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, 2012

Item 1. Reports to Stockholders.

2012 Semiannual Report

TIAA-CREF Lifecycle Funds

of the TIAA-CREF Funds

November 30, 2012

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	15
Lifecycle 2010 Fund	17
Lifecycle 2015 Fund	19
Lifecycle 2020 Fund	21
Lifecycle 2025 Fund	23
Lifecycle 2030 Fund	25
Lifecycle 2035 Fund	26
Lifecycle 2040 Fund	27
Lifecycle 2045 Fund	28
Lifecycle 2050 Fund	29
Lifecycle 2055 Fund	30
Portfolios of investments	31
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, 2012. 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 TIAA-CREF underlying funds in which each fund had investments as of November 30, 2012.

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

          The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

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 and Premier classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

2 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Information for investors

Portfolio listings

The complete portfolios of investments for the TIAA-CREF Lifecycle Funds begin on page 31 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 our 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 the last day of February 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 § 2012 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 market countries outside North America—in Europe, Australasia and the Far East—and in 21 emerging market countries in Europe, Asia, Africa, Latin America and the Middle East.

• The Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic 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 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 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).

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

Russell 3000 is a trademark and service mark of Russell Investments. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investments. 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 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

          On pages 6 through 11, you will find expense examples for each share class of the funds. These expense examples are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the funds for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

          The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

          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, 2012–November 30, 2012).

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. All of the funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.

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 § 2012 Semiannual Report 5

Important information about expenses

Expense examples

Six months ended November 30, 2012

Lifecycle Funds Retirement Class	Beginning account value (6/1/12)		Ending account value (11/30/12)		Expenses paid during period* (6/1/12-11/30/12)		Effective expenses paid during period† (6/1/12-11/30/12)
Retirement Income Fund actual return		$1,000.00		$1,067.48		$1.30		$3.27
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.19
2010 Fund actual return		$1,000.00		$1,075.49		$1.30		$3.38
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.29
2015 Fund actual return		$1,000.00		$1,081.06		$1.30		$3.44
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.35
2020 Fund actual return		$1,000.00		$1,087.64		$1.30		$3.56
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.45
2025 Fund actual return		$1,000.00		$1,094.92		$1.30		$3.62
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.50
2030 Fund actual return		$1,000.00		$1,101.53		$1.30		$3.74
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.60
2035 Fund actual return		$1,000.00		$1,107.49		$1.30		$3.80
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.65
2040 Fund actual return		$1,000.00		$1,109.74		$1.30		$3.86
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.70
2045 Fund actual return		$1,000.00		$1,109.88		$1.30		$3.86
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.70
2050 Fund actual return		$1,000.00		$1,109.05		$1.30		$3.86
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.70
2055 Fund actual return		$1,000.00		$1,109.01		$1.30		$3.86
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.70

* The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2012. 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 2012 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 0.63% for the Retirement Income Fund; 0.65% for the 2010 Fund; 0.66% for the 2015 Fund; 0.68% for the 2020 Fund; 0.69% for the 2025 Fund; 0.71% for the 2030 Fund; 0.72% for the 2035; and 0.73% for the 2040, 2045, 2050 and 2055 Funds.

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 7

Important information about expenses

Expense examples
Six months ended November 30, 2012
Lifecycle Funds Institutional Class	Beginning account value (6/1/12)		Ending account value (11/30/12)		Expenses paid during period* (6/1/12-11/30/12)		Effective expenses paid during period† (6/1/12-11/30/12)
Retirement Income Fund actual return		$1,000.00		$1,068.63		$0.00		$1.97
5% annual hypothetical return		1,000.00		1,025.07		0.00		1.93
2010 Fund actual return		$1,000.00		$1,076.46		$0.00		$2.08
5% annual hypothetical return		1,000.00		1,025.07		0.00		2.03
2015 Fund actual return		$1,000.00		$1,081.76		$0.00		$2.14
5% annual hypothetical return		1,000.00		1,025.07		0.00		2.08
2020 Fund actual return		$1,000.00		$1,088.65		$0.00		$2.25
5% annual hypothetical return		1,000.00		1,025.07		0.00		2.18
2025 Fund actual return		$1,000.00		$1,096.67		$0.00		$2.31
5% annual hypothetical return		1,000.00		1,025.07		0.00		2.23
2030 Fund actual return		$1,000.00		$1,103.09		$0.00		$2.43
5% annual hypothetical return		1,000.00		1,025.07		0.00		2.33
2035 Fund actual return		$1,000.00		$1,109.18		$0.00		$2.49
5% annual hypothetical return		1,000.00		1,025.07		0.00		2.38
2040 Fund actual return		$1,000.00		$1,110.98		$0.00		$2.54
5% annual hypothetical return		1,000.00		1,025.07		0.00		2.43
2045 Fund actual return		$1,000.00		$1,111.79		$0.00		$2.54
5% annual hypothetical return		1,000.00		1,025.07		0.00		2.43
2050 Fund actual return		$1,000.00		$1,110.97		$0.00		$2.54
5% annual hypothetical return		1,000.00		1,025.07		0.00		2.43
2055 Fund actual return		$1,000.00		$1,111.11		$0.00		$2.54
5% annual hypothetical return		1,000.00		1,025.07		0.00		2.43

* The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2012. 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 2012 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; 0.41% for the 2015 Fund; 0.43% for the 2020 Fund; 0.44% for the 2025 Fund; 0.46% for the 2030 Fund; 0.47% for the 2035 Fund; and 0.48% for the 2040, 2045, 2050 and 2055 Funds.

Expense example
Six months ended November 30, 2012
Lifecycle FundsRetail Class	Beginning account value (6/1/12)		Ending account value (11/30/12)		Expenses paid during period* (6/1/12-11/30/12)		Effective expenses paid during period† (6/1/12-11/30/12)
Retirement Income Fund actual return		$1,000.00		$1,067.44		$1.30		$3.27
5% annual hypothetical return		1,000.00		1,023.82		1.27		3.19

*

The amounts in the “Expenses paid during period” column are 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, 2012. 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 0.25% 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 0.63% for the Retail Class of the Retirement Income Fund.

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 9

Important information about expenses

Expense examples
Six months ended November 30, 2012
Lifecycle FundsPremier Class	Beginning account value (6/1/12)		Ending account value (11/30/12)		Expenses paid during period* (6/1/12-11/30/12)		Effective expenses paid during period† (6/1/12-11/30/12)
Retirement Income Fund actual return		$1,000.00		$1,067.94		$0.78		$2.75
5% annual hypothetical return		1,000.00		1,024.32		0.76		2.69
2010 Fund actual return		$1,000.00		$1,075.60		$0.78		$2.86
5% annual hypothetical return		1,000.00		1,024.32		0.76		2.79
2015 Fund actual return		$1,000.00		$1,080.97		$0.78		$2.92
5% annual hypothetical return		1,000.00		1,024.32		0.76		2.84
2020 Fund actual return		$1,000.00		$1,088.84		$0.79		$3.04
5% annual hypothetical return		1,000.00		1,024.32		0.76		2.94
2025 Fund actual return		$1,000.00		$1,095.77		$0.79		$3.10
5% annual hypothetical return		1,000.00		1,024.32		0.76		2.99
2030 Fund actual return		$1,000.00		$1,102.18		$0.79		$3.21
5% annual hypothetical return		1,000.00		1,024.32		0.76		3.09
2035 Fund actual return		$1,000.00		$1,108.14		$0.79		$3.28
5% annual hypothetical return		1,000.00		1,024.32		0.76		3.14
2040 Fund actual return		$1,000.00		$1,111.24		$0.79		$3.33
5% annual hypothetical return		1,000.00		1,024.32		0.76		3.19
2045 Fund actual return		$1,000.00		$1,110.84		$0.79		$3.33
5% annual hypothetical return		1,000.00		1,024.32		0.76		3.19
2050 Fund actual return		$1,000.00		$1,111.25		$0.79		$3.33
5% annual hypothetical return		1,000.00		1,024.32		0.76		3.19
2055 Fund actual return		$1,000.00		$1,110.12		$0.79		$3.33
5% annual hypothetical return		1,000.00		1,024.32		0.76		3.19

* The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2012. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date when this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.15% for the Premier Class of the Lifecycle Funds.

10 2012 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; 0.56% for the 2015 Fund; 0.58% for the 2020 Fund; 0.59% for the 2025 Fund; 0.61% for the 2030 Fund; 0.62% for the 2035 Fund; and 0.63% for the 2040, 2045, 2050 and 2055 Funds.

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 11

Investment results of the Lifecycle Funds

Performance for the six months ended November 30, 2012

All eleven TIAA-CREF Lifecycle Funds achieved substantial gains for the period and outperformed their respective composite benchmarks. Returns for the Retirement Class ranged from 6.75% for the Retirement Income Fund to 10.99% for the 2045 Fund. The tables on the following pages show returns for all share classes of the funds.

          The outperformance of the individual Lifecycle Funds, in relation to their respective composite benchmarks, ranged from 0.70 of a percentage point for the 2050 and 2055 funds to 1.22 points for the 2010 Fund. (All results are for the Retirement Class.)

Despite slow growth, global stocks surge upward

At the end of November, the U.S. Commerce Department estimated that gross domestic product, which measures the value of all goods and services produced in the United States, grew by 2.5% in the third quarter of 2012, on a year-over-year basis, adjusted for inflation.

          This reflected an improved housing market and increased consumer spending. Reduced government spending and persistently high unemployment continued to hamper growth, which remained well below the pace of a more typical recovery. There were signs of slowing growth elsewhere, too, particularly in Europe and China.

          Nonetheless, global stock markets performed very well for the six-month period. The Russell 3000^® Index, which measures the broad U.S. stock market, gained 9.33%. Foreign stocks did even better; the MSCI EAFE (Europe, Australasia, Far East)+EM (Emerging Markets) Index, which measures stock performance in 22 developed market nations outside North America and in 21 emerging market nations, rose 16.69%.

          In both the United States and Europe, investors were encouraged by signs that central banks were taking additional steps to promote growth and ensure liquidity in the credit markets.

          Yields on 10-year U.S. Treasury securities inched up, from 1.59% at the end of May to 1.62% at the end of November, but inflationary pressures were also low. The Barclays U.S. Aggregate Bond Index, which measures the broad domestic market for investment-grade, fixed-rate bonds, returned 1.99% for the period. Inflation-protected bonds, as measured by the Barclays U.S. Treasury Inflation Protected Securities Index (Series-L), earned 2.92%. The short-term sector returned 1.16%, as measured by the Barclays U.S. 1–5 Year Government/Credit Bond Index.

12 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Stock market gains drive the funds’ performance

All eleven Lifecycle Funds posted solid results for the six-month period, and six achieved double-digit gains, helped by the global stock market rally. Those funds with greater exposure to stocks performed better during the period.

          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.

          For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were driven by strong gains from both the international equity and the U.S. equity sectors. In contrast, results were constrained by the more modest returns from the fixed-income, short-term fixed-income and inflation-protected asset sectors.

Strong results from the underlying funds lift returns higher

The eleven Lifecycle Funds outperformed their respective composite benchmarks primarily because of strong relative performance in the international equity and fixed-income sectors. Secondarily, the Lifecycle Funds initiated small tactical asset allocation positions during the reporting period, and these made additional contributions to relative performance.

          The largest contribution in the international equity sector came from the International Equity Fund, which outperformed its own benchmark (the MSCI EAFE Index) by more than six percentage points. The Large-Cap Growth Fund, in the U.S. equity sector, provided additional outperformance.

          In the fixed-income sector, the Bond and Bond Plus funds made sizable contributions to relative performance; each outperformed its own benchmark (in both cases, the Barclays U.S. Aggregate Bond Index) by more than two percentage points.

Tactical positions give funds an extra boost

Tactical asset allocations further aided relative performance during the period. The funds had slightly more exposure to the international equity market sector and slightly less to the U.S. equity market sector than would be dictated by the normal glide path allocations. In the fixed-income market sector, the Lifecycle Funds increased their positions in the high-yield market, while reducing their positions in the broader bond market.

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 13

Investment results of the Lifecycle Funds

          At the end of November, each of the Lifecycle Funds continued to have slightly more exposure to the international equity market sector and less to the U.S. equity market sector than is dictated by the glide path allocations. The funds’ international equity overweight was based on attractive valuations, our positive economic outlook and improving investor sentiment.

          In the fixed-income market sector, the funds remained slightly overweighted in the high-yield market at the expense of the broader market. This overweight position was based on our view of the prospects for more attractive risk-adjusted returns in high yield at this stage of the economic cycle, compared with the mix of U.S. Treasury securities, corporate bonds and other fixed-income investments held by the Bond or the Bond Plus funds.

14 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle Retirement Income Fund

Performance as of November 30, 2012
		Total return						Average annual total return
Lifecycle Retirement Income Fund
	Inception date	6 months			1 year			5 years			since fund inception
Retirement Class	11/30/2007		6.75	%		10.65	%		3.65	%		3.65	%
Institutional Class	11/30/2007		6.86			10.90			3.91			3.91
Retail Class	11/30/2007		6.74			10.60			3.77			3.77
Premier Class	9/30/2009		6.79			10.63			3.71	*		3.71	*
Retirement Income Fund Composite Index†	—		5.61			9.37			4.13			4.13	‡
Broad market index
Barclays U.S. Aggregate Bond Index	—		1.99			5.51			6.04			6.04	‡

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 any 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 these periods 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 these periods would have been higher.
†	As of the close of business on November 30, 2012, the Retirement Income Fund Composite Index consisted of: 40.0% Barclays U.S. Aggregate Bond Index; 30.0% Russell 3000® Index; 10.0% MSCI EAFE+EM Index; 10.0% Barclays U.S. 1–5 Year Government/Credit Bond Index; and 10.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
‡	Performance is calculated from the inception date of the Retirement Class.

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 15

Lifecycle Retirement Income Fund

Asset allocation
	% of net assets as of 11/30/12			Target allocation for 6/30/13
Equity
U.S. equity		28.2	%		30.0	%
International equity		11.9			10.0
Fixed income
Fixed income		39.7			40.0
Short-term fixed income		9.9			10.0
Inflation-protected assets		10.0			10.0
Other assets &
liabilities, net		0.3			–
Total		100.0			100.0

Target allocation

For June 30, 2013

16 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2010 Fund

Performance as of November 30, 2012

			Total return						Average annual total return
Lifecycle 2010 Fund	Inception date		6 months			1 year			5 years			since fund inception
Retirement Class		10/15/2004		7.55	%		11.43	%		2.79	%		5.20	%
Institutional Class		1/17/2007		7.65			11.62			3.04			5.38	*
Premier Class		9/30/2009		7.56			11.42			2.84	*		5.23	*
2010 Fund Composite Index†		—		6.33			10.20			3.15			5.40	‡
Broad market index
Barclays U.S. Aggregate Bond Index		—		1.99			5.51			6.04			5.41	‡

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 any 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, 2012, the 2010 Fund Composite Index consisted of: 38.4% Barclays U.S. Aggregate Bond Index; 35.7% Russell 3000® Index; 11.9% MSCI EAFE+EM Index; 7.0% Barclays U.S. 1–5 Year Government/Credit Bond Index; and 7.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
‡	Performance is calculated from the inception date of the Retirement Class.

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 17

Lifecycle 2010 Fund

Asset allocation
	% of net assets as of 11/30/12			Target allocation for 6/30/13
Equity
U.S. equity		33.7	%		35.3	%
International equity		14.0			11.7
Fixed income
Fixed income		38.2			38.6
Short-term fixed income		6.9			7.2
Inflation-protected assets		6.9			7.2
Other assets &
liabilities, net		0.3			–
Total		100.0			100.0

Target allocation

For June 30, 2013

18 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2015 Fund

Performance as of November 30, 2012

			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		8.11	%		11.99	%		2.27	%		5.16	%
Institutional Class		1/17/2007		8.18			12.31			2.54			5.35	*
Premier Class		9/30/2009		8.10			12.13			2.32	*		5.19	*
2015 Fund Composite Index†		—		6.95			10.89			2.65			5.35	‡
Broad market index
Russell 3000® Index		—		9.33			15.95			1.67			5.64	‡

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 any 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, 2012, the 2015 Fund Composite Index consisted of: 40.6% Russell 3000 Index; 35.9% Barclays U.S. Aggregate Bond Index; 13.5% MSCI EAFE+EM Index; 5.0% Barclays U.S. 1–5 Year Government/Credit Bond Index; and 5.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
‡	Performance is calculated from the inception date of the Retirement Class.

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 19

Lifecycle 2015 Fund

Asset allocation
	% of net assets as of 11/30/12			Target allocation for 6/30/13
Equity
U.S. equity		38.5	%		39.9	%
International equity		15.8			13.3
Fixed income
Fixed income		35.6			36.4
Short-term fixed income		4.9			5.2
Inflation-protected assets		4.9			5.2
Other assets &
liabilities, net		0.3			–
Total		100.0			100.0

Target allocation

For June 30, 2013

20 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2020 Fund

Performance as of November 30, 2012

			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		8.76	%		12.75	%		1.70	%		4.96	%
Institutional Class		1/17/2007		8.86			12.93			1.94			5.15	*
Premier Class		9/30/2009		8.88			12.84			1.78	*		5.01	*
2020 Fund Composite Index†		—		7.68			11.67			2.13			5.16	‡
Broad market index
Russell 3000® Index		—		9.33			15.95			1.67			5.64	‡

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 any 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, 2012, the 2020 Fund Composite Index consisted of: 46.6% Russell 3000 Index; 31.9% Barclays U.S. Aggregate Bond Index; 15.5% MSCI EAFE+EM Index; 3.0% Barclays U.S. 1–5 Year Government/Credit Bond Index; and 3.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
‡	Performance is calculated from the inception date of the Retirement Class.

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 21

Lifecycle 2020 Fund

Asset allocation
	% of net assets as of 11/30/12			Target allocation for 6/30/13
Equity
U.S. equity		44.2	%		45.9	%
International equity		18.0			15.3
Fixed income
Fixed income		31.6			32.4
Short-term fixed income		2.9			3.2
Inflation-protected assets		2.9			3.2
Other assets &
liabilities, net		0.4			–
Total		100.0			100.0

Target allocation

For June 30, 2013

22 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2025 Fund
Performance as of November 30, 2012
		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	9.49	%	13.46	%	1.11	%	4.79	%
Institutional Class	1/17/2007	9.67		13.73		1.36		4.98	*
Premier Class	9/30/2009	9.58		13.52		1.15	*	4.81	*
2025 Fund Composite Index†	—	8.42		12.44		1.59		4.98	‡
Broad market index
Russell 3000® Index	—	9.33		15.95		1.67		5.64	‡

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 any 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, 2012, the 2025 Fund Composite Index consisted of: 52.6% Russell 3000 Index; 27.9% Barclays U.S. Aggregate Bond Index; 17.5% MSCI EAFE+EM Index; 1.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L); and 1.0% Barclays U.S. 1–5 Year Government/Credit Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
‡	Performance is calculated from the inception date of the Retirement Class.

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 23

Lifecycle 2025 Fund
Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	49.8	%	51.9	%
International equity	20.2		17.3
Fixed income
Fixed income	27.7		28.4
Short-term fixed income	0.9		1.2
Inflation-protected assets	0.9		1.2
Other assets & liabilities, net	0.5		–
Total	100.0		100.0

Target allocation

For June 30, 2013

24 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2030 Fund
Performance as of November 30, 2012
		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	10.15	%	14.00	%	0.45	%	4.52	%
Institutional Class	1/17/2007	10.31		14.27		0.69		4.71	*
Premier Class	9/30/2009	10.22		14.19		0.51	*	4.56	*
2030 Fund Composite Index†	—	9.16		13.19		1.02		4.80	‡
Broad market index
Russell 3000® Index	—	9.33		15.95		1.67		5.64	‡

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 any 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, 2012, the 2030 Fund Composite Index consisted of: 58.6% Russell 3000 Index; 21.9% Barclays U.S. Aggregate Bond Index; and 19.5% MSCI EAFE+EM Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
‡	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	55.5	%	57.9	%
International equity	22.4		19.3
Fixed income	21.6		22.8
Other assets & liabilities, net	0.5		–
Total	100.0		100.0

Target allocation

For June 30, 2013

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 25

Lifecycle 2035 Fund
Performance as of November 30, 2012
		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	10.75	%	14.49	%	0.19	%	4.57	%
Institutional Class	1/17/2007	10.92		14.66		0.43		4.75	*
Premier Class	9/30/2009	10.81		14.57		0.26	*	4.61	*
2035 Fund Composite Index†	—	9.90		13.93		0.82		4.86	‡
Broad market index
Russell 3000® Index	—	9.33		15.95		1.67		5.64	‡

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 any 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, 2012, the 2035 Fund Composite Index consisted of: 64.6% Russell 3000 Index; 21.5% MSCI EAFE+EM Index; and 13.9% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
‡	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	61.2	%	63.9	%
International equity	24.6		21.3
Fixed income	13.7		14.8
Other assets & liabilities, net	0.5		–
Total	100.0		100.0

Target allocation

For June 30, 2013

26 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2040 Fund
Performance as of November 30, 2012
		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	10.97	%	14.54	%	0.21	%	4.82	%
Institutional Class	1/17/2007	11.10		14.94		0.47		5.01	*
Premier Class	9/30/2009	11.12		14.72		0.30	*	4.87	*
2040 Fund Composite Index†	—	10.20		14.19		0.83		5.08	‡
Broad market index
Russell 3000® Index	—	9.33		15.95		1.67		5.64	‡

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 any 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, 2012, the 2040 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
‡	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	63.9	%	67.5	%
International equity	25.6		22.5
Fixed income	10.0		10.0
Other assets & liabilities, net	0.5		–
Total	100.0		100.0

Target allocation

For June 30, 2013

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 27

Lifecycle 2045 Fund
Performance as of November 30, 2012
		Total return				Average annual total return
Lifecycle 2045 Fund	Inception date	6 months		1 year		5 years		since fund inception
Retirement Class	11/30/2007	10.99	%	14.51	%	–0.08	%	–0.08	%
Institutional Class	11/30/2007	11.18		14.97		0.18		0.18
Premier Class	9/30/2009	11.08		14.77		0.00	*	0.00	*
2045 Fund Composite Index†	—	10.20		14.19		0.85		0.85	‡
Broad market index
Russell 3000® Index	—	9.33		15.95		1.67		1.67	‡

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 any 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 these periods 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 these periods would have been higher.
†	As of the close of business on November 30, 2012, the 2045 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
‡	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	63.7	%	67.5	%
International equity	25.5		22.5
Fixed income	9.9		10.0
Other assets & liabilities, net	0.9		–
Total	100.0		100.0

Target allocation

For June 30, 2013

28 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Lifecycle 2050 Fund
Performance as of November 30, 2012
		Total return				Average annual total return
Lifecycle 2050 Fund	Inception date	6 months		1 year		5 years		since fund inception
Retirement Class	11/30/2007	10.90	%	14.55	%	–0.13	%	–0.13	%
Institutional Class	11/30/2007	11.10		14.86		0.13		0.13
Premier Class	9/30/2009	11.12		14.79		–0.06	*	–0.06	*
2050 Fund Composite Index†	—	10.20		14.19		0.85		0.85	‡
Broad market index
Russell 3000® Index	—	9.33		15.95		1.67		1.67	‡

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 any 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 these periods 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 these periods would have been higher.
†	As of the close of business on November 30, 2012, the 2050 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
‡	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	63.8	%	67.5	%
International equity	25.5		22.5
Fixed income	9.9		10.0
Other assets & liabilities, net	0.8		–
Total	100.0		100.0

Target allocation

For June 30, 2013

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 29

Lifecycle 2055 Fund
Performance as of November 30, 2012
		Total return				Average annual total return
Lifecycle 2055 Fund	Inception date	6 months		1 year		since fund inception
Retirement Class	4/29/2011	10.90	%	14.66	%	1.14	%
Institutional Class	4/29/2011	11.11		14.92		1.43
Premier Class	4/29/2011	11.01		14.72		1.25
2055 Fund Composite Index*	—	10.20		14.19		1.89	†
Broad market index
Russell 3000® Index	—	9.33		15.95		3.77	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the 2055 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	63.9	%	67.5	%
International equity	25.5		22.5
Fixed income	9.9		10.0
Other assets & liabilities, net	0.7		–
Total	100.0		100.0

Target allocation

For June 30, 2013

30 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

Portfolio of investments (unaudited)

Lifecycle Retirement Income Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
5,913,988	TIAA-CREF Bond Fund	$	64,994,724	36.7	%
80,145	TIAA-CREF Bond Plus Fund		878,389	0.5
427,586	TIAA-CREF High-Yield Fund		4,416,963	2.5
			70,290,076	39.7
INFLATION-PROTECTED ASSETS
1,393,060	TIAA-CREF Inflation-Linked Bond Fund		17,650,073	10.0
			17,650,073	10.0
INTERNATIONAL EQUITY
514,840	TIAA-CREF Emerging Markets Equity Fund		5,462,448	3.1
697,422	TIAA-CREF Enhanced International Equity Index Fund		4,888,925	2.8
219,528	TIAA-CREF Global Natural Resources Fund		2,221,628	1.3
896,781	TIAA-CREF International Equity Fund		8,483,547	4.7
			21,056,548	11.9
SHORT-TERM FIXED INCOME
1,668,327	TIAA-CREF Short-Term Bond Fund		17,584,168	9.9
			17,584,168	9.9
U.S. EQUITY
906,456	TIAA-CREF Enhanced Large-Cap Growth Index Fund		8,874,201	5.0
1,062,872	TIAA-CREF Enhanced Large-Cap Value Index Fund		9,204,470	5.2
767,171	TIAA-CREF Growth & Income Fund		8,062,967	4.5
777,742	TIAA-CREF Large-Cap Growth Fund		9,371,797	5.3
681,298	TIAA-CREF Large-Cap Value Fund		9,674,429	5.4
21,714	TIAA-CREF Mid-Cap Growth Fund		443,624	0.3
28,841	TIAA-CREF Mid-Cap Value Fund		539,618	0.3
261,121	TIAA-CREF Small-Cap Equity Fund		3,854,147	2.2
			50,025,253	28.2
TOTAL TIAA-CREF FUNDS (Cost $158,333,071)			176,606,118	99.7
TOTAL PORTFOLIO (Cost $158,333,071)			176,606,118	99.7
OTHER ASSETS & LIABILITIES, NET			553,441	0.3
NET ASSETS		$	177,159,559	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 § 2012 Semiannual Report 31

Portfolio of investments (unaudited)

Lifecycle 2010 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
26,083,087	TIAA-CREF Bond Fund	$	286,653,125	34.4	%
664,032	TIAA-CREF Bond Plus Fund		7,277,785	0.9
2,312,490	TIAA-CREF High-Yield Fund		23,888,019	2.9
			317,818,929	38.2
INFLATION-PROTECTED ASSETS
4,545,493	TIAA-CREF Inflation-Linked Bond Fund		57,591,396	6.9
			57,591,396	6.9
INTERNATIONAL EQUITY
2,798,601	TIAA-CREF Emerging Markets Equity Fund		29,693,159	3.6
4,119,768	TIAA-CREF Enhanced International Equity Index Fund		28,879,577	3.5
1,184,199	TIAA-CREF Global Natural Resources Fund		11,984,096	1.4
4,832,417	TIAA-CREF International Equity Fund		45,714,664	5.5
			116,271,496	14.0
SHORT-TERM FIXED INCOME
5,447,156	TIAA-CREF Short-Term Bond Fund		57,413,024	6.9
			57,413,024	6.9
U.S. EQUITY
5,101,736	TIAA-CREF Enhanced Large-Cap Growth Index Fund		49,945,991	6.0
5,979,457	TIAA-CREF Enhanced Large-Cap Value Index Fund		51,782,095	6.2
4,285,609	TIAA-CREF Growth & Income Fund		45,041,755	5.4
4,345,487	TIAA-CREF Large-Cap Growth Fund		52,363,114	6.3
3,806,554	TIAA-CREF Large-Cap Value Fund		54,053,063	6.5
131,036	TIAA-CREF Mid-Cap Growth Fund		2,677,069	0.3
171,743	TIAA-CREF Mid-Cap Value Fund		3,213,309	0.4
1,458,548	TIAA-CREF Small-Cap Equity Fund		21,528,168	2.6
			280,604,564	33.7
TOTAL TIAA-CREF FUNDS (Cost $741,424,270)			829,699,409	99.7
TOTAL PORTFOLIO (Cost $741,424,270)			829,699,409	99.7
OTHER ASSETS & LIABILITIES, NET			2,821,260	0.3
NET ASSETS		$	832,520,669	100.0	%

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

32 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2015 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
33,626,062	TIAA-CREF Bond Fund	$	369,550,425	30.6	%
1,669,865	TIAA-CREF Bond Plus Fund		18,301,720	1.5
4,105,056	TIAA-CREF High-Yield Fund		42,405,230	3.5
			430,257,375	35.6
INFLATION-PROTECTED ASSETS
4,695,559	TIAA-CREF Inflation-Linked Bond Fund		59,492,739	4.9
			59,492,739	4.9
INTERNATIONAL EQUITY
4,533,748	TIAA-CREF Emerging Markets Equity Fund		48,103,064	4.0
7,028,403	TIAA-CREF Enhanced International Equity Index Fund		49,269,102	4.1
1,906,172	TIAA-CREF Global Natural Resources Fund		19,290,460	1.6
7,837,986	TIAA-CREF International Equity Fund		74,147,352	6.1
			190,809,978	15.8
SHORT-TERM FIXED INCOME
5,627,289	TIAA-CREF Short-Term Bond Fund		59,311,627	4.9
			59,311,627	4.9
U.S. EQUITY
8,444,794	TIAA-CREF Enhanced Large-Cap Growth Index Fund		82,674,537	6.8
9,902,048	TIAA-CREF Enhanced Large-Cap Value Index Fund		85,751,732	7.1
7,068,717	TIAA-CREF Growth & Income Fund		74,292,220	6.2
7,171,595	TIAA-CREF Large-Cap Growth Fund		86,417,720	7.2
6,272,676	TIAA-CREF Large-Cap Value Fund		89,071,997	7.4
226,213	TIAA-CREF Mid-Cap Growth Fund		4,621,539	0.4
294,348	TIAA-CREF Mid-Cap Value Fund		5,507,245	0.5
2,403,514	TIAA-CREF Small-Cap Equity Fund		35,475,861	2.9
			463,812,851	38.5
TOTAL TIAA-CREF FUNDS (Cost $1,110,748,179)			1,203,684,570	99.7
TOTAL PORTFOLIO (Cost $1,110,748,179)			1,203,684,570	99.7
OTHER ASSETS & LIABILITIES, NET			4,111,123	0.3
NET ASSETS		$	1,207,795,693	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 § 2012 Semiannual Report 33

Portfolio of investments (unaudited)

Lifecycle 2020 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
33,854,491	TIAA-CREF Bond Fund	$	372,060,861	24.1	%
4,262,850	TIAA-CREF Bond Plus Fund		46,720,833	3.0
6,724,935	TIAA-CREF High-Yield Fund		69,468,577	4.5
			488,250,271	31.6
INFLATION-PROTECTED ASSETS
3,571,709	TIAA-CREF Inflation-Linked Bond Fund		45,253,552	2.9
			45,253,552	2.9
INTERNATIONAL EQUITY
6,541,811	TIAA-CREF Emerging Markets Equity Fund		69,408,618	4.5
10,629,627	TIAA-CREF Enhanced International Equity Index Fund		74,513,683	4.8
2,745,579	TIAA-CREF Global Natural Resources Fund		27,785,264	1.8
11,208,051	TIAA-CREF International Equity Fund		106,028,167	6.9
			277,735,732	18.0
SHORT-TERM FIXED INCOME
4,280,441	TIAA-CREF Short-Term Bond Fund		45,115,851	2.9
			45,115,851	2.9
U.S. EQUITY
12,449,204	TIAA-CREF Enhanced Large-Cap Growth Index Fund		121,877,712	7.9
14,586,747	TIAA-CREF Enhanced Large-Cap Value Index Fund		126,321,227	8.2
10,360,312	TIAA-CREF Growth & Income Fund		108,886,879	7.0
10,505,440	TIAA-CREF Large-Cap Growth Fund		126,590,552	8.2
9,212,937	TIAA-CREF Large-Cap Value Fund		130,823,704	8.5
345,829	TIAA-CREF Mid-Cap Growth Fund		7,065,283	0.5
446,690	TIAA-CREF Mid-Cap Value Fund		8,357,572	0.5
3,525,858	TIAA-CREF Small-Cap Equity Fund		52,041,664	3.4
			681,964,593	44.2
TOTAL TIAA-CREF FUNDS (Cost $1,408,766,767)			1,538,319,999	99.6
TOTAL PORTFOLIO (Cost $1,408,766,767)			1,538,319,999	99.6
OTHER ASSETS & LIABILITIES, NET			6,362,844	0.4
NET ASSETS		$	1,544,682,843	100.0	%

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

34 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2025 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
23,201,658	TIAA-CREF Bond Fund	$	254,986,218	17.2	%
6,772,283	TIAA-CREF Bond Plus Fund		74,224,216	5.0
7,882,784	TIAA-CREF High-Yield Fund		81,429,156	5.5
			410,639,590	27.7
INFLATION-PROTECTED ASSETS
1,108,523	TIAA-CREF Inflation-Linked Bond Fund		14,044,985	0.9
			14,044,985	0.9
INTERNATIONAL EQUITY
7,004,134	TIAA-CREF Emerging Markets Equity Fund		74,313,862	5.0
11,802,540	TIAA-CREF Enhanced International Equity Index Fund		82,735,805	5.6
2,923,407	TIAA-CREF Global Natural Resources Fund		29,584,881	2.0
11,962,443	TIAA-CREF International Equity Fund		113,164,711	7.6
			299,799,259	20.2
SHORT-TERM FIXED INCOME
1,328,736	TIAA-CREF Short-Term Bond Fund		14,004,878	0.9
			14,004,878	0.9
U.S. EQUITY
13,527,216	TIAA-CREF Enhanced Large-Cap Growth Index Fund		132,431,450	8.9
15,845,901	TIAA-CREF Enhanced Large-Cap Value Index Fund		137,225,501	9.2
11,223,157	TIAA-CREF Growth & Income Fund		117,955,383	7.9
11,382,874	TIAA-CREF Large-Cap Growth Fund		137,163,632	9.2
9,983,538	TIAA-CREF Large-Cap Value Fund		141,766,243	9.6
386,386	TIAA-CREF Mid-Cap Growth Fund		7,893,862	0.6
496,662	TIAA-CREF Mid-Cap Value Fund		9,292,551	0.6
3,819,458	TIAA-CREF Small-Cap Equity Fund		56,375,202	3.8
			740,103,824	49.8
TOTAL TIAA-CREF FUNDS (Cost $1,347,384,327)			1,478,592,536	99.5
TOTAL PORTFOLIO (Cost $1,347,384,327)			1,478,592,536	99.5
OTHER ASSETS & LIABILITIES, NET			6,873,920	0.5
NET ASSETS		$	1,485,466,456	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 § 2012 Semiannual Report 35

Portfolio of investments (unaudited)

Lifecycle 2030 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
12,397,115	TIAA-CREF Bond Fund	$	136,244,290	9.7	%
7,605,281	TIAA-CREF Bond Plus Fund		83,353,884	5.9
8,090,615	TIAA-CREF High-Yield Fund		83,576,051	6.0
			303,174,225	21.6
INTERNATIONAL EQUITY
7,309,552	TIAA-CREF Emerging Markets Equity Fund		77,554,349	5.5
12,672,902	TIAA-CREF Enhanced International Equity Index Fund		88,837,042	6.3
3,045,255	TIAA-CREF Global Natural Resources Fund		30,817,979	2.2
12,456,386	TIAA-CREF International Equity Fund		117,837,416	8.4
			315,046,786	22.4
U.S. EQUITY
14,304,234	TIAA-CREF Enhanced Large-Cap Growth Index Fund		140,038,455	10.0
16,755,226	TIAA-CREF Enhanced Large-Cap Value Index Fund		145,100,261	10.3
11,833,474	TIAA-CREF Growth & Income Fund		124,369,815	8.8
12,004,416	TIAA-CREF Large-Cap Growth Fund		144,653,219	10.3
10,527,667	TIAA-CREF Large-Cap Value Fund		149,492,875	10.6
417,089	TIAA-CREF Mid-Cap Growth Fund		8,521,127	0.6
534,255	TIAA-CREF Mid-Cap Value Fund		9,995,903	0.7
4,027,737	TIAA-CREF Small-Cap Equity Fund		59,449,400	4.2
			781,621,055	55.5
TOTAL TIAA-CREF FUNDS (Cost $1,262,838,736)			1,399,842,066	99.5
TOTAL PORTFOLIO (Cost $1,262,838,736)			1,399,842,066	99.5
OTHER ASSETS & LIABILITIES, NET			6,904,993	0.5
NET ASSETS		$	1,406,747,059	100.0	%

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

36 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2035 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
2,329,142	TIAA-CREF Bond Fund	$	25,597,273	1.8	%
7,642,672	TIAA-CREF Bond Plus Fund		83,763,685	5.9
8,123,677	TIAA-CREF High-Yield Fund		83,917,583	6.0
			193,278,541	13.7
INTERNATIONAL EQUITY
8,027,187	TIAA-CREF Emerging Markets Equity Fund		85,168,459	6.0
14,244,501	TIAA-CREF Enhanced International Equity Index Fund		99,853,953	7.1
3,348,435	TIAA-CREF Global Natural Resources Fund		33,886,165	2.4
13,606,347	TIAA-CREF International Equity Fund		128,716,044	9.1
			347,624,621	24.6
U.S. EQUITY
15,889,537	TIAA-CREF Enhanced Large-Cap Growth Index Fund		155,558,563	11.0
18,612,730	TIAA-CREF Enhanced Large-Cap Value Index Fund		161,186,240	11.4
13,104,596	TIAA-CREF Growth & Income Fund		137,729,307	9.7
13,291,897	TIAA-CREF Large-Cap Growth Fund		160,167,356	11.3
11,652,358	TIAA-CREF Large-Cap Value Fund		165,463,478	11.6
470,571	TIAA-CREF Mid-Cap Growth Fund		9,613,767	0.7
601,198	TIAA-CREF Mid-Cap Value Fund		11,248,410	0.8
4,461,583	TIAA-CREF Small-Cap Equity Fund		65,852,960	4.7
			866,820,081	61.2
TOTAL TIAA-CREF FUNDS (Cost $1,259,296,646)			1,407,723,243	99.5
TOTAL PORTFOLIO (Cost $1,259,296,646)			1,407,723,243	99.5
OTHER ASSETS & LIABILITIES, NET			6,929,623	0.5
NET ASSETS		$	1,414,652,866	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 § 2012 Semiannual Report 37

Portfolio of investments (unaudited)

Lifecycle 2040 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
7,032,661	TIAA-CREF Bond Plus Fund	$	77,077,969	4.0	%
11,174,402	TIAA-CREF High-Yield Fund		115,431,574	6.0
			192,509,543	10.0
INTERNATIONAL EQUITY
11,398,759	TIAA-CREF Emerging Markets Equity Fund		120,940,835	6.2
20,425,030	TIAA-CREF Enhanced International Equity Index Fund		143,179,461	7.4
4,740,047	TIAA-CREF Global Natural Resources Fund		47,969,274	2.5
19,340,750	TIAA-CREF International Equity Fund		182,963,494	9.5
			495,053,064	25.6
U.S. EQUITY
22,699,465	TIAA-CREF Enhanced Large-Cap Growth Index Fund		222,227,765	11.5
26,585,340	TIAA-CREF Enhanced Large-Cap Value Index Fund		230,229,041	11.9
18,709,186	TIAA-CREF Growth & Income Fund		196,633,541	10.2
18,967,615	TIAA-CREF Large-Cap Growth Fund		228,559,765	11.8
16,627,103	TIAA-CREF Large-Cap Value Fund		236,104,857	12.2
676,430	TIAA-CREF Mid-Cap Growth Fund		13,819,466	0.7
863,335	TIAA-CREF Mid-Cap Value Fund		16,152,992	0.8
6,367,005	TIAA-CREF Small-Cap Equity Fund		93,977,001	4.8
			1,237,704,428	63.9
TOTAL TIAA-CREF FUNDS (Cost $1,711,326,952)			1,925,267,035	99.5
TOTAL PORTFOLIO (Cost $1,711,326,952)			1,925,267,035	99.5
OTHER ASSETS & LIABILITIES, NET			8,975,107	0.5
NET ASSETS		$	1,934,242,142	100.0	%

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

38 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2045 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
1,561,806	TIAA-CREF Bond Plus Fund	$	17,117,396	4.0	%
2,490,339	TIAA-CREF High-Yield Fund		25,725,198	5.9
			42,842,594	9.9
INTERNATIONAL EQUITY
2,540,803	TIAA-CREF Emerging Markets Equity Fund		26,957,921	6.2
4,549,593	TIAA-CREF Enhanced International Equity Index Fund		31,892,650	7.4
1,061,992	TIAA-CREF Global Natural Resources Fund		10,747,360	2.5
4,276,205	TIAA-CREF International Equity Fund		40,452,896	9.4
			110,050,827	25.5
U.S. EQUITY
5,061,896	TIAA-CREF Enhanced Large-Cap Growth Index Fund		49,555,966	11.5
5,928,193	TIAA-CREF Enhanced Large-Cap Value Index Fund		51,338,154	11.9
4,166,548	TIAA-CREF Growth & Income Fund		43,790,417	10.1
4,217,506	TIAA-CREF Large-Cap Growth Fund		50,820,951	11.8
3,693,938	TIAA-CREF Large-Cap Value Fund		52,453,926	12.1
150,630	TIAA-CREF Mid-Cap Growth Fund		3,077,363	0.7
192,278	TIAA-CREF Mid-Cap Value Fund		3,597,523	0.8
1,418,383	TIAA-CREF Small-Cap Equity Fund		20,935,326	4.8
			275,569,626	63.7
TOTAL TIAA-CREF FUNDS (Cost $382,786,846)			428,463,047	99.1
TOTAL PORTFOLIO (Cost $382,786,846)			428,463,047	99.1
OTHER ASSETS & LIABILITIES, NET			3,772,621	0.9
NET ASSETS		$	432,235,668	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 § 2012 Semiannual Report 39

Portfolio of investments (unaudited)

Lifecycle 2050 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
847,010	TIAA-CREF Bond Plus Fund	$	9,283,234	4.0	%
1,350,582	TIAA-CREF High-Yield Fund		13,951,517	5.9
			23,234,751	9.9
INTERNATIONAL EQUITY
1,377,139	TIAA-CREF Emerging Markets Equity Fund		14,611,441	6.2
2,465,921	TIAA-CREF Enhanced International Equity Index Fund		17,286,105	7.4
575,534	TIAA-CREF Global Natural Resources Fund		5,824,408	2.5
2,317,913	TIAA-CREF International Equity Fund		21,927,453	9.4
			59,649,407	25.5
U.S. EQUITY
2,746,047	TIAA-CREF Enhanced Large-Cap Growth Index Fund		26,883,800	11.5
3,215,638	TIAA-CREF Enhanced Large-Cap Value Index Fund		27,847,425	11.9
2,260,401	TIAA-CREF Growth & Income Fund		23,756,809	10.1
2,287,125	TIAA-CREF Large-Cap Growth Fund		27,559,853	11.8
2,004,062	TIAA-CREF Large-Cap Value Fund		28,457,679	12.1
81,698	TIAA-CREF Mid-Cap Growth Fund		1,669,083	0.7
104,295	TIAA-CREF Mid-Cap Value Fund		1,951,361	0.8
769,446	TIAA-CREF Small-Cap Equity Fund		11,357,026	4.9
			149,483,036	63.8
TOTAL TIAA-CREF FUNDS (Cost $208,627,123)			232,367,194	99.2
TOTAL PORTFOLIO (Cost $208,627,123)			232,367,194	99.2
OTHER ASSETS & LIABILITIES, NET			1,968,236	0.8
NET ASSETS		$	234,335,430	100.0	%

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

40 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2055 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
76,087	TIAA-CREF Bond Plus Fund	$	833,918	4.0	%
121,324	TIAA-CREF High-Yield Fund		1,253,273	5.9
			2,087,191	9.9
INTERNATIONAL EQUITY
123,619	TIAA-CREF Emerging Markets Equity Fund		1,311,598	6.2
221,434	TIAA-CREF Enhanced International Equity Index Fund		1,552,252	7.4
51,580	TIAA-CREF Global Natural Resources Fund		521,993	2.5
208,350	TIAA-CREF International Equity Fund		1,970,991	9.4
			5,356,834	25.5
U.S. EQUITY
246,649	TIAA-CREF Enhanced Large-Cap Growth Index Fund		2,414,697	11.5
288,839	TIAA-CREF Enhanced Large-Cap Value Index Fund		2,501,342	11.9
203,079	TIAA-CREF Growth & Income Fund		2,134,356	10.1
205,542	TIAA-CREF Large-Cap Growth Fund		2,476,780	11.8
180,084	TIAA-CREF Large-Cap Value Fund		2,557,195	12.2
7,338	TIAA-CREF Mid-Cap Growth Fund		149,919	0.7
9,366	TIAA-CREF Mid-Cap Value Fund		175,241	0.8
69,114	TIAA-CREF Small-Cap Equity Fund		1,020,121	4.9
			13,429,651	63.9
TOTAL TIAA-CREF FUNDS (Cost $20,026,849)			20,873,676	99.3
TOTAL PORTFOLIO (Cost $20,026,849)			20,873,676	99.3
OTHER ASSETS & LIABILITIES, NET			154,690	0.7
NET ASSETS		$	21,028,366	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 § 2012 Semiannual Report 41

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifecycle Funds § November 30, 2012

	Lifecycle Retirement Income Fund				Lifecycle 2010 Fund			Lifecycle 2015 Fund		Lifecycle 2020 Fund		Lifecycle 2025 Fund		Lifecycle 2030 Fund
ASSETS
Affiliated investments, at value*		$	176,606,118		$	829,699,409		$	1,203,684,570	$	1,538,319,999	$	1,478,592,536	$	1,399,842,066
Cash			–			1,401,029			1,716,840		1,867,113		3,089,952		1,705,968
Receivable from securities transactions			15,669			216,862			981,481		641,203		–		–
Receivable from Fund shares sold			405,570			2,211,262			2,965,427		5,670,126		6,252,000		6,283,320
Dividends and interest receivable			182,540			805,679			1,095,312		1,280,519		1,122,120		893,351
Due from affiliates			2,541			9,026			12,739		16,044		15,431		14,656
Other			2,278			15,695			20,157		23,678		22,314		21,314
Total assets			177,214,716			834,358,962			1,210,476,526		1,547,818,682		1,489,094,353		1,408,760,675
LIABILITIES
Overdraft payable			13,590			–			–		–		–		–
Management fees payable			1,447			6,787			9,842		12,563		12,063		11,422
Service agreement fees payable			1,711			9,216			12,631		15,835		14,953		13,384
Distribution fees payable			17,312			13,977			21,918		28,174		27,164		26,685
Due to affiliates			1,011			5,480			7,296		9,001		8,354		7,892
Payable for securities transactions			15,750			1,566,362			2,551,981		2,975,704		3,434,250		1,868,500
Payable for Fund shares redeemed			1,911			179,845			–		–		41,794		–
Accrued expenses and other payables			2,425			56,626			77,165		94,562		89,319		85,733
Total liabilities			55,157			1,838,293			2,680,833		3,135,839		3,627,897		2,013,616
NET ASSETS		$	177,159,559		$	832,520,669		$	1,207,795,693	$	1,544,682,843	$	1,485,466,456	$	1,406,747,059
NET ASSETS CONSIST OF:
Paid-in-capital		$	160,808,234		$	757,240,814		$	1,085,448,702	$	1,376,758,906	$	1,316,692,843	$	1,234,741,205
Undistributed net investment income (loss)			303,771			11,302,402			12,174,966		13,769,186		11,602,262		8,633,408
Accumulated net realized gain (loss) on total investments			(2,225,493	)		(24,297,686	)		17,235,634		24,601,519		25,963,142		26,369,116
Net unrealized appreciation (depreciation) on total investments			18,273,047			88,275,139			92,936,391		129,553,232		131,208,209		137,003,330
NET ASSETS		$	177,159,559		$	832,520,669		$	1,207,795,693	$	1,544,682,843	$	1,485,466,456	$	1,406,747,059
RETIREMENT CLASS:
Net assets		$	83,692,504		$	451,096,333		$	619,811,625	$	777,537,465	$	735,809,993	$	658,064,615
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			7,987,231			37,263,581			52,212,463		65,937,771		63,171,156		57,217,377
Net asset value per share			$10.48			$12.11			$11.87		$11.79		$11.65		$11.50
INSTITUTIONAL CLASS:
Net assets		$	44,820,744		$	268,738,801		$	409,683,890	$	536,865,126	$	526,896,648	$	529,963,921
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			4,269,431			25,109,602			39,690,955		53,302,947		53,369,937		55,018,617
Net asset value per share			$10.50			$10.70			$10.32		$10.07		$9.87		$9.63
RETAIL CLASS:
Net assets		$	39,237,306			–			–		–		–		–
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			3,741,569			–			–		–		–		–
Net asset value per share			$10.49			–			–		–		–		–
PREMIER CLASS:
Net assets		$	9,409,005		$	112,685,535		$	178,300,178	$	230,280,252	$	222,759,815	$	218,718,523
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			896,632			10,558,310			17,341,679		22,918,695		22,645,737		22,794,519
Net asset value per share			$10.49			$10.67			$10.28		$10.05		$9.84		$9.60
* Affiliated investments, cost		$	158,333,071		$	741,424,270		$	1,110,748,179	$	1,408,766,767	$	1,347,384,327	$	1,262,838,736

