N-CSRS 1 c67863_ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301


	TIAA-CREF FUNDS

	(Exact Name of Registrant as specified in charter)


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

	(Address of Principal Executive Offices) (Zip code)


	Stewart P. Greene, Esq.
	c/o TIAA-CREF
	730 Third Avenue
	New York, New York 10017-3206

	(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2011

Item 1. Reports to Stockholders.






			2011 Semiannual Report

			TIAA-CREF Lifecycle Funds
			of the TIAA-CREF Funds

			November 30, 2011


	Contents

	Understanding your Lifecycle Funds Report	2

	Information for 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	25
	Lifecycle 2040 Fund	26
	Lifecycle 2045 Fund	27
	Lifecycle 2050 Fund	28
	Lifecycle 2055 Fund	29

	Portfolios of investments	30

	Financial statements (unaudited)
	Statements of assets and liabilities	42
	Statements of operations	46
	Statements of changes in net assets	50
	Financial highlights	58
	Notes to financial statements	91

	How to reach us	Inside back cover

Understanding your Lifecycle Funds Report


This semiannual report contains information about the investment performance and holdings of the Lifecycle Funds, an offering of the TIAA-CREF Funds, and describes the funds’ results for the six months ended November 30, 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 market index.
•	The portfolios of investments list the underlying funds in which each fund had investments as of November 30, 2011.
•	The financial statements provide detailed information about the operations and financial condition of each fund.

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


2	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

Information for investors


Portfolio listings
The complete Lifecycle Funds’ portfolios of investments begin on page 30 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. Form N-CSR filings are as of May 31 or November 30; Form N-Q filings are as of February 28 or 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’ 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 Semiannual Report	3

About the funds’ composite benchmarks


Each Lifecycle fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include 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:
•	The Russell 3000^® Index (U.S. equity) 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.
•	The MSCI EAFE+EM Index* (international equity) 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.
•	The Barclays Capital U.S. Aggregate Bond Index (fixed income) 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.
•	The Barclays Capital U.S. 1–5 Year Government/Credit Bond Index (short-term fixed income) measures the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1–5 year maturities.
•	The Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (inflation-protected assets) 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 (CPI-U).


*	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 Semiannual Report § TIAA-CREF Lifecycle Funds

Important information about expenses


Shareholders in the Lifecycle Funds incur only one of two potential types of costs:
•	Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.
•	However, they do incur ongoing costs, including management fees and other fund expenses. These include fees for the Lifecycle Funds and fees for the underlying funds; each Lifecycle fund bears its pro rata share of fees and expenses incurred by the underlying funds in which it invests.
The 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 (June 1, 2011–November 30, 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 shows a hypothetical account value and hypothetical expenses based on the share class’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 the 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 mutual funds.


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	5

Important information about expenses


Expense examples

Six months ended November 30, 2011


Lifecycle Funds Retirement Class	Beginning account value (6/1/11)		Ending account value (11/30/11)		Expenses paid during period* (6/1/11-11/30/11)		Effective expenses paid during period^†(6/1/11-11/30/11)

Retirement Income Fund
actual return	$	1,000.00	$	974.47	$	1.18	$	3.06
5% annual hypothetical return		1,000.00		1,023.80		1.21		3.13

2010 Fund actual return	$	1,000.00	$	961.24	$	1.23	$	3.19
5% annual hypothetical return		1,000.00		1,023.75		1.26		3.29

2015 Fund actual return	$	1,000.00	$	950.30	$	1.22	$	3.27
5% annual hypothetical return		1,000.00		1,023.75		1.26		3.39

2020 Fund actual return	$	1,000.00	$	937.18	$	1.21	$	3.29
5% annual hypothetical return		1,000.00		1,023.75		1.26		3.44

2025 Fund actual return	$	1,000.00	$	925.35	$	1.20	$	3.37
5% annual hypothetical return		1,000.00		1,023.75		1.26		3.54

2030 Fund actual return	$	1,000.00	$	914.04	$	1.20	$	3.45
5% annual hypothetical return		1,000.00		1,023.75		1.26		3.64

2035 Fund actual return	$	1,000.00	$	902.69	$	1.19	$	3.47
5% annual hypothetical return		1,000.00		1,023.75		1.26		3.69

2040 Fund actual return	$	1,000.00	$	901.11	$	1.19	$	3.47
5% annual hypothetical return		1,000.00		1,023.75		1.26		3.69

2045 Fund actual return	$	1,000.00	$	901.12	$	1.19	$	3.47
5% annual hypothetical return		1,000.00		1,023.75		1.26		3.69

2050 Fund actual return	$	1,000.00	$	900.68	$	1.19	$	3.47
5% annual hypothetical return		1,000.00		1,023.75		1.26		3.69

2055 Fund actual return	$	1,000.00	$	901.52	$	1.19	$	3.52
5% annual hypothetical return		1,000.00		1,023.75		1.26		3.74

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 183/365. There were 183 days in the six months ended November 30, 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.


6	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

^†

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 0.62% for the Retirement Income Fund; 0.65% for the 2010 Fund; 0.67% for the 2015 Fund; 0.68% for the 2020 Fund; 0.70% for the 2025 Fund; 0.72% for the 2030 Fund; 0.73% for the 2035, 2040, 2045 and 2050 Funds; and 0.74% for the 2055 Fund.


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	7

Important information about expenses


Expense examples

Six months ended November 30, 2011

Lifecycle Funds Institutional Class	Beginning account value (6/1/11)		Ending account value (11/30/11)		Expenses paid during period* (6/1/11-11/30/11)		Effective expenses paid during period^†(6/1/11-11/30/11)

Retirement Income Fund
actual return	$	1,000.00	$	975.86	$	0.00	$	1.88
5% annual hypothetical return		1,000.00		1,025.00		0.00		1.92

2010 Fund actual return	$	1,000.00	$	962.14	$	0.00	$	1.96
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.02

2015 Fund actual return	$	1,000.00	$	951.03	$	0.00	$	2.05
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.12

2020 Fund actual return	$	1,000.00	$	938.94	$	0.00	$	2.08
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.17

2025 Fund actual return	$	1,000.00	$	925.74	$	0.00	$	2.17
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.28

2030 Fund actual return	$	1,000.00	$	914.67	$	0.00	$	2.25
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.38

2035 Fund actual return	$	1,000.00	$	904.07	$	0.00	$	2.28
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.43

2040 Fund actual return	$	1,000.00	$	901.76	$	0.00	$	2.28
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.43

2045 Fund actual return	$	1,000.00	$	901.57	$	0.00	$	2.28
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.43

2050 Fund actual return	$	1,000.00	$	902.25	$	0.00	$	2.28
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.43

2055 Fund actual return	$	1,000.00	$	903.55	$	0.00	$	2.33
5% annual hypothetical return		1,000.00		1,025.00		0.00		2.48

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 183/365. There were 183 days in the six months ended November 30, 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.


8	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

^†

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; 0.40% for the 2010 Fund; 0.42% for the 2015 Fund; 0.43% for the 2020 Fund; 0.45% for the 2025 Fund; 0.47% for the 2030 Fund; 0.48% for the 2035, 2040, 2045 and 2050 Funds; and 0.49% for the 2055 Fund.


Expense examples

Six months ended November 30, 2011


Lifecycle Funds Retail Class	Beginning account value (6/1/11)		Ending account value (11/30/11)		Expenses paid during period (6/1/11-11/30/11)		*	Effective expenses paid during period (6/1/11-11/30/11)		^†

Retirement Income Fund
actual return	$	1,000.00	$	975.09	$	1.04		$	2.91
5% annual hypothetical return		1,000.00		1,023.95		1.06			2.98


*	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 183/365. There were 183 days in the six months ended November 30, 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 0.21% 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 0.59% for the Retail Class of the Retirement Income Fund.


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	9

Important information about expenses

Expense examples

Six months ended November 30, 2011



Lifecycle Funds Premier Class	Beginning account value (6/1/11)		Ending account value (11/30/11)		Expenses paid during period (6/1/11-11/30/11)		*	Effective expenses paid during period (6/1/11-11/30/11)		^†

Retirement Income Fund actual return	$	1,000.00	$	975.23		$0.74			$2.62
5% annual hypothetical return		1,000.00		1,024.25		0.76			2.68

2010 Fund actual return	$	1,000.00	$	962.06		$0.74			$2.70
5% annual hypothetical return		1,000.00		1,024.25		0.76			2.78

2015 Fund actual return	$	1,000.00	$	949.95		$0.73			$2.78
5% annual hypothetical return		1,000.00		1,024.25		0.76			2.88

2020 Fund actual return	$	1,000.00	$	937.88		$0.73			$2.81
5% annual hypothetical return		1,000.00		1,024.25		0.76			2.93

2025 Fund actual return	$	1,000.00	$	926.53		$0.72			$2.89
5% annual hypothetical return		1,000.00		1,024.25		0.76			3.03

2030 Fund actual return	$	1,000.00	$	914.41		$0.72			$2.97
5% annual hypothetical return		1,000.00		1,024.25		0.76			3.13

2035 Fund actual return	$	1,000.00	$	903.87		$0.71			$3.00
5% annual hypothetical return		1,000.00		1,024.25		0.76			3.18

2040 Fund actual return	$	1,000.00	$	901.66		$0.71			$3.00
5% annual hypothetical return		1,000.00		1,024.25		0.76			3.18

2045 Fund actual return	$	1,000.00	$	901.35		$0.71			$2.99
5% annual hypothetical return		1,000.00		1,024.25		0.76			3.18

2050 Fund actual return	$	1,000.00	$	901.01		$0.71			$2.99
5% annual hypothetical return		1,000.00		1,024.25		0.76			3.18

2055 Fund actual return	$	1,000.00	$	902.54		$0.71			$3.04
5% annual hypothetical return		1,000.00		1,024.25		0.76			3.23


10	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

concluded

^†

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; 0.55% for the 2010 Fund; 0.57% for the 2015 Fund; 0.58% for the 2020 Fund; 0.60% for the 2025 Fund; 0.62% for the 2030 Fund; 0.63% for the 2035, 2040, 2045 and 2050 Funds; and 0.64% for the 2055 Fund.


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	11

Investment results of the Lifecycle Funds

Performance for the six months ended November 30, 2011

The eleven TIAA-CREF Lifecycle Funds underperformed their respective composite benchmarks in a declining market. Returns for the Retirement Class ranged from –9.93% for the 2050 Fund to –2.55% for the Retirement Income Fund.

U.S. growth is sluggish, and stocks decline

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 1.5% in the third quarter of 2011, far below the levels of long-term trends. Persistently high unemployment and a depressed housing market continued to act as a drag on growth and helped to push U.S. share prices lower. The Russell 3000® Index, which measures the broad U.S. stock market, fell 7.48% for the six months ended November 30, 2011.

At the same time, concerns about the future of the euro and signs of slower growth in the Pacific region resulted in a larger sell-off among foreign stocks. 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, lost 17.30% in dollar terms—a return nearly ten percentage points lower than that of the Russell 3000. Losses were magnified for U.S. investors by the dollar’s strength against several foreign currencies.

In contrast to stocks, bonds post solid gains

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.) Very low yields across maturity dates increased the value of existing bonds. In combination with interest income, this led to solid performance from investment-grade, fixed-rate securities. The Barclays Capital U.S. Aggregate Bond Index returned 3.54% for the six-month period.

U.S. Treasuries gained 6.0% over the six-month period. U.S. mortgage-backed securities posted a 2.6% increase, while U.S. agency securities and corporate bonds were up 2.3% and 1.7%, respectively. Commercial mortgage-backed securities, however, lost 0.1%. (Sector returns are from the Barclays Capital aggregate index.) Inflation-protected bonds returned 8.15%, 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 1.03%.


12	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

Security selections add to decline

All eleven Lifecycle Funds were affected by the downturn in the global stock markets and posted losses for the six-month period. They also underperformed their respective composite benchmarks because several of the underlying funds lagged the broad market indexes used to calculate the composite benchmarks. The difference between the individual funds’ returns and those of their respective benchmarks ranged from 0.97 of a percentage point for the Retirement Income Fund to 1.35 percentage points for the 2035 Fund. (All fund returns are for the Retirement Class.)

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.

During the six-month period, the funds’ absolute returns were hampered by poor results from international and U.S. stocks owned by the underlying funds. Those losses were partly offset by solid returns from the fixed-income and inflation-protected assets sectors. The Lifecycle Funds with larger allocations to these two sectors held up better than those with smaller allocations.

For example, the 2010 Fund, with about 51% fixed income, short-term fixed income and inflation-protected investments and 49% equities, declined 3.88%, while the 2050 Fund, with approximately 90% equities and 10% combined fixed-income investments, lost 9.93%.

How a Lifecycle fund performs in comparison with its composite benchmark depends primarily on the return of the individual underlying funds in comparison with the returns of the public indexes used to represent the market sectors in the fund’s composite benchmark.

The funds’ relative performance lagged that of their respective composite benchmarks partly because of a number of unfavorable stock selections in the International Equity and Large-Cap Value funds. Relative returns were also constrained by results from the Bond Fund. Results from the Bond Plus Fund further reduced returns in those Lifecycle Funds with later target retirement dates—the 2030, 2035, 2040, 2045, 2050 and 2055 funds.

These negative effects, however, were partly offset by positive contributions to relative performance from the Large-Cap Growth and Enhanced Large-Cap Value Index funds.


	TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	13

Lifecycle Retirement Income Fund


Performance as of November 30, 2011


		Total return				Average annual total return

Lifecycle Retirement						since fund
Income Fund	Inception date	6 months		1 year		inception

Retirement Class	11/30/2007	–2.55	%	4.34	%	1.97	%
Institutional Class	11/30/2007	–2.41		4.60		2.23
Retail Class	11/30/2007	–2.49		4.44		2.12
Premier Class	9/30/2009	–2.48		4.46		2.04	*

Retirement Income Fund
Composite Index^†	—	–1.58		5.66		2.85	^‡

Broad market index
Barclays Capital U.S.
Aggregate Bond Index	—	3.54		5.52		6.17	^‡

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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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


*	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 November 30, 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.
^‡	Performance is calculated from the inception date of the Retirement Class.


14	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle Retirement Income Fund


Asset allocation

	% of net assets as of 11/30/11		Target allocation for 6/30/12

Equity
U.S. equity	29.9	%	30.0	%
International equity	10.1		10.0
Fixed income
Fixed income	39.8		40.0
Short-term fixed income	10.0		10.0
Inflation-protected assets	10.1		10.0

Other assets &
liabilities, net	0.1		—

Total	100.0		100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	15

Lifecycle 2010 Fund


Performance as of November 30, 2011


		Total return				Average annual total return

								since fund
Lifecycle 2010 Fund	Inception date	6 months		1 year		5 years		inception

Retirement Class	10/15/2004	–3.88	%	4.20	%	2.35	%	4.35	%
Institutional Class	1/17/2007	–3.79		4.49		2.61	*	4.53	*
Premier Class	9/30/2009	–3.79		4.34		2.40	*	4.39	*

2010 Fund Composite Index^†	—	–2.86		5.52		2.60		4.74	^‡

Broad market index
Barclays Capital U.S.
Aggregate Bond Index	—	3.54		5.52		6.14		5.40	^‡

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


*	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 November 30, 2011, the 2010 Fund Composite Index consisted of: 38.3% Barclays Capital U.S. Aggregate Bond Index; 36.4% Russell 3000^® Index; 12.1% MSCI EAFE+EM Index; 6.6% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index; and 6.6% 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.
^‡	Performance is calculated from the inception date of the Retirement Class.


16	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2010 Fund


Asset allocation

	% of net assets as of 11/30/11		Target allocation for 6/30/12

Equity
U.S. equity	36.4	%	36.0	%
International equity	12.4		12.0
Fixed income
Fixed income	37.8		38.4
Short-term fixed income	6.5		6.8
Inflation-protected assets	6.6		6.8

Other assets &
liabilities, net	0.3		—

Total	100.0		100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	17


Lifecycle 2015 Fund

Performance as of November 30, 2011


			Total return						Average annual total return

Lifecycle 2015 Fund	Inception date		6 months			1 year			5 years			since fund inception

Retirement Class		10/15/2004		–4.97	%		3.97	%		1.83	%		4.23	%
Institutional Class		1/17/2007		–4.90			4.17			2.07	*		4.41	*
Premier Class		9/30/2009		–5.00			4.02			1.86	*		4.25	*

2015 Fund Composite Index^†		—		–3.91			5.40			2.03			4.59	^‡

Broad market index
Russell 3000^® Index		—		–7.48			7.00			0.06			4.27	^‡

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


*	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 November 30, 2011, the 2015 Fund Composite Index consisted of: 41.8% Russell 3000 Index; 35.1% Barclays Capital U.S. Aggregate Bond Index; 13.9% MSCI EAFE+EM Index; 4.6% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index; and 4.6% 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.
^‡	Performance is calculated from the inception date of the Retirement Class.


18	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2015 Fund


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		41.7	%		41.1	%
International equity		14.1			13.7
Fixed income
Fixed income		34.9			35.6
Short-term fixed income		4.5			4.8
Inflation-protected assets		4.6			4.8

Other assets &
liabilities, net		0.2			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	19


Lifecycle 2020 Fund

Performance as of November 30, 2011


			Total return						Average annual total return

Lifecycle 2020 Fund	Inception date		6 months			1 year			5 years			since fund inception

Retirement Class		10/15/2004		–6.28	%		3.53	%		1.11	%		3.91	%
Institutional Class		1/17/2007		–6.11			3.94			1.37	*		4.10	*
Premier Class		9/30/2009		–6.21			3.67			1.18	*		3.96	*

2020 Fund Composite Index^†		—		–5.03			5.19			1.34			4.28	^‡

Broad market index
Russell 3000^® Index		—		–7.48			7.00			0.06			4.27	^‡

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


*	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 November 30, 2011, the 2020 Fund Composite Index consisted of: 47.8% Russell 3000 Index; 31.1% Barclays Capital U.S. Aggregate Bond Index; 15.9% MSCI EAFE+EM Index; 2.6% Barclays Capital U.S. 1–5 Year Government/Credit Bond Index; and 2.6% 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.
^‡	Performance is calculated from the inception date of the Retirement Class.


20	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2020 Fund


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		47.5	%		47.1	%
International equity		16.2			15.7
Fixed income
Fixed income		30.9			31.6
Short-term fixed income		2.5			2.8
Inflation-protected assets		2.5			2.8

Other assets &
liabilities, net		0.4			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	21


Lifecycle 2025 Fund

Performance as of November 30, 2011


			Total return						Average annual total return

Lifecycle 2025 Fund	Inception date		6 months			1 year			5 years			since fund inception

Retirement Class		10/15/2004		–7.47	%		3.16	%		0.45	%		3.62	%
Institutional Class		1/17/2007		–7.43			3.41			0.70	*		3.80	*
Premier Class		9/30/2009		–7.35			3.37			0.49	*		3.65	*

2025 Fund Composite Index^†		—		–6.16			4.96			0.67			3.98	^‡

Broad market index
Russell 3000^® Index		—		–7.48			7.00			0.06			4.27	^‡

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


*	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 November 30, 2011, the 2025 Fund Composite Index consisted of: 53.8% Russell 3000 Index; 27.1% Barclays Capital U.S. Aggregate Bond Index; 17.9% MSCI EAFE+EM Index; 0.6% Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L); and 0.6% 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.
^‡	Performance is calculated from the inception date of the Retirement Class.


22	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2025 Fund


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		53.5	%		53.1	%
International equity		18.1			17.7
Fixed income
Fixed income		27.0			27.6
Short-term fixed income		0.5			0.8
Inflation-protected assets		0.5			0.8

Other assets &
liabilities, net		0.4			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	23

Lifecycle 2030 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle 2030 Fund

Inception date

6 months

1 year

5 years

since fund
inception

Retirement Class

10/15/2004

–8.60

2.85

–0.25

3.25

Institutional Class

1/17/2007

–8.53

3.07

0.00

3.43

Premier Class

9/30/2009

–8.56

2.91

–0.22

3.27

2030 Fund Composite Index^†

—

–7.27

4.75

–0.02

3.67

^‡

Broad market index

Russell 3000^® Index

—

–7.48

7.00

0.06

4.27

^‡


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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	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 November 30, 2011, the 2030 Fund Composite Index consisted of: 59.8% Russell 3000 Index; 20.3% MSCI EAFE+EM Index; and 19.9% 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.
^‡	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		59.2	%		59.1	%
International equity		20.2			19.7
Fixed income		20.1			21.2

Other assets &
liabilities, net		0.5			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


24	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2035 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle 2035 Fund

Inception date

6 months

1 year

5 years

since fund
inception

Retirement Class

10/15/2004

–9.73

2.52

–0.50

3.25

Institutional Class

1/17/2007

–9.59

2.84

–0.25

3.43

Premier Class

9/30/2009

–9.61

2.67

–0.45

3.29

2035 Fund Composite Index^†

—

–8.38

4.52

–0.30

3.65

^‡

Broad market index

Russell 3000^® Index

—

–7.48

7.00

0.06

4.27

^‡


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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	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 November 30, 2011, the 2035 Fund Composite Index consisted of: 65.8% Russell 3000 Index; 21.9% MSCI EAFE+EM Index; and 12.3% 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.
^‡	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		65.1	%		65.1	%
International equity		22.3			21.7
Fixed income		12.1			13.2

Other assets &
liabilities, net		0.5			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	25

Lifecycle 2040 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle 2040 Fund

Inception date

6 months

1 year

5 years

since fund
inception

Retirement Class

10/15/2004

–9.89

2.42

–0.36

3.52

Institutional Class

1/17/2007

–9.82

2.63

–0.13

3.69

Premier Class

9/30/2009

–9.83

2.58

–0.31

3.56

2040 Fund Composite Index^†

—

–8.60

4.35

–0.25

3.87

^‡

Broad market index

Russell 3000^® Index

—

–7.48

7.00

0.06

4.27

^‡


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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	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 November 30, 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.
^‡	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		66.6	%		67.5	%
International equity		22.9			22.5
Fixed income		10.0			10.0

Other assets &
liabilities, net		0.5			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


26	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2045 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle 2045 Fund

Inception date

6 months

1 year

since fund
inception

Retirement Class

11/30/2007

–9.89

2.43

–3.43

Institutional Class

11/30/2007

–9.84

2.60

–3.21

Premier Class

9/30/2009

–9.87

2.43

–3.38

2045 Fund Composite Index^†

—

–8.60

4.35

–2.24

^‡

Broad market index

Russell 3000^® Index

—

–7.48

7.00

–1.61

^‡


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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	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 November 30, 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.
^‡	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		66.2	%		67.5	%
International equity		23.0			22.5
Fixed income		9.9			10.0

Other assets &
liabilities, net		0.9			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	27

Lifecycle 2050 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle 2050 Fund

Inception date

6 months

1 year

since fund
inception

Retirement Class

11/30/2007

–9.93

2.37

–3.50

Institutional Class

11/30/2007

–9.78

2.66

–3.24

Premier Class

9/30/2009

–9.90

2.49

–3.46

2050 Fund Composite Index^†

—

–8.60

4.35

–2.24

^‡

Broad market index

Russell 3000^® Index

—

–7.48

7.00

–1.61

^‡


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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	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 November 30, 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.
^‡	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		66.3	%		67.5	%
International equity		23.0			22.5
Fixed income		9.9			10.0

Other assets &
liabilities, net		0.8			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


28	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2055 Fund

Performance as of November 30, 2011


		Total return

Lifecycle 2055 Fund	Inception date	6 months			since fund inception

Retirement Class	4/29/2011		–9.85	%		–11.20	%
Institutional Class	4/29/2011		–9.64			–11.00
Premier Class	4/29/2011		–9.75			–11.10

2055 Fund Composite Index*	—		–8.60			–9.78	^†

Broad market index
Russell 3000^® Index	—		–7.48			–8.53	^†


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. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

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

*	As of the close of business on November 30, 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		69.2	%		67.5	%
International equity		24.1			22.5
Fixed income		10.4			10.0

Other assets &
liabilities, net		–3.7			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	29

Portfolio of investments (unaudited)

Lifecycle Retirement Income Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	4,466,651	TIAA-CREF Bond Fund		$	47,614,504	38.8	%
	59,129	TIAA-CREF Bond Plus Fund			611,392	0.5
	64,918	TIAA-CREF High-Yield Fund			617,372	0.5

					48,843,268	39.8


INFLATION-PROTECTED ASSETS
	1,023,738	TIAA-CREF Inflation-Linked Bond Fund			12,346,280	10.1

					12,346,280	10.1

INTERNATIONAL EQUITY
	317,051	TIAA-CREF Emerging Markets Equity Fund			3,084,906	2.5
	693,408	TIAA-CREF Enhanced International Equity Index Fund			4,479,412	3.6
	36,332	TIAA-CREF Global Natural Resources Fund			367,313	0.3
	577,254	TIAA-CREF International Equity Fund			4,514,129	3.7

					12,445,760	10.1

SHORT-TERM FIXED INCOME
	1,178,409	TIAA-CREF Short-Term Bond Fund			12,208,317	10.0

					12,208,317	10.0

U.S. EQUITY
	713,101	TIAA-CREF Enhanced Large-Cap Growth Index Fund			6,817,248	5.6
	833,972	TIAA-CREF Enhanced Large-Cap Value Index Fund			6,663,439	5.4
	621,393	TIAA-CREF Growth & Income Fund			5,747,890	4.7
	642,989	TIAA-CREF Large-Cap Growth Fund			6,822,118	5.6
	548,139	TIAA-CREF Large-Cap Value Fund			6,676,330	5.4
	27,231	TIAA-CREF Mid-Cap Growth Fund			505,412	0.4
	30,591	TIAA-CREF Mid-Cap Value Fund			507,806	0.4
	209,167	TIAA-CREF Small-Cap Equity Fund			2,892,777	2.4

					36,633,020	29.9

		TOTAL TIAA-CREF FUNDS	(Cost $114,203,381)		122,476,645	99.9


		TOTAL PORTFOLIO	(Cost $114,203,381)		122,476,645	99.9
		OTHER ASSETS & LIABILITIES, NET			147,162	0.1

		NET ASSETS		$	122,623,807	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle 2010 Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	22,513,054	TIAA-CREF Bond Fund		$	239,989,151	36.0	%
	595,584	TIAA-CREF Bond Plus Fund			6,158,337	0.9
	651,339	TIAA-CREF High-Yield Fund			6,194,237	0.9

					252,341,725	37.8

INFLATION-PROTECTED ASSETS
	3,608,975	TIAA-CREF Inflation-Linked Bond Fund			43,524,244	6.6

					43,524,244	6.6

INTERNATIONAL EQUITY
	2,086,499	TIAA-CREF Emerging Markets Equity Fund			20,301,639	3.1
	4,563,814	TIAA-CREF Enhanced International Equity Index Fund			29,482,237	4.4
	239,006	TIAA-CREF Global Natural Resources Fund			2,416,353	0.4
	3,801,356	TIAA-CREF International Equity Fund			29,726,601	4.5

					81,926,830	12.4

SHORT-TERM FIXED INCOME
	4,163,666	TIAA-CREF Short-Term Bond Fund			43,135,582	6.5

					43,135,582	6.5

U.S. EQUITY
	4,689,052	TIAA-CREF Enhanced Large-Cap Growth Index Fund			44,827,336	6.8
	5,485,422	TIAA-CREF Enhanced Large-Cap Value Index Fund			43,828,518	6.6
	4,086,813	TIAA-CREF Growth & Income Fund			37,803,017	5.7
	4,230,436	TIAA-CREF Large-Cap Growth Fund			44,884,925	6.8
	3,605,368	TIAA-CREF Large-Cap Value Fund			43,913,381	6.6
	179,138	TIAA-CREF Mid-Cap Growth Fund			3,324,794	0.5
	201,065	TIAA-CREF Mid-Cap Value Fund			3,337,680	0.5
	1,376,673	TIAA-CREF Small-Cap Equity Fund			19,039,391	2.9

					240,959,042	36.4

		TOTAL TIAA-CREF FUNDS	(Cost $637,664,604)		661,887,423	99.7


		TOTAL PORTFOLIO	(Cost $637,664,604)		661,887,423	99.7
		OTHER ASSETS & LIABILITIES, NET			2,098,445	0.3

		NET ASSETS		$	663,985,868	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle 2015 Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	26,720,265	TIAA-CREF Bond Fund		$	284,838,025	31.5	%
	1,512,651	TIAA-CREF Bond Plus Fund			15,640,810	1.7
	1,653,675	TIAA-CREF High-Yield Fund			15,726,454	1.7

					316,205,289	34.9

INFLATION-PROTECTED ASSETS
	3,427,152	TIAA-CREF Inflation-Linked Bond Fund			41,331,450	4.6

					41,331,450	4.6

INTERNATIONAL EQUITY
	3,287,818	TIAA-CREF Emerging Markets Equity Fund			31,990,471	3.5
	7,164,264	TIAA-CREF Enhanced International Equity Index Fund			46,281,146	5.1
	374,552	TIAA-CREF Global Natural Resources Fund			3,786,720	0.4
	5,963,292	TIAA-CREF International Equity Fund			46,632,940	5.1

					128,691,277	14.1

SHORT-TERM FIXED INCOME
	3,950,520	TIAA-CREF Short-Term Bond Fund			40,927,389	4.5

					40,927,389	4.5

U.S. EQUITY
	7,351,076	TIAA-CREF Enhanced Large-Cap Growth Index Fund			70,276,283	7.7
	8,599,324	TIAA-CREF Enhanced Large-Cap Value Index Fund			68,708,600	7.6
	6,407,791	TIAA-CREF Growth & Income Fund			59,272,070	6.5
	6,632,458	TIAA-CREF Large-Cap Growth Fund			70,370,381	7.8
	5,653,754	TIAA-CREF Large-Cap Value Fund			68,862,724	7.6
	280,873	TIAA-CREF Mid-Cap Growth Fund			5,213,010	0.6
	315,328	TIAA-CREF Mid-Cap Value Fund			5,234,445	0.6
	2,157,824	TIAA-CREF Small-Cap Equity Fund			29,842,705	3.3

					377,780,218	41.7

		TOTAL TIAA-CREF FUNDS	(Cost $874,554,894)		904,935,623	99.8


		TOTAL PORTFOLIO	(Cost $874,554,894)		904,935,623	99.8
		OTHER ASSETS & LIABILITIES, NET			2,174,362	0.2

		NET ASSETS		$	907,109,985	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle 2020 Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	25,770,820	TIAA-CREF Bond Fund		$	274,716,945	24.8	%
	3,708,043	TIAA-CREF Bond Plus Fund			38,341,169	3.4
	3,201,836	TIAA-CREF High-Yield Fund			30,449,461	2.7

					343,507,575	30.9

INFLATION-PROTECTED ASSETS
	2,349,566	TIAA-CREF Inflation-Linked Bond Fund			28,335,768	2.5

					28,335,768	2.5

INTERNATIONAL EQUITY
	4,584,010	TIAA-CREF Emerging Markets Equity Fund			44,602,422	4.0
	10,018,487	TIAA-CREF Enhanced International Equity Index Fund			64,719,423	5.8
	523,825	TIAA-CREF Global Natural Resources Fund			5,295,875	0.5
	8,348,714	TIAA-CREF International Equity Fund			65,286,943	5.9

					179,904,663	16.2

SHORT-TERM FIXED INCOME
	2,706,381	TIAA-CREF Short-Term Bond Fund			28,038,112	2.5

					28,038,112	2.5

U.S. EQUITY
	10,271,966	TIAA-CREF Enhanced Large-Cap Growth Index Fund			98,199,998	8.9
	12,017,537	TIAA-CREF Enhanced Large-Cap Value Index Fund			96,020,117	8.6
	8,955,496	TIAA-CREF Growth & Income Fund			82,838,337	7.4
	9,268,619	TIAA-CREF Large-Cap Growth Fund			98,340,050	8.9
	7,900,152	TIAA-CREF Large-Cap Value Fund			96,223,854	8.6
	392,734	TIAA-CREF Mid-Cap Growth Fund			7,289,138	0.7
	440,566	TIAA-CREF Mid-Cap Value Fund			7,313,394	0.7
	3,015,783	TIAA-CREF Small-Cap Equity Fund			41,708,285	3.7

					527,933,173	47.5

		TOTAL TIAA-CREF FUNDS	(Cost $1,068,830,799)		1,107,719,291	99.6


		TOTAL PORTFOLIO	(Cost $1,068,830,799)		1,107,719,291	99.6
		OTHER ASSETS & LIABILITIES, NET			4,704,519	0.4

		NET ASSETS		$	1,112,423,810	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle 2025 Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	17,437,454	TIAA-CREF Bond Fund		$	185,883,255	17.9	%
	5,504,875	TIAA-CREF Bond Plus Fund			56,920,404	5.4
	4,111,568	TIAA-CREF High-Yield Fund			39,101,009	3.7

