N-CSRS 1 c75827_ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-09301

TIAA-CREF FUNDS
(Exact Name of Registrant as specified in charter)

730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.
c/o TIAA-CREF
730 Third Avenue
New York, New York 10017-3206
(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2013

Item 1. Reports to Stockholders.

2013 Semiannual Report

TIAA-CREF Lifecycle Funds

of theTIAA-CREF Funds

November 30, 2013

	Contents

	Understanding your Lifecycle Funds report	2

	Information for investors	3

	About the funds’ composite benchmarks	4

	Important information about expenses	5

	Investment results of the Lifecycle Funds	12

	Fund performance
	Lifecycle Retirement Income Fund	14
	Lifecycle 2010 Fund	16
	Lifecycle 2015 Fund	18
	Lifecycle 2020 Fund	20
	Lifecycle 2025 Fund	22
	Lifecycle 2030 Fund	24
	Lifecycle 2035 Fund	25
	Lifecycle 2040 Fund	26
	Lifecycle 2045 Fund	27
	Lifecycle 2050 Fund	28
	Lifecycle 2055 Fund	29

	Portfolios of investments	30

	Financial statements (unaudited)
	Statements of assets and liabilities	42
	Statements of operations	46
	Statements of changes in net assets	50
	Financial highlights	58
	Notes to financial statements	71

	Additional information about index providers	86

	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, 2013. 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, 2013.
	•	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	2013 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 30 of this report. You can also obtain 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 ■ 2013 Semiannual Report

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 All Country World ex USA Index measures the performance of large- and mid-cap stocks in 43 developed and emerging market countries, excluding the United States.
	•	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 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).

*	This benchmark will be replaced by the Barclays U.S. 1–3 Year Government/Credit Bond Index as of January 1, 2014.

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	2013 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 costs of 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, 2013–November 30, 2013).

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 ■ 2013 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2013

Lifecycle Funds Retirement Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13-11/30/13	* )	Effective expenses paid during period (6/1/13-11/30/13	^† )
Retirement Income Fund actual return	$1,000.00		$1,046.38		$1.28		$3.23
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.19
2010 Fund actual return	$1,000.00		$1,055.07		$1.29		$3.30
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.24
2015 Fund actual return	$1,000.00		$1,062.60		$1.29		$3.41
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.35
2020 Fund actual return	$1,000.00		$1,074.35		$1.30		$3.48
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.40
2025 Fund actual return	$1,000.00		$1,085.71		$1.31		$3.61
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.50
2030 Fund actual return	$1,000.00		$1,096.33		$1.31		$3.68
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.55
2035 Fund actual return	$1,000.00		$1,106.19		$1.32		$3.75
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.60
2040 Fund actual return	$1,000.00		$1,112.95		$1.32		$3.81
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.65
2045 Fund actual return	$1,000.00		$1,113.25		$1.32		$3.81
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.65
2050 Fund actual return	$1,000.00		$1,112.58		$1.32		$3.81
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.65
2055 Fund actual return	$1,000.00		$1,112.93		$1.32		$3.81
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.65

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, 2013. 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	2013 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; 0.64% for the 2010 Fund; 0.66% for the 2015 Fund; 0.67% for the 2020 Fund; 0.69% for the 2025 Fund; 0.70% for the 2030 Fund; 0.71% for the 2035 Fund; and 0.72% for the 2040, 2045, 2050 and 2055 Funds.

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2013

Lifecycle Funds Institutional Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13-11/30/13	* )	Effective expenses paid during period (6/1/13-11/30/13	^† )
Retirement Income Fund actual return	$1,000.00		$1,047.60		$0.00		$1.95
5% annual hypothetical return	1,000.00		1,025.07		0.00		1.93
2010 Fund actual return	$1,000.00		$1,057.17		$0.00		$2.01
5% annual hypothetical return	1,000.00		1,025.07		0.00		1.98
2015 Fund actual return	$1,000.00		$1,064.05		$0.00		$2.12
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.08
2020 Fund actual return	$1,000.00		$1,075.29		$0.00		$2.19
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.13
2025 Fund actual return	$1,000.00		$1,086.49		$0.00		$2.30
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.23
2030 Fund actual return	$1,000.00		$1,097.44		$0.00		$2.37
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.28
2035 Fund actual return	$1,000.00		$1,108.06		$0.00		$2.43
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.33
2040 Fund actual return	$1,000.00		$1,114.15		$0.00		$2.49
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.38
2045 Fund actual return	$1,000.00		$1,114.69		$0.00		$2.49
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.38
2050 Fund actual return	$1,000.00		$1,115.04		$0.00		$2.49
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.38
2055 Fund actual return	$1,000.00		$1,113.64		$0.00		$2.49
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.38

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, 2013. 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	2013 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; 0.39% for the 2010 Fund; 0.41% for the 2015 Fund; 0.42% for the 2020 Fund; 0.44% for the 2025 Fund; 0.45% for the 2030 Fund; 0.46% for the 2035 Fund; and 0.47% for the 2040, 2045, 2050 and 2055 Funds.

Expense example

Six months ended November 30, 2013

Lifecycle Funds Retail Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13-11/30/13	* )	Effective expenses paid during period (6/1/13-11/30/13	^† )
Retirement Income Fund actual return	$1,000.00		$1,046.35		$1.28		$3.23
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, 2013. 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 ■ 2013 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2013

Lifecycle Funds Premier Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13-11/30/13	* )	Effective expenses paid during period (6/1/13-11/30/13	^† )
Retirement Income Fund actual return	$1,000.00		$1,046.89		$0.77		$2.72
5% annual hypothetical return	1,000.00		1,024.32		0.76		2.69
2010 Fund actual return	$1,000.00		$1,055.45		$0.77		$2.78
5% annual hypothetical return	1,000.00		1,024.32		0.76		2.74
2015 Fund actual return	$1,000.00		$1,064.30		$0.78		$2.90
5% annual hypothetical return	1,000.00		1,024.32		0.76		2.84
2020 Fund actual return	$1,000.00		$1,074.47		$0.78		$2.96
5% annual hypothetical return	1,000.00		1,024.32		0.76		2.89
2025 Fund actual return	$1,000.00		$1,085.77		$0.78		$3.08
5% annual hypothetical return	1,000.00		1,024.32		0.76		2.99
2030 Fund actual return	$1,000.00		$1,096.84		$0.79		$3.15
5% annual hypothetical return	1,000.00		1,024.32		0.76		3.04
2035 Fund actual return	$1,000.00		$1,107.28		$0.79		$3.22
5% annual hypothetical return	1,000.00		1,024.32		0.76		3.09
2040 Fund actual return	$1,000.00		$1,114.48		$0.80		$3.29
5% annual hypothetical return	1,000.00		1,024.32		0.76		3.14
2045 Fund actual return	$1,000.00		$1,112.90		$0.79		$3.28
5% annual hypothetical return	1,000.00		1,024.32		0.76		3.14
2050 Fund actual return	$1,000.00		$1,113.25		$0.79		$3.28
5% annual hypothetical return	1,000.00		1,024.32		0.76		3.14
2055 Fund actual return	$1,000.00		$1,113.84		$0.79		$3.29
5% annual hypothetical return	1,000.00		1,024.32		0.76		3.14

10	2013 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; 0.54% for the 2010 Fund; 0.56% for the 2015 Fund; 0.57% for the 2020 Fund; 0.59% for the 2025 Fund; 0.60% for the 2030 Fund; 0.61% for the 2035 Fund; and 0.62% for the 2040, 2045, 2050 and 2055 Funds.

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Investment results of the Lifecycle Funds

Performance for the six months ended November 30, 2013

All eleven TIAA-CREF Lifecycle Funds outperformed their respective composite benchmarks for the six-month period, with returns for the Retirement Class ranging from 4.64% for the Retirement Income Fund to 11.32% 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 0.44 of a percentage point for the Lifecycle 2015 Fund to 0.71 of a point for the Lifecycle 2045 Fund. (All results for the Lifecycle Funds are for the Retirement Class.)

The strengthening U.S. economy lifts global stocks higher

In 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 at an annual rate of 2.8% in the third quarter of 2013. This reflected an improved housing market, increased consumer spending and a slightly lower unemployment rate.

As the reporting period began, investors worried that the Federal Reserve might begin tapering its accommodative policies earlier than expected. The Fed’s policies were designed to strengthen the U.S. economy by keeping interest rates low. Investor concerns prompted a sell-off of stocks in June and again in August. Although the Fed eventually decided to keep its current policies in place, rising interest rates and congressional wrangling over fiscal policy threatened to upend the Fed’s efforts.

Against this backdrop, the U.S. and international equity markets posted solid results for the six-month period. The Russell 3000^® Index, which measures the broad U.S. stock market, gained 12.60%. Foreign stocks advanced but lagged U.S. equities; the MSCI All Country World ex USA Index, which measures stock performance in 43 developed and emerging market nations, rose 9.37%.

In the fixed-income market, rising yields on U.S. Treasury securities reduced the value of existing bonds. The broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.56% for the period. Inflation-indexed bonds, as measured by the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), returned –3.43%. Short-term bonds performed better; the Barclays U.S. 1–5 Year Government/Credit Bond Index returned 0.62%.

12	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Strong equity market gains boost the funds’ results

All eleven Lifecycle Funds produced solid returns for the six-month period, and five achieved double-digit gains. Amid the rally in the global stock markets, 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 U.S. and international equity sectors. Results were partly constrained by losses from the fixed-income and inflation-protected assets sectors.

Global stocks drive relative performance

All eleven Lifecycle Funds outperformed their respective composite benchmarks primarily because of strong relative performance in the United States and international equity sectors. In the domestic equity sector, the biggest contribution came from the Large-Cap Growth Fund, which outpaced its benchmark, the Russell 1000^®Growth Index, by almost four percentage points. The Lifecycle Funds also benefited from investments in the Growth & Income Fund, which topped its benchmark, the S&P 500^® Index, by more than two percentage points.

In the international equity sector, the International Equity Fund and the Enhanced International Equity Index Fund provided additional outperformance.

In contrast, rising long-term interest rates led to losses in many parts of the domestic fixed-income market. However, the Bond and Bond Plus funds held up better than their common benchmark, the Barclays U.S. Aggregate Bond Index, contributing to the relative returns of all of the Lifecycle Funds.

The funds’ relative results were mildly hurt by returns from the Emerging Markets Equity and Enhanced Large-Cap Growth Index funds, both of which lagged their respective benchmarks. (All results for the underlying funds are for the Institutional Class.)

Performance of the Lifecycle Funds’ underlying funds can be found at www.tiaa-cref.org/performance.

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Lifecycle Retirement Income Fund

Performance as of November 30, 2013

		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		4.64	%	9.78	%	10.42	%	4.64	%
Institutional Class	11/30/2007		4.76		10.03		10.69		4.90
Retail Class	11/30/2007		4.64		9.78		10.49		4.75
Premier Class	9/30/2009		4.69		9.87		10.50	*	4.71	*
Retirement Income Fund Composite Index^†	—		4.14		9.20		10.07		4.96	^‡
Broad market index
Barclays U.S. Aggregate Bond Index	—		–0.56		–1.61		5.33		4.72	^‡

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, 2013, the Retirement Income Fund Composite Index consisted of: 40.0% Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000^® Index; 12.0% MSCI All Country World ex USA 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.

14	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle Retirement Income Fund

Asset allocation
	% of			Target
	net assets as			allocation
	of 11/30/13			for 6/30/14
Equity
U.S. equity		28.0	%		28.0	%
International equity		12.4			12.0
Fixed income
Fixed income		39.5			40.0
Short-term fixed income		9.9			10.0
Inflation-protected assets		10.0			10.0
Other assets & liabilities, net		0.2			–
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Lifecycle 2010 Fund

Performance as of November 30, 2013

			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		5.51	%		11.78	%		11.63	%		5.90	%
Institutional Class		1/17/2007		5.72			12.16			11.94			6.10	*
Premier Class		9/30/2009		5.55			11.94			11.72	*		5.94	*
2010 Fund Composite Index^†		—		5.03			11.45			11.15			6.05	^‡
Broad market index
Barclays U.S. Aggregate Bond Index		—		–0.56			–1.61			5.33			4.62	^‡

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, 2013, the 2010 Fund Composite Index consisted of: 38.7% Barclays U.S. Aggregate Bond Index; 32.6% Russell 3000^® Index; 13.9% MSCI All Country World ex USA Index; 7.4% Barclays U.S. 1–5 Year Government/Credit Bond Index; and 7.4% 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.

16	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2010 Fund

Asset allocation

	% of			Target
	net assets as			allocation
	of 11/30/13			for 6/30/14
Equity
U.S. equity		32.8	%		32.2	%
International equity		14.4			13.8
Fixed income
Fixed income		38.1			38.8
Short-term fixed income		7.2			7.6
Inflation-protected assets		7.3			7.6
Other assets & liabilities, net		0.2			–
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Lifecycle 2015 Fund

Performance as of November 30, 2013

			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		6.26	%		13.70	%		12.48	%		6.06	%
Institutional Class		1/17/2007		6.41			13.95			12.75			6.26	*
Premier Class		9/30/2009		6.43			13.85			12.57	*		6.11	*
2015 Fund Composite Index^†		—		5.82			13.43			12.00			6.20	^‡
Broad market index
Russell 3000^® Index		—		12.60			31.71			18.54			8.23	^‡

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, 2013, the 2015 Fund Composite Index consisted of: 36.8% Russell 3000 Index; 36.7% Barclays U.S. Aggregate Bond Index; 15.7% MSCI All Country World ex USA Index; 5.4% Barclays U.S. 1–5 Year Government/Credit Bond Index; and 5.4% 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.

18	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2015 Fund

Asset allocation

	% of			Target
	net assets as			allocation
	of 11/30/13			for 6/30/14
Equity
U.S. equity		37.0	%		36.1	%
International equity		16.1			15.5
Fixed income
Fixed income		36.1			37.2
Short-term fixed income		5.3			5.6
Inflation-protected assets		5.3			5.6
Other assets & liabilities, net		0.2			–
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Lifecycle 2020 Fund

Performance as of November 30, 2013

			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		7.43	%		16.34	%		13.45	%		6.15	%
Institutional Class		1/17/2007		7.53			16.60			13.73			6.35	*
Premier Class		9/30/2009		7.45			16.37			13.55	*		6.20	*
2020 Fund Composite Index^†		—		6.86			15.98			12.95			6.30	^‡
Broad market index
Russell 3000^® Index		—		12.60			31.71			18.54			8.23	^‡

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, 2013, the 2020 Fund Composite Index consisted of: 42.4% Russell 3000 Index; 32.7% Barclays U.S. Aggregate Bond Index; 18.1% MSCI All Country World ex USA Index; 3.4% Barclays U.S. 1–5 Year Government/Credit Bond Index; and 3.4% 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.

20	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2020 Fund

Asset allocation

	% of			Target
	net assets as			allocation
	of 11/30/13			for 6/30/14
Equity
U.S. equity		42.6	%		41.7	%
International equity		18.4			17.9
Fixed income
Fixed income		32.2			33.2
Short-term fixed income		3.3			3.6
Inflation-protected assets		3.3			3.6
Other assets & liabilities, net		0.2			–
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Lifecycle 2025 Fund

Performance as of November 30, 2013

			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		8.57	%		18.93	%		14.39	%		6.25	%
Institutional Class		1/17/2007		8.65			19.25			14.66			6.45	*
Premier Class		9/30/2009		8.58			19.05			14.46	*		6.29	*
2025 Fund Composite Index^†		—		7.90			18.57			13.89			6.39	^‡
Broad market index
Russell 3000^® Index		—		12.60			31.71			18.54			8.23	^‡

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, 2013, the 2025 Fund Composite Index consisted of: 48.0% Russell 3000 Index; 28.7% Barclays U.S. Aggregate Bond Index; 20.5% MSCI All Country World ex USA Index; 1.4% Barclays U.S. 1–5 Year Government/Credit Bond Index; and 1.4% 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.

22	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2025 Fund

Asset allocation

	% of			Target
	net assets as			allocation
	of 11/30/13			for 6/30/14
Equity
U.S. equity		48.2	%		47.3	%
International equity		20.8			20.3
Fixed income
Fixed income		28.3			29.2
Short-term fixed income		1.3			1.6
Inflation-protected assets		1.3			1.6
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Lifecycle 2030 Fund

Performance as of November 30, 2013

			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		9.63	%		21.58	%		15.21	%		6.26	%
Institutional Class		1/17/2007		9.74			21.87			15.49			6.46	*
Premier Class		9/30/2009		9.68			21.57			15.29	*		6.30	*
2030 Fund Composite Index^†		—		8.94			21.17			14.79			6.48	^‡
Broad market index
Russell 3000^® Index		—		12.60			31.71			18.54			8.23	^‡

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, 2013, the 2030 Fund Composite Index consisted of: 53.6% Russell 3000 Index; 23.5% Barclays U.S. Aggregate Bond Index; and 22.9% 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 Retirement Class.

Asset allocation

	% of net assets as of 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		53.7	%		52.9	%
International equity		23.1			22.7
Fixed income		23.1			24.4
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2014

24	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2035 Fund

Performance as of November 30, 2013

			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		10.62	%		23.98	%		16.00	%		6.54	%
Institutional Class		1/17/2007		10.81			24.33			16.27			6.73	*
Premier Class		9/30/2009		10.73			24.10			16.11	*		6.59	*
2035 Fund Composite Index^†		—		9.96			23.76			15.64			6.78	^‡
Broad market index
Russell 3000^® Index		—		12.60			31.71			18.54			8.23	^‡

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, 2013, the 2035 Fund Composite Index consisted of: 59.2% Russell 3000 Index; 25.3% MSCI All Country World ex USA Index; and 15.5% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		59.2	%		58.5	%
International equity		25.5			25.1
Fixed income		15.1			16.4
Other assets & liabilities, net		0.2			–
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Lifecycle 2040 Fund

Performance as of November 30, 2013

			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		11.30	%		25.46	%		16.28	%		6.91	%
Institutional Class		1/17/2007		11.41			25.76			16.56			7.11	*
Premier Class		9/30/2009		11.45			25.53			16.39	*		6.96	*
2040 Fund Composite Index^†		—		10.61			25.26			15.94			7.13	^‡
Broad market index
Russell 3000^® Index		—		12.60			31.71			18.54			8.23	^‡

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, 2013, the 2040 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI All Country World ex USA 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		62.9	%		63.0	%
International equity		27.2			27.0
Fixed income		9.8			10.0
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2014

26	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2045 Fund

Performance as of November 30, 2013

			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		11.32	%		25.45	%		16.19	%		3.78	%
Institutional Class		11/30/2007		11.47			25.66			16.49			4.04
Premier Class		9/30/2009		11.29			25.49			16.29	*		3.86	*
2045 Fund Composite Index^†		—		10.61			25.26			15.94			4.56	^‡
Broad market index
Russell 3000^® Index		—		12.60			31.71			18.54			6.16	^‡

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, 2013, the 2045 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI All Country World ex USA 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		62.7	%		63.0	%
International equity		27.2			27.0
Fixed income		9.8			10.0
Other assets & liabilities, net		0.3			–
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Lifecycle 2050 Fund

Performance as of November 30, 2013

			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		11.26	%		25.47	%		16.14	%		3.74	%
Institutional Class		11/30/2007		11.50			25.78			16.42			4.01
Premier Class		9/30/2009		11.32			25.48			16.22	*		3.81	*
2050 Fund Composite Index^†		—		10.61			25.26			15.94			4.56	^‡
Broad market index
Russell 3000^® Index		—		12.60			31.71			18.54			6.16	^‡

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, 2013, the 2050 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI All Country World ex USA 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		62.7	%		63.0	%
International equity		27.2			27.0
Fixed income		9.8			10.0
Other assets & liabilities, net		0.3			–
Total		100.0			100.0

Target allocation

For June 30, 2014

28	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2055 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle 2055 Fund	Inception date		6 months			1 year			since fund inception
Retirement Class		4/29/2011		11.29	%		25.51	%		9.93	%
Institutional Class		4/29/2011		11.36			25.69			10.19
Premier Class		4/29/2011		11.38			25.61			10.04
2055 Fund Composite Index*		—		10.61			25.26			10.35	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			13.78	^†

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, 2013, the 2055 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% MSCI All Country World ex USA 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		62.6	%		63.0	%
International equity		27.2			27.0
Fixed income		9.9			10.0
Other assets & liabilities, net		0.3			–
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Retirement Income Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 39.5%
	6,068,864	TIAA-CREF Bond Fund		$	63,055,501		24.7	%
	2,625,399	TIAA-CREF Bond Plus Fund			27,619,193		10.8
	965,618	TIAA-CREF High-Yield Fund			10,090,707		4.0
		TOTAL FIXED INCOME			100,765,401		39.5

INFLATION-PROTECTED ASSETS — 10.0%
	2,231,187	TIAA-CREF Inflation-Linked Bond Fund			25,413,223		10.0
		TOTAL INFLATION-PROTECTED ASSETS			25,413,223		10.0

INTERNATIONAL EQUITY — 12.4%
	559,272	TIAA-CREF Emerging Markets Equity Fund			6,196,731		2.4
	880,665	TIAA-CREF Enhanced International Equity Index Fund			7,503,267		3.0
	163,531	TIAA-CREF Global Natural Resources Fund			1,618,959		0.6
	711,581	TIAA-CREF International Equity Fund			8,275,681		3.3
	730,717	TIAA-CREF International Opportunities Fund			8,008,658		3.1
		TOTAL INTERNATIONAL EQUITY			31,603,296		12.4

SHORT-TERM FIXED INCOME — 9.9%
	25,404	TIAA-CREF Money Market Fund			25,404		0.0
	2,416,601	TIAA-CREF Short-Term Bond Fund			25,229,315		9.9
		TOTAL SHORT-TERM FIXED INCOME			25,254,719		9.9

U.S. EQUITY — 28.0%
	1,152,010	TIAA-CREF Enhanced Large-Cap Growth Index Fund			13,685,882		5.4
	1,209,658	TIAA-CREF Enhanced Large-Cap Value Index Fund			13,245,759		5.2
	872,278	TIAA-CREF Growth & Income Fund			11,383,222		4.5
	871,216	TIAA-CREF Large-Cap Growth Fund			13,678,099		5.3
	704,740	TIAA-CREF Large-Cap Value Fund			13,143,407		5.1
	14,590	TIAA-CREF Mid-Cap Growth Fund			373,512		0.1
	10,447	TIAA-CREF Mid-Cap Value Fund			249,589		0.1
	287,060	TIAA-CREF Small-Cap Equity Fund			5,850,278		2.3
		TOTAL U.S. EQUITY			71,609,748		28.0
		TOTAL TIAA-CREF FUNDS	(Cost $223,434,429)		254,646,387		99.8

		TOTAL PORTFOLIO	(Cost $223,434,429)		254,646,387		99.8
		OTHER ASSETS & LIABILITIES, NET			586,047		0.2
		NET ASSETS		$	255,232,434		100.0	%

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

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2010 Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 38.1%
	22,485,068	TIAA-CREF Bond Fund		$	233,619,858		23.4	%
	10,272,110	TIAA-CREF Bond Plus Fund			108,062,593		10.8
	3,781,325	TIAA-CREF High-Yield Fund			39,514,845		3.9
		TOTAL FIXED INCOME			381,197,296		38.1

INFLATION-PROTECTED ASSETS — 7.3%
	6,409,482	TIAA-CREF Inflation-Linked Bond Fund			73,003,999		7.3
		TOTAL INFLATION-PROTECTED ASSETS			73,003,999		7.3

INTERNATIONAL EQUITY — 14.4%
	2,472,761	TIAA-CREF Emerging Markets Equity Fund			27,398,186		2.8
	4,067,042	TIAA-CREF Enhanced International Equity Index Fund			34,651,202		3.5
	746,279	TIAA-CREF Global Natural Resources Fund			7,388,165		0.7
	3,241,414	TIAA-CREF International Equity Fund			37,697,647		3.8
	3,312,171	TIAA-CREF International Opportunities Fund			36,301,394		3.6
		TOTAL INTERNATIONAL EQUITY			143,436,594		14.4

SHORT-TERM FIXED INCOME — 7.2%
	49,789	TIAA-CREF Money Market Fund			49,789		0.0
	6,929,889	TIAA-CREF Short-Term Bond Fund			72,348,040		7.2
		TOTAL SHORT-TERM FIXED INCOME			72,397,829		7.2

U.S. EQUITY — 32.8%
	5,237,104	TIAA-CREF Enhanced Large-Cap Growth Index Fund			62,216,797		6.2
	5,512,567	TIAA-CREF Enhanced Large-Cap Value Index Fund			60,362,608		6.0
	3,988,125	TIAA-CREF Growth & Income Fund			52,045,037		5.2
	3,992,063	TIAA-CREF Large-Cap Growth Fund			62,675,388		6.3
	3,214,929	TIAA-CREF Large-Cap Value Fund			59,958,429		6.0
	81,031	TIAA-CREF Mid-Cap Growth Fund			2,074,389		0.2
	66,122	TIAA-CREF Mid-Cap Value Fund			1,579,648		0.2
	1,308,930	TIAA-CREF Small-Cap Equity Fund			26,675,990		2.7
		TOTAL U.S. EQUITY			327,588,286		32.8
		TOTAL TIAA-CREF FUNDS	(Cost $845,519,557)		997,624,004		99.8

		TOTAL PORTFOLIO	(Cost $845,519,557)		997,624,004		99.8
		OTHER ASSETS & LIABILITIES, NET			1,980,343		0.2
		NET ASSETS		$	999,604,347		100.0	%

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

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2015 Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 36.1%
	31,961,310	TIAA-CREF Bond Fund		$	332,078,013		21.4	%
	15,861,472	TIAA-CREF Bond Plus Fund			166,862,689		10.8
	5,831,316	TIAA-CREF High-Yield Fund			60,937,247		3.9
		TOTAL FIXED INCOME			559,877,949		36.1

INFLATION-PROTECTED ASSETS — 5.3%
	7,222,013	TIAA-CREF Inflation-Linked Bond Fund			82,258,726		5.3
		TOTAL INFLATION-PROTECTED ASSETS			82,258,726		5.3

INTERNATIONAL EQUITY — 16.1%
	4,206,182	TIAA-CREF Emerging Markets Equity Fund			46,604,494		3.0
	7,160,820	TIAA-CREF Enhanced International Equity Index Fund			61,010,184		3.9
	1,296,852	TIAA-CREF Global Natural Resources Fund			12,838,836		0.8
	5,669,496	TIAA-CREF International Equity Fund			65,936,234		4.3
	5,754,933	TIAA-CREF International Opportunities Fund			63,074,070		4.1
		TOTAL INTERNATIONAL EQUITY			249,463,818		16.1

SHORT-TERM FIXED INCOME — 5.3%
	143,320	TIAA-CREF Money Market Fund			143,320		0.0
	7,777,807	TIAA-CREF Short-Term Bond Fund			81,200,304		5.3
		TOTAL SHORT-TERM FIXED INCOME			81,343,624		5.3

U.S. EQUITY — 37.0%
	9,156,126	TIAA-CREF Enhanced Large-Cap Growth Index Fund			108,774,772		7.0
	9,595,365	TIAA-CREF Enhanced Large-Cap Value Index Fund			105,069,242		6.8
	6,934,997	TIAA-CREF Growth & Income Fund			90,501,713		5.8
	6,970,869	TIAA-CREF Large-Cap Growth Fund			109,442,647		7.1
	5,614,002	TIAA-CREF Large-Cap Value Fund			104,701,136		6.8
	170,419	TIAA-CREF Mid-Cap Growth Fund			4,362,734		0.3
	143,564	TIAA-CREF Mid-Cap Value Fund			3,429,745		0.2
	2,283,634	TIAA-CREF Small-Cap Equity Fund			46,540,467		3.0
		TOTAL U.S. EQUITY			572,822,456		37.0
		TOTAL TIAA-CREF FUNDS	(Cost $1,372,420,160)		1,545,766,573		99.8

		TOTAL PORTFOLIO	(Cost $1,372,420,160)		1,545,766,573		99.8
		OTHER ASSETS & LIABILITIES, NET			3,367,752		0.2
		NET ASSETS		$	1,549,134,325		100.0	%

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

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2020 Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 32.2%
	35,355,157	TIAA-CREF Bond Fund		$	367,340,079		17.2	%
	21,869,730	TIAA-CREF Bond Plus Fund			230,069,563		10.7
	8,734,532	TIAA-CREF High-Yield Fund			91,275,864		4.3
		TOTAL FIXED INCOME			688,685,506		32.2

INFLATION-PROTECTED ASSETS — 3.3%
	6,228,988	TIAA-CREF Inflation-Linked Bond Fund			70,948,173		3.3
		TOTAL INFLATION-PROTECTED ASSETS			70,948,173		3.3

INTERNATIONAL EQUITY — 18.4%
	6,524,028	TIAA-CREF Emerging Markets Equity Fund			72,286,226		3.4
	11,446,657	TIAA-CREF Enhanced International Equity Index Fund			97,525,522		4.6
	2,056,417	TIAA-CREF Global Natural Resources Fund			20,358,529		0.9
	8,975,571	TIAA-CREF International Equity Fund			104,385,892		4.9
	9,068,832	TIAA-CREF International Opportunities Fund			99,394,397		4.6
		TOTAL INTERNATIONAL EQUITY			393,950,566		18.4

SHORT-TERM FIXED INCOME — 3.3%
	190,186	TIAA-CREF Money Market Fund			190,186		0.0
	6,715,570	TIAA-CREF Short-Term Bond Fund			70,110,555		3.3
		TOTAL SHORT-TERM FIXED INCOME			70,300,741		3.3

U.S. EQUITY — 42.6%
	14,480,440	TIAA-CREF Enhanced Large-Cap Growth Index Fund			172,027,633		8.0
	15,189,738	TIAA-CREF Enhanced Large-Cap Value Index Fund			166,327,631		7.8
	11,036,924	TIAA-CREF Growth & Income Fund			144,031,856		6.7
	11,051,726	TIAA-CREF Large-Cap Growth Fund			173,512,094		8.1
	8,903,164	TIAA-CREF Large-Cap Value Fund			166,044,007		7.8
	298,634	TIAA-CREF Mid-Cap Growth Fund			7,645,018		0.4
	257,053	TIAA-CREF Mid-Cap Value Fund			6,140,997		0.3
	3,620,167	TIAA-CREF Small-Cap Equity Fund			73,778,994		3.5
		TOTAL U.S. EQUITY			909,508,230		42.6
		TOTAL TIAA-CREF FUNDS	(Cost $1,846,159,188)		2,133,393,216		99.8

		TOTAL PORTFOLIO	(Cost $1,846,159,188)		2,133,393,216		99.8
		OTHER ASSETS & LIABILITIES, NET			4,079,432		0.2
		NET ASSETS		$	2,137,472,648		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 ■ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2025 Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 28.3%
	25,665,861	TIAA-CREF Bond Fund		$	266,668,295		12.6	%
	20,941,674	TIAA-CREF Bond Plus Fund			220,306,412		10.4
	10,610,168	TIAA-CREF High-Yield Fund			110,876,253		5.3
		TOTAL FIXED INCOME			597,850,960		28.3

INFLATION-PROTECTED ASSETS — 1.3%
	2,464,781	TIAA-CREF Inflation-Linked Bond Fund			28,073,853		1.3
		TOTAL INFLATION-PROTECTED ASSETS			28,073,853		1.3

INTERNATIONAL EQUITY — 20.8%
	7,160,162	TIAA-CREF Emerging Markets Equity Fund			79,334,599		3.8
	12,890,132	TIAA-CREF Enhanced International Equity Index Fund			109,823,925		5.2
	2,303,360	TIAA-CREF Global Natural Resources Fund			22,803,265		1.1
	9,992,722	TIAA-CREF International Equity Fund			116,215,354		5.5
	10,124,484	TIAA-CREF International Opportunities Fund			110,964,342		5.2
		TOTAL INTERNATIONAL EQUITY			439,141,485		20.8

SHORT-TERM FIXED INCOME — 1.3%
	187,533	TIAA-CREF Money Market Fund			187,533		0.0
	2,652,618	TIAA-CREF Short-Term Bond Fund			27,693,333		1.3
		TOTAL SHORT-TERM FIXED INCOME			27,880,866		1.3

U.S. EQUITY — 48.2%
	16,174,450	TIAA-CREF Enhanced Large-Cap Growth Index Fund			192,152,460		9.1
	17,027,344	TIAA-CREF Enhanced Large-Cap Value Index Fund			186,449,419		8.8
	12,304,775	TIAA-CREF Growth & Income Fund			160,577,314		7.6
	12,321,272	TIAA-CREF Large-Cap Growth Fund			193,443,971		9.2
	9,951,840	TIAA-CREF Large-Cap Value Fund			185,601,816		8.8
	357,239	TIAA-CREF Mid-Cap Growth Fund			9,145,311		0.4
	317,610	TIAA-CREF Mid-Cap Value Fund			7,587,706		0.4
	4,060,796	TIAA-CREF Small-Cap Equity Fund			82,759,015		3.9
		TOTAL U.S. EQUITY			1,017,717,012		48.2
		TOTAL TIAA-CREF FUNDS	(Cost $1,783,198,941)		2,110,664,176		99.9

		TOTAL PORTFOLIO	(Cost $1,783,198,941)		2,110,664,176		99.9
		OTHER ASSETS & LIABILITIES, NET			3,161,029		0.1
		NET ASSETS		$	2,113,825,205		100.0	%

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

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2030 Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 23.1%
	16,994,061	TIAA-CREF Bond Fund		$	176,568,293		8.7	%
	16,568,933	TIAA-CREF Bond Plus Fund			174,305,174		8.5
	11,520,033	TIAA-CREF High-Yield Fund			120,384,345		5.9
		TOTAL FIXED INCOME			471,257,812		23.1

INTERNATIONAL EQUITY — 23.1%
	7,594,870	TIAA-CREF Emerging Markets Equity Fund			84,151,159		4.1
	13,939,555	TIAA-CREF Enhanced International Equity Index Fund			118,765,008		5.8
	2,482,951	TIAA-CREF Global Natural Resources Fund			24,581,211		1.2
	10,783,918	TIAA-CREF International Equity Fund			125,416,971		6.2
	10,852,333	TIAA-CREF International Opportunities Fund			118,941,564		5.8
		TOTAL INTERNATIONAL EQUITY			471,855,913		23.1

SHORT-TERM FIXED INCOME — 0.0%
	180,361	TIAA-CREF Money Market Fund			180,361		0.0
		TOTAL SHORT-TERM FIXED INCOME			180,361		0.0

U.S. EQUITY — 53.7%
	17,442,671	TIAA-CREF Enhanced Large-Cap Growth Index Fund			207,218,937		10.1
	18,338,082	TIAA-CREF Enhanced Large-Cap Value Index Fund			200,802,003		9.8
	13,264,565	TIAA-CREF Growth & Income Fund			173,102,573		8.5
	13,278,075	TIAA-CREF Large-Cap Growth Fund			208,465,771		10.2
	10,723,980	TIAA-CREF Large-Cap Value Fund			200,002,234		9.8
	405,908	TIAA-CREF Mid-Cap Growth Fund			10,391,235		0.5
	367,888	TIAA-CREF Mid-Cap Value Fund			8,788,839		0.4
	4,381,214	TIAA-CREF Small-Cap Equity Fund			89,289,148		4.4
		TOTAL U.S. EQUITY			1,098,060,740		53.7
		TOTAL TIAA-CREF FUNDS	(Cost $1,675,546,902)		2,041,354,826		99.9

		TOTAL PORTFOLIO	(Cost $1,675,546,902)		2,041,354,826		99.9
		OTHER ASSETS & LIABILITIES, NET			3,011,623		0.1
		NET ASSETS		$	2,044,366,449		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 ■ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2035 Fund ■ November 30, 2013

Shares		Security		Value		% of net assets

TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 15.1%
	6,639,643	TIAA-CREF Bond Fund		$	68,985,896		3.3	%
	11,839,189	TIAA-CREF Bond Plus Fund			124,548,266		6.0
	11,565,832	TIAA-CREF High-Yield Fund			120,862,941		5.8
		TOTAL FIXED INCOME			314,397,103		15.1

INTERNATIONAL EQUITY — 25.5%
	8,601,932	TIAA-CREF Emerging Markets Equity Fund			95,309,403		4.6
	15,716,767	TIAA-CREF Enhanced International Equity Index Fund			133,906,851		6.4
	2,766,025	TIAA-CREF Global Natural Resources Fund			27,383,645		1.3
	12,159,880	TIAA-CREF International Equity Fund			141,419,406		6.8
	12,170,202	TIAA-CREF International Opportunities Fund			133,385,415		6.4
		TOTAL INTERNATIONAL EQUITY			531,404,720		25.5

SHORT-TERM FIXED INCOME — 0.0%
	186,382	TIAA-CREF Money Market Fund			186,382		0.0
		TOTAL SHORT-TERM FIXED INCOME			186,382		0.0

U.S. EQUITY — 59.2%
	19,505,688	TIAA-CREF Enhanced Large-Cap Growth Index Fund			231,727,568		11.2
	20,549,489	TIAA-CREF Enhanced Large-Cap Value Index Fund			225,016,909		10.8
	14,847,728	TIAA-CREF Growth & Income Fund			193,762,847		9.3
	14,886,876	TIAA-CREF Large-Cap Growth Fund			233,723,952		11.2
	12,022,890	TIAA-CREF Large-Cap Value Fund			224,226,904		10.8
	485,246	TIAA-CREF Mid-Cap Growth Fund			12,422,293		0.6
	440,807	TIAA-CREF Mid-Cap Value Fund			10,530,879		0.5
	4,920,089	TIAA-CREF Small-Cap Equity Fund			100,271,420		4.8
		TOTAL U.S. EQUITY			1,231,682,772		59.2
		TOTAL TIAA-CREF FUNDS	(Cost $1,662,978,680)		2,077,670,977		99.8

		TOTAL PORTFOLIO	(Cost $1,662,978,680)		2,077,670,977		99.8
		OTHER ASSETS & LIABILITIES, NET			3,419,372		0.2
		NET ASSETS		$	2,081,090,349		100.0	%

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

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2040 Fund ■ November 30, 2013

Shares		Security		Value		% of net assets

TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 9.8%
	10,394,856	TIAA-CREF Bond Plus Fund		$	109,353,885		3.9	%
	15,594,220	TIAA-CREF High-Yield Fund			162,959,594		5.9
		TOTAL FIXED INCOME			272,313,479		9.8

INTERNATIONAL EQUITY — 27.2%
	12,108,914	TIAA-CREF Emerging Markets Equity Fund			134,166,769		4.8
	22,324,161	TIAA-CREF Enhanced International Equity Index Fund			190,201,849		6.9
	3,944,161	TIAA-CREF Global Natural Resources Fund			39,047,194		1.4
	17,303,881	TIAA-CREF International Equity Fund			201,244,131		7.3
	17,156,467	TIAA-CREF International Opportunities Fund			188,034,877		6.8
		TOTAL INTERNATIONAL EQUITY			752,694,820		27.2

SHORT-TERM FIXED INCOME — 0.0%
	273,254	TIAA-CREF Money Market Fund			273,254		0.0
		TOTAL SHORT-TERM FIXED INCOME			273,254		0.0

U.S. EQUITY — 62.9%
	27,651,022	TIAA-CREF Enhanced Large-Cap Growth Index Fund			328,494,140		11.8
	29,091,097	TIAA-CREF Enhanced Large-Cap Value Index Fund			318,547,507		11.5
	21,063,219	TIAA-CREF Growth & Income Fund			274,875,013		9.9
	21,091,628	TIAA-CREF Large-Cap Growth Fund			331,138,555		11.9
	17,024,864	TIAA-CREF Large-Cap Value Fund			317,513,713		11.4
	701,512	TIAA-CREF Mid-Cap Growth Fund			17,958,715		0.7
	636,577	TIAA-CREF Mid-Cap Value Fund			15,207,820		0.6
	6,950,476	TIAA-CREF Small-Cap Equity Fund			141,650,700		5.1
		TOTAL U.S. EQUITY			1,745,386,163		62.9
		TOTAL TIAA-CREF FUNDS	(Cost $2,174,104,215)		2,770,667,716		99.9

		TOTAL PORTFOLIO	(Cost $2,174,104,215)		2,770,667,716		99.9
		OTHER ASSETS & LIABILITIES, NET			4,117,926		0.1
		NET ASSETS		$	2,774,785,642		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 ■ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2045 Fund ■ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.7% (a)

FIXED INCOME — 9.8%
	2,986,397	TIAA-CREF Bond Plus Fund		$	31,416,893		4.0	%
	4,427,170	TIAA-CREF High-Yield Fund			46,263,930		5.8
		TOTAL FIXED INCOME			77,680,823		9.8

INTERNATIONAL EQUITY — 27.2%
	3,444,475	TIAA-CREF Emerging Markets Equity Fund			38,164,785		4.8
	6,420,271	TIAA-CREF Enhanced International Equity Index Fund			54,700,707		6.9
	1,119,456	TIAA-CREF Global Natural Resources Fund			11,082,617		1.4
	4,945,388	TIAA-CREF International Equity Fund			57,514,859		7.3
	4,873,926	TIAA-CREF International Opportunities Fund			53,418,224		6.8
		TOTAL INTERNATIONAL EQUITY			214,881,192		27.2

SHORT-TERM FIXED INCOME — 0.0%
	73,286	TIAA-CREF Money Market Fund			73,286		0.0
		TOTAL SHORT-TERM FIXED INCOME			73,286		0.0