42 2012 Semiannual Report  §  TIAA-CREF Lifecycle Funds   See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2012 Semiannual Report 43

Statements of assets and liabilities (unaudited)	concluded
TIAA-CREF Lifecycle Funds § November 30, 2012

	Lifecycle 2035 Fund		Lifecycle 2040 Fund		Lifecycle 2045 Fund			Lifecycle 2050 Fund			Lifecycle 2055 Fund
ASSETS
Affiliated investments, at value*	$	1,407,723,243	$	1,925,267,035	$	428,463,047		$	232,367,194		$	20,873,676
Cash		1,949,168		3,062,145		892,499			598,722			68,633
Receivable from Fund shares sold		6,313,727		8,135,905		3,565,195			1,850,584			158,739
Dividends and interest receivable		666,588		750,229		165,078			89,229			7,988
Due from affiliates		14,705		19,886		4,819			2,907			913
Other		21,136		30,630		3,932			3,833			145
Total assets		1,416,688,567		1,937,265,830		433,094,570			234,912,469			21,110,094
LIABILITIES
Management fees payable		11,475		15,692		3,486			1,890			170
Service agreement fees payable		13,406		18,741		4,011			2,232			285
Distribution fees payable		26,878		38,602		7,210			3,797			300
Due to affiliates		7,974		10,863		2,212			1,120			22
Payable for securities transactions		1,888,750		2,823,000		837,000			568,000			55,250
Payable for Fund shares redeemed		–		4,662		–			–			–
Accrued expenses and other payables		87,218		112,128		4,983			–			25,701
Total liabilities		2,035,701		3,023,688		858,902			577,039			81,728
NET ASSETS	$	1,414,652,866	$	1,934,242,142	$	432,235,668		$	234,335,430		$	21,028,366
NET ASSETS CONSIST OF:
Paid-in-capital	$	1,229,306,071	$	1,664,228,556	$	385,444,788		$	210,900,687		$	20,365,261
Undistributed net investment income (loss)		5,837,499		6,956,869		1,294,486			701,248			52,299
Accumulated net realized gain (loss) on total investments		31,082,699		49,116,634		(179,807	)		(1,006,576	)		(236,021	)
Net unrealized appreciation (depreciation) on total investments		148,426,597		213,940,083		45,676,201			23,740,071			846,827
NET ASSETS	$	1,414,652,866	$	1,934,242,142	$	432,235,668		$	234,335,430		$	21,028,366
RETIREMENT CLASS:
Net assets	$	660,110,516	$	922,911,080	$	198,369,094		$	110,474,867		$	14,032,620
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		57,224,534		78,649,566		22,062,090			12,337,461			1,407,017
Net asset value per share		$11.54		$11.73		$8.99			$8.95			$9.97
INSTITUTIONAL CLASS:
Net assets	$	534,507,982	$	697,637,173	$	173,873,783		$	92,144,850		$	4,421,392
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		55,960,351		72,584,979		19,218,150			10,227,705			442,223
Net asset value per share		$9.55		$9.61		$9.05			$9.01			$10.00
PREMIER CLASS:
Net assets	$	220,034,368	$	313,693,889	$	59,992,791		$	31,715,713		$	2,574,354
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		23,093,340		32,726,961		6,652,044			3,529,194			257,905
Net asset value per share		$9.53		$9.59		$9.02			$8.99			$9.98
* Affiliated investments, cost	$	1,259,296,646	$	1,711,326,952	$	382,786,846		$	208,627,123		$	20,026,849

44 2012 Semiannual Report  §  TIAA-CREF Lifecycle Funds   See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2012 Semiannual Report 45

Statements of operations (unaudited)

TIAA-CREF Lifecycle Funds § For the period ended November 30, 2012

	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		$	1,237,063		$	5,573,161		$	7,269,668		$	8,263,045		$	7,019,028		$	5,615,773
Total income			1,237,063			5,573,161			7,269,668			8,263,045			7,019,028			5,615,773
EXPENSES
Management fees			80,823			400,365			570,682			721,835			689,520			655,137
Distribution fees — Retirement Class			19,497			110,697			150,400			187,100			176,647			159,206
Distribution fees — Retail Class			44,761			–			–			–			–			–
Distribution fees — Premier Class			7,679			82,170			127,649			162,777			155,212			153,091
Fund administration fees			4,472			22,576			31,904			40,296			38,390			36,424
Custody and accounting fees			7,459			5,862			5,862			5,862			5,862			5,858
Audit fees			10,786			10,446			10,200			10,228			10,199			10,469
Legal fees			860			3,852			5,610			7,180			6,746			6,348
Shareholder reports			10,999			39,927			53,418			65,563			63,230			60,841
Shareholder servicing — Retirement Class			97,703			553,990			752,630			936,256			883,950			796,713
Shareholder servicing — Institutional Class			106			321			444			527			489			467
Shareholder servicing — Retail Class			6,339			–			–			–			–			–
Shareholder servicing — Premier Class			87			152			214			233			225			222
Trustee fees and expenses			790			4,046			5,805			7,381			7,077			6,740
Compliance fees			2,211			10,776			15,217			19,213			18,296			17,354
Registration fees			17,942			26,547			29,115			30,558			30,498			29,301
Other expenses			5,701			15,621			24,449			31,692			30,942			28,514
Total expenses			318,215			1,287,348			1,783,599			2,226,701			2,117,283			1,966,685
Less: Expenses reimbursed by the investment adviser			(67,889	)		(140,509	)		(182,818	)		(219,438	)		(212,616	)		(203,167	)
Fee waiver by investment adviser and TPIS			(100,321	)		(511,063	)		(721,082	)		(908,935	)		(866,167	)		(814,343	)
Net expenses			150,005			635,776			879,699			1,098,328			1,038,500			949,175
Net investment income (loss)			1,087,058			4,937,385			6,389,969			7,164,717			5,980,528			4,666,598
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM TOTAL INVESTMENTS:
Realized gain (loss) from sale of affiliated investments			(197,867	)		(6,171,632	)		14,571,836			17,894,069			17,026,474			17,531,255
Net change in unrealized appreciation (depreciation) from affiliated investments			9,462,961			58,953,941			66,796,108			95,319,323			100,627,134			102,801,341
Net realized and unrealized gain (loss) from investments			9,265,094			52,782,309			81,367,944			113,213,392			117,653,608			120,332,596
Net increase (decrease) in net assets from operations		$	10,352,152		$	57,719,694		$	87,757,913		$	120,378,109		$	123,634,136		$	124,999,194

46 2012 Semiannual Report  §  TIAA-CREF Lifecycle Funds   See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2012 Semiannual Report 47

Statements of operations (unaudited)	concluded
TIAA-CREF Lifecycle Funds § For the period ended November 30, 2012

	Lifecycle 2035 Fund			Lifecycle 2040 Fund			Lifecycle 2045 Fund			Lifecycle 2050 Fund			Lifecycle 2055 Fund
INVESTMENT INCOME
Dividends from affiliated investments	$	4,381,464		$	5,292,186		$	1,074,553		$	578,515		$	51,018
Total income		4,381,464			5,292,186			1,074,553			578,515			51,018
EXPENSES
Management fees		655,976			908,105			184,925			99,565			8,783
Distribution fees — Retirement Class		158,924			227,004			43,686			24,158			3,093
Distribution fees — Premier Class		154,584			223,462			38,659			20,382			1,502
Fund administration fees		36,393			50,409			10,288			5,536			547
Custody and accounting fees		5,846			5,835			5,901			5,891			5,943
Audit fees		10,469			10,136			10,845			10,857			10,808
Legal fees		6,269			8,527			1,936			1,065			77
Shareholder reports		60,585			84,726			17,677			12,218			5,169
Shareholder servicing — Retirement Class		795,265			1,135,861			218,773			121,116			15,667
Shareholder servicing — Institutional Class		466			570			219			196			172
Shareholder servicing — Premier Class		231			309			109			91			92
Trustee fees and expenses		6,764			9,349			1,929			1,045			90
Compliance fees		17,562			24,008			4,936			2,623			200
Registration fees		28,897			31,214			17,287			15,790			18,580
Other expenses		27,482			34,841			11,616			7,186			21
Total expenses		1,965,713			2,754,356			568,786			327,719			70,744
Less: Expenses reimbursed by the investment adviser		(201,558	)		(260,710	)		(83,036	)		(62,768	)		(41,828	)
Fee waiver by investment adviser and TPIS		(814,900	)		(1,135,110	)		(228,611	)		(123,722	)		(11,876	)
Net expenses		949,255			1,358,536			257,139			141,229			17,040
Net investment income (loss)		3,432,209			3,933,650			817,414			437,286			33,978
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM TOTAL INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		19,590,320			34,722,771			(817,418	)		(492,664	)		(109,614	)
Realized gain (loss) from sale of unaffiliated investments		–			–			30,307			–			2,076
Net realized gain (loss) from investments		19,590,320			34,722,771			(787,111	)		(492,664	)		(107,538	)
Net change in unrealized appreciation (depreciation) from affiliated investments		108,850,662			148,467,423			37,244,240			20,117,297			1,850,857
Net realized and unrealized gain (loss) from investments		128,440,982			183,190,194			36,457,129			19,624,633			1,743,319
Net increase (decrease) in net assets from operations	$	131,873,191		$	187,123,844		$	37,274,543		$	20,061,919		$	1,777,297

48 2012 Semiannual Report  §  TIAA-CREF Lifecycle Funds   See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds  §  2012 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
		November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	1,087,058		$	3,510,233		$	4,937,385		$	19,008,804		$	6,389,969		$	25,374,266
Net realized gain (loss) from investments			(197,867	)		754,407			(6,171,632	)		14,294,614			14,571,836			29,006,066
Net change in unrealized appreciation (depreciation) from affiliated investments			9,462,961			(2,910,287	)		58,953,941			(33,698,447	)		66,796,108			(64,483,150	)
Net increase (decrease) in net assets resulting from operations			10,352,152			1,354,353			57,719,694			(395,029	)		87,757,913			(10,102,818	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(481,780	)		(1,628,974	)		–			(10,540,885	)		–			(13,401,923	)
	Institutional Class		(271,218	)		(833,270	)		–			(5,754,171	)		–			(7,907,325	)
	Retail Class		(221,118	)		(765,340	)		–			–			–			–
	Premier Class		(69,552	)		(230,444	)		–			(2,578,867	)		–			(3,521,331	)
From realized gains:	Retirement Class		–			–			–			–			–			(10,401,875	)
	Institutional Class		–			–			–			–			–			(5,523,589	)
	Premier Class		–			–			–			–			–			(2,539,708	)
Total distributions			(1,043,668	)		(3,458,028	)		–			(18,873,923	)		–			(43,295,751	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		14,532,772			35,013,769			32,899,811			98,305,354			47,554,719			133,928,721
	Institutional Class		12,501,858			20,195,703			40,498,254			135,823,141			66,249,657			191,006,657
	Retail Class		7,991,767			13,253,627			–			–			–			–
	Premier Class		4,932,847			8,502,470			23,801,495			64,767,847			36,893,443			110,778,570
Reinvestments of distributions:	Retirement Class		481,780			1,628,974			–			10,540,885			–			23,803,798
	Institutional Class		271,218			833,270			–			5,754,171			–			13,430,914
	Retail Class		212,989			731,993			–			–			–			–
	Premier Class		69,552			230,444			–			2,578,867			–			6,061,039
Redemptions:	Retirement Class		(7,955,761	)		(20,487,005	)		(45,881,956	)		(160,085,280	)		(49,345,536	)		(207,866,181	)
	Institutional Class		(2,438,484	)		(8,965,769	)		(16,829,675	)		(13,510,255	)		(16,372,416	)		(11,122,490	)
	Retail Class		(2,327,726	)		(8,910,350	)		–			–			–			–
	Premier Class		(5,471,194	)		(3,867,445	)		(17,041,518	)		(18,611,806	)		(23,689,195	)		(23,172,070	)
Net increase (decrease) from shareholder transactions			22,801,618			38,159,681			17,446,411			125,562,924			61,290,672			236,848,958
Net increase (decrease) in net assets			32,110,102			36,056,006			75,166,105			106,293,972			149,048,585			183,450,389
NET ASSETS
Beginning of period			145,049,457			108,993,451			757,354,564			651,060,592			1,058,747,108			875,296,719
End of period		$	177,159,559		$	145,049,457		$	832,520,669		$	757,354,564		$	1,207,795,693		$	1,058,747,108
Undistributed net investment income (loss) included in net assets		$	303,771		$	260,381		$	11,302,402		$	6,365,017		$	12,174,966		$	5,784,997
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		1,421,715			3,547,411			2,785,589			8,800,382			4,110,420			12,130,145
	Institutional Class		1,215,629			2,053,130			3,897,802			13,602,282			6,597,312			19,595,859
	Retail Class		781,802			1,338,990			–			–			–			–
	Premier Class		482,173			870,411			2,314,084			6,561,138			3,731,670			11,507,539
Shares reinvested:	Retirement Class		47,378			169,839			–			982,375			–			2,282,244
	Institutional Class		26,607			86,823			–			608,264			–			1,484,079
	Retail Class		20,928			76,315			–			–			–			–
	Premier Class		6,819			24,037			–			272,896			–			671,956
Shares redeemed:	Retirement Class		(782,684	)		(2,110,016	)		(3,909,414	)		(14,284,393	)		(4,301,347	)		(18,654,567	)
	Institutional Class		(239,391	)		(912,770	)		(1,599,788	)		(1,353,755	)		(1,619,827	)		(1,146,554	)
	Retail Class		(227,041	)		(905,827	)		–			–			–			–
	Premier Class		(534,740	)		(387,358	)		(1,650,070	)		(1,854,398	)		(2,394,956	)		(2,368,718	)
Net increase (decrease) from shareholder transactions			2,219,195			3,850,985			1,838,203			13,334,791			6,123,272			25,501,983

50 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 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
		November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	7,164,717		$	30,157,254		$	5,980,528		$	27,478,664		$	4,666,598		$	24,930,181
Net realized gain (loss) from investments			17,894,069			29,515,367			17,026,474			25,264,232			17,531,255			23,074,462
Net change in unrealized appreciation (depreciation) from affiliated investments			95,319,323			(85,724,495	)		100,627,134			(92,201,087	)		102,801,341			(98,850,006	)
Net increase (decrease) in net assets resulting from operations			120,378,109			(26,051,874	)		123,634,136			(39,458,191	)		124,999,194			(50,845,363	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(15,561,931	)		–			(13,939,586	)		–			(11,959,762	)
	Institutional Class		–			(9,247,446	)		–			(8,449,357	)		–			(8,054,032	)
	Premier Class		–			(4,361,859	)		–			(4,067,922	)		–			(3,897,367	)
From realized gains:	Retirement Class		–			(10,544,311	)		–			(8,462,047	)		–			(5,971,309	)
	Institutional Class		–			(5,621,407	)		–			(4,576,445	)		–			(3,548,783	)
	Premier Class		–			(2,742,191	)		–			(2,282,374	)		–			(1,781,385	)
Total distributions			–			(48,079,145	)		–			(41,777,731	)		–			(35,212,638	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		61,758,239			183,215,882			62,303,824			172,570,290			53,020,828			147,442,347
	Institutional Class		87,588,269			252,411,496			92,495,145			249,029,428			86,614,382			253,227,921
	Premier Class		50,079,312			137,991,398			49,799,865			130,546,370			47,654,106			128,942,310
Reinvestments of distributions:	Retirement Class		–			26,106,242			–			22,401,633			–			17,931,071
	Institutional Class		–			14,868,853			–			13,025,802			–			11,602,815
	Premier Class		–			7,104,050			–			6,350,296			–			5,678,752
Redemptions:	Retirement Class		(57,878,353	)		(243,406,656	)		(54,836,026	)		(225,503,454	)		(55,003,016	)		(225,872,361	)
	Institutional Class		(10,729,805	)		(4,965,038	)		(11,051,888	)		(4,950,363	)		(9,270,011	)		(2,486,673	)
	Premier Class		(28,578,124	)		(32,824,308	)		(27,152,986	)		(32,705,438	)		(28,010,744	)		(31,877,502	)
Net increase (decrease) from shareholder transactions			102,239,538			340,501,919			111,557,934			330,764,564			95,005,545			304,588,680
Net increase (decrease) in net assets			222,617,647			266,370,900			235,192,070			249,528,642			220,004,739			218,530,679
NET ASSETS
Beginning of period			1,322,065,196			1,055,694,296			1,250,274,386			1,000,745,744			1,186,742,320			968,211,641
End of period		$	1,544,682,843		$	1,322,065,196		$	1,485,466,456		$	1,250,274,386		$	1,406,747,059		$	1,186,742,320
Undistributed net investment income (loss) included in net assets		$	13,769,186		$	6,604,469		$	11,602,262		$	5,621,734		$	8,633,408		$	3,966,810
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		5,386,191			16,788,019			5,521,549			16,062,600			4,775,369			13,982,668
	Institutional Class		8,977,651			26,681,080			9,695,417			26,909,723			9,328,647			28,183,090
	Premier Class		5,204,137			14,777,427			5,294,837			14,343,110			5,210,896			14,637,292
Shares reinvested:	Retirement Class		–			2,544,468			–			2,231,238			–			1,824,117
	Institutional Class		–			1,701,242			–			1,534,252			–			1,413,254
	Premier Class		–			813,752			–			749,740			–			693,376
Shares redeemed:	Retirement Class		(5,082,256	)		(22,184,423	)		(4,875,739	)		(20,881,160	)		(4,950,247	)		(21,312,281	)
	Institutional Class		(1,074,152	)		(528,787	)		(1,128,476	)		(536,890	)		(965,167	)		(277,742	)
	Premier Class		(2,972,618	)		(3,409,327	)		(2,906,094	)		(3,464,308	)		(3,094,672	)		(3,455,143	)
Net increase (decrease) from shareholder transactions			10,438,953			37,183,451			11,601,494			36,948,305			10,304,826			35,688,631

52 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 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
		November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	3,432,209		$	23,084,385		$	3,933,650		$	32,183,389		$	817,414		$	5,116,032
Net realized gain (loss) from investments			19,590,320			22,300,685			34,722,771			34,617,114			(787,111	)		2,223,477
Net change in unrealized appreciation (depreciation) from affiliated investments			108,850,662			(110,826,422	)		148,467,423			(165,626,347	)		37,244,240			(20,650,831	)
Net increase (decrease) in net assets resulting from operations			131,873,191			(65,441,352	)		187,123,844			(98,825,844	)		37,274,543			(13,311,322	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(10,889,852	)		–			(15,923,080	)		–			(2,646,968	)
	Institutional Class		–			(7,620,062	)		–			(10,235,595	)		–			(1,639,791	)
	Premier Class		–			(3,649,649	)		–			(5,087,677	)		–			(563,744	)
From realized gains:	Retirement Class		–			(5,598,558	)		–			(9,360,538	)		–			–
	Institutional Class		–			(3,418,745	)		–			(5,237,788	)		–			–
	Premier Class		–			(1,702,615	)		–			(2,706,661	)		–			–
Total distributions			–			(32,879,481	)		–			(48,551,339	)		–			(4,850,503	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		57,229,576			140,750,898			73,803,791			179,170,785			37,314,123			68,675,874
	Institutional Class		88,984,184			251,773,557			117,740,289			324,380,919			47,167,374			81,594,824
	Premier Class		47,912,142			128,736,408			70,057,017			180,968,542			24,499,173			32,981,480
Reinvestments of distributions:	Retirement Class		–			16,488,410			–			25,283,618			–			2,646,968
	Institutional Class		–			11,038,807			–			15,473,383			–			1,639,791
	Premier Class		–			5,352,264			–			7,794,338			–			563,744
Redemptions:	Retirement Class		(55,153,407	)		(213,022,093	)		(102,244,961	)		(315,459,397	)		(11,872,411	)		(34,375,053	)
	Institutional Class		(8,221,567	)		(3,153,581	)		(9,498,023	)		(2,417,323	)		(2,972,246	)		(2,250,474	)
	Premier Class		(28,655,625	)		(30,939,722	)		(47,960,541	)		(39,118,315	)		(8,474,752	)		(7,587,163	)
Net increase (decrease) from shareholder transactions			102,095,303			307,024,948			101,897,572			376,076,550			85,661,261			143,889,991
Net increase (decrease) in net assets			233,968,494			208,704,115			289,021,416			228,699,367			122,935,804			125,728,166
NET ASSETS
Beginning of period			1,180,684,372			971,980,257			1,645,220,726			1,416,521,359			309,299,864			183,571,698
End of period		$	1,414,652,866		$	1,180,684,372		$	1,934,242,142		$	1,645,220,726		$	432,235,668		$	309,299,864
Undistributed net investment income (loss) included in net assets		$	5,837,499		$	2,405,290		$	6,956,869		$	3,023,219		$	1,294,486		$	477,072
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		5,141,927			13,313,896			6,527,282			16,674,624			4,296,751			8,368,736
	Institutional Class		9,689,044			28,351,590			12,761,241			36,299,025			5,419,878			9,793,772
	Premier Class		5,291,322			14,764,700			7,709,626			20,669,242			2,866,137			4,010,099
Shares reinvested:	Retirement Class		–			1,685,931			–			2,548,752			–			348,285
	Institutional Class		–			1,366,189			–			1,907,939			–			214,913
	Premier Class		–			663,230			–			962,264			–			73,982
Shares redeemed:	Retirement Class		(4,958,724	)		(20,183,750	)		(8,973,304	)		(29,372,663	)		(1,417,866	)		(4,160,041	)
	Institutional Class		(859,894	)		(360,788	)		(991,020	)		(275,122	)		(328,867	)		(281,011	)
	Premier Class		(3,187,511	)		(3,369,763	)		(5,307,850	)		(4,252,906	)		(998,598	)		(883,970	)
Net increase (decrease) from shareholder transactions			11,116,164			36,231,235			11,725,975			45,161,155			9,837,435			17,484,765

54 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 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
		November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012
		(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	437,286		$	2,709,995		$	33,978		$	221,340
Net realized gain (loss) from investments			(492,664	)		1,179,089			(107,538	)		(122,944	)
Net change in unrealized appreciation (depreciation) from affiliated investments			20,117,297			(10,951,664	)		1,850,857			(848,928	)
Net increase (decrease) in net assets resulting from operations			20,061,919			(7,062,580	)		1,777,297			(750,532	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(1,419,709	)		–			(154,859	)
	Institutional Class		–			(849,842	)		–			(30,228	)
	Premier Class		–			(279,170	)		–			(20,573	)
From realized gains:	Retirement Class		–			–			–			(3,286	)
	Institutional Class		–			–			–			(597	)
	Premier Class		–			–			–			(423	)
Total distributions			–			(2,548,721	)		–			(209,966	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		22,462,986			41,194,084			3,079,447			5,088,988
	Institutional Class		26,272,546			43,850,921			2,383,343			1,893,562
	Premier Class		13,487,278			18,580,220			1,517,125			625,865
Reinvestments of distributions:	Retirement Class		–			1,419,709			–			158,145
	Institutional Class		–			849,842			–			30,825
	Premier Class		–			279,170			–			20,996
Redemptions:	Retirement Class		(6,844,710	)		(20,796,893	)		(1,030,526	)		(1,628,816	)
	Institutional Class		(1,434,184	)		(1,973,695	)		(352,823	)		(732,154	)
	Premier Class		(5,815,245	)		(3,678,419	)		(477,370	)		(210,997	)
Net increase (decrease) from shareholder transactions			48,128,671			79,724,939			5,119,196			5,246,414
Net increase (decrease) in net assets			68,190,590			70,113,638			6,896,493			4,285,916
NET ASSETS
Beginning of period			166,144,840			96,031,202			14,131,873			9,845,957
End of period		$	234,335,430		$	166,144,840		$	21,028,366		$	14,131,873
Undistributed net investment income (loss) included in net assets		$	701,248		$	263,962		$	52,299		$	18,321
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		2,599,713			5,035,871			322,334			556,918
	Institutional Class		3,033,609			5,282,908			248,063			206,937
	Premier Class		1,581,870			2,258,806			159,512			68,410
Shares reinvested:	Retirement Class		–			187,544			–			18,760
	Institutional Class		–			111,821			–			3,657
	Premier Class		–			36,781			–			2,491
Shares redeemed:	Retirement Class		(818,482	)		(2,511,196	)		(108,988	)		(182,007	)
	Institutional Class		(159,569	)		(250,860	)		(36,161	)		(80,273	)
	Premier Class		(689,494	)		(435,670	)		(50,076	)		(22,432	)
Net increase (decrease) from shareholder transactions			5,547,647			9,716,005			534,684			572,461

56 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 57

Financial highlights

Lifecycle Retirement Income Fund § For the period or year ended

	Retirement Class
		11/30/12		5/31/12		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		$9.88		$10.06		$9.41		$8.84		$8.65		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.07		0.26		0.18		0.18		0.21		0.31
Net realized and unrealized gain (loss) on total investments		0.59		(0.17	)	0.64		0.58		0.19		(1.34	)
Total gain (loss) from investment operations		0.66		0.09		0.82		0.76		0.40		(1.03	)
Less distributions from:
Net investment income		(0.06	)	(0.27	)	(0.17	)	(0.19	)	(0.21	)	(0.32	)
Total distributions		(0.06	)	(0.27	)	(0.17	)	(0.19	)	(0.21	)	(0.32	)
Net asset value, end of period		$10.48		$9.88		$10.06		$9.41		$8.84		$8.65
TOTAL RETURN		6.75	%(b)	1.01	%	8.78	%(b)	8.65	%	4.86	%	(10.49	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$83,693		$72,109		$57,288		$39,682		$19,384		$4,800
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.48	%(c)	0.52	%	0.53	%(c)	0.70	%	1.01	%	1.79	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)	0.25	%	0.25	%(c)	0.25	%	0.25	%	0.25	%(c)
Ratio of net investment income to average net assets		1.28	%(c)	2.69	%	2.80	%(c)	2.04	%	2.59	%	4.00	%(c)
Portfolio turnover rate		7	%(b)	13	%	7	%(b)	33	%	38	%	26	%(b)

58 2012 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
	11/30/12			5/31/12		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		$9.90		$10.08		$9.43		$8.85		$8.65		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.08		0.31		0.20		0.21		0.23		0.34
Net realized and unrealized gain (loss) on total investments		0.60		(0.19	)	0.63		0.58		0.19		(1.36	)
Total gain (loss) from investment operations		0.68		0.12		0.83		0.79		0.42		(1.02)
Less distributions from:
Net investment income		(0.08	)	(0.30	)	(0.18	)	(0.21	)	(0.22	)	(0.33	)
Total distributions		(0.08	)	(0.30	)	(0.18	)	(0.21	)	(0.22	)	(0.33	)
Net asset value, end of period		$10.50		$9.90		$10.08		$9.43		$8.85		$8.65
TOTAL RETURN		6.86	%(b)	1.27	%	8.89	%(b)	9.01	%	5.19	%	(10.37	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$44,821		$32,323		$20,560		$11,111		$5,554		$2,691
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.18	%(c)	0.22	%	0.23	%(c)	0.41	%	0.73	%	1.49	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)	0.00	%	0.00	%(c)	0.00	%	0.00	%	0.00	%(c)
Ratio of net investment income to average net assets		1.52	%(c)	3.13	%	3.02	%(c)	2.27	%	2.86	%	4.30	%(c)
Portfolio turnover rate		7	%(b)	13	%	7	%(b)	33	%	38	%	26	%(b)

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 59

Financial highlights	continued
Lifecycle Retirement Income Fund § For the period or year ended

	Retail Class
	11/30/12		5/31/12		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	$9.89		$10.07		$9.42		$8.85		$8.65		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.07		0.27		0.19		0.19		0.23		0.32
Net realized and unrealized gain (loss) on total investments	0.59		(0.18	)	0.63		0.58		0.19		(1.34	)
Total gain (loss) from investment operations	0.66		0.09		0.82		0.77		0.42		(1.02	)
Less distributions from:
Net investment income	(0.06	)	(0.27	)	(0.17	)	(0.20	)	(0.22	)	(0.33	)
Total distributions	(0.06	)	(0.27	)	(0.17	)	(0.20	)	(0.22	)	(0.33	)
Net asset value, end of period	$10.49		$9.89		$10.07		$9.42		$8.85		$8.65
TOTAL RETURN	6.74	%(b)	1.03	%	8.82	%(b)	8.76	%	5.16	%	(10.37	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$39,237		$31,296		$26,758		$16,652		$8,460		$6,171
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.46	%(c)	0.47	%	0.39	%(c)	0.55	%	0.97	%	1.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.16	%(c)	0.15	%	0.05	%	0.00	%(c)
Ratio of net investment income to average net assets	1.28	%(c)	2.72	%	2.89	%(c)	2.14	%	2.92	%	4.09	%(c)
Portfolio turnover rate	7	%(b)	13	%	7	%(b)	33	%	38	%	26	%(b)

60 2012 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
	11/30/12		5/31/12		5/31/11	†	9/30/10		9/30/09	§
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$9.89		$10.08		$9.43		$8.85		$8.85
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.07		0.29		0.18		0.17		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.60		(0.20	)	0.64		0.61		–
Total gain from investment operations	0.67		0.09		0.82		0.78		0.00	(d)
Less distributions from:
Net investment income	(0.07	)	(0.28	)	(0.17	)	(0.20	)	–
Total distributions	(0.07	)	(0.28	)	(0.17	)	(0.20	)	–
Net asset value, end of period	$10.49		$9.89		$10.08		$9.43		$8.85
TOTAL RETURN	6.79	%(b)	1.03	%	8.82	%(b)	8.86	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$9,409		$9,322		$4,387		$1,453		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.33	%(c)	0.37	%	0.39	%(c)	0.58	%	220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.15	%(c)	0.15	%	0.15	%(c)	0.15	%	0.15	%(c)
Ratio of net investment income to average net assets	1.37	%(c)	2.95	%	2.68	%(c)	1.91	%	0.00	%(c)
Portfolio turnover rate	7	%(b)	13	%	7	%(b)	33	%	38	%(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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.38%, 0.39%, 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 § 2012 Semiannual Report 61

Financial highlights

Lifecycle 2010 Fund § For the period or year ended

	Retirement Class
	11/30/12		5/31/12		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	$11.26		$11.61		$10.76		$10.05		$10.06		$12.04		$10.99
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.07		0.30		0.22		0.21		0.24		0.37		0.34
Net realized and unrealized gain (loss) on total investments	0.78		(0.36	)	0.89		0.70		0.05		(1.95	)	0.98
Total gain (loss) from investment operations	0.85		(0.06	)	1.11		0.91		0.29		(1.58	)	1.32
Less distributions from:
Net investment income	–		(0.29	)	(0.26	)	(0.20	)	(0.21	)	(0.34	)	(0.24	)
Net realized gains	–		–		–		–		(0.09	)	(0.06	)	(0.03	)
Total distributions	–		(0.29	)	(0.26	)	(0.20	)	(0.30	)	(0.40	)	(0.27	)
Net asset value, end of period	$12.11		$11.26		$11.61		$10.76		$10.05		$10.06		$12.04
TOTAL RETURN	7.55	%(b)	(0.40	)%	10.51	%(b)	9.23	%	3.36	%	(13.59	)%	12.21	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$451,096		$432,315		$498,029		$469,156		$395,514		$351,907		$255,875
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.44	%(c)	0.44	%	0.45	%(c)	0.46	%	0.51	%	0.46	%	0.48	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.25	%(c)	0.25	%	0.25	%	0.25	%	0.26	%
Ratio of net investment income to average net assets	1.14	%(c)	2.66	%	2.99	%(c)	2.07	%	2.76	%	3.27	%	2.93	%
Portfolio turnover rate	9	%(b)	13	%	8	%(b)	24	%	60	%	26	%	12	%

62 2012 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
	11/30/12		5/31/12		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	$9.94		$10.30		$9.58		$8.97		$9.02		$10.83		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.07		0.30		0.21		0.20		0.23		0.32		0.22
Net realized and unrealized gain (loss) on total investments	0.69		(0.34	)	0.80		0.63		0.05		(1.71	)	0.61
Total gain (loss) from investment operations	0.76		(0.04	)	1.01		0.83		0.28		(1.39	)	0.83
Less distributions from:
Net investment income	–		(0.32	)	(0.29	)	(0.22	)	(0.24	)	(0.36	)	–
Net realized gains	–		–		–		–		(0.09	)	(0.06	)	–
Total distributions	–		(0.32	)	(0.29	)	(0.22	)	(0.33	)	(0.42	)	–
Net asset value, end of period	$10.70		$9.94		$10.30		$9.58		$8.97		$9.02		$10.83
TOTAL RETURN	7.65	%(b)	(0.23	)%	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)	$268,739		$226,848		$102,505		$38,539		$17,753		$9,649		$3,735
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.14	%(c)	0.14	%	0.15	%(c)	0.16	%	0.21	%	0.17	%	0.31	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.00	%(c)	0.00	%	0.00	%(c)	0.00	%	0.00	%	0.00	%	0.00	%(c)
Ratio of net investment income to average net assets	1.39	%(c)	2.99	%	3.13	%(c)	2.20	%	2.90	%	3.24	%	3.04	%(c)
Portfolio turnover rate	9	%(b)	13	%	8	%(b)	24	%	60	%	26	%	12	%(b)

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 63

Financial highlights	concluded
Lifecycle 2010 Fund § For the period or year ended

	Premier Class
	11/30/12		5/31/12		5/31/11	†	9/30/10		9/30/09	§
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$9.92		$10.28		$9.57		$8.97		$8.97
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.06		0.28		0.21		0.14		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.69		(0.33	)	0.79		0.68		–
Total gain (loss) from investment operations	0.75		(0.05	)	1.00		0.82		0.00	(d)
Less distributions from:
Net investment income	–		(0.31	)	(0.29	)	(0.22	)	–
Net realized gains	–		–		–		–		–
Total distributions	–		(0.31	)	(0.29	)	(0.22	)	–
Net asset value, end of period	$10.67		$9.92		$10.28		$9.57		$8.97
TOTAL RETURN	7.56	%(b)	(0.34	)%	10.61	%(b)	9.32	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$112,686		$98,192		$50,526		$27,054		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.29	%(c)	0.29	%	0.30	%(c)	0.31	%	220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.15	%(c)	0.15	%	0.15	%(c)	0.15	%	0.15	%(c)
Ratio of net investment income to average net assets	1.24	%(c)	2.84	%	3.15	%(c)	1.50	%	0.00	%(c)
Portfolio turnover rate	9	%(b)	13	%	8	%(b)	24	%	60	%(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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.40%, 0.41%, 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 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

Financial highlights

Lifecycle 2015 Fund § For the period or year ended

	Retirement Class
	11/30/12		5/31/12		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	$10.98		$11.67		$10.67		$9.94		$9.99		$12.26		$11.06
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.06		0.29		0.22		0.20		0.22		0.35		0.32
Net realized and unrealized gain (loss) on total investments	0.83		(0.50	)	1.03		0.72		(0.02	)	(2.23	)	1.16
Total gain (loss) from investment operations	0.89		(0.21	)	1.25		0.92		0.20		(1.88	)	1.48
Less distributions from:
Net investment income	–		(0.27	)	(0.25	)	(0.19	)	(0.21	)	(0.32	)	(0.26	)
Net realized gains	–		(0.21	)	–		–		(0.04	)	(0.07	)	(0.02	)
Total distributions	–		(0.48	)	(0.25	)	(0.19	)	(0.25	)	(0.39	)	(0.28	)
Net asset value, end of period	$11.87		$10.98		$11.67		$10.67		$9.94		$9.99		$12.26
TOTAL RETURN	8.11	%(b)	(1.55	)%	11.87	%(b)	9.36	%	2.49	%	(15.83	)%	13.60	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$619,812		$575,517		$661,257		$580,270		$456,392		$295,996		$201,246
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.43	%(c)	0.43	%	0.45	%(c)	0.46	%	0.51	%	0.47	%	0.49	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.25	%(c)	0.25	%	0.25	%	0.25	%	0.26	%
Ratio of net investment income to average net assets	1.03	%(c)	2.60	%	2.94	%(c)	1.96	%	2.57	%	3.08	%	2.74	%
Portfolio turnover rate	7	%(b)	11	%	5	%(b)	19	%	34	%	22	%	15	%

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 65

Financial highlights	continued
Lifecycle 2015 Fund § For the period or year ended

	Institutional Class
	11/30/12		5/31/12		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	$9.54		$10.21		$9.37		$8.75		$8.84		$10.88		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.06		0.28		0.20		0.18		0.20		0.33		0.18
Net realized and unrealized gain (loss) on total investments	0.72		(0.44	)	0.92		0.65		(0.02	)	(1.96	)	0.70
Total gain (loss) from investment operations	0.78		(0.16	)	1.12		0.83		0.18		(1.63	)	0.88
Less distributions from:
Net investment income	–		(0.30	)	(0.28	)	(0.21	)	(0.23	)	(0.34	)	–
Net realized gains	–		(0.21	)	–		–		(0.04	)	(0.07	)	–
Total distributions	–		(0.51	)	(0.28	)	(0.21	)	(0.27	)	(0.41	)	–
Net asset value, end of period	$10.32		$9.54		$10.21		$9.37		$8.75		$8.84		$10.88
TOTAL RETURN	8.18	%(b)	(1.26	)%	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)	$409,684		$331,069		$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)	0.13	%	0.15	%(c)	0.16	%	0.21	%	0.17	%	0.32	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.00	%(c)	0.00	%	0.00	%(c)	0.00	%	0.00	%	0.00	%	0.00	%(c)
Ratio of net investment income to average net assets	1.27	%(c)	2.93	%	3.10	%(c)	2.03	%	2.59	%	3.36	%	2.37	%(c)
Portfolio turnover rate	7	%(b)	11	%	5	%(b)	19	%	34	%	22	%	15	%

66 2012 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
	11/30/12		5/31/12		5/31/11	†	9/30/10		9/30/09	§
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$9.51		$10.19		$9.36		$8.75		$8.75
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.06		0.26		0.21		0.12		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.71		(0.44	)	0.89		0.69		–
Total gain (loss) from investment operations	0.77		(0.18	)	1.10		0.81		0.00	(d)
Less distributions from:
Net investment income	–		(0.29	)	(0.27	)	(0.20	)	–
Net realized gains	–		(0.21	)	–		–		–
Total distributions	–		(0.50	)	(0.27	)	(0.20	)	–
Net asset value, end of period	$10.28		$9.51		$10.19		$9.36		$8.75
TOTAL RETURN	8.10	%(b)	(1.46	)%	11.96	%(b)	9.47	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$178,300		$152,161		$63,101		$31,743		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.28	%(c)	0.28	%	0.30	%(c)	0.31	%	220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.15	%(c)	0.15	%	0.15	%(c)	0.15	%	0.15	%(c)
Ratio of net investment income to average net assets	1.12	%(c)	2.71	%	3.16	%(c)	1.36	%	0.00	%(c)
Portfolio turnover rate	7	%(b)	11	%	5	%(b)	19	%	34	%(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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.41%, 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 § 2012 Semiannual Report 67

Financial highlights

Lifecycle 2020 Fund § For the period or year ended

	Retirement Class
	11/30/12		5/31/12		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	$10.84		$11.62		$10.47		$9.74		$9.87		$12.48		$11.18
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.05		0.28		0.21		0.18		0.20		0.32		0.29
Net realized and unrealized gain (loss) on total investments	0.90		(0.64	)	1.17		0.72		(0.11	)	(2.52	)	1.28
Total gain (loss) from investment operations	0.95		(0.36	)	1.38		0.90		0.09		(2.20	)	1.57
Less distributions from:
Net investment income	–		(0.25	)	(0.23	)	(0.17	)	(0.17	)	(0.32	)	(0.26	)
Net realized gains	–		(0.17	)	(0.00	)(d)	–		(0.05	)	(0.09	)	(0.01	)
Total distributions	–		(0.42	)	(0.23	)	(0.17	)	(0.22	)	(0.41	)	(0.27	)
Net asset value, end of period	$11.79		$10.84		$11.62		$10.47		$9.74		$9.87		$12.48
TOTAL RETURN	8.76	%(b)	(2.85	)%	13.43	%(b)	9.36	%	1.40	%	(18.21	)%	14.23	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$777,537		$711,358		$795,642		$672,342		$479,735		$277,700		$181,152
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.43	%(c)	0.43	%	0.45	%(c)	0.46	%	0.51	%	0.48	%	0.50	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.25	%(c)	0.25	%	0.25	%	0.25	%	0.26	%
Ratio of net investment income to average net assets	0.90	%(c)	2.51	%	2.88	%(c)	1.80	%	2.41	%	2.87	%	2.42	%
Portfolio turnover rate	7	%(b)	8	%	4	%(b)	16	%	27	%	20	%	20	%

68 2012 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
	11/30/12		5/31/12		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	$9.25		$9.99		$9.04		$8.43		$8.58		$10.89		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.06		0.26		0.19		0.16		0.18		0.28		0.13
Net realized and unrealized gain (loss) on total investments	0.76		(0.55	)	1.02		0.64		(0.09	)	(2.16	)	0.76
Total gain (loss) from investment operations	0.82		(0.29	)	1.21		0.80		0.09		(1.88	)	0.89
Less distributions from:
Net investment income	–		(0.28	)	(0.26	)	(0.19	)	(0.19	)	(0.34	)	–
Net realized gains	–		(0.17	)	(0.00	)(d)	(0.00	)(d)	(0.05	)	(0.09	)	–
Total distributions	–		(0.45	)	(0.26	)	(0.19	)	(0.24	)	(0.43	)	–
Net asset value, end of period	$10.07		$9.25		$9.99		$9.04		$8.43		$8.58		$10.89
TOTAL RETURN	8.86	%(b)	(2.60	)%	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)	$536,865		$419,753		$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)	0.13	%	0.15	%(c)	0.16	%	0.21	%	0.19	%	0.43	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.00	%(c)	0.00	%	0.00	%(c)	0.00	%	0.00	%	0.00	%	0.00	%(c)
Ratio of net investment income to average net assets	1.14	%(c)	2.84	%	3.03	%(c)	1.86	%	2.45	%	2.91	%	1.83	%(c)
Portfolio turnover rate	7	%(b)	8	%	4	%(b)	16	%	27	%	20	%	20	%

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 69

Financial highlights	concluded
Lifecycle 2020 Fund § For the period or year ended

	Premier Class
	11/30/12		5/31/12		5/31/11	†	9/30/10		9/30/09	§
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$9.23		$9.98		$9.04		$8.43		$8.43
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.05		0.25		0.20		0.10		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.77		(0.56	)	1.00		0.70		–
Total gain (loss) from investment operations	0.82		(0.31	)	1.20		0.80		0.00	(d)
Less distributions from:
Net investment income	–		(0.27	)	(0.26	)	(0.19	)	–
Net realized gains	–		(0.17	)	(0.00	)(d)	–		–
Total distributions	–		(0.44	)	(0.26	)	(0.19	)	–
Net asset value, end of period	$10.05		$9.23		$9.98		$9.04		$8.43
TOTAL RETURN	8.88	%(b)	(2.80	)%	13.47	%(b)	9.59	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$230,280		$190,954		$84,846		$38,234		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.28	%(c)	0.28	%	0.30	%(c)	0.31	%	220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.15	%(c)	0.15	%	0.15	%(c)	0.15	%	0.15	%(c)
Ratio of net investment income to average net assets	0.99	%(c)	2.73	%	3.09	%(c)	1.16	%	0.00	%(c)
Portfolio turnover rate	7	%(b)	8	%	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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.43%, 0.44%, 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 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

Financial highlights

Lifecycle 2025 Fund § For the period or year ended

	Retirement Class
	11/30/12		5/31/12		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	$10.64		$11.52		$10.25		$9.51		$9.75		$12.62		$11.24
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.04		0.26		0.21		0.16		0.18		0.30		0.26
Net realized and unrealized gain (loss) on total investments	0.97		(0.76	)	1.28		0.74		(0.21	)	(2.78	)	1.42
Total gain (loss) from investment operations	1.01		(0.50	)	1.49		0.90		(0.03	)	(2.48	)	1.68
Less distributions from:
Net investment income	–		(0.24	)	(0.22	)	(0.16	)	(0.15	)	(0.31	)	(0.28	)
Net realized gains	–		(0.14	)	–		–		(0.06	)	(0.08	)	(0.02	)
Total distributions	–		(0.38	)	(0.22	)	(0.16	)	(0.21	)	(0.39	)	(0.30	)
Net asset value, end of period	$11.65		$10.64		$11.52		$10.25		$9.51		$9.75		$12.62
TOTAL RETURN	9.49	%(b)	(4.11	)%	14.74	%(b)	9.55	%	0.08	%	(20.25	)%	15.18	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$735,810		$665,020		$750,162		$630,705		$447,297		$246,043		$143,559
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.43	%(c)	0.43	%	0.45	%(c)	0.46	%	0.52	%	0.49	%	0.53	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.25	%(c)	0.25	%	0.25	%	0.25	%	0.26	%
Ratio of net investment income to average net assets	0.77	%(c)	2.41	%	2.86	%(c)	1.67	%	2.27	%	2.64	%	2.12	%
Portfolio turnover rate	7	%(b)	7	%	4	%(b)	15	%	22	%	17	%	25	%

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 71

Financial highlights	continued
Lifecycle 2025 Fund § For the period or year ended

	Institutional Class
	11/30/12		5/31/12		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	$9.00		$9.83		$8.78		$8.17		$8.41		$10.93		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.05		0.25		0.19		0.14		0.16		0.26		0.11
Net realized and unrealized gain (loss) on total investments	0.82		(0.67	)	1.11		0.65		(0.17	)	(2.37	)	0.82
Total gain (loss) from investment operations	0.87		(0.42	)	1.30		0.79		(0.01	)	(2.11	)	0.93
Less distributions from:
Net investment income	–		(0.27	)	(0.25	)	(0.18	)	(0.17	)	(0.33	)	–
Net realized gains	–		(0.14	)	–		–		(0.06	)	(0.08	)	–
Total distributions	–		(0.41	)	(0.25	)	(0.18	)	(0.23	)	(0.41	)	–
Net asset value, end of period	$9.87		$9.00		$9.83		$8.78		$8.17		$8.41		$10.93
TOTAL RETURN	9.67	%(b)	(4.00	)%	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)	$526,897		$403,396		$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)	0.13	%	0.15	%(c)	0.16	%	0.22	%	0.19	%	0.38	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.00	%(c)	0.00	%	0.00	%(c)	0.00	%	0.00	%	0.00	%	0.00	%(c)
Ratio of net investment income to average net assets	1.02	%(c)	2.76	%	3.02	%(c)	1.72	%	2.21	%	2.63	%	1.45	%(c)
Portfolio turnover rate	7	%(b)	7	%	4	%(b)	15	%	22	%	17	%	25	%