					281,904,668	27.0

INFLATION-PROTECTED ASSETS
	465,921	TIAA-CREF Inflation-Linked Bond Fund			5,619,004	0.5

					5,619,004	0.5

INTERNATIONAL EQUITY
	4,845,487	TIAA-CREF Emerging Markets Equity Fund			47,146,587	4.5
	10,595,771	TIAA-CREF Enhanced International Equity Index Fund			68,448,682	6.5
	555,138	TIAA-CREF Global Natural Resources Fund			5,612,447	0.5
	8,831,005	TIAA-CREF International Equity Fund			69,058,460	6.6

					190,266,176	18.1

SHORT-TERM FIXED INCOME
	536,739	TIAA-CREF Short-Term Bond Fund			5,560,614	0.5

					5,560,614	0.5

U.S. EQUITY
	10,871,653	TIAA-CREF Enhanced Large-Cap Growth Index Fund			103,933,006	10.0
	12,720,293	TIAA-CREF Enhanced Large-Cap Value Index Fund			101,635,139	9.7
	9,478,467	TIAA-CREF Growth & Income Fund			87,675,822	8.4
	9,811,420	TIAA-CREF Large-Cap Growth Fund			104,099,165	10.0
	8,361,916	TIAA-CREF Large-Cap Value Fund			101,848,140	9.8
	415,679	TIAA-CREF Mid-Cap Growth Fund			7,715,011	0.7
	466,309	TIAA-CREF Mid-Cap Value Fund			7,740,733	0.7
	3,191,822	TIAA-CREF Small-Cap Equity Fund			44,142,894	4.2

					558,789,910	53.5

		TOTAL TIAA-CREF FUNDS	(Cost $1,006,174,510)		1,042,140,372	99.6


		TOTAL PORTFOLIO	(Cost $1,006,174,510)		1,042,140,372	99.6
		OTHER ASSETS & LIABILITIES, NET			4,180,278	0.4

		NET ASSETS		$	1,046,320,650	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle 2030 Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	9,446,186	TIAA-CREF Bond Fund		$	100,696,343	10.1	%
	5,775,340	TIAA-CREF Bond Plus Fund			59,717,015	6.0
	4,223,924	TIAA-CREF High-Yield Fund			40,169,517	4.0

					200,582,875	20.1

INTERNATIONAL EQUITY
	5,156,835	TIAA-CREF Emerging Markets Equity Fund			50,176,007	5.0
	11,255,079	TIAA-CREF Enhanced International Equity Index Fund			72,707,808	7.3
	588,676	TIAA-CREF Global Natural Resources Fund			5,951,514	0.6
	9,374,143	TIAA-CREF International Equity Fund			73,305,795	7.3

					202,141,124	20.2

U.S. EQUITY
	11,531,470	TIAA-CREF Enhanced Large-Cap Growth Index Fund			110,240,852	11.0
	13,488,975	TIAA-CREF Enhanced Large-Cap Value Index Fund			107,776,911	10.8
	10,051,450	TIAA-CREF Growth & Income Fund			92,975,914	9.3
	10,404,522	TIAA-CREF Large-Cap Growth Fund			110,391,979	11.0
	8,868,176	TIAA-CREF Large-Cap Value Fund			108,014,379	10.8
	441,081	TIAA-CREF Mid-Cap Growth Fund			8,186,465	0.8
	494,549	TIAA-CREF Mid-Cap Value Fund			8,209,513	0.8
	3,384,791	TIAA-CREF Small-Cap Equity Fund			46,811,653	4.7

					592,607,666	59.2

		TOTAL TIAA-CREF FUNDS	(Cost $954,707,723)		995,331,665	99.5


		TOTAL PORTFOLIO	(Cost $954,707,723)		995,331,665	99.5
		OTHER ASSETS & LIABILITIES, NET			4,538,814	0.5

		NET ASSETS		$	999,870,479	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle 2035 Fund § November 30, 2011


Shares			Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	1,972,216		TIAA-CREF Bond Fund		$	21,023,817	2.1	%
	5,728,851		TIAA-CREF Bond Plus Fund			59,236,319	6.0
	4,195,519		TIAA-CREF High-Yield Fund			39,899,388	4.0

						120,159,524	12.1

INTERNATIONAL EQUITY
	5,636,063		TIAA-CREF Emerging Markets Equity Fund			54,838,891	5.5
	12,272,488		TIAA-CREF Enhanced International Equity Index Fund			79,280,270	8.0
	642,367		TIAA-CREF Global Natural Resources Fund			6,494,333	0.7
	10,221,932		TIAA-CREF International Equity Fund			79,935,508	8.1

						220,549,002	22.3

U.S. EQUITY
	12,563,001		TIAA-CREF Enhanced Large-Cap Growth Index Fund			120,102,289	12.1
	14,694,486		TIAA-CREF Enhanced Large-Cap Value Index Fund			117,408,944	11.8
	10,950,601		TIAA-CREF Growth & Income Fund			101,293,061	10.2
	11,337,235		TIAA-CREF Large-Cap Growth Fund			120,288,067	12.2
	9,661,846		TIAA-CREF Large-Cap Value Fund			117,681,289	11.9
	480,672		TIAA-CREF Mid-Cap Growth Fund			8,921,276	0.9
	538,796		TIAA-CREF Mid-Cap Value Fund			8,944,019	0.9
	3,687,289		TIAA-CREF Small-Cap Equity Fund			50,995,210	5.1

						645,634,155	65.1

		TOTAL TIAA-CREF FUNDS		(Cost $938,011,568)		986,342,681	99.5


		TOTAL PORTFOLIO		(Cost $938,011,568)		986,342,681	99.5
			OTHER ASSETS & LIABILITIES, NET			5,122,703	0.5

			NET ASSETS		$	991,465,384	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle 2040 Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	8,177,100	TIAA-CREF Bond Plus Fund		$	84,551,211	6.0	%
	5,988,493	TIAA-CREF High-Yield Fund			56,950,573	4.0

					141,501,784	10.0

INTERNATIONAL EQUITY
	8,251,515	TIAA-CREF Emerging Markets Equity Fund			80,287,244	5.7
	17,926,341	TIAA-CREF Enhanced International Equity Index Fund			115,804,163	8.2
	939,290	TIAA-CREF Global Natural Resources Fund			9,496,225	0.7
	14,926,433	TIAA-CREF International Equity Fund			116,724,702	8.3

					322,312,334	22.9

U.S. EQUITY
	18,354,590	TIAA-CREF Enhanced Large-Cap Growth Index Fund			175,469,878	12.4
	21,477,764	TIAA-CREF Enhanced Large-Cap Value Index Fund			171,607,336	12.1
	16,005,564	TIAA-CREF Growth & Income Fund			148,051,470	10.5
	16,564,932	TIAA-CREF Large-Cap Growth Fund			175,753,927	12.4
	14,119,087	TIAA-CREF Large-Cap Value Fund			171,970,477	12.1
	702,541	TIAA-CREF Mid-Cap Growth Fund			13,039,166	0.9
	787,353	TIAA-CREF Mid-Cap Value Fund			13,070,054	0.9
	5,388,069	TIAA-CREF Small-Cap Equity Fund			74,516,998	5.3

					943,479,306	66.6

		TOTAL TIAA-CREF FUNDS	(Cost $1,329,884,503)		1,407,293,424	99.5


		TOTAL PORTFOLIO	(Cost $1,329,884,503)		1,407,293,424	99.5
		OTHER ASSETS & LIABILITIES, NET			7,304,923	0.5

		NET ASSETS		$	1,414,598,347	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle 2045 Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)
FIXED INCOME
	1,274,644	TIAA-CREF Bond Plus Fund		$	13,179,817	5.9	%
	933,478	TIAA-CREF High-Yield Fund			8,877,374	4.0

					22,057,191	9.9

INTERNATIONAL EQUITY
	1,318,061	TIAA-CREF Emerging Markets Equity Fund			12,824,737	5.8
	2,819,343	TIAA-CREF Enhanced International Equity Index Fund			18,212,955	8.2
	146,000	TIAA-CREF Global Natural Resources Fund			1,476,060	0.7
	2,347,793	TIAA-CREF International Equity Fund			18,359,744	8.3

					50,873,496	23.0

U.S. EQUITY
	2,868,268	TIAA-CREF Enhanced Large-Cap Growth Index Fund			27,420,641	12.3
	3,348,815	TIAA-CREF Enhanced Large-Cap Value Index Fund			26,757,033	12.0
	2,494,499	TIAA-CREF Growth & Income Fund			23,074,120	10.4
	2,587,728	TIAA-CREF Large-Cap Growth Fund			27,455,794	12.4
	2,206,556	TIAA-CREF Large-Cap Value Fund			26,875,850	12.1
	110,010	TIAA-CREF Mid-Cap Growth Fund			2,041,777	0.9
	123,080	TIAA-CREF Mid-Cap Value Fund			2,043,131	0.9
	840,972	TIAA-CREF Small-Cap Equity Fund			11,630,637	5.2

					147,298,983	66.2

		TOTAL TIAA-CREF FUNDS	(Cost $209,085,248)		220,229,670	99.1


		TOTAL PORTFOLIO	(Cost $209,085,248)		220,229,670	99.1
		OTHER ASSETS & LIABILITIES, NET			2,006,128	0.9

		NET ASSETS		$	222,235,798	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle 2050 Fund § November 30, 2011


	Shares	Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	676,726	TIAA-CREF Bond Plus Fund		$	6,997,344	5.9	%
	495,595	TIAA-CREF High-Yield Fund			4,713,112	4.0

					11,710,456	9.9

INTERNATIONAL EQUITY
	699,355	TIAA-CREF Emerging Markets Equity Fund			6,804,726	5.8
	1,495,140	TIAA-CREF Enhanced International Equity Index Fund			9,658,607	8.2
	77,533	TIAA-CREF Global Natural Resources Fund			783,859	0.7
	1,246,125	TIAA-CREF International Equity Fund			9,744,698	8.3

					26,991,890	23.0

U.S. EQUITY
	1,522,068	TIAA-CREF Enhanced Large-Cap Growth Index Fund			14,550,969	12.3
	1,777,197	TIAA-CREF Enhanced Large-Cap Value Index Fund			14,199,807	12.0
	1,323,896	TIAA-CREF Growth & Income Fund			12,246,040	10.4
	1,373,718	TIAA-CREF Large-Cap Growth Fund			14,575,146	12.5
	1,171,431	TIAA-CREF Large-Cap Value Fund			14,268,033	12.1
	58,398	TIAA-CREF Mid-Cap Growth Fund			1,083,858	0.9
	65,341	TIAA-CREF Mid-Cap Value Fund			1,084,661	0.9
	446,314	TIAA-CREF Small-Cap Equity Fund			6,172,520	5.2

					78,181,034	66.3

		TOTAL TIAA-CREF FUNDS	(Cost $111,769,305)		116,883,380	99.2


		TOTAL PORTFOLIO	(Cost $111,769,305)		116,883,380	99.2
		OTHER ASSETS & LIABILITIES, NET			959,190	0.8

		NET ASSETS		$	117,842,570	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle 2055 Fund § November 30, 2011


	Shares	Company		Value			% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	58,741	TIAA-CREF Bond Plus Fund		$	607,381		6.2	%
	43,018	TIAA-CREF High-Yield Fund			409,105		4.2

					1,016,486		10.4

INTERNATIONAL EQUITY
	61,019	TIAA-CREF Emerging Markets Equity Fund			593,717		6.1
	130,178	TIAA-CREF Enhanced International Equity Index Fund			840,952		8.6
	6,686	TIAA-CREF Global Natural Resources Fund			67,592		0.7
	108,456	TIAA-CREF International Equity Fund			848,130		8.7

					2,350,391		24.1

U.S. EQUITY
	132,318	TIAA-CREF Enhanced Large-Cap Growth Index Fund			1,264,960		12.8
	154,392	TIAA-CREF Enhanced Large-Cap Value Index Fund			1,233,591		12.6
	115,017	TIAA-CREF Growth & Income Fund			1,063,912		10.9
	119,330	TIAA-CREF Large-Cap Growth Fund			1,266,090		12.8
	101,767	TIAA-CREF Large-Cap Value Fund			1,239,519		12.6
	5,075	TIAA-CREF Mid-Cap Growth Fund			94,197		1.0
	5,677	TIAA-CREF Mid-Cap Value Fund			94,233		1.0
	38,793	TIAA-CREF Small-Cap Equity Fund			536,513		5.5

					6,793,015		69.2

		TOTAL TIAA-CREF FUNDS	(Cost $11,147,875)		10,159,892		103.7


		TOTAL PORTFOLIO	(Cost $11,147,875)		10,159,892		103.7
		OTHER ASSETS & LIABILITIES, NET			(362,088	)	(3.7	)

		NET ASSETS		$	9,797,804		100.0	%




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


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

[This page intentionally left blank.]


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	41

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifecycle Funds § November 30, 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*	$	122,476,645		$	661,887,423		$	904,935,623	$	1,107,719,291	$	1,042,140,372	$	995,331,665
Cash		114,596			—			27,540		441,730		422,439		410,626
Receivable from securities transactions		3,324			1,185,198			1,031,799		—		—		—
Receivable from Fund shares sold		125,900			2,116,071			2,283,221		4,602,699		4,287,689		4,977,080
Dividends and interest receivable		133,592			676,790			857,146		964,213		833,127		641,434
Due from affiliates		18,210			12,783			16,277		19,387		19,418		18,259
Other		1,060			9,025			10,973		12,327		11,588		11,077

Total assets		122,873,327			665,887,290			909,162,579		1,113,759,647		1,047,714,633		1,001,390,141


LIABILITIES
Management fees payable		983			5,287			7,185		8,744		8,190		7,781
Service agreement fees payable		1,143			8,251			10,976		13,209		12,357		11,339
Distribution fees payable		14,117			9,390			12,908		17,173		16,315		16,593
Due to affiliates		866			4,804			6,346		7,439		7,069		6,870
Overdraft payable		—			287,392			—		—		—		—
Payable for securities transactions		145,324			1,539,198			1,956,799		1,219,000		1,284,000		1,411,000
Payable for Fund shares redeemed		72,233			—			—		—		—		—
Accrued expenses & other payables		14,854			47,100			58,380		70,272		66,052		66,079

Total liabilities		249,520			1,901,422			2,052,594		1,335,837		1,393,983		1,519,662


NET ASSETS	$	122,623,807		$	663,985,868		$	907,109,985	$	1,112,423,810	$	1,046,320,650	$	999,870,479


NET ASSETS CONSIST OF:
Paid-in-capital	$	117,276,110		$	652,355,927		$	862,254,394	$	1,055,363,694	$	993,840,376	$	949,290,997
Undistributed net investment income (loss)		223,528			11,061,836			10,914,103		11,459,912		9,180,679		6,364,553
Accumulated net realized gain (loss) on total investments		(3,149,095	)		(23,654,714	)		3,560,759		6,711,712		7,333,733		3,590,987
Net unrealized appreciation (depreciation) on total investments		8,273,264			24,222,819			30,380,729		38,888,492		35,965,862		40,623,942


NET ASSETS	$	122,623,807		$	663,985,868		$	907,109,985	$	1,112,423,810	$	1,046,320,650	$	999,870,479


RETIREMENT CLASS:
Net assets	$	57,407,470		$	414,867,054		$	553,642,832	$	671,360,687	$	630,812,383	$	582,167,138
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,905,226			37,174,879			49,931,880		61,624,046		59,170,209		55,853,984

Net asset value per share	$	9.72		$	11.16		$	11.09	$	10.89	$	10.66	$	10.42


INSTITUTIONAL CLASS:
Net assets	$	29,981,134		$	171,432,230		$	246,081,631	$	296,598,789	$	277,783,239	$	277,698,046
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,078,490			17,301,145			25,337,663		31,633,457		30,513,554		31,585,374

Net asset value per share	$	9.74		$	9.91		$	9.71	$	9.38	$	9.10	$	8.79


RETAIL CLASS:
Net assets	$	26,486,934		$	—		$	—	$	—	$	—	$	—
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,722,700			—			—		—		—		—

Net asset value per share	$	9.73			—			—		—		—		—


PREMIER CLASS:
Net assets	$	8,748,269		$	77,686,584		$	107,385,522	$	144,464,334	$	137,725,028	$	140,005,295
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		898,572			7,858,736			11,092,182		15,436,284		15,175,928		15,977,497

Net asset value per share	$	9.74		$	9.89		$	9.68	$	9.36	$	9.08	$	8.76

* Affiliated investments, cost	$	114,203,381		$	637,664,604		$	874,554,894	$	1,068,830,799	$	1,006,174,510	$	954,707,723


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


Statements of assets and liabilities (unaudited)	concluded

TIAA-CREF Lifecycle Funds § November 30, 2011


	Lifecycle 2035 Fund		Lifecycle 2040 Fund		Lifecycle 2045 Fund			Lifecycle 2050 Fund			Lifecycle 2055 Fund


ASSETS
Affiliated investments, at value*	$	986,342,681	$	1,407,293,424	$	220,229,670		$	116,883,380		$	10,159,892
Cash		411,548		575,204		101,744			62,914			11,659
Receivable from Fund shares sold		5,573,409		7,748,614		2,362,574			1,084,468			22,860
Dividends and interest receivable		455,397		582,922		89,619			47,543			4,050
Due from affiliates		17,284		21,833		15,513			12,686			762
Other		10,955		16,247		1,461			734			32

Total assets		992,811,274		1,416,238,244		222,800,581			118,091,725			10,199,255


LIABILITIES
Management fees payable		7,675		10,938		1,707			907			78
Service agreement fees payable		11,110		16,373		2,470			1,327			153
Distribution fees payable		16,305		23,003		2,752			1,419			116
Due to affiliates		6,777		10,104		1,320			696			129
Payable for securities transactions		1,237,000		1,485,000		529,000			226,000			25,000
Payable for Fund shares redeemed		—		—		4,697			—			350,903
Accrued expenses & other payables		67,023		94,479		22,837			18,806			25,072

Total liabilities		1,345,890		1,639,897		564,783			249,155			401,451


NET ASSETS	$	991,465,384	$	1,414,598,347	$	222,235,798		$	117,842,570		$	9,797,804


NET ASSETS CONSIST OF:
Paid-in-capital	$	933,733,592	$	1,323,958,064	$	212,542,272		$	114,260,133		$	10,862,689
Undistributed net investment income (loss)		3,864,090		5,168,658		656,594			337,777			22,025
Accumulated net realized gain (loss) on total investments		5,536,589		8,062,704		(2,107,490	)		(1,869,415	)		(98,927	)
Net unrealized appreciation (depreciation) on total investments		48,331,113		77,408,921		11,144,422			5,114,075			(987,983	)


NET ASSETS	$	991,465,384	$	1,414,598,347	$	222,235,798		$	117,842,570		$	9,797,804


RETIREMENT CLASS:
Net assets	$	573,176,093	$	845,722,953	$	128,170,965		$	68,871,134		$	7,692,334
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		55,162,789		80,030,225		15,989,150			8,627,527			865,767

Net asset value per share	$	10.39	$	10.57	$	8.02		$	7.98		$	8.88


INSTITUTIONAL CLASS:
Net assets	$	279,869,362	$	373,270,315	$	70,058,332		$	36,532,492		$	1,124,757
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		32,294,890		42,785,216		8,687,748			4,549,754			126,418

Net asset value per share	$	8.67	$	8.72	$	8.06		$	8.03		$	8.90


PREMIER CLASS:
Net assets	$	138,419,929	$	195,605,079	$	24,006,501		$	12,438,944		$	980,713
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		16,003,144		22,469,300		2,984,448			1,552,057			110,317

Net asset value per share	$	8.65	$	8.71	$	8.04		$	8.01		$	8.89

* Affiliated investments, cost	$	938,011,568	$	1,329,884,503	$	209,085,248		$	111,769,305		$	11,147,875


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

Statements of operations (unaudited)

TIAA-CREF Lifecycle Funds § For the period ended November 30, 2011


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


INVESTMENT INCOME
Dividends from affiliated investments	$	1,131,530		$	5,423,203		$	6,448,175		$	6,779,897		$	5,468,865		$	4,253,967

Total income		1,131,530			5,423,203			6,448,175			6,779,897			5,468,865			4,253,967


EXPENSES
Management fees		57,838			319,662			428,236			516,622			488,224			467,031
Distribution fees — Retirement Class		14,597			109,129			142,409			171,500			161,876			151,611
Distribution fees — Premier Class		4,813			45,860			63,335			80,935			78,741			79,148
Distribution fees — Retail Class		24,277			—			—			—			—			—
Fund administration fees		4,018			20,772			28,147			34,245			32,362			30,989
Custody and accounting fees		6,925			5,515			5,515			5,515			5,515			5,501
Professional fees		11,244			15,756			17,211			18,919			19,025			18,790
Shareholder reports		13,005			5,580			5,591			12,536			14,226			15,652
Shareholder servicing — Retirement Class		73,198			546,169			712,694			858,231			810,064			758,707
Shareholder servicing — Institutional Class		146			301			341			367			351			328
Shareholder servicing — Retail Class		5,016			—			—			—			—			—
Shareholder servicing — Premier Class		115			159			174			190			215			188
Trustee fees and expenses		578			3,140			4,211			5,074			4,797			4,587
Compliance fees		1,414			7,447			10,056			12,069			11,433			11,038
Interest expense		318			540			464			424			140			156
Registration fees		40,772			35,138			38,608			38,440			39,114			38,937
Other expenses		9,433			15,115			21,864			27,058			26,064			24,640

Total expenses		267,707			1,130,283			1,478,856			1,782,125			1,692,147			1,607,303
Less: Expenses reimbursed by the investment adviser		(90,378	)		(109,989	)		(132,829	)		(155,567	)		(153,927	)		(151,456	)
Fee waiver by investment adviser and TPIS		(72,436	)		(428,791	)		(570,645	)		(688,122	)		(650,099	)		(618,643	)

Net expenses		104,893			591,503			775,382			938,436			888,121			837,204


Net investment income (loss)		1,026,637			4,831,700			5,672,793			5,841,461			4,580,744			3,416,763


NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Net realized gain (loss) from affiliated investments		(367,062	)		8,765,954			11,437,855			10,611,720			8,340,431			6,526,111

Net change in unrealized appreciation (depreciation) from affiliated investments		(3,447,109	)		(38,796,826	)		(60,242,704	)		(81,069,912	)		(86,816,300	)		(92,428,053	)

Net realized and unrealized gain (loss) from affiliated investments		(3,814,171	)		(30,030,872	)		(48,804,849	)		(70,458,192	)		(78,475,869	)		(85,901,942	)

Net increase (decrease) in net assets resulting from operations	$	(2,787,534	)	$	(25,199,172	)	$	(43,132,056	)	$	(64,616,731	)	$	(73,895,125	)	$	(82,485,179	)


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


Statements of operations (unaudited)	concluded
TIAA-CREF Lifecycle Funds § For the period ended November 30, 2011


	Lifecycle 2035 Fund			Lifecycle 2040 Fund			Lifecycle 2045 Fund			Lifecycle 2050 Fund			Lifecycle 2055 Fund


INVESTMENT INCOME
Dividends from affiliated investments	$	3,217,367		$	4,317,372		$	609,516		$	322,342		$	29,403

Total income		3,217,367			4,317,372			609,516			322,342			29,403


EXPENSES
Management fees		465,330			671,504			95,409			50,444			4,570
Distribution fees — Retirement Class		151,263			225,451			30,341			16,112			1,823
Distribution fees — Premier Class		77,431			107,640			12,758			6,693			683
Fund administration fees		30,999			44,656			6,546			3,486			365
Custody and accounting fees		5,501			5,300			5,419			5,409			2,330
Professional fees		18,820			21,889			12,147			11,241			14,028
Shareholder reports		18,931			37,788			27,444			24,087			16,316
Shareholder servicing — Retirement Class		756,999			1,128,178			151,979			80,865			9,221
Shareholder servicing — Institutional Class		325			374			212			284			95
Shareholder servicing — Premier Class		186			214			125			146			108
Trustee fees and expenses		4,578			6,628			931			495			45
Compliance fees		10,927			15,910			2,298			1,258			114
Interest expense		93			96			26			31			4
Registration fees		37,598			40,570			36,098			32,201			20,540
Other expenses		25,243			32,829			12,125			9,410			7,050

Total expenses		1,604,224			2,339,027			393,858			242,162			77,292
Less: Expenses reimbursed by the investment adviser		(153,886	)		(207,176	)		(103,642	)		(88,353	)		(61,099	)
Fee waiver by investment adviser and TPIS		(616,593	)		(896,955	)		(125,751	)		(66,556	)		(6,394	)

Net expenses		833,745			1,234,896			164,465			87,253			9,799


Net investment income (loss)		2,383,622			3,082,476			445,051			235,089			19,604


NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Net realized gain (loss) from affiliated investments		5,624,977			10,980,968			(491,317	)		(176,414	)		(97,694	)

Net change in unrealized appreciation (depreciation) from affiliated investments		(102,071,244	)		(153,690,086	)		(17,938,370	)		(9,460,363	)		(832,881	)

Net realized and unrealized gain (loss) from affiliated investments		(96,446,267	)		(142,709,118	)		(18,429,687	)		(9,636,777	)		(930,575	)

Net increase (decrease) in net assets resulting from operations	$	(94,062,645	)	$	(139,626,642	)	$	(17,984,636	)	$	(9,401,688	)	$	(910,971	)


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

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 six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010

		(unaudited)									(unaudited)									(unaudited)
OPERATIONS
Net investment income (loss)		$	1,026,637		$	1,652,173		$	1,062,941		$	4,831,700		$	12,022,437		$	9,906,125		$	5,672,793		$	15,411,604		$	11,108,485
Net realized gain (loss) from affiliated investments			(367,062	)		159,555			(339,209	)		8,765,954			11,464,610			10,977,373			11,437,855			12,233,146			12,538,225
Net change in unrealized appreciation (depreciation) from affiliated investments			(3,447,109	)		5,404,661			3,727,848			(38,796,826	)		35,673,255			21,661,618			(60,242,704	)		57,665,959			28,568,593

Net increase (decrease) from operations			(2,787,534	)		7,216,389			4,451,580			(25,199,172	)		59,160,302			42,545,116			(43,132,056	)		85,310,709			52,215,303

DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(496,620	)		(780,826	)		(579,122	)		—			(11,146,960	)		(8,398,807	)		—			(13,323,493	)		(9,076,969	)
	Institutional Class		(217,772	)		(257,131	)		(192,757	)		—			(1,794,811	)		(493,693	)		—			(2,437,056	)		(521,574	)
	Retail Class		(242,570	)		(367,141	)		(278,993	)		—			—			—			—			—			—
	Premier Class		(54,323	)		(40,267	)		(10,791	)		—			(1,220,920	)		(6,159	)		—			(1,511,699	)		(5,837	)

Total distributions			(1,011,285	)		(1,445,365	)		(1,061,663	)		—			(14,162,691	)		(8,898,659	)		—			(17,272,248	)		(9,604,380	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		16,187,963			23,085,115			30,762,339			40,166,194			66,701,695			121,741,530			64,558,573			107,622,186			161,829,502
	Institutional Class		12,448,402			9,263,014			6,563,399			78,629,153			64,265,226			22,450,783			108,520,316			96,071,602			32,436,788
	Retail Class		4,642,140			10,076,504			8,618,161			—			—			—			—			—			—
	Premier Class		5,206,848			3,897,434			1,175,494			39,247,954			37,410,219			27,541,461			59,976,921			45,433,996			31,004,840
Reinvestments of distributions:	Retirement Class		496,620			780,826			579,122			—			11,146,960			8,398,807			—			13,323,493			9,076,969
	Institutional Class		217,772			257,131			192,757			—			1,794,811			493,693			—			2,437,056			521,574
	Retail Class		232,300			346,593			265,338			—			—			—			—			—			—
	Premier Class		54,323			40,267			10,791			—			1,220,920			6,159			—			1,511,699			5,837
Redemptions:	Retirement Class		(14,455,032	)		(9,466,562	)		(12,978,478	)		(103,480,389	)		(86,586,181	)		(86,724,666	)		(139,550,828	)		(96,186,314	)		(85,501,135	)
	Institutional Class		(2,608,652	)		(1,044,022	)		(1,764,363	)		(5,841,173	)		(6,461,146	)		(4,368,014	)		(5,600,849	)		(5,015,400	)		(4,050,027	)
	Retail Class		(4,199,062	)		(1,735,106	)		(1,525,816	)		—			—			—			—			—			—
	Premier Class		(794,447	)		(1,176,583	)		(38,638	)		(10,597,291	)		(18,179,169	)		(1,953,285	)		(12,958,811	)		(20,070,973	)		(864,807	)

Net increase (decrease) from shareholder transactions			17,429,175			34,324,611			31,860,106			38,124,448			71,313,335			87,586,468			74,945,322			145,127,345			144,459,541

Net increase (decrease) in net assets			13,630,356			40,095,635			35,250,023			12,925,276			116,310,946			121,232,925			31,813,266			213,165,806			187,070,464
NET ASSETS
Beginning 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

End of period		$	122,623,807		$	108,993,451		$	68,897,816		$	663,985,868		$	651,060,592		$	534,749,646		$	907,109,985		$	875,296,719		$	662,130,913

Undistributed net investment income (loss) included in net assets		$	223,528		$	208,176		$	1,368		$	11,061,836		$	6,230,136		$	8,370,390		$	10,914,103		$	5,241,310		$	7,101,954

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		1,660,522			2,362,880			3,389,346			3,591,430			5,966,217			11,880,390			5,826,133			9,594,962			15,929,735
	Institutional Class		1,282,305			940,694			724,314			7,937,944			6,394,151			2,461,442			11,133,162			9,680,010			3,637,478
	Retail Class		475,697			1,030,276			949,443			—			—			—			—			—			—
	Premier Class		539,477			396,678			128,835			4,012,611			3,735,786			3,007,872			6,226,825			4,609,378			3,459,518
Shares reinvested:	Retirement Class		51,642			81,197			63,802			—			1,019,850			833,215			—			1,217,870			908,606
	Institutional Class		22,663			26,704			21,198			—			185,414			55,100			—			254,922			59,540
	Retail Class		24,151			35,997			29,219			—			—			—			—			—			—
	Premier Class		5,659			4,176			1,174			—			126,258			687			—			158,293			666
Shares redeemed:	Retirement Class		(1,500,526	)		(965,637	)		(1,431,399	)		(9,305,593	)		(7,699,685	)		(8,450,401	)		(12,539,821	)		(8,549,669	)		(8,368,807	)
	Institutional Class		(265,881	)		(106,531	)		(194,709	)		(591,596	)		(647,410	)		(472,762	)		(575,585	)		(501,628	)		(454,493	)
	Retail Class		(433,550	)		(177,040	)		(167,977	)		—			—			—			—			—			—
	Premier Class		(81,854	)		(119,650	)		(4,172	)		(1,068,535	)		(1,774,511	)		(209,303	)		(1,328,831	)		(1,966,237	)		(96,001	)

Net increase (decrease) from shareholder transactions			1,780,305			3,509,744			3,509,074			4,576,261			7,306,070			9,106,240			8,741,883			14,497,901			15,076,242


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


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 six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010

		(unaudited)									(unaudited)									(unaudited)
OPERATIONS
Net investment income (loss)		$	5,841,461		$	17,827,054		$	11,233,012		$	4,580,744		$	16,830,475		$	9,796,661		$	3,416,763		$	15,566,428		$	8,368,084
Net realized gain (loss) from affiliated investments			10,611,720			11,321,963			15,081,518			8,340,431			11,505,873			14,333,708			6,526,111			11,194,659			10,994,001
Net change in unrealized appreciation (depreciation) from affiliated investments			(81,069,912	)		81,987,217			31,848,229			(86,816,300	)		86,893,624			31,119,159			(92,428,053	)		93,958,798			33,363,134

Net increase (decrease) from operations			(64,616,731	)		111,136,234			58,162,759			(73,895,125	)		115,229,972			55,249,528			(82,485,179	)		120,719,885			52,725,219

DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		—			(14,697,532	)		(9,068,351	)		—			(13,407,375	)		(8,004,931	)		—			(12,017,345	)		(7,099,261	)
	Institutional Class		—			(2,596,370	)		(447,934	)		—			(2,429,636	)		(453,019	)		—			(2,343,331	)		(371,105	)
	Premier Class		—			(1,904,790	)		(5,501	)		—			(1,897,614	)		(5,265	)		—			(1,756,179	)		(4,994	)
From realized gains:	Retirement Class		—			(238,521	)		—			—			—			—			—			—			—
	Institutional Class		—			(38,059	)		—			—			—			—			—			—			—
	Premier Class		—			(28,419	)		—			—			—			—			—			—			—