U.S. EQUITY — 62.7%
	7,873,372	TIAA-CREF Enhanced Large-Cap Growth Index Fund			93,535,656		11.8
	8,258,927	TIAA-CREF Enhanced Large-Cap Value Index Fund			90,435,249		11.4
	5,978,326	TIAA-CREF Growth & Income Fund			78,017,155		9.9
	5,967,899	TIAA-CREF Large-Cap Growth Fund			93,696,009		11.9
	4,833,320	TIAA-CREF Large-Cap Value Fund			90,141,421		11.4
	198,547	TIAA-CREF Mid-Cap Growth Fund			5,082,799		0.6
	180,842	TIAA-CREF Mid-Cap Value Fund			4,320,316		0.6
	1,976,700	TIAA-CREF Small-Cap Equity Fund			40,285,153		5.1
		TOTAL U.S. EQUITY			495,513,758		62.7
		TOTAL TIAA-CREF FUNDS	(Cost $623,145,500)		788,149,059		99.7

		TOTAL PORTFOLIO	(Cost $623,145,500)		788,149,059		99.7
		OTHER ASSETS & LIABILITIES, NET			2,297,197		0.3
		NET ASSETS		$	790,446,256		100.0	%

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

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2050 Fund ■ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.7% (a)

FIXED INCOME — 9.8%
	1,657,259	TIAA-CREF Bond Plus Fund		$	17,434,365		4.0	%
	2,460,378	TIAA-CREF High-Yield Fund			25,710,945		5.8
		TOTAL FIXED INCOME			43,145,310		9.8

INTERNATIONAL EQUITY — 27.2%
	1,913,682	TIAA-CREF Emerging Markets Equity Fund			21,203,599		4.8
	3,559,240	TIAA-CREF Enhanced International Equity Index Fund			30,324,721		6.9
	622,132	TIAA-CREF Global Natural Resources Fund			6,159,108		1.4
	2,744,942	TIAA-CREF International Equity Fund			31,923,673		7.3
	2,710,335	TIAA-CREF International Opportunities Fund			29,705,276		6.8
		TOTAL INTERNATIONAL EQUITY			119,316,377		27.2

SHORT-TERM FIXED INCOME — 0.0%
	40,285	TIAA-CREF Money Market Fund			40,285		0.0
		TOTAL SHORT-TERM FIXED INCOME			40,285		0.0

U.S. EQUITY — 62.7%
	4,376,195	TIAA-CREF Enhanced Large-Cap Growth Index Fund			51,989,194		11.8
	4,589,858	TIAA-CREF Enhanced Large-Cap Value Index Fund			50,258,947		11.4
	3,322,424	TIAA-CREF Growth & Income Fund			43,357,627		9.9
	3,315,510	TIAA-CREF Large-Cap Growth Fund			52,053,508		11.9
	2,686,094	TIAA-CREF Large-Cap Value Fund			50,095,654		11.4
	110,316	TIAA-CREF Mid-Cap Growth Fund			2,824,087		0.6
	101,107	TIAA-CREF Mid-Cap Value Fund			2,415,440		0.6
	1,098,316	TIAA-CREF Small-Cap Equity Fund			22,383,685		5.1
		TOTAL U.S. EQUITY			275,378,142		62.7
		TOTAL TIAA-CREF FUNDS	(Cost $348,500,241)		437,880,114		99.7

		TOTAL PORTFOLIO	(Cost $348,500,241)		437,880,114		99.7
		OTHER ASSETS & LIABILITIES, NET			1,342,931		0.3
		NET ASSETS		$	439,223,045		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 ■ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2055 Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.7% (a)

FIXED INCOME — 9.9%
	209,161	TIAA-CREF Bond Plus Fund		$	2,200,373		4.0	%
	311,591	TIAA-CREF High-Yield Fund			3,256,129		5.9
		TOTAL FIXED INCOME			5,456,502		9.9

INTERNATIONAL EQUITY — 27.2%
	241,240	TIAA-CREF Emerging Markets Equity Fund			2,672,945		4.8
	453,391	TIAA-CREF Enhanced International Equity Index Fund			3,862,891		7.0
	78,298	TIAA-CREF Global Natural Resources Fund			775,155		1.4
	346,827	TIAA-CREF International Equity Fund			4,033,602		7.5
	341,048	TIAA-CREF International Opportunities Fund			3,737,881		6.7
		TOTAL INTERNATIONAL EQUITY			15,082,474		27.2

SHORT-TERM FIXED INCOME — 0.0%
	4,372	TIAA-CREF Money Market Fund			4,372		0.0
		TOTAL SHORT-TERM FIXED INCOME			4,372		0.0

U.S. EQUITY — 62.6%
	551,481	TIAA-CREF Enhanced Large-Cap Growth Index Fund			6,551,593		11.8
	577,654	TIAA-CREF Enhanced Large-Cap Value Index Fund			6,325,312		11.4
	418,144	TIAA-CREF Growth & Income Fund			5,456,775		9.9
	416,533	TIAA-CREF Large-Cap Growth Fund			6,539,565		11.8
	338,057	TIAA-CREF Large-Cap Value Fund			6,304,762		11.4
	13,980	TIAA-CREF Mid-Cap Growth Fund			357,892		0.7
	12,638	TIAA-CREF Mid-Cap Value Fund			301,923		0.5
	138,324	TIAA-CREF Small-Cap Equity Fund			2,819,035		5.1
		TOTAL U.S. EQUITY			34,656,857		62.6
		TOTAL TIAA-CREF FUNDS	(Cost $47,094,416)		55,200,205		99.7

		TOTAL PORTFOLIO	(Cost $47,094,416)		55,200,205		99.7
		OTHER ASSETS & LIABILITIES, NET			151,094		0.3
		NET ASSETS		$	55,351,299		100.0	%

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

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

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TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifecycle Funds ■ November 30, 2013

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

ASSETS
Affiliated investments, at value^‡	$	254,646,387		$	997,624,004		$	1,545,766,573	$	2,133,393,216	$	2,110,664,176	$	2,041,354,826
Cash		796,557			2,876,016			5,279,527		6,630,696		6,174,387		6,035,872
Receivable from Fund shares sold		324,320			933,080			1,846,884		3,065,620		2,209,459		2,064,863
Dividends and interest receivable		266,391			992,232			1,434,250		1,762,965		1,566,321		1,285,857
Due from affiliates		5,889			17,804			26,732		36,267		35,773		34,634
Other		4,142			24,545			32,900		39,930		38,032		36,320
Total assets		256,043,686			1,002,467,681			1,554,386,866		2,144,928,694		2,120,688,148		2,050,812,372

LIABILITIES
Management fees payable		3,479			13,630			21,095		29,084		28,767		27,807
Service agreement fees payable		3,420			15,126			22,871		29,635		28,430		25,316
Distribution fees payable		13,344			17,068			27,089		40,401		38,538		40,761
Due to affiliates		3,462			14,037			21,624		28,989		28,585		27,483
Payable for securities transactions		761,750			2,701,750			5,068,500		7,206,500		6,578,000		6,212,750
Payable for Fund shares redeemed		16,415			37,711			–		–		45,861		–
Accrued expenses and other payables		9,382			64,012			91,362		121,437		114,762		111,806
Total liabilities		811,252			2,863,334			5,252,541		7,456,046		6,862,943		6,445,923

NET ASSETS	$	255,232,434		$	999,604,347		$	1,549,134,325	$	2,137,472,648	$	2,113,825,205	$	2,044,366,449

NET ASSETS CONSIST OF:
Paid-in-capital	$	224,638,444		$	842,896,793		$	1,308,171,246	$	1,764,673,049	$	1,701,957,577	$	1,602,042,834
Undistributed net investment income (loss)		456,309			12,748,010			13,258,144		15,769,723		13,780,571		11,096,308
Accumulated net realized gain (loss) on total investments		(1,074,277	)		(8,144,903	)		54,358,522		69,795,848		70,621,822		65,419,383
Net unrealized appreciation (depreciation) on total investments		31,211,958			152,104,447			173,346,413		287,234,028		327,465,235		365,807,924

NET ASSETS	$	255,232,434		$	999,604,347		$	1,549,134,325	$	2,137,472,648	$	2,113,825,205	$	2,044,366,449

RETIREMENT CLASS:
Net assets	$	100,246,490		$	442,909,242		$	670,616,040	$	869,364,607	$	833,660,470	$	743,193,580
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		8,978,278			33,504,920			51,989,363		66,135,705		62,690,921		55,356,328
Net asset value per share		$11.17			$13.22			$12.90		$13.15		$13.30		$13.43

INSTITUTIONAL CLASS:
Net assets	$	80,147,787		$	410,261,006		$	645,735,381	$	916,619,208	$	943,070,803	$	946,543,083
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,163,643			35,229,310			58,002,134		82,287,133		84,348,258		84,904,925
Net asset value per share		$11.19			$11.65			$11.13		$11.14		$11.18		$11.15

RETAIL CLASS:
Net assets	$	56,095,132		$	–		$	–	$	–	$	–	$	–
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,019,612			–			–		–		–		–
Net asset value per share		$11.18		$	–		$	–	$	–	$	–	$	–

PREMIER CLASS:
Net assets	$	18,743,025		$	146,434,099		$	232,782,904	$	351,488,833	$	337,093,932	$	354,629,786
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,675,970			12,611,573			20,997,345		31,636,642		30,268,217		31,945,366
Net asset value per share		$11.18			$11.61			$11.09		$11.11		$11.14		$11.10
^‡ Affiliated investments, cost	$	223,434,429		$	845,519,557		$	1,372,420,160	$	1,846,159,188	$	1,783,198,941	$	1,675,546,902

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Statements of assets and liabilities (unaudited)

concluded

TIAA-CREF Lifecycle Funds ■ November 30, 2013

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

ASSETS
Affiliated investments, at value^‡	$	2,077,670,977	$	2,770,667,716	$	788,149,059	$	437,880,114	$	55,200,205
Cash		7,370,255		9,125,206		4,158,782		2,181,479		338,500
Receivable from Fund shares sold		2,477,221		2,875,121		1,931,270		1,135,426		176,074
Dividends and interest receivable		958,488		972,774		274,773		152,526		18,979
Due from affiliates		35,222		46,450		14,286		8,556		2,212
Other		36,238		51,332		8,520		4,549		383
Total assets		2,088,548,401		2,783,738,599		794,536,690		441,362,650		55,736,353

LIABILITIES
Management fees payable		28,283		37,720		10,701		5,947		747
Service agreement fees payable		24,817		33,916		9,378		5,335		934
Distribution fees payable		40,604		58,023		15,103		8,931		1,025
Due to affiliates		27,998		37,347		10,075		5,553		581
Payable for securities transactions		7,224,500		8,646,250		4,020,000		2,104,250		356,000
Payable for Fund shares redeemed		–		–		–		–		–
Accrued expenses and other payables		111,850		139,701		25,177		9,589		25,767
Total liabilities		7,458,052		8,952,957		4,090,434		2,139,605		385,054

NET ASSETS	$	2,081,090,349	$	2,774,785,642	$	790,446,256	$	439,223,045	$	55,351,299

NET ASSETS CONSIST OF:
Paid-in-capital	$	1,586,214,419	$	2,071,096,549	$	618,281,291	$	346,738,367	$	47,197,165
Undistributed net investment income (loss)		8,370,384		8,697,765		2,302,532		1,261,653		122,131
Accumulated net realized gain (loss) on total investments		71,813,249		98,427,827		4,858,874		1,843,152		(73,786	)
Net unrealized appreciation (depreciation) on total investments		414,692,297		596,563,501		165,003,559		89,379,873		8,105,789

NET ASSETS	$	2,081,090,349	$	2,774,785,642	$	790,446,256	$	439,223,045	$	55,351,299

RETIREMENT CLASS:
Net assets	$	729,159,502	$	996,683,561	$	276,438,988	$	157,229,116	$	27,628,108
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		53,033,252		70,715,061		25,106,736		14,330,914		2,261,675
Net asset value per share		$13.75		$14.09		$11.01		$10.97		$12.22

INSTITUTIONAL CLASS:
Net assets	$	994,707,166	$	1,270,812,821	$	377,701,662	$	202,710,472	$	18,704,937
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		88,170,026		111,258,114		34,074,602		18,352,656		1,526,638
Net asset value per share		$11.28		$11.42		$11.08		$11.05		$12.25

RETAIL CLASS:
Net assets	$	–	$	–	$	–	$	–	$	–
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		–		–		–		–		–
Net asset value per share	$	–	$	–	$	–	$	–	$	–

PREMIER CLASS:
Net assets	$	357,223,681	$	507,289,260	$	136,305,606	$	79,283,457	$	9,018,254
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		31,748,248		44,543,156		12,341,035		7,200,079		737,624
Net asset value per share		$11.25		$11.39		$11.04		$11.01		$12.23
^‡ Affiliated investments, cost	$	1,662,978,680	$	2,174,104,215	$	623,145,500	$	348,500,241	$	47,094,416

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Lifecycle Funds ■ For the period ended November 30, 2013

	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	$1,788,222		$6,584,681		$9,276,181		$11,133,370		$9,722,215		$7,969,169
Total income	1,788,222		6,584,681		9,276,181		11,133,370		9,722,215		7,969,169

EXPENSES
Management fees	118,111		474,673		727,606		977,010		962,493		925,707
Shareholder servicing — Retirement Class	122,822		552,788		827,475		1,063,477		1,005,307		908,775
Shareholder servicing — Institutional Class	266		420		492		598		609		622
Shareholder servicing — Retail Class	9,882		–		–		–		–		–
Shareholder servicing — Premier Class	123		183		220		260		258		260
Distribution fees — Retirement Class	24,525		110,462		165,371		212,555		200,919		181,622
Distribution fees — Retail Class	64,932		–		–		–		–		–
Distribution fees — Premier Class	11,730		95,993		154,121		217,226		212,362		218,305
Registration fees	13,572		13,257		13,407		15,384		12,186		13,884
Shareholder reports	12,918		48,123		67,622		87,035		86,507		83,592
Professional fees	12,182		14,119		15,806		17,416		17,380		17,085
Custody and accounting fees	7,908		6,378		6,377		6,377		6,377		6,363
Fund administration fees	5,704		22,577		34,998		46,511		46,060		44,258
Compliance fees	4,051		16,300		25,082		33,591		33,142		31,843
Trustee fees and expenses	1,155		4,538		6,937		9,346		9,241		8,902
Other expenses	22,078		23,871		33,302		44,382		45,052		44,642
Total expenses	431,959		1,383,682		2,078,816		2,731,168		2,637,893		2,485,860
Less: Expenses reimbursed by the investment adviser	(89,763	)	(149,951	)	(204,838	)	(261,973	)	(257,652	)	(252,504	)
Fee waiver by investment adviser and TPIS	(142,636	)	(585,136	)	(892,976	)	(1,189,565	)	(1,163,412	)	(1,107,328	)
Net expenses	199,560		648,595		981,002		1,279,630		1,216,829		1,126,028

Net Investment income (loss)	1,588,662		5,936,086		8,295,179		9,853,740		8,505,386		6,843,141

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments	(209,523	)	5,757,445		30,696,972		35,505,956		34,861,916		31,243,074
Net realized gain (loss) from investments	(209,523	)	5,757,445		30,696,972		35,505,956		34,861,916		31,243,074
Net change in unrealized appreciation (depreciation) from affiliated investments	9,627,897		40,619,394		52,753,481		99,663,030		119,716,207		137,606,985
Net realized and unrealized gain (loss) from investments	9,418,374		46,376,839		83,450,453		135,168,986		154,578,123		168,850,059
Net increase (decrease) in net assets from operations	$11,007,036		$52,312,925		$91,745,632		$145,022,726		$163,083,509		$175,693,200

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Statements of operations (unaudited)

concluded

TIAA-CREF Lifecycle Funds ■ For the period ended November 30, 2013

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

INVESTMENT INCOME
Dividends from affiliated investments	$6,363,316		$7,025,033		$1,893,137		$1,043,369		$116,393
Total income	6,363,316		7,025,033		1,893,137		1,043,369		116,393

EXPENSES
Management fees	941,128		1,257,551		340,133		187,581		21,089
Shareholder servicing — Retirement Class	889,980		1,231,822		327,625		186,434		27,688
Shareholder servicing — Institutional Class	644		756		381		313		208
Shareholder servicing — Premier Class	257		319		164		142		142
Distribution fees — Retirement Class	177,878		246,224		65,455		37,222		5,491
Distribution fees — Premier Class	218,839		311,256		76,512		43,249		4,612
Registration fees	13,090		13,688		10,689		9,724		10,202
Shareholder reports	87,077		116,270		38,691		25,225		7,862
Professional fees	17,200		19,112		13,855		12,779		11,346
Custody and accounting fees	6,363		6,350		6,298		6,297		6,245
Fund administration fees	45,118		60,044		16,119		8,874		1,073
Compliance fees	32,427		43,257		11,723		6,470		745
Trustee fees and expenses	9,088		12,056		3,292		1,863		196
Other expenses	45,008		48,715		33,051		26,072		16,891
Total expenses	2,484,097		3,367,420		943,988		552,245		113,790
Less: Expenses reimbursed by the investment adviser	(257,265	)	(322,214	)	(134,899	)	(98,175	)	(55,045	)
Fee waiver by investment adviser and TPIS	(1,119,006	)	(1,503,775	)	(405,588	)	(224,803	)	(26,580	)
Net expenses	1,107,826		1,541,431		403,501		229,267		32,165

Net Investment income (loss)	5,255,490		5,483,602		1,489,636		814,102		84,228

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments	36,003,283		49,339,722		1,300,913		682,412		1,039
Realized gain (loss) from sale of unaffiliated investments	–		–		–		–		1,574
Net realized gain (loss) from investments	36,003,283		49,339,722		1,300,913		682,412		2,613
Net change in unrealized appreciation (depreciation) from affiliated investments	155,652,403		223,189,845		73,572,515		40,630,398		4,775,715
Net realized and unrealized gain (loss) from investments	191,655,686		272,529,567		74,873,428		41,312,810		4,778,328
Net increase (decrease) in net assets from operations	$196,911,176		$278,013,169		$76,363,064		$42,126,912		$4,862,556

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

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, 2013			May 31, 2013			November 30, 2013			May 31, 2013			November 30, 2013			May 31, 2013
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	1,588,662		$	3,285,436		$	5,936,086		$	15,678,192		$	8,295,179		$	22,728,842
Net realized gain (loss) from investments			(209,523	)		3,351,973			5,757,445			10,916,018			30,696,972			57,079,202
Net change in unrealized appreciation (depreciation) from affiliated investments			9,627,897			12,773,975			40,619,394			82,163,855			52,753,481			94,452,649
Net increase (decrease) in net assets from operations			11,007,036			19,411,384			52,312,925			108,758,065			91,745,632			174,260,693

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		(593,223	)		(2,009,335	)		–			(9,841,955	)		–			(13,751,415	)
	Institutional Class		(500,788	)		(1,183,202	)		–			(7,802,195	)		–			(12,174,502	)
	Retail Class		(310,199	)		(937,459	)		–			–			–			–
	Premier Class		(96,844	)		(237,163	)		–			(2,977,204	)		–			(4,820,594	)
From realized gains:	Retirement Class		–			(470,385	)		–			(651,943	)		–			(13,566,213	)
	Institutional Class		–			(259,840	)		–			(464,074	)		–			(10,822,556	)
	Retail Class		–			(218,859	)		–			–			–			–
	Premier Class		–			(49,974	)		–			(186,226	)		–			(4,497,044	)
Total distributions			(1,501,054	)		(5,366,217	)		–			(21,923,597	)		–			(59,632,324	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		13,099,834			33,557,848			24,503,304			69,548,541			45,500,350			106,456,355
	Institutional Class		19,264,684			35,950,645			62,722,485			118,177,397			90,557,621			176,894,470
	Retail Class		11,353,232			19,650,981			–			–			–			–
	Premier Class		7,539,874			11,528,312			33,835,401			44,150,271			53,530,493			66,397,789
Reinvestments of distributions:	Retirement Class		593,223			2,479,720			–			10,493,898			–			27,317,628
	Institutional Class		500,788			1,443,042			–			8,266,269			–			22,997,058
	Retail Class		298,783			1,116,843			–			–			–			–
	Premier Class		96,844			287,137			–			3,163,430			–			9,317,638
Redemptions:	Retirement Class		(16,640,242	)		(15,479,961	)		(54,082,194	)		(110,700,105	)		(71,635,410	)		(114,133,766	)
	Institutional Class		(8,054,226	)		(7,617,854	)		(27,079,459	)		(28,412,394	)		(20,707,306	)		(30,681,911	)
	Retail Class		(7,780,731	)		(5,064,329	)		–			–			–			–
	Premier Class		(3,215,205	)		(8,277,414	)		(20,999,403	)		(30,485,051	)		(31,753,391	)		(46,044,402	)
Net increase (decrease) from shareholder transactions			17,056,858			69,574,970			18,900,134			84,202,256			65,492,357			218,520,859
Net increase (decrease) in net assets			26,562,840			83,620,137			71,213,059			171,036,724			157,237,989			333,149,228
NET ASSETS
Beginning of period			228,669,594			145,049,457			928,391,288			757,354,564			1,391,896,336			1,058,747,108
End of period		$	255,232,434		$	228,669,594		$	999,604,347		$	928,391,288		$	1,549,134,325		$	1,391,896,336
Undistributed net investment income (loss) included in net assets		$	456,309		$	368,701		$	12,748,010		$	6,811,924		$	13,258,144		$	4,962,965

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		1,213,045			3,211,714			1,926,303			5,759,598			3,688,240			9,053,050
	Institutional Class		1,775,240			3,411,029			5,626,796			11,088,806			8,533,544			17,384,958
	Retail Class		1,049,062			1,877,850			–			–			–			–
	Premier Class		696,866			1,098,579			3,016,192			4,199,917			5,043,539			6,612,826
Shares reinvested:	Retirement Class		55,704			240,270			–			879,623			–			2,383,737
	Institutional Class		46,915			139,439			–			788,766			–			2,329,996
	Retail Class		28,017			108,092			–			–			–			–
	Premier Class		9,076			27,777			–			302,142			–			946,914
Shares redeemed:	Retirement Class		(1,549,140	)		(1,494,137	)		(4,251,935	)		(9,196,075	)		(5,774,566	)		(9,764,488	)
	Institutional Class		(745,054	)		(730,512	)		(2,416,488	)		(2,670,158	)		(1,940,311	)		(3,019,523	)
	Retail Class		(724,330	)		(484,959	)		–			–			–			–
	Premier Class		(299,201	)		(799,507	)		(1,907,782	)		(2,893,192	)		(3,031,587	)		(4,579,312	)
Net increase (decrease) from shareholder transactions			1,556,200			6,605,635			1,993,086			8,259,427			6,518,859			21,348,158

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

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, 2013			May 31, 2013			November 30, 2013			May 31, 2013			November 30, 2013			May 31, 2013
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	9,853,740		$	29,301,801		$	8,505,386		$	28,418,355		$	6,843,141		$	26,758,851
Net realized gain (loss) from investments			35,505,956			69,966,279			34,861,916			66,145,749			31,243,074			63,605,466
Net change in unrealized appreciation (depreciation) from affiliated investments			99,663,030			153,337,089			119,716,207			177,167,953			137,606,985			193,998,950
Net increase (decrease) in net assets from operations			145,022,726			252,605,169			163,083,509			271,732,057			175,693,200			284,363,267

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(16,360,263	)		–			(14,588,554	)		–			(11,938,404	)
	Institutional Class		–			(15,529,674	)		–			(14,943,266	)		–			(14,050,812	)
	Premier Class		–			(6,109,797	)		–			(5,691,955	)		–			(5,204,901	)
From realized gains:	Retirement Class		–			(15,600,376	)		–			(14,416,758	)		–			(13,727,575	)
	Institutional Class		–			(13,288,033	)		–			(13,174,317	)		–			(14,248,271	)
	Premier Class		–			(5,485,981	)		–			(5,272,565	)		–			(5,569,549	)
Total distributions			–			(72,374,124	)		–			(68,087,415	)		–			(64,739,512	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		63,175,857			136,865,895			65,932,788			135,083,648			59,498,109			120,095,806
	Institutional Class		150,151,409			242,223,506			139,318,787			265,334,343			147,932,558			239,109,627
	Premier Class		99,933,040			90,489,375			82,481,007			93,734,536			95,789,797			91,094,222
Reinvestments of distributions:	Retirement Class		–			31,960,639			–			29,005,312			–			25,665,979
	Institutional Class		–			28,817,707			–			28,117,583			–			28,299,083
	Premier Class		–			11,595,778			–			10,964,520			–			10,774,450
Redemptions:	Retirement Class		(86,988,151	)		(141,310,902	)		(75,534,542	)		(154,450,353	)		(91,472,010	)		(141,097,527	)
	Institutional Class		(22,009,287	)		(25,467,310	)		(17,952,108	)		(19,501,098	)		(18,742,771	)		(20,314,636	)
	Premier Class		(36,359,304	)		(52,924,571	)		(34,568,323	)		(51,143,432	)		(37,344,977	)		(46,980,536	)
Net increase (decrease) from shareholder transactions			167,903,564			322,250,117			159,677,609			337,145,059			155,660,706			306,646,468
Net increase (decrease) in net assets			312,926,290			502,481,162			322,761,118			540,789,701			331,353,906			526,270,223
NET ASSETS
Beginning of period			1,824,546,358			1,322,065,196			1,791,064,087			1,250,274,386			1,713,012,543			1,186,742,320
End of period		$	2,137,472,648		$	1,824,546,358		$	2,113,825,205		$	1,791,064,087		$	2,044,366,449		$	1,713,012,543
Undistributed net investment income (loss) included in net assets		$	15,769,723		$	5,915,983		$	13,780,571		$	5,275,185		$	11,096,308		$	4,253,167

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		5,063,535			11,674,618			5,242,825			11,641,266			4,715,280			10,450,687
	Institutional Class		14,209,911			24,298,040			13,218,172			27,030,408			14,150,827			24,921,689
	Premier Class		9,413,716			9,211,564			7,802,528			9,720,546			9,144,181			9,660,338
Shares reinvested:	Retirement Class		–			2,793,762			–			2,560,045			–			2,289,560
	Institutional Class		–			2,980,114			–			2,959,745			–			3,046,188
	Premier Class		–			1,200,391			–			1,156,595			–			1,163,547
Shares redeemed:	Retirement Class		(6,911,763	)		(12,118,283	)		(5,955,412	)		(13,323,149	)		(7,187,463	)		(12,303,991	)
	Institutional Class		(2,062,539	)		(2,537,841	)		(1,681,986	)		(1,981,077	)		(1,772,023	)		(2,096,893	)
	Premier Class		(3,492,079	)		(5,384,126	)		(3,350,697	)		(5,317,749	)		(3,659,571	)		(5,041,424	)
Net increase (decrease) from shareholder transactions			16,220,781			32,118,239			15,275,430			34,446,630			15,391,231			32,089,701

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

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, 2013			May 31, 2013			November 30, 2013			May 31, 2013			November 30, 2013			May 31, 2013
			(unaudited	)					(unaudited	)					(unaudited	)
OPERATIONS
Net investment income (loss)		$	5,255,490		$	26,012,973		$	5,483,602		$	34,754,103		$	1,489,636		$	7,808,056
Net realized gain (loss) from investments			36,003,283			63,820,231			49,339,722			96,727,894			1,300,913			6,508,930
Net change in unrealized appreciation (depreciation) from affiliated investments			155,652,403			219,463,959			223,189,845			307,900,996			73,572,515			82,999,083
Net increase (decrease) in net assets from operations			196,911,176			309,297,163			278,013,169			439,382,993			76,363,064			97,316,069

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(10,548,495	)		–			(14,620,990	)		–			(3,528,542	)
	Institutional Class		–			(13,168,729	)		–			(16,677,329	)		–			(3,595,504	)
	Premier Class		–			(4,688,566	)		–			(6,680,720	)		–			(1,115,939	)
From realized gains:	Retirement Class		–			(14,587,594	)		–			(24,364,481	)		–			(1,261,816	)
	Institutional Class		–			(15,828,903	)		–			(24,031,214	)		–			(1,150,063	)
	Premier Class		–			(5,983,726	)		–			(10,222,077	)		–			(378,641	)
Total distributions			–			(64,806,013	)		–			(96,596,811	)		–			(11,030,505	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		58,078,071			117,309,066			58,472,483			139,615,974			38,335,647			76,960,196
	Institutional Class		148,442,884			261,819,167			191,735,677			310,501,375			80,064,896			116,487,983
	Premier Class		98,924,050			90,601,404			137,625,576			125,275,281			51,748,655			46,872,297
Reinvestments of distributions:	Retirement Class		–			25,136,089			–			38,985,471			–			4,790,358
	Institutional Class		–			28,997,632			–			40,708,543			–			4,745,567
	Premier Class		–			10,672,292			–			16,902,797			–			1,494,580
Redemptions:	Retirement Class		(94,413,921	)		(157,524,313	)		(144,135,292	)		(225,657,075	)		(38,359,557	)		(27,629,834	)
	Institutional Class		(22,290,666	)		(15,192,002	)		(25,088,563	)		(20,894,456	)		(5,660,285	)		(4,739,057	)
	Premier Class		(38,384,321	)		(53,171,781	)		(54,928,058	)		(80,354,168	)		(11,906,271	)		(14,707,411	)
Net increase (decrease) from shareholder transactions			150,356,097			308,647,554			163,681,823			345,083,742			114,223,085			204,274,679
Net increase (decrease) in net assets			347,267,273			553,138,704			441,694,992			687,869,924			190,586,149			290,560,243
NET ASSETS
Beginning of period			1,733,823,076			1,180,684,372			2,333,090,650			1,645,220,726			599,860,107			309,299,864
End of period		$	2,081,090,349		$	1,733,823,076		$	2,774,785,642		$	2,333,090,650		$	790,446,256		$	599,860,107
Undistributed net investment income (loss) included in net assets		$	8,370,384		$	3,114,894		$	8,697,765		$	3,214,163		$	2,302,532		$	812,896

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		4,521,886			10,179,501			4,449,951			11,957,868			3,732,469			8,486,458
	Institutional Class		14,126,518			27,430,238			18,079,336			32,443,440			7,749,831			12,727,428
	Premier Class		9,378,845			9,674,440			12,961,813			13,359,642			5,018,668			5,226,441
Shares reinvested:	Retirement Class		–			2,232,335			–			3,413,789			–			537,035
	Institutional Class		–			3,145,079			–			4,410,460			–			529,639
	Premier Class		–			1,158,772			–			1,833,275			–			167,179
Shares redeemed:	Retirement Class		(7,283,026	)		(13,658,775	)		(10,910,556	)		(19,291,580	)		(3,724,601	)		(3,107,830	)
	Institutional Class		(2,084,203	)		(1,578,807	)		(2,330,112	)		(2,159,768	)		(542,657	)		(516,778	)
	Premier Class		(3,745,038	)		(5,708,300	)		(5,325,827	)		(8,610,932	)		(1,191,634	)		(1,664,124	)
Net increase (decrease) from shareholder transactions			14,914,982			32,874,483			16,924,605			37,356,194			11,042,076			22,385,448

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

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, 2013			May 31, 2013			November 30, 2013			May 31, 2013
			(unaudited	)					(unaudited	)
OPERATIONS
Net investment income (loss)		$	814,102		$	4,226,498		$	84,228		$	375,667
Net realized gain (loss) from investments			682,412			3,471,406			2,613			228,760
Net change in unrealized appreciation (depreciation) from affiliated investments			40,630,398			45,126,701			4,775,715			4,334,104
Net increase (decrease) in net assets from operations			42,126,912			52,824,605			4,862,556			4,938,531

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(1,973,301	)		–			(248,519	)
	Institutional Class		–			(1,891,749	)		–			(95,484	)
	Premier Class		–			(594,378	)		–			(49,915	)
From realized gains:	Retirement Class		–			(643,268	)		–			(90,555	)
	Institutional Class		–			(552,922	)		–			(31,142	)
	Premier Class		–			(184,045	)		–			(17,146	)
Total distributions			–			(5,839,663	)		–			(532,761	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		22,585,593			47,436,463			7,837,364			8,195,588
	Institutional Class		46,259,634			63,390,016			7,555,572			9,121,168
	Premier Class		33,470,919			24,830,700			4,381,078			3,322,087
Reinvestments of distributions:	Retirement Class		–			2,616,569			–			339,074
	Institutional Class		–			2,444,671			–			126,626
	Premier Class		–			778,423			–			67,061
Redemptions:	Retirement Class		(24,095,903	)		(14,208,842	)		(1,489,591	)		(3,298,316	)
	Institutional Class		(4,503,564	)		(2,614,772	)		(437,355	)		(2,419,099	)
	Premier Class		(4,859,695	)		(9,563,861	)		(627,455	)		(722,702	)
Net increase (decrease) from shareholder transactions			68,856,984			115,109,367			17,219,613			14,731,487
Net increase (decrease) in net assets			110,983,896			162,094,309			22,082,169			19,137,257
NET ASSETS
Beginning of period			328,239,149			166,144,840			33,269,130			14,131,873
End of period		$	439,223,045		$	328,239,149		$	55,351,299		$	33,269,130
Undistributed net investment income (loss) included in net assets		$	1,261,653		$	447,551		$	122,131		$	37,903

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		2,206,854			5,246,823			676,999			808,947
	Institutional Class		4,485,718			6,959,872			663,524			884,477
	Premier Class		3,270,841			2,782,595			381,525			330,832
Shares reinvested:	Retirement Class		–			294,327			–			34,250
	Institutional Class		–			273,760			–			12,778
	Premier Class		–			87,267			–			6,774
Shares redeemed:	Retirement Class		(2,367,668	)		(1,605,652	)		(131,045	)		(321,147	)
	Institutional Class		(434,923	)		(285,436	)		(37,429	)		(227,033	)
	Premier Class		(488,003	)		(1,089,439	)		(56,480	)		(73,496	)
Net increase (decrease) from shareholder transactions			6,672,819			12,664,117			1,497,094			1,456,382

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Financial highlights

TIAA-CREF Lifecycle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations:
								Net realized			Total																				Ratios to average net assets
	For the		Net asset		Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets									Net
	period or		value,		investment			gain (loss		)	from			Net			Net			dividends			value,					at end of									investment			Portfolio
	year ended		beginning of period		income (loss		)^a	on total investments		^f	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)	Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

LIFECYCLE RETIREMENT INCOME FUND
Retirement Class:	11/30/13	^§		$10.74		$0.07			$0.42			$0.49			$(0.06	)	$	–			$(0.06	)		$11.17		4.64	%^b		$100,246			0.47	%^c		0.25	%^c		1.27	%^c		22	%^b
	5/31/13			9.88		0.18			0.99			1.17			(0.25	)		(0.06	)		(0.31	)		10.74		12.00			99,400			0.48			0.25			1.77			19
	5/31/12			10.06		0.19			(0.10	)		0.09			(0.27	)		–			(0.27	)		9.88		1.01			72,109			0.52			0.25			1.89			13
	5/31/11	^†		9.41		0.13			0.69			0.82			(0.17	)		–			(0.17	)		10.06		8.78	^b		57,288			0.53	^c		0.25	^c		1.93	^c		7	^b
	9/30/10			8.84		0.18			0.58			0.76			(0.19	)		–			(0.19	)		9.41		8.65			39,682			0.70			0.25			2.04			33
	9/30/09			8.65		0.21			0.19			0.40			(0.21	)		–			(0.21	)		8.84		4.86			19,384			1.01			0.25			2.59			38
	9/30/08	*		10.00		0.27			(1.30	)		(1.03	)		(0.32	)		–			(0.32	)		8.65		(10.49	)^b		4,800			1.79	^c		0.25	^c		3.81	^c		26	^b
Institutional Class:	11/30/13	^§		10.76		0.08			0.43			0.51			(0.08	)		–			(0.08	)		11.19		4.76	^b		80,148			0.17	^c		0.00	^c		1.51	^c		22	^b
	5/31/13			9.90		0.21			0.99			1.20			(0.28	)		(0.06	)		(0.34	)		10.76		12.24			65,475			0.18			0.00			2.01			19
	5/31/12			10.08		0.21			(0.09	)		0.12			(0.30	)		–			(0.30	)		9.90		1.27			32,323			0.22			0.00			2.18			13
	5/31/11	^†		9.43		0.14			0.69			0.83			(0.18	)		–			(0.18	)		10.08		8.89	^b		20,560			0.23	^c		0.00	^c		2.15	^c		7	^b
	9/30/10			8.85		0.21			0.58			0.79			(0.21	)		–			(0.21	)		9.43		9.01			11,111			0.41			0.00			2.27			33
	9/30/09			8.65		0.23			0.19			0.42			(0.22	)		–			(0.22	)		8.85		5.19			5,554			0.73			0.00			2.85			38
	9/30/08	*		10.00		0.29			(1.31	)		(1.02	)		(0.33	)		–			(0.33	)		8.65		(10.37	)^b		2,691			1.49	^c		0.00	^c		4.09	^c		26	^b
Retail Class:	11/30/13	^§		10.75		0.07			0.43			0.50			(0.07	)		–			(0.07	)		11.18		4.64	^b		56,095			0.46	^c		0.25	^c		1.26	^c		22	^b
	5/31/13			9.89		0.18			0.99			1.17			(0.25	)		(0.06	)		(0.31	)		10.75		11.99			50,147			0.47			0.25			1.75			19
	5/31/12			10.07		0.19			(0.10	)		0.09			(0.27	)		–			(0.27	)		9.89		1.03			31,296			0.47			0.25			1.90			13
	5/31/11	^†		9.42		0.13			0.69			0.82			(0.17	)		–			(0.17	)		10.07		8.82	^b		26,758			0.39	^c		0.16	^c		2.01	^c		7	^b
	9/30/10			8.85		0.19			0.58			0.77			(0.20	)		–			(0.20	)		9.42		8.76			16,652			0.55			0.15			2.14			33
	9/30/09			8.65		0.23			0.19			0.42			(0.22	)		–			(0.22	)		8.85		5.16			8,460			0.97			0.05			2.91			38
	9/30/08	*		10.00		0.27			(1.29	)		(1.02	)		(0.33	)		–			(0.33	)		8.65		(10.37	)^b		6,171			1.72	^c		0.00	^c		3.93	^c		26	^b
Premier Class:	11/30/13	^§		10.75		0.07			0.43			0.50			(0.07	)		–			(0.07	)		11.18		4.69	^b		18,743			0.32	^c		0.15	^c		1.35	^c		22	^b
	5/31/13			9.89		0.19			0.99			1.18			(0.26	)		(0.06	)		(0.32	)		10.75		12.08			13,648			0.33			0.15			1.80			19
	5/31/12			10.08		0.20			(0.11	)		0.09			(0.28	)		–			(0.28	)		9.89		1.03			9,322			0.37			0.15			2.00			13
	5/31/11	^†		9.43		0.12			0.70			0.82			(0.17	)		–			(0.17	)		10.08		8.82	^b		4,387			0.39	^c		0.15	^c		1.91	^c		7	^b
	9/30/10			8.85		0.17			0.61			0.78			(0.20	)		–			(0.20	)		9.43		8.86			1,453			0.58			0.15			1.91			33
	9/30/09	**		8.85		0.00	^d		–			0.00	^d		–			–			–			8.85		0.00	^b		250			220.71	^c		0.15	^c		0.00	^c		38

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations:
								Net realized			Total																				Ratios to average net assets
	For the		Net asset		Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets									Net
	period or		value,		investment			gain (loss		)	from			Net			Net			dividends			value,					at end of									investment			Portfolio
	year ended		beginning of period		income (loss		)^a	on total investments		^f	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)	Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

LIFECYCLE 2010 FUND
Retirement Class:	11/30/13	^§		$12.53		$0.07			$0.62			$0.69		$	–		$	–		$	–			$13.22		5.51	%^b		$442,909			0.43	%^c		0.25	%^c		1.14	%^c		20	%^b
	5/31/13			11.26		0.22			1.34			1.56			(0.27	)		(0.02	)		(0.29	)		12.53		13.94			448,911			0.43			0.25			1.79			18
	5/31/12			11.61		0.20			(0.26	)		(0.06	)		(0.29	)		–			(0.29	)		11.26		(0.40	)		432,315			0.44			0.25			1.82			13
	5/31/11	^†		10.76		0.15			0.96			1.11			(0.26	)		–			(0.26	)		11.61		10.51	^b		498,029			0.45	^c		0.25	^c		1.97	^c		8	^b
	9/30/10			10.05		0.21			0.70			0.91			(0.20	)		–			(0.20	)		10.76		9.23			469,156			0.46			0.25			2.07			24
	9/30/09			10.06		0.24			0.05			0.29			(0.21	)		(0.09	)		(0.30	)		10.05		3.36			395,514			0.51			0.25			2.74			60
	9/30/08			12.04		0.29			(1.87	)		(1.58	)		(0.34	)		(0.06	)		(0.40	)		10.06		(13.59	)		351,907			0.46			0.25			2.63			26
Institutional Class:	11/30/13	^§		11.02		0.08			0.55			0.63			–			–			–			11.65		5.72	^b		410,261			0.13	^c		0.00	^c		1.38	^c		20	^b
	5/31/13			9.94		0.21			1.19			1.40			(0.30	)		(0.02	)		(0.32	)		11.02		14.21			352,956			0.13			0.00			1.99			18
	5/31/12			10.30		0.20			(0.24	)		(0.04	)		(0.32	)		–			(0.32	)		9.94		(0.23	)		226,848			0.14			0.00			2.07			13
	5/31/11	^†		9.58		0.14			0.87			1.01			(0.29	)		–			(0.29	)		10.30		10.76	^b		102,505			0.15	^c		0.00	^c		2.17	^c		8	^b
	9/30/10			8.97		0.20			0.63			0.83			(0.22	)		–			(0.22	)		9.58		9.48			38,539			0.16			0.00			2.20			24
	9/30/09			9.02		0.23			0.05			0.28			(0.24	)		(0.09	)		(0.33	)		8.97		3.63			17,753			0.21			0.00			2.88			60
	9/30/08			10.83		0.27			(1.66	)		(1.39	)		(0.36	)		(0.06	)		(0.42	)		9.02		(13.37	)		9,649			0.17			0.00			2.70			26
Premier Class:	11/30/13	^§		11.00		0.07			0.54			0.61			–			–			–			11.61		5.55	^b		146,434			0.28	^c		0.15	^c		1.24	^c		20	^b
	5/31/13			9.92		0.20			1.18			1.38			(0.28	)		(0.02	)		(0.30	)		11.00		14.08			126,525			0.28			0.15			1.85			18
	5/31/12			10.28		0.19			(0.24	)		(0.05	)		(0.31	)		–			(0.31	)		9.92		(0.34	)		98,192			0.29			0.15			1.92			13
	5/31/11	^†		9.57		0.14			0.86			1.00			(0.29	)		–			(0.29	)		10.28		10.61	^b		50,526			0.30	^c		0.15	^c		2.10	^c		8	^b
	9/30/10			8.97		0.14			0.68			0.82			(0.22	)		–			(0.22	)		9.57		9.32			27,054			0.31			0.15			1.50			24
	9/30/09	**		8.97		0.00	^d		–			0.00	^d		–			–			–			8.97		0.00	^b		250			220.71	^c		0.15	^c		0.00	^c		60