72 2012 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
	11/30/12		5/31/12		5/31/11	†	9/30/10		9/30/09	§
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$8.98		$9.80		$8.76		$8.17		$8.17
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.04		0.24		0.20		0.08		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.82		(0.66	)	1.08		0.68		–
Total gain (loss) from investment operations	0.86		(0.42	)	1.28		0.76		0.00	(d)
Less distributions from:
Net investment income	–		(0.26	)	(0.24	)	(0.17	)	–
Net realized gains	–		(0.14	)	–		–		–
Total distributions	–		(0.40	)	(0.24	)	(0.17	)	–
Net asset value, end of period	$9.84		$8.98		$9.80		$8.76		$8.17
TOTAL RETURN	9.58	%(b)	(4.01	)%	14.88	%(b)	9.47	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$222,760		$181,859		$84,577		$36,184		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.28	%(c)	0.28	%	0.30	%(c)	0.31	%	220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.15	%(c)	0.15	%	0.15	%(c)	0.15	%	0.15	%(c)
Ratio of net investment income to average net assets	0.87	%(c)	2.65	%	3.13	%(c)	0.97	%	0.00	%(c)
Portfolio turnover rate	7	%(b)	7	%	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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.44%, 0.46%, 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 § 2012 Semiannual Report 73

Financial highlights

Lifecycle 2030 Fund § For the period or year ended

	Retirement Class
	11/30/12		5/31/12		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	$10.44		$11.40		$10.01		$9.28		$9.65		$12.81		$11.30
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.03		0.24		0.20		0.14		0.16		0.28		0.24
Net realized and unrealized gain (loss) on total investments	1.03		(0.87	)	1.40		0.73		(0.34	)	(3.03	)	1.55
Total gain (loss) from investment operations	1.06		(0.63	)	1.60		0.87		(0.18	)	(2.75	)	1.79
Less distributions from:
Net investment income	–		(0.22	)	(0.21	)	(0.14	)	(0.15	)	(0.32	)	(0.26	)
Net realized gains	–		(0.11	)	–		–		(0.04	)	(0.09	)	(0.02	)
Total distributions	–		(0.33	)	(0.21	)	(0.14	)	(0.19	)	(0.41	)	(0.28	)
Net asset value, end of period	$11.50		$10.44		$11.40		$10.01		$9.28		$9.65		$12.81
TOTAL RETURN	10.15	%(b)	(5.40	)%	16.12	%(b)	9.51	%	(1.41	)%	(22.21	)%	16.07	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$658,065		$599,240		$717,292		$607,051		$429,188		$222,388		$128,768
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.43	%(c)	0.43	%	0.45	%(c)	0.46	%	0.52	%	0.50	%	0.55	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.25	%(c)	0.25	%	0.25	%	0.25	%	0.26	%
Ratio of net investment income to average net assets	0.61	%(c)	2.27	%	2.74	%(c)	1.50	%	2.05	%	2.43	%	1.94	%
Portfolio turnover rate	7	%(b)	5	%	4	%(b)	14	%	18	%	17	%	29	%

74 2012 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
	11/30/12		5/31/12		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	$8.73		$9.61		$8.47		$7.87		$8.22		$10.96		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.04		0.23		0.18		0.12		0.14		0.26		0.02
Net realized and unrealized gain (loss) on total investments	0.86		(0.75	)	1.19		0.64		(0.28	)	(2.58	)	0.94
Total gain (loss) from investment operations	0.90		(0.52	)	1.37		0.76		(0.14	)	(2.32	)	0.96
Less distributions from:
Net investment income	–		(0.25	)	(0.23	)	(0.16	)	(0.17	)	(0.33	)	–
Net realized gains	–		(0.11	)	–		–		(0.04	)	(0.09	)	–
Total distributions	–		(0.36	)	(0.23	)	(0.16	)	(0.21	)	(0.42	)	–
Net asset value, end of period	$9.63		$8.73		$9.61		$8.47		$7.87		$8.22		$10.96
TOTAL RETURN	10.31	%(b)	(5.25	)%	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)	$529,964		$407,473		$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)	0.13	%	0.15	%(c)	0.16	%	0.22	%	0.19	%	0.46	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.00	%(c)	0.00	%	0.00	%(c)	0.00	%	0.00	%	0.00	%	0.00	%(c)
Ratio of net investment income to average net assets	0.86	%(c)	2.63	%	2.90	%(c)	1.52	%	2.11	%	2.68	%	0.33	%(c)
Portfolio turnover rate	7	%(b)	5	%	4	%(b)	14	%	18	%	17	%	29	%

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 75

Financial highlights	concluded
Lifecycle 2030 Fund § For the period or year ended

	Premier Class
	11/30/12		5/31/12		5/31/11	†	9/30/10		9/30/09	§
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$8.71		$9.58		$8.45		$7.87		$7.87
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.03		0.22		0.18		0.06		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.86		(0.74	)	1.18		0.68		–
Total gain (loss) from investment operations	0.89		(0.52	)	1.36		0.74		0.00	(d)
Less distributions from:
Net investment income	–		(0.24	)	(0.23	)	(0.16	)	–
Net realized gains	–		(0.11	)	–		–		–
Total distributions	–		(0.35	)	(0.23	)	(0.16	)	–
Net asset value, end of period	$9.60		$8.71		$9.58		$8.45		$7.87
TOTAL RETURN	10.22	%(b)	(5.26	)%	16.28	%(b)	9.50	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$218,719		$180,029		$84,355		$32,600		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.28	%(c)	0.28	%	0.30	%(c)	0.31	%	220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.15	%(c)	0.15	%	0.15	%(c)	0.15	%	0.15	%(c)
Ratio of net investment income to average net assets	0.71	%(c)	2.53	%	3.02	%(c)	0.75	%	0.00	%(c)
Portfolio turnover rate	7	%(b)	5	%	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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.46%, 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 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

Financial highlights

Lifecycle 2035 Fund § For the period or year ended

	Retirement Class
	11/30/12		5/31/12		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	$10.42		$11.51		$9.96		$9.24		$9.68		$12.98		$11.38
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.02		0.22		0.19		0.13		0.14		0.25		0.21
Net realized and unrealized gain (loss) on total investments	1.10		(1.01	)	1.55		0.72		(0.38	)	(3.16	)	1.68
Total gain (loss) from investment operations	1.12		(0.79	)	1.74		0.85		(0.24	)	(2.91	)	1.89
Less distributions from:
Net investment income	–		(0.20	)	(0.19	)	(0.13	)	(0.16	)	(0.31	)	(0.27	)
Net realized gains	–		(0.10	)	–		–		(0.04	)	(0.08	)	(0.02	)
Total distributions	–		(0.30	)	(0.19	)	(0.13	)	(0.20	)	(0.39	)	(0.29	)
Net asset value, end of period	$11.54		$10.42		$11.51		$9.96		$9.24		$9.68		$12.98
TOTAL RETURN	10.75	%(b)	(6.68	)%	17.68	%(b)	9.33	%	(1.94	)%	(23.10	)%	16.91	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$660,111		$594,181		$716,085		$598,803		$421,832		$197,256		$102,014
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.43	%(c)	0.43	%	0.45	%(c)	0.46	%	0.51	%	0.51	%	0.60	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.25	%(c)	0.25	%	0.25	%	0.25	%	0.26	%
Ratio of net investment income to average net assets	0.42	%(c)	2.10	%	2.61	%(c)	1.33	%	1.86	%	2.22	%	1.72	%
Portfolio turnover rate	7	%(b)	4	%	7	%(b)	11	%	15	%	17	%	24	%

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 77

Financial highlights continued

Lifecycle 2035 Fund § For the period or year ended

	Institutional Class
	11/30/12		5/31/12		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	$8.61		$9.59		$8.34		$7.75		$8.16		$11.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.03		0.22		0.17		0.11		0.12		0.23		0.07
Net realized and unrealized gain (loss) on total investments	0.91		(0.87	)	1.30		0.63		(0.31	)	(2.66	)	0.93
Total gain (loss) from investment operations	0.94		(0.65	)	1.47		0.74		(0.19	)	(2.43	)	1.00
Less distributions from:
Net investment income	–		(0.23	)	(0.22	)	(0.15	)	(0.18	)	(0.33	)	–
Net realized gains	–		(0.10	)	–		–		(0.04	)	(0.08	)	–
Total distributions	–		(0.33	)	(0.22	)	(0.15	)	(0.22	)	(0.41	)	–
Net asset value, end of period	$9.55		$8.61		$9.59		$8.34		$7.75		$8.16		$11.00
TOTAL RETURN	10.92	%(b)	(6.55	)%	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)	$534,508		$406,001		$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)	0.13	%	0.15	%(c)	0.16	%	0.21	%	0.21	%	0.55	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.00	%(c)	0.00	%	0.00	%(c)	0.00	%	0.00	%	0.00	%	0.00	%(c)
Ratio of net investment income to average net assets	0.67	%(c)	2.47	%	2.76	%(c)	1.33	%	1.87	%	2.35	%	0.90	%(c)
Portfolio turnover rate	7	%(b)	4	%	7	%(b)	11	%	15	%	17	%	24	%

78 2012 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
	11/30/12		5/31/12		5/31/11	†	9/30/10		9/30/09	§
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$8.60		$9.57		$8.33		$7.75		$7.75
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.02		0.21		0.17		0.04		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.91		(0.86	)	1.28		0.69		–
Total gain (loss) from investment operations	0.93		(0.65	)	1.45		0.73		0.00	(d)
Less distributions from:
Net investment income	–		(0.22	)	(0.21	)	(0.15	)	–
Net realized gains	–		(0.10	)	–		–		–
Total distributions	–		(0.32	)	(0.21	)	(0.15	)	–
Net asset value, end of period	$9.53		$8.60		$9.57		$8.33		$7.75
TOTAL RETURN	10.81	%(b)	(6.55	)%	17.68	%(b)	9.50	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$220,034		$180,502		$85,514		$37,314		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.28	%(c)	0.28	%	0.30	%(c)	0.31	%	220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.15	%(c)	0.15	%	0.15	%(c)	0.15	%	0.15	%(c)
Ratio of net investment income to average net assets	0.52	%(c)	2.37	%	2.85	%(c)	0.51	%	0.00	%(c)
Portfolio turnover rate	7	%(b)	4	%	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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.47%, 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 § 2012 Semiannual Report 79

Financial highlights

Lifecycle 2040 Fund § For the period or year ended

	Retirement Class
	11/30/12		5/31/12		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	$10.57		$11.73		$10.14		$9.40		$9.83		$13.16		$11.45
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.02		0.22		0.19		0.13		0.15		0.26		0.20
Net realized and unrealized gain (loss) on total investments	1.14		(1.06	)	1.60		0.75		(0.38	)	(3.21	)	1.82
Total gain (loss) from investment operations	1.16		(0.84	)	1.79		0.88		(0.23	)	(2.95	)	2.02
Less distributions from:
Net investment income	–		(0.20	)	(0.20	)	(0.14	)	(0.16	)	(0.31	)	(0.28	)
Net realized gains	–		(0.12	)	–		–		(0.04	)	(0.07	)	(0.03	)
Total distributions	–		(0.32	)	(0.20	)	(0.14	)	(0.20	)	(0.38	)	(0.31	)
Net asset value, end of period	$11.73		$10.57		$11.73		$10.14		$9.40		$9.83		$13.16
TOTAL RETURN	10.97	%(b)	(7.00	)%	17.81	%(b)	9.42	%	(1.91	)%	(23.09	)%	17.93	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$922,911		$857,435		$1,070,202		$893,915		$639,490		$285,171		$141,996
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.43	%(c)	0.43	%	0.45	%(c)	0.45	%	0.50	%	0.48	%	0.57	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.25	%(c)	0.25	%	0.25	%	0.25	%	0.26	%
Ratio of net investment income to average net assets	0.33	%(c)	2.05	%	2.60	%(c)	1.35	%	1.84	%	2.21	%	1.59	%
Portfolio turnover rate	8	%(b)	5	%	8	%(b)	10	%	14	%	16	%	18	%

80 2012 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
	11/30/12		5/31/12		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	$8.65		$9.67		$8.40		$7.81		$8.21		$11.04		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.03		0.22		0.17		0.11		0.12		0.23		0.06
Net realized and unrealized gain (loss) on total investments	0.93		(0.89	)	1.32		0.63		(0.31	)	(2.67	)	0.98
Total gain (loss) from investment operations	0.96		(0.67	)	1.49		0.74		(0.19	)	(2.44	)	1.04
Less distributions from:
Net investment income	–		(0.23	)	(0.22	)	(0.15	)	(0.17	)	(0.32	)	–
Net realized gains	–		(0.12	)	–		–		(0.04	)	(0.07	)	–
Total distributions	–		(0.35	)	(0.22	)	(0.15	)	(0.21	)	(0.39	)	–
Net asset value, end of period	$9.61		$8.65		$9.67		$8.40		$7.81		$8.21		$11.04
TOTAL RETURN	11.10	%(b)	(6.71	)%	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)	$697,637		$526,001		$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)	0.13	%	0.15	%(c)	0.15	%	0.20	%	0.18	%	0.44	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.00	%(c)	0.00	%	0.00	%(c)	0.00	%	0.00	%	0.00	%	0.00	%(c)
Ratio of net investment income to average net assets	0.58	%(c)	2.44	%	2.79	%(c)	1.32	%	1.86	%	2.39	%	0.78	%(c)
Portfolio turnover rate	8	%(b)	5	%	8	%(b)	10	%	14	%	16	%	18	%

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 81

Financial highlights concluded

Lifecycle 2040 Fund § For the period or year ended

	Premier Class
	11/30/12		5/31/12		5/31/11	†	9/30/10		9/30/09	§
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$8.63		$9.66		$8.40		$7.81		$7.81
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.02		0.21		0.17		0.04		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.94		(0.90	)	1.31		0.70		–
Total gain (loss) from investment operations	0.96		(0.69	)	1.48		0.74		0.00	(d)
Less distributions from:
Net investment income	–		(0.22	)	(0.22	)	(0.15	)	–
Net realized gains	–		(0.12	)	–		–		–
Total distributions	–		(0.34	)	(0.22	)	(0.15	)	–
Net asset value, end of period	$9.59		$8.63		$9.66		$8.40		$7.81
TOTAL RETURN	11.12	%(b)	(6.92	)%	17.83	%(b)	9.61	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$313,694		$261,785		$125,013		$49,852		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.28	%(c)	0.28	%	0.30	%(c)	0.31	%	220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.15	%(c)	0.15	%	0.15	%(c)	0.15	%	0.15	%(c)
Ratio of net investment income to average net assets	0.43	%(c)	2.34	%	2.81	%(c)	0.50	%	0.00	%(c)
Portfolio turnover rate	8	%(b)	5	%	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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.48%, 0.49%, 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 2012 Semiannual Report § TIAA-CREF Lifecycle Funds See notes to financial statements

Financial highlights

Lifecycle 2045 Fund § For the period or year ended

	Retirement Class
	11/30/12			5/31/12			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		$8.10			$8.90			$7.70			$7.14			$7.56			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.17			0.14			0.09			0.07			0.16
Net realized and unrealized gain (loss) on total investments		0.88			(0.81	)		1.21			0.57			(0.33	)		(2.38	)
Total gain (loss) from investment operations		0.89			(0.64	)		1.35			0.66			(0.26	)		(2.22	)
Less distributions from:
Net investment income		–			(0.16	)		(0.15	)		(0.10	)		(0.12	)		(0.22	)
Net realized gains		–			–			–			–			(0.04	)		–
Total distributions		–			(0.16	)		(0.15	)		(0.10	)		(0.16	)		(0.22	)
Net asset value, end of period		$8.99			$8.10			$8.90			$7.70			$7.14			$7.56
TOTAL RETURN		10.99	%(b)		(7.03	)%		17.65	%(b)		9.32	%		(2.93	)%		22.69	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$198,369			$155,417			$130,113			$84,309			$30,587			$3,287
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.44	%(c)		0.48	%		0.49	%(c)		0.64	%		0.98	%		6.60	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%(c)		0.25	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		0.33	%(c)		2.08	%		2.40	%(c)		1.17	%		1.21	%		2.23	%(c)
Portfolio turnover rate		7	%(b)		9	%		8	%(b)		18	%		8	%		27	%(b)

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 83

Financial highlights	continued
Lifecycle 2045 Fund § For the period or year ended

	Institutional Class
	11/30/12			5/31/12			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		$8.14			$8.94			$7.73			$7.16			$7.57			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.03			0.20			0.13			0.09			0.12			0.26
Net realized and unrealized gain (loss) on total investments		0.88			(0.82	)		1.24			0.59			(0.37	)		(2.47	)
Total gain (loss) from investment operations		0.91			(0.62	)		1.37			0.68			(0.25	)		(2.21	)
Less distributions from:
Net investment income		–			(0.18	)		(0.16	)		(0.11	)		(0.12	)		(0.22	)
Net realized gains		–			–			–			–			(0.04	)		–
Total distributions		–			(0.18	)		(0.16	)		(0.11	)		(0.16	)		(0.22	)
Net asset value, end of period		$9.05			$8.14			$8.94			$7.73			$7.16			$7.57
TOTAL RETURN		11.18	%(b)		(6.77	)%		17.92	%(b)		9.58	%		(2.68	)%		(22.57	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$173,874			$115,021			$39,323			$7,970			$2,039			$780
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.14	%(c)		0.17	%		0.19	%(c)		0.35	%		0.70	%		6.40	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%(c)		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		0.58	%(c)		2.36	%		2.36	%(c)		1.29	%		1.95	%		3.55	%(c)
Portfolio turnover rate		7	%(b)		9	%		8	%(b)		18	%		8	%		27	%(b)

84 2012 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
	11/30/12			5/31/12			5/31/11		†	9/30/10			9/30/09		§
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$8.12			$8.92			$7.72			$7.16			$7.16
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.19			0.14			0.06			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.88			(0.81	)		1.22			0.61			–
Total gain (loss) from investment operations		0.90			(0.62	)		1.36			0.67			0.00	(d)
Less distributions from:
Net investment income		–			(0.18	)		(0.16	)		(0.11	)		–
Net realized gains		–			–			–			–			–
Total distributions		–			(0.18	)		(0.16	)		(0.11	)		–
Net asset value, end of period		$9.02			$8.12			$8.92			$7.72			$7.16
TOTAL RETURN		11.08	%(b)		(6.87	)%		17.76	%(b)		9.39	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$59,993			$38,862			$14,136			$2,975			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.29	%(c)		0.32	%		0.34	%(c)		0.50	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		0.43	%(c)		2.22	%		2.42	%(c)		0.79	%		0.00	%(c)
Portfolio turnover rate		7	%(b)		9	%		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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.48%, 0.49%, 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 § 2012 Semiannual Report 85

Financial highlights

Lifecycle 2050 Fund § For the period or year ended

	Retirement Class
	11/30/12			5/31/12			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		$8.07			$8.86			$7.71			$7.15			$7.62			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.17			0.13			0.09			0.08			0.20
Net realized and unrealized gain (loss) on total investments		0.87			(0.80	)		1.23			0.57			(0.42	)		(2.36	)
Total gain (loss) from investment operations		0.88			(0.63	)		1.36			0.66			(0.34	)		(2.16	)
Less distributions from:
Net investment income		–			(0.16	)		(0.15	)		(0.10	)		(0.13	)		(0.22	)
Net realized gains		–			–			(0.06	)		–			(0.00	)(d)		–
Total distributions		–			(0.16	)		(0.21	)		(0.10	)		(0.13	)		(0.22	)
Net asset value, end of period		$8.95			$8.07			$8.86			$7.71			$7.15			$7.62
TOTAL RETURN		10.90	%(b)		(6.97	)%		17.79	%(b)		9.38	%		(4.08	)%		(22.08	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$110,475			$85,178			$69,466			$40,745			$14,383			$1,973
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.46	%(c)		0.52	%		0.53	%(c)		0.83	%		1.45	%		7.70	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.25	%(c)		0.25	%		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		0.33	%(c)		2.06	%		2.36	%(c)		1.16	%		1.35	%		2.75	%(c)
Portfolio turnover rate		5	%(b)		6	%		8	%(b)		24	%		18	%		73	%(b)

86 2012 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
	11/30/12			5/31/12			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		$8.11			$8.90			$7.75			$7.18			$7.64			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.03			0.20			0.14			0.10			0.12			0.27
Net realized and unrealized gain (loss) on total investments		0.87			(0.81	)		1.23			0.58			(0.45	)		(2.41	)
Total gain (loss) from investment operations		0.90			(0.61	)		1.37			0.68			(0.33	)		(2.14	)
Less distributions from:
Net investment income		–			(0.18	)		(0.16	)		(0.11	)		(0.13	)		(0.22	)
Net realized gains		–			–			(0.06	)		–			(0.00	)(d)		–
Total distributions		–			(0.18	)		(0.22	)		(0.11	)		(0.13	)		(0.22	)
Net asset value, end of period		$9.01			$8.11			$8.90			$7.75			$7.18			$7.64
TOTAL RETURN		11.10	%(b)		(6.72	)%		17.89	%(b)		9.63	%		(3.81	)%		(21.86	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$92,145			$59,624			$19,661			$5,599			$1,633			$783
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.16	%(c)		0.21	%		0.24	%(c)		0.54	%		1.18	%		7.46	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.00	%(c)		0.00	%		0.00	%(c)		0.00	%		0.00	%		0.00	%(c)
Ratio of net investment income to average net assets		0.58	%(c)		2.37	%		2.38	%(c)		1.35	%		2.04	%		3.55	%(c)
Portfolio turnover rate		5	%(b)		6	%		8	%(b)		24	%		18	%		73	%(b)

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 87

Financial highlights	concluded
Lifecycle 2050 Fund § For the period or year ended

	Premier Class
	11/30/12			5/31/12			5/31/11		†	9/30/10			9/30/09		§
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$8.09			$8.89			$7.74			$7.18			$7.18
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.18			0.13			0.08			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.88			(0.81	)		1.24			0.59			–
Total gain (loss) from investment operations		0.90			(0.63	)		1.37			0.67			0.00	(d)
Less distributions from:
Net investment income		–			(0.17	)		(0.16	)		(0.11	)		–
Net realized gains		–			–			(0.06	)		–			–
Total distributions		–			(0.17	)		(0.22	)		(0.11	)		–
Net asset value, end of period		$8.99			$8.09			$8.89			$7.74			$7.18
TOTAL RETURN		11.12	%(b)		(6.93	)%		17.86	%(b)		9.45	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$31,716			$21,343			$6,904			$1,100			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.31	%(c)		0.36	%		0.39	%(c)		0.70	%		220.71	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.15	%(c)		0.15	%		0.15	%(c)		0.15	%		0.15	%(c)
Ratio of net investment income to average net assets		0.43	%(c)		2.21	%		2.37	%(c)		1.09	%		0.00	%(c)
Portfolio turnover rate		5	%(b)		6	%		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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.48%, 0.49%, 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 2012 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
	11/30/12		5/31/12		5/31/11**		11/30/12		5/31/12		5/31/11**
	(unaudited)						(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$8.99		$9.85		$10.00		$9.00		$9.85		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.02		0.19		0.00	(d)	0.03		0.20		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.96		(0.87	)	(0.15	)	0.97		(0.86	)	(0.15	)
Total gain (loss) from investment operations	0.98		(0.68	)	(0.15	)	1.00		(0.66	)	(0.15	)
Less distributions from:
Net investment income	–		(0.18	)	–		–		(0.19	)	–
Net realized gains	–		(0.00	)(d)	–		–		(0.00	)(d)	–
Total distributions	–		(0.18	)	–		–		(0.19	)	–
Net asset value, end of period	$9.97		$8.99		$9.85		$10.00		$9.00		$9.85
TOTAL RETURN	10.90	%(b)	(6.79	)%	(1.50	)%(b)	11.11	%(b)	(6.55	)%	(1.50	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$14,033		$10,725		$7,877		$4,421		$2,072		$985
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.88	%(c)	1.41	%	8.55	%(c)	0.58	%(c)	1.12	%	8.94	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.25	%(c)	0.00	%(c)	0.00	%	0.00	%(c)
Ratio of net investment income to average net assets	0.33	%(c)	2.02	%	0.23	%(c)	0.58	%(c)	2.24	%	0.48	%(c)
Portfolio turnover rate	12	%(b)	44	%	1	%(b)	12	%(b)	44	%	1	%(b)

See notes to financial statements TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 89

Financial highlights	concluded
Lifecycle 2055 Fund § For the period or year ended

	Premier Class
	11/30/12		5/31/12		5/31/11**
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$8.99		$9.85		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.02		0.20		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.97		(0.88	)	(0.15	)
Total gain (loss) from investment operations	0.99		(0.68	)	(0.15	)
Less distributions from:
Net investment income	–		(0.18	)	–
Net realized gains	–		(0.00	)(d)	–
Total distributions	–		(0.18	)	–
Net asset value, end of period	$9.98		$8.99		$9.85
TOTAL RETURN	11.01	%(b)	(6.73	)%	(1.50	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$2,574		$1,335		$985
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.73	%(c)	1.28	%	9.09	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.15	%(c)	0.15	%	0.15	%(c)
Ratio of net investment income to average net assets	0.43	%(c)	2.17	%	0.33	%(c)
Portfolio turnover rate	12	%(b)	44	%	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, 2012, May 31, 2012 and May 31, 2011 were 0.48%, 0.49% and 0.48%, respectively.
**	The Fund commenced operations on April 29, 2011.

90 2012 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 (collectively 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 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.

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 and unaffiliated investment companies are based upon the specific identification method.

Income and expenses of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 91

Notes to financial statements (unaudited)

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.

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

Income taxes: Each fund is treated separately for income tax purposes. 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. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2009 – 2012) 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.

New Accounting Pronouncements: In May 2011, the Financial Accounting Standards Board adopted Accounting Standards Update (“ASU”) No. 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The ASU converges the guidance of both entities on fair value measurements and disclosures. ASU 2011-04 requires additional disclosures around transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy. The ASU applies to interim or annual periods beginning after December 15, 2011. Effective June 1, 2012, the Funds adopted this guidance with no material impact to the Funds’ financial statements and notes disclosure.

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:

92 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

• 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 spreads, etc.)

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

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2012, there were no significant transfers between levels by the Funds.

As of November 30, 2012, 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, 2013. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and operational oversight services to the Funds.

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the 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

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 93

Notes to financial statements (unaudited)

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, 2013. This agreement may be terminated before this date with the approval of the Board. The Premier Class of the Funds is subject to a distribution Rule 12b-1 plan that is expected to compensate TPIS for providing distribution, promotional and/or shareholder services to the Premier Class at the maximum annual rate of 0.15% of average daily net assets attributable to the Premier Class shares.

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

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, 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, 2013, 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 (“TIAA Access”), as of November 30, 2012:

Fund	TIAA		TIAA Access
Lifecycle Retirement Income	–	%	10	%
Lifecycle 2010	–		7
Lifecycle 2015	–		7
Lifecycle 2020	–		7
Lifecycle 2025	–		8
Lifecycle 2030	–		8
Lifecycle 2035	–		7
Lifecycle 2040	–		7
Lifecycle 2045	–		10
Lifecycle 2050	–		13
Lifecycle 2055	48		–

94 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifecycle Retirement Income
TIAA-CREF Bond	$	56,869,254	$	9,931,300	$	3,514,283	$	(5,734	)	$	775,927	$	64,994,724
TIAA-CREF Bond Plus		728,144		149,914		21,920		29			12,326		878,389
TIAA-CREF Emerging Markets Equity		3,734,673		1,477,694		350,980		(65,664	)		–		5,462,448
TIAA-CREF Enhanced International Equity Index		5,229,161		842,618		2,052,280		(45,770	)		–		4,888,925
TIAA-CREF Enhanced Large-Cap Growth Index		7,775,068		1,309,069		708,899		(10,326	)		–		8,874,201
TIAA-CREF Enhanced Large-Cap Value Index		7,493,597		1,573,124		660,254		(7,870	)		–		9,204,470
TIAA-CREF Global Natural Resources		1,413,126		779,271		130,349		(14,353	)		–		2,221,628
TIAA-CREF Growth & Income		6,509,409		1,280,705		298,940		(10,490	)		49,492		8,062,967
TIAA-CREF High-Yield		727,029		3,701,047		73,994		(523	)		67,975		4,416,963
TIAA-CREF Inflation-Linked Bond		14,662,899		3,217,672		466,066		3,708			204,961		17,650,073
TIAA-CREF International Equity		5,203,568		2,374,949		649,107		(20,491	)		–		8,483,547
TIAA-CREF Large-Cap Growth		7,786,059		1,299,636		477,938		(14,924	)		–		9,371,797
TIAA-CREF Large-Cap Value		7,494,247		1,613,034		331,276		(8,285	)		–		9,674,429
TIAA-CREF Mid-Cap Growth		572,071		87,013		255,068		4,788			–		443,624
TIAA-CREF Mid-Cap Value		573,693		152,528		233,445		7,950			–		539,618
TIAA-CREF Short-Term Bond		14,532,392		3,230,405		373,853		(486	)		126,382		17,584,168
TIAA-CREF Small-Cap Equity		3,183,353		591,767		159,812		(9,426	)		–		3,854,147
	$	144,487,743	$	33,611,746	$	10,758,464	$	(197,867	)	$	1,237,063	$	176,606,118

TIAA-CREF Lifecycle Funds § 2012 Semiannual Report 95

Notes to financial statements (unaudited)

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifecycle 2010
TIAA-CREF Bond	$	279,194,468	$	22,970,800	$	23,578,993	$	72,907		$	3,607,884	$	286,653,125
TIAA-CREF Bond Plus		6,902,838		499,594		325,866		1,252			109,150		7,277,785
TIAA-CREF Emerging Markets Equity		23,471,356		5,950,013		3,300,053		(544,091	)		–		29,693,159
TIAA-CREF Enhanced International Equity Index		32,863,879		2,087,096		11,446,134		(3,248,156	)		–		28,879,577
TIAA-CREF Enhanced Large-Cap Growth Index		48,969,552		3,194,944		5,338,259		105,669			–		49,945,991
TIAA-CREF Enhanced Large-Cap Value Index		47,214,371		3,510,385		3,845,578		(52,364	)		–		51,782,095
TIAA-CREF Global Natural Resources		8,885,259		3,150,390		1,035,277		(87,138	)		–		11,984,096
TIAA-CREF Growth & Income		40,997,311		2,561,100		2,044,103		47,915			295,625		45,041,755
TIAA-CREF High-Yield		6,896,796		16,975,488		447,295		(2,619	)		422,460		23,888,019
TIAA-CREF Inflation-Linked Bond		51,846,966		6,577,542		1,602,019		20,629			710,076		57,591,396
TIAA-CREF International Equity		32,735,204		9,583,125		5,607,823		(2,367,741	)		–		45,714,664
TIAA-CREF Large-Cap Growth		49,083,428		2,737,075		4,087,332		117,042			–		52,363,114
TIAA-CREF Large-Cap Value		47,191,020		3,648,781		2,254,211		(289,215	)		–		54,053,063
TIAA-CREF Mid-Cap Growth		3,607,899		240,216		1,419,110		94,426			–		2,677,069
TIAA-CREF Mid-Cap Value		3,615,514		477,853		1,167,837		73,301			–		3,213,309
TIAA-CREF Short-Term Bond		51,455,436		6,738,714		1,449,220		(2,701	)		427,966		57,413,024
TIAA-CREF Small-Cap Equity		20,053,659		1,508,424		1,530,286		(110,748	)		–		21,528,168
	$	754,984,956	$	92,411,540	$	70,479,396	$	(6,171,632	)	$	5,573,161	$	829,699,409
Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifecycle 2015
TIAA-CREF Bond	$	344,886,177	$	40,311,898	$	25,751,245	$	2,355,268		$	4,547,766	$	369,550,425
TIAA-CREF Bond Plus		17,341,383		1,419,779		964,199		55,709			274,057		18,301,720
TIAA-CREF Emerging Markets Equity		37,498,993		9,037,661		4,170,004		368,682			–		48,103,064
TIAA-CREF Enhanced International Equity Index		52,512,508		3,380,670		15,392,656		1,340,598			–		49,269,102
TIAA-CREF Enhanced Large-Cap Growth Index		78,287,115		5,558,555		6,104,770		2,138,416			–		82,674,537
TIAA-CREF Enhanced Large-Cap Value Index		75,493,597		7,359,059		4,937,704		1,442,449			–		85,751,732
TIAA-CREF Global Natural Resources		14,201,395		4,601,300		1,064,963		86,040			–		19,290,460
TIAA-CREF Growth & Income		65,548,214		5,013,253		1,890,390		675,515			477,915		74,292,220
TIAA-CREF High-Yield		17,284,082		25,376,402		1,275,527		138,428			839,122		42,405,230
TIAA-CREF Inflation-Linked Bond		51,183,166		9,310,011		1,803,791		369,383			698,934		59,492,739
TIAA-CREF International Equity		52,312,484		13,862,121		6,440,558		977,577			–		74,147,352
TIAA-CREF Large-Cap Growth		78,473,880		4,845,521		4,327,073		2,013,682			–		86,417,720
TIAA-CREF Large-Cap Value		75,456,052		7,223,067		2,357,931		811,376			–		89,071,997
TIAA-CREF Mid-Cap Growth		5,771,298		339,380		1,891,031		706,712			–		4,621,539
TIAA-CREF Mid-Cap Value		5,783,200		774,330		1,516,788		501,273			–		5,507,245
TIAA-CREF Short-Term Bond		50,696,413		9,224,888		1,279,327		73,413			431,874		59,311,627
TIAA-CREF Small-Cap Equity		32,065,748		2,497,920		1,446,937		517,315			–		35,475,861
	$	1,054,795,705	$	150,135,815	$	82,614,894	$	14,571,836		$	7,269,668	$	1,203,684,570

96 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)		Dividend income		Value at November 30, 2012
Lifecycle 2020
TIAA-CREF Bond	$	343,181,098	$	49,371,476	$	30,595,790	$	2,625,510	$	4,555,913	$	372,060,861
TIAA-CREF Bond Plus		43,405,732		3,893,520		1,851,341		110,521		693,549		46,720,833
TIAA-CREF Emerging Markets Equity		53,685,711		12,473,927		5,003,713		448,531		–		69,408,618
TIAA-CREF Enhanced International Equity Index		75,193,792		5,236,572		18,746,766		2,075,245		–		74,513,683
TIAA-CREF Enhanced Large-Cap Growth Index		112,145,006		9,951,159		7,374,994		2,756,260		–		121,877,712
TIAA-CREF Enhanced Large-Cap Value Index		108,110,989		13,068,090		6,229,982		1,912,148		–		126,321,227
TIAA-CREF Global Natural Resources		20,327,542		6,590,351		1,376,720		124,829		–		27,785,264
TIAA-CREF Growth & Income		93,897,878		8,969,673		2,119,162		789,416		690,427		108,886,879
TIAA-CREF High-Yield		35,000,486		34,288,157		1,774,756		288,295		1,490,691		69,468,577
TIAA-CREF Inflation-Linked Bond		37,077,450		8,630,412		1,064,057		205,368		511,687		45,253,552
TIAA-CREF International Equity		74,868,673		18,211,131		7,651,444		1,245,847		–		106,028,167
TIAA-CREF Large-Cap Growth		112,370,580		7,781,533		4,334,861		2,089,017		–		126,590,552
TIAA-CREF Large-Cap Value		108,078,934		12,880,789		2,849,388		979,554		–		130,823,704
TIAA-CREF Mid-Cap Growth		8,260,924		551,045		2,340,130		898,552		–		7,065,283
TIAA-CREF Mid-Cap Value		8,277,794		1,303,588		1,909,381		650,768		–		8,357,572
TIAA-CREF Short-Term Bond		36,784,449		8,740,542		904,937		48,316		320,778		45,115,851
TIAA-CREF Small-Cap Equity		45,929,770		4,267,591		1,572,336		645,892		–		52,041,664
	$	1,316,596,808	$	206,209,556	$	97,699,758	$	17,894,069	$	8,263,045	$	1,538,319,999
Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)		Dividend income		Value at November 30, 2012
Lifecycle 2025
TIAA-CREF Bond	$	236,825,777	$	40,687,908	$	29,481,514	$	2,516,182	$	3,135,138	$	254,986,218
TIAA-CREF Bond Plus		66,659,149		8,759,038		3,164,948		185,095		1,081,133		74,224,216
TIAA-CREF Emerging Markets Equity		57,191,768		12,537,783		4,250,156		448,769		–		74,313,862
TIAA-CREF Enhanced International Equity Index		80,160,649		5,758,918		17,068,223		2,389,265		–		82,735,805
TIAA-CREF Enhanced Large-Cap Growth Index		119,659,241		11,679,082		6,556,702		2,477,667		–		132,431,450
TIAA-CREF Enhanced Large-Cap Value Index		115,365,956		15,699,951		6,047,009		1,867,501		–		137,225,501
TIAA-CREF Global Natural Resources		21,668,637		6,611,480		1,093,020		103,069		–		29,584,881
TIAA-CREF Growth & Income		100,190,717		10,935,432		1,894,172		710,151		740,300		117,955,383
TIAA-CREF High-Yield		45,928,409		35,403,052		2,395,497		357,633		1,834,173		81,429,156
TIAA-CREF Inflation-Linked Bond		9,644,575		4,459,781		248,185		29,787		136,863		14,044,985
TIAA-CREF International Equity		79,793,965		18,158,242		6,757,358		1,215,938		–		113,164,711
TIAA-CREF Large-Cap Growth		119,927,974		9,122,732		3,437,166		1,675,822		–		137,163,632
TIAA-CREF Large-Cap Value		115,313,518		15,573,860		2,779,355		974,737		–		141,766,243
TIAA-CREF Mid-Cap Growth		8,814,665		548,341		2,104,654		920,645		–		7,893,862
TIAA-CREF Mid-Cap Value		8,831,154		1,440,350		1,721,710		650,560		–		9,292,551
TIAA-CREF Short-Term Bond		9,562,992		4,498,845		195,900		3,701		91,421		14,004,878
TIAA-CREF Small-Cap Equity		49,011,795		4,897,634		1,188,874		499,952		–		56,375,202
	$	1,244,550,941	$	206,772,429	$	90,384,443	$	17,026,474	$	7,019,028	$	1,478,592,536

TIAA-CREF Lifecycle Funds §  2012 Semiannual Report 97

Notes to financial statements (unaudited)

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)		Dividend income		Value at November 30, 2012
Lifecycle 2030
TIAA-CREF Bond	$	133,814,039	$	27,529,526	$	28,949,512	$	2,154,884	$	1,731,245	$	136,244,290
TIAA-CREF Bond Plus		72,874,717		12,747,824		4,437,960		260,710		1,196,143		83,353,884
TIAA-CREF Emerging Markets Equity		60,179,964		12,409,224		4,333,558		443,924		–		77,554,349
TIAA-CREF Enhanced International Equity Index		84,362,509		6,310,646		16,598,166		2,609,763		–		88,837,042
TIAA-CREF Enhanced Large-Cap Growth Index		126,677,835		11,441,002		6,139,976		2,299,549		–		140,038,455
TIAA-CREF Enhanced Large-Cap Value Index		122,151,561		15,799,237		5,743,124		1,778,848		–		145,100,261
TIAA-CREF Global Natural Resources		22,828,845		6,712,391		1,256,219		117,451		–		30,817,979
TIAA-CREF Growth & Income		106,084,339		11,200,285		2,114,317		814,189		782,014		124,369,815
TIAA-CREF High-Yield		48,500,716		35,684,962		3,226,444		436,709		1,906,371		83,576,051
TIAA-CREF International Equity		84,005,634		17,995,244		7,198,222		1,389,054		–		117,837,416
TIAA-CREF Large-Cap Growth		126,964,163		9,057,749		3,551,155		1,761,658		–		144,653,219
TIAA-CREF Large-Cap Value		122,061,236		16,252,428		3,245,328		1,234,693		–		149,492,875
TIAA-CREF Mid-Cap Growth		9,386,608		489,322		2,030,371		957,014		–		8,521,127
TIAA-CREF Mid-Cap Value		9,353,064		1,590,230		1,732,701		682,453		–		9,995,903
TIAA-CREF Small-Cap Equity		51,889,989		5,095,452		1,384,218		590,356		–		59,449,400
	$	1,181,135,219	$	190,315,522	$	91,941,271	$	17,531,255	$	5,615,773	$	1,399,842,066
Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)		Dividend income		Value at November 30, 2012
Lifecycle 2035
TIAA-CREF Bond	$	36,707,298	$	13,287,342	$	25,360,635	$	759,146	$	414,562	$	25,597,273
TIAA-CREF Bond Plus		73,778,169		13,026,026		5,207,185		278,666		1,197,696		83,763,685
TIAA-CREF Emerging Markets Equity		65,056,951		14,499,319		4,602,153		508,028		–		85,168,459
TIAA-CREF Enhanced International Equity Index		91,289,861		8,877,241		16,644,106		3,123,355		–		99,853,953
TIAA-CREF Enhanced Large-Cap Growth Index		139,469,850		14,420,020		7,169,882		2,715,277		–		155,558,563
TIAA-CREF Enhanced Large-Cap Value Index		134,641,265		19,280,429		6,885,099		2,213,672		–		161,186,240
TIAA-CREF Global Natural Resources		24,761,431		7,555,609		1,220,991		121,356		–		33,886,165
TIAA-CREF Growth & Income		116,901,079		14,020,074		3,283,332		1,315,616		860,500		137,729,307
TIAA-CREF High-Yield		49,157,713		36,338,704		4,186,209		490,497		1,908,706		83,917,583
TIAA-CREF International Equity		90,900,863		20,116,228		7,510,907		1,732,619		–		128,716,044
TIAA-CREF Large-Cap Growth		139,858,771		11,461,466		4,555,328		2,241,606		–		160,167,356
TIAA-CREF Large-Cap Value		134,310,425		19,456,240		4,157,736		1,656,565		–		165,463,478
TIAA-CREF Mid-Cap Growth		10,355,386		529,434		2,017,191		979,449		–		9,613,767
TIAA-CREF Mid-Cap Value		10,306,761		1,873,212		1,795,346		735,874		–		11,248,410
TIAA-CREF Small-Cap Equity		57,192,343		6,102,336		1,653,485		718,594		–		65,852,960
	$	1,174,688,166	$	200,843,680	$	96,249,585	$	19,590,320	$	4,381,464	$	1,407,723,243

98 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifecycle 2040
TIAA-CREF Bond Plus	$	103,656,294	$	13,946,619	$	43,230,965	$	2,556,407		$	1,413,444	$	77,077,969
TIAA-CREF Emerging Markets Equity		93,621,076		20,131,862		7,502,790		825,394			–		120,940,835
TIAA-CREF Enhanced International Equity Index		131,399,319		12,343,907		24,138,125		4,770,304			–		143,179,461
TIAA-CREF Enhanced Large-Cap Growth Index		201,595,613		20,110,599		12,222,140		4,646,781			–		222,227,765
TIAA-CREF Enhanced Large-Cap Value Index		194,508,310		27,210,774		11,940,395		3,895,455			–		230,229,041
TIAA-CREF Global Natural Resources		35,655,732		10,473,158		2,199,456		218,767			–		47,969,274
TIAA-CREF Growth & Income		168,969,723		19,568,678		6,478,063		2,619,498			1,239,389		196,633,541
TIAA-CREF High-Yield		68,536,149		50,611,779		7,342,822		793,199			2,639,353		115,431,574
TIAA-CREF International Equity		130,792,792		27,996,897		12,011,888		2,930,954			–		182,963,494
TIAA-CREF Large-Cap Growth		202,004,978		15,620,535		8,356,574		4,098,026			–		228,559,765
TIAA-CREF Large-Cap Value		194,107,703		27,457,384		8,371,752		3,382,685			–		236,104,857
TIAA-CREF Mid-Cap Growth		14,932,163		676,055		2,865,650		1,423,762			–		13,819,466
TIAA-CREF Mid-Cap Value		14,876,347		2,690,027		2,663,476		1,107,326			–		16,152,992
TIAA-CREF Small-Cap Equity		82,639,391		8,582,660		3,315,587		1,454,213			–		93,977,001
	$	1,637,295,590	$	257,420,934	$	152,639,683	$	34,722,771		$	5,292,186	$	1,925,267,035
Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifecycle 2045
TIAA-CREF Bond Plus	$	19,347,379	$	4,709,877	$	7,376,020	$	98,776		$	285,139	$	17,117,396
TIAA-CREF Emerging Markets Equity		17,764,880		6,779,925		651,474		(115,123	)		–		26,957,921
TIAA-CREF Enhanced International Equity Index		24,901,748		6,178,299		4,285,311		(383,856	)		–		31,892,650
TIAA-CREF Enhanced Large-Cap Growth Index		37,593,619		11,068,332		1,641,794		(66,445	)		–		49,555,966
TIAA-CREF Enhanced Large-Cap Value Index		36,238,511		12,552,542		1,503,495		(55,958	)		–		51,338,154
TIAA-CREF Global Natural Resources		6,733,156		3,333,821		118,338		(14,195	)		–		10,747,360
TIAA-CREF Growth & Income		31,489,233		10,113,286		688,408		(30,169	)		247,626		43,790,417
TIAA-CREF High-Yield		12,886,971		12,846,587		741,271		(14,446	)		541,788		25,725,198
TIAA-CREF International Equity		24,759,773		9,088,803		873,135		(111,049	)		–		40,452,896
TIAA-CREF Large-Cap Growth		37,646,669		10,086,960		839,281		(40,094	)		–		50,820,951
TIAA-CREF Large-Cap Value		36,180,114		12,424,488		703,317		(28,875	)		–		52,453,926
TIAA-CREF Mid-Cap Growth		2,789,254		528,570		477,378		(20,789	)		–		3,077,363
TIAA-CREF Mid-Cap Value		2,775,716		1,022,534		449,046		596			–		3,597,523
TIAA-CREF Small-Cap Equity		15,397,651		4,675,783		347,405		(35,791	)		–		20,935,326
	$	306,504,674	$	105,409,807	$	20,695,673	$	(817,418	)	$	1,074,553	$	428,463,047

TIAA-CREF Lifecycle Funds §  2012 Semiannual Report 99

Notes to financial statements (unaudited)

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifecycle 2050
TIAA-CREF Bond Plus	$	10,356,181	$	2,614,426	$	3,975,556	$	53,303		$	153,391	$	9,283,234
TIAA-CREF Emerging Markets Equity		9,554,803		3,773,566		305,319		(68,782	)		–		14,611,441
TIAA-CREF Enhanced International Equity Index		13,388,348		3,470,940		2,112,540		(219,778	)		–		17,286,105
TIAA-CREF Enhanced Large-Cap Growth Index		20,219,671		6,213,476		880,818		(40,203	)		–		26,883,800
TIAA-CREF Enhanced Large-Cap Value Index		19,491,061		6,981,828		776,273		(34,056	)		–		27,847,425
TIAA-CREF Global Natural Resources		3,620,332		1,866,237		83,682		(10,814	)		–		5,824,408
TIAA-CREF Growth & Income		16,940,989		5,652,366		370,706		(19,261	)		133,266		23,756,809
TIAA-CREF High-Yield		6,887,687		7,024,903		348,084		(6,309	)		291,858		13,951,517
TIAA-CREF International Equity		13,299,296		5,066,491		406,425		(66,766	)		–		21,927,453
TIAA-CREF Large-Cap Growth		20,233,379		5,673,653		443,635		(25,517	)		–		27,559,853
TIAA-CREF Large-Cap Value		19,463,740		6,939,123		382,057		(20,630	)		–		28,457,679
TIAA-CREF Mid-Cap Growth		1,493,224		317,032		257,671		(11,292	)		–		1,669,083
TIAA-CREF Mid-Cap Value		1,490,362		579,369		252,576		193			–		1,951,361
TIAA-CREF Small-Cap Equity		8,286,079		2,622,688		183,347		(22,752	)		–		11,357,026
	$	164,725,152	$	58,796,098	$	10,778,689	$	(492,664	)	$	578,515	$	232,367,194
Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifecycle 2055
TIAA-CREF Bond Plus	$	880,104	$	315,552	$	387,066	$	4,192		$	13,498	$	833,918
TIAA-CREF Emerging Markets Equity		810,569		415,273		54,712		(13,411	)		–		1,311,598
TIAA-CREF Enhanced International Equity Index		1,134,661		390,813		197,127		(40,193	)		–		1,552,252
TIAA-CREF Enhanced Large-Cap Growth Index		1,706,775		718,915		130,060		(6,761	)		–		2,414,697
TIAA-CREF Enhanced Large-Cap Value Index		1,645,954		769,752		104,799		(5,462	)		–		2,501,342
TIAA-CREF Global Natural Resources		306,720		203,318		25,202		(2,396	)		–		521,993
TIAA-CREF Growth & Income		1,430,440		630,694		63,066		(1,745	)		11,722		2,134,356
TIAA-CREF High-Yield		585,040		687,385		53,334		(463	)		25,798		1,253,273
TIAA-CREF International Equity		1,127,833		591,099		99,954		(27,138	)		–		1,970,991
TIAA-CREF Large-Cap Growth		1,707,871		691,363		109,825		(3,836	)		–		2,476,780
TIAA-CREF Large-Cap Value		1,643,767		769,452		72,259		(3,470	)		–		2,557,195
TIAA-CREF Mid-Cap Growth		126,029		45,982		32,558		(2,940	)		–		149,919
TIAA-CREF Mid-Cap Value		125,809		62,148		24,700		(801	)		–		175,241
TIAA-CREF Small-Cap Equity		699,950		305,559		41,730		(5,190	)		–		1,020,121
	$	13,931,522	$	6,597,305	$	1,396,392	$	(109,614	)	$	51,018	$	20,873,676

100 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

continued

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 2012, 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	$	161,563,227	$	15,042,891	$	–		$	15,042,891
Lifecycle 2010		763,813,570		65,885,840		–			65,885,840
Lifecycle 2015		1,122,902,408		84,477,111		(3,694,950	)		80,782,161
Lifecycle 2020		1,418,828,481		121,896,784		(2,405,266	)		119,491,518
Lifecycle 2025		1,354,499,898		125,738,878		(1,646,240	)		124,092,638
Lifecycle 2030		1,270,237,121		131,303,622		(1,698,678	)		129,604,944
Lifecycle 2035		1,265,004,818		144,812,893		(2,094,468	)		142,718,425
Lifecycle 2040		1,721,409,177		207,267,420		(3,409,562	)		203,857,858
Lifecycle 2045		385,772,124		42,690,923		–			42,690,923
Lifecycle 2050		210,592,443		21,774,750		–			21,774,750
Lifecycle 2055		20,403,064		484,196		(13,584	)		470,612

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2012 were as follows:

Fund	Purchases		Sales
Lifecycle Retirement Income	$	33,611,746	$	10,758,464
Lifecycle 2010		92,411,540		70,479,396
Lifecycle 2015		150,135,815		82,614,894
Lifecycle 2020		206,209,556		97,699,758
Lifecycle 2025		206,772,429		90,384,443
Lifecycle 2030		190,315,522		91,941,271
Lifecycle 2035		200,843,680		96,249,585
Lifecycle 2040		257,420,934		152,639,683
Lifecycle 2045		109,226,699		23,725,456
Lifecycle 2050		58,796,098		10,778,689
Lifecycle 2055		7,267,088		2,068,252

TIAA-CREF Lifecycle Funds §  2012 Semiannual Report 101

Notes to financial statements (unaudited)

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2012 was as follows:

	2012
Fund	Ordinary Income		Long-Term Capital Gains		Total
Lifecycle Retirement Income	$	3,458,028	$	–	$	3,458,028
Lifecycle 2010		18,873,923		–		18,873,923
Lifecycle 2015		24,830,579		18,465,172		43,295,751
Lifecycle 2020		29,534,617		18,544,528		48,079,145
Lifecycle 2025		26,456,865		15,320,866		41,777,731
Lifecycle 2030		23,911,161		11,301,477		35,212,638
Lifecycle 2035		22,159,563		10,719,918		32,879,481
Lifecycle 2040		31,246,352		17,304,987		48,551,339
Lifecycle 2045		4,850,503		–		4,850,503
Lifecycle 2050		2,548,721		–		2,548,721
Lifecycle 2055		209,966		–		209,966

The tax character of the fiscal year 2013 distributions will be determined at the end of the fiscal year.

