CREF Enhanced Large-Cap Growth Index Fund			109,657,250		11.3
	12,245,085	TIAA-CREF Enhanced Large-Cap Value Index Fund			106,899,589		11.0
	9,057,676	TIAA-CREF Growth & Income Fund			89,670,997		9.3
	9,591,774	TIAA-CREF Large-Cap Growth Fund			105,989,107		10.9
	7,450,356	TIAA-CREF Large-Cap Value Fund			104,006,975		10.7
	355,426	TIAA-CREF Mid-Cap Growth Fund			7,588,348		0.8
	442,478	TIAA-CREF Mid-Cap Value Fund			8,296,468		0.9
	3,045,808	TIAA-CREF Small-Cap Equity Fund			48,428,354		5.0
					580,537,088		59.9
		TOTAL TIAA-CREF FUNDS (Cost $831,247,501)			964,299,496		99.6
		TOTAL PORTFOLIO	(Cost $831,247,501)		964,299,496		99.6
		OTHER ASSETS & LIABILITIES, NET			3,912,145		0.4
		NET ASSETS		$	968,211,641		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 Annual Report 41

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2035 FUND § MAY 31, 2011

	Shares	Company			Value	% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	1,483,352	TIAA-CREF Bond Fund		$	15,679,036		1.6	%
	5,497,458	TIAA-CREF Bond Plus Fund			56,953,663		5.9
	3,622,489	TIAA-CREF High-Yield Fund			36,442,244		3.7
					109,074,943		11.2
INTERNATIONAL EQUITY
	4,192,505	TIAA-CREF Emerging Markets Equity Fund			50,310,065		5.2
	10,858,865	TIAA-CREF Enhanced International Equity Index Fund			83,396,080		8.6
	8,121,267	TIAA-CREF International Equity Fund			84,298,752		8.7
					218,004,897		22.5
U.S. EQUITY
	11,856,133	TIAA-CREF Enhanced Large-Cap Growth Index Fund			119,035,580		12.3
	13,329,591	TIAA-CREF Enhanced Large-Cap Value Index Fund			116,367,325		12.0
	10,057,823	TIAA-CREF Growth & Income Fund			99,572,444		10.2
	10,674,908	TIAA-CREF Large-Cap Growth Fund			117,957,728		12.1
	8,286,948	TIAA-CREF Large-Cap Value Fund			115,685,796		11.9
	394,409	TIAA-CREF Mid-Cap Growth Fund			8,420,635		0.9
	490,246	TIAA-CREF Mid-Cap Value Fund			9,192,113		0.9
	3,377,708	TIAA-CREF Small-Cap Equity Fund			53,705,550		5.5
					639,937,171		65.8
		TOTAL TIAA-CREF FUNDS (Cost $816,614,654)			967,017,011		99.5
		TOTAL PORTFOLIO	(Cost $816,614,654)		967,017,011		99.5
		OTHER ASSETS & LIABILITIES, NET			4,963,246		0.5
		NET ASSETS		$	971,980,257		100.0	%

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

42 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2040 FUND § MAY 31, 2011

	Shares	Company		Value	% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	579,695	TIAA-CREF Bond Fund	$	6,127,381		0.4	%
	7,921,403	TIAA-CREF Bond Plus Fund		82,065,730		5.8
	5,235,221	TIAA-CREF High-Yield Fund		52,666,328		3.7
				140,859,439		9.9
INTERNATIONAL EQUITY
	6,188,206	TIAA-CREF Emerging Markets Equity Fund		74,258,467		5.2
	16,096,192	TIAA-CREF Enhanced International Equity Index Fund		123,618,752		8.7
	11,965,619	TIAA-CREF International Equity Fund		124,203,122		8.8
				322,080,341		22.7
U.S. EQUITY
	17,602,383	TIAA-CREF Enhanced Large-Cap Growth Index Fund		176,727,924		12.4
	19,745,169	TIAA-CREF Enhanced Large-Cap Value Index Fund		172,375,324		12.2
	14,867,412	TIAA-CREF Growth & Income Fund		147,187,381		10.4
	15,775,203	TIAA-CREF Large-Cap Growth Fund		174,315,990		12.3
	12,246,048	TIAA-CREF Large-Cap Value Fund		170,954,829		12.1
	583,086	TIAA-CREF Mid-Cap Growth Fund		12,448,880		0.9
	724,959	TIAA-CREF Mid-Cap Value Fund		13,592,982		1.0
	4,992,387	TIAA-CREF Small-Cap Equity Fund		79,378,958		5.6
				946,982,268		66.9
		TOTAL TIAA-CREF FUNDS (Cost $1,178,823,041)		1,409,922,048		99.5
		TOTAL PORTFOLIO (Cost $1,178,823,041)		1,409,922,048		99.5
		OTHER ASSETS & LIABILITIES, NET		6,599,311		0.5
		NET ASSETS	$	1,416,521,359		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 Annual Report 43

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2045 FUND § MAY 31, 2011

	Shares	Company		Value	% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	70,993	TIAA-CREF Bond Fund	$	750,393		0.4	%
	1,005,049	TIAA-CREF Bond Plus Fund		10,412,305		5.7
	706,681	TIAA-CREF High-Yield Fund		7,109,209		3.9
				18,271,907		10.0
INTERNATIONAL EQUITY
	839,107	TIAA-CREF Emerging Markets Equity Fund		10,069,278		5.5
	2,018,944	TIAA-CREF Enhanced International Equity Index Fund		15,505,490		8.4
	1,500,997	TIAA-CREF International Equity Fund		15,580,354		8.5
				41,155,122		22.4
U.S. EQUITY
	2,254,857	TIAA-CREF Enhanced Large-Cap Growth Index Fund		22,638,768		12.3
	2,543,201	TIAA-CREF Enhanced Large-Cap Value Index Fund		22,202,142		12.1
	1,925,522	TIAA-CREF Growth & Income Fund		19,062,671		10.4
	2,049,649	TIAA-CREF Large-Cap Growth Fund		22,648,617		12.3
	1,591,085	TIAA-CREF Large-Cap Value Fund		22,211,549		12.1
	75,479	TIAA-CREF Mid-Cap Growth Fund		1,611,482		0.9
	93,538	TIAA-CREF Mid-Cap Value Fund		1,753,840		1.0
	646,868	TIAA-CREF Small-Cap Equity Fund		10,285,197		5.6
				122,414,266		66.7
		TOTAL TIAA-CREF FUNDS (Cost $152,758,503)		181,841,295		99.1
		TOTAL PORTFOLIO (Cost $152,758,503)		181,841,295		99.1
		OTHER ASSETS & LIABILITIES, NET		1,730,403		0.9
		NET ASSETS	$	183,571,698		100.0	%

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

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

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2050 FUND § MAY 31, 2011

	Shares	Company		Value	% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	40,641	TIAA-CREF Bond Fund	$	429,570	0.4	%
	532,579	TIAA-CREF Bond Plus Fund		5,517,519	5.7
	360,195	TIAA-CREF High-Yield Fund		3,623,566	3.8
				9,570,655	9.9
INTERNATIONAL EQUITY
	440,363	TIAA-CREF Emerging Markets Equity Fund		5,284,358	5.5
	1,058,019	TIAA-CREF Enhanced International Equity Index Fund		8,125,587	8.5
	786,443	TIAA-CREF International Equity Fund		8,163,279	8.5
				21,573,224	22.5
U.S. EQUITY
	1,180,958	TIAA-CREF Enhanced Large-Cap Growth Index Fund		11,856,815	12.3
	1,331,811	TIAA-CREF Enhanced Large-Cap Value Index Fund		11,626,714	12.1
	1,008,436	TIAA-CREF Growth & Income Fund		9,983,516	10.4
	1,073,916	TIAA-CREF Large-Cap Growth Fund		11,866,776	12.4
	833,408	TIAA-CREF Large-Cap Value Fund		11,634,374	12.1
	39,585	TIAA-CREF Mid-Cap Growth Fund		845,146	0.9
	49,007	TIAA-CREF Mid-Cap Value Fund		918,876	1.0
	338,715	TIAA-CREF Small-Cap Equity Fund		5,385,572	5.6
				64,117,789	66.8
		TOTAL TIAA-CREF FUNDS (Cost $80,687,230)		95,261,668	99.2
		TOTAL PORTFOLIO (Cost $80,687,230)		95,261,668	99.2
		OTHER ASSETS & LIABILITIES, NET		769,534	0.8
		NET ASSETS	$	96,031,202	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 Annual Report 45

PORTFOLIO OF INVESTMENTS

LIFECYCLE 2055 FUND § MAY 31, 2011

	Shares	Company		Value	% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	57,574	TIAA-CREF Bond Plus Fund	$	596,462	6.1	%
	39,242	TIAA-CREF High-Yield Fund		394,772	4.0
				991,234	10.1
INTERNATIONAL EQUITY
	44,449	TIAA-CREF Emerging Markets Equity Fund		533,393	5.4
	109,038	TIAA-CREF Enhanced International Equity Index Fund		837,411	8.5
	80,751	TIAA-CREF International Equity Fund		838,193	8.5
				2,208,997	22.4
U.S. EQUITY
	122,641	TIAA-CREF Enhanced Large-Cap Growth Index Fund		1,231,310	12.5
	138,056	TIAA-CREF Enhanced Large-Cap Value Index Fund		1,205,225	12.2
	104,728	TIAA-CREF Growth & Income Fund		1,036,809	10.5
	111,032	TIAA-CREF Large-Cap Growth Fund		1,226,905	12.5
	86,183	TIAA-CREF Large-Cap Value Fund		1,203,114	12.2
	4,089	TIAA-CREF Mid-Cap Growth Fund		87,301	0.9
	5,117	TIAA-CREF Mid-Cap Value Fund		95,952	1.0
	35,146	TIAA-CREF Small-Cap Equity Fund		558,818	5.7
				6,645,434	67.5
		TOTAL TIAA-CREF FUNDS (Cost $10,000,767)		9,845,665	100.0
		TOTAL PORTFOLIO (Cost $10,000,767)		9,845,665	100.0
		OTHER ASSETS & LIABILITIES, NET		292	0.0
		NET ASSETS	$	9,845,957	100.0	%

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

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

[This page intentionally left blank.]

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 47

STATEMENTS OF ASSETS AND LIABILITIES

TIAA-CREF LIFECYCLE FUNDS  §  MAY 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*	$	108,593,870		$	648,934,027		$	872,000,336		$	1,052,028,891		$	996,610,730		$	964,299,496
Cash		31,254			—			—			—			—			—
Receivable from securities transactions		—			334,260			225,112			—			—			122,667
Receivable from Fund shares sold		447,423			2,673,163			4,216,777			5,262,734			5,879,515			5,530,745
Dividends and interest receivable		123,981			707,964			872,890			954,941			817,573			613,635
Due from affiliates		3,233			13,305			17,217			20,455			19,243			18,578
Other		739			7,251			8,556			9,380			8,788			8,376
Total assets		109,200,500			652,669,970			877,340,888			1,058,276,401			1,003,335,849			970,593,497
LIABILITIES
Management fees payable		1,459			8,800			11,805			14,249			13,445			12,994
Service agreement fees payable		1,897			16,851			22,320			26,882			25,226			24,101
Distribution fees payable		6,035			5,866			7,491			10,053			10,016			9,910
Due to affiliates		533			5,272			6,510			7,332			6,963			6,729
Overdraft payable		—			77,172			99,561			554,973			156,931			107,555
Payable for securities transactions		176,000			1,406,261			1,779,111			1,828,000			2,251,000			2,044,667
Payable for Fund shares redeemed		5,332			—			—			4,524			—			53,159
Accrued expenses & other payables		15,793			89,156			117,371			136,092			126,524			122,741
Total liabilities		207,049			1,609,378			2,044,169			2,582,105			2,590,105			2,381,856
NET ASSETS	$	108,993,451		$	651,060,592		$	875,296,719		$	1,055,694,296		$	1,000,745,744		$	968,211,641
NET ASSETS CONSIST OF:
Paid-in-capital	$	99,846,935		$	614,231,479		$	787,309,072		$	934,017,449		$	874,370,345		$	835,146,980
Undistributed net investment income (loss)		208,176			6,230,136			5,241,310			5,618,451			4,599,935			2,947,790
Accumulated net realized gain (loss) on total investments		(2,782,033	)		(32,420,668	)		(7,877,096	)		(3,900,008	)		(1,006,698	)		(2,935,124	)
Net unrealized appreciation (depreciation) on total investments		11,720,373			63,019,645			90,623,433			119,958,404			122,782,162			133,051,995
NET ASSETS	$	108,993,451		$	651,060,592		$	875,296,719		$	1,055,694,296		$	1,000,745,744		$	968,211,641
RETIREMENT CLASS:
Net assets	$	57,288,207		$	498,029,253		$	661,256,928		$	795,642,399		$	750,162,245		$	717,292,340
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,693,588			42,889,042			56,645,568			68,485,772			65,112,668			62,897,751
Net asset value per share		$10.06			$11.61			$11.67			$11.62			$11.52			$11.40
INSTITUTIONAL CLASS:
Net assets	$	20,560,232		$	102,505,406		$	150,938,328		$	175,206,150		$	166,006,420		$	166,563,955
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,039,403			9,954,797			14,780,086			17,545,913			16,895,911			17,336,535
Net asset value per share		$10.08			$10.30			$10.21			$9.99			$9.83			$9.61
RETAIL CLASS:
Net assets	$	26,757,775		$	—		$	—		$	—		$	—		$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,656,402			—			—			—			—			—
Net asset value per share		$10.07			—			—			—			—			—
PREMIER CLASS:
Net assets	$	4,387,237		$	50,525,933		$	63,101,463		$	84,845,747		$	84,577,079		$	84,355,346
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		435,290			4,914,660			6,194,188			8,505,324			8,628,452			8,802,770
Net asset value per share		$10.08			$10.28			$10.19			$9.98			$9.80			$9.58
* Affiliated investments, Cost	$	96,873,497		$	585,914,382		$	781,376,903		$	932,070,487		$	873,828,568		$	831,247,501

48     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     49

STATEMENTS OF ASSETS AND LIABILITIES concluded

TIAA-CREF LIFECYCLE FUNDS  §  MAY 31, 2011

	Lifecycle 2035 Fund			Lifecycle 2040 Fund			Lifecycle 2045 Fund			Lifecycle 2050 Fund			Lifecycle 2055 Fund
ASSETS
Affiliated investments, at value*	$	967,017,011		$	1,409,922,048		$	181,841,295		$	95,261,668		$	9,845,665
Cash		—			—			—			2,083			57,591
Receivable from Fund shares sold		6,731,594			9,063,517			2,993,081			961,528			—
Dividends and interest receivable		421,766			568,787			73,296			38,054			4,134
Due from affiliates		18,512			26,674			4,298			2,744			11,477
Other		8,244			12,311			915			448			—
Total assets		974,197,127			1,419,593,337			184,912,885			96,266,525			9,918,867
LIABILITIES
Management fees payable		13,006			18,955			2,431			1,279			133
Service agreement fees payable		23,987			35,841			4,332			2,322			265
Distribution fees payable		9,995			14,571			1,606			802			129
Due to affiliates		6,651			10,034			820			356			62
Overdraft payable		104,016			175,963			10,513			—			—
Payable for securities transactions		1,939,000			2,650,000			1,306,000			224,000			62,000
Payable for Fund shares redeemed		—			—			—			—			—
Accrued expenses & other payables		120,215			166,614			15,485			6,564			10,321
Total liabilities		2,216,870			3,071,978			1,341,187			235,323			72,910
NET ASSETS	$	971,980,257		$	1,416,521,359		$	183,571,698		$	96,031,202		$	9,845,957
NET ASSETS CONSIST OF:
Paid-in-capital	$	820,185,820		$	1,186,254,434		$	155,893,536		$	83,047,077		$	9,999,871
Undistributed net investment income (loss)		1,480,468			2,086,182			211,543			102,688			2,421
Accumulated net realized gain (loss) on total investments		(88,388	)		(2,918,264	)		(1,616,173	)		(1,693,001	)		(1,233	)
Net unrealized appreciation (depreciation) on total investments		150,402,357			231,099,007			29,082,792			14,574,438			(155,102	)
NET ASSETS	$	971,980,257		$	1,416,521,359		$	183,571,698		$	96,031,202		$	9,845,957
RETIREMENT CLASS:
Net assets	$	716,085,158		$	1,070,201,783		$	130,113,042		$	69,466,461		$	7,876,524
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		62,225,254			91,244,876			14,626,225			7,844,011			800,000
Net asset value per share		$11.51			$11.73			$8.90			$8.86			$9.85
INSTITUTIONAL CLASS:
Net assets	$	170,381,194		$	221,306,851		$	39,322,840		$	19,660,630		$	984,781
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		17,774,210			22,882,916			4,399,465			2,209,796			100,000
Net asset value per share		$9.59			$9.67			$8.94			$8.90			$9.85
PREMIER CLASS:
Net assets	$	85,513,905		$	125,012,725		$	14,135,816		$	6,904,111		$	984,652
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		8,931,362			12,946,585			1,584,394			776,901			100,000
Net asset value per share		$9.57			$9.66			$8.92			$8.89			$9.85
* Affiliated investments, Cost	$	816,614,654		$	1,178,823,041		$	152,758,503		$	80,687,230		$	10,000,767

50     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     51

STATEMENTS OF OPERATIONS

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

	Lifecycle Retirement Income Fund						Lifecycle 2010 Fund						Lifecycle 2015 Fund
	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010
INVESTMENT INCOME
Dividends from affiliated investments		$1,757,390			$1,154,449			$12,878,701			$11,034,176			$16,508,131			$12,444,527
Total income		1,757,390			1,154,449			12,878,701			11,034,176			16,508,131			12,444,527
EXPENSES
Management fees		57,788			50,501			398,378			479,247			517,191			568,618
Distribution fees - Retirement Class		15,929			14,337			162,744			223,764			208,418			265,177
Distribution fees - Premier Class		2,585			789			42,544			9,262			54,436			10,185
Distribution fees - Retail Class		17,920			14,418			—			—			—			—
Fund administration fees		4,270			3,947			30,795			36,058			39,741			43,665
Custody and accounting fees		9,798			14,163			7,136			13,701			7,106			13,702
Professional fees		16,756			18,303			21,859			24,335			23,239			25,511
Shareholder reports		15,066			29,129			101,285			100,527			122,357			114,480
Shareholder servicing - Retirement Class		79,901			72,011			814,522			1,119,704			1,043,026			1,326,861
Shareholder servicing - Institutional Class		188			273			345			301			381			317
Shareholder servicing - Retail Class		5,346			4,667			—			—			—			—
Shareholder servicing - Premier Class		170			96			205			156			197			176
Trustee fees and expenses		580			451			3,864			4,196			5,078			5,019
Compliance fees		1,334			2,182			9,663			15,136			12,366			18,185
Interest expense		308			450			1,829			3,245			2,301			1,745
Registration fees		20,240			76,608			29,820			61,992			31,195			72,231
Other expenses		4,149			7,441			8,532			14,907			15,848			21,129
Total expenses		252,328			309,766			1,633,521			2,106,531			2,082,880			2,487,001
Less: Expenses reimbursed by the investment advisor		(73,394	)		(153,420	)		(216,135	)		(275,469	)		(260,743	)		(317,163	)
Fee waiver by investment advisor and TPIS		(73,717	)		(64,838	)		(561,122	)		(703,011	)		(725,610	)		(833,796	)
Net expenses		105,217			91,508			856,264			1,128,051			1,096,527			1,336,042
Net investment income (loss)		1,652,173			1,062,941			12,022,437			9,906,125			15,411,604			11,108,485
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		82,592			(339,209	)		10,936,065			10,977,373			11,629,118			12,538,225
Realized gain distributions from affiliated investments		76,963			—			528,545			—			604,028			—
Net realized gain (loss) from affiliated investments		159,555			(339,209	)		11,464,610			10,977,373			12,233,146			12,538,225
Net change in unrealized appreciation (depreciation) from affiliated investments		5,404,661			3,727,848			35,673,255			21,661,618			57,665,959			28,568,593
Net realized and unrealized gain (loss) from affiliated investments		5,564,216			3,388,639			47,137,865			32,638,991			69,899,105			41,106,818
Net increase (decrease) in net assets resulting from operations		$7,216,389			$4,451,580			$59,160,302			$42,545,116			$85,310,709			$52,215,303

52     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     53

STATEMENTS OF OPERATIONS	continued
TIAA-CREF LIFECYCLE FUNDS  §  FOR THE PERIOD OR YEAR ENDED

	Lifecycle 2020 Fund						Lifecycle 2025 Fund						Lifecycle 2030 Fund
	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010
INVESTMENT INCOME
Dividends from affiliated investments		$  19,126,509			$12,713,710			$  18,059,516			$11,186,883			$  16,746,064			$  9,696,202
Total income		19,126,509			12,713,710			18,059,516			$11,186,883			16,746,064			$  9,696,202
EXPENSES
Management fees		610,845			625,680			578,966			590,381			559,265			561,235
Distribution fees - Retirement Class		245,417			293,666			231,401			275,619			221,995			263,469
Distribution fees - Premier Class		72,371			12,397			72,037			12,154			69,661			10,800
Distribution fees - Retail Class		—			—			—			—			—			—
Fund administration fees		46,651			48,469			44,243			45,999			42,739			43,851
Custody and accounting fees		7,106			13,702			7,105			13,705			7,106			13,702
Professional fees		24,287			26,116			23,857			25,633			23,499			25,300
Shareholder reports		142,308			124,428			133,200			120,936			132,547			115,972
Shareholder servicing - Retirement Class		1,228,142			1,469,377			1,158,004			1,379,078			1,110,947			1,318,296
Shareholder servicing - Institutional Class		348			307			371			299			327			306
Shareholder servicing - Retail Class		—			—			—			—			—			—
Shareholder servicing - Premier Class		246			116			244			118			172			270
Trustee fees and expenses		6,034			5,544			5,725			5,251			5,544			4,998
Compliance fees		14,531			20,007			13,773			18,910			13,317			18,027
Interest expense		2,512			1,561			2,217			3,795			2,206			2,875
Registration fees		36,743			76,038			34,513			75,588			34,981			77,292
Other expenses		20,902			28,750			18,090			28,280			18,052			26,801
Total expenses		2,458,443			2,746,158			2,323,746			2,595,746			2,242,358			2,483,194
Less: Expenses reimbursed by the investment advisor		(302,726	)		(346,114	)		(284,339	)		(339,524	)		(281,462	)		(330,371	)
Fee waiver by investment advisor and TPIS		(856,262	)		(919,346	)		(810,366	)		(866,000	)		(781,260	)		(824,705	)
Net expenses		1,299,455			1,480,698			1,229,041			1,390,222			1,179,636			1,328,118
Net investment income (loss)		17,827,054			11,233,012			16,830,475			9,796,661			15,566,428			8,368,084
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		10,709,442			15,081,518			10,990,239			14,333,708			10,817,395			10,994,001
Realized gain distributions from affiliated investments		612,521			—			515,634			—			377,264			—
Net realized gain (loss) from affiliated investments		11,321,963			15,081,518			11,505,873			14,333,708			11,194,659			10,994,001
Net change in unrealized appreciation (depreciation) from affiliated investments		81,987,217			31,848,229			86,893,624			31,119,159			93,958,798			33,363,134
Net realized and unrealized gain (loss) from affiliated investments		93,309,180			46,929,747			98,399,497			45,452,867			105,153,457			44,357,135
Net increase (decrease) in net assets resulting from operations		$111,136,234			$58,162,759			$115,229,972			$55,249,528			$120,719,885			$52,725,219

54     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     55

STATEMENTS OF OPERATIONS	continued
TIAA-CREF LIFECYCLE FUNDS  §  FOR THE PERIOD OR YEAR ENDED

	Lifecycle 2035 Fund						Lifecycle 2040 Fund						Lifecycle 2045 Fund
	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010
INVESTMENT INCOME
Dividends from affiliated investments		$  15,971,315			$  8,672,011			$  23,432,150			$  13,036,511			$  2,414,413			$  851,458
Total income		15,971,315			8,672,011			23,432,150			13,036,511			2,414,413			851,458
EXPENSES
Management fees		558,884			556,588			820,660			830,103			92,953			60,768
Distribution fees - Retirement Class		220,852			261,651			330,711			390,125			36,177			27,827
Distribution fees - Premier Class		72,047			12,344			98,592			17,558			8,753			1,304
Fund administration fees		42,624			43,791			62,806			65,363			6,850			4,849
Custody and accounting fees		7,108			13,702			7,200			13,700			7,196			13,702
Professional fees		23,482			25,237			27,065			29,030			17,035			18,216
Shareholder reports		130,714			117,952			188,134			172,211			21,692			30,895
Shareholder servicing - Retirement Class		1,105,224			1,309,187			1,654,923			1,951,941			181,261			139,464
Shareholder servicing - Institutional Class		326			293			360			312			263			286
Shareholder servicing - Premier Class		246			117			263			157			169			115
Trustee fees and expenses		5,575			4,946			8,124			7,414			954			520
Compliance fees		13,283			17,934			19,669			26,708			2,144			1,875
Interest expense		1,945			2,334			2,550			3,491			317			140
Registration fees		35,632			81,856			40,270			95,096			20,501			66,846
Other expenses		17,502			27,553			23,306			36,918			7,795			9,752
Total expenses		2,235,444			2,475,485			3,284,633			3,640,127			404,060			376,559
Less: Expenses reimbursed by the investment advisor		(279,399	)		(336,677	)		(381,114	)		(451,743	)		(85,292	)		(147,595	)
Fee waiver by investment advisor and TPIS		(779,736	)		(818,239	)		(1,151,371	)		(1,220,228	)		(129,130	)		(88,595	)
Net expenses		1,176,309			1,320,569			1,752,148			1,968,156			189,638			140,369
Net investment income (loss)		14,795,006			7,351,442			21,680,002			11,068,355			2,224,775			711,089
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		12,739,205			9,612,312			19,760,534			9,297,640			(64,171	)		(952,035	)
Realized gain distributions from affiliated investments		254,773			—			368,705			—			36,528			—
Net realized gain (loss) from affiliated investments		12,993,978			9,612,312			20,129,239			9,297,640			(27,643	)		(952,035	)
Net change in unrealized appreciation (depreciation) from affiliated investments		102,147,729			35,134,870			150,541,437			57,162,386			18,599,270			6,377,773
Net realized and unrealized gain (loss) from affiliated investments		115,141,707			44,747,182			170,670,676			66,460,026			18,571,627			5,425,738
Net increase (decrease) in net assets resulting from operations		$129,936,713			$52,098,624			$192,350,678			$77,528,381			$20,796,402			$6,136,827

56     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     57

STATEMENTS OF OPERATIONS	concluded
TIAA-CREF LIFECYCLE FUNDS  §  FOR THE PERIOD OR YEAR ENDED

	Lifecycle 2050 Fund						Lifecycle 2055 Fund
	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period April 29, 2011 to May 31, 2011
INVESTMENT INCOME
Dividends from affiliated investments		$1,220,187			$  413,994			$  4,135
Total income		1,220,187			413,994			4,135
EXPENSES
Management fees		47,443			29,591			857
Distribution fees - Retirement Class		18,417			12,952			343
Distribution fees - Premier Class		4,216			661			128
Fund administration fees		3,482			2,318			47
Custody and accounting fees		7,196			13,674			376
Professional fees		16,520			17,894			26,262
Shareholder reports		12,521			23,391			3,759
Shareholder servicing - Retirement Class		92,407			65,053			2,397
Shareholder servicing - Institutional Class		231			287			674
Shareholder servicing - Premier Class		176			109			674
Trustee fees and expenses		447			387			6
Compliance fees		1,049			901			15
Interest expense		177			69			—
Registration fees		17,063			62,546			36,683
Other expenses		5,244			6,638			1,834
Total expenses		226,589			236,471			74,055
Less: Expenses reimbursed by the investment advisor		(64,426	)		(128,577	)		(71,012	)
Fee waiver by investment advisor and TPIS		(65,860	)		(42,543	)		(1,200	)
Net expenses		96,303			65,351			1,843
Net investment income (loss)		1,123,884			348,643			2,292
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		(31,232	)		(534,707	)		(1,233	)
Realized gain distributions from affiliated investments		18,461			—			—
Net realized gain (loss) from affiliated investments		(12,771	)		(534,707	)		(1,233	)
Net change in unrealized appreciation (depreciation) from affiliated investments		9,474,295			3,169,172			(155,102	)
Net realized and unrealized gain (loss) from affiliated investments		9,461,524			2,634,465			(156,335	)
Net increase (decrease) in net assets resulting from operations		$10,585,408			$2,983,108			$(154,043	)

58     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     59

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
		For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009
OPERATIONS
Net investment income (loss)		$	1,652,173		$	1,062,941		$	539,296		$	12,022,437		$	9,906,125		$	8,931,229		$	15,411,604		$	11,108,485		$	8,597,680
Net realized gain (loss) from affiliated investments			159,555			(339,209	)		(2,421,718	)		11,464,610			10,977,373			(53,121,175	)		12,233,146			12,538,225			(31,314,587	)
Net change in unrealized appreciation (depreciation) from affiliated investments			5,404,661			3,727,848			4,176,440			35,673,255			21,661,618			57,376,042			57,665,959			28,568,593			51,867,826
Net increase (decrease) from operations			7,216,389			4,451,580			2,294,018			59,160,302			42,545,116			13,186,096			85,310,709			52,215,303			29,150,919
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(780,826	)		(579,122	)		(273,122	)		(11,146,960	)		(8,398,807	)		(6,989,847	)		(13,323,493	)		(9,076,969	)		(6,671,276	)
	Institutional Class		(257,131	)		(192,757	)		(84,685	)		(1,794,811	)		(493,693	)		(282,473	)		(2,437,056	)		(521,574	)		(210,178	)
	Retail Class		(367,141	)		(278,993	)		(181,399	)		—			—			—			—			—			—
	Premier Class*		(40,267	)		(10,791	)		—			(1,220,920	)		(6,159	)		—			(1,511,699	)		(5,837	)		—
From realized gains:	Retirement Class		—			—			—			—			—			(2,832,270	)		—			—			(1,362,021	)
	Institutional Class		—			—			—			—			—			(102,521	)		—			—			(38,890	)
Total distributions			(1,445,365	)		(1,061,663	)		(539,206	)		(14,162,691	)		(8,898,659	)		(10,207,111	)		(17,272,248	)		(9,604,380	)		(8,282,365	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		23,085,115			30,762,339			15,784,664			66,701,695			121,741,530			112,641,712			107,622,186			161,829,502			147,291,555
	Institutional Class		9,263,014			6,563,399			2,791,775			64,265,226			22,450,783			9,889,843			96,071,602			32,436,788			11,626,158
	Retail Class		10,076,504			8,618,161			2,868,293			—			—			—			—			—			—
	Premier Class*		3,897,434			1,175,494			250,000			37,410,219			27,541,461			250,000			45,433,996			31,004,840			250,000
Reinvestments of distributions:	Retirement Class		780,826			579,122			273,122			11,146,960			8,398,807			9,822,118			13,323,493			9,076,969			8,033,297
	Institutional Class		257,131			192,757			84,685			1,794,811			493,693			384,993			2,437,056			521,574			249,068
	Retail Class		346,593			265,338			173,139			—			—			—			—			—			—
	Premier Class*		40,267			10,791			—			1,220,920			6,159			—			1,511,699			5,837			—
Redemptions:	Retirement Class		(9,466,562	)		(12,978,478	)		(2,691,623	)		(86,586,181	)		(86,724,666	)		(81,051,046	)		(96,186,314	)		(85,501,135	)		(14,400,092	)
	Institutional Class		(1,044,022	)		(1,764,363	)		(247,746	)		(6,461,146	)		(4,368,014	)		(2,955,904	)		(5,015,400	)		(4,050,027	)		(1,750,085	)
	Retail Class		(1,735,106	)		(1,525,816	)		(1,055,404	)		—			—			—			—			—			—
	Premier Class*		(1,176,583	)		(38,638	)		—			(18,179,169	)		(1,953,285	)		—			(20,070,973	)		(864,807	)		—
Net increase (decrease) from shareholder transactions			34,324,611			31,860,106			18,230,905			71,313,335			87,586,468			48,981,716			145,127,345			144,459,541			151,299,901
Net increase (decrease) in net assets			40,095,635			35,250,023			19,985,717			116,310,946			121,232,925			51,960,701			213,165,806			187,070,464			172,168,455
NET ASSETS
Beginning of period			68,897,816			33,647,793			13,662,076			534,749,646			413,516,721			361,556,020			662,130,913			475,060,449			302,891,994
End of period		$	108,993,451		$	68,897,816		$	33,647,793		$	651,060,592		$	534,749,646		$	413,516,721		$	875,296,719		$	662,130,913		$	475,060,449
Undistributed net investment income (loss) included in net assets		$	208,176		$	1,368		$	90		$	6,230,136		$	8,370,390		$	7,362,924		$	5,241,310		$	7,101,954		$	5,597,849
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		2,362,880			3,389,346			1,944,417			5,966,217			11,880,390			12,733,090			9,594,962			15,929,735			17,043,272
	Institutional Class		940,694			724,314			335,060			6,394,151			2,461,442			1,240,804			9,680,010			3,637,478			1,523,621
	Retail Class		1,030,276			949,443			353,947			—			—			—			—			—			—
	Premier Class*		396,678			128,835			28,249			3,735,786			3,007,872			27,871			4,609,378			3,459,518			28,571
Shares reinvested:	Retirement Class		81,197			63,802			33,822			1,019,850			833,215			1,148,786			1,217,870			908,606			964,381
	Institutional Class		26,704			21,198			10,460			185,414			55,100			50,524			254,922			59,540			34,026
	Retail Class		35,997			29,219			21,606			—			—			—			—			—			—
	Premier Class*		4,176			1,174			—			126,258			687			—			158,293			666			—
Shares redeemed:	Retirement Class		(965,637	)		(1,431,399	)		(339,796	)		(7,699,685	)		(8,450,401	)		(9,514,136	)		(8,549,669	)		(8,368,807	)		(1,714,086	)
	Institutional Class		(106,531	)		(194,709	)		(28,705	)		(647,410	)		(472,762	)		(382,170	)		(501,628	)		(454,493	)		(233,595	)
	Retail Class		(177,040	)		(167,977	)		(132,214	)		—			—			—			—			—			—
	Premier Class*		(119,650	)		(4,172	)		—			(1,774,511	)		(209,303	)		—			(1,966,237	)		(96,001	)		—
Net increase (decrease) from shareholder transactions			3,509,744			3,509,074			2,226,846			7,306,070			9,106,240			5,304,769			14,497,901			15,076,242			17,646,190
* The Premier Class commenced operations on September 30, 2009.