LIFECYCLE 2015 FUND
Retirement Class:	11/30/13	^§		12.14		0.06			0.70			0.76			–			–			–			12.90		6.26	^b		670,616			0.43	^c		0.25	^c		1.03	^c		15	^b
	5/31/13			10.98		0.21			1.48			1.69			(0.27	)		(0.26	)		(0.53	)		12.14		15.67			656,220			0.43			0.25			1.78			13
	5/31/12			11.67		0.20			(0.41	)		(0.21	)		(0.27	)		(0.21	)		(0.48	)		10.98		(1.55	)		575,517			0.43			0.25			1.77			11
	5/31/11	^†		10.67		0.14			1.11			1.25			(0.25	)		–			(0.25	)		11.67		11.87	^b		661,257			0.45	^c		0.25	^c		1.92	^c		5	^b
	9/30/10			9.94		0.20			0.72			0.92			(0.19	)		–			(0.19	)		10.67		9.36			580,270			0.46			0.25			1.96			19
	9/30/09			9.99		0.22			(0.02	)		0.20			(0.21	)		(0.04	)		(0.25	)		9.94		2.49			456,392			0.51			0.25			2.55			34
	9/30/08			12.26		0.26			(2.14	)		(1.88	)		(0.32	)		(0.07	)		(0.39	)		9.99		(15.83	)		295,996			0.47			0.25			2.33			22
Institutional Class:	11/30/13	^§		10.46		0.07			0.60			0.67			–			–			–			11.13		6.41	^b		645,735			0.13	^c		0.00	^c		1.27	^c		15	^b
	5/31/13			9.54		0.20			1.28			1.48			(0.30	)		(0.26	)		(0.56	)		10.46		15.85			537,761			0.13			0.00			1.99			13
	5/31/12			10.21		0.19			(0.35	)		(0.16	)		(0.30	)		(0.21	)		(0.51	)		9.54		(1.26	)		331,069			0.13			0.00			2.02			11
	5/31/11	^†		9.37		0.14			0.98			1.12			(0.28	)		–			(0.28	)		10.21		12.11	^b		150,938			0.15	^c		0.00	^c		2.13	^c		5	^b
	9/30/10			8.75		0.18			0.65			0.83			(0.21	)		–			(0.21	)		9.37		9.62			50,118			0.16			0.00			2.03			19
	9/30/09			8.84		0.20			(0.02	)		0.18			(0.23	)		(0.04	)		(0.27	)		8.75		2.66			18,419			0.21			0.00			2.57			34
	9/30/08			10.88		0.26			(1.89	)		(1.63	)		(0.34	)		(0.07	)		(0.41	)		8.84		(15.57	)		6,896			0.17			0.00			2.61			22
Premier Class:	11/30/13	^§		10.42		0.06			0.61			0.67			–			–			–			11.09		6.43	^b		232,783			0.28	^c		0.15	^c		1.12	^c		15	^b
	5/31/13			9.51		0.19			1.26			1.45			(0.28	)		(0.26	)		(0.54	)		10.42		15.64			197,915			0.28			0.15			1.85			13
	5/31/12			10.19		0.18			(0.36	)		(0.18	)		(0.29	)		(0.21	)		(0.50	)		9.51		(1.46	)		152,161			0.28			0.15			1.84			11
	5/31/11	^†		9.36		0.13			0.97			1.10			(0.27	)		–			(0.27	)		10.19		11.96	^b		63,101			0.30	^c		0.15	^c		2.07	^c		5	^b
	9/30/10			8.75		0.12			0.69			0.81			(0.20	)		–			(0.20	)		9.36		9.47			31,743			0.31			0.15			1.36			19
	9/30/09	**		8.75		0.00	^d		–			0.00	^d		–			–			–			8.75		0.00	^b		250			220.71	^c		0.15	^c		0.00	^c		34

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations:
								Net realized			Total																				Ratios to average net assets
	For the		Net asset		Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets							Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss on total investments		) ^f	from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period			Total return		at end of period (in thousands		)	Gross expenses	^e	Net expenses	^e	investment income (loss	)	Portfolio turnover rate

LIFECYCLE 2020 FUND
Retirement Class:	11/30/13	^§	$	12.24		$0.06			$0.85			$0.91		$	–		$	–		$	–			$	13.15	7.43	%^b	$	869,365		0.43	%^c	0.25	%^c	0.89	%^c	11	%^b
	5/31/13			10.84		0.21			1.68			1.89			(0.25	)		(0.24	)		(0.49	)			12.24	17.78			832,093		0.43		0.25		1.79		12
	5/31/12			11.62		0.19			(0.55	)		(0.36	)		(0.25	)		(0.17	)		(0.42	)			10.84	(2.85	)		711,358		0.43		0.25		1.71		8
	5/31/11	^†		10.47		0.14			1.24			1.38			(0.23	)		(0.00	)^d		(0.23	)			11.62	13.43	^b		795,642		0.45	^c	0.25	^c	1.85	^c	4	^b
	9/30/10			9.74		0.18			0.72			0.90			(0.17	)		–			(0.17	)			10.47	9.36			672,342		0.46		0.25		1.80		16
	9/30/09			9.87		0.20			(0.11	)		0.09			(0.17	)		(0.05	)		(0.22	)			9.74	1.40			479,735		0.51		0.25		2.39		27
	9/30/08			12.48		0.23			(2.43	)		(2.20	)		(0.32	)		(0.09	)		(0.41	)			9.87	(18.21	)		277,700		0.48		0.25		2.05		20
Institutional Class:	11/30/13	^§		10.36		0.06			0.72			0.78			–			–			–				11.14	7.53	^b		916,619		0.13	^c	0.00	^c	1.14	^c	11	^b
	5/31/13			9.25		0.20			1.43			1.63			(0.28	)		(0.24	)		(0.52	)			10.36	18.04			726,575		0.13		0.00		2.00		12
	5/31/12			9.99		0.18			(0.47	)		(0.29	)		(0.28	)		(0.17	)		(0.45	)			9.25	(2.60	)		419,753		0.13		0.00		1.98		8
	5/31/11	^†		9.04		0.13			1.08			1.21			(0.26	)		(0.00	)^d		(0.26	)			9.99	13.64	^b		175,206		0.15	^c	0.00	^c	2.06	^c	4	^b
	9/30/10			8.43		0.16			0.64			0.80			(0.19	)		(0.00	)^d		(0.19	)			9.04	9.63			51,076		0.16		0.00		1.86		16
	9/30/09			8.58		0.18			(0.09	)		0.09			(0.19	)		(0.05	)		(0.24	)			8.43	1.66			16,959		0.21		0.00		2.44		27
	9/30/08			10.89		0.22			(2.10	)		(1.88	)		(0.34	)		(0.09	)		(0.43	)			8.58	(17.95	)		5,618		0.19		0.00		2.26		20
Premier Class:	11/30/13	^§		10.34		0.05			0.72			0.77			–			–			–				11.11	7.45	^b		351,489		0.28	^c	0.15	^c	0.99	^c	11	^b
	5/31/13			9.23		0.18			1.44			1.62			(0.27	)		(0.24	)		(0.51	)			10.34	17.92			265,878		0.28		0.15		1.86		12
	5/31/12			9.98		0.17			(0.48	)		(0.31	)		(0.27	)		(0.17	)		(0.44	)			9.23	(2.80	)		190,954		0.28		0.15		1.85		8
	5/31/11	^†		9.04		0.13			1.07			1.20			(0.26	)		0.00	^d		(0.26	)			9.98	13.47	^b		84,846		0.30	^c	0.15	^c	2.00	^c	4	^b
	9/30/10			8.43		0.10			0.70			0.80			(0.19	)		–			(0.19	)			9.04	9.59			38,234		0.31		0.15		1.16		16
	9/30/09	**		8.43		0.00	^d		–			0.00	^d		–			–			–				8.43	0.00	^b		250		220.71	^c	0.15	^c	0.00	^c	27

LIFECYCLE 2025 FUND
Retirement Class:	11/30/13	^§		12.25		0.05			1.00			1.05			–			–			–				13.30	8.57	^b		833,660		0.43	^c	0.25	^c	0.76	^c	10	^b
	5/31/13			10.64		0.21			1.87			2.08			(0.24	)		(0.23	)		(0.47	)			12.25	19.94			776,980		0.43		0.25		1.81		11
	5/31/12			11.52		0.18			(0.68	)		(0.50	)		(0.24	)		(0.14	)		(0.38	)			10.64	(4.11	)		665,020		0.43		0.25		1.65		7
	5/31/11	^†		10.25		0.13			1.36			1.49			(0.22	)		–			(0.22	)			11.52	14.74	^b		750,162		0.45	^c	0.25	^c	1.80	^c	4	^b
	9/30/10			9.51		0.16			0.74			0.90			(0.16	)		–			(0.16	)			10.25	9.55			630,705		0.46		0.25		1.67		15
	9/30/09			9.75		0.18			(0.21	)		(0.03	)		(0.15	)		(0.06	)		(0.21	)			9.51	0.08			447,297		0.52		0.25		2.25		22
	9/30/08			12.62		0.20			(2.68	)		(2.48	)		(0.31	)		(0.08	)		(0.39	)			9.75	(20.25	)		246,043		0.49		0.25		1.74		17
Institutional Class:	11/30/13	^§		10.29		0.05			0.84			0.89			–			–			–				11.18	8.65	^b		943,071		0.13	^c	0.00	^c	1.01	^c	10	^b
	5/31/13			9.00		0.19			1.60			1.79			(0.27	)		(0.23	)		(0.50	)			10.29	20.37			749,263		0.13		0.00		1.99		11
	5/31/12			9.83		0.18			(0.60	)		(0.42	)		(0.27	)		(0.14	)		(0.41	)			9.00	(4.00	)		403,396		0.13		0.00		1.94		7
	5/31/11	^†		8.78		0.12			1.18			1.30			(0.25	)		–			(0.25	)			9.83	15.01	^b		166,006		0.15	^c	0.00	^c	2.01	^c	4	^b
	9/30/10			8.17		0.14			0.65			0.79			(0.18	)		–			(0.18	)			8.78	9.76			50,809		0.16		0.00		1.72		15
	9/30/09			8.41		0.15			(0.16	)		(0.01	)		(0.17	)		(0.06	)		(0.23	)			8.17	0.37			17,434		0.22		0.00		2.20		22
	9/30/08			10.93		0.16			(2.27	)		(2.11	)		(0.33	)		(0.08	)		(0.41	)			8.41	(20.04	)		5,096		0.19		0.00		1.69		17
Premier Class:	11/30/13	^§		10.26		0.05			0.83			0.88			–			–			–				11.14	8.58	^b		337,094		0.28	^c	0.15	^c	0.86	^c	10	^b
	5/31/13			8.98		0.18			1.58			1.76			(0.25	)		(0.23	)		(0.48	)			10.26	20.14			264,821		0.28		0.15		1.86		11
	5/31/12			9.80		0.16			(0.58	)		(0.42	)		(0.26	)		(0.14	)		(0.40	)			8.98	(4.01	)		181,859		0.28		0.15		1.81		7
	5/31/11	^†		8.76		0.12			1.16			1.28			(0.24	)		–			(0.24	)			9.80	14.88	^b		84,577		0.30	^c	0.15	^c	1.99	^c	4	^b
	9/30/10			8.17		0.08			0.68			0.76			(0.17	)		–			(0.17	)			8.76	9.47			36,184		0.31		0.15		0.97		15
	9/30/09	**		8.17		0.00	^d		–			0.00	^d		–			–			–				8.17	0.00	^b		250		220.71	^c	0.15	^c	0.00	^c	22

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

			Selected per share data																										Ratios and supplemental data
					Gain (loss) from investment operations:
								Net realized			Total																					Ratios to average net assets
	For the		Net asset		Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset						Net assets									Net
	period or		value,		investment			gain (loss		)	from			Net			Net			dividends				value,					at end of									investment			Portfolio
	year		beginning		income			on total			investment			investment			realized			and				end of		Total			period			Gross			Net			income			turnover
	ended		of period		(loss		)^a	investments		^f	operations			income			gains			distributions				period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFECYCLE 2030 FUND
Retirement Class:	11/30/13	^§		$12.25		$0.04			$1.14			$1.18			$ –			$ –			$ –				$13.43		9.63	%^b		$743,194			0.43	%^c		0.25	%^c		0.61	%^c		9	%^b
	5/31/13			10.44		0.20			2.07			2.27			(0.21	)		(0.25	)		(0.46	)			12.25		22.15			708,355			0.43			0.25			1.78			12
	5/31/12			11.40		0.16			(0.79	)		(0.63	)		(0.22	)		(0.11	)		(0.33	)			10.44		(5.40	)		599,240			0.43			0.25			1.55			5
	5/31/11	^†		10.01		0.12			1.48			1.60			(0.21	)		–			(0.21	)			11.40		16.12	^b		717,292			0.45	^c		0.25	^c		1.68	^c		4	^b
	9/30/10			9.28		0.14			0.73			0.87			(0.14	)		–			(0.14	)			10.01		9.51			607,051			0.46			0.25			1.50			14
	9/30/09			9.65		0.16			(0.34	)		(0.18	)		(0.15	)		(0.04	)		(0.19	)			9.28		(1.41	)		429,188			0.52			0.25			2.03			18
	9/30/08			12.81		0.16			(2.91	)		(2.75	)		(0.32	)		(0.09	)		(0.41	)			9.65		(22.21	)		222,388			0.50			0.25			1.43			17
Institutional Class:	11/30/13	^§		10.16		0.05			0.94			0.99			–			–			–				11.15		9.74	^b		946,543			0.13	^c		0.00	^c		0.86	^c		9	^b
	5/31/13			8.73		0.19			1.73			1.92			(0.24	)		(0.25	)		(0.49	)			10.16		22.50			736,779			0.13			0.00			1.97			12
	5/31/12			9.61		0.16			(0.68	)		(0.52	)		(0.25	)		(0.11	)		(0.36	)			8.73		(5.25	)		407,473			0.13			0.00			1.86			5
	5/31/11	^†		8.47		0.11			1.26			1.37			(0.23	)		–			(0.23	)			9.61		16.41	^b		166,564			0.15	^c		0.00	^c		1.89	^c		4	^b
	9/30/10			7.87		0.12			0.64			0.76			(0.16	)		–			(0.16	)			8.47		9.80			45,757			0.16			0.00			1.52			14
	9/30/09			8.22		0.14			(0.28	)		(0.14	)		(0.17	)		(0.04	)		(0.21	)			7.87		(1.14	)		15,396			0.22			0.00			2.10			18
	9/30/08			10.96		0.16			(2.48	)		(2.32	)		(0.33	)		(0.09	)		(0.42	)			8.22		(21.99	)		4,003			0.19			0.00			1.69			17
Premier Class:	11/30/13	^§		10.12		0.04			0.94			0.98			–			–			–				11.10		9.68	^b		354,630			0.28	^c		0.15	^c		0.71	^c		9	^b
	5/31/13			8.71		0.17			1.72			1.89			(0.23	)		(0.25	)		(0.48	)			10.12		22.16			267,879			0.28			0.15			1.83			12
	5/31/12			9.58		0.15			(0.67	)		(0.52	)		(0.24	)		(0.11	)		(0.35	)			8.71		(5.26	)		180,029			0.28			0.15			1.74			5
	5/31/11	^†		8.45		0.11			1.25			1.36			(0.23	)		–			(0.23	)			9.58		16.28	^b		84,355			0.30	^c		0.15	^c		1.88	^c		4	^b
	9/30/10			7.87		0.06			0.68			0.74			(0.16	)		–			(0.16	)			8.45		9.50			32,600			0.31			0.15			0.75			14
	9/30/09	^**		7.87		0.00	^d		–			0.00	^d		–			–			–				7.87		0.00	^b		250			220.71	^c		0.15	^c		0.00	^c		18

LIFECYCLE 2035 FUND
Retirement Class:	11/30/13	^§		12.43		0.03			1.29			1.32			–			–			–				13.75		10.62	^b		729,160			0.43	^c		0.25	^c		0.43	^c		8	^b
	5/31/13			10.42		0.20			2.26			2.46			(0.19	)		(0.26	)		(0.45	)			12.43		24.12			693,253			0.43			0.25			1.74			12
	5/31/12			11.51		0.15			(0.94	)		(0.79	)		(0.20	)		(0.10	)		(0.30	)			10.42		(6.68	)		594,181			0.43			0.25			1.43			4
	5/31/11	^†		9.96		0.11			1.63			1.74			(0.19	)		–			(0.19	)			11.51		17.68	^b		716,085			0.45	^c		0.25	^c		1.56	^c		7	^b
	9/30/10			9.24		0.13			0.72			0.85			(0.13	)		–			(0.13	)			9.96		9.33			598,803			0.46			0.25			1.33			11
	9/30/09			9.68		0.14			(0.38	)		(0.24	)		(0.16	)		(0.04	)		(0.20	)			9.24		(1.94	)		421,832			0.51			0.25			1.83			15
	9/30/08			12.98		0.14			(3.05	)		(2.91	)		(0.31	)		(0.08	)		(0.39	)			9.68		(23.10	)		197,256			0.51			0.25			1.23			17
Institutional Class:	11/30/13	^§		10.18		0.04			1.06			1.10			–			–			–				11.28		10.81	^b		994,707			0.13	^c		0.00	^c		0.67	^c		8	^b
	5/31/13			8.61		0.18			1.87			2.05			(0.22	)		(0.26	)		(0.48	)			10.18		24.45			775,166			0.13			0.00			1.90			12
	5/31/12			9.59		0.15			(0.80	)		(0.65	)		(0.23	)		(0.10	)		(0.33	)			8.61		(6.55	)		406,001			0.13			0.00			1.75			4
	5/31/11	^†		8.34		0.11			1.36			1.47			(0.22	)		–			(0.22	)			9.59		17.84	^b		170,381			0.15	^c		0.00	^c		1.76	^c		7	^b
	9/30/10			7.75		0.11			0.63			0.74			(0.15	)		–			(0.15	)			8.34		9.67			42,535			0.16			0.00			1.33			11
	9/30/09			8.16		0.12			(0.31	)		(0.19	)		(0.18	)		(0.04	)		(0.22	)			7.75		(1.67	)		14,247			0.21			0.00			1.85			15
	9/30/08			11.00		0.14			(2.57	)		(2.43	)		(0.33	)		(0.08	)		(0.41	)			8.16		(22.94	)		3,569			0.21			0.00			1.43			17
Premier Class:	11/30/13	^§		10.16		0.03			1.06			1.09			–			–			–				11.25		10.73	^b		357,224			0.28	^c		0.15	^c		0.52	^c		8	^b
	5/31/13			8.60		0.17			1.86			2.03			(0.21	)		(0.26	)		(0.47	)			10.16		24.20			265,404			0.28			0.15			1.76			12
	5/31/12			9.57		0.14			(0.79	)		(0.65	)		(0.22	)		(0.10	)		(0.32	)			8.60		(6.55	)		180,502			0.28			0.15			1.63			4
	5/31/11	^†		8.33		0.10			1.35			1.45			(0.21	)		–			(0.21	)			9.57		17.68	^b		85,514			0.30	^c		0.15	^c		1.74	^c		7	^b
	9/30/10			7.75		0.04			0.69			0.73			(0.15	)		–			(0.15	)			8.33		9.50			37,314			0.31			0.15			0.51			11
	9/30/09	^**		7.75		0.00	^d		–			0.00	^d		–			–			–				7.75		0.00	^b		250			220.71	^c		0.15	^c		0.00	^c		15

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations:
								Net realized			Total																				Ratios to average net assets
	For the		Net asset		Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets									Net
	period or		value,		investment			gain (loss		)	from			Net			Net			dividends			value,					at end of									investment			Portfolio
	year		beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended		of period		(loss		)^a	investments		^f	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFECYCLE 2040 FUND
Retirement Class:	11/30/13	^§		$12.66		$0.02			$1.41			$1.43			$ –			$ –			$ –			$14.09		11.30	%^b		$996,684			0.43	%^c		0.25	%^c		0.31	%^c		7	%^b
	5/31/13			10.57		0.20			2.40			2.60			(0.19	)		(0.32	)		(0.51	)		12.66		25.10			977,063			0.43			0.25			1.69			13
	5/31/12			11.73		0.15			(0.99	)		(0.84	)		(0.20	)		(0.12	)		(0.32	)		10.57		(7.00	)		857,435			0.43			0.25			1.39			5
	5/31/11	^†		10.14		0.11			1.68			1.79			(0.20	)		–			(0.20	)		11.73		17.81	^b		1,070,202			0.45	^c		0.25	^c		1.54	^c		8	^b
	9/30/10			9.40		0.13			0.75			0.88			(0.14	)		–			(0.14	)		10.14		9.42			893,915			0.45			0.25			1.35			10
	9/30/09			9.83		0.14			(0.37	)		(0.23	)		(0.16	)		(0.04	)		(0.20	)		9.40		(1.91	)		639,490			0.50			0.25			1.82			14
	9/30/08			13.16		0.14			(3.09	)		(2.95	)		(0.31	)		(0.07	)		(0.38	)		9.83		(23.09	)		285,171			0.48			0.25			1.23			16
Institutional Class:	11/30/13	^§		10.25		0.03			1.14			1.17			–			–			–			11.42		11.41	^b		1,270,813			0.13	^c		0.00	^c		0.56	^c		7	^b
	5/31/13			8.65		0.18			1.96			2.14			(0.22	)		(0.32	)		(0.54	)		10.25		25.40			978,672			0.13			0.00			1.88			13
	5/31/12			9.67		0.15			(0.82	)		(0.67	)		(0.23	)		(0.12	)		(0.35	)		8.65		(6.71	)		526,001			0.13			0.00			1.72			5
	5/31/11	^†		8.40		0.11			1.38			1.49			(0.22	)		–			(0.22	)		9.67		18.01	^b		221,307			0.15	^c		0.00	^c		1.76	^c		8	^b
	9/30/10			7.81		0.11			0.63			0.74			(0.15	)		–			(0.15	)		8.40		9.65			60,554			0.15			0.00			1.32			10
	9/30/09			8.21		0.12			(0.31	)		(0.19	)		(0.17	)		(0.04	)		(0.21	)		7.81		(1.66	)		21,359			0.20			0.00			1.84			14
	9/30/08			11.04		0.14			(2.58	)		(2.44	)		(0.32	)		(0.07	)		(0.39	)		8.21		(22.87	)		5,714			0.18			0.00			1.46			16
Premier Class:	11/30/13	^§		10.22		0.02			1.15			1.17			–			–			–			11.39		11.45	^b		507,289			0.28	^c		0.15	^c		0.41	^c		7	^b
	5/31/13			8.63		0.16			1.96			2.12			(0.21	)		(0.32	)		(0.53	)		10.22		25.17			377,355			0.28			0.15			1.72			13
	5/31/12			9.66		0.14			(0.83	)		(0.69	)		(0.22	)		(0.12	)		(0.34	)		8.63		(6.92	)		261,785			0.28			0.15			1.61			5
	5/31/11	^†		8.40		0.10			1.38			1.48			(0.22	)		–			(0.22	)		9.66		17.83	^b		125,013			0.30	^c		0.15	^c		1.71	^c		8	^b
	9/30/10			7.81		0.04			0.70			0.74			(0.15	)		–			(0.15	)		8.40		9.61			49,852			0.31			0.15			0.50			10
	9/30/09	^**		7.81		0.00	^d		–			0.00	^d		–			–			–			7.81		0.00	^b		250			220.71	^c		0.15	^c		0.00	^c		14

LIFECYCLE 2045 FUND
Retirement Class:	11/30/13	^§		9.89		0.02			1.10			1.12			–			–			–			11.01		11.32	^b		276,439			0.44	^c		0.25	^c		0.31	^c		6	^b
	5/31/13			8.10		0.15			1.86			2.01			(0.16	)		(0.06	)		(0.22	)		9.89		25.07			248,237			0.45			0.25			1.68			9
	5/31/12			8.90		0.12			(0.76	)		(0.64	)		(0.16	)		–			(0.16	)		8.10		(7.03	)		155,417			0.48			0.25			1.41			9
	5/31/11	^†		7.70		0.08			1.27			1.35			(0.15	)		–			(0.15	)		8.90		17.65	^b		130,113			0.49	^c		0.25	^c		1.45	^c		8	^b
	9/30/10			7.14		0.09			0.57			0.66			(0.10	)		–			(0.10	)		7.70		9.32			84,309			0.64			0.25			1.17			18
	9/30/09			7.56		0.07			(0.33	)		(0.26	)		(0.12	)		(0.04	)		(0.16	)		7.14		(2.93	)		30,587			0.98			0.25			1.21			8
	9/30/08	^*		10.00		0.09			(2.31	)		(2.22	)		(0.22	)		–			(0.22	)		7.56		(22.69	)^b		3,287			6.60	^c		0.25	^c		1.38	^c		27	^b
Institutional Class:	11/30/13	^§		9.94		0.03			1.11			1.14			–			–			–			11.08		11.47	^b		377,702			0.14	^c		0.00	^c		0.56	^c		6	^b
	5/31/13			8.14		0.17			1.87			2.04			(0.18	)		(0.06	)		(0.24	)		9.94		25.33			267,192			0.15			0.00			1.89			9
	5/31/12			8.94		0.14			(0.76	)		(0.62	)		(0.18	)		–			(0.18	)		8.14		(6.77	)		115,021			0.17			0.00			1.68			9
	5/31/11	^†		7.73		0.09			1.28			1.37			(0.16	)		–			(0.16	)		8.94		17.92	^b		39,323			0.19	^c		0.00	^c		1.55	^c		8	^b
	9/30/10			7.16		0.09			0.59			0.68			(0.11	)		–			(0.11	)		7.73		9.58			7,970			0.35			0.00			1.29			18
	9/30/09			7.57		0.12			(0.37	)		(0.25	)		(0.12	)		(0.04	)		(0.16	)		7.16		(2.68	)		2,039			0.70			0.00			1.92			8
	9/30/08	^*		10.00		0.15			(2.36	)		(2.21	)		(0.22	)		–			(0.22	)		7.57		(22.57	)^b		780			6.40	^c		0.00	^c		2.24	^c		27	^b
Premier Class:	11/30/13	^§		9.92		0.02			1.10			1.12			–			–			–			11.04		11.29	^b		136,306			0.29	^c		0.15	^c		0.40	^c		6	^b
	5/31/13			8.12		0.16			1.87			2.03			(0.17	)		(0.06	)		(0.23	)		9.92		25.25			84,430			0.30			0.15			1.72			9
	5/31/12			8.92		0.13			(0.75	)		(0.62	)		(0.18	)		–			(0.18	)		8.12		(6.87	)		38,862			0.32			0.15			1.53			9
	5/31/11	^†		7.72		0.08			1.28			1.36			(0.16	)		–			(0.16	)		8.92		17.76	^b		14,136			0.34	^c		0.15	^c		1.51	^c		8	^b
	9/30/10			7.16		0.06			0.61			0.67			(0.11	)		–			(0.11	)		7.72		9.39			2,975			0.50			0.15			0.79			18
	9/30/09	^**		7.16		0.00	^d		–			0.00	^d		–			–			–			7.16		0.00	^b		250			220.71	^c		0.15	^c		0.00	^c		8

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

				Selected per share data																										Ratios and supplemental data
						Gain (loss) from investment operations:
										Net realized			Total																				Ratios to average net assets
	For the			Net asset			Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets										Net
	period or year ended			value, beginning of period			investment income (loss		)^a	gain (loss) on total investments		^f	from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)		Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate

LIFECYCLE 2050 FUND
Retirement Class:		11/30/13	^§		$9.86			$0.02			$1.09			$1.11			$ –			$ –			$ –			$10.97		11.26	%^b		$ 157,229				0.45	%^c		0.25	%^c		0.31	%^c		6	%^b
		5/31/13			8.07			0.15			1.85			2.00			(0.16	)		(0.05	)		(0.21	)		9.86		25.07			142,830				0.47			0.25			1.66			8
		5/31/12			8.86			0.11			(0.74	)		(0.63	)		(0.16	)		–			(0.16	)		8.07		(6.97	)		85,178				0.52			0.25			1.40			6
		5/31/11	^†		7.71			0.08			1.28			1.36			(0.15	)		(0.06	)		(0.21	)		8.86		17.79	^b		69,466				0.53	^c		0.25	^c		1.44	^c		8	^b
		9/30/10			7.15			0.09			0.57			0.66			(0.10	)		–			(0.10	)		7.71		9.38			40,745				0.83			0.25			1.16			24
		9/30/09			7.62			0.08			(0.42	)		(0.34	)		(0.13	)		(0.00	)^d		(0.13	)		7.15		(4.08	)		14,383				1.45			0.25			1.34			18
		9/30/08	*		10.00			0.11			(2.27	)		(2.16	)		(0.22	)		–			(0.22	)		7.62		(22.08	)^b		1,973				7.70	^c		0.25	^c		1.67	^c		73	^b
Institutional Class:		11/30/13	^§		9.91			0.03			1.11			1.14			–			–			–			11.05		11.50	^b		202,710				0.15	^c		0.00	^c		0.56	^c		6	^b
		5/31/13			8.11			0.17			1.86			2.03			(0.18	)		(0.05	)		(0.23	)		9.91		25.33			141,731				0.17			0.00			1.89			8
		5/31/12			8.90			0.14			(0.75	)		(0.61	)		(0.18	)		–			(0.18	)		8.11		(6.72	)		59,624				0.21			0.00			1.68			6
		5/31/11	^†		7.75			0.09			1.28			1.37			(0.16	)		(0.06	)		(0.22	)		8.90		17.89	^b		19,661				0.24	^c		0.00	^c		1.56	^c		8	^b
		9/30/10			7.18			0.10			0.58			0.68			(0.11	)		–			(0.11	)		7.75		9.63			5,599				0.54			0.00			1.35			24
		9/30/09			7.64			0.12			(0.45	)		(0.33	)		(0.13	)		(0.00	)^d		(0.13	)		7.18		(3.81	)		1,633				1.18			0.00			2.02			18
		9/30/08	*		10.00			0.15			(2.29	)		(2.14	)		(0.22	)		–			(0.22	)		7.64		(21.86	)^b		783				7.46	^c		0.00	^c		2.24	^c		73	^b
Premier Class:		11/30/13	^§		9.89			0.02			1.10			1.12			–			–			–			11.01		11.32	^b		79,283				0.30	^c		0.15	^c		0.40	^c		6	^b
		5/31/13			8.09			0.16			1.86			2.02			(0.17	)		(0.05	)		(0.22	)		9.89		25.25			43,678				0.32			0.15			1.74			8
		5/31/12			8.89			0.12			(0.75	)		(0.63	)		(0.17	)		–			(0.17	)		8.09		(6.93	)		21,343				0.36			0.15			1.53			6
		5/31/11	^†		7.74			0.08			1.29			1.37			(0.16	)		(0.06	)		(0.22	)		8.89		17.86	^b		6,904				0.39	^c		0.15	^c		1.49	^c		8	^b
		9/30/10			7.18			0.08			0.59			0.67			(0.11	)		–			(0.11	)		7.74		9.45			1,100				0.70			0.15			1.09			24
		9/30/09	**		7.18			0.00	^d		–			0.00	^d		–			–			–			7.18		0.00	^b		250				220.71	^c		0.15	^c		0.00	^c		18

LIFECYCLE 2055 FUND
Retirement Class:		11/30/13	^§		10.98			0.02			1.22			1.24			–			–			–			12.22		11.29	^b		27,628				0.66	^c		0.25	^c		0.30	^c		7	^b
		5/31/13			8.99			0.16			2.06			2.22			(0.17	)		(0.06	)		(0.23	)		10.98		25.06			18,835				0.81			0.25			1.64			26
		5/31/12			9.85			0.13			(0.81	)		(0.68	)		(0.18	)		(0.00	)^d		(0.18	)		8.99		(6.79	)		10,725				1.41			0.25			1.38			44
		5/31/11	^‡		10.00			(0.00	)^d		(0.15	)		(0.15	)		–			–			–			9.85		(1.50	)^b		7,877				8.55	^c		0.25	^c		0.23	^c		1	^b
Institutional Class:		11/30/13	^§		11.00			0.03			1.22			1.25			–			–			–			12.25		11.36	^b		18,705				0.36	^c		0.00	^c		0.55	^c		7	^b
		5/31/13			9.00			0.18			2.07			2.25			(0.19	)		(0.06	)		(0.25	)		11.00		25.40			9,903				0.51			0.00			1.79			26
		5/31/12			9.85			0.15			(0.81	)		(0.66	)		(0.19	)		(0.00	)^d		(0.19	)		9.00		(6.55	)		2,072				1.12			0.00			1.61			44
		5/31/11	^‡		10.00			(0.00	)^d		(0.15	)		(0.15	)		–			–			–			9.85		(1.50	)^b		985				8.94	^c		0.00	^c		0.47	^c		1	^b
Premier Class:		11/30/13	^§		10.98			0.02			1.23			1.25			–			–			–			12.23		11.38	^b		9,018				0.51	^c		0.15	^c		0.40	^c		7	^b
		5/31/13			8.99			0.17			2.06			2.23			(0.18	)		(0.06	)		(0.24	)		10.98		25.19			4,531				0.66			0.15			1.72			26
		5/31/12			9.85			0.14			(0.82	)		(0.68	)		(0.18	)		(0.00	)^d		(0.18	)		8.99		(6.73	)		1,335				1.28			0.15			1.50			44
		5/31/11	^‡		10.00			(0.00	)^d		(0.15	)		(0.15	)		–			–			–			9.85		(1.50	)^b		985				9.09	^c		0.15	^c		0.32	^c		1	^b

2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Financial highlights

concluded

TIAA-CREF Lifecycle Funds

^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.
^f	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods presented.
^†	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 Fund commenced operations on November 30, 2007.
**	The Premier Class commenced operations on September 30, 2009.
^‡	The Fund commenced operations on April 29, 2011.
^§	Unaudited

2013 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 and 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 from affiliated investments are recorded on the ex-dividend date. Dividends from affiliated investments are recorded as dividend income, while capital gain distributions, including short-term capital gain distributions, are recorded as gain distributions from affiliated investments 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.

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

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.

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. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

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

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

Note 2—valuation of investments

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

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

72	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

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 Funds’ major categories of assets and liabilities measured at fair value follows:

Investments in registered investment companies: These investments are valued at their 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, 2013, there were no transfers between levels by the Funds.

As of November 30, 2013, all of the investments in the 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, 2014. 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 the distribution Rule 12b-1 plan, the Retirement Class of each Fund and the Retail Class of the Retirement Income Fund compensated 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. However, TPIS has agreed not to seek any reimbursements under

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

the distribution Rule 12b-1 plan from the Retirement Class through September 30, 2014. This agreement may be terminated before this date with the approval of the Board. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensated TPIS for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of average daily net assets attributable to the Fund’s Premier Class.

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.

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, 2014, unless changed with approval of the Board.