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 Fund at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2012, 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.

102 2012 Semiannual Report § TIAA-CREF Lifecycle Funds

concluded

Note 8—subsequent event

On December 4, 2012, the Board approved amendments to the Retirement Class Rule 12b-1 plan of the Funds and the Retail Class Rule 12b-1 plan of the Retirement Income Fund that will change the plans from reimbursement plans to compensation plans. The amendments to the plans are effective January 1, 2013 at which time the Retirement Class of each Fund and the Retail Class of Retirement Income Fund are expected to compensate TPIS for providing distribution, promotional and/or shareholder services to the Retirement Class of each Fund and the Retail Class of the Retirement Income Fund at the maximum annual rates of 0.05% and 0.25% of the average daily net assets attributable to each Fund’s Retirement Class and the Retirement Income Fund’s Retail Class, respectively. TPIS has agreed not to seek any reimbursements under the distribution Rule 12b-1 plan from the Retirement Class through September 30, 2013. This agreement may be terminated before this date with the approval of the Board.

TIAA-CREF Lifecycle Funds §  2012 Semiannual Report 103

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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 and 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.

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C7791 A11014 (1/13)

Printed on paper containing recycled fiber

C7791 A11014 (1/13)

2012 Semiannual Report

TIAA-CREF

Lifecycle Index Funds

of the TIAA-CREF Funds

November 30, 2012

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	13
Lifecycle Index 2015 Fund	14
Lifecycle Index 2020 Fund	15
Lifecycle Index 2025 Fund	16
Lifecycle Index 2030 Fund	17
Lifecycle Index 2035 Fund	18
Lifecycle Index 2040 Fund	19
Lifecycle Index 2045 Fund	20
Lifecycle Index 2050 Fund	21
Lifecycle Index 2055 Fund	22
Portfolios of investments	23
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	78
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, 2012. 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 TIAA-CREF underlying funds in which each fund had investments as of November 30, 2012.

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

          The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

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 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Information for investors

Portfolio listings

The complete portfolios of investments for the TIAA-CREF Lifecycle Index Funds begin on page 23 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 our 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 the last day of February 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 § 2012 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 market countries outside North America—in Europe, Australasia and the Far East—and in 21 emerging market countries in Europe, Asia, Africa, Latin America and the Middle East.

• The Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic 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 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).

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

Russell 3000 is a trademark and service mark of Russell Investments. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investments. 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 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

          On pages 6 through 9, you will find expense examples for each share class of the funds. These expense examples are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the funds for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

          The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

          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, 2012–November 30, 2012).

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. All of the funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.

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 § 2012 Semiannual Report 5

Important information about expenses

Expense examples

Six months ended November 30, 2012
Lifecycle Index FundsRetirement Class	Beginning account value (6/1/12	)	Ending account value (11/30/12	)	Expenses paid during period (6/1/12-11/30/12	* )	Effective expenses paid during period (6/1/12-11/30/12	† )
Retirement Income Fund actual return	$1,000.00		$1,055.18		$1.60		$2.27
5% annual hypothetical return	1,000.00		1,023.51		1.57		2.23
2010 Fund actual return	$1,000.00		$1,062.39		$1.65		$2.27
5% annual hypothetical return	1,000.00		1,023.46		1.62		2.23
2015 Fund actual return	$1,000.00		$1,067.30		$1.71		$2.28
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.23
2020 Fund actual return	$1,000.00		$1074.20		$1.77		$2.34
5% annual hypothetical return	1,000.00		1,023.36		1.72		2.28
2025 Fund actual return	$1,000.00		$1,082.04		$1.77		$2.30
5% annual hypothetical return	1,000.00		1,023.36		1.72		2.23
2030 Fund actual return	$1,000.00		$1,088.79		$1.83		$2.36
5% annual hypothetical return	1,000.00		1,023.31		1.78		2.28
2035 Fund actual return	$1,000.00		$1,096.80		$1.84		$2.31
5% annual hypothetical return	1,000.00		1,023.31		1.78		2.23
2040 Fund actual return	$1,000.00		$1,099.39		$1.84		$2.32
5% annual hypothetical return	1,000.00		1,023.31		1.78		2.23
2045 Fund actual return	$1,000.00		$1,099.13		$1.84		$2.32
5% annual hypothetical return	1,000.00		1,023.31		1.78		2.23
2050 Fund actual return	$1,000.00		$1,099.22		$1.84		$2.32
5% annual hypothetical return	1,000.00		1,023.31		1.78		2.23
2055 Fund actual return	$1,000.00		$1,099.24		$1.84		$2.32
5% annual hypothetical return	1,000.00		1,023.31		1.78		2.23

*

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2012. 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 2012 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, 2035, 2040, 2045, 2050 and 2055 Funds; and 0.45% for the 2020 and 2030 Funds.

Expense examples

Six months ended November 30, 2012
Lifecycle Index FundsInstitutional Class	Beginning account value (6/1/12	)	Ending account value (11/30/12	)	Expenses paid during period (6/1/12-11/30/12	* )	Effective expenses paid during period (6/1/12-11/30/12	† )
Retirement Income Fund actual return	$1,000.00		$1,055.53		$0.31		$0.98
5% annual hypothetical return	1,000.00		1,024.77		0.30		0.96
2010 Fund actual return	$1,000.00		$1,062.93		$0.36		$0.98
5% annual hypothetical return	1,000.00		1,024.72		0.36		0.96
2015 Fund actual return	$1,000.00		$1,068.73		$0.41		$0.99
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.96
2020 Fund actual return	$1,000.00		$1,076.53		$0.47		$1.04
5% annual hypothetical return	1,000.00		1,024.62		0.46		1.01
2025 Fund actual return	$1,000.00		$1,083.40		$0.47		$0.99
5% annual hypothetical return	1,000.00		1,024.62		0.46		0.96
2030 Fund actual return	$1,000.00		$1,090.13		$0.52		$1.05
5% annual hypothetical return	1,000.00		1,024.57		0.51		1.01
2035 Fund actual return	$1,000.00		$1,098.02		$0.53		$1.00
5% annual hypothetical return	1,000.00		1,024.57		0.51		0.96
2040 Fund actual return	$1,000.00		$1,101.55		$0.53		$1.00
5% annual hypothetical return	1,000.00		1,024.57		0.51		0.96
2045 Fund actual return	$1,000.00		$1,101.39		$0.53		$1.00
5% annual hypothetical return	1,000.00		1,024.57		0.51		0.96
2050 Fund actual return	$1,000.00		$1,100.52		$0.53		$1.00
5% annual hypothetical return	1,000.00		1,024.57		0.51		0.96
2055 Fund actual return	$1,000.00		$1,100.22		$0.53		$1.00
5% annual hypothetical return	1,000.00		1,024.57		0.51		0.96

* The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2012. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date when this waiver or reimbursement is scheduled to end. Without any such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.06% for the Retirement

TIAA-CREF Lifecycle Index Funds § 2012 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, 2035, 2040, 2045, 2050 and 2055 Funds; and 0.20% for the 2020 and 2030 Funds.

Expense examples

Six months ended November 30, 2012
Lifecycle Index Funds Premier Class	Beginning account value (6/1/12	)	Ending account value (11/30/12	)	Expenses paid during period (6/1/12-11/30/12	* )	Effective expenses paid during period (6/1/12-11/30/12	† )
Retirement Income Fund actual return	$1,000.00		$1,055.72		$1.03		$1.70
5% annual hypothetical return	1,000.00		1,024.07		1.01		1.67
2010 Fund actual return	$1,000.00		$1,062.23		$1.14		$1.76
5% annual hypothetical return	1,000.00		1,023.97		1.12		1.72
2015 Fund actual return	$1,000.00		$1,068.04		$1.19		$1.76
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.72
2020 Fund actual return	$1,000.00		$1,075.86		$1.25		$1.82
5% annual hypothetical return	1,000.00		1,023.87		1.22		1.78
2025 Fund actual return	$1,000.00		$1,081.83		$1.25		$1.77
5% annual hypothetical return	1,000.00		1,023.87		1.22		1.72
2030 Fund actual return	$1,000.00		$1,089.50		$1.31		$1.83
5% annual hypothetical return	1,000.00		1,023.82		1.27		1.78
2035 Fund actual return	$1,000.00		$1,096.55		$1.31		$1.79
5% annual hypothetical return	1,000.00		1,023.82		1.27		1.72
2040 Fund actual return	$1,000.00		$1,100.09		$1.32		$1.79
5% annual hypothetical return	1,000.00		1,023.82		1.27		1.72
2045 Fund actual return	$1,000.00		$1,099.83		$1.26		$1.74
5% annual hypothetical return	1,000.00		1,023.87		1.22		1.67
2050 Fund actual return	$1,000.00		$1,099.91		$1.26		$1.74
5% annual hypothetical return	1,000.00		1,023.87		1.22		1.67
2055 Fund actual return	$1,000.00		$1,100.33		$1.32		$1.79
5% annual hypothetical return	1,000.00		1,023.82		1.27		1.72

8 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

concluded

*

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2012. 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 0.20% for the Retirement Income Fund; 0.22% for the 2010 Fund; 0.23% for the 2015 Fund; 0.24% for the 2020, 2025, 2045 and 2050 Funds; and 0.25% for the 2030, 2035, 2040 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 0.33% for the Retirement Income, 2045 and 2050 Funds; 0.34% for the 2010, 2015, 2025, 2035, 2040 and 2055 Funds; and 0.35% for the 2020 and 2030 Funds.

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 9

Investment results of the Lifecycle Index Funds

Performance for the six months ended November 30, 2012

All eleven TIAA-CREF Lifecycle Index Funds achieved substantial gains for the period and performed within close range of their respective composite benchmarks. Returns for the Retirement Class ranged from 5.52% for the Retirement Income Fund to 9.94% for the 2040 Fund. The tables on the following pages show returns for all share classes of the funds.

          The funds’ returns were similar to those of their respective composite benchmarks, which represented market performance without any fees or expenses. The difference between the individual Lifecycle Index Funds’ returns and those of their respective benchmarks ranged from 0.15 of a percentage point for the 2010 Fund to 0.29 of a point for the 2020 and 2045 funds. (All results are for the Retirement Class.)

Despite slow growth, global stocks surge upward

At the end of November, the U.S. Commerce Department estimated that gross domestic product, which measures the value of all goods and services produced in the United States, grew by 2.5% in the third quarter of 2012, on a year-over-year basis, adjusted for inflation.

          This reflected an improved housing market and increased consumer spending. Reduced government spending and persistently high unemployment continued to hamper growth, which remained well below the pace of a more typical recovery. There were signs of slowing growth elsewhere, too, particularly in Europe and China.

          Nonetheless, global stock markets performed very well for the six-month period. The Russell 3000^® Index, which measures the broad U.S. stock market, gained 9.33%. Foreign stocks did even better; the MSCI EAFE (Europe, Australasia, Far East)+EM (Emerging Markets) Index, which measures stock performance in 22 developed market nations outside North America and in 21 emerging market nations, rose 16.69%.

          In both the United States and Europe, investors were encouraged by signs that central banks were taking additional steps to promote growth and ensure liquidity in the credit markets.

          Yields on 10-year U.S. Treasury securities inched up, from 1.59% at the end of May to 1.62% at the end of November, but inflationary pressures were also low. The Barclays U.S. Aggregate Bond Index, which measures the broad domestic market for investment grade, fixed-rate bonds, returned 1.99% for the period. Inflation-protected bonds, as measured by the Barclays U.S. Treasury Inflation Protected Securities Index (Series-L), earned 2.92%.

10 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Stock market gains drive the funds’ performance

All eleven Lifecycle Index Funds posted solid results for the six-month period, helped by the global stock market rally. Those funds with greater exposure to stocks performed better during the period.

          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. The Lifecycle Index Funds do this by investing in various underlying funds that are managed to track individual benchmark indexes.

          For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were driven by strong gains from both the international equity and the U.S. equity sectors. In contrast, results were constrained by the more modest returns from the fixed-income and inflation-protected asset sectors.

          As a result, the Lifecycle Index Funds with larger allocations to the international equity and U.S. equity sectors had higher returns than those with larger allocations to the fixed-income and inflation-protected asset sectors.

          For example, both the 2050 and 2055 funds, each with about 90% of their portfolios invested in several equity-based funds, returned 9.92%, while the Retirement Income Fund, with less than 40% of its assets allocated to equities, returned 5.52%.

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 11

Lifecycle Index Retirement Income Fund

Performance as of November 30, 2012
		Total return				Average annual total return
Lifecycle Index Retirement Income Fund	Inception date	6 months		1 year		since inception
Retirement Class	9/30/2009	5.52	%	9.11	%	7.76	%
Institutional Class	9/30/2009	5.55		9.28		8.01
Premier Class	9/30/2009	5.57		9.22		7.86
Lifecycle Index Retirement
Income Fund Composite Index*	—	5.69		9.69		8.22	†
Broad market index
Barclays U.S. Aggregate Bond Index	—	1.99		5.51		5.97	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index Retirement Income Fund Composite Index consisted of: 50.0% Barclays U.S. Aggregate Bond Index; 30.0% Russell 3000® Index; 10.0% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	29.9	%	30.0	%
International equity	10.0		10.0
Fixed income
Fixed income	50.0		50.0
Inflation-protected assets	10.0		10.0
Other assets & liabilities, net	0.1		–
Total	100.0		100.0

Target allocation

For June 30, 2013

12 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2010 Fund
Performance as of November 30, 2012
		Total return				Average annual total return
Lifecycle Index 2010 Fund	Inception date	6 months		1 year		since inception
Retirement Class	9/30/2009	6.24	%	9.85	%	8.03	%
Institutional Class	9/30/2009	6.29		10.09		8.30
Premier Class	9/30/2009	6.22		9.91		8.13
Lifecycle Index 2010 Fund
Composite Index*	—	6.39		10.42		8.47	†
Broad market index
Barclays U.S. Aggregate Bond Index	—	1.99		5.51		5.97	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index 2010 Fund Composite Index consisted of: 45.4% Barclays U.S. Aggregate Bond Index; 35.7% Russell 3000® Index; 11.9% MSCI EAFE+EM Index; and 7.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	35.6	%	35.3	%
International equity	12.1		11.7
Fixed income
Fixed income	45.0		45.8
Inflation-protected assets	6.9		7.2
Other assets & liabilities, net	0.4		–
Total	100.0		100.0

Target allocation

For June 30, 2013

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 13

Lifecycle Index 2015 Fund
Performance as of November 30, 2012
		Total return				Average annual total return
Lifecycle Index 2015 Fund	Inception date	6 months		1 year		since inception
Retirement Class	9/30/2009	6.73	%	10.40	%	8.23	%
Institutional Class	9/30/2009	6.87		10.64		8.50
Premier Class	9/30/2009	6.80		10.48		8.33
Lifecycle Index 2015 Fund
Composite Index*	—	6.99		11.04		8.69	†
Broad market index
Russell 3000® Index	—	9.33		15.95		12.17	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index 2015 Fund Composite Index consisted of: 40.9% Barclays U.S. Aggregate Bond Index; 40.6% Russell 3000 Index; 13.5% MSCI EAFE+EM Index; and 5.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	40.6	%	39.9	%
International equity	13.7		13.3
Fixed income
Fixed income	40.5		41.6
Inflation-protected assets	4.9		5.2
Other assets & liabilities, net	0.3		–
Total	100.0		100.0

Target allocation

For June 30, 2013

14 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2020 Fund
Performance as of November 30, 2012
		Total return				Average annual total return
Lifecycle Index 2020 Fund	Inception date	6 months		1 year		since inception
Retirement Class	9/30/2009	7.42	%	11.05	%	8.44	%
Institutional Class	9/30/2009	7.65		11.32		8.72
Premier Class	9/30/2009	7.59		11.24		8.55
Lifecycle Index 2020 Fund
Composite Index*	—	7.71		11.75		8.91	†
Broad market index
Russell 3000® Index	—	9.33		15.95		12.17	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index 2020 Fund Composite Index consisted of: 46.6% Russell 3000 Index; 34.9% Barclays U.S. Aggregate Bond Index; 15.5% MSCI EAFE+EM Index; and 3.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	46.5	%	45.9	%
International equity	15.7		15.3
Fixed income
Fixed income	34.5		35.6
Inflation-protected assets	2.9		3.2
Other assets & liabilities, net	0.4		–
Total	100.0		100.0

Target allocation

For June 30, 2013

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 15

Lifecycle Index 2025 Fund
Performance as of November 30, 2012
		Total return				Average annual total return
Lifecycle Index 2025 Fund	Inception date	6 months		1 year		since inception
Retirement Class	9/30/2009	8.20	%	11.80	%	8.68	%
Institutional Class	9/30/2009	8.34		12.04		8.95
Premier Class	9/30/2009	8.18		11.88		8.78
Lifecycle Index 2025 Fund
Composite Index*	—	8.43		12.46		9.11	†
Broad market index
Russell 3000® Index	—	9.33		15.95		12.17	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index 2025 Fund Composite Index consisted of: 52.6% Russell 3000 Index; 28.9% Barclays U.S. Aggregate Bond Index; 17.5% MSCI EAFE+EM Index; and 1.0% Barclays U.S. Treasury Inflation Protected Securities Index (Series-L). The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	52.6	%	51.9	%
International equity	17.7		17.3
Fixed income
Fixed income	28.6		29.6
Inflation-protected assets	0.9		1.2
Other assets & liabilities, net	0.2		–
Total	100.0		100.0

Target allocation

For June 30, 2013

16 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2030 Fund
Performance as of November 30, 2012
		Total return				Average annual total return
Lifecycle Index 2030 Fund	Inception date	6 months		1 year		since inception
Retirement Class	9/30/2009	8.88	%	12.46	%	8.93	%
Institutional Class	9/30/2009	9.01		12.81		9.20
Premier Class	9/30/2009	8.95		12.64		9.03
Lifecycle Index 2030 Fund
Composite Index*	—	9.16		13.19		9.33	†
Broad market index
Russell 3000® Index	—	9.33		15.95		12.17	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index 2030 Fund Composite Index consisted of: 58.6% Russell 3000 Index; 21.9% Barclays U.S. Aggregate Bond Index; and 19.5% MSCI EAFE+EM Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12		Target allocation for 6/30/13
Equity
U.S. equity	58.4	%	57.9	%
International equity	19.7		19.3
Fixed income	21.5		22.8
Other assets & liabilities, net	0.4		–
Total	100.0		100.0

Target allocation

For June 30, 2013

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 17

Lifecycle Index 2035 Fund

Performance as of November 30, 2012

			Total return						Average annual total return
Lifecycle Index 2035 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		9.68	%		13.17	%		9.11	%
Institutional Class		9/30/2009		9.80			13.51			9.41
Premier Class		9/30/2009		9.66			13.25			9.22
Lifecycle Index 2035 Fund
Composite Index*		—		9.90			13.93			9.55	†
Broad market index
Russell 3000® Index		—		9.33			15.95			12.17	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index 2035 Fund Composite Index consisted of: 64.6% Russell 3000 Index; 21.5% MSCI EAFE+EM Index; and 13.9% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12			Target allocation for 6/30/13
Equity
U.S. equity		64.4	%		63.9	%
International equity		21.7			21.3
Fixed income		13.6			14.8
Other assets & liabilities, net		0.3			–
Total		100.0			100.0

Target allocation

For June 30, 2013

18 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2040 Fund

Performance as of November 30, 2012

			Total return						Average annual total return
Lifecycle Index 2040 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		9.94	%		13.39	%		9.14	%
Institutional Class		9/30/2009		10.15			13.73			9.44
Premier Class		9/30/2009		10.01			13.57			9.25
Lifecycle Index 2040 Fund
Composite Index*		—		10.20			14.19			9.59	†
Broad market index
Russell 3000® Index		—		9.33			15.95			12.17	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index 2040 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12			Target allocation for 6/30/13
Equity
U.S. equity		67.1	%		67.5	%
International equity		22.6			22.5
Fixed income		9.9			10.0
Other assets & liabilities, net		0.4			–
Total		100.0			100.0

Target allocation

For June 30, 2013

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 19

Lifecycle Index 2045 Fund

Performance as of November 30, 2012

			Total return						Average annual total return
Lifecycle Index 2045 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		9.91	%		13.41	%		9.15	%
Institutional Class		9/30/2009		10.14			13.76			9.42
Premier Class		9/30/2009		9.98			13.50			9.26
Lifecycle Index 2045 Fund
Composite Index*		—		10.20			14.19			9.59	†
Broad market index
Russell 3000® Index		—		9.33			15.95			12.17	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index 2045 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12			Target allocation for 6/30/13
Equity
U.S. equity		66.9	%		67.5	%
International equity		22.6			22.5
Fixed income		9.8			10.0
Other assets & liabilities, net		0.7			–
Total		100.0			100.0

Target allocation

For June 30, 2013

20 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2050 Fund

Performance as of November 30, 2012

			Total return						Average annual total return
Lifecycle Index 2050 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		9.92	%		13.42	%		9.16	%
Institutional Class		9/30/2009		10.05			13.67			9.43
Premier Class		9/30/2009		9.99			13.51			9.27
Lifecycle Index 2050 Fund
Composite Index*		—		10.20			14.19			9.59	†
Broad market index
Russell 3000® Index		—		9.33			15.95			12.17	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index 2050 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12			Target allocation for 6/30/13
Equity
U.S. equity		66.9	%		67.5	%
International equity		22.6			22.5
Fixed income		9.9			10.0
Other assets & liabilities, net		0.6			–
Total		100.0			100.0

Target allocation

For June 30, 2013

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 21

Lifecycle Index 2055 Fund

Performance as of November 30, 2012

			Total return						Average annual total return
Lifecycle Index 2055 Fund	Inception date		6 months			1 year			since inception
Retirement Class		4/29/2011		9.92	%		13.43	%		1.52	%
Institutional Class		4/29/2011		10.02			13.72			1.76
Premier Class		4/29/2011		10.03			13.62			1.63
Lifecycle Index 2055 Fund
Composite Index*		—		10.20			14.19			1.89	†
Broad market index
Russell 3000® Index		—		9.33			15.95			3.77	†

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 any index. Index returns do not include a deduction for fees or expenses.
*	As of the close of business on November 30, 2012, the Lifecycle Index 2055 Fund Composite Index consisted of: 67.5% Russell 3000 Index; 22.5% MSCI EAFE+EM Index; and 10.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation
	% of net assets as of 11/30/12			Target allocation for 6/30/13
Equity
U.S. equity		67.2	%		67.5	%
International equity		22.6			22.5
Fixed income		10.0			10.0
Other assets & liabilities, net		0.2			–
Total		100.0			100.0

Target allocation

For June 30, 2013

22 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

Portfolio of investments (unaudited)

Lifecycle Index Retirement Income Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
979,478	TIAA-CREF Bond Index Fund	$	10,823,230	50.0	%
			10,823,230	50.0
INFLATION-PROTECTED ASSETS
171,229	TIAA-CREF Inflation-Linked Bond Fund		2,169,473	10.0
			2,169,473	10.0
INTERNATIONAL EQUITY
52,990	TIAA-CREF Emerging Markets Equity Index Fund		554,802	2.6
100,437	TIAA-CREF International Equity Index Fund		1,617,039	7.4
			2,171,841	10.0
U.S. EQUITY
593,410	TIAA-CREF Equity Index Fund		6,480,040	29.9
			6,480,040	29.9
TOTAL TIAA-CREF FUNDS (Cost $19,860,237)			21,644,584	99.9
TOTAL PORTFOLIO (Cost $19,860,237)			21,644,584	99.9
OTHER ASSETS & LIABILITIES, NET			19,232	0.1
NET ASSETS		$	21,663,816	100.0	%

Lifecycle Index 2010 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
4,153,196	TIAA-CREF Bond Index Fund	$	45,892,814	45.0	%
			45,892,814	45.0
INFLATION-PROTECTED ASSETS
555,966	TIAA-CREF Inflation-Linked Bond Fund		7,044,084	6.9
			7,044,084	6.9
INTERNATIONAL EQUITY
299,151	TIAA-CREF Emerging Markets Equity Index Fund		3,132,111	3.1
567,014	TIAA-CREF International Equity Index Fund		9,128,923	9.0
			12,261,034	12.1
U.S. EQUITY
3,327,913	TIAA-CREF Equity Index Fund		36,340,814	35.6
			36,340,814	35.6
TOTAL TIAA-CREF FUNDS (Cost $91,551,063)			101,538,746	99.6
TOTAL PORTFOLIO (Cost $91,551,063)			101,538,746	99.6
OTHER ASSETS & LIABILITIES, NET			442,445	0.4
NET ASSETS		$	101,981,191	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 § 2012 Semiannual Report 23

Portfolio of investments (unaudited)

Lifecycle Index 2015 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
6,395,244	TIAA-CREF Bond Index Fund	$	70,667,446	40.5	%
			70,667,446	40.5
INFLATION-PROTECTED ASSETS
677,919	TIAA-CREF Inflation-Linked Bond Fund		8,589,229	4.9
			8,589,229	4.9
INTERNATIONAL EQUITY
583,258	TIAA-CREF Emerging Markets Equity Index Fund		6,106,711	3.5
1,105,511	TIAA-CREF International Equity Index Fund		17,798,722	10.2
			23,905,433	13.7
U.S. EQUITY
6,488,477	TIAA-CREF Equity Index Fund		70,854,172	40.6
			70,854,172	40.6
TOTAL TIAA-CREF FUNDS (Cost $158,113,904)			174,016,280	99.7
TOTAL PORTFOLIO (Cost $158,113,904)			174,016,280	99.7
OTHER ASSETS & LIABILITIES, NET			528,537	0.3
NET ASSETS		$	174,544,817	100.0	%

Lifecycle Index 2020 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
7,164,229	TIAA-CREF Bond Index Fund	$	79,164,725	34.5	%
			79,164,725	34.5
INFLATION-PROTECTED ASSETS
529,648	TIAA-CREF Inflation-Linked Bond Fund		6,710,640	2.9
			6,710,640	2.9
INTERNATIONAL EQUITY
878,998	TIAA-CREF Emerging Markets Equity Index Fund		9,203,107	4.0
1,666,052	TIAA-CREF International Equity Index Fund		26,823,442	11.7
			36,026,549	15.7
U.S. EQUITY
9,785,685	TIAA-CREF Equity Index Fund		106,859,679	46.5
			106,859,679	46.5
TOTAL TIAA-CREF FUNDS (Cost $208,575,970)			228,761,593	99.6
TOTAL PORTFOLIO (Cost $208,575,970)			228,761,593	99.6
	OTHER ASSETS & LIABILITIES, NET		923,546	0.4
	NET ASSETS	$	229,685,139	100.0	%

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

24 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle Index 2025 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
5,666,900	TIAA-CREF Bond Index Fund	$	62,619,249	28.6	%
			62,619,249	28.6
INFLATION-PROTECTED ASSETS
161,528	TIAA-CREF Inflation-Linked Bond Fund		2,046,557	0.9
			2,046,557	0.9
INTERNATIONAL EQUITY
949,051	TIAA-CREF Emerging Markets Equity Index Fund		9,936,562	4.5
1,798,840	TIAA-CREF International Equity Index Fund		28,961,330	13.2
			38,897,892	17.7
U.S. EQUITY
10,557,710	TIAA-CREF Equity Index Fund		115,290,196	52.6
			115,290,196	52.6
TOTAL TIAA-CREF FUNDS (Cost $199,500,519)			218,853,894	99.8
TOTAL PORTFOLIO (Cost $199,500,519)			218,853,894	99.8
	OTHER ASSETS & LIABILITIES, NET		430,802	0.2
	NET ASSETS	$	219,284,696	100.0	%

Lifecycle Index 2030 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
4,441,887	TIAA-CREF Bond Index Fund	$	49,082,854	21.5	%
			49,082,854	21.5
INTERNATIONAL EQUITY
1,098,155	TIAA-CREF Emerging Markets Equity Index Fund		11,497,680	5.0
2,081,459	TIAA-CREF International Equity Index Fund		33,511,482	14.7
			45,009,162	19.7
U.S. EQUITY
12,216,533	TIAA-CREF Equity Index Fund		133,404,538	58.4
			133,404,538	58.4
TOTAL TIAA-CREF FUNDS (Cost $205,523,497)			227,496,554	99.6
TOTAL PORTFOLIO (Cost $205,523,497)			227,496,554	99.6
	OTHER ASSETS & LIABILITIES, NET		958,832	0.4
	NET ASSETS	$	228,455,386	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 § 2012 Semiannual Report 25

Portfolio of investments (unaudited)

Lifecycle Index 2035 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
2,616,894	TIAA-CREF Bond Index Fund	$	28,916,677	13.6	%
			28,916,677	13.6
INTERNATIONAL EQUITY
1,129,009	TIAA-CREF Emerging Markets Equity Index Fund		11,820,721	5.5
2,139,920	TIAA-CREF International Equity Index Fund		34,452,716	16.2
			46,273,437	21.7
U.S. EQUITY
12,570,814	TIAA-CREF Equity Index Fund		137,273,288	64.4
			137,273,288	64.4
TOTAL TIAA-CREF FUNDS (Cost $190,927,684)			212,463,402	99.7
TOTAL PORTFOLIO (Cost $190,927,684)			212,463,402	99.7
	OTHER ASSETS & LIABILITIES, NET		704,102	0.3
	NET ASSETS	$	213,167,504	100.0	%

Lifecycle Index 2040 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
2,349,822	TIAA-CREF Bond Index Fund	$	25,965,533	9.9	%
			25,965,533	9.9
INTERNATIONAL EQUITY
1,449,196	TIAA-CREF Emerging Markets Equity Index Fund		15,173,080	5.8
2,746,820	TIAA-CREF International Equity Index Fund		44,223,794	16.8
			59,396,874	22.6
U.S. EQUITY
16,121,650	TIAA-CREF Equity Index Fund		176,048,423	67.1
			176,048,423	67.1
TOTAL TIAA-CREF FUNDS (Cost $231,323,547)			261,410,830	99.6
TOTAL PORTFOLIO (Cost $231,323,547)			261,410,830	99.6
	OTHER ASSETS & LIABILITIES, NET		1,008,981	0.4
	NET ASSETS	$	262,419,811	100.0	%

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

26 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle Index 2045 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
903,802	TIAA-CREF Bond Index Fund	$	9,987,017	9.8	%
			9,987,017	9.8
INTERNATIONAL EQUITY
559,187	TIAA-CREF Emerging Markets Equity Index Fund		5,854,692	5.8
1,059,887	TIAA-CREF International Equity Index Fund		17,064,187	16.8
			22,918,879	22.6
U.S. EQUITY
6,220,692	TIAA-CREF Equity Index Fund		67,929,958	66.9
			67,929,958	66.9
TOTAL TIAA-CREF FUNDS (Cost $92,948,507)			100,835,854	99.3
TOTAL PORTFOLIO (Cost $92,948,507)			100,835,854	99.3
	OTHER ASSETS & LIABILITIES, NET		662,089	0.7
	NET ASSETS	$	101,497,943	100.0	%

Lifecycle Index 2050 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
565,701	TIAA-CREF Bond Index Fund	$	6,251,000	9.9	%
			6,251,000	9.9
INTERNATIONAL EQUITY
350,003	TIAA-CREF Emerging Markets Equity Index Fund		3,664,529	5.8
663,398	TIAA-CREF International Equity Index Fund		10,680,703	16.8
			14,345,232	22.6
U.S. EQUITY
3,893,613	TIAA-CREF Equity Index Fund		42,518,258	66.9
			42,518,258	66.9
TOTAL TIAA-CREF FUNDS (Cost $57,849,623)			63,114,490	99.4
TOTAL PORTFOLIO (Cost $57,849,623)			63,114,490	99.4
	OTHER ASSETS & LIABILITIES, NET		403,315	0.6
	NET ASSETS	$	63,517,805	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 § 2012 Semiannual Report 27

Portfolio of investments (unaudited)

Lifecycle Index 2055 Fund § November 30, 2012

Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
116,306	TIAA-CREF Bond Index Fund	$	1,285,176	10.0	%
			1,285,176	10.0
INTERNATIONAL EQUITY
71,147	TIAA-CREF Emerging Markets Equity Index Fund		744,914	5.8
134,853	TIAA-CREF International Equity Index Fund		2,171,142	16.8
			2,916,056	22.6
U.S. EQUITY
791,480	TIAA-CREF Equity Index Fund		8,642,958	67.2
			8,642,958	67.2
TOTAL TIAA-CREF FUNDS (Cost $12,590,354)			12,844,190	99.8
TOTAL PORTFOLIO (Cost $12,590,354)			12,844,190	99.8
	OTHER ASSETS & LIABILITIES, NET		24,213	0.2
	NET ASSETS	$	12,868,403	100.0	%

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

28 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements

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TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 29

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifecycle Index Funds § November 30, 2012

	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*	$	21,644,584		$	101,538,746		$	174,016,280		$	228,761,593		$	218,853,894		$	227,496,554
Cash		245,120			149,081			281,380			91,771			127,104			112,715
Receivable from securities transactions		99,018			–			–			55,524			–			–
Receivable from Fund shares sold		10,630			348,707			466,285			828,753			649,362			869,475
Dividends and interest receivable		15,764			67,148			102,663			114,831			91,227			71,284
Due from affiliates		758			821			937			827			985			991
Other		235			1,164			1,737			2,096			1,925			2,118
Total assets		22,016,109			102,105,667			174,869,282			229,855,395			219,724,497			228,553,137
LIABILITIES
Management fees payable		88			499			996			1,310			1,431			1,673
Service agreement fees payable		14			138			247			269			196			225
Distribution fees payable		851			2,779			4,944			8,227			7,427			7,549
Due to affiliates		11			525			940			1,108			1,023			1,116
Payable for securities transactions		348,234			111,500			206,000			143,023			105,500			67,250
Payable for Fund shares redeemed		435			–			97,656			–			309,140			3,689
Accrued expenses and other payables		2,660			9,035			13,682			16,319			15,084			16,249
Total liabilities		352,293			124,476			324,465			170,256			439,801			97,751
NET ASSETS	$	21,663,816		$	101,981,191		$	174,544,817		$	229,685,139		$	219,284,696		$	228,455,386
NET ASSETS CONSIST OF:
Paid-in-capital	$	19,957,066		$	92,120,822		$	158,719,157		$	209,736,313		$	200,233,059		$	206,883,412
Undistributed net investment income (loss)		24,828			714,061			953,184			925,743			657,315			446,820
Accumulated net realized gain (loss) on total investments		(102,425	)		(841,375	)		(1,029,900	)		(1,162,540	)		(959,053	)		(847,903	)
Net unrealized appreciation (depreciation) on total investments		1,784,347			9,987,683			15,902,376			20,185,623			19,353,375			21,973,057
NET ASSETS	$	21,663,816		$	101,981,191		$	174,544,817		$	229,685,139		$	219,284,696		$	228,455,386
RETIREMENT CLASS:
Net assets	$	693,672		$	6,768,162		$	12,125,437		$	13,330,532		$	9,687,667		$	11,102,621
Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value)		58,245			552,106			979,944			1,070,368			773,096			879,099
Net asset value per share		$11.91			$12.26			$12.37			$12.45			$12.53			$12.63
INSTITUTIONAL CLASS:
Net assets	$	13,656,279		$	71,378,591		$	119,137,911		$	142,743,743		$	142,988,268		$	149,704,935
Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value)		1,146,199			5,787,611			9,573,280			11,401,107			11,349,098			11,788,018
Net asset value per share		$11.91			$12.33			$12.44			$12.52			$12.60			$12.70
PREMIER CLASS:
Net assets	$	7,313,865		$	23,834,438		$	43,281,469		$	73,610,864		$	66,608,761		$	67,647,830
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		614,127			1,938,630			3,489,443			5,900,315			5,302,427			5,344,186
Net asset value per share		$11.91			$12.29			$12.40			$12.48			$12.56			$12.66
* Affiliated investments, cost	$	19,860,237		$	91,551,063		$	158,113,904		$	208,575,970		$	199,500,519		$	205,523,497

30 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 31

Statements of assets and liabilities (unaudited)	concluded
TIAA-CREF Lifecycle Index Funds § November 30, 2012

	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*	$	212,463,402		$	261,410,830		$	100,835,854		$	63,114,490		$	12,844,190
Cash		18,721			177,863			50,846			35,954			19,734
Receivable from securities transactions		47,000			–			–			–			–
Receivable from Fund shares sold		617,211			914,337			606,116			372,599			44,337
Dividends and interest receivable		42,143			37,908			14,511			9,061			1,848
Due from affiliates		949			1,049			834			808			699
Other		1,981			2,671			742			508			118
Total assets		213,191,407			262,544,658			101,508,903			63,533,420			12,910,926
LIABILITIES
Management fees payable		1,562			1,921			741			463			94
Service agreement fees payable		193			222			98			53			23
Distribution fees payable		5,644			5,409			3,706			2,070			181
Due to affiliates		1,054			1,414			386			260			64
Payable for securities transactions		–			83,250			–			–			14,500
Payable for Fund shares redeemed		–			12,157			–			9,901			5,310
Accrued expenses and other payables		15,450			20,474			6,029			2,868			22,351
Total liabilities		23,903			124,847			10,960			15,615			42,523
NET ASSETS	$	213,167,504		$	262,419,811		$	101,497,943		$	63,517,805		$	12,868,403
NET ASSETS CONSIST OF:
Paid-in-capital	$	192,133,113		$	233,016,835		$	93,758,518		$	58,387,610		$	12,640,932
Undistributed net investment income (loss)		192,472			144,178			36,240			25,768			6,157
Accumulated net realized gain (loss) on total investments		(693,799	)		(828,485	)		(184,162	)		(160,440	)		(32,522	)
Net unrealized appreciation (depreciation) on total investments		21,535,718			30,087,283			7,887,347			5,264,867			253,836
NET ASSETS	$	213,167,504		$	262,419,811		$	101,497,943		$	63,517,805		$	12,868,403
RETIREMENT CLASS:
Net assets	$	9,551,120		$	11,019,702		$	4,878,105		$	2,631,167		$	1,115,017
Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value)		752,593			866,007			385,939			208,356			110,611
Net asset value per share		$12.69			$12.72			$12.64			$12.63			$10.08
INSTITUTIONAL CLASS:
Net assets	$	152,211,116		$	202,437,848		$	62,210,937		$	41,491,489		$	10,175,353
Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value)		11,923,986			15,820,745			4,895,427			3,267,302			1,007,149
Net asset value per share		$12.77			$12.80			$12.71			$12.70			$10.10
PREMIER CLASS:
Net assets	$	51,405,268		$	48,962,261		$	34,408,901		$	19,395,149		$	1,578,033
Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value)		4,040,674			3,839,958			2,715,536			1,532,094			156,383
Net asset value per share		$12.72			$12.75			$12.67			$12.66			$10.09
* Affiliated investments, cost	$	190,927,684		$	231,323,547		$	92,948,507		$	57,849,623		$	12,590,354

32 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 33

Statements of operations (unaudited)

TIAA-CREF Lifecycle Index Funds § For the period ended November 30, 2012

	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	$	99,729		$	458,463		$	632,277		$	651,248		$	468,091		$	363,487
Total income		99,729			458,463			632,277			651,248			468,091			363,487
EXPENSES
Management fees		8,347			44,758			71,622			90,529			84,018			90,092
Distribution fees — Retirement Class		168			1,358			2,677			2,710			1,898			2,312
Distribution fees — Premier Class		2,563			11,869			16,424			27,915			21,179			24,362
Fund administration fees		431			2,489			3,907			4,893			4,495			4,857
Custody and accounting fees		5,956			5,869			5,911			5,885			5,886			5,881
Audit fees		10,799			10,831			10,850			10,863			10,857			10,862
Legal fees		26			201			416			506			473			457
Shareholder reports		3,310			7,980			11,589			13,785			12,917			13,590
Shareholder servicing — Retirement Class		927			6,858			13,477			13,619			9,564			11,635
Shareholder servicing — Institutional Class		81			96			126			143			142			146
Shareholder servicing — Premier Class		93			73			74			86			75			82
Trustee fees and expenses		81			414			689			859			786			851
Compliance fees		171			1,109			1,895			2,369			2,172			2,351
Interest expense		7			49			38			41			43			16
Registration fees		20,806			20,297			20,545			20,545			20,545			20,545
Other expenses		2,799			3,818			5,746			6,671			5,953			6,247
Total expenses		56,565			118,069			165,986			201,419			181,003			194,286
Less: Expenses reimbursed by the investment adviser		(44,497	)		(51,588	)		(59,202	)		(60,199	)		(61,335	)		(62,596	)
Fee waiver by investment adviser and TPIS		(3,821	)		(16,389	)		(19,639	)		(18,523	)		(13,489	)		(5,681	)
Net expenses		8,247			50,092			87,145			122,697			106,179			126,009
Net investment income (loss)		91,482			408,371			545,132			528,551			361,912			237,478
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		(19,130	)		(91,957	)		(159,608	)		(194,244	)		(239,670	)		(219,393	)
Realized gain (loss) from sale of unaffiliated investments		(15	)		(2,866	)		(4,640	)		(6,101	)		(34,537	)		(812	)
Net realized gain (loss) from investments		(19,145	)		(94,823	)		(164,248	)		(200,345	)		(274,207	)		(220,205	)
Net change in unrealized appreciation (depreciation) from affiliated investments		779,524			4,923,065			8,630,728			12,099,561			12,302,040			14,521,089
Net realized and unrealized gain (loss) from investments		760,379			4,828,242			8,466,480			11,899,216			12,027,833			14,300,884
Net increase (decrease) in net assets from operations	$	851,861		$	5,236,613		$	9,011,612		$	12,427,767		$	12,389,745		$	14,538,362

34 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 35

Statements of operations (unaudited)	concluded
TIAA-CREF Lifecycle Index Funds § For the period ended November 30, 2012

	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	$	214,212		$	208,306		$	66,551		$	42,686		$	10,831
Total income		214,212			208,306			66,551			42,686			10,831
EXPENSES
Management fees		84,825			110,583			35,303			22,644			5,750
Distribution fees — Retirement Class		1,984			2,350			971			541			263
Distribution fees — Premier Class		15,888			16,720			8,801			4,652			843
Fund administration fees		4,589			6,027			1,869			1,215			350
Custody and accounting fees		5,882			5,982			5,975			5,975			5,892
Audit fees		10,858			10,869			10,817			10,809			10,806
Legal fees		464			548			196			81			18
Shareholder reports		13,121			17,179			6,238			4,526			2,003
Shareholder servicing — Retirement Class		9,994			11,840			4,962			2,800			1,373
Shareholder servicing — Institutional Class		148			194			113			100			74
Shareholder servicing — Premier Class		76			111			100			94			82
Trustee fees and expenses		800			1,136			340			172			58
Compliance fees		2,221			2,956			889			590			152
Interest expense		6			10			4			11			3
Registration fees		20,545			20,545			20,050			20,979			19,175
Other expenses		5,819			7,594			4,194			3,529			52
Total expenses		177,220			214,644			100,822			78,718			46,894
Less: Expenses reimbursed by the investment adviser		(61,387	)		(69,162	)		(49,798	)		(47,546	)		(38,465	)
Fee waiver by investment adviser and TPIS		(5,149	)		(6,365	)		(2,372	)		(1,427	)		(466	)
Net expenses		110,684			139,117			48,652			29,745			7,963
Net investment income (loss)		103,528			69,189			17,899			12,941			2,868
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		(196,659	)		(288,650	)		(50,947	)		(22,824	)		(12,437	)
Realized gain (loss) from sale of unaffiliated investments		(21,284	)		43			(11,143	)		(13,357	)		–
Net realized gain (loss) from investments		(217,943	)		(288,607	)		(62,090	)		(36,181	)		(12,437	)
Net change in unrealized appreciation (depreciation) from affiliated investments		14,866,736			20,398,836			6,119,362			3,968,521			1,078,898
Net realized and unrealized gain (loss) from investments		14,648,793			20,110,229			6,057,272			3,932,340			1,066,461
Net increase (decrease) in net assets from operations	$	14,752,321		$	20,179,418		$	6,075,171		$	3,945,281		$	1,069,329