60     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     61

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
		For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009
OPERATIONS
Net investment income (loss)		$	17,827,054		$	11,233,012		$	8,031,004		$	16,830,475		$	9,796,661		$	6,840,504		$	15,566,428		$	8,368,084		$	5,789,023
Net realized gain (loss) from affiliated investments			11,321,963			15,081,518			(29,043,080	)		11,505,873			14,333,708			(26,344,266	)		11,194,659			10,994,001			(24,786,315	)
Net change in unrealized appreciation (depreciation) from affiliated investments			81,987,217			31,848,229			55,547,838			86,893,624			31,119,159			53,732,732			93,958,798			33,363,134			53,607,195
Net increase (decrease) from operations			111,136,234			58,162,759			34,535,762			115,229,972			55,249,528			34,228,970			120,719,885			52,725,219			34,609,903
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(14,697,532	)		(9,068,351	)		(5,330,711	)		(13,407,375	)		(8,004,931	)		(4,252,049	)		(12,017,345	)		(7,099,261	)		(4,058,668	)
	Institutional Class		(2,596,370	)		(447,934	)		(157,348	)		(2,429,636	)		(453,019	)		(127,020	)		(2,343,331	)		(371,105	)		(132,429	)
	Premier Class*		(1,904,790	)		(5,501	)		—			(1,897,614	)		(5,265	)		—			(1,756,179	)		(4,994	)		—
From realized gains:	Retirement Class		(238,521	)		—			(1,652,681	)		—			—			(1,609,064	)		—			—			(1,118,238	)
	Institutional Class		(38,059	)		—			(43,684	)		—			—			(42,650	)		—			—			(32,539	)
	Premier Class*		(28,419	)		—			—			—			—			—			—			—			—
Total distributions			(19,503,691	)		(9,521,786	)		(7,184,424	)		(17,734,625	)		(8,463,215	)		(6,030,783	)		(16,116,855	)		(7,475,360	)		(5,341,874	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		146,881,421			230,529,925			177,117,218			132,982,757			216,041,278			175,631,627			123,780,396			212,969,733			177,622,937
	Institutional Class		114,699,424			34,080,190			10,196,284			106,491,250			31,993,277			11,109,753			109,341,166			28,821,581			10,008,370
	Premier Class*		65,606,987			36,753,603			250,000			65,020,056			34,883,543			250,000			65,226,559			30,952,458			250,000
Reinvestments of distributions:	Retirement Class		14,936,053			9,068,351			6,983,391			13,407,375			8,004,931			5,861,113			12,017,345			7,099,261			5,176,906
	Institutional Class		2,634,429			447,934			201,033			2,429,636			453,019			169,670			2,343,331			371,105			164,968
	Premier Class*		1,933,209			5,501			—			1,897,614			5,265			—			1,756,179			4,994			—
Redemptions:	Retirement Class		(114,128,321	)		(90,925,395	)		(8,022,464	)		(107,049,688	)		(82,723,004	)		(6,778,431	)		(111,082,221	)		(83,125,752	)		(3,701,911	)
	Institutional Class		(2,406,174	)		(3,322,228	)		(450,695	)		(3,523,113	)		(2,078,667	)		(599,755	)		(1,813,731	)		(1,525,370	)		(345,968	)
	Premier Class*		(27,747,381	)		(571,074	)		—			(26,103,294	)		(649,268	)		—			(23,368,443	)		(243,899	)		—
Net increase (decrease) from shareholder transactions			202,409,647			216,066,807			186,274,767			185,552,593			205,930,374			185,643,977			178,200,581			195,324,111			189,175,302
Net increase (decrease) in net assets			294,042,190			264,707,780			213,626,105			283,047,940			252,716,687			213,842,164			282,803,611			240,573,970			218,443,331
NET ASSETS
Beginning of period			761,652,106			496,944,326			283,318,221			717,697,804			464,981,117			251,138,953			685,408,030			444,834,060			226,390,729
End of period		$	1,055,694,296		$	761,652,106		$	496,944,326		$	1,000,745,744		$	717,697,804		$	464,981,117		$	968,211,641		$	685,408,030		$	444,834,060
Undistributed net investment income (loss) included in net assets		$	5,618,451		$	6,990,089		$	5,278,863		$	4,599,935		$	5,504,085		$	4,170,639		$	2,947,790		$	3,498,217		$	2,605,493
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		13,188,904			23,083,553			21,263,667			12,080,790			22,131,481			21,877,689			11,406,800			22,378,576			23,007,466
	Institutional Class		11,862,336			3,967,873			1,394,033			11,221,142			3,844,452			1,588,646			11,865,964			3,588,912			1,496,444
	Premier Class*		6,841,267			4,265,047			29,656			6,942,161			4,174,392			30,600			7,164,457			3,854,010			31,766
Shares reinvested:	Retirement Class		1,377,865			923,457			868,581			1,253,026			832,979			756,273			1,139,085			755,241			693,026
	Institutional Class		282,968			52,947			28,925			266,408			55,112			25,553			263,889			46,739			26,061
	Premier Class*		207,872			650			—			208,529			641			—			198,214			630			—
Shares redeemed:	Retirement Class		(10,267,390	)		(9,087,598	)		(989,089	)		(9,761,495	)		(8,438,788	)		(857,958	)		(10,314,578	)		(8,704,695	)		(517,294	)
	Institutional Class		(246,978	)		(385,709	)		(64,961	)		(379,110	)		(246,151	)		(86,150	)		(196,821	)		(187,423	)		(54,125	)
	Premier Class*		(2,773,247	)		(65,921	)		—			(2,650,756	)		(77,115	)		—			(2,416,451	)		(29,856	)		—
Net increase (decrease) from shareholder transactions			20,473,597			22,754,299			22,530,812			19,180,695			22,277,003			23,334,653			19,110,559			21,702,134			24,683,344
* The Premier Class commenced operations on September 30, 2009.

62     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     63

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
		For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009
OPERATIONS
Net investment income (loss)		$	14,795,006		$	7,351,442		$	4,931,042		$	21,680,002		$	11,068,355		$	7,383,779		$	2,224,775		$	711,089		$	167,229
Net realized gain (loss) from affiliated investments			12,993,978			9,612,312			(22,406,398	)		20,129,239			9,297,640			(31,945,420	)		(27,643	)		(952,035	)		(576,762	)
Net change in unrealized appreciation (depreciation) from affiliated investments			102,147,729			35,134,870			56,486,317			150,541,437			57,162,386			86,440,148			18,599,270			6,377,773			4,863,615
Net increase (decrease) from operations			129,936,713			52,098,624			39,010,961			192,350,678			77,528,381			61,878,507			20,796,402			6,136,827			4,454,082
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(11,214,775	)		(6,589,326	)		(4,001,511	)		(16,956,996	)		(9,965,342	)		(5,855,815	)		(1,734,458	)		(535,851	)		(96,502	)
	Institutional Class		(2,248,116	)		(321,241	)		(119,558	)		(3,141,235	)		(489,463	)		(173,950	)		(333,309	)		(40,882	)		(13,214	)
	Premier Class*		(1,703,924	)		(4,740	)		—			(2,347,469	)		(4,830	)		—			(144,476	)		(3,698	)		—
From realized gains:	Retirement Class		—			—			(1,082,352	)		—			—			(1,363,530	)		—			—			(34,947	)
	Institutional Class		—			—			(29,222	)		—			—			(36,640	)		—			—			(4,536	)
Total distributions			(15,166,815	)		(6,915,307	)		(5,232,643	)		(22,445,700	)		(10,459,635	)		(7,429,935	)		(2,212,243	)		(580,431	)		(149,199	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		120,282,502			214,442,981			188,455,270			163,796,374			300,480,230			297,217,781			46,624,769			59,740,615			23,462,176
	Institutional Class		114,871,750			26,952,326			9,210,944			142,594,925			36,567,437			13,362,837			28,833,936			6,091,185			1,138,299
	Premier Class*		65,185,360			35,359,710			250,000			89,478,257			47,847,282			250,000			11,558,755			2,635,264			250,000
Reinvestments of distributions:	Retirement Class		11,214,775			6,589,326			5,083,862			16,956,996			9,965,342			7,219,344			1,734,458			535,851			131,449
	Institutional Class		2,248,116			321,241			148,780			3,141,235			489,463			210,590			333,309			40,882			17,750
	Premier Class*		1,703,924			4,740			—			2,347,469			4,830			—			144,476			3,697			—
Redemptions:	Retirement Class		(107,679,708	)		(84,741,064	)		(1,188,875	)		(145,240,590	)		(117,268,520	)		(2,298,374	)		(17,505,430	)		(11,553,218	)		(466,170	)
	Institutional Class		(1,059,804	)		(1,545,895	)		(234,667	)		(1,336,878	)		(1,374,542	)		(197,546	)		(346,526	)		(633,651	)		(29,461	)
	Premier Class*		(28,207,868	)		(244,200	)		—			(29,442,598	)		(557,860	)		—			(1,644,540	)		(38,941	)		—
Net increase (decrease) from shareholder transactions			178,559,047			197,139,165			201,725,314			242,295,190			276,153,662			315,764,632			69,733,207			56,821,684			24,504,043
Net increase (decrease) in net assets			293,328,945			242,322,482			235,503,632			412,200,168			343,222,408			370,213,204			88,317,366			62,378,080			28,808,926
NET ASSETS
Beginning of period			678,651,312			436,328,830			200,825,198			1,004,321,191			661,098,783			290,885,579			95,254,332			32,876,252			4,067,326
End of period		$	971,980,257		$	678,651,312		$	436,328,830		$	1,416,521,359		$	1,004,321,191		$	661,098,783		$	183,571,698		$	95,254,332		$	32,876,252
Undistributed net investment income (loss) included in net assets		$	1,480,468		$	1,852,277		$	1,416,142		$	2,086,182		$	2,851,880		$	2,243,160		$	211,543		$	199,011		$	68,353
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		11,006,545			22,658,387			24,753,420			14,721,199			31,180,406			38,319,331			5,512,169			8,147,563			3,906,636
	Institutional Class		12,532,390			3,413,510			1,413,314			15,469,988			4,577,505			2,034,933			3,369,296			827,776			183,473
	Premier Class*		7,170,572			4,476,849			32,258			9,762,385			5,974,579			32,010			1,364,408			355,145			34,916
Shares reinvested:	Retirement Class		1,057,001			703,237			690,742			1,568,640			1,044,585			963,865			211,520			73,911			23,142
	Institutional Class		254,888			41,027			24,153			352,947			62,036			33,911			40,499			5,631			3,119
	Premier Class*		193,189			605			—			264,057			612			—			17,576			509			—
Shares redeemed:	Retirement Class		(9,952,953	)		(8,922,575	)		(154,032	)		(13,173,006	)		(12,102,237	)		(286,982	)		(2,052,739	)		(1,552,330	)		(78,583	)
	Institutional Class		(115,564	)		(190,812	)		(36,091	)		(145,465	)		(168,618	)		(30,554	)		(41,314	)		(87,302	)		(4,744	)
	Premier Class*		(2,911,679	)		(30,433	)		—			(3,016,376	)		(70,682	)		—			(182,828	)		(5,333	)		—
Net increase (decrease) from shareholder transactions			19,234,389			22,149,795			26,723,764			25,804,369			30,498,186			41,066,514			8,238,587			7,765,570			4,067,959
* The Premier Class commenced operations on September 30, 2009.

64     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     65

STATEMENTS OF CHANGES IN NET ASSETS concluded

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

		Lifecycle 2050 Fund									Lifecycle 2055 Fund
		For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009			For the period April 29, 2011 to May 31, 2011
OPERATIONS
Net investment income (loss)		$	1,123,884		$	348,643		$	97,149		$	2,292
Net realized gain (loss) from affiliated investments			(12,771	)		(534,707	)		(566,594	)		(1,233	)
Net change in unrealized appreciation (depreciation) from affiliated investments			9,474,295			3,169,172			2,391,272			(155,102	)
Net increase (decrease) from operations			10,585,408			2,983,108			1,921,827			(154,043	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(868,683	)		(245,118	)		(58,296	)		—
	Institutional Class		(178,659	)		(35,094	)		(14,022	)		—
	Premier Class*		(67,918	)		(3,877	)		—			—
From realized gains:	Retirement Class		(340,851	)		—			(402	)		—
	Institutional Class		(64,043	)		—			(91	)		—
	Premier Class*		(24,903	)		—			—			—
Total distributions			(1,545,057	)		(284,089	)		(72,811	)		—
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		26,997,237			31,042,641			12,021,994			8,000,000
	Institutional Class		12,620,937			4,259,586			821,610			1,000,000
	Premier Class*		5,864,056			799,585			250,000			1,000,000
Reinvestments of distributions:	Retirement Class		1,209,534			245,118			58,698			—
	Institutional Class		242,701			35,094			14,113			—
	Premier Class*		92,822			3,878			—			—
Redemptions:	Retirement Class		(6,683,691	)		(7,275,701	)		(1,429,046	)		—
	Institutional Class		(153,235	)		(625,679	)		(76,294	)		—
	Premier Class*		(644,275	)		(4,586	)		—			—
Net increase (decrease) from shareholder transactions			39,546,086			28,479,936			11,661,075			10,000,000
Net increase (decrease) in net assets			48,586,437			31,178,955			13,510,091			9,845,957
NET ASSETS
Beginning of period			47,444,765			16,265,810			2,755,719			—
End of period		$	96,031,202		$	47,444,765		$	16,265,810		$	9,845,957
Undistributed net investment income (loss) included in net assets		$	102,688		$	98,626		$	34,072		$	2,421
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		3,200,666			4,222,654			1,982,547			800,000
	Institutional Class		1,475,692			575,981			134,287			100,000
	Premier Class*		695,547			107,434			34,819			100,000
Shares reinvested:	Retirement Class		148,227			33,763			10,262			—
	Institutional Class		29,634			4,821			2,463			—
	Premier Class*		11,333			533			—			—
Shares redeemed:	Retirement Class		(788,107	)		(983,928	)		(240,912	)		—
	Institutional Class		(18,196	)		(85,661	)		(11,728	)		—
	Premier Class*		(72,124	)		(641	)		—			—
Net increase (decrease) from shareholder transactions			4,682,672			3,874,956			1,911,738			1,000,000
* The Premier Class commenced operations on September 30, 2009.

66     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     67

FINANCIAL HIGHLIGHTS

LIFECYCLE RETIREMENT INCOME FUND  §FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	5/31/11		†	9/30/10			9/30/09			9/30/08		**
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$  9.41				$8.84			$8.65		$ 10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.18			0.21			0.31
Net realized and unrealized gain (loss) on total investments		0.64			0.58			0.19			(1.34	)
Total gain (loss) from investment operations		0.82			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		$10.06			$9.41			$8.84			$8.65
TOTAL RETURN		8.78	%(b)		8.65	%		4.86	%		(10.49	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$57,288			$39,682			$19,384			$ 4,800
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.53	%(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		2.80	%(c)		2.04	%		2.59	%		4.00	%(c)
Portfolio turnover rate		7	%(b)		33	%		38	%		26	%(b)

68 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE RETIREMENT INCOME FUND  §FOR THE PERIOD OR YEAR ENDED

	Institutional Class
		5/31/11	†	9/30/10		9/30/09		9/30/08		**
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$  9.43		$8.85		$8.65			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.20		0.21		0.23			0.34
Net realized and unrealized gain (loss) on total investments		0.63		0.58		0.19			(1.36	)
Total gain (loss) from investment operations		0.83		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		$10.08		$9.43		$8.85			$8.65
TOTAL RETURN		8.89	%(b)	9.01	%	5.19	%		(10.37	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$20,560			$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		3.02	%(c)	2.27	%	2.86	%		4.30	%(c)
Portfolio turnover rate		7	%(b)	33	%	38	%		26	%(b)

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report 69

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE RETIREMENT INCOME FUND  §FOR THE PERIOD OR YEAR ENDED

	Retail Class
	5/31/11		†	9/30/10			9/30/09			9/30/08		**
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$  9.42			$8.85			$8.65			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.19			0.23			0.32
Net realized and unrealized gain (loss) on total investments		0.63			0.58			0.19			(1.34	)
Total gain (loss) from investment operations		0.82			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		$10.07			$9.42			$8.85			$  8.65
TOTAL RETURN		8.82	%(b)		8.76	%		5.16	%		(10.37	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$26,758				$16,652			$8,460			$6,171
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.39	%(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		2.89	%(c)		2.14	%		2.92	%		4.09	%(c)
Portfolio turnover rate		7	%(b)		33	%		38	%		26	%(b)

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE RETIREMENT INCOME FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
		5/31/11	†	9/30/10		9/30/09	§
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$  9.43		$8.85		$8.85
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18		0.17		0.00	(d)
Net realized and unrealized gain on total investments		0.64		0.61		—
Total gain from investment operations		0.82		0.78		0.00	(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		$10.08		$9.43		$8.85
TOTAL RETURN		8.82	%(b)	8.86	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$4,387		$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		2.68	%(c)	1.91	%	0.00	%(c)
Portfolio turnover rate		7	%(b)	33	%	38	%

(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)	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 periods ended May 31, 2011 and September 30, 2010 were 0.38% and 0.38%, respectively.
**	The Fund commenced operations on November 30, 2007.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
§	The Premier Class commenced operations on September 30, 2009.

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2010 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class
		5/31/11	†		9/30/10			9/30/09			9/30/08			9/30/07		9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.22			0.21			0.24			0.37			0.34			0.36
Net realized and unrealized gain (loss) on total investments		0.89			0.70			0.05			(1.95	)		0.98			0.29
Total gain (loss) from investment operations		1.11			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		$11.61			$10.76			$10.05			$10.06			$12.04		$10.99
TOTAL RETURN		10.51	%(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)	$498,029			$469,156			$395,514			$351,907			$255,875			$59,699
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.45	%(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		2.99	%(c)		2.07	%		2.76	%		3.27	%		2.93	%		3.32	%
Portfolio turnover rate		8	%(b)		24	%		60	%		26	%		12	%		13	%

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2010 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07		‡
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.21			0.20			0.23			0.32			0.22
Net realized and unrealized gain (loss) on total investments		0.80			0.63			0.05			(1.71	)		0.61
Total gain (loss) from investment operations		1.01			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		$ 10.30			$9.58			$8.97			$9.02			$10.83
TOTAL RETURN		10.76	%(b)		9.48	%		3.63	%		(13.37	)%		8.30	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$102,505			$38,539			$17,753				$9,649			$3,735
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.15	%(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		3.13	%(c)		2.20	%		2.90	%		3.24	%		3.04	%(c)
Portfolio turnover rate		8	%(b)		24	%		60	%		26	%		12	%

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2010 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
		5/31/11	†	9/30/10		9/30/09	§
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$  9.57		$8.97		$8.97
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.21		0.14		0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.79		0.68		—
Total gain (loss) from investment operations		1.00		0.82		0.00	(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		$10.28		$9.57		$8.97
TOTAL RETURN		10.61	%(b)	9.32	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$50,526		$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		3.15	%(c)	1.50	%	0.00	%(c)
Portfolio turnover rate		8	%(b)	24	%	60	%

(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)	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 periods ended May 31, 2011 and September 30, 2010 were 0.39% and 0.40%, respectively.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
‡	The Institutional Class commenced operations on January 17, 2007.
§	The Premier Class commenced operations on September 30, 2009.

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2015 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.22			0.20			0.22			0.35			0.32			0.31
Net realized and unrealized gain (loss) on total investments		1.03			0.72			(0.02	)		(2.23	)		1.16			0.40
Total gain (loss) from investment operations		1.25			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		$11.67			$10.67			$9.94			$9.99			$12.26			$11.06
TOTAL RETURN		11.87	%(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)		$661,257		$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		2.94	%(c)		1.96	%		2.57	%		3.08	%		2.74	%		2.91	%
Portfolio turnover rate		5	%(b)		19	%		34	%		22	%		15	%		6	%

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2015 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07		‡
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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		0.92			0.65			(0.02	)		(1.96	)		0.70
Total gain (loss) from investment operations		1.12			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		$10.21			$9.37			$8.75			$  8.84			$10.88
TOTAL RETURN		12.11	%(b)		9.62	%		2.66	%		(15.57	) %		8.80	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$150,938			$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		3.10	%(c)		2.03	%		2.59	%		3.36	%		2.37	%(c)
Portfolio turnover rate		5	%(b)		19	%		34	%		22	%		15	%

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2015 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11		†	9/30/10			9/30/09		§
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$  9.36			$8.75			$8.75
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.21			0.12			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.89			0.69			—
Total gain (loss) from investment operations		1.10			0.81			0.00	(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		$10.19			$9.36			$8.75
TOTAL RETURN		11.96	%(b)		9.47	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$63,101			$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		3.16	%(c)		1.36	%		0.00	%(c)
Portfolio turnover rate		5	%(b)		19	%		34	%

(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)	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 periods ended May 31, 2011 and September 30, 2010 were 0.41% and 0.41%, respectively.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
‡	The Institutional Class commenced operations on January 17, 2007.
§	The Premier Class commenced operations on September 30, 2009.

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2020 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.21			0.18			0.20			0.32			0.29			0.29
Net realized and unrealized gain (loss) on total investments		1.17			0.72			(0.11	)		(2.52	)		1.28			0.48
Total gain (loss) from investment operations		1.38			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	$11.62			$10.47			$9.74			$ 9.87			$12.48			$11.18
TOTAL RETURN		13.43	%(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)	$795,642			$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		2.88	%(c)		1.80	%		2.41	%		2.87	%		2.42	%		2.66	%
Portfolio turnover rate		4	%(b)		16	%		27	%		20	%		20	%		1	%

78 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2020 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07		‡
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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		1.02			0.64			(0.09	)		(2.16	)		0.76
Total gain (loss) from investment operations		1.21			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	$9.99			$9.04			$8.43			$ 8.58			$10.89
TOTAL RETURN		13.64	%(b)		9.63	%		1.66	%		(17.95	)%		8.90	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$175,206			$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		3.03	%(c)		1.86	%		2.45	%		2.91	%		1.83	%(c)
Portfolio turnover rate		4	%(b)		16	%		27	%		20	%		20	%

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report 79

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2020 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11		†	9/30/10			9/30/09		§
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$9.04			$8.43			$8.43
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.10			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.00			0.70			—
Total gain (loss) from investment operations		1.20			0.80			0.00	(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	$9.98			$9.04			$8.43
TOTAL RETURN		13.47	%(b)		9.59	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$84,846			$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		3.09	%(c)		1.16	%		0.00	%(c)
Portfolio turnover rate		4	%(b)		16	%		27	%

(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)	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 periods ended May 31, 2011 and September 30, 2010 were 0.42% and 0.42%, respectively.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
‡	The Institutional Class commenced operations on January 17, 2007.
§	The Premier Class commenced operations on September 30, 2009.

80 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2025 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.21			0.16			0.18			0.30			0.26			0.25
Net realized and unrealized gain (loss) on total investments		1.28			0.74			(0.21	)		(2.78	)		1.42			0.55
Total gain (loss) from investment operations		1.49			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	$11.52			$10.25			$9.51			$ 9.75			$12.62			$11.24
TOTAL RETURN		14.74	%(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)	$750,162			$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		2.86	%(c)		1.67	%		2.27	%		2.64	%		2.12	%		2.25	%
Portfolio turnover rate		4	%(b)		15	%		22	%		17	%		25	%		3	%

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report 81

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2025 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07		‡
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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		1.11			0.65			(0.17	)		(2.37	)		0.82
Total gain (loss) from investment operations		1.30			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	$9.83			$8.78			$8.17			$8.41			$10.93
TOTAL RETURN		15.01	%(b)		9.76	%		0.37	%		(20.04	)%		9.30	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$166,006			$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		3.02	%(c)		1.72	%		2.21	%		2.63	%		1.45	%(c)
Portfolio turnover rate		4	%(b)		15	%		22	%		17	%		25	%

82 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2025 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11		†	9/30/10			9/30/09		§
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$8.76			$8.17			$8.17
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.08			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.08			0.68			—
Total gain (loss) from investment operations		1.28			0.76			0.00	(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	$9.80			$8.76			$8.17
TOTAL RETURN		14.88	%(b)		9.47	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$84,577			$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		3.13	%(c)		0.97	%		0.00	%(c)
Portfolio turnover rate		4	%(b)		15	%		22	%

(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)	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 periods ended May 31, 2011 and September 30, 2010 were 0.43% and 0.43%, respectively.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
‡	The Institutional Class commenced operations on January 17, 2007.
§	The Premier Class commenced operations on September 30, 2009.

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report 83

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2030 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.20			0.14			0.16			0.28			0.24			0.23
Net realized and unrealized gain (loss) on total investments		1.40			0.73			(0.34	)		(3.03	)		1.55			0.63
Total gain (loss) from investment operations		1.60			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		$11.40			$10.01			$9.28			$9.65			$12.81			$11.30
TOTAL RETURN		16.12	%(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)		$717,292			$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		2.74	%(c)		1.50	%		2.05	%		2.43	%		1.94	%		2.06	%
Portfolio turnover rate		4	%(b)		14	%		18	%		17	%		29	%		0	%(f)

84 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2030 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07		‡
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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		1.19			0.64			(0.28	)		(2.58	)		0.94
Total gain (loss) from investment operations		1.37			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		$9.61			$8.47			$7.87			$8.22			$10.96
TOTAL RETURN		16.41	%(b)		9.80	%		(1.14	)%		(21.99	)%		9.60	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$166,564			$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		2.90	%(c)		1.52	%		2.11	%		2.68	%		0.33	%(c)
Portfolio turnover rate		4	%(b)		14	%		18	%		17	%		29	%

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report 85

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2030 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11		†	9/30/10			9/30/09		§
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.18			0.68			—
Total gain (loss) from investment operations		1.36			0.74			0.00	(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		$9.58			$8.45			$7.87
TOTAL RETURN		16.28	%(b)		9.50	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$84,355			$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		3.02	%(c)		0.75	%		0.00	%(c)
Portfolio turnover rate		4	%(b)		14	%		18	%

(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)	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 periods ended May 31, 2011 and September 30, 2010 were 0.44% and 0.44%, respectively.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
‡	The Institutional Class commenced operations on January 17, 2007.
§	The Premier Class commenced operations on September 30, 2009.

86 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2035 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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		1.55			0.72			(0.38	)		(3.16	)		1.68			0.73
Total gain (loss) from investment operations		1.74			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		$11.51			$9.96			$9.24			$  9.68			$12.98			$11.38
TOTAL RETURN		17.68	%(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)		$716,085			$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		2.61	%(c)		1.33	%		1.86	%		2.22	%		1.72	%		1.76	%
Portfolio turnover rate		7	%(b)		11	%		15	%		17	%		24	%		1	%

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report 87

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2035 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07		‡
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.17			0.11			0.12			0.23			0.07
Net realized and unrealized gain (loss) on total investments		1.30			0.63			(0.31	)		(2.66	)		0.93
Total gain (loss) from investment operations		1.47			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		$9.59			$8.34			$7.75			$8.16			$11.00
TOTAL RETURN		17.84	%(b)		9.67	%		(1.67	)%		(22.94	)%		10.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$170,381			$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		2.76	%(c)		1.33	%		1.87	%		2.35	%		0.90	%(c)
Portfolio turnover rate		7	%(b)		11	%		15	%		17	%		24	%

88  2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2035 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11		†	9/30/10			9/30/09		§
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.28			0.69			—
Total gain (loss) from investment operations		1.45			0.73			0.00	(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		$9.57			$8.33			$7.75
TOTAL RETURN		17.68	%(b)		9.50	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$85,514			$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		2.85	%(c)		0.51	%		0.00	%(c)
Portfolio turnover rate		7	%(b)		11	%		15	%

(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)	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 periods ended May 31, 2011 and September 30, 2010 were 0.45% and 0.45%, respectively.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
‡	The Institutional Class commenced operations on January 17, 2007.
§	The Premier Class commenced operations on September 30, 2009.

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     89

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2040 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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		1.60			0.75			(0.38	)		(3.21	)		1.82			0.79
Total gain (loss) from investment operations		1.79			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		$11.73			$10.14			$9.40			$9.83			$13.16			$11.45
TOTAL RETURN		17.81	%(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)		$1,070,202			$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		2.60	%(c)		1.35	%		1.84	%		2.21	%		1.59	%		1.50	%
Portfolio turnover rate		8	%(b)		10	%		14	%		16	%		18	%		17	%

90     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2040 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07		‡
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.17			0.11			0.12			0.23			0.06
Net realized and unrealized gain (loss) on total investments		1.32			0.63			(0.31	)		(2.67	)		0.98
Total gain (loss) from investment operations		1.49			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		$9.67			$8.40			$7.81			$8.21			$11.04
TOTAL RETURN		18.01	%(b)		9.65	%		(1.66	)%		(22.87	)%		10.40	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$221,307			$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		2.79	%(c)		1.32	%		1.86	%		2.39	%		0.78	%(c)
Portfolio turnover rate		8	%(b)		10	%		14	%		16	%		18	%

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report     91

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2040 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11		†	9/30/10			9/30/09		§
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.31			0.70			—
Total gain (loss) from investment operations		1.48			0.74			0.00	(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		$9.66			$8.40			$7.81
TOTAL RETURN		17.83	%(b)		9.61	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$125,013			$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		2.81	%(c)		0.50	%		0.00	%(c)
Portfolio turnover rate		8	%(b)		10	%		14	%

(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)	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 periods ended May 31, 2011 and September 30, 2010 were 0.45% and 0.45%, respectively.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
‡	The Institutional Class commenced operations on January 17, 2007.
§	The Premier Class commenced operations on September 30, 2009.

92     2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2045 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	5/31/11	†	9/30/10		9/30/09		9/30/08	**
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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	1.21		0.57		(0.33	)	(2.38	)
Total gain (loss) from investment operations	1.35		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	$8.90		$7.70		$7.14		$  7.56
TOTAL RETURN	17.65	%(b)	9.32	%	(2.93	)%	(22.69	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$130,113		$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	2.40	%(c)	1.17	%	1.21	%	2.23	%(c)
Portfolio turnover rate	8	%(b)	18	%	8	%	27	%(b)

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report 93

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2045 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	5/31/11	†	9/30/10		9/30/09		9/30/08	**
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$7.73		$7.16		$7.57		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.13		0.09		0.12		0.26
Net realized and unrealized gain (loss) on total investments	1.24		0.59		(0.37	)	(2.47	)
Total gain (loss) from investment operations	1.37		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	$8.94		$7.73		$7.16		$  7.57
TOTAL RETURN	17.92	%(b)	9.58	%	(2.68	)%	(22.57	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$39,323		$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	2.36	%(c)	1.29	%	1.95	%	3.55	%(c)
Portfolio turnover rate	8	%(b)	18	%	8	%	27	%(b)

94 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2045 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11	†	9/30/10		9/30/09	§
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$7.72		$7.16		$7.16
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.14		0.06		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.22		0.61		—
Total gain from investment operations	1.36		0.67		0.00	(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	$8.92		$7.72		$7.16
TOTAL RETURN	17.76	%(b)	9.39	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$14,136		$2,975		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.34	%(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	2.42	%(c)	0.79	%	0.00	%(c)
Portfolio turnover rate	8	%(b)	18	%	8	%

(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)	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 periods ended May 31, 2011 and September 30, 2010 were 0.46% and 0.45%, respectively.
**	The Fund commenced operations on November 30, 2007.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
§	The Premier Class commenced operations on September 30, 2009.