The following is the percentage of the Funds’ shares owned by TIAA and its registered separate account (collectively “TIAA Access”) as of November 30, 2013:

Fund	TIAA		TIAA Access
Lifecycle Retirement Income	–	%	9	%
Lifecycle 2010	–		7
Lifecycle 2015	–		8
Lifecycle 2020	–		9
Lifecycle 2025	–		8
Lifecycle 2030	–		8
Lifecycle 2035	–		8
Lifecycle 2040	–		8
Lifecycle 2045	–		11
Lifecycle 2050	–		14
Lifecycle 2055	23		–

74	2013 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, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle Retirement Income Fund
TIAA-CREF Bond	$	83,575,611	$	3,208,460	$	22,401,492	$	(955,961	)	$	932,796	$	63,055,501
TIAA-CREF Bond Plus		1,130,120		26,389,049		41,458		(1,887	)		144,532		27,619,193
TIAA-CREF Emerging Markets Equity		6,537,626		448,453		796,539		(67,515	)		–		6,196,731
TIAA-CREF Enhanced International Equity Index		7,297,000		1,689,949		2,384,658		192,708			–		7,503,267
TIAA-CREF Enhanced Large-Cap Growth Index		11,252,000		1,915,176		1,034,654		(8,031	)		–		13,685,882
TIAA-CREF Enhanced Large-Cap Value Index		12,190,046		1,256,466		1,564,349		64,257			–		13,245,759
TIAA-CREF Global Natural Resources		2,798,757		152,627		1,401,692		(69,533	)		–		1,618,959
TIAA-CREF Growth & Income		10,467,054		735,639		1,157,092		23,301			69,616		11,383,222
TIAA-CREF High-Yield		5,697,995		4,551,264		178,862		(7,358	)		197,237		10,090,707
TIAA-CREF Inflation-Linked Bond		10,797,949		15,715,812		420,881		(31,614	)		271,018		25,413,223
TIAA-CREF International Equity		9,585,972		995,251		3,585,375		508,538			–		8,275,681
TIAA-CREF International Opportunities		1,695,347		6,242,526		300,000		6,575			–		8,008,658
TIAA-CREF Large-Cap Growth		11,482,605		1,109,113		972,984		11,050			–		13,678,099
TIAA-CREF Large-Cap Value		12,389,440		914,859		1,574,997		35,302			–		13,143,407
TIAA-CREF Mid-Cap Growth		573,132		321,036		608,990		84,081			–		373,512
TIAA-CREF Mid-Cap Value		710,770		90,916		626,133		160,889			–		249,589
TIAA-CREF Money Market		742,186		3,155		719,938		–			2		25,404
TIAA-CREF Short-Term Bond		34,312,701		3,424,021		12,345,883		(181,645	)		173,021		25,229,315
TIAA-CREF Small-Cap Equity		5,150,985		450,325		657,403		27,320			–		5,850,278
	$	228,387,296	$	69,614,097	$	52,773,380	$	(209,523	)	$	1,788,222	$	254,646,387

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle 2010 Fund
TIAA-CREF Bond	$	318,107,409	$	7,952,228	$	87,428,618	$	(3,095,438	)	$	3,547,854	$	233,619,858
TIAA-CREF Bond Plus		7,838,148		99,825,743		95,153		(3,390	)		597,026		108,062,593
TIAA-CREF Emerging Markets Equity		30,345,106		1,301,358		4,308,536		(240,892	)		–		27,398,186
TIAA-CREF Enhanced International Equity Index		35,636,936		4,173,388		9,546,880		1,157,720			–		34,651,202
TIAA-CREF Enhanced Large-Cap Growth Index		54,315,479		4,453,543		3,841,050		288,361			–		62,216,797
TIAA-CREF Enhanced Large-Cap Value Index		58,640,965		3,486,897		8,204,563		1,266,406			–		60,362,608
TIAA-CREF Global Natural Resources		13,047,961		250,975		6,296,371		(198,072	)		–		7,388,165
TIAA-CREF Growth & Income		50,233,038		1,580,136		6,037,698		832,512			328,906		52,045,037
TIAA-CREF High-Yield		26,348,542		13,429,800		249,321		(6,668	)		838,750		39,514,845
TIAA-CREF Inflation-Linked Bond		44,623,959		32,093,850		1,262,131		(96,485	)		780,955		73,003,999
TIAA-CREF International Equity		45,850,953		1,665,970		15,800,759		3,414,372			–		37,697,647
TIAA-CREF International Opportunities		7,994,147		26,803,952		–		–			–		36,301,394
TIAA-CREF Large-Cap Growth		53,835,122		2,216,044		3,034,465		159,181			–		62,675,388
TIAA-CREF Large-Cap Value		58,139,832		1,723,877		6,573,200		769,532			–		59,958,429
TIAA-CREF Mid-Cap Growth		2,926,880		1,055,244		2,338,562		506,752			–		2,074,389
TIAA-CREF Mid-Cap Value		3,585,300		183,126		2,552,652		879,452			–		1,579,648
TIAA-CREF Money Market		3,216,212		12,543		3,178,967		–			8		49,789
TIAA-CREF Short-Term Bond		85,643,179		8,559,505		21,511,123		(313,048	)		491,182		72,348,040
TIAA-CREF Small-Cap Equity		24,520,217		886,481		2,996,831		437,150			–		26,675,990
	$	924,849,385	$	211,654,660	$	185,256,880	$	5,757,445		$	6,584,681	$	997,624,004

76	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle 2015 Fund
TIAA-CREF Bond	$	429,565,327	$	14,017,396	$	104,962,248	$	2,187,094		$	4,932,240	$	332,078,013
TIAA-CREF Bond Plus		19,573,642		147,084,828		300,405		7,975			977,605		166,862,689
TIAA-CREF Emerging Markets Equity		50,504,931		2,421,950		6,551,536		642,598			–		46,604,494
TIAA-CREF Enhanced International Equity Index		61,155,958		7,215,591		15,099,715		3,057,532			–		61,010,184
TIAA-CREF Enhanced Large-Cap Growth Index		92,164,500		9,949,245		6,078,966		1,807,464			–		108,774,772
TIAA-CREF Enhanced Large-Cap Value Index		99,566,848		3,314,671		8,979,596		3,026,168			–		105,069,242
TIAA-CREF Global Natural Resources		21,677,967		422,855		9,949,743		212,373			–		12,838,836
TIAA-CREF Growth & Income		84,818,631		1,712,307		6,894,400		2,611,602			564,855		90,501,713
TIAA-CREF High-Yield		47,329,501		14,327,094		504,985		62,987			1,423,238		60,937,247
TIAA-CREF Inflation-Linked Bond		69,068,996		18,088,164		1,519,048		211,807			852,789		82,258,726
TIAA-CREF International Equity		76,620,389		4,261,812		25,152,226		7,047,260			–		65,936,234
TIAA-CREF International Opportunities		13,560,317		46,894,941		–		–			–		63,074,070
TIAA-CREF Large-Cap Growth		92,252,243		5,590,520		5,126,150		2,554,126			–		109,442,647
TIAA-CREF Large-Cap Value		99,645,543		2,303,731		8,742,267		3,197,726			–		104,701,136
TIAA-CREF Mid-Cap Growth		5,180,942		1,815,737		3,412,131		1,081,739			–		4,362,734
TIAA-CREF Mid-Cap Value		6,289,369		226,464		3,735,851		1,284,606			–		3,429,745
TIAA-CREF Money Market		4,765,963		4,470		4,627,114		–			12		143,320
TIAA-CREF Short-Term Bond		71,207,184		12,644,046		2,472,836		110,044			525,442		81,200,304
TIAA-CREF Small-Cap Equity		41,483,737		1,514,166		3,816,639		1,593,871			–		46,540,467
	$	1,386,431,988	$	293,809,988	$	217,925,856	$	30,696,972		$	9,276,181	$	1,545,766,573

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle 2020 Fund
TIAA-CREF Bond	$	446,266,526	$	20,901,708	$	93,331,603	$	1,427,247		$	5,266,897	$	367,340,079
TIAA-CREF Bond Plus		51,212,604		178,878,767		–		–			1,529,753		230,069,563
TIAA-CREF Emerging Markets Equity		74,682,972		4,538,905		7,339,296		871,566			–		72,286,226
TIAA-CREF Enhanced International Equity Index		93,460,287		12,941,641		20,974,316		4,620,977			–		97,525,522
TIAA-CREF Enhanced Large-Cap Growth Index		139,954,497		17,597,482		5,483,462		2,125,844			–		172,027,633
TIAA-CREF Enhanced Large-Cap Value Index		151,149,214		7,925,106		10,067,707		3,916,742			–		166,327,631
TIAA-CREF Global Natural Resources		32,067,020		863,326		13,667,956		392,024			–		20,358,529
TIAA-CREF Growth & Income		128,279,547		5,223,846		6,361,385		2,488,179			863,562		144,031,856
TIAA-CREF High-Yield		79,903,196		12,113,446		293,211		45,623			2,337,027		91,275,864
TIAA-CREF Inflation-Linked Bond		55,048,452		19,233,567		517,840		58,822			699,741		70,948,173
TIAA-CREF International Equity		114,118,991		7,510,495		32,812,194		9,751,123			–		104,385,892
TIAA-CREF International Opportunities		20,360,567		74,715,620		–		–			–		99,394,397
TIAA-CREF Large-Cap Growth		138,496,927		10,874,597		1,898,686		967,508			–		173,512,094
TIAA-CREF Large-Cap Value		149,655,699		8,185,849		9,545,381		3,606,385			–		166,044,007
TIAA-CREF Mid-Cap Growth		8,163,985		2,546,626		4,318,915		1,397,317			–		7,645,018
TIAA-CREF Mid-Cap Value		9,837,430		642,213		5,377,263		1,848,165			–		6,140,997
TIAA-CREF Money Market		6,270,815		8,330		6,088,959		–			16		190,186
TIAA-CREF Short-Term Bond		56,870,648		13,807,493		462,378		20,553			436,374		70,110,555
TIAA-CREF Small-Cap Equity		62,578,229		4,095,495		4,217,336		1,967,881			–		73,778,994
	$	1,818,377,606	$	402,604,512	$	222,757,888	$	35,505,956		$	11,133,370	$	2,133,393,216

78	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle 2025 Fund
TIAA-CREF Bond	$	312,737,397	$	19,904,963	$	61,321,985	$	766,239		$	3,702,017	$	266,668,295
TIAA-CREF Bond Plus		85,012,645		136,105,174		101,754		2,544			1,813,638		220,306,412
TIAA-CREF Emerging Markets Equity		81,478,739		5,322,265		7,965,258		1,116,925			–		79,334,599
TIAA-CREF Enhanced International Equity Index		104,442,692		13,638,489		21,848,977		5,037,826			–		109,823,925
TIAA-CREF Enhanced Large-Cap Growth Index		155,785,407		19,333,247		5,242,904		2,113,074			–		192,152,460
TIAA-CREF Enhanced Large-Cap Value Index		168,121,592		8,715,742		9,692,839		3,868,328			–		186,449,419
TIAA-CREF Global Natural Resources		34,886,249		1,125,419		14,394,048		434,281			–		22,803,265
TIAA-CREF Growth & Income		142,047,824		4,870,405		5,109,714		2,110,750			959,817		160,577,314
TIAA-CREF High-Yield		95,641,776		15,988,463		201,728		31,386			2,821,989		110,876,253
TIAA-CREF Inflation-Linked Bond		19,370,682		9,905,406		175,342		6,190			259,627		28,073,853
TIAA-CREF International Equity		125,150,022		7,940,910		33,951,455		10,366,374			–		116,215,354
TIAA-CREF International Opportunities		22,574,620		83,478,429		–		–			–		110,964,342
TIAA-CREF Large-Cap Growth		153,926,390		11,408,728		900,554		467,408			–		193,443,971
TIAA-CREF Large-Cap Value		166,402,066		8,005,583		8,532,259		3,235,109			–		185,601,816
TIAA-CREF Mid-Cap Growth		9,348,682		3,034,621		4,668,438		1,571,722			–		9,145,311
TIAA-CREF Mid-Cap Value		11,191,388		684,377		5,469,782		1,938,595			–		7,587,706
TIAA-CREF Money Market		6,138,167		9,000		5,959,635		–			16		187,533
TIAA-CREF Short-Term Bond		20,112,164		8,112,074		502,550		4,329			165,111		27,693,333
TIAA-CREF Small-Cap Equity		69,383,222		4,406,181		3,615,925		1,790,836			–		82,759,015
	$	1,783,751,724	$	361,989,476	$	189,655,147	$	34,861,916		$	9,722,215	$	2,110,664,176

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle 2030 Fund
TIAA-CREF Bond	$	175,315,885	$	41,636,928	$	37,615,903	$	(333,825	)	$	2,055,452	$	176,568,293
TIAA-CREF Bond Plus		100,287,296		81,999,417		6,940,391		195,340			1,861,089		174,305,174
TIAA-CREF Emerging Markets Equity		85,645,615		5,837,472		7,843,483		1,066,337			–		84,151,159
TIAA-CREF Enhanced International Equity Index		111,840,167		15,214,362		22,885,172		5,357,129			–		118,765,008
TIAA-CREF Enhanced Large-Cap Growth Index		165,773,346		21,515,622		4,024,364		1,626,334			–		207,218,937
TIAA-CREF Enhanced Large-Cap Value Index		178,829,225		9,937,891		8,724,597		3,494,709			–		200,802,003
TIAA-CREF Global Natural Resources		36,479,991		1,385,905		14,467,290		393,846			–		24,581,211
TIAA-CREF Growth & Income		150,972,557		6,255,756		4,271,202		1,809,503			1,025,148		173,102,573
TIAA-CREF High-Yield		100,931,130		20,153,103		176,212		20,035			3,027,465		120,384,345
TIAA-CREF International Equity		131,975,290		8,621,265		33,261,633		10,356,951			–		125,416,971
TIAA-CREF International Opportunities		24,014,100		89,403,494		–		–			–		118,941,564
TIAA-CREF Large-Cap Growth		164,489,862		13,648,580		714,969		384,700			–		208,465,771
TIAA-CREF Large-Cap Value		177,470,325		7,661,989		6,174,027		2,378,411			–		200,002,234
TIAA-CREF Mid-Cap Growth		10,159,137		2,803,099		4,128,293		1,514,448			–		10,391,235
TIAA-CREF Mid-Cap Value		12,117,154		111,537		4,762,649		1,786,714			–		8,788,839
TIAA-CREF Money Market		5,863,894		10,025		5,693,557		–			15		180,361
TIAA-CREF Small-Cap Equity		73,643,232		4,513,976		2,330,118		1,192,442			–		89,289,148
	$	1,705,808,206	$	330,710,421	$	164,013,860	$	31,243,074		$	7,969,169	$	2,041,354,826

80	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle 2035 Fund
TIAA-CREF Bond	$	42,782,515	$	41,122,165	$	14,303,946	$	(353,991	)	$	579,640	$	68,985,896
TIAA-CREF Bond Plus		101,203,549		32,694,265		7,889,455		224,969			1,557,682		124,548,266
TIAA-CREF Emerging Markets Equity		94,594,114		8,700,532		8,521,271		1,091,795			–		95,309,403
TIAA-CREF Enhanced International Equity Index		125,484,765		16,681,427		24,750,998		5,977,993			–		133,906,851
TIAA-CREF Enhanced Large-Cap Growth Index		185,180,843		24,697,823		5,115,553		2,142,994			–		231,727,568
TIAA-CREF Enhanced Large-Cap Value Index		199,809,557		13,439,907		11,566,792		4,716,963			–		225,016,909
TIAA-CREF Global Natural Resources		40,303,873		1,405,200		15,678,951		477,445			–		27,383,645
TIAA-CREF Growth & Income		168,141,734		8,538,825		5,491,399		2,439,008			1,145,902		193,762,847
TIAA-CREF High-Yield		101,792,402		20,110,983		526,586		60,835			3,080,077		120,862,941
TIAA-CREF International Equity		145,987,401		11,091,766		35,741,921		11,340,485			–		141,419,406
TIAA-CREF International Opportunities		26,767,938		100,349,227		–		–			–		133,385,415
TIAA-CREF Large-Cap Growth		183,399,227		18,537,661		3,005,777		1,661,893			–		233,723,952
TIAA-CREF Large-Cap Value		198,042,205		6,971,827		4,339,893		1,901,539			–		224,226,904
TIAA-CREF Mid-Cap Growth		11,536,062		3,169,597		4,048,229		1,549,625			–		12,422,293
TIAA-CREF Mid-Cap Value		13,717,313		610,946		5,268,654		1,966,741			–		10,530,879
TIAA-CREF Money Market		5,706,777		14,070		5,534,465		–			15		186,382
TIAA-CREF Small-Cap Equity		82,049,743		4,741,476		1,578,534		804,989			–		100,271,420
	$	1,726,500,018	$	312,877,697	$	153,362,424	$	36,003,283		$	6,363,316	$	2,077,670,977

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle 2040 Fund
TIAA-CREF Bond Plus	$	90,328,914	$	27,505,054	$	7,018,973	$	63,521		$	1,275,983	$	109,353,885
TIAA-CREF Emerging Markets Equity		133,374,861		12,130,414		12,081,928		1,465,003			–		134,166,769
TIAA-CREF Enhanced International Equity Index		178,254,309		22,452,159		33,915,385		8,317,901			–		190,201,849
TIAA-CREF Enhanced Large-Cap Growth Index		262,609,814		34,646,488		6,810,300		2,845,638			–		328,494,140
TIAA-CREF Enhanced Large-Cap Value Index		283,365,227		16,466,821		14,280,502		5,819,850			–		318,547,507
TIAA-CREF Global Natural Resources		56,610,060		2,303,343		21,709,404		618,866			–		39,047,194
TIAA-CREF Growth & Income		238,243,202		11,567,134		6,866,046		3,048,877			1,619,872		274,875,013
TIAA-CREF High-Yield		136,933,719		28,942,492		2,176,435		224,554			4,129,158		162,959,594
TIAA-CREF International Equity		205,893,929		15,514,146		48,392,968		15,453,443			–		201,244,131
TIAA-CREF International Opportunities		37,911,006		141,172,250		–		–			–		188,034,877
TIAA-CREF Large-Cap Growth		259,744,245		25,200,471		3,130,738		1,737,207			–		331,138,555
TIAA-CREF Large-Cap Value		280,496,335		11,647,329		7,897,088		3,467,576			–		317,513,713
TIAA-CREF Mid-Cap Growth		16,501,708		4,403,704		5,478,095		2,198,364			–		17,958,715
TIAA-CREF Mid-Cap Value		19,595,356		1,115,294		7,613,395		2,850,852			–		15,207,820
TIAA-CREF Money Market		7,692,364		40,987		7,460,097		–			20		273,254
TIAA-CREF Small-Cap Equity		116,267,537		6,436,341		2,397,510		1,228,070			–		141,650,700
	$	2,323,822,586	$	361,544,427	$	187,228,864	$	49,339,722		$	7,025,033	$	2,770,667,716

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle 2045 Fund
TIAA-CREF Bond Plus	$	23,037,275	$	10,132,106	$	1,400,413	$	(70,231	)	$	344,822	$	31,416,893
TIAA-CREF Emerging Markets Equity		34,192,423		4,921,087		1,239,482		(73,975	)		–		38,164,785
TIAA-CREF Enhanced International Equity Index		45,699,423		10,867,617		8,238,006		472,639			–		54,700,707
TIAA-CREF Enhanced Large-Cap Growth Index		66,999,976		16,852,994		797,354		(8,714	)		–		93,535,656
TIAA-CREF Enhanced Large-Cap Value Index		72,367,455		9,993,732		937,085		(5,992	)		–		90,435,249
TIAA-CREF Global Natural Resources		14,544,872		1,284,306		5,251,400		(339,861	)		–		11,082,617
TIAA-CREF Growth & Income		60,744,812		9,503,411		975,174		(1,735	)		430,202		78,017,155
TIAA-CREF High-Yield		35,217,279		11,505,441		334,921		(14,923	)		1,118,107		46,263,930
TIAA-CREF International Equity		52,450,275		8,455,588		11,101,167		1,022,191			–		57,514,859
TIAA-CREF International Opportunities		9,742,424		41,126,670		1,121		(68	)		–		53,418,224
TIAA-CREF Large-Cap Growth		67,211,738		13,954,805		939,790		(8,238	)		–		93,696,009
TIAA-CREF Large-Cap Value		72,388,174		9,340,072		739,170		(1,210	)		–		90,141,421
TIAA-CREF Mid-Cap Growth		4,219,050		1,796,173		1,628,701		95,360			–		5,082,799
TIAA-CREF Mid-Cap Value		5,011,201		637,434		1,895,163		239,152			–		4,320,316
TIAA-CREF Money Market		2,004,612		13,204		1,944,530		–			6		73,286
TIAA-CREF Small-Cap Equity		29,783,095		4,935,741		235,357		(3,482	)		–		40,285,153
	$	595,614,084	$	155,320,381	$	37,658,834	$	1,300,913		$	1,893,137	$	788,149,059

82	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle 2050 Fund
TIAA-CREF Bond Plus	$	12,512,483	$	5,566,875	$	451,907	$	(26,550	)	$	190,232	$	17,434,365
TIAA-CREF Emerging Markets Equity		18,734,601		2,917,119		622,902		(28,909	)		–		21,203,599
TIAA-CREF Enhanced International Equity Index		25,043,057		6,416,733		4,645,948		242,676			–		30,324,721
TIAA-CREF Enhanced Large-Cap Growth Index		36,694,091		10,124,334		616,987		(5,783	)		–		51,989,194
TIAA-CREF Enhanced Large-Cap Value Index		39,650,596		6,394,846		759,224		(1,818	)		–		50,258,947
TIAA-CREF Global Natural Resources		7,966,483		772,399		2,866,900		(172,562	)		–		6,159,108
TIAA-CREF Growth & Income		33,235,345		5,706,735		409,636		1,474			236,673		43,357,627
TIAA-CREF High-Yield		19,190,857		6,892,915		305,467		(13,672	)		616,461		25,710,945
TIAA-CREF International Equity		28,664,588		5,066,961		6,070,367		530,913			–		31,923,673
TIAA-CREF International Opportunities		5,337,165		22,982,449		–		–			–		29,705,276
TIAA-CREF Large-Cap Growth		36,841,092		8,492,201		706,063		(5,761	)		–		52,053,508
TIAA-CREF Large-Cap Value		39,673,334		6,114,985		735,668		982			–		50,095,654
TIAA-CREF Mid-Cap Growth		2,312,362		1,032,413		904,151		49,281			–		2,824,087
TIAA-CREF Mid-Cap Value		2,746,851		343,020		986,462		115,343			–		2,415,440
TIAA-CREF Money Market		1,092,776		7,408		1,059,898		–			3		40,285
TIAA-CREF Small-Cap Equity		16,322,873		3,038,806		179,869		(3,202	)		–		22,383,685
	$	326,018,554	$	91,870,199	$	21,321,449	$	682,412		$	1,043,369	$	437,880,114

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle 2055 Fund
TIAA-CREF Bond Plus	$	1,291,213	$	943,739	$	17,109	$	(748	)	$	21,357	$	2,200,373
TIAA-CREF Emerging Markets Equity		1,900,421		779,164		40,096		(5,907	)		–		2,672,945
TIAA-CREF Enhanced International Equity Index		2,535,500		1,295,801		367,824		6,693			–		3,862,891
TIAA-CREF Enhanced Large-Cap Growth Index		3,695,533		2,180,670		–		–			–		6,551,593
TIAA-CREF Enhanced Large-Cap Value Index		4,001,939		1,761,492		9,248		(194	)		–		6,325,312
TIAA-CREF Global Natural Resources		801,521		170,649		227,634		(15,209	)		–		775,155
TIAA-CREF Growth & Income		3,343,702		1,555,157		1,183		(22	)		25,614		5,456,775
TIAA-CREF High-Yield		1,966,828		1,293,634		6,000		(269	)		69,422		3,256,129
TIAA-CREF International Equity		2,873,148		1,110,182		431,812		9,524			–		4,033,602
TIAA-CREF International Opportunities		543,009		3,025,856		–		–			–		3,737,881
TIAA-CREF Large-Cap Growth		3,743,487		1,939,734		2,156		(68	)		–		6,539,565
TIAA-CREF Large-Cap Value		4,034,798		1,695,710		958		(18	)		–		6,304,762
TIAA-CREF Mid-Cap Growth		233,017		188,098		106,342		2,467			–		357,892
TIAA-CREF Mid-Cap Value		277,072		100,100		110,658		4,805			–		301,923
TIAA-CREF Money Market		109,458		1,034		106,120		–			–		4,372
TIAA-CREF Small-Cap Equity		1,649,970		810,536		1,581		(15	)		–		2,819,035
	$	33,000,616	$	18,851,556	$	1,428,721	$	1,039		$	116,393	$	55,200,205

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 2013, 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	$	226,942,034	$	27,704,353	$	–		$	27,704,353
Lifecycle 2010		865,334,646		132,289,358		–			132,289,358
Lifecycle 2015		1,379,586,404		175,746,041		(9,565,872	)		166,180,169
Lifecycle 2020		1,853,728,164		290,798,254		(11,133,202	)		279,665,052
Lifecycle 2025		1,788,957,142		330,411,139		(8,704,105	)		321,707,034
Lifecycle 2030		1,682,453,064		363,861,352		(4,959,590	)		358,901,762
Lifecycle 2035		1,668,836,920		410,978,099		(2,144,042	)		408,834,057
Lifecycle 2040		2,183,965,370		588,705,342		(2,002,996	)		586,702,346
Lifecycle 2045		626,367,372		161,781,687		–			161,781,687
Lifecycle 2050		350,587,120		87,292,994		–			87,292,994
Lifecycle 2055		47,532,521		7,667,684		–			7,667,684

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2013, were as follows:

Fund	Purchases		Sales
Lifecycle Retirement Income	$	69,614,097	$	52,773,380
Lifecycle 2010		211,654,660		185,256,880
Lifecycle 2015		293,809,988		217,925,856
Lifecycle 2020		402,604,512		222,757,888
Lifecycle 2025		361,989,476		189,655,147
Lifecycle 2030		330,710,421		164,013,860
Lifecycle 2035		312,877,697		153,362,424
Lifecycle 2040		361,544,427		187,228,864
Lifecycle 2045		155,320,381		37,658,834
Lifecycle 2050		91,870,199		21,321,449
Lifecycle 2055		20,481,744		3,060,483

84	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

concluded

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2013 was as follows:

Fund	Ordinary income		Long-term capital gains		Total
Lifecycle Retirement Income	$	4,367,159	$	999,058	$	5,366,217
Lifecycle 2010		20,621,354		1,302,243		21,923,597
Lifecycle 2015		33,330,054		26,302,270		59,632,324
Lifecycle 2020		40,798,430		31,575,694		72,374,124
Lifecycle 2025		37,662,988		30,424,427		68,087,415
Lifecycle 2030		33,093,196		31,646,316		64,739,512
Lifecycle 2035		30,051,658		34,754,355		64,806,013
Lifecycle 2040		39,558,913		57,037,898		96,596,811
Lifecycle 2045		8,239,985		2,790,520		11,030,505
Lifecycle 2050		4,459,428		1,380,235		5,839,663
Lifecycle 2055		405,485		127,276		532,761

The tax character of the fiscal year 2014 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. This facility expired June 2013. A new facility was entered into on June 25, 2013 expiring June 24, 2014. 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, 2013, 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 Lifecycle Funds ■ 2013 Semiannual Report

Additional information about index providers (unaudited)

Russell Indexes

The Russell 3000^® Index is a trademark/service mark of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE OR THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

MSCI Indexes

The funds are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, Inc. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of this fund or any other person or entity regarding the advisability of investing in funds generally or in this fund particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to this fund or the issuer or owners of this fund or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of this fund or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of this fund to be issued or in the determination or calculation of the equation by or the consideration into which

86	2013 Semiannual Report ■ TIAA-CREF Lifecycle Funds

this fund is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of this fund or any other person or entity in connection with the administration, marketing or offering of this fund.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of this security, product or fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

TIAA-CREF Lifecycle Funds ■ 2013 Semiannual Report

[This page intentionally left blank.]

How to reach us

TIAA-CREF website

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

800 842-2252

24 hours a day, 7 days a week

For the hearing- or speech-impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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

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

©2014 Teachers Insurance and Annuity Association–College Retirement Equities Fund (TIAA-CREF),
730 Third Avenue, New York, NY 10017-3206.

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2013 Semiannual Report

TIAA-CREF
Lifecycle Index Funds

of theTIAA-CREF Funds

November 30, 2013

	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	58

	Additional information about index providers	66

	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, 2013. 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, 2013.
	•	The financial statements provide detailed information about the operations and financial condition of each fund.

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

2	2013 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 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 ■ 2013 Semiannual Report

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 21 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.

4	2013 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 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, 2013–November 30, 2013).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2013

Lifecycle Index Funds Retirement Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13–11/30/13	* )	Effective expenses paid during period (6/1/13–11/30/13	^† )
Retirement Income Fund actual return	$1,000.00		$1,039.29		$1.48		$2.10
5% annual hypothetical return	1,000.00		1,023.61		1.47		2.08
2010 Fund actual return	$1,000.00		$1,047.88		$1.54		$2.10
5% annual hypothetical return	1,000.00		1,023.56		1.52		2.08
2015 Fund actual return	$1,000.00		$1,056.15		$1.60		$2.16
5% annual hypothetical return	1,000.00		1,023.51		1.57		2.13
2020 Fund actual return	$1,000.00		$1,067.92		$1.61		$2.13
5% annual hypothetical return	1,000.00		1,023.51		1.57		2.08
2025 Fund actual return	$1,000.00		$1,078.52		$1.67		$2.14
5% annual hypothetical return	1,000.00		1,023.46		1.62		2.08
2030 Fund actual return	$1,000.00		$1,089.32		$1.73		$2.20
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.13
2035 Fund actual return	$1,000.00		$1,099.29		$1.74		$2.16
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.08
2040 Fund actual return	$1,000.00		$1,105.52		$1.74		$2.16
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.08
2045 Fund actual return	$1,000.00		$1,106.28		$1.74		$2.16
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.08
2050 Fund actual return	$1,000.00		$1,105.64		$1.74		$2.16
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.08
2055 Fund actual return	$1,000.00		$1,106.34		$1.74		$2.16
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.08

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, 2013. 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 0.29% for the Retirement Income Fund; 0.30% for the 2010 Fund; 0.31% for the 2015 and 2020 Funds; 0.32% for the 2025 Fund; and 0.33% for the 2030, 2035, 2040, 2045, 2050 and 2055 Funds.

^†

6	2013 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 0.41% for the Retirement Income, 2010, 2020, 2025, 2035, 2040, 2045, 2050, and 2055 Funds; and 0.42% for the 2015 and 2030 Funds.

Expense examples

Six months ended November 30, 2013

Lifecycle Index Funds Institutional Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13–11/30/13	* )	Effective expenses paid during period (6/1/13–11/30/13	^† )
Retirement Income Fund actual return	$1,000.00		$1,040.54		$0.20		$0.82
5% annual hypothetical return	1,000.00		1,024.87		0.20		0.81
2010 Fund actual return	$1,000.00		$1,049.96		$0.26		$0.82
5% annual hypothetical return	1,000.00		1,024.82		0.25		0.81
2015 Fund actual return	$1,000.00		$1,057.38		$0.31		$0.88
5% annual hypothetical return	1,000.00		1,024.77		0.30		0.86
2020 Fund actual return	$1,000.00		$1,069.07		$0.31		$0.83
5% annual hypothetical return	1,000.00		1,024.77		0.30		0.81
2025 Fund actual return	$1,000.00		$1,079.59		$0.36		$0.83
5% annual hypothetical return	1,000.00		1,024.72		0.36		0.81
2030 Fund actual return	$1,000.00		$1,090.32		$0.42		$0.89
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.86
2035 Fund actual return	$1,000.00		$1,100.14		$0.42		$0.84
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.81
2040 Fund actual return	$1,000.00		$1,107.12		$0.42		$0.85
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.81
2045 Fund actual return	$1,000.00		$1,107.09		$0.42		$0.85
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.81
2050 Fund actual return	$1,000.00		$1,107.17		$0.42		$0.85
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.81
2055 Fund actual return	$1,000.00		$1,107.05		$0.42		$0.85
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.81

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Important information about expenses

Income Fund; 0.05% for the 2010 Fund; 0.06% for the 2015 and 2020 Funds; 0.07% for the 2025 Fund; and 0.08% 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 0.16% for the Retirement Income, 2010, 2020, 2025, 2035, 2040, 2045, 2050 and 2055 Funds; and 0.17% for the 2015 and 2030 Funds.

Expense examples

Six months ended November 30, 2013

Lifecycle Index Funds Premier Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13–11/30/13	* )	Effective expenses paid during period (6/1/13–11/30/13	^† )
Retirement Income Fund actual return	$1,000.00		$1,039.77		$0.97		$1.59
5% annual hypothetical return	1,000.00		1,024.12		0.96		1.57
2010 Fund actual return	$1,000.00		$1,049.33		$1.03		$1.59
5% annual hypothetical return	1,000.00		1,024.07		1.01		1.57
2015 Fund actual return	$1,000.00		$1,057.60		$1.08		$1.65
5% annual hypothetical return	1,000.00		1,024.02		1.07		1.62
2020 Fund actual return	$1,000.00		$1,068.58		$1.09		$1.61
5% annual hypothetical return	1,000.00		1,024.02		1.07		1.57
2025 Fund actual return	$1,000.00		$1,079.08		$1.15		$1.62
5% annual hypothetical return	1,000.00		1,023.97		1.12		1.57
2030 Fund actual return	$1,000.00		$1,089.13		$1.20		$1.68
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.62
2035 Fund actual return	$1,000.00		$1,099.79		$1.21		$1.63
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.57
2040 Fund actual return	$1,000.00		$1,106.79		$1.21		$1.64
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.57
2045 Fund actual return	$1,000.00		$1,106.76		$1.21		$1.64
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.57
2050 Fund actual return	$1,000.00		$1,106.13		$1.21		$1.64
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.57
2055 Fund actual return	$1,000.00		$1,106.25		$1.21		$1.64
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.57

8	2013 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, 2013. 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 0.19% for the Retirement Income Fund; 0.20% for the 2010 Fund; 0.21% for the 2015 and 2020 Funds; 0.22% for the 2025 Fund; and 0.23% 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 0.31% for the Retirement Income, 2010, 2020, 2025, 2035, 2040, 2045, 2050 and 2055 Funds; and 0.32% for the 2015 and 2030 Funds.

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Investment results of the Lifecycle Index Funds

Performance for the six months ended November 30, 2013

All eleven TIAA-CREF Lifecycle Index Funds posted positive results for the six-month reporting period and performed within close range of their respective composite benchmarks. Returns for the Retirement Class ranged from 3.93% for the Retirement Income Fund to 10.63% for the 2045 and 2055 funds. The tables on the following pages show returns for all share classes of the funds.

While lower, the funds’ returns were similar to those of their composite benchmarks, which measure market performance without deducting any fees or expenses. The difference between the individual Lifecycle Index Funds’ returns and those of their benchmarks ranged from 0.07 of a percentage point each for the 2045 and 2055 funds to 0.20 of a point for the 2010 Fund. (All fund results are for the Retirement Class.)

The strengthening U.S. economy lifts global stocks higher

Against this backdrop, the U.S. and international equity markets posted solid results for the six-month period. Investors were encouraged by signs of strengthening in the U.S. economy, indications that Europe was emerging from its deep recession and by Japan’s recent efforts to stimulate its economy.

The Russell 3000^® Index, which measures the broad U.S. stock market, gained 12.60%. Foreign stocks advanced but lagged U.S. equities; the MSCI EAFE (Europe, Australasia, Far East) + EM (Emerging Markets) Index, which measures stock performance in 21 developed market nations outside North America and in 21 emerging market nations, rose 9.71%.

10	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Strong equity market gains boost the funds’ results

All eleven Lifecycle Index Funds posted positive returns for the six-month period, including four that scored double-digit gains. Amid the rally in the global stock markets, funds with greater exposure to stocks produced higher returns.

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. Those underlying funds may include the TIAA-CREF Equity Index Fund, the International Equity Index Fund, the Emerging Markets Equity Index Fund, the Bond Index Fund and the Inflation-Linked Bond Fund.

For the period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were driven by robust gains from both the U.S. equity and international equity sectors. In contrast, absolute returns were partly constrained by losses from the fixed-income and inflation-protected assets sectors.

Lifecycle Index Funds with larger allocations to U.S. and international stocks posted higher returns than those with larger exposures to the fixed-income and inflation-protected assets sectors. For example, the 2045 and 2055 funds, each with approximately 90% of their assets invested in equities, advanced 10.63%, while the Retirement Income Fund, with approximately 40% of its portfolio allocated to equities, earned 3.93%. (Performance of the Lifecycle Index Funds’ underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Lifecycle Index Retirement Income Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index Retirement Income Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		3.93	%		8.46	%		7.93	%
Institutional Class		9/30/2009		4.05			8.71			8.18
Premier Class		9/30/2009		3.98			8.56			8.03
Lifecycle Index Retirement Income Fund Composite Index*		—		4.05			8.99			8.40	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		–0.56			–1.61			4.10	^†

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, 2013, the Lifecycle Index Retirement Income Fund Composite Index consisted of: 50.0% Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000^® Index; 12.0% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		28.5	%		28.0	%
International equity		12.0			12.0
Fixed income
Fixed income		49.5			50.0
Inflation-protected assets		9.9			10.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2014

12	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2010 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index 2010 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		4.79	%		10.73	%		8.67	%
Institutional Class		9/30/2009		5.00			11.07			8.96
Premier Class		9/30/2009		4.93			10.92			8.79
Lifecycle Index 2010 Fund Composite Index*		—		4.99			11.31			9.15	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		–0.56			–1.61			4.10	^†

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, 2013, the Lifecycle Index 2010 Fund Composite Index consisted of: 46.0% Barclays U.S. Aggregate Bond Index; 32.6% Russell 3000^® Index; 14.0% MSCI EAFE+EM Index; and 7.4% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		33.2	%		32.2	%
International equity		13.9			13.8
Fixed income
Fixed income		45.4			46.4
Inflation-protected assets		7.3			7.6
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Lifecycle Index 2015 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index 2015 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		5.62	%		12.76	%		9.30	%
Institutional Class		9/30/2009		5.74			13.05			9.57
Premier Class		9/30/2009		5.76			12.92			9.42
Lifecycle Index 2015 Fund Composite Index*		—		5.81			13.36			9.79	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			16.58	^†

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, 2013, the Lifecycle Index 2015 Fund Composite Index consisted of: 42.1% Barclays U.S. Aggregate Bond Index; 36.8% Russell 3000 Index; 15.7% MSCI EAFE+EM Index; and 5.4% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		37.3	%		36.1	%
International equity		15.7			15.5
Fixed income
Fixed income		41.5			42.8
Inflation-protected assets		5.3			5.6
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2014

14	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2020 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index 2020 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		6.79	%		15.45	%		10.08	%
Institutional Class		9/30/2009		6.91			15.70			10.36
Premier Class		9/30/2009		6.86			15.51			10.18
Lifecycle Index 2020 Fund Composite Index*		—		6.88			15.96			10.56	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			16.58	^†

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, 2013, the Lifecycle Index 2020 Fund Composite Index consisted of: 42.4% Russell 3000 Index; 36.1% Barclays U.S. Aggregate Bond Index; 18.1% MSCI EAFE+EM Index; and 3.4% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		42.9	%		41.7	%
International equity		17.9			17.9
Fixed income
Fixed income		35.6			36.8
Inflation-protected assets		3.3			3.6
Other assets & liabilities, net		0.3			—
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Lifecycle Index 2025 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index 2025 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		7.85	%		18.07	%		10.86	%
Institutional Class		9/30/2009		7.96			18.29			11.12
Premier Class		9/30/2009		7.91			18.20			10.97
Lifecycle Index 2025 Fund Composite Index*		—		7.96			18.61			11.32	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			16.58	^†

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, 2013, the Lifecycle Index 2025 Fund Composite Index consisted of: 48.0% Russell 3000 Index; 30.1% Barclays U.S. Aggregate Bond Index; 20.5% MSCI EAFE+EM Index; and 1.4% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		48.5	%		47.3	%
International equity		20.3			20.3
Fixed income
Fixed income		29.7			30.8
Inflation-protected assets		1.3			1.6
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2014

16	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2030 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index 2030 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		8.93	%		20.68	%		11.64	%
Institutional Class		9/30/2009		9.03			20.93			11.90
Premier Class		9/30/2009		8.91			20.75			11.74
Lifecycle Index 2030 Fund Composite Index*		—		9.02			21.25			12.08	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			16.58	^†

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, 2013, the Lifecycle Index 2030 Fund Composite Index consisted of: 53.6% Russell 3000 Index; 23.5% Barclays U.S. Aggregate Bond Index; and 22.9% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		54.1	%		52.9	%
International equity		22.6			22.7
Fixed income		23.0			24.4
Other assets & liabilities, net		0.3			—
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Lifecycle Index 2035 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index 2035 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		9.93	%		23.28	%		12.36	%
Institutional Class		9/30/2009		10.01			23.49			12.63
Premier Class		9/30/2009		9.98			23.43			12.47
Lifecycle Index 2035 Fund Composite Index*		—		10.04			23.85			12.83	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			16.58	^†

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, 2013, the Lifecycle Index 2035 Fund Composite Index consisted of: 59.2% Russell 3000 Index; 25.3% MSCI EAFE+EM Index; and 15.5% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		59.7	%		58.5	%
International equity		24.9			25.1
Fixed income		15.2			16.4
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2014

18	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2040 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index 2040 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		10.55	%		24.79	%		12.71	%
Institutional Class		9/30/2009		10.71			25.00			12.99
Premier Class		9/30/2009		10.68			24.94			12.82
Lifecycle Index 2040 Fund Composite Index*		—		10.70			25.36			13.18	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			16.58	^†

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, 2013, the Lifecycle Index 2040 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		63.4	%		63.0	%
International equity		26.5			27.0
Fixed income		9.9			10.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Lifecycle Index 2045 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index 2045 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		10.63	%		24.79	%		12.71	%
Institutional Class		9/30/2009		10.71			25.06			12.99
Premier Class		9/30/2009		10.68			24.92			12.83
Lifecycle Index 2045 Fund Composite Index*		—		10.70			25.36			13.18	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			16.58	^†

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, 2013, the Lifecycle Index 2045 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		63.3	%		63.0	%
International equity		26.5			27.0
Fixed income		9.8			10.0
Other assets & liabilities, net		0.4			—
Total		100.0			100.0

Target allocation

For June 30, 2014

20	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2050 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index 2050 Fund	Inception date		6 months			1 year			since inception
Retirement Class		9/30/2009		10.56	%		24.73	%		12.71	%
Institutional Class		9/30/2009		10.72			25.08			13.00
Premier Class		9/30/2009		10.61			24.86			12.82
Lifecycle Index 2050 Fund Composite Index*		—		10.70			25.36			13.18	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			16.58	^†

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, 2013, the Lifecycle Index 2050 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		63.3	%		63.0	%
International equity		26.5			27.0
Fixed income		9.8			10.0
Other assets & liabilities, net		0.4			—
Total		100.0			100.0

Target allocation

For June 30, 2014

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Lifecycle Index 2055 Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifecycle Index 2055 Fund	Inception date		6 months			1 year			since inception
Retirement Class		4/29/2011		10.63	%		24.83	%		9.96	%
Institutional Class		4/29/2011		10.70			25.17			10.23
Premier Class		4/29/2011		10.62			24.96			10.07
Lifecycle Index 2055 Fund Composite Index*		—		10.70			25.36			10.38	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			13.78	^†

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, 2013, the Lifecycle Index 2055 Fund Composite Index consisted of: 63.0% Russell 3000 Index; 27.0% 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 11/30/13			Target allocation for 6/30/14
Equity
U.S. equity		63.3	%		63.0	%
International equity		26.5			27.0
Fixed income		9.9			10.0
Other assets & liabilities, net		0.3			—
Total		100.0			100.0

Target allocation

For June 30, 2014

22	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Portfolio of investments (unaudited)

Lifecycle Index Retirement Income Fund ¡ November 30, 2013

Shares		Security		Value		% of net assets

TIAA-CREF FUNDS — 99.9% (a)
FIXED INCOME — 49.5%
1,369,368		TIAA-CREF Bond Index Fund		$	14,556,380	49.5	%
		TOTAL FIXED INCOME			14,556,380	49.5
INFLATION-PROTECTED ASSETS — 9.9%
255,612		TIAA-CREF Inflation-Linked Bond Fund			2,911,424	9.9
		TOTAL INFLATION-PROTECTED ASSETS			2,911,424	9.9
INTERNATIONAL EQUITY — 12.0%
74,514		TIAA-CREF Emerging Markets Equity Index Fund			796,553	2.7
139,965		TIAA-CREF International Equity Index Fund			2,720,925	9.3
		TOTAL INTERNATIONAL EQUITY			3,517,478	12.0
U.S. EQUITY — 28.5%
	597,649	TIAA-CREF Equity Index Fund			8,396,975	28.5
		TOTAL U.S. EQUITY			8,396,975	28.5
		TOTAL TIAA-CREF FUNDS	(Cost $25,953,167)		29,382,257	99.9

		TOTAL PORTFOLIO	(Cost $25,953,167)		29,382,257	99.9
		OTHER ASSETS & LIABILITIES, NET			20,237	0.1
		NET ASSETS		$	29,402,494	100.0	%

Lifecycle Index 2010 Fund ¡ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.8% (a)
FIXED INCOME — 45.4%
	5,670,700	TIAA-CREF Bond Index Fund		$	60,279,545	45.4	%
		TOTAL FIXED INCOME			60,279,545	45.4
INFLATION-PROTECTED ASSETS — 7.3%
	850,455	TIAA-CREF Inflation-Linked Bond Fund			9,686,686	7.3
		TOTAL INFLATION-PROTECTED ASSETS			9,686,686	7.3
INTERNATIONAL EQUITY — 13.9%
	389,379	TIAA-CREF Emerging Markets Equity Index Fund			4,162,465	3.2
	731,459	TIAA-CREF International Equity Index Fund			14,219,572	10.7
		TOTAL INTERNATIONAL EQUITY			18,382,037	13.9
U.S. EQUITY — 33.2%
	3,130,722	TIAA-CREF Equity Index Fund			43,986,649	33.2
		TOTAL U.S. EQUITY			43,986,649	33.2
		TOTAL TIAA-CREF FUNDS	(Cost $112,944,209)		132,334,917	99.8

		TOTAL PORTFOLIO	(Cost $112,944,209)		132,334,917	99.8
		OTHER ASSETS & LIABILITIES, NET			285,377	0.2
		NET ASSETS		$	132,620,294	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 ¡ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index 2015 Fund ¡ November 30, 2013