36 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 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
		November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	91,482		$	252,143		$	408,371		$	1,466,808		$	545,132		$	2,154,731
Net realized gain (loss) from investments			(19,145	)		(59,393	)		(94,823	)		(468,649	)		(164,248	)		(680,827	)
Net change in unrealized appreciation (depreciation) from affiliated investments			779,524			134,716			4,923,065			80,216			8,630,728			(719,168	)
Net increase (decrease) in net assets from operations			851,861			327,466			5,236,613			1,078,375			9,011,612			754,736
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		(3,056	)		(10,013	)		–			(47,716	)		–			(107,429	)
	Institutional Class		(73,006	)		(193,197	)		–			(1,153,211	)		–			(1,703,748	)
	Premier Class		(13,989	)		(44,948	)		–			(225,845	)		–			(265,721	)
From realized gains:	Retirement Class		–			(1,407	)		–			(5,886	)		–			(7,806	)
	Institutional Class		–			(23,271	)		–			(135,993	)		–			(116,928	)
	Premier Class		–			(5,906	)		–			(28,100	)		–			(19,211	)
Total distributions			(90,051	)		(278,742	)		–			(1,596,751	)		–			(2,220,843	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		67,093			320,445			2,581,469			4,344,332			3,184,204			8,336,211
	Institutional Class		1,868,643			4,895,712			8,228,630			25,508,525			15,367,128			38,200,167
	Premier Class		5,028,517			812,984			11,042,288			7,593,298			28,439,021			8,929,031
Reinvestments of distributions:	Retirement Class		3,056			11,420			–			53,602			–			115,235
	Institutional Class		73,006			216,468			–			1,289,204			–			1,820,676
	Premier Class		13,989			50,854			–			253,945			–			284,932
Redemptions:	Retirement Class		(31,130	)		(56,181	)		(151,429	)		(1,062,709	)		(1,255,264	)		(837,958	)
	Institutional Class		(348,694	)		(1,126,028	)		(4,944,887	)		(11,909,614	)		(5,714,169	)		(10,850,191	)
	Premier Class		(433,807	)		(134,139	)		(757,812	)		(2,840,250	)		(1,753,427	)		(2,625,646	)
Net increase (decrease) from shareholder transactions			6,240,673			4,991,535			15,998,259			23,230,333			38,267,493			43,372,457
Net increase (decrease) in net assets			7,002,483			5,040,259			21,234,872			22,711,957			47,279,105			41,906,350
NET ASSETS
Beginning of period			14,661,333			9,621,074			80,746,319			58,034,362			127,265,712			85,359,362
End of period		$	21,663,816		$	14,661,333		$	101,981,191		$	80,746,319		$	174,544,817		$	127,265,712
Undistributed net investment income (loss) included in net assets		$	24,828		$	23,397		$	714,061		$	305,690		$	953,184		$	408,052
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		5,721			28,817			214,339			378,092			264,078			724,840
	Institutional Class		158,744			436,398			682,089			2,209,496			1,265,344			3,298,903
	Premier Class		423,199			72,759			904,160			657,058			2,304,192			767,450
Shares reinvested:	Retirement Class		263			1,038			–			4,851			–			10,410
	Institutional Class		6,267			19,669			–			116,249			–			164,025
	Premier Class		1,202			4,629			–			22,940			–			25,716
Shares redeemed:	Retirement Class		(2,622	)		(5,052	)		(12,522	)		(91,989	)		(106,180	)		(71,669	)
	Institutional Class		(29,702	)		(100,686	)		(411,651	)		(1,026,349	)		(479,304	)		(930,042	)
	Premier Class		(36,778	)		(12,326	)		(63,015	)		(244,483	)		(144,987	)		(225,303	)
Net increase (decrease) from shareholder transactions			526,294			445,246			1,313,400			2,025,865			3,103,143			3,764,330

38 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 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
		November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	528,551		$	2,473,009		$	361,912		$	2,224,482		$	237,478		$	2,329,535
Net realized gain (loss) from investments			(200,345	)		(782,660	)		(274,207	)		(596,304	)		(220,205	)		(472,910	)
Net change in unrealized appreciation (depreciation) from affiliated investments			12,099,561			(2,662,294	)		12,302,040			(3,700,909	)		14,521,089			(5,787,169	)
Net increase (decrease) in net assets from operations			12,427,767			(971,945	)		12,389,745			(2,072,731	)		14,538,362			(3,930,544	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(83,263	)		–			(60,980	)		–			(80,548	)
	Institutional Class		–			(1,888,073	)		–			(1,816,396	)		–			(1,866,635	)
	Premier Class		–			(421,527	)		–			(270,379	)		–			(329,023	)
From realized gains:	Retirement Class		–			(5,680	)		–			(3,541	)		–			(5,897	)
	Institutional Class		–			(119,937	)		–			(99,720	)		–			(127,386	)
	Premier Class		–			(28,334	)		–			(15,674	)		–			(23,813	)
Total distributions			–			(2,546,814	)		–			(2,266,690	)		–			(2,433,302	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		4,228,903			7,266,975			3,438,613			5,302,337			3,062,376			5,733,691
	Institutional Class		17,365,465			44,386,790			18,789,972			41,405,172			18,311,399			40,773,799
	Premier Class		45,734,985			10,188,723			48,397,540			8,634,192			43,212,654			9,138,429
Reinvestments of distributions:	Retirement Class		–			88,943			–			64,521			–			86,445
	Institutional Class		–			2,008,010			–			1,916,116			–			1,994,021
	Premier Class		–			449,861			–			286,053			–			352,836
Redemptions:	Retirement Class		(109,444	)		(1,175,253	)		(127,414	)		(647,093	)		(260,701	)		(543,556	)
	Institutional Class		(6,010,892	)		(6,353,473	)		(6,386,989	)		(5,642,696	)		(5,029,277	)		(4,711,996	)
	Premier Class		(1,382,351	)		(2,492,569	)		(1,532,288	)		(1,268,092	)		(407,544	)		(1,411,884	)
Net increase (decrease) from shareholder transactions			59,826,666			54,368,007			62,579,434			50,050,510			58,888,907			51,411,785
Net increase (decrease) in net assets			72,254,433			50,849,248			74,969,179			45,711,089			73,427,269			45,047,939
NET ASSETS
Beginning of period			157,430,706			106,581,458			144,315,517			98,604,428			155,028,117			109,980,178
End of period		$	229,685,139		$	157,430,706		$	219,284,696		$	144,315,517		$	228,455,386		$	155,028,117
Undistributed net investment income (loss) included in net assets		$	925,743		$	397,192		$	657,315		$	295,403		$	446,820		$	209,342
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		347,222			630,118			279,581			459,596			249,446			493,560
	Institutional Class		1,422,375			3,818,188			1,527,592			3,563,177			1,483,759			3,488,566
	Premier Class		3,681,381			870,156			3,865,323			734,604			3,425,184			770,738
Shares reinvested:	Retirement Class		–			8,057			–			5,866			–			7,873
	Institutional Class		–			181,392			–			173,561			–			180,946
	Premier Class		–			40,748			–			25,958			–			32,076
Shares redeemed:	Retirement Class		(9,096	)		(102,660	)		(10,453	)		(54,084	)		(21,749	)		(46,214	)
	Institutional Class		(498,437	)		(542,387	)		(526,292	)		(481,086	)		(412,723	)		(396,288	)
	Premier Class		(112,591	)		(216,233	)		(123,917	)		(109,217	)		(32,971	)		(121,367	)
Net increase (decrease) from shareholder transactions			4,830,854			4,687,379			5,011,834			4,318,375			4,690,946			4,409,890

40 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 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
		November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012
			(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	103,528		$	2,120,885		$	69,189		$	2,857,908		$	17,899		$	725,427
Net realized gain (loss) from investments			(217,943	)		(374,254	)		(288,607	)		(397,077	)		(62,090	)		(76,295	)
Net change in unrealized appreciation (depreciation) from affiliated investments			14,866,736			(6,551,446	)		20,398,836			(8,629,005	)		6,119,362			(2,587,551	)
Net increase (decrease) in net assets from operations			14,752,321			(4,804,815	)		20,179,418			(6,168,174	)		6,075,171			(1,938,419	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(63,995	)		–			(78,384	)		–			(25,317	)
	Institutional Class		–			(1,840,440	)		–			(2,545,955	)		–			(607,287	)
	Premier Class		–			(194,446	)		–			(232,989	)		–			(91,666	)
From realized gains:	Retirement Class		–			(4,644	)		–			(7,412	)		–			(1,741	)
	Institutional Class		–			(125,222	)		–			(225,801	)		–			(39,062	)
	Premier Class		–			(14,027	)		–			(21,908	)		–			(6,241	)
Total distributions			–			(2,242,774	)		–			(3,112,449	)		–			(771,314	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		2,770,449			5,260,156			2,683,134			6,449,374			1,667,345			2,541,683
	Institutional Class		18,363,511			42,651,368			21,169,705			61,022,600			12,137,363			19,541,136
	Premier Class		36,815,737			7,720,468			31,670,827			6,438,057			26,967,804			3,259,314
Reinvestments of distributions:	Retirement Class		–			68,639			–			85,796			–			27,058
	Institutional Class		–			1,965,662			–			2,771,756			–			646,349
	Premier Class		–			208,473			–			254,897			–			97,907
Redemptions:	Retirement Class		(232,756	)		(495,874	)		(250,136	)		(519,111	)		(90,347	)		(128,378	)
	Institutional Class		(4,179,568	)		(4,373,444	)		(7,354,181	)		(4,153,172	)		(839,308	)		(528,281	)
	Premier Class		(594,695	)		(1,323,758	)		(596,638	)		(855,513	)		(501,886	)		(310,737	)
Net increase (decrease) from shareholder transactions			52,942,678			51,681,690			47,322,711			71,494,684			39,340,971			25,146,051
Net increase (decrease) in net assets			67,694,999			44,634,101			67,502,129			62,214,061			45,416,142			22,436,318
NET ASSETS
Beginning of period			145,472,505			100,838,404			194,917,682			132,703,621			56,081,801			33,645,483
End of period		$	213,167,504		$	145,472,505		$	262,419,811		$	194,917,682		$	101,497,943		$	56,081,801
Undistributed net investment income (loss) included in net assets		$	192,472		$	88,944		$	144,178		$	74,989		$	36,240		$	18,341
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		224,024			453,548			216,406			554,428			135,325			218,812
	Institutional Class		1,485,050			3,650,996			1,713,952			5,262,363			984,844			1,667,316
	Premier Class		2,900,454			646,384			2,487,394			542,333			2,130,845			278,318
Shares reinvested:	Retirement Class		–			6,274			–			7,850			–			2,492
	Institutional Class		–			179,185			–			252,897			–			59,353
	Premier Class		–			19,039			–			23,300			–			9,007
Shares redeemed:	Retirement Class		(18,915	)		(40,657	)		(20,158	)		(43,334	)		(7,451	)		(11,322	)
	Institutional Class		(342,035	)		(365,269	)		(600,123	)		(355,918	)		(67,096	)		(45,916	)
	Premier Class		(47,848	)		(112,939	)		(48,158	)		(70,658	)		(40,604	)		(26,547	)
Net increase (decrease) from shareholder transactions			4,200,730			4,436,561			3,749,313			6,173,261			3,135,863			2,151,513

42 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 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
		November 30, 2012			May 31, 2012			November 30, 2012			May 31, 2012
			(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	12,941		$	480,776		$	2,868		$	154,059
Net realized gain (loss) from investments			(36,181	)		(82,188	)		(12,437	)		(14,000	)
Net change in unrealized appreciation (depreciation) from affiliated investments			3,968,521			(1,734,534	)		1,078,898			(695,081	)
Net increase (decrease) in net assets from operations			3,945,281			(1,335,946	)		1,069,329			(555,022	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(13,918	)		–			(13,520	)
	Institutional Class		–			(420,323	)		–			(123,892	)
	Premier Class		–			(45,740	)		–			(14,702	)
From realized gains:	Retirement Class		–			(950	)		–			(478	)
	Institutional Class		–			(26,747	)		–			(3,941	)
	Premier Class		–			(3,078	)		–			(498	)
Total distributions			–			(510,756	)		–			(157,031	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		759,455			1,365,807			54,693			43,345
	Institutional Class		7,641,913			13,113,647			983,297			968,235
	Premier Class		15,652,465			1,611,161			525,746			52,373
Reinvestments of distributions:	Retirement Class		–			14,868			–			13,998
	Institutional Class		–			447,070			–			127,833
	Premier Class		–			48,818			–			15,200
Redemptions:	Retirement Class		(8,771	)		(42,290	)		(3,005	)		(7,897	)
	Institutional Class		(472,419	)		(761,577	)		(55,816	)		(42,464	)
	Premier Class		(318,507	)		(239,205	)		(34,246	)		(10	)
Net increase (decrease) from shareholder transactions			23,254,136			15,558,299			1,470,669			1,170,613
Net increase (decrease) in net assets			27,199,417			13,711,597			2,539,998			458,560
NET ASSETS
Beginning of period			36,318,388			22,606,791			10,328,405			9,869,845
End of period		$	63,517,805		$	36,318,388		$	12,868,403		$	10,328,405
Undistributed net investment income (loss) included in net assets		$	25,768		$	12,827		$	6,157		$	3,289
CHANGE IN FUND SHARES
Shares sold:	Retirement Class		61,779			116,911			5,546			4,643
	Institutional Class		623,288			1,117,010			100,366			102,295
	Premier Class		1,237,903			138,327			52,238			5,801
Shares reinvested:	Retirement Class		–			1,370			–			1,616
	Institutional Class		–			41,053			–			14,778
	Premier Class		–			4,495			–			1,755
Shares redeemed:	Retirement Class		(712	)		(3,661	)		(299	)		(895	)
	Institutional Class		(38,158	)		(66,169	)		(5,879	)		(4,411	)
	Premier Class		(25,938	)		(21,092	)		(3,410	)		(1	)
Net increase (decrease) from shareholder transactions			1,858,162			1,328,244			148,562			125,581

44 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 45

Financial highlights

Lifecycle Index Retirement Income Fund § For the period or year ended

	Retirement Class
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.34			$11.36			$10.65			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.21			0.16			0.22			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.57			0.01			0.73			0.63			–
Total gain (loss) from investment operations		0.62			0.22			0.89			0.85			0.00	(d)
Less distributions from:
Net investment income		(0.05	)		(0.21	)		(0.14	)		(0.20	)		–
Net realized gains		–			(0.03	)		(0.04	)		–			–
Total distributions		(0.05	)		(0.24	)		(0.18	)		(0.20	)		–
Net asset value, end of period		$11.91			$11.34			$11.36			$10.65			$10.00
TOTAL RETURN		5.52	%(b)		2.02	%		8.44	%(b)		8.56	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$694			$622			$342			$274			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.96	%(c)		1.16	%		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	%		0.31	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		0.89	%(c)		1.90	%		2.20	%(c)		2.13	%		(0.35	)%(c)
Portfolio turnover rate		9	%(b)		25	%		13	%(b)		39	%		0	%(b)

46 2012 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
	11/30/12			05/31/12			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			$11.36			$10.65			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.07			0.23			0.18			0.22			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.56			0.03			0.73			0.65			–
Total gain (loss) from investment operations		0.63			0.26			0.91			0.87			0.00	(d)
Less distributions from:
Net investment income		(0.07	)		(0.24	)		(0.16	)		(0.22	)		–
Net realized gains		–			(0.03	)		(0.04	)		–			–
Total distributions		(0.07	)		(0.27	)		(0.20	)		(0.22	)		–
Net asset value, end of period		$11.91			$11.35			$11.36			$10.65			$10.00
TOTAL RETURN		5.55	%(b)		2.36	%		8.56	%(b)		8.82	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$13,656			$11,470			$7,447			$5,690			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.64	%(c)		0.82	%		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	%		0.06	%(c)		0.08	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		1.14	%(c)		2.07	%		2.51	%(c)		2.19	%		(0.10	)%(c)
Portfolio turnover rate		9	%(b)		25	%		13	%(b)		39	%		0	%(b)

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 47

Financial highlights	concluded
Lifecycle Index Retirement Income Fund § For the period or year ended

	Premier Class
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.34			$11.35			$10.65			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.22			0.17			0.23			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.57			0.02			0.72			0.63			–
Total gain (loss) from investment operations		0.63			0.24			0.89			0.86			0.00	(d)
Less distributions from:
Net investment income		(0.06	)		(0.22	)		(0.15	)		(0.21	)		–
Net realized gains		–			(0.03	)		(0.04	)		–			–
Total distributions		(0.06	)		(0.25	)		(0.19	)		(0.21	)		–
Net asset value, end of period		$11.91			$11.34			$11.35			$10.65			$10.00
TOTAL RETURN		5.57	%(b)		2.21	%		8.40	%(b)		8.67	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$7,314			$2,568			$1,833			$272			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.77	%(c)		0.98	%		0.93	%(c)		1.91	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.20	%(c)		0.21	%		0.21	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.97	%(c)		1.97	%		2.30	%(c)		2.24	%		(0.25	)%(c)
Portfolio turnover rate		9	%(b)		25	%		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 ratio of the underlying funds for periods ended November 30, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.13%, 0.13%, 0.12% and 0.13%, respectively.
*	The Fund 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 2012 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
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.54			$11.72			$10.82			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.04			0.21			0.15			0.21			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.68			(0.15	)		0.92			0.65			–
Total gain (loss) from investment operations		0.72			0.06			1.07			0.86			0.00	(d)
Less distributions from:
Net investment income		–			(0.21	)		(0.16	)		(0.04	)		–
Net realized gains		–			(0.03	)		(0.01	)		–			–
Total distributions		–			(0.24	)		(0.17	)		(0.04	)		–
Net asset value, end of period		$12.26			$11.54			$11.72			$10.82			$10.00
TOTAL RETURN		6.24	%(b)		0.58	%		9.98	%(b)		8.67	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$6,768			$4,044			$695			$300			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.52	%(c)		0.56	%		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	%		0.32	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		0.68	%(c)		1.81	%		2.03	%(c)		2.01	%		(0.35	)%(c)
Portfolio turnover rate		6	%(b)		25	%		38	%(b)		43	%		0	%(b)

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 49

Financial highlights	continued
Lifecycle Index 2010 Fund § For the period or year ended

	Institutional Class
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.60			$11.75			$10.84			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.23			0.20			0.17			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.67			(0.13	)		0.89			0.72			–
Total gain (loss) from investment operations		0.73			0.10			1.09			0.89			0.00	(d)
Less distributions from:
Net investment income		–			(0.22	)		(0.17	)		(0.05	)		–
Net realized gains		–			(0.03	)		(0.01	)		–			–
Total distributions		–			(0.25	)		(0.18	)		(0.05	)		–
Net asset value, end of period		$12.33			$11.60			$11.75			$10.84			$10.00
TOTAL RETURN		6.29	%(b)		0.92	%		10.14	%(b)		8.94	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$71,379			$64,002			$49,573			$30,599			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.22	%(c)		0.26	%		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	%		0.07	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		0.96	%(c)		2.04	%		2.67	%(c)		1.65	%		(0.10	)%(c)
Portfolio turnover rate		6	%(b)		25	%		38	%(b)		43	%		0	%(b)

50 2012 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
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.57			$11.73			$10.83			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.22			0.18			0.22			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.67			(0.14	)		0.90			0.66			–
Total gain (loss) from investment operations		0.72			0.08			1.08			0.88			0.00	(d)
Less distributions from:
Net investment income		–			(0.21	)		(0.17	)		(0.05	)		–
Net realized gains		–			(0.03	)		(0.01	)		–			–
Total distributions		–			(0.24	)		(0.18	)		(0.05	)		–
Net asset value, end of period		$12.29			$11.57			$11.73			$10.83			$10.00
TOTAL RETURN		6.22	%(b)		0.74	%		10.02	%(b)		8.79	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$23,834			$12,701			$7,766			$753			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.37	%(c)		0.41	%		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	%		0.22	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.79	%(c)		1.87	%		2.36	%(c)		2.08	%		(0.25	)%(c)
Portfolio turnover rate		6	%(b)		25	%		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 ratio of the underlying funds for periods ended November 30, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.12%, 0.12%, 0.11% and 0.12%, respectively.
*	The Fund 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 § 2012 Semiannual Report 51

Financial highlights

Lifecycle Index 2015 Fund § For the period or year ended

	Retirement Class
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.59			$11.86			$10.83			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.03			0.19			0.11			0.20			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.75			(0.25	)		1.09			0.67			–
Total gain (loss) from investment operations		0.78			(0.06	)		1.20			0.87			0.00	(d)
Less distributions from:
Net investment income		–			(0.20	)		(0.17	)		(0.04	)		–
Net realized gains		–			(0.01	)		–			–			–
Total distributions		–			(0.21	)		(0.17	)		(0.04	)		–
Net asset value, end of period		$12.37			$11.59			$11.86			$10.83			$10.00
TOTAL RETURN		6.73	%(b)		(0.40	)%		11.18	%(b)		8.69	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$12,125			$9,527			$1,880			$327			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.49	%(c)		0.51	%		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	%		0.33	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		0.55	%(c)		1.64	%		1.47	%(c)		1.89	%		(0.35	)%(c)
Portfolio turnover rate		5	%(b)		21	%		13	%(b)		23	%		0	%(b)

52 2012 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
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.64			$11.90			$10.85			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.23			0.19			0.14			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.75			(0.27	)		1.03			0.75			–
Total gain (loss) from investment operations		0.80			(0.04	)		1.22			0.89			0.00	(d)
Less distributions from:
Net investment income		–			(0.21	)		(0.17	)		(0.04	)		–
Net realized gains		–			(0.01	)		–			–			–
Total distributions		–			(0.22	)		(0.17	)		(0.04	)		–
Net asset value, end of period		$12.44			$11.64			$11.90			$10.85			$10.00
TOTAL RETURN		6.87	%(b)		(0.21	)%		11.43	%(b)		8.96	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$119,138			$102,292			$74,426			$43,294			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.19	%(c)		0.22	%		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	%		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		0.81	%(c)		1.97	%		2.52	%(c)		1.38	%		(0.10	)%(c)
Portfolio turnover rate		5	%(b)		21	%		13	%(b)		23	%		0	%(b)

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 53

Financial highlights	concluded
Lifecycle Index 2015 Fund § For the period or year ended

	Premier Class
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.61			$11.88			$10.83			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.04			0.21			0.19			0.20			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.75			(0.27	)		1.03			0.67			–
Total gain (loss) from investment operations		0.79			(0.06	)		1.22			0.87			0.00	(d)
Less distributions from:
Net investment income		–			(0.20	)		(0.17	)		(0.04	)		–
Net realized gains		–			(0.01	)		–			–			–
Total distributions		–			(0.21	)		(0.17	)		(0.04	)		–
Net asset value, end of period		$12.40			$11.61			$11.88			$10.83			$10.00
TOTAL RETURN		6.80	%(b)		(0.39	)%		11.41	%(b)		8.72	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$43,281			$15,447			$9,054			$758			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.34	%(c)		0.37	%		0.40	%(c)		0.90	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.23	%(c)		0.23	%		0.22	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.63	%(c)		1.82	%		2.47	%(c)		1.97	%		(0.25	)%(c)
Portfolio turnover rate		5	%(b)		21	%		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 ratio of the underlying funds for periods ended November 30, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.11%, 0.11%, 0.10% and 0.11%, respectively.
*	The Fund 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 2012 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
	11/30/12			05/31/12			05/31/11†			09/30/10			09/30/09		*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.59			$12.01			$10.83			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.18			0.09			0.19			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.84			(0.40	)		1.26			0.68			–
Total gain (loss) from investment operations		0.86			(0.22	)		1.35			0.87			0.00	(d)
Less distributions from:
Net investment income		–			(0.19	)		(0.17	)		(0.04	)		–
Net realized gains		–			(0.01	)		–			–			–
Total distributions		–			(0.20	)		(0.17	)		(0.04	)		–
Net asset value, end of period		$12.45			$11.59			$12.01			$10.83			$10.00
TOTAL RETURN		7.42	%(b)		(1.70	)%		12.58	%(b)		8.73	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$13,331			$8,485			$2,363			$304			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.47	%(c)		0.51	%		0.54	%(c)		1.06	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.34	%(c)		0.34	%		0.33	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		0.38	%(c)		1.55	%		1.20	%(c)		1.80	%		(0.35	)%(c)
Portfolio turnover rate		4	%(b)		14	%		11	%(b)		22	%		0	%(b)

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 55

Financial highlights continued

Lifecycle Index 2020 Fund § For the period or year ended

	Institutional Class
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.63			$12.04			$10.85			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.04			0.22			0.19			0.12			0.00	(d)
Net realized and unrealized gain (loss) on total investments		0.85			(0.41	)		1.18			0.78			–
Total gain (loss) from investment operations		0.89			(0.19	)		1.37			0.90			0.00	(d)
Less distributions from:
Net investment income		–			(0.21	)		(0.18	)		(0.05	)		–
Net realized gains		–			(0.01	)		–			–			–
Total distributions		–			(0.22	)		(0.18	)		(0.05	)		–
Net asset value, end of period		$12.52			$11.63			$12.04			$10.85			$10.00
TOTAL RETURN		7.65	%(b)		(1.49	)%		12.74	%(b)		9.00	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$142,744			$121,899			$84,549			$51,737			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.17	%(c)		0.21	%		0.23	%(c)		0.62	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.09	%(c)		0.09	%		0.08	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		0.63	%(c)		1.88	%		2.48	%(c)		1.16	%		(0.10)	%(c)
Portfolio turnover rate		4	%(b)		14	%		11	%(b)		22	%		0	%(b)

56 2012 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
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.60		$12.02		$10.83		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.03		0.20		0.18		0.18		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.85		(0.41	)	1.18		0.69		–
Total gain (loss) from investment operations	0.88		(0.21	)	1.36		0.87		0.00	(d)
Less distributions from:
Net investment income	–		(0.20	)	(0.17	)	(0.04	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.21	)	(0.17	)	(0.04	)	–
Net asset value, end of period	$12.48		$11.60		$12.02		$10.83		$10.00
TOTAL RETURN	7.59	%(b)	(1.67	)%	12.72	%(b)	8.76	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$73,611		$27,047		$19,670		$1,851		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.32	%(c)	0.36	%	0.38	%(c)	0.85	%	875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.24	%(c)	0.24	%	0.23	%(c)	0.23	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	0.48	%(c)	1.71	%	2.38	%(c)	1.72	%	(0.25	)%(c)
Portfolio turnover rate	4	%(b)	14	%	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 ratio of the underlying funds for periods ended November 30, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.11%, 0.11%, 0.10% and 0.10%, respectively.
*	The Fund 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 § 2012 Semiannual Report 57

Financial highlights

Lifecycle Index 2025 Fund § For the period or year ended

	Retirement Class
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.58		$12.15		$10.82		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.01		0.19		0.13		0.18		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.94		(0.56	)	1.38		0.69		–
Total gain (loss) from investment operations	0.95		(0.37	)	1.51		0.87		0.00	(d)
Less distributions from:
Net investment income	–		(0.19	)	(0.18	)	(0.05	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.20	)	(0.18	)	(0.05	)	–
Net asset value, end of period	$12.53		$11.58		$12.15		$10.82		$10.00
TOTAL RETURN	8.20	%(b)	(2.97	)%	14.06	%(b)	8.69	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$9,688		$5,837		$1,125		$324		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.48	%(c)	0.51	%	0.57	%(c)	1.10	%	875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.34	%(c)	0.34	%	0.33	%(c)	0.33	%	0.35	%(c)
Ratio of net investment income (loss) to average net assets	0.21	%(c)	1.66	%	1.65	%(c)	1.69	%	(0.35	)%(c)
Portfolio turnover rate	5	%(b)	12	%	9	%(b)	16	%	0	%(b)

58 2012 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
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.63		$12.18		$10.84		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.03		0.21		0.19		0.10		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.94		(0.55	)	1.33		0.79		–
Total gain (loss) from investment operations	0.97		(0.34	)	1.52		0.89		0.00	(d)
Less distributions from:
Net investment income	–		(0.20	)	(0.18	)	(0.05	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.21	)	(0.18	)	(0.05	)	–
Net asset value, end of period	$12.60		$11.63		$12.18		$10.84		$10.00
TOTAL RETURN	8.34	%(b)	(2.70	)%	14.21	%(b)	8.96	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$142,988		$120,360		$86,413		$51,228		$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.18	%(c)	0.21	%	0.23	%(c)	0.65	%	670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.09	%(c)	0.09	%	0.08	%(c)	0.07	%	0.10	%(c)
Ratio of net investment income (loss) to average net assets	0.47	%(c)	1.82	%	2.49	%(c)	0.97	%	(0.10	)%(c)
Portfolio turnover rate	5	%(b)	12	%	9	%(b)	16	%	0	%(b)

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 59

Financial highlights	concluded
Lifecycle Index 2025 Fund § For the period or year ended

	Premier Class
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.61		$12.16		$10.83		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.02		0.19		0.19		0.17		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.93		(0.54	)	1.32		0.71		–
Total gain (loss) from investment operations	0.95		(0.35	)	1.51		0.88		0.00	(d)
Less distributions from:
Net investment income	–		(0.19	)	(0.18	)	(0.05	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.20	)	(0.18	)	(0.05	)	–
Net asset value, end of period	$12.56		$11.61		$12.16		$10.83		$10.00
TOTAL RETURN	8.18	%(b)	(2.79	)%	14.09	%(b)	8.82	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$66,609		$18,118		$11,066		$1,664		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.33	%(c)	0.36	%	0.39	%(c)	0.89	%	875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.24	%(c)	0.24	%	0.23	%(c)	0.23	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	0.32	%(c)	1.66	%	2.40	%(c)	1.61	%	(0.25	)%(c)
Portfolio turnover rate	5	%(b)	12	%	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 periods ended November 30, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.10%, 0.10%, 0.09% and 0.10%, respectively.
*	The Fund 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 2012 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
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited	)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.60		$12.31		$10.83		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.00	(d)	0.18		0.13		0.15		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.03		(0.70	)	1.53		0.72		–
Total gain (loss) from investment operations	1.03		(0.52	)	1.66		0.87		0.00	(d)
Less distributions from:
Net investment income	–		(0.18	)	(0.18	)	(0.04	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.19	)	(0.18	)	(0.04	)	–
Net asset value, end of period	$12.63		$11.60		$12.31		$10.83		$10.00
TOTAL RETURN	8.88	%(b)	(4.10	)%	15.52	%(b)	8.69	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$11,103		$7,553		$2,415		$455		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.47	%(c)	0.51	%	0.54	%(c)	1.01	%	875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.35	%(c)	0.35	%	0.34	%(c)	0.33	%	0.35	%(c)
Ratio of net investment income (loss) to average net assets	0.05	%(c)	1.54	%	1.62	%(c)	1.47	%	(0.35	)%(c)
Portfolio turnover rate	2	%(b)	10	%	9	%(b)	16	%	0	%(b)

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 61

Financial highlights	continued
Lifecycle Index 2030 Fund § For the period or year ended

	Institutional Class
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
		(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.65			$12.35			$10.86			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.21			0.19			0.07			0.00(d	)
Net realized and unrealized gain (loss) on total investments		1.03			(0.71	)		1.49			0.83			–
Total gain (loss) from investment operations		1.05			(0.50	)		1.68			0.90			0.00(d	)
Less distributions from:
Net investment income		–			(0.19	)		(0.19	)		(0.04	)		–
Net realized gains		–			(0.01	)		–			–			–
Total distributions		–			(0.20	)		(0.19	)		(0.04	)		–
Net asset value, end of period		$12.70			$11.65			$12.35			$10.86			$10.00
TOTAL RETURN		9.01	%(b)		(3.89	)%		15.64	%(b)		9.06	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$149,705			$124,802			$91,910			$56,944			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.17	%(c)		0.21	%		0.22	%(c)		0.59	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.10	%(c)		0.10	%		0.09	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		0.30	%(c)		1.76	%		2.46	%(c)		0.71	%		(0.10	)%(c)
Portfolio turnover rate		2	%(b)		10	%		9	%(b)		16	%		0	%(b)

62 2012 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
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
		(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.62			$12.32			$10.84			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.18			0.18			0.16			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.03			(0.69	)		1.49			0.72			–
Total gain (loss) from investment operations		1.04			(0.51	)		1.67			0.88			0.00	(d)
Less distributions from:
Net investment income		–			(0.18	)		(0.19	)		(0.04	)		–
Net realized gains		–			(0.01	)		–			–			–
Total distributions		–			(0.19	)		(0.19	)		(0.04	)		–
Net asset value, end of period		$12.66			$11.62			$12.32			$10.84			$10.00
TOTAL RETURN		8.95	%(b)		(4.00	)%		15.54	%(b)		8.82	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$67,648			$22,673			$15,655			$1,095			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.32	%(c)		0.36	%		0.37	%(c)		0.83	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.24	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.16	%(c)		1.57	%		2.33	%(c)		1.56	%		(0.25	)%(c)
Portfolio turnover rate		2	%(b)		10	%		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 periods ended November 30, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.10%, 0.09%, 0.09% and 0.09%, respectively.
*	The Fund 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 § 2012 Semiannual Report 63

Financial highlights

Lifecycle Index 2035 Fund § For the period or year ended

	Retirement Class
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.57			$12.44			$10.82			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		(0.01	)		0.18			0.13			0.15			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.13			(0.86	)		1.68			0.71			–
Total gain (loss) from investment operations		1.12			(0.68	)		1.81			0.86			0.00	(d)
Less distributions from:
Net investment income		–			(0.18	)		(0.19	)		(0.04	)		–
Net realized gains		–			(0.01	)		–			–			–
Total distributions		–			(0.19	)		(0.19	)		(0.04	)		–
Net asset value, end of period		$12.69			$11.57			$12.44			$10.82			$10.00
TOTAL RETURN		9.68	%(b)		(5.36	)%		16.89	%(b)		8.64	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)		$9,551			$6,337			$1,597			$404			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.48	%(c)		0.51	%		0.55	%(c)		1.04	%		875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.35	%(c)		0.35	%		0.34	%(c)		0.33	%		0.35	%(c)
Ratio of net investment income (loss) to average net assets		(0.10	)%(c)		1.54	%		1.61	%(c)		1.41	%		(0.35	)%(c)
Portfolio turnover rate		7	%(b)		19	%		10	%(b)		10	%		0	%(b)

64 2012 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
	11/30/12			05/31/12			05/31/11		†	09/30/10			09/30/09		*
	(unaudited		)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.63			$12.48			$10.84			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.20			0.19			0.05			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.13			(0.85	)		1.65			0.84			–
Total gain (loss) from investment operations		1.14			(0.65	)		1.84			0.89			0.00	(d)
Less distributions from:
Net investment income		–			(0.19	)		(0.20	)		(0.05	)		–
Net realized gains		–			(0.01	)		–			–			–
Total distributions		–			(0.20	)		(0.20	)		(0.05	)		–
Net asset value, end of period		$12.77			$11.63			$12.48			$10.84			$10.00
TOTAL RETURN		9.80	%(b)		(5.07	)%		17.12	%(b)		8.91	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$152,211			$125,358			$91,325			$56,430			$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.18	%(c)		0.21	%		0.23	%(c)		0.61	%		670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.10	%(c)		0.10	%		0.09	%(c)		0.07	%		0.10	%(c)
Ratio of net investment income (loss) to average net assets		0.15	%(c)		1.71	%		2.46	%(c)		0.52	%		(0.10	)%(c)
Portfolio turnover rate		7	%(b)		19	%		10	%(b)		10	%		0	%(b)

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 65

Financial highlights	concluded
Lifecycle Index 2035 Fund § For the period or year ended

	Premier Class
	11/30/12			05/31/12			05/31/11†			09/30/10			09/30/09*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period		$11.60			$12.46			$10.83			$10.00			$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)		0.00	(d)		0.18			0.18			0.14			0.00	(d)
Net realized and unrealized gain (loss) on total investments		1.12			(0.85	)		1.64			0.73			–
Total gain (loss) from investment operations		1.12			(0.67	)		1.82			0.87			0.00	(d)
Less distributions from:
Net investment income		–			(0.18	)		(0.19	)		(0.04	)		–
Net realized gains		–			(0.01	)		–			–			–
Total distributions		–			(0.19	)		(0.19	)		(0.04	)		–
Net asset value, end of period		$12.72			$11.60			$12.46			$10.83			$10.00
TOTAL RETURN		9.66	%(b)		(5.26	)%		17.00	%(b)		8.77	%		0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$51,405			$13,777			$7,916			$1,336			$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)		0.33	%(c)		0.36	%		0.38	%(c)		0.85	%		875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)		0.25	%(c)		0.25	%		0.24	%(c)		0.23	%		0.25	%(c)
Ratio of net investment income (loss) to average net assets		0.01	%(c)		1.51	%		2.31	%(c)		1.40	%		(0.25	)%(c)
Portfolio turnover rate		7	%(b)		19	%		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 ratio of the underlying funds for periods ended November 30, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.09%, 0.09%, 0.08% and 0.09%, respectively.
*	The Fund 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 2012 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
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.57		$12.48		$10.84		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	(0.01	)	0.18		0.11		0.15		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.16		(0.89	)	1.72		0.71		–
Total gain (loss) from investment operations	1.15		(0.71	)	1.83		0.86		0.00	(d)
Less distributions from:
Net investment income	–		(0.18	)	(0.19	)	(0.02	)	–
Net realized gains	–		(0.02	)	–		–		–
Total distributions	–		(0.20	)	(0.19	)	(0.02	)	–
Net asset value, end of period	$12.72		$11.57		$12.48		$10.84		$10.00
TOTAL RETURN	9.94	%(b)	(5.62	)%	17.06	%(b)	8.62	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$11,020		$7,751		$1,882		$395		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.47	%(c)	0.49	%	0.54	%(c)	0.88	%	875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.35	%(c)	0.35	%	0.34	%(c)	0.33	%	0.35	%(c)
Ratio of net investment income (loss) to average net assets	(0.16	)%(c)	1.53	%	1.37	%(c)	1.41	%	(0.35	)%(c)
Portfolio turnover rate	6	%(b)	17	%	10	%(b)	11	%	0	%(b)

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 67

Financial highlights	continued
Lifecycle Index 2040 Fund § For the period or year ended

	Institutional Class
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.62		$12.52		$10.87		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.01		0.20		0.20		0.04		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.17		(0.89	)	1.65		0.86		–
Total gain (loss) from investment operations	1.18		(0.69	)	1.85		0.90		0.00	(d)
Less distributions from:
Net investment income	–		(0.19	)	(0.20	)	(0.03	)	–
Net realized gains	–		(0.02	)	–		–		–
Total distributions	–		(0.21	)	(0.20	)	(0.03	)	–
Net asset value, end of period	$12.80		$11.62		$12.52		$10.87		$10.00
TOTAL RETURN	10.15	%(b)	(5.42	)%	17.19	%(b)	8.98	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$202,438		$170,934		$119,510		$79,123		$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.17	%(c)	0.19	%	0.21	%(c)	0.47	%	670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.10	%(c)	0.10	%	0.09	%(c)	0.07	%	0.10	%(c)
Ratio of net investment income (loss) to average net assets	0.09	%(c)	1.72	%	2.46	%(c)	0.42	%	(0.10	)%(c)
Portfolio turnover rate	6	%(b)	17	%	10	%(b)	11	%	0	%(b)

68 2012 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
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.59		$12.49		$10.85		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	(0.00	)(d)	0.18		0.18		0.14		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.16		(0.88	)	1.65		0.73		–
Total gain (loss) from investment operations	1.16		(0.70	)	1.83		0.87		0.00	(d)
Less distributions from:
Net investment income	–		(0.18	)	(0.19	)	(0.02	)	–
Net realized gains	–		(0.02	)	–		–		–
Total distributions	–		(0.20	)	(0.19	)	(0.02	)	–
Net asset value, end of period	$12.75		$11.59		$12.49		$10.85		$10.00
TOTAL RETURN	10.01	%(b)	(5.52	)%	17.08	%(b)	8.74	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$48,962		$16,233		$11,311		$1,790		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.32	%(c)	0.34	%	0.37	%(c)	0.69	%	875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.24	%(c)	0.23	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	(0.06	)%(c)	1.50	%	2.32	%(c)	1.32	%	(0.25	)%(c)
Portfolio turnover rate	6	%(b)	17	%	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 ratio of the underlying funds for periods ended November 30, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.09%, 0.09%, 0.08% and 0.09%, respectively.
*	The Fund 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 § 2012 Semiannual Report 69

Financial highlights

Lifecycle Index 2045 Fund § For the period or year ended

	Retirement Class
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.50		$12.39		$10.77		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	(0.01	)	0.16		0.16		0.15		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.15		(0.86	)	1.65		0.71		–
Total gain (loss) from investment operations	1.14		(0.70	)	1.81		0.86		0.00	(d)
Less distributions from:
Net investment income	–		(0.18	)	(0.19	)	(0.09	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.19	)	(0.19	)	(0.09	)	–
Net asset value, end of period	$12.64		$11.50		$12.39		$10.77		$10.00
TOTAL RETURN	9.91	%(b)	(5.56	)%	16.98	%(b)	8.67	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$4,878		$2,967		$596		$325		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.55	%(c)	0.64	%	0.70	%(c)	1.53	%	875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.35	%(c)	0.35	%	0.34	%(c)	0.33	%	0.35	%(c)
Ratio of net investment income (loss) to average net assets	(0.16	)%(c)	1.39	%	1.99	%(c)	1.46	%	(0.35	)%(c)
Portfolio turnover rate	12	%(b)	25	%	11	%(b)	10	%	0	%(b)

70 2012 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
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.54		$12.42		$10.79		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.01		0.19		0.19		0.09		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.16		(0.87	)	1.64		0.80		–
Total gain (loss) from investment operations	1.17		(0.68	)	1.83		0.89		0.00	(d)
Less distributions from:
Net investment income	–		(0.19	)	(0.20	)	(0.10	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.20	)	(0.20	)	(0.10	)	–
Net asset value, end of period	$12.71		$11.54		$12.42		$10.79		$10.00
TOTAL RETURN	10.14	%(b)	(5.36	)%	17.13	%(b)	8.94	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$62,211		$45,913		$28,529		$17,294		$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.24	%(c)	0.34	%	0.35	%(c)	1.15	%	670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.10	%(c)	0.10	%	0.09	%(c)	0.08	%	0.10	%(c)
Ratio of net investment income (loss) to average net assets	0.09	%(c)	1.67	%	2.42	%(c)	0.90	%	(0.10	)%(c)
Portfolio turnover rate	12	%(b)	25	%	11	%(b)	10	%	0	%(b)

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 71

Financial highlights	concluded
Lifecycle Index 2045 Fund § For the period or year ended

	Premier Class
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.52		$12.40		$10.78		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	(0.00	)(d)	0.17		0.18		0.16		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.15		(0.86	)	1.63		0.71		–
Total gain (loss) from investment operations	1.15		(0.69	)	1.81		0.87		0.00	(d)
Less distributions from:
Net investment income	–		(0.18	)	(0.19	)	(0.09	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.19	)	(0.19	)	(0.09	)	–
Net asset value, end of period	$12.67		$11.52		$12.40		$10.78		$10.00
TOTAL RETURN	9.98	%(b)	(5.46	)%	17.01	%(b)	8.80	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$34,409		$7,202		$4,521		$408		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.39	%(c)	0.49	%	0.51	%(c)	1.37	%	875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.24	%(c)	0.25	%	0.24	%(c)	0.23	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	(0.05	)%(c)	1.49	%	2.25	%(c)	1.57	%	(0.25	)%(c)
Portfolio turnover rate	12	%(b)	25	%	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 ratio of the underlying funds for periods ended November 30, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.09%, 0.09%, 0.08% and 0.09%, respectively.
*	The Fund 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 2012 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
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.49		$12.38		$10.76		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	(0.01	)	0.16		0.17		0.15		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.15		(0.86	)	1.64		0.71		–
Total gain (loss) from investment operations	1.14		(0.70	)	1.81		0.86		0.00	(d)
Less distributions from:
Net investment income	–		(0.18	)	(0.19	)	(0.10	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.19	)	(0.19	)	(0.10	)	–
Net asset value, end of period	$12.63		$11.49		$12.38		$10.76		$10.00
TOTAL RETURN	9.92	%(b)	(5.57	)%	17.01	%(b)	8.67	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$2,631		$1,692		$404		$286		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.62	%(c)	0.75	%	0.80	%(c)	1.80	%	875.82	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.35	%(c)	0.35	%	0.34	%(c)	0.33	%	0.35	%(c)
Ratio of net investment income (loss) to average net assets	(0.16	)%(c)	1.35	%	2.14	%(c)	1.49	%	(0.35	)%(c)
Portfolio turnover rate	12	%(b)	30	%	12	%(b)	11	%	0	%(b)

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 73

Financial highlights	continued
Lifecycle Index 2050 Fund § For the period or year ended

	Institutional Class
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.54		$12.42		$10.78		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.01		0.20		0.18		0.11		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.15		(0.88	)	1.66		0.78		–
Total gain (loss) from investment operations	1.16		(0.68	)	1.84		0.89		0.00	(d)
Less distributions from:
Net investment income	–		(0.19	)	(0.20	)	(0.11	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.20	)	(0.20	)	(0.11	)	–
Net asset value, end of period	$12.70		$11.54		$12.42		$10.78		$10.00
TOTAL RETURN	10.05	%(b)	(5.36	)%	17.26	%(b)	8.94	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$41,491		$30,943		$19,744		$11,539		$3,500
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.31	%(c)	0.44	%	0.43	%(c)	1.46	%	670.85	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.10	%(c)	0.10	%	0.09	%(c)	0.08	%	0.10	%(c)
Ratio of net investment income (loss) to average net assets	0.09	%(c)	1.68	%	2.35	%(c)	1.10	%	(0.10	)%(c)
Portfolio turnover rate	12	%(b)	30	%	12	%(b)	11	%	0	%(b)

74 2012 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
	11/30/12		05/31/12		05/31/11	†	09/30/10		09/30/09	*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$11.51		$12.39		$10.77		$10.00		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	(0.00	)(d)	0.17		0.18		0.16		0.00	(d)
Net realized and unrealized gain (loss) on total investments	1.15		(0.86	)	1.64		0.71		–
Total gain (loss) from investment operations	1.15		(0.69	)	1.82		0.87		0.00	(d)
Less distributions from:
Net investment income	–		(0.18	)	(0.20	)	(0.10	)	–
Net realized gains	–		(0.01	)	–		–		–
Total distributions	–		(0.19	)	(0.20	)	(0.10	)	–
Net asset value, end of period	$12.66		$11.51		$12.39		$10.77		$10.00
TOTAL RETURN	9.99	%(b)	(5.46	)%	17.04	%(b)	8.80	%	0.00	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$19,395		$3,683		$2,458		$328		$250
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.45	%(c)	0.59	%	0.60	%(c)	1.65	%	875.72	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.24	%(c)	0.25	%	0.24	%(c)	0.23	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	(0.05	)%(c)	1.48	%	2.27	%(c)	1.59	%	(0.25	)%(c)
Portfolio turnover rate	12	%(b)	30	%	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 ratio of the underlying funds for periods ended November 30, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.09%, 0.09%, 0.08% and 0.09%, respectively.
*	The Fund 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 § 2012 Semiannual Report 75

Financial highlights

Lifecycle Index 2055 Fund § For the period or year ended

	Retirement Class						Institutional Class
	11/30/12		05/31/12		05/31/11	*	11/30/12		05/31/12		05/31/11	*
	(unaudited)						(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$9.17		$9.87		$10.00		$9.18		$9.87		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	(0.01	)	0.13		0.00	(d)	0.00	(d)	0.15		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.92		(0.70	)	(0.13	)	0.92		(0.69	)	(0.13	)
Total gain (loss) from investment operations	0.91		(0.57	)	(0.13	)	0.92		(0.54	)	(0.13	)
Less distributions from:
Net investment income	–		(0.13	)	–		–		(0.15	)	–
Net realized gain	–		(0.00	)(d)	–		–		(0.00	)(d)	–
Total distributions	–		(0.13	)	–		–		(0.15	)	–
Net asset value, end of period	$10.08		$9.17		$9.87		$10.10		$9.18		$9.87
TOTAL RETURN	9.92	%(b)	(5.59	)%	(1.30	)%(b)	10.02	%(b)	(5.33	)%	(1.30	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$1,115		$966		$987		$10,175		$8,376		$7,896
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	1.08	%(c)	1.46	%	9.33	%(c)	0.77	%(c)	1.15	%	8.35	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.35	%(c)	0.35	%	0.35	%(c)	0.10	%(c)	0.10	%	0.10	%(c)
Ratio of net investment income (loss) to average net assets	(0.16	)%(c)	1.38	%	(0.09	)%(c)	0.09	%(c)	1.63	%	0.16	%(c)
Portfolio turnover rate	1	%(b)	7	%	1	%(b)	1	%(b)	7	%	1	%(b)

76 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds See notes to financial statements

Financial highlights	concluded
Lifecycle Index 2055 Fund § For the period or year ended

	Premier Class
	11/30/12		05/31/12		05/31/11*
	(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$9.17		$9.87		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.00	(d)	0.14		0.00	(d)
Net realized and unrealized gain (loss) on total investments	0.92		(0.70	)	(0.13	)
Total gain (loss) from investment operations	0.92		(0.56	)	(0.13	)
Less distributions from:
Net investment income	–		(0.14	)	–
Net realized gain	–		(0.00	)(d)	–
Total distributions	–		(0.14	)	–
Net asset value, end of period	$10.09		$9.17		$9.87
TOTAL RETURN	10.03	%(b)	(5.53	)%	(1.30	)%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$1,578		$986		$987
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.94	%(c)	1.31	%	9.18	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.25	%(c)
Ratio of net investment income (loss) to average net assets	(0.06	)%(c)	1.52	%	0.01	%(c)
Portfolio turnover rate	1	%(b)	7	%	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 periods ended November 30, 2012, May 31, 2012, May 31, 2011 was 0.09%.
*	The Fund commenced operations on April 29, 2011.