Total distributions			—			(19,503,691	)		(9,521,786	)		—			(17,734,625	)		(8,463,215	)		—			(16,116,855	)		(7,475,360	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		86,946,164			146,881,421			230,529,925			80,299,220			132,982,757			216,041,278			70,861,522			123,780,396			212,969,733
	Institutional Class		135,894,814			114,699,424			34,080,190			127,456,938			106,491,250			31,993,277			128,152,491			109,341,166			28,821,581
	Premier Class		78,382,903			65,606,987			36,753,603			71,548,015			65,020,056			34,883,543			73,879,194			65,226,559			30,952,458
Reinvestments of distributions:	Retirement Class		—			14,936,053			9,068,351			—			13,407,375			8,004,931			—			12,017,345			7,099,261
	Institutional Class		—			2,634,429			447,934			—			2,429,636			453,019			—			2,343,331			371,105
	Premier Class		—			1,933,209			5,501			—			1,897,614			5,265			—			1,756,179			4,994
Redemptions:	Retirement Class		(162,280,314	)		(114,128,321	)		(90,925,395	)		(144,751,174	)		(107,049,688	)		(82,723,004	)		(145,428,939	)		(111,082,221	)		(83,125,752	)
	Institutional Class		(3,109,698	)		(2,406,174	)		(3,322,228	)		(2,253,028	)		(3,523,113	)		(2,078,667	)		(1,508,311	)		(1,813,731	)		(1,525,370	)
	Premier Class		(14,487,624	)		(27,747,381	)		(571,074	)		(12,829,940	)		(26,103,294	)		(649,268	)		(11,811,940	)		(23,368,443	)		(243,899	)

Net increase (decrease) from shareholder transactions			121,346,245			202,409,647			216,066,807			119,470,031			185,552,593			205,930,374			114,144,017			178,200,581			195,324,111

Net increase (decrease) in net assets			56,729,514			294,042,190			264,707,780			45,574,906			283,047,940			252,716,687			31,658,838			282,803,611			240,573,970
NET ASSETS
Beginning 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

End of period		$	1,112,423,810		$	1,055,694,296		$	761,652,106		$	1,046,320,650		$	1,000,745,744		$	717,697,804		$	999,870,479		$	968,211,641		$	685,408,030

Undistributed net investment income (loss) included in net assets		$	11,459,912		$	5,618,451		$	6,990,089		$	9,180,679		$	4,599,935		$	5,504,085		$	6,364,553		$	2,947,790		$	3,498,217

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		7,976,010			13,188,904			23,083,553			7,519,316			12,080,790			22,131,481			6,780,506			11,406,800			22,378,576
	Institutional Class		14,419,458			11,862,336			3,967,873			13,862,226			11,221,142			3,844,452			14,419,907			11,865,964			3,588,912
	Premier Class		8,448,148			6,841,267			4,265,047			7,920,066			6,942,161			4,174,392			8,477,511			7,164,457			3,854,010
Shares reinvested:	Retirement Class		—			1,377,865			923,457			—			1,253,026			832,979			—			1,139,085			755,241
	Institutional Class		—			282,968			52,947			—			266,408			55,112			—			263,889			46,739
	Premier Class		—			207,872			650			—			208,529			641			—			198,214			630
Shares redeemed:	Retirement Class		(14,837,736	)		(10,267,390	)		(9,087,598	)		(13,461,775	)		(9,761,495	)		(8,438,788	)		(13,824,273	)		(10,314,578	)		(8,704,695	)
	Institutional Class		(331,914	)		(246,978	)		(385,709	)		(244,583	)		(379,110	)		(246,151	)		(171,068	)		(196,821	)		(187,423	)
	Premier Class		(1,517,188	)		(2,773,247	)		(65,921	)		(1,372,590	)		(2,650,756	)		(77,115	)		(1,302,784	)		(2,416,451	)		(29,856	)

Net increase (decrease) from shareholder transactions			14,156,778			20,473,597			22,754,299			14,222,660			19,180,695			22,277,003			14,379,799			19,110,559			21,702,134


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


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 six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010

		(unaudited)									(unaudited)									(unaudited)
OPERATIONS
Net investment income (loss)		$	2,383,622		$	14,795,006		$	7,351,442		$	3,082,476		$	21,680,002		$	11,068,355		$	445,051		$	2,224,775		$	711,089
Net realized gain (loss) from affiliated investments			5,624,977			12,993,978			9,612,312			10,980,968			20,129,239			9,297,640			(491,317	)		(27,643	)		(952,035	)
Net change in unrealized appreciation (depreciation) from affiliated investments			(102,071,244	)		102,147,729			35,134,870			(153,690,086	)		150,541,437			57,162,386			(17,938,370	)		18,599,270			6,377,773

Net increase (decrease) from operations			(94,062,645	)		129,936,713			52,098,624			(139,626,642	)		192,350,678			77,528,381			(17,984,636	)		20,796,402			6,136,827

DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(11,214,775	)		(6,589,326	)		–			(16,956,996	)		(9,965,342	)		–			(1,734,458	)		(535,851	)
	Institutional Class		–			(2,248,116	)		(321,241	)		–			(3,141,235	)		(489,463	)		–			(333,309	)		(40,882	)
	Premier Class		–			(1,703,924	)		(4,740	)		–			(2,347,469	)		(4,830	)		–			(144,476	)		(3,698	)

Total distributions			–			(15,166,815	)		(6,915,307	)		–			(22,445,700	)		(10,459,635	)		–			(2,212,243	)		(580,431	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		67,150,487			120,282,502			214,442,981			87,933,971			163,796,374			300,480,230			32,830,513			46,624,769			59,740,615
	Institutional Class		128,632,676			114,871,750			26,952,326			177,565,342			142,594,925			36,567,437			36,705,277			28,833,936			6,091,185
	Premier Class		72,104,654			65,185,360			35,359,710			101,592,309			89,478,257			47,847,282			14,174,588			11,558,755			2,635,264
Reinvestments of distributions:	Retirement Class		–			11,214,775			6,589,326			–			16,956,996			9,965,342			–			1,734,458			535,851
	Institutional Class		–			2,248,116			321,241			–			3,141,235			489,463			–			333,309			40,882
	Premier Class		–			1,703,924			4,740			–			2,347,469			4,830			–			144,476			3,697
Redemptions:	Retirement Class		(141,127,977	)		(107,679,708	)		(84,741,064	)		(207,505,252	)		(145,240,590	)		(117,268,520	)		(22,272,226	)		(17,505,430	)		(11,553,218	)
	Institutional Class		(1,331,709	)		(1,059,804	)		(1,545,895	)		(1,246,730	)		(1,336,878	)		(1,374,542	)		(1,744,029	)		(346,526	)		(633,651	)
	Premier Class		(11,880,359	)		(28,207,868	)		(244,200	)		(20,636,010	)		(29,442,598	)		(557,860	)		(3,045,387	)		(1,644,540	)		(38,941	)

Net increase (decrease) from shareholder transactions			113,547,772			178,559,047			197,139,165			137,703,630			242,295,190			276,153,662			56,648,736			69,733,207			56,821,684

Net increase (decrease) in net assets			19,485,127			293,328,945			242,322,482			(1,923,012	)		412,200,168			343,222,408			38,664,100			88,317,366			62,378,080
NET ASSETS
Beginning 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

End of period		$	991,465,384		$	971,980,257		$	678,651,312		$	1,414,598,347		$	1,416,521,359		$	1,004,321,191		$	222,235,798		$	183,571,698		$	95,254,332

Undistributed net investment income (loss) included in net assets		$	3,864,090		$	1,480,468		$	1,852,277		$	5,168,658		$	2,086,182		$	2,851,880		$	656,594		$	211,543		$	199,011

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		6,436,402			11,006,545			22,658,387			8,295,725			14,721,199			31,180,406			4,083,617			5,512,169			8,147,563
	Institutional Class		14,673,342			12,532,390			3,413,510			20,046,486			15,469,988			4,577,505			4,508,737			3,369,296			827,776
	Premier Class		8,385,266			7,170,572			4,476,849			11,792,282			9,762,385			5,974,579			1,767,194			1,364,408			355,145
Shares reinvested:	Retirement Class		–			1,057,001			703,237			–			1,568,640			1,044,585			–			211,520			73,911
	Institutional Class		–			254,888			41,027			–			352,947			62,036			–			40,499			5,631
	Premier Class		–			193,189			605			–			264,057			612			–			17,576			509
Shares redeemed:	Retirement Class		(13,498,867	)		(9,952,953	)		(8,922,575	)		(19,510,376	)		(13,173,006	)		(12,102,237	)		(2,720,692	)		(2,052,739	)		(1,552,330	)
	Institutional Class		(152,662	)		(115,564	)		(190,812	)		(144,186	)		(145,465	)		(168,618	)		(220,454	)		(41,314	)		(87,302	)
	Premier Class		(1,313,484	)		(2,911,679	)		(30,433	)		(2,269,567	)		(3,016,376	)		(70,682	)		(367,140	)		(182,828	)		(5,333	)

Net increase (decrease) from shareholder transactions			14,529,997			19,234,389			22,149,795			18,210,364			25,804,369			30,498,186			7,051,262			8,238,587			7,765,570


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


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 six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the period April 29, 2011 to May 31, 2011

		(unaudited)									(unaudited)
OPERATIONS
Net investment income (loss)		$	235,089		$	1,123,884		$	348,643		$	19,604		$	2,292
Net realized gain (loss) from affiliated investments			(176,414	)		(12,771	)		(534,707	)		(97,694	)		(1,233	)
Net change in unrealized appreciation (depreciation) from affiliated investments			(9,460,363	)		9,474,295			3,169,172			(832,881	)		(155,102	)

Net increase (decrease) from operations			(9,401,688	)		10,585,408			2,983,108			(910,971	)		(154,043	)

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

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

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		18,715,742			26,997,237			31,042,641			1,264,621			8,000,000
	Institutional Class		20,691,755			12,620,937			4,259,586			395,996			1,000,000
	Premier Class		7,791,732			5,864,056			799,585			111,323			1,000,000
Reinvestments of distributions:	Retirement Class		–			1,209,534			245,118			–			–
	Institutional Class		–			242,701			35,094			–			–
	Premier Class		–			92,822			3,878			–			–
Redemptions:	Retirement Class		(12,818,617	)		(6,683,691	)		(7,275,701	)		(714,159	)		–
	Institutional Class		(1,559,147	)		(153,235	)		(625,679	)		(171,910	)		–
	Premier Class		(1,608,409	)		(644,275	)		(4,586	)		(23,053	)		–

Net increase (decrease) from shareholder transactions			31,213,056			39,546,086			28,479,936			862,818			10,000,000

Net increase (decrease) in net assets			21,811,368			48,586,437			31,178,955			(48,153	)		9,845,957
NET ASSETS
Beginning of period			96,031,202			47,444,765			16,265,810			9,845,957			–

End of period		$	117,842,570		$	96,031,202		$	47,444,765		$	9,797,804		$	9,845,957

Undistributed net investment income (loss) included in net assets		$	337,777		$	102,688		$	98,626		$	22,025		$	2,421

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		2,342,289			3,200,666			4,222,654			149,294			800,000
	Institutional Class		2,541,757			1,475,692			575,981			45,605			100,000
	Premier Class		972,611			695,547			107,434			13,089			100,000
Shares reinvested:	Retirement Class		–			148,227			33,763			–			–
	Institutional Class		–			29,634			4,821			–			–
	Premier Class		–			11,333			533			–			–
Shares redeemed:	Retirement Class		(1,558,773	)		(788,107	)		(983,928	)		(83,527	)		–
	Institutional Class		(201,799	)		(18,196	)		(85,661	)		(19,187	)		–
	Premier Class		(197,455	)		(72,124	)		(641	)		(2,772	)		–

Net increase (decrease) from shareholder transactions			3,898,630			4,682,672			3,874,956			102,502			1,000,000


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

Financial highlights

Lifecycle Retirement Income Fund § For the period or year ended


	Retirement Class

		11/30/11		5/31/11^†		9/30/10		9/30/09		9/30/08**

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning of period		$10.06		$ 9.41		$8.84		$8.65		$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.08		0.18		0.18		0.21		0.31
Net realized and unrealized gain (loss) on total investments		(0.34	)	0.64		0.58		0.19		(1.34	)

Total gain (loss) from investment operations		(0.26	)	0.82		0.76		0.40		(1.03	)


Less distributions from:
Net investment income		(0.08	)	(0.17	)	(0.19	)	(0.21	)	(0.32	)
Net realized gains		—		—		—		—		—

Total distributions		(0.08	)	(0.17	)	(0.19	)	(0.21	)	(0.32	)

Net asset value, end of period		$ 9.72		$10.06		$9.41		$8.84		$ 8.65


TOTAL RETURN		(2.55	)%(b)	8.78	%(b)	8.65	%	4.86	%	(10.49	)%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$57,407		$57,288		$39,682		$19,384		$4,800
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.55	%(c)	0.53	%(c)	0.70	%	1.01	%	1.79	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.24	%(c)	0.25	%(c)	0.25	%	0.25	%	0.25	%(c)
Ratio of net investment income to average net assets		1.72	%(c)	2.80	%(c)	2.04	%	2.59	%	4.00	%(c)
Portfolio turnover rate		9	%(b)	7	%(b)	33	%	38	%	26	%(b)


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


Financial highlights	continued

Lifecycle Retirement Income Fund § For the period or year ended


	Institutional Class

	11/30/11			5/31/11^†			9/30/10			9/30/09			9/30/08**

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning of period		$10.08			$ 9.43			$8.85			$8.65			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.10			0.20			0.21			0.23			0.34
Net realized and unrealized gain (loss) on total investments		(0.34	)		0.63			0.58			0.19			(1.36	)

Total gain (loss) from investment operations		(0.24	)		0.83			0.79			0.42			(1.02	)


Less distributions from:
Net investment income		(0.10	)		(0.18	)		(0.21	)		(0.22	)		(0.33	)
Net realized gains		—			—			—			—			—

Total distributions		(0.10	)		(0.18	)		(0.21	)		(0.22	)		(0.33	)

Net asset value, end of period		$ 9.74			$10.08			$9.43			$8.85			$ 8.65


TOTAL RETURN		(2.41	)%(b)		8.89	%(b)		9.01	%		5.19	%		(10.37	)%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$29,981			$20,560			$11,111			$5,554			$2,691
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.26	%(c)		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	%(c)		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		1.91	%(c)		3.02	%(c)		2.27	%		2.86	%		4.30	%(c)
Portfolio turnover rate		9	%(b)		7	%(b)		33	%		38	%		26	%(b)


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


Financial highlights	continued

Lifecycle Retirement Income Fund § For the period or year ended


	Retail Class

	11/30/11			5/31/11^†			9/30/10			9/30/09			9/30/08**

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning of period		$10.07			$ 9.42			$8.85			$8.65			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.09			0.19			0.19			0.23			0.32
Net realized and unrealized gain (loss) on total investments		(0.34	)		0.63			0.58			0.19			(1.34	)

Total gain (loss) from investment operations		(0.25	)		0.82			0.77			0.42			(1.02	)


Less distributions from:
Net investment income		(0.09	)		(0.17	)		(0.20	)		(0.22	)		(0.33	)
Net realized gains		—			—			—			—			—

Total distributions		(0.09	)		(0.17	)		(0.20	)		(0.22	)		(0.33	)

Net asset value, end of period		$ 9.73			$10.07			$9.42			$8.85			$ 8.65


TOTAL RETURN		(2.49	)%(b)		8.82	%(b)		8.76	%		5.16	%		(10.37	)%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$26,487			$26,758			$16,652			$8,460			$6,171
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.47	%(c)		0.39	%(c)		0.55	%		0.97	%		1.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.21	%(c)		0.16	%(c)		0.15	%		0.05	%		0.00	%(c)
Ratio of net investment income to average net assets		1.75	%(c)		2.89	%(c)		2.14	%		2.92	%		4.09	%(c)
Portfolio turnover rate		9	%(b)		7	%(b)		33	%		38	%		26	%(b)


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


Financial highlights	concluded

Lifecycle Retirement Income Fund § For the period or year ended


	Premier Class

	11/30/11			5/31/11^†			9/30/10			9/30/09		^§

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning of period		$10.08			$ 9.43			$8.85			$8.85


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.09			0.18			0.17			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.34	)		0.64			0.61			—

Total gain (loss) from investment operations		(0.25	)		0.82			0.78			0.00	(d)


Less distributions from:
Net investment income		(0.09	)		(0.17	)		(0.20	)		—
Net realized gains		—			—			—			—

Total distributions		(0.09	)		(0.17	)		(0.20	)		—

Net asset value, end of period		$ 9.74			$10.08			$9.43			$8.85


TOTAL RETURN		(2.48	)%(b)		8.82	%(b)		8.86	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$8,748			$4,387			$1,453			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.41	%(c)		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	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		1.75	%(c)		2.68	%(c)		1.91	%		0.00	%(c)
Portfolio turnover rate		9	%(b)		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 November 30, 2011, May 31, 2011 and September 30, 2010 were 0.38%, 0.38% and 0.38%, respectively.
**	The Fund commenced operations on November 30, 2007
^§	The 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 Funds § 2011 Semiannual Report	61

Financial highlights

Lifecycle 2010 Fund § For the period or year ended


	Retirement Class

	11/30/11			5/31/11^†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.61			$10.76			$10.05			$10.06			$12.04			$10.99			$10.61


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.08			0.22			0.21			0.24			0.37			0.34			0.36
Net realized and unrealized gain (loss) on total investments		(0.53	)		0.89			0.70			0.05			(1.95	)		0.98			0.29

Total gain (loss) from investment operations		(0.45	)		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		$11.16			$11.61			$10.76			$10.05			$10.06			$12.04			$10.99


TOTAL RETURN		(3.88	)%(b)		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)		$414,867			$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)		0.43	%(c)		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	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.33	%
Ratio of net investment income to average net assets		1.46	%(c)		2.99	%(c)		2.07	%		2.76	%		3.27	%		2.93	%		3.32	%
Portfolio turnover rate		9	%(b)		8	%(b)		24	%		60	%		26	%		12	%		13	%


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


Financial highlights	continued

Lifecycle 2010 Fund § For the period or year ended


	Institutional Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07		^‡

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$10.30			$9.58			$8.97			$9.02			$10.83			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.08			0.21			0.20			0.23			0.32			0.22
Net realized and unrealized gain (loss) on total investments		(0.47	)		0.80			0.63			0.05			(1.71	)		0.61

Total gain (loss) from investment operations		(0.39	)		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		$9.91			$10.30			$9.58			$8.97			$9.02			$10.83


TOTAL RETURN		(3.79	)%(b)		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)		$171,432			$102,505			$38,539			$17,753			$9,649			$3,735
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.13	%(c)		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	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		1.64	%(c)		3.13	%(c)		2.20	%		2.90	%		3.24	%		3.04	%(c)
Portfolio turnover rate		9	%(b)		8	%(b)		24	%		60	%		26	%		12	%


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


Financial highlights	concluded

Lifecycle 2010 Fund § For the period or year ended


	Premier Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09		^§

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning of period		$10.28			$9.57			$8.97			$8.97


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.08			0.21			0.14			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.47	)		0.79			0.68			—

Total gain (loss) from investment operations		(0.39	)		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		$9.89			$10.28			$9.57			$8.97


TOTAL RETURN		(3.79	)%(b)		10.61	%(b)		9.32	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$77,687			$50,526			$27,054			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.28	%(c)		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	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		1.52	%(c)		3.15	%(c)		1.50	%		0.00	%(c)
Portfolio turnover rate		9	% (b)		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 November 30, 2011, May 31, 2011 and September 30, 2010 were 0.40%, 0.39% and 0.40%, respectively.
^§	The 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.
^‡	The Institutional Class commenced operations on January 17, 2007.


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

Financial highlights

Lifecycle 2015 Fund § For the period or year ended


	Retirement Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.67			$10.67			$9.94			$9.99			$12.26			$11.06			$10.66


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.07			0.22			0.20			0.22			0.35			0.32			0.31
Net realized and unrealized gain (loss) on total investments		(0.65	)		1.03			0.72			(0.02	)		(2.23	)		1.16			0.40

Total gain (loss) from investment operations		(0.58	)		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		$11.09			$11.67			$10.67			$9.94			$ 9.99			$12.26			$11.06


TOTAL RETURN		(4.97	)%(b)		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)		$553,643			$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)		0.43	%(c)		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	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.33	%
Ratio of net investment income to average net assets		1.27	%(c)		2.94	%(c)		1.96	%		2.57	%		3.08	%		2.74	%		2.91	%
Portfolio turnover rate		7	%(b)		5	%(b)		19	%		34	%		22	%		15	%		6	%


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


Financial highlights	continued

Lifecycle 2015 Fund § For the period or year ended


	Institutional Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07^‡

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$10.21			$ 9.37			$8.75			$8.84			$10.88			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.07			0.20			0.18			0.20			0.33			0.18
Net realized and unrealized gain (loss) on total investments		(0.57	)		0.92			0.65			(0.02	)		(1.96	)		0.70

Total gain (loss) from investment operations		(0.50	)		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		$ 9.71			$10.21			$9.37			$8.75			$ 8.84			$10.88


TOTAL RETURN		(4.90	)%(b)		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)		$246,082			$150,938			$50,118			$18,419			$6,896			$3,525
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.13	%(c)		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	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		1.46	%(c)		3.10	%(c)		2.03	%		2.59	%		3.36	%		2.37	%(c)
Portfolio turnover rate		7	%(b)		5	%(b)		19	%		34	%		22	%		15	%


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


Financial highlights	concluded

Lifecycle 2015 Fund § For the period or year ended


	Premier Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09^§

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning of period		$10.19			$ 9.36			$8.75			$8.75


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.21			0.12			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.57)			0.89			0.69			—

Total gain (loss) from investment operations		(0.51)			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		$ 9.68			$10.19			$9.36			$8.75


TOTAL RETURN		(5.00	)%(b)		11.96	%(b)		9.47	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$107,386			$63,101			$31,743			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.28	%(c)		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	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		1.34	%(c)		3.16	%(c)		1.36	%		0.00	%(c)
Portfolio turnover rate		7	%(b)		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 November 30, 2011, May 31, 2011 and September 30, 2010 were 0.42%, 0.41% and 0.41%, respectively.
§	The 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.
‡	The Institutional Class commenced operations on January 17, 2007.


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

Financial highlights

Lifecycle 2020 Fund § For the period or year ended


	Retirement Class

	11/30/11			5/31/11^†			9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.62			$10.47			$ 9.74			$9.87			$12.48			$11.18			$10.71


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.21			0.18			0.20			0.32			0.29			0.29
Net realized and unrealized gain (loss) on total investments		(0.79	)		1.17			0.72			(0.11	)		(2.52	)		1.28			0.48

Total gain (loss) from investment operations		(0.73	)		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		$10.89			$11.62			$10.47			$9.74			$ 9.87			$12.48			$11.18


TOTAL RETURN		(6.28	)%(b)		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)		$671,361			$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)		0.43	%(c)		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	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.32	%
Ratio of net investment income to average net assets		1.07	%(c)		2.88	%(c)		1.80	%		2.41	%		2.87	%		2.42	%		2.66	%
Portfolio turnover rate		6	%(b)		4	%(b)		16	%		27	%		20	%		20	%		1	%


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


Financial highlights	continued

Lifecycle 2020 Fund § For the period or year ended


	Institutional Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07		^‡

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

Net asset value, beginning of period		$9.99			$9.04			$8.43			$8.58			$10.89			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.19			0.16			0.18			0.28			0.13
Net realized and unrealized gain (loss) on total investments		(0.67	)		1.02			0.64			(0.09	)		(2.16	)		0.76

Total gain (loss) from investment operations		(0.61	)		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		$9.38			$9.99			$9.04			$8.43			$8.58			$10.89


TOTAL RETURN		(6.11	)%(b)		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)		$296,599			$175,206			$51,076			$16,959			$5,618			$1,472
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.13	%(c)		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	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		1.28	%(c)		3.03	%(c)		1.86	%		2.45	%		2.91	%		1.83	%(c)
Portfolio turnover rate		6	%(b)		4	%(b)		16	%		27	%		20	%		20	%


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


Financial highlights	concluded

Lifecycle 2020 Fund § For the period or year ended


	Premier Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09		^§

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning of period		$9.98			$9.04			$8.43			$8.43


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.20			0.10			0.00(d	)
Net realized and unrealized gain (loss) on total investments		(0.67	)		1.00			0.70			—

Total gain (loss) from investment operations		(0.62	)		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		$9.36			$9.98			$9.04			$8.43


TOTAL RETURN		(6.21	)%(b)		13.47	%(b)		9.59	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$144,464			$84,846			$38,234			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.28	%(c)		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	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		1.15	%(c)		3.09	%(c)		1.16	%		0.00	%(c)
Portfolio turnover rate		6	%(b)		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 November 30, 2011, May 31, 2011 and September 30, 2010 were 0.43%, 0.42% and 0.42%, respectively.
§	The 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.
‡	The Institutional Class commenced operations on January 17, 2007.


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

Financial highlights

Lifecycle 2025 Fund § For the period or year ended


	Retirement Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.52			$10.25			$9.51			$9.75			$12.62			$11.24			$10.75


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.21			0.16			0.18			0.30			0.26			0.25
Net realized and unrealized gain (loss) on total investments		(0.91	)		1.28			0.74			(0.21	)		(2.78	)		1.42			0.55

Total gain (loss) from investment operations		(0.86	)		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		$10.66			$11.52			$10.25			$9.51			$9.75			$12.62			$11.24


TOTAL RETURN		(7.47	)%(b)		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)		$630,812			$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)		0.43	%(c)		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	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.33	%
Ratio of net investment income to average net assets		0.87	%(c)		2.86	%(c)		1.67	%		2.27	%		2.64	%		2.12	%		2.25	%
Portfolio turnover rate		5	%(b)		4	%(b)		15	%		22	%		17	%		25	%		3	%


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


Financial highlights	continued

Lifecycle 2025 Fund § For the period or year ended


	Institutional Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07		^‡

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$9.83			$8.78			$8.17			$8.41			$10.93			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.19			0.14			0.16			0.26			0.11
Net realized and unrealized gain (loss) on total investments		(0.78	)		1.11			0.65			(0.17	)		(2.37	)		0.82

Total gain (loss) from investment operations		(0.73	)		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		$9.10			$9.83			$8.78			$8.17			$8.41			$10.93


TOTAL RETURN		(7.43	)%(b)		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)		$277,783			$166,006			$50,809			$17,434			$5,096			$2,204
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.13	%(c)		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	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		1.11	%(c)		3.02	%(c)		1.72	%		2.21	%		2.63	%		1.45	%(c)
Portfolio turnover rate		5	%(b)		4	%(b)		15	%		22	%		17	%		25	%


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


Financial highlights	concluded

Lifecycle 2025 Fund § For the period or year ended


	Premier Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09		^§

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning
of period		$9.80			$8.76			$8.17			$8.17


Gain (loss) from investment operations:
Net investment
income (loss) (a)		0.04			0.20			0.08			0.00	(d)
Net realized and unrealized gain
(loss) on total
investments		(0.76	)		1.08			0.68			—

Total gain (loss)
from investment
operations		(0.72	)		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		$9.08			$9.80			$8.76			$8.17


TOTAL RETURN		(7.35	)%(b)		14.88	%(b)		9.47	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year
(in thousands)		$137,725			$84,577			$36,184			$250
Ratio of expenses to average net assets
before expense waiver and
reimbursement (e)		0.28	%(c)		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	%(c)		0.15	%		0.15	%(c)
Ratio of net investment
income to average
net assets		0.96	%(c)		3.13	%(c)		0.97	%		0.00	%(c)
Portfolio turnover rate		5	%(b)		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 November 30, 2011, May 31, 2011 and September 30, 2010 were 0.45%, 0.43% and 0.43%, respectively.
^§	The 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.
^‡	The Institutional Class commenced operations on January 17, 2007.


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

Financial highlights

Lifecycle 2030 Fund § For the period or year ended


	Retirement Class

	11/30/11			5/31/11	^†	9/30/10		9/30/09		9/30/08		9/30/07		9/30/06

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning
of period		$11.40		$10.01		$9.28		$9.65		$12.81		$11.30		$10.74


Gain (loss) from investment operations:
Net investment
income (loss) (a)		0.03		0.20		0.14		0.16		0.28		0.24		0.23
Net realized and unrealized gain
(loss) on total
investments		(1.01	)	1.40		0.73		(0.34	)	(3.03	)	1.55		0.63

Total gain (loss)
from investment
operations		(0.98	)	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		$10.42		$11.40		$10.01		$9.28		$9.65		$12.81		$11.30


TOTAL RETURN		(8.60)	%(b)	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)		$582,167		$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)		0.43	%(c)	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	%(c)	0.25	%	0.25	%	0.25	%	0.26	%	0.33	%
Ratio of net investment
income to average
net assets		0.66	%(c)	2.74	%(c)	1.50	%	2.05	%	2.43	%	1.94	%	2.06	%
Portfolio turnover rate		4	%(b)	4	%(b)	14	%	18	%	17	%	29	%	0	%


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


Financial highlights	continued

Lifecycle 2030 Fund § For the period or year ended


	Institutional Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07		^‡

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning
of period		$9.61			$8.47			$7.87			$8.22			$10.96			$10.00


Gain (loss) from investment operations:
Net investment
income (loss) (a)		0.04			0.18			0.12			0.14			0.26			0.02
Net realized and unrealized gain
(loss) on total
investments		(0.86	)		1.19			0.64			(0.28	)		(2.58	)		0.94

Total gain (loss)
from investment
operations		(0.82	)		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		$8.79			$9.61			$8.47			$7.87			$8.22			$10.96


TOTAL RETURN		(8.53	)%(b)		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)		$277,698			$166,564			$45,757			$15,396			$4,003			$1,735
Ratio of expenses to average net assets
before expense waiver and
reimbursement (e)		0.13	%(c)		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	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment
income to average
net assets		0.90	%(c)		2.90	%(c)		1.52	%		2.11	%		2.68	%		0.33	%(c)
Portfolio turnover rate		4	%(b)		4	%(b)		14	%		18	%		17	%		29	%


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


Financial highlights	concluded

Lifecycle 2030 Fund § For the period or year ended


	Premier Class

		11/30/11		5/31/11	^†	9/30/10		9/30/09	^§

	(unaudited)

SELECTED PER SHARE DATA
Net asset value, beginning
of period		$9.58		$8.45		$7.87		$7.87


Gain (loss) from investment operations:
Net investment
income (loss) (a)		0.03		0.18		0.06		0.00	(d)
Net realized and unrealized gain
(loss) on total
investments		(0.85	)	1.18		0.68		—

Total gain (loss)
from investment
operations		(0.82	)	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		$8.76		$9.58		$8.45		$7.87


TOTAL RETURN		(8.56	)%(b)	16.28	%(b)	9.50	%	0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year
(in thousands)		$140,005		$84,355		$32,600		$250
Ratio of expenses to average net assets
before expense waiver and
reimbursement (e)		0.28	%(c)	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	%(c)	0.15	%	0.15	%(c)
Ratio of net investment
income to average
net assets		0.76	%(c)	3.02	%(c)	0.75	%	0.00	%(c)
Portfolio turnover rate		4	%(b)	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 November 30, 2011, May 31, 2011 and September 30, 2010 were 0.47%, 0.44% and 0.44%, respectively.
^§	The 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.
^‡	The Institutional Class commenced operations on January 17, 2007.