Shares		Security		Value		% of net assets

TIAA-CREF FUNDS — 99.8% (a)
FIXED INCOME — 41.5%
	9,649,637	TIAA-CREF Bond Index Fund		$	102,575,643		41.5	%
		TOTAL FIXED INCOME			102,575,643		41.5
INFLATION-PROTECTED ASSETS — 5.3%
	1,151,431	TIAA-CREF Inflation-Linked Bond Fund			13,114,801		5.3
		TOTAL INFLATION-PROTECTED ASSETS			13,114,801		5.3
INTERNATIONAL EQUITY — 15.7%
	819,877	TIAA-CREF Emerging Markets Equity Index Fund			8,764,486		3.6
	1,540,161	TIAA-CREF International Equity Index Fund			29,940,737		12.1
		TOTAL INTERNATIONAL EQUITY			38,705,223		15.7
U.S. EQUITY — 37.3%
	6,574,529	TIAA-CREF Equity Index Fund			92,372,137		37.3
		TOTAL U.S. EQUITY			92,372,137		37.3
		TOTAL TIAA-CREF FUNDS	(Cost $209,858,487)		246,767,804		99.8

		TOTAL PORTFOLIO	(Cost $209,858,487)		246,767,804		99.8
		OTHER ASSETS & LIABILITIES, NET			614,399		0.2
		NET ASSETS		$	247,382,203		100.0	%

Lifecycle Index 2020 Fund ¡ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.7% (a)
FIXED INCOME — 35.6%
	11,639,643	TIAA-CREF Bond Index Fund		$	123,729,409	35.6	%
		TOTAL FIXED INCOME			123,729,409	35.6
INFLATION-PROTECTED ASSETS — 3.3%
	1,013,502	TIAA-CREF Inflation-Linked Bond Fund			11,543,787	3.3
		TOTAL INFLATION-PROTECTED ASSETS			11,543,787	3.3
INTERNATIONAL EQUITY — 17.9%
	1,322,512	TIAA-CREF Emerging Markets Equity Index Fund			14,137,651	4.0
	2,484,258	TIAA-CREF International Equity Index Fund			48,293,970	13.9
		TOTAL INTERNATIONAL EQUITY			62,431,621	17.9
U.S. EQUITY — 42.9%
	10,625,991	TIAA-CREF Equity Index Fund			149,295,172	42.9
		TOTAL U.S. EQUITY			149,295,172	42.9
		TOTAL TIAA-CREF FUNDS	(Cost $291,323,160)		346,999,989	99.7

		TOTAL PORTFOLIO	(Cost $291,323,160)		346,999,989	99.7
		OTHER ASSETS & LIABILITIES, NET			1,073,776	0.3
		NET ASSETS		$	348,073,765	100.0	%

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

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle Index 2025 Fund ¡ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.8% (a)
FIXED INCOME — 29.7%
	9,692,504	TIAA-CREF Bond Index Fund		$	103,031,323	29.7	%
		TOTAL FIXED INCOME			103,031,323	29.7
INFLATION-PROTECTED ASSETS — 1.3%
	405,160	TIAA-CREF Inflation-Linked Bond Fund			4,614,772	1.3
		TOTAL INFLATION-PROTECTED ASSETS			4,614,772	1.3
INTERNATIONAL EQUITY — 20.3%
	1,494,777	TIAA-CREF Emerging Markets Equity Index Fund			15,979,162	4.6
	2,807,976	TIAA-CREF International Equity Index Fund			54,587,050	15.7
		TOTAL INTERNATIONAL EQUITY			70,566,212	20.3
U.S. EQUITY — 48.5%
	12,000,543	TIAA-CREF Equity Index Fund			168,607,631	48.5
		TOTAL U.S. EQUITY			168,607,631	48.5
		TOTAL TIAA-CREF FUNDS	(Cost $285,926,827)		346,819,938	99.8

		TOTAL PORTFOLIO	(Cost $285,926,827)		346,819,938	99.8
		OTHER ASSETS & LIABILITIES, NET			747,288	0.2
		NET ASSETS		$	347,567,226	100.0	%

Lifecycle Index 2030 Fund ¡ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.7% (a)
FIXED INCOME — 23.0%
	7,759,106	TIAA-CREF Bond Index Fund		$	82,479,296	23.0	%
		TOTAL FIXED INCOME			82,479,296	23.0
INTERNATIONAL EQUITY — 22.6%
	1,712,647	TIAA-CREF Emerging Markets Equity Index Fund			18,308,196	5.1
	3,217,252	TIAA-CREF International Equity Index Fund			62,543,379	17.5
		TOTAL INTERNATIONAL EQUITY			80,851,575	22.6
U.S. EQUITY — 54.1%
	13,760,362	TIAA-CREF Equity Index Fund			193,333,089	54.1
		TOTAL U.S. EQUITY			193,333,089	54.1
		TOTAL TIAA-CREF FUNDS	(Cost $285,567,118)		356,663,960	99.7

		TOTAL PORTFOLIO	(Cost $285,567,118)		356,663,960	99.7
		OTHER ASSETS & LIABILITIES, NET			909,032	0.3
		NET ASSETS		$	357,572,992	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 ¡ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index 2035 Fund ¡ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.8% (a)
FIXED INCOME — 15.2%
	5,093,345	TIAA-CREF Bond Index Fund		$	54,142,259	15.2	%
		TOTAL FIXED INCOME			54,142,259	15.2
INTERNATIONAL EQUITY — 24.9%
	1,885,412	TIAA-CREF Emerging Markets Equity Index Fund			20,155,052	5.6
	3,535,688	TIAA-CREF International Equity Index Fund			68,733,783	19.3
		TOTAL INTERNATIONAL EQUITY			88,888,835	24.9
U.S. EQUITY — 59.7%
	15,141,883	TIAA-CREF Equity Index Fund			212,743,459	59.7
		TOTAL U.S. EQUITY			212,743,459	59.7
		TOTAL TIAA-CREF FUNDS	(Cost $280,230,089)		355,774,553	99.8

		TOTAL PORTFOLIO	(Cost $280,230,089)		355,774,553	99.8
		OTHER ASSETS & LIABILITIES, NET			751,348	0.2
		NET ASSETS		$	356,525,901	100.0	%

Lifecycle Index 2040 Fund ¡ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.8% (a)
FIXED INCOME — 9.9%
	3,957,177	TIAA-CREF Bond Index Fund		$	42,064,796	9.9	%
		TOTAL FIXED INCOME			42,064,796	9.9
INTERNATIONAL EQUITY — 26.5%
	2,406,308	TIAA-CREF Emerging Markets Equity Index Fund			25,723,428	6.0
	4,501,356	TIAA-CREF International Equity Index Fund			87,506,363	20.5
		TOTAL INTERNATIONAL EQUITY			113,229,791	26.5
U.S. EQUITY — 63.4%
	19,249,540	TIAA-CREF Equity Index Fund			270,456,030	63.4
		TOTAL U.S. EQUITY			270,456,030	63.4
		TOTAL TIAA-CREF FUNDS	(Cost $326,078,588)		425,750,617	99.8

		TOTAL PORTFOLIO	(Cost $326,078,588)		425,750,617	99.8
		OTHER ASSETS & LIABILITIES, NET			849,345	0.2
		NET ASSETS		$	426,599,962	100.0	%

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

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle Index 2045 Fund ¡ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.6% (a)
FIXED INCOME — 9.8%
	1,629,265	TIAA-CREF Bond Index Fund		$	17,319,090	9.8	%
		TOTAL FIXED INCOME			17,319,090	9.8
INTERNATIONAL EQUITY — 26.5%
	995,092	TIAA-CREF Emerging Markets Equity Index Fund			10,637,533	6.0
	1,861,377	TIAA-CREF International Equity Index Fund			36,185,162	20.5
		TOTAL INTERNATIONAL EQUITY			46,822,695	26.5
U.S. EQUITY — 63.3%
	7,949,460	TIAA-CREF Equity Index Fund			111,689,910	63.3
		TOTAL U.S. EQUITY			111,689,910	63.3
		TOTAL TIAA-CREF FUNDS	(Cost $140,052,660)		175,831,695	99.6

		TOTAL PORTFOLIO	(Cost $140,052,660)		175,831,695	99.6
		OTHER ASSETS & LIABILITIES, NET			680,671	0.4
		NET ASSETS		$	176,512,366	100.0	%

Lifecycle Index 2050 Fund ¡ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.6% (a)
FIXED INCOME — 9.8%
	1,043,128	TIAA-CREF Bond Index Fund		$	11,088,452	9.8	%
		TOTAL FIXED INCOME			11,088,452	9.8
INTERNATIONAL EQUITY — 26.5%
	635,751	TIAA-CREF Emerging Markets Equity Index Fund			6,796,182	6.0
	1,189,248	TIAA-CREF International Equity Index Fund			23,118,978	20.5
		TOTAL INTERNATIONAL EQUITY			29,915,160	26.5
U.S. EQUITY — 63.3%
	5,082,613	TIAA-CREF Equity Index Fund			71,410,708	63.3
		TOTAL U.S. EQUITY			71,410,708	63.3
		TOTAL TIAA-CREF FUNDS	(Cost $89,012,459)		112,414,320	99.6

		TOTAL PORTFOLIO	(Cost $89,012,459)		112,414,320	99.6
		OTHER ASSETS & LIABILITIES, NET			455,160	0.4
		NET ASSETS		$	112,869,480	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 ¡ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index 2055 Fund ¡ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.7% (a)
FIXED INCOME — 9.9%
	205,949	TIAA-CREF Bond Index Fund		$	2,189,239	9.9	%
		TOTAL FIXED INCOME			2,189,239	9.9
INTERNATIONAL EQUITY — 26.5%
	125,579	TIAA-CREF Emerging Markets Equity Index Fund			1,342,437	6.0
	234,907	TIAA-CREF International Equity Index Fund			4,566,584	20.5
		TOTAL INTERNATIONAL EQUITY			5,909,021	26.5
U.S. EQUITY — 63.3%
	1,003,821	TIAA-CREF Equity Index Fund			14,103,684	63.3
		TOTAL U.S. EQUITY			14,103,684	63.3
		TOTAL TIAA-CREF FUNDS	(Cost $18,463,936)		22,201,944	99.7

		TOTAL PORTFOLIO	(Cost $18,463,936)		22,201,944	99.7
		OTHER ASSETS & LIABILITIES, NET			74,752	0.3
		NET ASSETS		$	22,276,696	100.0	%

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

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Lifecycle Index Funds ¡ 2013 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifecycle Index Funds ▪ November 30, 2013

	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^‡	$	29,382,257		$	132,334,917	$	246,767,804	$	346,999,989	$	346,819,938	$	356,663,960
Cash		–			570,523		516,676		1,162,382		827,356		846,176
Receivable from securities transactions		184,753			67,892		389,118		332,153		511,874		432,798
Receivable from Fund shares sold		5,038			143,180		351,388		848,084		564,677		727,027
Dividends and interest receivable		25,628			104,335		178,687		213,817		177,964		141,606
Due from affiliates		1,580			2,586		3,756		4,202		3,721		3,291
Other		443			2,193		3,484		4,399		4,135		4,438
Total assets		29,599,699			133,225,626		248,210,913		349,565,026		348,909,665		358,819,296

LIABILITIES
Management fees payable		402			1,804		3,371		4,736		4,739		4,868
Service agreement fees payable		38			436		777		978		848		705
Distribution fees payable		1,148			3,286		6,905		12,442		11,569		12,508
Due to affiliates		378			1,840		3,331		4,627		4,581		4,716
Overdraft payable		7,663			–		–		–		–		–
Payable for securities transactions		184,745			589,142		800,369		1,450,153		1,262,124		1,161,048
Payable for Fund shares redeemed		–			238		–		–		40,699		44,606
Accrued expenses and other payables		2,831			8,586		13,957		18,325		17,879		17,853
Total liabilities		197,205			605,332		828,710		1,491,261		1,342,439		1,246,304
NET ASSETS	$	29,402,494		$	132,620,294	$	247,382,203	$	348,073,765	$	347,567,226	$	357,572,992

NET ASSETS CONSIST OF:
Paid-in-capital	$	25,942,933		$	112,319,186	$	208,817,016	$	290,221,572	$	284,849,259	$	284,607,888
Undistributed net investment income (loss)		44,964			908,143		1,399,158		1,536,395		1,129,725		754,377
Accumulated net realized gain (loss) on total investments		(14,493	)		2,257		256,712		638,969		695,131		1,113,885
Net unrealized appreciation (depreciation) on total investments		3,429,090			19,390,708		36,909,317		55,676,829		60,893,111		71,096,842
NET ASSETS	$	29,402,494		$	132,620,294	$	247,382,203	$	348,073,765	$	347,567,226	$	357,572,992

RETIREMENT CLASS:
Net assets	$	1,119,091		$	12,894,991	$	22,844,398	$	28,829,168	$	24,944,266	$	20,788,397
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		88,004			965,840		1,663,519		2,037,522		1,713,627		1,386,209
Net asset value per share		$12.72			$13.35		$13.73		$14.15		$14.56		$15.00

INSTITUTIONAL CLASS:
Net assets	$	18,853,867		$	92,878,217	$	168,756,090	$	216,532,327	$	227,524,597	$	233,660,958
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,481,819			6,906,734		12,208,794		15,208,229		15,527,557		15,480,260
Net asset value per share		$12.72			$13.45		$13.82		$14.24		$14.65		$15.09

PREMIER CLASS:
Net assets	$	9,429,536		$	26,847,086	$	55,781,715	$	102,712,270	$	95,098,363	$	103,123,637
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		741,536			2,003,844		4,052,156		7,245,642		6,515,317		6,860,393
Net asset value per share		$12.72			$13.40		$13.77		$14.18		$14.60		$15.03
^‡ Affiliated investments, cost	$	25,953,167		$	112,944,209	$	209,858,487	$	291,323,160	$	285,926,827	$	285,567,118

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ¡ 2013 Semiannual Report

Statements of assets and liabilities (unaudited)

concluded

TIAA-CREF Lifecycle Index Funds ▪ November 30, 2013

	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^‡	$	355,774,553	$	425,750,617	$	175,831,695	$	112,414,320	$	22,201,944
Cash		959,306		941,954		522,880		278,295		58,489
Receivable from securities transactions		205,016		190,515		–		24,148		3,708
Receivable from Fund shares sold		537,994		580,949		570,447		383,960		81,335
Dividends and interest receivable		92,534		72,440		29,792		19,191		3,759
Due from affiliates		10,236		3,724		2,461		1,903		1,553
Other		4,203		5,426		1,752		1,168		253
Total assets		357,583,842		427,545,625		176,959,027		113,122,985		22,351,041

LIABILITIES
Management fees payable		4,849		5,810		2,396		1,536		303
Service agreement fees payable		645		732		394		247		61
Distribution fees payable		10,393		9,965		6,701		4,061		381
Due to affiliates		4,642		5,594		2,234		1,479		208
Payable for securities transactions		1,001,016		901,515		427,000		241,398		49,208
Payable for Fund shares redeemed		18,859		847		–		–		–
Accrued expenses and other payables		17,537		21,200		7,936		4,784		24,184
Total liabilities		1,057,941		945,663		446,661		253,505		74,345
NET ASSETS	$	356,525,901	$	426,599,962	$	176,512,366	$	112,869,480	$	22,276,696

NET ASSETS CONSIST OF:
Paid-in-capital	$	279,505,463	$	325,219,322	$	140,230,641	$	89,189,304	$	18,487,369
Undistributed net investment income (loss)		368,283		193,071		45,989		33,961		9,778
Accumulated net realized gain (loss) on total investments		1,107,691		1,515,540		456,701		244,354		41,541
Net unrealized appreciation (depreciation) on total investments		75,544,464		99,672,029		35,779,035		23,401,861		3,738,008
NET ASSETS	$	356,525,901	$	426,599,962	$	176,512,366	$	112,869,480	$	22,276,696

RETIREMENT CLASS:
Net assets	$	19,063,476	$	21,570,535	$	11,631,298	$	7,270,932	$	1,806,067
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,238,821		1,381,575		750,138		469,352		145,898
Net asset value per share		$15.39		$15.61		$15.51		$15.49		$12.38

INSTITUTIONAL CLASS:
Net assets	$	251,425,192	$	322,721,387	$	109,240,828	$	71,843,353	$	17,289,014
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		16,226,444		20,536,358		6,998,911		4,605,997		1,393,227
Net asset value per share		$15.49		$15.71		$15.61		$15.60		$12.41

PREMIER CLASS:
Net assets	$	86,037,233	$	82,308,040	$	55,640,240	$	33,755,195	$	3,181,615
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		5,576,768		5,260,846		3,578,993		2,173,243		256,815
Net asset value per share		$15.43		$15.65		$15.55		$15.53		$12.39
^‡ Affiliated investments, cost	$	280,230,089	$	326,078,588	$	140,052,660	$	89,012,459	$	18,463,936

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ¡ 2013 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Lifecycle Index Funds ▪ For the period ended November 30, 2013

		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		$	166,469		$	648,107		$	1,038,003		$	1,187,156		$	926,281		$	701,905
Total income			166,469			648,107			1,038,003			1,187,156			926,281			701,905

EXPENSES
Management fees			14,091			62,440			113,840			157,842			156,352			160,818
Shareholder servicing — Retirement Class			1,462			14,092			25,506			31,015			26,102			22,342
Shareholder servicing — Institutional Class			89			89			121			142			145			148
Shareholder servicing — Premier Class			111			94			108			127			123			126
Distribution fees — Retirement Class			267			2,807			5,081			6,179			5,200			4,445
Distribution fees — Premier Class			6,716			19,480			40,185			70,804			65,473			69,956
Professional fees			11,256			11,739			12,152			12,521			12,417			12,521
Registration fees			10,538			11,039			11,289			11,289			11,289			11,289
Custody and accounting fees			6,414			6,358			6,327			6,332			6,332			6,329
Shareholder reports			4,419			11,029			16,320			21,089			20,838			21,715
Fund administration fees			704			3,015			5,417			7,487			7,391			7,627
Compliance fees			517			2,209			3,895			5,483			5,363			5,542
Trustee fees and expenses			134			569			1,029			1,498			1,488			1,531
Other expenses			15,017			15,222			17,801			20,268			20,340			18,926
Total expenses			71,735			160,182			259,071			352,076			338,853			343,315
Less:	Expenses reimbursed by the investment adviser		(49,236	)		(61,207	)		(74,131	)		(86,220	)		(85,734	)		(85,785	)
	Fee waiver by investment adviser and TPIS		(8,722	)		(34,027	)		(50,617	)		(69,316	)		(52,106	)		(36,608	)
Net expenses			13,777			64,948			134,323			196,540			201,013			220,922

Net Investment income (loss)			152,692			583,159			903,680			990,616			725,268			480,983

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments			31,658			568,234			848,988			1,131,766			954,868			1,196,455
Realized gain (loss) from sale of unaffiliated investments			142			–			–			–			–			–
Net realized gain (loss) from investments			31,800			568,234			848,988			1,131,766			954,868			1,196,455
Net change in unrealized appreciation (depreciation) from affiliated investments			974,676			4,944,354			11,288,484			19,361,537			22,870,861			26,697,024
Net realized and unrealized gain (loss) from investments			1,006,476			5,512,588			12,137,472			20,493,303			23,825,729			27,893,479
Net increase (decrease) in net assets from operations		$	1,159,168		$	6,095,747		$	13,041,152		$	21,483,919		$	24,550,997		$	28,374,462

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ¡ 2013 Semiannual Report

Statements of operations (unaudited)

concluded

TIAA-CREF Lifecycle Index Funds ▪ For the period ended November 30, 2013

		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		$	449,067		$	360,072		$	145,431		$	95,445		$	18,256
Total income			449,067			360,072			145,431			95,445			18,256

EXPENSES
Management fees			157,790			190,232			76,764			50,421			9,633
Shareholder servicing — Retirement Class			20,299			22,723			12,200			7,837			2,062
Shareholder servicing — Institutional Class			154			187			87			112			87
Shareholder servicing — Premier Class			117			113			102			120			108
Distribution fees — Retirement Class			4,040			4,522			2,421			1,542			394
Distribution fees — Premier Class			56,806			55,149			36,883			22,238			1,989
Professional fees			12,466			12,705			11,853			11,522			11,184
Registration fees			11,289			11,790			11,039			10,788			10,065
Custody and accounting fees			6,361			6,353			6,380			6,382			6,343
Shareholder reports			21,032			24,930			12,205			9,401			4,292
Fund administration fees			7,476			9,033			3,624			2,384			469
Compliance fees			5,419			6,544			2,631			1,801			316
Trustee fees and expenses			1,502			1,866			756			529			106
Other expenses			20,575			20,781			17,725			16,313			14,825
Total expenses			325,326			366,928			194,670			141,390			61,873
Less:	Expenses reimbursed by the investment adviser		(86,444	)		(94,371	)		(66,639	)		(59,441	)		(48,060	)
	Fee waiver by investment adviser and TPIS		(35,598	)		(42,568	)		(17,774	)		(11,627	)		(2,320	)
Net expenses			203,284			229,989			110,257			70,322			11,493

Net Investment income (loss)			245,783			130,083			35,174			25,123			6,763

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments			1,033,779			1,411,949			250,503			148,137			26,499
Realized gain (loss) from sale of unaffiliated investments			–			–			12,651			15,636			4,267
Net realized gain (loss) from investments			1,033,779			1,411,949			263,154			163,773			30,766
Net change in unrealized appreciation (depreciation) from affiliated investments			29,683,520			38,083,827			15,835,133			10,401,119			1,988,338
Net realized and unrealized gain (loss) from investments			30,717,299			39,495,776			16,098,287			10,564,892			2,019,104
Net increase (decrease) in net assets from operations		$	30,963,082		$	39,625,859		$	16,133,461		$	10,590,015		$	2,025,867

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ¡ 2013 Semiannual Report

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, 2013			May 31, 2013			November 30, 2013			May 31, 2013			November 30, 2013			May 31, 2013
			(unaudited	)					(unaudited	)					(unaudited	)
OPERATIONS
Net investment income (loss)		$	152,692		$	367,349		$	583,159		$	1,831,869		$	903,680		$	3,113,702
Net realized gain (loss) from investments			31,800			42,276			568,234			275,862			848,988			380,928
Net change in unrealized appreciation (depreciation) from affiliated investments			974,676			1,449,591			4,944,354			9,381,736			11,288,484			18,349,185
Net increase (decrease) in net assets from operations			1,159,168			1,859,216			6,095,747			11,489,467			13,041,152			21,843,815

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		(4,310	)		(12,171	)		–			(130,454	)		–			(220,026	)
	Institutional Class		(94,653	)		(247,192	)		–			(1,304,814	)		–			(2,125,822	)
	Premier Class		(40,553	)		(103,014	)		–			(392,300	)		–			(703,436	)
From realized gains:	Retirement Class		–			(68	)		–			(6,139	)		–			(6,674	)
	Institutional Class		–			(1,172	)		–			(56,247	)		–			(57,860	)
	Premier Class		–			(630	)		–			(17,908	)		–			(20,010	)
Total distributions			(139,516	)		(364,247	)		–			(1,907,862	)		–			(3,133,828	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		139,750			498,990			2,699,021			6,758,457			4,082,979			9,804,515
	Institutional Class		3,902,219			6,076,651			10,565,931			21,385,338			25,125,706			37,259,938
	Premier Class		1,082,911			6,470,490			2,648,566			14,227,683			5,238,804			40,665,802
Reinvestments of distributions:	Retirement Class		4,310			12,239			–			136,593			–			226,700
	Institutional Class		94,653			248,364			–			1,361,061			–			2,183,682
	Premier Class		40,553			103,644			–			410,208			–			723,446
Redemptions:	Retirement Class		(50,965	)		(204,137	)		(1,018,029	)		(914,916	)		(1,595,711	)		(1,810,004	)
	Institutional Class		(2,558,296	)		(2,096,888	)		(6,609,980	)		(9,258,880	)		(10,548,489	)		(10,287,386	)
	Premier Class		(452,593	)		(1,085,355	)		(2,954,825	)		(3,239,605	)		(6,173,405	)		(6,531,225	)
Net increase (decrease) from shareholder transactions			2,202,542			10,023,998			5,330,684			30,865,939			16,129,884			72,235,468
Net increase (decrease) in net assets			3,222,194			11,518,967			11,426,431			40,447,544			29,171,036			90,945,455

NET ASSETS
Beginning of period			26,180,300			14,661,333			121,193,863			80,746,319			218,211,167			127,265,712
End of period		$	29,402,494		$	26,180,300		$	132,620,294		$	121,193,863		$	247,382,203		$	218,211,167
Undistributed net investment income (loss) included in net assets		$	44,964		$	31,788		$	908,143		$	324,984		$	1,399,158		$	495,478

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		11,355			41,383			208,321			549,601			309,082			787,330
	Institutional Class		315,343			504,187			813,314			1,727,728			1,888,369			2,989,007
	Premier Class		88,158			542,350			205,221			1,158,576			396,179			3,255,833
Shares reinvested:	Retirement Class		354			1,034			–			11,252			–			18,446
	Institutional Class		7,763			20,984			–			111,562			–			176,960
	Premier Class		3,328			8,731			–			33,679			–			58,769
Shares redeemed:	Retirement Class		(4,018	)		(16,987	)		(80,391	)		(73,232	)		(123,566	)		(149,819	)
	Institutional Class		(204,078	)		(173,270	)		(509,681	)		(753,362	)		(796,927	)		(835,855	)
	Premier Class		(36,765	)		(90,770	)		(230,696	)		(260,421	)		(467,647	)		(521,216	)
Net increase (decrease) from shareholder transactions			181,440			837,642			406,088			2,505,383			1,205,490			5,779,455

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ¡ 2013 Semiannual Report

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, 2013			May 31, 2013			November 30, 2013			May 31, 2013			November 30, 2013			May 31, 2013
			(unaudited	)					(unaudited	)					(unaudited	)
OPERATIONS
Net investment income (loss)		$	990,616		$	4,126,509		$	725,268		$	4,023,694		$	480,983		$	4,202,192
Net realized gain (loss) from investments			1,131,766			526,273			954,868			460,225			1,196,455			565,143
Net change in unrealized appreciation (depreciation) from affiliated investments			19,361,537			28,229,230			22,870,861			30,970,915			26,697,024			36,947,850
Net increase (decrease) in net assets from operations			21,483,919			32,882,012			24,550,997			35,454,834			28,374,462			41,715,185

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(249,447	)		–			(197,740	)		–			(201,951	)
	Institutional Class		–			(2,544,959	)		–			(2,624,457	)		–			(2,781,528	)
	Premier Class		–			(1,209,358	)		–			(1,113,057	)		–			(1,170,721	)
From realized gains:	Retirement Class		–			(2,082	)		–			(781	)		–			(209	)
	Institutional Class		–			(19,347	)		–			(9,530	)		–			(2,605	)
	Premier Class		–			(9,604	)		–			(4,191	)		–			(1,141	)
Total distributions			–			(4,034,797	)		–			(3,949,756	)		–			(4,158,155	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		5,959,101			13,043,267			6,497,239			12,030,955			5,136,651			9,527,854
	Institutional Class		25,201,468			49,751,723			27,820,550			51,219,559			25,457,043			47,972,353
	Premier Class		8,684,573			58,015,057			9,254,575			59,193,425			10,573,098			55,697,292
Reinvestments of distributions:	Retirement Class		–			251,529			–			198,521			–			202,160
	Institutional Class		–			2,564,306			–			2,633,987			–			2,784,133
	Premier Class		–			1,218,962			–			1,117,248			–			1,171,862
Redemptions:	Retirement Class		(1,811,684	)		(627,367	)		(2,243,699	)		(620,254	)		(4,389,122	)		(729,716	)
	Institutional Class		(5,200,866	)		(10,915,254	)		(3,508,447	)		(9,937,537	)		(4,733,200	)		(8,061,058	)
	Premier Class		(1,563,295	)		(4,259,595	)		(2,358,720	)		(4,101,768	)		(1,763,082	)		(2,232,885	)
Net increase (decrease) from shareholder transactions			31,269,297			109,042,628			35,461,498			111,734,136			30,281,388			106,331,995
Net increase (decrease) in net assets			52,753,216			137,889,843			60,012,495			143,239,214			58,655,850			143,889,025

NET ASSETS
Beginning of period			295,320,549			157,430,706			287,554,731			144,315,517			298,917,142			155,028,117
End of period		$	348,073,765		$	295,320,549		$	347,567,226		$	287,554,731		$	357,572,992		$	298,917,142
Undistributed net investment income (loss) included in net assets		$	1,536,395		$	545,779		$	1,129,725		$	404,457		$	754,377		$	273,394

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		438,496			1,034,646			467,944			942,702			360,303			739,298
	Institutional Class		1,849,548			3,936,940			1,997,142			4,018,808			1,781,154			3,734,731
	Premier Class		639,400			4,631,061			670,723			4,687,558			747,013			4,363,342
Shares reinvested:	Retirement Class		–			20,301			–			15,895			–			16,032
	Institutional Class		–			206,134			–			210,047			–			219,916
	Premier Class		–			98,303			–			89,308			–			92,856
Shares redeemed:	Retirement Class		(138,760	)		(49,403	)		(168,639	)		(48,243	)		(323,679	)		(57,147	)
	Institutional Class		(383,794	)		(877,768	)		(252,573	)		(793,665	)		(332,563	)		(639,960	)
	Premier Class		(117,021	)		(337,626	)		(171,241	)		(322,052	)		(124,822	)		(169,969	)
Net increase (decrease) from shareholder transactions			2,287,869			8,662,588			2,543,356			8,800,358			2,107,406			8,299,099

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ¡ 2013 Semiannual Report

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, 2013			May 31, 2013			November 30, 2013			May 31, 2013			November 30, 2013			May 31, 2013
			(unaudited	)					(unaudited	)					(unaudited	)
OPERATIONS
Net investment income (loss)		$	245,783		$	4,050,685		$	130,083		$	5,033,885		$	35,174		$	1,914,720
Net realized gain (loss) from investments			1,033,779			559,979			1,411,949			652,259			263,154			319,077
Net change in unrealized appreciation (depreciation) from affiliated investments			29,683,520			39,191,963			38,083,827			51,899,754			15,835,133			18,175,917
Net increase (decrease) in net assets from operations			30,963,082			43,802,627			39,625,859			57,585,898			16,133,461			20,409,714

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(183,490	)		–			(218,429	)		–			(105,787	)
	Institutional Class		–			(2,937,074	)		–			(3,957,982	)		–			(1,204,791	)
	Premier Class		–			(906,244	)		–			(878,048	)		–			(614,958	)
From realized gains:	Retirement Class		–			(27	)		–			(10	)		–			(10	)
	Institutional Class		–			(383	)		–			(167	)		–			(104	)
	Premier Class		–			(122	)		–			(40	)		–			(54	)
Total distributions			–			(4,027,340	)		–			(5,054,676	)		–			(1,925,704	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		5,121,415			8,782,865			5,657,608			9,132,364			3,052,044			5,578,549
	Institutional Class		28,422,648			51,245,166			31,925,772			57,479,861			18,182,657			30,135,648
	Premier Class		11,377,643			47,952,648			9,714,115			44,204,733			6,817,081			33,839,898
Reinvestments of distributions:	Retirement Class		–			183,517			–			218,439			–			105,797
	Institutional Class		–			2,937,457			–			3,958,149			–			1,204,895
	Premier Class		–			906,366			–			878,088			–			615,012
Redemptions:	Retirement Class		(4,371,038	)		(429,355	)		(4,874,039	)		(487,712	)		(1,576,886	)		(579,786	)
	Institutional Class		(2,744,629	)		(6,423,268	)		(3,823,172	)		(10,484,724	)		(1,955,808	)		(6,880,560	)
	Premier Class		(1,317,314	)		(1,329,094	)		(1,998,237	)		(1,976,046	)		(955,796	)		(1,769,651	)
Net increase (decrease) from shareholder transactions			36,488,725			103,826,302			36,602,047			102,923,152			23,563,292			62,249,802
Net increase (decrease) in net assets			67,451,807			143,601,589			76,227,906			155,454,374			39,696,753			80,733,812

NET ASSETS
Beginning of period			289,074,094			145,472,505			350,372,056			194,917,682			136,815,613			56,081,801
End of period		$	356,525,901		$	289,074,094		$	426,599,962		$	350,372,056		$	176,512,366		$	136,815,613
Undistributed net investment income (loss) included in net assets		$	368,283		$	122,500		$	193,071		$	62,988		$	45,989		$	10,815

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		351,489			675,021			382,756			700,149			209,119			432,602
	Institutional Class		1,945,739			3,966,227			2,166,503			4,442,228			1,245,063			2,334,022
	Premier Class		786,543			3,726,331			666,546			3,411,448			468,723			2,638,017
Shares reinvested:	Retirement Class		–			14,462			–			17,159			–			8,370
	Institutional Class		–			230,569			–			309,714			–			94,873
	Premier Class		–			71,311			–			68,924			–			48,579
Shares redeemed:	Retirement Class		(316,410	)		(33,225	)		(350,521	)		(37,727	)		(113,887	)		(44,131	)
	Institutional Class		(189,875	)		(507,187	)		(261,586	)		(827,417	)		(133,078	)		(519,648	)
	Premier Class		(92,460	)		(103,026	)		(134,762	)		(152,032	)		(65,475	)		(136,146	)
Net increase (decrease) from shareholder transactions			2,485,026			8,040,483			2,468,936			7,932,446			1,610,465			4,856,538

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ¡ 2013 Semiannual Report

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, 2013			May 31, 2013			November 30, 2013			May 31, 2013
			(unaudited	)					(unaudited	)
OPERATIONS
Net investment income (loss)		$	25,123		$	1,196,562		$	6,763		$	238,015
Net realized gain (loss) from investments			163,773			206,889			30,766			32,963
Net change in unrealized appreciation (depreciation) from affiliated investments			10,401,119			11,704,396			1,988,338			2,574,732
Net increase (decrease) in net assets from operations			10,590,015			13,107,847			2,025,867			2,845,710

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Retirement Class		–			(58,354	)		–			(18,261	)
	Institutional Class		–			(794,872	)		–			(192,419	)
	Premier Class		–			(349,374	)		–			(28,014	)
From realized gains:	Retirement Class		–			–			–			(146	)
	Institutional Class		–			–			–			(1,344	)
	Premier Class		–			–			–			(208	)
Total distributions			–			(1,202,600	)		–			(240,392	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Retirement Class		1,724,280			3,246,097			237,139			214,110
	Institutional Class		11,868,922			18,123,434			2,477,722			2,843,462
	Premier Class		4,951,486			21,069,101			698,478			1,065,363
Reinvestments of distributions:	Retirement Class		–			58,354			–			18,407
	Institutional Class		–			794,872			–			193,763
	Premier Class		–			349,374			–			28,222
Redemptions:	Retirement Class		(617,504	)		(103,204	)		(10,584	)		(10,196	)
	Institutional Class		(4,247,134	)		(1,070,353	)		(127,067	)		(144,156	)
	Premier Class		(1,188,522	)		(903,373	)		(101,727	)		(65,830	)
Net increase (decrease) from shareholder transactions			12,491,528			41,564,302			3,173,961			4,143,145
Net increase (decrease) in net assets			23,081,543			53,469,549			5,199,828			6,748,463

NET ASSETS
Beginning of period			89,787,937			36,318,388			17,076,868			10,328,405
End of period		$	112,869,480		$	89,787,937		$	22,276,696		$	17,076,868
Undistributed net investment income (loss) included in net assets		$	33,961		$	8,838		$	9,778		$	3,015

CHANGE IN FUND SHARES
Shares sold:	Retirement Class		117,753			250,254			20,336			20,320
	Institutional Class		814,070			1,409,555			212,353			274,156
	Premier Class		340,727			1,635,549			59,642			101,774
Shares reinvested:	Retirement Class		–			4,620			–			1,824
	Institutional Class		–			62,637			–			19,203
	Premier Class		–			27,618			–			2,797
Shares redeemed:	Retirement Class		(42,983	)		(7,581	)		(943	)		(1,003	)
	Institutional Class		(280,596	)		(81,841	)		(10,885	)		(14,262	)
	Premier Class		(81,907	)		(68,873	)		(8,643	)		(6,310	)
Net increase (decrease) from shareholder transactions			867,064			3,231,938			271,860			398,499

2013 Semiannual Report ¡ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ¡ 2013 Semiannual Report

Financial highlights

TIAA-CREF Lifecycle Index Funds

				Selected per share data																										Ratios and supplemental data
						Gain (loss) from investment operations:
										Net realized			Total																				Ratios to average net assets
	For the			Net asset			Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets										Net
	period			value,			investment			gain (loss		)	from			Net			Net			dividends			value,					at end of										investment			Portfolio
	or year ended			beginning of period			income (loss		)^a	on total investments		^f	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)		Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

LIFECYCLE INDEX RETIREMENT INCOME FUND
Retirement Class:		11/30/13	^§		$12.29			$0.06			$0.42			$0.48			$(0.05	)	$	—			$(0.05	)		$12.72		3.93	%^b	$1,119					0.77	%^c		0.29	%^c		0.89	%^c		16	%^b
		5/31/13			11.34			0.20			0.94			1.14			(0.19	)		(0.00	)^d		(0.19	)		12.29		10.12			987				0.88			0.30			1.65			24
		5/31/12			11.36			0.21			0.01			0.22			(0.21	)		(0.03	)		(0.24	)		11.34		2.02			622				1.16			0.31			1.89			25
		5/31/11	^†		10.65			0.16			0.73			0.89			(0.14	)		(0.04	)		(0.18	)		11.36		8.44	^b		342				1.14	^c		0.31	^c		2.16	^c		13	^b
		9/30/10			10.00			0.22			0.63			0.85			(0.20	)		—			(0.20	)		10.65		8.56			274				2.07			0.33			2.13			39
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.82	^c		0.35	^c		(0.35	)^c		0	^b
Institutional Class:		11/30/13	^§		12.29			0.07			0.43			0.50			(0.07	)		—			(0.07	)		12.72		4.05	^b		18,854				0.45	^c		0.04	^c		1.14	^c		16	^b
		5/31/13			11.35			0.22			0.94			1.16			(0.22	)		(0.00	)^d		(0.22	)		12.29		10.28			16,754				0.56			0.05			1.82			24
		5/31/12			11.36			0.23			0.03			0.26			(0.24	)		(0.03	)		(0.27	)		11.35		2.36			11,470				0.82			0.06			2.06			25
		5/31/11	^†		10.65			0.18			0.73			0.91			(0.16	)		(0.04	)		(0.20	)		11.36		8.56	^b		7,447				0.76	^c		0.06	^c		2.47	^c		13	^b
		9/30/10			10.00			0.22			0.65			0.87			(0.22	)		—			(0.22	)		10.65		8.82			5,690				1.74			0.08			2.19			39
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		3,500				670.85	^c		0.10	^c		(0.10	)^c		0	^b
Premier Class:		11/30/13	^§		12.29			0.06			0.43			0.49			(0.06	)		—			(0.06	)		12.72		3.98	^b		9,430				0.60	^c		0.19	^c		0.99	^c		16	^b
		5/31/13			11.34			0.22			0.93			1.15			(0.20	)		(0.00	)^d		(0.20	)		12.29		10.23			8,439				0.69			0.20			1.85			24
		5/31/12			11.35			0.22			0.02			0.24			(0.22	)		(0.03	)		(0.25	)		11.34		2.21			2,568				0.98			0.21			1.96			25
		5/31/11	^†		10.65			0.16			0.73			0.89			(0.15	)		(0.04	)		(0.19	)		11.35		8.40	^b		1,833				0.93	^c		0.21	^c		2.26	^c		13	^b
		9/30/10			10.00			0.23			0.63			0.86			(0.21	)		—			(0.21	)		10.65		8.67			272				1.91			0.23			2.24			39
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.72	^c		0.25	^c		(0.25	)^c		0	^b

LIFECYCLE INDEX 2010 FUND
Retirement Class:		11/30/13	^§		12.74			0.05			0.56			0.61			—			—			—			13.35		4.79	^b		12,895				0.50	^c		0.30	^c		0.74	^c		10	^b
		5/31/13			11.54			0.20			1.21			1.41			(0.20	)		(0.01	)		(0.21	)		12.74		12.26			10,672				0.51			0.31			1.63			13
		5/31/12			11.72			0.21			(0.15	)		0.06			(0.21	)		(0.03	)		(0.24	)		11.54		0.58			4,044				0.56			0.32			1.80			25
		5/31/11	^†		10.82			0.15			0.92			1.07			(0.16	)		(0.01	)		(0.17	)		11.72		9.98	^b		695				0.63	^c		0.32	^c		2.00	^c		38	^b
		9/30/10			10.00			0.21			0.65			0.86			(0.04	)		—			(0.04	)		10.82		8.67			300				1.22			0.33			2.01			43
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.82	^c		0.35	^c		(0.35	)^c		0	^b
Institutional Class:		11/30/13	^§		12.81			0.06			0.58			0.64			—			—			—			13.45		5.00	^b		92,878				0.20	^c		0.05	^c		0.99	^c		10	^b
		5/31/13			11.60			0.23			1.20			1.43			(0.21	)		(0.01	)		(0.22	)		12.81		12.45			84,599				0.21			0.06			1.83			13
		5/31/12			11.75			0.23			(0.13	)		0.10			(0.22	)		(0.03	)		(0.25	)		11.60		0.92			64,002				0.26			0.07			2.02			25
		5/31/11	^†		10.84			0.20			0.89			1.09			(0.17	)		(0.01	)		(0.18	)		11.75		10.14	^b		49,573				0.28	^c		0.07	^c		2.63	c		38	^b
		9/30/10			10.00			0.17			0.72			0.89			(0.05	)		—			(0.05	)		10.84		8.94			30,599				0.80			0.07			1.65			43
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		3,500				670.85	^c		0.10	^c		(0.10	)^c		0	^b
Premier Class:		11/30/13	^§		12.77			0.05			0.58			0.63			—			—			—			13.40		4.93	^b		26,847				0.35	^c		0.20	^c		0.84	^c		10	^b
		5/31/13			11.57			0.22			1.19			1.41			(0.20	)		(0.01	)		(0.21	)		12.77		12.28			25,923				0.36			0.21			1.79			13
		5/31/12			11.73			0.21			(0.13	)		0.08			(0.21	)		(0.03	)		(0.24	)		11.57		0.74			12,701				0.41			0.22			1.86			25
		5/31/11	^†		10.83			0.17			0.91			1.08			(0.17	)		(0.01	)		(0.18	)		11.73		10.02	^b		7,766				0.43	^c		0.22	^c		2.33	^c		38	^b
		9/30/10			10.00			0.21			0.67			0.88			(0.05	)		—			(0.05	)		10.83		8.79			753				1.04			0.23			2.08			43
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.72	^c		0.25	^c		(0.25	)^c		0	^b