See notes to financial statements TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 77

Notes to financial statements (unaudited)

Note 1—organization and significant accounting policies

The Lifecycle Index Funds (collectively 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 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, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer Institutional, Retirement and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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

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

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 and unaffiliated investment companies are based upon the specific identification method.

Income and expenses of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

78 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

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

Income taxes: Each Fund is treated separately for income tax purposes. 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. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2009–2012) 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.

New Accounting Pronouncement: In May 2011, the Financial Accounting Standards Board adopted Accounting Standards Update (“ASU”) No. 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The ASU converges the guidance of both entities on fair value measurements and disclosures. ASU 2011-04 requires additional disclosures around transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy. The ASU applies to interim or annual periods beginning after December 15, 2011. Effective June 1, 2012, the Funds adopted this guidance with no material impact to the Funds’ financial statements and notes disclosure.

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 spreads etc.)

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 79

Notes to financial statements (unaudited)

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

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2012, there were no significant transfers between levels by the Funds.

As of November 30, 2012, 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: 0.05% for the Retirement Income Fund; 0.04% for the 2010 Fund; 0.03% for the 2015 Fund and 2020 Fund; 0.02% for the 2025 Fund; and 0.01% for the 2030 Fund, 2035 Fund, 2040 Fund, 2045 Fund, 2050 Fund, and the 2055 Fund. These waivers will remain in effect through September 30, 2013. However, this agreement may be terminated before this date with the approval of the Board. Prior to October 1, 2012, Advisors had 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; and 0.01% for the 2020 Fund and 2025 Fund. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its cost in providing certain administrative and operational oversight services to the Funds.

80 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

Under the terms of a Retirement Class Service Agreement with each Fund, 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. The Retirement Class and Premier Class of the Funds are subject to a distribution Rule 12b-1 plan that is expected to compensate TPIS for providing distribution, promotional and/or shareholder services to the Retirement Class and Premier Class at the maximum annual rates 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, 2013. 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 interest, taxes, brokerage and other transactional expenses, 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 Institutional Class shares of the Funds. The expense reimbursement arrangements will continue through at least September 30, 2013, 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, 2012:

Fund	TIAA
Lifecycle Index Retirement Income		24	%
Lifecycle Index 2045		5
Lifecycle Index 2050		8
Lifecycle Index 2055		80

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 81

Notes to financial statements (unaudited)

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifecycle Index Retirement Income
TIAA-CREF Bond Index	$	7,372,835	$	3,746,590	$	380,638	$	(91	)	$	78,982	$	10,823,230
TIAA-CREF Emerging Markets Equity Index		380,733		177,350		49,510		(7,126	)		—		554,802
TIAA-CREF Equity Index		4,354,657		2,112,912		392,316		(5,990	)		—		6,480,040
TIAA-CREF Inflation-Linked Bond		1,480,252		737,707		74,183		(214	)		20,747		2,169,473
TIAA-CREF International Equity Index		1,064,670		497,010		143,878		(5,709	)		—		1,617,039
	$	14,653,147	$	7,271,569	$	1,040,525	$	(19,130	)	$	99,729	$	21,644,584
Lifecycle Index 2010
TIAA-CREF Bond Index	$	36,579,175	$	10,390,745	$	1,474,968	$	(3,585	)	$	382,406	$	45,892,814
TIAA-CREF Emerging Markets Equity Index		2,515,358		573,412		264,303		(39,054	)		—		3,132,111
TIAA-CREF Equity Index		28,774,018		6,736,553		1,902,914		(11,797	)		—		36,340,814
TIAA-CREF Inflation-Linked Bond		5,498,823		1,665,885		213,935		(314	)		76,057		7,044,084
TIAA-CREF International Equity Index		7,033,112		1,556,378		759,703		(37,207	)		—		9,128,923
	$	80,400,486	$	20,922,973	$	4,615,823	$	(91,957	)	$	458,463	$	101,538,746
Lifecycle Index 2015
TIAA-CREF Bond Index	$	51,530,047	$	19,918,420	$	1,352,446	$	795		$	547,988	$	70,667,446
TIAA-CREF Emerging Markets Equity Index		4,534,230		1,397,048		377,736		(57,798	)		—		6,106,711
TIAA-CREF Equity Index		51,873,954		16,593,332		2,495,313		(33,384	)		—		70,854,172
TIAA-CREF Inflation-Linked Bond		6,111,276		2,523,652		156,112		829			84,289		8,589,229
TIAA-CREF International Equity Index		12,679,431		3,867,829		1,102,453		(70,050	)		—		17,798,722
	$	126,728,938	$	44,300,281	$	5,484,060	$	(159,608	)	$	632,277	$	174,016,280
Lifecycle Index 2020
TIAA-CREF Bond Index	$	54,459,629	$	25,370,077	$	1,278,736	$	(742	)	$	590,413	$	79,164,725
TIAA-CREF Emerging Markets Equity Index		6,436,516		2,399,925		428,923		(67,757	)		—		9,203,107
TIAA-CREF Equity Index		73,747,498		28,558,704		2,452,888		(46,698	)		—		106,859,679
TIAA-CREF Inflation-Linked Bond		4,401,974		2,319,054		95,320		142			60,835		6,710,640
TIAA-CREF International Equity Index		18,007,275		6,760,390		1,348,898		(79,189	)		—		26,823,442
	$	157,052,892	$	65,408,150	$	5,604,765	$	(194,244	)	$	651,248	$	228,761,593

82 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifecycle Index 2025
TIAA-CREF Bond Index	$	41,249,153	$	22,169,790	$	1,266,410	$	(1,526	)	$	452,655	$	62,619,249
TIAA-CREF Emerging Markets Equity Index		6,640,842		2,922,578		449,886		(75,548	)		—		9,936,562
TIAA-CREF Equity Index		76,167,211		34,157,189		2,239,292		(57,996	)		—		115,290,196
TIAA-CREF Inflation-Linked Bond		1,111,167		933,710		24,070		(20	)		15,436		2,046,557
TIAA-CREF International Equity Index		18,573,617		8,080,484		1,234,559		(104,580	)		—		28,961,330
	$	143,741,990	$	68,263,751	$	5,214,217	$	(239,670	)	$	468,091	$	218,853,894
Lifecycle Index 2030
TIAA-CREF Bond Index	$	33,133,138	$	15,983,856	$	408,468	$	569		$	363,487	$	49,082,854
TIAA-CREF Emerging Markets Equity Index		7,926,601		2,881,894		299,496		(65,709	)		—		11,497,680
TIAA-CREF Equity Index		91,179,745		34,429,589		912,529		(11,222	)		—		133,404,538
TIAA-CREF International Equity Index		22,164,187		8,049,353		933,011		(143,031	)		—		33,511,482
	$	154,403,671	$	61,344,692	$	2,553,504	$	(219,393	)	$	363,487	$	227,496,554
Lifecycle Index 2035
TIAA-CREF Bond Index	$	19,479,702	$	9,686,831	$	468,148	$	944		$	214,212	$	28,916,677
TIAA-CREF Emerging Markets Equity Index		8,067,856		3,044,560		323,057		(72,187	)		—		11,820,721
TIAA-CREF Equity Index		94,795,777		34,164,989		710,369		(18,556	)		—		137,273,288
TIAA-CREF International Equity Index		22,534,533		8,118,870		598,221		(106,860	)		—		34,452,716
	$	144,877,868	$	55,015,250	$	2,099,795	$	(196,659	)	$	214,212	$	212,463,402
Lifecycle Index 2040
TIAA-CREF Bond Index	$	20,144,236	$	6,537,890	$	929,448	$	2,116		$	208,306	$	25,965,533
TIAA-CREF Emerging Markets Equity Index		11,186,075		2,956,541		389,937		(90,528	)		—		15,173,080
TIAA-CREF Equity Index		131,612,674		33,069,461		1,102,004		(27,542	)		—		176,048,423
TIAA-CREF International Equity Index		31,251,659		7,957,689		994,191		(172,696	)		—		44,223,794
	$	194,194,644	$	50,521,581	$	3,415,580	$	(288,650	)	$	208,306	$	261,410,830
Lifecycle Index 2045
TIAA-CREF Bond Index	$	5,766,581	$	4,316,198	$	163,102	$	(122	)	$	66,551	$	9,987,017
TIAA-CREF Emerging Markets Equity Index		3,195,248		2,296,883		69,553		(14,450	)		—		5,854,692
TIAA-CREF Equity Index		37,682,520		27,086,943		532,941		(15,459	)		—		67,929,958
TIAA-CREF International Equity Index		8,946,840		6,425,725		183,902		(20,916	)		—		17,064,187
	$	55,591,189	$	40,125,749	$	949,498	$	(50,947	)	$	66,551	$	100,835,854

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 83

Notes to financial statements (unaudited)

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifecycle Index 2050
TIAA-CREF Bond Index	$	3,739,239	$	2,536,045	$	67,540	$	(120	)	$	42,686	$	6,251,000
TIAA-CREF Emerging Markets Equity Index		2,077,920		1,349,051		42,496		(8,409	)		–		3,664,529
TIAA-CREF Equity Index		24,425,781		15,996,988		315,754		(4,885	)		–		42,518,258
TIAA-CREF International Equity Index		5,804,102		3,736,556		71,100		(9,410	)		–		10,680,703
	$	36,047,042	$	23,618,640	$	496,890	$	(22,824	)	$	42,686	$	63,114,490
Lifecycle Index 2055
TIAA-CREF Bond Index	$	1,067,942	$	244,430	$	38,243	$	241		$	10,831	$	1,285,176
TIAA-CREF Emerging Markets Equity Index		593,673		93,681		17,685		(4,806	)		–		744,914
TIAA-CREF Equity Index		6,970,868		1,044,467		37,357		(679	)		–		8,642,958
TIAA-CREF International Equity Index		1,662,730		220,583		27,360		(7,193	)		–		2,171,142
	$	10,295,213	$	1,603,161	$	120,645	$	(12,437	)	$	10,831	$	12,844,190

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 2012, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Lifecycle Index Retirement Income	$	19,964,602	$	1,679,982	$	–		$	1,679,982
Lifecycle Index 2010		92,472,852		9,065,894		–			9,065,894
Lifecycle Index 2015		159,228,286		14,787,994		–			14,787,994
Lifecycle Index 2020		209,766,697		19,025,147		(30,251	)		18,994,896
Lifecycle Index 2025		200,444,388		18,461,277		(51,771	)		18,409,506
Lifecycle Index 2030		206,375,199		21,306,489		(185,134	)		21,121,355
Lifecycle Index 2035		191,592,769		21,042,405		(171,772	)		20,870,633
Lifecycle Index 2040		232,147,411		29,470,801		(207,382	)		29,263,419
Lifecycle Index 2045		93,113,213		7,779,550		(56,909	)		7,722,641
Lifecycle Index 2050		57,988,713		5,163,387		(37,610	)		5,125,777
Lifecycle Index 2055		12,624,569		403,932		(184,311	)		219,621

84 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

continued

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2012 were as follows:

Fund	Purchases		Sales
Lifecycle Index Retirement Income	$	7,746,576	$	1,515,518
Lifecycle Index 2010		21,968,607		5,658,589
Lifecycle Index 2015		45,993,037		7,172,174
Lifecycle Index 2020		67,633,785		7,824,299
Lifecycle Index 2025		72,146,767		9,062,696
Lifecycle Index 2030		63,046,891		4,254,893
Lifecycle Index 2035		64,562,933		11,626,193
Lifecycle Index 2040		59,300,445		12,194,487
Lifecycle Index 2045		47,348,407		8,161,014
Lifecycle Index 2050		28,524,789		5,389,682
Lifecycle Index 2055		1,603,161		120,645

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2012 was as follows:

	2012
Fund	Ordinary income		Long-term capital gains		Total
Lifecycle Index Retirement Income	$	275,340	$	3,402	$	278,742
Lifecycle Index 2010		1,593,882		2,869		1,596,751
Lifecycle Index 2015		2,217,239		3,604		2,220,843
Lifecycle Index 2020		2,520,040		26,774		2,546,814
Lifecycle Index 2025		2,263,861		2,829		2,266,690
Lifecycle Index 2030		2,403,232		30,070		2,433,302
Lifecycle Index 2035		2,240,785		1,989		2,242,774
Lifecycle Index 2040		3,066,635		45,814		3,112,449
Lifecycle Index 2045		768,654		2,660		771,314
Lifecycle Index 2050		508,811		1,945		510,756
Lifecycle Index 2055		157,031		–		157,031

The tax character of the fiscal year 2013 distribution will be determined at the end of the fiscal year.

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

TIAA-CREF Lifecycle Index Funds § 2012 Semiannual Report 85

Notes to financial statements concluded

are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2012, 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.

86 2012 Semiannual Report § TIAA-CREF Lifecycle Index Funds

How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not	bank guaranteed, are not 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.
©2013 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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2012 Semiannual Report

TIAA-CREF Lifestyle Funds

of the TIAA-CREF Funds

November 30, 2012

Contents
Understanding your Lifestyle Funds report	2
Information for investors	2
About the funds’ composite benchmarks	3
Important information about expenses	4
Investment results of the Lifestyle Funds	9
Fund performance
Lifestyle Income Fund	12
Lifestyle Conservative Fund	13
Lifestyle Moderate Fund	14
Lifestyle Growth Fund	15
Lifestyle Aggressive Growth Fund	16
Portfolios of investments	17
Financial statements (unaudited)
Statements of assets and liabilities	22
Statements of operations	24
Statements of changes in net assets	26
Financial highlights	30
Notes to financial statements	40
How to reach us	Inside back cover

Understanding your Lifestyle Funds report

This semiannual report contains information about the investment performance and holdings of the Lifestyle Funds, an offering of the TIAA-CREF Funds, and describes the funds’ results for the six months ended November 30, 2012. 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 TIAA-CREF Funds in which each fund had investments as of November 30, 2012.

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

          The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to the latest prospectus.

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, Retirement and Premier classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

Information for investors

Portfolio listings

The complete portfolios of investments for the Lifestyle Funds begin on page 17 of this report. You can also obtain complete lists of the holdings of the Lifestyle Funds and of the underlying funds in which the Lifestyle 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 Lifestyle Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-Q

2 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

filings. Form N-CSR filings are as of May 31 or November 30; Form N-Q filings are as of the last day of February 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 Lifestyle 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 Lifestyle 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 Lifestyle 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.

About the funds’ composite benchmarks

Each Lifestyle 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 short-term fixed income. A fund’s composite benchmark may combine 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 All Country World ex USA Index (international equity) measures the performance of large- and mid-cap stocks in 44 developed and emerging market countries, excluding the United States.

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 3

About the funds’ composite benchmarks

• The Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic 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 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.

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

Russell 3000 is a trademark and service mark of Russell Investments. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investments. 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.

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

          The expense examples that appear in the tables on pages 5 through 8 are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs or the costs incurred by the funds for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

          The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

          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, 2012–November 30, 2012).

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.

4 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

          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. All of the funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.

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.

Expense examples

Six months ended November 30, 2012
Lifestyle FundsInstitutional Class	Beginning account value (6/1/12)		Ending account value (11/30/12)		Expenses paid during period* (6/1/12-11/30/12)		Effective expenses paid during period† (6/1/12-11/30/12)
Income Fund actual return		$1,000.00		$1,050.69		$0.51		$2.36
5% annual hypothetical return		1,000.00		1,024.57		0.51		2.33
Conservative Fund actual return		$1,000.00		$1,071.60		$0.52		$2.65
5% annual hypothetical return		1,000.00		1,024.57		0.51		2.59
Moderate Fund actual return		$1,000.00		$1,092.71		$0.52		$2.94
5% annual hypothetical return		1,000.00		1,024.57		0.51		2.84
Growth Fund actual return		$1,000.00		$1,109.50		$0.53		$3.07
5% annual hypothetical return		1,000.00		1,024.57		0.51		2.94
Aggressive Growth Fund actual return		$1,000.00		$1,124.39		$0.53		$3.25
5% annual hypothetical return		1,000.00		1,024.57		0.51		3.09

* The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2012. The expense charges of one

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 5

Important information about expenses

or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. The expense ratio for the period was 0.10% for the Institutional Class of the Lifestyle 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 0.46% for the Income Fund; 0.51% for the Conservative Fund; 0.56% for the Moderate Fund; 0.58% for the Growth Fund; and 0.61% for the Aggressive Growth Fund.

Expense examples

Six months ended November 30, 2012
Lifestyle FundsRetirement Class	Beginning account value (6/1/12)		Ending account value (11/30/12)		Expenses paid during period* (6/1/12-11/30/12)		Effective expenses paid during period† (6/1/12-11/30/12)
Income Fund actual return		$1,000.00		$1,048.48		$1.80		$3.65
5% annual hypothetical return		1,000.00		1,023.31		1.78		3.60
Conservative Fund actual return		$1,000.00		$1,070.43		$1.82		$3.94
5% annual hypothetical return		1,000.00		1,023.31		1.78		3.85
Moderate Fund actual return		$1,000.00		$1,091.56		$1.78		$4.19
5% annual hypothetical return		1,000.00		1,023.36		1.72		4.05
Growth Fund actual return		$1,000.00		$1,108.63		$1.80		$4.33
5% annual hypothetical return		1,000.00		1,023.36		1.72		4.15
Aggressive Growth Fund actual return		$1,000.00		$1,123.54		$1.81		$4.52
5% annual hypothetical return		1,000.00		1,023.36		1.72		4.31

*

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2012. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. The expense ratio for the period was 0.34% for the Moderate, Growth and Aggressive Growth Funds; and 0.35% for the Income and Conservative Funds for the Retirement Class of the Lifestyle 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 0.71% for the Income Fund; 0.76% for the Conservative Fund; 0.80% for the Moderate Fund; 0.82% for the Growth Fund; and 0.85% for the Aggressive Growth Fund.

6 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

continued

Expense examples

Six months ended November 30, 2012

Lifestyle Funds Retail Class	Beginning account value (6/1/12)		Ending account value (11/30/12)		Expenses paid during period* (6/1/12-11/30/12)		Effective expenses paid during period† (6/1/12-11/30/12)
Income Fund actual return		$1,000.00		$1,049.38		$1.85		$3.70
5% annual hypothetical return		1,000.00		1,023.26		1.83		3.65
Conservative Fund actual return		$1,000.00		$1,070.37		$1.97		$4.10
5% annual hypothetical return		1,000.00		1,023.16		1.93		4.00
Moderate Fund actual return		$1,000.00		$1,091.38		$1.99		$4.40
5% annual hypothetical return		1,000.00		1,023.16		1.93		4.26
Growth Fund actual return		$1,000.00		$1,107.66		$2.01		$4.54
5% annual hypothetical return		1,000.00		1,023.16		1.93		4.36
Aggressive Growth Fund actual return		$1,000.00		$1,123.66		$2.13		$4.84
5% annual hypothetical return		1,000.00		1,023.06		2.03		4.61

*

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2012. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. The expense ratio for the period was 0.36% for the Income Fund; 0.38% for the Conservative, Moderate and Growth Funds; and 0.40% for the Aggressive Growth Fund for the Retail Class of the Lifestyle 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 0.72% for the Income Fund; 0.79% for the Conservative Fund; 0.84% for the Moderate Fund; 0.86% for the Growth Fund; and 0.91% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 7

Important information about expenses concluded

Expense examples

Six months ended November 30, 2012

Lifestyle FundsPremier Class	Beginning account value (6/1/12)		Ending account value (11/30/12)		Expenses paid during period* (6/1/12-11/30/12)		Effective expenses paid during period† (6/1/12-11/30/12)
Income Fund actual return		$1,000.00		$1,050.04		$1.18		$3.03
5% annual hypothetical return		1,000.00		1,023.92		1.17		2.99
Conservative Fund actual return		$1,000.00		$1,070.92		$1.25		$3.37
5% annual hypothetical return		1,000.00		1,023.87		1.22		3.29
Moderate Fund actual return		$1,000.00		$1,091.05		$1.21		$3.62
5% annual hypothetical return		1,000.00		1,023.92		1.17		3.50
Growth Fund actual return		$1,000.00		$1,108.53		$1.27		$3.81
5% annual hypothetical return		1,000.00		1,023.87		1.22		3.65
Aggressive Growth Fund actual return		$1,000.00		$1,124.51		$1.22		$3.94
5% annual hypothetical return		1,000.00		1,023.92		1.17		3.75

*

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2012. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without any such reimbursement, the expenses of the affected share classes would be higher and the fund’s performance lower. The expense ratio for the period was 0.23% for the Income, Moderate and Aggressive Growth Funds; and 0.24% for the Conservative and Growth Funds for the Premier Class of the Lifestyle 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 0.59% for the Income Fund; 0.65% for the Conservative Fund; 0.69% for the Moderate Fund; 0.72% for the Growth Fund; and 0.74% for the Aggressive Growth Fund.

8 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

Investment results of the Lifestyle Funds

Performance for the six months ended November 30, 2012

All five TIAA-CREF Lifestyle Funds achieved substantial gains for the period and outperformed their respective composite benchmarks. Returns for the Institutional Class ranged from 5.07% for the Income Fund to 12.44% for the Aggressive Growth Fund. The tables on the following pages show returns for all share classes of the funds.

          The outperformance of the individual Lifestyle Funds, in relation to their respective composite benchmarks, ranged from 1.04 percentage points for the Aggressive Growth Fund to 1.69 points for the Moderate Fund. (All results are for the Institutional Class.)

Despite slow growth, global stocks surge upward

At the end of November, the U.S. Commerce Department estimated that gross domestic product, which measures the value of all goods and services produced in the United States, grew by 2.5% in the third quarter of 2012, on a year-over-year basis, adjusted for inflation.

          This reflected an improved housing market and increased consumer spending. Reduced government spending and persistently high unemployment continued to hamper growth, which remained well below the pace of a more typical recovery. There were signs of slowing growth elsewhere, too, particularly in Europe and China.

          Nonetheless, global stock markets performed very well for the six-month period. The Russell 3000^® Index, which measures the broad U.S. stock market, gained 9.33%. Foreign stocks did even better; the MSCI All Country World ex USA Index, which measures stock performance in 44 developed and emerging market nations excluding the United States, rose 16.35%.

          In both the United States and Europe, investors were encouraged by signs that central banks were taking additional steps to promote growth and ensure liquidity in the credit markets.

          Yields on 10-year U.S. Treasury securities inched up, from 1.59% at the end of May to 1.62% at the end of November, but inflationary pressures were also low. The Barclays U.S. Aggregate Bond Index, which measures the broad domestic market for investment-grade, fixed-rate bonds, returned 1.99% for the period. Short-term bonds, as measured by the Barclays U.S. 1–5 Year Government/Credit Bond Index, earned 1.16%.

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 9

Investment results of the Lifestyle Funds

Stock market gains drive the funds’ performance

All five Lifestyle Funds posted solid results for the six-month period, and two achieved double-digit gains, helped by the global stock market rally. Those funds with greater exposure to stocks performed better during the period.

          The Lifestyle Funds may invest in up to four sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income and short-term fixed income. The Lifestyle Funds do this by investing in various underlying funds that in turn buy stocks, bonds and other securities in these market sectors.

          For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were driven by strong gains from both the international equity and U.S. equity sectors. In contrast, results were constrained by the more modest returns from the fixed-income and short-term fixed-income sectors.

Strong results from the underlying funds lift returns higher

The five Lifestyle Funds outperformed their respective composite benchmarks primarily because of strong relative performance in the international equity and fixed-income sectors. Secondarily, the Lifestyle Funds initiated small tactical asset allocation positions during the reporting period, and these made additional contributions to relative performance.

          The largest contribution in the international equity sector came from the International Equity Fund, which outperformed its own benchmark (the MSCI EAFE Index) by more than six percentage points. The Large-Cap Growth Fund provided outperformance in the U.S. equity sector; this had a particularly strong effect in the Growth and Aggressive Growth funds, with their larger allocations to that underlying fund.

          In the fixed-income sector, the Bond Plus Fund made sizable contributions to the relative performance of all of the Lifestyle Funds, except for the Aggressive Growth Fund, which typically does not invest in bond-based funds. The Bond and Short-Term Bond funds boosted the relative performance of the Income and Conservative funds.

10 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

Tactical positions give funds an extra boost

Tactical asset allocations further aided relative performance during the period. The funds increased their exposure to the international equity market sector and decreased it within the U.S. equity market sector. In the fixed-income market sector, the Lifestyle Funds increased their positions in the high-yield market, while reducing their positions in the broader bond market.

          At the end of November, each of the Lifestyle Funds continued to have slightly more exposure to the international equity market sector and less to the U.S. equity market sector. This included a new position in the Global Natural Resources Fund. The funds’ international equity overweight was based on attractive valuations, our positive economic outlook and improving investor sentiment.

          In the fixed-income market sector, the funds remained slightly overweighted in the high-yield market at the expense of the broader market. This overweight position was based on our view of the prospects for more attractive risk-adjusted returns in high yield at this stage of the economic cycle, compared with the mix of U.S. Treasury securities, corporate bonds and other fixed-income investments held by the Bond or the Bond Plus funds.

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 11

Lifestyle Income Fund

Performance as of November 30, 2012
			Total return
Lifestyle Income Fund	Inception date		6 months			since inception
Institutional Class		12/9/2011		5.07	%		8.17	%
Retirement Class		12/9/2011		4.85			7.86
Retail Class		12/9/2011		4.94			7.81
Premier Class		12/9/2011		5.00			8.06
Lifestyle Income Fund Composite Index*		—		3.50			5.87	†
Broad market index
Barclays U.S. Aggregate Bond Index		—		1.99			5.14	†

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

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

*

As of the close of business on November 30, 2012, the Lifestyle Income Fund Composite Index consisted of: 40.0% Barclays U.S. Aggregate Bond Index; 40.0% Barclays U.S. 1–5 Year Government/Credit Bond Index; 14.0% Russell 3000® Index; and 6.0% MSCI All Country World ex USA Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

†

Performance is calculated from the inception date of the Institutional Class.

Asset allocation
	% of net assets as of 11/30/2012
Equity
U.S. equity		13.3	%
International equity		6.8
Fixed income
Fixed income		39.9
Short-term fixed income		39.9
Other assets & liabilities, net		0.1
Total		100.0

Target allocation

12 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

Lifestyle Conservative Fund

Performance as of November 30, 2012
			Total return
Lifestyle Conservative Fund	Inception date		6 months			since inception
Institutional Class		12/9/2011		7.16	%		10.78	%
Retirement Class		12/9/2011		7.04			10.47
Retail Class		12/9/2011		7.04			10.42
Premier Class		12/9/2011		7.09			10.56
Lifestyle Conservative Fund Composite Index*		—		5.52			8.29	†
Broad market index
Barclays U.S. Aggregate Bond Index		—		1.99			5.14	†

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

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

*

As of the close of business on November 30, 2012, the Lifestyle Conservative Fund Composite Index consisted of: 40.0% Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000® Index; 20.0% Barclays U.S. 1–5 Year Government/Credit Bond Index; and 12.0% MSCI All Country World ex USA Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

†

Performance is calculated from the inception date of the Institutional Class.

Asset allocation
	% of net assets as of 11/30/2012
Equity
U.S. equity		27.2	%
International equity		12.9
Fixed income
Fixed income		39.9
Short-term fixed income		20.0
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 13

Lifestyle Moderate Fund

Performance as of November 30, 2012
			Total return
Lifestyle Moderate Fund	Inception date		6 months			since inception
Institutional Class		12/9/2011		9.27	%		13.31	%
Retirement Class		12/9/2011		9.16			13.00
Retail Class		12/9/2011		9.14			12.94
Premier Class		12/9/2011		9.11			13.09
Lifestyle Moderate Fund Composite Index*		—		7.58			10.71	†
Broad market index
Russell 3000® Index		—		9.33			15.21	†

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

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

*	As of the close of business on November 30, 2012, the Lifestyle Moderate Fund Composite Index consisted of: 42.0% Russell 3000 Index; 40.0% Barclays U.S. Aggregate Bond Index; and 18.0% MSCI All Country World ex USA Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Institutional Class.

Asset allocation
	% of net assets as of 11/30/2012
Equity
U.S. equity		41.1	%
International equity		18.9
Fixed income		40.0
Total		100.0

Target allocation

14 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

Lifestyle Growth Fund

Performance as of November 30, 2012
			Total return
Lifestyle Growth Fund	Inception date		6 months			since inception
Institutional Class		12/9/2011		10.95	%		14.55	%
Retirement Class		12/9/2011		10.86			14.33
Retail Class		12/9/2011		10.77			14.22
Premier Class		12/9/2011		10.85			14.44
Lifestyle Growth Fund Composite Index*		—		9.48			12.48	†
Broad market index
Russell 3000® Index		—		9.33			15.21	†

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

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

*	As of the close of business on November 30, 2012, the Lifestyle Growth Fund Composite Index consisted of: 56.0% Russell 3000 Index; 24.0% MSCI All Country World ex USA Index; and 20.0% Barclays U.S. Aggregate Bond Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Institutional Class.

Asset allocation
	% of net assets as of 11/30/2012
Equity
U.S. equity		55.2	%
International equity		24.9
Fixed income		19.9
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 15

Lifestyle Aggressive Growth Fund

Performance as of November 30, 2012
			Total return
Lifestyle Aggressive Growth Fund	Inception date		6 months			since inception
Institutional Class		12/9/2011		12.44	%		15.70	%
Retirement Class		12/9/2011		12.35			15.50
Retail Class		12/9/2011		12.37			15.40
Premier Class		12/9/2011		12.45			15.60
Lifestyle Aggressive Growth Fund
Composite Index*		—		11.40			14.20	†
Broad market index
Russell 3000® Index		—		9.33			15.21	†

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

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

*	As of the close of business on November 30, 2012, the Lifestyle Aggressive Growth Fund Composite Index consisted of: 70.0% Russell 3000 Index and 30.0% MSCI All Country World ex USA Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	Performance is calculated from the inception date of the Institutional Class.

Asset allocation
	% of net assets as of 11/30/2012
Equity
U.S. equity		69.1	%
International equity		30.9
Total		100.0

Target allocation

16 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

Portfolio of investments (unaudited)

Lifestyle Income Fund § November 30, 2012

	Shares	Company	Value		% of net assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	256,428	TIAA-CREF Bond Fund	$	2,818,146	18.0	%
	285,579	TIAA-CREF Bond Plus Fund		3,129,943	19.9
	30,524	TIAA-CREF High-Yield Fund		315,310	2.0
				6,263,399	39.9
INTERNATIONAL EQUITY
	28,552	TIAA-CREF Emerging Markets Equity Fund		302,939	1.9
	18,865	TIAA-CREF Enhanced International Equity Index Fund		132,246	0.8
	3,995	TIAA-CREF Global Natural Resources Fund		40,432	0.3
	63,242	TIAA-CREF International Equity Fund		598,270	3.8
				1,073,887	6.8
SHORT-TERM FIXED INCOME
	594,679	TIAA-CREF Short-Term Bond Fund		6,267,913	39.9
				6,267,913	39.9
U.S. EQUITY
	16,358	TIAA-CREF Enhanced Large-Cap Growth Index Fund		160,140	1.0
	19,329	TIAA-CREF Enhanced Large-Cap Value Index Fund		167,387	1.1
	43,921	TIAA-CREF Growth & Income Fund		461,610	2.9
	44,542	TIAA-CREF Large-Cap Growth Fund		536,736	3.4
	39,032	TIAA-CREF Large-Cap Value Fund		554,249	3.5
	882	TIAA-CREF Mid-Cap Growth Fund		18,018	0.1
	1,266	TIAA-CREF Mid-Cap Value Fund		23,696	0.2
	11,205	TIAA-CREF Small-Cap Equity Fund		165,384	1.1
				2,087,220	13.3
		TOTAL TIAA-CREF FUNDS (Cost $14,988,754)		15,692,419	99.9
		TOTAL PORTFOLIO (Cost $14,988,754)		15,692,419	99.9
		OTHER ASSETS & LIABILITIES, NET		23,136	0.1
		NET ASSETS	$	15,715,555	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 Lifestyle Funds § 2012 Semiannual Report 17

Portfolio of investments (unaudited)

Lifestyle Conservative Fund § November 30, 2012

					% of net
	Shares	Company	Value		assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	142,593	TIAA-CREF Bond Fund	$	1,567,101	8.0	%
	536,373	TIAA-CREF Bond Plus Fund		5,878,652	29.9
	38,190	TIAA-CREF High-Yield Fund		394,500	2.0
				7,840,253	39.9
INTERNATIONAL EQUITY
	61,941	TIAA-CREF Emerging Markets Equity Fund		657,189	3.3
	75,868	TIAA-CREF Enhanced International Equity Index Fund		531,833	2.7
	4,999	TIAA-CREF Global Natural Resources Fund		50,592	0.3
	136,328	TIAA-CREF International Equity Fund		1,289,666	6.6
				2,529,280	12.9
SHORT-TERM FIXED INCOME
	372,181	TIAA-CREF Short-Term Bond Fund		3,922,786	20.0
				3,922,786	20.0
U.S. EQUITY
	45,966	TIAA-CREF Enhanced Large-Cap Growth Index Fund		450,008	2.3
	54,004	TIAA-CREF Enhanced Large-Cap Value Index Fund		467,678	2.4
	109,501	TIAA-CREF Growth & Income Fund		1,150,858	5.8
	110,976	TIAA-CREF Large-Cap Growth Fund		1,337,263	6.8
	97,090	TIAA-CREF Large-Cap Value Fund		1,378,672	7.0
	3,448	TIAA-CREF Mid-Cap Growth Fund		70,448	0.4
	4,497	TIAA-CREF Mid-Cap Value Fund		84,137	0.4
	27,961	TIAA-CREF Small-Cap Equity Fund		412,710	2.1
				5,351,774	27.2
		TOTAL TIAA-CREF FUNDS (Cost $18,491,726)		19,644,093	100.0
		TOTAL PORTFOLIO (Cost $18,491,726)		19,644,093	100.0
		OTHER ASSETS & LIABILITIES, NET		2,013	0.0
		NET ASSETS	$	19,646,106	100.0	%

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

18 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements

Portfolio of investments (unaudited)

Lifestyle Moderate Fund § November 30, 2012

					% of net
	Shares	Company	Value		assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	675,703	TIAA-CREF Bond Plus Fund	$	7,405,701	38.0	%
	37,959	TIAA-CREF High-Yield Fund		392,114	2.0
				7,797,815	40.0
INTERNATIONAL EQUITY
	87,431	TIAA-CREF Emerging Markets Equity Fund		927,638	4.8
	126,572	TIAA-CREF Enhanced International Equity Index Fund		887,269	4.5
	4,949	TIAA-CREF Global Natural Resources Fund		50,086	0.3
	192,361	TIAA-CREF International Equity Fund		1,819,734	9.3
				3,684,727	18.9
U.S. EQUITY
	70,743	TIAA-CREF Enhanced Large-Cap Growth Index Fund		692,576	3.5
	83,000	TIAA-CREF Enhanced Large-Cap Value Index Fund		718,776	3.7
	162,741	TIAA-CREF Growth & Income Fund		1,710,411	8.8
	165,009	TIAA-CREF Large-Cap Growth Fund		1,988,363	10.2
	144,449	TIAA-CREF Large-Cap Value Fund		2,051,172	10.5
	5,707	TIAA-CREF Mid-Cap Growth Fund		116,592	0.6
	7,328	TIAA-CREF Mid-Cap Value Fund		137,100	0.7
	41,567	TIAA-CREF Small-Cap Equity Fund		613,533	3.1
				8,028,523	41.1
		TOTAL TIAA-CREF FUNDS (Cost $18,029,196)		19,511,065	100.0
		TOTAL PORTFOLIO (Cost $18,029,196)		19,511,065	100.0
		OTHER ASSETS & LIABILITIES, NET		8,652	0.0
		NET ASSETS	$	19,519,717	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 Lifestyle Funds § 2012 Semiannual Report 19

Portfolio of investments (unaudited)

Lifestyle Growth Fund § November 30, 2012

						% of net
	Shares	Company	Value			assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	250,489	TIAA-CREF Bond Plus Fund	$	2,745,359		17.9	%
	29,792	TIAA-CREF High-Yield Fund		307,747		2.0
				3,053,106		19.9
INTERNATIONAL EQUITY
	89,354	TIAA-CREF Emerging Markets Equity Fund		948,051		6.2
	140,175	TIAA-CREF Enhanced International Equity Index Fund		982,628		6.4
	3,904	TIAA-CREF Global Natural Resources Fund		39,505		0.2
	196,341	TIAA-CREF International Equity Fund		1,857,390		12.1
				3,827,574		24.9
U.S. EQUITY
	75,565	TIAA-CREF Enhanced Large-Cap Growth Index Fund		739,785		4.8
	88,615	TIAA-CREF Enhanced Large-Cap Value Index Fund		767,403		5.0
	170,744	TIAA-CREF Growth & Income Fund		1,794,523		11.7
	173,046	TIAA-CREF Large-Cap Growth Fund		2,085,205		13.6
	151,391	TIAA-CREF Large-Cap Value Fund		2,149,758		14.0
	6,314	TIAA-CREF Mid-Cap Growth Fund		128,994		0.9
	8,032	TIAA-CREF Mid-Cap Value Fund		150,285		1.0
	43,601	TIAA-CREF Small-Cap Equity Fund		643,548		4.2
				8,459,501		55.2
		TOTAL TIAA-CREF FUNDS (Cost $13,788,466)		15,340,181		100.0
		TOTAL PORTFOLIO (Cost $13,788,466)		15,340,181		100.0
		OTHER ASSETS & LIABILITIES, NET		(6,238	)	0.0
		NET ASSETS	$	15,333,943		100.0	%

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

20 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements

Portfolio of investments (unaudited)

Lifestyle Aggressive Growth Fund § November 30, 2012

					% of net
	Shares	Company	Value		assets
TIAA-CREF FUNDS (a)
INTERNATIONAL EQUITY
	106,334	TIAA-CREF Emerging Markets Equity Fund	$	1,128,206	7.6	%
	174,845	TIAA-CREF Enhanced International Equity Index Fund		1,225,664	8.2
	3,768	TIAA-CREF Global Natural Resources Fund		38,129	0.3
	233,592	TIAA-CREF International Equity Fund		2,209,779	14.8
				4,601,778	30.9
U.S. EQUITY
	92,499	TIAA-CREF Enhanced Large-Cap Growth Index Fund		905,561	6.1
	108,360	TIAA-CREF Enhanced Large-Cap Value Index Fund		938,394	6.3
	206,939	TIAA-CREF Growth & Income Fund		2,174,924	14.6
	209,443	TIAA-CREF Large-Cap Growth Fund		2,523,785	17.0
	183,400	TIAA-CREF Large-Cap Value Fund		2,604,282	17.5
	7,865	TIAA-CREF Mid-Cap Growth Fund		160,673	1.1
	9,977	TIAA-CREF Mid-Cap Value Fund		186,665	1.3
	52,834	TIAA-CREF Small-Cap Equity Fund		779,826	5.2
				10,274,110	69.1
		TOTAL TIAA-CREF FUNDS (Cost $13,129,407)		14,875,888	100.0
		TOTAL PORTFOLIO (Cost $13,129,407)		14,875,888	100.0
		OTHER ASSETS & LIABILITIES, NET		1,502	0.0
		NET ASSETS	$	14,877,390	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 Lifestyle Funds § 2012 Semiannual Report 21

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifestyle Funds § November 30, 2012

	Lifestyle Income Fund		Lifestyle Conservative Fund		Lifestyle Moderate Fund			Lifestyle Growth Fund			Lifestyle Aggressive Growth Fund
ASSETS
Affiliated investments, at value*	$	15,692,419	$	19,644,093	$	19,511,065		$	15,340,181		$	14,875,888
Cash		20,658		61,641		70,060			16,103			22,374
Receivable from Fund shares sold		25,329		3,447		10,094			876			5,225
Dividends and interest receivable		23,760		24,426		19,711			8,237			—
Due from affiliates		1,043		1,061		1,062			982			1,000
Other		73		83		85			80			79
Total assets		15,763,282		19,734,751		19,612,077			15,366,459			14,904,566
LIABILITIES
Management fees payable		129		160		159			125			121
Service agreement fees payable		106		115		130			112			122
Distribution fees payable		1,807		2,374		2,225			1,604			1,427
Due to affiliates		37		51		51			75			70
Payable for securities transactions		35,250		75,250		79,250			16,250			14,334
Payable for Fund shares redeemed		—		400		—			—			—
Accrued expenses and other payables		10,398		10,295		10,545			14,350			11,102
Total liabilities		47,727		88,645		92,360			32,516			27,176
NET ASSETS	$	15,715,555	$	19,646,106	$	19,519,717		$	15,333,943		$	14,877,390
NET ASSETS CONSIST OF:
Paid-in-capital	$	14,950,516	$	18,440,529	$	18,028,025		$	13,735,756		$	13,159,584
Undistributed net investment income (loss)		38,800		37,374		28,795			51,441			(18,778	)
Accumulated net realized gain (loss) on total investments		22,574		15,836		(18,972	)		(4,969	)		(9,897	)
Net unrealized appreciation (depreciation) on total investments		703,665		1,152,367		1,481,869			1,551,715			1,746,481
NET ASSETS	$	15,715,555	$	19,646,106	$	19,519,717		$	15,333,943		$	14,877,390
INSTITUTIONAL CLASS:
Net assets	$	1,099,526	$	1,109,044	$	1,171,282		$	1,221,154		$	1,241,402
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		103,054		101,328		104,416			106,630			107,250
Net asset value per share	$	10.67	$	10.95	$	11.22		$	11.45		$	11.57
RETIREMENT CLASS:
Net assets	$	5,195,897	$	5,683,456	$	6,363,510		$	5,492,470		$	5,964,300
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		487,250		519,530		567,599			480,682			516,538
Net asset value per share	$	10.66	$	10.94	$	11.21		$	11.43		$	11.55
RETAIL CLASS:
Net assets	$	8,266,029	$	11,220,150	$	10,837,898		$	7,457,122		$	6,492,158
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		775,267		1,025,841		966,868			653,057			562,735
Net asset value per share	$	10.66	$	10.94	$	11.21		$	11.42		$	11.54
PREMIER CLASS:
Net assets	$	1,154,103	$	1,633,456	$	1,147,027		$	1,163,197		$	1,179,530
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		108,202		149,274		102,285			101,703			102,048
Net asset value per share	$	10.67	$	10.94	$	11.21		$	11.44		$	11.56
* Affiliated investments, cost	$	14,988,754	$	18,491,726	$	18,029,196		$	13,788,466		$	13,129,407

22 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 23

Statements of operations (unaudited)

TIAA-CREF Lifestyle Funds § For the period ended November 30, 2012

	Lifestyle Income Fund			Lifestyle Conservative Fund			Lifestyle Moderate Fund			Lifestyle Growth Fund			Lifestyle Aggressive Growth Fund
INVESTMENT INCOME
Dividends from affiliated investments	$	122,483		$	127,344		$	107,060		$	53,068		$	12,967
Total income		122,483			127,344			107,060			53,068			12,967
EXPENSES
Management fees		6,743			8,005			7,857			6,706			6,623
Distribution fees – Retail Class		8,398			10,539			10,359			7,832			7,266
Distribution fees – Premier Class		835			1,188			828			838			842
Fund administration fees		359			469			464			411			402
Custody and accounting fees		8,913			8,973			8,934			8,876			8,838
Audit fees		10,449			10,449			10,451			10,451			10,449
Legal fees		71			76			77			76			75
Shareholder reports		9,586			9,955			10,207			9,532			9,286
Shareholder servicing – Institutional Class		21			21			21			21			21
Shareholder servicing – Retirement Class		5,667			6,076			6,458			6,090			6,437
Shareholder servicing – Retail Class		521			1,185			1,555			1,229			1,528
Shareholder servicing – Premier Class		14			24			13			23			14
Trustee fees and expenses		55			83			83			59			58
Compliance fees		168			176			178			182			179
Registration fees		28,289			28,289			28,289			24,681			27,331
Other expenses		3,016			3,076			3,255			3,068			3,034
Total expenses		83,105			88,584			89,029			80,075			82,383
Less: Expenses reimbursed by the investment adviser		(61,088	)		(61,809	)		(62,707	)		(57,781	)		(59,957	)
Net expenses		22,017			26,775			26,322			22,294			22,426
Net investment income (loss)		100,466			100,569			80,738			30,774			(9,459	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		6,498			4,663			(17,013	)		(5,830	)		(11,088	)
Realized gain (loss) from sale of unaffiliated investments		861			(1,109	)		(4,890	)		2,725			(462	)
Net realized gain (loss) from investments		7,359			3,554			(21,903	)		(3,105	)		(11,550	)
Net change in unrealized appreciation (depreciation) from affiliated investments		517,383			940,108			1,258,496			1,296,798			1,524,085
Net realized and unrealized gain (loss) from investments		524,742			943,662			1,236,593			1,293,693			1,512,535
Net increase (decrease) in net assets from operations	$	625,208		$	1,044,231		$	1,317,331		$	1,324,467		$	1,503,076

24 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 25

Statements of changes in net assets

TIAA-CREF Lifestyle Funds § For the period ended

		Lifestyle Income Fund						Lifestyle Conservative Fund						Lifestyle Moderate Fund
		November 30, 2012			For the period December 9, 2011 to May 31, 2012			November 30, 2012			For the period December 9, 2011 to May 31, 2012			November 30, 2012			For the period December 9, 2011 to May 31, 2012
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	100,466		$	76,773		$	100,569		$	67,659		$	80,738		$	54,668
Net realized gain (loss) from investments			7,359			15,215			3,554			12,282			(21,903	)		2,931
Net change in unrealized appreciation (depreciation) from affiliated investments			517,383			186,282			940,108			212,259			1,258,496			223,373
Net increase (decrease) in net assets from operations			625,208			278,270			1,044,231			292,200			1,317,331			280,972
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Institutional Class		(8,768	)		(5,567	)		(7,497	)		(4,887	)		(6,568	)		(4,071	)
	Retirement Class		(31,670	)		(19,118	)		(27,846	)		(16,359	)		(24,607	)		(13,263	)
	Retail Class		(44,383	)		(18,188	)		(46,536	)		(16,460	)		(37,744	)		(13,875	)
	Premier Class		(8,523	)		(5,099	)		(9,875	)		(4,414	)		(5,917	)		(3,592	)
Total distributions			(93,344	)		(47,972	)		(91,754	)		(42,120	)		(74,836	)		(34,801	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		17,763			1,000,000			1,695			1,000,000			38,026			1,000,000
	Retirement Class		1,114,067			4,013,558			1,217,610			4,061,070			2,167,451			4,106,675
	Retail Class		3,574,526			4,900,266			5,386,516			6,198,492			4,553,293			6,665,965
	Premier Class		35,287			1,036,658			32,968			1,481,532			15,049			1,000,000
Reinvestments of distributions:	Institutional Class		8,768			5,567			7,497			4,887			6,568			4,071
	Retirement Class		31,670			19,118			27,846			16,359			24,607			13,263
	Retail Class		43,658			17,841			43,791			15,682			37,030			13,875
	Premier Class		8,523			5,099			9,875			4,414			5,917			3,592
Redemptions:	Institutional Class		–			–			–			–			–			–
	Retirement Class		(259,420	)		(535	)		(46,488	)		(26	)		(489,683	)		(2,034	)
	Retail Class		(592,125	)		(26,896	)		(327,169	)		(680,725	)		(1,045,806	)		(86,808	)
	Premier Class		–			–			(12,277	)		–			–			–
Net increase (decrease) from shareholder transactions			3,982,717			10,970,676			6,341,864			12,101,685			5,312,452			12,718,599
Net increase (decrease) in net assets			4,514,581			11,200,974			7,294,341			12,351,765			6,554,947			12,964,770
NET ASSETS
Beginning of period			11,200,974			–			12,351,765			–			12,964,770			–
End of period		$	15,715,555		$	11,200,974		$	19,646,106		$	12,351,765		$	19,519,717		$	12,964,770
Undistributed net investment income (loss) included in net assets		$	38,800		$	31,678		$	37,374		$	28,559		$	28,795		$	22,893
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,673			100,000			157			100,000			3,428			100,000
	Retirement Class		105,994			401,324			113,822			405,833			198,015			410,088
	Retail Class		340,823			487,384			505,003			609,617			418,843			650,951
	Premier Class		3,317			103,573			3,107			145,950			1,402			100,000
Shares reinvested:	Institutional Class		839			542			704			467			606			382
	Retirement Class		3,031			1,861			2,614			1,563			2,266			1,247
	Retail Class		4,170			1,736			4,103			1,497			3,411			1,298
	Premier Class		816			496			928			422			546			337
Shares redeemed:	Institutional Class		–			–			–			–			–			–
	Retirement Class		(24,908	)		(52	)		(4,299	)		(3	)		(43,829	)		(188	)
	Retail Class		(56,242	)		(2,604	)		(30,331	)		(64,048	)		(99,512	)		(8,123	)
	Premier Class		–			–			(1,133	)		–			–			–
Net increase (decrease) from shareholder transactions			379,513			1,094,260			594,675			1,201,298			485,176			1,255,992

26 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 27

Statements of changes in net assets	concluded
TIAA-CREF Lifestyle Funds § For the period ended

		Lifestyle Growth Fund						Lifestyle Aggressive Growth Fund
		November 30, 2012			For the period December 9, 2011 to May 31, 2012			November 30, 2012			For the period December 9, 2011 to May 31, 2012
		(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	30,774		$	20,089		$	(9,459	)	$	(13,801	)
Net realized gain (loss) from investments			(3,105	)		(1,864	)		(11,550	)		3,153
Net change in unrealized appreciation (depreciation) from affiliated investments			1,296,798			254,917			1,524,085			222,396
Net increase (decrease) in net assets from operations			1,324,467			273,142			1,503,076			211,748
DISTRIBUTION TO SHAREHOLDERS
From net investment income:	Institutional Class		–			(414	)		–			–
	Retirement Class		–			(1,056	)		–			–
	Retail Class		–			(720	)		–			–
	Premier Class		–			(324	)		–			–
Total distributions			–			(2,514	)		–			–
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		74,914			1,000,000			81,601			1,000,000
	Retirement Class		1,048,417			4,085,535			1,312,228			4,119,906
	Retail Class		1,878,187			5,362,281			1,145,814			5,057,312
	Premier Class		4,931			1,035,257			15,477			1,011,497
Reinvestments of distributions:	Institutional Class		–			414			–			–
	Retirement Class		–			1,056			–			–
	Retail Class		–			720			–			–
	Premier Class		–			324			–			–
Redemptions:	Institutional Class		–			–			–			–
	Retirement Class		(238,290	)		(4,945	)		(155,918	)		–
	Retail Class		(289,119	)		(200,573	)		(350,781	)		(69,770	)
	Premier Class		(20,209	)		(52	)		(3,800	)		(1,000	)
Net increase (decrease) from shareholder transactions			2,458,831			11,280,017			2,044,621			11,117,945
Net increase (decrease) in net assets			3,783,298			11,550,645			3,547,697			11,329,693
NET ASSETS
Beginning of period			11,550,645			–			11,329,693			–
End of period		$	15,333,943		$	11,550,645		$	14,877,390		$	11,329,693
Undistributed net investment income (loss) included in net assets		$	51,441		$	20,667		$	(18,778	)	$	(9,319	)
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		6,587			100,000			7,250			100,000
	Retirement Class		94,826			407,867			119,564			410,987
	Retail Class		170,160			528,041			104,043			496,921
	Premier Class		469			103,206			1,414			101,058
Shares reinvested:	Institutional Class		–			43			–			–
	Retirement Class		–			109			–			–
	Retail Class		–			74			–			–
	Premier Class		–			33			–			–
Shares redeemed:	Institutional Class		–			–			–			–
	Retirement Class		(21,663	)		(457	)		(14,013	)		–
	Retail Class		(26,295	)		(18,923	)		(31,945	)		(6,284	)
	Premier Class		(2,000	)		(5	)		(333	)		(91	)
Net increase (decrease) from shareholder transactions			222,084			1,119,988			185,980			1,102,591

28 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements See notes to financial statements TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 29

Financial highlights

Lifestyle Income Fund § For the period ended

	Institutional Class				Retirement Class
	11/30/12		5/31/12*		11/30/12		5/31/12*
	(unaudited)				(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.24		$10.00		$10.24		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.09		0.09		0.08		0.08
Net realized and unrealized gain on total investments	0.43		0.21		0.41		0.21
Total gain from investment operations	0.52		0.30		0.49		0.29
Less distributions from:
Net investment income	(0.09	)	(0.06	)	(0.07	)	(0.05	)
Total distributions	(0.09	)	(0.06	)	(0.07	)	(0.05	)
Net asset value, end of period	$10.67		$10.24		$10.66		$10.24
TOTAL RETURN	5.07	%(b)	2.95	%(b)	4.85	%(b)	2.88	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$1,100		$1,030		$5,196		$4,127
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	1.01	%(c)	2.98	%(c)	1.25	%(c)	2.83	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.10	%(c)	0.10	%(c)	0.35	%(c)	0.35	%(c)
Ratio of net investment income to average net assets	1.72	%(c)	1.81	%(c)	1.48	%(c)	1.56	%(c)
Portfolio turnover rate	12	%(b)	3	%(b)	12	%(b)	3	%(b)

30 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements

Financial highlights	concluded
Lifestyle Income Fund § For the period ended

	Retail Class				Premier Class
	11/30/12		5/31/12*		11/30/12		5/31/12*
	(unaudited)				(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.23		$10.00		$10.24		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.07		0.07		0.08		0.08
Net realized and unrealized gain on total investments	0.43		0.20		0.43		0.21
Total gain from investment operations	0.50		0.27		0.51		0.29
Less distributions from:
Net investment income	(0.07	)	(0.04	)	(0.08	)	(0.05	)
Total distributions	(0.07	)	(0.04	)	(0.08	)	(0.05	)
Net asset value, end of period	$10.66		$10.23		$10.67		$10.24
TOTAL RETURN	4.94	%(b)	2.73	%(b)	5.00	%(b)	2.91	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$8,266		$4,979		$1,154		$1,065
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	1.27	%(c)	2.82	%(c)	1.14	%(c)	3.13	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.36	%(c)	0.48	%(c)	0.23	%(c)	0.25	%(c)
Ratio of net investment income to average net assets	1.46	%(c)	1.43	%(c)	1.59	%(c)	1.66	%(c)
Portfolio turnover rate	12	%(b)	3	%(b)	12	%(b)	3	%(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.
(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 ending November 30, 2012 and May 31, 2012 were 0.36% and 0.36%, respectively.
*	The Fund commenced operations on December 9, 2011.