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

Financial highlights

Lifecycle 2035 Fund § For the period or year ended


	Retirement Class

	11/30/11		5/31/11	^†	9/30/10		9/30/09		9/30/08		9/30/07		9/30/06

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.51		$9.96		$9.24		$9.68		$12.98		$11.38		$10.78


Gain (loss) from investment operations:
Net investment income (loss) (a)	0.02		0.19		0.13		0.14		0.25		0.21		0.19
Net realized and unrealized gain (loss) on total investments	(1.14	)	1.55		0.72		(0.38	)	(3.16	)	1.68		0.73

Total gain (loss) from investment operations	(1.12	)	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	$10.39		$11.51		$9.96		$9.24		$9.68		$12.98		$11.38


TOTAL RETURN	(9.73	)%(b)	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)	$573,176		$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)	0.43	%(c)	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	%(c)	0.25	%	0.25	%	0.25	%	0.26	%	0.33	%
Ratio of net investment income to average net assets	0.44	%(c)	2.61	%(c)	1.33	%	1.86	%	2.22	%	1.72	%	1.76	%
Portfolio turnover rate	3	%(b)	7	%(b)	11	%	15	%	17	%	24	%	1	%


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


Financial highlights	continued

Lifecycle 2035 Fund § For the period or year ended


	Institutional Class

	11/30/11		5/31/11	^†	9/30/10		9/30/09		9/30/08		9/30/07	^‡

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$9.59		$8.34		$7.75		$8.16		$11.00		$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)	0.03		0.17		0.11		0.12		0.23		0.07
Net realized and unrealized gain (loss) on total investments	(0.95	)	1.30		0.63		(0.31	)	(2.66	)	0.93

Total gain (loss) from investment operations	(0.92	)	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	$8.67		$9.59		$8.34		$7.75		$8.16		$11.00


TOTAL RETURN	(9.59	)%(b)	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)	$279,869		$170,381		$42,535		$14,247		$3,569		$1,432
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.13	%(c)	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	%(c)	0.00	%	0.00	%	0.00	%	0.00	%(c)
Ratio of net investment income to average net assets	0.68	%(c)	2.76	%(c)	1.33	%	1.87	%	2.35	%	0.90	%(c)
Portfolio turnover rate	3	%(b)	7	%(b)	11	%	15	%	17	%	24	%


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


Financial highlights	concluded

Lifecycle 2035 Fund § For the period or year ended


	Premier Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09		^§

	(unaudited		)

SELECTED PER SHARE DATA
Net asset value, beginning of period		$9.57			$8.33			$7.75			$7.75


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.17			0.04			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.94	)		1.28			0.69			—

Total gain (loss) from investment operations		(0.92	)		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		$8.65			$9.57			$8.33			$7.75


TOTAL RETURN		(9.61	)%(b)		17.68	%(b)		9.50	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$138,420			$85,514			$37,314			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.28	%(c)		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	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		0.54	%(c)		2.85	%(c)		0.51	%		0.00	%(c)
Portfolio turnover rate		3	%(b)		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 November 30, 2011, May 31, 2011 and September 30, 2010 were 0.48%, 0.45% and 0.45%, respectively.
§	The 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.
‡	The Institutional Class commenced operations on January 17, 2007.


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

Financial highlights

Lifecycle 2040 Fund § For the period or year ended


	Retirement Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

Net asset value, beginning of period		$11.73			$10.14			$9.40			$9.83			$13.16			$11.45			$10.81


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.19			0.13			0.15			0.26			0.20			0.17
Net realized and unrealized gain (loss) on total investments		(1.18	)		1.60			0.75			(0.38	)		(3.21	)		1.82			0.79

Total gain (loss) from investment operations		(1.16	)		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		$10.57			$11.73			$10.14			$9.40			$9.83			$13.16			$11.45


TOTAL RETURN		(9.89	)%(b)		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)		$845,723			$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)		0.43	%(c)		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	%(c)		0.25	%		0.25	%		0.25	%		0.26	%		0.33	%
Ratio of net investment income to average net assets		0.40	%(c)		2.60	%(c)		1.35	%		1.84	%		2.21	%		1.59	%		1.50	%
Portfolio turnover rate		4	%(b)		8	%(b)		10	%		14	%		16	%		18	%		17	%


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


Financial highlights	continued

Lifecycle 2040 Fund § For the period or year ended


	Institutional Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07		^‡

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$9.67			$8.40			$7.81			$8.21			$11.04			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.03			0.17			0.11			0.12			0.23			0.06
Net realized and unrealized gain (loss) on total investments		(0.98	)		1.32			0.63			(0.31	)		(2.67	)		0.98

Total gain (loss) from investment operations		(0.95	)		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		$8.72			$9.67			$8.40			$7.81			$8.21			$11.04


TOTAL RETURN		(9.82	)%(b)		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)		$373,270			$221,307			$60,554			$21,359			$5,714			$2,414
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.13	%(c)		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	%(c)		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		0.63	%(c)		2.79	%(c)		1.32	%		1.86	%		2.39	%		0.78	%(c)
Portfolio turnover rate		4	%(b)		8	%(b)		10	%		14	%		16	%		18	%


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


Financial highlights	concluded

Lifecycle 2040 Fund § For the period or year ended


	Premier Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09		^§

	(unaudited		)

SELECTED PER SHARE DATA
Net asset value, beginning of period		$9.66			$8.40			$7.81			$7.81


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.17			0.04			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.97	)		1.31			0.70			—

Total gain (loss) from investment operations		(0.95	)		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		$8.71			$9.66			$8.40			$7.81


TOTAL RETURN		(9.83	)%(b)		17.83	%(b)		9.61	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$195,605			$125,013			$49,852			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.28	%(c)		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	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		0.49	%(c)		2.81	%(c)		0.50	%		0.00	%(c)
Portfolio turnover rate		4	%(b)		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 November 30, 2011, May 31, 2011 and September 30, 2010 were and 0.48%, 0.45% and 0.45%, respectively.
§	The 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.
‡	The Institutional Class commenced operations on January 17, 2007.


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


Financial highlights

Lifecycle 2045 Fund § For the period or year ended



	Retirement Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08		**

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$8.90			$7.70			$7.14			$7.56			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.14			0.09			0.07			0.16
Net realized and unrealized gain (loss) on total investments		(0.90	)		1.21			0.57			(0.33	)		(2.38	)

Total gain (loss)from investment operations		(0.88	)		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		$8.02			$8.90			$7.70			$7.14			$7.56


TOTAL RETURN		(9.89	)%(b)		17.65	%(b)		9.32	%		(2.93	)%		22.69	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$128,171			$130,113			$84,309			$30,587			$3,287
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.51	%(c)		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	%(c)		0.25	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		0.39	%(c)		2.40	%(c)		1.17	%		1.21	%		2.23	%(c)
Portfolio turnover rate		8	%(b)		8	%(b)		18	%		8	%		27	%(b)


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


Financial highlights	continued

Lifecycle 2045 Fund § For the period or year ended


	Institutional Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08		**

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

Net asset value, beginning of period		$8.94			$7.73			$7.16			$7.57			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.03			0.13			0.09			0.12			0.26
Net realized and unrealized gain (loss) on total investments		(0.91	)		1.24			0.59			(0.37	)		(2.47	)

Total gain (loss) from investment operations		(0.88	)		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		$8.06			$8.94			$7.73			$7.16			$7.57


TOTAL RETURN		(9.84	)%(b)		17.92	%(b)		9.58	%		(2.68	)%		(22.57	)%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$70,058			$39,323			$7,970			$2,039			$780
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.21	%(c)		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	%(c)		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		0.63	%(c)		2.36	%(c)		1.29	%		1.95	%		3.55	%(c)
Portfolio turnover rate		8	%(b)		8	%(b)		18	%		8	%		27	%(b)


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


Financial highlights	concluded

Lifecycle 2045 Fund § For the period or year ended



	Premier Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09		^§

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

Net asset value, beginning of period		$8.92			$7.72			$7.16			$7.16


Gain (loss) from investment operations:

Net investment income (loss) (a)		0.02			0.14			0.06			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.90	)		1.22			0.61			—

Total gain (loss) from investment operations		(0.88	)		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		$8.04			$8.92			$7.72			$7.16


TOTAL RETURN		(9.87	)%(b)		17.76	%(b)		9.39	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$24,007			$14,136			$2,975			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.36	%(c)		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	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		0.49	%(c)		2.42	%(c)		0.79	%		0.00	%(c)
Portfolio turnover rate		8	%(b)		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 November 30, 2011, May 31, 2011 and September 30, 2010 were 0.48%, 0.46% and 0.45%, respectively.
**	The Fund commenced operations on November 30, 2007
§	The 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 Funds § 2011 Semiannual Report	85


Financial highlights

Lifecycle 2050 Fund § For the period or year ended


	Retirement Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08		**

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$8.86			$7.71			$7.15			$7.62			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.13			0.09			0.08			0.20
Net realized and unrealized gain (loss) on total investments		(0.90	)		1.23			0.57			(0.42	)		(2.36	)

Total gain (loss) from investment operations		(0.88	)		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		$7.98			$8.86			$7.71			$7.15			$7.62


TOTAL RETURN		(9.93	)%(b)		17.79	%(b)		9.38	%		(4.08	)%		(22.08	)%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$68,871			$69,466			$40,745			$14,383			$1,973
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.57	%(c)		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	%(c)		0.25	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		0.39	%(c)		2.36	%(c)		1.16	%		1.35	%		2.75	%(c)
Portfolio turnover rate		6	%(b)		8	%(b)		24	%		18	%		73	%(b)


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


Financial highlights	continued

Lifecycle 2050 Fund § For the period or year ended


	Institutional Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08		**

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$8.90			$7.75			$7.18			$7.64			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.03			0.14			0.10			0.12			0.27
Net realized and unrealized gain (loss) on total investments		(0.90	)		1.23			0.58			(0.45	)		(2.41	)

Total gain (loss) from investment operations		(0.87	)		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		$8.03			$8.90			$7.75			$7.18			$7.64


TOTAL RETURN		(9.78	)%(b)		17.89	%(b)		9.63	%		(3.81	)%		(21.86	)%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$36,532			$19,661			$5,599			$1,633			$783
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.27	%(c)		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	%(c)		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		0.63	%(c)		2.38	%(c)		1.35	%		2.04	%		3.55	%(c)
Portfolio turnover rate		6	%(b)		8	%(b)		24	%		18	%		73	%(b)


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


Financial highlights	concluded

Lifecycle 2050 Fund § For the period or year ended


	Premier Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09		^§

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$8.89			$7.74			$7.18			$7.18


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.13			0.08			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.90	)		1.24			0.59			—

Total gain (loss) from investment operations		(0.88	)		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		$8.01			$8.89			$7.74			$7.18


TOTAL RETURN		(9.90	)%(b)		17.86	%(b)		9.45	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$12,439			$6,904			$1,100			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.43	%(c)		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	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		0.49	%(c)		2.37	%(c)		1.09	%		0.00	%(c)
Portfolio turnover rate		6	%(b)		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 November 30, 2011, May 31, 2011 and September 30, 2010 were 0.48%, 0.46% and 0.45%, respectively.
**	The Fund commenced operations on November 30, 2007
§	The 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.


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

Financial highlights

Lifecycle 2055 Fund § For the period or year ended


	Retirement Class						Institutional Class

	11/30/11			5/31/11**			11/30/11			5/31/11		**

	(unaudited)						(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$9.85			$10.00			$9.85			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			(0.00	)(d)		0.03			0.00	(d)
Net realized and unrealized loss on total investments		(0.99	)		(0.15	)		(0.98	)		(0.15	)

Total loss from investment operations		(0.97	)		(0.15	)		(0.95	)		(0.15	)


Less distributions from:
Net investment income		—			—			—			—
Net realized gains		—			—			—			—

Total distributions		—			—			—			—

Net asset value, end of period		$8.88			$9.85			$8.90			$9.85


TOTAL RETURN		(9.85	)%(b)		(1.50	)%(b)		(9.64	)%(b)		(1.50	)%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$7,692			$7,877			$1,125			$985
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		1.73	%(c)		8.55	%(c)		1.43	%(c)		8.94	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%(c)		0.00	%(c)		0.00	%(c)
Ratio of net investment income to average net assets		0.39	%(c)		0.23	%(c)		0.64	%(c)		0.48	%(c)
Portfolio turnover rate		16	%(b)		1	%(b)		16	%(b)		1	%(b)


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


Financial highlights	concluded

Lifecycle 2055 Fund § For the period or year ended


	Premier Class

	11/30/11			5/31/11		**

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$9.85			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.00	(d)
Net realized and unrealized loss on total investments		(0.98	)		(0.15	)

Total loss from investment operations		(0.96	)		(0.15	)


Less distributions from:
Net investment income		—			—
Net realized gains		—			—

Total distributions		—			—

Net asset value, end of period		$8.89			$9.85


TOTAL RETURN		(9.75	)%(b)		(1.50	)%(b)

RATIOS AND SUPPLEMENTAL DATA

Net assets at end of period or year (in thousands)		$981			$985
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		1.60	%(c)		9.09	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%(c)
Ratio of net investment income to average net assets		0.49	%(c)		0.33	%(c)
Portfolio turnover rate		16	%(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 periods ended November 30, 2011 and May 31, 2011 were 0.49% and 0.48%, respectively.
**	The Fund commenced operations on April 29, 2011.


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

Notes to financial statements (unaudited)

TIAA-CREF Lifecycle Funds

Note 1—organization and significant accounting policies

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

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

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

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

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


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	91

Notes to financial statements (unaudited)

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 (2008-2011) 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.

Trustee compensation: The Funds pay the members of 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.

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)


92	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

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 November 30, 2011, there were no significant transfers between levels by the Funds.

As of November 30, 2011, all of the investments in the Lifecycle Funds were valued based on Level 1 inputs.

Note 3—investment adviser and affiliates

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

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

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


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	93

Notes to financial statements (unaudited)

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding acquired fund fees and expenses 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, an affiliate, and its registered separate account (collectively, “TIAA Access”) as of November 30, 2011:


Fund	TIAA			TIAA Access

Lifecycle Retirement Income		5	%		11	%
Lifecycle 2010		—			6
Lifecycle 2015		—			7
Lifecycle 2020		—			6
Lifecycle 2025		—			6
Lifecycle 2030		—			7
Lifecycle 2035		—			6
Lifecycle 2040		—			6
Lifecycle 2045		—			9
Lifecycle 2050		—			11
Lifecycle 2055		91			—

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 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	$	117,056,777	$	5,819,817	$	(399,950	)	$	5,419,867
Lifecycle 2010		656,307,667		20,447,424		(14,867,667	)		5,579,757
Lifecycle 2015		888,948,202		38,599,787		(22,612,366	)		15,987,421
Lifecycle 2020		1,080,532,569		54,730,531		(27,543,808	)		27,186,723
Lifecycle 2025		1,014,165,768		57,251,175		(29,276,570	)		27,974,605
Lifecycle 2030		962,933,815		60,768,128		(28,370,278	)		32,397,850
Lifecycle 2035		944,751,645		66,005,184		(24,414,147	)		41,591,037
Lifecycle 2040		1,341,454,960		98,607,524		(32,769,060	)		65,838,464
Lifecycle 2045		211,048,193		11,396,838		(2,215,361	)		9,181,477
Lifecycle 2050		113,064,792		5,093,319		(1,274,731	)		3,818,588
Lifecycle 2055		11,251,278		6,007		(1,097,393	)		(1,091,386	)


94	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

Purchases and Sales: Purchases and sales of securities (other than short-term money market instruments) for all of the Funds for the period ended November 30, 2011 were as follows:


Fund	Purchases		Sales

Lifecycle Retirement Income	$	27,697,750	$	10,000,803
Lifecycle 2010		99,109,046		56,124,778
Lifecycle 2015		145,948,741		64,208,606
Lifecycle 2020		188,060,384		61,911,792
Lifecycle 2025		170,999,309		46,993,798
Lifecycle 2030		152,625,431		35,691,320
Lifecycle 2035		141,213,074		25,441,137
Lifecycle 2040		193,453,952		53,373,459
Lifecycle 2045		73,200,719		16,382,657
Lifecycle 2050		36,999,335		5,740,846
Lifecycle 2055		2,738,469		1,493,667

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended May 31, 2011 was as follows:


				2011

Fund	Ordinary income		Long-term capital gains		Total

Lifecycle Retirement Income	$	1,445,365	$	—	$	1,445,365
Lifecycle 2010		14,162,691		—		14,162,691
Lifecycle 2015		17,272,248		—		17,272,248
Lifecycle 2020		19,198,692		304,999		19,503,691
Lifecycle 2025		17,734,625		—		17,734,625
Lifecycle 2030		16,116,855		—		16,116,855
Lifecycle 2035		15,166,815		—		15,166,815
Lifecycle 2040		22,445,700		—		22,445,700
Lifecycle 2045		2,212,243		—		2,212,243
Lifecycle 2050		1,119,822		425,235		1,545,057
Lifecycle 2055		—		—		—

The tax character of the fiscal year 2012 distributions will be determined at the end of the fiscal year.

Note 6—line of credit


TIAA-CREF Lifecycle Funds § 2011 Semiannual Report	95


Notes to financial statements (unaudited)	concluded

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. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the period ended November 30, 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 unlikely.


96	2011 Semiannual Report § TIAA-CREF Lifecycle Funds

How to reach us

TIAA-CREF website

tiaa-cref.org
24 hours a day, 7 days a week

Automated telephone service

800 842-2252
24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday



You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252 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 bank 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.


©2012 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206


	730 Third Avenue New York, NY 10017-3206	PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF

SGS-SFICOC-US10/81462


	Printed on paper containing recycled fiber

eDelivery will save trees, conserve paper and reduce mailbox clutter.

Sign up today at www.tiaa-cref.org/eDelivery


C2110	A11014 (1/12)


	730 Third Avenue New York, NY 10017-3206

SGS-SFICOC-US10/81462


	Printed on paper containing recycled fiber


C2110	A11014 (1/12)






			2011 Semiannual Report

			TIAA-CREF
			Lifecycle Index Funds
			of the TIAA-CREF Funds

			November 30, 2011


	Contents

	Understanding your Lifecycle Index Funds Report	2

	Information for 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	15
	Lifecycle Index 2020 Fund	16
	Lifecycle Index 2025 Fund	17
	Lifecycle Index 2030 Fund	18
	Lifecycle Index 2035 Fund	19
	Lifecycle Index 2040 Fund	20
	Lifecycle Index 2045 Fund	21
	Lifecycle Index 2050 Fund	22
	Lifecycle Index 2055 Fund	23

	Portfolios of investments	24

	Financial statements (unaudited)
	Statements of assets and liabilities	30
	Statements of operations	34
	Statements of changes in net assets	38
	Financial highlights	46
	Notes to financial statements	77

	How to reach us	Inside back cover

Understanding your Lifecycle Index Funds Report


This semiannual report contains information about the investment performance and holdings of the Lifecycle Index Funds, an offering of the TIAA-CREF Funds, and describes the funds’ results for the six months ended November 30, 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 market index.
•	The portfolios of investments list the underlying funds in which each fund had investments as of November 30, 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 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Information for investors


Portfolio listings
The complete Lifecycle Index Funds’ portfolios of investments begin on page 24 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. Form N-CSR filings are as of May 31 or November 30; Form N-Q filings are as of February 28 or 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’ 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 Semiannual Report	3

About the funds’ composite benchmarks


Each Lifecycle Index fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include 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:
•	The Russell 3000^® Index (U.S. equity) 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.
•	The MSCI EAFE+EM Index* (international equity) 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.
•	The Barclays Capital U.S. Aggregate Bond Index (fixed income) 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.
•	The Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (inflation-protected assets) 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 (CPI-U).


*	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 Semiannual 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 (June 1, 2011–November 30, 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 shows a hypothetical account value and hypothetical expenses based on the share class’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 the 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 mutual funds.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	5

Important information about expenses


Expense examples

Six months ended November 30, 2011


Lifecycle Index Funds Retirement Class	Beginning account value (6/1/11		)	Ending account value (11/30/11		)	Expenses paid during period (6/1/11–11/30/11		* )	Effective expenses paid during period(6/1/11–11/30/11		^† )

Retirement Income Fund actual return	$	1,000.00		$	986.59		$	1.54		$	2.19
5% annual hypothetical return		1,000.00			1,023.45			1.57			2.23

2010 Fund actual return	$	1,000.00		$	972.70		$	1.58		$	2.17
5% annual hypothetical return		1,000.00			1,023.40			1.62			2.23

2015 Fund actual return	$	1,000.00		$	962.90		$	1.62		$	2.16
5% annual hypothetical return		1,000.00			1,023.35			1.67			2.23

2020 Fund actual return	$	1,000.00		$	950.87		$	1.66		$	2.19
5% annual hypothetical return		1,000.00			1,023.30			1.72			2.28

2025 Fund actual return	$	1,000.00		$	939.09		$	1.65		$	2.13
5% annual hypothetical return		1,000.00			1,023.30			1.72			2.23

2030 Fund actual return	$	1,000.00		$	928.51		$	1.69		$	2.12
5% annual hypothetical return		1,000.00			1,023.25			1.77			2.23

2035 Fund actual return	$	1,000.00		$	917.20		$	1.68		$	2.11
5% annual hypothetical return		1,000.00			1,023.25			1.77			2.23

2040 Fund actual return	$	1,000.00		$	915.06		$	1.68		$	2.11
5% annual hypothetical return		1,000.00			1,023.25			1.77			2.23

2045 Fund actual return	$	1,000.00		$	915.25		$	1.68		$	2.11
5% annual hypothetical return		1,000.00			1,023.25			1.77			2.23

2050 Fund actual return	$	1,000.00		$	915.19		$	1.68		$	2.11
5% annual hypothetical return		1,000.00			1,023.25			1.77			2.23

2055 Fund actual return	$	1,000.00		$	914.89		$	1.68		$	2.11
5% annual hypothetical return		1,000.00			1,023.25			1.77			2.23


*	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 183/365. There were 183 days in the six months ended November 30, 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; 0.34% for the 2020 and 2025 Funds; and 0.35% for the 2030, 2035, 2040, 2045, 2050 and 2055 Funds.
^†	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


6	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued


	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 0.44% for the Retirement Income, 2010, 2015, 2025, 2030, 2035, 2040, 2045, 2050 and 2055 Funds; and 0.45% for the 2020 Fund.


Expense examples

Six months ended November 30, 2011


Lifecycle Index Funds Institutional Class	Beginning account value (6/1/11		)	Ending account value (11/30/11		)	Expenses paid during period (6/1/11–11/30/11		* )	Effective expenses paid during period (6/1/11–11/30/11		^† )

Retirement Income Fund actual return	$	1,000.00		$	988.67		$	0.30		$	0.94
5% annual hypothetical return		1,000.00			1,024.70			0.30			0.96

2010 Fund actual return	$	1,000.00		$	974.47		$	0.35		$	0.94
5% annual hypothetical return		1,000.00			1,024.65			0.35			0.96

2015 Fund actual return	$	1,000.00		$	963.87		$	0.39		$	0.93
5% annual hypothetical return		1,000.00			1,024.60			0.40			0.96

2020 Fund actual return	$	1,000.00		$	952.66		$	0.44		$	0.98
5% annual hypothetical return		1,000.00			1,024.55			0.46			1.01

2025 Fund actual return	$	1,000.00		$	940.89		$	0.44		$	0.92
5% annual hypothetical return		1,000.00			1,024.55			0.46			0.96

2030 Fund actual return	$	1,000.00		$	928.74		$	0.48		$	0.92
5% annual hypothetical return		1,000.00			1,024.50			0.51			0.96

2035 Fund actual return	$	1,000.00		$	918.27		$	0.48		$	0.91
5% annual hypothetical return		1,000.00			1,024.50			0.51			0.96

2040 Fund actual return	$	1,000.00		$	916.13		$	0.48		$	0.91
5% annual hypothetical return		1,000.00			1,024.50			0.51			0.96

2045 Fund actual return	$	1,000.00		$	916.26		$	0.48		$	0.91
5% annual hypothetical return		1,000.00			1,024.50			0.51			0.96

2050 Fund actual return	$	1,000.00		$	916.26		$	0.48		$	0.91
5% annual hypothetical return		1,000.00			1,024.50			0.51			0.96

2055 Fund actual return	$	1,000.00		$	915.91		$	0.48		$	0.91
5% annual hypothetical return		1,000.00			1,024.50			0.51			0.96


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	7

Important information about expenses


	Income Fund; 0.07% for the 2010 Fund; 0.08% for the 2015 Fund; 0.09% for the 2020 and 2025 Funds; and 0.10% for the 2030, 2035, 2040, 2045, 2050 and 2055 Funds.
^†	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 0.19% for the Retirement Income, 2010, 2015, 2025, 2030, 2035, 2040, 2045, 2050 and 2055 Funds; and 0.20% for the 2020 Fund.


Expense examples

Six months ended November 30, 2011


Lifecycle Index Funds Premier Class	Beginning account value (6/1/11		)	Ending account value (11/30/11		)	Expenses paid during period (6/1/11–11/30/11		* )	Effective expenses paid during period(6/1/11–11/30/11		^† )

Retirement Income Fund actual return	$	1,000.00		$	987.91		$	1.04		$	1.69
5% annual hypothetical return		1,000.00			1,023.95			1.06			1.72

2010 Fund actual return	$	1,000.00		$	973.57		$	1.09		$	1.68
5% annual hypothetical return		1,000.00			1,023.90			1.11			1.72

2015 Fund actual return	$	1,000.00		$	962.96		$	1.13		$	1.67
5% annual hypothetical return		1,000.00			1,023.85			1.16			1.72

2020 Fund actual return	$	1,000.00		$	950.92		$	1.17		$	1.71
5% annual hypothetical return		1,000.00			1,023.80			1.21			1.77

2025 Fund actual return	$	1,000.00		$	939.97		$	1.16		$	1.65
5% annual hypothetical return		1,000.00			1,023.80			1.21			1.72

2030 Fund actual return	$	1,000.00		$	928.57		$	1.21		$	1.64
5% annual hypothetical return		1,000.00			1,023.75			1.26			1.72

2035 Fund actual return	$	1,000.00		$	917.34		$	1.20		$	1.63
5% annual hypothetical return		1,000.00			1,023.75			1.26			1.72

2040 Fund actual return	$	1,000.00		$	915.13		$	1.20		$	1.63
5% annual hypothetical return		1,000.00			1,023.75			1.26			1.72

2045 Fund actual return	$	1,000.00		$	916.13		$	1.20		$	1.63
5% annual hypothetical return		1,000.00			1,023.75			1.26			1.72

2050 Fund actual return	$	1,000.00		$	916.06		$	1.20		$	1.63
5% annual hypothetical return		1,000.00			1,023.75			1.26			1.72

2055 Fund actual return	$	1,000.00		$	914.89		$	1.20		$	1.63
5% annual hypothetical return		1,000.00			1,023.75			1.26			1.72


8	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

concluded


*	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 183/365. There were 183 days in the six months ended November 30, 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 Fund; 0.24% for the 2020 and 2025 Funds; and 0.25% for the 2030, 2035, 2040, 2045, 2050 and 2055 Funds.
^†	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 0.34% for the Retirement Income, 2010, 2015, 2025, 2030, 2035, 2040, 2045, 2050 and 2055 Funds; and 0.35% for the 2020 Fund.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	9

Investment results of the Lifecycle Index Funds

Performance for the six months ended November 30, 2011

All eleven TIAA-CREF Lifecycle Index Funds posted results that approximated the performance of their respective composite benchmarks, with returns for the Retirement Class ranging from –8.51% for the 2055 Fund to –1.34% for the Retirement Income Fund.

U.S. growth is sluggish, and stocks decline
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 1.5% in the third quarter of 2011, far below the levels of long-term trends. Persistently high unemployment and a depressed housing market continued to act as a drag on growth and helped to push U.S. share prices lower. The Russell 3000^® Index, which measures the broad U.S. stock market, fell 7.48% for the six months ended November 30, 2011.
At the same time, concerns about the future of the euro and signs of slower growth in the Pacific region resulted in a larger sell-off among foreign stocks. 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, lost 17.30% in dollar terms—a return nearly ten percentage points lower than that of the Russell 3000. Losses were magnified for U.S. investors by the dollar’s strength against several foreign currencies.

In contrast to stocks, bonds post solid gains
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.) Very low yields across maturity dates increased the value of existing bonds. In combination with interest income, this led to solid performance from investment-grade, fixed-rate securities. The Barclays Capital U.S. Aggregate Bond Index returned 3.54% for the six-month period.
U.S. Treasuries gained 6.0% over the six-month period. U.S. mortgage-backed securities posted a 2.6% increase, while U.S. agency securities and corporate bonds were up 2.3% and 1.7%, respectively. Commercial mortgage-backed securities, however, lost 0.1%. (Sector returns are from the Barclays Capital aggregate index.)
Inflation-protected bonds returned 8.15%, as measured by the Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L).


10	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

The funds had returns similar to their respective benchmarks
All eleven Lifecycle Index Funds were affected by the downturn in the global stock markets. During the six-month period, the funds’ returns were hampered by poor results from international and U.S. stocks owned by the underlying funds. Those losses were partly offset by solid returns from the fixed-income and inflation-protected assets sectors. The Lifecycle Index Funds with larger allocations to these two sectors held up better than those with smaller allocations.
          For example, the Retirement Income Fund, with approximately 60% combined fixed-income investments and 40% equities, returned –1.34%, while the 2055 Fund, with about 10% combined fixed-income investments and 90% equities, returned –8.51%. (All fund returns are for the Retirement Class.)
          Returns for the Lifecycle Index Funds were very close to those of their respective composite benchmarks, which reflected market performance without fees and expenses. The difference between the returns of the eleven individual funds and those of their respective composite benchmarks ranged from 0.01 of a percentage point for the Retirement Income Fund to 0.13 of a percentage point for the 2045 Fund.
          The Lifecycle Index Funds may invest in up to four sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income and inflation-protected assets. They do this by investing in underlying funds that are managed to track individual benchmark indexes. Those underlying funds may include the TIAA-CREF Equity Index Fund, the International Equity Index Fund, the Emerging Markets Equity Index Fund, the Bond Index Fund and the Inflation-Linked Bond Fund.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	11

Lifecycle Index Retirement Income Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle Index Retirement
Income Fund

Inception date

6 months

1 year

since
inception

Retirement Class

9/30/2009

–1.34

5.89

7.15

Institutional Class

9/30/2009

–1.13

6.14

7.43

Premier Class

9/30/2009

–1.21

5.99

7.24

Lifecycle Index

Retirement Income Fund

Composite Index*

—

–1.33

6.01

7.54^†

Broad market index

Barclays Capital U.S.

Aggregate Bond Index

—

3.54

5.52

6.18^†

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


*	As of the close of business on November 30, 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.
^†	Performance is calculated from the inception date of the Retirement Class.


12	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index Retirement Income Fund


Asset allocation							Target allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12			For June 30, 2012
	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		30.5	%		30.0	%
International equity		10.1			10.0
Fixed income
Fixed income		49.3			50.0
Inflation-protected assets		9.9			10.0

Other assets &
liabilities, net		0.2			—

Total		100.0			100.0


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	13

Lifecycle Index 2010 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle Index 2010 Fund

Inception date

6 months

1 year

since
inception

Retirement Class

9/30/2009

–2.73

5.61

7.19

Institutional Class

9/30/2009

–2.55

5.87

7.48

Premier Class

9/30/2009

–2.64

5.65

7.32

Lifecycle Index 2010 Fund

Composite Index*

—

–2.71

5.75

7.59^†

Broad market index

Barclays Capital U.S.