2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

				Selected per share data																										Ratios and supplemental data
						Gain (loss) from investment operations:
										Net realized			Total																				Ratios to average net assets
	For the			Net asset			Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets										Net
	period			value,			investment			gain (loss		)	from			Net			Net			dividends			value,					at end of										investment			Portfolio
	or year ended			beginning of period			income (loss		)^a	on total investments		^f	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)		Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

LIFECYCLE INDEX 2015 FUND
Retirement Class:		11/30/13	^§		$13.00			$0.04			$0.69			$0.73			$ —			$ —			$ —			$13.73		5.62	%^b	$ 22,844					0.47	%^c		0.31	%^c		0.60	%^c		11	%^b
		5/31/13			11.59			0.20			1.41			1.61			(0.19	)		(0.01	)		(0.20	)		13.00		13.95			19,214				0.48			0.32			1.61			10
		5/31/12			11.86			0.19			(0.25	)		(0.06	)		(0.20	)		(0.01	)		(0.21	)		11.59		(0.40	)		9,527				0.51			0.33			1.63			21
		5/31/11	^†		10.83			0.11			1.09			1.20			(0.17	)		—			(0.17	)		11.86		11.18	^b		1,880				0.56	^c		0.33	^c		1.46	^c		13	^b
		9/30/10			10.00			0.20			0.67			0.87			(0.04	)		—			(0.04	)		10.83		8.69			327				1.07			0.33			1.89			23
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.82	^c		0.35	^c		(0.35	)^c		0	^b
Institutional Class:		11/30/13	^§		13.07			0.06			0.69			0.75			—			—			—			13.82		5.74	^b		168,756				0.17	^c		0.06	^c		0.85	^c		11	^b
		5/31/13			11.64			0.23			1.42			1.65			(0.21	)		(0.01	)		(0.22	)		13.07		14.26			145,288				0.18			0.07			1.82			10
		5/31/12			11.90			0.23			(0.27	)		(0.04	)		(0.21	)		(0.01	)		(0.22	)		11.64		(0.21	)		102,292				0.22			0.08			1.96			21
		5/31/11	^†		10.85			0.19			1.03			1.22			(0.17	)		—			(0.17	)		11.90		11.43	^b		74,426				0.24	^c		0.08	^c		2.49	^c		13	^b
		9/30/10			10.00			0.14			0.75			0.89			(0.04	)		—			(0.04	)		10.85		8.96			43,294				0.64			0.07			1.38			23
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		3,500				670.85	^c		0.10	^c		(0.10	)^c		0	^b
Premier Class:		11/30/13	^§		13.02			0.05			0.70			0.75			—			—			—			13.77		5.76	^b		55,782				0.32	^c		0.21	^c		0.70	^c		11	^b
		5/31/13			11.61			0.24			1.38			1.62			(0.20	)		(0.01	)		(0.21	)		13.02		14.04			53,709				0.33			0.22			1.91			10
		5/31/12			11.88			0.21			(0.27	)		(0.06	)		(0.20	)		(0.01	)		(0.21	)		11.61		(0.39	)		15,447				0.37			0.23			1.81			21
		5/31/11	^†		10.83			0.18			1.04			1.22			(0.17	)		—			(0.17	)		11.88		11.41	^b		9,054				0.40	^c		0.22	^c		2.44	^c		13	^b
		9/30/10			10.00			0.20			0.67			0.87			(0.04	)		—			(0.04	)		10.83		8.72			758				0.90			0.23			1.97			23
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.72	^c		0.25	^c		(0.25	)^c		0	^b

LIFECYCLE INDEX 2020 FUND
Retirement Class:		11/30/13	^§		13.25			0.03			0.87			0.90			—			—			—			14.15		6.79	^b		28,829				0.46	^c		0.31	^c		0.44	^c		7	^b
		5/31/13			11.59			0.21			1.64			1.85			(0.19	)		(0.00	)^d		(0.19	)		13.25		16.13			23,032				0.47			0.32			1.64			8
		5/31/12			12.01			0.18			(0.40	)		(0.22	)		(0.19	)		(0.01	)		(0.20	)		11.59		(1.70	)		8,485				0.51			0.34			1.54			14
		5/31/11	^†		10.83			0.09			1.26			1.35			(0.17	)		—			(0.17	)		12.01		12.58	^b		2,363				0.54	^c		0.33	^c		1.19	^c		11	^b
		9/30/10			10.00			0.19			0.68			0.87			(0.04	)		—			(0.04	)		10.83		8.73			304				1.06			0.33			1.80			22
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.82	^c		0.35	^c		(0.35	)^c		0	^b
Institutional Class:		11/30/13	^§		13.32			0.05			0.87			0.92			—			—			—			14.24		6.91	^b		216,532				0.15	^c		0.06	^c		0.69	^c		7	^b
		5/31/13			11.63			0.23			1.67			1.90			(0.21	)		(0.00	)^d		(0.21	)		13.32		16.51			183,056				0.17			0.07			1.83			8
		5/31/12			12.04			0.22			(0.41	)		(0.19	)		(0.21	)		(0.01	)		(0.22	)		11.63		(1.49	)		121,899				0.21			0.09			1.87			14
		5/31/11	^†		10.85			0.19			1.18			1.37			(0.18	)		—			(0.18	)		12.04		12.74	^b		84,549				0.23	^c		0.08	^c		2.46	^c		11	^b
		9/30/10			10.00			0.12			0.78			0.90			(0.05	)		—			(0.05	)		10.85		9.00			51,737				0.62			0.07			1.16			22
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		3,500				670.85	^c		0.10	^c		(0.10	)^c		0	^b
Premier Class:		11/30/13	^§		13.27			0.04			0.87			0.91			—			—			—			14.18		6.86	^b		102,712				0.30	^c		0.21	^c		0.54	^c		7	^b
		5/31/13			11.60			0.25			1.62			1.87			(0.20	)		(0.00	)^d		(0.20	)		13.27		16.29			89,233				0.32			0.22			1.96			8
		5/31/12			12.02			0.20			(0.41	)		(0.21	)		(0.20	)		(0.01	)		(0.21	)		11.60		(1.67	)		27,047				0.36			0.24			1.69			14
		5/31/11	^†		10.83			0.18			1.18			1.36			(0.17	)		—			(0.17	)		12.02		12.72	^b		19,670				0.38	^c		0.23	^c		2.35	^c		11	^b
		9/30/10			10.00			0.18			0.69			0.87			(0.04	)		—			(0.04	)		10.83		8.76			1,851				0.85			0.23			1.73			22
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.72	^c		0.25	^c		(0.25	)^c		0	^b

2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

				Selected per share data																										Ratios and supplemental data
						Gain (loss) from investment operations:
										Net realized			Total																				Ratios to average net assets
	For the			Net asset			Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets										Net
	period			value,			investment			gain (loss		)	from			Net			Net			dividends			value,					at end of										investment			Portfolio
	or year ended			beginning of period			income (loss		)^a	on total investments		^f	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)		Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

LIFECYCLE INDEX 2025 FUND
Retirement Class:		11/30/13	^§		$13.50			$0.02			$1.04			$1.06			$ —			$ —			$ —			$14.56		7.85	%^b		$24,944				0.46	%^c		0.32	%^c		0.28	%^c		7	%^b
		5/31/13			11.58			0.21			1.91			2.12			(0.20	)		(0.00	)^d		(0.20	)		13.50		18.46			19,093				0.47			0.33			1.69			8
		5/31/12			12.15			0.19			(0.56	)		(0.37	)		(0.19	)		(0.01	)		(0.20	)		11.58		(2.97	)		5,837				0.51			0.34			1.64			12
		5/31/11	^†		10.82			0.13			1.38			1.51			(0.18	)		—			(0.18	)		12.15		14.06	^b		1,125				0.57	^c		0.33	^c		1.64	^c		9	^b
		9/30/10			10.00			0.17			0.70			0.87			(0.05	)		—			(0.05	)		10.82		8.69			324				1.10			0.33			1.69			16
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.82	^c		0.35	^c		(0.35	)^c		0	^b
Institutional Class:		11/30/13	^§		13.57			0.04			1.04			1.08			—			—			—			14.65		7.96	^b		227,525				0.15	^c		0.07	^c		0.52	^c		7	^b
		5/31/13			11.63			0.23			1.93			2.16			(0.22	)		(0.00	)^d		(0.22	)		13.57		18.71			187,069				0.17			0.08			1.84			8
		5/31/12			12.18			0.21			(0.55	)		(0.34	)		(0.20	)		(0.01	)		(0.21	)		11.63		(2.70	)		120,360				0.21			0.09			1.80			12
		5/31/11	^†		10.84			0.19			1.33			1.52			(0.18	)		—			(0.18	)		12.18		14.21	^b		86,413				0.23	^c		0.08	^c		2.47	^c		9	^b
		9/30/10			10.00			0.10			0.79			0.89			(0.05	)		—			(0.05	)		10.84		8.96			51,228				0.65			0.07			0.97			16
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		3,500				670.85	^c		0.10	^c		(0.10	)^c		0	^b
Premier Class:		11/30/13	^§		13.53			0.03			1.04			1.07			—			—			—			14.60		7.91	^b		95,098				0.30	^c		0.22	^c		0.37	^c		7	^b
		5/31/13			11.61			0.27			1.86			2.13			(0.21	)		(0.00	)^d		(0.21	)		13.53		18.50			81,393				0.32			0.23			2.11			8
		5/31/12			12.16			0.19			(0.54	)		(0.35	)		(0.19	)		(0.01	)		(0.20	)		11.61		(2.79	)		18,118				0.36			0.24			1.64			12
		5/31/11	^†		10.83			0.18			1.33			1.51			(0.18	)		—			(0.18	)		12.16		14.09	^b		11,066				0.39	^c		0.23	^c		2.38	^c		9	^b
		9/30/10			10.00			0.16			0.72			0.88			(0.05	)		—			(0.05	)		10.83		8.82			1,664				0.89			0.23			1.61			16
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.72	^c		0.25	^c		(0.25	)^c		0	^b

LIFECYCLE INDEX 2030 FUND
Retirement Class:		11/30/13	^§		13.77			0.01			1.22			1.23			—			—			—			15.00		8.93	^b		20,788				0.45	^c		0.33	^c		0.11	^c		8	^b
		5/31/13			11.60			0.21			2.16			2.37			(0.20	)		(0.00	)^d		(0.20	)		13.77		20.62			18,588				0.47			0.34			1.62			4
		5/31/12			12.31			0.18			(0.70	)		(0.52	)		(0.18	)		(0.01	)		(0.19	)		11.60		(4.10	)		7,553				0.51			0.35			1.53			10
		5/31/11	^†		10.83			0.12			1.54			1.66			(0.18	)		—			(0.18	)		12.31		15.52	^b		2,415				0.54	^c		0.34	^c		1.61	^c		9	^b
		9/30/10			10.00			0.15			0.72			0.87			(0.04	)		—			(0.04	)		10.83		8.69			455				1.01			0.33			1.48			16
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.82	^c		0.35	^c		(0.35	)^c		0	^b
Institutional Class:		11/30/13	^§		13.84			0.03			1.22			1.25			—			—			—			15.09		9.03	^b		233,661				0.15	^c		0.08	^c		0.36	^c		8	^b
		5/31/13			11.65			0.24			2.17			2.41			(0.22	)		(0.00	)^d		(0.22	)		13.84		20.90			194,258				0.17			0.09			1.84			4
		5/31/12			12.35			0.20			(0.70	)		(0.50	)		(0.19	)		(0.01	)		(0.20	)		11.65		(3.89	)		124,802				0.21			0.10			1.74			10
		5/31/11	^†		10.86			0.19			1.49			1.68			(0.19	)		—			(0.19	)		12.35		15.64	^b		91,910				0.22	^c		0.09	^c		2.45	^c		9	^b
		9/30/10			10.00			0.07			0.83			0.90			(0.04	)		—			(0.04	)		10.86		9.06			56,944				0.59			0.07			0.71			16
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		3,500				670.85	^c		0.10	^c		(0.10	)^c		0	^b
Premier Class:		11/30/13	^§		13.80			0.01			1.22			1.23			—			—			—			15.03		8.91	^b		103,124				0.30	^c		0.23	^c		0.21	^c		8	^b
		5/31/13			11.62			0.26			2.14			2.40			(0.22	)		(0.00	)^d		(0.22	)		13.80		20.79			86,071				0.32			0.24			2.05			4
		5/31/12			12.32			0.18			(0.69	)		(0.51	)		(0.18	)		(0.01	)		(0.19	)		11.62		(4.00	)		22,673				0.36			0.25			1.55			10
		5/31/11	^†		10.84			0.18			1.49			1.67			(0.19	)		—			(0.19	)		12.32		15.54	^b		15,655				0.37	^c		0.24	^c		2.32	^c		9	^b
		9/30/10			10.00			0.16			0.72			0.88			(0.04	)		—			(0.04	)		10.84		8.82			1,095				0.83			0.23			1.56			16
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.72	^c		0.25	^c		(0.25	)^c		0	^b

2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

				Selected per share data																										Ratios and supplemental data
						Gain (loss) from investment operations:
										Net realized			Total																				Ratios to average net assets
	For the			Net asset			Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets										Net
	period			value,			investment			gain (loss		)	from			Net			Net			dividends			value,					at end of										investment			Portfolio
	or year ended			beginning of period			income (loss		)^a	on total investments		^f	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)		Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

LIFECYCLE INDEX 2035 FUND
Retirement Class:		11/30/13	^§		$14.00			$(0.00	)^d		$1.39			$1.39			$ —			$ —			$ —			$ 15.39		9.93	%^b		$ 19,063				0.46	%^c		0.33	%^c		(0.05	)%^c		7	%^b
		5/31/13			11.57			0.21			2.43			2.64			(0.21	)		(0.00	)^d		(0.21	)		14.00		23.00			16,853				0.47			0.34			1.63			7
		5/31/12			12.44			0.18			(0.86	)		(0.68	)		(0.18	)		(0.01	)		(0.19	)		11.57		(5.36	)		6,337				0.51			0.35			1.52			19
		5/31/11	^†		10.82			0.13			1.68			1.81			(0.19	)		—			(0.19	)		12.44		16.89	^b		1,597				0.55	^c		0.34	^c		1.61	^c		10	^b
		9/30/10			10.00			0.15			0.71			0.86			(0.04	)		—			(0.04	)		10.82		8.64			404				1.04			0.33			1.41			10
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.82	^c		0.35	^c		(0.35	)^c		0	^b
Institutional Class:		11/30/13	^§		14.08			0.01			1.40			1.41			—			—			—			15.49		10.01	^b		251,425				0.15	^c		0.08	^c		0.20	^c		7	^b
		5/31/13			11.63			0.24			2.44			2.68			(0.23	)		(0.00	)^d		(0.23	)		14.08		23.25			203,726				0.17			0.09			1.86			7
		5/31/12			12.48			0.20			(0.85	)		(0.65	)		(0.19	)		(0.01	)		(0.20	)		11.63		(5.07	)		125,358				0.21			0.10			1.68			19
		5/31/11	^†		10.84			0.19			1.65			1.84			(0.20	)		—			(0.20	)		12.48		17.12	^b		91,325				0.23	^c		0.09	^c		2.46	^c		10	^b
		9/30/10			10.00			0.05			0.84			0.89			(0.05	)		—			(0.05	)		10.84		8.91			56,430				0.61			0.07			0.52			10
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		3,500				670.85	^c		0.10	^c		(0.10	)^c		0	^b
Premier Class:		11/30/13	^§		14.03			0.00	^d		1.40			1.40			—			—			—			15.43		9.98	^b		86,037				0.31	^c		0.23	^c		0.05	^c		7	^b
		5/31/13			11.60			0.28			2.37			2.65			(0.22	)		(0.00	)^d		(0.22	)		14.03		23.06			68,495				0.32			0.24			2.17			7
		5/31/12			12.46			0.17			(0.84	)		(0.67	)		(0.18	)		(0.01	)		(0.19	)		11.60		(5.26	)		13,777				0.36			0.25			1.49			19
		5/31/11	^†		10.83			0.18			1.64			1.82			(0.19	)		—			(0.19	)		12.46		17.00	^b		7,916				0.38	^c		0.24	^c		2.31	^c		10	^b
		9/30/10			10.00			0.14			0.73			0.87			(0.04	)		—			(0.04	)		10.83		8.77			1,336				0.85			0.23			1.40			10
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.72	^c		0.25	^c		(0.25	)^c		0	^b

LIFECYCLE INDEX 2040 FUND
Retirement Class:		11/30/13	^§		14.12			(0.01	)		1.50			1.49			—			—			—			15.61		10.55	^b		21,571				0.45	^c		0.33	^c		(0.14	)^c		7	^b
		5/31/13			11.57			0.21			2.55			2.76			(0.21	)		(0.00	)^d		(0.21	)		14.12		24.10			19,052				0.46			0.34			1.65			6
		5/31/12			12.48			0.18			(0.89	)		(0.71	)		(0.18	)		(0.02	)		(0.20	)		11.57		(5.62	)		7,751				0.49			0.35			1.51			17
		5/31/11	^†		10.84			0.11			1.72			1.83			(0.19	)		—			(0.19	)		12.48		17.06	^b		1,882				0.54	^c		0.34	^c		1.37	^c		10	^b
		9/30/10			10.00			0.15			0.71			0.86			(0.02	)		—			(0.02	)		10.84		8.62			395				0.88			0.33			1.41			11
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.82	^c		0.35	^c		(0.35	)^c		0	^b
Institutional Class:		11/30/13	^§		14.19			0.01			1.51			1.52			—			—			—			15.71		10.71	^b		322,721				0.15	^c		0.08	^c		0.11	^c		7	^b
		5/31/13			11.62			0.24			2.57			2.81			(0.24	)		(0.00	)^d		(0.24	)		14.19		24.37			264,444				0.16			0.09			1.86			6
		5/31/12			12.52			0.20			(0.89	)		(0.69	)		(0.19	)		(0.02	)		(0.21	)		11.62		(5.42	)		170,934				0.19			0.10			1.70			17
		5/31/11	^†		10.87			0.19			1.66			1.85			(0.20	)		—			(0.20	)		12.52		17.19	^b		119,510				0.21	^c		0.09	^c		2.46	^c		10	^b
		9/30/10			10.00			0.04			0.86			0.90			(0.03	)		—			(0.03	)		10.87		8.98			79,123				0.47			0.07			0.42			11
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		3,500				670.85	^c		0.10	^c		(0.10	)^c		0	^b
Premier Class:		11/30/13	^§		14.14			(0.00	)^d		1.51			1.51			—			—			—			15.65		10.68	^b		82,308				0.30	^c		0.23	^c		(0.04	)^c		7	^b
		5/31/13			11.59			0.28			2.50			2.78			(0.23	)		(0.00	)^d		(0.23	)		14.14		24.18			66,876				0.31			0.24			2.12			6
		5/31/12			12.49			0.17			(0.87	)		(0.70	)		(0.18	)		(0.02	)		(0.20	)		11.59		(5.52	)		16,233				0.34			0.25			1.48			17
		5/31/11	^†		10.85			0.18			1.65			1.83			(0.19	)		—			(0.19	)		12.49		17.08	^b		11,311				0.37	^c		0.24	^c		2.32	^c		10	^b
		9/30/10			10.00			0.14			0.73			0.87			(0.02	)		—			(0.02	)		10.85		8.74			1,790				0.69			0.23			1.32			11
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.72	^c		0.25	^c		(0.25	)^c		0	^b

2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Index Funds

				Selected per share data																										Ratios and supplemental data
						Gain (loss) from investment operations:
										Net realized			Total																				Ratios to average net assets
	For the			Net asset			Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets										Net
	period			value,			investment			gain (loss		)	from			Net			Net			dividends			value,					at end of										investment			Portfolio
	or year ended			beginning of period			income (loss		)^a	on total investments		^f	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)		Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

LIFECYCLE INDEX 2045 FUND
Retirement Class:		11/30/13	^§		$14.02			$(0.01	)		$1.50			$1.49			$ —			$ —			$ —			$15.51		10.63	%^b		$ 11,631				0.49	%^c		0.33	%^c		(0.14)	%^c		10	%^b
		5/31/13			11.50			0.23			2.50			2.73			(0.21	)		(0.00	)^d		(0.21	)		14.02		23.98			9,184				0.52			0.34			1.75			16
		5/31/12			12.39			0.16			(0.86	)		(0.70	)		(0.18	)		(0.01	)		(0.19	)		11.50		(5.56	)		2,967				0.64			0.35			1.38			25
		5/31/11	^†		10.77			0.16			1.65			1.81			(0.19	)		—			(0.19	)		12.39		16.98	^b		596				0.70	^c		0.34	^c		1.99	^c		11	^b
		9/30/10			10.00			0.15			0.71			0.86			(0.09	)		—			(0.09	)		10.77		8.67			325				1.53			0.33			1.46			10
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.82	^c		0.35	^c		(0.35	)^c		0	^b
Institutional Class:		11/30/13	^§		14.10			0.01			1.50			1.51			—			—			—			15.61		10.71	^b		109,241				0.19	^c		0.08	^c		0.11	^c		10	^b
		5/31/13			11.54			0.25			2.54			2.79			(0.23	)		(0.00	)^d		(0.23	)		14.10		24.42			83,001				0.22			0.09			1.90			16
		5/31/12			12.42			0.19			(0.87	)		(0.68	)		(0.19	)		(0.01	)		(0.20	)		11.54		(5.36	)		45,913				0.34			0.10			1.65			25
		5/31/11	^†		10.79			0.19			1.64			1.83			(0.20	)		—			(0.20	)		12.42		17.13	^b		28,529				0.35	^c		0.09	^c		2.41	^c		11	^b
		9/30/10			10.00			0.09			0.80			0.89			(0.10	)		—			(0.10	)		10.79		8.94			17,294				1.15			0.08			0.90			10
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		3,500				670.85	^c		0.10	^c		(0.10	)^c		0	^b
Premier Class:		11/30/13	^§		14.05			(0.00	)^d		1.50			1.50			—			—			—			15.55		10.68	^b		55,640				0.34	^c		0.23	^c		(0.04	)^c		10	^b
		5/31/13			11.52			0.30			2.46			2.76			(0.23	)		(0.00	)^d		(0.23	)		14.05		24.14			44,631				0.36			0.24			2.35			16
		5/31/12			12.40			0.17			(0.86	)		(0.69	)		(0.18	)		(0.01	)		(0.19	)		11.52		(5.46	)		7,202				0.49			0.25			1.47			25
		5/31/11	^†		10.78			0.17			1.64			1.81			(0.19	)		—			(0.19	)		12.40		17.01	^b		4,521				0.51	^c		0.24	^c		2.25	^c		11	^b
		9/30/10			10.00			0.16			0.71			0.87			(0.09	)		—			(0.09	)		10.78		8.80			408				1.37			0.23			1.57			10
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.72	^c		0.25	^c		(0.25	)^c		0	^b

LIFECYCLE INDEX 2050 FUND
Retirement Class:		11/30/13	^§		14.01			(0.01	)		1.49			1.48			—			—			—			15.49		10.56	^b		7,271				0.52	^c		0.33	^c		(0.14	)^c		12	^b
		5/31/13			11.49			0.22			2.51			2.73			(0.21	)		—			(0.21	)		14.01		24.00			5,528				0.58			0.34			1.67			22
		5/31/12			12.38			0.15			(0.85	)		(0.70	)		(0.18	)		(0.01	)		(0.19	)		11.49		(5.57	)		1,692				0.75			0.35			1.33			30
		5/31/11	^†		10.76			0.17			1.64			1.81			(0.19	)		—			(0.19	)		12.38		17.01	^b		404				0.80	^c		0.34	^c		2.13	^c		12	^b
		9/30/10			10.00			0.15			0.71			0.86			(0.10	)		—			(0.10	)		10.76		8.67			286				1.80			0.33			1.49			11
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.82	^c		0.35	^c		(0.35	)^c		0	^b
Institutional Class:		11/30/13	^§		14.09			0.01			1.50			1.51			—			—			—			15.60		10.72	^b		71,843				0.22	^c		0.08	^c		0.11	^c		12	^b
		5/31/13			11.54			0.24			2.54			2.78			(0.23	)		—			(0.23	)		14.09		24.33			57,380				0.28			0.09			1.85			22
		5/31/12			12.42			0.19			(0.87	)		(0.68	)		(0.19	)		(0.01	)		(0.20	)		11.54		(5.36	)		30,943				0.44			0.10			1.66			30
		5/31/11	^†		10.78			0.18			1.66			1.84			(0.20	)		—			(0.20	)		12.42		17.26	^b		19,744				0.43	^c		0.09	^c		2.34	^c		12	^b
		9/30/10			10.00			0.11			0.78			0.89			(0.11	)		—			(0.11	)		10.78		8.94			11,539				1.46			0.08			1.10			11
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		3,500				670.85	^c		0.10	^c		(0.10	)^c		0	^b
Premier Class:		11/30/13	^§		14.04			(0.00	)^d		1.49			1.49			—			—			—			15.53		10.61	^b		33,755				0.37	^c		0.23	^c		(0.04	)^c		12	^b
		5/31/13			11.51			0.30			2.46			2.76			(0.23	)		—			(0.23	)		14.04		24.16			26,880				0.41			0.24			2.33			22
		5/31/12			12.39			0.17			(0.86	)		(0.69	)		(0.18	)		(0.01	)		(0.19	)		11.51		(5.46	)		3,683				0.59			0.25			1.46			30
		5/31/11	^†		10.77			0.18			1.64			1.82			(0.20	)		—			(0.20	)		12.39		17.04	^b		2,458				0.60	^c		0.24	^c		2.27	^c		12	^b
		9/30/10			10.00			0.16			0.71			0.87			(0.10	)		—			(0.10	)		10.77		8.80			328				1.65			0.23			1.59			11
		9/30/09	*		10.00			0.00	^d		—			0.00	^d		—			—			—			10.00		0.00	^b		250				875.72	^c		0.25	^c		(0.25	)^c		0	^b

2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Financial highlights

concluded

TIAA-CREF Lifecycle Index Funds

				Selected per share data																										Ratios and supplemental data
						Gain (loss) from investment operations:
										Net realized			Total																				Ratios to average net assets
	For the			Net asset			Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets										Net
	period			value,			investment			gain (loss		)	from			Net			Net			dividends			value,					at end of										investment			Portfolio
	or year ended			beginning of period			income (loss		)^a	on total investments		^f	investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)		Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

LIFECYCLE INDEX 2055 FUND
Retirement Class:		11/30/13	^§		$11.19			$(0.01	)		$1.20			$1.19			$ —			$ —			$ —			$12.38		10.63	%^b		$1,806				0.91	%^c		0.33	%^c		(0.14	)%^c		14	%^b
		5/31/13			9.17			0.16			2.02			2.18			(0.16	)		(0.00	)^d		(0.16	)		11.19		24.03			1,416				1.06			0.34			1.55			9
		5/31/12			9.87			0.13			(0.70	)		(0.57	)		(0.13	)		(0.00	)^d		(0.13	)		9.17		(5.59	)		986				1.46			0.35			1.36			7
		5/31/11	**		10.00			(0.00	)^d		(0.13	)		(0.13	)		—			—			—			9.87		(1.30	)^b		987				9.33	^c		0.35	^c		(0.09	)^c		1	^b
Institutional Class:		11/30/13	^§		11.21			0.01			1.19			1.20			—			—			—			12.41		10.70	^b		17,289				0.60	^c		0.08	^c		0.11	^c		14	^b
		5/31/13			9.18			0.19			2.03			2.22			(0.19	)		(0.00	)^d		(0.19	)		11.21		24.40			13,356				0.75			0.09			1.83			9
		5/31/12			9.87			0.15			(0.69	)		(0.54	)		(0.15	)		(0.00	)^d		(0.15	)		9.18		(5.33	)		8,376				1.15			0.10			1.61			7
		5/31/11	**		10.00			0.00	^d		(0.13	)		(0.13	)		—			—			—			9.87		(1.30	)^b		7,896				8.35	^c		0.10	^c		0.15	^c		1	^b
Premier Class:		11/30/13	^§		11.20			(0.00	)^d		1.19			1.19			—			—			—			12.39		10.62	^b		3,182				0.75	^c		0.23	^c		(0.04	)^c		14	^b
		5/31/13			9.17			0.19			2.02			2.21			(0.18	)		(0.00	)^d		(0.18	)		11.20		24.29			2,305				0.91			0.24			1.81			9
		5/31/12			9.87			0.14			(0.70	)		(0.56	)		(0.14	)		(0.00	)^d		(0.14	)		9.17		(5.53	)		986				1.31			0.25			1.50			7
		5/31/11	**		10.00			0.00	^d		(0.13	)		(0.13	)		—			—			—			9.87		(1.30	)^b		987				9.18	^c		0.25	^c		(0.01	)^c		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.
^f	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods presented.
^§	Unaudited
*	The Fund commenced operations on September 30, 2009.
**	The Fund commenced operations on April 29, 2011.
^†	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.

2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

TIAA-CREF Lifecycle Index Funds

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, which 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.

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

Income and expenses of 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.

58	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

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

Note 2—valuation of investments

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

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:

Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2013, there were no transfers between levels by the Funds.

As of November 30, 2013, all of the investments in the 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 the Funds’ management fees equal to, on an annual basis, the following percentages of the average daily net assets of each Fund: 0.06% for the Retirement Income Fund; 0.05% for the 2010 Fund; 0.04% for the 2015 Fund; 0.04% for the 2020 Fund; 0.03% for the 2025 Fund; and 0.02% 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, 2014. However, this agreement may be terminated before this date with the approval of the Board. 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 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 compensated TPIS for providing distribution, promotional and/or shareholder services to the Retirement Class and Premier Class at the annual rate of 0.05% and 0.15% of the average daily net assets attributable to the Retirement Class shares and Premier Class shares, respectively. TPIS has agreed not to seek any payment from the Retirement Class shares under the distribution Rule 12b-1 plan through September 30, 2014. However, this agreement may be terminated before this date with the approval of the Board.

60	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index 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 0.35% 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, 2014, unless changed with approval of the Board.

At the commencement of operations of the Lifecycle Index Retirement Income Fund, Lifecycle Index 2050 Fund and Lifecycle Index 2055 Fund, TIAA, an affiliate, invested in each Fund. The following is the percentage of the Funds’ shares owned by affiliates as of November 30, 2013:

Fund	TIAA
Lifecycle Index Retirement Income	19	%
Lifecycle Index 2050	2
Lifecycle Index 2055	58

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle Index Retirement Income Fund
TIAA-CREF Bond Index	$	12,888,761	$	3,119,837	$	1,249,297	$	(46,278	)	$	134,375	$	14,556,380
TIAA-CREF Emerging Markets Equity Index		617,278		275,540		127,837		(6,172	)		—		796,553
TIAA-CREF Equity Index		7,936,920		1,194,565		1,727,801		94,376			—		8,396,975
TIAA-CREF Inflation-Linked Bond		2,536,557		740,477		239,716		(23,759	)		32,094		2,911,424
TIAA-CREF International Equity Index		1,914,193		893,470		397,024		13,491			—		2,720,925
	$	25,893,709	$	6,223,889	$	3,741,675	$	31,658		$	166,469	$	29,382,257

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle Index 2010 Fund
TIAA-CREF Bond Index	$	54,624,002	$	9,385,547	$	2,841,751	$	(120,034	)	$	545,154	$	60,279,545
TIAA-CREF Emerging Markets Equity Index		3,366,450		1,161,611		509,018		(55,577	)		—		4,162,465
TIAA-CREF Equity Index		43,210,182		3,141,500		7,457,349		753,222			—		43,986,649
TIAA-CREF Inflation-Linked Bond		8,406,463		2,107,075		408,268		(40,489	)		102,953		9,686,686
TIAA-CREF International Equity Index		10,450,490		3,564,980		1,379,585		31,112			—		14,219,572
	$	120,057,587	$	19,360,713	$	12,595,971	$	568,234		$	648,107	$	132,334,917
Lifecycle Index 2015 Fund
TIAA-CREF Bond Index	$	89,537,381	$	19,846,911	$	5,388,006	$	(219,799	)	$	904,663	$	102,575,643
TIAA-CREF Emerging Markets Equity Index		6,887,932		2,567,221		990,762		(123,660	)		—		8,764,486
TIAA-CREF Equity Index		88,462,731		8,196,789		14,837,439		1,239,451			—		92,372,137
TIAA-CREF Inflation-Linked Bond		10,952,912		3,334,203		631,644		(61,944	)		133,340		13,114,801
TIAA-CREF International Equity Index		21,439,375		7,645,112		2,392,384		14,940			—		29,940,737
	$	217,280,331	$	41,590,236	$	24,240,235	$	848,988		$	1,038,003	$	246,767,804
Lifecycle Index 2020 Fund
TIAA-CREF Bond Index	$	103,316,245	$	23,463,056	$	1,420,942	$	(60,983	)	$	1,073,613	$	123,729,409
TIAA-CREF Emerging Markets Equity Index		10,677,043		3,801,222		843,003		(100,311	)		—		14,137,651
TIAA-CREF Equity Index		137,763,410		11,559,037		16,891,467		1,272,484			—		149,295,172
TIAA-CREF Inflation-Linked Bond		9,048,049		3,038,622		90,083		(8,695	)		113,543		11,543,787
TIAA-CREF International Equity Index		33,109,382		11,874,230		1,898,115		29,271			—		48,293,970
	$	293,914,129	$	53,736,167	$	21,143,610	$	1,131,766		$	1,187,156	$	346,999,989
Lifecycle Index 2025 Fund
TIAA-CREF Bond Index	$	83,114,599	$	22,114,011	$	883,122	$	(35,542	)	$	884,110	$	103,031,323
TIAA-CREF Emerging Markets Equity Index		11,705,206		4,579,501		882,032		(101,706	)		—		15,979,162
TIAA-CREF Equity Index		151,490,405		14,881,468		16,662,463		1,067,500			—		168,607,631
TIAA-CREF Inflation-Linked Bond		3,182,118		1,625,489		28,771		(2,790	)		42,171		4,614,772
TIAA-CREF International Equity Index		36,301,879		14,510,818		2,054,897		27,406			—		54,587,050
	$	285,794,207	$	57,711,287	$	20,511,285	$	954,868		$	926,281	$	346,819,938
Lifecycle Index 2030 Fund
TIAA-CREF Bond Index	$	65,901,186	$	18,909,540	$	1,281,036	$	(55,309	)	$	701,905	$	82,479,296
TIAA-CREF Emerging Markets Equity Index		13,562,490		5,027,734		936,974		(108,692	)		—		18,308,196
TIAA-CREF Equity Index		176,080,869		16,478,648		20,835,312		1,316,800			—		193,333,089
TIAA-CREF International Equity Index		42,064,935		15,721,914		1,923,513		43,656			—		62,543,379
	$	297,609,480	$	56,137,836	$	24,976,835	$	1,196,455		$	701,905	$	356,663,960

62	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

continued

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
Lifecycle Index 2035 Fund
TIAA-CREF Bond Index	$	40,816,439	$	14,215,458	$	239,561	$	(10,439	)	$	449,067	$	54,142,259
TIAA-CREF Emerging Markets Equity Index		14,417,759		5,767,222		738,659		(110,296	)		—		20,155,052
TIAA-CREF Equity Index		187,586,485		21,151,772		19,430,764		1,128,320			—		212,743,459
TIAA-CREF International Equity Index		44,782,566		17,928,335		1,199,798		26,194			—		68,733,783
	$	287,603,249	$	59,062,787	$	21,608,782	$	1,033,779		$	449,067	$	355,774,553
Lifecycle Index 2040 Fund
TIAA-CREF Bond Index	$	33,938,226	$	9,419,700	$	747,746	$	(29,956	)	$	360,072	$	42,064,796
TIAA-CREF Emerging Markets Equity Index		18,378,061		7,092,791		654,949		(91,320	)		—		25,723,428
TIAA-CREF Equity Index		239,073,787		24,172,018		22,711,714		1,510,415			—		270,456,030
TIAA-CREF International Equity Index		57,066,016		22,751,422		1,522,771		22,810			—		87,506,363
	$	348,456,090	$	63,435,931	$	25,637,180	$	1,411,949		$	360,072	$	425,750,617
Lifecycle Index 2045 Fund
TIAA-CREF Bond Index	$	13,197,246	$	4,587,108	$	254,779	$	(11,025	)	$	145,431	$	17,319,090
TIAA-CREF Emerging Markets Equity Index		7,159,994		3,337,107		244,558		(38,666	)		—		10,637,533
TIAA-CREF Equity Index		93,117,195		14,729,826		8,319,939		295,267			—		111,689,910
TIAA-CREF International Equity Index		22,206,624		10,776,349		546,114		4,927			—		36,185,162
	$	135,681,059	$	33,430,390	$	9,365,390	$	250,503		$	145,431	$	175,831,695
Lifecycle Index 2050 Fund
TIAA-CREF Bond Index	$	8,709,213	$	2,594,776	$	77,253	$	(3,317	)	$	95,445	$	11,088,452
TIAA-CREF Emerging Markets Equity Index		4,718,994		2,028,858		207,383		(37,969	)		—		6,796,182
TIAA-CREF Equity Index		61,290,258		7,092,083		4,937,157		181,295			—		71,410,708
TIAA-CREF International Equity Index		14,634,307		6,348,476		330,108		8,128			—		23,118,978
	$	89,352,772	$	18,064,193	$	5,551,901	$	148,137		$	95,445	$	112,414,320
Lifecycle Index 2055 Fund
TIAA-CREF Bond Index	$	1,657,177	$	580,083	$	21,233	$	(915	)	$	18,256	$	2,189,239
TIAA-CREF Emerging Markets Equity Index		896,230		441,551		43,094		(9,883	)		—		1,342,437
TIAA-CREF Equity Index		11,656,488		1,862,361		940,217		36,662			—		14,103,684
TIAA-CREF International Equity Index		2,779,713		1,375,353		57,305		635			—		4,566,584
	$	16,989,608	$	4,259,348	$	1,061,849	$	26,499		$	18,256	$	22,201,944

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

Note 4—investments

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Lifecycle Index Retirement Income	$	26,150,456	$	3,282,268	$	(50,467	)	$	3,231,801
Lifecycle Index 2010		114,123,728		18,391,852		(180,663	)		18,211,189
Lifecycle Index 2015		211,472,687		35,664,884		(369,767	)		35,295,117
Lifecycle Index 2020		292,761,846		55,236,832		(998,689	)		54,238,143
Lifecycle Index 2025		287,051,592		60,592,907		(824,561	)		59,768,346
Lifecycle Index 2030		286,658,739		70,448,053		(442,832	)		70,005,221
Lifecycle Index 2035		281,085,222		75,078,855		(389,524	)		74,689,331
Lifecycle Index 2040		327,142,221		98,658,886		(50,490	)		98,608,396
Lifecycle Index 2045		140,305,861		35,677,922		(152,088	)		35,525,834
Lifecycle Index 2050		89,216,818		23,295,192		(97,690	)		23,197,502
Lifecycle Index 2055		18,515,910		3,704,925		(18,891	)		3,686,034

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2013, were as follows:

Fund	Purchases		Sales
Lifecycle Index Retirement Income	$	6,832,856	$	4,350,784
Lifecycle Index 2010		19,360,713		12,595,971
Lifecycle Index 2015		41,590,236		24,240,235
Lifecycle Index 2020		53,736,167		21,143,610
Lifecycle Index 2025		57,711,287		20,511,285
Lifecycle Index 2030		56,137,836		24,976,835
Lifecycle Index 2035		59,062,787		21,608,782
Lifecycle Index 2040		63,435,931		25,637,180
Lifecycle Index 2045		39,002,289		14,949,940
Lifecycle Index 2050		24,480,843		11,984,187
Lifecycle Index 2055		5,834,718		2,641,486

64	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the period ended May 31, 2013 was as follows:

Fund	Ordinary income		Long-term capital gains		Total
Lifecycle Index Retirement Income	$	362,826	$	1,421	$	364,247
Lifecycle Index 2010		1,902,102		5,760		1,907,862
Lifecycle Index 2015		3,125,888		7,940		3,133,828
Lifecycle Index 2020		4,030,391		4,406		4,034,797
Lifecycle Index 2025		3,948,632		1,124		3,949,756
Lifecycle Index 2030		4,157,590		565		4,158,155
Lifecycle Index 2035		4,026,808		532		4,027,340
Lifecycle Index 2040		5,054,459		217		5,054,676
Lifecycle Index 2045		1,925,536		168		1,925,704
Lifecycle Index 2050		1,202,600		—		1,202,600
Lifecycle Index 2055		240,353		39		240,392

The tax character of the fiscal year 2014 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

Note 7—indemnification

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

Additional information about index providers (unaudited)

Russell Indexes

MSCI Indexes

66	2013 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

TIAA-CREF Lifecycle Index Funds ■ 2013 Semiannual Report

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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.