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report 95

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2050 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	5/31/11	†	9/30/10		9/30/09		9/30/08	**
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$7.71		$7.15		$7.62		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.13		0.09		0.08		0.20
Net realized and unrealized gain (loss) on total investments	1.23		0.57		(0.42	)	(2.36	)
Total gain (loss) from investment operations	1.36		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	)	—		0.00	(d)	—
Total distributions	(0.21	)	(0.10	)	(0.13	)	(0.22	)
Net asset value, end of period	$8.86		$7.71		$7.15		$  7.62
TOTAL RETURN	17.79	%(b)	9.38	%	(4.08	)%	(22.08	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$69,466		$40,745		$14,383		$1,973
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.53	%(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	2.36	%(c)	1.16	%	1.35	%	2.75	%(c)
Portfolio turnover rate	8	%(b)	24	%	18	%	73	%(b)

96 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2050 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	5/31/11	†	9/30/10		9/30/09		9/30/08	**
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$7.75		$7.18		$7.64		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.14		0.10		0.12		0.27
Net realized and unrealized gain (loss) on total investments	1.23		0.58		(0.45	)	(2.41	)
Total gain (loss) from investment operations	1.37		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	)	—		0.00	(d)	—
Total distributions	(0.22	)	(0.11	)	(0.13	)	(0.22	)
Net asset value, end of period	$8.90		$7.75		$7.18		$  7.64
TOTAL RETURN	17.89	%(b)	9.63	%	(3.81	)%	(21.86	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$19,661		$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	2.38	%(c)	1.35	%	2.04	%	3.55	%(c)
Portfolio turnover rate	8	%(b)	24	%	18	%	73	%(b)

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report 97

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE 2050 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11	†	9/30/10		9/30/09	§
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$7.74		$7.18		$7.18
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.13		0.08		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.24		0.59		—
Total gain from investment operations	1.37		0.67		0.00	(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	$8.89		$7.74		$7.18
TOTAL RETURN	17.86	%(b)	9.45	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$6,904		$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	2.37	%(c)	1.09	%	0.00	%(c)
Portfolio turnover rate	8	%(b)	24	%	18	%

(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)	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 periods ended May 31, 2011 and September 30, 2010 were 0.46% and 0.45%, respectively.
**	The Fund commenced operations on November 30, 2007.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.
§	The Premier Class commenced operations on September 30, 2009.

98 2011 Annual Report  §  TIAA-CREF Lifecycle Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	concluded
LIFECYCLE 2055 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class		Institutional Class		Premier Class
	5/31/11	**	5/31/11	**	5/31/11	**
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.00		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.00	(d)	0.00	(d)	0.00	(d)
Net realized and unrealized gain (loss) on total investments	(0.15	)	(0.15	)	(0.15	)
Total gain (loss) from investment operations	(0.15	)	(0.15	)	(0.15	)
Less distributions from:
Net investment income	—		—		—
Net realized gains	—		—		—
Total distributions	—		—		—
Net asset value, end of period	$  9.85		$  9.85		$  9.85
TOTAL RETURN	(1.50	)%(b)	(1.50	)%(b)	(1.50	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$7,877		$985		$985
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	8.55	%(c)	8.94	%(c)	9.09	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.00	%(c)	0.15	%(c)
Ratio of net investment income to average net assets	0.23	%(c)	0.48	%(c)	0.33	%(c)
Portfolio turnover rate	1	%(b)	1	%(b)	1	%(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)	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 May 31, 2011 was 0.48%.
**	The Fund commenced operations on April 29, 2011.

See notes to financial statements TIAA-CREF Lifecycle Funds  §  2011 Annual Report 99

NOTES TO FINANCIAL STATEMENTS

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 eleven 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. The Lifecycle 2055 Fund commenced operations on April 29, 2011 with a fiscal year end of May 31. The Funds, with the exception of the Lifecycle 2055 Fund, recently changed their fiscal year end from September 30 to May 31.

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

100 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

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 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 (2007-2011) 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.

For the period ended May 31, 2011, permanent book and tax differences resulting primarily from dividend reclassifications and non-deductible distribution fees were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

Trustee compensation: The Funds pay the Board of Trustees (“Board”), 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.

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 101

NOTES TO FINANCIAL STATEMENTS

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. 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, 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 May 31, 2011, there were no significant transfers between levels by the Funds.

As of May 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

102 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

continued

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 Board. The Premier Class of the Funds have adopted a distribution Rule 12b-1 plan that 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.

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 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 Board.

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 May 31, 2011:

Fund	TIAA			TIAA Access
Lifecycle Retirement Income		10	%		11	%
Lifecycle 2010		—			6
Lifecycle 2015		—			7
Lifecycle 2020		—			6
Lifecycle 2025		—			6
Lifecycle 2030		—			6
Lifecycle 2035		—			6
Lifecycle 2040		—			5
Lifecycle 2045		1			8
Lifecycle 2050		2			10
Lifecycle 2055		100			—

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 103

NOTES TO FINANCIAL STATEMENTS

Note 4—investments

At May 31, 2011, net unrealized appreciation (depreciation) based on the 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	$	99,323,233	$	9,270,637	$	—		$	9,270,637
Lifecycle 2010		606,632,445		42,301,582		—			42,301,582
Lifecycle 2015		796,878,737		75,121,599		—			75,121,599
Lifecycle 2020		944,281,632		107,747,259		—			107,747,259
Lifecycle 2025		882,534,064		114,076,666		—			114,076,666
Lifecycle 2030		840,025,494		124,274,002		—			124,274,002
Lifecycle 2035		823,534,528		143,482,483		—			143,482,483
Lifecycle 2040		1,190,766,449		219,234,965		(79,366	)		219,155,599
Lifecycle 2045		154,236,523		27,604,772		—			27,604,772
Lifecycle 2050		81,796,788		13,464,880		—			13,464,880
Lifecycle 2055		10,001,522		4,427		(160,284	)		(155,857	)

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

Fund	Purchases		Sales
Lifecycle Retirement Income	$	40,605,134	$	5,832,769
Lifecycle 2010		115,555,274		45,460,913
Lifecycle 2015		182,638,389		39,403,883
Lifecycle 2020		237,615,317		36,205,992
Lifecycle 2025		221,126,702		36,074,716
Lifecycle 2030		214,869,956		36,701,573
Lifecycle 2035		238,655,175		60,351,172
Lifecycle 2040		345,458,080		103,842,366
Lifecycle 2045		80,880,731		11,487,955
Lifecycle 2050		44,750,715		5,854,437
Lifecycle 2055		10,062,000		60,000

104 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

continued

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended May 31, 2011 and years ended September 30, 2010 and 2009 were as follows:

	5/31/2011						9/30/2010
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Lifecycle Retirement Income	$	1,445,365	$	—	$	1,445,365	$	1,061,663	$	—	$	1,061,663
Lifecycle 2010		14,162,691		—		14,162,691		8,898,659		—		8,898,659
Lifecycle 2015		17,272,248		—		17,272,248		9,604,380		—		9,604,380
Lifecycle 2020		19,198,692		304,999		19,503,691		9,521,786		—		9,521,786
Lifecycle 2025		17,734,625		—		17,734,625		8,463,215		—		8,463,215
Lifecycle 2030		16,116,855		—		16,116,855		7,475,360		—		7,475,360
Lifecycle 2035		15,166,815		—		15,166,815		6,915,307		—		6,915,307
Lifecycle 2040		22,445,700		—		22,445,700		10,459,635		—		10,459,635
Lifecycle 2045		2,212,243		—		2,212,243		580,431		—		580,431
Lifecycle 2050		1,119,822		425,235		1,545,057		284,089		—		284,089
Lifecycle 2055		—		—		—		—		—		—

	9/30/2009
Fund	Ordinary Income		Long-Term Capital Gains		Total
Lifecycle Retirement Income	$	539,206	$	—	$	539,206
Lifecycle 2010		7,272,284		2,934,827		10,207,111
Lifecycle 2015		6,881,561		1,400,804		8,282,365
Lifecycle 2020		5,488,156		1,696,268		7,184,424
Lifecycle 2025		4,379,031		1,651,752		6,030,783
Lifecycle 2030		4,191,029		1,150,845		5,341,874
Lifecycle 2035		4,121,165		1,111,478		5,232,643
Lifecycle 2040		6,029,605		1,400,330		7,429,935
Lifecycle 2045		109,718		39,481		149,199
Lifecycle 2050		72,321		490		72,811
Lifecycle 2055		—		—		—

TIAA-CREF Lifecycle Funds  §  2011 Annual Report     105

NOTES TO FINANCIAL STATEMENTS

As of May 31, 2011, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)			Capital Loss Carryover			Total
Lifecycle Retirement Income	$	208,916	$	—	$	9,270,639		$	(332,299	)	$	9,147,256
Lifecycle 2010		6,237,387		—		42,301,584			(11,702,607	)		36,836,364
Lifecycle 2015		5,249,866		7,624,739		75,121,598			—			87,996,203
Lifecycle 2020		5,627,831		8,311,136		107,747,260			—			121,686,227
Lifecycle 2025		4,608,723		7,698,799		114,076,665			—			126,384,187
Lifecycle 2030		2,956,166		5,842,870		124,274,001			—			133,073,037
Lifecycle 2035		1,488,711		6,831,487		143,482,482			—			151,802,680
Lifecycle 2040		2,098,493		9,025,144		219,155,599			—			230,279,236
Lifecycle 2045		212,458		—		27,604,771			(138,152	)		27,679,077
Lifecycle 2050		103,138		—		13,464,880			(583,443	)		12,984,575
Lifecycle 2055		2,421		—		(155,857	)		(478	)		(153,914	)

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the utilization of capital loss carryovers, and the treatment of short term gain as ordinary income for tax purposes.

At May 31, 2011, the following Funds had capital loss carryovers, which will expire as follows:

	Date of Expiration
Fund	5/31/18		Total
Lifecycle Retirement Income	$	332,299	$	332,299
Lifecycle 2010		11,702,607		11,702,607
Lifecycle 2045		138,152		138,152
Lifecycle 2050		583,443		583,443

For the period ended May 31, 2011, the Lifecycle Retirement Income Fund, Lifecycle 2010 Fund, Lifecycle 2015 Fund, Lifecycle 2020 Fund, Lifecycle 2025 Fund, Lifecycle 2030 Fund, Lifecycle 2035 Fund, Lifecycle 2040 Fund, Lifecycle 2045 Fund, and Lifecycle 2050 Fund utilized $175,617, $6,386,176, $3,734,527, $2,274,024, $3,059,322, $5,217,251, $5,914,157, $11,031,581, $99,135, and $49,373, respectively, of their capital loss carryover available from prior years.

Due to large shifts in the ownership percentage of the Lifecycle 2050 Fund during the fiscal year ended September 30, 2009, the future utilization of the Lifecycle 2050 Fund’s capital losses and capital loss carryovers may be subject to limitations under the Internal Revenue Code and Regulations thereunder.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to

106     2011 Annual Report  §  TIAA-CREF Lifecycle Funds

concluded

the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryovers may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For the period ended May 31, 2011, the Lifecycle 2055 Fund had a short-term capital loss carryover of $478, which was incurred in the short taxable year that began after December 22, 2010, and therefore is subject to the new rules under the Regulated Investment Company Modernization Act of 2010. This loss will be permitted to carryforward indefinitely until utilized.

Note 6—line of credit

Each of the Funds, except the Lifecycle 2055 Fund, 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 May 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—subsequent event

On June 28, 2011, the unsecured revolving credit facility was renewed and the line of credit amount was increased from $1 billion to $1.5 billion. In addition, the Lifecycle 2055 Fund now participates in the credit facility.

TIAA-CREF Lifecycle Funds  §  2011 Annual Report     107

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of the
Lifecycle Funds of the TIAA-CREF Funds:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Lifecycle 2010 Fund, Lifecycle 2015 Fund, Lifecycle 2020 Fund, Lifecycle 2025 Fund, Lifecycle 2030 Fund, Lifecycle 2035 Fund, Lifecycle 2040 Fund, Lifecycle 2045 Fund, Lifecycle 2050 Fund, Lifecycle 2055 Fund, and Lifecycle Retirement Income Fund (constituting the Lifecycle Funds of the TIAA-CREF Funds, hereafter referred to as the “Funds”), at May 31, 2011, the results of each of their operations for each of the periods presented and the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2011 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
July 20, 2011

108     2011 Annual Report  §  TIAA-CREF Lifecycle Funds

TRUSTEES AND OFFICERS (UNAUDITED)

TIAA-CREF LIFECYCLE FUNDS  §  MAY 31, 2011
Disinterested trustees

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustees
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management), and member of asset allocation portfolio management team, GMO (2003–2005).	70	Director of GMO; Director, The Maine Coast Heritage Trust; Investment Committee Member, Maine Community Foundation, The Butler Conservation Fund, Inc, and the Elmina B. Sewall Foundation. Former Director and member of the Investment Committee of the Boston Athenaeum; Former Director of Appalachian Mountain Club.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc. and of certain funds advised by American Beacon Advisors, Inc.	70	Independent Director, The Lazard Funds Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc., Lazard World Dividend and Income Fund, Inc., and Member of the Board of Managers, Lazard Alternative Strategies Fund, LLC.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007). Former Chief Operating Officer, DDJ Capital Management (2003–2006).	70	Director, Copper Rock Capital Partners, LLC (investment adviser).

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 109

TRUSTEES AND OFFICERS (UNAUDITED)	continued
TIAA-CREF LIFECYCLE FUNDS  §  MAY 31, 2011
Disinterested trustees — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustees
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Former Acting Dean (2009), Vice Dean for Budget (2003–2006), and on the faculty (since 1989) of Harvard Law School.	70	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	President and Founder (since 2006) of NLJ Advisors,Inc. (investment adviser). Former President and Managing Principal, Windermere Investment Associates (1997–2006).	70	None
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010) of First Eagle Investment Management, LLC. Former Principal, BAM Consulting, LLC (2003–2009). Former Independent Consultant for Merrill Lynch (2003–2009).	70	Director, Prudential plc; Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and the North Shore Land Alliance. Former Director, J. Sainsbury plc; International Advisory Board, British-American Business Council; Scottish and Newcastle plc (brewer); Governor’s Committee on Scholastic Achievement; William T. Grant Foundation; and Federal National Mortgage Association (Fannie Mae).

110 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).	70	Director, NBER and the Alfred P. Sloan Foundation. Former Director, The Jeffrey Company and Jeflion Company (unregistered investment companies).
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee and Chairman of the Board	Indefinite term as Trustee; Chairman for term ending June 30, 2012. Trustee since 1999. Chairman of the Board since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	70	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust. Former Director, M&F Bancorp, Inc.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002). Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (since 2000); Professor, University of Texas at Austin (since 1987).	70	Member of the Governing Council, Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Texas Employee Retirement System. Former Director/Trustee, USAA Mutual Funds.

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 111

TRUSTEES AND OFFICERS (UNAUDITED)	continued
TIAA-CREF LIFECYCLE FUNDS  §  MAY 31, 2011
Executive officers

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex (since 2009). Former Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Accounts VA-1 and VA-3. Managing Director, Senior Compliance Officer of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Former Chief Compliance Officer (2008) and Vice President, Senior Compliance Officer (since 2008) of Teachers Advisors, Inc. (“Advisors”). Former Managing Director/Director of Global Compliance, AIG Global Investment Group (2000–2008).
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/59	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2007.	Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007); and Executive Vice President of CREF and TIAA Separate Account VA-1 (since 1997), Executive Vice President, Asset Management (since 2010); Former Executive Vice President, Investments, Research Institute & Strategy (2009–2010), Executive Vice President, Head of Asset Management (2006–2009), and Executive Vice President and Chief Investment Officer (2005) of TIAA. Director of Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors and Manager of Investment Management (since 2004). Former Manager of TIAA Realty Capital Management, LLC (2004–2006), and Chief Investment Officer of TIAA (2004–2006) and the TIAA-CREF Fund Complex (2003–2006). Former Director of TIAA-CREF Life Insurance Company (1997–2006). Former Director of Teachers Personal Investors Services, Inc. (“TPIS”) (2006–2008).
Eugene Flood, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/55	Executive Vice President	One-year term. Executive Vice President since 2011.	Executive Vice President, Diversified Business of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2011). President, Chief Executive Officer and Director, TIAA-CREF Redwood, LLC (“Redwood”) (since 2011). Director, Covariance Capital Management, Inc. (“Covariance”) (since 2011). Director of Kaspick & Company LLC (since 2011). Former President and Chief Executive Officer (2000–2010) and Director (1994–2010) of Smith Breeden Associates, Inc., an investment adviser. Former Trustee of the TIAA-CREF Fund Complex (2005–2011). Dean’s Advisory Committee of the Massachusetts Institute of Technology’s Sloan School of Management (since 2000).

112 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and TIAA Separate Account VA-1 (since 2009). Director of Advisors (since 2008). Former Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Head of Risk Management of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Risk Management of Advisors and Investment Management (since 2009). Former Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Former Senior Managing Director of Advisors and Investment Management (2006–2009); Former Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Former Director, TIAA-CREF Life Insurance Company (2006–2008). Former Director, TPIS, Advisors and Investment Management (2008) and Head of Risk Management of Advisors and Investment Management (2005–2006).
William J. Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/18/48	Senior Vice President and Corporate Secretary	One-year term. Senior Vice President since 2010 and Corporate Secretary since 2008.	Senior Vice President (since 2010) and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2008). Former Deputy General Counsel and Corporate Secretary, Bank of America (2005–2008).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/66	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Human Resources (since 2010, 2005–2007) and Former Executive Vice President, Human Resources, and Corporate Services (2007–2010) of TIAA, and Executive Vice President of the TIAA- CREF Fund Complex (since 2003). Former Director, TIAA-CREF Life Insurance Company (2003–2006).

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 113

TRUSTEES AND OFFICERS (UNAUDITED)	concluded
TIAA-CREF LIFECYCLE FUNDS  §  MAY 31, 2011
Executive officers — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President and Chief Operating Officer (since 2010) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2008). Former Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), Executive Vice President, Institutional Client Services (2006–2008), and Senior Vice President, Pension Products (2003–2006) of TIAA. Director, Covariance (since 2010). Director of TCT Holdings, Inc. (since 2007). Manager (since 2006) and Former Executive Vice President (2006–2010), TIAA-CREF Enterprises, Inc. Director (since 2006) and Former President and CEO (2006–2010) of Redwood. Former Director of Tuition Financing (2008–2009).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing and Communications Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010). Former Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Former Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).
Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org or by telephone at 800 223-1200.

114 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

APPROVAL OF INVESTMENT MANAGEMENT
AGREEMENT (UNAUDITED)

BOARD APPROVAL OF THE INVESTMENT MANAGEMENT AGREEMENT
FOR THE TIAA-CREF LIFECYCLE 2055 FUND 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 series of the Trust. Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Trust.

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 series of the Trust 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 APPROVAL PROCESS

The Board held a meeting on March 31, 2011, at which it considered the initial approval of the Agreement with respect to the TIAA-CREF Lifecycle 2055 Fund (the “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 approval, 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 meeting, 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 Fund, 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 Lifecycle Funds § 2011 Annual Report 115

APPROVAL OF INVESTMENT MANAGEMENT
AGREEMENT (UNAUDITED)

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, expense comparison data regarding the proposed Retirement Class of the Fund, including data relating to the Fund’s proposed management fee rate and pro forma total expense ratio. 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. 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 and expense 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 advance of the Board meeting held on March 31, 2011, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to approve 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) a description of any proposed fee waiver or expense reimbursement arrangements; (2) a comparison of the Fund’s proposed fees under the Agreement as compared to any other comparable accounts managed by TAI or its affiliates; (3) any “fall-out” benefits that 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; (4) information regarding TAI’s financial resources, senior professional personnel, overall staffing 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 potential conflicts of interest identified by TAI in connection with rendering services to the Fund; (5) information as to any anticipated profit to be earned by TAI in connection with its services pursuant to the Agreement; (6) a copy of the Agreement and certain related service agreements between the Fund and affiliates of TAI; (7) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (8) a proposed narrative explanation of reasons why the Board should approve the Agreement.

In considering whether to approve 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 to be provided by TAI to the Fund; (2) the costs of the services to be provided to the Fund and the profits to be realized (if any) by TAI and its affiliates from their relationship with the Fund; (3) the extent to which economies of scale are

116 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

continued

anticipated to be realized as the Fund grows; (4) whether the fee schedule set forth in the Agreement reflects any such potential economies of scale for the benefit of Fund investors; (5) comparisons of services and fees with contracts entered into by TAI with other clients; and (6) any other benefits 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 approve the Agreement.

In reaching its decision regarding the approval 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 Trust. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the approval process under Section 15(c) of the 1940 Act and certain other legal authorities.

In deciding whether to approve 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 approve the Agreement for the Fund.

At its meeting on March 31, 2011, the Board voted unanimously to approve the Agreement for the Fund. Set forth below are the specific and general factors the Board considered in making this determination with respect to the Fund.

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TAI is an experienced investment adviser that has managed the existing Lifecycle Funds of the Trust 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 part of a suite of 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 Fund’s assets among the underlying funds, conducting research, recommending investments and placing orders to buy and sell securities for the Fund’s investment portfolio; 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

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 117

APPROVAL OF INVESTMENT MANAGEMENT
AGREEMENT (UNAUDITED)

a competent and professional manner with respect to the existing Lifecycle Funds of the Trust.

In addition, the Board considered the nature and quality of non-portfolio management services 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.

COST AND PROFITABILITY

The Board considered estimated financial and profitability data relating to TAI’s services to the Fund. In this connection, the Board considered estimated profit calculations both before and after taking into account the potential costs to be incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board considered that TAI does not anticipate initially earning a direct profit with respect to its services to the Fund, which is primarily due to a complete waiver of the Fund’s management fees and a reimbursement of all of its other expenses except for Retirement Class service fees and 12b-1 fees through at least September 30, 2012. The Board also considered that TAI may have indirect earnings with respect to the Fund based on the Fund’s proposed investment in affiliated underlying funds also managed by TAI. The Board concluded that TAI’s estimated direct and indirect profits would not be excessive in light of various relevant factors. The Board also acknowledged permanent and temporary waivers of management fees and reimbursements of expenses above specified amounts of certain TIAA-CREF Funds used as underlying investments for the Fund which would reduce the Fund’s indirect expenses.

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 proposed management fee rate to be charged to the Fund under the Agreement (which, after waiver, would be zero through September 30, 2012) is lower than the management fee rates charged by 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. Based on all factors considered, the Board concluded that the proposed fee rate under the Agreement with respect to the Fund is within an acceptable range in relation to those charged by comparable mutual funds.

118 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

continued

ECONOMIES OF SCALE

The Board considered whether TAI is anticipated to experience economies of scale in connection with the operation of the Fund. In this connection, the Board considered that it was estimated that TAI would incur operating losses with respect to its services provided to the Fund and that TAI would waive its fees or reimburse the Fund for all of its expenses other than Retirement Class service fees and 12b-1 fees through at least September 30, 2012. Thus, the Board determined that the Fund’s proposed fee schedule would be 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 provide fund-of-funds management services to each of the Trust’s existing Lifecycle Funds, with the same expense arrangements as the Fund, each of the Trust’s Lifecycle Index Funds, with a partially waived annual management fee of 0.10% of average daily net assets, and to the Managed Allocation Fund of the Trust, 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 Fund and to TAI and its affiliates which could arise from the Agreement. For example, the Fund would benefit if TAI is willing to waive fees and make expense reimbursements to both the Fund and certain of the underlying funds in which the Fund will 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. TAI may also benefit from the Fund’s investment in underlying funds that are also managed by TAI.

SPECIFIC FACTORS

The Board considered the following specific factors (among others) in connection with its determination to approve the Agreement with respect to the Fund. Where 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 lowest expenses). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee and expense factors outlined below are based on the Retirement Class shares of the Fund. Because each of the Fund’s classes generally will have different nonadvisory expenses, the estimated expense

TIAA-CREF Lifecycle Funds  §  2011 Annual Report 119

APPROVAL OF INVESTMENT MANAGEMENT	concluded
AGREEMENT (UNAUDITED)

information for the Fund’s other classes will differ from the estimated expense information shown below.
•	The Fund’s proposed 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 current management fee would be 0.00% of average daily net assets.
•	The Fund’s proposed management fees and total expenses (after waiver) would rank in the 1st quintile of the universe of comparable funds identified by Lipper for expense comparison purposes.

Based primarily on the foregoing factors and considerations, the Board approved the Agreement for the Fund.

120 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

IMPORTANT TAX INFORMATION (UNAUDITED)

TIAA-CREF LIFECYCLE FUNDS

For the period ended May 31, 2011, the Lifecycle Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long Term Capital Gains
Lifecycle Retirement Income	$	—
Lifecycle 2010		—
Lifecycle 2015		—
Lifecycle 2020		304,999
Lifecycle 2025		—
Lifecycle 2030		—
Lifecycle 2035		—
Lifecycle 2040		—
Lifecycle 2045		—
Lifecycle 2050		425,235
Lifecycle 2055		—

For the period ended May 31, 2011, the Lifecycle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Fund	Percentage
Lifecycle Retirement Income		21.87	%
Lifecycle 2010		28.19
Lifecycle 2015		32.83
Lifecycle 2020		38.07
Lifecycle 2025		43.59
Lifecycle 2030		50.19
Lifecycle 2035		56.65
Lifecycle 2040		57.42
Lifecycle 2045		56.54
Lifecycle 2050		56.20

TIAA-CREF Lifecycle Funds § 2011 Annual Report 121

IMPORTANT TAX INFORMATION (UNAUDITED)	concluded
TIAA-CREF LIFECYCLE FUNDS

For the period ended May 31, 2011, the Lifecycle Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Lifecycle Retirement Income		15.38	%
Lifecycle 2010		19.69
Lifecycle 2015		23.01
Lifecycle 2020		26.68
Lifecycle 2025		30.54
Lifecycle 2030		35.19
Lifecycle 2035		39.73
Lifecycle 2040		40.34
Lifecycle 2045		39.83
Lifecycle 2050		39.70

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2011, which will be reported in conjunction with your 2011 Form 1099-DIV.

By early 2012, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

122 2011 Annual Report  §  TIAA-CREF Lifecycle Funds

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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 Institutional, Retirement 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.

©2011 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206

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2011 ANNUAL REPORT

TIAA-CREF LIFECYCLE INDEX FUNDS

OF THE TIAA-CREF FUNDS

MAY 31, 2011

Audited financial statements

	CONTENTS
	Understanding your Lifecycle Index Funds Report		2
	Information for Lifecycle Index Funds investors		3
	About the funds’ composite benchmarks		4
	Important information about expenses		5
	Investment results of the Lifecycle Index Funds		10
	Fund performance
	Lifecycle Index Retirement Income Fund		12
	Lifecycle Index 2010 Fund		14
	Lifecycle Index 2015 Fund		16
	Lifecycle Index 2020 Fund		18
	Lifecycle Index 2025 Fund		20
	Lifecycle Index 2030 Fund		22
	Lifecycle Index 2035 Fund		24
	Lifecycle Index 2040 Fund		26
	Lifecycle Index 2045 Fund		28
	Lifecycle Index 2050 Fund		30
	Lifecycle Index 2055 Fund		32
	Portfolios of investments		34
	Financial statements
	Statements of assets and liabilities		40
	Statements of operations		44
	Statements of changes in net assets		52
	Financial highlights		60
	Notes to financial statements		81
	Report of independent registered public accounting firm		88
	Trustees and officers		90
	Approval of investment management agreement		96
	Important tax information		101
	How to reach us	Inside back cover

UNDERSTANDING YOUR LIFECYCLE INDEX FUNDS REPORT

This annual report reflects the change in the end of the fiscal year of the TIAA-CREF Lifecycle Index Funds (other than the 2055 Fund) from September 30 to May 31. Beginning with this report, the Lifecycle Index Funds will issue annual reports dated May 31 and semiannual reports dated November 30.

          This annual report contains information about the investment performance and holdings of the Lifecycle Index Funds, an offering of the TIAA-CREF Funds, and describes the funds’ results for the eight months ended May 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 May 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.

2 2011 Annual Report§TIAA-CREF Lifecycle Index Funds

INFORMATION FOR LIFECYCLE INDEX FUNDS INVESTORS

PORTFOLIO LISTINGS

The complete Lifecycle Index Funds’ portfolios of investments begin on page 34 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 obtain a complete list of the Lifecycle Index 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 and Form N-Q filings. Due to the recent changes in the fiscal year-ends of the Lifecycle Index Funds, future Form N-CSR filings will be available as of May 31 and November 30; Form N-Q filings will be available as of February 28 and August 31. 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

There are three easy ways to contact us: by email, 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 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.

TIAA-CREF Lifecycle Index Funds§2011 Annual Report 3

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 (foreign stocks), 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 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 markets 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 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 Annual Report§TIAA-CREF Lifecycle Index Funds

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 expense 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 six-month period and held for the entire period (December 1, 2010 to May 31, 2011) with the exception of the Lifecycle Index 2055 Fund. For the Life-cycle Index 2055 Fund, the fund’s actual expense ratio is based on the period from the fund’s inception date on April 29, 2011 through May 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, 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 during period” 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 this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

TIAA-CREF Lifecycle Index Funds§2011 Annual Report 5

IMPORTANT INFORMATION ABOUT EXPENSES

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

Lifecycle Index Funds—Retirement Class
	Beginning account value (12/1/10)		Ending account value (5/31/11)			Expenses paid during period (12/1/10–5/31/11)		*	Effective expenses paid during period (12/1/10–5/31/11)		†
Retirement Income Fund
actual return	$	1,000.00	$	1,073.30		$	1.60		$	2.22
5% annual hypothetical return		1,000.00		1,023.39			1.56			2.17
2010 Fund actual return	$	1,000.00	$	1,085.73		$	1.66		$	2.24
5% annual hypothetical return		1,000.00		1,023.34			1.61			2.17
2015 Fund actual return	$	1,000.00	$	1,094.59		$	1.72		$	2.30
5% annual hypothetical return		1,000.00		1,023.29			1.66			2.22
2020 Fund actual return	$	1,000.00	$	1,106.38		$	1.79		$	2.31
5% annual hypothetical return		1,000.00		1,023.24			1.72			2.22
2025 Fund actual return	$	1,000.00	$	1,116.86		$	1.79		$	2.27
5% annual hypothetical return		1,000.00		1,023.24			1.72			2.17
2030 Fund actual return	$	1,000.00	$	1,128.10		$	1.80		$	2.28
5% annual hypothetical return		1,000.00		1,023.24			1.72			2.17
2035 Fund actual return	$	1,000.00	$	1,139.39		$	1.81		$	2.24
5% annual hypothetical return		1,000.00		1,023.24			1.72			2.12
2040 Fund actual return	$	1,000.00	$	1,140.10		$	1.81		$	2.24
5% annual hypothetical return		1,000.00		1,023.24			1.72			2.12
2045 Fund actual return	$	1,000.00	$	1,140.16		$	1.81		$	2.24
5% annual hypothetical return		1,000.00		1,023.24			1.72			2.12
2050 Fund actual return	$	1,000.00	$	1,139.41		$	1.81		$	2.24
5% annual hypothetical return		1,000.00		1,023.24			1.72			2.12
2055 Fund actual return	$	1,000.00	$	987.00	‡	$	0.30	‡	$	0.38	‡
5% annual hypothetical return		1,000.00		1,023.19			1.77			2.22

* The amounts in the “Expenses paid during period” 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 May 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 0.31% for the Retirement Income Fund; 0.32% for the 2010 Fund; 0.33% for the 2015 Fund and 0.34% for the 2020, 2025, 2030, 2035, 2040, 2045 and 2050 Funds. For the Lifecycle Index 2055 Fund, the amount paid in the “Expenses paid during period” is based on the fund’s actual expense ratio from the inception date on April 29, 2011 through May 31, 2011, multiplied by the average fund value over the period, multiplied by 32/365 for the actual expenses and 182/365 for the

6 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

continued

	hypothetical expenses. There were 32 days in the period from the inception date to May 31, 2011 and 182 days in the six months ended May 31, 2011. The fund’s annual expense ratio for the 32-day period was 0.35% for the Retirement Class.
†	The amounts in the “Effective expenses paid during period” 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 the six-month period, the total annualized, weighted average expense ratio was 0.42% for the 2035, 2040, 2045 and 2050 Funds; 0.43% for the Retirement Income, 2010, 2025 and 2030 Funds; and 0.44% for the 2015 and 2020 Funds. For the 32-day period, the total annualized weighted average expense ratio was 0.44% for the 2055 Fund.
‡	The amounts shown are based on the period from the Lifecycle Index 2055 Fund’s inception date on April 29, 2011 through May 31, 2011.