Aggregate Bond Index

—

3.54

5.52

6.18

^†

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


*	As of the close of business on November 30, 2011, the Lifecycle Index 2010 Fund Composite Index consisted of: 44.9% Barclays Capital U.S. Aggregate Bond Index; 36.4% Russell 3000^® Index; 12.1% MSCI EAFE+EM Index; and 6.6% 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation							Target allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12			For June 30, 2012
	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		37.0	%		36.0	%
International equity		12.2			12.0
Fixed income
Fixed income		44.0			45.2
Inflation-protected assets		6.4			6.8

Other assets &
liabilities, net		0.4			—

Total		100.0			100.0


14	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2015 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle Index 2015 Fund

Inception date

6 months

1 year

since
inception

Retirement Class

9/30/2009

–3.71

5.40

7.24

Institutional Class

9/30/2009

–3.61

5.75

7.52

Premier Class

9/30/2009

–3.70

5.53

7.36

Lifecycle Index 2015 Fund

Composite Index*

—

–3.80

5.55

7.63

^†

Broad market index

Russell 3000^® Index

—

–7.48

7.00

10.47

^†

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


*	As of the close of business on November 30, 2011, the Lifecycle Index 2015 Fund Composite Index consisted of: 41.8% Russell 3000 Index; 39.7% Barclays Capital U.S. Aggregate Bond Index; 13.9% MSCI EAFE+EM Index; and 4.6% 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation							Target allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12			For June 30, 2012
	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		42.3	%		41.1	%
International equity		14.1			13.7
Fixed income
Fixed income		38.8			40.4
Inflation-protected assets		4.5			4.8

Other assets &
liabilities, net		0.3			—

Total		100.0			100.0


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	15

Lifecycle Index 2020 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle Index 2020 Fund

Inception date

6 months

1 year

since
inception

Retirement Class

9/30/2009

–4.91

5.20

7.26

Institutional Class

9/30/2009

–4.73

5.46

7.54

Premier Class

9/30/2009

–4.91

5.24

7.33

Lifecycle Index 2020 Fund

Composite Index*

—

–4.97

5.28

7.62

^†

Broad market index

Russell 3000^® Index

—

–7.48

7.00

10.47

^†

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


*	As of the close of business on November 30, 2011, the Lifecycle Index 2020 Fund Composite Index consisted of: 47.8% Russell 3000 Index; 33.7% Barclays Capital U.S. Aggregate Bond Index; 15.9% MSCI EAFE+EM Index; and 2.6% 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		48.3	%		47.1	%
International equity		16.0			15.7
Fixed income
Fixed income		32.8			34.4
Inflation-protected assets		2.5			2.8

Other assets &
liabilities, net		0.4			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


16	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2025 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle Index 2025 Fund

Inception date

6 months

1 year

since
inception

Retirement Class

9/30/2009

–6.09

4.88

7.27

Institutional Class

9/30/2009

–5.91

5.23

7.55

Premier Class

9/30/2009

–6.00

5.01

7.39

Lifecycle Index 2025 Fund

Composite Index*

—

–6.15

4.98

7.59

^†

Broad market index

Russell 3000^® Index

—

–7.48

7.00

10.47

^†

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


*	As of the close of business on November 30, 2011, the Lifecycle Index 2025 Fund Composite Index consisted of: 53.8% Russell 3000 Index; 27.7% Barclays Capital U.S. Aggregate Bond Index; 17.9% MSCI EAFE+EM Index; and 0.6% 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		54.1	%		53.1	%
International equity		17.9			17.7
Fixed income
Fixed income		26.9			28.4
Inflation-protected assets		0.5			0.8

Other assets &
liabilities, net		0.6			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	17

Lifecycle Index 2030 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle Index 2030 Fund

Inception date

6 months

1 year

since
inception

Retirement Class

9/30/2009

–7.15

4.75

7.34

Institutional Class

9/30/2009

–7.13

4.89

7.57

Premier Class

9/30/2009

–7.14

4.77

7.41

Lifecycle Index 2030 Fund

Composite Index*

—

–7.27

4.75

7.60

^†

Broad market index

Russell 3000^® Index

—

–7.48

7.00

10.47

^†

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


*	As of the close of business on November 30, 2011, the Lifecycle Index 2030 Fund Composite Index consisted of: 59.8% Russell 3000 Index; 20.3% Barclays Capital U.S. Aggregate Bond Index; and 19.9% MSCI EAFE 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		60.0	%		59.1	%
International equity		19.9			19.7
Fixed income		19.7			21.2

Other assets &
liabilities, net		0.4			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


18	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2035 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle Index 2035 Fund

Inception date

6 months

1 year

since
inception

Retirement Class

9/30/2009

–8.28

4.50

7.29

Institutional Class

9/30/2009

–8.17

4.74

7.57

Premier Class

9/30/2009

–8.27

4.62

7.40

Lifecycle Index 2035 Fund

Composite Index*

—

–8.38

4.52

7.59

^†

Broad market index

Russell 3000^® Index

—

–7.48

7.00

10.47

^†

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


*	As of the close of business on November 30, 2011, the Lifecycle Index 2035 Fund Composite Index consisted of: 65.8% Russell 3000 Index; 21.9% MSCI EAFE+EM Index; and 12.3% 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		66.0	%		65.1	%
International equity		21.6			21.7
Fixed income		12.0			13.2

Other assets &
liabilities, net		0.4			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	19

Lifecycle Index 2040 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle Index 2040 Fund

Inception date

6 months

1 year

since
inception

Retirement Class

9/30/2009

–8.49

4.33

7.24

Institutional Class

9/30/2009

–8.39

4.66

7.52

Premier Class

9/30/2009

–8.49

4.45

7.31

Lifecycle Index 2040 Fund

Composite Index*

—

–8.60

4.35

7.53

^†

Broad market index

Russell 3000^® Index

—

–7.48

7.00

10.47

^†

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


*	As of the close of business on November 30, 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		67.5	%		67.5	%
International equity		22.2			22.5
Fixed income		9.9			10.0

Other assets &
liabilities, net		0.4			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


20	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2045 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle Index 2045 Fund

Inception date

6 months

1 year

since
inception

Retirement Class

9/30/2009

–8.47

4.35

7.24

Institutional Class

9/30/2009

–8.37

4.60

7.48

Premier Class

9/30/2009

–8.39

4.48

7.36

Lifecycle Index 2045 Fund

Composite Index*

—

–8.60

4.35

7.53

^†

Broad market index

Russell 3000^® Index

—

–7.48

7.00

10.47

^†

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


*	As of the close of business on November 30, 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		67.4	%		67.5	%
International equity		22.1			22.5
Fixed income		9.9			10.0

Other assets &
liabilities, net		0.6			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	21

Lifecycle Index 2050 Fund

Performance as of November 30, 2011

Total return

Average annual
total return

Lifecycle Index 2050 Fund

Inception date

6 months

1 year

since
inception

Retirement Class

9/30/2009

–8.48

4.28

7.25

Institutional Class

9/30/2009

–8.37

4.62

7.53

Premier Class

9/30/2009

–8.39

4.50

7.37

Lifecycle Index 2050 Fund

Composite Index*

—

–8.60

4.35

7.53

^†

Broad market index

Russell 3000^® Index

—

–7.48

7.00

10.47

^†

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


*	As of the close of business on November 30, 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		67.2	%		67.5	%
International equity		22.1			22.5
Fixed income		9.9			10.0

Other assets &
liabilities, net		0.8			—

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


22	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2055 Fund

Performance as of November 30, 2011


			Total return

Lifecycle Index 2055 Fund	Inception date		6 months			since inception

Retirement Class		4/29/2011		–8.51	%		–9.70	%
Institutional Class		4/29/2011		–8.41			–9.60
Premier Class		4/29/2011		–8.51			–9.70

Lifecycle Index 2055 Fund
Composite Index*		—		–8.60			–9.78	^†

Broad market index
Russell 3000^® Index		—		–7.48			–8.53	^†

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


*	As of the close of business on November 30, 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.
^†	Performance is calculated from the inception date of the Retirement Class.


Asset allocation

	% of net assets as of 11/30/11			Target allocation for 6/30/12

Equity
U.S. equity		67.8	%		67.5	%
International equity		22.3			22.5
Fixed income		9.9			10.0

Total		100.0			100.0

Target allocation

For June 30, 2012

(PIE CHART)


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	23

Portfolio of investments (unaudited)

Lifecycle Index Retirement Income Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	552,040	TIAA-CREF Bond Index Fund		$	5,906,828	49.3	%

					5,906,828	49.3

INFLATION-PROTECTED ASSETS
	98,344	TIAA-CREF Inflation-Linked Bond Fund			1,186,033	9.9

					1,186,033	9.9

INTERNATIONAL EQUITY
	31,235	TIAA-CREF Emerging Markets Equity Index Fund			308,911	2.6
	60,865	TIAA-CREF International Equity Index Fund			903,230	7.5

					1,212,141	10.1

U.S. EQUITY
	383,024	TIAA-CREF Equity Index Fund			3,657,879	30.5

					3,657,879	30.5

		TOTAL TIAA-CREF FUNDS	(Cost $11,254,399)		11,962,881	99.8

		TOTAL PORTFOLIO	(Cost $11,254,399)		11,962,881	99.8
		OTHER ASSETS & LIABILITIES, NET			21,134	0.2

		NET ASSETS		$	11,984,015	100.0	%


Lifecycle Index 2010 Fund § November 30, 2011

Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	3,023,171	TIAA-CREF Bond Index Fund		$	32,347,926	44.0	%

					32,347,926	44.0

INFLATION-PROTECTED ASSETS
	392,568	TIAA-CREF Inflation-Linked Bond Fund			4,734,369	6.4

					4,734,369	6.4

INTERNATIONAL EQUITY
	232,470	TIAA-CREF Emerging Markets Equity Index Fund			2,299,131	3.1
	453,046	TIAA-CREF International Equity Index Fund			6,723,204	9.1

					9,022,335	12.2

U.S. EQUITY
	2,849,604	TIAA-CREF Equity Index Fund			27,213,716	37.0

					27,213,716	37.0

		TOTAL TIAA-CREF FUNDS	(Cost $69,964,882)		73,318,346	99.6

		TOTAL PORTFOLIO	(Cost $69,964,882)		73,318,346	99.6
		OTHER ASSETS & LIABILITIES, NET			301,453	0.4

		NET ASSETS		$	73,619,799	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle Index 2015 Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	4,056,089	TIAA-CREF Bond Index Fund		$	43,400,149	38.8	%

					43,400,149	38.8

INFLATION-PROTECTED ASSETS
	413,474	TIAA-CREF Inflation-Linked Bond Fund			4,986,498	4.5

					4,986,498	4.5

INTERNATIONAL EQUITY
	404,650	TIAA-CREF Emerging Markets Equity Index Fund			4,001,985	3.6
	789,331	TIAA-CREF International Equity Index Fund			11,713,668	10.5

					15,715,653	14.1

U.S. EQUITY
	4,964,855	TIAA-CREF Equity Index Fund			47,414,361	42.3

					47,414,361	42.3

		TOTAL TIAA-CREF FUNDS	(Cost $106,771,117)		111,516,661	99.7

		TOTAL PORTFOLIO	(Cost $106,771,117)		111,516,661	99.7
		OTHER ASSETS & LIABILITIES, NET			362,528	0.3

		NET ASSETS		$	111,879,189	100.0	%


Lifecycle Index 2020 Fund § November 30, 2011

Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	4,082,217	TIAA-CREF Bond Index Fund		$	43,679,722	32.8	%

					43,679,722	32.8

INFLATION-PROTECTED ASSETS
	274,153	TIAA-CREF Inflation-Linked Bond Fund			3,306,280	2.5

					3,306,280	2.5

INTERNATIONAL EQUITY
	547,935	TIAA-CREF Emerging Markets Equity Index Fund			5,419,072	4.1
	1,069,134	TIAA-CREF International Equity Index Fund			15,865,951	11.9

					21,285,023	16.0

U.S. EQUITY
	6,726,997	TIAA-CREF Equity Index Fund			64,242,821	48.3

					64,242,821	48.3

		TOTAL TIAA-CREF FUNDS	(Cost $127,032,959)		132,513,846	99.6

		TOTAL PORTFOLIO	(Cost $127,032,959)		132,513,846	99.6
		OTHER ASSETS & LIABILITIES, NET			492,409	0.4

		NET ASSETS		$	133,006,255	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle Index 2025 Fund § November 30, 2011


Shares		Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	3,095,893	TIAA-CREF Bond Index Fund		$	33,126,053	26.9	%

					33,126,053	26.9

INFLATION-PROTECTED ASSETS
	53,316	TIAA-CREF Inflation-Linked Bond Fund			642,987	0.5

					642,987	0.5

INTERNATIONAL EQUITY
	568,173	TIAA-CREF Emerging Markets Equity Index Fund			5,619,231	4.6
	1,107,234	TIAA-CREF International Equity Index Fund			16,431,346	13.3

					22,050,577	17.9

U.S. EQUITY
	6,975,386	TIAA-CREF Equity Index Fund			66,614,941	54.1

					66,614,941	54.1

		TOTAL TIAA-CREF FUNDS	(Cost $117,604,964)		122,434,558	99.4

		TOTAL PORTFOLIO	(Cost $117,604,964)		122,434,558	99.4
		OTHER ASSETS & LIABILITIES, NET			763,208	0.6

		NET ASSETS		$	123,197,766	100.0	%


Lifecycle Index 2030 Fund § November 30, 2011

	Shares	Company			Value	% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	2,462,235	TIAA-CREF Bond Index Fund		$	26,345,919	19.7	%

					26,345,919	19.7

INTERNATIONAL EQUITY
	685,298	TIAA-CREF Emerging Markets Equity Index Fund			6,777,599	5.1
	1,334,457	TIAA-CREF International Equity Index Fund			19,803,335	14.8

					26,580,934	19.9

U.S. EQUITY
	8,417,096	TIAA-CREF Equity Index Fund			80,383,263	60.0

					80,383,263	60.0

		TOTAL TIAA-CREF FUNDS	(Cost $128,095,768)		133,310,116	99.6

		TOTAL PORTFOLIO	(Cost $128,095,768)		133,310,116	99.6
		OTHER ASSETS & LIABILITIES, NET			568,013	0.4

		NET ASSETS		$	133,878,129	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle Index 2035 Fund § November 30, 2011


	Shares	Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	1,388,563	TIAA-CREF Bond Index Fund		$	14,857,623	12.0	%

					14,857,623	12.0

INTERNATIONAL EQUITY
	695,296	TIAA-CREF Emerging Markets Equity Index Fund			6,876,476	5.5
	1,352,167	TIAA-CREF International Equity Index Fund			20,066,157	16.1

					26,942,633	21.6

U.S. EQUITY
	8,588,266	TIAA-CREF Equity Index Fund			82,017,942	66.0

					82,017,942	66.0

		TOTAL TIAA-CREF FUNDS	(Cost $119,003,238)		123,818,198	99.6

		TOTAL PORTFOLIO	(Cost $119,003,238)		123,818,198	99.6
		OTHER ASSETS & LIABILITIES, NET			461,074	0.4

		NET ASSETS		$	124,279,272	100.0	%


Lifecycle Index 2040 Fund § November 30, 2011

	Shares	Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	1,563,584	TIAA-CREF Bond Index Fund		$	16,730,348	9.9	%

					16,730,348	9.9

INTERNATIONAL EQUITY
	966,257	TIAA-CREF Emerging Markets Equity Index Fund			9,556,280	5.7
	1,877,885	TIAA-CREF International Equity Index Fund			27,867,809	16.5

					37,424,089	22.2

U.S. EQUITY
	11,955,123	TIAA-CREF Equity Index Fund			114,171,424	67.5

					114,171,424	67.5

		TOTAL TIAA-CREF FUNDS	(Cost $160,971,375)		168,325,861	99.6

		TOTAL PORTFOLIO	(Cost $160,971,375)		168,325,861	99.6
		OTHER ASSETS & LIABILITIES, NET			703,700	0.4

		NET ASSETS		$	169,029,561	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle Index 2045 Fund § November 30, 2011


	Shares	Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	392,944	TIAA-CREF Bond Index Fund		$	4,204,505	9.9	%

					4,204,505	9.9

INTERNATIONAL EQUITY
	243,111	TIAA-CREF Emerging Markets Equity Index Fund			2,404,364	5.6
	472,964	TIAA-CREF International Equity Index Fund			7,018,782	16.5

					9,423,146	22.1

U.S. EQUITY
	3,002,440	TIAA-CREF Equity Index Fund			28,673,302	67.4

					28,673,302	67.4

		TOTAL TIAA-CREF FUNDS	(Cost $40,869,541)		42,300,953	99.4

		TOTAL PORTFOLIO	(Cost $40,869,541)		42,300,953	99.4
		OTHER ASSETS & LIABILITIES, NET			272,463	0.6

		NET ASSETS		$	42,573,416	100.0	%


Lifecycle Index 2050 Fund § November 30, 2011

	Shares	Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	259,407	TIAA-CREF Bond Index Fund		$	2,775,650	9.9	%

					2,775,650	9.9

INTERNATIONAL EQUITY
	160,019	TIAA-CREF Emerging Markets Equity Index Fund			1,582,589	5.6
	312,172	TIAA-CREF International Equity Index Fund			4,632,630	16.5

					6,215,219	22.1

U.S. EQUITY
	1,982,696	TIAA-CREF Equity Index Fund			18,934,744	67.2

					18,934,744	67.2

		TOTAL TIAA-CREF FUNDS	(Cost $26,861,248)		27,925,613	99.2

		TOTAL PORTFOLIO	(Cost $26,861,248)		27,925,613	99.2
		OTHER ASSETS & LIABILITIES, NET			217,123	0.8

		NET ASSETS		$	28,142,736	100.0	%




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


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

Portfolio of investments (unaudited)

Lifecycle Index 2055 Fund § November 30, 2011


	Shares	Company			Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	85,897	TIAA-CREF Bond Index Fund		$	919,094		9.9	%

					919,094		9.9

INTERNATIONAL EQUITY
	52,947	TIAA-CREF Emerging Markets Equity Index Fund			523,650		5.7
	103,209	TIAA-CREF International Equity Index Fund			1,531,622		16.6

					2,055,272		22.3

U.S. EQUITY
	656,822	TIAA-CREF Equity Index Fund			6,272,653		67.8

					6,272,653		67.8

		TOTAL TIAA-CREF FUNDS	(Cost $10,201,599)		9,247,019		100.0

		TOTAL PORTFOLIO	(Cost $10,201,599)		9,247,019		100.0
		OTHER ASSETS & LIABILITIES, NET			(3,565	)	0.0

		NET ASSETS		$	9,243,454		100.0	%




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


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

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifecycle Index Funds § November 30, 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*	$	11,962,881		$	73,318,346		$	111,516,661		$	132,513,846		$	122,434,558		$	133,310,116
Cash		19,301			30,027			10,715			73,370			71,507			71,088
Receivable from securities transactions		91,526			649,480			967,173			1,025,630			772,794			549,595
Receivable from Fund shares sold		12,285			268,129			355,381			484,502			756,162			717,247
Dividends and interest receivable		12,007			65,065			87,606			88,425			67,149			53,456
Due from affiliates		2,000			2,641			2,958			3,190			2,992			3,060
Other		115			458			644			760			696			786

Total assets		12,100,115			74,334,146			112,941,138			134,189,723			124,105,858			134,705,348


LIABILITIES
Management fees payable		58			410			708			944			868			1,044
Distribution fees payable		286			1,513			1,868			2,990			1,946			2,462
Due to affiliates		76			530			799			923			774			894
Payable for securities transactions		113,526			699,480			1,047,173			1,164,630			891,794			808,595
Payable for Fund shares redeemed		—			3,440			—			—			—			—
Accrued expenses & other payables		2,154			8,974			11,401			13,981			12,710			14,224

Total liabilities		116,100			714,347			1,061,949			1,183,468			908,092			827,219

NET ASSETS	$	11,984,015		$	73,619,799		$	111,879,189		$	133,006,255		$	123,197,766		$	133,878,129


NET ASSETS CONSIST OF:
Paid-in-capital	$	11,293,214		$	70,000,518		$	106,734,745		$	127,223,285		$	118,171,545		$	128,569,392
Undistributed net investment income (loss)		21,291			736,681			896,769			835,368			558,959			389,487
Accumulated net realized gain (loss) on total investments		(38,972	)		(470,864	)		(497,869	)		(533,285	)		(362,332	)		(295,098	)
Net unrealized appreciation (depreciation) on total investments		708,482			3,353,464			4,745,544			5,480,887			4,829,594			5,214,348

NET ASSETS	$	11,984,015		$	73,619,799		$	111,879,189		$	133,006,255		$	123,197,766		$	133,878,129


RETIREMENT CLASS:
Net assets	$	570,013		$	2,301,612		$	5,514,107		$	4,473,877		$	3,493,702		$	4,863,592
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		51,251			201,858			482,737			391,759			306,116			425,652

Net asset value per share	$	11.12		$	11.40		$	11.42		$	11.42		$	11.41		$	11.43


INSTITUTIONAL CLASS:
Net assets	$	9,067,806		$	58,967,257		$	91,002,673		$	103,896,424		$	103,399,013		$	108,576,583
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		815,029			5,149,235			7,933,174			9,061,267			9,024,563			9,463,145

Net asset value per share	$	11.13		$	11.45		$	11.47		$	11.47		$	11.46		$	11.47


PREMIER CLASS:
Net assets	$	2,346,196		$	12,350,930		$	15,362,409		$	24,635,954		$	16,305,051		$	20,437,954
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		211,021			1,081,365			1,342,786			2,155,384			1,426,412			1,786,282

Net asset value per share	$	11.12		$	11.42		$	11.44		$	11.43		$	11.43		$	11.44

*Affiliated investments, cost	$	11,254,399		$	69,964,882		$	106,771,117		$	127,032,959		$	117,604,964		$	128,095,768


30	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	31


Statements of assets and liabilities (unaudited)	concluded

TIAA-CREF Lifecycle Index Funds § November 30, 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*	$	123,818,198		$	168,325,861		$	42,300,953		$	27,925,613		$	9,247,019
Cash		52,911			87,028			27,289			21,425			10,434
Receivable from securities transactions		221,378			169,949			40,082			26,881			8,949
Receivable from Fund shares sold		440,683			720,341			291,208			219,594			7,504
Dividends and interest receivable		29,993			33,616			8,434			5,576			1,862
Due from affiliates		2,947			3,400			2,333			2,135			112
Other		724			994			278			204			32

Total assets		124,566,834			169,341,189			42,670,577			28,201,428			9,275,912


LIABILITIES
Management fees payable		967			1,312			330			217			72
Distribution fees payable		1,479			1,750			681			336			114
Due to affiliates		796			1,043			282			151			57
Payable for securities transactions		271,378			256,949			87,082			53,881			15,949
Payable for Fund shares redeemed		—			34,165			3,659			—			—
Accrued expenses & other payables		12,942			16,409			5,127			4,107			16,266

Total liabilities		287,562			311,628			97,161			58,692			32,458

NET ASSETS	$	124,279,272		$	169,029,561		$	42,573,416		$	28,142,736		$	9,243,454


NET ASSETS CONSIST OF:
Paid-in-capital	$	119,469,226		$	161,590,541		$	41,139,985		$	27,094,807		$	10,197,332
Undistributed net investment income (loss)		172,231			180,960			42,500			29,461			6,867
Accumulated net realized gain (loss) on total investments		(177,145	)		(96,426	)		(40,481	)		(45,897	)		(6,165	)
Net unrealized appreciation (depreciation) on total investments		4,814,960			7,354,486			1,431,412			1,064,365			(954,580	)

NET ASSETS	$	124,279,272		$	169,029,561		$	42,573,416		$	28,142,736		$	9,243,454


RETIREMENT CLASS:
Net assets	$	3,846,323		$	4,794,299		$	1,529,145		$	843,618		$	903,944
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		337,057			419,791			134,847			74,437			100,142

Net asset value per share	$	11.41		$	11.42		$	11.34		$	11.33		$	9.03


INSTITUTIONAL CLASS:
Net assets	$	108,149,679		$	149,628,649		$	35,292,631		$	24,429,960		$	7,396,296
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		9,436,212			13,048,437			3,099,983			2,146,684			818,187

Net asset value per share	$	11.46		$	11.47		$	11.38		$	11.38		$	9.04


PREMIER CLASS:
Net assets	$	12,283,270		$	14,606,613		$	5,751,640		$	2,869,158		$	943,214
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,074,850			1,277,748			506,378			252,817			104,433

Net asset value per share	$	11.43		$	11.43		$	11.36		$	11.35		$	9.03

*Affiliated investments, cost	$	119,003,238		$	160,971,375		$	40,869,541		$	26,861,248		$	10,201,599


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

Statements of operations (unaudited)

TIAA-CREF Lifecycle Index Funds § For the period ended November 30, 2011


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


INVESTMENT INCOME
Dividends from affiliated investments	$	99,590		$	505,294		$	621,247		$	593,718		$	402,833		$	311,918

Total income		99,590			505,294			621,247			593,718			402,833			311,918


EXPENSES
Management fees		5,464			33,581			49,450			59,380			54,540			59,833
Distribution fees — Retirement Class		116			285			818			767			449			796
Distribution fees — Premier Class		1,570			9,332			11,046			18,117			11,220			14,630
Fund administration fees		351			2,149			3,183			3,917			3,566			3,929
Custody and accounting fees		1,246			1,257			1,254			1,254			1,285			1,286
Professional fees		10,201			11,162			11,724			12,083			11,922			12,146
Shareholder reports		4,111			15,766			16,424			21,621			20,025			22,180
Shareholder servicing — Retirement Class		681			1,541			4,207			3,980			2,338			4,093
Shareholder servicing — Institutional Class		91			132			153			161			160			163
Shareholder servicing — Premier Class		100			124			120			130			122			122
Trustee fees and expenses		62			334			478			578			529			581
Compliance fees		119			795			1,180			1,433			1,264			1,405
Interest expense		44			398			534			569			402			448
Registration fees		21,177			21,350			21,598			21,845			21,597			21,845
Other expenses		6,314			8,206			9,276			10,128			9,513			9,887

Total expenses		51,647			106,412			131,445			155,963			138,932			153,344
Less: Expenses reimbursed by the investment adviser		(43,915	)		(61,786	)		(66,040	)		(73,861	)		(70,479	)		(74,104	)
Fee waiver by investment adviser and TPIS		(2,302	)		(10,359	)		(10,708	)		(6,706	)		(5,903	)		(796	)

Net expenses		5,430			34,267			54,697			75,396			62,550			78,444


Net investment income (loss)		94,160			471,027			566,550			518,322			340,283			233,474


NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Net realized gain (loss) from affiliated investments		(45,669	)		(362,940	)		(456,989	)		(507,701	)		(392,725	)		(297,406	)

Net change in unrealized appreciation (depreciation) from affiliated investments		(161,625	)		(1,630,938	)		(3,245,272	)		(5,267,469	)		(5,922,650	)		(8,024,789	)

Net realized and unrealized gain (loss) from affiliated investments		(207,294	)		(1,993,878	)		(3,702,261	)		(5,775,170	)		(6,315,375	)		(8,322,195	)

Net increase (decrease) in net assets resulting from operations	$	(113,134	)	$	(1,522,851	)	$	(3,135,711	)	$	(5,256,848	)	$	(5,975,092	)	$	(8,088,721	)


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


Statements of operations (unaudited)	concluded
TIAA-CREF Lifecycle Index Funds § For the period ended November 30, 2011


	Lifecycle Index 2035 Fund			Lifecycle Index 2040 Fund			Lifecycle Index 2045 Fund			Lifecycle Index 2050 Fund			Lifecycle Index 2055 Fund


INVESTMENT INCOME
Dividends from affiliated investments	$	171,953		$	193,160		$	48,905		$	32,436		$	12,106

Total income		171,953			193,160			48,905			32,436			12,106


EXPENSES
Management fees		55,186			73,006			18,507			12,287			4,547
Distribution fees — Retirement Class		547			665			241			138			226
Distribution fees — Premier Class		8,738			10,276			3,883			1,937			685
Fund administration fees		3,624			4,696			1,222			815			277
Custody and accounting fees		1,300			1,300			1,300			1,300			2,321
Professional fees		11,960			12,534			10,676			10,508			14,028
Shareholder reports		20,993			23,402			10,331			8,805			15,387
Shareholder servicing — Retirement Class		2,848			3,439			1,318			801			1,237
Shareholder servicing — Institutional Class		161			186			112			87			125
Shareholder servicing — Premier Class		117			120			113			109			113
Trustee fees and expenses		534			690			148			148			45
Compliance fees		1,289			1,669			448			264			114
Interest expense		387			685			98			62			3
Registration fees		21,598			21,845			21,350			21,178			11,856
Other expenses		9,126			9,686			7,214			6,822			7,036

Total expenses		138,408			164,199			76,961			65,261			58,000
Less: Expenses reimbursed by the investment adviser		(71,199	)		(76,925	)		(53,124	)		(50,208	)		(51,412	)
Fee waiver by investment adviser and TPIS		(547	)		(665	)		(241	)		(138	)		(226	)

Net expenses		66,662			86,609			23,596			14,915			6,362


Net investment income (loss)		105,291			106,551			25,309			17,521			5,744


NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Net realized gain (loss) from affiliated investments		(219,436	)		(208,746	)		(41,741	)		(34,693	)		(4,997	)

Net change in unrealized appreciation (depreciation) from affiliated investments		(8,405,467	)		(10,962,967	)		(2,924,124	)		(1,966,515	)		(824,599	)

Net realized and unrealized gain (loss) from affiliated investments		(8,624,903	)		(11,171,713	)		(2,965,865	)		(2,001,208	)		(829,596	)

Net increase (decrease) in net assets resulting from operations	$	(8,519,612	)	$	(11,065,162	)	$	(2,940,556	)	$	(1,983,687	)	$	(823,852	)


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

Statements of changes in net assets

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 six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010

		(unaudited)									(unaudited)									(unaudited)
OPERATIONS
Net investment income (loss)		$	94,160		$	140,915		$	121,290		$	471,027		$	877,714		$	227,369		$	566,550		$	1,223,090		$	255,968
Net realized gain (loss) from affiliated investments			(45,669	)		18,504			16,129			(362,940	)		35,127			(115,035	)		(456,989	)		50,338			(66,885	)
Net change in unrealized appreciation (depreciation) from affiliated investments			(161,625	)		537,002			333,105			(1,630,938	)		3,781,774			1,202,628			(3,245,272	)		6,375,094			1,615,722

Net increase (decrease) from operations			(113,134	)		696,421			470,524			(1,522,851	)		4,694,615			1,314,962			(3,135,711	)		7,648,522			1,804,805


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		(3,581	)		(3,806	)		(4,962	)		–			(5,101	)		(1,096	)		–			(6,081	)		(916	)
	Institutional Class		(71,823	)		(96,605	)		(111,108	)		–			(686,469	)		(52,381	)		–			(951,241	)		(56,496	)
	Premier Class		(16,877	)		(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			(92,281	)		(149,538	)		(121,285	)		–			(812,902	)		(54,637	)		–			(1,114,874	)		(58,393	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		248,778			43,556			2,398			1,882,684			395,862			28,248			4,042,124			1,520,163			53,973
	Institutional Class		2,449,237			1,846,922			2,956,483			14,664,157			27,045,874			28,777,699			22,869,272			29,855,034			39,462,318
	Premier Class		654,785			1,596,773			482			6,614,503			7,398,737			477,085			7,747,837			9,090,168			479,702
Reinvestments of distributions:	Retirement Class		3,581			4,738			4,962			–			5,293			1,096			–			6,223			916
	Institutional Class		71,823			118,696			111,108			–			710,897			52,381			–			972,400			56,496
	Premier Class		16,877			26,104			5,215			–			96,712			1,160			–			136,251			980
Redemptions:	Retirement Class		(18,107	)		–			(10	)		(271,112	)		(40,896	)		(286	)		(365,793	)		(49,769	)		(490	)
	Institutional Class		(741,852	)		(633,016	)		(1,193,366	)		(4,013,024	)		(12,083,844	)		(2,943,089	)		(3,649,998	)		(5,377,314	)		(1,420,933	)
	Premier Class		(116,766	)		(166,069	)		(10	)		(1,768,920	)		(1,028,280	)		(2,311	)		(987,904	)		(1,706,673	)		(129	)

Net increase (decrease) from shareholder transactions			2,568,356			2,837,704			1,887,262			17,108,288			22,500,355			26,391,983			29,655,538			34,446,483			38,632,833

Net increase (decrease) in net assets			2,362,941			3,384,587			2,236,501			15,585,437			26,382,068			27,652,308			26,519,827			40,980,131			40,379,245

NET ASSETS
Beginning 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

End of period		$	11,984,015		$	9,621,074		$	6,236,487		$	73,619,799		$	58,034,362		$	31,652,294		$	111,879,189		$	85,359,362		$	44,379,231

Undistributed net investment income (loss) included in net assets		$	21,291		$	19,412		$	99		$	736,681		$	265,654		$	172,826		$	896,769		$	330,219		$	197,670


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		22,492			3,929			231			166,595			34,690			2,661			356,580			131,973			5,179
	Institutional Class		219,899			167,419			288,026			1,285,521			2,407,823			2,751,512			1,998,423			2,647,789			3,772,869
	Premier Class		58,830			148,798			46			572,782			675,875			44,629			666,495			832,680			44,914
Shares reinvested:	Retirement Class		327			438			484			–			480			108			–			560			90
	Institutional Class		6,579			10,960			10,823			–			64,393			5,146			–			87,289			5,539
	Premier Class		1,547			2,410			508			–			8,768			114			–			12,253			96
Shares redeemed:	Retirement Class		(1,649	)		–			(1	)		(24,073	)		(3,578	)		(28	)		(32,308	)		(4,289	)		(48	)
	Institutional Class		(66,957	)		(57,020	)		(114,700	)		(354,062	)		(1,076,003	)		(285,093	)		(319,602	)		(472,208	)		(136,925	)
	Premier Class		(10,798	)		(15,319	)		(1	)		(153,387	)		(92,203	)		(213	)		(86,085	)		(152,555	)		(12	)

Net increase (decrease) from shareholder transactions			230,270			261,615			185,416			1,493,376			2,020,245			2,518,836			2,583,503			3,083,492			3,691,702


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


Statements of changes in net assets	continued

TIAA-CREF Lifecycle Index Funds § For the period or year ended


		Lifecycle Index 2020 Fund									Lifecycle Index 2025 Fund									Lifecycle Index 2030 Fund

		For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010

		(unaudited)									(unaudited)									(unaudited)
OPERATIONS
Net investment income (loss)		$	518,322		$	1,470,583		$	228,684		$	340,283		$	1,356,745		$	181,392		$	233,474		$	1,511,102		$	157,590
Net realized gain (loss) from affiliated investments			(507,701	)		64,407			(68,637	)		(392,725	)		89,150			(43,899	)		(297,406	)		119,310			(98,242	)
Net change in unrealized appreciation (depreciation) from affiliated investments			(5,267,469	)		8,856,442			1,891,914			(5,922,650	)		8,980,968			1,771,276			(8,024,789	)		11,189,807			2,049,330