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2013 Semiannual Report

TIAA-CREF Lifestyle Funds

of theTIAA-CREF Funds

November 30, 2013

Contents

Understanding your Lifestyle Funds report	2

Information for investors	3

About the funds’ composite benchmarks	4

Important information about expenses	5

Investment results of the Lifestyle Funds	10

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	34

Additional information about index providers	42

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, 2013. 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, 2013.
	•	The financial statements provide detailed information about the operations and financial condition of each fund.

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

2	2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

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 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 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.

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

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 43 developed and emerging market countries, excluding the United States.
	•	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 of U.S. Treasury and agency securities and corporate bonds with 1–5 year maturities.*

*	This benchmark will be replaced by the Barclays U.S. 1–3 Year Government/Credit Bond Index as of January 1, 2014.

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	2013 Semiannual Report ■ TIAA-CREF Lifestyle 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.

The expense examples that appear in the tables on pages 6 through 9 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 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, 2013–November 30, 2013).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2013

Lifestyle Funds Institutional Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13–11/30/13	^* )	Effective expenses paid during period (6/1/13–11/30/13	^† )
Income Fund actual return	$1,000.00		$1,026.19		$0.51		$2.29
5% annual hypothetical return	1,000.00		1,024.57		0.51		2.28
Conservative Fund actual return	$1,000.00		$1,050.39		$0.51		$2.57
5% annual hypothetical return	1,000.00		1,024.57		0.51		2.54
Moderate Fund actual return	$1,000.00		$1,075.50		$0.52		$2.91
5% annual hypothetical return	1,000.00		1,024.57		0.51		2.84
Growth Fund actual return	$1,000.00		$1,102.40		$0.53		$3.06
5% annual hypothetical return	1,000.00		1,024.57		0.51		2.94
Aggressive Growth Fund actual return	$1,000.00		$1,130.67		$0.53		$3.26
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, 2013. 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 0.10% 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 0.45% for the Income Fund; 0.50% for the Conservative Fund; 0.56% for the Moderate Fund; 0.58% for the Growth Fund; and 0.61% for the Aggressive Growth Fund.

6	2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

continued

Expense examples

Six months ended November 30, 2013

Lifestyle Funds Retirement Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13–11/30/13	^* )	Effective expenses paid during period (6/1/13–11/30/13	^† )
Income Fund actual return	$1,000.00		$1,025.08		$1.78		$3.55
5% annual hypothetical return	1,000.00		1,023.31		1.78		3.55
Conservative Fund actual return	$1,000.00		$1,049.34		$1.80		$3.85
5% annual hypothetical return	1,000.00		1,023.31		1.78		3.80
Moderate Fund actual return	$1,000.00		$1,074.44		$1.82		$4.21
5% annual hypothetical return	1,000.00		1,023.31		1.78		4.10
Growth Fund actual return	$1,000.00		$1,100.08		$1.84		$4.37
5% annual hypothetical return	1,000.00		1,023.31		1.78		4.20
Aggressive Growth Fund actual return	$1,000.00		$1,129.33		$1.87		$4.59
5% annual hypothetical return	1,000.00		1,023.31		1.78		4.36

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, 2013. 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 0.35% 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 0.70% for the Income Fund; 0.75% for the Conservative Fund; 0.81% for the Moderate Fund; 0.83% for the Growth Fund; and 0.86% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2013

Lifestyle Funds Retail Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13–11/30/13	^* )	Effective expenses paid during period (6/1/13–11/30/13	^† )
Income Fund actual return	$1,000.00		$1,024.82		$1.93		$3.76
5% annual hypothetical return	1,000.00		1,023.16		1.93		3.75
Conservative Fund actual return	$1,000.00		$1,049.05		$2.00		$4.06
5% annual hypothetical return	1,000.00		1,023.11		1.98		4.00
Moderate Fund actual return	$1,000.00		$1,074.16		$2.08		$4.42
5% annual hypothetical return	1,000.00		1,023.06		2.03		4.31
Growth Fund actual return	$1,000.00		$1,100.16		$2.21		$4.69
5% annual hypothetical return	1,000.00		1,022.96		2.13		4.51
Aggressive Growth Fund actual return	$1,000.00		$1,128.56		$2.29		$5.02
5% annual hypothetical return	1,000.00		1,022.91		2.18		4.76

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, 2013. 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 0.38% for the Income Fund; 0.39% for the Conservative Fund; 0.40% for the Moderate Fund; 0.42% for the Growth Fund; and 0.43% 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 0.74% for the Income Fund; 0.79% for the Conservative Fund; 0.85% for the Moderate Fund; 0.89% for the Growth Fund; and 0.94% for the Aggressive Growth Fund.

8	2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

concluded

Expense examples

Six months ended November 30, 2013

Lifestyle Funds Premier Class	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13–11/30/13	^* )	Effective expenses paid during period (6/1/13–11/30/13	^† )
Income Fund actual return	$1,000.00		$1,024.59		$1.27		$3.05
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.04
Conservative Fund actual return	$1,000.00		$1,049.70		$1.28		$3.34
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.29
Moderate Fund actual return	$1,000.00		$1,075.69		$1.30		$3.69
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.60
Growth Fund actual return	$1,000.00		$1,100.80		$1.32		$3.84
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.70
Aggressive Growth Fund actual return	$1,000.00		$1,130.00		$1.33		$4.06
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.85

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, 2013. 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 0.25% 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 0.60% for the Income Fund; 0.65% for the Conservative Fund; 0.71% for the Moderate Fund; 0.73% for the Growth Fund; and 0.76% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Investment results of the Lifestyle Funds

Performance for the six months ended November 30, 2013

All five TIAA-CREF Lifestyle Funds outperformed their respective composite benchmarks for the six-month reporting period. Returns for the Institutional Class ranged from 2.62% for the Income Fund to 13.07% 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 0.32 of a percentage point for the Income Fund to 1.41 points for the Aggressive Growth Fund. (All fund results are for the Institutional Class.)

The strengthening U.S. economy lifts global stocks higher

Despite numerous headwinds, developed market stocks registered strong gains for the six-month period. Signs of a strengthening U.S. economy, indications that Europe was emerging from its deep recession and renewed efforts by Japan to stimulate its stagnant economy increased investor appetite for riskier assets.

As the reporting period began, investors worried that the Federal Reserve might begin tapering its accommodative policies earlier than expected. The Fed’s policies were designed to strengthen the U.S. economy by keeping interest rates low. When Ben Bernanke seemed to confirm these fears in the spring, stocks fell in June and again in August. The equity markets rose in September, however, after the Fed surprised investors by announcing that it would continue its stimulative efforts until stronger signs of steady economic growth emerged. The news triggered a global stock market rally that lasted through the end of the period.

The broad U.S. stock market, as measured by the Russell 3000^® Index, soared 12.60%. Foreign equities registered strong gains as well: the MSCI All Country World ex USA Index, which tracks stock performance in 43 developed and emerging market nations, advanced 9.37% in terms of dollars. The MSCI index was buoyed by stellar gains in several European national markets. However, losses from a number of emerging market nations limited its rise. Emerging market issues lagged far behind their developed market counterparts, primarily because of concerns about slowing economic growth rates in China.

In the fixed-income market, rising yields on U.S. Treasury securities reduced the value of existing bonds. The broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.56% for the period. Short-term bonds, which are generally less sensitive to interest rate changes, held up better. The Barclays U.S. 1–5 Year Government/Credit Bond Index earned 0.62%.

10	2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Strong equity market gains boost the funds’ results

All five Lifestyle Funds posted positive returns for the six months, including two that scored double-digit gains. While all five funds benefited from the rally in the global equity markets, funds with greater exposure to stocks produced higher returns.

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 accomplish this by investing in various underlying funds that in turn buy stocks, bonds and other securities in these market sectors.

For the period, the funds’ absolute returns were largely driven by robust gains from the U.S. equity sector. Double-digit advances from the Large-Cap Growth and Growth & Income funds were especially helpful. The Small-Cap Equity Fund recorded the largest gain. Amid signs of a strengthening economy, optimistic investors favored small-cap issues because of their higher return potential. In contrast, returns were somewhat constrained by weak results from the fixed-income and short-term fixed-income sectors.

U.S. stocks drive relative performance

Each of the Lifestyle Funds outpaced its own composite benchmark, primarily because of strong relative performance in the U.S. equity sector. The biggest contribution came from the Large-Cap Growth Fund, which outpaced its own benchmark, the Russell 1000^® Growth Index, by almost four percentage points. The Lifestyle Funds also benefited from investments in the Growth & Income Fund, which topped the S&P 500^® Index by more than two percentage points, and in the Large-Cap Value Fund, which easily outpaced its benchmark index. Another strong contribution came from the International Equity Fund within the international equity sector.

In a challenging environment for most sectors of the fixed-income market, the Bond Plus Fund posted a small loss for the period. However, it held up better than the Barclays aggregate index and made a solid contribution to the relative results of those Lifestyle Funds that invest in the fixed-income asset class. The relative performance of the Income and Conservative funds was also bolstered by investments in the Bond Fund.

These favorable results more than offset detractions from the Emerging Markets Equity and Enhanced Large-Cap Growth Index funds, both of which lagged their respective benchmarks. (Returns of the Lifestyle Funds’ underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Lifestyle Income Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifestyle Income Fund	Inception date		6 months			1 year			since inception
Institutional Class		12/9/2011		2.62	%		5.34	%		6.83	%
Retirement Class		12/9/2011		2.51			5.16			6.58
Retail Class		12/9/2011		2.48			5.11			6.52
Premier Class		12/9/2011		2.46			5.10			6.64
Lifestyle Income Fund Composite Index*		—		2.30			4.70			5.34	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		–0.56			–1.61			1.73	^†

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

On November 30, 2013, 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 11/30/2013
Equity
U.S. equity		13.6	%
International equity		6.4
Fixed income
Short-term fixed income		40.0
Fixed income		39.8
Other assets & liabilities, net		0.2
Total		100.0

Target allocation

12	2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Conservative Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifestyle Conservative Fund	Inception date		6 months			1 year			since inception
Institutional Class		12/9/2011		5.04	%		10.88	%		10.96	%
Retirement Class		12/9/2011		4.93			10.65			10.68
Retail Class		12/9/2011		4.90			10.61			10.64
Premier Class		12/9/2011		4.97			10.83			10.82
Lifestyle Conservative Fund Composite Index*		—		4.48			9.83			9.16	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		–0.56			–1.61			1.73	^†

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

On November 30, 2013, 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 11/30/2013
Equity
U.S. equity		28.0	%
International equity		12.4
Fixed income
Fixed income		39.8
Short-term fixed income		19.7
Other assets & liabilities, net		0.1
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Lifestyle Moderate Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifestyle Moderate Fund	Inception date		6 months			1 year			since inception
Institutional Class		12/9/2011		7.55	%		16.73	%		15.19	%
Retirement Class		12/9/2011		7.44			16.49			14.91
Retail Class		12/9/2011		7.42			16.45			14.85
Premier Class		12/9/2011		7.57			16.66			15.04
Lifestyle Moderate Fund Composite Index*		—		6.67			15.16			13.07	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			23.47	^†

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

*	On November 30, 2013, 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 11/30/2013
Equity
U.S. equity		42.2	%
International equity		18.2
Fixed income		39.5
Other assets & liabilities, net		0.1
Total		100.0

Target allocation

14	2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Growth Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifestyle Growth Fund	Inception date		6 months			1 year			since inception
Institutional Class		12/9/2011		10.24	%		22.84	%		18.85	%
Retirement Class		12/9/2011		10.01			22.44			18.54
Retail Class		12/9/2011		10.02			22.42			18.47
Premier Class		12/9/2011		10.08			22.60			18.67
Lifestyle Growth Fund Composite Index*		—		9.15			21.26			16.99	^†
Broad market index
Russell 3000 Index		—		12.60			31.71			23.47	^†

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

*	On November 30, 2013, 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 11/30/2013
Equity
U.S. equity		56.1	%
International equity		24.1
Fixed income		19.6
Other assets & liabilities, net		0.2
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Lifestyle Aggressive Growth Fund

Performance as of November 30, 2013

			Total return						Average annual total return
Lifestyle Aggressive Growth Fund	Inception date		6 months			1 year			since inception
Institutional Class		12/9/2011		13.07	%		29.22	%		22.55	%
Retirement Class		12/9/2011		12.93			28.85			22.26
Retail Class		12/9/2011		12.86			28.77			22.17
Premier Class		12/9/2011		13.00			28.99			22.38
Lifestyle Aggressive Growth Fund Composite Index*		—		11.66			27.63			20.98	^†
Broad market index
Russell 3000^® Index		—		12.60			31.71			23.47	^†

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

*	On November 30, 2013, 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 11/30/2013
Equity
U.S. equity		69.6	%
International equity		29.9
Other assets & liabilities, net		0.5
Total		100.0

Target allocation

16	2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Portfolio of investments (unaudited)

Lifestyle Income Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 39.8%
	526,609	TIAA-CREF Bond Fund		$	5,471,466		17.9	%
	578,327	TIAA-CREF Bond Plus Fund			6,083,999		19.9
	58,662	TIAA-CREF High-Yield Fund			613,019		2.0
		TOTAL FIXED INCOME			12,168,484		39.8

INTERNATIONAL EQUITY — 6.4%
	41,456	TIAA-CREF Emerging Markets Equity Fund			459,330		1.5
	37,267	TIAA-CREF Enhanced International Equity Index Fund			317,519		1.0
	9,890	TIAA-CREF Global Natural Resources Fund			97,910		0.3
	51,205	TIAA-CREF International Equity Fund			595,509		1.9
	46,085	TIAA-CREF International Opportunities Fund			505,088		1.7
		TOTAL INTERNATIONAL EQUITY			1,975,356		6.4

SHORT-TERM FIXED INCOME — 40.0%
	2,614	TIAA-CREF Money Market Fund			2,614		0.0
	1,171,787	TIAA-CREF Short-Term Bond Fund			12,233,455		40.0
		TOTAL SHORT-TERM FIXED INCOME			12,236,069		40.0

U.S. EQUITY — 13.6%
	32,326	TIAA-CREF Enhanced Large-Cap Growth Index Fund			384,033		1.2
	33,924	TIAA-CREF Enhanced Large-Cap Value Index Fund			371,470		1.2
	69,672	TIAA-CREF Growth & Income Fund			909,220		3.0
	67,911	TIAA-CREF Large-Cap Growth Fund			1,066,197		3.5
	55,204	TIAA-CREF Large-Cap Value Fund			1,029,551		3.4
	1,160	TIAA-CREF Mid-Cap Growth Fund			29,690		0.1
	859	TIAA-CREF Mid-Cap Value Fund			20,527		0.1
	16,961	TIAA-CREF Small-Cap Equity Fund			345,656		1.1
		TOTAL U.S. EQUITY			4,156,344		13.6
		TOTAL TIAA-CREF FUNDS	(Cost $29,406,750)		30,536,253		99.8

		TOTAL PORTFOLIO	(Cost $29,406,750)		30,536,253		99.8
		OTHER ASSETS & LIABILITIES, NET			48,796		0.2
		NET ASSETS		$	30,585,049		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 ■ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifestyle Conservative Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 39.8%
	426,257	TIAA-CREF Bond Fund		$	4,428,814		8.0	%
	1,573,292	TIAA-CREF Bond Plus Fund			16,551,030		29.8
	105,275	TIAA-CREF High-Yield Fund			1,100,129		2.0
		TOTAL FIXED INCOME			22,079,973		39.8

INTERNATIONAL EQUITY — 12.4%
	121,349	TIAA-CREF Emerging Markets Equity Fund			1,344,546		2.4
	150,045	TIAA-CREF Enhanced International Equity Index Fund			1,278,386		2.3
	35,370	TIAA-CREF Global Natural Resources Fund			350,163		0.7
	183,709	TIAA-CREF International Equity Fund			2,136,534		3.9
	157,997	TIAA-CREF International Opportunities Fund			1,731,649		3.1
		TOTAL INTERNATIONAL EQUITY			6,841,278		12.4

SHORT-TERM FIXED INCOME — 19.7%
	4,195	TIAA-CREF Money Market Fund			4,195		0.0
	1,047,849	TIAA-CREF Short-Term Bond Fund			10,939,548		19.7
		TOTAL SHORT-TERM FIXED INCOME			10,943,743		19.7

U.S. EQUITY — 28.0%
	126,383	TIAA-CREF Enhanced Large-Cap Growth Index Fund			1,501,426		2.7
	132,445	TIAA-CREF Enhanced Large-Cap Value Index Fund			1,450,269		2.6
	251,898	TIAA-CREF Growth & Income Fund			3,287,273		5.9
	250,927	TIAA-CREF Large-Cap Growth Fund			3,939,550		7.1
	203,653	TIAA-CREF Large-Cap Value Fund			3,798,122		6.9
	6,049	TIAA-CREF Mid-Cap Growth Fund			154,867		0.3
	5,070	TIAA-CREF Mid-Cap Value Fund			121,115		0.2
	62,504	TIAA-CREF Small-Cap Equity Fund			1,273,840		2.3
		TOTAL U.S. EQUITY			15,526,462		28.0
		TOTAL TIAA-CREF FUNDS	(Cost $51,691,685)		55,391,456		99.9

		TOTAL PORTFOLIO	(Cost $51,691,685)		55,391,456		99.9
		OTHER ASSETS & LIABILITIES, NET			70,433		0.1
		NET ASSETS		$	55,461,889		100.0	%

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

2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifestyle Moderate Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 39.5%
	2,506,777	TIAA-CREF Bond Plus Fund		$	26,371,297		37.5	%
	133,772	TIAA-CREF High-Yield Fund			1,397,919		2.0
		TOTAL FIXED INCOME			27,769,216		39.5

INTERNATIONAL EQUITY — 18.2%
	213,078	TIAA-CREF Emerging Markets Equity Fund			2,360,902		3.3
	295,266	TIAA-CREF Enhanced International Equity Index Fund			2,515,663		3.6
	67,203	TIAA-CREF Global Natural Resources Fund			665,309		0.9
	348,820	TIAA-CREF International Equity Fund			4,056,780		5.8
	295,714	TIAA-CREF International Opportunities Fund			3,241,029		4.6
		TOTAL INTERNATIONAL EQUITY			12,839,683		18.2

SHORT-TERM FIXED INCOME — 0.0%
	5,039	TIAA-CREF Money Market Fund			5,039		0.0
		TOTAL SHORT-TERM FIXED INCOME			5,039		0.0

U.S. EQUITY — 42.2%
	238,666	TIAA-CREF Enhanced Large-Cap Growth Index Fund			2,835,351		4.0
	250,065	TIAA-CREF Enhanced Large-Cap Value Index Fund			2,738,208		3.9
	478,608	TIAA-CREF Growth & Income Fund			6,245,833		8.9
	476,762	TIAA-CREF Large-Cap Growth Fund			7,485,170		10.6
	386,940	TIAA-CREF Large-Cap Value Fund			7,216,440		10.3
	15,214	TIAA-CREF Mid-Cap Growth Fund			389,475		0.6
	13,620	TIAA-CREF Mid-Cap Value Fund			325,378		0.5
	118,759	TIAA-CREF Small-Cap Equity Fund			2,420,303		3.4
		TOTAL U.S. EQUITY			29,656,158		42.2
		TOTAL TIAA-CREF FUNDS	(Cost $63,900,674)		70,270,096		99.9

		TOTAL PORTFOLIO	(Cost $63,900,674)		70,270,096		99.9
		OTHER ASSETS & LIABILITIES, NET			70,833		0.1
		NET ASSETS		$	70,340,929		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 ■ 2013 Semiannual Report

Portfolio of investments (unaudited)

Lifestyle Growth Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 19.6%
	609,663	TIAA-CREF Bond Plus Fund		$	6,413,650		17.6	%
	69,057	TIAA-CREF High-Yield Fund			721,650		2.0
		TOTAL FIXED INCOME			7,135,300		19.6

INTERNATIONAL EQUITY — 24.1%
	140,153	TIAA-CREF Emerging Markets Equity Fund			1,552,900		4.3
	205,385	TIAA-CREF Enhanced International Equity Index Fund			1,749,883		4.8
	46,059	TIAA-CREF Global Natural Resources Fund			455,985		1.2
	239,216	TIAA-CREF International Equity Fund			2,782,078		7.7
	201,042	TIAA-CREF International Opportunities Fund			2,203,421		6.1
		TOTAL INTERNATIONAL EQUITY			8,744,267		24.1

SHORT-TERM FIXED INCOME — 0.0%
	3,034	TIAA-CREF Money Market Fund			3,034		0.0
		TOTAL SHORT-TERM FIXED INCOME			3,034		0.0

U.S. EQUITY — 56.1%
	161,966	TIAA-CREF Enhanced Large-Cap Growth Index Fund			1,924,153		5.3
	170,847	TIAA-CREF Enhanced Large-Cap Value Index Fund			1,870,771		5.1
	328,141	TIAA-CREF Growth & Income Fund			4,282,234		11.8
	327,868	TIAA-CREF Large-Cap Growth Fund			5,147,526		14.2
	265,200	TIAA-CREF Large-Cap Value Fund			4,945,989		13.6
	11,575	TIAA-CREF Mid-Cap Growth Fund			296,315		0.8
	10,696	TIAA-CREF Mid-Cap Value Fund			255,535		0.7
	81,329	TIAA-CREF Small-Cap Equity Fund			1,657,494		4.6
		TOTAL U.S. EQUITY			20,380,017		56.1
		TOTAL TIAA-CREF FUNDS	(Cost $30,565,421)		36,262,618		99.8

		TOTAL PORTFOLIO	(Cost $30,565,421)		36,262,618		99.8
		OTHER ASSETS & LIABILITIES, NET			55,518		0.2
		NET ASSETS		$	36,318,136		100.0	%

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

2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifestyle Aggressive Growth Fund ■ November 30, 2013

						% of net
Shares		Security		Value		assets

TIAA-CREF FUNDS — 99.5% (a)

INTERNATIONAL EQUITY — 29.9%
	162,263	TIAA-CREF Emerging Markets Equity Fund		$	1,797,872		5.2	%
	244,549	TIAA-CREF Enhanced International Equity Index Fund			2,083,557		6.0
	54,203	TIAA-CREF Global Natural Resources Fund			536,606		1.6
	285,386	TIAA-CREF International Equity Fund			3,319,039		9.6
	236,268	TIAA-CREF International Opportunities Fund			2,589,501		7.5
		TOTAL INTERNATIONAL EQUITY			10,326,575		29.9

SHORT-TERM FIXED INCOME — 0.0%
	2,961	TIAA-CREF Money Market Fund			2,961		0.0
		TOTAL SHORT-TERM FIXED INCOME			2,961		0.0

U.S. EQUITY — 69.6%
	191,016	TIAA-CREF Enhanced Large-Cap Growth Index Fund			2,269,269		6.6
	200,721	TIAA-CREF Enhanced Large-Cap Value Index Fund			2,197,900		6.4
	385,795	TIAA-CREF Growth & Income Fund			5,034,628		14.6
	384,696	TIAA-CREF Large-Cap Growth Fund			6,039,724		17.5
	312,166	TIAA-CREF Large-Cap Value Fund			5,821,898		16.9
	14,635	TIAA-CREF Mid-Cap Growth Fund			374,666		1.1
	13,575	TIAA-CREF Mid-Cap Value Fund			324,300		0.9
	95,582	TIAA-CREF Small-Cap Equity Fund			1,947,959		5.6
		TOTAL U.S. EQUITY			24,010,344		69.6
		TOTAL TIAA-CREF FUNDS	(Cost $27,498,331)		34,339,880		99.5

		TOTAL PORTFOLIO	(Cost $27,498,331)		34,339,880		99.5
		OTHER ASSETS & LIABILITIES, NET			179,822		0.5
		NET ASSETS		$	34,519,702		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 ■ 2013 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifestyle Funds ■ November 30, 2013

	Lifestyle Income Fund		Lifestyle Conservative Fund		Lifestyle Moderate Fund		Lifestyle Growth Fund		Lifestyle Aggressive Growth Fund

ASSETS
Affiliated investments, at value^‡	$	30,536,253	$	55,391,456	$	70,270,096	$	36,262,618	$	34,339,880
Cash		—		310,861		216,508		72,605		177,165
Receivable from securities transactions		121,250		—		—		—		—
Receivable from Fund shares sold		26,895		36,483		18,408		29,750		70,645
Dividends and interest receivable		40,503		60,344		61,039		16,828		—
Due from affiliates		2,962		2,403		2,838		2,253		2,000
Other		242		311		321		254		242
Total assets		30,728,105		55,801,858		70,569,210		36,384,308		34,589,932

LIABILITIES
Management fees payable		420		751		956		494		468
Service agreement fees payable		311		488		810		446		516
Distribution fees payable		3,902		7,512		8,562		4,143		3,350
Due to affiliates		292		611		726		333		310
Overdraft payable		129,376		—		—		—		—
Payable for securities transactions		—		311,500		202,750		51,750		54,750
Payable for Fund shares redeemed		—		5,884		—		—		600
Accrued expenses and other payables		8,755		13,223		14,477		9,006		10,236
Total liabilities		143,056		339,969		228,281		66,172		70,230

NET ASSETS	$	30,585,049	$	55,461,889	$	70,340,929	$	36,318,136	$	34,519,702

NET ASSETS CONSIST OF:
Paid-in-capital	$	29,093,209	$	51,134,384	$	63,283,389	$	29,935,708	$	26,990,541
Undistributed net investment income (loss)		63,296		87,372		78,458		78,543		(49,751	)
Accumulated net realized gain (loss) on total investments		299,041		540,362		609,660		606,688		737,363
Net unrealized appreciation (depreciation) on total investments		1,129,503		3,699,771		6,369,422		5,697,197		6,841,549

NET ASSETS	$	30,585,049	$	55,461,889	$	70,340,929	$	36,318,136	$	34,519,702

INSTITUTIONAL CLASS:
Net assets	$	1,436,262	$	1,756,724	$	1,917,100	$	1,585,230	$	1,790,087
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		131,056		148,128		149,758		115,029		121,686
Net asset value per share	$	10.96	$	11.86	$	12.80	$	13.78	$	14.71

RETIREMENT CLASS:
Net assets	$	8,955,199	$	14,289,724	$	23,731,774	$	13,143,751	$	15,175,486
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		817,426		1,205,840		1,855,559		956,300		1,034,753
Net asset value per share	$	10.96	$	11.85	$	12.79	$	13.74	$	14.67

RETAIL CLASS:
Net assets	$	18,827,212	$	37,301,544	$	43,096,597	$	20,052,706	$	15,651,392
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,718,487		3,148,156		3,370,458		1,460,360		1,067,889
Net asset value per share	$	10.96	$	11.85	$	12.79	$	13.73	$	14.66

PREMIER CLASS:
Net assets	$	1,366,376	$	2,113,897	$	1,595,458	$	1,536,449	$	1,902,737
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		124,740		178,294		124,686		111,663		129,559
Net asset value per share	$	10.95	$	11.86	$	12.80	$	13.76	$	14.69
^‡ Affiliated investments, cost	$	29,406,750	$	51,691,685	$	63,900,674	$	30,565,421	$	27,498,331

2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Lifestyle Funds ■ For the period ended November 30, 2013

	Lifestyle Income Fund			Lifestyle Conservative Fund			Lifestyle Moderate Fund			Lifestyle Growth Fund			Lifestyle Aggressive Growth Fund

INVESTMENT INCOME
Dividends from affiliated investments	$	220,218		$	315,365		$	307,009		$	109,015		$	25,941
Total income		220,218			315,365			307,009			109,015			25,941

EXPENSES
Management fees		13,196			22,033			25,761			15,169			14,200
Shareholder servicing — Institutional Class		34			52			34			34			34
Shareholder servicing — Retirement Class		10,013			14,746			21,762			14,173			15,944
Shareholder servicing — Retail Class		2,601			5,831			6,996			5,106			5,222
Shareholder servicing — Premier Class		16			16			16			16			16
Distribution fees — Retail Class		19,786			36,100			38,871			20,229			15,592
Distribution fees — Premier Class		996			1,439			1,084			1,080			1,248
Registration fees		11,447			11,885			12,202			11,892			11,427
Professional fees		11,253			11,287			11,301			11,253			11,250
Custody and accounting fees		7,903			7,909			7,980			7,883			7,813
Shareholder reports		9,992			13,877			14,529			10,434			10,200
Fund administration fees		638			1,020			1,159			692			635
Compliance fees		419			737			873			444			409
Trustee fees and expenses		146			206			242			167			154
Other expenses		19,564			21,252			22,165			19,598			19,533
Total expenses		108,004			148,390			164,975			118,170			113,677
Less: Expenses reimbursed by the investment adviser		(61,343	)		(68,119	)		(70,564	)		(62,323	)		(61,530	)
Net expenses		46,661			80,271			94,411			55,847			52,147

Net Investment income (loss)		173,557			235,094			212,598			53,168			(26,206	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		141,994			295,132			359,762			371,487			435,689
Realized gain (loss) from sale of unaffiliated investments		(3,120	)		1,646			(3,613	)		220			3,547
Net realized gain (loss) from investments		138,874			296,778			356,149			371,707			439,236
Net change in unrealized appreciation (depreciation) from affiliated investments		395,075			1,857,846			3,558,166			2,627,200			3,174,395
Net realized and unrealized gain (loss) from investments		533,949			2,154,624			3,914,315			2,998,907			3,613,631
Net increase (decrease) in net assets from operations	$	707,506		$	2,389,718		$	4,126,913		$	3,052,075		$	3,587,425

2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Statements of changes in net assets

TIAA-CREF Lifestyle Funds ■ For the period or year ended

		Lifestyle Income Fund						Lifestyle Conservative Fund						Lifestyle Moderate Fund
		November 30, 2013			May 31, 2013			November 30, 2013			May 31, 2013			November 30, 2013			May 31, 2013
		(unaudited		)				(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)		$	173,557		$	272,484		$	235,094		$	355,515		$	212,598		$	363,321
Net realized gain (loss) from investments			138,874			260,295			296,778			348,084			356,149			346,075
Net change in unrealized appreciation (depreciation) from affiliated investments			395,075			548,146			1,857,846			1,629,666			3,558,166			2,587,883
Net increase (decrease) in net assets from operations			707,506			1,080,925			2,389,718			2,333,265			4,126,913			3,297,279

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(10,134	)		(27,865	)		(9,250	)		(26,163	)		(8,040	)		(27,335	)
	Retirement Class		(47,291	)		(110,500	)		(55,337	)		(119,706	)		(58,823	)		(138,797	)
	Retail Class		(92,594	)		(174,583	)		(126,462	)		(242,559	)		(101,029	)		(237,289	)
	Premier Class		(9,031	)		(27,705	)		(10,109	)		(35,475	)		(5,843	)		(25,194	)
From realized gains:	Institutional Class		—			(2,063	)		—			(1,262	)		—			(762	)
	Retirement Class		—			(9,822	)		—			(6,641	)		—			(4,373	)
	Retail Class		—			(15,863	)		—			(13,754	)		—			(7,619	)
	Premier Class		—			(2,315	)		—			(1,860	)		—			(746	)
Total distributions			(159,050	)		(370,716	)		(201,158	)		(447,420	)		(173,735	)		(442,115	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		102,010			328,104			158,016			394,019			373,015			183,663
	Retirement Class		2,740,088			3,296,023			5,474,968			4,777,505			11,353,954			8,093,022
	Retail Class		6,349,588			9,177,985			16,158,624			16,085,604			21,637,348			15,314,999
	Premier Class		39,162			199,994			267,478			78,649			273,450			26,513
Reinvestments of distributions:	Institutional Class		10,134			29,928			9,250			27,425			8,040			28,097
	Retirement Class		47,291			120,322			55,337			126,347			58,823			143,170
	Retail Class		87,087			186,285			120,174			241,035			100,267			241,096
	Premier Class		9,031			30,020			10,109			37,335			5,843			25,940
Redemptions:	Institutional Class		(140,006	)		—			(2	)		(50,190	)		(567	)		—
	Retirement Class		(838,309	)		(942,196	)		(831,383	)		(633,850	)		(1,316,165	)		(1,124,365	)
	Retail Class		(1,618,849	)		(1,031,543	)		(1,886,560	)		(1,551,190	)		(2,846,625	)		(1,968,390	)
	Premier Class		(56,739	)		—			(17,833	)		(15,148	)		(43,311	)		—
Net increase (decrease) from shareholder transactions			6,730,488			11,394,922			19,518,178			19,517,541			29,604,072			20,963,745
Net increase (decrease) in net assets			7,278,944			12,105,131			21,706,738			21,403,386			33,557,250			23,818,909

NET ASSETS
Beginning of period			23,306,105			11,200,974			33,755,151			12,351,765			36,783,679			12,964,770
End of period		$	30,585,049		$	23,306,105		$	55,461,889		$	33,755,151		$	70,340,929		$	36,783,679
Undistributed net investment income (loss) included in net assets		$	63,296		$	48,789		$	87,372		$	53,436		$	78,458		$	39,595

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		9,336			30,800			13,478			35,259			30,485			15,746
	Retirement Class		254,936			309,739			479,877			431,908			928,061			703,402
	Retail Class		591,560			863,168			1,412,108			1,459,932			1,769,605			1,338,883
	Premier Class		3,682			18,704			23,301			7,231			22,835			2,386
Shares reinvested:	Institutional Class		954			2,835			820			2,526			674			2,518
	Retirement Class		4,443			11,396			4,894			11,622			4,909			12,803
	Retail Class		8,188			17,624			10,636			22,129			8,367			21,540
	Premier Class		850			2,844			895			3,440			488			2,326
Shares redeemed:	Institutional Class		(13,411	)		—			—			(4,422	)		(47	)		—
	Retirement Class		(77,567	)		(88,654	)		(72,810	)		(57,043	)		(106,750	)		(98,014	)
	Retail Class		(151,505	)		(97,064	)		(165,091	)		(138,625	)		(233,104	)		(178,958	)
	Premier Class		(5,409	)		—			(1,559	)		(1,386	)		(3,686	)		—
Net increase (decrease) from shareholder transactions			626,057			1,071,392			1,706,549			1,772,571			2,421,837			1,822,632

2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Statements of changes in net assets

concluded

TIAA-CREF Lifestyle Funds ■ For the period or year ended

		Lifestyle Growth Fund						Lifestyle Aggressive Growth Fund
		November 30, 2013			May 31, 2013			November 30, 2013			May 31, 2013
		(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)		$	53,168		$	240,558		$	(26,206	)	$	181,202
Net realized gain (loss) from investments			371,707			291,738			439,236			319,301
Net change in unrealized appreciation (depreciation) from affiliated investments			2,627,200			2,815,080			3,174,395			3,444,757
Net increase (decrease) in net assets from operations			3,052,075			3,347,376			3,587,425			3,945,260

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		—			(24,213	)		—			(20,090	)
	Retirement Class		—			(96,342	)		—			(87,136	)
	Retail Class		—			(132,703	)		—			(86,426	)
	Premier Class		—			(21,160	)		—			(17,306	)
From realized gains:	Institutional Class		—			(1,290	)		—			(603	)
	Retirement Class		—			(5,758	)		—			(2,984	)
	Retail Class		—			(8,066	)		—			(3,141	)
	Premier Class		—			(1,211	)		—			(568	)
Total distributions			—			(290,743	)		—			(218,254	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		72,409			132,914			82,052			196,787
	Retirement Class		3,285,489			5,355,743			4,675,243			5,686,036
	Retail Class		6,480,427			6,582,736			5,228,040			4,235,529
	Premier Class		36,573			285,255			187,925			224,960
Reinvestments of distributions:	Institutional Class		—			25,503			—			20,693
	Retirement Class		—			102,100			—			90,120
	Retail Class		—			138,583			—			88,130
	Premier Class		—			22,371			—			17,874
Redemptions:	Institutional Class		(53,467	)		(1,616	)		(7,816	)		(27,317	)
	Retirement Class		(1,275,382	)		(748,687	)		(1,674,365	)		(953,313	)
	Retail Class		(889,702	)		(644,706	)		(1,275,165	)		(858,691	)
	Premier Class		(217,185	)		(30,575	)		(34,897	)		(26,247	)
Net increase (decrease) from shareholder transactions			7,439,162			11,219,621			7,181,017			8,694,561
Net increase (decrease) in net assets			10,491,237			14,276,254			10,768,442			12,421,567

NET ASSETS
Beginning of period			25,826,899			11,550,645			23,751,260			11,329,693
End of period		$	36,318,136		$	25,826,899		$	34,519,702		$	23,751,260
Undistributed net investment income (loss) included in net assets		$	78,543		$	25,375		$	(49,751	)	$	(23,545	)

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		5,393			11,425			5,875			16,768
	Retirement Class		252,813			450,621			341,838			474,689
	Retail Class		503,139			559,937			382,789			353,327
	Premier Class		2,840			24,136			13,480			18,260
Shares reinvested:	Institutional Class		—			2,239			—			1,785
	Retirement Class		—			8,964			—			7,775
	Retail Class		—			12,178			—			7,604
	Premier Class		—			1,964			—			1,542
Shares redeemed:	Institutional Class		(3,935	)		(136	)		(540	)		(2,202	)
	Retirement Class		(99,472	)		(64,145	)		(121,930	)		(78,606	)
	Retail Class		(68,442	)		(55,644	)		(93,260	)		(73,208	)
	Premier Class		(17,621	)		(2,890	)		(2,573	)		(2,117	)
Net increase (decrease) from shareholder transactions			574,715			948,649			525,679			725,617

2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Financial highlights

TIAA-CREF Lifestyle Funds

				Selected per share data																										Ratios and supplemental data
						Gain (loss) from investment operations:
											Net realized			Total																			Ratios to average net assets
	For the			Net asset			Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets										Net
	period			value,			investment			gain (loss		)	from			Net			Net			dividends			value,					at end of										investment			Portfolio
	or year ended			beginning of period			income (loss		)^a	on total investments			investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)		Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

LIFESTYLE INCOME FUND
Institutional Class:		11/30/13	^§		$10.76			$0.08			$0.20			$0.28			$(0.08	)	$	—			$(0.08	)		$10.96		2.62	%^b	$	1,436				0.57	%^c		0.10	%^c		1.57	%^c		11	%^b
		5/31/13			10.24			0.20			0.60			0.80			(0.26	)		(0.02	)		(0.28	)		10.76		7.86			1,444				0.82			0.10			1.88			21
		5/31/12	*		10.00			0.09			0.21			0.30			(0.06	)		—			(0.06	)		10.24		2.95	^b		1,030				2.98	^c		0.10	^c		1.81	^c		3	^b
Retirement Class:		11/30/13	^§		10.76			0.07			0.20			0.27			(0.07	)		—			(0.07	)		10.96		2.51	^b		8,955				0.82	^c		0.35	^c		1.32	^c		11	^b
		5/31/13			10.24			0.18			0.59			0.77			(0.23	)		(0.02	)		(0.25	)		10.76		7.56			6,840				1.05			0.35			1.65			21
		5/31/12	*		10.00			0.08			0.21			0.29			(0.05	)		—			(0.05	)		10.24		2.88	^b		4,127				2.83	^c		0.35	^c		1.56	^c		3	^b
Retail Class:		11/30/13	^§		10.76			0.07			0.19			0.26			(0.06	)		—			(0.06	)		10.96		2.48	^b		18,827				0.85	^c		0.38	^c		1.29	^c		11	^b
		5/31/13			10.23			0.17			0.60			0.77			(0.22	)		(0.02	)		(0.24	)		10.76		7.63			13,670				1.08			0.38			1.61			21
		5/31/12	*		10.00			0.07			0.20			0.27			(0.04	)		—			(0.04	)		10.23		2.73	^b		4,979				2.82	^c		0.48	^c		1.43	^c		3	^b
Premier Class:		11/30/13	^§		10.76			0.08			0.18			0.26			(0.07	)		—			(0.07	)		10.95		2.46	^b		1,366				0.72	^c		0.25	^c		1.42	^c		11	^b
		5/31/13			10.24			0.18			0.60			0.78			(0.24	)		(0.02	)		(0.26	)		10.76		7.71			1,352				0.96			0.25			1.74			21
		5/31/12	*		10.00			0.08			0.21			0.29			(0.05	)		—			(0.05	)		10.24		2.91	^b		1,065				3.13	^c		0.25	^c		1.66	^c		3	^b

LIFESTYLE CONSERVATIVE FUND
Institutional Class:		11/30/13	^§		11.36			0.08			0.49			0.57			(0.07	)		—			(0.07	)		11.86		5.04	^b		1,757				0.41	^c		0.10	^c		1.33	^c		8	^b
		5/31/13			10.29			0.21			1.12			1.33			(0.25	)		(0.01	)		(0.26	)		11.36		13.12			1,520				0.70			0.10			1.94			24
		5/31/12	*		10.00			0.08			0.26			0.34			(0.05	)		—			(0.05	)		10.29		3.38	^b		1,033				2.81	^c		0.10	^c		1.54	^c		17	^b
Retirement Class:		11/30/13	^§		11.35			0.06			0.50			0.56			(0.06	)		—			(0.06	)		11.85		4.93	^b		14,290				0.66	^c		0.35	^c		1.08	^c		8	^b
		5/31/13			10.28			0.19			1.12			1.31			(0.23	)		(0.01	)		(0.24	)		11.35		12.87			9,012				0.92			0.35			1.70			24
		5/31/12	*		10.00			0.06			0.26			0.32			(0.04	)		—			(0.04	)		10.28		3.20	^b		4,189				2.66	^c		0.35	^c		1.29	^c		17	^b
Retail Class:		11/30/13	^§		11.35			0.06			0.49			0.55			(0.05	)		—			(0.05	)		11.85		4.90	^b		37,302				0.70	^c		0.39	^c		1.04	^c		8	^b
		5/31/13			10.28			0.18			1.13			1.31			(0.23	)		(0.01	)		(0.24	)		11.35		12.86			21,456				0.96			0.38			1.64			24
		5/31/12	*		10.00			0.06			0.26			0.32			(0.04	)		—			(0.04	)		10.28		3.16	^b		5,624				2.65	^c		0.47	^c		1.18	^c		17	^b
Premier Class:		11/30/13	^§		11.36			0.07			0.49			0.56			(0.06	)		—			(0.06	)		11.86		4.97	^b		2,114				0.56	^c		0.25	^c		1.18	^c		8	^b
		5/31/13			10.28			0.20			1.13			1.33			(0.24	)		(0.01	)		(0.25	)		11.36		13.07			1,768				0.83			0.25			1.83			24
		5/31/12	*		10.00			0.07			0.25			0.32			(0.04	)		—			(0.04	)		10.28		3.23	^b		1,505				2.90	^c		0.25	^c		1.39	^c		17	^b

LIFESTYLE MODERATE FUND
Institutional Class:		11/30/13	^§		11.96			0.07			0.83			0.90			(0.06	)		—			(0.06	)		12.80		7.55	^b		1,917				0.38	^c		0.10	^c		1.10	^c		14	^b
		5/31/13			10.33			0.23			1.67			1.90			(0.26	)		(0.01	)		(0.27	)		11.96		18.60			1,419				0.69			0.10			2.04			34
		5/31/12	*		10.00			0.06			0.31			0.37			(0.04	)		—			(0.04	)		10.33		3.69	^b		1,037				2.77	^c		0.10	^c		1.28	^c		11	^b
Retirement Class:		11/30/13	^§		11.95			0.05			0.84			0.89			(0.05	)		—			(0.05	)		12.79		7.44	^b		23,732				0.63	^c		0.35	^c		0.84	^c		14	^b
		5/31/13			10.32			0.19			1.69			1.88			(0.24	)		(0.01	)		(0.25	)		11.95		18.35			12,300				0.92			0.35			1.72			34
		5/31/12	*		10.00			0.05			0.30			0.35			(0.03	)		—			(0.03	)		10.32		3.52	^b		4,244				2.63	^c		0.35	^c		1.03	^c		11	^b
Retail Class:		11/30/13	^§		11.95			0.05			0.83			0.88			(0.04	)		—			(0.04	)		12.79		7.42	^b		43,097				0.67	^c		0.40	^c		0.80	^c		14	^b
		5/31/13			10.32			0.19			1.68			1.87			(0.23	)		(0.01	)		(0.24	)		11.95		18.31			21,809				0.97			0.39			1.67			34
		5/31/12	*		10.00			0.05			0.30			0.35			(0.03	)		—			(0.03	)		10.32		3.48	^b		6,648				2.60	^c		0.46	^c		0.92	^c		11	^b
Premier Class:		11/30/13	^§		11.95			0.06			0.84			0.90			(0.05	)		—			(0.05	)		12.80		7.57	^b		1,595				0.53	^c		0.25	^c		0.95	^c		14	^b
		5/31/13			10.33			0.21			1.67			1.88			(0.25	)		(0.01	)		(0.26	)		11.95		18.33			1,256				0.83			0.25			1.90			34
		5/31/12	*		10.00			0.06			0.31			0.37			(0.04	)		—			(0.04	)		10.33		3.65	^b		1,036				2.92	^c		0.25	^c		1.13	^c		11	^b

2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Financial highlights

concluded

TIAA-CREF Lifestyle Funds

				Selected per share data																										Ratios and supplemental data
						Gain (loss) from investment operations:
											Net realized			Total																			Ratios to average net assets
	For the			Net asset			Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets										Net
	period			value,			investment			gain (loss		)	from			Net			Net			dividends			value,					at end of										investment			Portfolio
	or year ended			beginning of period			income (loss		)^a	on total investments			investment operations			investment income			realized gains			and distributions			end of period		Total return			period (in thousands		)		Gross expenses		^e	Net expenses		^e	income (loss		)	turnover rate

LIFESTYLE GROWTH FUND
Institutional Class:		11/30/13	^§		$12.50			$0.04			$1.24			$1.28		$	—		$	—		$	—			$13.78		10.24	%^b	$	1,585				0.51	%^c		0.10	%^c		0.62	%^c		13	%^b
		5/31/13			10.32			0.21			2.20			2.41			(0.22	)		(0.01	)		(0.23	)		12.50		23.63			1,420				0.77			0.10			1.80			30
		5/31/12	*		10.00			0.03			0.29			0.32			(0.00	)^d		—			(0.00	)^d		10.32		3.24	^b		1,033				2.77	^c		0.10	^c		0.64	^c		7	^b
Retirement Class:		11/30/13	^§		12.49			0.02			1.23			1.25			—			—			—			13.74		10.01	^b		13,144				0.76	^c		0.35	^c		0.37	^c		13	^b
		5/31/13			10.31			0.16			2.23			2.39			(0.20	)		(0.01	)		(0.21	)		12.49		23.39			10,027				1.00			0.35			1.41			30
		5/31/12	*		10.00			0.02			0.29			0.31			(0.00	)^d		—			(0.00	)^d		10.31		3.13	^b		4,203				2.63	^c		0.35	^c		0.39	^c		7	^b
Retail Class:		11/30/13	^§		12.48			0.02			1.23			1.25			—			—			—			13.73		10.02	^b		20,053				0.82	^c		0.42	^c		0.30	^c		13	^b
		5/31/13			10.31			0.16			2.22			2.38			(0.20	)		(0.01	)		(0.21	)		12.48		23.26			12,800				1.06			0.40			1.40			30
		5/31/12	*		10.00			0.01			0.30			0.31			(0.00	)^d		—			0.00	^d		10.31		3.12	^b		5,249				2.63	^c		0.48	^c		0.27	^c		7	^b
Premier Class:		11/30/13	^§		12.50			0.03			1.23			1.26			—			—			—			13.76		10.08	^b		1,536				0.66	^c		0.25	^c		0.47	^c		13	^b
		5/31/13			10.32			0.18			2.22			2.40			(0.21	)		(0.01	)		(0.22	)		12.50		23.46			1,580				0.91			0.25			1.55			30
		5/31/12	*		10.00			0.02			0.30			0.32			(0.00	)^d		—			(0.00	)^d		10.32		3.23	^b		1,065				2.92	^c		0.25	^c		0.49	^c		7	^b

LIFESTYLE AGGRESSIVE GROWTH FUND
Institutional Class:		11/30/13	^§		13.01			0.01			1.69			1.70			—			—			—			14.71		13.07	^b		1,790				0.54	^c		0.10	^c		0.09	^c		19	^b
		5/31/13			10.29			0.17			2.74			2.91			(0.18	)		(0.01	)		(0.19	)		13.01		28.51			1,514				0.82			0.10			1.48			29
		5/31/12	*		10.00			0.00	^d		0.29			0.29			—			—			—			10.29		2.90	^b		1,029				2.79	^c		0.10	^c		0.01	^c		2	^b
Retirement Class:		11/30/13	^§		12.99			(0.01	)		1.69			1.68			—			—			—			14.67		12.93	^b		15,175				0.78	^c		0.35	^c		(0.17	)^c		19	^b
		5/31/13			10.28			0.12			2.76			2.88			(0.16	)		(0.01	)		(0.17	)		12.99		28.19			10,585				1.05			0.35			1.04			29
		5/31/12	*		10.00			(0.01	)		0.29			0.28			—			—			—			10.28		2.80	^b		4,224				2.65	^c		0.35	^c		(0.24	)^c		2	^b
Retail Class:		11/30/13	^§		12.99			(0.02	)		1.69			1.67			—			—			—			14.66		12.86	^b		15,651				0.87	^c		0.43	^c		(0.25	)^c		19	^b
		5/31/13			10.27			0.13			2.75			2.88			(0.15	)		(0.01	)		(0.16	)		12.99		28.21			10,109				1.12			0.42			1.09			29
		5/31/12	*		10.00			(0.02	)		0.29			0.27			—			—			—			10.27		2.70	^b		5,039				2.66	^c		0.49	^c		(0.37	)^c		2	^b
Premier Class:		11/30/13	^§		13.00			(0.00	)^d		1.69			1.69			—			—			—			14.69		13.00	^b		1,903				0.69	^c		0.25	^c		(0.06	)^c		19	^b
		5/31/13			10.28			0.15			2.75			2.90			(0.17	)		(0.01	)		(0.18	)		13.00		28.36			1,543				0.95			0.25			1.28			29
		5/31/12	*		10.00			(0.01	)		0.29			0.28			—			—			—			10.28		2.80	^b		1,038				2.94	^c		0.25	^c		(0.14	)^c		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.
^§	Unaudited
^*	The Fund commenced operations on December 9, 2011.

2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

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 and 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.

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.

34	2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

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

Note 2—valuation of investments

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

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:

Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2013, there were no transfers between levels by the Funds.

As of November 30, 2013, all of the investments in the 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 compensated TPIS for providing distribution, promotional and/or shareholder services to the Premier Class and Retail Class of the Fund at the annual rate of 0.15% and 0.25% of the average daily net assets attributable to the Fund’s Premier Class and Retail Class, respectively.

36	2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

continued

average daily net assets for the Institutional Class shares. The expense reimbursement arrangements will continue through at least September 30, 2014, unless changed with 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, 2013:

Fund	TIAA
Lifestyle Income	37	%
Lifestyle Conservative	22
Lifestyle Moderate	19
Lifestyle Growth	39
Lifestyle Aggressive Growth	43

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
TIAA-CREF Lifestyle Income Fund
TIAA-CREF Bond	$	4,121,201	$	1,681,562	$	283,741	$	(15,963	)	$	58,902	$	5,471,466
TIAA-CREF Bond Plus		4,588,052		1,833,298		270,478		(13,007	)		68,269		6,083,999
TIAA-CREF Emerging Markets Equity		409,204		85,127		36,414		(3,259	)		—		459,330
TIAA-CREF Enhanced International Equity Index		300,634		146,433		164,145		31,009			—		317,519
TIAA-CREF Enhanced Large-Cap Growth Index		237,703		128,020		23,236		2,194			—		384,033
TIAA-CREF Enhanced Large-Cap Value Index		260,947		109,212		34,128		2,891			—		371,470
TIAA-CREF Global Natural Resources		43,152		87,303		36,445		(239	)		—		97,910
TIAA-CREF Growth & Income		696,245		186,665		76,397		4,774			5,050		909,220
TIAA-CREF High-Yield		464,498		181,800		31,579		(1,077	)		14,620		613,019
TIAA-CREF International Equity		742,456		135,985		384,898		100,367			—		595,509
TIAA-CREF International Opportunities		84,320		403,982		3,771		(73	)		—		505,088
TIAA-CREF Large-Cap Growth		730,882		267,171		89,833		14,353			—		1,066,197
TIAA-CREF Large-Cap Value		790,893		216,991		85,359		11,027			—		1,029,551
TIAA-CREF Mid-Cap Growth		42,927		22,015		41,347		6,225			—		29,690
TIAA-CREF Mid-Cap Value		52,121		8,381		45,101		8,367			—		20,527
TIAA-CREF Money Market		77,992		549		75,926		—			—		2,614
TIAA-CREF Short-Term Bond		9,287,620		3,578,516		616,542		(9,628	)		73,377		12,233,455
TIAA-CREF Small-Cap Equity		256,418		69,749		31,500		4,033			—		345,656
	$	23,187,265	$	9,142,759	$	2,330,840	$	141,994		$	220,218	$	30,536,253

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
TIAA-CREF Lifestyle Conservative Fund
TIAA-CREF Bond	$	2,643,574	$	1,874,131	$	243,231	$	64,844		$	43,509	$	4,428,814
TIAA-CREF Bond Plus		9,965,714		6,911,919		25,001		4,030			170,457		16,551,030
TIAA-CREF Emerging Markets Equity		1,000,827		343,016		502,053		180,011			—		1,344,546
TIAA-CREF Enhanced International Equity Index		983,232		462,044		160,172		—			—		1,278,386
TIAA-CREF Enhanced Large-Cap Growth Index		775,983		592,575		98,254		29,448			—		1,501,426
TIAA-CREF Enhanced Large-Cap Value Index		845,193		507,830		94,788		23,860			—		1,450,269
TIAA-CREF Global Natural Resources		85,593		357,468		4,638		(275	)		—		350,163
TIAA-CREF Growth & Income		2,028,602		956,642		19,264		(1,320	)		16,101		3,287,273
TIAA-CREF High-Yield		677,708		440,013		105,551		(1,631	)		24,385		1,100,129
TIAA-CREF International Equity		1,917,657		591,285		248,047		(4,101	)		—		2,136,534
TIAA-CREF International Opportunities		247,481		1,419,985		31,031		3,473			—		1,731,649
TIAA-CREF Large-Cap Growth		2,245,581		1,188,208		210,619		(9,897	)		—		3,939,550
TIAA-CREF Large-Cap Value		2,420,696		1,053,728		30,682		4,754			—		3,798,122
TIAA-CREF Mid-Cap Growth		124,326		118,896		129,116		(2,707	)		—		154,867
TIAA-CREF Mid-Cap Value		151,236		75,345		49,323		(846	)		—		121,115
TIAA-CREF Money Market		98,581		942		19,267		1,427			—		4,195
TIAA-CREF Short-Term Bond		6,732,464		4,313,835		24,136		1,353			60,913		10,939,548
TIAA-CREF Small-Cap Equity		750,322		379,734		48,715		2,709			—		1,273,840
	$	33,694,770	$	21,587,596	$	2,043,888	$	295,132		$	315,365	$	55,391,456
TIAA-CREF Lifestyle Moderate Fund
TIAA-CREF Bond Plus	$	13,676,416	$	13,099,187	$	245,864	$	(11,729	)	$	251,098	$	26,371,297
TIAA-CREF Emerging Markets Equity		1,536,827		803,637		16,869		(2,378	)		—		2,360,902
TIAA-CREF Enhanced International Equity Index		1,684,722		1,059,615		495,862		90,142			—		2,515,663
TIAA-CREF Enhanced Large-Cap Growth Index		1,306,176		1,285,636		32,723		1,071			—		2,835,351
TIAA-CREF Enhanced Large-Cap Value Index		1,419,426		1,146,993		57,469		2,698			—		2,738,208
TIAA-CREF Global Natural Resources		93,205		589,349		32,424		(2,209	)		—		665,309
TIAA-CREF Growth & Income		3,298,387		2,444,725		118,954		8,015			27,327		6,245,833
TIAA-CREF High-Yield		737,799		665,127		8,298		(404	)		28,584		1,397,919
TIAA-CREF International Equity		2,996,225		1,476,972		932,881		184,954			—		4,056,780
TIAA-CREF International Opportunities		406,027		2,713,145		14,704		(258	)		—		3,241,029
TIAA-CREF Large-Cap Growth		3,685,065		2,932,817		89,205		9,136			—		7,485,170
TIAA-CREF Large-Cap Value		3,972,080		2,705,606		95,581		5,019			—		7,216,440
TIAA-CREF Mid-Cap Growth		224,723		268,476		150,586		35,424			—		389,475
TIAA-CREF Mid-Cap Value		268,398		176,502		157,865		39,548			—		325,378
TIAA-CREF Money Market		114,478		1,494		110,933		—			—		5,039
TIAA-CREF Small-Cap Equity		1,220,410		931,495		28,754		733			—		2,420,303
	$	36,640,364	$	32,300,776	$	2,588,972	$	359,762		$	307,009	$	70,270,096

38	2013 Semiannual Report ■ TIAA-CREF Lifestyle Funds

continued

Issue	Value at May 31, 2013		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2013
TIAA-CREF Lifestyle Growth Fund
TIAA-CREF Bond Plus	$	4,525,453	$	2,190,521	$	259,670	$	13,657		$	69,794	$	6,413,650
TIAA-CREF Emerging Markets Equity		1,395,916		281,523		605,592		214,949			—		1,552,900
TIAA-CREF Enhanced International Equity Index		1,608,760		416,334		171,719		—			—		1,749,883
TIAA-CREF Enhanced Large-Cap Growth Index		1,240,964		537,362		91,312		24,100			—		1,924,153
TIAA-CREF Enhanced Large-Cap Value Index		1,345,997		446,873		75,350		23,592			—		1,870,771
TIAA-CREF Global Natural Resources		66,002		425,446		10,187		(104	)		—		455,985
TIAA-CREF Growth & Income		3,079,899		901,373		390,616		95,220			22,387		4,282,234
TIAA-CREF High-Yield		520,335		248,919		57,106		92			16,834		721,650
TIAA-CREF International Equity		2,765,701		458,994		461,449		(11,586	)		—		2,782,078
TIAA-CREF International Opportunities		369,190		1,740,603		131,168		16,979			—		2,203,421
TIAA-CREF Large-Cap Growth		3,452,311		1,123,363		161,932		(7,823	)		—		5,147,526
TIAA-CREF Large-Cap Value		3,718,242		1,034,064		105,720		4,925			—		4,945,989
TIAA-CREF Mid-Cap Growth		220,443		132,410		73,535		(2,917	)		—		296,315
TIAA-CREF Mid-Cap Value		261,023		79,257		72,185		(1,886	)		—		255,535
TIAA-CREF Money Market		78,860		673		60,584		522			—		3,034
TIAA-CREF Small-Cap Equity		1,139,242		348,129		162,126		1,767			—		1,657,494
	$	25,788,338	$	10,365,844	$	2,890,251	$	371,487		$	109,015	$	36,262,618
TIAA-CREF Lifestyle Aggressive Growth Fund
TIAA-CREF Emerging Markets Equity	$	1,597,498	$	364,414	$	208,086	$	23,128		$	—	$	1,797,872
TIAA-CREF Enhanced International Equity Index		1,914,704		463,709		156,629		10,935			—		2,083,557
TIAA-CREF Enhanced Large-Cap Growth Index		1,422,057		679,727		71,960		—			—		2,269,269
TIAA-CREF Enhanced Large-Cap Value Index		1,539,921		537,786		87,674		25,872			—		2,197,900
TIAA-CREF Global Natural Resources		60,530		481,340		320,653		31,697			—		536,606
TIAA-CREF Growth & Income		3,497,691		1,187,503		93,078		4,663			25,941		5,034,628
TIAA-CREF International Equity		3,189,405		487,636		376,768		(7,218	)		—		3,319,039
TIAA-CREF International Opportunities		440,163		2,021,865		59,023		18,882			—		2,589,501
TIAA-CREF Large-Cap Growth		3,906,314		1,530,145		458,981		105,138			—		6,039,724
TIAA-CREF Large-Cap Value		4,209,735		1,395,689		51,238		(772	)		—		5,821,898
TIAA-CREF Mid-Cap Growth		256,924		152,125		198,804		21,138			—		374,666
TIAA-CREF Mid-Cap Value		302,783		90,042		30,085		(31	)		—		324,300
TIAA-CREF Money Market		69,616		641		82,656		8,087			—		2,961
TIAA-CREF Small-Cap Equity		1,289,504		452,219		616,255		194,170			—		1,947,959
	$	23,696,845	$	9,844,841	$	2,811,890	$	435,689		$	25,941	$	34,339,880

TIAA-CREF Lifestyle Funds ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

Note 4—investments

Fund	Tax cost	Gross unrealized appreciation	Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation	)
TIAA-CREF Lifestyle Income	$29,465,803	$1,139,190	$	(68,740	)	$1,070,450
TIAA-CREF Lifestyle Conservative	51,728,037	3,792,217		(128,798	)	3,663,419
TIAA-CREF Lifestyle Moderate	63,956,136	6,434,481		(120,521	)	6,313,960
TIAA-CREF Lifestyle Growth	30,619,007	5,657,658		(14,047	)	5,643,611
TIAA-CREF Lifestyle Aggressive Growth	27,539,131	6,800,749		—		6,800,749

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2013, were as follows:

Fund	Purchases		Sales
Lifestyle Income	$	9,738,886	$2,923,847
Lifestyle Conservative		23,247,201	3,705,139
Lifestyle Moderate		37,044,719	7,329,302
Lifestyle Growth		11,273,199	3,797,826
Lifestyle Aggressive Growth		12,286,176	5,256,772

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2013 was as follows:

Fund	Ordinary income	Long-term capital gains	Total
Lifestyle Income	$370,716	$—	$370,716
Lifestyle Conservative	447,420	—	447,420
Lifestyle Moderate	442,115	—	442,115
Lifestyle Growth	290,743	—	290,743
Lifestyle Aggressive Growth	218,254	—	218,254

The tax character of the fiscal year 2014 distributions will be determined at the end of the fiscal year.

40	2013 Semiannual Report ¡ TIAA-CREF Lifestyle Funds

concluded

Note 6—line of credit

Note 7—indemnification

TIAA-CREF Lifestyle Funds ¡ 2013 Semiannual Report

Additional information about index providers (unaudited)

Russell Indexes

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION,WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE OR THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

MSCI Indexes

42	2013 Semiannual Report ¡ TIAA-CREF Lifestyle Funds

TIAA-CREF Lifestyle Funds ¡ 2013 Semiannual Report

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2013 Semiannual Report

TIAA-CREF
Managed Allocation Fund

of the TIAA-CREF Funds

November 30, 2013

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
Statements of changes in net assets	13
Financial highlights	14
Notes to financial statements	16

Additional information about index providers	21

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, 2013. 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, 2013.
	•	The financial statements provide detailed information about the operations and financial condition of the fund.

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

2	2013 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 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 ■ 2013 Semiannual Report

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 cost of 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, 2013–November 30, 2013).

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.

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.

4	2013 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

Important information about expenses

Expense example

Six months ended November 30, 2013

Managed Allocation Fund	Beginning account value (6/1/13	)	Ending account value (11/30/13	)	Expenses paid during period (6/1/13–11/30/13	^* )	Effective expenses paid during period (6/1/13–11/30/13	^† )
Institutional Class
Actual return	$1,000.00		$1,074.63		$0.00		$2.18
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.13
Retirement Class
Actual return	$1,000.00		$1,073.36		$1.30		$3.48
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.40
Retail Class
Actual return	$1,000.00		$1,073.15		$1.30		$3.48
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.40

“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, 2013. 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 0.42% for the Institutional Class, 0.67% for the Retirement Class and 0.67% for the Retail Class.

TIAA-CREF Managed Allocation Fund ■ 2013 Semiannual Report

Managed Allocation Fund

Performance for the six months ended November 30, 2013

The Managed Allocation Fund returned 7.46% for the Institutional Class, compared with the 6.81% return of its benchmark, the Managed Allocation Composite Index. For the one-year period ended November 30, 2013, the fund returned 16.76%, versus 15.69% for its composite benchmark. The table on page 8 shows returns for all share classes of the fund.

The strengthening U.S. economy lifts global stocks higher

As the reporting period began, investors worried that the Federal Reserve might begin tapering its accommodative policies earlier than expected. The Fed’s policies were designed to strengthen the U.S. economy by keeping interest rates low. When Ben Bernanke seemed to confirm these fears in the spring, stocks fell in June and again in August. The equity markets rose in September, however, after the Fed surprised investors by announcing that it would continue its stimulative efforts until stronger signs of steady economic growth emerged. The news triggered a global stock market rally that lasted through the end of the period.

In the fixed-income market, rising yields on U.S. Treasury securities reduced the value of existing bonds. The broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned –0.56% for the period. Treasury, agency and corporate issues, which together made up approximately two-thirds of the total market capitalization of the index on November 30, 2013, experienced losses for the six months, while mortgage-backed securities registered only slight gains.

6	2013 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

Strong U.S. equity market gains boost the fund’s results

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 period, the strong absolute return of the Managed Allocation Fund was largely driven by robust gains from its underlying U.S. equity fund investments. Double-digit advances from the Large-Cap Growth and Growth & Income funds were especially helpful. The Small-Cap Equity Fund recorded the largest gain, making a significant contribution to absolute performance. Amid signs of a strengthening economy, optimistic investors favored small-cap issues because of their higher return potential.

In contrast, the absolute performance of the Managed Allocation Fund was somewhat constrained by losses from the fixed-income sector. (All fund returns are for the Institutional Class.)

For the six months, the fund outpaced its composite benchmark primarily because of strong relative performance in the U.S. equity sector. The biggest contribution came from the Large-Cap Growth Fund, which outpaced its own benchmark, the Russell 1000^® Growth Index, by almost four percentage points on the strength of favorable stock selections. The fund also benefited from its investments in the Growth & Income Fund, which topped the S&P 500^® Index by more than two percentage points, and in the Large-Cap Value Fund, which easily outpaced its benchmark index. Another strong contribution came from the International Equity Fund within the international equity sector.

In a challenging environment for most sectors of the fixed-income market, the fund’s largest underlying holding, the Bond Plus Fund, posted a loss for the period. Despite the decline, the Bond Plus Fund held up better than the Barclays aggregate index and made a positive contribution to the Managed Allocation Fund’s relative performance.

These favorable results more than offset detractions from the Emerging Markets Equity and Enhanced Large-Cap Growth Index funds, both of which lagged their respective benchmarks.

Returns of the Managed Allocation Fund’s underlying funds can be found at www.tiaa-cref.org/performance.

TIAA-CREF Managed Allocation Fund ■ 2013 Semiannual Report

Managed Allocation Fund

Performance as of November 30, 2013


			Total return						Average annual total return
Managed Allocation Fund	Inception date		6 months			1 year			5 years			since inception
Institutional Class		3/31/2006		7.46	%		16.76	%		13.63	%		5.80	%
Retirement Class		3/31/2006		7.34			16.60			13.36			5.53
Retail Class		3/31/2006		7.31			16.55			13.42			5.66
Managed Allocation Composite Index*		—		6.81			15.69			12.59			5.95	^†
Broad market index
Russell 3000^®Index		—		12.60			31.71			18.54			6.86	^†

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

*	On November 30, 2013, the Managed Allocation 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 11/30/2013
Equity
U.S. equity	42.3	%
International equity	18.3
Fixed income	39.3
Other assets & liabilities, net	0.1
Total	100.0

Target allocation

8	2013 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 All Country World ex USA Index (international equity) measures the performance of large- and mid-cap stocks in 43 developed and emerging market countries, excluding the United States.
	•	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.

TIAA-CREF Managed Allocation Fund ■ 2013 Semiannual Report

Portfolio of investments (unaudited)

Managed Allocation Fund ■ November 30, 2013

	Shares	Security			Value	% of net assets

TIAA-CREF FUNDS — 99.9% (a)
FIXED INCOME — 39.3%
	24,809,054	TIAA-CREF Bond Plus Fund		$	260,991,243	37.3	%
	1,326,426	TIAA-CREF High-Yield Fund			13,861,153	2.0
		TOTAL FIXED INCOME			274,852,396	39.3

INTERNATIONAL EQUITY — 18.3%
	2,123,627	TIAA-CREF Emerging Markets Equity Fund			23,529,785	3.4
	3,730,010	TIAA-CREF Enhanced International Equity Index Fund			31,779,684	4.5
	670,306	TIAA-CREF Global Natural Resources Fund			6,636,027	0.9
	2,920,630	TIAA-CREF International Equity Fund			33,966,926	4.9
	2,959,254	TIAA-CREF International Opportunities Fund			32,433,427	4.6
		TOTAL INTERNATIONAL EQUITY			128,345,849	18.3

SHORT-TERM FIXED INCOME — 0.0%
	72,515	TIAA-CREF Money Market Fund			72,515	0.0
		TOTAL SHORT-TERM FIXED INCOME			72,515	0.0

U.S. EQUITY — 42.3%
	4,717,615	TIAA-CREF Enhanced Large-Cap Growth Index Fund			56,045,262	8.0
	4,953,430	TIAA-CREF Enhanced Large-Cap Value Index Fund			54,240,061	7.8
	3,592,053	TIAA-CREF Growth & Income Fund			46,876,287	6.7
	3,596,889	TIAA-CREF Large-Cap Growth Fund			56,471,151	8.1
	2,893,467	TIAA-CREF Large-Cap Value Fund			53,963,159	7.7
	93,565	TIAA-CREF Mid-Cap Growth Fund			2,395,270	0.3
	80,768	TIAA-CREF Mid-Cap Value Fund			1,929,551	0.3
	1,176,440	TIAA-CREF Small-Cap Equity Fund			23,975,845	3.4
		TOTAL U.S. EQUITY			295,896,586	42.3
		TOTAL TIAA-CREF FUNDS	(Cost $588,959,608)		699,167,346	99.9

		TOTAL PORTFOLIO	(Cost $588,959,608)		699,167,346	99.9
		OTHER ASSETS & LIABILITIES, NET			466,330	0.1
		NET ASSETS		$	699,633,676	100.0	%

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

2013 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

Statement of assets and liabilities (unaudited)

Managed Allocation Fund ■ November 30, 2013


ASSETS
Affiliated investments, at value^‡			$699,167,346
Cash			809,878
Receivable from Fund shares sold			49,873
Dividends and interest receivable			631,266
Due from affiliates			8,998
Other			36,111
Total assets			700,703,472

LIABILITIES
Service agreement fees payable			1,242
Distribution fees payable			132,364
Due to affiliates			9,877
Payable for securities transactions			698,500
Payable for Fund shares redeemed			55,529
Accrued expenses and other payables			172,284
Total liabilities			1,069,796
NET ASSETS			$699,633,676

NET ASSETS CONSIST OF:
Paid-in-capital			$583,310,472
Undistributed net investment income (loss)			962,153
Accumulated net realized gain (loss) on total investments			5,153,313
Net unrealized appreciation (depreciation) on total investments			110,207,738
NET ASSETS			$699,633,676

INSTITUTIONAL CLASS:
Net assets			$ 12,186,806
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			998,048
Net asset value per share			$12.21

RETIREMENT CLASS:
Net assets			$ 36,369,603
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,981,654
Net asset value per share			$12.20

RETAIL CLASS:
Net assets			$651,077,267
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			53,225,093
Net asset value per share			$12.23
^‡ Affiliated investments, cost			$588,959,608

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2013 Semiannual Report

Statement of operations (unaudited)

Managed Allocation Fund ■ For the period ended November 30, 2013


INVESTMENT INCOME
Dividends from affiliated investments	$ 3,917,328
Total income	3,917,328

EXPENSES
Shareholder servicing — Institutional Class	138
Shareholder servicing — Retirement Class	41,575
Shareholder servicing — Retail Class	194,559
Distribution fees — Retail Class	777,985
Fund administration fees	15,943
Compliance fees	11,430
Trustee fees and expenses	3,175
Other expenses	103,626
Total expenses	1,148,431
Less: Expenses reimbursed by the investment adviser	(328,983	)
Net expenses	819,448
Net Investment income (loss)	3,097,880

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) from sale of affiliated investments	2,718,395
Net change in unrealized appreciation (depreciation) from affiliated investments	41,987,802
Net realized and unrealized gain (loss) from affiliated investments	44,706,197
Net increase (decrease) in net assets from operations	$47,804,077

2013 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

Statements of changes in net assets

Managed Allocation Fund ■ For the period or year ended

		November 30, 2013				May 31, 2013
			(unaudited		)
OPERATIONS
Net investment income (loss)				$ 3,097,880			$ 11,573,081
Net realized gain (loss) from sale of affiliated investments				2,718,395			22,516,118
Net change in unrealized appreciation (depreciation) from affiliated investments				41,987,802			65,093,229
Net increase (decrease) in net assets from operations				47,804,077			99,182,428

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
	Institutional Class			(58,006	)		(204,957	)
	Retirement Class			(148,823	)		(630,662	)
	Retail Class			(2,856,374	)		(13,508,013	)
Total distributions				(3,063,203	)		(14,343,632	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			3,970,785			3,422,470
	Retirement Class			6,502,401			10,486,119
	Retail Class			28,643,037			46,864,363
Reinvestments of distributions:
	Institutional Class			56,965			200,453
	Retirement Class			148,823			630,662
	Retail Class			2,742,694			12,943,921
Redemptions:	Institutional Class			(2,031,659	)		(1,938,317	)
	Retirement Class			(3,760,635	)		(14,146,715	)
	Retail Class			(29,918,524	)		(56,746,122	)
Net increase (decrease) from shareholder transactions				6,353,887			1,716,834
Net increase (decrease) in net assets				51,094,761			86,555,630

NET ASSETS
Beginning of period				648,538,915			561,983,285
End of period				$699,633,676			$648,538,915
Undistributed net investment income (loss) included in net assets				$ 962,153			$ 927,476

CHANGE IN FUND SHARES
Shares sold:	Institutional Class			342,114			314,840
	Retirement Class			562,189			967,571
	Retail Class			2,460,346			4,320,976
Shares reinvested:
	Institutional Class			4,990			18,753
	Retirement Class			13,052			59,189
	Retail Class			240,216			1,209,640
Shares redeemed:
	Institutional Class			(176,799	)		(183,544	)
	Retirement Class			(325,561	)		(1,320,939	)
	Retail Class			(2,562,584	)		(5,289,164	)
Net increase (decrease) from shareholder transactions				557,963			97,322

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2013 Semiannual Report

Financial highlights

Managed Allocation Fund

			Selected per share data																									Ratios and supplemental data
					Gain (loss) from investment operations:
								Net realized			Total																				Ratios to average net assets
	For the		Net asset		Net			& unrealized			gain (loss		)	Less distributions from:						Total			Net asset					Net assets			Net
	period or year ended		value, beginning of period		investment income (loss		)^a	gain (loss) on total investments		^d	from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period (in thousands		)	Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate
Institutional Class:	11/30/13	§		$11.43		$ 0.07			$ 0.78			$ 0.85			$(0.07	)		$ —			$(0.07	)		$12.21		7.46	%^b		$12,187			0.04	%^c		0.00	%^c		1.17	%^c		10	%^b
	5/31/13			9.92		0.22			1.58			1.80			(0.29	)		—			(0.29	)		11.43		18.33			9,461			0.04			0.00			2.09			17
	5/31/12			10.39		0.22			(0.42	)		(0.20	)		(0.27	)		—			(0.27	)		9.92		(1.79	)		6,724			0.04			0.00			2.26			15
	5/31/11	†		9.40		0.17			1.01			1.18			(0.19	)		—			(0.19	)		10.39		12.66	^b		4,142			0.06	^c		0.00	^c		2.53	^c		10	^b
	9/30/10			8.73		0.24			0.67			0.91			(0.24	)		—			(0.24	)		9.40		10.52			2,542			0.06			0.00			2.68			21
	9/30/09			8.86		0.24			(0.13	)		0.11			(0.24	)		—			(0.24	)		8.73		1.74			2,011			0.10			0.00			3.13			48
	9/30/08			11.03		0.28			(2.11	)		(1.83	)		(0.33	)		(0.01	)		(0.34	)		8.86		(16.92	)		1,832			0.07			0.00			2.66			26
Retirement Class:	11/30/13	§		11.42		0.05			0.78			0.83			(0.05	)		—			(0.05	)		12.20		7.34	^b		36,370			0.29	^c		0.25	^c		0.92	^c		10	^b
	5/31/13			9.91		0.20			1.57			1.77			(0.26	)		—			(0.26	)		11.42		18.04			31,195			0.29			0.25			1.84			17
	5/31/12			10.38		0.19			(0.41	)		(0.22	)		(0.25	)		—			(0.25	)		9.91		(2.04	)		29,993			0.29			0.25			1.96			15
	5/31/11	†		9.39		0.14			1.03			1.17			(0.18	)		—			(0.18	)		10.38		12.54	^b		32,622			0.31	^c		0.25	^c		2.18	^c		10	^b
	9/30/10			8.72		0.21			0.67			0.88			(0.21	)		—			(0.21	)		9.39		10.26			24,404			0.30			0.25			2.36			21
	9/30/09			8.86		0.21			(0.12	)		0.09			(0.23	)		—			(0.23	)		8.72		1.39			21,287			0.34			0.25			2.80			48
	9/30/08			11.03		0.24			(2.09	)		(1.85	)		(0.31	)		(0.01	)		(0.32	)		8.86		(17.10	)		13,678			0.31			0.24			2.31			26
Retail Class:	11/30/13	§		11.45		0.05			0.78			0.83			(0.05	)		—			(0.05	)		12.23		7.31	^b		651,077			0.35	^c		0.25	^c		0.93	^c		10	^b
	5/31/13			9.94		0.21			1.56			1.77			(0.26	)		—			(0.26	)		11.45		18.00			607,883			0.36			0.25			1.92			17
	5/31/12			10.41		0.20			(0.42	)		(0.22	)		(0.25	)		—			(0.25	)		9.94		(2.03	)		525,266			0.33			0.25			1.97			15
	5/31/11	†		9.42		0.15			1.02			1.17			(0.18	)		—			(0.18	)		10.41		12.52	^b		562,043			0.26	^c		0.21	^c		2.29	^c		10	^b
	9/30/10			8.75		0.22			0.67			0.89			(0.22	)		—			(0.22	)		9.42		10.34			505,725			0.21			0.16			2.47			21
	9/30/09			8.88		0.24			(0.13	)		0.11			(0.24	)		—			(0.24	)		8.75		1.70			471,190			0.44			0.05			3.13			48
	9/30/08			11.05		0.27			(2.10	)		(1.83	)		(0.33	)		(0.01	)		(0.34	)		8.88		(16.89	)		489,340			0.37			0.00			2.61			26

^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	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods presented.
^e	The Fund’s expenses do not include the expenses of the underlying funds.
^§	Unaudited
^†	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.

2013 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2013 Semiannual Report

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, which 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.

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

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

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

16	2013 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

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. The Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. The Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Fund’s tax positions taken for all open federal income tax years 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.

Note 2—valuation of investments

•	Level 1 – quoted prices in active markets for identical securities
•	Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

TIAA-CREF Managed Allocation Fund ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Transfers between levels are recognized at the end of the reporting period. For the period ended November 30, 2013, there were no transfers between levels by the Fund.

As of November 30, 2013, 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 compensated TPIS for providing distribution, promotional, and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class.

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 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, 2014, unless changed with approval of the Board.

18	2013 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

continued

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. 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, 2013	Purchases cost	Sales proceeds	Realized gain (loss	)	Dividend income	Value at November 30, 2013
Managed Allocation Fund
TIAA-CREF Bond Plus Fund	$241,420,872	$27,240,845	$3,849,304	$ (209,364	)	$3,247,809	$260,991,243
TIAA-CREF Emerging Markets Equity Fund	26,075,520	921,969	3,532,790	(226,517	)	—	23,529,785
TIAA-CREF Enhanced International Equity Index Fund	32,450,184	2,780,944	7,482,126	(1,160,310	)	—	31,779,684
TIAA-CREF Enhanced Large-Cap Growth Index Fund	50,680,829	2,538,767	3,858,270	368,099		—	56,045,262
TIAA-CREF Enhanced Large-Cap Value Index Fund	54,723,929	1,708,662	8,090,097	824,131		—	54,240,061
TIAA-CREF Global Natural Resources Fund	1,595,189	5,888,881	1,008,583	(4,558	)	—	6,636,027
TIAA-CREF Growth & Income Fund	46,375,544	820,855	6,025,312	1,170,812		301,225	46,876,287
TIAA-CREF High-Yield Fund	13,018,324	1,407,423	482,688	(16,233	)	368,289	13,861,153
TIAA-CREF International Equity Fund	39,837,298	1,295,107	12,337,471	(1,979,036	)	—	33,966,926
TIAA-CREF International Opportunities Fund	7,084,276	23,890,220	—	—		—	32,433,427
TIAA-CREF Large-Cap Growth Fund	49,648,612	1,538,600	3,481,453	656,123		—	56,471,151
TIAA-CREF Large-Cap Value Fund	53,758,500	1,071,677	6,871,289	1,698,962		—	53,963,159
TIAA-CREF Mid-Cap Growth Fund	2,957,928	760,792	1,747,925	496,736		—	2,395,270
TIAA-CREF Mid-Cap Value Fund	3,567,100	70,866	2,062,282	648,230		—	1,929,551
TIAA-CREF Money Market Fund	2,191,973	7,836	2,127,294	—		5	72,515
TIAA-CREF Small-Cap Equity Fund	22,632,824	476,065	3,020,378	451,320		—	23,975,845
	$648,018,902	$72,419,509	$65,977,262	$2,718,395		$3,917,328	$699,167,346

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 2013, the cost of portfolio investments for federal income tax purposes was $591,082,939. Net unrealized appreciation of portfolio investments for federal income tax purposes was $108,084,408, consisting of gross unrealized appreciation of $108,084,408. There was no gross unrealized depreciation.

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended November 30, 2013 were $72,419,509 and $65,977,262, respectively.

TIAA-CREF Managed Allocation Fund ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

concluded

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2013 was as follows:

	Ordinary income	Long-term capital gains	Total
5/31/2013	$14,343,632	$—	$14,343,632

The tax character of the fiscal year 2014 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. This facility expired June 2013. A new facility was entered into on June 25, 2013 expiring June 24, 2014. 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, 2013, 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.

20	2013 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

Additional information about index providers (unaudited)

Russell Indexes

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION,WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE OR THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

MSCI Indexes

TIAA-CREF Managed Allocation Fund ■ 2013 Semiannual Report

Additional information about index providers (unaudited)

concluded

22	2013 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

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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.

©2014 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF),
730 Third Avenue, New York, NY 10017-3206.

	730 Third Avenue New York, NY 10017-3206

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A12486 (1/14)

Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

Not Applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

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 registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(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.

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.

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

TIAA-CREF FUNDS

January 15, 2014

/s/ Robert G. Leary

Robert G. Leary

President and Principal Executive Officer