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

Lifecycle Index Funds—Institutional Class
	Beginning account value (12/1/10)		Ending account value (5/31/11)			Expenses paid during period (12/1/10–5/31/11)		*	Effective expenses paid during period (12/1/10–5/31/11)		†
Retirement Income Fund
actual return	$	1,000.00	$	1,073.53		$	0.31		$	0.93
5% annual hypothetical return		1,000.00		1,024.63			0.30			0.91
2010 Fund actual return	$	1,000.00	$	1,086.40		$	0.36		$	0.94
5% annual hypothetical return		1,000.00		1,024.58			0.35			0.91
2015 Fund actual return	$	1,000.00	$	1,097.09		$	0.42		$	0.99
5% annual hypothetical return		1,000.00		1,024.53			0.40			0.96
2020 Fund actual return	$	1,000.00	$	1,106.96		$	0.42		$	0.95
5% annual hypothetical return		1,000.00		1,024.53			0.40			0.91
2025 Fund actual return	$	1,000.00	$	1,118.41		$	0.42		$	0.90
5% annual hypothetical return		1,000.00		1,024.53			0.40			0.86
2030 Fund actual return	$	1,000.00	$	1,129.41		$	0.48		$	0.96
5% annual hypothetical return		1,000.00		1,024.48			0.45			0.91
2035 Fund actual return	$	1,000.00	$	1,140.64		$	0.48		$	0.91
5% annual hypothetical return		1,000.00		1,024.48			0.45			0.86
2040 Fund actual return	$	1,000.00	$	1,142.43		$	0.48		$	0.91
5% annual hypothetical return		1,000.00		1,024.48			0.45			0.86
2045 Fund actual return	$	1,000.00	$	1,141.64		$	0.48		$	0.91
5% annual hypothetical return		1,000.00		1,024.48			0.45			0.86
2050 Fund actual return	$	1,000.00	$	1,141.85		$	0.48		$	0.91
5% annual hypothetical return		1,000.00		1,024.48			0.45			0.86
2055 Fund actual return	$	1,000.00	$	987.00	‡	$	0.09	‡	$	0.17	‡
5% annual hypothetical return		1,000.00		1,024.43			0.50			0.96

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 7

IMPORTANT INFORMATION ABOUT EXPENSES

*	The amounts in the “Expenses paid during period” 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 May 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 0.06% for the Retirement Income Fund; 0.07% for the 2010 Fund; 0.08% for the 2015, 2020 and 2025 Funds and 0.09% for the 2030, 2035, 2040, 2045 and 2050 Funds. For the Lifecycle Index 2055 Fund, the amount paid in the “Expenses paid during period” is based on the fund’s actual expense ratio from the inception date on April 29, 2011 through May 31, 2011, multiplied by the average fund value over the period, multiplied by 32/365 for the actual expenses and 182/365 for the hypothetical expenses. There were 32 days in the period from the inception date to May 31, 2011 and 182 days in the six months ended May 31, 2011. The fund’s annual expense ratio for the 32-day period was 0.10% for the Institutional Class.
†	The amounts in the “Effective expenses paid during period” 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 the six-month period, the total annualized weighted average expense ratio was 0.17% for the 2025, 2035, 2040, 2045 and 2050 Funds; 0.18% for the Retirement Income, 2010, 2020 and 2030 Funds; and 0.19% for the 2015 Fund. For the 32-day period, the total annualized weighted average expense ratio was 0.19% for the 2055 Fund.
‡	The amounts shown are based on the period from the Lifecycle Index 2055 Fund’s inception date on April 29, 2011 through May 31, 2011.

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

Lifecycle Index Funds—Premier Class
	Beginning account value (12/1/10)		Ending account value (5/31/11)		Expenses paid during period (12/1/10–5/31/11)		*	Effective expenses paid during period (12/1/10–5/31/11)		†
Retirement Income Fund
actual return	$	1,000.00	$	1,072.88	$	1.09		$	1.71
5% annual hypothetical return		1,000.00		1,023.88		1.06			1.66
2010 Fund actual return	$	1,000.00	$	1,085.19	$	1.14		$	1.72
5% annual hypothetical return		1,000.00		1,023.83		1.11			1.66
2015 Fund actual return	$	1,000.00	$	1,095.89	$	1.20		$	1.78
5% annual hypothetical return		1,000.00		1,023.78		1.16			1.72
2020 Fund actual return	$	1,000.00	$	1,106.77	$	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	$	1,117.21	$	1.21		$	1.69
5% annual hypothetical return		1,000.00		1,023.78		1.16			1.61
2030 Fund actual return	$	1,000.00	$	1,128.32	$	1.27		$	1.75
5% annual hypothetical return		1,000.00		1,023.73		1.21			1.66
2035 Fund actual return	$	1,000.00	$	1,140.48	$	1.28		$	1.71
5% annual hypothetical return		1,000.00		1,023.73		1.21			1.61

8 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

concluded

Lifecycle Index Funds—Premier Class
	Beginning account value (12/1/10)		Ending account value (5/31/11)			Expenses paid during period (12/1/10–5/31/11)		*	Effective expenses paid during period (12/1/10–5/31/11)		†
2040 Fund actual return	$	1,000.00	$	1,141.38		$	1.28		$	1.71
5% annual hypothetical return		1,000.00		1,023.73			1.21			1.61
2045 Fund actual return	$	1,000.00	$	1,140.46		$	1.28		$	1.71
5% annual hypothetical return		1,000.00		1,023.73			1.21			1.61
2050 Fund actual return	$	1,000.00	$	1,140.78		$	1.28		$	1.71
5% annual hypothetical return		1,000.00		1,023.73			1.21			1.61
2055 Fund actual return	$	1,000.00	$	987.00	‡	$	0.22	‡	$	0.30	‡
5% annual hypothetical return		1,000.00		1,023.68			1.26			1.72

*	The amounts in the “Expenses paid during period” 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 May 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 0.21% for the Retirement Income Fund; 0.22% for the 2010 Fund; 0.23% for the 2015, 2020 and 2025 Funds and 0.24% for the 2030, 2035, 2040, 2045 and 2050 Funds. For the Lifecycle Index 2055 Fund, the amount paid in the “Expenses paid during period” is based on the fund’s actual expense ratio from the inception date on April 29, 2011 through May 31, 2011, multiplied by the average fund value over the period, multiplied by 32/365 for the actual expenses and 182/365 for the hypothetical expenses. There were 32 days in the period from the inception date to May 31, 2011 and 182 days in the six months ended May 31, 2011. The fund’s annual expense ratio for the 32-day period was 0.25% for the Premier Class.
†	The amounts in the “Effective expenses paid during period” 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 the six-month period, the total annualized, weighted average expense ratio was 0.32% for the 2025, 2035, 2040, 2045 and 2050 Funds; 0.33% for the Retirement Income, 2010, 2020 and 2030 Funds; and 0.34% for the 2015 Fund. For the 32-day period, the total annualized weighted average expense ratio was 0.34% for the 2055 Fund.
‡	The amounts shown are based on the period from the Lifecycle Index 2055 Fund’s inception date on April 29, 2011 through May 31, 2011.

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 9

INVESTMENT RESULTS OF THE LIFECYCLE INDEX FUNDS

PERFORMANCE FOR THE EIGHT MONTHS ENDED MAY 31, 2011

All ten of the TIAA-CREF Lifecycle Index Funds that were in operation for the entire eight-month period slightly trailed their respective composite benchmarks after accounting for expenses. Returns for the Retirement Class ranged from 8.44% for the Retirement Income Fund to 17.06% for the 2040 Fund. The 2055 Fund, launched on April 29, 2011, posted a loss of 1.30% for the period ended May 31, 2011.

          The funds’ returns included deductions for expenses while those of their respective composite benchmarks did not.

Economic recovery slows

The nation’s gross domestic product, which measures the value of all goods and services produced in the United States, increased by a year-over-year rate of 2.3% in the first quarter of 2011, a decline from the 2.8% rate of the previous quarter. The pace of growth was slowed by persistent unemployment, a depressed housing sector and higher commodity prices, especially for oil.

          The Russell 3000^® Index, which measures the broad U.S. stock market, jumped 20.85% for the eight months ended May 31, 2011. Foreign stocks also performed well but trailed U.S. issues. The MSCI EAFE (Europe, Australasia, Far East)+EM (Emerging Markets) Index, which measures stock performance in 22 developed nations outside North America and in 21 developing nations, gained 12.46% in dollar terms. During the reporting period, this index replaced the MSCI EAFE Index as the international equity component in the Lifecycle Index Funds’ composite benchmarks.

Bonds post modest gains

In the face of slow economic growth, 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.) The Barclays Capital U.S. Aggregate Bond Index, which measures the broad market for investment-grade, fixed-rate bonds, returned 1.69% for the period.

          Commercial mortgage-backed securities posted a 5.7% gain, while corporate bonds returned 2.4%. Both U.S. Treasury and agency securities underperformed the Barclays Capital aggregate index for the eight months, returning –0.1% and 0.9%, respectively.

          Inflation-protected bonds returned 4.29%, as measured by the Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L).

All eleven funds closely track their benchmarks

The ten Lifecycle Index Funds operating for the entire period

10 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

posted returns that were within one-half of a percentage point of their respective composite benchmarks, with eight funds posting double-digit gains. The difference between the individual funds’ returns and those of their respective benchmarks ranged from 0.20 of a percentage point for the 2030 Fund to 0.40 of a point for the 2015 Fund.

          The 2055 Fund, which was launched on April 29, 2011, returned –1.30% versus –1.29% for its composite benchmark for the period ended May 31, 2011.

          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. The Lifecycle Index Funds 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 developing 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 eight-month period, the funds benefited from strong results from U.S. and international stocks. Those gains were partly offset by lower returns from the fixed-income sector. The Lifecycle Index Funds with larger allocations to the U.S. and international equity sectors produced better returns than those with smaller allocations.
          For example, the 2050 Fund, which held about 90% equities and 10% fixed income investments, posted a 17.01% gain, while the 2010 Fund, with a nearly equal mix of stocks and bonds, earned 9.98%. (All fund returns are for the Retirement Class.)

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 11

LIFECYCLE INDEX RETIREMENT INCOME FUND

PERFORMANCE AS OF MAY 31, 2011

Lifecycle Index Retirement Income Fund				Total return					Average annual total return
	Inception		8 months			1 year			since inception
Retirement Class		9/30/2009		8.44	%		14.61	%		10.29	%
Institutional Class		9/30/2009		8.56			14.76			10.52
Premier Class		9/30/2009		8.40			14.51			10.33
Lifecycle Index
Retirement Income Fund
Composite Index*		9/30/2009		8.72			14.93			10.81
Broad-based market index
Barclays Capital U.S.
Aggregate Bond Index		9/30/2009		1.69			5.84			5.88

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.

*      As of the close of business on May 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 Index; and 10.0% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

12 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception September 30, 2009)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION

	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		30.0	%		29.7	%
International equity		10.0			9.8
Fixed income
Fixed income		50.0			50.1
Inflation-protected assets		10.0			10.0
Other assets & liabilities, net		—			0.4
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds § 2011 Annual Report 13

LIFECYCLE INDEX 2010 FUND

PERFORMANCE AS OF MAY 31, 2011

		Total return							Average annual total return
Lifecycle Index 2010 Fund	Inception	8 months			1 year			since inception
Retirement Class	9/30/2009		9.98	%		16.55	%		11.29	%
Institutional Class	9/30/2009		10.14			16.71			11.56
Premier Class	9/30/2009		10.02			16.59			11.40
Lifecycle Index 2010 Fund
Composite Index*	9/30/2009		10.28			16.97			11.81
Broad-based market index
Barclays Capital U.S.
Aggregate Bond Index	9/30/2009		1.69			5.84			5.88

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.

*      As of the close of business on May 31, 2011, the Lifecycle Index 2010 Fund Composite Index consisted of: 44.5% Barclays Capital U.S. Aggregate Bond Index; 36.8% Russell 3000^® Index; 12.3% MSCI EAFE+EM Index; and 6.4% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

14 2011 Annual Report  §   TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception September 30, 2009)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		36.8	%		36.8	%
International equity		12.2			12.3
Fixed income
Fixed income		44.6			44.5
Inflation-protected assets		6.4			6.3
Other assets & liabilities, net		—			0.1
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 15

LIFECYCLE INDEX 2015 FUND

PERFORMANCE AS OF MAY 31, 2011

		Total return							Average annual total return
Lifecycle Index 2015 Fund	Inception	8 months			1 year			since inception
Retirement Class	9/30/2009		11.18	%		18.16	%		12.03	%
Institutional Class	9/30/2009		11.43			18.41			12.35
Premier Class	9/30/2009		11.41			18.29			12.19
Lifecycle Index 2015 Fund
Composite Index*	9/30/2009		11.58			18.65			12.62
Broad-based market index
Russell 3000® Index	9/30/2009		20.85			27.04			19.26

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.

* As of the close of business on May 31, 2011, the Lifecycle Index 2015 Fund Composite Index consisted of: 42.4% Russell 3000 Index; 39.1% Barclays Capital U.S. Aggregate Bond Index; 14.1% MSCI EAFE+EM Index; and 4.4% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

16 2011 Annual Report  §   TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception September 30, 2009)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		42.3	%		42.2	%
International equity		14.1			14.0
Fixed income
Fixed income		39.2			39.3
Inflation-protected assets		4.4			4.3
Other assets & liabilities, net		—			0.2
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds  §   2011 Annual Report 17

LIFECYCLE INDEX 2020 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle Index 2020 Fund	Inception	8 months		1 year		since inception
Retirement Class	9/30/2009	12.58	%	19.88	%	12.91	%
Institutional Class	9/30/2009	12.74		20.16		13.17
Premier Class	9/30/2009	12.72		19.92		13.01
Lifecycle Index 2020 Fund
Composite Index*	9/30/2009	12.93		20.39		13.45
Broad-based market index
Russell 3000® Index	9/30/2009	20.85		27.04		19.26

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.

* As of the close of business on May 31, 2011, the Lifecycle Index 2020 Fund Composite Index consisted of: 48.4% Russell 3000 Index; 33.1% Barclays Capital U.S. Aggregate Bond Index; 16.1% MSCI EAFE+EM Index; and 2.4% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

18 2011 Annual Report  §   TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception September 30, 2009)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		48.3	%		48.2	%
International equity		16.1			15.9
Fixed income
Fixed income		33.2			33.4
Inflation-protected assets		2.4			2.3
Other assets & liabilities, net		—			0.2
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds  §   2011 Annual Report 19

LIFECYCLE INDEX 2025 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle Index 2025 Fund	Inception	8 months		1 year		since inception
Retirement Class	9/30/2009	14.06	%	21.59	%	13.77	%
Institutional Class	9/30/2009	14.21		21.86		14.03
Premier Class	9/30/2009	14.09		21.74		13.87
Lifecycle Index 2025 Fund
Composite Index*	9/30/2009	14.29		22.13		14.26
Broad-based market index
Russell 3000® Index	9/30/2009	20.85		27.04		19.26

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.

* As of the close of business on May 31, 2011, the Lifecycle Index 2025 Fund Composite Index consisted of: 54.4% Russell 3000 Index; 27.1% Barclays Capital U.S. Aggregate Bond Index; 18.1% MSCI EAFE+EM Index; and 0.4% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L). On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

20 2011 Annual Report  §   TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception September 30, 2009)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		54.3	%		54.1	%
International equity		18.1			18.0
Fixed income
Fixed income		27.2			27.3
Inflation-protected assets		0.4			0.3
Other assets & liabilities, net		—			0.3
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds  §   2011 Annual Report 21

LIFECYCLE INDEX 2030 FUND

PERFORMANCE AS OF MAY 31, 2011
		Total return				Average annual total return
Lifecycle Index 2030 Fund	Inception	8 months		1 year		since inception
Retirement Class	9/30/2009	15.52	%	23.38	%	14.64	%
Institutional Class	9/30/2009	15.64		23.73		14.95
Premier Class	9/30/2009	15.54		23.51		14.73
Lifecycle Index 2030 Fund
Composite Index*	9/30/2009	15.72		23.92		15.10
Broad-based market index
Russell 3000® Index	9/30/2009	20.85		27.04		19.26

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.

* As of the close of business on May 31, 2011, the Lifecycle Index 2030 Fund Composite Index consisted of: 60.4% Russell 3000 Index; 20.1% MSCI EAFE+EM Index; and 19.5% Barclays Capital U.S. Aggregate Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

22 2011 Annual Report  §   TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception September 30, 2009)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		60.3	%		60.2	%
International equity		20.1			20.0
Fixed income		19.6			19.6
Other assets & liabilities, net		—			0.2
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds  §   2011 Annual Report 23

LIFECYCLE INDEX 2035 FUND

PERFORMANCE AS OF MAY 31, 2011

			Total return							Average annual total return
Lifecycle Index 2035 Fund	Inception		8 months			1 year			since inception
Retirement Class		9/30/2009		16.89	%		25.10	%		15.42	%
Institutional Class		9/30/2009		17.12			25.45			15.73
Premier Class		9/30/2009		17.00			25.33			15.57
Lifecycle Index 2035 Fund
Composite Index*		9/30/2009		17.15			25.74			15.92
Broad-based market index
Russell 3000® Index		9/30/2009		20.85			27.04			19.26

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.

* As of the close of business on May 31, 2011, the Lifecycle Index 2035 Fund Composite Index consisted of: 66.4% Russell 3000 Index; 22.1% MSCI EAFE+EM Index; and 11.5% Barclays Capital U.S. Aggregate Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

24 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception September 30, 2009)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		66.3	%		66.4	%
International equity		22.1			21.9
Fixed income		11.6			11.5
Other assets & liabilities, net		—			0.2
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 25

LIFECYCLE INDEX 2040 FUND

PERFORMANCE AS OF MAY 31, 2011

			Total return							Average annual total return
Lifecycle Index 2040 Fund	Inception		8 months			1 year			since inception
Retirement Class		9/30/2009		17.06	%		25.26	%		15.51	%
Institutional Class		9/30/2009		17.19			25.62			15.82
Premier Class		9/30/2009		17.08			25.41			15.60
Lifecycle Index 2040 Fund
Composite Index*		9/30/2009		17.27			25.88			16.00
Broad-based market index
Russell 3000® Index		9/30/2009		20.85			27.04			19.26

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.

* As of the close of business on May 31, 2011, the Lifecycle Index 2040 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

26 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception September 30, 2009)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		67.5	%		67.5	%
International equity		22.5			22.2
Fixed income		10.0			10.1
Other assets & liabilities, net		—			0.2
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 27

LIFECYCLE INDEX 2045 FUND

PERFORMANCE AS OF MAY 31, 2011

			Total return							Average annual total return
Lifecycle Index 2045 Fund	Inception		8 months			1 year			since inception
Retirement Class		9/30/2009		16.98	%		25.36	%		15.50	%
Institutional Class		9/30/2009		17.13			25.63			15.76
Premier Class		9/30/2009		17.01			25.38			15.60
Lifecycle Index 2045 Fund
Composite Index*		9/30/2009		17.27			25.88			16.00
Broad-based market index
Russell 3000® Index		9/30/2009		20.85			27.04			19.26

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.

* As of the close of business on May 31, 2011, the Lifecycle Index 2045 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

28 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception September 30, 2009)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		67.5	%		67.2	%
International equity		22.5			22.2
Fixed income		10.0			10.1
Other assets & liabilities, net		—			0.5
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 29

LIFECYCLE INDEX 2050 FUND

PERFORMANCE AS OF MAY 31, 2011
			Total return							Average annual total return
Lifecycle Index 2050 Fund	Inception		8 months			1 year			since inception
Retirement Class		9/30/2009		17.01	%		25.28	%		15.51	%
Institutional Class		9/30/2009		17.26			25.65			15.83
Premier Class		9/30/2009		17.04			25.43			15.62
Lifecycle Index 2050 Fund
Composite Index*		9/30/2009		17.27			25.88			16.00
Broad-based market index
Russell 3000® Index		9/30/2009		20.85			27.04			19.26

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.

* As of the close of business on May 31, 2011, the Lifecycle Index 2050 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays Capital U.S. Aggregate Bond Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

30 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception September 30, 2009)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation		% of net assets as of 5/31/11
Equity
U.S. equity	67.5	%	67.3	%
International equity	22.5		22.1
Fixed income	10.0		10.0
Other assets & liabilities, net	—		0.6
Total	100.0		100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 31

LIFECYCLE INDEX 2055 FUND

PERFORMANCE AS OF MAY 31, 2011
Lifecycle Index 2055 Fund			Total return
	Inception		since inception
Retirement Class		4/29/2011		–1.30	%
Institutional Class		4/29/2011		–1.30
Premier Class		4/29/2011		–1.30
Lifecycle Index 2055 Fund
Composite Index*		4/29/2011		–1.29
Broad-based market index
Russell 3000® Index		4/29/2011		–1.14

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.

*	As of the close of business on May 31, 2011, the Lifecycle Index 2055 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM 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.

32 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

$10,000 INVESTED AT FUND’S INCEPTION

Retirement Class (inception April 29, 2011)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

ASSET ALLOCATION
	Target allocation			% of net assets as of 5/31/11
Equity
U.S. equity		67.5	%		67.4	%
International equity		22.5			22.5
Fixed income		10.0			10.1
Total		100.0			100.0

TARGET ALLOCATION

As of June 30, 2011

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 33

PORTFOLIO OF INVESTMENTS

LIFECYCLE INDEX RETIREMENT INCOME FUND §  MAY 31, 2011

Shares		Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	461,008	TIAA-CREF Bond Index Fund		$	4,826,753		50.1	%
					4,826,753		50.1
INFLATION-PROTECTED ASSETS
	83,689	TIAA-CREF Inflation-Linked Bond Fund			959,918		10.0
					959,918		10.0
INTERNATIONAL EQUITY
	20,072	TIAA-CREF Emerging Markets Equity Index Fund			242,074		2.5
	39,726	TIAA-CREF International Equity Index Fund			700,361		7.3
					942,435		9.8
U.S. EQUITY
	276,330	TIAA-CREF Equity Index Fund			2,854,489		29.7
					2,854,489		29.7
		TOTAL TIAA-CREF FUNDS	(Cost $8,713,488)		9,583,595		99.6
		TOTAL PORTFOLIO	(Cost $8,713,488)		9,583,595		99.6
		OTHER ASSETS & LIABILITIES, NET			37,479		0.4
		NET ASSETS		$	9,621,074		100.0	%

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

LIFECYCLE INDEX 2010 FUND §  MAY 31, 2011

Shares		Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	2,466,534	TIAA-CREF Bond Index Fund		$	25,824,608		44.5	%
					25,824,608		44.5
INFLATION-PROTECTED ASSETS
	318,854	TIAA-CREF Inflation-Linked Bond Fund			3,657,260		6.3
					3,657,260		6.3
INTERNATIONAL EQUITY
	151,886	TIAA-CREF Emerging Markets Equity Index Fund			1,831,743		3.2
	300,907	TIAA-CREF International Equity Index Fund			5,304,986		9.1
					7,136,729		12.3
U.S. EQUITY
	2,067,930	TIAA-CREF Equity Index Fund			21,361,721		36.8
					21,361,721		36.8
		TOTAL TIAA-CREF FUNDS	(Cost $52,995,916)		57,980,318		99.9
		TOTAL PORTFOLIO	(Cost $52,995,916)		57,980,318		99.9
		OTHER ASSETS & LIABILITIES, NET			54,044		0.1
		NET ASSETS		$	58,034,362		100.0	%

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

34 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

LIFECYCLE INDEX 2015 FUND §  MAY 31, 2011

Shares		Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	3,202,929	TIAA-CREF Bond Index Fund		$	33,534,671		39.3	%
					33,534,671		39.3
INFLATION-PROTECTED ASSETS
	322,922	TIAA-CREF Inflation-Linked Bond Fund			3,703,919		4.3
					3,703,919		4.3
INTERNATIONAL EQUITY
	254,222	TIAA-CREF Emerging Markets Equity Index Fund			3,065,912		3.6
	503,341	TIAA-CREF International Equity Index Fund			8,873,908		10.4
					11,939,820		14.0
U.S. EQUITY
	3,485,912	TIAA-CREF Equity Index Fund			36,009,465		42.2
					36,009,465		42.2
		TOTAL TIAA-CREF FUNDS	(Cost $77,197,059)		85,187,875		99.8
		TOTAL PORTFOLIO	(Cost $77,197,059)		85,187,875		99.8
		OTHER ASSETS & LIABILITIES, NET			171,487		0.2
		NET ASSETS		$	85,359,362		100.0	%

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

LIFECYCLE INDEX 2020 FUND §  MAY 31, 2011

Shares		Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	3,396,956	TIAA-CREF Bond Index Fund		$	35,566,130		33.4	%
					35,566,130		33.4
INFLATION-PROTECTED ASSETS
	218,010	TIAA-CREF Inflation-Linked Bond Fund			2,500,571		2.3
					2,500,571		2.3
INTERNATIONAL EQUITY
	361,261	TIAA-CREF Emerging Markets Equity Index Fund			4,356,808		4.1
	714,970	TIAA-CREF International Equity Index Fund			12,604,917		11.8
					16,961,725		15.9
U.S. EQUITY
	4,974,594	TIAA-CREF Equity Index Fund			51,387,556		48.2
					51,387,556		48.2
		TOTAL TIAA-CREF FUNDS	(Cost $95,667,626)		106,415,982		99.8
		TOTAL PORTFOLIO	(Cost $95,667,626)		106,415,982		99.8
		OTHER ASSETS & LIABILITIES, NET			165,476		0.2
		NET ASSETS		$	106,581,458		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 Annual Report 35

PORTFOLIO OF INVESTMENTS

LIFECYCLE INDEX 2025 FUND §  MAY 31, 2011

Shares		Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	2,569,344	TIAA-CREF Bond Index Fund		$	26,901,027		27.3	%
					26,901,027		27.3
INFLATION-PROTECTED ASSETS
	28,783	TIAA-CREF Inflation-Linked Bond Fund			330,145		0.3
					330,145		0.3
INTERNATIONAL EQUITY
	377,254	TIAA-CREF Emerging Markets Equity Index Fund			4,549,686		4.6
	746,875	TIAA-CREF International Equity Index Fund			13,167,414		13.4
					17,717,100		18.0
U.S. EQUITY
	5,166,953	TIAA-CREF Equity Index Fund			53,374,627		54.1
					53,374,627		54.1
		TOTAL TIAA-CREF FUNDS	(Cost $87,570,655)		98,322,899		99.7
		TOTAL PORTFOLIO	(Cost $87,570,655)		98,322,899		99.7
		OTHER ASSETS & LIABILITIES, NET			281,529		0.3
		NET ASSETS		$	98,604,428		100.0	%

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

LIFECYCLE INDEX 2030 FUND §  MAY 31, 2011

Shares		Company			Value	% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	2,055,715	TIAA-CREF Bond Index Fund		$	21,523,332		19.6	%
					21,523,332		19.6
INTERNATIONAL EQUITY
	468,870	TIAA-CREF Emerging Markets Equity Index Fund			5,654,574		5.1
	928,532	TIAA-CREF International Equity Index Fund			16,370,027		14.9
					22,024,601		20.0
U.S. EQUITY
	6,409,578	TIAA-CREF Equity Index Fund			66,210,941		60.2
					66,210,941		60.2
		TOTAL TIAA-CREF FUNDS	(Cost $96,519,737)		109,758,874		99.8
		TOTAL PORTFOLIO	(Cost $96,519,737)		109,758,874		99.8
		OTHER ASSETS & LIABILITIES, NET			221,304		0.2
		NET ASSETS		$	109,980,178		100.0	%

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

36 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

LIFECYCLE INDEX 2035 FUND §  MAY 31, 2011

	Shares	Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	1,110,216	TIAA-CREF Bond Index Fund		$	11,623,962		11.5	%
					11,623,962		11.5
INTERNATIONAL EQUITY
	470,912	TIAA-CREF Emerging Markets Equity Index Fund			5,679,198		5.6
	932,093	TIAA-CREF International Equity Index Fund			16,432,803		16.3
					22,112,001		21.9
U.S. EQUITY
	6,472,841	TIAA-CREF Equity Index Fund			66,864,443		66.4
					66,864,443		66.4
		TOTAL TIAA-CREF FUNDS	(Cost $87,379,979)		100,600,406		99.8
		TOTAL PORTFOLIO	(Cost $87,379,979)		100,600,406		99.8
		OTHER ASSETS & LIABILITIES, NET			237,998		0.2
		NET ASSETS		$	100,838,404		100.0	%

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

LIFECYCLE INDEX 2040 FUND §  MAY 31, 2011

	Shares	Company		Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	1,284,861	TIAA-CREF Bond Index Fund		$	13,452,491		10.1	%
					13,452,491		10.1
INTERNATIONAL EQUITY
	626,811	TIAA-CREF Emerging Markets Equity Index Fund			7,559,336		5.7
	1,240,244	TIAA-CREF International Equity Index Fund			21,865,500		16.5
					29,424,836		22.2
U.S. EQUITY
	8,665,443	TIAA-CREF Equity Index Fund			89,514,031		67.5
					89,514,031		67.5
		TOTAL TIAA-CREF FUNDS	(Cost $114,073,905)		132,391,358		99.8
		TOTAL PORTFOLIO	(Cost $114,073,905)		132,391,358		99.8
		OTHER ASSETS & LIABILITIES, NET			312,263		0.2
		NET ASSETS		$	132,703,621		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 Annual Report 37

PORTFOLIO OF INVESTMENTS

LIFECYCLE INDEX 2045 FUND §  MAY 31, 2011

	Shares	Company			Value	% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	326,144	TIAA-CREF Bond Index Fund		$	3,414,731		10.1	%
					3,414,731		10.1
INTERNATIONAL EQUITY
	159,447	TIAA-CREF Emerging Markets Equity Index Fund			1,922,936		5.7
	315,625	TIAA-CREF International Equity Index Fund			5,564,460		16.5
					7,487,396		22.2
U.S. EQUITY
	2,184,674	TIAA-CREF Equity Index Fund			22,567,681		67.2
					22,567,681		67.2
		TOTAL TIAA-CREF FUNDS	(Cost $29,114,272)		33,469,808		99.5
		TOTAL PORTFOLIO	(Cost $29,114,272)		33,469,808		99.5
		OTHER ASSETS & LIABILITIES, NET			175,675		0.5
		NET ASSETS		$	33,645,483		100.0	%

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

LIFECYCLE INDEX 2050 FUND §  MAY 31, 2011

	Shares	Company			Value	% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	216,471	TIAA-CREF Bond Index Fund		$	2,266,452	10.0	%
					2,266,452	10.0
INTERNATIONAL EQUITY
	106,461	TIAA-CREF Emerging Markets Equity Index Fund			1,283,918	5.7
	210,649	TIAA-CREF International Equity Index Fund			3,713,740	16.4
					4,997,658	22.1
U.S. EQUITY
	1,472,147	TIAA-CREF Equity Index Fund			15,207,276	67.3
					15,207,276	67.3
		TOTAL TIAA-CREF FUNDS	(Cost $19,440,506)		22,471,386	99.4
		TOTAL PORTFOLIO	(Cost $19,440,506)		22,471,386	99.4
		OTHER ASSETS & LIABILITIES, NET			135,405	0.6
		NET ASSETS		$	22,606,791	100.0	%

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

38 2011 Annual Report  § TIAA-CREF Lifecycle Index Funds See notes to financial statements

PORTFOLIO OF INVESTMENTS

LIFECYCLE INDEX 2055 FUND §  MAY 31, 2011

	Shares	Company		Value			% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	95,337	TIAA-CREF Bond Index Fund		$	998,178			10.1	%
					998,178			10.1
INTERNATIONAL EQUITY
	47,161	TIAA-CREF Emerging Markets Equity Index Fund			568,766			5.8
	93,521	TIAA-CREF International Equity Index Fund			1,648,775			16.7
					2,217,541			22.5
U.S. EQUITY
	644,156	TIAA-CREF Equity Index Fund			6,654,130			67.4
					6,654,130			67.4
		TOTAL TIAA-CREF FUNDS	(Cost $9,999,830)		9,869,849			100.0
		TOTAL PORTFOLIO	(Cost $9,999,830)		9,869,849			100.0
		OTHER ASSETS & LIABILITIES, NET			(4	)		0.0
		NET ASSETS		$	9,869,845			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 Annual Report 39

STATEMENTS OF ASSETS AND LIABILITIES

TIAA-CREF LIFECYCLE INDEX FUNDS  §  MAY 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*		$9,583,595		$57,980,318			$85,187,875			$106,415,982			$98,322,899		$109,758,874
Cash		9,654		7,154			7,926			10,291			7,929		7,943
Receivable from Fund shares sold		34,728		269,009			282,504			235,523			375,234		655,196
Dividends and interest receivable		10,618		55,851			72,832			77,356			58,488		46,821
Due from affiliates		818		1,132			1,314			1,430			1,342		1,443
Other		87		272			366			417			382		440
Total assets		9,639,500		58,313,736			85,552,817			106,740,999			98,766,274		110,470,717
LIABILITIES
Management fees payable		78		550			922			1,296			1,196		1,477
Distribution fees payable		231		965			1,135			2,468			1,368		1,961
Due to affiliates		82		483			672			743			670		771
Payable for securities transactions		18,000		272,000			178,000			140,000			146,000		471,000
Accrued expenses & other payables		35		5,376			12,726			15,034			12,612		15,330
Total liabilities		18,426		279,374			193,455			159,541			161,846		490,539
NET ASSETS		$9,621,074		$58,034,362			$85,359,362			$106,581,458			$98,604,428		$109,980,178
NET ASSETS CONSIST OF:
Paid-in-capital		$8,724,858		$52,892,230			$77,079,207			$95,541,640			$87,603,115		$96,582,720
Undistributed net investment income (loss)		19,412		265,654			330,219			317,046			218,676		156,013
Accumulated net realized gain (loss) on total investments		6,697		(107,924	)		(40,880	)		(25,584	)		30,393		2,308
Net unrealized appreciation (depreciation) on total investments		870,107		4,984,402			7,990,816			10,748,356			10,752,244		13,239,137
NET ASSETS		$9,621,074		$58,034,362			$85,359,362			$106,581,458			$98,604,428		$109,980,178
RETIREMENT CLASS:
Net assets		$341,566		$695,266			$1,879,886			$2,362,948			$1,125,231		$2,414,982
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		30,080		59,335			158,465			196,727			92,590		196,183
Net asset value per share		$11.36		$11.72			$11.86			$12.01			$12.15		$12.31
INSTITUTIONAL CLASS:
Net assets		$7,446,697		$49,572,620			$74,425,726			$84,548,960			$86,413,333		$91,910,306
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		655,509		4,217,777			6,254,354			7,019,976			7,092,146		7,443,758
Net asset value per share		$11.36		$11.75			$11.90			$12.04			$12.18		$12.35
PREMIER CLASS:
Net assets		$1,832,811		$7,766,476			$9,053,750			$19,669,550			$11,065,864		$15,654,890
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		161,442		661,970			762,375			1,636,854			909,676		1,270,526
Net asset value per share		$11.35		$11.73			$11.88			$12.02			$12.16		$12.32
* Affiliated investments, cost		$8,713,488		$52,995,916			$77,197,059			$95,667,626			$87,570,655		$96,519,737

40     2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report     41

STATEMENTS OF ASSETS AND LIABILITIES concluded

TIAA-CREF LIFECYCLE INDEX FUNDS  §  MAY 31, 2011

	Lifecycle Index 2035 Fund		Lifecycle Index 2040 Fund		Lifecycle Index 2045 Fund		Lifecycle Index 2050 Fund			Lifecycle Index 2055 Fund
ASSETS
Affiliated investments, at value*		$100,600,406		$132,391,358		$33,469,808		$22,471,386			$9,869,849
Cash		6,474		8,510		9,706		6,531			58,917
Receivable from Fund shares sold		301,535		394,477		189,348		138,306			—
Dividends and interest receivable		25,293		29,437		7,401		4,972			2,197
Due from affiliates		1,355		1,634		941		861			11,506
Other		405		579		174		135			—
Total assets		100,935,468		132,825,995		33,677,378		22,622,191			9,942,469
LIABILITIES
Management fees payable		1,356		1,785		451		303			133
Distribution fees payable		973		1,400		537		284			129
Due to affiliates		681		991		211		139			95
Payable for securities transactions		82,000		99,000		29,000		14,000			61,000
Accrued expenses & other payables		12,054		19,198		1,696		674			11,267
Total liabilities		97,064		122,374		31,895		15,400			72,624
NET ASSETS		$100,838,404		$132,703,621		$33,645,483		$22,606,791			$9,869,845
NET ASSETS CONSIST OF:
Paid-in-capital		$87,508,746		$114,199,439		$29,271,496		$19,575,175			$9,999,871
Undistributed net investment income (loss)		66,940		74,409		17,191		11,940			1,123
Accumulated net realized gain (loss) on total investments		42,291		112,320		1,260		(11,204	)		(1,168	)
Net unrealized appreciation (depreciation) on total investments		13,220,427		18,317,453		4,355,536		3,030,880			(129,981	)
NET ASSETS		$100,838,404		$132,703,621		$33,645,483		$22,606,791			$9,869,845
RETIREMENT CLASS:
Net assets		$1,596,762		$1,882,364		$595,599		$404,490			$986,803
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		128,319		150,815		48,083		32,669			100,000
Net asset value per share		$12.44		$12.48		$12.39		$12.38			$9.87
INSTITUTIONAL CLASS:
Net assets		$91,325,343		$119,510,417		$28,529,320		$19,744,158			$7,896,153
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,316,059		9,547,574		2,296,926		1,590,278			800,000
Net asset value per share		$12.48		$12.52		$12.42		$12.42			$9.87
PREMIER CLASS:
Net assets		$7,916,299		$11,310,840		$4,520,564		$2,458,143			$986,889
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		635,584		905,747		364,517		198,399			100,000
Net asset value per share		$12.46		$12.49		$12.40		$12.39			$9.87
* Affiliated investments, cost		$87,379,979		$114,073,905		$29,114,272		$19,440,506			$9,999,830

42     2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report     43

STATEMENTS OF OPERATIONS

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

	Lifecycle Index Retirement Income Fund						Lifecycle Index 2010 Fund						Lifecycle Index 2015 Fund
	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010
INVESTMENT INCOME
Dividends from affiliated investments		$146,713			$126,329			$908,717			$238,327			$1,270,087			$270,316
Total income		146,713			126,329			908,717			238,327			1,270,087			270,316
EXPENSES
Management fees		5,725			5,516			33,477			13,638			48,820			18,297
Distribution fees - Retirement Class		100			129			152			131			325			133
Distribution fees - Premier Class		1,590			388			6,810			416			8,556			416
Fund administration fees		450			455			2,664			1,031			3,842			1,370
Custody and accounting fees		7,464			13,228			7,463			13,237			7,461			13,235
Professional fees		16,112			18,512			16,506			18,578			16,708			18,566
Shareholder reports		249			15,460			14,056			15,310			21,469			16,285
Shareholder servicing - Retirement Class		629			765			905			773			1,771			784
Shareholder servicing - Institutional Class		113			136			177			158			199			157
Shareholder servicing - Premier Class		100			101			109			101			121			101
Trustee fees and expenses		19			68			342			120			500			163
Compliance fees		112			192			799			400			1,173			505
Interest expense		67			76			1,332			515			1,122			628
Registration fees		11,782			41,159			11,782			43,484			11,782			44,862
Other expenses		1,637			775			3,970			2,551			5,506			3,634
Total expenses		46,149			96,960			100,544			110,443			129,355			119,136
Less: Expenses reimbursed by the investment adviser		(38,236	)		(90,609	)		(59,346	)		(95,937	)		(70,031	)		(99,957	)
Fee waiver by investment adviser and TPIS		(2,115	)		(1,312	)		(10,195	)		(3,548	)		(12,327	)		(4,831	)
Net expenses		5,798			5,039			31,003			10,958			46,997			14,348
Net investment income (loss)		140,915			121,290			877,714			227,369			1,223,090			255,968
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		17,926			16,129			31,866			(115,035	)		46,545			(66,885	)
Realized gain distributions from affiliated investments		578			—			3,261			—			3,793			—
Net realized gain (loss) from affiliated investments		18,504			16,129			35,127			(115,035	)		50,338			(66,885	)
Net change in unrealized appreciation (depreciation) from affiliated investments		537,002			333,105			3,781,774			1,202,628			6,375,094			1,615,722
Net realized and unrealized gain (loss) from affiliated investments		555,506			349,234			3,816,901			1,087,593			6,425,432			1,548,837
Net increase (decrease) in net assets resulting from operations		$696,421			$470,524			$4,694,615			$1,314,962			$7,648,522			$1,804,805

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

STATEMENTS OF OPERATIONS	continued
TIAA-CREF LIFECYCLE INDEX FUNDS   §  FOR THE PERIOD OR YEAR ENDED

	Lifecycle Index 2020 Fund						Lifecycle Index 2025 Fund						Lifecycle Index 2030 Fund
	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010
INVESTMENT INCOME
Dividends from affiliated investments		$  1,538,651			$   243,826			$  1,412,023			$  195,703			$  1,580,515			$   174,314
Total income		1,538,651			243,826			1,412,023			195,703			1,580,515			174,314
EXPENSES
Management fees		60,076			19,369			54,786			18,258			62,063			21,475
Distribution fees - Retirement Class		380			132			223			133			399			144
Distribution fees - Premier Class		17,540			479			9,799			469			13,766			437
Fund administration fees		4,668			1,391			4,246			1,337			4,826			1,578
Custody and accounting fees		7,461			13,235			7,462			13,232			7,464			13,228
Professional fees		16,715			18,569			16,677			18,605			16,752			18,596
Shareholder reports		25,237			16,522			23,070			17,247			25,505			19,141
Shareholder servicing - Retirement Class		2,046			778			1,305			785			2,142			840
Shareholder servicing - Institutional Class		210			157			216			144			186			220
Shareholder servicing - Premier Class		129			101			120			101			123			101
Trustee fees and expenses		616			166			577			143			638			188
Compliance fees		1,422			529			1,301			491			1,464			600
Interest expense		1,156			685			988			662			1,075			782
Registration fees		11,782			45,093			11,782			44,118			11,782			45,776
Other expenses		7,105			3,919			6,141			3,752			6,541			4,246
Total expenses		156,543			121,125			138,693			119,477			154,726			127,352
Less: Expenses reimbursed by the investment adviser		(76,647	)		(100,818	)		(72,771	)		(100,283	)		(76,505	)		(104,908	)
Fee waiver by investment adviser and TPIS		(11,828	)		(5,165	)		(10,644	)		(4,883	)		(8,808	)		(5,720	)
Net expenses		68,068			15,142			55,278			14,311			69,413			16,724
Net investment income (loss)		1,470,583			228,684			1,356,745			181,392			1,511,102			157,590
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		60,587			(68,637	)		86,289			(43,899	)		117,059			(98,242	)
Realized gain distributions from affiliated investments		3,820			—			2,861			—			2,251			—
Net realized gain (loss) from affiliated investments		64,407			(68,637	)		89,150			(43,899	)		119,310			(98,242	)
Net change in unrealized appreciation (depreciation) from affiliated investments		8,856,442			1,891,914			8,980,968			1,771,276			11,189,807			2,049,330
Net realized and unrealized gain (loss) from affiliated investments		8,920,849			1,823,277			9,070,118			1,727,377			11,309,117			1,951,088
Net increase (decrease) in net assets resulting from operations		$10,391,432			$2,051,961			$10,426,863			$1,908,769			$12,820,219			$2,108,678

46     2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report     47

STATEMENTS OF OPERATIONS	continued
TIAA-CREF LIFECYCLE INDEX FUNDS  §  FOR THE PERIOD OR YEAR ENDED

	Lifecycle Index 2035 Fund						Lifecycle Index 2040 Fund						Lifecycle Index 2045 Fund
	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010
INVESTMENT INCOME
Dividends from affiliated investments	$	1,441,958		$	124,339		$	1,934,545		$	156,095		$	457,048		$	90,402
Total income		1,441,958			124,339			1,934,545			156,095			457,048			90,402
EXPENSES
Management fees		56,669			19,952			76,039			30,520			18,281			8,842
Distribution fees - Retirement Class		325			138			332			138			149			134
Distribution fees - Premier Class		6,729			450			9,723			476			3,427			398
Fund administration fees		4,420			1,437			5,944			2,312			1,396			680
Custody and accounting fees		7,464			13,228			7,463			13,226			7,464			13,228
Professional fees		16,829			18,580			16,676			18,704			16,210			18,536
Shareholder reports		23,655			17,377			35,635			24,304			5,892			16,002
Shareholder servicing - Retirement Class		1,772			809			1,806			809			888			788
Shareholder servicing - Institutional Class		188			211			243			178			153			152
Shareholder servicing - Premier Class		119			101			123			101			105			101
Trustee fees and expenses		589			171			756			312			180			83
Compliance fees		1,345			547			1,873			877			426			254
Interest expense		963			679			1,160			1,056			194			185
Registration fees		11,782			45,776			11,782			45,776			11,782			41,732
Other expenses		5,697			3,943			5,966			5,790			2,677			1,625
Total expenses		138,546			123,399			175,521			144,579			69,224			102,740
Less: Expenses reimbursed by the investment adviser		(73,199	)		(102,500	)		(87,767	)		(113,088	)		(46,623	)		(93,017	)
Fee waiver by investment adviser and TPIS		(7,996	)		(5,310	)		(10,785	)		(8,022	)		(2,608	)		(2,260	)
Net expenses		57,351			15,589			76,969			23,469			19,993			7,463
Net investment income (loss)		1,384,607			108,750			1,857,576			132,626			437,055			82,939
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		94,836			(43,383	)		190,099			(61,250	)		22,118			(15,891	)
Realized gain distributions from affiliated investments		1,174			—			1,482			—			349			—
Net realized gain (loss) from affiliated investments		96,010			(43,383	)		191,581			(61,250	)		22,467			(15,891	)
Net change in unrealized appreciation (depreciation) from affiliated investments		11,208,122			2,012,305			15,184,038			3,133,415			3,631,554			723,982
Net realized and unrealized gain (loss) from affiliated investments		11,304,132			1,968,922			15,375,619			3,072,165			3,654,021			708,091
Net increase (decrease) in net assets resulting from operations	$	12,688,739		$	2,077,672		$	17,233,195		$	3,204,791		$	4,091,076		$	791,030

48     2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report      49

STATEMENTS OF OPERATIONS	concluded
TIAA-CREF LIFECYCLE INDEX FUNDS  §  FOR THE PERIOD OR YEAR ENDED

	Lifecycle Index 2050 Fund						Lifecycle Index 2055 Fund
	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period April 29, 2011 to May 31, 2011
INVESTMENT INCOME
Dividends from affiliated investments	$	298,930		$	84,614		$	2,197
Total income		298,930			84,614			2,197
EXPENSES
Management fees		12,233			6,922			859
Distribution fees - Retirement Class		112			131			43
Distribution fees - Premier Class		1,804			393			129
Fund administration fees		932			544			47
Custody and accounting fees		7,464			13,228			371
Professional fees		16,117			18,524			26,262
Shareholder reports		1,366			18,335			4,816
Shareholder servicing - Retirement Class		704			775			883
Shareholder servicing - Institutional Class		177			160			674
Shareholder servicing - Premier Class		102			101			668
Trustee fees and expenses		62			76			6
Compliance fees		278			210			15
Interest expense		99			98			—
Registration fees		11,782			41,459			36,684
Other expenses		2,291			1,129			1,834
Total expenses		55,523			102,085			73,291
Less: Expenses reimbursed by the investment adviser		(40,811	)		(94,315	)		(72,045	)
Fee waiver by investment adviser and TPIS		(1,744	)		(1,705	)		(43	)
Net expenses		12,968			6,065			1,203
Net investment income (loss)		285,962			78,549			994
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		10,434			(17,202	)		(1,168	)
Realized gain distributions from affiliated investments		228			—			—
Net realized gain (loss) from affiliated investments		10,662			(17,202	)		(1,168	)
Net change in unrealized appreciation (depreciation) from affiliated investments		2,424,308			606,572			(129,981	)
Net realized and unrealized gain (loss) from affiliated investments		2,434,970			589,370			(131,149	)
Net increase (decrease) in net assets resulting from operations	$	2,720,932		$	667,919		$	(130,155	)

50     2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report     51

STATEMENTS OF CHANGES IN NET ASSETS

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

		Lifecycle Index Retirement Income Fund									Lifecycle Index 2010 Fund									Lifecycle Index 2015 Fund
		For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		*	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		*	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		*
OPERATIONS
Net investment income (loss)		$	140,915		$	121,290		$	(14	)	$	877,714		$	227,369		$	(14	)	$	1,223,090		$	255,968		$	(14	)
Net realized gain (loss) from affiliated investments			18,504			16,129			—			35,127			(115,035	)		—			50,338			(66,885	)		—
Net change in unrealized appreciation (depreciation) from affiliated investments			537,002			333,105			—			3,781,774			1,202,628			—			6,375,094			1,615,722			—
Net increase (decrease) from operations			696,421			470,524			(14	)		4,694,615			1,314,962			(14	)		7,648,522			1,804,805			(14	)
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		43,556			2,398			250,000			395,862			28,248			250,000			1,520,163			53,973			250,000
	Institutional Class		1,846,922			2,956,483			3,500,000			27,045,874			28,777,699			3,500,000			29,855,034			39,462,318			3,500,000
	Premier Class		1,596,773			482			250,000			7,398,737			477,085			250,000			9,090,168			479,702			250,000
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	)		—			(40,896	)		(286	)		—			(49,769	)		(490	)		—
	Institutional Class		(633,016	)		(1,193,366	)		—			(12,083,844	)		(2,943,089	)		—			(5,377,314	)		(1,420,933	)		—
	Premier Class		(166,069	)		(10	)		—			(1,028,280	)		(2,311	)		—			(1,706,673	)		(129	)		—
Net increase (decrease) from shareholder transactions			2,837,704			1,887,262			4,000,000			22,500,355			26,391,983			4,000,000			34,446,483			38,632,833			4,000,000
Net increase (decrease) in net assets			3,384,587			2,236,501			3,999,986			26,382,068			27,652,308			3,999,986			40,980,131			40,379,245			3,999,986
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		$	9,621,074		$	6,236,487		$	3,999,986		$	58,034,362		$	31,652,294		$	3,999,986		$	85,359,362		$	44,379,231		$	3,999,986
Undistributed net investment income (loss) included in net assets		$	19,412		$	99		$	(14	)	$	265,654		$	172,826		$	(14	)	$	330,219		$	197,670		$	(14	)
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		3,929			231			25,000			34,690			2,661			25,000			131,973			5,179			25,000
	Institutional Class		167,419			288,026			350,000			2,407,823			2,751,512			350,000			2,647,789			3,772,869			350,000
	Premier Class		148,798			46			25,000			675,875			44,629			25,000			832,680			44,914			25,000
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	)		—			(3,578	)		(28	)		—			(4,289	)		(48	)		—
	Institutional Class		(57,020	)		(114,700	)		—			(1,076,003	)		(285,093	)		—			(472,208	)		(136,925	)		—
	Premier Class		(15,319	)		(1	)		—			(92,203	)		(213	)		—			(152,555	)		(12	)		—
Net increase (decrease) from shareholder transactions			261,615			185,416			400,000			2,020,245			2,518,836			400,000			3,083,492			3,691,702			400,000
* The Fund commenced operations on September 30, 2009.

52     2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report     53

STATEMENTS OF CHANGES IN NET ASSETS	continued
TIAA-CREF LIFECYCLE INDEX FUNDS  §  FOR THE PERIOD OR YEAR ENDED

		Lifecycle Index 2020 Fund									Lifecycle Index 2025 Fund									Lifecycle Index 2030 Fund
		For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		*	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		*	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		*
OPERATIONS
Net investment income (loss)		$	1,470,583		$	228,684		$	(14	)	$	1,356,745		$	181,392		$	(14	)	$	1,511,102		$	157,590		$	(14	)
Net realized gain (loss) from affiliated investments			64,407			(68,637	)		—			89,150			(43,899	)		—			119,310			(98,242	)		—
Net change in unrealized appreciation (depreciation) from affiliated investments			8,856,442			1,891,914			—			8,980,968			1,771,276			—			11,189,807			2,049,330			—
Net increase (decrease) from operations			10,391,432			2,051,961			(14	)		10,426,863			1,908,769			(14	)		12,820,219			2,108,678			(14	)
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		1,988,304			32,462			250,000			829,392			52,596			250,000			1,856,345			179,463			250,000
	Institutional Class		29,339,797			47,324,288			3,500,000			28,994,503			46,351,206			3,500,000			26,823,688			52,485,244			3,500,000
	Premier Class		16,997,535			1,558,945			250,000			8,790,433			1,369,921			250,000			13,322,854			810,595			250,000
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			—			153,263			1,222			—			216,757			983			—
Redemptions:	Retirement Class		(27,364	)		(1,113	)		—			(96,906	)		(2,162	)		—			(36,004	)		(5,331	)		—
	Institutional Class		(4,766,517	)		(1,070,393	)		—			(2,908,221	)		(463,595	)		—			(2,613,162	)		(1,083,125	)		—
	Premier Class		(1,234,639	)		(3,225	)		—			(648,336	)		(20	)		—			(688,101	)		(1,170	)		—
Net increase (decrease) from shareholder transactions			43,640,323			47,901,426			4,000,000			36,232,818			47,370,406			4,000,000			40,131,900			52,450,928			4,000,000
Net increase (decrease) in net assets			52,688,548			49,892,924			3,999,986			45,387,728			49,216,714			3,999,986			51,485,839			54,494,353			3,999,986
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		$	106,581,458		$	53,892,910		$	3,999,986		$	98,604,428		$	53,216,700		$	3,999,986		$	109,980,178		$	58,494,339		$	3,999,986
Undistributed net investment income (loss) included in net assets		$	317,046		$	168,315		$	(14	)	$	218,676		$	119,026		$	(14	)	$	156,013		$	92,431		$	(14	)
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		170,427			3,113			25,000			70,231			5,073			25,000			156,136			17,462			25,000
	Institutional Class		2,566,756			4,516,336			350,000			2,516,968			4,412,675			350,000			2,306,577			4,993,686			350,000
	Premier Class		1,549,610			146,103			25,000			798,340			128,507			25,000			1,210,628			76,039			25,000
Shares reinvested:	Retirement Class		524			100			—			596			113			—			1,132			90			—
	Institutional Class		95,695			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		(2,328	)		(109	)		—			(8,211	)		(212	)		—			(3,111	)		(525	)		—
	Institutional Class		(412,808	)		(101,719	)		—			(247,638	)		(44,148	)		—			(216,811	)		(104,359	)		—
	Premier Class		(107,207	)		(297	)		—			(55,864	)		(2	)		—			(60,159	)		(109	)		—
Net increase (decrease) from shareholder transactions			3,884,209			4,569,349			400,000			3,186,401			4,508,011			400,000			3,521,900			4,988,567			400,000
* The Fund commenced operations on September 30, 2009.

54     2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report     55

STATEMENTS OF CHANGES IN NET ASSETS	continued
TIAA-CREF LIFECYCLE INDEX FUNDS  §  FOR THE PERIOD OR YEAR ENDED

		Lifecycle Index 2035 Fund									Lifecycle Index 2040 Fund									Lifecycle Index 2045 Fund
		For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		*	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		*	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		*
OPERATIONS
Net investment income (loss)		$	1,384,607		$	108,750		$	(14	)	$	1,857,576		$	132,626		$	(14	)	$	437,055		$	82,939		$	(14	)
Net realized gain (loss) from affiliated investments			96,010			(43,383	)		—			191,581			(61,250	)		—			22,467			(15,891	)		—
Net change in unrealized appreciation (depreciation) from affiliated investments			11,208,122			2,012,305			—			15,184,038			3,133,415			—			3,631,554			723,982			—
Net increase (decrease) from operations			12,688,739			2,077,672			(14	)		17,233,195			3,204,791			(14	)		4,091,076			791,030			(14	)
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		1,117,713			129,980			250,000			1,407,126			121,564			250,000			214,514			54,783			250,000
	Institutional Class		26,633,743			51,457,873			3,500,000			28,055,179			73,388,721			3,500,000			8,420,892			13,247,644			3,500,000
	Premier Class		5,881,014			1,045,852			250,000			8,452,623			1,491,364			250,000			3,681,968			133,385			250,000
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			—			158,595			575			—			54,720			2,370			—
Redemptions:	Retirement Class		(48,505	)		(4,603	)		—			(37,236	)		(4,290	)		—			(9,212	)		(3,530	)		—
	Institutional Class		(3,287,430	)		(536,552	)		—			(3,302,540	)		(893,887	)		—			(698,712	)		(196,091	)		—
	Premier Class		(317,049	)		(29	)		—			(412,965	)		(10	)		—			(82,240	)		(10	)		—
Net increase (decrease) from shareholder transactions			31,349,599			52,159,256			4,000,000			36,028,218			74,171,329			4,000,000			11,969,397			13,302,207			4,000,000
Net increase (decrease) in net assets			42,668,225			54,170,193			3,999,986			51,395,382			77,308,253			3,999,986			15,618,286			14,027,211			3,999,986
NET ASSETS
Beginning of period			58,170,179			3,999,986			—			81,308,239			3,999,986			—			18,027,197			3,999,986			—
End of period		$	100,838,404		$	58,170,179		$	3,999,986		$	132,703,621		$	81,308,239		$	3,999,986		$	33,645,483		$	18,027,197		$	3,999,986
Undistributed net investment income (loss) included in net assets		$	66,940		$	42,110		$	(14	)	$	74,409		$	64,853		$	(14	)	$	17,191		$	17,007		$	(14	)
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		94,033			12,652			25,000			116,577			11,806			25,000			18,061			5,347			25,000
	Institutional Class		2,275,269			4,899,242			350,000			2,388,551			7,010,897			350,000			717,781			1,266,083			350,000
	Premier Class		529,709			98,291			25,000			762,473			139,891			25,000			328,751			12,594			25,000
Shares reinvested:	Retirement Class		1,051			102			—			869			50			—			579			226			—
	Institutional Class		109,022			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		(4,068	)		(451	)		—			(3,068	)		(419	)		—			(778	)		(351	)		—
	Institutional Class		(272,067	)		(51,707	)		—			(270,511	)		(85,470	)		—			(57,720	)		(18,614	)		—
	Premier Class		(26,910	)		(3	)		—			(35,487	)		(1	)		—			(6,859	)		(1	)		—
Net increase (decrease) from shareholder transactions			2,715,427			4,964,535			400,000			3,120,824			7,083,312			400,000			1,037,995			1,271,531			400,000
* The Fund commenced operations on September 30, 2009.

56     2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report     57

STATEMENTS OF CHANGES IN NET ASSETS	concluded
TIAA-CREF LIFECYCLE INDEX FUNDS  §  FOR THE PERIOD OR YEAR ENDED

		Lifecycle Index 2050 Fund									Lifecycle Index 2055 Fund
		For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the period ended September 30, 2009		*	For the period April 29, 2011 to May 31, 2011
OPERATIONS
Net investment income (loss)		$	285,962		$	78,549		$	(14	)	$	994
Net realized gain (loss) from affiliated investments			10,662			(17,202	)		—			(1,168	)
Net change in unrealized appreciation (depreciation) from affiliated investments			2,424,308			606,572			—			(129,981	)
Net increase (decrease) from operations			2,720,932			667,919			(14	)		(130,155	)
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		71,830			14,715			250,000			1,000,000
	Institutional Class		6,372,635			7,659,905			3,500,000			8,000,000
	Premier Class		1,934,178			54,592			250,000			1,000,000
Reinvestments of distributions:	Retirement Class		5,218			2,534			—			—
	Institutional Class		256,817			60,836			—			—
	Premier Class		29,325			2,599			—			—
Redemptions:	Retirement Class		(3,934	)		(1,428	)		—			—
	Institutional Class		(567,328	)		(243,006	)		—			—
	Premier Class		(74,195	)		(10	)		—			—
Net increase (decrease) from shareholder transactions			8,024,546			7,550,737			4,000,000			10,000,000
Net increase (decrease) in net assets			10,454,118			8,152,687			3,999,986			9,869,845
NET ASSETS
Beginning of period			12,152,673			3,999,986			—			—
End of period		$	22,606,791		$	12,152,673		$	3,999,986		$	9,869,845
Undistributed net investment income (loss) included in net assets		$	11,940		$	12,674		$	(14	)	$	1,123
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		5,998			1,437			25,000			100,000
	Institutional Class		543,797			737,505			350,000			800,000
	Premier Class		171,678			5,158			25,000			100,000
Shares reinvested:	Retirement Class		458			249			—			—
	Institutional Class		22,508			5,970			—			—
	Premier Class		2,575			255			—			—
Shares redeemed:	Retirement Class		(331	)		(142	)		—			—
	Institutional Class		(46,206	)		(23,296	)		—			—
	Premier Class		(6,266	)		(1	)		—			—
Net increase (decrease) from shareholder transactions			694,211			727,135			400,000			1,000,000

* The Fund commenced operations on September 30, 2009.