Net increase (decrease) from operations			(5,256,848	)		10,391,432			2,051,961			(5,975,092	)		10,426,863			1,908,769			(8,088,721	)		12,820,219			2,108,678


DISTRIBUTIONS 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		3,037,058			1,988,304			32,462			2,407,015			829,392			52,596			2,784,997			1,856,345			179,463
	Institutional Class		25,268,027			29,339,797			47,324,288			23,932,650			28,994,503			46,351,206			25,032,934			26,823,688			52,485,244
	Premier Class		7,997,408			16,997,535			1,558,945			6,767,970			8,790,433			1,369,921			6,902,736			13,322,854			810,595
Reinvestments of distributions:	Retirement Class		–			5,866			1,017			–			6,723			1,158			–			12,876			919
	Institutional Class		–			1,073,692			58,364			–			1,111,967			60,080			–			1,236,647			63,350
	Premier Class		–			263,649			1,081			–			153,263			1,222			–			216,757			983
Redemptions:	Retirement Class		(820,793	)		(27,364	)		(1,113	)		(7,573	)		(96,906	)		(2,162	)		(183,196	)		(36,004	)		(5,331	)
	Institutional Class		(1,907,142	)		(4,766,517	)		(1,070,393	)		(1,845,567	)		(2,908,221	)		(463,595	)		(1,796,230	)		(2,613,162	)		(1,083,125	)
	Premier Class		(1,892,913	)		(1,234,639	)		(3,225	)		(686,065	)		(648,336	)		(20	)		(754,569	)		(688,101	)		(1,170	)

Net increase (decrease) from shareholder transactions			31,681,645			43,640,323			47,901,426			30,568,430			36,232,818			47,370,406			31,986,672			40,131,900			52,450,928

Net increase (decrease) in net assets			26,424,797			52,688,548			49,892,924			24,593,338			45,387,728			49,216,714			23,897,951			51,485,839			54,494,353

NET ASSETS
Beginning 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

End of period		$	133,006,255		$	106,581,458		$	53,892,910		$	123,197,766		$	98,604,428		$	53,216,700		$	133,878,129		$	109,980,178		$	58,494,339

Undistributed net investment income (loss) included in net assets		$	835,368		$	317,046		$	168,315		$	558,959		$	218,676		$	119,026		$	389,487		$	156,013		$	92,431


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		268,373			170,427			3,113			214,195			70,231			5,073			246,276			156,136			17,462
	Institutional Class		2,207,354			2,566,756			4,516,336			2,091,271			2,516,968			4,412,675			2,173,109			2,306,577			4,993,686
	Premier Class		684,005			1,549,610			146,103			577,088			798,340			128,507			582,235			1,210,628			76,039
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		(73,341	)		(2,328	)		(109	)		(670	)		(8,211	)		(212	)		(16,807	)		(3,111	)		(525	)
	Institutional Class		(166,063	)		(412,808	)		(101,719	)		(158,853	)		(247,638	)		(44,148	)		(153,722	)		(216,811	)		(104,359	)
	Premier Class		(165,475	)		(107,207	)		(297	)		(60,352	)		(55,864	)		(2	)		(66,479	)		(60,159	)		(109	)

Net increase (decrease) from shareholder transactions			2,754,853			3,884,209			4,569,349			2,662,679			3,186,401			4,508,011			2,764,612			3,521,900			4,988,567


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


Statements of changes in net assets	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 six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010

		(unaudited		)							(unaudited		)							(unaudited		)

OPERATIONS
Net investment income (loss)		$	105,291		$	1,384,607		$	108,750		$	106,551		$	1,857,576		$	132,626		$	25,309		$	437,055		$	82,939
Net realized gain (loss) from affiliated investments			(219,436	)		96,010			(43,383	)		(208,746	)		191,581			(61,250	)		(41,741	)		22,467			(15,891	)
Net change in unrealized appreciation (depreciation) from affiliated investments			(8,405,467	)		11,208,122			2,012,305			(10,962,967	)		15,184,038			3,133,415			(2,924,124	)		3,631,554			723,982

Net increase (decrease) from operations			(8,519,612	)		12,688,739			2,077,672			(11,065,162	)		17,233,195			3,204,791			(2,940,556	)		4,091,076			791,030


DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		—			(11,939	)		(1,046	)		—			(9,880	)		(511	)		—			(6,515	)		(2,305	)
	Institutional Class		—			(1,241,075	)		(64,579	)		—			(1,681,104	)		(66,781	)		—			(376,305	)		(61,351	)
	Premier Class		—			(106,763	)		(1,110	)		—			(157,036	)		(575	)		—			(54,051	)		(2,370	)
From realized gains:	Retirement Class		—			(94	)		—			—			(100	)		—			—			(82	)		—
	Institutional Class		—			(9,415	)		—			—			(16,352	)		—			—			(4,565	)		—
	Premier Class		—			(827	)		—			—			(1,559	)		—			—			(669	)		—

Total distributions			—			(1,370,113	)		(66,735	)		—			(1,866,031	)		(67,867	)		—			(442,187	)		(66,026	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		2,434,068			1,117,713			129,980			3,167,134			1,407,126			121,564			1,034,850			214,514			54,783
	Institutional Class		25,730,836			26,633,743			51,457,873			41,770,047			28,055,179			73,388,721			9,576,594			8,420,892			13,247,644
	Premier Class		5,781,617			5,881,014			1,045,852			4,592,175			8,452,623			1,491,364			1,767,535			3,681,968			133,385
Reinvestments of distributions:	Retirement Class		—			12,033			1,046			—			9,980			511			—			6,597			2,305
	Institutional Class		—			1,250,490			64,579			—			1,697,456			66,781			—			380,870			61,351
	Premier Class		—			107,590			1,110			—			158,595			575			—			54,720			2,370
Redemptions:	Retirement Class		(90,129	)		(48,505	)		(4,603	)		(131,214	)		(37,236	)		(4,290	)		(56,471	)		(9,212	)		(3,530	)
	Institutional Class		(1,390,996	)		(3,287,430	)		(536,552	)		(1,837,930	)		(3,302,540	)		(893,887	)		(333,971	)		(698,712	)		(196,091	)
	Premier Class		(504,916	)		(317,049	)		(29	)		(169,110	)		(412,965	)		(10	)		(120,048	)		(82,240	)		(10	)

Net increase (decrease) from shareholder transactions			31,960,480			31,349,599			52,159,256			47,391,102			36,028,218			74,171,329			11,868,489			11,969,397			13,302,207

Net increase (decrease) in net assets			23,440,868			42,668,225			54,170,193			36,325,940			51,395,382			77,308.253			8,927,933			15,618,286			14,027,211

NET ASSETS
Beginning 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

End of period		$	124,279,272		$	100,838,404		$	58,170,179		$	169,029,561		$	132,703,621		$	81,308,239		$	42,573,416		$	33,645,483		$	18,027,197

Undistributed net investment income (loss) included in net assets		$	172,231		$	66,940		$	42,110		$	180,960		$	74,409		$	64,853		$	42,500		$	17,191		$	17,007


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		216,394			94,033			12,652			280,810			116,577			11,806			91,762			18,061			5,347
	Institutional Class		2,240,456			2,275,269			4,899,242			3,661,278			2,388,551			7,010,897			832,572			717,781			1,266,083
	Premier Class		483,947			529,709			98,291			386,776			762,473			139,891			152,407			328,751			12,594
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		(7,656	)		(4,068	)		(451	)		(11,834	)		(3,068	)		(419	)		(4,997	)		(778	)		(351	)
	Institutional Class		(120,303	)		(272,067	)		(51,707	)		(160,415	)		(270,511	)		(85,470	)		(29,515	)		(57,720	)		(18,614	)
	Premier Class		(44,681	)		(26,910	)		(3	)		(14,775	)		(35,487	)		(1	)		(10,547	)		(6,859	)		(1	)

Net increase (decrease) from shareholder transactions			2,768,157			2,715,427			4,964,535			4,141,840			3,120,824			7,083,312			1,031,682			1,037,995			1,271,531


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


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 six-month period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010			For the six-month period ended November 30, 2011			For the period April 29, 2011 to May 31, 2011

		(unaudited		)							(unaudited		)

OPERATIONS
Net investment income (loss)		$	17,521		$	285,962		$	78,549		$	5,744		$	994
Net realized gain (loss) from affiliated investments			(34,693	)		10,662			(17,202	)		(4,997	)		(1,168	)
Net change in unrealized appreciation (depreciation) from affiliated investments			(1,966,515	)		2,424,308			606,572			(824,599	)		(129,981	)

Net increase (decrease) from operations			(1,983,687	)		2,720,932			667,919			(823,852	)		(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		506,358			71,830			14,715			9,479			1,000,000
	Institutional Class		6,698,342			6,372,635			7,659,905			156,650			8,000,000
	Premier Class		792,182			1,934,178			54,592			39,410			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		(35,209	)		(3,934	)		(1,428	)		(7,896	)		—
	Institutional Class		(278,797	)		(567,328	)		(243,006	)		(172	)		—
	Premier Class		(163,244	)		(74,195	)		(10	)		(10	)		—

Net increase (decrease) from shareholder transactions			7,519,632			8,024,546			7,550,737			197,461		10,000,000

Net increase (decrease) in net assets			5,535,945			10,454,118			8,152,687			(626,391	)		9,869,845

NET ASSETS
Beginning of period			22,606,791			12,152,673			3,999,986			9,869,845			—

End of period		$	28,142,736		$	22,606,791		$	12,152,673		$	9,243,454		$	9,869,845

Undistributed net investment income (loss) included in net assets		$	29,461		$	11,940		$	12,674		$	6,867		$	1,123


CHANGE IN FUND SHARES
Shares sold:	Retirement Class		44,839			5,998			1,437			1,037			100,000
	Institutional Class		581,132			543,797			737,505			18,206			800,000
	Premier Class		69,197			171,678			5,158			4,434			100,000
Shares reinvested:	Retirement Class		—			458			249			—			—
	Institutional Class		—			22,508			5,970			—			—
	Premier Class		—			2,575			255			—			—
Shares redeemed:	Retirement Class		(3,071	)		(331	)		(142	)		(895	)		—
	Institutional Class		(24,726	)		(46,206	)		(23,296	)		(19	)		—
	Premier Class		(14,779	)		(6,266	)		(1	)		(1	)		—

Net increase (decrease) from shareholder transactions			652,592			694,211			727,135			22,762			1,000,000


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

Financial highlights

Lifecycle Index Retirement Income Fund § For the period or year ended


	Retirement Class

	11/30/11			05/31/11^†			09/30/10			09/30/09		*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.36			$10.65			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.08			0.16			0.22			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.23	)		0.73			0.63			—

Total gain (loss) from investment operations		(0.15	)		0.89			0.85			0.00	(d)


Less distributions from:
Net investment income		(0.09	)		(0.14	)		(0.20	)		—
Net realized gains		—			(0.04	)		—			—

Total distributions		(0.09	)		(0.18	)		(0.20	)		—

Net asset value, end of period		$11.12			$11.36			$10.65		$	10.00


TOTAL RETURN		(1.34	)%(b)		8.44	%(b)		8.56	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$570			$342			$274			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		1.24	%(c)		1.14	%(c)		2.07	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.31	%(c)		0.31	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		1.53	%(c)		2.20	%(c)		2.13	%		(0.35	)%(c)
Portfolio turnover rate		15	%(b)		13	%(b)		39	%		0	%(b)


46	2011 Semiannual 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


	Institutional Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.36			$10.65			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.10			0.18			0.22			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.23	)		0.73			0.65			—

Total gain (loss) from investment operations		(0.13	)		0.91			0.87			0.00	(d)


Less distributions from:
Net investment income		(0.10	)		(0.16	)		(0.22	)		—
Net realized gains		—			(0.04	)		—			—

Total distributions		(0.10	)		(0.20	)		(0.22	)		—

Net asset value, end of period		$11.13			$11.36			$10.65			$10.00


TOTAL RETURN		(1.13	)%(b)		8.56	%(b)		8.82	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$9,068			$7,447			$5,690			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.90	%(c)		0.76	%(c)		1.74	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.06	%(c)		0.06	%(c)		0.08	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		1.75	%(c)		2.51	%(c)		2.19	%		(0.10	)%(c)
Portfolio turnover rate		15	%(b)		13	%(b)		39	%		0	%(b)


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


Financial highlights	concluded

Lifecycle Index Retirement Income Fund § For the period or year ended


	Premier Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.35			$10.65			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.09			0.17			0.23			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.23	)		0.72			0.63			—

Total gain (loss) from investment operations		(0.14	)		0.89			0.86			0.00	(d)


Less distributions from:
Net investment income		(0.09	)		(0.15	)		(0.21	)		—
Net realized gains		—			(0.04	)		—			—

Total distributions		(0.09	)		(0.19	)		(0.21	)		—

Net asset value, end of period		$11.12			$11.35			$10.65			$10.00


TOTAL RETURN		(1.21	)%(b)		8.40	%(b)		8.67	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$2,346			$1,833			$272			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		1.05	%(c)		0.93	%(c)		1.91	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.21	%(c)		0.21	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		1.61	%(c)		2.30	%(c)		2.24	%		(0.25	)%(c)
Portfolio turnover rate		15	%(b)		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 expenses of the underlying Funds. The annualized weighted average expense ratios of the underlying Funds for the periods ended November 30, 2011, May 31, 2011 and September 30, 2010 were 0.13%, 0.12% and 0.13%, respectively.
*	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.


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

Financial highlights

Lifecycle Index 2010 Fund § For the period or year ended


	Retirement Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.72			$10.82			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.15			0.21			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.38	)		0.92			0.65			—

Total gain (loss) from investment operations		(0.32	)		1.07			0.86			0.00	(d)


Less distributions from:
Net investment income		—			(0.16	)		(0.04	)		—
Net realized gains		—			(0.01	)		—			—

Total distributions		—			(0.17	)		(0.04	)		—

Net asset value, end of period		$11.40			$11.72			$10.82			$10.00


TOTAL RETURN		(2.73	)%(b)		9.98	%(b)		8.67	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$2,302			$695			$300			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.60	%(c)		0.63	%(c)		1.22	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.32	%(c)		0.32	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		1.10	%(c)		2.03	%(c)		2.01	%		(0.35	)%(c)
Portfolio turnover rate		15	%(b)		38	%(b)		43	%		0	%(b)


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


Financial highlights	*continued*

Lifecycle Index 2010 Fund § For the period or year ended


	Institutional Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		11.75			$10.84			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.08			0.20			0.17			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.38	)		0.89			0.72			—

Total gain (loss) from investment operations		(0.30	)		1.09			0.89			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		$11.45			$11.75			$10.84			$10.00


TOTAL RETURN		(2.55	)%(b)		10.14	%(b)		8.94	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$58,967			$49,573			$30,599			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.28	%(c)		0.28	%(c)		0.80	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.07	%(c)		0.07	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		1.43	%(c)		2.67	%(c)		1.65	%		(0.10	)%(c)
Portfolio turnover rate		15	%(b)		38	%(b)		43	%		0	%(b)


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


Financial highlights	concluded

Lifecycle Index 2010 Fund § For the period or year ended


	Premier Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.73			$10.83			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.07			0.18			0.22			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.38	)		0.90			0.66			—

Total gain (loss) from investment operations		(0.31	)		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		$11.42			$11.73			$10.83			$10.00


TOTAL RETURN		(2.64	)%(b)		10.02	%(b)		8.79	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$12,351			$7,766			$753			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.43	%(c)		0.43	%(c)		1.04	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.22	%(c)		0.22	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		1.31	%(c)		2.36	%(c)		2.08	%		(0.25	)%(c)
Portfolio turnover rate		15	%(b)		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 expenses of the underlying Funds. The annualized weighted average expense ratios of the underlying Funds for the periods ended November 30, 2011, May 31, 2011 and September 30, 2010 were 0.12%, 0.11% and 0.12%, respectively.
*	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 Semiannual Report	51

Financial highlights

Lifecycle Index 2015 Fund § For the period or year ended


	Retirement Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.86			$10.83			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.11			0.20			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.49	)		1.09			0.67			—

Total gain (loss) from investment operations		(0.44	)		1.20			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		$11.42			$11.86			$10.83			$10.00


TOTAL RETURN		(3.71	)%(b)		11.18	%(b)		8.69	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$5,514			$1,880			$327			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.54	%(c)		0.56	%(c)		1.07	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.33	%(c)		0.33	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		0.89	%(c)		1.47	%(c)		1.89	%		(0.35	)%(c)
Portfolio turnover rate		12	%(b)		13	%(b)		23	%		0	%(b)


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


Financial highlights	continued

Lifecycle Index 2015 Fund § For the period or year ended


	Institutional Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.90			$10.85			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.07			0.19			0.14			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.50	)		1.03			0.75			—

Total gain (loss) from investment operations		(0.43	)		1.22			0.89			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		$11.47			$11.90			$10.85			$10.00


TOTAL RETURN		(3.61	)%(b)		11.43	%(b)		8.96	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$91,003			$74,426			$43,294			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.23	%(c)		0.24	%(c)		0.64	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.08	%(c)		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		1.17	%(c)		2.52	%(c)		1.38	%		(0.10	)%(c)
Portfolio turnover rate		12	%(b)		13	%(b)		23	%		0	%(b)


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


Financial highlights	concluded

Lifecycle Index 2015 Fund § For the period or year ended


	Premier Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.88			$10.83			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.19			0.20			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.50	)		1.03			0.67			—

Total gain (loss) from investment operations		(0.44	)		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		$11.44			$11.88			$10.83			$10.00


TOTAL RETURN		(3.70	)%(b)		11.41	%(b)		8.72	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$15,362			$9,054			$758			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.38	%(c)		0.40	%(c)		0.90	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.23	%(c)		0.22	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		1.05	%(c)		2.47	%(c)		1.97	%		(0.25	)%(c)
Portfolio turnover rate		12	%(b)		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 expenses of the underlying Funds. The annualized weighted average expense ratios of the underlying Funds for the periods ended November 30, 2011, May 31, 2011 and September 30, 2010 were 0.11%, 0.10% and 0.11%, respectively.
*	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.


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

Financial highlights

Lifecycle Index 2020 Fund § For the period or year ended


	Retirement Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.01			$10.83			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.04			0.09			0.19			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.63	)		1.26			0.68			—

Total gain (loss) from investment operations		(0.59	)		1.35			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		$11.42			$12.01			$10.83			$10.00


TOTAL RETURN		(4.91	)%(b)		12.58	%(b)		8.73	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$4,474			$2,363			$304			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.53	%(c)		0.54	%(c)		1.06	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.34	%(c)		0.33	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		0.65	%(c)		1.20	%(c)		1.80	%		(0.35	)%(c)
Portfolio turnover rate		10	%(b)		11	%(b)		22	%		0	%(b)


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


Financial highlights	continued

Lifecycle Index 2020 Fund § For the period or year ended


	Institutional Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.04			$10.85			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.19			0.12			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.62	)		1.18			0.78			—

Total gain (loss) from investment operations		(0.57	)		1.37			0.90			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		$11.47			$12.04			$10.85			$10.00


TOTAL RETURN		(4.73	)%(b)		12.74	%(b)		9.00	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$103,896			$84,549			$51,737			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.22	%(c)		0.23	%(c)		0.62	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.09	%(c)		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		0.90	%(c)		2.48	%(c)		1.16	%		(0.10	)%(c)
Portfolio turnover rate		10	%(b)		11	%(b)		22	%		0	%(b)


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


Financial highlights	concluded

Lifecycle Index 2020 Fund § For the period or year ended


	Premier Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.02			$10.83			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.04			0.18			0.18			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.63	)		1.18			0.69			—

Total gain (loss) from
investment operations		(0.59	)		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		$11.43			$12.02			$10.83			$10.00


TOTAL RETURN		(4.91	)%(b)		12.72	%(b)		8.76	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$24,636			$19,670			$1,851			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.37	%(c)		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	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.77	%(c)		2.38	%(c)		1.72	%		(0.25	)%(c)
Portfolio turnover rate		10	%(b)		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 expenses of the underlying Funds. The annualized weighted average expense ratios of the underlying Funds for the periods ended November 30, 2011, May 31, 2011 and September 30, 2010 were 0.11%, 0.10% and 0.10%, respectively.
*	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 Semiannual Report	57

Financial highlights

Lifecycle Index 2025 Fund § For the period or year ended


	Retirement Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.15			$10.82			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.13			0.18			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.76	)		1.38			0.69			—

Total gain (loss) from investment operations		(0.74	)		1.51			0.87			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		$11.41			$12.15			$10.82			$10.00


TOTAL RETURN		(6.09	)%(b)		14.06	%(b)		8.69	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$3,494			$1,125			$324			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.54	%(c)		0.57	%(c)		1.10	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.34	%(c)		0.33	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		0.40	%(c)		1.65	%(c)		1.69	%		(0.35	)%(c)
Portfolio turnover rate		9	%(b)		9	%(b)		16	%		0	%(b)


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


Financial highlights	continued

Lifecycle Index 2025 Fund § For the period or year ended


	Institutional Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.18			$10.84			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.04			0.19			0.10			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.76	)		1.33			0.79			—

Total gain (loss) from investment operations		(0.72	)		1.52			0.89			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		$11.46			$12.18			$10.84			$10.00


TOTAL RETURN		(5.91	)%(b)		14.21	%(b)		8.96	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$103,399			$86,413			$51,228			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.23	%(c)		0.23	%(c)		0.65	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.09	%(c)		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		0.65	%(c)		2.49	%(c)		0.97	%		(0.10	)%(c)
Portfolio turnover rate		9	%(b)		9	%(b)		16	%		0	%(b)


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


Financial highlights	concluded

Lifecycle Index 2025 Fund § For the period or year ended


	Premier Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.16			$10.83			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.03			0.19			0.17			0.00	(d)
Net realized and unrealized gain (loss) on total
investments		(0.76	)		1.32			0.71			—

Total gain (loss) from
investment operations		(0.73	)		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		$11.43			$12.16			$10.83			$10.00


TOTAL RETURN		(6.00	)%(b)		14.09	%(b)		8.82	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$16,305			$11,066			$1,664			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.38	%(c)		0.39	%(c)		0.89	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.24	%(c)		0.23	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.50	%(c)		2.40	%(c)		1.61	%		(0.25	)%(c)
Portfolio turnover rate		9	%(b)		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 expenses of the underlying Funds. The annualized weighted average expense ratios of the underlying Funds for the periods ended November 30, 2011, May 31, 2011 and September 30, 2010 were 0.10%, 0.09% and 0.10%, respectively.
*	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.


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

Financial highlights

Lifecycle Index 2030 Fund § For the period or year ended


	Retirement Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.31			$10.83			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.13			0.15			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.89	)		1.53			0.72			—

Total gain (loss) from investment operations		(0.88	)		1.66			0.87			0.00	(d)


Less distributions from:
Net investment income		—			(0.18	)		(0.04	)		—

Total distributions		—			(0.18	)		(0.04	)		—

Net asset value, end of period		$11.43			$12.31			$10.83			$10.00


TOTAL RETURN		(7.15	)%(b)		15.52	%(b)		8.69	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$4,864			$2,415			$455			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.53	%(c)		0.54	%(c)		1.01	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.35	%(c)		0.34	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		0.17	%(c)		1.62	%(c)		1.47	%		(0.35	)%(c)
Portfolio turnover rate		8	%(b)		9	%(b)		16	%		0	%(b)


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


Financial highlights	continued

Lifecycle Index 2030 Fund § For the period or year ended


	Institutional Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value,
beginning of period		$12.35			$10.86			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.19			0.07			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.90	)		1.49			0.83			—

Total gain (loss) from
investment operations		(0.88	)		1.68			0.90			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		$11.47			$12.35			$10.86			$10.00


TOTAL RETURN		(7.13	)%(b)		15.64	%(b)		9.06	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of
period or year
(in thousands)		$108,577			$91,910			$56,944			$3,500
Ratio of expenses to
average net assets before
expense waiver and
reimbursement (e)		0.22	%(c)		0.22	%(c)		0.59	%		670.85	%(c)
Ratio of expenses to
average net assets after
expense waiver and
reimbursement (e)		0.10	%(c)		0.09	%(c)		0.07	%		0.10	%(c)
Ratio of net investment
income (loss) to
average net assets		0.42	%(c)		2.46	%(c)		0.71	%		(0.10	)%(c)
Portfolio turnover rate		8	%(b)		9	%(b)		16	%		0	%(b)


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


Financial highlights	concluded

Lifecycle Index 2030 Fund § For the period or year ended


	Premier Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value,
beginning of period		$12.32			$10.84			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.18			0.16			0.00	(d)
Net realized and unrealized
gain (loss) on total
investments		(0.90	)		1.49			0.72			—

Total gain (loss) from
investment operations		(0.88	)		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		$11.44			$12.32			$10.84			$10.00


TOTAL RETURN		(7.14	)%(b)		15.54	%(b)		8.82	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of
period or year
(in thousands)		$20,438			$15,655			$1,095			$250
Ratio of expenses to
average net assets before
expense waiver and
reimbursement (e)		0.37	%(c)		0.37	%(c)		0.83	%		875.72	%(c)
Ratio of expenses to
average net assets after
expense waiver and
reimbursement (e)		0.25	%(c)		0.24	%(c)		0.23	%		0.25	%(c)
Ratio of net investment
income (loss) to
average net assets		0.27	%(c)		2.33	%(c)		1.56	%		(0.25	)%(c)
Portfolio turnover rate		8	%(b)		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 expenses of the underlying Funds. The annualized weighted average expense ratio of the underlying Funds for the periods ended November 30, 2011, May 31, 2011 and September 30, 2010 was 0.09%.
*	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 Semiannual Report	63

Financial highlights

Lifecycle Index 2035 Fund § For the period or year ended


	Retirement Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value,
beginning of period		$12.44			$10.82			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.00	(d)		0.13			0.15			0.00	(d)
Net realized and unrealized
gain (loss) on total
investments		(1.03	)		1.68			0.71			—

Total gain (loss) from
investment operations		(1.03	)		1.81			0.86			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		$11.41			$12.44			$10.82			$10.00


TOTAL RETURN		(8.28	)%(b)		16.89	%(b)		8.64	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of
period or year
(in thousands)		$3,846			$1,597			$404			$250
Ratio of expenses to
average net assets before
expense waiver and
reimbursement (e)		0.54	%(c)		0.55	%(c)		1.04	%		875.82	%(c)
Ratio of expenses to
average net assets after
expense waiver and
reimbursement (e)		0.35	%(c)		0.34	%(c)		0.33	%		0.35	%(c)
Ratio of net investment
income (loss) to
average net assets		(0.04	)%(c)		1.61	%(c)		1.41	%		(0.35	)%(c)
Portfolio turnover rate		11	%(b)		10	%(b)		10	%		0	%(b)


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


Financial highlights	continued

Lifecycle Index 2035 Fund § For the period or year ended


	Institutional Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value,
beginning of period		$12.48			$10.84			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.19			0.05			0.00	(d)
Net realized and unrealized
gain (loss) on total
investments		(1.03	)		1.65			0.84			—

Total gain (loss) from
investment operations		(1.02	)		1.84			0.89			0.00	(d)


Less distributions from:
Net investment income		—			(0.20	)		(0.05	)		—

Total distributions		—			(0.20	)		(0.05	)		—

Net asset value, end of period		$11.46			$12.48			$10.84			$10.00


TOTAL RETURN		(8.17	)%(b)		17.12	%(b)		8.91	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of
period or year
(in thousands)		$108,150			$91,325			$56,430			$3,500
Ratio of expenses to
average net assets before
expense waiver and
reimbursement (e)		0.23	%(c)		0.23	%(c)		0.61	%		670.85	%(c)
Ratio of expenses to
average net assets after
expense waiver and
reimbursement (e)		0.10	%(c)		0.09	%(c)		0.07	%		0.10	%(c)
Ratio of net investment
income (loss) to
average net assets		0.21	%(c)		2.46	%(c)		0.52	%		(0.10	)%(c)
Portfolio turnover rate		11	%(b)		10	%(b)		10	%		0	%(b)


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


Financial highlights	concluded

Lifecycle Index 2035 Fund § For the period or year ended


	Premier Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value,
beginning of period		$12.46			$10.83			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.00	(d)		0.18			0.14			0.00	(d)
Net realized and unrealized
gain (loss) on total
investments		(1.03	)		1.64			0.73			—

Total gain (loss) from
investment operations		(1.03	)		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		$11.43			$12.46			$10.83			$10.00


TOTAL RETURN		(8.27	)%(b)		17.00	%(b)		8.77	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of
period or year
(in thousands)		$12,283			$7,916			$1,336			$250
Ratio of expenses to
average net assets before
expense waiver and
reimbursement (e)		0.38	%(c)		0.38	%(c)		0.85	%		875.72	%(c)
Ratio of expenses to
average net assets after
expense waiver and
reimbursement (e)		0.25	%(c)		0.24	%(c)		0.23	%		0.25	%(c)
Ratio of net investment
income (loss) to
average net assets		0.06	%(c)		2.31	%(c)		1.40	%		(0.25	)%(c)
Portfolio turnover rate		11	%(b)		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 expenses of the underlying Funds. The annualized weighted average expense ratios of the underlying Funds for the periods ended November 30, 2011, May 31, 2011 and September 30, 2010 were 0.09%, 0.08% and 0.09%, respectively.
*	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.


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

Financial highlights

Lifecycle Index 2040 Fund § For the period or year ended


	Retirement Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.48			$10.84			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.00	(d)		0.11			0.15			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(1.06	)		1.72			0.71			—

Total gain (loss) from investment operations		(1.06	)		1.83			0.86			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		$11.42			$12.48			$10.84			$10.00


TOTAL RETURN		(8.49	)%(b)		17.06	%(b)		8.62	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$4,794			$1,882			$395			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.51	%(c)		0.54	%(c)		0.88	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.35	%(c)		0.34	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		(0.08	)%(c)		1.37	%(c)		1.41	%		(0.35	)%(c)
Portfolio turnover rate		10	%(b)		10	%(b)		11	%		0	%(b)


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


Financial highlights	continued

Lifecycle Index 2040 Fund § For the period or year ended


	Institutional Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.52			$10.87			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.20			0.04			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(1.06	)		1.65			0.86			—

Total gain (loss) from investment operations		(1.05	)		1.85			0.90			0.00	(d)


Less distributions from:
Net investment income		—			(0.20	)		(0.03	)		—

Total distributions		—			(0.20	)		(0.03	)		—

Net asset value, end of period		$11.47			$12.52			$10.87			$10.00


TOTAL RETURN		(8.39	)%(b)		17.19	%(b)		8.98	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$149,629			$119,510			$79,123			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.20	%(c)		0.21	%(c)		0.47	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.10	%(c)		0.09	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		0.16	%(c)		2.46	%(c)		0.42	%		(0.10	)%(c)
Portfolio turnover rate		10	%(b)		10	%(b)		11	%		0	%(b)


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


Financial highlights	concluded

Lifecycle Index 2040 Fund § For the period or year ended


	Premier Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.49			$10.85			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.00	(d)		0.18			0.14			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(1.06	)		1.65			0.73			—

Total gain (loss) from investment operations		(1.06	)		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		$11.43			$12.49			$10.85			$10.00


TOTAL RETURN		(8.49	)%(b)		17.08	%(b)		8.74	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$14,607			$11,311			$1,790			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.36	%(c)		0.37	%(c)		0.69	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.24	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.02	%(c)		2.32	%(c)		1.32	%		(0.25	)%(c)
Portfolio turnover rate		10	%(b)		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 expenses of the underlying Funds. The annualized weighted average expense ratios of the underlying Funds for the periods ended November 30, 2011, May 31, 2011 and September 30, 2010 were 0.09%, 0.08% and 0.09%, respectively.
*	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 Semiannual Report	69

Financial highlights

Lifecycle Index 2045 Fund § For the period or year ended


	Retirement Class

	11/30/11			05/31/11		†	09/30/10			09/30/09		*

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.39			$10.77			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.00	(d)		0.16			0.15			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(1.05	)		1.65			0.71			—

Total gain (loss) from investment operations		(1.05	)		1.81			0.86			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		$11.34			$12.39			$10.77			$10.00


TOTAL RETURN		(8.47	)%(b)		16.98	%(b)		8.67	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$1,529			$596			$325			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.70	%(c)		0.70	%(c)		1.53	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.35	%(c)		0.34	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		(0.08	)%(c)		1.99	%(c)		1.46	%		(0.35	)%(c)
Portfolio turnover rate		14	%(b)		11	%(b)		10	%		0	%(b)


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


Financial highlights	continued

Lifecycle Index 2045 Fund § For the period or year ended


	Institutional Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.42			$10.79			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.19			0.09			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(1.05	)		1.64			0.80			—

Total gain (loss) from investment operations		(1.04	)		1.83			0.89			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		$11.38			$12.42			$10.79			$10.00


TOTAL RETURN		(8.37	)%(b)		17.13	%(b)		8.94	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$35,293			$28,529			$17,294			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.38	%(c)		0.35	%(c)		1.15	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.10	%(c)		0.09	%(c)		0.08	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		0.16	%(c)		2.42	%(c)		0.90	%		(0.10	)%(c)
Portfolio turnover rate		14	%(b)		11	%(b)		10	%		0	%(b)


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


Financial highlights	concluded

Lifecycle Index 2045 Fund § For the period or year ended


	Premier Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.40			$10.78			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.00	(d)		0.18			0.16			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(1.04	)		1.63			0.71			—

Total gain (loss) from investment operations		(1.04	)		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		$11.36			$12.40			$10.78			$10.00


TOTAL RETURN		(8.39	)%(b)		17.01	%(b)		8.80	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$5,752			$4,521			$408			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.54	%(c)		0.51	%(c)		1.37	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.24	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.01	%(c)		2.25	%(c)		1.57	%		(0.25	)%(c)
Portfolio turnover rate		14	%(b)		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 expenses of the underlying Funds. The annualized weighted average expense ratios of the underlying Funds for the periods ended November 30, 2011, May 31, 2011 and September 30, 2010 were 0.09%, 0.08% and 0.09%, respectively.
*	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.