See notes to financial statements TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 31

Financial highlights

Lifestyle Conservative Fund § For the period ended

	Institutional Class				Retirement Class
	11/30/12		5/31/12*		11/30/12		5/31/12*
	(unaudited)				(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.29		$10.00		$10.28		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.08		0.08		0.07		0.06
Net realized and unrealized gain on total investments	0.65		0.26		0.65		0.26
Total gain from investment operations	0.73		0.34		0.72		0.32
Less distributions from:
Net investment income	(0.07	)	(0.05	)	(0.06	)	(0.04	)
Total distributions	(0.07	)	(0.05	)	(0.06	)	(0.04	)
Net asset value, end of period	$10.95		$10.29		$10.94		$10.28
TOTAL RETURN	7.16	%(b)	3.38	%(b)	7.04	%(b)	3.20	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$1,109		$1,033		$5,683		$4,189
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.88	%(c)	2.81	%(c)	1.12	%(c)	2.66	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.10	%(c)	0.10	%(c)	0.35	%(c)	0.35	%(c)
Ratio of net investment income to average net assets	1.49	%(c)	1.54	%(c)	1.25	%(c)	1.29	%(c)
Portfolio turnover rate	11	%(b)	17	%(b)	11	%(b)	17	%(b)

32 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements

Financial highlights	concluded
Lifestyle Conservative Fund § For the period ended

	Retail Class				Premier Class
	11/30/12		5/31/12*		11/30/12		5/31/12*
	(unaudited)				(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.28		$10.00		$10.28		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.06		0.06		0.07		0.07
Net realized and unrealized gain on total investments	0.66		0.26		0.66		0.25
Total gain from investment operations	0.72		0.32		0.73		0.32
Less distributions from:
Net investment income	(0.06	)	(0.04	)	(0.07	)	(0.04	)
Total distributions	(0.06	)	(0.04	)	(0.07	)	(0.04	)
Net asset value, end of period	$10.94		$10.28		$10.94		$10.28
TOTAL RETURN	7.04	%(b)	3.16	%(b)	7.09	%(b)	3.23	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$11,220		$5,624		$1,633		$1,505
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	1.15	%(c)	2.65	%(c)	1.01	%(c)	2.90	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.38	%(c)	0.47	%(c)	0.24	%(c)	0.25	%(c)
Ratio of net investment income to average net assets	1.22	%(c)	1.18	%(c)	1.35	%(c)	1.39	%(c)
Portfolio turnover rate	11	%(b)	17	%(b)	11	%(b)	17	%(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.
(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 ending November 30, 2012 and May 31, 2012 were 0.41% and 0.41%, respectively.
*	The Fund commenced operations on December 9, 2011.

See notes to financial statements TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 33

Financial highlights

Lifestyle Moderate Fund § For the period ended

	Institutional Class				Retirement Class
	11/30/12		5/31/12*		11/30/12		5/31/12*
	(unaudited)				(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.33		$10.00		$10.32		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.07		0.06		0.05		0.05
Net realized and unrealized gain on total investments	0.89		0.31		0.89		0.30
Total gain from investment operations	0.96		0.37		0.94		0.35
Less distributions from:
Net investment income	(0.07	)	(0.04	)	(0.05	)	(0.03	)
Total distributions	(0.07	)	(0.04	)	(0.05	)	(0.03	)
Net asset value, end of period	$11.22		$10.33		$11.21		$10.32
TOTAL RETURN	9.27	%(b)	3.69	%(b)	9.16	%(b)	3.52	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$1,171		$1,037		$6,364		$4,244
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.90	%(c)	2.77	%(c)	1.14	%(c)	2.63	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.10	%(c)	0.10	%(c)	0.34	%(c)	0.35	%(c)
Ratio of net investment income to average net assets	1.26	%(c)	1.28	%(c)	1.03	%(c)	1.03	%(c)
Portfolio turnover rate	16	%(b)	11	%(b)	16	%(b)	11	%(b)

34 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements

Financial highlights concluded

Lifestyle Moderate Fund § For the period ended

	Retail Class				Premier Class
	11/30/12		5/31/12*		11/30/12		5/31/12*
	(unaudited)				(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.32		$10.00		$10.33		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.05		0.05		0.06		0.06
Net realized and unrealized gain on total investments	0.89		0.30		0.88		0.31
Total gain from investment operations	0.94		0.35		0.94		0.37
Less distributions from:
Net investment income	(0.05	)	(0.03	)	(0.06	)	(0.04	)
Total distributions	(0.05	)	(0.03	)	(0.06	)	(0.04	)
Net asset value, end of period	$11.21		$10.32		$11.21		$10.33
TOTAL RETURN	9.14	%(b)	3.48	%(b)	9.11	%(b)	3.65	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$10,838		$6,648		$1,147		$1,036
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	1.18	%(c)	2.60	%(c)	1.03	%(c)	2.92	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.38	%(c)	0.46	%(c)	0.23	%(c)	0.25	%(c)
Ratio of net investment income to average net assets	0.99	%(c)	0.92	%(c)	1.13	%(c)	1.13	%(c)
Portfolio turnover rate	16	%(b)	11	%(b)	16	%(b)	11	%(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.
(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 ending November 30, 2012 and May 31, 2012 were 0.46% and 0.45%, respectively.
*	The Fund commenced operations on December 9, 2011.

See notes to financial statements TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 35

Financial highlights

Lifestyle Growth Fund ▪ For the period ended

	Institutional Class				Retirement Class
	11/30/12		5/31/12*		11/30/12		5/31/12*
	(unaudited)				(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.32		$10.00		$10.31		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.04		0.03		0.02		0.02
Net realized and unrealized gain on total investments	1.09		0.29		1.10		0.29
Total gain from investment operations	1.13		0.32		1.12		0.31
Less distributions from:
Net investment income	–		(0.00	)(d)	–		(0.00	)(d)
Total distributions	–		(0.00	)(d)	–		(0.00	)(d)
Net asset value, end of period	$11.45		$10.32		$11.43		$10.31
TOTAL RETURN	10.95	%(b)	3.24	%(b)	10.86	%(b)	3.13	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$1,221		$1,033		$5,492		$4,203
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.97	%(c)	2.77	%(c)	1.20	%(c)	2.63	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.10	%(c)	0.10	%(c)	0.34	%(c)	0.35	%(c)
Ratio of net investment income to average net assets	0.69	%(c)	0.64	%(c)	0.45	%(c)	0.39	%(c)
Portfolio turnover rate	11	%(b)	7	%(b)	11	%(b)	7	%(b)

36 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements

Financial highlights	concluded
Lifestyle Growth Fund § For the period ended

	Retail Class				Premier Class
	11/30/12		5/31/12	*	11/30/12		5/31/12	*
	(unaudited)				(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.31		$10.00		$10.32		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.02		0.01		0.03		0.02
Net realized and unrealized gain on total investments	1.09		0.30		1.09		0.30
Total gain from investment operations	1.11		0.31		1.12		0.32
Less distributions from:
Net investment income	–		(0.00	)(d)	–		(0.00	)(d)
Total distributions	–		(0.00	)(d)	–		(0.00	)(d)
Net asset value, end of period	$11.42		$10.31		$11.44		$10.32
TOTAL RETURN	10.77	%(b)	3.12	%(b)	10.85	%(b)	3.23	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$7,457		$5,249		$1,163		$1,065
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	1.25	%(c)	2.63	%(c)	1.10	%(c)	2.92	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.38	%(c)	0.48	%(c)	0.24	%(c)	0.25	%(c)
Ratio of net investment income to average net assets	0.41	%(c)	0.27	%(c)	0.56	%(c)	0.49	%(c)
Portfolio turnover rate	11	%(b)	7	%(b)	11	%(b)	7	%(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 ending November 30, 2012 and May 31, 2012 were 0.48% and 0.48%, respectively.
*	The Fund commenced operations on December 9, 2011.

See notes to financial statements TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 37

Financial highlights

Lifestyle Aggressive Growth Fund § For the period ended

	Institutional Class				Retirement Class
	11/30/12		5/31/12	*	11/30/12		5/31/12	*
	(unaudited)				(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.29		$10.00		$10.28		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.01		0.00	(d)	(0.01	)	(0.01	)
Net realized and unrealized gain on total investments	1.27		0.29		1.28		0.29
Total gain from investment operations	1.28		0.29		1.27		0.28
Less distributions from:
Net investment income	–		–		–		–
Total distributions	–		–		–		–
Net asset value, end of period	$11.57		$10.29		$11.55		$10.28
TOTAL RETURN	12.44	%(b)	2.90	%(b)	12.35	%(b)	2.80	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$1,241		$1,029		$5,964		$4,224
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	1.01	%(c)	2.79	%(c)	1.25	%(c)	2.65	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.10	%(c)	0.10	%(c)	0.34	%(c)	0.35	%(c)
Ratio of net investment income to average net assets	0.10	%(c)	0.01	%(c)	(0.15	)%(c)	(0.24	)%(c)
Portfolio turnover rate	9	%(b)	2	%(b)	9	%(b)	2	%(b)

38 2012 Semiannual Report § TIAA-CREF Lifestyle Funds See notes to financial statements

Financial highlights	concluded
Lifestyle Aggressive Growth Fund § For the period ended

	Retail Class				Premier Class
	11/30/12		5/31/12	*	11/30/12		5/31/12	*
	(unaudited)				(unaudited)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Net asset value, beginning of period	$10.27		$10.00		$10.28		$10.00
Gain (loss) from investment operations:
Net investment income (loss) (a)	(0.01	)	(0.02	)	0.00	(d)	(0.01	)
Net realized and unrealized gain on total investments	1.28		0.29		1.28		0.29
Total gain from investment operations	1.27		0.27		1.28		0.28
Less distributions from:
Net investment income	–		–		–		–
Total distributions	–		–		–		–
Net asset value, end of period	$11.54		$10.27		$11.56		$10.28
TOTAL RETURN	12.37	%(b)	2.70	%(b)	12.45	%(b)	2.80	%(b)
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$6,492		$5,039		$1,180		$1,038
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	1.31	%(c)	2.66	%(c)	1.14	%(c)	2.94	%(c)
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.40	%(c)	0.49	%(c)	0.23	%(c)	0.25	%(c)
Ratio of net investment income to average net assets	(0.20	)%(c)	(0.37	)%(c)	(0.04	)%(c)	(0.14	)%(c)
Portfolio turnover rate	9	%(b)	2	%(b)	9	%(b)	2	%(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 ending November 30, 2012 and May 31, 2012 were 0.51% and 0.51%, respectively.
*	The Fund commenced operations on December 9, 2011.

See notes to financial statements TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 39

Notes to financial statements (unaudited)

TIAA-CREF Lifestyle Funds

Note 1—organization and significant accounting policies

The Lifestyle Funds (collectively 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 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, 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.

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 and unaffiliated investment companies are based upon the specific identification method.

Income and expenses of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that 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.

40 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

Income taxes: Each fund is treated separately for income tax purposes. 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. Management has analyzed the Funds’ tax positions taken for all open federal income tax years (2012) 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.

New Accounting Pronouncements: In May 2011, the Financial Accounting Standards Board adopted Accounting Standards Update (“ASU”) No. 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The ASU converges the guidance of both entities on fair value measurements and disclosures. ASU 2011-04 requires additional disclosures around transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy. The ASU applies to interim or annual periods beginning after December 15, 2011. Effective June 1, 2012, the Funds adopted this guidance with no material impact to the Fund’s financial statements and notes disclosure.

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 spreads, etc.)

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

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 41

Notes to financial statements (unaudited)

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2012, there were no transfers between levels by the Funds.

As of November 30, 2012, all of the investments in the Lifestyle 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. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and operational oversight services to the Funds.

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the 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. The Premier Class and the Retail Class of each Fund have adopted a distribution Rule 12b-1 plan that is expected to compensate TPIS for providing distribution, promotional and/or shareholder services to the Premier Class and Retail Class of the Fund at the maximum annual rates of 0.15% and 0.25% of the average daily net assets attributable to the Fund’s Premier Class and Retail Class, respectively.

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 due to affiliates on the Statements of Assets and Liabilities.

42 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

continued

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds 0.49% of average daily net assets for the Retail Class shares; 0.35% of average daily net assets for the Retirement Class shares; 0.25% of average daily net assets for the Premier Class shares; and 0.10% of average daily net assets for the Institutional Class shares. The expense reimbursement arrangements will continue through at least September 30, 2013, unless changed with the approval of the Board.

At the commencement of operations of each Fund, TIAA, an affiliate, invested in each Fund. The following is the percentage of the Funds’ shares owned by TIAA as of November 30, 2012:

Fund	TIAA
Lifestyle Income		69	%
Lifestyle Conservative		56
Lifestyle Moderate		58
Lifestyle Growth		75
Lifestyle Aggressive Growth		78

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifestyle Income
TIAA-CREF Bond	$	2,257,836	$	753,507	$	262,527	$	(354	)	$	32,426	$	2,818,146
TIAA-CREF Bond Plus		2,255,725		923,596		121,205		32			41,219		3,129,943
TIAA-CREF Emerging Markets Equity		159,376		138,152		24,153		(1,078	)		–		302,939
TIAA-CREF Enhanced International Equity Index		200,357		61,373		160,187		5,584			–		132,246
TIAA-CREF Enhanced Large-Cap Growth Index		145,307		53,465		48,069		1,374			–		160,140
TIAA-CREF Enhanced Large-Cap Value Index		140,011		57,885		45,335		1,490			–		167,387
TIAA-CREF Global Natural Resources		–		40,818		956		22			–		40,432
TIAA-CREF Growth & Income		324,254		145,223		37,208		(636	)		2,626		461,610
TIAA-CREF High-Yield		–		317,079		4,006		(37	)		3,891		315,310
TIAA-CREF International Equity		299,413		245,366		47,604		(1,175	)		–		598,270
TIAA-CREF Large-Cap Growth		388,265		158,946		51,211		(718	)		–		536,736
TIAA-CREF Large-Cap Value		373,279		172,937		38,776		(428	)		–		554,249
TIAA-CREF Mid-Cap Growth		28,522		7,198		19,658		1,441			–		18,018
TIAA-CREF Mid-Cap Value		28,581		10,796		17,979		1,198			–		23,696
TIAA-CREF Short-Term Bond		4,482,668		1,960,487		239,164		2			42,321		6,267,913
TIAA-CREF Small-Cap Equity		118,978		52,490		15,314		(219	)		–		165,384
	$	11,202,572	$	5,099,318	$	1,133,352	$	6,498		$	122,483	$	15,692,419

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 43

Notes to financial statements (unaudited)

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifestyle Conservative
TIAA-CREF Bond	$	1,243,794	$	521,699	$	238,841	$	860		$	18,250	$	1,567,101
TIAA-CREF Bond Plus		3,726,989		2,095,832		73,037		(131	)		73,220		5,878,652
TIAA-CREF Emerging Markets Equity		353,591		260,881		21,904		(442	)		–		657,189
TIAA-CREF Enhanced International Equity Index		444,444		172,833		167,674		4,188			–		531,833
TIAA-CREF Enhanced Large-Cap Growth Index		321,666		149,524		43,629		(137	)		–		450,008
TIAA-CREF Enhanced Large-Cap Value Index		310,067		166,682		44,733		669			–		467,678
TIAA-CREF Global Natural Resources		–		50,975		991		(2	)		–		50,592
TIAA-CREF Growth & Income		718,002		382,078		18,949		(184	)		6,177		1,150,858
TIAA-CREF High-Yield		–		394,004		2,256		–			4,641		394,500
TIAA-CREF International Equity		663,840		470,232		63,239		(310	)		–		1,289,666
TIAA-CREF Large-Cap Growth		859,601		414,472		33,735		(456	)		–		1,337,263
TIAA-CREF Large-Cap Value		826,716		470,902		29,455		(179	)		–		1,378,672
TIAA-CREF Mid-Cap Growth		63,129		23,049		20,884		583			–		70,448
TIAA-CREF Mid-Cap Value		63,329		35,232		20,288		449			–		84,137
TIAA-CREF Short-Term Bond		2,480,542		1,438,830		35,035		(24	)		25,056		3,922,786
TIAA-CREF Small-Cap Equity		263,426		136,483		8,871		(221	)		–		412,710
	$	12,339,136	$	7,183,708	$	823,521	$	4,663		$	127,344	$	19,644,093
Lifestyle Moderate
TIAA-CREF Bond Plus	$	5,236,196	$	2,614,064	$	609,165	$	(388	)	$	93,440	$	7,405,701
TIAA-CREF Emerging Markets Equity		559,642		328,053		53,721		(3,811	)		–		927,638
TIAA-CREF Enhanced International Equity Index		703,796		255,090		199,088		705			–		887,269
TIAA-CREF Enhanced Large-Cap Growth Index		508,560		218,080		67,113		(531	)		–		692,576
TIAA-CREF Enhanced Large-Cap Value Index		490,136		243,458		67,603		(12	)		–		718,776
TIAA-CREF Global Natural Resources		–		52,106		2,745		95			–		50,086
TIAA-CREF Growth & Income		1,135,408		556,802		83,481		(2,357	)		9,066		1,710,411
TIAA-CREF High-Yield		–		392,966		3,571		(28	)		4,554		392,114
TIAA-CREF International Equity		1,050,298		574,155		116,224		(4,275	)		–		1,819,734
TIAA-CREF Large-Cap Growth		1,358,395		585,715		97,873		(3,162	)		–		1,988,363
TIAA-CREF Large-Cap Value		1,307,283		688,212		106,756		(2,172	)		–		2,051,172
TIAA-CREF Mid-Cap Growth		99,705		34,933		25,794		227			–		116,592
TIAA-CREF Mid-Cap Value		100,050		52,720		24,578		199			–		137,100
TIAA-CREF Small-Cap Equity		416,445		197,341		32,313		(1,503	)		–		613,533
	$	12,965,914	$	6,793,695	$	1,490,025	$	(17,013	)	$	107,060	$	19,511,065

44 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

continued

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at November 30, 2012
Lifestyle Growth
TIAA-CREF Bond Plus	$	2,353,777	$	620,152	$	298,756	$	172		$	38,917	$	2,745,359
TIAA-CREF Emerging Markets Equity		660,944		211,214		28,578		(1,344	)		–		948,051
TIAA-CREF Enhanced International Equity Index		831,086		163,693		161,231		1,583			–		982,628
TIAA-CREF Enhanced Large-Cap Growth Index		606,535		141,994		47,208		(148	)		–		739,785
TIAA-CREF Enhanced Large-Cap Value Index		585,339		168,468		47,983		283			–		767,403
TIAA-CREF Global Natural Resources		–		40,010		984		(5	)		–		39,505
TIAA-CREF Growth & Income		1,355,207		371,046		49,725		(1,832	)		10,410		1,794,523
TIAA-CREF High-Yield		–		313,042		7,496		(105	)		3,741		307,747
TIAA-CREF International Equity		1,242,169		369,237		97,929		(1,096	)		–		1,857,390
TIAA-CREF Large-Cap Growth		1,623,310		366,739		65,330		(2,301	)		–		2,085,205
TIAA-CREF Large-Cap Value		1,558,962		458,800		54,522		(1,131	)		–		2,149,758
TIAA-CREF Mid-Cap Growth		119,329		21,721		21,035		865			–		128,994
TIAA-CREF Mid-Cap Value		119,299		38,895		18,226		336			–		150,285
TIAA-CREF Small-Cap Equity		497,068		126,958		16,780		(1,107	)		–		643,548
	$	11,553,025	$	3,411,969	$	915,783	$	(5,830	)	$	53,068	$	15,340,181
Lifestyle Aggressive Growth
TIAA-CREF Emerging Markets Equity	$	808,679	$	234,795	$	43,158	$	(2,927	)	$	–	$	1,128,206
TIAA-CREF Enhanced International Equity Index		1,017,986		186,915		166,128		(2,380	)		–		1,225,664
TIAA-CREF Enhanced Large-Cap Growth Index		750,159		153,918		47,045		(78	)		–		905,561
TIAA-CREF Enhanced Large-Cap Value Index		723,269		184,320		46,673		402			–		938,394
TIAA-CREF Global Natural Resources		–		38,438		817		(2	)		–		38,129
TIAA-CREF Growth & Income		1,676,453		396,879		46,619		(1,212	)		12,967		2,174,924
TIAA-CREF International Equity		1,518,553		382,488		111,508		(1,923	)		–		2,209,779
TIAA-CREF Large-Cap Growth		2,000,715		380,163		56,537		(1,419	)		–		2,523,785
TIAA-CREF Large-Cap Value		1,926,192		511,121		66,472		(1,246	)		–		2,604,282
TIAA-CREF Mid-Cap Growth		147,359		25,428		23,357		378			–		160,673
TIAA-CREF Mid-Cap Value		147,432		45,708		19,487		251			–		186,665
TIAA-CREF Small-Cap Equity		614,579		134,812		15,669		(932	)		–		779,826
	$	11,331,376	$	2,674,985	$	643,470	$	(11,088	)	$	12,967	$	14,875,888

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 45

Notes to financial statements (unaudited)

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 2012, 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)
Lifestyle Income	$	14,996,315	$	696,104		$–	$	696,104
Lifestyle Conservative		18,500,280		1,143,813		–		1,143,813
Lifestyle Moderate		18,061,672		1,449,393		–		1,449,393
Lifestyle Growth		13,809,804		1,530,377		–		1,530,377
Lifestyle Aggressive Growth		13,146,025		1,729,863		–		1,729,863

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2012 were as follows:

Fund	Purchases		Sales
Lifestyle Income	$	5,556,632	$	1,591,527
Lifestyle Conservative		8,202,058		1,840,764
Lifestyle Moderate		7,872,869		2,564,312
Lifestyle Growth		3,962,050		1,468,588
Lifestyle Aggressive Growth		3,276,632		1,244,654

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2012 was as follows:

	2012
Fund	Ordinary income		Long-term capital gains		Total
Lifestyle Income	$	47,972		$–	$	47,972
Lifestyle Conservative		42,120		–		42,120
Lifestyle Moderate		34,801		–		34,801
Lifestyle Growth		2,514		–		2,514
Lifestyle Aggressive Growth		–		–		–

The tax character of the fiscal year 2013 distributions will be determined at the end of the fiscal year.

46 2012 Semiannual Report § TIAA-CREF Lifestyle Funds

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. For the period ended November 30, 2012, 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.

TIAA-CREF Lifestyle Funds § 2012 Semiannual Report 47

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How to reach us

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

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

For the hearing- or speech-impaired
800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

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

©2013 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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2012 Semiannual Report

TIAA-CREF

Managed Allocation Fund

of the TIAA-CREF Funds

November 30, 2012

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	9
Portfolio of investments	10
Financial statements (unaudited)
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	17
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, 2012. 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 TIAA-CREF Funds in which the Managed Allocation Fund had investments as of November 30, 2012.

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

          The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to the latest prospectus.

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 and Retirement classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

2 2012 Semiannual Report § TIAA-CREF Managed Allocation Fund

Information for investors

Portfolio holdings

The complete portfolio of investments for the Managed Allocation Fund appears on page 10 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 our 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 the last day of February 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 § 2012 Semiannual Report 3

Important information about expenses

All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.

          The expense example that appears in the table on page 5 is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs or the costs incurred by the fund for buying and selling securities. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.

          The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the fund would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.

          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, 2012–November 30, 2012).

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 2012 Semiannual Report § TIAA-CREF Managed Allocation Fund

Important information about expenses

Expense example

Six months ended November 30, 2012

Managed Allocation Fund	Beginning account value (6/1/12)		Ending account value (11/30/12)		Expenses paid during period (6/1/12–11/30/12)		*	Effective expenses paid during period (6/1/12–11/30/12)		†
Institutional Class
Actual return		$1,000.00		$1,089.06		$0.00			$2.25
5% annual hypothetical return		1,000.00		1,025.07		0.00			2.18
Retirement Class
Actual return		$1,000.00		$1,086.65		$1.31			$3.56
5% annual hypothetical return		1,000.00		1,023.82		1.27			3.45
Retail Class
Actual return		$1,000.00		$1,086.52		$1.31			$3.56
5% annual hypothetical return		1,000.00		1,023.82		1.27			3.45

*

“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, 2012. 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 the fund’s 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 0.43% for the Institutional Class, 0.68% for the Retirement Class and 0.68% for the Retail Class.

TIAA-CREF Managed Allocation Fund § 2012 Semiannual Report 5

Managed Allocation Fund

Performance for the six months ended November 30, 2012

The Managed Allocation Fund returned 8.91% for the Institutional Class, compared with the 7.43% return of its benchmark, the Managed Allocation Composite Index. For the one-year period ended November 30, 2012, the fund returned 13.49%, versus 11.38% for its composite index. The table on page 8 shows returns for all share classes of the fund.

Despite slow growth, global stocks surge upward

At the end of November, the U.S. Commerce Department estimated that gross domestic product, which measures the value of all goods and services produced in the United States, grew by 2.5% in the third quarter of 2012, on a year-over-year basis, adjusted for inflation.

          This reflected an improved housing market and increased consumer spending. Reduced government spending and persistently high unemployment continued to hamper growth, which remained well below the pace of a more typical recovery. There were signs of slowing growth elsewhere, too, particularly in Europe and China.

          Nonetheless, global stock markets performed very well for the six-month period. The Russell 3000^® Index, which measures the broad U.S. stock market, gained 9.33%. Foreign stocks did even better; the MSCI EAFE (Europe, Australasia, Far East)+EM (Emerging Markets) Index, which measures stock performance in 22 developed market nations outside North America and in 21 emerging market nations, rose 16.69%.

          In both the United States and Europe, investors were encouraged by signs that central banks were taking additional steps to promote growth and ensure liquidity in the credit markets.

          Yields on 10-year U.S. Treasury securities inched up, from 1.59% at the end of May to 1.62% at the end of November, but inflationary pressures were also low. The Barclays U.S. Aggregate Bond Index, which measures the broad domestic market for investment-grade, fixed-rate bonds, returned 1.99% for the period.

6 2012 Semiannual Report § TIAA-CREF Managed Allocation Fund

Strong results from stocks lift the fund’s return higher

The absolute return of the Managed Allocation Fund for the six-month period was driven by robust gains from both the international equity and U.S. equity sectors. In contrast, performance was constrained by the more modest returns from the fixed-income sector.

          The Managed Allocation Fund may invest in up to three sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks) and fixed income. The fund does this by investing in various underlying funds that in turn buy stocks, bonds and other securities in these market sectors.

          For the six months, the fund outperformed its composite benchmark by more than one-and-a-half percentage points because of strong relative performance in the international equity and fixed-income sectors. Secondarily, the fund initiated small tactical asset allocation positions during the reporting period, and these made additional contributions to relative performance.

          The single largest contribution to relative performance came from the Bond Plus Fund, which outperformed its own benchmark (the Barclays U.S. Aggregate Bond Index) by more than two-and-a-half percentage points. Strong relative results from the International Equity and Large-Cap Growth funds also helped.

          Tactical asset allocations further aided relative performance during the period. The Managed Allocation Fund increased its exposure to the international equity market sector and decreased it within the U.S. equity market sector. In the fixed-income market sector, the fund added a position in the high-yield market, while reducing its position in the broader bond market.

          At the end of November, the Managed Allocation Fund continued to have slightly more exposure to the international equity market sector and less to the U.S. equity market sector. This included a new position in the Global Natural Resources Fund. The fund’s international equity overweight was based on attractive valuations, our positive economic outlook and improving investor sentiment.

          In the fixed-income market sector, the fund remained slightly overweighted in the high-yield market at the expense of the broader market. This overweight position was based on our view of the prospects for more attractive risk-adjusted returns in high yield at this stage of the economic cycle, compared with the mix of U.S. Treasury securities, corporate bonds and other fixed-income investments held by the Bond Plus Fund.

TIAA-CREF Managed Allocation Fund § 2012 Semiannual Report 7

Managed Allocation Fund

Performance as of November 30, 2012
			Total return						Average annual total return
Managed Allocation Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		3/31/2006		8.91	%		13.49	%		2.38	%		4.25	%
Retirement Class		3/31/2006		8.66			13.10			2.09			3.97
Retail Class		3/31/2006		8.65			13.06			2.20			4.12
Managed Allocation Composite Index*		—		7.43			11.38			2.95			4.56	†
Broad market index
Russell 3000® Index		—		9.33			15.95			1.67			3.56	†

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 any index. Index returns do not include a deduction for fees or expenses.

*	On November 30, 2012, the Managed Allocation Composite Index consisted of: 45.0% Russell 3000 Index; 40.0% Barclays U.S. Aggregate Bond Index; and 15.0% MSCI EAFE+EM Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
†	The performance is calculated from the inception date of the Institutional Class.

Asset allocation
	% of net assets as of 11/30/2012
Equity
U.S. equity		44.2	%
International equity		16.0
Fixed income		39.7
Other assets & liabilities, net		0.1
Total		100.0

Target allocation

8 2012 Semiannual Report § TIAA-CREF Managed Allocation Fund

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 market sector allocations:

• 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.

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

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

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

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

TIAA-CREF Managed Allocation Fund § 2012 Semiannual Report 9

Portfolio of investments (unaudited)

Managed Allocation Fund § November 30, 2012

					% of net
	Shares	Company	Value		assets
TIAA-CREF FUNDS (a)
FIXED INCOME
	20,345,217	TIAA-CREF Bond Plus Fund	$	222,983,583	37.7	%
	1,136,798	TIAA-CREF High-Yield Fund		11,743,123	2.0
				234,726,706	39.7
INTERNATIONAL EQUITY
	2,433,583	TIAA-CREF Emerging Markets Equity Fund		25,820,318	4.4
	3,902,292	TIAA-CREF Enhanced International Equity Index Fund		27,355,065	4.6
	144,516	TIAA-CREF Global Natural Resources Fund		1,462,499	0.3
	4,200,758	TIAA-CREF International Equity Fund		39,739,173	6.7
				94,377,055	16.0
U.S. EQUITY
	4,760,630	TIAA-CREF Enhanced Large-Cap Growth Index Fund		46,606,567	7.9
	5,581,597	TIAA-CREF Enhanced Large-Cap Value Index Fund		48,336,628	8.2
	3,973,654	TIAA-CREF Growth & Income Fund		41,763,101	7.1
	4,039,706	TIAA-CREF Large-Cap Growth Fund		48,678,453	8.2
	3,519,743	TIAA-CREF Large-Cap Value Fund		49,980,353	8.5
	131,857	TIAA-CREF Mid-Cap Growth Fund		2,693,840	0.4
	170,093	TIAA-CREF Mid-Cap Value Fund		3,182,442	0.5
	1,349,927	TIAA-CREF Small-Cap Equity Fund		19,924,916	3.4
				261,166,300	44.2
		TOTAL TIAA-CREF FUNDS (Cost $550,293,224)		590,270,061	99.9
		TOTAL PORTFOLIO (Cost $550,293,224)		590,270,061	99.9
		OTHER ASSETS & LIABILITIES, NET		361,935	0.1
		NET ASSETS	$	590,631,996	100.0	%

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

10 2012 Semiannual Report § TIAA-CREF Managed Allocation Fund See notes to financial statements

Statement of assets and liabilities (unaudited)

Managed Allocation Fund § November 30, 2012

ASSETS
Affiliated investments, at value*	$	590,270,061
Cash		385,961
Receivable from Fund shares sold		210,498
Dividends and interest receivable		616,161
Due from affiliates		4,862
Other		28,048
Total assets		591,515,591
LIABILITIES
Service agreement fees payable		524
Distribution fees payable		231,721
Due to affiliates		3,946
Payable for securities transactions		390,500
Payable for Fund shares redeemed		109,187
Accrued expenses and other payables		147,717
Total liabilities		883,595
NET ASSETS	$	590,631,996
NET ASSETS CONSIST OF:
Paid-in-capital	$	558,700,143
Undistributed net investment income (loss)		977,972
Accumulated net realized gain (loss) on total investments		(9,022,956	)
Net unrealized appreciation (depreciation) on total investments		39,976,837
NET ASSETS	$	590,631,996
INSTITUTIONAL CLASS:
Net assets	$	6,848,984
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		638,553
Net asset value per share		$10.73
RETIREMENT CLASS:
Net assets	$	25,337,460
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		2,364,824
Net asset value per share		$10.71
RETAIL CLASS:
Net assets	$	558,445,552
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		51,976,257
Net asset value per share		$10.74
* Affiliated investments, cost	$	550,293,224

See notes to financial statements TIAA-CREF Managed Allocation Fund § 2012 Semiannual Report 11

Statement of operations (unaudited)

Managed Allocation Fund § For the period ended November 30, 2012

INVESTMENT INCOME
Dividends from affiliated investments	$	3,910,540
Total income		3,910,540
EXPENSES
Distribution fees — Retail Class		684,559
Fund administration fees		16,263
Custody and accounting fees		7,505
Audit fees		10,485
Legal fees		2,463
Shareholder reports		35,414
Shareholder servicing — Institutional Class		155
Shareholder servicing — Retirement Class		36,719
Shareholder servicing — Retail Class		182,712
Trustee fees and expenses		2,914
Compliance fees		7,837
Interest expense		40
Registration fees		18,960
Other expenses		5,221
Total expenses		1,011,247
Less: Expenses reimbursed by the investment adviser		(290,054	)
Net expenses		721,193
Net investment income (loss)		3,189,347
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS:
Realized gain (loss) from sale of affiliated investments		8,394,561
Net change in unrealized appreciation (depreciation) from affiliated investments		36,850,130
Net realized and unrealized gain (loss) from investments		45,244,691
Net increase (decrease) in net assets from operations	$	48,434,038

12 2012 Semiannual Report § TIAA-CREF Managed Allocation Fund See notes to financial statements

Statement of changes in net assets

Managed Allocation Fund § For the period or year ended

		Managed Allocation Fund
		November 30, 2012			May 31, 2012
		(unaudited		)
OPERATIONS
Net investment income (loss)		$	3,189,347		$	13,772,011
Net realized gain (loss) from affiliated investments			8,394,561			18,049,964
Net change in unrealized appreciation (depreciation) from affiliated investments			36,850,130			(44,405,649	)
Net increase (decrease) in net assets from operations			48,434,038			(12,583,674	)
DISTRIBUTION TO SHAREHOLDERS
From net investment income:
	Institutional Class		(46,304	)		(153,330	)
	Retirement Class		(157,582	)		(731,835	)
	Retail Class		(3,041,833	)		(13,210,401	)
Total distributions			(3,245,719	)		(14,095,566	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		820,412			3,032,778
	Retirement Class		3,248,161			7,718,123
	Retail Class		18,411,057			36,641,923
Reinvestments of distributions:
	Institutional Class		45,084			150,690
	Retirement Class		157,582			731,835
	Retail Class		2,912,100			12,573,758
Redemptions:	Institutional Class		(1,248,906	)		(481,436	)
	Retirement Class		(10,565,676	)		(9,541,008	)
	Retail Class		(30,319,422	)		(60,970,792	)
Net increase (decrease) from shareholder transactions			(16,539,608	)		(10,144,129	)
Net increase (decrease) in net assets			28,648,711			(36,823,369	)
NET ASSETS
Beginning of period			561,983,285			598,806,654
End of period		$	590,631,996		$	561,983,285
Undistributed net investment income (loss) included in net assets		$	977,972		$	1,034,344
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		78,466			312,071
	Retirement Class		316,263			779,549
	Retail Class		1,763,659			3,676,570
Shares reinvested:
	Institutional Class		4,342			15,678
	Retirement Class		15,220			76,162
	Retail Class		279,669			1,305,703
Shares redeemed:
	Institutional Class		(121,949	)		(48,869	)
	Retirement Class		(992,812	)		(973,681	)
	Retail Class		(2,912,734	)		(6,151,319	)
Net increase (decrease) from shareholder transactions			(1,569,876	)		(1,008,136	)

See notes to financial statements TIAA-CREF Managed Allocation Fund § 2012 Semiannual Report 13

Financial highlights

Managed Allocation Fund § For the period or year ended

	Institutional Class
	11/30/12		5/31/12		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	$  9.92		$10.39		$  9.40		$8.73		$8.86		$11.03		$10.11
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.07		0.27		0.21		0.24		0.24		0.33		0.33
Net realized and unrealized gain (loss) on total investments	0.81		(0.47	)	0.97		0.67		(0.13	)	(2.16	)	1.12
Total gain (loss) from investment operations	0.88		(0.20	)	1.18		0.91		0.11		(1.83	)	1.45
Less distributions from:
Net investment income	(0.07	)	(0.27	)	(0.19	)	(0.24	)	(0.24	)	(0.33	)	(0.53	)
Net realized gains	–		–		–		–		–		(0.01	)	–
Total distributions	(0.07	)	(0.27	)	(0.19	)	(0.24	)	(0.24	)	(0.34	)	(0.53	)
Net asset value, end of period	$10.73		$  9.92		$10.39		$9.40		$8.73		$  8.86		$11.03
TOTAL RETURN	8.91	%(b)	(1.79	)%	12.66	%(b)	10.52	%	1.74	%	(16.92	)%	14.68	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$6,849		$6,724		$4,142		$2,542		$2,011		$1,832		$4,718
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.04	%(c)	0.04	%	0.06	%(c)	0.06	%	0.10	%	0.07	%	0.12	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.00	%(c)	0.00	%	0.00	%(c)	0.00	%	0.00	%	0.00	%	0.00	%
Ratio of net investment income to average net assets	1.34	%(c)	2.76	%	3.18	%(c)	2.68	%	3.15	%	3.28	%	3.12	%
Portfolio turnover rate	7	%(b)	15	%	10	%(b)	21	%	48	%	26	%	13	%

14 2012 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
	11/30/12		5/31/12		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	$  9.91		$10.38		$  9.39		$8.72		$8.86		$11.03		$10.13
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.06		0.24		0.19		0.21		0.21		0.29		0.35
Net realized and unrealized gain (loss) on total investments	0.80		(0.46	)	0.98		0.67		(0.12	)	(2.14	)	1.06
Total gain (loss) from investment operations	0.86		(0.22	)	1.17		0.88		0.09		(1.85	)	1.41
Less distributions from:
Net investment income	(0.06	)	(0.25	)	(0.18	)	(0.21	)	(0.23	)	(0.31	)	(0.51	)
Net realized gains	–		–		–		–		–		(0.01	)	–
Total distributions	(0.06	)	(0.25	)	(0.18	)	(0.21	)	(0.23	)	(0.32	)	(0.51	)
Net asset value, end of period	$10.71		$  9.91		$10.38		$9.39		$8.72		$  8.86		$11.03
TOTAL RETURN	8.66	%(b)	(2.04	)%	12.54	%(b)	10.26	%	1.39	%	(17.10	)%	14.27	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$25,337		$29,993		$32,622		$24,404		$21,287		$13,678		$16,570
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.29	%(c)	0.29	%	0.31	%(c)	0.30	%	0.34	%	0.31	%	0.37	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.25	%(c)	0.25	%	0.25	%	0.24	%	0.25	%
Ratio of net investment income to average net assets	1.09	%(c)	2.43	%	2.87	%(c)	2.36	%	2.82	%	2.84	%	3.26	%
Portfolio turnover rate	7	%(b)	15	%	10	%(b)	21	%	48	%	26	%	13	%

See notes to financial statements TIAA-CREF Managed Allocation Fund § 2012 Semiannual Report 15

Financial highlights	concluded
Managed Allocation Fund § For the period or year ended

	Retail Class
	11/30/12		5/31/12		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	$  9.94		$10.41		$  9.42		$8.75		$8.88		$11.05		$10.16
Gain (loss) from investment operations:
Net investment income (loss) (a)	0.06		0.24		0.20		0.22		0.24		0.32		0.22
Net realized and unrealized gain (loss) on total investments	0.80		(0.46	)	0.97		0.67		(0.13	)	(2.15	)	1.21
Total gain (loss) from investment operations	0.86		(0.22	)	1.17		0.89		0.11		(1.83	)	1.43
Less distributions from:
Net investment income	(0.06	)	(0.25	)	(0.18	)	(0.22	)	(0.24	)	(0.33	)	(0.54	)
Net realized gains	–		–		–		–		–		(0.01	)	–
Total distributions	(0.06	)	(0.25	)	(0.18	)	(0.22	)	(0.24	)	(0.34	)	(0.54	)
Net asset value, end of period	$10.74		$  9.94		$10.41		$9.42		$8.75		$  8.88		$11.05
TOTAL RETURN	8.65	%(b)	(2.03	)%	12.52	%(b)	10.34	%	1.70	%	(16.89	)%	14.47	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period or year (in thousands)	$558,446		$525,266		$562,043		$505,725		$471,190		$489,340		$620,616
Ratio of expenses to average net assets before expense waiver and reimbursement (e)	0.35	%(c)	0.33	%	0.26	%(c)	0.21	%	0.44	%	0.37	%	0.45	%
Ratio of expenses to average net assets after expense waiver and reimbursement (e)	0.25	%(c)	0.25	%	0.21	%(c)	0.16	%	0.05	%	0.00	%	0.00	%
Ratio of net investment income to average net assets	1.09	%(c)	2.44	%	3.01	%(c)	2.47	%	3.16	%	3.16	%	1.99	%
Portfolio turnover rate	7	%(b)	15	%	10	%(b)	21	%	48	%	26	%	13	%

(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.
(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, 2012, May 31, 2012, May 31, 2011 and September 30, 2010 were 0.43%, 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.

16 2012 Semiannual Report § TIAA-CREF Managed Allocation Fund See notes to financial statements

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 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, is registered with the Commission as an investment adviser and provides investment management services for the Fund. The Fund offers three share classes: Institutional, Retirement and Retail Classes of shares. Each class differs by the allocation of class specific expenses and voting rights in matters affecting a single class.

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

Security valuation: The Fund’s investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of investments.

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 and unaffiliated 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.

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

TIAA-CREF Managed Allocation Fund § 2012 Semiannual Report 17

Notes to financial statements (unaudited)

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. Management has analyzed the Fund’s tax positions taken for all open federal income tax years (2009–2012) and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

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

Trustee compensation: The Fund pays the 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.

New Accounting Pronouncement: In May 2011, the Financial Accounting Standards Board adopted Accounting Standards Update (“ASU”) No. 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The ASU converges the guidance of both entities on fair value measurements and disclosures. ASU 2011-04 requires additional disclosures around transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy. The ASU applies to interim or annual periods beginning after December 15, 2011. Effective June 1, 2012, the Fund adopted this guidance with no material impact to the Fund’s financial statements and notes disclosure.

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 spreads, etc.)

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

18 2012 Semiannual Report § TIAA-CREF Managed Allocation Fund

continued

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

A description of the valuation techniques applied to the 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, 2012, there were no transfers between levels by the Fund.

As of November 30, 2012, 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. The Fund has entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and operational oversight services to the Fund.

Under the terms of the Fund’s Retirement Class 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 interest, taxes, brokerage and other transactional expenses, acquired fund fees and

TIAA-CREF Managed Allocation Fund § 2012 Semiannual Report 19

Notes to financial statements (unaudited)

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, 2013, unless changed with approval of the Board.

Investments in other investment companies advised by Advisors are deemed to be affiliated companies. The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

Issue	Value at May 31, 2012		Purchases cost		Sales proceeds		Realized gain (loss)		Dividend income		Value at November 30, 2012
Managed Allocation Fund
TIAA-CREF Bond Plus Fund	$	227,702,125	$	12,607,326	$	23,804,597	$	2,043,597	$	3,480,373	$	222,983,583
TIAA-CREF Emerging Markets Equity Fund		21,825,293		3,790,646		3,015,676		250,105		–		25,820,318
TIAA-CREF Enhanced International Equity Index Fund		30,609,757		510,381		8,781,149		498,433		–		27,355,065
TIAA-CREF Enhanced Large-Cap Growth Index Fund		47,166,686		908,207		4,425,597		1,390,250		–		46,606,567
TIAA-CREF Enhanced Large-Cap Value Index Fund		45,449,291		1,191,884		2,953,691		811,434		–		48,336,628
TIAA-CREF Global Natural Resources Fund		–		1,511,935		70,635		4,074		–		1,462,499
TIAA-CREF Growth & Income Fund		39,485,727		816,670		1,885,100		761,129		279,415		41,763,101
TIAA-CREF High-Yield Fund		–		11,917,970		266,928		3,592		150,752		11,743,123
TIAA-CREF International Equity Fund		30,422,817		6,678,103		5,375,120		589,948		–		39,739,173
TIAA-CREF Large-Cap Growth Fund		47,190,572		739,096		3,608,508		499,293		–		48,678,453
TIAA-CREF Large-Cap Value Fund		45,525,764		1,223,566		1,924,604		374,954		–		49,980,353
TIAA-CREF Mid-Cap Growth Fund		3,467,641		72,900		1,085,552		496,774		–		2,693,840
TIAA-CREF Mid-Cap Value Fund		3,486,992		224,581		804,638		337,699		–		3,182,442
TIAA-CREF Small-Cap Equity Fund		19,308,982		533,271		1,341,019		333,279		–		19,924,916
	$	561,641,647	$	42,726,536	$	59,342,814	$	8,394,561	$	3,910,540	$	590,270,061

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 2012, the cost of portfolio investments for federal income tax purposes was $550,974,069. Net unrealized appreciation of portfolio investments for federal income tax purposes was $39,295,992, consisting of gross unrealized appreciation of $51,800,566, and gross unrealized depreciation of $(12,504,574).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended November 30, 2012 were $42,726,536 and $59,342,814, respectively.

20 2012 Semiannual Report § TIAA-CREF Managed Allocation Fund

concluded

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2012 was as follows:

	Ordinary income		Long-term capital gains		Total
2012		$ 14,095,566		$ –		$ 14,095,566

The tax character of the fiscal year 2013 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 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 Fund at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2012, 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.

Note 8—subsequent event

On December 4, 2012, the Board approved an amendment to the Retail Class Rule 12b-1 plan of the Fund that will change the 12b-1 plan from a reimbursement plan to a compensation plan. The amendment to the plan is effective January 1, 2013 at which time the Retail Class of the Fund is expected to compensate TPIS for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the maximum annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class.

TIAA-CREF Managed Allocation Fund § 2012 Semiannual Report 21

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How to reach us

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

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

For the hearing- or speech-impaired
800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

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

©2013 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

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Item 4. Principal Accountant Fees and Services.

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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, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 39.7%
	5,913,988	TIAA-CREF Bond Fund	$	64,994,724
	80,145	TIAA-CREF Bond Plus Fund		878,389
	427,586	TIAA-CREF High-Yield Fund		4,416,963
		TOTAL FIXED INCOME		70,290,076
INFLATION-PROTECTED ASSETS - 10.0%
	1,393,060	TIAA-CREF Inflation-Linked Bond Fund		17,650,073
		TOTAL INFLATION-PROTECTED ASSETS		17,650,073
INTERNATIONAL EQUITY - 11.9%
	514,840	TIAA-CREF Emerging Markets Equity Fund		5,462,448
	697,422	TIAA-CREF Enhanced International Equity Index Fund		4,888,925
	219,528	TIAA-CREF Global Natural Resources Fund		2,221,628
	896,781	TIAA-CREF International Equity Fund		8,483,547
		TOTAL INTERNATIONAL EQUITY		21,056,548
SHORT-TERM FIXED INCOME - 9.9%
	1,668,327	TIAA-CREF Short-Term Bond Fund		17,584,168
		TOTAL SHORT-TERM FIXED INCOME		17,584,168
U.S. EQUITY - 28.2%
	906,456	TIAA-CREF Enhanced Large-Cap Growth Index Fund		8,874,201
	1,062,872	TIAA-CREF Enhanced Large-Cap Value Index Fund		9,204,470
	767,171	TIAA-CREF Growth & Income Fund		8,062,967
	777,742	TIAA-CREF Large-Cap Growth Fund		9,371,797
	681,298	TIAA-CREF Large-Cap Value Fund		9,674,429
	21,714	TIAA-CREF Mid-Cap Growth Fund		443,624
	28,841	TIAA-CREF Mid-Cap Value Fund		539,618
	261,121	TIAA-CREF Small-Cap Equity Fund		3,854,147
		TOTAL U.S. EQUITY		50,025,253
		TOTAL TIAA-CREF FUNDS		176,606,118
		(Cost $158,333,071)
		TOTAL INVESTMENTS - 99.7%		176,606,118
		(Cost $158,333,071)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		553,441
		NET ASSETS - 100.0%	$	177,159,559

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

1

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 38.2%
	26,083,087	TIAA-CREF Bond Fund	$	286,653,125
	664,032	TIAA-CREF Bond Plus Fund		7,277,785
	2,312,490	TIAA-CREF High-Yield Fund		23,888,019
		TOTAL FIXED INCOME		317,818,929
INFLATION-PROTECTED ASSETS - 6.9%
	4,545,493	TIAA-CREF Inflation-Linked Bond Fund		57,591,396
		TOTAL INFLATION-PROTECTED ASSETS		57,591,396
INTERNATIONAL EQUITY - 14.0%
	2,798,601	TIAA-CREF Emerging Markets Equity Fund		29,693,159
	4,119,768	TIAA-CREF Enhanced International Equity Index Fund		28,879,577
	1,184,199	TIAA-CREF Global Natural Resources Fund		11,984,096
	4,832,417	TIAA-CREF International Equity Fund		45,714,664
		TOTAL INTERNATIONAL EQUITY		116,271,496
SHORT-TERM FIXED INCOME - 6.9%
	5,447,156	TIAA-CREF Short-Term Bond Fund		57,413,024
		TOTAL SHORT-TERM FIXED INCOME		57,413,024
U.S. EQUITY - 33.7%
	5,101,736	TIAA-CREF Enhanced Large-Cap Growth Index Fund		49,945,991
	5,979,457	TIAA-CREF Enhanced Large-Cap Value Index Fund		51,782,095
	4,285,609	TIAA-CREF Growth & Income Fund		45,041,755
	4,345,487	TIAA-CREF Large-Cap Growth Fund		52,363,114
	3,806,554	TIAA-CREF Large-Cap Value Fund		54,053,063
	131,036	TIAA-CREF Mid-Cap Growth Fund		2,677,069
	171,743	TIAA-CREF Mid-Cap Value Fund		3,213,309
	1,458,548	TIAA-CREF Small-Cap Equity Fund		21,528,168
		TOTAL U.S. EQUITY		280,604,564
		TOTAL TIAA-CREF FUNDS		829,699,409
		(Cost $741,424,270)
		TOTAL INVESTMENTS - 99.7%		829,699,409
		(Cost $741,424,270)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		2,821,260
		NET ASSETS - 100.0%	$	832,520,669

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

2

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 35.6%
	33,626,062	TIAA-CREF Bond Fund	$	369,550,425
	1,669,865	TIAA-CREF Bond Plus Fund		18,301,720
	4,105,056	TIAA-CREF High-Yield Fund		42,405,230
		TOTAL FIXED INCOME		430,257,375
INFLATION-PROTECTED ASSETS - 4.9%
	4,695,559	TIAA-CREF Inflation-Linked Bond Fund		59,492,739
		TOTAL INFLATION-PROTECTED ASSETS		59,492,739
INTERNATIONAL EQUITY - 15.8%
	4,533,748	TIAA-CREF Emerging Markets Equity Fund		48,103,064
	7,028,403	TIAA-CREF Enhanced International Equity Index Fund		49,269,102
	1,906,172	TIAA-CREF Global Natural Resources Fund		19,290,460
	7,837,986	TIAA-CREF International Equity Fund		74,147,352
		TOTAL INTERNATIONAL EQUITY		190,809,978
SHORT-TERM FIXED INCOME - 4.9%
	5,627,289	TIAA-CREF Short-Term Bond Fund		59,311,627
		TOTAL SHORT-TERM FIXED INCOME		59,311,627
U.S. EQUITY - 38.5%
	8,444,794	TIAA-CREF Enhanced Large-Cap Growth Index Fund		82,674,537
	9,902,048	TIAA-CREF Enhanced Large-Cap Value Index Fund		85,751,732
	7,068,717	TIAA-CREF Growth & Income Fund		74,292,220
	7,171,595	TIAA-CREF Large-Cap Growth Fund		86,417,720
	6,272,676	TIAA-CREF Large-Cap Value Fund		89,071,997
	226,213	TIAA-CREF Mid-Cap Growth Fund		4,621,539
	294,348	TIAA-CREF Mid-Cap Value Fund		5,507,245
	2,403,514	TIAA-CREF Small-Cap Equity Fund		35,475,861
		TOTAL U.S. EQUITY		463,812,851
		TOTAL TIAA-CREF FUNDS		1,203,684,570
		(Cost $1,110,748,179)
		TOTAL INVESTMENTS - 99.7%		1,203,684,570
		(Cost $1,110,748,179)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		4,111,123
		NET ASSETS - 100.0%	$	1,207,795,693

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

3

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 31.6%
	33,854,491	TIAA-CREF Bond Fund	$	372,060,861
	4,262,850	TIAA-CREF Bond Plus Fund		46,720,833
	6,724,935	TIAA-CREF High-Yield Fund		69,468,577
		TOTAL FIXED INCOME		488,250,271
INFLATION-PROTECTED ASSETS - 2.9%
	3,571,709	TIAA-CREF Inflation-Linked Bond Fund		45,253,552
		TOTAL INFLATION-PROTECTED ASSETS		45,253,552
INTERNATIONAL EQUITY - 18.0%
	6,541,811	TIAA-CREF Emerging Markets Equity Fund		69,408,618
	10,629,627	TIAA-CREF Enhanced International Equity Index Fund		74,513,683
	2,745,579	TIAA-CREF Global Natural Resources Fund		27,785,264
	11,208,051	TIAA-CREF International Equity Fund		106,028,167
		TOTAL INTERNATIONAL EQUITY		277,735,732
SHORT-TERM FIXED INCOME - 2.9%
	4,280,441	TIAA-CREF Short-Term Bond Fund		45,115,851
		TOTAL SHORT-TERM FIXED INCOME		45,115,851
U.S. EQUITY - 44.2%
	12,449,204	TIAA-CREF Enhanced Large-Cap Growth Index Fund		121,877,712
	14,586,747	TIAA-CREF Enhanced Large-Cap Value Index Fund		126,321,227
	10,360,312	TIAA-CREF Growth & Income Fund		108,886,879
	10,505,440	TIAA-CREF Large-Cap Growth Fund		126,590,552
	9,212,937	TIAA-CREF Large-Cap Value Fund		130,823,704
	345,829	TIAA-CREF Mid-Cap Growth Fund		7,065,283
	446,690	TIAA-CREF Mid-Cap Value Fund		8,357,572
	3,525,858	TIAA-CREF Small-Cap Equity Fund		52,041,664
		TOTAL U.S. EQUITY		681,964,593
		TOTAL TIAA-CREF FUNDS		1,538,319,999
		(Cost $1,408,766,767)
		TOTAL INVESTMENTS - 99.6%		1,538,319,999
		(Cost $1,408,766,767)
		OTHER ASSETS & LIABILITIES, NET - 0.4%		6,362,844
		NET ASSETS - 100.0%	$	1,544,682,843

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

4

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 27.7%
	23,201,658	TIAA-CREF Bond Fund	$	254,986,218
	6,772,283	TIAA-CREF Bond Plus Fund		74,224,216
	7,882,784	TIAA-CREF High-Yield Fund		81,429,156
		TOTAL FIXED INCOME		410,639,590
INFLATION-PROTECTED ASSETS - 0.9%
	1,108,523	TIAA-CREF Inflation-Linked Bond Fund		14,044,985
		TOTAL INFLATION-PROTECTED ASSETS		14,044,985
INTERNATIONAL EQUITY - 20.2%
	7,004,134	TIAA-CREF Emerging Markets Equity Fund		74,313,862
	11,802,540	TIAA-CREF Enhanced International Equity Index Fund		82,735,805
	2,923,407	TIAA-CREF Global Natural Resources Fund		29,584,881
	11,962,443	TIAA-CREF International Equity Fund		113,164,711
		TOTAL INTERNATIONAL EQUITY		299,799,259
SHORT-TERM FIXED INCOME - 0.9%
	1,328,736	TIAA-CREF Short-Term Bond Fund		14,004,878
		TOTAL SHORT-TERM FIXED INCOME		14,004,878
U.S. EQUITY - 49.8%
	13,527,216	TIAA-CREF Enhanced Large-Cap Growth Index Fund		132,431,450
	15,845,901	TIAA-CREF Enhanced Large-Cap Value Index Fund		137,225,501
	11,223,157	TIAA-CREF Growth & Income Fund		117,955,383
	11,382,874	TIAA-CREF Large-Cap Growth Fund		137,163,632
	9,983,538	TIAA-CREF Large-Cap Value Fund		141,766,243
	386,386	TIAA-CREF Mid-Cap Growth Fund		7,893,862
	496,662	TIAA-CREF Mid-Cap Value Fund		9,292,551
	3,819,458	TIAA-CREF Small-Cap Equity Fund		56,375,202
		TOTAL U.S. EQUITY		740,103,824
		TOTAL TIAA-CREF FUNDS		1,478,592,536
		(Cost $1,347,384,327)
		TOTAL INVESTMENTS - 99.5%		1,478,592,536
		(Cost $1,347,384,327)
		OTHER ASSETS & LIABILITIES, NET - 0.5%		6,873,920
		NET ASSETS - 100.0%	$	1,485,466,456

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

5

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 21.6%
	12,397,115	TIAA-CREF Bond Fund	$	136,244,290
	7,605,281	TIAA-CREF Bond Plus Fund		83,353,884
	8,090,615	TIAA-CREF High-Yield Fund		83,576,051
		TOTAL FIXED INCOME		303,174,225
INTERNATIONAL EQUITY - 22.4%
	7,309,552	TIAA-CREF Emerging Markets Equity Fund		77,554,349
	12,672,902	TIAA-CREF Enhanced International Equity Index Fund		88,837,042
	3,045,255	TIAA-CREF Global Natural Resources Fund		30,817,979
	12,456,386	TIAA-CREF International Equity Fund		117,837,416
		TOTAL INTERNATIONAL EQUITY		315,046,786
U.S. EQUITY - 55.5%
	14,304,234	TIAA-CREF Enhanced Large-Cap Growth Index Fund		140,038,455
	16,755,226	TIAA-CREF Enhanced Large-Cap Value Index Fund		145,100,261
	11,833,474	TIAA-CREF Growth & Income Fund		124,369,815
	12,004,416	TIAA-CREF Large-Cap Growth Fund		144,653,219
	10,527,667	TIAA-CREF Large-Cap Value Fund		149,492,875
	417,089	TIAA-CREF Mid-Cap Growth Fund		8,521,127
	534,255	TIAA-CREF Mid-Cap Value Fund		9,995,903
	4,027,737	TIAA-CREF Small-Cap Equity Fund		59,449,400
		TOTAL U.S. EQUITY		781,621,055
		TOTAL TIAA-CREF FUNDS		1,399,842,066
		(Cost $1,262,838,736)
		TOTAL INVESTMENTS - 99.5%		1,399,842,066
		(Cost $1,262,838,736)
		OTHER ASSETS & LIABILITIES, NET - 0.5%		6,904,993
		NET ASSETS - 100.0%	$	1,406,747,059

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

6

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 13.7%
	2,329,142	TIAA-CREF Bond Fund	$	25,597,273
	7,642,672	TIAA-CREF Bond Plus Fund		83,763,685
	8,123,677	TIAA-CREF High-Yield Fund		83,917,583
		TOTAL FIXED INCOME		193,278,541
INTERNATIONAL EQUITY - 24.6%
	8,027,187	TIAA-CREF Emerging Markets Equity Fund		85,168,459
	14,244,501	TIAA-CREF Enhanced International Equity Index Fund		99,853,953
	3,348,435	TIAA-CREF Global Natural Resources Fund		33,886,165
	13,606,347	TIAA-CREF International Equity Fund		128,716,044
		TOTAL INTERNATIONAL EQUITY		347,624,621
U.S. EQUITY - 61.2%
	15,889,537	TIAA-CREF Enhanced Large-Cap Growth Index Fund		155,558,563
	18,612,730	TIAA-CREF Enhanced Large-Cap Value Index Fund		161,186,240
	13,104,596	TIAA-CREF Growth & Income Fund		137,729,307
	13,291,897	TIAA-CREF Large-Cap Growth Fund		160,167,356
	11,652,358	TIAA-CREF Large-Cap Value Fund		165,463,478
	470,571	TIAA-CREF Mid-Cap Growth Fund		9,613,767
	601,198	TIAA-CREF Mid-Cap Value Fund		11,248,410
	4,461,583	TIAA-CREF Small-Cap Equity Fund		65,852,960
		TOTAL U.S. EQUITY		866,820,081
		TOTAL TIAA-CREF FUNDS		1,407,723,243
		(Cost $1,259,296,646)
		TOTAL INVESTMENTS - 99.5%		1,407,723,243
		(Cost $1,259,296,646)
		OTHER ASSETS & LIABILITIES, NET - 0.5%		6,929,623
		NET ASSETS - 100.0%	$	1,414,652,866

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

7

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.5%(a)
FIXED INCOME - 10.0%
	7,032,661	TIAA-CREF Bond Plus Fund	$	77,077,969
	11,174,402	TIAA-CREF High-Yield Fund		115,431,574
		TOTAL FIXED INCOME		192,509,543
INTERNATIONAL EQUITY - 25.6%
	11,398,759	TIAA-CREF Emerging Markets Equity Fund		120,940,835
	20,425,030	TIAA-CREF Enhanced International Equity Index Fund		143,179,461
	4,740,047	TIAA-CREF Global Natural Resources Fund		47,969,274
	19,340,750	TIAA-CREF International Equity Fund		182,963,494
		TOTAL INTERNATIONAL EQUITY		495,053,064
U.S. EQUITY - 63.9%
	22,699,465	TIAA-CREF Enhanced Large-Cap Growth Index Fund		222,227,765
	26,585,340	TIAA-CREF Enhanced Large-Cap Value Index Fund		230,229,041
	18,709,186	TIAA-CREF Growth & Income Fund		196,633,541
	18,967,615	TIAA-CREF Large-Cap Growth Fund		228,559,765
	16,627,103	TIAA-CREF Large-Cap Value Fund		236,104,857
	676,430	TIAA-CREF Mid-Cap Growth Fund		13,819,466
	863,335	TIAA-CREF Mid-Cap Value Fund		16,152,992
	6,367,005	TIAA-CREF Small-Cap Equity Fund		93,977,001
		TOTAL U.S. EQUITY		1,237,704,428
		TOTAL TIAA-CREF FUNDS		1,925,267,035
		(Cost $1,711,326,952)
		TOTAL INVESTMENTS - 99.5%		1,925,267,035
		(Cost $1,711,326,952)
		OTHER ASSETS & LIABILITIES, NET - 0.5%		8,975,107
		NET ASSETS - 100.0%	$	1,934,242,142

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

8

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.1%(a)
FIXED INCOME - 9.9%
	1,561,806	TIAA-CREF Bond Plus Fund	$	17,117,396
	2,490,339	TIAA-CREF High-Yield Fund		25,725,198
		TOTAL FIXED INCOME		42,842,594
INTERNATIONAL EQUITY - 25.5%
	2,540,803	TIAA-CREF Emerging Markets Equity Fund		26,957,921
	4,549,593	TIAA-CREF Enhanced International Equity Index Fund		31,892,650
	1,061,992	TIAA-CREF Global Natural Resources Fund		10,747,360
	4,276,205	TIAA-CREF International Equity Fund		40,452,896
		TOTAL INTERNATIONAL EQUITY		110,050,827
U.S. EQUITY - 63.7%
	5,061,896	TIAA-CREF Enhanced Large-Cap Growth Index Fund		49,555,966
	5,928,193	TIAA-CREF Enhanced Large-Cap Value Index Fund		51,338,154
	4,166,548	TIAA-CREF Growth & Income Fund		43,790,417
	4,217,506	TIAA-CREF Large-Cap Growth Fund		50,820,951
	3,693,938	TIAA-CREF Large-Cap Value Fund		52,453,926
	150,630	TIAA-CREF Mid-Cap Growth Fund		3,077,363
	192,278	TIAA-CREF Mid-Cap Value Fund		3,597,523
	1,418,383	TIAA-CREF Small-Cap Equity Fund		20,935,326
		TOTAL U.S. EQUITY		275,569,626
		TOTAL TIAA-CREF FUNDS		428,463,047
		(Cost $382,786,846)
		TOTAL INVESTMENTS - 99.1%		428,463,047
		(Cost $382,786,846)
		OTHER ASSETS & LIABILITIES, NET - 0.9%		3,772,621
		NET ASSETS - 100.0%	$	432,235,668

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

9

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.2%(a)
FIXED INCOME - 9.9%
	847,010	TIAA-CREF Bond Plus Fund	$	9,283,234
	1,350,582	TIAA-CREF High-Yield Fund		13,951,517
		TOTAL FIXED INCOME		23,234,751
INTERNATIONAL EQUITY - 25.5%
	1,377,139	TIAA-CREF Emerging Markets Equity Fund		14,611,441
	2,465,921	TIAA-CREF Enhanced International Equity Index Fund		17,286,105
	575,534	TIAA-CREF Global Natural Resources Fund		5,824,408
	2,317,913	TIAA-CREF International Equity Fund		21,927,453
		TOTAL INTERNATIONAL EQUITY		59,649,407
U.S. EQUITY - 63.8%
	2,746,047	TIAA-CREF Enhanced Large-Cap Growth Index Fund		26,883,800
	3,215,638	TIAA-CREF Enhanced Large-Cap Value Index Fund		27,847,425
	2,260,401	TIAA-CREF Growth & Income Fund		23,756,809
	2,287,125	TIAA-CREF Large-Cap Growth Fund		27,559,853
	2,004,062	TIAA-CREF Large-Cap Value Fund		28,457,679
	81,698	TIAA-CREF Mid-Cap Growth Fund		1,669,083
	104,295	TIAA-CREF Mid-Cap Value Fund		1,951,361
	769,446	TIAA-CREF Small-Cap Equity Fund		11,357,026
		TOTAL U.S. EQUITY		149,483,036
		TOTAL TIAA-CREF FUNDS		232,367,194
		(Cost $208,627,123)
		TOTAL INVESTMENTS - 99.2%		232,367,194
		(Cost $208,627,123)
		OTHER ASSETS & LIABILITIES, NET - 0.8%		1,968,236
		NET ASSETS - 100.0%	$	234,335,430

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

10

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2055 Fund

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2055 FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.3%(a)
FIXED INCOME - 9.9%
	76,087	TIAA-CREF Bond Plus Fund	$	833,918
	121,324	TIAA-CREF High-Yield Fund		1,253,273
		TOTAL FIXED INCOME		2,087,191
INTERNATIONAL EQUITY - 25.5%
	123,619	TIAA-CREF Emerging Markets Equity Fund		1,311,598
	221,434	TIAA-CREF Enhanced International Equity Index Fund		1,552,252
	51,580	TIAA-CREF Global Natural Resources Fund		521,993
	208,350	TIAA-CREF International Equity Fund		1,970,991
		TOTAL INTERNATIONAL EQUITY		5,356,834
U.S. EQUITY - 63.9%
	246,649	TIAA-CREF Enhanced Large-Cap Growth Index Fund		2,414,697
	288,839	TIAA-CREF Enhanced Large-Cap Value Index Fund		2,501,342
	203,079	TIAA-CREF Growth & Income Fund		2,134,356
	205,542	TIAA-CREF Large-Cap Growth Fund		2,476,780
	180,084	TIAA-CREF Large-Cap Value Fund		2,557,195
	7,338	TIAA-CREF Mid-Cap Growth Fund		149,919
	9,366	TIAA-CREF Mid-Cap Value Fund		175,241
	69,114	TIAA-CREF Small-Cap Equity Fund		1,020,121
		TOTAL U.S. EQUITY		13,429,651
		TOTAL TIAA-CREF FUNDS		20,873,676
		(Cost $20,026,849)
		TOTAL INVESTMENTS - 99.3%		20,873,676
		(Cost $20,026,849)
		OTHER ASSETS & LIABILITIES, NET - 0.7%		154,690
		NET ASSETS - 100.0%	$	21,028,366

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

11

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, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 50.0%
979,478	TIAA-CREF Bond Index Fund	$	10,823,230
	TOTAL FIXED INCOME		10,823,230
INFLATION-PROTECTED ASSETS - 10.0%
171,229	TIAA-CREF Inflation-Linked Bond Fund		2,169,473
	TOTAL INFLATION-PROTECTED ASSETS		2,169,473
INTERNATIONAL EQUITY - 10.0%
52,990	TIAA-CREF Emerging Markets Equity Index Fund		554,802
100,437	TIAA-CREF International Equity Index Fund		1,617,039
	TOTAL INTERNATIONAL EQUITY		2,171,841
U.S. EQUITY - 29.9%
593,410	TIAA-CREF Equity Index Fund		6,480,040
	TOTAL U.S. EQUITY		6,480,040
	TOTAL TIAA-CREF FUNDS		21,644,584
	(Cost $19,860,237)
	TOTAL INVESTMENTS - 99.9%		21,644,584
	(Cost $19,860,237)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		19,232
	NET ASSETS - 100.0%	$	21,663,816

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

1

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2010 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2010 FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 45.0%
4,153,196	TIAA-CREF Bond Index Fund	$	45,892,814
	TOTAL FIXED INCOME		45,892,814
INFLATION-PROTECTED ASSETS - 6.9%
555,966	TIAA-CREF Inflation-Linked Bond Fund		7,044,084
	TOTAL INFLATION-PROTECTED ASSETS		7,044,084
INTERNATIONAL EQUITY - 12.1%
299,151	TIAA-CREF Emerging Markets Equity Index Fund		3,132,111
567,014	TIAA-CREF International Equity Index Fund		9,128,923
	TOTAL INTERNATIONAL EQUITY		12,261,034
U.S. EQUITY - 35.6%
3,327,913	TIAA-CREF Equity Index Fund		36,340,814
	TOTAL U.S. EQUITY		36,340,814
	TOTAL TIAA-CREF FUNDS		101,538,746
	(Cost $91,551,063)
	TOTAL INVESTMENTS - 99.6%		101,538,746
	(Cost $91,551,063)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		442,445
	NET ASSETS - 100.0%	$	101,981,191

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

2

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2015 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2015 FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 40.5%
6,395,244	TIAA-CREF Bond Index Fund	$	70,667,446
	TOTAL FIXED INCOME		70,667,446
INFLATION-PROTECTED ASSETS - 4.9%
677,919	TIAA-CREF Inflation-Linked Bond Fund		8,589,229
	TOTAL INFLATION-PROTECTED ASSETS		8,589,229
INTERNATIONAL EQUITY - 13.7%
583,258	TIAA-CREF Emerging Markets Equity Index Fund		6,106,711
1,105,511	TIAA-CREF International Equity Index Fund		17,798,722
	TOTAL INTERNATIONAL EQUITY		23,905,433
U.S. EQUITY - 40.6%
6,488,477	TIAA-CREF Equity Index Fund		70,854,172
	TOTAL U.S. EQUITY		70,854,172
	TOTAL TIAA-CREF FUNDS		174,016,280
	(Cost $158,113,904)
	TOTAL INVESTMENTS - 99.7%		174,016,280
	(Cost $158,113,904)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		528,537
	NET ASSETS - 100.0%	$	174,544,817

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

3

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2020 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2020 FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 34.5%
7,164,229	TIAA-CREF Bond Index Fund	$	79,164,725
	TOTAL FIXED INCOME		79,164,725
INFLATION-PROTECTED ASSETS - 2.9%
529,648	TIAA-CREF Inflation-Linked Bond Fund		6,710,640
	TOTAL INFLATION-PROTECTED ASSETS		6,710,640
INTERNATIONAL EQUITY - 15.7%
878,998	TIAA-CREF Emerging Markets Equity Index Fund		9,203,107
1,666,052	TIAA-CREF International Equity Index Fund		26,823,442
	TOTAL INTERNATIONAL EQUITY		36,026,549
U.S. EQUITY - 46.5%
9,785,685	TIAA-CREF Equity Index Fund		106,859,679
	TOTAL U.S. EQUITY		106,859,679
	TOTAL TIAA-CREF FUNDS		228,761,593
	(Cost $208,575,970)
	TOTAL INVESTMENTS - 99.6%		228,761,593
	(Cost $208,575,970)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		923,546
	NET ASSETS - 100.0%	$	229,685,139

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

4

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2025 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2025 FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 28.6%
5,666,900	TIAA-CREF Bond Index Fund	$	62,619,249
	TOTAL FIXED INCOME		62,619,249
INFLATION-PROTECTED ASSETS - 0.9%
161,528	TIAA-CREF Inflation-Linked Bond Fund		2,046,557
	TOTAL INFLATION-PROTECTED ASSETS		2,046,557
INTERNATIONAL EQUITY - 17.7%
949,051	TIAA-CREF Emerging Markets Equity Index Fund		9,936,562
1,798,840	TIAA-CREF International Equity Index Fund		28,961,330
	TOTAL INTERNATIONAL EQUITY		38,897,892
U.S. EQUITY - 52.6%
10,557,710	TIAA-CREF Equity Index Fund		115,290,196
	TOTAL U.S. EQUITY		115,290,196
	TOTAL TIAA-CREF FUNDS		218,853,894
	(Cost $199,500,519)
	TOTAL INVESTMENTS - 99.8%		218,853,894
	(Cost $199,500,519)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		430,802
	NET ASSETS - 100.0%	$	219,284,696

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

5

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2030 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2030 FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 21.5%
4,441,887	TIAA-CREF Bond Index Fund	$	49,082,854
	TOTAL FIXED INCOME		49,082,854
INTERNATIONAL EQUITY - 19.7%
1,098,155	TIAA-CREF Emerging Markets Equity Index Fund		11,497,680
2,081,459	TIAA-CREF International Equity Index Fund		33,511,482
	TOTAL INTERNATIONAL EQUITY		45,009,162
U.S. EQUITY - 58.4%
12,216,533	TIAA-CREF Equity Index Fund		133,404,538
	TOTAL U.S. EQUITY		133,404,538
	TOTAL TIAA-CREF FUNDS		227,496,554
	(Cost $205,523,497)
	TOTAL INVESTMENTS - 99.6%		227,496,554
	(Cost $205,523,497)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		958,832
	NET ASSETS - 100.0%	$	228,455,386

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

6

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2035 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2035 FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.7%(a)
FIXED INCOME - 13.6%
2,616,894	TIAA-CREF Bond Index Fund	$	28,916,677
	TOTAL FIXED INCOME		28,916,677
INTERNATIONAL EQUITY - 21.7%
1,129,009	TIAA-CREF Emerging Markets Equity Index Fund		11,820,721
2,139,920	TIAA-CREF International Equity Index Fund		34,452,716
	TOTAL INTERNATIONAL EQUITY		46,273,437
U.S. EQUITY - 64.4%
12,570,814	TIAA-CREF Equity Index Fund		137,273,288
	TOTAL U.S. EQUITY		137,273,288
	TOTAL TIAA-CREF FUNDS		212,463,402
	(Cost $190,927,684)
	TOTAL INVESTMENTS - 99.7%		212,463,402
	(Cost $190,927,684)
	OTHER ASSETS & LIABILITIES, NET - 0.3%		704,102
	NET ASSETS - 100.0%	$	213,167,504

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

7

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2040 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2040 FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.6%(a)
FIXED INCOME - 9.9%
2,349,822	TIAA-CREF Bond Index Fund	$	25,965,533
	TOTAL FIXED INCOME		25,965,533
INTERNATIONAL EQUITY - 22.6%
1,449,196	TIAA-CREF Emerging Markets Equity Index Fund		15,173,080
2,746,820	TIAA-CREF International Equity Index Fund		44,223,794
	TOTAL INTERNATIONAL EQUITY		59,396,874
U.S. EQUITY - 67.1%
16,121,650	TIAA-CREF Equity Index Fund		176,048,423
	TOTAL U.S. EQUITY		176,048,423
	TOTAL TIAA-CREF FUNDS		261,410,830
	(Cost $231,323,547)
	TOTAL INVESTMENTS - 99.6%		261,410,830
	(Cost $231,323,547)
	OTHER ASSETS & LIABILITIES, NET - 0.4%		1,008,981
	NET ASSETS - 100.0%	$	262,419,811

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

8

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2045 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2045 FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.3%(a)
FIXED INCOME - 9.8%
903,802	TIAA-CREF Bond Index Fund	$	9,987,017
	TOTAL FIXED INCOME		9,987,017
INTERNATIONAL EQUITY - 22.6%
559,187	TIAA-CREF Emerging Markets Equity Index Fund		5,854,692
1,059,887	TIAA-CREF International Equity Index Fund		17,064,187
	TOTAL INTERNATIONAL EQUITY		22,918,879
U.S. EQUITY - 66.9%
6,220,692	TIAA-CREF Equity Index Fund		67,929,958
	TOTAL U.S. EQUITY		67,929,958
	TOTAL TIAA-CREF FUNDS		100,835,854
	(Cost $92,948,507)
	TOTAL INVESTMENTS - 99.3%		100,835,854
	(Cost $92,948,507)
	OTHER ASSETS & LIABILITIES, NET - 0.7%		662,089
	NET ASSETS - 100.0%	$	101,497,943

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

9

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2050 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2050 FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.4%(a)
FIXED INCOME - 9.9%
565,701	TIAA-CREF Bond Index Fund	$	6,251,000
	TOTAL FIXED INCOME		6,251,000
INTERNATIONAL EQUITY - 22.6%
350,003	TIAA-CREF Emerging Markets Equity Index Fund		3,664,529
663,398	TIAA-CREF International Equity Index Fund		10,680,703
	TOTAL INTERNATIONAL EQUITY		14,345,232
U.S. EQUITY - 66.9%
3,893,613	TIAA-CREF Equity Index Fund		42,518,258
	TOTAL U.S. EQUITY		42,518,258
	TOTAL TIAA-CREF FUNDS		63,114,490
	(Cost $57,849,623)
	TOTAL INVESTMENTS - 99.4%		63,114,490
	(Cost $57,849,623)
	OTHER ASSETS & LIABILITIES, NET - 0.6%		403,315
	NET ASSETS - 100.0%	$	63,517,805

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

10

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2055 Fund

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2055 FUND

SCHEDULE OF INVESTMENTS (unaudited)

November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.8%(a)
FIXED INCOME - 10.0%
116,306	TIAA-CREF Bond Index Fund	$	1,285,176
	TOTAL FIXED INCOME		1,285,176
INTERNATIONAL EQUITY - 22.6%
71,147	TIAA-CREF Emerging Markets Equity Index Fund		744,914
134,853	TIAA-CREF International Equity Index Fund		2,171,142
	TOTAL INTERNATIONAL EQUITY		2,916,056
U.S. EQUITY - 67.2%
791,480	TIAA-CREF Equity Index Fund		8,642,958
	TOTAL U.S. EQUITY		8,642,958
	TOTAL TIAA-CREF FUNDS		12,844,190
	(Cost $12,590,354)
	TOTAL INVESTMENTS - 99.8%		12,844,190
	(Cost $12,590,354)
	OTHER ASSETS & LIABILITIES, NET - 0.2%		24,213
	NET ASSETS - 100.0%	$	12,868,403

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

11

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Income Fund

TIAA-CREF LIFESTYLE FUNDS
LIFESTYLE INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 39.9%
256,428	TIAA-CREF Bond Fund	$	2,818,146
285,579	TIAA-CREF Bond Plus Fund		3,129,943
30,524	TIAA-CREF High-Yield Fund		315,310
	TOTAL FIXED INCOME		6,263,399
INTERNATIONAL EQUITY - 6.8%
28,552	TIAA-CREF Emerging Markets Equity Fund		302,939
18,865	TIAA-CREF Enhanced International Equity Index Fund		132,246
3,995	TIAA-CREF Global Natural Resources Fund		40,432
63,242	TIAA-CREF International Equity Fund		598,270
	TOTAL INTERNATIONAL EQUITY		1,073,887
SHORT-TERM FIXED INCOME - 39.9%
594,679	TIAA-CREF Short-Term Bond Fund		6,267,913
	TOTAL SHORT-TERM FIXED INCOME		6,267,913
U.S. EQUITY - 13.3%
16,358	TIAA-CREF Enhanced Large-Cap Growth Index Fund		160,140
19,329	TIAA-CREF Enhanced Large-Cap Value Index Fund		167,387
43,921	TIAA-CREF Growth & Income Fund		461,610
44,542	TIAA-CREF Large-Cap Growth Fund		536,736
39,032	TIAA-CREF Large-Cap Value Fund		554,249
882	TIAA-CREF Mid-Cap Growth Fund		18,018
1,266	TIAA-CREF Mid-Cap Value Fund		23,696
11,205	TIAA-CREF Small-Cap Equity Fund		165,384
	TOTAL U.S. EQUITY		2,087,220
	TOTAL TIAA-CREF FUNDS		15,692,419
	(Cost $14,988,754)
	TOTAL INVESTMENTS - 99.9%		15,692,419
	(Cost $14,988,754)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		23,136
	NET ASSETS - 100.0%	$	15,715,555

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

1

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Conservative Fund

TIAA-CREF LIFESTYLE FUNDS
LIFESTYLE CONSERVATIVE FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 39.9%
142,593	TIAA-CREF Bond Fund	$	1,567,101
536,373	TIAA-CREF Bond Plus Fund		5,878,652
38,190	TIAA-CREF High-Yield Fund		394,500
	TOTAL FIXED INCOME		7,840,253
INTERNATIONAL EQUITY - 12.9%
61,941	TIAA-CREF Emerging Markets Equity Fund		657,189
75,868	TIAA-CREF Enhanced International Equity Index Fund		531,833
4,999	TIAA-CREF Global Natural Resources Fund		50,592
136,328	TIAA-CREF International Equity Fund		1,289,666
	TOTAL INTERNATIONAL EQUITY		2,529,280
SHORT-TERM FIXED INCOME - 20.0%
372,181	TIAA-CREF Short-Term Bond Fund		3,922,786
	TOTAL SHORT-TERM FIXED INCOME		3,922,786
U.S. EQUITY - 27.2%
45,966	TIAA-CREF Enhanced Large-Cap Growth Index Fund		450,008
54,004	TIAA-CREF Enhanced Large-Cap Value Index Fund		467,678
109,501	TIAA-CREF Growth & Income Fund		1,150,858
110,976	TIAA-CREF Large-Cap Growth Fund		1,337,263
97,090	TIAA-CREF Large-Cap Value Fund		1,378,672
3,448	TIAA-CREF Mid-Cap Growth Fund		70,448
4,497	TIAA-CREF Mid-Cap Value Fund		84,137
27,961	TIAA-CREF Small-Cap Equity Fund		412,710
	TOTAL U.S. EQUITY		5,351,774
	TOTAL TIAA-CREF FUNDS		19,644,093
	(Cost $18,491,726)
	TOTAL INVESTMENTS - 100.0%		19,644,093
	(Cost $18,491,726)
	OTHER ASSETS & LIABILITIES, NET - 0.0%		2,013
	NET ASSETS - 100.0%	$	19,646,106

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

2

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Moderate Fund

TIAA-CREF LIFESTYLE FUNDS
LIFESTYLE MODERATE FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 40.0%
675,703	TIAA-CREF Bond Plus Fund	$	7,405,701
37,959	TIAA-CREF High-Yield Fund		392,114
	TOTAL FIXED INCOME		7,797,815
INTERNATIONAL EQUITY - 18.9%
87,431	TIAA-CREF Emerging Markets Equity Fund		927,638
126,572	TIAA-CREF Enhanced International Equity Index Fund		887,269
4,949	TIAA-CREF Global Natural Resources Fund		50,086
192,361	TIAA-CREF International Equity Fund		1,819,734
	TOTAL INTERNATIONAL EQUITY		3,684,727
U.S. EQUITY - 41.1%
70,743	TIAA-CREF Enhanced Large-Cap Growth Index Fund		692,576
83,000	TIAA-CREF Enhanced Large-Cap Value Index Fund		718,776
162,741	TIAA-CREF Growth & Income Fund		1,710,411
165,009	TIAA-CREF Large-Cap Growth Fund		1,988,363
144,449	TIAA-CREF Large-Cap Value Fund		2,051,172
5,707	TIAA-CREF Mid-Cap Growth Fund		116,592
7,328	TIAA-CREF Mid-Cap Value Fund		137,100
41,567	TIAA-CREF Small-Cap Equity Fund		613,533
	TOTAL U.S. EQUITY		8,028,523
	TOTAL TIAA-CREF FUNDS		19,511,065
	(Cost $18,029,196)
	TOTAL INVESTMENTS - 100.0%		19,511,065
	(Cost $18,029,196)
	OTHER ASSETS & LIABILITIES, NET - 0.0%		8,652
	NET ASSETS - 100.0%	$	19,519,717

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

3

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Growth Fund

TIAA-CREF LIFESTYLE FUNDS
LIFESTYLE GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
FIXED INCOME - 19.9%
250,489	TIAA-CREF Bond Plus Fund	$	2,745,359
29,792	TIAA-CREF High-Yield Fund		307,747
	TOTAL FIXED INCOME		3,053,106
INTERNATIONAL EQUITY - 24.9%
89,354	TIAA-CREF Emerging Markets Equity Fund		948,051
140,175	TIAA-CREF Enhanced International Equity Index Fund		982,628
3,904	TIAA-CREF Global Natural Resources Fund		39,505
196,341	TIAA-CREF International Equity Fund		1,857,390
	TOTAL INTERNATIONAL EQUITY		3,827,574
U.S. EQUITY - 55.2%
75,565	TIAA-CREF Enhanced Large-Cap Growth Index Fund		739,785
88,615	TIAA-CREF Enhanced Large-Cap Value Index Fund		767,403
170,744	TIAA-CREF Growth & Income Fund		1,794,523
173,046	TIAA-CREF Large-Cap Growth Fund		2,085,205
151,391	TIAA-CREF Large-Cap Value Fund		2,149,758
6,314	TIAA-CREF Mid-Cap Growth Fund		128,994
8,032	TIAA-CREF Mid-Cap Value Fund		150,285
43,601	TIAA-CREF Small-Cap Equity Fund		643,548
	TOTAL U.S. EQUITY		8,459,501
	TOTAL TIAA-CREF FUNDS		15,340,181
	(Cost $13,788,466)
	TOTAL INVESTMENTS - 100.0%		15,340,181
	(Cost $13,788,466)
	OTHER ASSETS & LIABILITIES, NET - 0.0%		(6,238	)
	NET ASSETS - 100.0%	$	15,333,943

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

4

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Aggressive Growth Fund

TIAA-CREF LIFESTYLE FUNDS
LIFESTYLE AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES	COMPANY	VALUE
TIAA-CREF FUNDS - 100.0%(a)
INTERNATIONAL EQUITY - 30.9%
106,334	TIAA-CREF Emerging Markets Equity Fund	$	1,128,206
174,845	TIAA-CREF Enhanced International Equity Index Fund		1,225,664
3,768	TIAA-CREF Global Natural Resources Fund		38,129
233,592	TIAA-CREF International Equity Fund		2,209,779
	TOTAL INTERNATIONAL EQUITY		4,601,778
U.S. EQUITY - 69.1%
92,499	TIAA-CREF Enhanced Large-Cap Growth Index Fund		905,561
108,360	TIAA-CREF Enhanced Large-Cap Value Index Fund		938,394
206,939	TIAA-CREF Growth & Income Fund		2,174,924
209,443	TIAA-CREF Large-Cap Growth Fund		2,523,785
183,400	TIAA-CREF Large-Cap Value Fund		2,604,282
7,865	TIAA-CREF Mid-Cap Growth Fund		160,673
9,977	TIAA-CREF Mid-Cap Value Fund		186,665
52,834	TIAA-CREF Small-Cap Equity Fund		779,826
	TOTAL U.S. EQUITY		10,274,110
	TOTAL TIAA-CREF FUNDS		14,875,888
	(Cost $13,129,407)
	TOTAL INVESTMENTS - 100.0%		14,875,888
	(Cost $13,129,407)
	OTHER ASSETS & LIABILITIES, NET - 0.0%		1,502
	NET ASSETS - 100.0%	$	14,877,390

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

5

TIAA-CREF Funds – Managed Allocation Fund

TIAA-CREF FUNDS
MANAGED ALLOCATION FUND
SCHEDULE OF INVESTMENTS (unaudited)
November 30, 2012

SHARES		COMPANY	VALUE
TIAA-CREF FUNDS - 99.9%(a)
FIXED INCOME - 39.7%
	20,345,217	TIAA-CREF Bond Plus Fund	$	222,983,583
	1,136,798	TIAA-CREF High-Yield Fund		11,743,123
		TOTAL FIXED INCOME		234,726,706
INTERNATIONAL EQUITY - 16.0%
	2,433,583	TIAA-CREF Emerging Markets Equity Fund		25,820,318
	3,902,292	TIAA-CREF Enhanced International Equity Index Fund		27,355,065
	144,516	TIAA-CREF Global Natural Resources Fund		1,462,499
	4,200,758	TIAA-CREF International Equity Fund		39,739,173
		TOTAL INTERNATIONAL EQUITY		94,377,055
U.S. EQUITY - 44.2%
	4,760,630	TIAA-CREF Enhanced Large-Cap Growth Index Fund		46,606,567
	5,581,597	TIAA-CREF Enhanced Large-Cap Value Index Fund		48,336,628
	3,973,654	TIAA-CREF Growth & Income Fund		41,763,101
	4,039,706	TIAA-CREF Large-Cap Growth Fund		48,678,453
	3,519,743	TIAA-CREF Large-Cap Value Fund		49,980,353
	131,857	TIAA-CREF Mid-Cap Growth Fund		2,693,840
	170,093	TIAA-CREF Mid-Cap Value Fund		3,182,442
	1,349,927	TIAA-CREF Small-Cap Equity Fund		19,924,916
		TOTAL U.S. EQUITY		261,166,300
		TOTAL TIAA-CREF FUNDS (Cost $550,293,224)		590,270,061
		TOTAL INVESTMENTS - 99.9% (Cost $550,293,224)		590,270,061
		OTHER ASSETS & LIABILITIES, NET - 0.1%		361,935
		NET ASSETS - 100.0%	$	590,631,996

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

1

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 of the filing date of the report 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 semi-annual reporting period.

          (b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the 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 18, 2013	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		Principal Executive Officer and President

          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 18, 2013	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		Principal Executive Officer and President
		(principal executive officer)

Dated: January 18, 2013	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 of principal executive officer and principal financial officer