58     2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report     59

FINANCIAL HIGHLIGHTS

LIFECYCLE INDEX RETIREMENT INCOME FUND  §   FOR THE PERIOD OR YEAR ENDED

	Retirement Class									Institutional Class
	5/31/11		†	9/30/10			9/30/09		*	5/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.16			0.22			0.00	(d)		0.18			0.22			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.73			0.63			—			0.73			0.65			—
Total gain (loss) from investment operations		0.89			0.85			0.00	(d)		0.91			0.87			0.00	(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		$11.36			$10.65			$10.00			$11.36			$10.65			$10.00
TOTAL RETURN		8.44	%(b)		8.56	%		0.00	%(b)		8.56	%(b)		8.82	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$342			$274			$250			$7,447			$5,690			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		1.14	%(c)		2.07	%		875.82	%(c)		0.76	%(c)		1.74	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.31	%(c)		0.33	%		0.35	%(c)		0.06	%(c)		0.08	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		2.20	%(c)		2.13	%		(0.35	)%(c)		2.51	%(c)		2.19	%		(0.10)	%(c)
Portfolio turnover rate		13	%(b)		39	%		0	%(b)		13	%(b)		39	%		0	%(b)

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

FINANCIAL HIGHLIGHTS continued

LIFECYCLE INDEX RETIREMENT INCOME FUND  §   FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11†			9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$10.65			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.17			0.23			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.72			0.63			—
Total gain (loss) from investment operations		0.89			0.86			0.00	(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		$11.35			$10.65			$10.00
TOTAL RETURN		8.40	%(b)		8.67	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$1,833			$272			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.93	%(c)		1.91	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.21	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		2.30	%(c)		2.24	%		(0.25	)%(c)
Portfolio turnover rate		13	%(b)		39	%		0	%(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)	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 Funds was 0.12% for the period ended May 31, 2011 and 0.13% for the period ended September 30, 2010.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

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

FINANCIAL HIGHLIGHTS continued

LIFECYCLE INDEX 2010 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class									Institutional Class
	5/31/11		†	9/30/10			9/30/09		*	5/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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			0.00	(d)		0.20			0.17			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.92			0.65			—			0.89			0.72			—
Total gain (loss) from investment operations		1.07			0.86			0.00	(d)		1.09			0.89			0.00	(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		$11.72			$10.82			$10.00			$11.75			$10.84			$10.00
TOTAL RETURN		9.98	%(b)		8.67	%		0.00	%(b)		10.14	%(b)		8.94	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$695			$300			$250			$49,573			$30,599			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.63	%(c)		1.22	%		875.82	%(c)		0.28	%(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		2.03	%(c)		2.01	%		(0.35	)%(c)		2.67	%(c)		1.65	%		(0.10	)%(c)
Portfolio turnover rate		38	%(b)		43	%		0	%(b)		38	%(b)		43	%		0	%(b)

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

FINANCIAL HIGHLIGHTS continued

LIFECYCLE INDEX 2010 FUND  §   FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11		†	09/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$10.83			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.22			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.90			0.66			—
Total gain (loss) from investment operations		1.08			0.88			0.00	(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		$11.73			$10.83			$10.00
TOTAL RETURN		10.02	%(b)		8.79	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$7,766			$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		2.36	%(c)		2.08	%		(0.25	)%(c)
Portfolio turnover rate		38	%(b)		43	%		0	%(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)	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 Funds was 0.11% for the period ended May 31, 2011 and 0.12% for the period ended September 30, 2010.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2015 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class									Institutional Class
	5/31/11		†	9/30/10			9/30/09		*	5/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.11			0.20			0.00	(d)		0.19			0.14			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.09			0.67			—			1.03			0.75			—
Total gain (loss) from investment operations		1.20			0.87			0.00	(d)		1.22			0.89			0.00	(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	$	11.86			$10.83			$10.00			$11.90			$10.85			$10.00
TOTAL RETURN		11.18	%(b)		8.69	%		0.00	%(b)		11.43	%(b)		8.96	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	1,880			$327			$250		$	74,426		$	43,294			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.56	%(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)		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		1.47	%(c)		1.89	%		(0.35	)%(c)		2.52	%(c)		1.38	%		(0.10	)%(c)
Portfolio turnover rate		13	%(b)		23	%		0	%(b)		13	%(b)		23	%		0	%(b)

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2015 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$	10.83		$	10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.20			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.03			0.67			—
Total gain (loss) from investment operations		1.22			0.87			0.00	(d)
Less distributions from:
Net investment income		(0.17	)		(0.04	)		—
Total distributions		(0.17	)		(0.04	)		—
Net asset value, end of period	$	11.88		$	10.83			$10.00
TOTAL RETURN		11.41	%(b)		8.72	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	9,054			$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		2.47	%(c)		1.97	%		(0.25	)%(c)
Portfolio turnover rate		13	%(b)		23	%		0	%(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)	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 Funds was 0.10% for the period ended May 31, 2011 and 0.11% for the period ended September 30, 2010.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2020 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class									Institutional Class
	5/31/11		†	9/30/10			9/30/09		*	5/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.09			0.19			0.00	(d)		0.19			0.12			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.26			0.68			—			1.18			0.78			—
Total gain (loss) from investment operations		1.35			0.87			0.00	(d)		1.37			0.90			0.00	(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	$	12.01		$	10.83			$10.00			$12.04			$10.85			$10.00
TOTAL RETURN		12.58	%(b)		8.73	%		0.00	%(b)		12.74	%(b)		9.00	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	2,363			$304			$250		$	84,549		$	51,737			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.54	%(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		1.20	%(c)		1.80	%		(0.35	)%(c)		2.48	%(c)		1.16	%		(0.10	)%(c)
Portfolio turnover rate		11	%(b)		22	%		0	%(b)		11	%(b)		22	%		0	%(b)

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2020 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$10.83			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.18			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.18			0.69			—
Total gain (loss) from investment operations		1.36			0.87			0.00	(d)
Less distributions from:
Net investment income		(0.17	)		(0.04	)		—
Total distributions		(0.17	)		(0.04	)		—
Net asset value, end of period		$12.02			$10.83			$10.00
TOTAL RETURN		12.72	%(b)		8.76	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	19,670			$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		2.38	%(c)		1.72	%		(0.25	)%(c)
Portfolio turnover rate		11	%(b)		22	%		0	%(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)	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 Funds was 0.10% for the period ended May 31, 2011 and September 30, 2010.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 67

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2025 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class									Institutional Class
	5/31/11		†	9/30/10			9/30/09		*	5/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)		0.13			0.18			0.00	(d)		0.19			0.10			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.38			0.69			—			1.33			0.79			—
Total gain (loss) from investment operations		1.51			0.87			0.00	(d)		1.52			0.89			0.00	(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	$	12.15		$	10.82			$10.00			$12.18			$10.84			$10.00
TOTAL RETURN		14.06	%(b)		8.69	%		0.00	%(b)		14.21	%(b)		8.96	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	1,125			$324			$250		$	86,413		$	51,228			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.57	%(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		1.65	%(c)		1.69	%		(0.35	)%(c)		2.49	%(c)		0.97	%		(0.10	)%(c)
Portfolio turnover rate		9	%(b)		16	%		0	%(b)		9	%(b)		16	%		0	%(b)

68 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2025 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11		†	9/30/10			9/30/09		*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$10.83		$	10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.17			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.32			0.71			—
Total gain (loss) from investment operations		1.51			0.88			0.00	(d)
Less distributions from:
Net investment income		(0.18	)		(0.05	)		—
Total distributions		(0.18	)		(0.05	)		—
Net asset value, end of period		$12.16		$	10.83			$10.00
TOTAL RETURN		14.09	%(b)		8.82	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$	11,066		$	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		2.40	%(c)		1.61	%		(0.25	)%(c)
Portfolio turnover rate		9	%(b)		16	%		0	%(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)	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 Funds was 0.09% for the period ended May 31, 2011 and 0.10% for the period ended September 30, 2010.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 69

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2030 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class						Institutional Class
	5/31/11	†	9/30/10		9/30/09	*	5/31/11	†	9/30/10		9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)	0.13		0.15		0.00	(d)	0.19		0.07		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.53		0.72		—		1.49		0.83		—
Total gain (loss) from investment operations	1.66		0.87		0.00	(d)	1.68		0.90		0.00	(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	$12.31		$10.83		$10.00		$12.35		$10.86		$10.00
TOTAL RETURN	15.52	%(b)	8.69	%	0.00	%(b)	15.64	%(b)	9.06	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$2,415		$455		$250		$91,910		$56,944		$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.54	%(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)	0.34	%(c)	0.33	%	0.35	%(c)	0.09	%(c)	0.07	%	0.10	%(c)
Ratio of net investment income (loss) to average net assets	1.62	%(c)	1.47	%	(0.35	)%(c)	2.46	%(c)	0.71	%	(0.10	)%(c)
Portfolio turnover rate	9	%(b)	16	%	0	%(b)	9	%(b)	16	%	0	%(b)

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2030 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11	†	9/30/10		9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.49		0.72		—
Total gain (loss) from investment operations	1.67		0.88		0.00	(d)
Less distributions from:
Net investment income	(0.19	)	(0.04	)	—
Total distributions	(0.19	)	(0.04	)	—
Net asset value, end of period	$12.32		$10.84		$10.00
TOTAL RETURN	15.54	%(b)	8.82	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$15,655		$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)	0.24	%(c)	0.23	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	2.33	%(c)	1.56	%	(0.25	)%(c)
Portfolio turnover rate	9	%(b)	16	%	0	%(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)	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 Funds was 0.09% for the period ended May 31, 2011 and September 30, 2010
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2035 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class						Institutional Class
	5/31/11	†	9/30/10		9/30/09	*	5/31/11	†	9/30/10		9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)	0.13		0.15		0.00	(d)	0.19		0.05		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.68		0.71		—		1.65		0.84		—
Total gain (loss) from investment operations	1.81		0.86		0.00	(d)	1.84		0.89		0.00	(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	$12.44		$10.82		$10.00		$12.48		$10.84		$10.00
TOTAL RETURN	16.89	%(b)	8.64	%	0.00	%(b)	17.12	%(b)	8.91	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$1,597		$404		$250		$91,325		$56,430		$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.55	%(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)	0.34	%(c)	0.33	%	0.35	%(c)	0.09	%(c)	0.07	%	0.10	%(c)
Ratio of net investment income (loss) to average net assets	1.61	%(c)	1.41	%	(0.35	)%(c)	2.46	%(c)	0.52	%	(0.10	)%(c)
Portfolio turnover rate	10	%(b)	10	%	0	%(b)	10	%(b)	10	%	0	%(b)

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2035 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11	†	9/30/10		9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.83		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.18		0.14		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.64		0.73		—
Total gain (loss) from investment operations	1.82		0.87		0.00	(d)
Less distributions from:
Net investment income	(0.19	)	(0.04	)	—
Total distributions	(0.19	)	(0.04	)	—
Net asset value, end of period	$12.46		$10.83		$10.00
TOTAL RETURN	17.00	%(b)	8.77	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$7,916		$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)	0.24	%(c)	0.23	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	2.31	%(c)	1.40	%	(0.25	)%(c)
Portfolio turnover rate	10	%(b)	10	%	0	%(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)	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 Funds was 0.08% for the period ended May 31, 2011 and 0.09% for the period ended September 30, 2010.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2040 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class						Institutional Class
	5/31/11	†	9/30/10		9/30/09	*	5/31/11	†	9/30/10		9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)	0.11		0.15		0.00	(d)	0.20		0.04		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.72		0.71		—		1.65		0.86		—
Total gain (loss) from investment operations	1.83		0.86		0.00	(d)	1.85		0.90		0.00	(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	$12.48		$10.84		$10.00		$12.52		$10.87		$10.00
TOTAL RETURN	17.06	%(b)	8.62	%	0.00	%(b)	17.19	%(b)	8.98	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$1,882		$395		$250		$119,510		$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)	0.34	%(c)	0.33	%	0.35	%(c)	0.09	%(c)	0.07	%	0.10	%(c)
Ratio of net investment income (loss) to average net assets	1.37	%(c)	1.41	%	(0.35	)%(c)	2.46	%(c)	0.42	%	(0.10	)%(c)
Portfolio turnover rate	10	%(b)	11	%	0	%(b)	10	%(b)	11	%	0	%(b)

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2040 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11	†	9/30/10		9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.85		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.18		0.14		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.65		0.73		—
Total gain (loss) from investment operations	1.83		0.87		0.00	(d)
Less distributions from:
Net investment income	(0.19	)	(0.02	)	—
Total distributions	(0.19	)	(0.02	)	—
Net asset value, end of period	$12.49		$10.85		$10.00
TOTAL RETURN	17.08	%(b)	8.74	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$11,311		$1,790		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.37	%(c)	0.69	%	875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.24	%(c)	0.23	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	2.32	%(c)	1.32	%	(0.25	)%(c)
Portfolio turnover rate	10	%(b)	11	%	0	%(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)	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 Funds was 0.08% for the period ended May 31, 2011 and 0.09% for the period ended September 30, 2010.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2045 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class						Institutional Class
	5/31/11	†	9/30/10		9/30/09	*	5/31/11	†	9/30/10		9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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)	0.16		0.15		0.00	(d)	0.19		0.09		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.65		0.71		—		1.64		0.80		—
Total gain (loss) from investment operations	1.81		0.86		0.00	(d)	1.83		0.89		0.00	(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	$12.39		$10.77		$10.00		$12.42		$10.79		$10.00
TOTAL RETURN	16.98	%(b)	8.67	%	0.00	%(b)	17.13	%(b)	8.94	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$596		$325		$250		$28,529		$17,294		$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.70	%(c)	1.53	%	875.82	%(c)	0.35	%(c)	1.15	%	670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.34	%(c)	0.33	%	0.35	%(c)	0.09	%(c)	0.08	%	0.10	%(c)
Ratio of net investment income (loss) to average net assets	1.99	%(c)	1.46	%	(0.35	)%(c)	2.42	%(c)	0.90	%	(0.10	)%(c)
Portfolio turnover rate	11	%(b)	10	%	0	%(b)	11	%(b)	10	%	0	%(b)

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2045 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11	†	9/30/10		9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.63		0.71		—
Total gain (loss) from investment operations	1.81		0.87		0.00	(d)
Less distributions from:
Net investment income	(0.19	)	(0.09	)	—
Total distributions	(0.19	)	(0.09	)	—
Net asset value, end of period	$12.40		$10.78		$10.00
TOTAL RETURN	17.01	%(b)	8.80	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$4,521		$408		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.51	%(c)	1.37	%	875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.24	%(c)	0.23	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	2.25	%(c)	1.57	%	(0.25	)%(c)
Portfolio turnover rate	11	%(b)	10	%	0	%(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)	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 Funds was 0.08% for the period ended May 31, 2011 and 0.09% for the period ended September 30, 2010.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

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

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2050 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class						Institutional Class
	5/31/11	†	9/30/10		9/30/09	*	5/31/11	†	9/30/10		9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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		0.00	(d)	0.18		0.11		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.64		0.71		—		1.66		0.78		—
Total gain (loss) from investment operations	1.81		0.86		0.00	(d)	1.84		0.89		0.00	(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	$12.38		$10.76		$10.00		$12.42		$10.78		$10.00
TOTAL RETURN	17.01	%(b)	8.67	%	0.00	%(b)	17.26	%(b)	8.94	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$404		$286		$250		$19,744		$11,539		$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.80	%(c)	1.80	%	875.82	%(c)	0.43	%(c)	1.46	%	670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.34	%(c)	0.33	%	0.35	%(c)	0.09	%(c)	0.08	%	0.10	%(c)
Ratio of net investment income (loss) to average net assets	2.14	%(c)	1.49	%	(0.35	)%(c)	2.35	%(c)	1.10	%	(0.10	)%(c)
Portfolio turnover rate	12	%(b)	11	%	0	%(b)	12	%(b)	11	%	0	%(b)

78 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
LIFECYCLE INDEX 2050 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Premier Class
	5/31/11	†	9/30/10		9/30/09	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.77		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.18		0.16		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.64		0.71		—
Total gain (loss) from investment operations	1.82		0.87		0.00	(d)
Less distributions from:
Net investment income	(0.20	)	(0.10	)	—
Total distributions	(0.20	)	(0.10	)	—
Net asset value, end of period	$12.39		$10.77		$10.00
TOTAL RETURN	17.04	%(b)	8.80	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$2,458		$328		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.60	%(c)	1.65	%	875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.24	%(c)	0.23	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	2.27	%(c)	1.59	%	(0.25	)%(c)
Portfolio turnover rate	12	%(b)	11	%	0	%(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)	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 Funds was 0.08% for the period ended May 31, 2011 and 0.09% for the period ended September 30, 2010.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on September 30, 2009.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

See notes to financial statements TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 79

FINANCIAL HIGHLIGHTS	concluded
LIFECYCLE INDEX 2055 FUND  §  FOR THE PERIOD OR YEAR ENDED

	Retirement Class		Institutional Class		Premier Class
	5/31/11	*	5/31/11	*	5/31/11	*
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.00		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.00	(d)	0.00	(d)	0.00	(d)
Net realized and unrealized gain (loss) on total investments	(0.13	)	(0.13	)	(0.13	)
Total gain (loss) from investment operations	(0.13	)	(0.13	)	(0.13	)
Less distributions from:
Net investment income	—		—		—
Total distributions	—		—		—
Net asset value, end of period	$9.87		$9.87		$9.87
TOTAL RETURN	(1.30	)%(b)	(1.30	)%(b)	(1.30	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$987		$7,896		$987
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	9.33	%(c)	8.35	%(c)	9.18	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.35	%(c)	0.10	%(c)	0.25	%(c)
Ratio of net investment income (loss) to average net assets	(0.09	)%(c)	0.16	%(c)	0.01	%(c)
Portfolio turnover rate	1	%(b)	1	%(b)	1	%(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)	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 ratio of the Underlying Funds was 0.09% for the period ended May 31, 2011.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on April 29, 2011.

80 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds See notes to financial statements

NOTES TO FINANCIAL STATEMENTS

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 eleven 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 of the Lifecycle Index Funds, except the Lifecycle Index 2055 Fund, commenced operations on September 30, 2009. The Lifecycle Index 2055 Fund commenced operations on April 29, 2011 with a fiscal year end of May 31. The Funds, with the exception of the Lifecycle Index 2055 Fund, recently changed their fiscal year end from September 30 to May 31.

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.

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.

TIAA-CREF Lifecycle Index Funds §2011 Annual Report 81

NOTES TO FINANCIAL STATEMENTS

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 (2009-2011) 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.

For the period ended May 31, 2011, permanent book and tax differences resulting primarily from non-deductible distribution fees were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by these reclassifications.

Trustee compensation: The Funds pay the Board of Trustees (“Board”), 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.

82 2011 Annual Report § TIAA-CREF Lifecycle Index Funds

continued

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. 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, 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 May 31, 2011, there were no significant transfers between levels by the Funds.

As of May 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 Board.

TIAA-CREF Lifecycle Index Funds § 2011 Annual Report 83

NOTES TO FINANCIAL STATEMENTS

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 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 Board.

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) exceeds 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 Board.

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 May 31, 2011:

Fund	TIAA
Lifecycle Index Retirement Income	49	%
Lifecycle Index 2010	8
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	15
Lifecycle Index 2050	23
Lifecycle Index 2055	100

84 2011 Annual Report § TIAA-CREF Lifecycle Index Funds

continued

Note 4—investments

At May 31, 2011, net unrealized appreciation (depreciation) based on the 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 Index Retirement Income	$	8,730,506		$      853,089	$	—			$       853,089
Lifecycle Index 2010		53,237,037		4,743,281		—			4,743,281
Lifecycle Index 2015		77,357,640		7,830,235		—			7,830,235
Lifecycle Index 2020		95,818,033		10,597,949		—			10,597,949
Lifecycle Index 2025		87,659,145		10,663,754		—			10,663,754
Lifecycle Index 2030		96,667,916		13,090,958		—			13,090,958
Lifecycle Index 2035		87,466,554		13,133,852		—			13,133,852
Lifecycle Index 2040		114,188,323		18,203,035		—			18,203,035
Lifecycle Index 2045		29,147,597		4,322,211		—			4,322,211
Lifecycle Index 2050		19,475,419		2,995,967		—			2,995,967
Lifecycle Index 2055		10,000,707		9,611		(140,469	)		(130,858	)

Purchases and sales of securities excluding short-term instruments, for the Funds, for the period ended May 31, 2011 were as follows:

Fund	Purchases		Sales
Lifecycle Index Retirement Income	$	3,876,312	$	1,098,893
Lifecycle Index 2010		41,122,559		18,567,608
Lifecycle Index 2015		43,879,746		9,406,647
Lifecycle Index 2020		53,799,069		9,946,827
Lifecycle Index 2025		43,456,633		7,264,100
Lifecycle Index 2030		48,497,486		8,244,746
Lifecycle Index 2035		40,063,593		8,747,622
Lifecycle Index 2040		46,783,775		10,803,974
Lifecycle Index 2045		14,797,177		2,921,367
Lifecycle Index 2050		10,118,808		2,192,836
Lifecycle Index 2055		10,060,999		60,000

TIAA-CREF Lifecycle Index Funds § 2011 Annual Report 85

NOTES TO FINANCIAL STATEMENTS

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended May 31, 2011 and year ended September 30, 2010 were as follows:

	5/31/2011						9/30/2010
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Lifecycle Index Retirement Income	$	149,538		$—	$	149,538		$121,285		$—		$121,285
Lifecycle Index 2010		812,902		—		812,902		54,637		—		54,637
Lifecycle Index 2015		1,114,874		—		1,114,874		58,393		—		58,393
Lifecycle Index 2020		1,343,207		—		1,343,207		60,463		—		60,463
Lifecycle Index 2025		1,271,953		—		1,271,953		62,461		—		62,461
Lifecycle Index 2030		1,466,280		—		1,466,280		65,253		—		65,253
Lifecycle Index 2035		1,370,113		—		1,370,113		66,735		—		66,735
Lifecycle Index 2040		1,866,031		—		1,866,031		67,867		—		67,867
Lifecycle Index 2045		442,187		—		442,187		66,026		—		66,026
Lifecycle Index 2050		291,360		—		291,360		65,969		—		65,969
Lifecycle Index 2055		—		—		—		—		—		—

As of May 31, 2011, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation		)	Capital Loss Carryover			Total
Lifecycle Index Retirement Income		$    42,056		$   1,158		$     853,089			$     —			$      896,303
Lifecycle Index 2010		396,264		2,860		4,743,280			—			5,142,404
Lifecycle Index 2015		446,688		3,596		7,830,237			—			8,280,521
Lifecycle Index 2020		417,521		24,764		10,597,950			—			11,040,235
Lifecycle Index 2025		335,146		2,794		10,663,755			—			11,001,695
Lifecycle Index 2030		283,478		23,462		13,090,958			—			13,397,898
Lifecycle Index 2035		195,073		1,137		13,133,853			—			13,330,063
Lifecycle Index 2040		256,338		45,389		18,203,034			—			18,504,761
Lifecycle Index 2045		51,604		346		4,322,210			—			4,374,160
Lifecycle Index 2050		35,557		227		2,995,967			—			3,031,751
Lifecycle Index 2055		1,123		—		(130,858	)		(292	)		(130,027	)

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, and the treatment of short term gain as ordinary income for tax purposes.

86 2011 Annual Report § TIAA-CREF Lifecycle Index Funds

concluded

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For the period ended May 31, 2011, the Lifecycle Index 2055 Fund had a short-term capital loss carryover of $292, which was incurred in the short taxable year that began after December 22, 2010, and therefore is subject to the new rules under the Regulated Investment Company Modernization Act of 2010. This loss will be permitted to carryforward indefinitely until utilized.

Note 6—line of credit

Each of the Funds, except the Lifecycle Index 2055 Fund, 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 May 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—subsequent event

On June 28, 2011, the unsecured revolving credit facility was renewed and the line of credit amount was increased from $1 billion to $1.5 billion. In addition, the Lifecycle Index 2055 Fund now participates in the credit facility.

TIAA-CREF Lifecycle Index Funds § 2011 Annual Report 87

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of the
Lifecycle Index Funds of the TIAA-CREF Funds:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Lifecycle Index 2010 Fund, Lifecycle Index 2015 Fund, Lifecycle Index 2020 Fund, Lifecycle Index 2025 Fund, Lifecycle Index 2030 Fund, Lifecycle Index 2035 Fund, Lifecycle Index 2040 Fund, Lifecycle Index 2045 Fund, Lifecycle Index 2050 Fund, Lifecycle Index 2055 Fund, and Lifecycle Index Retirement Income Fund (constituting the Lifecycle Index Funds of the TIAA-CREF Funds, hereafter referred to as the “Funds”), at May 31, 2011, the results of each of their operations for each of the periods presented and the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2011 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

July 20, 2011

88 2011 Annual Report § TIAA-CREF Lifecycle Index Funds

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TIAA-CREF Lifecycle Index Funds § 2011 Annual Report 89

TRUSTEES AND OFFICERS (UNAUDITED)

TIAA-CREF LIFECYCLE INDEX FUNDS  §  MAY 31, 2011
Disinterested trustees

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustees
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management), and member of asset allocation portfolio management team, GMO (2003–2005).	70	Director of GMO; Director, The Maine Coast Heritage Trust; Investment Committee Member, Maine Community Foundation, The Butler Conservation Fund, Inc, and the Elmina B. Sewall Foundation. Former Director and member of the Investment Committee of the Boston Athenaeum; Former Director of Appalachian Mountain Club.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc. and of certain funds advised by American Beacon Advisors, Inc.	70	Independent Director, The Lazard Funds Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc., Lazard World Dividend and Income Fund, Inc., and Member of the Board of Managers, Lazard Alternative Strategies Fund, LLC.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007). Former Chief Operating Officer, DDJ Capital Management (2003–2006).	70	Director, Copper Rock Capital Partners, LLC (investment adviser).

90 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Former Acting Dean (2009), Vice Dean for Budget (2003–2006), and on the faculty (since 1989) of Harvard Law School.	70	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	President and Founder (since 2006) of NLJ Advisors,Inc. (investment adviser). Former President and Managing Principal, Windermere Investment Associates (1997–2006).	70	None
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010) of First Eagle Investment Management, LLC. Former Principal, BAM Consulting, LLC (2003–2009). Former Independent Consultant for Merrill Lynch (2003–2009).	70	Director, Prudential plc; Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and the North Shore Land Alliance. Former Director, J. Sainsbury plc; International Advisory Board, British-American Business Council; Scottish and Newcastle plc (brewer); Governor’s Committee on Scholastic Achievement; William T. Grant Foundation; and Federal National Mortgage Association (Fannie Mae).

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 91

TRUSTEES AND OFFICERS (UNAUDITED)	continued
TIAA-CREF LIFECYCLE INDEX FUNDS  §  MAY 31, 2011
Disinterested trustees — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustees
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).	70	Director, NBER and the Alfred P. Sloan Foundation. Former Director, The Jeffrey Company and Jeflion Company (unregistered investment companies).
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee and Chairman of the Board	Indefinite term as Trustee; Chairman for term ending June 30, 2012. Trustee since 1999. Chairman of the Board since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	70	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust. Former Director, M&F Bancorp, Inc.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002). Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (since 2000); Professor, University of Texas at Austin (since 1987).	70	Member of the Governing Council, Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Texas Employee Retirement System. Former Director/Trustee, USAA Mutual Funds.

92 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

Executive officers
Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex (since 2009). Former Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Accounts VA-1 and VA-3. Managing Director, Senior Compliance Officer of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Former Chief Compliance Officer (2008) and Vice President, Senior Compliance Officer (since 2008) of Teachers Advisors, Inc. (“Advisors”). Former Managing Director/Director of Global Compliance, AIG Global Investment Group (2000–2008).
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/59	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2007.	Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007); and Executive Vice President of CREF and TIAA Separate Account VA-1 (since 1997), Executive Vice President, Asset Management (since 2010); Former Executive Vice President, Investments, Research Institute & Strategy (2009–2010), Executive Vice President, Head of Asset Management (2006–2009), and Executive Vice President and Chief Investment Officer (2005) of TIAA. Director of Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors and Manager of Investment Management (since 2004). Former Manager of TIAA Realty Capital Management, LLC (2004–2006), and Chief Investment Officer of TIAA (2004–2006) and the TIAA-CREF Fund Complex (2003–2006). Former Director of TIAA-CREF Life Insurance Company (1997–2006). Former Director of Teachers Personal Investors Services, Inc. (“TPIS”) (2006–2008).
Eugene Flood, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/55	Executive Vice President	One-year term. Executive Vice President since 2011.	Executive Vice President, Diversified Business of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2011). President, Chief Executive Officer and Director, TIAA-CREF Redwood, LLC (“Redwood”) (since 2011). Director, Covariance Capital Management, Inc. (“Covariance”) (since 2011). Director of Kaspick & Company LLC (since 2011). Former President and Chief Executive Officer (2000–2010) and Director (1994–2010) of Smith Breeden Associates, Inc., an investment adviser. Former Trustee of the TIAA-CREF Fund Complex (2005–2011). Dean’s Advisory Committee of the Massachusetts Institute of Technology’s Sloan School of Management (since 2000).

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 93

TRUSTEES AND OFFICERS (UNAUDITED)	concluded
TIAA-CREF LIFECYCLE INDEX FUNDS  §  MAY 31, 2011
Executive officers — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and TIAA Separate Account VA-1 (since 2009). Director of Advisors (since 2008). Former Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Head of Risk Management of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Risk Management of Advisors and Investment Management (since 2009). Former Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Former Senior Managing Director of Advisors and Investment Management (2006–2009). Former Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Former Director, TIAA-CREF Life Insurance Company (2006–2008). Former Director, TPIS, Advisors and Investment Management (2008) and Head of Risk Management of Advisors and Investment Management (2005–2006).
William J. Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/18/48	Senior Vice President and Corporate Secretary	One-year term. Senior Vice President since 2010 and Corporate Secretary since 2008.	Senior Vice President (since 2010) and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2008). Former Deputy General Counsel and Corporate Secretary, Bank of America (2005–2008).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/66	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Human Resources (since 2010, 2005–2007) and Former Executive Vice President, Human Resources, and Corporate Services (2007–2010) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2003). Former Director, TIAA-CREF Life Insurance Company (2003–2006).

94 2011 Annual Report  §  TIAA-CREF Lifecycle Index Funds

Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President and Chief Operating Officer (since 2010) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2008). Former Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), Executive Vice President, Institutional Client Services (2006–2008) and Senior Vice President, Pension Products (2003–2006) of TIAA. Director of Covariance (since 2010). Director of TCT Holdings, Inc. (since 2007). Manager (since 2006) and Former Executive Vice President, TIAA-CREF Enterprises, Inc. (2006–2010). Director (since 2006) and Former President and CEO (2006–2010) of Redwood. Former Director of Tuition Financing (2008–2009).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing and Communications Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010). Former Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Former Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).
Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org or by telephone at 800 223–1200.

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 95

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

BOARD APPROVAL OF THE INVESTMENT MANAGEMENT AGREEMENT FOR THE TIAA-CREF LIFECYCLE INDEX 2055 FUND 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 series of the Trust. Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Trust.

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 series of the Trust 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 APPROVAL PROCESS

The Board held a meeting on March 31, 2011, at which it considered the initial approval of the Agreement with respect to the TIAA-CREF Lifecycle Index 2055 Fund (the “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 approval, 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 meeting, 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 Fund, 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.

96 2011 Annual Report  §TIAA-CREF Lifecycle Index Funds

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive expense comparison data regarding the proposed Institutional Class of the Fund, including data relating to the Fund’s proposed management fee rate and pro forma total expense ratio. 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. 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 and expense 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 advance of the Board meeting held on March 31, 2011, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to approve 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) a description of any proposed fee waiver or expense reimbursement arrangements; (2) a comparison of the Fund’s proposed fees under the Agreement as compared to any other comparable accounts managed by TAI or its affiliates; (3) any “fall-out” benefits that 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; (4) information regarding TAI’s financial resources, senior professional personnel, overall staffing 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 potential conflicts of interest identified by TAI in connection with rendering services to the Fund; (5) information as to any anticipated profits to be earned by TAI in connection with its services pursuant to the Agreement; (6) a copy of the Agreement and certain related service agreements between the Fund and affiliates of TAI; (7) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (8) a proposed narrative explanation of reasons why the Board should approve the Agreement.

In considering whether to approve 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 to be provided by TAI to the Fund; (2) the costs of the services to be provided to the Fund and the profits to be realized (if any) by TAI and its affiliates from their relationship with the Fund; (3) the extent to which economies of scale are

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 97

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED)

anticipated to be realized as the Fund grows; (4) whether the fee schedule set forth in the Agreement reflects any such potential economies of scale for the benefit of Fund investors; (5) comparisons of services and fees with contracts entered into by TAI with other clients; and (6) any other benefits 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 approve the Agreement.

In reaching its decision regarding the approval 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 Trust. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the approval process under Section 15(c) of the 1940 Act and certain other legal authorities.

In deciding whether to approve 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 approve the Agreement for the Fund.

At its meeting on March 31, 2011, the Board voted unanimously to approve the Agreement for the Fund. Set forth below are the specific and general factors the Board considered in making this determination with respect to the Fund.

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TAI is an experienced investment adviser that has managed the existing Lifecycle Index Funds of the Trust 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 part of a suite of 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 Fund’s assets among the underlying funds, conducting research, recommending investments and placing orders to buy and sell securities for the Fund’s investment portfolio; 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 with respect to the existing Lifecycle Index Funds of the Trust.

98 2011 Annual Report  §TIAA-CREF Lifecycle Index Funds

continued

In addition, the Board considered the nature and quality of non-portfolio management services 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.

COST AND PROFITABILITY

The Board considered estimated financial and profitability data relating to TAI’s services to the Fund. In this connection, the Board considered estimated potential 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 anticipates initially earning little or no direct profit with respect to services provided to the Fund, which is primarily due to a reimbursement of the Fund’s other expenses except service and 12b-1 fees through at least September 30, 2012. The Board also considered that TAI may potentially 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 estimated direct and indirect profits would not be excessive in light of various relevant factors. The Board also acknowledged permanent and temporary waivers of management fees and reimbursements of expenses above specified amounts of certain TIAA-CREF Funds that would be used as underlying investments for the Fund which would reduce the Fund’s indirect expenses.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. In this connection, the Board determined that the universe of comparable funds identified by Lipper for expense comparison purposes for the Fund was too small to provide a meaningful comparison because so few comparable indexed target date funds are currently offered.

ECONOMIES OF SCALE

The Board considered whether TAI is anticipated to experience economies of scale in connection with the operation of the Fund. In this connection, the Board considered that it was estimated that TAI would incur operating losses with respect to its services provided to the Fund and that TAI would totally reimburse the Fund for all of its other expenses other than Retirement Class service fees and 12b-1 fees through September 30, 2012. Thus, the Board determined that the Fund’s proposed fee schedule would be reasonable in light of current economies of scale considerations and current asset levels.

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 99

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (UNAUDITED) concluded

FEE COMPARISON WITH OTHER TAI CLIENTS

The Board considered that TAI and its affiliates provide fund-of-funds management services to each of the Trust’s existing Lifecycle Index Funds, with the same contractual fee arrangement, each of the Trust’s Lifecycle Funds, with an entirely waived annual management fee of 0.10% of average daily net assets, and to the Managed Allocation Fund of the Trust, 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 Fund and to TAI and its affiliates which could arise from the Agreement. For example, the Fund would benefit if TAI is willing to make expense reimbursements to both the Fund and certain of the underlying funds in which the Fund will 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. TAI may also benefit from the Fund’s investment in underlying funds that are also managed by TAI.

SPECIFIC FACTORS

The Board considered the following specific factors (among others) in connection with its determination to approve the Agreement with respect to the Fund. The specific management fee and expense factors outlined below are based on the Institutional Class shares of the Fund. Because each of the Fund’s classes generally will have different nonadvisory expenses, the estimated expense information for the Fund’s other classes will differ from the estimated expense information shown below.

• The Fund’s proposed annual contractual management fee is 0.10% of average daily net assets.

• The Fund’s universe of comparable funds identified by Lipper for expense comparison purposes was too small to provide a meaningful comparison because so few comparable indexed target date funds are currently offered.

Based primarily on the foregoing factors and considerations, the Board approved the Agreement for the Fund.

100 2011 Annual Report  §TIAA-CREF Lifecycle Index Funds

IMPORTANT TAX INFORMATION (UNAUDITED)

TIAA-CREF LIFECYCLE INDEX FUNDS

For the period ended May 31, 2011, the Lifecycle Index Funds designate the following distribution amounts (or the maximum amount allowable) as being from net long-term capital gains.

Fund	Long Term Gains
Lifecycle Index Retirement Income		$—
Lifecycle Index 2010		—
Lifecycle Index 2015		—
Lifecycle Index 2020		—
Lifecycle Index 2025		—
Lifecycle Index 2030		—
Fund	Long Term Gains
Lifecycle Index 2035		$—
Lifecycle Index 2040		—
Lifecycle Index 2045		—
Lifecycle Index 2050		—
Lifecycle Index 2055		—

For the period ended May 31, 2011, the Lifecycle Index Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Fund	Percentage
Lifecycle Index Retirement Income		32.50	%
Lifecycle Index 2010		35.91
Lifecycle Index 2015		46.29
Lifecycle Index 2020		56.60
Lifecycle Index 2025		64.67
Fund	Percentage
Lifecycle Index 2030		73.65	%
Lifecycle Index 2035		82.50
Lifecycle Index 2040		82.28
Lifecycle Index 2045		84.96
Lifecycle Index 2050		84.70

For the period ended May 31, 2011, the Lifecycle Index Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Lifecycle Index Retirement Income		17.03	%
Lifecycle Index 2010		19.82
Lifecycle Index 2015		23.68
Lifecycle Index 2020		28.93
Lifecycle Index 2025		33.02
Fund	Percentage
Lifecycle Index 2030		37.54	%
Lifecycle Index 2035		42.03
Lifecycle Index 2040		41.90
Lifecycle Index 2045		43.38
Lifecycle Index 2050		43.23

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2011, which will be reported in conjunction with your 2011 Form 1099-DIV.

By early 2012, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

TIAA-CREF Lifecycle Index Funds  §  2011 Annual Report 101

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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. 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.

©2011 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF),
730 Third Avenue, New York, NY 10017-3206

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C51253 A12027 (7/11)

2011 ANNUAL REPORT

TIAA-CREF

MANAGED ALLOCATION FUND

OF THE TIAA-CREF FUNDS

MAY 31, 2011

Audited financial statements

CONTENTS
Understanding your fund report		2
Information for investors		3
Important information about expenses		4
Fund performance
Managed Allocation Fund		6
About the fund’s composite benchmark		8
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
Report of independent registered public accounting firm		21
Trustees and officers		22
Important tax information		28
How to reach us	Inside back cover

UNDERSTANDING YOUR FUND REPORT

This annual report reflects the recent change of the fiscal year-end of the TIAA-CREF Managed Allocation Fund from September 30 to May 31. Beginning with this report, the fund will issue annual reports dated May 31 and semiannual reports dated November 30.
          This annual report contains information about the Managed Allocation Fund and describes the fund’s results for the eight months ended May 31, 2011. The report contains three main sections:

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

• The portfolio of investments lists the underlying funds in which the Managed Allocation Fund had investments as of May 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 Annual 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 obtain a complete list of the Managed Allocation Fund’s 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 and Form N-Q filings. Due to the recent change in the fiscal year-end of the Managed Allocation Fund, future Form N-CSR filings will be available as of May 31 and November 30; Form N-Q filings will be available as of February 28 and August 31. 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

There are three easy ways to contact us: by email, 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 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 Annual Report 3

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. 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 expense example that appears in the table on page 5 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 six-month period and held for the entire period (December 1, 2010 to May 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, 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 during period” to estimate the expenses you paid during the six-month period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in each share class’s entry in the table 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.

          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 this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

4 2011 Annual Report§TIAA-CREF Managed Allocation Fund

IMPORTANT INFORMATION ABOUT EXPENSES

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

Managed Allocation Fund
	Beginning account value (12/1/10)		Ending account value (5/31/11)		Expenses paid during period* (12/1/10–5/31/11)		Effective expenses paid during period† (12/1/10–5/31/11)
Institutional Class
Actual return		$1,000.00		$1,100.85		$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		$1,099.64		$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		$1,100.64		$1.10		$3.30
5% annual hypothetical return		1,000.00		1,023.88		1.06		3.18

*

“Expenses paid during period” 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 May 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 during period” 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.

TIAA-CREF Managed Allocation Fund§2011 Annual Report 5

MANAGED ALLOCATION FUND

PERFORMANCE FOR THE EIGHT MONTHS ENDED MAY 31, 2011

The Managed Allocation Fund returned 12.66% for the Institutional Class, compared with the 11.93% return of its benchmark, the Managed Allocation Composite Index. For the one-year period ended May 31, 2011, the fund returned 20.76%, versus 19.13% for its composite index. The table on the following page shows returns for all share classes of the fund.

Stocks score double-digit gains, but the bond market cools

The U.S. stock market, as measured by the Russell 3000^® Index, generated a 20.85% return for the eight-month period covered by this report. For most of the period, investors were cheered by strong overseas demand for U.S. products and slow but steady economic growth—a year-over-year rate of 2.3% in the first quarter of 2011. During May, however, the broad market fell 1.14%, due to renewed concerns about the U.S. economic recovery, following a disappointing jobs report.
          Foreign stocks also produced robust returns but lagged U.S. issues. European markets were constrained by concerns about sovereign debt, while investors in Japan worried about the effects of the catastrophic earthquake on that nation’s economy. The MSCI EAFE (Europe, Australasia, Far East)+EM (Emerging Markets) Index, which measures stock performance in 22 developed nations outside North America and in 21 developing nations, returned 12.46% in dollar terms. During the period covered by this report, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector.
          Despite the Federal Reserve’s purchases of U.S. government bonds, the yield on 10-year Treasury securities rose throughout the eight months—from 2.53% on September 30, 2010 to 3.05% on May 31, 2011. The broad investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index, posted a modest 1.69% return.

The fund surpasses its composite benchmark

The absolute return of the Managed Allocation Fund was aided by double-digit gains from its largest underlying equity fund investments. These included the Enhanced Large-Cap Growth Index Fund (up 22.26%), the Enhanced Large-Cap Value Index Fund (up 19.44%) and the Large-Cap Growth Fund (up 18.18%). (Fund returns are for the Institutional Class.)
          The fund outperformed its composite benchmark largely because of favorable relative results from its largest underlying fund holding, the Bond Plus Fund. The fund’s relative performance also benefited from its investment in the Enhanced International Equity Index Fund and the International Equity Fund, both of which outperformed the MSCI EAFE+EM Index over the eight months.

6 2011 Annual Report  §  TIAA-CREF Managed Allocation Fund

PERFORMANCE AS OF MAY 31, 2011

		Total return				Average annual total return
Managed Allocation Fund	Inception	8 months		1 year		5 years		since inception
Institutional Class	3/31/2006	12.66	%	20.76	%	4.70	%	4.16	%
Retirement Class	3/31/2006	12.54		20.48		4.42		3.89
Retail Class	3/31/2006	12.52		20.45		4.62		4.08
Managed Allocation Composite Index*	3/31/2006	11.93		19.13		5.04		4.66
Broad-based market index
Russell 3000 Index	3/31/2006	20.85		27.04		3.76		3.21

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.

* At May 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 Index. On February 1, 2011, the MSCI EAFE+EM Index replaced the MSCI EAFE Index in the fund’s composite benchmark as the benchmark for the international equity market sector. 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.

$10,000 INVESTED AT FUND’S INCEPTION

Institutional Class (inception March 31, 2006)

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period. The performance of the other share classes varies due to differences in expense charges.

TIAA-CREF Managed Allocation Fund§2011 Annual Report 7

MANAGED ALLOCATION FUND

ASSET ALLOCATION
	% of net assets as of 5/31/11
Equity
U.S. equity	44.5	%
International equity	15.0
Fixed income	40.5
Total	100.0

TARGET ALLOCATION

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 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 markets 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 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.

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.

8 2011 Annual Report  §  TIAA-CREF Managed Allocation Fund

PORTFOLIO OF INVESTMENTS

MANAGED ALLOCATION FUND § MAY 31, 2011

	Shares	Company	Value	% of net assets
TIAA-CREF FUNDS (a)
	23,407,415	TIAA-CREF Bond Plus Fund	$242,500,817		40.5	%
	1,688,189	TIAA-CREF Emerging Markets Equity Fund	20,258,265		3.4
	4,519,273	TIAA-CREF Enhanced International Equity Index Fund	34,708,015		5.8
	5,071,277	TIAA-CREF Enhanced Large-Cap Growth Index Fund	50,915,619		8.5
	5,786,490	TIAA-CREF Enhanced Large-Cap Value Index Fund	50,516,055		8.4
	4,060,910	TIAA-CREF Growth & Income Fund	40,203,006		6.7
	3,351,078	TIAA-CREF International Equity Fund	34,784,188		5.8
	4,328,256	TIAA-CREF Large-Cap Growth Fund	47,827,231		8.0
	3,357,641	TIAA-CREF Large-Cap Value Fund	46,872,670		7.9
	159,505	TIAA-CREF Mid-Cap Growth Fund	3,405,425		0.6
	199,330	TIAA-CREF Mid-Cap Value Fund	3,737,437		0.6
	1,448,893	TIAA-CREF Small-Cap Equity Fund	23,037,394		3.8
		TOTAL TIAA-CREF FUNDS (Cost $551,233,766)	598,766,122		100.0
		TOTAL INVESTMENTS (Cost $551,233,766)	598,766,122		100.0
		OTHER ASSETS & LIABILITIES, NET	40,532		0.0
		NET ASSETS	$598,806,654		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 Annual Report 9

STATEMENT OF ASSETS AND LIABILITIES

MANAGED ALLOCATION FUND § MAY 31, 2011

ASSETS
Affiliated investments, at value*	$598,766,122
Receivable from Fund shares sold	608,716
Dividends and interest receivable	765,683
Due from affiliates	4,594
Other	21,547
Total assets	600,166,662
LIABILITIES
Service agreement fees payable	1,104
Distribution fees payable	121,122
Due to affiliates	5,418
Overdraft payable	172,028
Payable for securities transactions	596,000
Payable for Fund shares redeemed	296,930
Accrued expenses & other payables	167,406
Total liabilities	1,360,008
NET ASSETS	$598,806,654
NET ASSETS CONSIST OF:
Paid-in-capital	$585,383,880
Undistributed net investment income (loss)	1,357,899
Accumulated net realized gain (loss) on total investments	(35,467,481	)
Net unrealized appreciation (depreciation) on total investments	47,532,356
NET ASSETS	$598,806,654
INSTITUTIONAL CLASS:
Net assets	$4,142,071
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)	398,814
Net asset value per share	$10.39
RETIREMENT CLASS:
Net assets	$32,621,589
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)	3,144,123
Net asset value per share	$10.38
RETAIL CLASS:
Net assets	$562,042,994
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)	54,014,709
Net asset value per share	$10.41
* Affiliated investments, Cost	$551,233,766

10 2011 Annual Report  §  TIAA-CREF Managed Allocation Fund See notes to financial statements

STATEMENT OF OPERATIONS

MANAGED ALLOCATION FUND § FOR THE PERIOD OR YEAR ENDED

	For the eight-month period ended May 31, 2011			For the year ended September 30, 2010
INVESTMENT INCOME
Dividends from affiliated investments		$12,238,938			$13,446,110
Total income		12,238,938			$13,446,110
EXPENSES
Distribution fees – Retail Class		439,887			504,861
Fund administration fees		29,729			42,392
Custody and accounting fees		9,626			14,100
Professional fees		21,728			25,637
Shareholder reports		107,455			70,357
Shareholder servicing – Institutional Class		152			221
Shareholder servicing – Retirement Class		49,239			59,715
Shareholder servicing – Retail Class		291,380			290,552
Trustee fees and expenses		3,676			4,422
Compliance fees		9,231			17,182
Interest expense		745			1,129
Registration fees		34,541			50,244
Other expenses		4,879			5,372
Total expenses		1,002,268			1,086,184
Less: Expenses reimbursed by the investment advisor		(204,175	)		(231,102	)
Net expenses		798,093			855,082
Net investment income (loss)		11,440,845			12,591,028
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		13,902,015			13,676,895
Realized gain distributions from affiliated investments		75,075			—
Net realized gain (loss) from affiliated investments		13,977,090			13,676,895
Net change in unrealized appreciation (depreciation) from affiliated investments		41,136,526			24,039,726
Net realized and unrealized gain (loss) from affiliated investments		55,113,616			37,716,621
Net increase (decrease) in net assets resulting from operations		$66,554,461			$50,307,649

See notes to financial statements TIAA-CREF Managed Allocation Fund  §  2011 Annual Report 11

STATEMENT OF CHANGES IN NET ASSETS

MANAGED ALLOCATION FUND § FOR THE PERIOD OR YEAR ENDED

		For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the year ended September 30, 2009
OPERATIONS
Net investment income (loss)		$	11,440,845		$	12,591,028		$	13,508,639
Net realized gain (loss) from affiliated investments			13,977,090			13,676,895			(57,481,879	)
Net change in unrealized appreciation (depreciation) from affiliated investments			41,136,526			24,039,726			48,901,569
Net increase (decrease) from operations			66,554,461			50,307,649			4,928,329
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Institutional Class		(62,350	)		(37,089	)		(52,299	)
	Retirement Class		(504,469	)		(562,210	)		(464,624	)
	Retail Class		(9,521,933	)		(11,986,288	)		(12,991,351	)
Total distributions			(10,088,752	)		(12,585,587	)		(13,508,274	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		2,399,406			1,682,964			262,438
	Retirement Class		9,239,041			9,388,130			8,639,390
	Retail Class		39,159,018			41,096,004			30,157,064
Reinvestments of distributions:	Institutional Class		60,519			29,762			25,468
	Retirement Class		504,469			562,210			463,508
	Retail Class		9,021,946			11,450,801			12,412,577
Redemptions:	Institutional Class		(1,190,095	)		(1,321,657	)		(104,928	)
	Retirement Class		(4,391,982	)		(8,485,393	)		(2,281,673	)
	Retail Class		(45,132,635	)		(53,942,310	)		(51,355,319	)
Net increase (decrease) from shareholder transactions			9,669,687			460,511			(1,781,475	)
Net increase (decrease) in net assets			66,135,396			38,182,573			(10,361,420	)
NET ASSETS
Beginning of period			532,671,258			494,488,685			504,850,105
End of period		$	598,806,654		$	532,671,258		$	494,488,685
Undistributed net investment income (loss) included in net assets		$	1,357,899		$	5,806		$	365
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		239,231			183,529			34,172
	Retirement Class		933,908			1,038,761			1,141,404
	Retail Class		3,910,196			4,547,497			3,959,479
Shares reinvested:	Institutional Class		6,143			3,272			3,355
	Retirement Class		51,328			62,458			60,763
	Retail Class		915,740			1,268,455			1,632,686
Shares redeemed:	Institutional Class		(117,079	)		(146,711	)		(13,915	)
	Retirement Class		(439,468	)		(942,830	)		(306,231	)
	Retail Class		(4,509,496	)		(5,972,431	)		(6,831,855	)
Net increase (decrease) from shareholder transactions			990,503			42,000			(320,142	)

12 2011 Annual Report  §  TIAA-CREF Managed Allocation Fund See notes to financial statements

FINANCIAL HIGHLIGHTS

MANAGED ALLOCATION FUND § FOR THE PERIOD OR YEAR ENDED

	Institutional Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)
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 (loss) from investment operations:
Net investment income (loss) (a)		0.21			0.24			0.24			0.33			0.33			0.11
Net realized and unrealized gain (loss) on total investments		0.97			0.67			(0.13	)		(2.16	)		1.12			0.11
Total gain (loss) from investment operations		1.18			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		$10.39			$9.40			$8.73			$8.86			$11.03			$10.11
TOTAL RETURN		12.66	%(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)		$4,142			$2,542			$2,011			$1,832			$4,718			$2,046
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.06	%(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		3.18	%(c)		2.68	%		3.15	%		3.28	%		3.12	%		2.26	%(c)
Portfolio turnover rate		10	%(b)		21	%		48	%		26	%		13	%		8	%(b)

See notes to financial statements TIAA-CREF Managed Allocation Fund  §  2011 Annual Report 13

FINANCIAL HIGHLIGHTS	continued
MANAGED ALLOCATION FUND § FOR THE PERIOD OR YEAR ENDED

	Retirement Class
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)
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 (loss) from investment operations:
Net investment income (loss) (a)		0.19			0.21			0.21			0.29			0.35			0.11
Net realized and unrealized gain (loss) on total investments		0.98			0.67			(0.12	)		(2.14	)		1.06			0.11
Total gain (loss) from investment operations		1.17			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		$10.38			$9.39			$8.72			$8.86			$11.03			$10.13
TOTAL RETURN		12.54	%(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)	$	32,622		$	24,404		$	21,287		$	13,678		$	16,570			$8,358
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.31	%(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		2.87	%(c)		2.36	%		2.82	%		2.84	%		3.26	%		2.14	%(c)
Portfolio turnover rate		10	%(b)		21	%		48	%		26	%		13	%		8	%(b)

14 2011 Annual 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
	5/31/11		†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)
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 (loss) from investment operations:
Net investment income (loss) (a)		0.20			0.22			0.24			0.32			0.22			0.13
Net realized and unrealized gain (loss) on total investments		0.97			0.67			(0.13	)		(2.15	)		1.21			0.10
Total gain (loss) from investment operations		1.17			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		$10.41			$9.42			$8.75			$8.88			$11.05			$10.16
TOTAL RETURN		12.52	%(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)	$	562,043		$	505,725		$	471,190		$	489,340		$	620,616			$7,505
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.26	%(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		3.01	%(c)		2.47	%		3.16	%		3.16	%		1.99	%		2.56	%(c)
Portfolio turnover rate		10	%(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 May 31, 2011 and September 30, 2010 were 0.42% and 0.42%, respectively.
†	Amounts shown are for the eight-month period ended May 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to May 31.

See notes to financial statements TIAA-CREF Managed Allocation Fund  §  2011 Annual Report 15

NOTES TO FINANCIAL STATEMENTS

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 recently changed its fiscal year end from September 30 to May 31.

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.

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 Fund.

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

16 2011 Annual Report  §TIAA-CREF Managed Allocation Fund

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 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 (2007-2011) 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.

For the period ended May 31, 2011, there were no permanent book and tax differences reclassified among the components of the Fund’s net assets.

Trustee compensation: The Fund pays the Board of Trustees (“Board”), 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

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. 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 Fund’s 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, whether the

TIAA-CREF Managed Allocation Fund  §  2011 Annual Report 17

NOTES TO FINANCIAL STATEMENTS

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 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 May 31, 2011, there were no significant transfers between levels by the Fund.

As of May 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 Board.

18 2011 Annual Report  §  TIAA-CREF Managed Allocation Fund

continued

Note 4—investments

At May 31, 2011, the cost of portfolio investments for federal income tax purposes was $553,997,323. Net unrealized appreciation of portfolio investments for federal income tax purposes was $44,768,799, consisting of gross unrealized appreciation of $50,370,329 and gross unrealized depreciation of $(5,601,530).

Purchases and sales of portfolio securities (other than short-term money market instruments) for the period ended May 31, 2011 were $68,709,426 and $57,830,589, respectively.

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended May 31, 2011 and years ended September 30, 2010 and 2009 were as follows:

	Ordinary Income		Long-Term Capital Gains		Total
5/31/11	$	10,088,752	$	—	$	10,088,752
9/30/10		12,585,587		—		12,585,587
9/30/09		13,508,274		—		13,508,274

As of May 31, 2011, the components of accumulated earnings on a tax basis consisted of $1,366,486 of undistributed ordinary income, $44,768,800 of unrealized appreciation, and $(32,703,925) of capital loss carryovers.

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the utilization of capital loss carryovers, and the treatment of short term gain as ordinary income for tax purposes.

At May 31, 2011, the Fund had capital loss carryovers, which will expire as follows:

Date of Expiration
5/31/18	Total
$32,703,925	$32,703,925

For the period ended May 31, 2011, the Fund utilized $13,727,982 of its capital loss carryover available from prior years.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryovers may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain

TIAA-CREF Managed Allocation Fund  §  2011 Annual Report 19

NOTES TO FINANCIAL STATEMENTS concluded

their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

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 May 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 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—subsequent event

On June 28, 2011, the unsecured revolving credit facility was renewed and the line of credit amount was increased from $1 billion to $1.5 billion.

20 2011 Annual Report  §  TIAA-CREF Managed Allocation Fund

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of the
TIAA-CREF Managed Allocation Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the TIAA-CREF Managed Allocation Fund at May 31, 2011, the results of its operations for each of the periods presented and the changes in net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at May 31, 2011 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
July 20, 2011

TIAA-CREF Managed Allocation Fund  §2011 Annual Report 21

TRUSTEES AND OFFICERS (UNAUDITED)

TIAA-CREF FUNDS § MAY 31, 2011

Disinterested trustees

Name, Addressand Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustees
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management), and member of asset allocation portfolio management team, GMO (2003–2005).	70	Director of GMO; Director, The Maine Coast Heritage Trust; Investment Committee Member, Maine Community Foundation, The Butler Conservation Fund, Inc, and the Elmina B. Sewall Foundation. Former Director and member of the Investment Committee of the Boston Athenaeum; Former Director of Appalachian Mountain Club.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc. and of certain funds advised by American Beacon Advisors, Inc.	70	Independent Director, The Lazard Funds Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc., Lazard World Dividend and Income Fund, Inc., and Member of the Board of Managers, Lazard Alternative Strategies Fund, LLC.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/67	Trustee	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007). Former Chief Operating Officer, DDJ Capital Management (2003–2006).	70	Director, Copper Rock Capital Partners, LLC (investment adviser).

22 2011 Annual Report§TIAA-CREF Managed Allocation Fund

Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Former Acting Dean (2009), Vice Dean for Budget (2003–2006), and on the faculty (since 1989) of Harvard Law School.	70	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	Indefinite term. Trustee since 1999.	President and Founder (since 2006) of NLJ Advisors, Inc. (investment adviser). Former President and Managing Principal, Windermere Investment Associates (1997–2006).	70	None
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010) of First Eagle Investment Management, LLC. Former Principal, BAM Consulting, LLC (2003–2009). Former Independent Consultant for Merrill Lynch (2003–2009).	70	Director, Prudential plc; Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and the North Shore Land Alliance. Former Director, J. Sainsbury plc; International Advisory Board, British-American Business Council; Scottish and Newcastle plc (brewer); Governor’s Committee on Scholastic Achievement; William T. Grant Foundation; and Federal National Mortgage Association (Fannie Mae).

TIAA-CREF Managed Allocation Fund§2011 Annual Report 23

TRUSTEES AND OFFICERS (UNAUDITED) continued

TIAA-CREF FUNDS § MAY 31, 2011

Disinterested trustees — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustees
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).	70	Director, NBER and the Alfred P. Sloan Foundation. Former Director, The Jeffrey Company and Jeflion Company (unregistered investment companies).
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee and Chairman of the Board	Indefinite term as Trustee; Chairman for term ending June 30, 2012. Trustee since 1999. Chairman of the Board since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	70	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust. Former Director, M&F Bancorp, Inc.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002). Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (since 2000); Professor, University of Texas at Austin (since 1987).	70	Member of the Governing Council, Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Texas Employee Retirement System. Former Director/Trustee, USAA Mutual Funds.

24 2011 Annual Report  §  TIAA-CREF Managed Allocation Fund

Executive officers

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex (since 2009). Former Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009)
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Accounts VA-1 and VA-3. Managing Director, Senior Compliance Officer of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Former Chief Compliance Officer (2008) and Vice President, Senior Compliance Officer (since 2008) of Teachers Advisors, Inc. (“Advisors”). Former Managing Director/Director of Global Compliance, AIG Global Investment Group (2000–2008).
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/59	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since 2007.	Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007); and Executive Vice President of CREF and TIAA Separate Account VA-1 (since 1997), Executive Vice President, Asset Management (since 2010); Former Executive Vice President, Investments, Research Institute & Strategy (2009–2010); Executive Vice President, Head of Asset Management (2006–2009), and Executive Vice President and Chief Investment Officer (2005) of TIAA. Director of Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors and Manager of Investment Management (since 2004). Former Manager of TIAA Realty Capital Management, LLC (2004–2006), and Chief Investment Officer of TIAA (2004–2006) and the TIAA-CREF Fund Complex (2003–2006). Former Director of TIAA-CREF Life Insurance Company (1997–2006). Former Director of Teachers Personal Investors Services, Inc. (“TPIS”) (2006–2008).

TIAA-CREF Managed Allocation Fund  §  2011 Annual Report 25

TRUSTEES AND OFFICERS (UNAUDITED) concluded

TIAA-CREF FUNDS § MAY 31, 2011

Executive officers — continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Eugene Flood, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/55	Executive Vice President	One-year term. Executive Vice President since 2011.	Executive Vice President, Diversified Business of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2011). President, Chief Executive Officer and Director, TIAA-CREF Redwood, LLC (“Redwood”) (since 2011). Director, Covariance Capital Management, Inc. (“Covariance”) (since 2011). Director of Kaspick & Company LLC (since 2011). Former President and Chief Executive Officer (2000–2010) and Director (1994–2010) of Smith Breeden Associates, Inc., an investment adviser. Former Trustee of the TIAA-CREF Fund Complex (2005–2011). Dean’s Advisory Committee of the Massachusetts Institute of Technology’s Sloan School of Management (since 2000).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and TIAA Separate Account VA-1 (since 2009). Director of Advisors (since 2008). Former Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Head of Risk Management of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Risk Management of Advisors and Investment Management (since 2009). Former Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Former Senior Managing Director of Advisors and Investment Management (2006–2009). Former Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Former Director, TIAA-CREF Life Insurance Company (2006–2008). Former Director, TPIS, Advisors and Investment Management (2008) and Head of Risk Management of Advisors and Investment Management (2005–2006).
William J. Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/18/48	Senior Vice President and Corporate Secretary	One-year term. Senior Vice President since 2010 and Corporate Secretary since 2008.	Senior Vice President (since 2010) and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2008). Former Deputy General Counsel and Corporate Secretary, Bank of America (2005–2008).

26 2011 Annual Report  §  TIAA-CREF Managed Allocation Fund

Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/66	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Human Resources (since 2010, 2005–2007) and Former Executive Vice President, Human Resources, and Corporate Services (2007–2010) of TIAA, and Executive Vice President of the TIAA- CREF Fund Complex (since 2003). Former Director, TIAA-CREF Life Insurance Company (2003–2006).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President and Chief Operating Officer (since 2010) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2008). Former Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), Executive Vice President, Institutional Client Services (2006–2008), Senior Vice President, Pension Products (2003–2006) of TIAA. Director, Covariance (since 2010). Director of TCT Holdings, Inc. (since 2007). Manager (since 2006) and Former Executive Vice President, TIAA-CREF Enterprises, Inc. (2006–2010). Director (since 2006) and Former President and CEO (2006–2010) of Redwood. Former Director of Tuition Financing (2008–2009).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing and Communications Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010). Former Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Former Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).

Please note that the Funds’ Statement of Additional Information (SAI) includes information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org or by telephone at 800 223–1200.

TIAA-CREF Managed Allocation Fund  §  2011 Annual Report 27

IMPORTANT TAX INFORMATION (UNAUDITED)

For the period ended May 31, 2011, the Fund designates 34.73% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the period ended May 31, 2011, the Fund designates 24.24% (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2011, which will be reported in conjunction with your 2011 Form 1099-DIV.

By early 2012, shareholders should receive their Form 1099-DIV and a tax information letter from the Fund. For your specific situation, we recommend that you consult a professional tax advisor.

28 2011 Annual Report  §  TIAA-CREF Managed Allocation Fund

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 Institutional or Retirement 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.

© 2011 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206

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New York, NY 10017-3206

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Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

          PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended May 31, 2011 and September 30, 2010, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $231,161 and $1,556,900, respectively.

4(b) Audit Related Fees.

For the fiscal years ended May 31, 2011 and September 30, 2010, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the year ended December 31, 2010, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0.

4(c) Tax Fees.

For the fiscal years ended May 31, 2011 and September 30, 2010, PwC’s aggregate fees for tax services billed to the Registrant were $142,600 and $495,700, respectively.

For the year ended December 31, 2010, the Tax Fees billed by PwC to the Fund Service Providers was $0.

4(d) All Other Fees.

For the fiscal years ended May 31, 2011 and September 30, 2010, PwC’s aggregate fees for all other services to the Registrant were $0 and $0, respectively.

For the year ended December 31, 2010, the Other Fees billed by PwC to the Fund Service Providers was $0.

4(e)(1) Preapproval Policy.

          The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the

Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

          The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2011 and September 30, 2010 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2011 and September 30, 2010 on behalf of the Fund service providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2011 and September 30, 2010 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2011 and September 30, 2010 on behalf of the Fund service providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2011and September 30, 2010 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended May 31, 2011 and September 30, 2010 on behalf of the Fund service providers that relate directly to the operations and financial reporting of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended May 31, 2011 and September 30, 2010, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC was $169,303 and $249,330, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

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
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 39.5%
3,980,708	TIAA-CREF Bond Fund	$	42,076,079
52,089	TIAA-CREF Bond Plus Fund		539,645
53,624	TIAA-CREF High-Yield Fund		539,454
	TOTAL FIXED INCOME		43,155,178
INFLATION-PROTECTED ASSETS - 9.9%
940,061	TIAA-CREF Inflation-Linked Bond Fund		10,782,505
	TOTAL INFLATION-PROTECTED ASSETS		10,782,505
INTERNATIONAL EQUITY - 10.2%
225,750	TIAA-CREF Emerging Markets Equity Fund		2,708,995
542,697	TIAA-CREF Enhanced International Equity Index Fund		4,167,913
403,502	TIAA-CREF International Equity Fund		4,188,352
	TOTAL INTERNATIONAL EQUITY		11,065,260
SHORT-TERM FIXED INCOME - 9.9%
1,035,781	TIAA-CREF Short-Term Bond Fund		10,792,838
	TOTAL SHORT-TERM FIXED INCOME		10,792,838
U.S. EQUITY - 30.1%
604,036	TIAA-CREF Enhanced Large-Cap Growth Index Fund		6,064,524
680,853	TIAA-CREF Enhanced Large-Cap Value Index Fund		5,943,849
515,638	TIAA-CREF Growth & Income Fund		5,104,813
549,563	TIAA-CREF Large-Cap Growth Fund		6,072,676
426,449	TIAA-CREF Large-Cap Value Fund		5,953,225
20,240	TIAA-CREF Mid-Cap Growth Fund		432,127
25,072	TIAA-CREF Mid-Cap Value Fund		470,094
173,382	TIAA-CREF Small-Cap Equity Fund		2,756,781
	TOTAL U.S. EQUITY		32,798,089
	TOTAL TIAA-CREF FUNDS		108,593,870
	(Cost $96,873,497)
	TOTAL INVESTMENTS - 99.6%		108,593,870
	(Cost $96,873,497)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		399,581
	NET ASSETS - 100.0%	$	108,993,451

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

1

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2010 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 38.6%
22,302,793	TIAA-CREF Bond Fund	$	235,740,525
602,500	TIAA-CREF Bond Plus Fund		6,241,903
835,696	TIAA-CREF High-Yield Fund		8,407,104
	TOTAL FIXED INCOME		250,389,532
INFLATION-PROTECTED ASSETS - 6.3%
3,578,846	TIAA-CREF Inflation-Linked Bond Fund		41,049,360
	TOTAL INFLATION-PROTECTED ASSETS		41,049,360
INTERNATIONAL EQUITY - 12.3%
1,422,442	TIAA-CREF Emerging Markets Equity Fund		17,069,308
4,104,910	TIAA-CREF Enhanced International Equity Index Fund		31,525,707
3,061,971	TIAA-CREF International Equity Fund		31,783,263
	TOTAL INTERNATIONAL EQUITY		80,378,278
SHORT-TERM FIXED INCOME - 6.3%
3,928,607	TIAA-CREF Short-Term Bond Fund		40,936,086
	TOTAL SHORT-TERM FIXED INCOME		40,936,086
U.S. EQUITY - 36.2%
4,620,668	TIAA-CREF Enhanced Large-Cap Growth Index Fund		46,391,505
5,172,530	TIAA-CREF Enhanced Large-Cap Value Index Fund		45,156,191
3,574,161	TIAA-CREF Growth & Income Fund		35,384,192
3,773,881	TIAA-CREF Large-Cap Growth Fund		41,701,385
2,947,347	TIAA-CREF Large-Cap Value Fund		41,144,961
141,951	TIAA-CREF Mid-Cap Growth Fund		3,030,646
177,034	TIAA-CREF Mid-Cap Value Fund		3,319,389
1,261,164	TIAA-CREF Small-Cap Equity Fund		20,052,502
	TOTAL U.S. EQUITY		236,180,771
	TOTAL TIAA-CREF FUNDS		648,934,027
	(Cost $585,914,382)
	TOTAL INVESTMENTS - 99.7%		648,934,027
	(Cost $585,914,382)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		2,126,565
	NET ASSETS - 100.0%	$	651,060,592

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

2

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2015 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 34.8%
25,656,228	TIAA-CREF Bond Fund	$	271,186,333
1,548,891	TIAA-CREF Bond Plus Fund		16,046,513
1,745,836	TIAA-CREF High-Yield Fund		17,563,108
	TOTAL FIXED INCOME		304,795,954
INFLATION-PROTECTED ASSETS - 4.3%
3,292,148	TIAA-CREF Inflation-Linked Bond Fund		37,760,934
	TOTAL INFLATION-PROTECTED ASSETS		37,760,934
INTERNATIONAL EQUITY - 14.2%
2,283,686	TIAA-CREF Emerging Markets Equity Fund		27,404,227
6,273,000	TIAA-CREF Enhanced International Equity Index Fund		48,176,640
4,692,225	TIAA-CREF International Equity Fund		48,705,294
	TOTAL INTERNATIONAL EQUITY		124,286,161
SHORT-TERM FIXED INCOME - 4.3%
3,623,940	TIAA-CREF Short-Term Bond Fund		37,761,458
	TOTAL SHORT-TERM FIXED INCOME		37,761,458
U.S. EQUITY - 42.0%
7,100,580	TIAA-CREF Enhanced Large-Cap Growth Index Fund		71,289,820
7,991,170	TIAA-CREF Enhanced Large-Cap Value Index Fund		69,762,914
5,630,293	TIAA-CREF Growth & Income Fund		55,739,896
5,946,465	TIAA-CREF Large-Cap Growth Fund		65,708,441
4,619,563	TIAA-CREF Large-Cap Value Fund		64,489,100
221,954	TIAA-CREF Mid-Cap Growth Fund		4,738,715
276,622	TIAA-CREF Mid-Cap Value Fund		5,186,663
1,916,999	TIAA-CREF Small-Cap Equity Fund		30,480,280
	TOTAL U.S. EQUITY		367,395,829
	TOTAL TIAA-CREF FUNDS		872,000,336
	(Cost $781,376,903)
	TOTAL INVESTMENTS - 99.6%		872,000,336
	(Cost $781,376,903)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		3,296,383
	NET ASSETS - 100.0%	$	875,296,719

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

3

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2020 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 30.9%
24,254,255	TIAA-CREF Bond Fund	$	256,367,470
3,755,250	TIAA-CREF Bond Plus Fund		38,904,388
2,970,691	TIAA-CREF High-Yield Fund		29,885,156
	TOTAL FIXED INCOME		325,157,014
INFLATION-PROTECTED ASSETS - 2.3%
2,150,038	TIAA-CREF Inflation-Linked Bond Fund		24,660,931
	TOTAL INFLATION-PROTECTED ASSETS		24,660,931
INTERNATIONAL EQUITY - 16.1%
3,161,002	TIAA-CREF Emerging Markets Equity Fund		37,932,020
8,589,052	TIAA-CREF Enhanced International Equity Index Fund		65,963,922
6,423,172	TIAA-CREF International Equity Fund		66,672,523
	TOTAL INTERNATIONAL EQUITY		170,568,465
SHORT-TERM FIXED INCOME - 2.3%
2,367,328	TIAA-CREF Short-Term Bond Fund		24,667,562
	TOTAL SHORT-TERM FIXED INCOME		24,667,562
U.S. EQUITY - 48.1%
9,715,556	TIAA-CREF Enhanced Large-Cap Growth Index Fund		97,544,185
10,927,906	TIAA-CREF Enhanced Large-Cap Value Index Fund		95,400,619
7,819,561	TIAA-CREF Growth & Income Fund		77,413,655
8,258,992	TIAA-CREF Large-Cap Growth Fund		91,261,866
6,422,612	TIAA-CREF Large-Cap Value Fund		89,659,663
307,489	TIAA-CREF Mid-Cap Growth Fund		6,564,883
383,175	TIAA-CREF Mid-Cap Value Fund		7,184,527
2,638,083	TIAA-CREF Small-Cap Equity Fund		41,945,521
	TOTAL U.S. EQUITY		506,974,919
	TOTAL TIAA-CREF FUNDS		1,052,028,891
	(Cost $932,070,487)
	TOTAL INVESTMENTS - 99.7%		1,052,028,891
	(Cost $932,070,487)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		3,665,405
	NET ASSETS - 100.0%	$	1,055,694,296

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

4

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2025 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 26.8%
16,316,689	TIAA-CREF Bond Fund	$	172,467,400
5,495,608	TIAA-CREF Bond Plus Fund		56,934,495
3,803,496	TIAA-CREF High-Yield Fund		38,263,172
	TOTAL FIXED INCOME		267,665,067
INFLATION-PROTECTED ASSETS - 0.3%
290,810	TIAA-CREF Inflation-Linked Bond Fund		3,335,592
	TOTAL INFLATION-PROTECTED ASSETS		3,335,592
INTERNATIONAL EQUITY - 18.1%
3,435,576	TIAA-CREF Emerging Markets Equity Fund		41,226,907
9,164,766	TIAA-CREF Enhanced International Equity Index Fund		70,385,401
6,769,000	TIAA-CREF International Equity Fund		70,262,223
	TOTAL INTERNATIONAL EQUITY		181,874,531
SHORT-TERM FIXED INCOME - 0.3%
320,133	TIAA-CREF Short-Term Bond Fund		3,335,787
	TOTAL SHORT-TERM FIXED INCOME		3,335,787
U.S. EQUITY - 54.1%
10,286,694	TIAA-CREF Enhanced Large-Cap Growth Index Fund		103,278,406
11,519,493	TIAA-CREF Enhanced Large-Cap Value Index Fund		100,565,172
8,375,216	TIAA-CREF Growth & Income Fund		82,914,637
8,864,915	TIAA-CREF Large-Cap Growth Fund		97,957,314
6,885,484	TIAA-CREF Large-Cap Value Fund		96,121,353
328,965	TIAA-CREF Mid-Cap Growth Fund		7,023,393
409,690	TIAA-CREF Mid-Cap Value Fund		7,681,683
2,821,245	TIAA-CREF Small-Cap Equity Fund		44,857,795
	TOTAL U.S. EQUITY		540,399,753
	TOTAL TIAA-CREF FUNDS		996,610,730
	(Cost $873,828,568)
	TOTAL INVESTMENTS - 99.6%		996,610,730
	(Cost $873,828,568)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		4,135,014
	NET ASSETS - 100.0%	$	1,000,745,744

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

5

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2030 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 19.4%
8,882,812	TIAA-CREF Bond Fund	$	93,891,322
5,388,509	TIAA-CREF Bond Plus Fund		55,824,948
3,706,338	TIAA-CREF High-Yield Fund		37,285,765
	TOTAL FIXED INCOME		187,002,035
INTERNATIONAL EQUITY - 20.3%
3,706,456	TIAA-CREF Emerging Markets Equity Fund		44,477,469
9,871,070	TIAA-CREF Enhanced International Equity Index Fund		75,809,820
7,367,349	TIAA-CREF International Equity Fund		76,473,084
	TOTAL INTERNATIONAL EQUITY		196,760,373
U.S. EQUITY - 59.9%
10,922,037	TIAA-CREF Enhanced Large-Cap Growth Index Fund		109,657,250
12,245,085	TIAA-CREF Enhanced Large-Cap Value Index Fund		106,899,589
9,057,676	TIAA-CREF Growth & Income Fund		89,670,997
9,591,774	TIAA-CREF Large-Cap Growth Fund		105,989,107
7,450,356	TIAA-CREF Large-Cap Value Fund		104,006,975
355,426	TIAA-CREF Mid-Cap Growth Fund		7,588,348
442,478	TIAA-CREF Mid-Cap Value Fund		8,296,468
3,045,808	TIAA-CREF Small-Cap Equity Fund		48,428,354
	TOTAL U.S. EQUITY		580,537,088
	TOTAL TIAA-CREF FUNDS		964,299,496
	(Cost $831,247,501)
	TOTAL INVESTMENTS - 99.6%		964,299,496
	(Cost $831,247,501)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		3,912,145
	NET ASSETS - 100.0%	$	968,211,641

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

6

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2035 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 11.2%
1,483,352	TIAA-CREF Bond Fund	$	15,679,036
5,497,458	TIAA-CREF Bond Plus Fund		56,953,663
3,622,489	TIAA-CREF High-Yield Fund		36,442,244
	TOTAL FIXED INCOME		109,074,943
INTERNATIONAL EQUITY - 22.5%
4,192,505	TIAA-CREF Emerging Markets Equity Fund		50,310,065
10,858,865	TIAA-CREF Enhanced International Equity Index Fund		83,396,080
8,121,267	TIAA-CREF International Equity Fund		84,298,752
	TOTAL INTERNATIONAL EQUITY		218,004,897
U.S. EQUITY - 65.8%
11,856,133	TIAA-CREF Enhanced Large-Cap Growth Index Fund		119,035,580
13,329,591	TIAA-CREF Enhanced Large-Cap Value Index Fund		116,367,325
10,057,823	TIAA-CREF Growth & Income Fund		99,572,444
10,674,908	TIAA-CREF Large-Cap Growth Fund		117,957,728
8,286,948	TIAA-CREF Large-Cap Value Fund		115,685,796
394,409	TIAA-CREF Mid-Cap Growth Fund		8,420,635
490,246	TIAA-CREF Mid-Cap Value Fund		9,192,113
3,377,708	TIAA-CREF Small-Cap Equity Fund		53,705,550
	TOTAL U.S. EQUITY		639,937,171
	TOTAL TIAA-CREF FUNDS		967,017,011
	(Cost $816,614,654)
	TOTAL INVESTMENTS - 99.5%		967,017,011
	(Cost $816,614,654)
	OTHER ASSETS & LIABILITIES, NET - 0.5%		4,963,246
	NET ASSETS - 100.0%	$	971,980,257

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

7

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2040 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 9.9%
579,695	TIAA-CREF Bond Fund	$	6,127,381
7,921,403	TIAA-CREF Bond Plus Fund		82,065,730
5,235,221	TIAA-CREF High-Yield Fund		52,666,328
	TOTAL FIXED INCOME		140,859,439
INTERNATIONAL EQUITY - 22.7%
6,188,206	TIAA-CREF Emerging Markets Equity Fund		74,258,467
16,096,192	TIAA-CREF Enhanced International Equity Index Fund		123,618,752
11,965,619	TIAA-CREF International Equity Fund		124,203,122
	TOTAL INTERNATIONAL EQUITY		322,080,341
U.S. EQUITY - 66.9%
17,602,383	TIAA-CREF Enhanced Large-Cap Growth Index Fund		176,727,924
19,745,169	TIAA-CREF Enhanced Large-Cap Value Index Fund		172,375,324
14,867,412	TIAA-CREF Growth & Income Fund		147,187,381
15,775,203	TIAA-CREF Large-Cap Growth Fund		174,315,990
12,246,048	TIAA-CREF Large-Cap Value Fund		170,954,829
583,086	TIAA-CREF Mid-Cap Growth Fund		12,448,880
724,959	TIAA-CREF Mid-Cap Value Fund		13,592,982
4,992,387	TIAA-CREF Small-Cap Equity Fund		79,378,958
	TOTAL U.S. EQUITY		946,982,268
	TOTAL TIAA-CREF FUNDS		1,409,922,048
	(Cost $1,178,823,041)
	TOTAL INVESTMENTS - 99.5%		1,409,922,048
	(Cost $1,178,823,041)
	OTHER ASSETS & LIABILITIES, NET - 0.5%		6,599,311
	NET ASSETS - 100.0%	$	1,416,521,359

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

8

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2045 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.1%(a)
FIXED INCOME - 10.0%
70,993	TIAA-CREF Bond Fund	$	750,393
1,005,049	TIAA-CREF Bond Plus Fund		10,412,305
706,681	TIAA-CREF High-Yield Fund		7,109,209
	TOTAL FIXED INCOME		18,271,907
INTERNATIONAL EQUITY - 22.4%
839,107	TIAA-CREF Emerging Markets Equity Fund		10,069,278
2,018,944	TIAA-CREF Enhanced International Equity Index Fund		15,505,490
1,500,997	TIAA-CREF International Equity Fund		15,580,354
	TOTAL INTERNATIONAL EQUITY		41,155,122
U.S. EQUITY - 66.7%
2,254,857	TIAA-CREF Enhanced Large-Cap Growth Index Fund		22,638,768
2,543,201	TIAA-CREF Enhanced Large-Cap Value Index Fund		22,202,142
1,925,522	TIAA-CREF Growth & Income Fund		19,062,671
2,049,649	TIAA-CREF Large-Cap Growth Fund		22,648,617
1,591,085	TIAA-CREF Large-Cap Value Fund		22,211,549
75,479	TIAA-CREF Mid-Cap Growth Fund		1,611,482
93,538	TIAA-CREF Mid-Cap Value Fund		1,753,840
646,868	TIAA-CREF Small-Cap Equity Fund		10,285,197
	TOTAL U.S. EQUITY		122,414,266
	TOTAL TIAA-CREF FUNDS		181,841,295
	(Cost $152,758,503)
	TOTAL INVESTMENTS - 99.1%		181,841,295
	(Cost $152,758,503)
	OTHER ASSETS & LIABILITIES, NET - 0.9%		1,730,403
	NET ASSETS - 100.0%	$	183,571,698

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

9

TIAA-CREF LIFECYCLE FUNDS - Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2050 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.2%(a)
FIXED INCOME - 9.9%
40,641	TIAA-CREF Bond Fund	$	429,570
532,579	TIAA-CREF Bond Plus Fund		5,517,519
360,195	TIAA-CREF High-Yield Fund		3,623,566
	TOTAL FIXED INCOME		9,570,655
INTERNATIONAL EQUITY - 22.5%
440,363	TIAA-CREF Emerging Markets Equity Fund		5,284,358
1,058,019	TIAA-CREF Enhanced International Equity Index Fund		8,125,587
786,443	TIAA-CREF International Equity Fund		8,163,279
	TOTAL INTERNATIONAL EQUITY		21,573,224
U.S. EQUITY - 66.8%
1,180,958	TIAA-CREF Enhanced Large-Cap Growth Index Fund		11,856,815
1,331,811	TIAA-CREF Enhanced Large-Cap Value Index Fund		11,626,714
1,008,436	TIAA-CREF Growth & Income Fund		9,983,516
1,073,916	TIAA-CREF Large-Cap Growth Fund		11,866,776
833,408	TIAA-CREF Large-Cap Value Fund		11,634,374
39,585	TIAA-CREF Mid-Cap Growth Fund		845,146
49,007	TIAA-CREF Mid-Cap Value Fund		918,876
338,715	TIAA-CREF Small-Cap Equity Fund		5,385,572
	TOTAL U.S. EQUITY		64,117,789
	TOTAL TIAA-CREF FUNDS		95,261,668
	(Cost $80,687,230)
	TOTAL INVESTMENTS - 99.2%		95,261,668
	(Cost $80,687,230)
	OTHER ASSETS & LIABILITIES, NET - 0.8%		769,534
	NET ASSETS - 100.0%	$	96,031,202

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

10

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2055 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 10.1%
57,574	TIAA-CREF Bond Plus Fund	$	596,462
39,242	TIAA-CREF High-Yield Fund		394,772
	TOTAL FIXED INCOME		991,234
INTERNATIONAL EQUITY - 22.4%
44,449	TIAA-CREF Emerging Markets Equity Fund		533,393
109,038	TIAA-CREF Enhanced International Equity Index Fund		837,411
80,751	TIAA-CREF International Equity Fund		838,193
	TOTAL INTERNATIONAL EQUITY		2,208,997
U.S. EQUITY - 67.5%
122,641	TIAA-CREF Enhanced Large-Cap Growth Index Fund		1,231,310
138,056	TIAA-CREF Enhanced Large-Cap Value Index Fund		1,205,225
104,728	TIAA-CREF Growth & Income Fund		1,036,809
111,032	TIAA-CREF Large-Cap Growth Fund		1,226,905
86,183	TIAA-CREF Large-Cap Value Fund		1,203,114
4,089	TIAA-CREF Mid-Cap Growth Fund		87,301
5,117	TIAA-CREF Mid-Cap Value Fund		95,952
35,146	TIAA-CREF Small-Cap Equity Fund		558,818
	TOTAL U.S. EQUITY		6,645,434
	TOTAL TIAA-CREF FUNDS		9,845,665
	(Cost $10,000,767)
	TOTAL INVESTMENTS - 100.0%		9,845,665
	(Cost $10,000,767)
	OTHER ASSETS & LIABILITIES, NET - 0.0%		292
	NET ASSETS - 100.0%	$	9,845,957

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

11

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Participants of the Lifecycle Funds of the TIAA-CREF Funds:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the TIAA-CREF Funds (comprised of the Lifecycle 2010 Fund, Lifecycle 2015 Fund, Lifecycle 2020 Fund, Lifecycle 2025 Fund, Lifecycle 2030 Fund, Lifecycle 2035 Fund, Lifecycle 2040 Fund, Lifecycle 2045 Fund, Lifecycle 2050 Fund, Lifecycle 2055 Fund and Lifecycle Retirement Income Fund, hereinafter referred to as the "Funds") as of May 31, 2011, and for each of the periods presented, and have issued our unqualified report thereon dated July 20, 2011 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of each of the Account's schedule of investments in securities (the Schedules) as of May 31, 2011 appearing in Item 6 of this Form N-CSR. This Schedule is the responsibility of the Funds' management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
July 20, 2011

12

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index Retirement Income Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 50.1%
461,008	TIAA-CREF Bond Index Fund	$	4,826,753
	TOTAL FIXED INCOME		4,826,753
INFLATION-PROTECTED ASSETS - 10.0%
83,689	TIAA-CREF Inflation-Linked Bond Fund		959,918
	TOTAL INFLATION-PROTECTED ASSETS		959,918
INTERNATIONAL EQUITY - 9.8%
20,072	TIAA CREF Emerging Markets Equity Index Fund		242,074
39,726	TIAA-CREF International Equity Index Fund		700,361
	TOTAL INTERNATIONAL EQUITY		942,435
U.S. EQUITY - 29.7%
276,330	TIAA-CREF Equity Index Fund		2,854,489
	TOTAL U.S. EQUITY		2,854,489
	TOTAL TIAA-CREF FUNDS		9,583,595
	(Cost $8,713,488)
	TOTAL INVESTMENTS - 99.6%		9,583,595
	(Cost $8,713,488)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		37,479
	NET ASSETS - 100.0%	$	9,621,074

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

1

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2010 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2010 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 44.5%
2,466,534	TIAA-CREF Bond Index Fund	$	25,824,608
	TOTAL FIXED INCOME		25,824,608
INFLATION-PROTECTED ASSETS - 6.3%
318,854	TIAA-CREF Inflation-Linked Bond Fund		3,657,260
	TOTAL INFLATION-PROTECTED ASSETS		3,657,260
INTERNATIONAL EQUITY - 12.3%
151,886	TIAA CREF Emerging Markets Equity Index Fund		1,831,743
300,907	TIAA-CREF International Equity Index Fund		5,304,986
	TOTAL INTERNATIONAL EQUITY		7,136,729
U.S. EQUITY - 36.8%
2,067,930	TIAA-CREF Equity Index Fund		21,361,721
	TOTAL U.S. EQUITY		21,361,721
	TOTAL TIAA-CREF FUNDS		57,980,318
	(Cost $52,995,916)
	TOTAL INVESTMENTS - 99.9%		57,980,318
	(Cost $52,995,916)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		54,044
	NET ASSETS - 100.0%	$	58,034,362

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

2

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2015 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2015 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 39.3%
3,202,929	TIAA-CREF Bond Index Fund	$	33,534,671
	TOTAL FIXED INCOME		33,534,671
INFLATION-PROTECTED ASSETS - 4.3%
322,922	TIAA-CREF Inflation-Linked Bond Fund		3,703,919
	TOTAL INFLATION-PROTECTED ASSETS		3,703,919
INTERNATIONAL EQUITY - 14.0%
254,222	TIAA CREF Emerging Markets Equity Index Fund		3,065,912
503,341	TIAA-CREF International Equity Index Fund		8,873,908
	TOTAL INTERNATIONAL EQUITY		11,939,820
U.S. EQUITY - 42.2%
3,485,912	TIAA-CREF Equity Index Fund		36,009,465
	TOTAL U.S. EQUITY		36,009,465
	TOTAL TIAA-CREF FUNDS		85,187,875
	(Cost $77,197,059)
	TOTAL INVESTMENTS - 99.8%		85,187,875
	(Cost $77,197,059)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		171,487
	NET ASSETS - 100.0%	$	85,359,362

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

3

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2020 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2020 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 33.4%
3,396,956	TIAA-CREF Bond Index Fund	$	35,566,130
	TOTAL FIXED INCOME		35,566,130
INFLATION-PROTECTED ASSETS - 2.3%
218,010	TIAA-CREF Inflation-Linked Bond Fund		2,500,571
	TOTAL INFLATION-PROTECTED ASSETS		2,500,571
INTERNATIONAL EQUITY - 15.9%
361,261	TIAA CREF Emerging Markets Equity Index Fund		4,356,808
714,970	TIAA-CREF International Equity Index Fund		12,604,917
	TOTAL INTERNATIONAL EQUITY		16,961,725
U.S. EQUITY - 48.2%
4,974,594	TIAA-CREF Equity Index Fund		51,387,556
	TOTAL U.S. EQUITY		51,387,556
	TOTAL TIAA-CREF FUNDS		106,415,982
	(Cost $95,667,626)
	TOTAL INVESTMENTS - 99.8%		106,415,982
	(Cost $95,667,626)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		165,476
	NET ASSETS - 100.0%	$	106,581,458

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

4

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2025 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2025 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 27.3%
2,569,344	TIAA-CREF Bond Index Fund	$	26,901,027
	TOTAL FIXED INCOME		26,901,027
INFLATION-PROTECTED ASSETS - 0.3%
28,783	TIAA-CREF Inflation-Linked Bond Fund		330,145
	TOTAL INFLATION-PROTECTED ASSETS		330,145
INTERNATIONAL EQUITY - 18.0%
377,254	TIAA CREF Emerging Markets Equity Index Fund		4,549,686
746,875	TIAA-CREF International Equity Index Fund		13,167,414
	TOTAL INTERNATIONAL EQUITY		17,717,100
U.S. EQUITY - 54.1%
5,166,953	TIAA-CREF Equity Index Fund		53,374,627
	TOTAL U.S. EQUITY		53,374,627
	TOTAL TIAA-CREF FUNDS		98,322,899
	(Cost $87,570,655)
	TOTAL INVESTMENTS - 99.7%		98,322,899
	(Cost $87,570,655)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		281,529
	NET ASSETS - 100.0%	$	98,604,428

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

5

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2030 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2030 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 19.6%
2,055,715	TIAA-CREF Bond Index Fund	$	21,523,332
	TOTAL FIXED INCOME		21,523,332
INTERNATIONAL EQUITY - 20.0%
468,870	TIAA CREF Emerging Markets Equity Index Fund		5,654,574
928,532	TIAA-CREF International Equity Index Fund		16,370,027
	TOTAL INTERNATIONAL EQUITY		22,024,601
U.S. EQUITY - 60.2%
6,409,578	TIAA-CREF Equity Index Fund		66,210,941
	TOTAL U.S. EQUITY		66,210,941
	TOTAL TIAA-CREF FUNDS		109,758,874
	(Cost $96,519,737)
	TOTAL INVESTMENTS - 99.8%		109,758,874
	(Cost $96,519,737)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		221,304
	NET ASSETS - 100.0%	$	109,980,178

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

6

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2035 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2035 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 11.5%
1,110,216	TIAA-CREF Bond Index Fund	$	11,623,962
	TOTAL FIXED INCOME		11,623,962
INTERNATIONAL EQUITY - 21.9%
470,912	TIAA CREF Emerging Markets Equity Index Fund		5,679,198
932,093	TIAA-CREF International Equity Index Fund		16,432,803
	TOTAL INTERNATIONAL EQUITY		22,112,001
U.S. EQUITY - 66.4%
6,472,841	TIAA-CREF Equity Index Fund		66,864,443
	TOTAL U.S. EQUITY		66,864,443
	TOTAL TIAA-CREF FUNDS		100,600,406
	(Cost $87,379,979)
	TOTAL INVESTMENTS - 99.8%		100,600,406
	(Cost $87,379,979)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		237,998
	NET ASSETS - 100.0%	$	100,838,404

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

7

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2040 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2040 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 10.1%
1,284,861	TIAA-CREF Bond Index Fund	$	13,452,491
	TOTAL FIXED INCOME		13,452,491
INTERNATIONAL EQUITY - 22.2%
626,811	TIAA CREF Emerging Markets Equity Index Fund		7,559,336
1,240,244	TIAA-CREF International Equity Index Fund		21,865,500
	TOTAL INTERNATIONAL EQUITY		29,424,836
U.S. EQUITY - 67.5%
8,665,443	TIAA-CREF Equity Index Fund		89,514,031
	TOTAL U.S. EQUITY		89,514,031
	TOTAL TIAA-CREF FUNDS		132,391,358
	(Cost $114,073,905)
	TOTAL INVESTMENTS - 99.8%		132,391,358
	(Cost $114,073,905)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		312,263
	NET ASSETS - 100.0%	$	132,703,621

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

8

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2045 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2045 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 10.1%
326,144	TIAA-CREF Bond Index Fund	$	3,414,731
	TOTAL FIXED INCOME		3,414,731
INTERNATIONAL EQUITY - 22.2%
159,447	TIAA CREF Emerging Markets Equity Index Fund		1,922,936
315,625	TIAA-CREF International Equity Index Fund		5,564,460
	TOTAL INTERNATIONAL EQUITY		7,487,396
U.S. EQUITY - 67.2%
2,184,674	TIAA-CREF Equity Index Fund		22,567,681
	TOTAL U.S. EQUITY		22,567,681
	TOTAL TIAA-CREF FUNDS		33,469,808
	(Cost $29,114,272)
	TOTAL INVESTMENTS - 99.5%		33,469,808
	(Cost $29,114,272)
	OTHER ASSETS & LIABILITIES, NET - 0.5%		175,675
	NET ASSETS - 100.0%	$	33,645,483

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

9

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2050 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2050 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.4%(a)
FIXED INCOME - 10.0%
216,471	TIAA-CREF Bond Index Fund	$	2,266,452
	TOTAL FIXED INCOME		2,266,452
INTERNATIONAL EQUITY - 22.1%
106,461	TIAA CREF Emerging Markets Equity Index Fund		1,283,918
210,649	TIAA-CREF International Equity Index Fund		3,713,740
	TOTAL INTERNATIONAL EQUITY		4,997,658
U.S. EQUITY - 67.3%
1,472,147	TIAA-CREF Equity Index Fund		15,207,276
	TOTAL U.S. EQUITY		15,207,276
	TOTAL TIAA-CREF FUNDS		22,471,386
	(Cost $19,440,506)
	TOTAL INVESTMENTS - 99.4%		22,471,386
	(Cost $19,440,506)
	OTHER ASSETS & LIABILITIES, NET - 0.6%		135,405
	NET ASSETS - 100.0%	$	22,606,791

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

10

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2055 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2055 FUND
SCHEDULE OF INVESTMENTS
May 31, 2011

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 10.1%
95,337	TIAA-CREF Bond Index Fund	$	998,178
	TOTAL FIXED INCOME		998,178
INTERNATIONAL EQUITY - 22.5%
47,161	TIAA CREF Emerging Markets Equity Index Fund		568,766
93,521	TIAA-CREF International Equity Index Fund		1,648,775
	TOTAL INTERNATIONAL EQUITY		2,217,541
U.S. EQUITY - 67.4%
644,156	TIAA-CREF Equity Index Fund		6,654,130
	TOTAL U.S. EQUITY		6,654,130
	TOTAL TIAA-CREF FUNDS		9,869,849
	(Cost $9,999,830)
	TOTAL INVESTMENTS - 100.0%		9,869,849
	(Cost $9,999,830)
	OTHER ASSETS & LIABILITIES, NET - 0.0%		(4	)
	NET ASSETS - 100.0%	$	9,869,845

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

11

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Participants of the Lifecycle Index Funds of the TIAA-CREF Funds:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the TIAA-CREF Funds (comprised of the Lifecycle Index 2010 Fund, Lifecycle Index 2015 Fund, Lifecycle Index 2020 Fund, Lifecycle Index 2025 Fund, Lifecycle Index 2030 Fund, Lifecycle Index 2035 Fund, Lifecycle Index 2040 Fund, Lifecycle Index 2045 Fund, Lifecycle Index 2050 Fund, Lifecycle Index 2055 Fund and Lifecycle Index Retirement Income, hereinafter referred to as the "Funds") as of May 31, 2011, and for each of the periods presented, and have issued our unqualified report thereon dated July 20, 2011 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of each of the Account's schedule of investments in securities (the Schedules) as of May 31, 2011 appearing in Item 6 of this Form N-CSR. This Schedule is the responsibility of the Funds' management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
July 20, 2011

12

TIAA-CREF FUNDS
MANAGED ALLOCATION FUND
SCHEDULE OF INVESTMENTS
May 31, 2011
SHARES	COMPANY		VALUE
TIAA-CREF FUNDS - 100.0%(a)
23,407,415	TIAA-CREF Bond Plus Fund	$	242,500,817
1,688,189	TIAA-CREF Emerging Markets Equity Fund		20,258,265
4,519,273	TIAA-CREF Enhanced International Equity Index Fund		34,708,015
5,071,277	TIAA-CREF Enhanced Large-Cap Growth Index Fund		50,915,619
5,786,490	TIAA-CREF Enhanced Large-Cap Value Index Fund		50,516,055
4,060,910	TIAA-CREF Growth & Income Fund		40,203,006
3,351,078	TIAA-CREF International Equity Fund		34,784,188
4,328,256	TIAA-CREF Large-Cap Growth Fund		47,827,231
3,357,641	TIAA-CREF Large-Cap Value Fund		46,872,670
159,505	TIAA-CREF Mid-Cap Growth Fund		3,405,425
199,330	TIAA-CREF Mid-Cap Value Fund		3,737,437
1,448,893	TIAA-CREF Small-Cap Equity Fund		23,037,394
	TOTAL TIAA-CREF FUNDS		598,766,122
	(Cost $551,233,766)
	TOTAL INVESTMENTS - 100.0%		598,766,122
	(Cost $551,233,766)
	OTHER ASSETS & LIABILITIES, NET - 0.0%		40,532
	NET ASSETS - 100.0%	$	598,806,654

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

1

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Participants of the TIAA-CREF Managed Allocation Fund:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the TIAA-CREF Managed Allocation Fund, (hereinafter referred to as the "Fund") as of May 31, 2011, and for each of the periods presented, and have issued our unqualified report thereon dated July 20, 2011 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of the Account's schedule of investments in securities (the Schedules) as of May 31, 2011 appearing in Item 6 of this Form N-CSR. This Schedule is the responsibility of the Fund's management. Our responsibility is to express an opinion on this Schedule based on our audit.

In our opinion, the Schedule referred to above, when read in conjunction with the financial statements of the Fund referred to above, presents fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
July 20, 2011

2

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 annual 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)(1) Copy of current SOX code of ethics for Senior Financial Officers

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: July 15, 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: July 15, 2011	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)
Dated: July 15, 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)(1) Copy of current SOX code of ethics for Senior Financial Officers

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