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

Financial highlights

Lifecycle Index 2050 Fund § For the period or year ended


	Retirement Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.38			$10.76			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.00	(d)		0.17			0.15			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(1.05	)		1.64			0.71			—

Total gain (loss) from investment operations		(1.05	)		1.81			0.86			0.00	(d)


Less distributions from:
Net investment income		—			(0.19	)		(0.10	)		—

Total distributions		—			(0.19	)		(0.10	)		—

Net asset value, end of period		$11.33			$12.38			$10.76			$10.00


TOTAL RETURN		(8.48	)%(b)		17.01	%(b)		8.67	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$844			$404			$286			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.84	%(c)		0.80	%(c)		1.80	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.35	%(c)		0.34	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		(0.08	)%(c)		2.14	%(c)		1.49	%		(0.35	)%(c)
Portfolio turnover rate		16	%(b)		12	%(b)		11	%		0	%(b)


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


Financial highlights	continued

Lifecycle Index 2050 Fund § For the period or year ended


	Institutional Class

	11/30/11			05/31/11		^†	09/30/10			09/30/09		*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.42			$10.78			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.18			0.11			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(1.05	)		1.66			0.78			—

Total gain (loss) from investment operations		(1.04	)		1.84			0.89			0.00	(d)


Less distributions from:
Net investment income		—			(0.20	)		(0.11	)		—

Total distributions		—			(0.20	)		(0.11	)		—

Net asset value, end of period		$11.38			$12.42			$10.78			$10.00


TOTAL RETURN		(8.37	)%(b)		17.26	%(b)		8.94	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$24,430			$19,744			$11,539			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.51	%(c)		0.43	%(c)		1.46	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.10	%(c)		0.09	%(c)		0.08	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		0.16	%(c)		2.35	%(c)		1.10	%		(0.10	)%(c)
Portfolio turnover rate		16	%(b)		12	%(b)		11	%		0	%(b)


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


Financial highlights	concluded

Lifecycle Index 2050 Fund § For the period or year ended


	Premier Class

	11/30/11			05/31/11^†			09/30/10			09/30/09*

	(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$12.39			$10.77			$10.00			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.00	(d)		0.18			0.16			0.00	(d)
Net realized and unrealized gain (loss) on total investments		(1.04	)		1.64			0.71			—

Total gain (loss) from investment operations		(1.04	)		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		$11.35			$12.39			$10.77			$10.00


TOTAL RETURN		(8.39	)%(b)		17.04	%(b)		8.80	%		0.00	%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$2,869			$2,458			$328			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.66	%(c)		0.60	%(c)		1.65	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.24	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.01	%(c)		2.27	%(c)		1.59	%		(0.25	)%(c)
Portfolio turnover rate		16	%(b)		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 expenses of the underlying Funds. The annualized weighted average expense ratios of the underlying Funds for the periods ended November 30, 2011, May 31, 2011 and September 30, 2010 were 0.09%, 0.08% and 0.09%, respectively.
*	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 Semiannual Report	75


Financial highlights

Lifecycle Index 2055 Fund § For the period or year ended


	Retirement Class						Institutional Class						Premier Class

	11/30/11			05/31/11*			11/30/11			05/31/11*			11/30/11			05/31/11*

	(unaudited)						(unaudited)						(unaudited)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$9.87			$10.00			$9.87			$10.00			$9.87			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.00	(d)		0.00	(d)		0.01			0.00	(d)		0.00	(d)		0.00	(d)
Net realized and unrealized gain (loss) on total investments		(0.84	)		(0.13	)		(0.84	)		(0.13	)		(0.84	)		(0.13	)

Total gain (loss) from investment operations		(0.84	)		(0.13	)		(0.83	)		(0.13	)		(0.84	)		(0.13	)


Less distributions from:
Net investment income		—			—			—			—			—			—

Total distributions		—			—			—			—			—			—

Net asset value, end of period		$9.03			$9.87			$9.04			$9.87			$9.03			$9.87


TOTAL RETURN		(8.51	)%(b)		(1.30	)%(b)		(8.41	)%(b)		(1.30	)%(b)		(8.51	)%(b)		(1.30	)%(b)

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$904			$987			$7,396			$7,896			$943			$987
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		1.55	%(c)		9.33	%(c)		1.22	%(c)		8.35	%(c)		1.39	%(c)		9.18	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.35	%(c)		0.35	%(c)		0.10	%(c)		0.10	%(c)		0.25	%(c)		0.25	%(c)
Ratio of net investment income (loss) to average net assets		(0.08	)%(c)		(0.09	)%(c)		0.17	%(c)		0.16	%(c)		0.02	%(c)		0.01	%(c)
Portfolio turnover rate		3	%(b)		1	%(b)		3	%(b)		1	%(b)		3	%(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 for the periods ended November 30, 2011 and May 31, 2011 was 0.09%.
*	The Retirement Class, Institutional Class, and Premier Class commenced operations on April 29, 2011.


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

Notes to financial statements (unaudited)

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 mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly-owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. The Funds offer Institutional, Retirement and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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

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.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	77

Notes to financial statements (unaudited)

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.

Note 2—valuation of investments


•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)
•	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

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.


78	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

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 November 30, 2011, there were no significant transfers between levels by the Funds.

As of November 30, 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.

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 are subject to 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 acquired fund fees and expenses 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


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	79

Notes to financial statements (unaudited)

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 November 30, 2011:


Fund	TIAA

Lifecycle Index Retirement Income	39	%
Lifecycle Index 2010	6	%
Lifecycle Index 2015	4	%
Lifecycle Index 2020	4	%
Lifecycle Index 2025	4	%
Lifecycle Index 2030	4	%
Lifecycle Index 2035	4	%
Lifecycle Index 2040	3	%
Lifecycle Index 2045	11	%
Lifecycle Index 2050	17	%
Lifecycle Index 2055	98	%

Note 4—investments


Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation/ (depreciation)

Lifecycle Index Retirement Income	$	11,324,391	$	690,146	$	(51,656	)	$	638,490
Lifecycle Index 2010		70,609,063		3,081,084		(371,801	)		2,709,283
Lifecycle Index 2015		107,413,249		4,813,214		(709,802	)		4,103,412
Lifecycle Index 2020		127,720,179		5,844,305		(1,050,638	)		4,793,667
Lifecycle Index 2025		118,078,968		5,461,634		(1,106,044	)		4,355,590
Lifecycle Index 2030		128,537,014		6,256,817		(1,483,715	)		4,773,102
Lifecycle Index 2035		119,325,269		5,955,827		(1,462,898	)		4,492,929
Lifecycle Index 2040		161,323,752		8,823,075		(1,820,966	)		7,002,109
Lifecycle Index 2045		40,957,590		1,918,186		(574,823	)		1,343,363
Lifecycle Index 2050		26,938,296		1,362,277		(374,960	)		987,317
Lifecycle Index 2055		10,212,685		15,379		(981,045	)		(965,666	)


80	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

Purchases and sales: Purchases and sales of securities (other than short-term money market instruments) for all of the Funds for the period ended November 30, 2011 were as follows:


Fund		Purchases		Sales

Lifecycle Index Retirement Income	$	4,196,196	$	1,609,614
Lifecycle Index 2010		27,216,607		9,884,700
Lifecycle Index 2015		41,398,831		11,367,783
Lifecycle Index 2020		43,219,574		11,346,539
Lifecycle Index 2025		40,003,057		9,576,023
Lifecycle Index 2030		41,284,196		9,410,760
Lifecycle Index 2035		43,754,206		11,911,511
Lifecycle Index 2040		61,979,804		14,873,589
Lifecycle Index 2045		16,866,238		5,069,229
Lifecycle Index 2050		11,442,039		3,986,603
Lifecycle Index 2055		486,753		279,988

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended May 31, 2011 was as follows:


	2011

Fund	Ordinary income		Long-term capital gains		Total

Lifecycle Index Retirement Income	$	149,538		$—	$	149,538
Lifecycle Index 2010		812,902		—		812,902
Lifecycle Index 2015		1,114,874		—		1,114,874
Lifecycle Index 2020		1,343,207		—		1,343,207
Lifecycle Index 2025		1,271,953		—		1,271,953
Lifecycle Index 2030		1,466,280		—		1,466,280
Lifecycle Index 2035		1,370,113		—		1,370,113
Lifecycle Index 2040		1,866,031		—		1,866,031
Lifecycle Index 2045		442,187		—		442,187
Lifecycle Index 2050		291,360		—		291,360
Lifecycle Index 2055		—		—		—

The tax character of the fiscal year 2012 distributions will be determined at the end of the fiscal year.


TIAA-CREF Lifecycle Index Funds § 2011 Semiannual Report	81


Notes to financial statements (unaudited)	concluded

Note 6—line of credit

Each of the Funds participates in a $1.5 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. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the period ended November 30, 2011, there were no borrowings under this credit facility by the Funds.

Note 7—indemnification


82	2011 Semiannual Report § TIAA-CREF Lifecycle Index Funds

[This page intentionally left blank.]

How to reach us

TIAA-CREF website

tiaa-cref.org
24 hours a day, 7 days a week

Automated telephone service

800 842-2252
24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday



You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not		bank guaranteed, are not bank 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.


©2012 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206


	730 Third Avenue New York, NY 10017-3206	PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF

SGS-SFICOC-US10/81462


	Printed on paper containing recycled fiber

eDelivery will save trees, conserve paper and reduce mailbox clutter.

Sign up today at www.tiaa-cref.org/eDelivery


C2111	A12028 (1/12)


	730 Third Avenue New York, NY 10017-3206

SGS-SFICOC-US10/81462


	Printed on paper containing recycled fiber


C2111	A12028 (1/12)






			2011 Semiannual Report

			TIAA-CREF
			Managed Allocation Fund
			of the TIAA-CREF Funds

			November 30, 2011


	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 (unaudited)
	Statement of assets and liabilities	10
	Statement of operations	11
	Statement of changes in net assets	12
	Financial highlights	14
	Notes to financial statements	18

	How to reach us	Inside back cover

Understanding your fund report


This semiannual report contains information about the Managed Allocation Fund and describes the fund’s results for the six months ended November 30, 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 market index.
•	The portfolio of investments lists the underlying funds in which the Managed Allocation Fund had investments as of November 30, 2011.
•	The financial statements provide detailed information about the operations and financial condition of the fund.

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


2	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

Information for investors

Portfolio holdings


The complete Managed Allocation Fund’s portfolio of investments appears on page 9 of this report. You can also obtain a complete list of the holdings of the Managed Allocation Fund and of the underlying funds in which the Managed Allocation Fund invests (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
•	By visiting our website at tiaa-cref.org; or
•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.
You can 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. Form N-CSR filings are as of May 31 or November 30; Form N-Q filings are as of February 28 or 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’s 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 Semiannual Report	3

Important information about expenses


Shareholders in the Managed Allocation Fund incur only one of two potential types of costs:
•	Shareholders do not incur 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 (June 1, 2011–November 30, 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 shows hypothetical account values and expenses based on the share class’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 the 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 mutual funds.


4	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

Important information about expenses

Expense example

Six months ended November 30, 2011



Managed Allocation Fund	Beginning account value (6/1/11		)	Ending account value (11/30/11		)	Expenses paid during period (6/1/11-11/30/11		* )	Effective expenses paid during period (6/1/11-11/30/11		^† )

Institutional Class
Actual return	$	1,000.00		$	942.39		$	0.00		$	2.14
5% annual hypothetical return		1,000.00			1,025.00			0.00			2.23

Retirement Class
Actual return	$	1,000.00		$	941.10		$	1.21		$	3.35
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.49

Retail Class
Actual return	$	1,000.00		$	941.48		$	1.21		$	3.35
5% annual hypothetical return		1,000.00			1,023.75			1.26			3.49


*	“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 183/365. There were 183 days in the six months ended November 30, 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 0.25% 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 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 0.44% for the Institutional Class, 0.69% for the Retirement Class and 0.69% for the Retail Class.


TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	5

Managed Allocation Fund

Performance for the six months ended November 30, 2011

The Managed Allocation Fund returned –5.76% for the Institutional Class, compared with the –4.47% return of its benchmark, the Managed Allocation Composite Index. For the one-year period ended November 30, 2011, the fund returned 3.74%, versus 5.10% for its composite index. The table on the following page shows returns for all share classes of the fund.

Stocks fall, but bonds rise in a volatile market

The U.S. stock market, as measured by the Russell 3000^® Index, fell 7.48% for the period covered by this report. The market suffered accelerating losses from June to September, as investors grew increasingly concerned about the intensifying debt crisis in Europe and the weakness of the U.S. recovery. After a double-digit rally in October, stocks slipped once again in November on renewed fears of a slowing global economy.

Foreign stocks posted steeper losses than domestic issues during the six months as a result of Europe’s debt problems and slowing growth rates in the Pacific region. 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, fell 17.30% in dollar terms.

As the economic picture continued to darken during the period, many investors gravitated to the relative safety of fixed-income securities, despite yields that were at historically low levels. For example, the yield on 10-year U.S. Treasury securities fell from 3.05% at the end of May to 2.08% at the end of November. The broad investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index, returned 3.54% for the six months.

The fund lags its composite benchmark in a declining market

For the period, the Managed Allocation Fund trailed its composite benchmark partly because of unfavorable results from its largest underlying fund holding, the Bond Plus Fund. This fund returned 1.66% but underperformed the Barclays Capital aggregate index by almost two percentage points.

The Managed Allocation Fund’s relative performance was also hindered by its investment in the International Equity Fund (down 24.66%), which lagged the MSCI EAFE+EM Index by a significant margin over the six months. A position in the Large-Cap Value Fund (down 12.75%) lowered relative performance as well. Together, these three funds made up more than one-half of the fund’s net assets at period-end. (Fund returns are for the Institutional Class.)


6	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

Managed Allocation Fund

Performance as of November 30, 2011



		Total return				Average annual total return

Managed Allocation Fund	Inception date	6 months		1 year		5 years		since inception

Institutional Class	3/31/2006	–5.76	%	3.74	%	1.72	%	2.70	%
Retirement Class	3/31/2006	–5.89		3.49		1.46		2.43
Retail Class	3/31/2006	–5.85		3.62		1.63		2.62

Managed Allocation
Composite Index*	—	–4.47		5.10		2.31		3.40	^†

Broad market index
Russell 3000 Index	—	–7.48		7.00		0.06		1.52	^†

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


*	On November 30, 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 the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	The performance is calculated from the inception date of the Institutional Class.


TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	7

Managed Allocation Fund


Asset allocation

	% of net assets as of 11/30/2011

Equity
U.S. equity	45.4	%
International equity	14.7
Fixed income	39.8
Other assets & liabilities, net	0.1

Total	100.0

Target allocation

(PIE CHART)

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 Semiannual Report § TIAA-CREF Managed Allocation Fund

Portfolio of investments (unaudited)

Managed Allocation Fund § November 30, 2011


	Shares	Company		Value		% of net assets

TIAA-CREF FUNDS (a)

FIXED INCOME
	21,132,157	TIAA-CREF Bond Plus Fund		$	218,506,501	39.8	%

					218,506,501	39.8

INTERNATIONAL EQUITY
	2,112,418	TIAA-CREF Emerging Markets Equity Fund			20,553,828	3.7
	4,689,864	TIAA-CREF Enhanced International Equity Index Fund			30,296,523	5.5
	3,831,715	TIAA-CREF International Equity Fund			29,964,011	5.5

					80,814,362	14.7

U.S. EQUITY
	4,855,172	TIAA-CREF Enhanced Large-Cap Growth Index Fund			46,415,448	8.5
	5,704,698	TIAA-CREF Enhanced Large-Cap Value Index Fund			45,580,538	8.3
	4,234,213	TIAA-CREF Growth & Income Fund			39,166,470	7.1
	4,368,451	TIAA-CREF Large-Cap Growth Fund			46,349,261	8.4
	3,740,273	TIAA-CREF Large-Cap Value Fund			45,556,521	8.3
	185,224	TIAA-CREF Mid-Cap Growth Fund			3,437,757	0.6
	208,245	TIAA-CREF Mid-Cap Value Fund			3,456,869	0.6
	1,422,952	TIAA-CREF Small-Cap Equity Fund			19,679,431	3.6

					249,642,295	45.4

		TOTAL TIAA-CREF FUNDS	(Cost $546,742,291)		548,963,158	99.9


		TOTAL PORTFOLIO	(Cost $546,742,291)		548,963,158	99.9
		OTHER ASSETS & LIABILITIES, NET			310,122	0.1

		NET ASSETS		$	549,273,280	100.0	%




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


See notes to financial statements	TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	9

Statement of assets and liabilities (unaudited)

Managed Allocation Fund § November 30, 2011




ASSETS
Affiliated investments, at value*	$	548,963,158
Cash		310,008
Receivable from Fund shares sold		232,424
Dividends and interest receivable		661,993
Due from affiliates		5,163
Other		22,425

Total assets		550,195,171


LIABILITIES
Service agreement fees payable		543
Distribution fees payable		244,560
Due to affiliates		4,458
Payable for securities transactions		353,000
Payable for Fund shares redeemed		169,529
Accrued expenses & other payables		149,801

Total liabilities		921,891

NET ASSETS	$	549,273,280


NET ASSETS CONSIST OF:
Paid-in-capital	$	574,704,004
Undistributed net investment income (loss)		1,082,869
Accumulated net realized gain (loss) on total investments		(28,734,460	)
Net unrealized appreciation (depreciation) on total investments		2,220,867

NET ASSETS	$	549,273,280


INSTITUTIONAL CLASS:
Net assets	$	5,755,827
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		592,569

Net asset value per share		$9.71


RETIREMENT CLASS:
Net assets	$	27,994,635
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,885,320

Net asset value per share		$9.70


RETAIL CLASS:
Net assets	$	515,522,818
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		52,992,068

Net asset value per share		$9.73

* Affiliated investments, cost	$	546,742,291


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

Statement of operations (unaudited)

Managed Allocation Fund § For the period ended November 30, 2011




INVESTMENT INCOME
Dividends from affiliated investments	$	4,409,718

Total income		4,409,718


EXPENSES
Distribution fees — Retail Class		464,756
Fund administration fees		17,942
Custody and accounting fees		6,833
Professional fees		13,201
Shareholder reports		20,213
Shareholder servicing — Institutional Class		140
Shareholder servicing — Retirement Class		36,313
Shareholder servicing — Retail Class		192,211
Trustee fees and expenses		2,749
Compliance fees		6,523
Interest expense		442
Registration fees		24,487
Other expenses		10,388

Total expenses		796,198
Less: Expenses reimbursed by the investment adviser		(105,032	)

Net expenses		691,166

Net investment income (loss)		3,718,552


NET REALIZED AND UNREALIZED GAIN (LOSS) FROM AFFILIATED INVESTMENTS:
Net realized gain (loss) from affiliated investments		6,733,021

Net change in unrealized appreciation (depreciation) from affiliated investments		(45,311,489	)

Net realized and unrealized gain (loss) from affiliated investments		(38,578,468	)

Net increase (decrease) in net assets resulting from operations	$	(34,859,916	)


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

Statement of changes in net assets

Managed Allocation Fund § For the period or year ended


		For the period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010

		(unaudited		)
OPERATIONS
Net investment income (loss)		$	3,718,552		$	11,440,845		$	12,591,028
Net realized gain (loss) from affiliated investments			6,733,021			13,977,090			13,676,895
Net change in unrealized appreciation (depreciation) from affiliated investments			(45,311,489	)		41,136,526			24,039,726

Net increase (decrease) from operations			(34,859,916	)		66,554,461			50,307,649


DISTRIBUTION TO SHAREHOLDERS
From net investment income:
	Institutional Class		(36,482	)		(62,350	)		(37,089	)
	Retirement Class		(203,008	)		(504,469	)		(562,210	)
	Retail Class		(3,754,092	)		(9,521,933	)		(11,986,288	)

Total distributions			(3,993,582	)		(10,088,752	)		(12,585,587	)


SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		2,051,976			2,399,406			1,682,964
	Retirement Class		3,569,654			9,239,041			9,388,130
	Retail Class		17,685,888			39,159,018			41,096,004
Reinvestments of distributions:
	Institutional Class		35,704			60,519			29,762
	Retirement Class		203,008			504,469			562,210
	Retail Class		3,574,186			9,021,946			11,450,801
Redemptions:	Institutional Class		(241,080	)		(1,190,095	)		(1,321,657	)
	Retirement Class		(6,287,301	)		(4,391,982	)		(8,485,393	)
	Retail Class		(31,271,911	)		(45,132,635	)		(53,942,310	)

Net increase (decrease) from shareholder transactions			(10,679,876	)		9,669,687			460,511

Net increase (decrease) in net assets			(49,533,374	)		66,135,396			38,182,573

NET ASSETS
Beginning of period		$	598,806,654		$	532,671,258		$	494,488,685

End of period		$	549,273,280		$	598,806,654		$	532,671,258

Undistributed net investment income (loss) included in net assets		$	1,082,869		$	1,357,899		$	5,806


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

concluded


		For the period ended November 30, 2011			For the eight-month period ended May 31, 2011			For the year ended September 30, 2010

		(unaudited		)

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		214,811			239,231			183,529
	Retirement Class		367,244			933,908			1,038,761
	Retail Class		1,805,701			3,910,196			4,547,497
Shares reinvested:
	Institutional Class		3,745			6,143			3,272
	Retirement Class		21,122			51,328			62,458
	Retail Class		371,587			915,740			1,268,455
Shares redeemed:
	Institutional Class		(24,801	)		(117,079	)		(146,711	)
	Retirement Class		(647,169	)		(439,468	)		(942,830	)
	Retail Class		(3,199,929	)		(4,509,496	)		(5,972,431	)

Net increase (decrease) from shareholder transactions			(1,087,689	)		990,503			42,000


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

Financial highlights

Managed Allocation Fund § For the period or year ended


	Institutional Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$10.39			$ 9.40			$8.73			$8.86			$11.03			$10.11			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.08			0.21			0.24			0.24			0.33			0.33			0.11
Net realized and unrealized gain (loss) on total investments		(0.68	)		0.97			0.67			(0.13	)		(2.16	)		1.12			0.11

Total gain (loss) from investment operations		(0.60	)		1.18			0.91			0.11			(1.83	)		1.45			0.22


Less distributions from:
Net investment income		(0.08	)		(0.19	)		(0.24	)		(0.24	)		(0.33	)		(0.53	)		(0.11	)
Net realized gains		—			—			—			—			(0.01	)		—			—

Total distributions		(0.08	)		(0.19	)		(0.24	)		(0.24	)		(0.34	)		(0.53	)		(0.11	)

Net asset value, end of period		$ 9.71			$10.39			$9.40			$8.73			$ 8.86			$11.03			$10.11


TOTAL RETURN		(5.76	)%(b)		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)		$5,756			$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)		0.04	%(c)		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	%(c)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		1.57	%(c)		3.18	%(c)		2.68	%		3.15	%		3.28	%		3.12	%		2.26	%(c)
Portfolio turnover rate		7	%(b)		10	%(b)		21	%		48	%		26	%		13	%		8	%(b)


14	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund	See notes to financial statements


Financial highlights	continued

Managed Allocation Fund § For the period or year ended


	Retirement Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$10.38			$9.39			$8.72			$8.86			$11.03			$10.13			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.07			0.19			0.21			0.21			0.29			0.35			0.11
Net realized and unrealized gain (loss) on total investments		(0.68	)		0.98			0.67			(0.12	)		(2.14	)		1.06			0.11

Total gain (loss) from investment operations		(0.61	)		1.17			0.88			0.09			(1.85	)		1.41			0.22


Less distributions from:
Net investment income		(0.07	)		(0.18	)		(0.21	)		(0.23	)		(0.31	)		(0.51	)		(0.09	)
Net realized gains		—			—			—			—			(0.01	)		—			—

Total distributions		(0.07	)		(0.18	)		(0.21	)		(0.23	)		(0.32	)		(0.51	)		(0.09	)

Net asset value, end of period		$9.70			$10.38			$9.39			$8.72			$8.86			$11.03			$10.13


TOTAL RETURN		(5.89	)%(b)		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)		$27,995			$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)		0.29	%(c)		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	%(c)		0.25	%		0.25	%		0.24	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		1.33	%(c)		2.87	%(c)		2.36	%		2.82	%		2.84	%		3.26	%		2.14	%(c)
Portfolio turnover rate		7	%(b)		10	%(b)		21	%		48	%		26	%		13	%		8	%(b)


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


Financial highlights	continued

Managed Allocation Fund § For the period or year ended


	Retail Class

	11/30/11			5/31/11		^†	9/30/10			9/30/09			9/30/08			9/30/07			9/30/06		(d)

	(unaudited		)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$10.41			$9.42			$8.75			$8.88			$11.05			$10.16			$10.00


Gain (loss) from investment operations:
Net investment income (loss) (a)		0.07			0.20			0.22			0.24			0.32			0.22			0.13
Net realized and unrealized gain (loss) on total investments		(0.68	)		0.97			0.67			(0.13	)		(2.15	)		1.21			0.10

Total gain (loss) from investment operations		(0.61	)		1.17			0.89			0.11			(1.83	)		1.43			0.23


Less distributions from:
Net investment income		(0.07	)		(0.18	)		(0.22	)		(0.24	)		(0.33	)		(0.54	)		(0.07	)
Net realized gains		—			—			—			—			(0.01	)		—			—

Total distributions		(0.07	)		(0.18	)		(0.22	)		(0.24	)		(0.34	)		(0.54	)		(0.07	)

Net asset value, end of period		$9.73			$10.41			$9.42			$8.75			$8.88			$11.05			$10.16


TOTAL RETURN		(5.85	)%(b)		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)		$515,523			$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)		0.29	%(c)		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)		0.25	%(c)		0.21	%(c)		0.16	%		0.05	%		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		1.33	%(c)		3.01	%(c)		2.47	%		3.16	%		3.16	%		1.99	%		2.56	%(c)
Portfolio turnover rate		7	%(b)		10	%(b)		21	%		48	%		26	%		13	%		8	%(b)


16	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund	See notes to financial statements


Financial highlights	concluded

Managed Allocation Fund • For the period or year ended


(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 November 30, 2011, May 31, 2011 and September 30, 2010 were 0.44%, 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 Semiannual Report	17

Notes to financial statements (unaudited)

Managed Allocation Fund

Note 1—organization and significant accounting policies

The TIAA-CREF Managed Allocation Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

The Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly-owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Fund. The Fund offers three share classes: Institutional, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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

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

Income and expenses of the Fund are allocated on a pro rata basis to each class of shares of the Fund, 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 that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.


18	2011 Semiannual Report § TIAA-CREF Managed Allocation 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 (2008-2011) and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

Trustee compensation: The Fund pays the members of 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


•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)
•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)


TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	19

Notes to financial statements (unaudited)

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 November 30, 2011, there were no significant transfers between levels by the Fund.

As of November 30, 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 expenses 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.


20	2011 Semiannual Report § TIAA-CREF Managed Allocation Fund

concluded

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 2011, the cost of portfolio investments for federal income tax purposes was $548,218,113. Net unrealized appreciation of portfolio investments for federal income tax purposes was $745,045, consisting of gross unrealized appreciation of $25,202,198, and gross unrealized depreciation of $(24,457,153).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term money market instruments) for the period ended November 30, 2011 were $40,628,985 and $51,853,481, 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 was as follows:


	Ordinary income	Long-term capital gains	Total

May 31, 2011	$10,088,752	$—	$10,088,752

The tax character of the fiscal year 2012 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

The Fund participates in a $1.5 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. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the period ended November 30, 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 unlikely.


TIAA-CREF Managed Allocation Fund § 2011 Semiannual Report	21

[This page intentionally left blank.]

How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday




You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252 for the 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 bank 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.

©2012 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF),
730 Third Avenue, New York, NY 10017-3206.


	730 Third Avenue New York, NY 10017-3206	PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF

SGS-SFICOC-US10/81462


	Printed on paper containing recycled fiber

eDelivery will save trees, conserve paper and reduce mailbox clutter.

Sign up today at www.tiaa-cref.org/eDelivery


C2162	A12486 (1/12)


	730 Third Avenue New York, NY 10017-3206

SGS-SFICOC-US10/81462


	Printed on paper containing recycled fiber


C2162	A12486 (1/12)

Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFECYCLE FUNDS – Lifecycle Retirement Income Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 39.8%
	4,466,651	TIAA-CREF Bond Fund	$	47,614,504
	59,129	TIAA-CREF Bond Plus Fund		611,392
	64,918	TIAA-CREF High-Yield Fund		617,372

		TOTAL FIXED INCOME		48,843,268


INFLATION-PROTECTED ASSETS - 10.1%
	1,023,738	TIAA-CREF Inflation-Linked Bond Fund		12,346,280

		TOTAL INFLATION-PROTECTED ASSETS		12,346,280


INTERNATIONAL EQUITY - 10.1%
	317,051	TIAA-CREF Emerging Markets Equity Fund		3,084,906
	693,408	TIAA-CREF Enhanced International Equity Index Fund		4,479,412
	36,332	TIAA-CREF Global Natural Resources Fund		367,313
	577,254	TIAA-CREF International Equity Fund		4,514,129

		TOTAL INTERNATIONAL EQUITY		12,445,760


SHORT-TERM FIXED INCOME - 10.0%
	1,178,409	TIAA-CREF Short-Term Bond Fund		12,208,317

		TOTAL SHORT-TERM FIXED INCOME		12,208,317


U.S. EQUITY - 29.9%
	713,101	TIAA-CREF Enhanced Large-Cap Growth Index Fund		6,817,248
	833,972	TIAA-CREF Enhanced Large-Cap Value Index Fund		6,663,439
	621,393	TIAA-CREF Growth & Income Fund		5,747,890
	642,989	TIAA-CREF Large-Cap Growth Fund		6,822,118
	548,139	TIAA-CREF Large-Cap Value Fund		6,676,330
	27,231	TIAA-CREF Mid-Cap Growth Fund		505,412
	30,591	TIAA-CREF Mid-Cap Value Fund		507,806
	209,167	TIAA-CREF Small-Cap Equity Fund		2,892,777

		TOTAL U.S. EQUITY		36,633,020


		TOTAL TIAA-CREF FUNDS (Cost $114,203,381)		122,476,645


		TOTAL INVESTMENTS - 99.9% (Cost $114,203,381)		122,476,645
		OTHER ASSETS & LIABILITIES, NET - 0.1%		147,162

		NET ASSETS - 100.0%	$	122,623,807


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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.7%(a)

FIXED INCOME - 37.8%
	22,513,054	TIAA-CREF Bond Fund	$	239,989,151
	595,584	TIAA-CREF Bond Plus Fund		6,158,337
	651,339	TIAA-CREF High-Yield Fund		6,194,237

		TOTAL FIXED INCOME		252,341,725


INFLATION-PROTECTED ASSETS - 6.6%
	3,608,975	TIAA-CREF Inflation-Linked Bond Fund		43,524,244

		TOTAL INFLATION-PROTECTED ASSETS		43,524,244


INTERNATIONAL EQUITY - 12.4%
	2,086,499	TIAA-CREF Emerging Markets Equity Fund		20,301,639
	4,563,814	TIAA-CREF Enhanced International Equity Index Fund		29,482,237
	239,006	TIAA-CREF Global Natural Resources Fund		2,416,353
	3,801,356	TIAA-CREF International Equity Fund		29,726,601

		TOTAL INTERNATIONAL EQUITY		81,926,830


SHORT-TERM FIXED INCOME - 6.5%
	4,163,666	TIAA-CREF Short-Term Bond Fund		43,135,582

		TOTAL SHORT-TERM FIXED INCOME		43,135,582


U.S. EQUITY - 36.4%
	4,689,052	TIAA-CREF Enhanced Large-Cap Growth Index Fund		44,827,336
	5,485,422	TIAA-CREF Enhanced Large-Cap Value Index Fund		43,828,518
	4,086,813	TIAA-CREF Growth & Income Fund		37,803,017
	4,230,436	TIAA-CREF Large-Cap Growth Fund		44,884,925
	3,605,368	TIAA-CREF Large-Cap Value Fund		43,913,381
	179,138	TIAA-CREF Mid-Cap Growth Fund		3,324,794
	201,065	TIAA-CREF Mid-Cap Value Fund		3,337,680
	1,376,673	TIAA-CREF Small-Cap Equity Fund		19,039,391

		TOTAL U.S. EQUITY		240,959,042


		TOTAL TIAA-CREF FUNDS (Cost $637,664,604)		661,887,423


		TOTAL INVESTMENTS - 99.7% (Cost $637,664,604)		661,887,423
		OTHER ASSETS & LIABILITIES, NET - 0.3%		2,098,445

		NET ASSETS - 100.0%	$	663,985,868


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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 34.9%
	26,720,265	TIAA-CREF Bond Fund	$	284,838,025
	1,512,651	TIAA-CREF Bond Plus Fund		15,640,810
	1,653,675	TIAA-CREF High-Yield Fund		15,726,454

		TOTAL FIXED INCOME		316,205,289


INFLATION-PROTECTED ASSETS - 4.6%
	3,427,152	TIAA-CREF Inflation-Linked Bond Fund		41,331,450

		TOTAL INFLATION-PROTECTED ASSETS		41,331,450


INTERNATIONAL EQUITY - 14.1%
	3,287,818	TIAA-CREF Emerging Markets Equity Fund		31,990,471
	7,164,264	TIAA-CREF Enhanced International Equity Index Fund		46,281,146
	374,552	TIAA-CREF Global Natural Resources Fund		3,786,720
	5,963,292	TIAA-CREF International Equity Fund		46,632,940

		TOTAL INTERNATIONAL EQUITY		128,691,277


SHORT-TERM FIXED INCOME - 4.5%
	3,950,520	TIAA-CREF Short-Term Bond Fund		40,927,389

		TOTAL SHORT-TERM FIXED INCOME		40,927,389


U.S. EQUITY - 41.7%
	7,351,076	TIAA-CREF Enhanced Large-Cap Growth Index Fund		70,276,283
	8,599,324	TIAA-CREF Enhanced Large-Cap Value Index Fund		68,708,600
	6,407,791	TIAA-CREF Growth & Income Fund		59,272,070
	6,632,458	TIAA-CREF Large-Cap Growth Fund		70,370,381
	5,653,754	TIAA-CREF Large-Cap Value Fund		68,862,724
	280,873	TIAA-CREF Mid-Cap Growth Fund		5,213,010
	315,328	TIAA-CREF Mid-Cap Value Fund		5,234,445
	2,157,824	TIAA-CREF Small-Cap Equity Fund		29,842,705

		TOTAL U.S. EQUITY		377,780,218


		TOTAL TIAA-CREF FUNDS (Cost $874,554,894)		904,935,623


		TOTAL INVESTMENTS - 99.8% (Cost $874,554,894)		904,935,623
		OTHER ASSETS & LIABILITIES, NET - 0.2%		2,174,362

		NET ASSETS - 100.0%	$	907,109,985


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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.6%(a)

FIXED INCOME - 30.9%
	25,770,820	TIAA-CREF Bond Fund	$	274,716,945
	3,708,043	TIAA-CREF Bond Plus Fund		38,341,169
	3,201,836	TIAA-CREF High-Yield Fund		30,449,461

		TOTAL FIXED INCOME		343,507,575


INFLATION-PROTECTED ASSETS - 2.5%
	2,349,566	TIAA-CREF Inflation-Linked Bond Fund		28,335,768

		TOTAL INFLATION-PROTECTED ASSETS		28,335,768


INTERNATIONAL EQUITY - 16.2%
	4,584,010	TIAA-CREF Emerging Markets Equity Fund		44,602,422
	10,018,487	TIAA-CREF Enhanced International Equity Index Fund		64,719,423
	523,825	TIAA-CREF Global Natural Resources Fund		5,295,875
	8,348,714	TIAA-CREF International Equity Fund		65,286,943

		TOTAL INTERNATIONAL EQUITY		179,904,663


SHORT-TERM FIXED INCOME - 2.5%
	2,706,381	TIAA-CREF Short-Term Bond Fund		28,038,112

		TOTAL SHORT-TERM FIXED INCOME		28,038,112


U.S. EQUITY - 47.5%
	10,271,966	TIAA-CREF Enhanced Large-Cap Growth Index Fund		98,199,998
	12,017,537	TIAA-CREF Enhanced Large-Cap Value Index Fund		96,020,117
	8,955,496	TIAA-CREF Growth & Income Fund		82,838,337
	9,268,619	TIAA-CREF Large-Cap Growth Fund		98,340,050
	7,900,152	TIAA-CREF Large-Cap Value Fund		96,223,854
	392,734	TIAA-CREF Mid-Cap Growth Fund		7,289,138
	440,566	TIAA-CREF Mid-Cap Value Fund		7,313,394
	3,015,783	TIAA-CREF Small-Cap Equity Fund		41,708,285

		TOTAL U.S. EQUITY		527,933,173


		TOTAL TIAA-CREF FUNDS (Cost $1,068,830,799)		1,107,719,291


		TOTAL INVESTMENTS - 99.6% (Cost $1,068,830,799)		1,107,719,291
		OTHER ASSETS & LIABILITIES, NET - 0.4%		4,704,519

		NET ASSETS - 100.0%	$	1,112,423,810


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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.6%(a)

FIXED INCOME - 27.0%
	17,437,454	TIAA-CREF Bond Fund	$	185,883,255
	5,504,875	TIAA-CREF Bond Plus Fund		56,920,404
	4,111,568	TIAA-CREF High-Yield Fund		39,101,009

		TOTAL FIXED INCOME		281,904,668


INFLATION-PROTECTED ASSETS - 0.5%
	465,921	TIAA-CREF Inflation-Linked Bond Fund		5,619,004

		TOTAL INFLATION-PROTECTED ASSETS		5,619,004


INTERNATIONAL EQUITY - 18.1%
	4,845,487	TIAA-CREF Emerging Markets Equity Fund		47,146,587
	10,595,771	TIAA-CREF Enhanced International Equity Index Fund		68,448,682
	555,138	TIAA-CREF Global Natural Resources Fund		5,612,447
	8,831,005	TIAA-CREF International Equity Fund		69,058,460

		TOTAL INTERNATIONAL EQUITY		190,266,176


SHORT-TERM FIXED INCOME - 0.5%
	536,739	TIAA-CREF Short-Term Bond Fund		5,560,614

		TOTAL SHORT-TERM FIXED INCOME		5,560,614


U.S. EQUITY - 53.5%
	10,871,653	TIAA-CREF Enhanced Large-Cap Growth Index Fund		103,933,006
	12,720,293	TIAA-CREF Enhanced Large-Cap Value Index Fund		101,635,139
	9,478,467	TIAA-CREF Growth & Income Fund		87,675,822
	9,811,420	TIAA-CREF Large-Cap Growth Fund		104,099,165
	8,361,916	TIAA-CREF Large-Cap Value Fund		101,848,140
	415,679	TIAA-CREF Mid-Cap Growth Fund		7,715,011
	466,309	TIAA-CREF Mid-Cap Value Fund		7,740,733
	3,191,822	TIAA-CREF Small-Cap Equity Fund		44,142,894

		TOTAL U.S. EQUITY		558,789,910


		TOTAL TIAA-CREF FUNDS (Cost $1,006,174,510)		1,042,140,372


		TOTAL INVESTMENTS - 99.6% (Cost $1,006,174,510)		1,042,140,372
		OTHER ASSETS & LIABILITIES, NET - 0.4%		4,180,278

		NET ASSETS - 100.0%	$	1,046,320,650


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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.5%(a)

FIXED INCOME - 20.1%
	9,446,186	TIAA-CREF Bond Fund	$	100,696,343
	5,775,340	TIAA-CREF Bond Plus Fund		59,717,015
	4,223,924	TIAA-CREF High-Yield Fund		40,169,517

		TOTAL FIXED INCOME		200,582,875


INTERNATIONAL EQUITY - 20.2%
	5,156,835	TIAA-CREF Emerging Markets Equity Fund		50,176,007
	11,255,079	TIAA-CREF Enhanced International Equity Index Fund		72,707,808
	588,676	TIAA-CREF Global Natural Resources Fund		5,951,514
	9,374,143	TIAA-CREF International Equity Fund		73,305,795

		TOTAL INTERNATIONAL EQUITY		202,141,124


U.S. EQUITY - 59.2%
	11,531,470	TIAA-CREF Enhanced Large-Cap Growth Index Fund		110,240,852
	13,488,975	TIAA-CREF Enhanced Large-Cap Value Index Fund		107,776,911
	10,051,450	TIAA-CREF Growth & Income Fund		92,975,914
	10,404,522	TIAA-CREF Large-Cap Growth Fund		110,391,979
	8,868,176	TIAA-CREF Large-Cap Value Fund		108,014,379
	441,081	TIAA-CREF Mid-Cap Growth Fund		8,186,465
	494,549	TIAA-CREF Mid-Cap Value Fund		8,209,513
	3,384,791	TIAA-CREF Small-Cap Equity Fund		46,811,653

		TOTAL U.S. EQUITY		592,607,666


		TOTAL TIAA-CREF FUNDS (Cost $954,707,723)		995,331,665


		TOTAL INVESTMENTS - 99.5% (Cost $954,707,723)		995,331,665
		OTHER ASSETS & LIABILITIES, NET - 0.5%		4,538,814

		NET ASSETS - 100.0%	$	999,870,479


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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.5%(a)

FIXED INCOME - 12.1%
	1,972,216	TIAA-CREF Bond Fund	$	21,023,817
	5,728,851	TIAA-CREF Bond Plus Fund		59,236,319
	4,195,519	TIAA-CREF High-Yield Fund		39,899,388

		TOTAL FIXED INCOME		120,159,524


INTERNATIONAL EQUITY - 22.3%
	5,636,063	TIAA-CREF Emerging Markets Equity Fund		54,838,891
	12,272,488	TIAA-CREF Enhanced International Equity Index Fund		79,280,270
	642,367	TIAA-CREF Global Natural Resources Fund		6,494,333
	10,221,932	TIAA-CREF International Equity Fund		79,935,508

		TOTAL INTERNATIONAL EQUITY		220,549,002


U.S. EQUITY - 65.1%
	12,563,001	TIAA-CREF Enhanced Large-Cap Growth Index Fund		120,102,289
	14,694,486	TIAA-CREF Enhanced Large-Cap Value Index Fund		117,408,944
	10,950,601	TIAA-CREF Growth & Income Fund		101,293,061
	11,337,235	TIAA-CREF Large-Cap Growth Fund		120,288,067
	9,661,846	TIAA-CREF Large-Cap Value Fund		117,681,289
	480,672	TIAA-CREF Mid-Cap Growth Fund		8,921,276
	538,796	TIAA-CREF Mid-Cap Value Fund		8,944,019
	3,687,289	TIAA-CREF Small-Cap Equity Fund		50,995,210

		TOTAL U.S. EQUITY		645,634,155


		TOTAL TIAA-CREF FUNDS (Cost $938,011,568)		986,342,681


		TOTAL INVESTMENTS - 99.5% (Cost $938,011,568)		986,342,681
		OTHER ASSETS & LIABILITIES, NET - 0.5%		5,122,703

		NET ASSETS - 100.0%	$	991,465,384


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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.5%(a)

FIXED INCOME - 10.0%
	8,177,100	TIAA-CREF Bond Plus Fund	$	84,551,211
	5,988,493	TIAA-CREF High-Yield Fund		56,950,573

		TOTAL FIXED INCOME		141,501,784


INTERNATIONAL EQUITY - 22.9%
	8,251,515	TIAA-CREF Emerging Markets Equity Fund		80,287,244
	17,926,341	TIAA-CREF Enhanced International Equity Index Fund		115,804,163
	939,290	TIAA-CREF Global Natural Resources Fund		9,496,225
	14,926,433	TIAA-CREF International Equity Fund		116,724,702

		TOTAL INTERNATIONAL EQUITY		322,312,334


U.S. EQUITY - 66.6%
	18,354,590	TIAA-CREF Enhanced Large-Cap Growth Index Fund		175,469,878
	21,477,764	TIAA-CREF Enhanced Large-Cap Value Index Fund		171,607,336
	16,005,564	TIAA-CREF Growth & Income Fund		148,051,470
	16,564,932	TIAA-CREF Large-Cap Growth Fund		175,753,927
	14,119,087	TIAA-CREF Large-Cap Value Fund		171,970,477
	702,541	TIAA-CREF Mid-Cap Growth Fund		13,039,166
	787,353	TIAA-CREF Mid-Cap Value Fund		13,070,054
	5,388,069	TIAA-CREF Small-Cap Equity Fund		74,516,998

		TOTAL U.S. EQUITY		943,479,306


		TOTAL TIAA-CREF FUNDS (Cost $1,329,884,503)		1,407,293,424


		TOTAL INVESTMENTS - 99.5% (Cost $1,329,884,503)		1,407,293,424
		OTHER ASSETS & LIABILITIES, NET - 0.5%		7,304,923

		NET ASSETS - 100.0%	$	1,414,598,347


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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.1%(a)

FIXED INCOME - 9.9%
	1,274,644	TIAA-CREF Bond Plus Fund	$	13,179,817
	933,478	TIAA-CREF High-Yield Fund		8,877,374

		TOTAL FIXED INCOME		22,057,191


INTERNATIONAL EQUITY - 23.0%
	1,318,061	TIAA-CREF Emerging Markets Equity Fund		12,824,737
	2,819,343	TIAA-CREF Enhanced International Equity Index Fund		18,212,955
	146,000	TIAA-CREF Global Natural Resources Fund		1,476,060
	2,347,793	TIAA-CREF International Equity Fund		18,359,744

		TOTAL INTERNATIONAL EQUITY		50,873,496


U.S. EQUITY - 66.2%
	2,868,268	TIAA-CREF Enhanced Large-Cap Growth Index Fund		27,420,641
	3,348,815	TIAA-CREF Enhanced Large-Cap Value Index Fund		26,757,033
	2,494,499	TIAA-CREF Growth & Income Fund		23,074,120
	2,587,728	TIAA-CREF Large-Cap Growth Fund		27,455,794
	2,206,556	TIAA-CREF Large-Cap Value Fund		26,875,850
	110,010	TIAA-CREF Mid-Cap Growth Fund		2,041,777
	123,080	TIAA-CREF Mid-Cap Value Fund		2,043,131
	840,972	TIAA-CREF Small-Cap Equity Fund		11,630,637

		TOTAL U.S. EQUITY		147,298,983


		TOTAL TIAA-CREF FUNDS (Cost $209,085,248)		220,229,670


		TOTAL INVESTMENTS - 99.1% (Cost $209,085,248)		220,229,670
		OTHER ASSETS & LIABILITIES, NET - 0.9%		2,006,128

		NET ASSETS - 100.0%	$	222,235,798


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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.2%(a)

FIXED INCOME - 9.9%
	676,726	TIAA-CREF Bond Plus Fund	$	6,997,344
	495,595	TIAA-CREF High-Yield Fund		4,713,112

		TOTAL FIXED INCOME		11,710,456


INTERNATIONAL EQUITY - 23.0%
	699,355	TIAA-CREF Emerging Markets Equity Fund		6,804,726
	1,495,140	TIAA-CREF Enhanced International Equity Index Fund		9,658,607
	77,533	TIAA-CREF Global Natural Resources Fund		783,859
	1,246,125	TIAA-CREF International Equity Fund		9,744,698

		TOTAL INTERNATIONAL EQUITY		26,991,890


U.S. EQUITY - 66.3%
	1,522,068	TIAA-CREF Enhanced Large-Cap Growth Index Fund		14,550,969
	1,777,197	TIAA-CREF Enhanced Large-Cap Value Index Fund		14,199,807
	1,323,896	TIAA-CREF Growth & Income Fund		12,246,040
	1,373,718	TIAA-CREF Large-Cap Growth Fund		14,575,146
	1,171,431	TIAA-CREF Large-Cap Value Fund		14,268,033
	58,398	TIAA-CREF Mid-Cap Growth Fund		1,083,858
	65,341	TIAA-CREF Mid-Cap Value Fund		1,084,661
	446,314	TIAA-CREF Small-Cap Equity Fund		6,172,520

		TOTAL U.S. EQUITY		78,181,034


		TOTAL TIAA-CREF FUNDS (Cost $111,769,305)		116,883,380


		TOTAL INVESTMENTS - 99.2% (Cost $111,769,305)		116,883,380
		OTHER ASSETS & LIABILITIES, NET - 0.8%		959,190

		NET ASSETS - 100.0%	$	117,842,570


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

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2055 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2055 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 103.7%(a)

FIXED INCOME - 10.4%
	58,741	TIAA-CREF Bond Plus Fund	$	607,381
	43,018	TIAA-CREF High-Yield Fund		409,105

		TOTAL FIXED INCOME		1,016,486


INTERNATIONAL EQUITY - 24.1%
	61,019	TIAA-CREF Emerging Markets Equity Fund		593,717
	130,178	TIAA-CREF Enhanced International Equity Index Fund		840,952
	6,686	TIAA-CREF Global Natural Resources Fund		67,592
	108,456	TIAA-CREF International Equity Fund		848,130

		TOTAL INTERNATIONAL EQUITY		2,350,391


U.S. EQUITY - 69.2%
	132,318	TIAA-CREF Enhanced Large-Cap Growth Index Fund		1,264,960
	154,392	TIAA-CREF Enhanced Large-Cap Value Index Fund		1,233,591
	115,017	TIAA-CREF Growth & Income Fund		1,063,912
	119,330	TIAA-CREF Large-Cap Growth Fund		1,266,090
	101,767	TIAA-CREF Large-Cap Value Fund		1,239,519
	5,075	TIAA-CREF Mid-Cap Growth Fund		94,197
	5,677	TIAA-CREF Mid-Cap Value Fund		94,233
	38,793	TIAA-CREF Small-Cap Equity Fund		536,513

		TOTAL U.S. EQUITY		6,793,015


		TOTAL TIAA-CREF FUNDS (Cost $11,147,875)		10,159,892


		TOTAL INVESTMENTS - 103.7% (Cost $11,147,875)		10,159,892
		OTHER ASSETS & LIABILITIES, NET - (3.7)%		(362,088	)

		NET ASSETS - 100.0%	$	9,797,804


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

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

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.8%(a)

FIXED INCOME - 49.3%
	552,040	TIAA-CREF Bond Index Fund	$	5,906,828

		TOTAL FIXED INCOME		5,906,828


INFLATION-PROTECTED ASSETS - 9.9%
	98,344	TIAA-CREF Inflation-Linked Bond Fund		1,186,033

		TOTAL INFLATION-PROTECTED ASSETS		1,186,033


INTERNATIONAL EQUITY - 10.1%
	31,235	TIAA-CREF Emerging Markets Equity Index Fund		308,911
	60,865	TIAA-CREF International Equity Index Fund		903,230

		TOTAL INTERNATIONAL EQUITY		1,212,141


U.S. EQUITY - 30.5%
	383,024	TIAA-CREF Equity Index Fund		3,657,879

		TOTAL U.S. EQUITY		3,657,879


		TOTAL TIAA-CREF FUNDS (Cost $11,254,399)		11,962,881


		TOTAL INVESTMENTS - 99.8% (Cost $11,254,399)		11,962,881
		OTHER ASSETS & LIABILITIES, NET - 0.2%		21,134

		NET ASSETS - 100.0%	$	11,984,015



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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2010 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.6%(a)

FIXED INCOME - 44.0%
	3,023,171	TIAA-CREF Bond Index Fund	$	32,347,926

		TOTAL FIXED INCOME		32,347,926


INFLATION-PROTECTED ASSETS - 6.4%
	392,568	TIAA-CREF Inflation-Linked Bond Fund		4,734,369

		TOTAL INFLATION-PROTECTED ASSETS		4,734,369


INTERNATIONAL EQUITY - 12.2%
	232,470	TIAA-CREF Emerging Markets Equity Index Fund		2,299,131
	453,046	TIAA-CREF International Equity Index Fund		6,723,204

		TOTAL INTERNATIONAL EQUITY		9,022,335


U.S. EQUITY - 37.0%
	2,849,604	TIAA-CREF Equity Index Fund		27,213,716

		TOTAL U.S. EQUITY		27,213,716


		TOTAL TIAA-CREF FUNDS (Cost $69,964,882)		73,318,346


		TOTAL INVESTMENTS - 99.6% (Cost $69,964,882)		73,318,346
		OTHER ASSETS & LIABILITIES, NET - 0.4%		301,453

		NET ASSETS - 100.0%	$	73,619,799



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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2015 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.7%(a)

FIXED INCOME - 38.8%
	4,056,089	TIAA-CREF Bond Index Fund	$	43,400,149

		TOTAL FIXED INCOME		43,400,149


INFLATION-PROTECTED ASSETS - 4.5%
	413,474	TIAA-CREF Inflation-Linked Bond Fund		4,986,498

		TOTAL INFLATION-PROTECTED ASSETS		4,986,498


INTERNATIONAL EQUITY - 14.1%
	404,650	TIAA-CREF Emerging Markets Equity Index Fund		4,001,985
	789,331	TIAA-CREF International Equity Index Fund		11,713,668

		TOTAL INTERNATIONAL EQUITY		15,715,653


U.S. EQUITY - 42.3%
	4,964,855	TIAA-CREF Equity Index Fund		47,414,361

		TOTAL U.S. EQUITY		47,414,361


		TOTAL TIAA-CREF FUNDS (Cost $106,771,117)		111,516,661


		TOTAL INVESTMENTS - 99.7% (Cost $106,771,117)		111,516,661
		OTHER ASSETS & LIABILITIES, NET - 0.3%		362,528

		NET ASSETS - 100.0%	$	111,879,189



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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2020 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.6%(a)

FIXED INCOME - 32.8%
	4,082,217	TIAA-CREF Bond Index Fund	$	43,679,722

		TOTAL FIXED INCOME		43,679,722


INFLATION-PROTECTED ASSETS - 2.5%
	274,153	TIAA-CREF Inflation-Linked Bond Fund		3,306,280

		TOTAL INFLATION-PROTECTED ASSETS		3,306,280


INTERNATIONAL EQUITY - 16.0%
	547,935	TIAA-CREF Emerging Markets Equity Index Fund		5,419,072
	1,069,134	TIAA-CREF International Equity Index Fund		15,865,951

		TOTAL INTERNATIONAL EQUITY		21,285,023


U.S. EQUITY - 48.3%
	6,726,997	TIAA-CREF Equity Index Fund		64,242,821

		TOTAL U.S. EQUITY		64,242,821


		TOTAL TIAA-CREF FUNDS (Cost $127,032,959)		132,513,846


		TOTAL INVESTMENTS - 99.6% (Cost $127,032,959)		132,513,846
		OTHER ASSETS & LIABILITIES, NET - 0.4%		492,409

		NET ASSETS - 100.0%	$	133,006,255



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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2025 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.4%(a)

FIXED INCOME - 26.9%
	3,095,893	TIAA-CREF Bond Index Fund	$	33,126,053

		TOTAL FIXED INCOME		33,126,053


INFLATION-PROTECTED ASSETS - 0.5%
	53,316	TIAA-CREF Inflation-Linked Bond Fund		642,987

		TOTAL INFLATION-PROTECTED ASSETS		642,987


INTERNATIONAL EQUITY - 17.9%
	568,173	TIAA-CREF Emerging Markets Equity Index Fund		5,619,231
	1,107,234	TIAA-CREF International Equity Index Fund		16,431,346

		TOTAL INTERNATIONAL EQUITY		22,050,577


U.S. EQUITY - 54.1%
	6,975,386	TIAA-CREF Equity Index Fund		66,614,941

		TOTAL U.S. EQUITY		66,614,941


		TOTAL TIAA-CREF FUNDS (Cost $117,604,964)		122,434,558


		TOTAL INVESTMENTS - 99.4% (Cost $117,604,964)		122,434,558
		OTHER ASSETS & LIABILITIES, NET - 0.6%		763,208

		NET ASSETS - 100.0%	$	123,197,766



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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2030 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.6%(a)

FIXED INCOME - 19.7%
	2,462,235	TIAA-CREF Bond Index Fund	$	26,345,919

		TOTAL FIXED INCOME		26,345,919


INTERNATIONAL EQUITY - 19.9%
	685,298	TIAA-CREF Emerging Markets Equity Index Fund		6,777,599
	1,334,457	TIAA-CREF International Equity Index Fund		19,803,335

		TOTAL INTERNATIONAL EQUITY		26,580,934


U.S. EQUITY - 60.0%
	8,417,096	TIAA-CREF Equity Index Fund		80,383,263

		TOTAL U.S. EQUITY		80,383,263


		TOTAL TIAA-CREF FUNDS (Cost $128,095,768)		133,310,116


		TOTAL INVESTMENTS - 99.6% (Cost $128,095,768)		133,310,116
		OTHER ASSETS & LIABILITIES, NET - 0.4%		568,013

		NET ASSETS - 100.0%	$	133,878,129



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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2035 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.6%(a)

FIXED INCOME - 12.0%
	1,388,563	TIAA-CREF Bond Index Fund	$	14,857,623

		TOTAL FIXED INCOME		14,857,623


INTERNATIONAL EQUITY - 21.6%
	695,296	TIAA-CREF Emerging Markets Equity Index Fund		6,876,476
	1,352,167	TIAA-CREF International Equity Index Fund		20,066,157

		TOTAL INTERNATIONAL EQUITY		26,942,633


U.S. EQUITY - 66.0%
	8,588,266	TIAA-CREF Equity Index Fund		82,017,942

		TOTAL U.S. EQUITY		82,017,942


		TOTAL TIAA-CREF FUNDS (Cost $119,003,238)		123,818,198


		TOTAL INVESTMENTS - 99.6% (Cost $119,003,238)		123,818,198
		OTHER ASSETS & LIABILITIES, NET - 0.4%		461,074

		NET ASSETS - 100.0%	$	124,279,272



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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2040 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.6%(a)

FIXED INCOME - 9.9%
	1,563,584	TIAA-CREF Bond Index Fund	$	16,730,348

		TOTAL FIXED INCOME		16,730,348


INTERNATIONAL EQUITY - 22.2%
	966,257	TIAA-CREF Emerging Markets Equity Index Fund		9,556,280
	1,877,885	TIAA-CREF International Equity Index Fund		27,867,809

		TOTAL INTERNATIONAL EQUITY		37,424,089


U.S. EQUITY - 67.5%
	11,955,123	TIAA-CREF Equity Index Fund		114,171,424

		TOTAL U.S. EQUITY		114,171,424


		TOTAL TIAA-CREF FUNDS (Cost $160,971,375)		168,325,861


		TOTAL INVESTMENTS - 99.6% (Cost $160,971,375)		168,325,861
		OTHER ASSETS & LIABILITIES, NET - 0.4%		703,700

		NET ASSETS - 100.0%	$	169,029,561



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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2045 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.4%(a)

FIXED INCOME - 9.9%
	392,944	TIAA-CREF Bond Index Fund	$	4,204,505

		TOTAL FIXED INCOME		4,204,505


INTERNATIONAL EQUITY - 22.1%
	243,111	TIAA-CREF Emerging Markets Equity Index Fund		2,404,364
	472,964	TIAA-CREF International Equity Index Fund		7,018,782

		TOTAL INTERNATIONAL EQUITY		9,423,146


U.S. EQUITY - 67.4%
	3,002,440	TIAA-CREF Equity Index Fund		28,673,302

		TOTAL U.S. EQUITY		28,673,302


		TOTAL TIAA-CREF FUNDS (Cost $40,869,541)		42,300,953


		TOTAL INVESTMENTS - 99.4% (Cost $40,869,541)		42,300,953
		OTHER ASSETS & LIABILITIES, NET - 0.6%		272,463

		NET ASSETS - 100.0%	$	42,573,416



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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2050 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.2%(a)

FIXED INCOME - 9.9%
	259,407	TIAA-CREF Bond Index Fund	$	2,775,650

		TOTAL FIXED INCOME		2,775,650


INTERNATIONAL EQUITY - 22.1%
	160,019	TIAA-CREF Emerging Markets Equity Index Fund		1,582,589
	312,172	TIAA-CREF International Equity Index Fund		4,632,630

		TOTAL INTERNATIONAL EQUITY		6,215,219


U.S. EQUITY - 67.2%
	1,982,696	TIAA-CREF Equity Index Fund		18,934,744

		TOTAL U.S. EQUITY		18,934,744


		TOTAL TIAA-CREF FUNDS (Cost $26,861,248)		27,925,613


		TOTAL INVESTMENTS - 99.2% (Cost $26,861,248)		27,925,613
		OTHER ASSETS & LIABILITIES, NET - 0.8%		217,123

		NET ASSETS - 100.0%	$	28,142,736



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

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2055 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS
LIFECYCLE INDEX 2055 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 100.0%(a)

FIXED INCOME - 9.9%
	85,897	TIAA-CREF Bond Index Fund	$	919,094

		TOTAL FIXED INCOME		919,094


INTERNATIONAL EQUITY - 22.3%
	52,947	TIAA-CREF Emerging Markets Equity Index Fund		523,650
	103,209	TIAA-CREF International Equity Index Fund		1,531,622

		TOTAL INTERNATIONAL EQUITY		2,055,272


U.S. EQUITY - 67.8%
	656,822	TIAA-CREF Equity Index Fund		6,272,653

		TOTAL U.S. EQUITY		6,272,653


		TOTAL TIAA-CREF FUNDS (Cost $10,201,599)		9,247,019


		TOTAL INVESTMENTS - 100.0% (Cost $10,201,599)		9,247,019
		OTHER ASSETS & LIABILITIES, NET - 0.0%		(3,565	)

		NET ASSETS - 100.0%	$	9,243,454



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

TIAA-CREF FUNDS – Managed Allocation Fund

TIAA-CREF FUNDS
MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2011


SHARES		COMPANY	VALUE

TIAA-CREF FUNDS - 99.9%(a)

FIXED INCOME - 39.8%
	21,132,157	TIAA-CREF Bond Plus Fund	$	218,506,501

		TOTAL FIXED INCOME		218,506,501


INTERNATIONAL EQUITY - 14.7%
	2,112,418	TIAA-CREF Emerging Markets Equity Fund		20,553,828
	4,689,864	TIAA-CREF Enhanced International Equity Index Fund		30,296,523
	3,831,715	TIAA-CREF International Equity Fund		29,964,011

		TOTAL INTERNATIONAL EQUITY		80,814,362


U.S. EQUITY - 45.4%
	4,855,172	TIAA-CREF Enhanced Large-Cap Growth Index Fund		46,415,448
	5,704,698	TIAA-CREF Enhanced Large-Cap Value Index Fund		45,580,538
	4,234,213	TIAA-CREF Growth & Income Fund		39,166,470
	4,368,451	TIAA-CREF Large-Cap Growth Fund		46,349,261
	3,740,273	TIAA-CREF Large-Cap Value Fund		45,556,521
	185,224	TIAA-CREF Mid-Cap Growth Fund		3,437,757
	208,245	TIAA-CREF Mid-Cap Value Fund		3,456,869
	1,422,952	TIAA-CREF Small-Cap Equity Fund		19,679,431

		TOTAL U.S. EQUITY		249,642,295


		TOTAL TIAA-CREF FUNDS (Cost $546,742,291)		548,963,158


		TOTAL INVESTMENTS - 99.9% (Cost $546,742,291)		548,963,158
		OTHER ASSETS & LIABILITIES, NET - 0.1%		310,122

		NET ASSETS - 100.0%	$	549,273,280


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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days from the date hereof under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s half-year period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	TIAA-CREF FUNDS

Dated: January 19, 2012	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: January 19, 2012	By:	/s/ Scott C. Evans
		Scott C. Evans
		President and Principal Executive Officer
		(principal executive officer)


Dated: January 19, 2012	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification