N-CSRS 1 c79524_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)

Terry H. Lin, 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, 2014

Item 1. Reports to Stockholders.

2014 Semiannual Report

TIAA-CREF Lifecycle Funds

of the TIAA-CREF Funds

November 30, 2014



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
Approval of investment management agreement		89
Additional information about index providers		94
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, 2014. 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, 2014.
	•	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 Institutional, Premier and Retirement classes or 800 223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.

2	2014 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 ■ 2014 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 45 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. 1–3 Year Government/Credit Bond Index measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to 3-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).

*	On January 1, 2014, the Barclays U.S. 1–3 Year Government/Credit Bond Index replaced the Barclays U.S. 1–5 Year Government/Credit Bond Index as the Short-Term Bond Fund’s benchmark.

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.

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

4	2014 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, 2014–November 30, 2014).

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 ■ 2014 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2014

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Institutional Class	(6/1/14		)	(11/30/14		)	(6/1/14–11/30/14		)	(6/1/14–11/30/14		)
Retirement Income Fund actual return	$	1,000.00		$	1,020.61			$0.00			$1.92
5% annual hypothetical return		1,000.00			1,025.07			0.00			1.93
2010 Fund actual return	$	1,000.00		$	1,022.41			$0.00			$1.98
5% annual hypothetical return		1,000.00			1,025.07			0.00			1.98
2015 Fund actual return	$	1,000.00		$	1,025.00			$0.00			$2.03
5% annual hypothetical return		1,000.00			1,025.07			0.00			2.03
2020 Fund actual return	$	1,000.00		$	1,026.70			$0.00			$2.08
5% annual hypothetical return		1,000.00			1,025.07			0.00			2.08
2025 Fund actual return	$	1,000.00		$	1,029.36			$0.00			$2.19
5% annual hypothetical return		1,000.00			1,025.07			0.00			2.18
2030 Fund actual return	$	1,000.00		$	1,031.31			$0.00			$2.24
5% annual hypothetical return		1,000.00			1,025.07			0.00			2.23
2035 Fund actual return	$	1,000.00		$	1,032.82			$0.00			$2.29
5% annual hypothetical return		1,000.00			1,025.07			0.00			2.28
2040 Fund actual return	$	1,000.00		$	1,034.33			$0.00			$2.35
5% annual hypothetical return		1,000.00			1,025.07			0.00			2.33
2045 Fund actual return	$	1,000.00		$	1,034.20			$0.00			$2.35
5% annual hypothetical return		1,000.00			1,025.07			0.00			2.33
2050 Fund actual return	$	1,000.00		$	1,034.30			$0.00			$2.35
5% annual hypothetical return		1,000.00			1,025.07			0.00			2.33
2055 Fund actual return	$	1,000.00		$	1,034.06			$0.00			$2.35
5% annual hypothetical return		1,000.00			1,025.07			0.00			2.33

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, 2014. 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.

6	2014 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; 0.40% for the 2015 Fund; 0.41% for the 2020 Fund; 0.43% for the 2025 Fund; 0.44% for the 2030 Fund; 0.45% for the 2035 Fund; and 0.46% for the 2040, 2045, 2050 and 2055 Funds.

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2014

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Premier Class	(6/1/14		)	(11/30/14		)	(6/1/14–11/30/14		)	(6/1/14–11/30/14		)
Retirement Income Fund actual return	$	1,000.00		$	1,019.90			$0.76			$2.68
5% annual hypothetical return		1,000.00			1,024.32			0.76			2.69
2010 Fund actual return	$	1,000.00		$	1,022.47			$0.76			$2.74
5% annual hypothetical return		1,000.00			1,024.32			0.76			2.74
2015 Fund actual return	$	1,000.00		$	1,023.21			$0.76			$2.79
5% annual hypothetical return		1,000.00			1,024.32			0.76			2.79
2020 Fund actual return	$	1,000.00		$	1,025.83			$0.76			$2.84
5% annual hypothetical return		1,000.00			1,024.32			0.76			2.84
2025 Fund actual return	$	1,000.00		$	1,028.55			$0.76			$2.95
5% annual hypothetical return		1,000.00			1,024.32			0.76			2.94
2030 Fund actual return	$	1,000.00		$	1,030.50			$0.76			$3.00
5% annual hypothetical return		1,000.00			1,024.32			0.76			2.99
2035 Fund actual return	$	1,000.00		$	1,031.99			$0.76			$3.06
5% annual hypothetical return		1,000.00			1,024.32			0.76			3.04
2040 Fund actual return	$	1,000.00		$	1,033.51			$0.76			$3.11
5% annual hypothetical return		1,000.00			1,024.32			0.76			3.09
2045 Fund actual return	$	1,000.00		$	1,032.49			$0.76			$3.11
5% annual hypothetical return		1,000.00			1,024.32			0.76			3.09
2050 Fund actual return	$	1,000.00		$	1,033.48			$0.76			$3.11
5% annual hypothetical return		1,000.00			1,024.32			0.76			3.09
2055 Fund actual return	$	1,000.00		$	1,033.33			$0.76			$3.11
5% annual hypothetical return		1,000.00			1,024.32			0.76			3.09

8	2014 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 0.53% for the Retirement Income Fund; 0.54% for the 2010 Fund; 0.55% for the 2015 Fund; 0.56% for the 2020 Fund; 0.58% for the 2025 Fund; 0.59% for the 2030 Fund; 0.60% for the 2035 Fund; and 0.61% for the 2040, 2045, 2050 and 2055 Funds.

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2014

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Retirement Class	(6/1/14		)	(11/30/14		)	(6/1/14–11/30/14		)	(6/1/14–11/30/14		)
Retirement Income Fund actual return	$	1,000.00		$	1,020.30			$1.27			$3.19
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.19
2010 Fund actual return	$	1,000.00		$	1,021.89			$1.27			$3.24
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.24
2015 Fund actual return	$	1,000.00		$	1,023.70			$1.27			$3.30
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.29
2020 Fund actual return	$	1,000.00		$	1,025.44			$1.27			$3.35
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.35
2025 Fund actual return	$	1,000.00		$	1,027.42			$1.27			$3.46
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.45
2030 Fund actual return	$	1,000.00		$	1,030.17			$1.27			$3.51
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.50
2035 Fund actual return	$	1,000.00		$	1,031.69			$1.27			$3.57
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.55
2040 Fund actual return	$	1,000.00		$	1,033.12			$1.27			$3.62
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.60
2045 Fund actual return	$	1,000.00		$	1,032.58			$1.27			$3.62
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.60
2050 Fund actual return	$	1,000.00		$	1,032.67			$1.27			$3.62
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.60
2055 Fund actual return	$	1,000.00		$	1,032.52			$1.27			$3.62
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.60

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, 2014. 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.

10	2014 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 0.63% for the Retirement Income Fund; 0.64% for the 2010 Fund; 0.65% for the 2015 Fund; 0.66% for the 2020 Fund; 0.68% for the 2025 Fund; 0.69% for the 2030 Fund; 0.70% for the 2035 Fund; and 0.71% for the 2040, 2045, 2050 and 2055 Funds.

Expense example

Six months ended November 30, 2014

	Beginning			Ending						Effective
	account			account			Expenses paid			expenses paid
Lifecycle Funds	value			value			during period		*	during period		^†
Retail Class	(6/1/14		)	(11/30/14		)	(6/1/14–11/30/14		)	(6/1/14–11/30/14		)
Retirement Income Fund actual return	$	1,000.00		$	1,020.31			$1.27			$3.19
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, 2014. 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 ■ 2014 Semiannual Report

Investment results of the Lifecycle Funds

Performance for the six months ended November 30, 2014

All eleven TIAA-CREF Lifecycle Funds covered in this report generated positive total returns but underperformed their respective composite benchmarks for the six-month period. Returns for the Retirement Class ranged from 2.03% for the Retirement Income Fund to 3.31% for the Lifecycle 2040 Fund. The tables on the following pages show returns for all share classes of the funds.

The underperformance of the individual Lifecycle Funds, in relation to their respective composite benchmarks, ranged from 0.77 of a percentage point for the Lifecycle 2055 Fund to 0.42 of a percentage point for the Retirement Income Fund. (All results for the Lifecycle Funds are for the Retirement Class.)

U.S. economy regains its footing

In June 2014, the U.S. economy continued to expand. Real gross domestic product, which measures the value of all goods and services produced in the nation, rose at an annual rate of 5.0% in the third calendar quarter of this year. The national unemployment rate fell to 5.8% in November, and inflation remained tame. In late October, the Fed ended its $85 billion monthly purchases of U.S. Treasury bonds and mortgage-backed securities, and it reaffirmed its plan to keep its short-term interest rate target near zero “for a considerable time” but implied that it may begin to raise rates by mid-2015. Conversely, central banks in some European markets, Japan and China boosted efforts to stimulate their sluggish economies.

The broad U.S. stock market, as measured by the Russell 3000^® Index, rose 7.89% for the six months. Stocks of large-capitalization companies in the index collectively outperformed their smaller-cap counterparts. Many international markets rose early in the period but later dropped amid concerns about conflicts overseas and slowing economic growth abroad. The MSCI All Country World ex USA Index, which measures the performance of large- and mid-cap stocks in 45 developed and emerging market countries outside the United States, returned –3.94% for the reporting period in terms of dollars.

The broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 1.92% for the period. Yields in the broader bond market also moved lower, with the yield on fixed-income securities within the Barclays aggregate index declining from 2.25% on June 2 to 2.17% on November 28. Inflation-indexed bonds, as measured by the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), returned –0.65%. Short-term bonds performed slightly better: The Barclays U.S. 1–3 Year Government/Credit Bond Index returned 0.42%.

12	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Funds post gains as U.S. equity market continues to rise

Each Lifecycle Fund with at least six months of performance produced positive returns for the period, largely due to the performance of U.S. equity funds.

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 gains in U.S. equities. The Large-Cap Growth and Growth & Income funds were strong contributors to performance. The Bond and Bond Plus funds had small gains. Returns of the High-Yield and Inflation-Linked Bond funds were slightly negative. Each of the underlying funds in the international equity sector posted a negative absolute return.

International stocks restrain relative performance

Each Lifecycle Fund underperformed its composite index. In the U.S. equity sector, the Large-Cap Value Fund and Enhanced Large-Cap Value Index Fund were among the largest detractors to the Lifecycle Funds’ relative performance. The biggest contribution came from the Large-Cap Growth Fund, which outperformed its benchmark, the Russell 1000^® Growth Index, by more than two percentage points. The Lifecycle Funds also benefited from investments in the Small-Cap Equity Fund, which beat its benchmark, the Russell 2000^® Index. The Emerging Markets Equity Fund’s return was almost three percentage points less than its benchmark, the MSCI Emerging Markets Index. The Global Natural Resources Fund’s return was about one percentage point lower than its benchmark’s return.

Fixed-income returns were mixed with investment-grade bonds posting solid gains while certain riskier securities underperformed. Geopolitical events in Russia and Ukraine contributed to selloffs in riskier markets. Gains in the Bond and Bond Plus funds helped to offset losses in the High-Yield and Inflation-Linked Bond funds, both of which slightly trailed their respective benchmarks, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index and the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). (Returns of the Lifecycle Funds’ underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Lifecycle Retirement Income Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle Retirement Income Fund	Inception date		6 months			1 year			5 years			since fund inception
Institutional Class		11/30/2007		2.06	%		6.04	%		7.99	%		5.06	%
Premier Class		9/30/2009		1.99			5.89			7.82			4.88	*
Retirement Class		11/30/2007		2.03			5.79			7.75			4.81
Retail Class		11/30/2007		2.03			5.79			7.78			4.89
Retirement Income Fund Composite Index^†		—		2.45			6.89			7.77			5.23	^‡
Broad market index
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.80	^‡
Russell 3000^®Index		—		7.89			15.53			16.28			7.45	^‡

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 this period has not been restated to reflect the lower expenses of the Premier Class. If these lower expenses had been reflected, the performance of the Premier Class shown for this period would have been higher.
^†	As of the close of business on November 30, 2014, 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. 1–3 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	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle Retirement Income Fund

Asset allocation

	% of net assets as of 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity		27.4	%		28.0	%
International equity		12.8			12.0
Fixed income
Fixed income		39.9			40.0
Short-term fixed income		14.9			10.0
Inflation-protected assets		5.0			10.0
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Lifecycle 2010 Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle 2010 Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		1/17/2007		2.24	%		6.41	%		8.79	%		5.81	%*
Premier Class		9/30/2009		2.25			6.35			8.63			5.65	*
Retirement Class		10/15/2004		2.19			6.21			8.52			5.60
2010 Fund Composite Index^†		—		2.69			7.40			8.54			5.90	^‡
Broad market index
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.79	^‡
Russell 3000^®Index		—		7.89			15.53			16.28			8.32	^‡

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, 2014, the 2010 Fund Composite Index consisted of: 38.8% Barclays U.S. Aggregate Bond Index; 31.9% Russell 3000 Index; 13.7% MSCI All Country World ex USA Index; 7.8% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 7.8% 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	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2010 Fund

Asset allocation

	% of net assets as of 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity		31.3	%		31.5	%
International equity		14.5			13.5
Fixed income
Fixed income		38.7			39.0
Short-term fixed income		10.0			8.0
Inflation-protected assets		5.3			8.0
Other assets & liabilities, net		0.2			–
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Lifecycle 2015 Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle 2015 Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		1/17/2007		2.50	%		6.86	%		9.39	%		5.95	%*
Premier Class		9/30/2009		2.32			6.62			9.20			5.79	*
Retirement Class		10/15/2004		2.37			6.57			9.11			5.74
2015 Fund Composite Index^†		—		2.90			7.86			9.19			6.05	^‡
Broad market index
Russell 3000^®Index		—		7.89			15.53			16.28			8.32	^‡
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.79	^‡

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, 2014, the 2015 Fund Composite Index consisted of: 37.5% Barclays U.S. Aggregate Bond Index; 35.6% Russell 3000 Index; 15.3% MSCI All Country World ex USA Index; 5.8% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 5.8% 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	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2015 Fund

Asset allocation

	% of net assets as of 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity		35.0	%		35.0	%
International equity		16.1			15.0
Fixed income
Fixed income		37.4			38.0
Short-term fixed income		6.0			6.0
Inflation-protected assets		5.4			6.0
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Lifecycle 2020 Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle 2020 Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		1/17/2007		2.67	%		7.20	%		10.11	%		6.02	%*
Premier Class		9/30/2009		2.58			7.07			9.96			5.88	*
Retirement Class		10/15/2004		2.54			6.90			9.84			5.82
2020 Fund Composite Index^†		—		3.17			8.44			9.97			6.16	^‡
Broad market index
Russell 3000^®Index		—		7.89			15.53			16.28			8.32	^‡
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.79	^‡

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, 2014, the 2020 Fund Composite Index consisted of: 41.2% Russell 3000 Index; 33.5% Barclays U.S. Aggregate Bond Index; 17.7% MSCI All Country World ex USA Index; 3.8% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 3.8% 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	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2020 Fund

Asset allocation

	% of net assets as of 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity		40.7	%		40.6	%
International equity		18.4			17.4
Fixed income
Fixed income		33.4			34.0
Short-term fixed income		3.6			4.0
Inflation-protected assets		3.8			4.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Lifecycle 2025 Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle 2025 Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		1/17/2007		2.94	%		7.66	%		10.85	%		6.11	%*
Premier Class		9/30/2009		2.85			7.44			10.66			5.94	*
Retirement Class		10/15/2004		2.74			7.30			10.55			5.89
2025 Fund Composite Index^†		—		3.43			9.02			10.74			6.26	^‡
Broad market index
Russell 3000^®Index		—		7.89			15.53			16.28			8.32	^‡
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.79	^‡

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, 2014, the 2025 Fund Composite Index consisted of: 46.8% Russell 3000 Index; 29.5% Barclays U.S. Aggregate Bond Index; 20.1% MSCI All Country World ex USA Index; 1.8% Barclays U.S. 1–3 Year Government/Credit Bond Index; and 1.8% 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	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2025 Fund

Asset allocation

% of net assets as of 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity	46.2	%		46.2	%
International equity	20.8			19.8
Fixed income
Fixed income	29.5			30.0
Short-term fixed income	1.7			2.0
Inflation-protected assets	1.8			2.0
Total	100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Lifecycle 2030 Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle 2030 Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		1/17/2007		3.13	%		7.90	%		11.48	%		6.11	%*
Premier Class		9/30/2009		3.05			7.78			11.29			5.95	*
Retirement Class		10/15/2004		3.02			7.63			11.18			5.90
2030 Fund Composite Index^†		—		3.68			9.57			11.48			6.35	^‡
Broad market index
Russell 3000^®Index		—		7.89			15.53			16.28			8.32	^‡
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.79	^‡

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, 2014, the 2030 Fund Composite Index consisted of: 52.4% Russell 3000 Index; 25.1% Barclays U.S. Aggregate Bond Index; and 22.5% 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 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity		51.8	%		51.8	%
International equity		23.2			22.2
Fixed income		25.0			26.0
Total		100.0			100.0

Target allocation

For June 30, 2015

24	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2035 Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle 2035 Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		1/17/2007		3.28	%		8.21	%		12.05	%		6.35	%*
Premier Class		9/30/2009		3.20			7.99			11.87			6.20	*
Retirement Class		10/15/2004		3.17			7.92			11.78			6.14
2035 Fund Composite Index^†		—		3.87			10.01			12.17			6.64	^‡
Broad market index
Russell 3000^®Index		—		7.89			15.53			16.28			8.32	^‡
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.79	^‡

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, 2014, the 2035 Fund Composite Index consisted of: 58.0% Russell 3000 Index; 24.9% MSCI All Country World ex USA Index; and 17.1% 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 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity		57.4	%		57.4	%
International equity		25.6			24.6
Fixed income		17.0			18.0
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Lifecycle 2040 Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle 2040 Fund	Inception date		6 months			1 year			5 years			10 years
Institutional Class		1/17/2007		3.43	%		8.39	%		12.37	%		6.67	%*
Premier Class		9/30/2009		3.35			8.16			12.19			6.51	*
Retirement Class		10/15/2004		3.31			8.15			12.09			6.46
2040 Fund Composite Index^†		—		4.02			10.35			12.53			6.95	^‡
Broad market index
Russell 3000^®Index		—		7.89			15.53			16.28			8.32	^‡
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.79	^‡

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, 2014, 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 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity		62.2	%		63.0	%
International equity		27.8			27.0
Fixed income		10.0			10.0
Total		100.0			100.0

Target allocation

For June 30, 2015

26	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2045 Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle 2045 Fund	Inception date		6 months			1 year			5 years			since fund inception
Institutional Class		11/30/2007		3.42	%		8.36	%		12.30	%		4.64	%
Premier Class		9/30/2009		3.25			8.18			12.12			4.46	*
Retirement Class		11/30/2007		3.26			8.07			12.03			4.38
2045 Fund Composite Index^†		—		4.02			10.35			12.53			5.36	^‡
Broad market index
Russell 3000^®Index		—		7.89			15.53			16.28			7.45	^‡
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.80	^‡

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 this period has not been restated to reflect the lower expenses of the Premier Class. If these lower expenses had been reflected, the performance of the Premier Class shown for this period would have been higher.
^†	As of the close of business on November 30, 2014, 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 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity		62.2	%		63.0	%
International equity		27.9			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		-0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Lifecycle 2050 Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle 2050 Fund	Inception date		6 months			1 year			5 years			since fund inception
Institutional Class		11/30/2007		3.43	%		8.30	%		12.32	%		4.62	%
Premier Class		9/30/2009		3.35			8.22			12.15			4.42	*
Retirement Class		11/30/2007		3.27			8.12			12.05			4.35
2050 Fund Composite Index^†		—		4.02			10.35			12.53			5.36	^‡
Broad market index
Russell 3000^®Index		—		7.89			15.53			16.28			7.45	^‡
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.80	^‡

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 this period has not been restated to reflect the lower expenses of the Premier Class. If these lower expenses had been reflected, the performance of the Premier Class shown for this period would have been higher.
^†	As of the close of business on November 30, 2014, 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 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity		62.1	%		63.0	%
International equity		27.9			27.0
Fixed income		10.0			10.0
Total		100.0			100.0

Target allocation

For June 30, 2015

28	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Lifecycle 2055 Fund

Performance as of November 30, 2014

			Total return						Average annual total return
Lifecycle 2055 Fund	Inception date		6 months			1 year			since fund inception
Institutional Class		4/29/2011		3.41	%		8.36	%		9.68	%
Premier Class		4/29/2011		3.33			8.13			9.50
Retirement Class		4/29/2011		3.25			8.00			9.39
2055 Fund Composite Index*		—		4.02			10.35			10.35	^†
Broad market index
Russell 3000^® Index		—		7.89			15.53			14.27	^†
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			3.88	^†

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, 2014, 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 11/30/14			Target allocation for 6/30/15
Equity
U.S. equity		62.0	%		63.0	%
International equity		27.9			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.1			–
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Retirement Income Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS – 100.0% (a)

FIXED INCOME – 39.9%
	8,374,466	TIAA-CREF Bond Fund		$	88,936,832		26.4	%
	3,398,524	TIAA-CREF Bond Plus Fund			36,670,072		10.9
	194,511	TIAA-CREF Emerging Markets Debt Fund			1,943,165		0.6
	655,665	TIAA-CREF High-Yield Fund			6,635,331		2.0
		TOTAL FIXED INCOME			134,185,400		39.9

INFLATION-PROTECTED ASSETS – 5.0%
	1,461,689	TIAA-CREF Inflation-Linked Bond Fund			16,809,427		5.0
		TOTAL INFLATION-PROTECTED ASSETS			16,809,427		5.0

INTERNATIONAL EQUITY – 12.8%
	782,424	TIAA-CREF Emerging Markets Equity Fund			8,387,587		2.5
	1,213,442	TIAA-CREF Enhanced International Equity Index Fund			9,756,075		2.9
	246,084	TIAA-CREF Global Natural Resources Fund			2,197,534		0.6
	1,098,032	TIAA-CREF International Equity Fund			12,407,767		3.7
	995,208	TIAA-CREF International Opportunities Fund			10,499,441		3.1
		TOTAL INTERNATIONAL EQUITY			43,248,404		12.8

SHORT-TERM FIXED INCOME – 14.9%
	27,890	TIAA-CREF Money Market Fund			27,890		0.0
	4,799,701	TIAA-CREF Short-Term Bond Fund			49,964,882		14.9
		TOTAL SHORT-TERM FIXED INCOME			49,992,772		14.9

U.S. EQUITY – 27.4%
	1,380,977	TIAA-CREF Enhanced Large-Cap Growth Index Fund			17,358,885		5.2
	1,452,827	TIAA-CREF Enhanced Large-Cap Value Index Fund			16,533,174		4.9
	1,125,110	TIAA-CREF Growth & Income Fund			15,020,216		4.5
	1,057,807	TIAA-CREF Large-Cap Growth Fund			18,088,502		5.4
	904,495	TIAA-CREF Large-Cap Value Fund			17,185,400		5.1
	17,847	TIAA-CREF Mid-Cap Growth Fund			446,363		0.1
	13,751	TIAA-CREF Mid-Cap Value Fund			350,914		0.1
	364,355	TIAA-CREF Small-Cap Equity Fund			7,188,721		2.1
		TOTAL U.S. EQUITY			92,172,175		27.4
		TOTAL TIAA-CREF FUNDS	(Cost $299,441,225)		336,408,178		100.0

		TOTAL PORTFOLIO	(Cost $299,441,225)		336,408,178		100.0
		OTHER ASSETS & LIABILITIES, NET			7,951		0.0
		NET ASSETS		$	336,416,129		100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2010 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS – 99.8% (a)

FIXED INCOME – 38.7%
	25,750,954	TIAA-CREF Bond Fund		$	273,475,126		25.3	%
	10,870,681	TIAA-CREF Bond Plus Fund			117,294,647		10.9
	621,550	TIAA-CREF Emerging Markets Debt Fund			6,209,289		0.6
	2,067,713	TIAA-CREF High-Yield Fund			20,925,259		1.9
		TOTAL FIXED INCOME			417,904,321		38.7

INFLATION-PROTECTED ASSETS – 5.3%
	5,039,089	TIAA-CREF Inflation-Linked Bond Fund			57,949,518		5.3
		TOTAL INFLATION-PROTECTED ASSETS			57,949,518		5.3

INTERNATIONAL EQUITY – 14.5%
	2,773,291	TIAA-CREF Emerging Markets Equity Fund			29,729,682		2.8
	4,479,226	TIAA-CREF Enhanced International Equity Index Fund			36,012,979		3.3
	891,911	TIAA-CREF Global Natural Resources Fund			7,964,765		0.7
	3,973,829	TIAA-CREF International Equity Fund			44,904,263		4.2
	3,589,660	TIAA-CREF International Opportunities Fund			37,870,914		3.5
		TOTAL INTERNATIONAL EQUITY			156,482,603		14.5

SHORT-TERM FIXED INCOME – 10.0%
	58,956	TIAA-CREF Money Market Fund			58,956		0.0
	10,332,830	TIAA-CREF Short-Term Bond Fund			107,564,758		10.0
		TOTAL SHORT-TERM FIXED INCOME			107,623,714		10.0

U.S. EQUITY – 31.3%
	5,078,360	TIAA-CREF Enhanced Large-Cap Growth Index Fund			63,834,981		5.9
	5,363,944	TIAA-CREF Enhanced Large-Cap Value Index Fund			61,041,687		5.6
	4,112,189	TIAA-CREF Growth & Income Fund			54,897,724		5.1
	3,860,477	TIAA-CREF Large-Cap Growth Fund			66,014,155		6.1
	3,300,018	TIAA-CREF Large-Cap Value Fund			62,700,350		5.8
	78,784	TIAA-CREF Mid-Cap Growth Fund			1,970,390		0.2
	65,189	TIAA-CREF Mid-Cap Value Fund			1,663,636		0.2
	1,319,440	TIAA-CREF Small-Cap Equity Fund			26,032,554		2.4
		TOTAL U.S. EQUITY			338,155,477		31.3
		TOTAL TIAA-CREF FUNDS	(Cost $910,152,716)		1,078,115,633		99.8

		TOTAL PORTFOLIO	(Cost $910,152,716)		1,078,115,633		99.8
		OTHER ASSETS & LIABILITIES, NET			1,723,058		0.2
		NET ASSETS		$	1,079,838,691		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 ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2015 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS – 99.9% (a)

FIXED INCOME – 37.4%
	38,992,988	TIAA-CREF Bond Fund		$	414,105,535		24.0	%
	17,378,432	TIAA-CREF Bond Plus Fund			187,513,279		10.9
	994,046	TIAA-CREF Emerging Markets Debt Fund			9,930,521		0.6
	3,295,961	TIAA-CREF High-Yield Fund			33,355,124		1.9
		TOTAL FIXED INCOME			644,904,459		37.4

INFLATION-PROTECTED ASSETS – 5.4%
	8,060,450	TIAA-CREF Inflation-Linked Bond Fund			92,695,170		5.4
		TOTAL INFLATION-PROTECTED ASSETS			92,695,170		5.4

INTERNATIONAL EQUITY – 16.1%
	4,860,788	TIAA-CREF Emerging Markets Equity Fund			52,107,644		3.0
	8,046,973	TIAA-CREF Enhanced International Equity Index Fund			64,697,659		3.8
	1,578,565	TIAA-CREF Global Natural Resources Fund			14,096,586		0.8
	7,040,374	TIAA-CREF International Equity Fund			79,556,221		4.6
	6,335,666	TIAA-CREF International Opportunities Fund			66,841,278		3.9
		TOTAL INTERNATIONAL EQUITY			277,299,388		16.1

SHORT-TERM FIXED INCOME – 6.0%
	143,145	TIAA-CREF Money Market Fund			143,145		0.0
	10,005,964	TIAA-CREF Short-Term Bond Fund			104,162,083		6.0
		TOTAL SHORT-TERM FIXED INCOME			104,305,228		6.0

U.S. EQUITY – 35.0%
	9,101,908	TIAA-CREF Enhanced Large-Cap Growth Index Fund			114,410,982		6.6
	9,558,256	TIAA-CREF Enhanced Large-Cap Value Index Fund			108,772,957		6.3
	7,339,998	TIAA-CREF Growth & Income Fund			97,988,975		5.7
	6,884,112	TIAA-CREF Large-Cap Growth Fund			117,718,312		6.8
	5,908,765	TIAA-CREF Large-Cap Value Fund			112,266,538		6.5
	162,806	TIAA-CREF Mid-Cap Growth Fund			4,071,779		0.2
	135,947	TIAA-CREF Mid-Cap Value Fund			3,469,365		0.2
	2,343,815	TIAA-CREF Small-Cap Equity Fund			46,243,463		2.7
		TOTAL U.S. EQUITY			604,942,371		35.0
		TOTAL TIAA-CREF FUNDS	(Cost $1,564,156,834)		1,724,146,616		99.9

		TOTAL PORTFOLIO	(Cost $1,564,156,834)		1,724,146,616		99.9
		OTHER ASSETS & LIABILITIES, NET			942,348		0.1
		NET ASSETS		$	1,725,088,964		100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2020 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS – 99.9% (a)

FIXED INCOME – 33.4%
	48,457,043	TIAA-CREF Bond Fund		$	514,613,792		19.9	%
	26,023,365	TIAA-CREF Bond Plus Fund			280,792,110		10.8
	1,488,654	TIAA-CREF Emerging Markets Debt Fund			14,871,658		0.6
	5,352,079	TIAA-CREF High-Yield Fund			54,163,044		2.1
		TOTAL FIXED INCOME			864,440,604		33.4

INFLATION-PROTECTED ASSETS – 3.8%
	8,495,995	TIAA-CREF Inflation-Linked Bond Fund			97,703,946		3.8
		TOTAL INFLATION-PROTECTED ASSETS			97,703,946		3.8

INTERNATIONAL EQUITY – 18.4%
	8,195,882	TIAA-CREF Emerging Markets Equity Fund			87,859,856		3.4
	14,047,103	TIAA-CREF Enhanced International Equity Index Fund			112,938,709		4.3
	2,801,321	TIAA-CREF Global Natural Resources Fund			25,015,796		1.0
	12,007,627	TIAA-CREF International Equity Fund			135,686,188		5.2
	10,991,891	TIAA-CREF International Opportunities Fund			115,964,454		4.5
		TOTAL INTERNATIONAL EQUITY			477,465,003		18.4

SHORT-TERM FIXED INCOME – 3.6%
	191,587	TIAA-CREF Money Market Fund			191,587		0.0
	9,111,630	TIAA-CREF Short-Term Bond Fund			94,852,072		3.6
		TOTAL SHORT-TERM FIXED INCOME			95,043,659		3.6

U.S. EQUITY – 40.7%
	15,817,432	TIAA-CREF Enhanced Large-Cap Growth Index Fund			198,825,121		7.7
	16,639,803	TIAA-CREF Enhanced Large-Cap Value Index Fund			189,360,956		7.3
	12,724,201	TIAA-CREF Growth & Income Fund			169,868,088		6.6
	11,963,356	TIAA-CREF Large-Cap Growth Fund			204,573,382		7.9
	10,222,245	TIAA-CREF Large-Cap Value Fund			194,222,656		7.5
	332,335	TIAA-CREF Mid-Cap Growth Fund			8,311,709		0.3
	286,639	TIAA-CREF Mid-Cap Value Fund			7,315,036		0.3
	4,111,638	TIAA-CREF Small-Cap Equity Fund			81,122,620		3.1
		TOTAL U.S. EQUITY			1,053,599,568		40.7
		TOTAL TIAA-CREF FUNDS	(Cost $2,304,847,231)		2,588,252,780		99.9

		TOTAL PORTFOLIO	(Cost $2,304,847,231)		2,588,252,780		99.9
		OTHER ASSETS & LIABILITIES, NET			1,380,828		0.1
		NET ASSETS		$	2,589,633,608		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 ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2025 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS – 100.0% (a)

FIXED INCOME – 29.5%
	36,852,909	TIAA-CREF Bond Fund		$	391,377,898		15.0	%
	26,271,286	TIAA-CREF Bond Plus Fund			283,467,175		10.9
	1,499,661	TIAA-CREF Emerging Markets Debt Fund			14,981,612		0.6
	7,815,280	TIAA-CREF High-Yield Fund			79,090,637		3.0
		TOTAL FIXED INCOME			768,917,322		29.5

INFLATION-PROTECTED ASSETS – 1.8%
	4,017,415	TIAA-CREF Inflation-Linked Bond Fund			46,200,272		1.8
		TOTAL INFLATION-PROTECTED ASSETS			46,200,272		1.8

INTERNATIONAL EQUITY – 20.8%
	9,176,110	TIAA-CREF Emerging Markets Equity Fund			98,367,897		3.8
	16,153,871	TIAA-CREF Enhanced International Equity Index Fund			129,877,119		5.0
	3,157,013	TIAA-CREF Global Natural Resources Fund			28,192,127		1.1
	13,542,148	TIAA-CREF International Equity Fund			153,026,267		5.8
	12,573,456	TIAA-CREF International Opportunities Fund			132,649,963		5.1
		TOTAL INTERNATIONAL EQUITY			542,113,373		20.8

SHORT-TERM FIXED INCOME – 1.7%
	187,740	TIAA-CREF Money Market Fund			187,740		0.0
	4,259,440	TIAA-CREF Short-Term Bond Fund			44,340,775		1.7
		TOTAL SHORT-TERM FIXED INCOME			44,528,515		1.7

U.S. EQUITY – 46.2%
	18,093,047	TIAA-CREF Enhanced Large-Cap Growth Index Fund			227,429,605		8.7
	19,069,004	TIAA-CREF Enhanced Large-Cap Value Index Fund			217,005,267		8.3
	14,520,816	TIAA-CREF Growth & Income Fund			193,852,899		7.4
	13,663,504	TIAA-CREF Large-Cap Growth Fund			233,645,914		9.0
	11,695,963	TIAA-CREF Large-Cap Value Fund			222,223,303		8.5
	424,270	TIAA-CREF Mid-Cap Growth Fund			10,610,983		0.4
	363,886	TIAA-CREF Mid-Cap Value Fund			9,286,382		0.4
	4,691,829	TIAA-CREF Small-Cap Equity Fund			92,569,781		3.5
		TOTAL U.S. EQUITY			1,206,624,134		46.2
		TOTAL TIAA-CREF FUNDS	(Cost $2,278,596,207)		2,608,383,616		100.0

		TOTAL PORTFOLIO	(Cost $2,278,596,207)		2,608,383,616		100.0
		OTHER ASSETS & LIABILITIES, NET			432,188		0.0
		NET ASSETS		$	2,608,815,804		100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2030 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS – 100.0% (a)

FIXED INCOME – 25.0%
	25,993,501	TIAA-CREF Bond Fund		$	276,050,975		11.0	%
	22,269,049	TIAA-CREF Bond Plus Fund			240,283,035		9.5
	1,442,787	TIAA-CREF Emerging Markets Debt Fund			14,413,441		0.6
	9,640,671	TIAA-CREF High-Yield Fund			97,563,596		3.9
		TOTAL FIXED INCOME			628,311,047		25.0

INTERNATIONAL EQUITY – 23.2%
	9,773,824	TIAA-CREF Emerging Markets Equity Fund			104,775,390		4.2
	17,474,936	TIAA-CREF Enhanced International Equity Index Fund			140,498,485		5.6
	3,385,713	TIAA-CREF Global Natural Resources Fund			30,234,418		1.2
	14,551,076	TIAA-CREF International Equity Fund			164,427,154		6.6
	13,398,294	TIAA-CREF International Opportunities Fund			141,352,000		5.6
		TOTAL INTERNATIONAL EQUITY			581,287,447		23.2

SHORT-TERM FIXED INCOME – 0.0%
	180,563	TIAA-CREF Money Market Fund			180,563		0.0
		TOTAL SHORT-TERM FIXED INCOME			180,563		0.0

U.S. EQUITY – 51.8%
	19,501,023	TIAA-CREF Enhanced Large-Cap Growth Index Fund			245,127,857		9.8
	20,563,002	TIAA-CREF Enhanced Large-Cap Value Index Fund			234,006,961		9.3
	15,650,707	TIAA-CREF Growth & Income Fund			208,936,939		8.3
	14,703,245	TIAA-CREF Large-Cap Growth Fund			251,425,487		10.0
	12,573,917	TIAA-CREF Large-Cap Value Fund			238,904,428		9.5
	485,418	TIAA-CREF Mid-Cap Growth Fund			12,140,304		0.5
	424,477	TIAA-CREF Mid-Cap Value Fund			10,832,644		0.4
	5,046,702	TIAA-CREF Small-Cap Equity Fund			99,571,435		4.0
		TOTAL U.S. EQUITY			1,300,946,055		51.8
		TOTAL TIAA-CREF FUNDS	(Cost $2,140,941,383)		2,510,725,112		100.0

		TOTAL PORTFOLIO	(Cost $2,140,941,383)		2,510,725,112		100.0
		OTHER ASSETS & LIABILITIES, NET			378,817		0.0
		NET ASSETS		$	2,511,103,929		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 Lifecycle Funds ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2035 Fund ■ November 30, 2014

Shares		Security	Value		% of net assets
TIAA-CREF FUNDS – 100.0% (a)

FIXED INCOME – 17.0%
	15,607,658	TIAA-CREF Bond Fund	$	165,753,333		6.5	%
	14,211,596	TIAA-CREF Bond Plus Fund		153,343,116		6.0
	1,461,360	TIAA-CREF Emerging Markets Debt Fund		14,598,988		0.6
	9,861,313	TIAA-CREF High-Yield Fund		99,796,487		3.9
		TOTAL FIXED INCOME		433,491,924		17.0

INTERNATIONAL EQUITY – 25.6%
	10,969,455	TIAA-CREF Emerging Markets Equity Fund		117,592,558		4.6
	19,785,385	TIAA-CREF Enhanced International Equity Index Fund		159,074,493		6.3
	3,777,812	TIAA-CREF Global Natural Resources Fund		33,735,865		1.3
	16,178,610	TIAA-CREF International Equity Fund		182,818,294		7.2
	14,939,377	TIAA-CREF International Opportunities Fund		157,610,428		6.2
		TOTAL INTERNATIONAL EQUITY		650,831,638		25.6

SHORT-TERM FIXED INCOME – 0.0%
	186,513	TIAA-CREF Money Market Fund		186,513		0.0
		TOTAL SHORT-TERM FIXED INCOME		186,513		0.0

U.S. EQUITY – 57.4%
	21,902,633	TIAA-CREF Enhanced Large-Cap Growth Index Fund		275,316,100		10.8
	23,083,831	TIAA-CREF Enhanced Large-Cap Value Index Fund		262,694,000		10.3
	17,546,747	TIAA-CREF Growth & Income Fund		234,249,068		9.2
	16,488,669	TIAA-CREF Large-Cap Growth Fund		281,956,248		11.1
	14,073,217	TIAA-CREF Large-Cap Value Fund		267,391,119		10.5
	568,327	TIAA-CREF Mid-Cap Growth Fund		14,213,866		0.6
	504,761	TIAA-CREF Mid-Cap Value Fund		12,881,504		0.5
	5,658,853	TIAA-CREF Small-Cap Equity Fund		111,649,160		4.4
		TOTAL U.S. EQUITY		1,460,351,065		57.4
		TOTAL TIAA-CREF FUNDS (Cost $2,128,123,272)		2,544,861,140		100.0

		TOTAL PORTFOLIO (Cost $2,128,123,272)		2,544,861,140		100.0
		OTHER ASSETS & LIABILITIES, NET		13,315		0.0
		NET ASSETS	$	2,544,874,455		100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2040 Fund ■ November 30, 2014

Shares		Security	Value			% of net assets
TIAA-CREF FUNDS – 100.0% (a)

FIXED INCOME – 10.0%
	16,648,603	TIAA-CREF Bond Plus Fund	$	179,638,427			5.4	%
	1,897,404	TIAA-CREF Emerging Markets Debt Fund		18,955,062			0.6
	12,984,997	TIAA-CREF High-Yield Fund		131,408,166			4.0
		TOTAL FIXED INCOME		330,001,655			10.0

INTERNATIONAL EQUITY – 27.8%
	15,296,840	TIAA-CREF Emerging Markets Equity Fund		163,982,124			5.0
	28,160,461	TIAA-CREF Enhanced International Equity Index Fund		226,410,106			6.8
	5,491,240	TIAA-CREF Global Natural Resources Fund		49,036,777			1.5
	22,708,806	TIAA-CREF International Equity Fund		256,609,511			7.8
	21,068,210	TIAA-CREF International Opportunities Fund		222,269,620			6.7
		TOTAL INTERNATIONAL EQUITY		918,308,138			27.8

SHORT-TERM FIXED INCOME – 0.0%
	273,442	TIAA-CREF Money Market Fund		273,442			0.0
		TOTAL SHORT-TERM FIXED INCOME		273,442			0.0

U.S. EQUITY – 62.2%
	30,742,317	TIAA-CREF Enhanced Large-Cap Growth Index Fund		386,430,924			11.7
	32,452,356	TIAA-CREF Enhanced Large-Cap Value Index Fund		369,307,815			11.2
	24,602,672	TIAA-CREF Growth & Income Fund		328,445,671			9.9
	23,127,174	TIAA-CREF Large-Cap Growth Fund		395,474,667			12.0
	19,728,392	TIAA-CREF Large-Cap Value Fund		374,839,442			11.4
	838,280	TIAA-CREF Mid-Cap Growth Fund		20,965,379			0.6
	737,117	TIAA-CREF Mid-Cap Value Fund		18,811,214			0.6
	7,955,186	TIAA-CREF Small-Cap Equity Fund		156,955,820			4.8
		TOTAL U.S. EQUITY		2,051,230,932			62.2
		TOTAL TIAA-CREF FUNDS (Cost $2,702,923,137)		3,299,814,167			100.0

		TOTAL PORTFOLIO (Cost $2,702,923,137)		3,299,814,167			100.0
		OTHER ASSETS & LIABILITIES, NET		(419,055	)		0.0
		NET ASSETS	$	3,299,395,112			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 ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2045 Fund ■ November 30, 2014

Shares		Security	Value			% of net assets
TIAA-CREF FUNDS – 100.1% (a)

FIXED INCOME – 10.0%
	5,732,650	TIAA-CREF Bond Plus Fund	$	61,855,295			5.4	%
	648,884	TIAA-CREF Emerging Markets Debt Fund		6,482,356			0.6
	4,495,185	TIAA-CREF High-Yield Fund		45,491,271			4.0
		TOTAL FIXED INCOME		113,828,922			10.0

INTERNATIONAL EQUITY – 27.9%
	5,267,515	TIAA-CREF Emerging Markets Equity Fund		56,467,755			4.9
	9,713,535	TIAA-CREF Enhanced International Equity Index Fund		78,096,824			6.9
	1,897,330	TIAA-CREF Global Natural Resources Fund		16,943,156			1.5
	7,722,219	TIAA-CREF International Equity Fund		87,261,073			7.7
	7,404,104	TIAA-CREF International Opportunities Fund		78,113,296			6.9
		TOTAL INTERNATIONAL EQUITY		316,882,104			27.9

SHORT-TERM FIXED INCOME – 0.0%
	81,020	TIAA-CREF Money Market Fund		81,020			0.0
		TOTAL SHORT-TERM FIXED INCOME		81,020			0.0

U.S. EQUITY – 62.2%
	10,589,700	TIAA-CREF Enhanced Large-Cap Growth Index Fund		133,112,533			11.7
	11,154,557	TIAA-CREF Enhanced Large-Cap Value Index Fund		126,938,864			11.2
	8,446,018	TIAA-CREF Growth & Income Fund		112,754,347			9.9
	7,940,895	TIAA-CREF Large-Cap Growth Fund		135,789,306			12.0
	6,797,964	TIAA-CREF Large-Cap Value Fund		129,161,324			11.4
	287,352	TIAA-CREF Mid-Cap Growth Fund		7,186,665			0.6
	252,631	TIAA-CREF Mid-Cap Value Fund		6,447,148			0.6
	2,734,870	TIAA-CREF Small-Cap Equity Fund		53,958,982			4.8
		TOTAL U.S. EQUITY		705,349,169			62.2
		TOTAL TIAA-CREF FUNDS (Cost $944,689,160)		1,136,141,215			100.1

		TOTAL PORTFOLIO (Cost $944,689,160)		1,136,141,215			100.1
		OTHER ASSETS & LIABILITIES, NET		(950,745	)		(0.1	)
		NET ASSETS	$	1,135,190,470			100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2050 Fund ■ November 30, 2014

Shares		Security	Value			% of net assets
TIAA-CREF FUNDS – 100.0% (a)

FIXED INCOME – 10.0%
	3,297,942	TIAA-CREF Bond Plus Fund	$	35,584,794			5.4	%
	373,539	TIAA-CREF Emerging Markets Debt Fund		3,731,655			0.6
	2,585,948	TIAA-CREF High-Yield Fund		26,169,792			4.0
		TOTAL FIXED INCOME		65,486,241			10.0

INTERNATIONAL EQUITY – 27.9%
	3,030,277	TIAA-CREF Emerging Markets Equity Fund		32,484,571			4.9
	5,587,959	TIAA-CREF Enhanced International Equity Index Fund		44,927,187			6.9
	1,091,484	TIAA-CREF Global Natural Resources Fund		9,746,954			1.5
	4,443,048	TIAA-CREF International Equity Fund		50,206,447			7.7
	4,259,523	TIAA-CREF International Opportunities Fund		44,937,967			6.9
		TOTAL INTERNATIONAL EQUITY		182,303,126			27.9

SHORT-TERM FIXED INCOME – 0.0%
	41,882	TIAA-CREF Money Market Fund		41,882			0.0
		TOTAL SHORT-TERM FIXED INCOME		41,882			0.0

U.S. EQUITY – 62.1%
	6,092,358	TIAA-CREF Enhanced Large-Cap Growth Index Fund		76,580,941			11.7
	6,417,301	TIAA-CREF Enhanced Large-Cap Value Index Fund		73,028,880			11.2
	4,859,085	TIAA-CREF Growth & Income Fund		64,868,788			9.9
	4,568,495	TIAA-CREF Large-Cap Growth Fund		78,121,262			12.0
	3,910,914	TIAA-CREF Large-Cap Value Fund		74,307,370			11.4
	165,871	TIAA-CREF Mid-Cap Growth Fund		4,148,430			0.6
	145,360	TIAA-CREF Mid-Cap Value Fund		3,709,591			0.6
	1,573,163	TIAA-CREF Small-Cap Equity Fund		31,038,502			4.7
		TOTAL U.S. EQUITY		405,803,764			62.1
		TOTAL TIAA-CREF FUNDS (Cost $548,928,433)		653,635,013			100.0

		TOTAL PORTFOLIO (Cost $548,928,433)		653,635,013			100.0
		OTHER ASSETS & LIABILITIES, NET		(8,411	)		0.0
		NET ASSETS	$	653,626,602			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 ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle 2055 Fund ■ November 30, 2014

Shares		Security	Value		% of net assets
TIAA-CREF FUNDS – 99.9% (a)

FIXED INCOME – 10.0%
	521,802	TIAA-CREF Bond Plus Fund	$	5,630,239		5.4	%
	58,840	TIAA-CREF Emerging Markets Debt Fund		587,816		0.6
	409,162	TIAA-CREF High-Yield Fund		4,140,720		4.0
		TOTAL FIXED INCOME		10,358,775		10.0

INTERNATIONAL EQUITY – 27.9%
	479,431	TIAA-CREF Emerging Markets Equity Fund		5,139,497		4.9
	884,084	TIAA-CREF Enhanced International Equity Index Fund		7,108,031		6.9
	172,695	TIAA-CREF Global Natural Resources Fund		1,542,168		1.5
	702,870	TIAA-CREF International Equity Fund		7,942,429		7.7
	673,876	TIAA-CREF International Opportunities Fund		7,109,391		6.9
		TOTAL INTERNATIONAL EQUITY		28,841,516		27.9

SHORT-TERM FIXED INCOME – 0.0%
	6,591	TIAA-CREF Money Market Fund		6,591		0.0
		TOTAL SHORT-TERM FIXED INCOME		6,591		0.0

U.S. EQUITY – 62.0%
	963,784	TIAA-CREF Enhanced Large-Cap Growth Index Fund		12,114,766		11.7
	1,015,196	TIAA-CREF Enhanced Large-Cap Value Index Fund		11,552,931		11.2
	768,685	TIAA-CREF Growth & Income Fund		10,261,951		9.9
	722,714	TIAA-CREF Large-Cap Growth Fund		12,358,411		11.9
	618,697	TIAA-CREF Large-Cap Value Fund		11,755,240		11.4
	26,132	TIAA-CREF Mid-Cap Growth Fund		653,558		0.6
	22,950	TIAA-CREF Mid-Cap Value Fund		585,688		0.6
	248,909	TIAA-CREF Small-Cap Equity Fund		4,910,969		4.7
		TOTAL U.S. EQUITY		64,193,514		62.0
		TOTAL TIAA-CREF FUNDS (Cost $92,498,040)		103,400,396		99.9

		TOTAL PORTFOLIO (Cost $92,498,040)		103,400,396		99.9
		OTHER ASSETS & LIABILITIES, NET		53,211		0.1
		NET ASSETS	$	103,453,607		100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle 2060 Fund ■ November 30, 2014

Shares		Security	Value			% of net assets
TIAA-CREF FUNDS – 100.0% (a)

FIXED INCOME – 9.9%
	52,298	TIAA-CREF Bond Plus Fund	$	564,296			5.4	%
	5,997	TIAA-CREF Emerging Markets Debt Fund		59,913			0.6
	39,757	TIAA-CREF High-Yield Fund		402,343			3.9
		TOTAL FIXED INCOME		1,026,552			9.9

INTERNATIONAL EQUITY – 27.7%
	47,725	TIAA-CREF Emerging Markets Equity Fund		511,615			4.9
	87,737	TIAA-CREF Enhanced International Equity Index Fund		705,407			6.8
	16,797	TIAA-CREF Global Natural Resources Fund		149,993			1.5
	70,338	TIAA-CREF International Equity Fund		794,823			7.7
	66,795	TIAA-CREF International Opportunities Fund		704,688			6.8
		TOTAL INTERNATIONAL EQUITY		2,866,526			27.7

SHORT-TERM FIXED INCOME – 0.0%
	100	TIAA-CREF Money Market Fund		100			0.0
		TOTAL SHORT-TERM FIXED INCOME		100			0.0

U.S. EQUITY – 62.4%
	97,361	TIAA-CREF Enhanced Large-Cap Growth Index Fund		1,223,828			11.8
	102,484	TIAA-CREF Enhanced Large-Cap Value Index Fund		1,166,269			11.2
	77,706	TIAA-CREF Growth & Income Fund		1,037,369			10.0
	72,598	TIAA-CREF Large-Cap Growth Fund		1,241,430			12.0
	62,338	TIAA-CREF Large-Cap Value Fund		1,184,414			11.4
	2,669	TIAA-CREF Mid-Cap Growth Fund		66,756			0.6
	2,329	TIAA-CREF Mid-Cap Value Fund		59,448			0.6
	25,052	TIAA-CREF Small-Cap Equity Fund		494,279			4.8
		TOTAL U.S. EQUITY		6,473,793			62.4
		TOTAL TIAA-CREF FUNDS (Cost $10,100,324)		10,366,971			100.0

		TOTAL PORTFOLIO (Cost $10,100,324)		10,366,971			100.0
		OTHER ASSETS & LIABILITIES, NET		(313	)		0.0
		NET ASSETS	$	10,366,658			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 ■ 2014 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifecycle Funds ■ November 30, 2014

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

ASSETS
Affiliated investments, at value^‡		$	336,408,178	$	1,078,115,633	$	1,724,146,616	$	2,588,252,780	$	2,608,383,616	$	2,510,725,112
Cash			974,362		3,165,205		4,636,314		9,124,454		10,333,278		9,712,453
Receivable from securities transactions			–		135,046		1,180,977		86,691		–		–
Receivable from Fund shares sold			55,603		2,305,852		2,879,981		3,463,253		3,142,370		3,359,631
Dividends and interest receivable			333,474		988,031		1,460,410		1,931,387		1,757,132		1,473,128
Due from affiliates			8,539		21,658		33,355		49,102		49,610		47,838
Other			6,997		36,267		50,527		64,002		61,736		59,087
Total assets			337,787,153		1,084,767,692		1,734,388,180		2,602,971,669		2,623,727,742		2,525,377,249

LIABILITIES
Management fees payable			5,525		17,682		28,279		42,426		42,759		41,167
Service agreement fees payable			5,025		18,980		29,651		41,478		40,223		35,910
Distribution fees payable			18,662		14,536		24,598		43,752		41,974		43,059
Due to affiliates			1,747		5,911		9,431		13,675		13,646		13,094
Payable for securities transactions			1,185,000		4,806,797		9,097,477		13,038,191		14,656,500		14,025,750
Payable for Fund shares redeemed			130,203		–		23,081		39,900		–		–
Accrued expenses and other payables			24,862		65,095		86,699		118,639		116,836		114,340
Total liabilities			1,371,024		4,929,001		9,299,216		13,338,061		14,911,938		14,273,320

NET ASSETS		$	336,416,129	$	1,079,838,691	$	1,725,088,964	$	2,589,633,608	$	2,608,815,804	$	2,511,103,929

NET ASSETS CONSIST OF:
Paid-in-capital		$	298,707,324	$	897,619,060	$	1,475,499,928	$	2,184,271,279	$	2,157,698,397	$	2,027,110,425
Undistributed net investment income (loss)			559,490		11,454,970		16,845,978		21,333,777		18,666,179		15,060,785
Accumulated net realized gain (loss) on total investments			182,362		2,801,744		72,753,276		100,623,003		102,663,819		99,148,990
Net unrealized appreciation (depreciation) on total investments			36,966,953		167,962,917		159,989,782		283,405,549		329,787,409		369,783,729

NET ASSETS		$	336,416,129	$	1,079,838,691	$	1,725,088,964	$	2,589,633,608	$	2,608,815,804	$	2,511,103,929

INSTITUTIONAL CLASS:
Net assets		$	110,987,130	$	496,960,899	$	799,458,157	$	1,217,767,724	$	1,282,959,064	$	1,281,551,832
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			9,709,520		41,894,019		72,212,472		109,197,869		114,390,418		114,397,573
Net asset value per share			$11.43		$11.86		$11.07		$11.15		$11.22		$11.20

PREMIER CLASS:
Net assets		$	26,391,357	$	119,192,828	$	201,524,882	$	359,994,275	$	344,538,756	$	354,011,244
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			2,310,218		10,078,274		18,282,639		32,375,932		30,851,993		31,746,341
Net asset value per share			$11.42		$11.83		$11.02		$11.12		$11.17		$11.15

RETIREMENT CLASS:
Net assets		$	122,382,909	$	463,684,964	$	724,105,925	$	1,011,871,609	$	981,317,984	$	875,540,853
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			10,729,161		34,247,470		55,875,175		76,062,460		72,726,463		64,089,516
Net asset value per share			$11.41		$13.54		$12.96		$13.30		$13.49		$13.66

RETAIL CLASS:
Net assets		$	76,654,733	$	–	$	–	$	–	$	–	$	–
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			6,714,496		–		–		–		–		–
Net asset value per share			$11.42	$	–	$	–	$	–	$	–	$	–
^‡ Affiliated investments, cost		$	299,441,225	$	910,152,716	$	1,564,156,834	$	2,304,847,231	$	2,278,596,207	$	2,140,941,383


42	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds	See notes to financial statements	See notes to financial statements	TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report	43

Statements of assets and liabilities (unaudited)

concluded

TIAA-CREF Lifecycle Funds ■ November 30, 2014

	Lifecycle		Lifecycle		Lifecycle		Lifecycle		Lifecycle		Lifecycle
	2035 Fund		2040 Fund		2045 Fund		2050 Fund		2055 Fund		2060 Fund

ASSETS
Affiliated investments, at value^‡	$	2,544,861,140	$	3,299,814,167	$	1,136,141,215	$	653,635,013	$	103,400,396	$	10,366,971
Cash		10,062,401		13,526,957		6,634,222		3,769,905		718,174		21,556
Receivable from Fund shares sold		3,749,461		3,196,021		2,570,578		1,582,026		318,294		–
Dividends and interest receivable		1,086,427		981,113		334,260		192,207		30,167		3,101
Due from affiliates		48,532		63,596		22,990		14,108		3,572		2,896
Other		59,325		82,268		16,935		9,255		985		–
Total assets		2,559,867,286		3,317,664,122		1,145,720,200		659,202,514		104,471,588		10,394,524

LIABILITIES
Management fees payable		41,723		54,127		18,555		10,681		1,687		171
Service agreement fees payable		35,061		45,731		15,189		8,882		1,849		110
Distribution fees payable		41,742		57,228		20,600		12,870		2,087		313
Due to affiliates		13,301		17,401		5,757		3,303		511		36
Payable for securities transactions		14,745,000		17,940,750		10,412,250		5,506,500		942,250		13,500
Payable for Fund shares redeemed		–		341		15,259		4,004		42,312		–
Accrued expenses and other payables		116,004		153,432		42,120		29,672		27,285		13,736
Total liabilities		14,992,831		18,269,010		10,529,730		5,575,912		1,017,981		27,866

NET ASSETS	$	2,544,874,455	$	3,299,395,112	$	1,135,190,470	$	653,626,602	$	103,453,607	$	10,366,658

NET ASSETS CONSIST OF:
Paid-in-capital	$	2,007,888,322	$	2,545,478,817	$	920,291,307	$	536,460,946	$	91,262,263	$	10,095,005
Undistributed net investment income (loss)		11,377,518		10,807,589		3,453,872		1,944,213		262,383		4,724
Accumulated net realized gain (loss) on total investments		108,870,747		146,217,676		19,993,236		10,514,863		1,026,605		282
Net unrealized appreciation (depreciation) on total investments		416,737,868		596,891,030		191,452,055		104,706,580		10,902,356		266,647

NET ASSETS	$	2,544,874,455	$	3,299,395,112	$	1,135,190,470	$	653,626,602	$	103,453,607	$	10,366,658

INSTITUTIONAL CLASS:
Net assets	$	1,346,910,088	$	1,714,612,463	$	592,550,813	$	329,071,610	$	40,658,284	$	5,134,540
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		118,909,290		149,759,444		51,566,166		28,719,695		3,189,213		500,000
Net asset value per share		$11.33		$11.45		$11.49		$11.46		$12.75		$10.27

PREMIER CLASS:
Net assets	$	342,858,042	$	470,418,864	$	171,241,234	$	107,451,630	$	17,522,868	$	2,566,582
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		30,360,176		41,221,289		14,963,850		9,412,059		1,378,623		250,000
Net asset value per share		$11.29		$11.41		$11.44		$11.42		$12.71		$10.27

RETIREMENT CLASS:
Net assets	$	855,106,325	$	1,114,363,785	$	371,398,423	$	217,103,362	$	45,272,455	$	2,665,536
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		61,096,665		77,681,375		32,552,497		19,084,857		3,564,110		259,679
Net asset value per share		$14.00		$14.35		$11.41		$11.38		$12.70		$10.26
‡ Affiliated investments, cost	$	2,128,123,272	$	2,702,923,137	$	944,689,160	$	548,928,433	$	92,498,040	$	10,100,324

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Lifecycle Funds ■ For the period ended November 30, 2014

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

INVESTMENT INCOME
Dividends from affiliated investments	$	2,287,665		$	7,280,846		$	10,895,605		$	14,004,064		$	12,215,265		$	9,898,309
Total income		2,287,665			7,280,846			10,895,605			14,004,064			12,215,265			9,898,309

EXPENSES
Management fees		159,678			532,958			845,577			1,242,700			1,243,931			1,193,804
Shareholder servicing – Institutional Class		200			320			465			632			647			625
Shareholder servicing – Premier Class		76			80			121			186			181			226
Shareholder servicing – Retirement Class		148,526			577,511			890,853			1,232,967			1,189,031			1,059,828
Shareholder servicing – Retail Class		9,943			–			–			–			–			–
Distribution fees – Premier Class		19,067			97,190			162,872			274,235			264,217			268,435
Distribution fees – Retirement Class		29,666			115,422			178,067			246,463			237,672			211,842
Distribution fees – Retail Class		89,544			–			–			–			–			–
Registration fees		37,513			41,622			44,031			48,412			49,234			48,049
Professional fees		12,013			13,760			14,603			16,349			16,388			16,217
Shareholder reports		9,925			23,712			32,783			47,791			50,449			50,520
Custody and accounting fees		7,904			6,355			6,353			6,353			6,353			6,245
Administrative service fees		5,505			17,806			28,239			42,013			42,135			40,268
Trustee fees and expenses		1,376			4,182			6,811			10,354			10,417			9,944
Other expenses		8,649			8,514			12,439			24,616			28,348			27,537
Total expenses		539,585			1,439,432			2,223,214			3,193,071			3,139,003			2,933,540
Less: Expenses reimbursed by the investment adviser		(93,080	)		(116,451	)		(146,314	)		(197,334	)		(204,793	)		(200,170	)
Fee waiver by investment adviser and TPIS		(189,345	)		(648,381	)		(1,023,645	)		(1,489,163	)		(1,481,604	)		(1,405,646	)
Net expenses		257,160			674,600			1,053,255			1,506,574			1,452,606			1,327,724

Net investment income (loss)		2,030,505			6,606,246			9,842,350			12,497,490			10,762,659			8,570,585

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		476,572			2,809,936			26,221,852			33,435,628			33,936,983			31,607,082
Net realized gain (loss) from investments		476,572			2,809,936			26,221,852			33,435,628			33,936,983			31,607,082
Net change in unrealized appreciation (depreciation) from affiliated investments		4,010,890			14,341,393			4,586,784			19,997,127			27,140,470			33,898,441
Net realized and unrealized gain (loss) from investments		4,487,462			17,151,329			30,808,636			53,432,755			61,077,453			65,505,523
Net increase (decrease) in net assets from operations	$	6,517,967		$	23,757,575		$	40,650,986		$	65,930,245		$	71,840,112		$	74,076,108

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Statements of operations (unaudited)

concluded

TIAA-CREF Lifecycle Funds ■ For the period ended November 30, 2014

	Lifecycle			Lifecycle			Lifecycle			Lifecycle			Lifecycle			Lifecycle
	2035 Fund			2040 Fund			2045 Fund			2050 Fund			2055 Fund			2060 Fund*

INVESTMENT INCOME
Dividends from affiliated investments	$	7,859,121		$	8,003,619		$	2,624,210		$	1,499,257		$	225,900		$	6,538
Total income		7,859,121			8,003,619			2,624,210			1,499,257			225,900			6,538

EXPENSES
Management fees		1,211,248			1,579,370			519,804			297,336			44,951			1,780
Shareholder servicing – Institutional Class		655			814			333			269			122			394
Shareholder servicing – Premier Class		180			284			93			107			70			386
Shareholder servicing – Retirement Class		1,029,060			1,358,606			432,213			252,267			49,957			1,554
Distribution fees – Premier Class		264,433			363,004			123,513			74,288			11,901			663
Distribution fees – Retirement Class		205,699			271,594			86,373			50,402			9,962			227
Registration fees		48,867			55,525			44,193			37,522			25,018			13,684
Professional fees		16,390			17,776			13,630			12,582			11,456			7,980
Shareholder reports		52,520			67,467			30,492			23,056			7,926			2,527
Custody and accounting fees		6,245			6,323			6,276			6,276			6,227			2,209
Administrative service fees		40,930			53,060			18,045			10,369			1,617			64
Trustee fees and expenses		10,154			12,953			4,486			2,592			493			16
Other expenses		28,223			36,308			20,716			13,244			5,623			2,330
Total expenses		2,914,604			3,823,084			1,300,167			780,310			175,323			33,814
Less: Expenses reimbursed by the investment adviser		(204,681	)		(251,101	)		(138,540	)		(106,237	)		(58,590	)		(29,992	)
Fee waiver by investment adviser and TPIS		(1,416,948	)		(1,850,963	)		(606,177	)		(347,738	)		(54,914	)		(2,008	)
Net expenses		1,292,975			1,721,020			555,450			326,335			61,819			1,814

Net investment income (loss)		6,566,146			6,282,599			2,068,760			1,172,922			164,081			4,724

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		37,201,246			49,335,754			(433,171	)		(286,224	)		(130,910	)		282
Net realized gain (loss) from investments		37,201,246			49,335,754			(433,171	)		(286,224	)		(130,910	)		282
Net change in unrealized appreciation (depreciation) from affiliated investments		35,379,422			51,532,227			33,976,273			19,415,442			3,077,511			266,647
Net realized and unrealized gain (loss) from investments		72,580,668			100,867,981			33,543,102			19,129,218			2,946,601			266,929
Net increase (decrease) in net assets from operations	$	79,146,814		$	107,150,580		$	35,611,862		$	20,302,140		$	3,110,682		$	271,653

*	For the period September 26, 2014 to November 30, 2014.

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 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, 2014			May 31, 2014			November 30, 2014			May 31, 2014			November 30, 2014			May 31, 2014
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	2,030,505		$	4,367,245		$	6,606,246		$	16,821,242		$	9,842,350		$	25,537,938
Net realized gain (loss) from investments			476,572			5,747,089			2,809,936			34,129,016			26,221,852			97,784,713
Net change in unrealized appreciation (depreciation) from affiliated investments			4,010,890			11,372,002			14,341,393			42,136,471			4,586,784			34,810,066
Net increase (decrease) in net assets from operations			6,517,967			21,486,336			23,757,575			93,086,729			40,650,986			158,132,717
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(736,745	)		(2,253,935	)		–			(14,201,758	)		–			(20,738,963	)
	Premier Class		(168,655	)		(483,438	)		–			(3,827,733	)		–			(5,943,811	)
	Retirement Class		(697,841	)		(2,542,530	)		–			(12,041,135	)		–			(16,299,640	)
	Retail Class		(421,993	)		(1,449,080	)		–			–			–			–
From realized gains:	Institutional Class		–			(780,037	)		–			(4,051,351	)		–			(25,595,944	)
	Premier Class		–			(170,243	)		–			(1,146,215	)		–			(7,707,738	)
	Retirement Class		–			(927,336	)		–			(3,751,109	)		–			(22,126,018	)
	Retail Class		–			(539,124	)		–			–			–			–
Total distributions			(2,025,234	)		(9,145,723	)		–			(39,019,301	)		–			(98,412,114	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		20,532,648			44,081,188			56,790,695			137,969,805			90,224,376			189,394,683
	Premier Class		7,283,941			17,203,474			14,349,263			60,319,489			23,516,360			88,954,529
	Retirement Class		16,891,305			29,855,663			24,833,359			53,677,492			38,287,067			91,117,375
	Retail Class		13,011,065			23,426,558			–			–			–			–
Reinvestments of distributions:	Institutional Class		736,745			3,033,972			–			18,253,109			–			46,334,907
	Premier Class		168,655			653,681			–			4,973,948			–			13,651,549
	Retirement Class		697,841			3,469,866			–			15,792,244			–			38,425,658
	Retail Class		402,879			1,915,290			–			–			–			–
Redemptions:	Institutional Class		(9,618,246	)		(18,672,013	)		(53,453,468	)		(48,513,851	)		(60,827,191	)		(44,366,145	)
	Premier Class		(5,795,202	)		(8,019,309	)		(35,527,520	)		(61,079,202	)		(54,667,103	)		(80,556,771	)
	Retirement Class		(10,824,640	)		(23,562,432	)		(33,703,678	)		(81,059,285	)		(40,758,137	)		(105,910,118	)
	Retail Class		(4,115,245	)		(11,844,495	)		–			–			–			–
Net increase (decrease) from shareholder transactions			29,371,746			61,541,443			(26,711,349	)		100,333,749			(4,224,628	)		237,045,667
Net increase (decrease) in net assets			33,864,479			73,882,056			(2,953,774	)		154,401,177			36,426,358			296,766,270
NET ASSETS
Beginning of period			302,551,650			228,669,594			1,082,792,465			928,391,288			1,688,662,606			1,391,896,336
End of period		$	336,416,129		$	302,551,650		$	1,079,838,691		$	1,082,792,465		$	1,725,088,964		$	1,688,662,606
Undistributed net investment income (loss) included in net assets		$	559,490		$	554,219		$	11,454,970		$	4,848,724		$	16,845,978		$	7,003,628
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		1,821,933			4,015,083			4,880,407			12,220,886			8,318,003			17,773,215
	Premier Class		645,325			1,569,836			1,235,496			5,350,847			2,174,442			8,391,288
	Retirement Class		1,499,910			2,727,827			1,857,903			4,177,370			2,999,987			7,370,104
	Retail Class		1,153,324			2,138,982			–			–			–			–
Shares reinvested:	Institutional Class		65,269			278,368			–			1,635,583			–			4,463,864
	Premier Class		14,950			59,943			–			446,494			–			1,318,991
	Retirement Class		61,929			319,070			–			1,237,637			–			3,154,816
	Retail Class		35,724			175,877			–			–			–			–
Shares redeemed:	Institutional Class		(849,746	)		(1,707,929	)		(4,565,664	)		(4,296,195	)		(5,562,229	)		(4,189,282	)
	Premier Class		(517,942	)		(731,123	)		(3,066,515	)		(5,391,211	)		(5,076,782	)		(7,510,693	)
	Retirement Class		(962,040	)		(2,176,204	)		(2,530,589	)		(6,325,403	)		(3,203,000	)		(8,522,421	)
	Retail Class		(364,697	)		(1,091,577	)		–			–			–			–
Net increase (decrease) from shareholder transactions			2,603,939			5,578,153			(2,188,962	)		9,056,008			(349,579	)		22,249,882

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 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, 2014			May 31, 2014			November 30, 2014			May 31, 2014			November 30, 2014			May 31, 2014
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	12,497,490		$	34,443,861		$	10,762,659		$	33,639,111		$	8,570,585		$	31,510,528
Net realized gain (loss) from investments			33,435,628			132,392,211			33,936,983			134,882,884			31,607,082			135,232,828
Net change in unrealized appreciation (depreciation) from affiliated investments			19,997,127			75,837,424			27,140,470			94,897,911			33,898,441			107,684,349
Net increase (decrease) in net assets from operations			65,930,245			242,673,496			71,840,112			263,419,906			74,076,108			274,427,705
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		–			(30,792,295	)		–			(33,316,205	)		–			(34,917,244	)
	Premier Class		–			(9,582,854	)		–			(9,778,218	)		–			(10,605,615	)
	Retirement Class		–			(21,720,394	)		–			(21,855,499	)		–			(20,052,338	)
From realized gains:	Institutional Class		–			(32,856,276	)		–			(33,642,557	)		–			(33,785,264	)
	Premier Class		–			(10,671,814	)		–			(10,288,612	)		–			(10,665,642	)
	Retirement Class		–			(25,394,652	)		–			(24,045,639	)		–			(21,114,621	)
Total distributions			–			(131,018,285	)		–			(132,926,730	)		–			(131,140,724	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		152,976,691			317,371,607			171,956,395			308,747,261			164,396,228			312,355,939
	Premier Class		40,948,878			165,077,341			43,718,786			145,001,999			47,841,271			148,160,481
	Retirement Class		67,479,680			148,111,470			67,490,653			146,234,257			60,270,600			127,399,100
Reinvestments of distributions:	Institutional Class		–			63,648,571			–			66,958,762			–			68,702,508
	Premier Class		–			20,254,668			–			20,066,830			–			21,271,257
	Retirement Class		–			47,115,046			–			45,901,138			–			41,166,959
Redemptions:	Institutional Class		(70,492,401	)		(47,284,151	)		(65,819,100	)		(37,516,901	)		(61,268,329	)		(39,099,325	)
	Premier Class		(57,735,048	)		(99,498,511	)		(66,630,780	)		(90,480,977	)		(62,574,076	)		(100,852,623	)
	Retirement Class		(45,065,610	)		(115,406,437	)		(40,528,543	)		(99,681,351	)		(34,814,797	)		(112,226,896	)
Net increase (decrease) from shareholder transactions			88,112,190			499,389,604			110,187,411			505,231,018			113,850,897			466,877,400
Net increase (decrease) in net assets			154,042,435			611,044,815			182,027,523			635,724,194			187,927,005			610,164,381
NET ASSETS
Beginning of period			2,435,591,173			1,824,546,358			2,426,788,281			1,791,064,087			2,323,176,924			1,713,012,543
End of period		$	2,589,633,608		$	2,435,591,173		$	2,608,815,804		$	2,426,788,281		$	2,511,103,929		$	2,323,176,924
Undistributed net investment income (loss) included in net assets		$	21,333,777		$	8,836,287		$	18,666,179		$	7,903,520		$	15,060,785		$	6,490,200
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		14,012,393			29,791,859			15,685,771			28,951,652			15,052,286			29,450,012
	Premier Class		3,760,225			15,541,584			4,012,214			13,661,797			4,411,775			14,069,369
	Retirement Class		5,156,348			11,751,616			5,092,617			11,494,501			4,497,314			9,942,124
Shares reinvested:	Institutional Class		–			6,102,452			–			6,401,411			–			6,593,331
	Premier Class		–			1,945,693			–			1,923,953			–			2,047,282
	Retirement Class		–			3,778,271			–			3,640,059			–			3,231,316
Shares redeemed:	Institutional Class		(6,390,620	)		(4,457,976	)		(5,930,949	)		(3,529,539	)		(5,524,493	)		(3,699,683	)
	Premier Class		(5,330,058	)		(9,256,517	)		(6,133,595	)		(8,428,762	)		(5,791,650	)		(9,451,192	)
	Retirement Class		(3,468,774	)		(9,138,934	)		(3,081,260	)		(7,822,962	)		(2,630,945	)		(8,778,804	)
Net increase (decrease) from shareholder transactions			7,739,514			46,058,048			9,644,798			46,292,110			10,014,287			43,403,755

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 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, 2014			May 31, 2014			November 30, 2014			May 31, 2014			November 30, 2014			May 31, 2014
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	6,566,146		$	30,037,941		$	6,282,599		$	37,934,239		$	2,068,760		$	10,867,343
Net realized gain (loss) from investments			37,201,246			146,599,385			49,335,754			203,732,081			(433,171	)		40,578,994
Net change in unrealized appreciation (depreciation) from affiliated investments			35,379,422			122,318,552			51,532,227			171,985,147			33,976,273			66,044,738
Net increase (decrease) in net assets from operations			79,146,814			298,955,878			107,150,580			413,651,467			35,611,862			117,491,075
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		–			(37,804,974	)		–			(50,014,881	)		–			(13,341,976	)
	Premier Class		–			(11,057,343	)		–			(16,125,733	)		–			(4,345,423	)
	Retirement Class		–			(19,915,660	)		–			(27,539,329	)		–			(8,940,290	)
From realized gains:	Institutional Class		–			(37,471,039	)		–			(51,147,227	)		–			(3,594,056	)
	Premier Class		–			(11,374,069	)		–			(17,099,882	)		–			(1,208,211	)
	Retirement Class		–			(21,458,228	)		–			(30,634,624	)		–			(2,575,719	)
Total distributions			–			(139,081,313	)		–			(192,561,676	)		–			(34,005,675	)
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		170,717,041			331,745,158			222,599,036			408,380,045			107,989,190			177,566,071
	Premier Class		41,768,034			147,470,633			55,453,768			194,427,906			30,069,632			80,727,673
	Retirement Class		59,464,944			119,196,821			58,903,197			123,648,281			42,469,720			82,514,531
Reinvestments of distributions:	Institutional Class		–			75,276,013			–			101,162,108			–			16,936,032
	Premier Class		–			22,431,412			–			33,225,615			–			5,553,634
	Retirement Class		–			41,373,888			–			58,173,953			–			11,516,009
Redemptions:	Institutional Class		(76,970,869	)		(42,692,699	)		(89,484,466	)		(55,214,825	)		(23,878,158	)		(12,031,104	)
	Premier Class		(66,573,448	)		(102,227,886	)		(97,829,280	)		(143,079,556	)		(22,684,864	)		(25,319,434	)
	Retirement Class		(29,934,897	)		(119,014,145	)		(51,653,213	)		(180,648,478	)		(8,341,605	)		(46,854,226	)
Net increase (decrease) from shareholder transactions			98,470,805			473,559,195			97,989,042			540,075,049			125,623,915			290,609,186
Net increase (decrease) in net assets			177,617,619			633,433,760			205,139,622			761,164,840			161,235,777			374,094,586
NET ASSETS
Beginning of period			2,367,256,836			1,733,823,076			3,094,255,490			2,333,090,650			973,954,693			599,860,107
End of period		$	2,544,874,455		$	2,367,256,836		$	3,299,395,112		$	3,094,255,490		$	1,135,190,470		$	973,954,693
Undistributed net investment income (loss) included in net assets		$	11,377,518		$	4,811,372		$	10,807,589		$	4,524,990		$	3,453,872		$	1,385,112
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		15,472,829			31,011,374			19,999,512			37,754,300			9,640,792			16,706,722
	Premier Class		3,806,228			13,886,874			5,023,896			18,171,027			2,701,814			7,696,826
	Retirement Class		4,334,678			9,129,820			4,190,620			9,254,217			3,802,656			7,830,161
Shares reinvested:	Institutional Class		–			7,155,515			–			9,525,622			–			1,588,746
	Premier Class		–			2,136,325			–			3,134,492			–			522,449
	Retirement Class		–			3,175,279			–			4,360,866			–			1,085,392
Shares redeemed:	Institutional Class		(6,861,204	)		(3,996,935	)		(7,900,824	)		(5,128,056	)		(2,103,408	)		(1,134,114	)
	Premier Class		(6,091,780	)		(9,491,912	)		(8,862,223	)		(13,153,073	)		(2,054,444	)		(2,416,795	)
	Retirement Class		(2,216,061	)		(9,121,443	)		(3,729,749	)		(13,570,245	)		(758,545	)		(4,506,036	)
Net increase (decrease) from shareholder transactions			8,444,690			43,884,897			8,721,232			50,349,150			11,228,865			27,373,351

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 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						Lifecycle 2060 Fund*
		November 30, 2014			May 31, 2014			November 30, 2014			May 31, 2014			November 30, 2014
		(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	1,172,922		$	6,034,450		$	164,081		$	754,972		$	4,724
Net realized gain (loss) from investments			(286,224	)		22,617,448			(130,910	)		2,766,722			282
Net change in unrealized appreciation (depreciation) from affiliated investments			19,415,442			36,541,663			3,077,511			4,494,771			266,647
Net increase (decrease) in net assets from operations			20,302,140			65,193,561			3,110,682			8,016,465			271,653
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		–			(7,188,905	)		–			(675,234	)		–
	Premier Class		–			(2,527,665	)		–			(355,838	)		–
	Retirement Class		–			(5,091,001	)		–			(839,498	)		–
From realized gains:	Institutional Class		–			(1,830,509	)		–			(124,831	)		–
	Premier Class		–			(663,308	)		–			(67,261	)		–
	Retirement Class		–			(1,386,424	)		–			(164,719	)		–
Total distributions			–			(18,687,812	)		–			(2,227,381	)		–
SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		63,214,254			102,117,080			14,140,794			18,694,554			5,000,000
	Premier Class		20,180,441			51,093,966			5,290,261			11,480,034			2,500,000
	Retirement Class		27,505,231			51,818,003			10,363,002			17,635,996			2,672,718
Reinvestments of distributions:	Institutional Class		–			9,019,414			–			800,065			–
	Premier Class		–			3,190,973			–			423,099			–
	Retirement Class		–			6,477,425			–			1,004,217			–
Redemptions:	Institutional Class		(11,298,153	)		(7,482,802	)		(4,356,846	)		(1,868,516	)		–
	Premier Class		(9,034,458	)		(12,734,597	)		(2,303,077	)		(3,289,528	)		–
	Retirement Class		(6,198,163	)		(29,289,050	)		(1,577,018	)		(5,152,326	)		(77,713	)
Net increase (decrease) from shareholder transactions			84,369,152			174,210,412			21,557,116			39,727,595			10,095,005
Net increase (decrease) in net assets			104,671,292			220,716,161			24,667,798			45,516,679			10,366,658
NET ASSETS
Beginning of period			548,955,310			328,239,149			78,785,809			33,269,130			–
End of period		$	653,626,602		$	548,955,310		$	103,453,607		$	78,785,809		$	10,366,658
Undistributed net investment income (loss) included in net assets		$	1,944,213		$	771,291		$	262,383		$	98,302		$	4,724
CHANGE IN FUND SHARES
Shares sold:	Institutional Class		5,653,110			9,630,361			1,138,350			1,586,405			500,000
	Premier Class		1,818,464			4,904,966			425,139			971,757			250,000
	Retirement Class		2,470,055			4,927,555			833,122			1,493,667			267,366
Shares reinvested:	Institutional Class		–			848,487			–			67,630			–
	Premier Class		–			300,752			–			35,825			–
	Retirement Class		–			612,233			–			85,031			–
Shares redeemed:	Institutional Class		(1,001,321	)		(712,803	)		(347,375	)		(156,340	)		–
	Premier Class		(820,335	)		(1,209,029	)		(187,759	)		(278,918	)		–
	Retirement Class		(566,271	)		(2,850,443	)		(128,004	)		(435,427	)		(7,687	)
Net increase (decrease) from shareholder transactions			7,553,702			16,452,079			1,733,473			3,369,630			1,009,679

*	For the period September 26, 2014 to November 30, 2014.

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Financial highlights

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or			value,		investment			gain (loss)			(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		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFECYCLE RETIREMENT INCOME FUND
Institutional Class:		11/30/14	^#	$	11.28	$	0.08		$	0.15		$	0.23		$	(0.08	)	$	–		$	(0.08	)	$	11.43		2.06	%^b	$	110,987			0.15	%^c		0.00	%^c		1.43	%^c		6	%^b
		5/31/14			10.76		0.21			0.72			0.93			(0.31	)		(0.10	)		(0.41	)		11.28		8.84			97,792			0.17			0.00			1.88			31
		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
Premier Class:		11/30/14	^#		11.27		0.07			0.15			0.22			(0.07	)		–			(0.07	)		11.42		1.99	^b		26,391			0.30	^c		0.15	^c		1.29	^c		6	^b
		5/31/14			10.75		0.19			0.72			0.91			(0.29	)		(0.10	)		(0.39	)		11.27		8.69			24,433			0.32			0.15			1.77			31
		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
Retirement Class:		11/30/14	^#		11.25		0.07			0.16			0.23			(0.07	)		–			(0.07	)		11.41		2.03	^b		122,383			0.45	^c		0.25	^c		1.18	^c		6	^b
		5/31/14			10.74		0.18			0.71			0.89			(0.28	)		(0.10	)		(0.38	)		11.25		8.49			113,987			0.47			0.25			1.62			31
		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
Retail Class:		11/30/14	^#		11.26		0.07			0.16			0.23			(0.07	)		–			(0.07	)		11.42		2.03	^b		76,655			0.43	^c		0.25	^c		1.18	^c		6	^b
		5/31/14			10.75		0.18			0.71			0.89			(0.28	)		(0.10	)		(0.38	)		11.26		8.49			66,340			0.46			0.25			1.63			31
		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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or			value,		investment			gain (loss)			(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		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFECYCLE 2010 FUND
Institutional Class:		11/30/14	^#	$	11.60	$	0.08		$	0.18		$	0.26		$	–		$	–		$	–		$	11.86		2.24	%^b	$	496,961			0.12	%^c		0.00	%^c		1.37	%^c		8	%^b
		5/31/14			11.02		0.21			0.87			1.08			(0.39	)		(0.11	)		(0.50	)		11.60		10.03			482,193			0.13			0.00			1.83			28
		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
Premier Class:		11/30/14	^#		11.57		0.07			0.19			0.26			–			–			–			11.83		2.25	^b		119,193			0.27	^c		0.15	^c		1.22	^c		8	^b
		5/31/14			11.00		0.20			0.85			1.05			(0.37	)		(0.11	)		(0.48	)		11.57		9.78			137,806			0.28			0.15			1.77			28
		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
Retirement Class:		11/30/14	^#		13.25		0.07			0.22			0.29			–			–			–			13.54		2.19	^b		463,685			0.42	^c		0.25	^c		1.12	^c		8	^b
		5/31/14			12.53		0.20			0.99			1.19			(0.36	)		(0.11	)		(0.47	)		13.25		9.66			462,794			0.43			0.25			1.59			28
		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

LIFECYCLE 2015 FUND
Institutional Class:		11/30/14	^#		10.80		0.07			0.20			0.27			–			–			–			11.07		2.50	^b		799,458			0.12	^c		0.00	^c		1.29	^c		7	^b
		5/31/14			10.46		0.19			0.93			1.12			(0.35	)		(0.43	)		(0.78	)		10.80		10.93			750,459			0.13			0.00			1.81			20
		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
Premier Class:		11/30/14	^#		10.77		0.06			0.19			0.25			–			–			–			11.02		2.32	^b		201,525			0.27	^c		0.15	^c		1.15	^c		7	^b
		5/31/14			10.42		0.18			0.93			1.11			(0.33	)		(0.43	)		(0.76	)		10.77		10.90			228,069			0.28			0.15			1.72			20
		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
Retirement Class:		11/30/14	^#		12.66		0.07			0.23			0.30			–			–			–			12.96		2.37	^b		724,106			0.42	^c		0.25	^c		1.04	^c		7	^b
		5/31/14			12.14		0.19			1.07			1.26			(0.31	)		(0.43	)		(0.74	)		12.66		10.62			710,134			0.43			0.25			1.55			20
		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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or			value,		investment			gain (loss)			(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		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFECYCLE 2020 FUND
Institutional Class:		11/30/14	^#	$	10.86	$	0.06		$	0.23		$	0.29		$	–		$	–		$	–		$	11.15		2.67	%^b	$	1,217,768			0.12	%^c		0.00	%^c		1.13	%^c		6	%^b
		5/31/14			10.36		0.19			1.05			1.24			(0.36	)		(0.38	)		(0.74	)		10.86		12.28			1,103,076			0.13			0.00			1.76			15
		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
Premier Class:		11/30/14	^#		10.84		0.05			0.23			0.28			–			–			–			11.12		2.58	^b		359,994			0.27	^c		0.15	^c		0.98	^c		6	^b
		5/31/14			10.34		0.18			1.04			1.22			(0.34	)		(0.38	)		(0.72	)		10.84		12.15			367,841			0.28			0.15			1.70			15
		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
Retirement Class:		11/30/14	^#		12.97		0.06			0.27			0.33			–			–			–			13.30		2.54	^b		1,011,872			0.42	^c		0.25	^c		0.88	^c		6	^b
		5/31/14			12.24		0.19			1.25			1.44			(0.33	)		(0.38	)		(0.71	)		12.97		12.00			964,674			0.43			0.25			1.50			15
		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

LIFECYCLE 2025 FUND
Institutional Class:		11/30/14	^#		10.90		0.05			0.27			0.32			–			–			–			11.22		2.94	^b		1,282,959			0.12	^c		0.00	^c		0.98	^c		6	^b
		5/31/14			10.29		0.18			1.19			1.37			(0.38	)		(0.38	)		(0.76	)		10.90		13.64			1,140,353			0.13			0.00			1.73			12
		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
Premier Class:		11/30/14	^#		10.86		0.05			0.26			0.31			–			–			–			11.17		2.85	^b		344,539			0.27	^c		0.15	^c		0.84	^c		6	^b
		5/31/14			10.26		0.18			1.16			1.34			(0.36	)		(0.38	)		(0.74	)		10.86		13.42			358,098			0.28			0.15			1.67			12
		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
Retirement Class:		11/30/14	^#		13.13		0.05			0.31			0.36			–			–			–			13.49		2.74	^b		981,318			0.42	^c		0.25	^c		0.73	^c		6	^b
		5/31/14			12.25		0.19			1.42			1.61			(0.35	)		(0.38	)		(0.73	)		13.13		13.39			928,337			0.43			0.25			1.47			12
		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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or			value,		investment			gain (loss)			(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		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFECYCLE 2030 FUND
Institutional Class:		11/30/14	^#	$	10.86	$	0.05		$	0.29		$	0.34		$	–		$	–		$	–		$	11.20		3.13	%^b	$	1,281,552			0.12	%^c		0.00	%^c		0.83	%^c		5	%^b
		5/31/14			10.16		0.18			1.29			1.47			(0.39	)		(0.38	)		(0.77	)		10.86		14.82			1,139,305			0.13			0.00			1.69			11
		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
Premier Class:		11/30/14	^#		10.82		0.04			0.29			0.33			–			–			–			11.15		3.05	^b		354,011			0.27	^c		0.15	^c		0.68	^c		5	^b
		5/31/14			10.12		0.17			1.29			1.46			(0.38	)		(0.38	)		(0.76	)		10.82		14.72			358,491			0.28			0.15			1.65			11
		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
Retirement Class:		11/30/14	^#		13.26		0.04			0.36			0.40			–			–			–			13.66		3.02	^b		875,541			0.42	^c		0.25	^c		0.58	^c		5	^b
		5/31/14			12.25		0.18			1.57			1.75			(0.36	)		(0.38	)		(0.74	)		13.26		14.54			825,381			0.43			0.25			1.41			11
		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

LIFECYCLE 2035 FUND
Institutional Class:		11/30/14	^#		10.97		0.04			0.32			0.36			–			–			–			11.33		3.28	^b		1,346,910			0.12	^c		0.00	^c		0.65	^c		6	^b
		5/31/14			10.18		0.17			1.44			1.61			(0.41	)		(0.41	)		(0.82	)		10.97		16.10			1,209,710			0.13			0.00			1.58			10
		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
Premier Class:		11/30/14	^#		10.94		0.03			0.32			0.35			–			–			–			11.29		3.20	^b		342,858			0.27	^c		0.15	^c		0.50	^c		6	^b
		5/31/14			10.16		0.17			1.41			1.58			(0.39	)		(0.41	)		(0.80	)		10.94		15.87			357,264			0.28			0.15			1.56			10
		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
Retirement Class:		11/30/14	^#		13.57		0.03			0.40			0.43			–			–			–			14.00		3.17	^b		855,106			0.42	^c		0.25	^c		0.40	^c		6	^b
		5/31/14			12.43		0.17			1.76			1.93			(0.38	)		(0.41	)		(0.79	)		13.57		15.72			800,282			0.43			0.25			1.31			10
		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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or			value,		investment			gain (loss)			(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		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFECYCLE 2040 FUND
Institutional Class:		11/30/14	^#	$	11.07	$	0.03		$	0.35		$	0.38		$	–		$	–		$	–		$	11.45		3.43	%^b	$	1,714,612			0.12	%^c		0.00	%^c		0.51	%^c		6	%^b
		5/31/14			10.25		0.16			1.52			1.68			(0.43	)		(0.43	)		(0.86	)		11.07		16.75			1,524,091			0.12			0.00			1.51			9
		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
Premier Class:		11/30/14	^#		11.04		0.02			0.35			0.37			–			–			–			11.41		3.35	^b		470,419			0.27	^c		0.15	^c		0.36	^c		6	^b
		5/31/14			10.22		0.16			1.50			1.66			(0.41	)		(0.43	)		(0.84	)		11.04		16.64			497,618			0.27			0.15			1.50			9
		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
Retirement Class:		11/30/14	^#		13.89		0.02			0.44			0.46			–			–			–			14.35		3.31	^b		1,114,364			0.42	^c		0.25	^c		0.26	^c		6	^b
		5/31/14			12.66		0.16			1.89			2.05			(0.39	)		(0.43	)		(0.82	)		13.89		16.51			1,072,547			0.42			0.25			1.23			9
		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

LIFECYCLE 2045 FUND
Institutional Class:		11/30/14	^#		11.11		0.03			0.35			0.38			–			–			–			11.49		3.42	^b		592,551			0.13	^c		0.00	^c		0.50	^c		4	^b
		5/31/14			9.94		0.16			1.49			1.65			(0.38	)		(0.10	)		(0.48	)		11.11		16.79			489,349			0.14			0.00			1.51			6
		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
Premier Class:		11/30/14	^#		11.08		0.02			0.34			0.36			–			–			–			11.44		3.25	^b		171,241			0.28	^c		0.15	^c		0.36	^c		4	^b
		5/31/14			9.92		0.16			1.47			1.63			(0.37	)		(0.10	)		(0.47	)		11.08		16.60			158,576			0.29			0.15			1.48			6
		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
Retirement Class:		11/30/14	^#		11.05		0.01			0.35			0.36			–			–			–			11.41		3.26	^b		371,398			0.43	^c		0.25	^c		0.25	^c		4	^b
		5/31/14			9.89		0.13			1.48			1.61			(0.35	)		(0.10	)		(0.45	)		11.05		16.52			326,030			0.44			0.25			1.23			6
		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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Financial highlights

continued

TIAA-CREF Lifecycle Funds

				Selected per share data																									Ratios and supplemental data
						Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period or			value,		investment			gain (loss)			(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		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFECYCLE 2050 FUND
Institutional Class:		11/30/14	^#	$	11.08	$	0.03		$	0.35		$	0.38		$	–		$	–		$	–		$	11.46		3.43	%^b	$	329,072			0.14	%^c		0.00	%^c		0.50	%^c		3	%^b
		5/31/14			9.91		0.16			1.49			1.65			(0.38	)		(0.10	)		(0.48	)		11.08		16.76			266,715			0.15			0.00			1.51			6
		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
Premier Class:		11/30/14	^#		11.05		0.02			0.35			0.37			–			–			–			11.42		3.35	^b		107,452			0.29	^c		0.15	^c		0.36	^c		3	^b
		5/31/14			9.89		0.16			1.46			1.62			(0.36	)		(0.10	)		(0.46	)		11.05		16.57			92,974			0.30			0.15			1.47			6
		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
Retirement Class:		11/30/14	^#		11.02		0.01			0.35			0.36			–			–			–			11.38		3.27	^b		217,103			0.44	^c		0.25	^c		0.25	^c		3	^b
		5/31/14			9.86		0.13			1.48			1.61			(0.35	)		(0.10	)		(0.45	)		11.02		16.48			189,266			0.45			0.25			1.23			6
		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		(4.80	)		14,383			1.45			0.25			1.34			18

LIFECYCLE 2055 FUND
Institutional Class:		11/30/14	^#		12.33		0.03			0.39			0.42			–			–			–			12.75		3.41	^b		40,658			0.23	^c		0.00	^c		0.50	^c		6	^b
		5/31/14			11.00		0.17			1.65			1.82			(0.41	)		(0.08	)		(0.49	)		12.33		16.70			29,574			0.32			0.00			1.49			10
		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:		11/30/14	^#		12.30		0.02			0.39			0.41			–			–			–			12.71		3.33	b		17,523			0.38	^c		0.15	^c		0.35	^c		6	^b
		5/31/14			10.98		0.19			1.61			1.80			(0.40	)		(0.08	)		(0.48	)		12.30		16.55			14,041			0.47			0.15			1.65			10
		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
Retirement Class:		11/30/14	^#		12.30		0.02			0.38			0.40			–			–			–			12.70		3.25	^b		45,272			0.53	^c		0.25	^c		0.25	^c		6	^b
		5/31/14			10.98		0.15			1.64			1.79			(0.39	)		(0.08	)		(0.47	)		12.30		16.41			35,171			0.62			0.25			1.26			10
		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

LIFECYCLE 2060 FUND
Institutional Class:		11/30/14	^{#^}		10.00		0.01			0.26			0.27			–			–			–			10.27		2.70	^b		5,135			1.76	^c		0.00	^c		0.37	^c		3	^b
Premier Class:		11/30/14	^{#^}		10.00		0.00	^d		0.27			0.27			–			–			–			10.27		2.70	^b		2,567			1.96	^c		0.15	^c		0.22	^c		3	^b
Retirement Class:		11/30/14	^{#^}		10.00		0.00	^d		0.26			0.26			–			–			–			10.26		2.60	^b		2,666			2.11	^c		0.25	^c		0.12	^c		3	^b

2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

See notes to financial statements

TIAA-CREF Lifecycle Funds ■ 2014 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.
^j	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods presented.
^#	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.
^‡	The Fund commenced operations on April 29, 2011.
^§	The Premier Class commenced operations on September 30, 2009.
^{^}	The Fund commenced operations on September 26, 2014.

2014 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. The Lifecycle 2060 Fund commenced operations on September 26, 2014.

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

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Net Asset Value (“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 ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

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

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

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.

New accounting pronouncement: In June 2013, the FASB issued Accounting Standard Update No. 2013-08 Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Funds adopted the Update for this semiannual report. The adoption of the Update did not have a material impact on the Funds’ financial statements and notes disclosures.

72	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

Note 2—valuation of investments

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

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

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

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

Investments in registered investment companies: These investments are valued at 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, 2014, there were no transfers between levels by the Funds.

As of November 30, 2014, 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, 2015. 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 compliance services to the Funds.

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement.

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 the distribution Rule 12b-1 plan from the Retirement Class through September 30, 2015. 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.

The following is the percentage of the Funds’ shares owned by TIAA and its registered separate account (collectively “TIAA Access”) as of November 30, 2014:

Fund	TIAA			TIAA Access
Lifecycle Retirement Income		–	%		8	%
Lifecycle 2010		–			8
Lifecycle 2015		–			9
Lifecycle 2020		–			9
Lifecycle 2025		–			9
Lifecycle 2030		–			9
Lifecycle 2035		–			9
Lifecycle 2040		–			8
Lifecycle 2045		–			11
Lifecycle 2050		–			15
Lifecycle 2055		13			1
Lifecycle 2060		99			–

74	2014 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:

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle Retirement Income Fund
TIAA-CREF Bond		$	75,513,293	$	15,199,655	$	2,211,192		$	(9,479	)	$	909,570		$	88,936,832
TIAA-CREF Bond Plus			33,001,056		3,791,781		296,248			(36	)		462,473			36,670,072
TIAA-CREF Emerging Markets Debt			–		1,940,745		–			–			–			1,943,165
TIAA-CREF Emerging Markets Equity			7,414,628		1,501,027		226,549			(5,354	)		–			8,387,587
TIAA-CREF Enhanced International Equity Index			9,001,491		1,450,576		245,949			(15,731	)		–			9,756,075
TIAA-CREF Enhanced Large-Cap Growth Index			16,044,408		1,558,387		1,721,424			138,383			–			17,358,885
TIAA-CREF Enhanced Large-Cap Value Index			15,524,166		1,660,167		1,568,320			132,215			–			16,533,174
TIAA-CREF Global Natural Resources			1,957,141		567,405		47,608			(5,851	)		–			2,197,534
TIAA-CREF Growth & Income			13,356,160		1,290,530		736,566			92,689			76,255			15,020,216
TIAA-CREF High-Yield			12,026,222		661,660		5,755,195			(23,128	)		258,930			6,635,331
TIAA-CREF Inflation-Linked Bond			15,258,903		2,698,622		757,795			(10,272	)		279,563			16,809,427
TIAA-CREF International Equity			9,906,118		3,793,874		788,883			(40,274	)		–			12,407,767
TIAA-CREF International Opportunities			9,688,239		1,590,277		322,497			(2,899	)		–			10,499,441
TIAA-CREF Large-Cap Growth			15,996,113		1,699,717		1,542,012			136,516			–			18,088,502
TIAA-CREF Large-Cap Value			15,337,765		1,952,191		926,556			55,371			–			17,185,400
TIAA-CREF Mid-Cap Growth			395,871		134,271		116,651			13,248			–			446,363
TIAA-CREF Mid-Cap Value			287,167		120,293		72,912			13,201			–			350,914
TIAA-CREF Money Market			27,890		–		–			–			–			27,890
TIAA-CREF Short-Term Bond			44,861,967		6,509,277		1,275,051			(2,860	)		300,874			49,964,882
TIAA-CREF Small-Cap Equity			6,464,858		719,607		371,394			10,833			–			7,188,721
		$	302,063,456	$	48,840,062	$	18,982,802		$	476,572		$	2,287,665		$	336,408,178

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle 2010 Fund
TIAA-CREF Bond		$	257,660,401	$	28,520,221	$	13,962,456		$	(56,313	)	$	2,892,451		$	273,475,126
TIAA-CREF Bond Plus			118,303,534		3,746,712		5,301,577			24,175			1,547,595			117,294,647
TIAA-CREF Emerging Markets Debt			–		6,201,616		–			–			–			6,209,289
TIAA-CREF Emerging Markets Equity			29,767,861		2,554,740		1,568,314			28,077			–			29,729,682
TIAA-CREF Enhanced International Equity Index			37,739,461		1,970,991		1,992,060			43,883			–			36,012,979
TIAA-CREF Enhanced Large-Cap Growth Index			66,381,857		913,141		9,080,155			723,618			–			63,834,981
TIAA-CREF Enhanced Large-Cap Value Index			64,293,019		744,330		7,526,660			579,853			–			61,041,687
TIAA-CREF Global Natural Resources			8,096,288		1,112,230		225,695			(9,686	)		–			7,964,765
TIAA-CREF Growth & Income			55,397,980		935,042		5,630,475			399,197			297,811			54,897,724
TIAA-CREF High-Yield			43,099,822		281,659		21,462,380			(99,770	)		870,457			20,925,259
TIAA-CREF Inflation-Linked Bond			55,786,085		6,729,832		3,174,149			(16,740	)		1,000,324			57,949,518
TIAA-CREF International Equity			40,670,253		9,729,721		3,463,394			(6,085	)		–			44,904,263
TIAA-CREF International Opportunities			39,478,347		1,635,193		1,504,636			(436	)		–			37,870,914
TIAA-CREF Large-Cap Growth			66,321,001		1,051,153		8,710,047			736,107			–			66,014,155
TIAA-CREF Large-Cap Value			63,500,669		1,252,189		5,223,577			337,958			–			62,700,350
TIAA-CREF Mid-Cap Growth			2,103,822		93,121		387,916			21,976			–			1,970,390
TIAA-CREF Mid-Cap Value			1,669,288		37,386		130,491			3,253			–			1,663,636
TIAA-CREF Money Market			58,956		–		–			–			–			58,956
TIAA-CREF Short-Term Bond			106,831,865		4,936,398		3,899,110			(39,316	)		672,208			107,564,758
TIAA-CREF Small-Cap Equity			26,815,469		540,055		2,754,312			140,185			–			26,032,554
		$	1,083,975,978	$	72,985,730	$	95,997,404		$	2,809,936		$	7,280,846		$	1,078,115,633

76	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle 2015 Fund
TIAA-CREF Bond		$	372,237,572	$	52,381,271	$	12,458,895		$	258,232		$	4,307,752		$	414,105,535
TIAA-CREF Bond Plus			184,237,639		6,635,183		4,233,060			162,832			2,453,536			187,513,279
TIAA-CREF Emerging Markets Debt			–		9,918,242		–			–			–			9,930,521
TIAA-CREF Emerging Markets Equity			50,749,909		4,776,363		1,584,007			182,892			–			52,107,644
TIAA-CREF Enhanced International Equity Index			66,357,900		4,156,044		2,742,243			544,178			–			64,697,659
TIAA-CREF Enhanced Large-Cap Growth Index			115,633,910		1,563,612		12,749,809			4,080,015			–			114,410,982
TIAA-CREF Enhanced Large-Cap Value Index			112,060,496		1,048,945		10,531,561			3,753,253			–			108,772,957
TIAA-CREF Global Natural Resources			14,115,776		1,994,281		205,114			24,527			–			14,096,586
TIAA-CREF Growth & Income			96,588,544		2,719,682		8,887,741			3,420,112			530,682			97,988,975
TIAA-CREF High-Yield			66,291,417		984,290		32,342,510			1,088,458			1,378,488			33,355,124
TIAA-CREF Inflation-Linked Bond			86,443,603		10,566,980		2,131,546			147,046			1,584,185			92,695,170
TIAA-CREF International Equity			71,720,947		17,083,064		5,638,403			1,609,767			–			79,556,221
TIAA-CREF International Opportunities			69,292,382		2,469,655		1,830,420			198,957			–			66,841,278
TIAA-CREF Large-Cap Growth			115,581,883		2,249,227		13,201,437			6,203,356			–			117,718,312
TIAA-CREF Large-Cap Value			110,570,486		3,109,888		6,991,717			2,682,010			–			112,266,538
TIAA-CREF Mid-Cap Growth			4,237,343		211,485		704,908			109,532			–			4,071,779
TIAA-CREF Mid-Cap Value			3,492,719		14,457		216,805			62,208			–			3,469,365
TIAA-CREF Money Market			143,145		–		–			–			–			143,145
TIAA-CREF Short-Term Bond			100,088,040		6,171,784		1,812,996			73,015			640,962			104,162,083
TIAA-CREF Small-Cap Equity			46,799,203		1,084,858		4,181,073			1,621,462			–			46,243,463
		$	1,686,642,914	$	129,139,311	$	122,444,245		$	26,221,852		$	10,895,605		$	1,724,146,616

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle 2020 Fund
TIAA-CREF Bond		$	432,819,374	$	94,470,726	$	15,133,846		$	323,476		$	5,191,855		$	514,613,792
TIAA-CREF Bond Plus			265,537,206		16,589,890		2,648,767			136,185			3,605,339			280,792,110
TIAA-CREF Emerging Markets Debt			–		14,852,934		–			–			–			14,871,658
TIAA-CREF Emerging Markets Equity			82,231,577		10,862,280		2,051,168			249,925			–			87,859,856
TIAA-CREF Enhanced International Equity Index			110,984,123		9,760,878		2,557,604			614,415			–			112,938,709
TIAA-CREF Enhanced Large-Cap Growth Index			191,871,024		5,635,760		15,754,341			5,572,075			–			198,825,121
TIAA-CREF Enhanced Large-Cap Value Index			185,845,682		5,420,830		12,490,218			4,769,682			–			189,360,956
TIAA-CREF Global Natural Resources			23,485,203		5,099,949		403,650			47,377			–			25,015,796
TIAA-CREF Growth & Income			160,320,929		7,427,122		10,672,626			4,256,266			892,591			169,868,088
TIAA-CREF High-Yield			101,368,751		3,363,617		48,103,385			2,389,572			2,145,962			54,163,044
TIAA-CREF Inflation-Linked Bond			85,827,983		16,076,425		1,994,477			171,197			1,600,474			97,703,946
TIAA-CREF International Equity			119,049,072		27,220,044		4,467,478			1,337,610			–			135,686,188
TIAA-CREF International Opportunities			114,520,343		8,713,673		2,055,234			232,502			–			115,964,454
TIAA-CREF Large-Cap Growth			191,881,975		5,449,749		14,969,883			7,669,882			–			204,573,382
TIAA-CREF Large-Cap Value			183,872,882		9,644,033		8,733,913			3,481,058			–			194,222,656
TIAA-CREF Mid-Cap Growth			8,061,533		632,279		1,049,391			217,399			–			8,311,709
TIAA-CREF Mid-Cap Value			6,796,303		436,050		296,174			97,231			–			7,315,036
TIAA-CREF Money Market			191,587		–		–			–			–			191,587
TIAA-CREF Short-Term Bond			85,802,974		10,017,463		722,131			26,896			567,843			94,852,072
TIAA-CREF Small-Cap Equity			77,674,226		3,427,645		4,319,783			1,842,880			–			81,122,620
		$	2,428,142,747	$	255,101,347	$	148,424,069		$	33,435,628		$	14,004,064		$	2,588,252,780

78	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle 2025 Fund
TIAA-CREF Bond		$	316,073,151	$	89,065,625	$	15,616,018		$	331,825		$	3,881,263		$	391,377,898
TIAA-CREF Bond Plus			260,210,406		23,982,120		2,024,447			102,341			3,550,111			283,467,175
TIAA-CREF Emerging Markets Debt			–		14,962,649		–			–			–			14,981,612
TIAA-CREF Emerging Markets Equity			90,995,416		12,956,396		2,018,206			260,807			–			98,367,897
TIAA-CREF Enhanced International Equity Index			125,978,380		12,351,605		2,433,145			615,628			–			129,877,119
TIAA-CREF Enhanced Large-Cap Growth Index			216,250,322		6,972,713		15,179,430			6,051,719			–			227,429,605
TIAA-CREF Enhanced Large-Cap Value Index			210,026,229		9,294,860		14,478,826			5,746,241			–			217,005,267
TIAA-CREF Global Natural Resources			26,493,415		5,519,203		240,396			28,875			–			28,192,127
TIAA-CREF Growth & Income			180,871,988		8,974,691		10,565,479			4,433,916			1,013,831			193,852,899
TIAA-CREF High-Yield			125,756,792		2,901,747		46,315,024			2,608,093			2,804,653			79,090,637
TIAA-CREF Inflation-Linked Bond			37,116,815		10,411,509		342,623			12,105			709,558			46,200,272
TIAA-CREF International Equity			134,301,967		29,643,152		3,938,859			1,205,274			–			153,026,267
TIAA-CREF International Opportunities			128,737,394		11,807,071		2,073,547			244,952			–			132,649,963
TIAA-CREF Large-Cap Growth			216,537,079		6,569,828		14,711,898			8,139,316			–			233,645,914
TIAA-CREF Large-Cap Value			207,810,726		9,017,460		5,229,444			2,109,231			–			222,223,303
TIAA-CREF Mid-Cap Growth			9,989,507		908,136		1,122,825			255,027			–			10,610,983
TIAA-CREF Mid-Cap Value			8,524,379		500,289		221,039			75,371			–			9,286,382
TIAA-CREF Money Market			187,740		–		–			–			–			187,740
TIAA-CREF Short-Term Bond			37,118,614		7,433,896		104,942			1,039			255,849			44,340,775
TIAA-CREF Small-Cap Equity			87,694,063		3,747,254		3,772,276			1,715,223			–			92,569,781
		$	2,420,674,383	$	267,020,204	$	140,388,424		$	33,936,983		$	12,215,265		$	2,608,383,616

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle 2030 Fund
TIAA-CREF Bond		$	209,864,237	$	78,431,579	$	13,578,668		$	306,229		$	2,672,945		$	276,050,975
TIAA-CREF Bond Plus			210,095,960		30,381,519		1,293,705			67,700			2,924,547			240,283,035
TIAA-CREF Emerging Markets Debt			–		14,395,098		–			–			–			14,413,441
TIAA-CREF Emerging Markets Equity			95,852,318		14,785,520		2,060,364			250,458			–			104,775,390
TIAA-CREF Enhanced International Equity Index			135,444,809		13,738,370		2,183,096			557,149			–			140,498,485
TIAA-CREF Enhanced Large-Cap Growth Index			231,168,373		8,302,903		15,191,981			6,751,339			–			245,127,857
TIAA-CREF Enhanced Large-Cap Value Index			224,447,404		8,663,244		12,111,750			5,228,586			–			234,006,961
TIAA-CREF Global Natural Resources			28,344,729		5,936,251		198,470			21,146			–			30,234,418
TIAA-CREF Growth & Income			193,459,428		9,233,358		9,372,198			4,139,221			1,087,725			208,936,939
TIAA-CREF High-Yield			138,906,594		3,914,524		41,510,120			2,450,464			3,213,092			97,563,596
TIAA-CREF International Equity			143,160,684		30,933,149		2,152,986			704,215			–			164,427,154
TIAA-CREF International Opportunities			137,303,314		12,342,624		2,041,129			252,035			–			141,352,000
TIAA-CREF Large-Cap Growth			231,638,478		5,921,462		13,227,159			7,618,071			–			251,425,487
TIAA-CREF Large-Cap Value			222,145,278		9,102,590		3,749,385			1,558,293			–			238,904,428
TIAA-CREF Mid-Cap Growth			11,456,911		837,906		1,115,100			299,411			–			12,140,304
TIAA-CREF Mid-Cap Value			9,873,069		520,495		117,270			41,829			–			10,832,644
TIAA-CREF Money Market			180,563		–		–			–			–			180,563
TIAA-CREF Small-Cap Equity			93,886,903		3,119,068		2,665,742			1,360,936			–			99,571,435
		$	2,317,229,052	$	250,559,660	$	122,569,123		$	31,607,082		$	9,898,309		$	2,510,725,112

80	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle 2035 Fund
TIAA-CREF Bond		$	97,348,080	$	78,257,032	$	10,697,333		$	274,082		$	1,455,014		$	165,753,333
TIAA-CREF Bond Plus			141,654,456		15,784,527		4,790,513			221,985			1,918,548			153,343,116
TIAA-CREF Emerging Markets Debt			–		14,580,404		–			–			–			14,598,988
TIAA-CREF Emerging Markets Equity			106,507,837		19,224,615		3,922,071			448,381			–			117,592,558
TIAA-CREF Enhanced International
Equity Index			152,954,117		16,935,444		3,398,975			833,360			–			159,074,493
TIAA-CREF Enhanced Large-Cap
Growth Index			260,511,037		8,047,180		16,657,637			7,559,719			–			275,316,100
TIAA-CREF Enhanced Large-Cap
Value Index			252,987,277		7,846,897		12,696,263			5,590,096			–			262,694,000
TIAA-CREF Global Natural Resources			31,866,241		6,399,527		219,602			22,618			–			33,735,865
TIAA-CREF Growth & Income			217,523,556		9,190,543		9,864,196			4,463,451			1,222,477			234,249,068
TIAA-CREF High-Yield			141,788,819		4,419,533		42,598,541			2,355,582			3,263,082			99,796,487
TIAA-CREF International Equity			161,440,700		34,456,440		4,608,370			1,489,466			–			182,818,294
TIAA-CREF International
Opportunities			153,898,259		13,322,774		2,589,903			319,970			–			157,610,428
TIAA-CREF Large-Cap Growth			260,271,142		5,945,885		14,645,050			8,252,364			–			281,956,248
TIAA-CREF Large-Cap Value			250,877,470		9,913,537		6,249,887			2,740,074			–			267,391,119
TIAA-CREF Mid-Cap Growth			13,563,166		533,097		1,000,288			275,892			–			14,213,866
TIAA-CREF Mid-Cap Value			11,774,192		694,623		253,850			89,632			–			12,881,504
TIAA-CREF Money Market			186,513		–		–			–			–			186,513
TIAA-CREF Small-Cap Equity			105,740,004		4,283,785		4,255,758			2,264,574			–			111,649,160
		$	2,360,892,866	$	249,835,843	$	138,448,237		$	37,201,246		$	7,859,121		$	2,544,861,140

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle 2040 Fund
TIAA-CREF Bond Plus		$	123,129,110	$	71,666,606	$	16,042,107		$	546,682		$	2,026,757		$	179,638,427
TIAA-CREF Emerging Markets Debt			–		18,930,939		–			–			–			18,955,062
TIAA-CREF Emerging Markets Equity			147,943,801		26,030,136		4,064,659			453,244			–			163,982,124
TIAA-CREF Enhanced International Equity Index			216,059,869		23,892,809		3,026,199			800,379			–			226,410,106
TIAA-CREF Enhanced Large-Cap Growth Index			366,328,859		9,466,587		22,270,196			10,276,927			–			386,430,924
TIAA-CREF Enhanced Large-Cap Value Index			354,751,443		10,373,400		16,208,646			7,287,275			–			369,307,815
TIAA-CREF Global Natural Resources			44,739,857		10,496,978		97,218			(5,111	)		–			49,036,777
TIAA-CREF Growth & Income			305,150,208		11,940,378		13,114,489			6,072,840			1,718,335			328,445,671
TIAA-CREF High-Yield			185,333,351		8,059,358		56,994,592			2,650,607			4,258,527			131,408,166
TIAA-CREF International Equity			226,592,970		47,512,288		5,535,290			1,799,117			–			256,609,511
TIAA-CREF International Opportunities			214,352,348		18,295,452		496,347			61,766			–			222,269,620
TIAA-CREF Large-Cap Growth			364,287,940		10,296,636		21,791,167			12,315,506			–			395,474,667
TIAA-CREF Large-Cap Value			351,751,567		14,224,208		9,162,959			4,056,647			–			374,839,442
TIAA-CREF Mid-Cap Growth			19,655,179		1,161,823		1,488,552			436,210			–			20,965,379
TIAA-CREF Mid-Cap Value			17,151,603		867,991		183,410			63,836			–			18,811,214
TIAA-CREF Money Market			273,442		–		–			–			–			273,442
TIAA-CREF Small-Cap Equity			148,458,630		4,949,213		4,702,962			2,519,829			–			156,955,820
		$	3,085,960,177	$	288,164,802	$	175,178,793		$	49,335,754		$	8,003,619		$	3,299,814,167

82	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle 2045 Fund
TIAA-CREF Bond Plus		$	38,696,961	$	27,399,098	$	4,540,568		$	(18,953	)	$	669,906		$	61,855,295
TIAA-CREF Emerging Markets Debt			–		6,473,924		–			–			–			6,482,356
TIAA-CREF Emerging Markets Equity			46,318,843		13,303,203		1,125,953			(58,099	)		–			56,467,755
TIAA-CREF Enhanced International Equity Index			67,543,365		15,044,374		1,050,201			(33,152	)		–			78,096,824
TIAA-CREF Enhanced Large-Cap Growth Index			115,312,197		11,164,157		4,322,543			(2,222	)		–			133,112,533
TIAA-CREF Enhanced Large-Cap Value Index			111,491,037		11,409,012		2,698,604			(19,332	)		–			126,938,864
TIAA-CREF Global Natural Resources			14,186,862		4,936,615		104,134			496			–			16,943,156
TIAA-CREF Growth & Income			95,892,930		9,664,738		908,372			(7,452	)		557,917			112,754,347
TIAA-CREF High-Yield			58,246,499		5,258,853		16,369,778			(275,536	)		1,396,387			45,491,271
TIAA-CREF International Equity			70,816,942		21,943,541		1,697,479			(84,509	)		–			87,261,073
TIAA-CREF International Opportunities			67,401,417		14,168,342		173,943			(3,193	)		–			78,113,296
TIAA-CREF Large-Cap Growth			114,652,928		11,065,956		4,099,968			80,989			–			135,789,306
TIAA-CREF Large-Cap Value			111,024,956		13,954,104		1,772,048			(6,615	)		–			129,161,324
TIAA-CREF Mid-Cap Growth			6,120,983		746,565		220,382			(3,444	)		–			7,186,665
TIAA-CREF Mid-Cap Value			5,368,356		835,241		79,821			(673	)		–			6,447,148
TIAA-CREF Money Market			81,020		–		–			–			–			81,020
TIAA-CREF Small-Cap Equity			46,698,816		4,586,580		46,508			(1,476	)		–			53,958,982
		$	969,854,112	$	171,954,303	$	39,210,302		$	(433,171	)	$	2,624,210		$	1,136,141,215

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle 2050 Fund
TIAA-CREF Bond Plus		$	21,812,428	$	16,217,994	$	2,617,375		$	(11,495	)	$	383,633		$	35,584,794
TIAA-CREF Emerging Markets Debt			–		3,726,778		–			–			–			3,731,655
TIAA-CREF Emerging Markets Equity			26,128,159		7,816,495		275,146			(19,319	)		–			32,484,571
TIAA-CREF Enhanced International Equity Index			38,087,943		9,214,064		393,991			(24,014	)		–			44,927,187
TIAA-CREF Enhanced Large-Cap Growth Index			64,998,415		7,311,162		2,002,704			(7,022	)		–			76,580,941
TIAA-CREF Enhanced Large-Cap Value Index			62,844,457		7,979,681		1,643,484			(12,270	)		–			73,028,880
TIAA-CREF Global Natural Resources			7,999,434		2,965,020		21,009			100			–			9,746,954
TIAA-CREF Growth & Income			54,052,244		6,388,312		212,391			(2,385	)		317,819			64,868,788
TIAA-CREF High-Yield			32,831,958		3,248,183		8,965,733			(159,959	)		797,805			26,169,792
TIAA-CREF International Equity			39,900,116		13,305,412		835,832			(59,621	)		–			50,206,447
TIAA-CREF International Opportunities			37,976,638		8,976,702		132,352			(11,673	)		–			44,937,967
TIAA-CREF Large-Cap Growth			64,626,764		7,212,592		1,828,680			33,009			–			78,121,262
TIAA-CREF Large-Cap Value			62,581,777		8,817,028		483,498			(6,249	)		–			74,307,370
TIAA-CREF Mid-Cap Growth			3,447,250		430,976		36,025			(1,606	)		–			4,148,430
TIAA-CREF Mid-Cap Value			3,025,997		548,522		50,340			(424	)		–			3,709,591
TIAA-CREF Money Market			41,882		–		–			–			–			41,882
TIAA-CREF Small-Cap Equity			26,324,831		3,270,055		104,914			(3,296	)		–			31,038,502
		$	546,680,293	$	107,428,976	$	19,603,474		$	(286,224	)	$	1,499,257		$	653,635,013

84	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

															Value at
		Value at		Purchases		Sales			Realized			Dividend		November 30,
Issue	May 31, 2014			cost		proceeds		gain (loss			)	income			2014
Lifecycle 2055 Fund
TIAA-CREF Bond Plus		$	3,125,681	$	2,829,405	$	352,518		$	(1,740	)	$	58,240		$	5,630,239
TIAA-CREF Emerging Markets Debt			–		587,029		–			–			–			587,816
TIAA-CREF Emerging Markets Equity			3,751,860		1,732,444		158,075			(11,904	)		–			5,139,497
TIAA-CREF Enhanced International Equity Index			5,489,168		2,143,083		225,112			(15,001	)		–			7,108,031
TIAA-CREF Enhanced Large-Cap Growth Index			9,313,507		2,496,897		658,470			(8,281	)		–			12,114,766
TIAA-CREF Enhanced Large-Cap Value Index			9,004,890		2,606,058		644,660			(8,704	)		–			11,552,931
TIAA-CREF Global Natural Resources			1,145,846		629,588		47,067			(2,722	)		–			1,542,168
TIAA-CREF Growth & Income			7,745,067		2,057,538		250,093			(4,053	)		47,661			10,261,951
TIAA-CREF High-Yield			4,704,638		800,763		1,222,651			(20,022	)		119,999			4,140,720
TIAA-CREF International Equity			5,698,564		2,948,146		392,105			(32,016	)		–			7,942,429
TIAA-CREF International Opportunities			5,409,787		2,149,253		169,000			(12,009	)		–			7,109,391
TIAA-CREF Large-Cap Growth			9,260,387		2,462,610		602,442			660			–			12,358,411
TIAA-CREF Large-Cap Value			8,967,282		2,669,908		395,409			(5,751	)		–			11,755,240
TIAA-CREF Mid-Cap Growth			501,657		145,017		40,435			(972	)		–			653,558
TIAA-CREF Mid-Cap Value			433,592		139,714		16,013			(47	)		–			585,688
TIAA-CREF Money Market			6,591		–		–			–			–			6,591
TIAA-CREF Small-Cap Equity			3,772,276		1,042,501		142,902			(8,348	)		–			4,910,969
		$	78,330,793	$	27,439,954	$	5,316,952		$	(130,910	)	$	225,900		$	103,400,396

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

																	Value at
		Value at		Purchases			Sales			Realized				Dividend		November 30,
Issue	May 31, 2014			cost		proceeds			gain (loss			)	income				2014
Lifecycle 2060 Fund*
TIAA-CREF Bond Plus			$–	$	614,197		$	56,217			$ 123				$2,639		$	564,296
TIAA-CREF Emerging Markets Debt			–		59,837			–			–				–			59,913
TIAA-CREF Emerging Markets Equity			–		527,823			3,203			(115	)			–			511,615
TIAA-CREF Enhanced International Equity Index			–		712,320			4,962			(117	)			–			705,407
TIAA-CREF Enhanced Large-Cap Growth Index			–		1,184,010			20,620			47				–			1,223,828
TIAA-CREF Enhanced Large-Cap Value Index			–		1,159,473			27,975			(126	)			–			1,166,269
TIAA-CREF Global Natural Resources			–		160,692			–			–				–			149,993
TIAA-CREF Growth & Income			–		1,015,476			24,186			115				–			1,037,369
TIAA-CREF High-Yield			–		447,416			44,592			(35	)			3,899			402,343
TIAA-CREF International Equity			–		794,104			18,981			(50	)			–			794,823
TIAA-CREF International Opportunities			–		712,918			6,189			(101	)			–			704,688
TIAA-CREF Large-Cap Growth			–		1,192,899			23,133			464				–			1,241,430
TIAA-CREF Large-Cap Value			–		1,172,781			13,690			(24	)			–			1,184,414
TIAA-CREF Mid-Cap Growth			–		63,891			265			(2	)			–			66,756
TIAA-CREF Mid-Cap Value			–		57,682			664			3				–			59,448
TIAA-CREF Money Market			–		100			–			–				–			100
TIAA-CREF Small-Cap Equity			–		476,622			7,522			100				–			494,279
			$–	$	10,352,241		$	252,199			$ 282				$6,538		$	10,366,971

* The Fund commenced operations on September 26, 2014.

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 2014, 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:

				Gross			Gross			Net unrealized
	Tax			unrealized			unrealized				appreciation
Fund	cost		appreciation			(depreciation			)	(depreciation)
Lifecycle Retirement Income	$	303,295,836		$	33,276,592		$	(164,250	)		$	33,112,342
Lifecycle 2010		930,898,262			147,771,746			(554,375	)			147,217,371
Lifecycle 2015		1,569,284,806			162,039,400			(7,177,590	)			154,861,810
Lifecycle 2020		2,310,162,996			287,580,512			(9,490,728	)			278,089,784
Lifecycle 2025		2,282,954,072			335,380,253			(9,950,709	)			325,429,544
Lifecycle 2030		2,147,088,238			372,922,520			(9,285,646	)			363,636,874
Lifecycle 2035		2,133,408,314			421,962,381			(10,509,555	)			411,452,826
Lifecycle 2040		2,712,454,259			601,964,464			(14,604,556	)			587,359,908
Lifecycle 2045		948,487,265			189,279,090			(1,625,140	)			187,653,950
Lifecycle 2050		551,295,998			103,369,441			(1,030,426	)			102,339,015
Lifecycle 2055		93,141,170			10,496,545			(237,319	)			10,259,226
Lifecycle 2060		10,101,232			293,549			(27,810	)			265,739

86	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2014 were as follows:

Fund	Purchases		Sales
Lifecycle Retirement Income	$	48,840,062		$	18,982,802
Lifecycle 2010		72,985,730			95,997,404
Lifecycle 2015		129,139,311			122,444,245
Lifecycle 2020		255,101,347			148,424,069
Lifecycle 2025		267,020,204			140,388,424
Lifecycle 2030		250,559,660			122,569,123
Lifecycle 2035		249,835,843			138,448,237
Lifecycle 2040		288,164,802			175,178,793
Lifecycle 2045		171,954,303			39,210,302
Lifecycle 2050		107,428,976			19,603,474
Lifecycle 2055		27,439,954			5,316,952
Lifecycle 2060		10,352,241			252,199

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2014 was as follows:

	Ordinary		Long-term
Fund	income		capital gains			Total
Lifecycle Retirement Income	$	7,055,820		$	2,089,903	$	9,145,723
Lifecycle 2010		31,232,087			7,787,214		39,019,301
Lifecycle 2015		44,344,789			54,067,325		98,412,114
Lifecycle 2020		63,509,333			67,508,952		131,018,285
Lifecycle 2025		66,098,275			66,828,455		132,926,730
Lifecycle 2030		67,137,431			64,003,293		131,140,724
Lifecycle 2035		70,313,932			68,767,381		139,081,313
Lifecycle 2040		95,753,146			96,808,530		192,561,676
Lifecycle 2045		27,556,468			6,449,207		34,005,675
Lifecycle 2050		15,207,533			3,480,279		18,687,812
Lifecycle 2055		1,894,724			332,657		2,227,381

The tax character of the fiscal year 2015 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

Each of the Funds, except the Lifecycle 2060 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 2014. A new facility was entered into on June 24, 2014 expiring June 23, 2015. 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

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

concluded

mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or 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, 2014, 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.

88	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

Approval of investment management agreement (unaudited)

Board Approval of Investment Management Agreement for the TIAA-CREF Lifecycle 2060 Fund

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve for a two-year term and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series, including the new TIAA-CREF Lifecycle 2060 Fund (the “New Fund”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the New Fund.

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

Overview of the approval process

The Board held meetings on May 13, 2014 and July 15, 2014, at which it considered the initial approval of the Agreement with respect to the New Fund using its previously-established process. As part of this process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee works with management and independent legal counsel to the Trustees to develop additional guidelines and specific requests relating to the types of information to be provided to the Committee and to all Trustees in connection with proposed Agreement approvals, and then to help evaluate the information provided in response to those guidelines. During meetings held prior to the July 2014 Board meeting, the Board and the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees and legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

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

As a result of instructions by the Operations Committee on behalf of the Board, Lipper produced, among other information, expense comparison data regarding the New Fund, including data relating to the New Fund’s management fee rate and total expense ratio. Lipper also compared much of this data for the New Fund against a universe of mutual funds, which was selected by Lipper. In each case, Lipper

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Approval of investment management agreement (unaudited)

summarized the methodologies it employed to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee and expense information that is necessary to help the Board satisfy its duties under Section 15 of the 1940 Act. Lipper also represented that it (and not TAI) had identified the selected comparative peer groups and universe and that it did so in a manner that was not intended to produce biased results for its clients.

Among other matters, the Operations Committee also requested and reviewed various information provided to TAI to facilitate the Trustees’ evaluation of the reasonableness of any potential profits to be earned by TAI with respect to its services to the New Fund pursuant to the Agreement.

In advance of the Board meeting held on July 15, 2014, independent legal counsel for the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to approve the Agreement for the New Fund. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) a description of any proposed fee waiver or expense reimbursement arrangements; (2) a comparison of the New Fund’s fees under the Agreement as compared to any other comparable accounts managed by TAI or its affiliates; (3) any “fall-out” benefits that were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the New Fund aside from TAI’s direct fee payments pursuant to the Agreement; (4) information regarding overall staffing levels, compliance programs, any material pending litigation or compliance issues, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the New Fund; (5) information as to any potential profits to be earned by TAI in connection with its services pursuant to the Agreement; (6) a copy of the Agreement and certain related agreements between the Trust and affiliates of TAI with respect to the New Fund; and (7) a proposed narrative explanation of reasons why the Board should approve the Agreement for the New Fund.

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

90	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

continued

In reaching its decisions regarding the approval of the Agreement for the New Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, information provided to the Board in connection with the renewal in March 2014 of the Agreement for each then-existing series of the Trust and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Trust. In addition, the Board received and considered information from its independent legal counsel as to certain relevant guidelines that relate to the approval process under Section 15(c) of the 1940 Act and certain other legal authorities.

In deciding whether to approve the Agreement for the New Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to approve the Agreement for the New Fund.

At its meeting on July 15, 2014, the Board voted unanimously to approve the proposed Agreement for the New Fund. Set forth below are the general factors the Board considered for the New Fund, followed by an outline of the specific factors the Board considered for the New Fund.

The Nature, extent and quality of services

The Board considered that TAI is an experienced investment adviser that has managed the existing series of the Trust since their operations commenced, as well as the TIAA-CREF Life Funds and the TIAA Separate Account VA-1. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), which is managed by an affiliated adviser. Under the Agreement for the New Fund, TAI is responsible for, among other duties: managing the assets of the New Fund (which is a fund-of-funds that invests its assets in the securities of other investment companies managed by TAI, referred to as “underlying funds”), including selecting underlying funds and allocating the New Fund’s assets among the underlying funds, conducting research, recommending investments and placing orders to buy and sell securities for the New Fund’s investment portfolio; active daily monitoring of the investment portfolio by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the New Fund to the Board on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the New Fund. In particular, the Board reviewed the proposed portfolio management team’s experience and prior performance overseeing products with similar mandates for TAI. The Board considered that TAI has carried out these responsibilities in a professional manner with respect to the existing series of the Trust.

In addition, the Board considered the nature and quality of non-portfolio management services currently provided to the Trust and to be provided to the New Fund by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance

TIAA-CREF Lifecycle Funds ■ 2014 Semiannual Report

Approval of investment management agreement (unaudited)

of certain affiliated and unaffiliated service providers, including improvements in services provided by those firms or outsourcing efforts to other firms.

Cost and profitability

The Board considered pro forma financial and profitability data relating to TAI with respect to the New Fund. The Board considered TAI’s projected loss calculations with respect to its services to the New Fund both before and after taking into account the costs to be incurred directly or indirectly by TAI in connection with the distribution of shares of the New Fund. These calculations also took into consideration any potential fall-out benefits to TAI or its affiliates, like the potential profits to be earned due to the New Fund’s investment in affiliated underlying funds. The Board considered TAI’s projection that the New Fund would not be profitable to TAI for many years. Among other considerations, the Board acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services to be provided to the New Fund. In this connection, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions by TAI so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the management fee rate to be charged to the New Fund under the Agreement typically is lower than the management fee rates charged by most comparable mutual funds with similar investment strategies. Based on all factors considered, the Board determined that the fee rate under the Agreement with respect to the New Fund was reasonable in relation to those charged by comparable mutual funds.

Economies of scale

The Board considered whether TAI is anticipated to experience economies of scale in connection with the operation of the New Fund. However, the Board noted TAI’s representation that the New Fund would likely not be profitable to TAI for many years. Thus, the Board determined that the New Fund’s fee schedule was reasonable in light of anticipated economies of scale considerations and anticipated asset levels.

Fee Comparison with other TAI clients

The Board considered that TAI and its affiliates provide investment management services to other funds-of-funds products with mandates similar to the New Fund. These similar funds include other funds-of-funds like the Lifestyle Funds and the Managed Allocation Fund, as well as the existing other series of the Lifecycle and Lifecycle Index Funds. The Board noted that the advisory fee rate for the New Fund was the same as for the existing Lifecycle Funds, as well as for the Lifestyle Funds. Additionally, the Board noted that TAI had agreed to waive the New Fund’s entire

92	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

concluded

advisory fee. Another fund-of fund managed by TAI, the Managed Allocation Fund, is not charged any advisory fee by TAI.

Other benefits

The Board also considered additional benefits to the New Fund and to TAI and its affiliates arising from the Agreement. The Board considered the other separate administrative fees that TAI would earn from the New Fund, as well as the indirect fees it would receive from its management of the underlying funds in which the New Fund will invest. In addition, both TAI and the New Fund may eventually benefit from economies of scale if the New Fund is managed in the same manner and by the same personnel as certain other funds-of-funds managed by TAI. Finally, TAI may benefit from profits earned on the underlying funds in which the New Fund will invest.

Specific factors

The Board considered the following specific factors (among others) in connection with its determination to approve the Agreement with respect to the New Fund. If the New Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. The specific management fee, expense and performance factors outlined below are based on the Institutional Class shares of the New Fund. Because the Institutional Class generally has lower non-management expenses than the Retirement and Premier Classes of the New Fund, the expenses and performance of these other Classes will differ from the expenses and performance shown for the Institutional Class.

•	The New Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to waive this fee entirely through at least September 30, 2015.

•	The New Fund’s proposed actual management fee rate and projected total expenses are in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”).

•	The New Fund’s proposed actual management fee and total expenses are in the 1st quintile of the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”).

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

TIAA-CREF Lifecycle Funds ■ 2014 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 OF 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

94	2014 Semiannual Report ■ TIAA-CREF Lifecycle Funds

concluded

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 ■ 2014 Semiannual Report

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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, Premier 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.

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2014 Semiannual Report

TIAA-CREF

Lifecycle Index Funds

of the TIAA-CREF Funds

November 30, 2014

	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
	Approval of investment management agreement			67
	Additional information about index providers			72
	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, 2014. 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, 2014.
	•	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	2014 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 ■ 2014 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 23 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	2014 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, 2014–November 30, 2014).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2014

Lifecycle Index Funds Institutional Class	Beginning account value (6/1/14	)	Ending account value (11/30/14	)	Expenses paid during period (6/1/14–11/30/14	* )	Effective expenses paid during period (6/1/14–11/30/14	^† )
Retirement Income Fund actual return	$1,000.00		$1,024.70		$0.20		$0.76
5% annual hypothetical return	1,000.00		1,024.87		0.20		0.76
2010 Fund actual return	$1,000.00		$1,026.24		$0.25		$0.76
5% annual hypothetical return	1,000.00		1,024.82		0.25		0.76
2015 Fund actual return	$1,000.00		$1,028.29		$0.31		$0.81
5% annual hypothetical return	1,000.00		1,024.77		0.30		0.81
2020 Fund actual return	$1,000.00		$1,030.78		$0.31		$0.76
5% annual hypothetical return	1,000.00		1,024.77		0.30		0.76
2025 Fund actual return	$1,000.00		$1,032.47		$0.36		$0.82
5% annual hypothetical return	1,000.00		1,024.72		0.36		0.81
2030 Fund actual return	$1,000.00		$1,034.70		$0.41		$0.77
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.76
2035 Fund actual return	$1,000.00		$1,036.85		$0.41		$0.77
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.76
2040 Fund actual return	$1,000.00		$1,038.15		$0.41		$0.77
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.76
2045 Fund actual return	$1,000.00		$1,038.34		$0.41		$0.77
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.76
2050 Fund actual return	$1,000.00		$1,038.37		$0.41		$0.77
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.76
2055 Fund actual return	$1,000.00		$1,037.33		$0.41		$0.77
5% annual hypothetical return	1,000.00		1,024.67		0.41		0.76

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, 2014. 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 0.04% for the Retirement 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.

^†

6	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

continued

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 0.15% for the Retirement Income, 2010, 2020, 2030, 2035, 2040, 2045, 2050 and 2055 Funds; and 0.16% for the 2015 and 2025 Funds.

Expense examples

Six months ended November 30, 2014

Lifecycle Index Funds Premier Class	Beginning account value (6/1/14	)	Ending account value (11/30/14	)	Expenses paid during period (6/1/14–11/30/14	* )	Effective expenses paid during period (6/1/14–11/30/14	^† )
Retirement Income Fund actual return	$1,000.00		$1,024.73		$0.96		$1.52
5% annual hypothetical return	1,000.00		1,024.12		0.96		1.52
2010 Fund actual return	$1,000.00		$1,026.32		$1.02		$1.52
5% annual hypothetical return	1,000.00		1,024.07		1.01		1.52
2015 Fund actual return	$1,000.00		$1,027.66		$1.07		$1.58
5% annual hypothetical return	1,000.00		1,024.02		1.07		1.57
2020 Fund actual return	$1,000.00		$1,030.20		$1.07		$1.53
5% annual hypothetical return	1,000.00		1,024.02		1.07		1.52
2025 Fund actual return	$1,000.00		$1,031.91		$1.12		$1.58
5% annual hypothetical return	1,000.00		1,023.97		1.12		1.57
2030 Fund actual return	$1,000.00		$1,034.19		$1.17		$1.58
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.57
2035 Fund actual return	$1,000.00		$1,035.74		$1.17		$1.53
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.52
2040 Fund actual return	$1,000.00		$1,037.06		$1.17		$1.53
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.52
2045 Fund actual return	$1,000.00		$1,037.86		$1.17		$1.53
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.52
2050 Fund actual return	$1,000.00		$1,037.27		$1.17		$1.53
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.52
2055 Fund actual return	$1,000.00		$1,037.38		$1.17		$1.53
5% annual hypothetical return	1,000.00		1,023.92		1.17		1.52

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Important information about expenses

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

Expense examples

Six months ended November 30, 2014

Lifecycle Index Funds Retirement Class	Beginning account value (6/1/14	)	Ending account value (11/30/14	)	Expenses paid during period (6/1/14–11/30/14	* )	Effective expenses paid during period (6/1/14–11/30/14	^† )
Retirement Income Fund actual return	$1,000.00		$1,023.62		$1.47		$2.03
5% annual hypothetical return	1,000.00		1,023.61		1.47		2.03
2010 Fund actual return	$1,000.00		$1,024.94		$1.52		$2.03
5% annual hypothetical return	1,000.00		1,023.56		1.52		2.03
2015 Fund actual return	$1,000.00		$1,027.03		$1.58		$2.08
5% annual hypothetical return	1,000.00		1,023.51		1.57		2.08
2020 Fund actual return	$1,000.00		$1,029.57		$1.58		$2.04
5% annual hypothetical return	1,000.00		1,023.51		1.57		2.03
2025 Fund actual return	$1,000.00		$1,031.33		$1.63		$2.09
5% annual hypothetical return	1,000.00		1,023.46		1.62		2.08
2030 Fund actual return	$1,000.00		$1,034.28		$1.68		$2.04
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.03
2035 Fund actual return	$1,000.00		$1,035.20		$1.68		$2.04
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.03
2040 Fund actual return	$1,000.00		$1,037.15		$1.69		$2.04
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.03
2045 Fund actual return	$1,000.00		$1,037.34		$1.69		$2.04
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.03
2050 Fund actual return	$1,000.00		$1,036.74		$1.68		$2.04
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.03
2055 Fund actual return	$1,000.00		$1,037.41		$1.69		$2.04
5% annual hypothetical return	1,000.00		1,023.41		1.67		2.03

8	2014 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, 2014. 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.

^†

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 0.40% for the Retirement Income, 2010, 2020, 2030, 2035, 2040, 2045, 2050 and 2055 Funds; and 0.41% for the 2015 and 2025 Funds.

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Investment results of the Lifecycle Index Funds

Performance for the six months ended November 30, 2014

All eleven TIAA-CREF Lifecycle Index Funds covered in this report generated positive results for the six-month reporting period and performed within range of their respective composite benchmarks. Returns for the Retirement Class ranged from 2.36% for the Retirement Income Fund to 3.74% for the 2055 fund. 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 0.21 of a percentage point for the 2030 Fund to 0.30 of a percentage point for the 2035 Fund. (All fund results are for the Retirement Class.)

U.S. economy regains its footing

10	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

In the fixed-income markets, demand for U.S. Treasury securities bolstered prices and pushed yields lower, resulting in positive returns. The broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 1.92% for the period. Yields in the broader bond market also moved lower, with the yield on fixed-income securities within the Barclays aggregate index declining from 2.25% on June 2 to 2.17% on November 28. Inflation-indexed bonds, as measured by the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), returned –0.65%, reflecting a lack of demand amid continued low inflation rates.

The funds had returns similar to their respective benchmarks

Each Lifecycle Index Fund with at least six months of performance posted positive returns for the reporting period, though returns fell within the low single-digits, ranging from 2.36% for the Retirement Income Fund to 3.74% for the Lifecycle Index 2055 Fund.

The Lifecycle Index Funds may invest in up to four sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income and inflation-protected assets. 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 six-month period, the underlying funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were driven by gains in the U.S. equity and fixed-income markets, but performance was constrained by negative returns in emerging markets and international developed markets.

In all of the Lifecycle Index Funds, strength in the performance of U.S. equity and some fixed-income allocations was offset by weakness in the funds that invest overseas, keeping returns for all funds within a narrow range. In most cases, however, these mixed results among the equity allocations were offset by positive results from gains in several of the funds’ fixed-income investments. (Performance of the Lifecycle Index Funds’ underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Lifecycle Index Retirement Income Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
Lifecycle Index Retirement												since
Income Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		9/30/2009		2.47	%		7.21	%		7.80	%		7.99	%
Premier Class		9/30/2009		2.47			7.06			7.65			7.84
Retirement Class		9/30/2009		2.36			6.90			7.53			7.73
Lifecycle Index Retirement Income Fund Composite Index*		—		2.58			7.32			7.99			8.19	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.32	^†
Russell 3000^® Index		—		7.89			15.53			16.28			16.37	^†

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, 2014, 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			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		28.2	%		28.0	%
International equity		11.8			12.0
Fixed income
Fixed income		49.5			50.0
Inflation-protected assets		9.9			10.0
Other assets & liabilities, net		0.6			—
Total		100.0			100.0

Target allocation

For June 30, 2015

12	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2010 Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
												since
Lifecycle Index 2010 Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		9/30/2009		2.62	%		7.54	%		8.51	%		8.68	%
Premier Class		9/30/2009		2.63			7.44			8.37			8.53
Retirement Class		9/30/2009		2.49			7.29			8.24			8.40
Lifecycle Index 2010 Fund Composite Index*		—		2.77			7.71			8.69			8.87	^†
Broad market index
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.32	^†
Russell 3000^® Index		—		7.89			15.53			16.28			16.37	^†

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, 2014, the Lifecycle Index 2010 Fund Composite Index consisted of: 46.6% Barclays U.S. Aggregate Bond Index; 31.9% Russell 3000 Index; 13.7% MSCI EAFE+EM Index; and 7.8% 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			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		32.2	%		31.5	%
International equity		13.6			13.5
Fixed income
Fixed income		46.4			47.0
Inflation-protected assets		7.7			8.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Lifecycle Index 2015 Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
												since
Lifecycle Index 2015 Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		9/30/2009		2.83	%		7.92	%		9.10	%		9.25	%
Premier Class		9/30/2009		2.77			7.78			8.94			9.10
Retirement Class		9/30/2009		2.70			7.68			8.84			8.98
Lifecycle Index 2015 Fund Composite Index*		—		2.95			8.06			9.30			9.46	^†
Broad market index
Russell 3000^® Index		—		7.89			15.53			16.28			16.37	^†
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.32	^†

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, 2014, the Lifecycle Index 2015 Fund Composite Index consisted of: 43.3% Barclays U.S. Aggregate Bond Index; 35.6% Russell 3000 Index; 15.3% MSCI EAFE+EM Index; and 5.8% 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			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		36.0	%		35.0	%
International equity		15.1			15.0
Fixed income
Fixed income		43.1			44.0
Inflation-protected assets		5.7			6.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2015

14	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2020 Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
												since
Lifecycle Index 2020 Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		9/30/2009		3.08	%		8.39	%		9.84	%		9.97	%
Premier Class		9/30/2009		3.02			8.27			9.68			9.81
Retirement Class		9/30/2009		2.96			8.16			9.59			9.71
Lifecycle Index 2020 Fund Composite Index*		—		3.18			8.54			10.03			10.17	^†
Broad market index
Russell 3000^® Index		—		7.89			15.53			16.28			16.37	^†
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.32	^†

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, 2014, the Lifecycle Index 2020 Fund Composite Index consisted of: 41.2% Russell 3000 Index; 37.3% Barclays U.S. Aggregate Bond Index; 17.7% MSCI EAFE+EM Index; and 3.8% 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			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		41.6	%		40.6	%
International equity		17.4			17.4
Fixed income
Fixed income		37.1			38.0
Inflation-protected assets		3.8			4.0
Other assets & liabilities, net		0.1			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Lifecycle Index 2025 Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
												since
Lifecycle Index 2025 Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		9/30/2009		3.25	%		8.88	%		10.58	%		10.69	%
Premier Class		9/30/2009		3.19			8.67			10.41			10.52
Retirement Class		9/30/2009		3.13			8.56			10.32			10.41
Lifecycle Index 2025 Fund Composite Index*		—		3.42			9.02			10.75			10.87	^†
Broad market index
Russell 3000^® Index		—		7.89			15.53			16.28			16.37	^†
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.32	^†

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, 2014, the Lifecycle Index 2025 Fund Composite Index consisted of: 46.8% Russell 3000 Index; 31.3% Barclays U.S. Aggregate Bond Index; and 20.1% MSCI EAFE+EM Index; and 1.8% 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			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		47.1	%		46.2	%
International equity		19.7			19.8
Fixed income
Fixed income		31.2			32.0
Inflation-protected assets		1.8			2.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

16	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2030 Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
												since
Lifecycle Index 2030 Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		9/30/2009		3.47	%		9.37	%		11.33	%		11.41	%
Premier Class		9/30/2009		3.42			9.18			11.15			11.24
Retirement Class		9/30/2009		3.43			9.06			11.04			11.13
Lifecycle Index 2030 Fund Composite Index*		—		3.64			9.48			11.47			11.58	^†
Broad market index
Russell 3000^® Index		—		7.89			15.53			16.28			16.37	^†
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.32	^†

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, 2014, the Lifecycle Index 2030 Fund Composite Index consisted of: 52.4% Russell 3000 Index; 25.1% Barclays U.S. Aggregate Bond Index; and 22.5% MSCI EAFE+EM Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.
^†	Performance is calculated from the inception date of the Retirement Class.

Asset allocation

	% of			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		52.7	%		51.8	%
International equity		22.1			22.2
Fixed income		25.0			26.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Lifecycle Index 2035 Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
												since
Lifecycle Index 2035 Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		9/30/2009		3.69	%		9.81	%		12.00	%		12.08	%
Premier Class		9/30/2009		3.57			9.57			11.81			11.90
Retirement Class		9/30/2009		3.52			9.46			11.72			11.79
Lifecycle Index 2035 Fund Composite Index*		—		3.82			9.91			12.17			12.26	^†
Broad market index
Russell 3000^®Index		—		7.89			15.53			16.28			16.37	^†
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.32	^†

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, 2014, the Lifecycle Index 2035 Fund Composite Index consisted of: 58.0% Russell 3000 Index; 24.9% MSCI EAFE+EM Index; and 17.1% 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			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		58.3	%		57.4	%
International equity		24.5			24.6
Fixed income		17.0			18.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

18	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2040 Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
												since
Lifecycle Index 2040 Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		9/30/2009		3.82	%		10.14	%		12.36	%		12.43	%
Premier Class		9/30/2009		3.71			9.89			12.17			12.25
Retirement Class		9/30/2009		3.72			9.85			12.09			12.15
Lifecycle Index 2040 Fund Composite Index*		—		3.96			10.24			12.53			12.61	^†
Broad market index
Russell 3000^® Index		—		7.89			15.53			16.28			16.37	^†
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.32	^†

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, 2014, 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			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		63.1	%		63.0	%
International equity		26.7			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Lifecycle Index 2045 Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
												since
Lifecycle Index 2045 Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		9/30/2009		3.83	%		10.08	%		12.35	%		12.42	%
Premier Class		9/30/2009		3.79			9.91			12.18			12.26
Retirement Class		9/30/2009		3.73			9.80			12.09			12.15
Lifecycle Index 2045 Fund Composite Index*		—		3.96			10.24			12.53			12.61	^†
Broad market index
Russell 3000^® Index		—		7.89			15.53			16.28			16.37	^†
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.32	^†

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, 2014, 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			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		63.0	%		63.0	%
International equity		26.8			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

20	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Lifecycle Index 2050 Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
												since
Lifecycle Index 2050 Fund	Inception date		6 months			1 year			5 years			inception
Institutional Class		9/30/2009		3.84	%		10.09	%		12.36	%		12.43	%
Premier Class		9/30/2009		3.73			9.93			12.18			12.26
Retirement Class		9/30/2009		3.67			9.82			12.08			12.14

Lifecycle Index 2050 Fund Composite Index*		—		3.96			10.24			12.53			12.61	^†

Broad market index
Russell 3000^® Index		—		7.89			15.53			16.28			16.37	^†
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			4.10			4.32	^†

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, 2014, 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			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		62.9	%		63.0	%
International equity		26.8			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.3			—
Total		100.0			100.0

Target allocation

For June 30, 2015

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Lifecycle Index 2055 Fund

Performance as of November 30, 2014

									Average annual
			Total return						total return
Lifecycle Index 2055 Fund	Inception date		6 months			1 year			since inception
Institutional Class		4/29/2011		3.73	%		10.02	%		10.17	%
Premier Class		4/29/2011		3.74			9.92			10.03
Retirement Class		4/29/2011		3.74			9.82			9.92
Lifecycle Index 2055 Fund Composite Index*		—		3.96			10.24			10.34	^†
Broad market index
Russell 3000^® Index		—		7.89			15.53			14.27	^†
Barclays U.S. Aggregate Bond Index		—		1.92			5.27			3.88	^†

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, 2014, 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			Target
	net assets as			allocation
	of 11/30/14			for 6/30/15
Equity
U.S. equity		62.9	%		63.0	%
International equity		26.9			27.0
Fixed income		10.0			10.0
Other assets & liabilities, net		0.2			—
Total		100.0			100.0

Target allocation

For June 30, 2015

22	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Portfolio of investments (unaudited)

Lifecycle Index Retirement Income Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.4% (a)

FIXED INCOME — 49.5%
	1,771,129	TIAA-CREF Bond Index Fund		$	19,358,439		49.5	%
		TOTAL FIXED INCOME			19,358,439		49.5

INFLATION-PROTECTED ASSETS — 9.9%
	337,327	TIAA-CREF Inflation-Linked Bond Fund			3,879,256		9.9
		TOTAL INFLATION-PROTECTED ASSETS			3,879,256		9.9

INTERNATIONAL EQUITY — 11.8%
	103,063	TIAA-CREF Emerging Markets Equity Index Fund			1,088,342		2.8
	187,091	TIAA-CREF International Equity Index Fund			3,536,013		9.0
		TOTAL INTERNATIONAL EQUITY			4,624,355		11.8

U.S. EQUITY — 28.2%
	693,352	TIAA-CREF Equity Index Fund			11,017,357		28.2
		TOTAL U.S. EQUITY			11,017,357		28.2
		TOTAL TIAA-CREF FUNDS	(Cost $33,651,516)		38,879,407		99.4

		TOTAL PORTFOLIO	(Cost $33,651,516)		38,879,407		99.4
		OTHER ASSETS & LIABILITIES, NET			220,636		0.6
		NET ASSETS		$	39,100,043		100.0	%

Lifecycle Index 2010 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 46.4%
	7,382,339	TIAA-CREF Bond Index Fund		$	80,688,967		46.4	%
		TOTAL FIXED INCOME			80,688,967		46.4

INFLATION-PROTECTED ASSETS — 7.7%
	1,166,634	TIAA-CREF Inflation-Linked Bond Fund			13,416,290		7.7
		TOTAL INFLATION-PROTECTED ASSETS			13,416,290		7.7

INTERNATIONAL EQUITY — 13.6%
	524,614	TIAA-CREF Emerging Markets Equity Index Fund			5,539,921		3.2
	952,358	TIAA-CREF International Equity Index Fund			17,999,561		10.4
		TOTAL INTERNATIONAL EQUITY			23,539,482		13.6

U.S. EQUITY — 32.2%
	3,523,759	TIAA-CREF Equity Index Fund			55,992,530		32.2
		TOTAL U.S. EQUITY			55,992,530		32.2
		TOTAL TIAA-CREF FUNDS	(Cost $145,923,579)		173,637,269		99.9

		TOTAL PORTFOLIO	(Cost $145,923,579)		173,637,269		99.9
		OTHER ASSETS & LIABILITIES, NET			206,592		0.1
		NET ASSETS		$	173,843,861		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 ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index 2015 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 43.1%
	12,473,385	TIAA-CREF Bond Index Fund		$	136,334,095		43.1	%
		TOTAL FIXED INCOME			136,334,095		43.1

INFLATION-PROTECTED ASSETS — 5.7%
	1,570,155	TIAA-CREF Inflation-Linked Bond Fund			18,056,780		5.7
		TOTAL INFLATION-PROTECTED ASSETS			18,056,780		5.7

INTERNATIONAL EQUITY — 15.1%
	1,066,444	TIAA-CREF Emerging Markets Equity Index Fund			11,261,652		3.5
	1,939,009	TIAA-CREF International Equity Index Fund			36,647,265		11.6
		TOTAL INTERNATIONAL EQUITY			47,908,917		15.1

U.S. EQUITY — 36.0%
	7,159,907	TIAA-CREF Equity Index Fund			113,770,930		36.0
		TOTAL U.S. EQUITY			113,770,930		36.0
		TOTAL TIAA-CREF FUNDS	(Cost $263,021,417)		316,070,722		99.9

		TOTAL PORTFOLIO	(Cost $263,021,417)		316,070,722		99.9
		OTHER ASSETS & LIABILITIES, NET			366,338		0.1
		NET ASSETS		$	316,437,060		100.0	%

Lifecycle Index 2020 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.9% (a)

FIXED INCOME — 37.1%
	16,392,530	TIAA-CREF Bond Index Fund		$	179,170,352		37.1	%
		TOTAL FIXED INCOME			179,170,352		37.1

INFLATION-PROTECTED ASSETS — 3.8%
	1,583,617	TIAA-CREF Inflation-Linked Bond Fund			18,211,590		3.8
		TOTAL INFLATION-PROTECTED ASSETS			18,211,590		3.8

INTERNATIONAL EQUITY — 17.4%
	1,876,849	TIAA-CREF Emerging Markets Equity Index Fund			19,819,521		4.1
	3,407,125	TIAA-CREF International Equity Index Fund			64,394,661		13.3
		TOTAL INTERNATIONAL EQUITY			84,214,182		17.4

U.S. EQUITY — 41.6%
	12,626,378	TIAA-CREF Equity Index Fund			200,633,150		41.6
		TOTAL U.S. EQUITY			200,633,150		41.6
		TOTAL TIAA-CREF FUNDS	(Cost $400,891,628)		482,229,274		99.9

		TOTAL PORTFOLIO	(Cost $400,891,628)		482,229,274		99.9
		OTHER ASSETS & LIABILITIES, NET			691,858		0.1
		NET ASSETS		$	482,921,132		100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle Index 2025 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 31.2%
	13,886,990	TIAA-CREF Bond Index Fund		$	151,784,804		31.2	%
		TOTAL FIXED INCOME			151,784,804		31.2

INFLATION-PROTECTED ASSETS — 1.8%
	748,423	TIAA-CREF Inflation-Linked Bond Fund			8,606,859		1.8
		TOTAL INFLATION-PROTECTED ASSETS			8,606,859		1.8

INTERNATIONAL EQUITY — 19.7%
	2,143,582	TIAA-CREF Emerging Markets Equity Index Fund			22,636,225		4.6
	3,890,045	TIAA-CREF International Equity Index Fund			73,521,842		15.1
		TOTAL INTERNATIONAL EQUITY			96,158,067		19.7

U.S. EQUITY — 47.1%
	14,420,356	TIAA-CREF Equity Index Fund			229,139,455		47.1
		TOTAL U.S. EQUITY			229,139,455		47.1
		TOTAL TIAA-CREF FUNDS	(Cost $396,868,364)		485,689,185		99.8

		TOTAL PORTFOLIO	(Cost $396,868,364)		485,689,185		99.8
		OTHER ASSETS & LIABILITIES, NET			988,461		0.2
		NET ASSETS		$	486,677,646		100.0	%

Lifecycle Index 2030 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
	TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 25.0%
	11,727,576	TIAA-CREF Bond Index Fund		$	128,182,409		25.0	%
		TOTAL FIXED INCOME			128,182,409		25.0

INTERNATIONAL EQUITY — 22.1%
	2,525,920	TIAA-CREF Emerging Markets Equity Index Fund			26,673,717		5.2
	4,575,040	TIAA-CREF International Equity Index Fund			86,468,263		16.9
		TOTAL INTERNATIONAL EQUITY			113,141,980		22.1

U.S. EQUITY — 52.7%
	16,975,838	TIAA-CREF Equity Index Fund			269,746,067		52.7
		TOTAL U.S. EQUITY			269,746,067		52.7
		TOTAL TIAA-CREF FUNDS	(Cost $408,955,584)		511,070,456		99.8

		TOTAL PORTFOLIO	(Cost $408,955,584)		511,070,456		99.8
		OTHER ASSETS & LIABILITIES, NET			1,106,603		0.2
		NET ASSETS		$	512,177,059		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 ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index 2035 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 17.0%
	7,580,124	TIAA-CREF Bond Index Fund		$	82,850,753		17.0	%
		TOTAL FIXED INCOME			82,850,753		17.0

INTERNATIONAL EQUITY — 24.5%
	2,661,481	TIAA-CREF Emerging Markets Equity Index Fund			28,105,235		5.8
	4,814,941	TIAA-CREF International Equity Index Fund			91,002,381		18.7
		TOTAL INTERNATIONAL EQUITY			119,107,616		24.5

U.S. EQUITY — 58.3%
	17,831,594	TIAA-CREF Equity Index Fund			283,344,025		58.3
		TOTAL U.S. EQUITY			283,344,025		58.3
		TOTAL TIAA-CREF FUNDS	(Cost $378,184,531)		485,302,394		99.8

		TOTAL PORTFOLIO	(Cost $378,184,531)		485,302,394		99.8
		OTHER ASSETS & LIABILITIES, NET			830,618		0.2
		NET ASSETS		$	486,133,012		100.0	%

Lifecycle Index 2040 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 10.0%
	5,270,718	TIAA-CREF Bond Index Fund		$	57,608,953		10.0	%
		TOTAL FIXED INCOME			57,608,953		10.0

INTERNATIONAL EQUITY — 26.7%
	3,442,484	TIAA-CREF Emerging Markets Equity Index Fund			36,352,627		6.3
	6,228,232	TIAA-CREF International Equity Index Fund			117,713,575		20.4
		TOTAL INTERNATIONAL EQUITY			154,066,202		26.7

U.S. EQUITY — 63.1%
	22,938,267	TIAA-CREF Equity Index Fund			364,489,070		63.1
		TOTAL U.S. EQUITY			364,489,070		63.1
		TOTAL TIAA-CREF FUNDS	(Cost $437,423,821)		576,164,225		99.8

		TOTAL PORTFOLIO	(Cost $437,423,821)		576,164,225		99.8
		OTHER ASSETS & LIABILITIES, NET			1,116,441		0.2
		NET ASSETS		$	577,280,666		100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifecycle Index 2045 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.8% (a)
FIXED INCOME — 10.0%
	2,426,038	TIAA-CREF Bond Index Fund		$	26,516,597		10.0	%
		TOTAL FIXED INCOME			26,516,597		10.0

INTERNATIONAL EQUITY — 26.8%
	1,585,416	TIAA-CREF Emerging Markets Equity Index Fund			16,741,998		6.3
	2,868,558	TIAA-CREF International Equity Index Fund			54,215,751		20.5
		TOTAL INTERNATIONAL EQUITY			70,957,749		26.8

U.S. EQUITY — 63.0%
	10,493,686	TIAA-CREF Equity Index Fund			166,744,668		63.0
		TOTAL U.S. EQUITY			166,744,668		63.0
		TOTAL TIAA-CREF FUNDS	(Cost $211,078,240)		264,219,014		99.8

		TOTAL PORTFOLIO	(Cost $211,078,240)		264,219,014		99.8
		OTHER ASSETS & LIABILITIES, NET			470,254		0.2
		NET ASSETS		$	264,689,268		100.0	%

Lifecycle Index 2050 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.7% (a)

FIXED INCOME — 10.0%
	1,569,060	TIAA-CREF Bond Index Fund		$	17,149,828		10.0	%
		TOTAL FIXED INCOME			17,149,828		10.0

INTERNATIONAL EQUITY — 26.8%
	1,025,319	TIAA-CREF Emerging Markets Equity Index Fund			10,827,373		6.3
	1,855,143	TIAA-CREF International Equity Index Fund			35,062,211		20.5
		TOTAL INTERNATIONAL EQUITY			45,889,584		26.8

U.S. EQUITY — 62.9%
	6,791,076	TIAA-CREF Equity Index Fund			107,910,191		62.9
		TOTAL U.S. EQUITY			107,910,191		62.9
		TOTAL TIAA-CREF FUNDS	(Cost $136,516,956)		170,949,603		99.7

		TOTAL PORTFOLIO	(Cost $136,516,956)		170,949,603		99.7
		OTHER ASSETS & LIABILITIES, NET			519,680		0.3
		NET ASSETS		$	171,469,283		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 ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifecycle Index 2055 Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS — 99.8% (a)

FIXED INCOME — 10.0%
	355,778	TIAA-CREF Bond Index Fund		$	3,888,649		10.0	%
		TOTAL FIXED INCOME			3,888,649		10.0

INTERNATIONAL EQUITY — 26.9%
	232,560	TIAA-CREF Emerging Markets Equity Index Fund			2,455,833		6.4
	420,796	TIAA-CREF International Equity Index Fund			7,953,040		20.5
		TOTAL INTERNATIONAL EQUITY			10,408,873		26.9

U.S. EQUITY — 62.9%
	1,534,587	TIAA-CREF Equity Index Fund			24,384,587		62.9
		TOTAL U.S. EQUITY			24,384,587		62.9
		TOTAL TIAA-CREF FUNDS	(Cost $32,526,903)		38,682,109		99.8

		TOTAL PORTFOLIO	(Cost $32,526,903)		38,682,109		99.8
		OTHER ASSETS & LIABILITIES, NET			73,827		0.2
		NET ASSETS		$	38,755,936		100.0	%

Lifecycle Index 2060 Fund ■ November 30, 2014

Shares		Security		Value			% of net assets
TIAA-CREF FUNDS — 100.0% (a)

FIXED INCOME — 10.0%
	93,530	TIAA-CREF Bond Index Fund		$	1,022,287			10.0	%
		TOTAL FIXED INCOME			1,022,287			10.0

INTERNATIONAL EQUITY — 26.6%
	60,998	TIAA-CREF Emerging Markets Equity Index Fund			644,137			6.3
	110,347	TIAA-CREF International Equity Index Fund			2,085,566			20.3
		TOTAL INTERNATIONAL EQUITY			2,729,703			26.6

U.S. EQUITY — 63.4%
	409,728	TIAA-CREF Equity Index Fund			6,510,576			63.4
		TOTAL U.S. EQUITY			6,510,576			63.4
		TOTAL TIAA-CREF FUNDS	(Cost $10,002,926)		10,262,566			100.0

		TOTAL PORTFOLIO	(Cost $10,002,926)		10,262,566			100.0
		OTHER ASSETS & LIABILITIES, NET			(347	)		0.0
		NET ASSETS		$	10,262,219			100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifecycle Index Funds ■ November 30, 2014

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

ASSETS
Affiliated investments, at value^‡	$	38,879,407		$	173,637,269		$	316,070,722		$	482,229,274		$	485,689,185		$	511,070,456
Cash		80,144			415,192			685,772			2,285,720			2,400,324			2,371,375
Receivable from securities transactions		6,278			121,557			332,928			119,492			—			—
Receivable from Fund shares sold		208,902			228,289			444,586			712,632			1,111,075			1,211,194
Dividends and interest receivable		35,126			145,410			245,508			320,204			270,585			227,308
Due from affiliates		1,968			3,575			4,789			5,710			4,930			5,149
Other		776			3,689			6,152			8,145			7,882			8,313
Total assets		39,212,601			174,554,981			317,790,457			485,681,177			489,483,981			514,893,795

LIABILITIES
Management fees payable		640			2,851			5,196			7,909			7,966			8,387
Service agreement fees payable		204			1,313			2,067			3,091			2,814			2,673
Distribution fees payable		1,225			2,942			6,893			13,714			13,259			14,802
Due to affiliates		249			894			1,642			2,458			2,498			2,589
Payable for securities transactions		103,278			692,557			1,272,178			2,708,992			2,756,000			2,662,250
Payable for Fund shares redeemed		—			—			48,701			—			—			—
Accrued expenses and other payables		6,962			10,563			16,720			23,881			23,798			26,035
Total liabilities		112,558			711,120			1,353,397			2,760,045			2,806,335			2,716,736
NET ASSETS	$	39,100,043		$	173,843,861		$	316,437,060		$	482,921,132		$	486,677,646		$	512,177,059

NET ASSETS CONSIST OF:
Paid-in-capital	$	34,041,147		$	145,738,580		$	262,618,623		$	400,132,462		$	396,583,981		$	409,360,113
Undistributed net investment income (loss)		62,704			1,527,613			2,423,543			2,857,209			2,191,676			1,560,298
Accumulated net realized gain (loss) on total investments		(231,699	)		(1,136,022	)		(1,654,411	)		(1,406,185	)		(918,832	)		(858,224	)
Net unrealized appreciation (depreciation) on total investments		5,227,891			27,713,690			53,049,305			81,337,646			88,820,821			102,114,872
NET ASSETS	$	39,100,043		$	173,843,861		$	316,437,060		$	482,921,132		$	486,677,646		$	512,177,059

INSTITUTIONAL CLASS:
Net assets	$	24,175,727		$	117,497,256		$	209,679,235		$	293,494,827		$	307,966,026		$	323,837,885
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		1,818,441			8,342,918			14,416,058			19,472,205			19,764,048			20,113,717
Net asset value per share		$13.29			$14.08			$14.54			$15.07			$15.58			$16.10

PREMIER CLASS:
Net assets	$	9,948,987		$	24,052,188		$	56,269,922		$	113,149,119		$	109,169,138		$	122,215,191
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		748,799			1,713,454			3,884,581			7,540,535			7,033,123			7,623,851
Net asset value per share		$13.29			$14.04			$14.49			$15.01			$15.52			$16.03

RETIREMENT CLASS:
Net assets	$	4,975,329		$	32,294,417		$	50,487,903		$	76,277,186		$	69,542,482		$	66,123,983
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		374,593			2,311,086			3,495,666			5,096,145			4,494,608			4,136,388
Net asset value per share		$13.28			$13.97			$14.44			$14.97			$15.47			$15.99
^‡ Affiliated investments, cost	$	33,651,516		$	145,923,579		$	263,021,417		$	400,891,628		$	396,868,364		$	408,955,584

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Statements of assets and liabilities (unaudited)

concluded

TIAA-CREF Lifecycle Index Funds ■ November 30, 2014

	Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index
	2035 Fund			2040 Fund			2045 Fund			2050 Fund			2055 Fund			2060 Fund

ASSETS
Affiliated investments, at value^‡	$	485,302,394		$	576,164,225		$	264,219,014		$	170,949,603		$	38,682,109		$	10,262,566
Cash		1,911,563			1,850,354			1,103,960			802,803			228,811			25,520
Receivable from securities transactions		—			—			—			—			—			915
Receivable from Fund shares sold		967,826			1,319,104			923,426			672,110			159,558			—
Dividends and interest receivable		146,861			103,110			47,113			30,443			6,851			1,850
Due from affiliates		4,149			4,638			3,011			2,493			1,724			2,725
Other		7,987			9,990			3,624			2,366			500			—
Total assets		488,340,780			579,451,421			266,300,148			172,459,818			39,079,553			10,293,576

LIABILITIES
Management fees payable		7,973			9,475			4,335			2,806			634			169
Service agreement fees payable		2,045			2,079			1,227			787			195			42
Distribution fees payable		12,186			11,746			8,611			5,609			681			125
Due to affiliates		2,529			2,983			1,315			878			190			33
Payable for securities transactions		2,155,750			2,063,500			1,581,000			958,500			295,250			17,666
Payable for Fund shares redeemed		3,376			51,661			—			10,181			—			—
Accrued expenses and other payables		23,909			29,311			14,392			11,774			26,667			13,322
Total liabilities		2,207,768			2,170,755			1,610,880			990,535			323,617			31,357
NET ASSETS	$	486,133,012		$	577,280,666		$	264,689,268		$	171,469,283		$	38,755,936		$	10,262,219

NET ASSETS CONSIST OF:
Paid-in-capital	$	378,711,334		$	438,753,657		$	211,523,551		$	136,994,258		$	32,605,953		$	10,000,000
Undistributed net investment income (loss)		862,359			434,207			144,591			92,809			25,385			1,653
Accumulated net realized gain (loss) on total investments		(558,544	)		(647,602	)		(119,648	)		(50,431	)		(30,608	)		926
Net unrealized appreciation (depreciation) on total investments		107,117,863			138,740,404			53,140,774			34,432,647			6,155,206			259,640
NET ASSETS	$	486,133,012		$	577,280,666		$	264,689,268		$	171,469,283		$	38,755,936		$	10,262,219

INSTITUTIONAL CLASS:
Net assets	$	335,492,164		$	429,192,695		$	163,419,377		$	105,562,858		$	28,220,976		$	8,210,361
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		20,214,268			25,444,903			9,734,065			6,291,728			2,114,728			800,000
Net asset value per share		$16.60			$16.87			$16.79			$16.78			$13.34			$10.26

PREMIER CLASS:
Net assets	$	100,209,343		$	97,051,220		$	71,138,144		$	46,504,427		$	5,680,603		$	1,026,020
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,065,458			5,780,442			4,255,452			2,784,388			426,534			100,000
Net asset value per share		$16.52			$16.79			$16.72			$16.70			$13.32			$10.26

RETIREMENT CLASS:
Net assets	$	50,431,505		$	51,036,751		$	30,131,747		$	19,401,998		$	4,854,357		$	1,025,838
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,061,648			3,047,385			1,807,994			1,165,187			364,818			100,000
Net asset value per share		$16.47			$16.75			$16.67			$16.65			$13.31			$10.26
^‡ Affiliated investments, cost	$	378,184,531		$	437,423,821		$	211,078,240		$	136,516,956		$	32,526,903		$	10,002,926

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Lifecycle Index Funds ■ For the period ended November 30, 2014

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

INVESTMENT INCOME
Dividends from affiliated investments			$261,576		$	1,054,247		$	1,693,288		$	2,065,640		$	1,637,609		$	1,252,091
Total income			261,576			1,054,247			1,693,288			2,065,640			1,637,609			1,252,091

EXPENSES
Management fees			18,217			82,463			149,641			222,090			224,462			233,681
Shareholder servicing — Institutional Class			103			108			171			219			208			249
Shareholder servicing — Premier Class			93			88			102			124			124			128
Shareholder servicing — Retirement Class			3,735			36,402			55,614			75,877			71,919			62,675
Distribution fees — Premier Class			7,398			17,643			41,288			80,831			77,950			86,195
Distribution fees — Retirement Class			720			7,259			11,095			15,145			14,353			12,506
Registration fees			21,024			23,586			24,528			25,068			24,850			25,080
Professional fees			11,353			11,626			11,921			12,205			12,249			12,250
Custody and accounting fees			6,351			6,357			6,355			6,355			6,355			6,356
Shareholder reports			4,513			7,038			10,309			14,208			14,841			15,158
Administrative service fees			638			2,897			5,112			7,584			7,740			8,062
Trustee fees and expenses			192			701			1,283			1,911			1,905			1,988
Other expenses			3,236			4,543			6,426			10,808			10,178			11,894
Total expenses			77,573			200,711			323,845			472,425			467,134			476,222
Less:	Expenses reimbursed by the investment adviser		(47,494	)		(56,655	)		(66,112	)		(78,351	)		(78,571	)		(81,259	)
	Fee waiver by investment adviser and TPIS		(11,649	)		(51,529	)		(76,479	)		(103,981	)		(81,692	)		(68,023	)
Net expenses			18,430			92,527			181,254			290,093			306,871			326,940

Net investment income (loss)			243,146			961,720			1,512,034			1,775,547			1,330,738			925,151

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments			(39,277	)		(80,510	)		(204,013	)		(195,075	)		(37,750	)		(61,293	)
Realized gain (loss) from sale of unaffiliated investments			2,652			—			—			(2,709	)		—			—
Net realized gain (loss) from investments			(36,625	)		(80,510	)		(204,013	)		(197,784	)		(37,750	)		(61,293	)
Net change in unrealized appreciation (depreciation) from affiliated investments			729,928			3,414,830			7,040,605			11,968,799			13,463,080			15,541,612
Net realized and unrealized gain (loss) from investments			693,303			3,334,320			6,836,592			11,771,015			13,425,330			15,480,319
Net increase (decrease) in net assets from operations			$936,449			$4,296,040			$8,348,626			$13,546,562			$14,756,068			$16,405,470

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Statements of operations (unaudited)

concluded

TIAA-CREF Lifecycle Index Funds ■ For the period ended November 30, 2014

	Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index			Lifecycle Index
	2035 Fund			2040 Fund			2045 Fund			2050 Fund			2055 Fund			2060 Fund		*

INVESTMENT INCOME
Dividends from affiliated investments	$	818,345		$	583,630		$	261,971		$	167,397		$	36,661		$	3,792
Total income		818,345			583,630			261,971			167,397			36,661			3,792

EXPENSES
Management fees		226,358			267,809			120,219			76,818			16,819			1,771
Shareholder servicing — Institutional Class		236			291			160			173			130			368
Shareholder servicing — Premier Class		120			118			106			97			92			363
Shareholder servicing — Retirement Class		52,487			51,476			31,043			19,224			4,511			808
Distribution fees — Premier Class		71,516			68,829			50,125			32,387			3,786			266
Distribution fees — Retirement Class		10,468			10,267			6,181			3,815			878			89
Registration fees		24,966			24,881			24,557			23,374			21,854			13,684
Professional fees		12,276			12,424			11,774			11,557			11,342			7,981
Custody and accounting fees		6,350			6,352			6,343			6,339			6,315			2,214
Shareholder reports		14,858			16,553			10,537			8,613			4,355			2,320
Administrative service fees		7,797			9,145			4,191			2,711			559			60
Trustee fees and expenses		1,915			2,189			1,078			683			171			14
Other expenses		9,653			11,662			8,195			6,313			3,580			2,218
Total expenses		439,000			481,996			274,509			192,104			74,392			32,156
Less: Expenses reimbursed by the investment adviser		(78,230	)		(83,732	)		(67,035	)		(59,984	)		(48,489	)		(29,574	)
Fee waiver by investment adviser and TPIS		(55,740	)		(63,828	)		(30,225	)		(19,178	)		(4,242	)		(443	)
Net expenses		305,030			334,436			177,249			112,942			21,661			2,139

Net investment income (loss)		513,315			249,194			84,722			54,455			15,000			1,653

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments		(55,421	)		(78,598	)		(62,043	)		(6,769	)		(7,721	)		926
Realized gain (loss) from sale of unaffiliated investments		—			—			—			—			1,350			—
Net realized gain (loss) from investments		(55,421	)		(78,598	)		(62,043	)		(6,769	)		(6,371	)		926
Net change in unrealized appreciation (depreciation) from affiliated investments		15,972,581			20,082,659			9,082,959			5,840,260			1,321,570			259,640
Net realized and unrealized gain (loss) from investments		15,917,160			20,004,061			9,020,916			5,833,491			1,315,199			260,566
Net increase (decrease) in net assets from operations	$	16,430,475		$	20,253,255		$	9,105,638		$	5,887,946		$	1,330,199		$	262,219

*	For the period September 26, 2014 to November 30, 2014.

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 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, 2014			May 31, 2014			November 30, 2014			May 31, 2014			November 30, 2014			May 31, 2014
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	243,146		$	550,196		$	961,720		$	2,449,524		$	1,512,034		$	4,504,344
Net realized gain (loss) from investments			(36,625	)		21,904			(80,510	)		719,473			(204,013	)		1,091,128
Net change in unrealized appreciation (depreciation) from affiliated investments			729,928			2,043,549			3,414,830			9,852,506			7,040,605			20,387,867
Net increase (decrease) in net assets from operations			936,449			2,615,649			4,296,040			13,021,503			8,348,626			25,983,339

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(162,854	)		(361,875	)		—			(1,721,001	)		—			(3,048,575	)
	Premier Class		(60,552	)		(155,653	)		—			(331,844	)		—			(773,216	)
	Retirement Class		(12,931	)		(18,891	)		—			(205,425	)		—			(366,278	)
From realized gains:	Institutional Class		—			(105,311	)		—			(858,871	)		—			(1,307,482	)
	Premier Class		—			(48,997	)		—			(184,751	)		—			(364,512	)
	Retirement Class		—			(6,047	)		—			(115,731	)		—			(177,500	)
Total distributions			(236,337	)		(696,774	)		—			(3,417,623	)		—			(6,037,563	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		3,227,160			8,927,123			11,274,839			30,332,071			22,886,923			49,237,790
	Premier Class		728,337			1,719,790			1,511,934			4,762,753			3,514,826			10,290,022
	Retirement Class		3,547,336			672,499			8,545,621			16,326,388			13,677,309			20,691,879
Reinvestments of distributions:	Institutional Class		162,854			467,186			—			2,579,872			—			4,356,057
	Premier Class		60,552			204,650			—			516,595			—			1,137,728
	Retirement Class		12,931			24,938			—			321,156			—			543,778
Redemptions:	Institutional Class		(2,550,818	)		(4,512,279	)		(6,516,383	)		(14,375,897	)		(9,989,550	)		(21,138,860	)
	Premier Class		(566,313	)		(1,379,478	)		(886,937	)		(10,096,937	)		(2,703,869	)		(15,467,876	)
	Retirement Class		(374,736	)		(70,976	)		(3,282,243	)		(2,262,754	)		(3,646,846	)		(3,457,820	)
Net increase (decrease) from shareholder transactions			4,247,303			6,053,453			10,646,831			28,103,247			23,738,793			46,192,698
Net increase (decrease) in net assets			4,947,415			7,972,328			14,942,871			37,707,127			32,087,419			66,138,474
NET ASSETS
Beginning of period			34,152,628			26,180,300			158,900,990			121,193,863			284,349,641			218,211,167
End of period		$	39,100,043		$	34,152,628		$	173,843,861		$	158,900,990		$	316,437,060		$	284,349,641
Undistributed net investment income (loss) included in net assets		$	62,704		$	55,895		$	1,527,613		$	565,893		$	2,423,543		$	911,509

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		247,511			710,428			813,143			2,295,886			1,602,022			3,643,472
	Premier Class		55,656			138,589			109,818			364,264			247,429			765,090
	Retirement Class		272,378			53,172			620,821			1,242,247			963,137			1,532,696
Shares reinvested:	Institutional Class		12,457			37,486			—			197,238			—			323,390
	Premier Class		4,633			16,427			—			39,586			—			84,715
	Retirement Class		990			1,999			—			24,704			—			40,581
Shares redeemed:	Institutional Class		(195,447	)		(356,785	)		(473,167	)		(1,093,283	)		(702,226	)		(1,567,952	)
	Premier Class		(43,151	)		(110,170	)		(64,202	)		(765,331	)		(190,270	)		(1,146,007	)
	Retirement Class		(28,685	)		(5,574	)		(240,048	)		(174,548	)		(257,589	)		(261,162	)
Net increase (decrease) from shareholder transactions			326,342			485,572			766,365			2,130,763			1,662,503			3,414,823

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 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, 2014			May 31, 2014			November 30, 2014			May 31, 2014			November 30, 2014			May 31, 2014
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	1,775,547		$	6,382,732		$	1,330,738		$	6,379,830		$	925,151		$	6,569,309
Net realized gain (loss) from investments			(197,784	)		1,509,877			(37,750	)		1,362,598			(61,293	)		1,675,208
Net change in unrealized appreciation (depreciation) from affiliated investments			11,968,799			33,053,555			13,463,080			37,335,491			15,541,612			42,173,442
Net increase (decrease) in net assets from operations			13,546,562			40,946,164			14,756,068			45,077,919			16,405,470			50,417,959

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		—			(4,020,935	)		—			(4,256,470	)		—			(4,443,637	)
	Premier Class		—			(1,509,911	)		—			(1,424,084	)		—			(1,599,383	)
	Retirement Class		—			(470,311	)		—			(409,377	)		—			(348,974	)
From realized gains:	Institutional Class		—			(1,344,769	)		—			(1,230,986	)		—			(1,492,359	)
	Premier Class		—			(549,988	)		—			(452,262	)		—			(581,173	)
	Retirement Class		—			(176,416	)		—			(134,113	)		—			(131,599	)
Total distributions			—			(8,072,330	)		—			(7,907,292	)		—			(8,597,125	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		32,686,084			64,297,407			32,567,181			64,872,966			33,264,183			66,895,555
	Premier Class		8,370,722			18,834,832			8,612,996			20,164,290			10,287,181			22,046,650
	Retirement Class		30,149,698			25,700,053			22,387,903			35,610,972			27,782,584			25,465,119
Reinvestments of distributions:	Institutional Class		—			5,365,704			—			5,487,456			—			5,935,996
	Premier Class		—			2,059,899			—			1,876,346			—			2,180,556
	Retirement Class		—			646,727			—			543,490			—			480,573
Redemptions:	Institutional Class		(7,724,082	)		(13,163,866	)		(4,325,782	)		(11,347,961	)		(3,866,164	)		(10,566,390	)
	Premier Class		(2,627,699	)		(15,115,884	)		(1,453,230	)		(14,448,566	)		(1,304,569	)		(12,590,150	)
	Retirement Class		(5,536,309	)		(2,763,099	)		(4,252,125	)		(9,099,716	)		(2,945,128	)		(8,032,383	)
Net increase (decrease) from shareholder transactions			55,318,414			85,861,773			53,536,943			93,659,277			63,218,087			91,815,526
Net increase (decrease) in net assets			68,864,976			118,735,607			68,293,011			130,829,904			79,623,557			133,636,360
NET ASSETS
Beginning of period			414,056,156			295,320,549			418,384,635			287,554,731			432,553,502			298,917,142
End of period		$	482,921,132		$	414,056,156		$	486,677,646		$	418,384,635		$	512,177,059		$	432,553,502
Undistributed net investment income (loss) included in net assets		$	2,857,209		$	1,081,662		$	2,191,676		$	860,938		$	1,560,298		$	635,147

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		2,206,751			4,610,155			2,132,774			4,540,498			2,107,883			4,540,611
	Premier Class		568,143			1,357,041			566,716			1,419,038			656,440			1,512,549
	Retirement Class		2,055,980			1,840,223			1,478,248			2,482,926			1,782,425			1,726,879
Shares reinvested:	Institutional Class		—			386,022			—			383,202			—			402,713
	Premier Class		—			148,622			—			131,397			—			148,438
	Retirement Class		—			46,763			—			38,140			—			32,759
Shares redeemed:	Institutional Class		(527,294	)		(945,904	)		(283,734	)		(791,680	)		(248,140	)		(721,019	)
	Premier Class		(178,823	)		(1,077,711	)		(96,058	)		(1,003,805	)		(83,235	)		(848,543	)
	Retirement Class		(378,688	)		(205,919	)		(279,819	)		(639,209	)		(188,493	)		(566,767	)
Net increase (decrease) from shareholder transactions			3,746,069			6,159,292			3,518,127			6,560,507			4,026,880			6,227,620

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 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, 2014				May 31, 2014				November 30, 2014				May 31, 2014				November 30, 2014				May 31, 2014
		(unaudited			)					(unaudited			)					(unaudited			)
OPERATIONS
Net investment income (loss)			$	513,315			$	6,520,424			$	249,194			$	7,874,694			$	84,722			$	3,214,055
Net realized gain (loss) from investments				(55,421	)			1,580,625				(78,598	)			2,150,938				(62,043	)			559,573
Net change in unrealized appreciation (depreciation) from affiliated investments				15,972,581				45,284,338				20,082,659				57,069,543				9,082,959				24,113,913
Net increase (decrease) in net assets from operations				16,430,475				53,385,387				20,253,255				67,095,175				9,105,638				27,887,541

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			—				(4,822,566	)			—				(6,284,563	)			—				(2,102,157	)
	Premier Class			—				(1,339,108	)			—				(1,335,079	)			—				(958,103	)
	Retirement Class			—				(326,909	)			—				(377,089	)			—				(205,594	)
From realized gains:	Institutional Class			—				(1,427,292	)			—				(1,990,988	)			—				(444,520	)
	Premier Class			—				(427,443	)			—				(455,110	)			—				(217,102	)
	Retirement Class			—				(108,222	)			—				(133,373	)			—				(48,250	)
Total distributions				—				(8,451,540	)			—				(10,576,202	)			—				(3,975,726	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			32,214,047				64,310,909				38,446,597				72,784,443				24,540,973				40,316,174
	Premier Class			8,142,368				22,489,647				8,016,568				18,905,337				6,045,519				14,488,294
	Retirement Class			19,512,640				21,330,321				18,524,666				16,554,780				11,599,307				10,631,671
Reinvestments of distributions:	Institutional Class			—				6,249,858				—				8,275,551				—				2,546,677
	Premier Class			—				1,766,551				—				1,790,189				—				1,175,205
	Retirement Class			—				435,131				—				510,462				—				253,844
Redemptions:	Institutional Class			(4,911,888	)			(9,383,744	)			(3,677,881	)			(9,289,872	)			(1,781,082	)			(5,664,290	)
	Premier Class			(2,305,048	)			(12,240,426	)			(1,966,176	)			(10,608,277	)			(988,043	)			(4,103,385	)
	Retirement Class			(4,629,438	)			(7,286,332	)			(2,848,853	)			(5,281,152	)			(2,425,427	)			(1,779,235	)
Net increase (decrease) from shareholder transactions				48,022,681				87,671,915				56,494,921				93,641,461				36,991,247				57,864,955
Net increase (decrease) in net assets				64,453,156				132,605,762				76,748,176				150,160,434				46,096,885				81,776,770
NET ASSETS
Beginning of period				421,679,856				289,074,094				500,532,490				350,372,056				218,592,383				136,815,613
End of period			$	486,133,012			$	421,679,856			$	577,280,666			$	500,532,490			$	264,689,268			$	218,592,383
Undistributed net investment income (loss) included in net assets			$	862,359			$	349,044			$	434,207			$	185,013			$	144,591			$	59,869

CHANGE IN FUND SHARES
Shares sold:	Institutional Class			1,982,893				4,272,866				2,331,266				4,780,939				1,494,265				2,667,752
	Premier Class			505,015				1,507,143				488,411				1,253,665				370,289				961,849
	Retirement Class			1,211,192				1,411,155				1,133,312				1,082,451				713,164				699,654
Shares reinvested:	Institutional Class			—				412,804				—				539,475				—				166,777
	Premier Class			—				117,067				—				117,006				—				77,164
	Retirement Class			—				28,893				—				33,429				—				16,700
Shares redeemed:	Institutional Class			(304,522	)			(620,353	)			(225,733	)			(612,485	)			(109,338	)			(372,317	)
	Premier Class			(142,346	)			(804,106	)			(119,681	)			(688,021	)			(60,478	)			(269,117	)
	Retirement Class			(288,130	)			(505,204	)			(173,796	)			(377,351	)			(149,566	)			(126,864	)
Net increase (decrease) from shareholder transactions				2,964,102				5,820,265				3,433,779				6,129,108				2,258,336				3,821,598

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 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								Lifecycle Index 2060 Fund*
		November 30, 2014				May 31, 2014				November 30, 2014				May 31, 2014				November 30, 2014
			(unaudited		)						(unaudited		)						(unaudited		)
OPERATIONS
Net investment income (loss)			$	54,455			$	2,048,682			$	15,000			$	417,571			$	1,653
Net realized gain (loss) from investments				(6,769	)			386,741				(6,371	)			70,965				926
Net change in unrealized appreciation (depreciation) from affiliated investments				5,840,260				15,591,645				1,321,570				3,083,966				259,640
Net increase (decrease) in net assets from operations				5,887,946				18,027,068				1,330,199				3,572,502				262,219

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class			—				(1,360,609	)			—				(334,323	)			—
	Premier Class			—				(593,959	)			—				(57,620	)			—
	Retirement Class			—				(128,769	)			—				(31,206	)			—
From realized gains:	Institutional Class			—				(284,325	)			—				(72,259	)			—
	Premier Class			—				(132,660	)			—				(13,229	)			—
	Retirement Class			—				(29,828	)			—				(7,541	)			—
Total distributions				—				(2,530,150	)			—				(516,178	)			—

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class			16,618,249				25,476,811				5,030,733				6,873,016				8,000,000
	Premier Class			5,102,615				11,193,406				1,032,442				1,833,843				1,000,000
	Retirement Class			8,243,977				6,113,222				2,436,481				771,230				1,000,000
Reinvestments of distributions:	Institutional Class			—				1,644,934				—				406,582				—
	Premier Class			—				726,619				—				70,849				—
	Retirement Class			—				158,597				—				38,747				—
Redemptions:	Institutional Class			(788,761	)			(8,325,852	)			(225,031	)			(570,556	)			—
	Premier Class			(865,307	)			(2,703,286	)			(53,410	)			(139,514	)			—
	Retirement Class			(1,248,547	)			(1,050,195	)			(156,024	)			(56,843	)			—
Net increase (decrease) from shareholder transactions				27,062,226				33,234,256				8,065,191				9,227,354				10,000,000
Net increase (decrease) in net assets				32,950,172				48,731,174				9,395,390				12,283,678				10,262,219
NET ASSETS
Beginning of period				138,519,111				89,787,937				29,360,546				17,076,868				—
End of period			$	171,469,283			$	138,519,111			$	38,755,936			$	29,360,546			$	10,262,219
Undistributed net investment income (loss) included in net assets			$	92,809			$	38,354			$	25,385			$	10,385			$	1,653

CHANGE IN FUND SHARES
Shares sold:	Institutional Class			1,014,177				1,690,102				386,861				566,855				800,000
	Premier Class			312,638				742,580				79,379				151,334				100,000
	Retirement Class			506,877				401,043				188,462				63,341				100,000
Shares reinvested:	Institutional Class			—				107,794				—				33,491				—
	Premier Class			—				47,773				—				5,841				—
	Retirement Class			—				10,448				—				3,192				—
Shares redeemed:	Institutional Class			(48,211	)			(544,657	)			(17,228	)			(47,010	)			—
	Premier Class			(53,043	)			(179,983	)			(4,117	)			(11,719	)			—
	Retirement Class			(76,651	)			(71,112	)			(11,993	)			(4,689	)			—
Net increase (decrease) from shareholder transactions				1,655,787				2,203,988				621,364				760,636				1,000,000

*	For the period September 26, 2014 to November 30, 2014.

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Financial highlights

TIAA-CREF Lifecycle Index Funds

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

LIFECYCLE INDEX RETIREMENT INCOME FUND
Institutional Class:		11/30/14	^#	$	13.06		$0.09			$0.23			$0.32			$(0.09	)	$	–			$(0.09	)	$	13.29		2.47	%^b		$24,176			0.36	%^c		0.04	%^c		1.40	%^c		13	%^b
		5/31/14			12.29		0.24			0.84			1.08			(0.24	)		(0.07	)		(0.31	)		13.06		8.87			22,907			0.44			0.04			1.90			26
		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:		11/30/14	^#		13.05		0.08			0.24			0.32			(0.08	)		–			(0.08	)		13.29		2.47	^b		9,949			0.51	^c		0.19	^c		1.25	^c		13	^b
		5/31/14			12.29		0.22			0.83			1.05			(0.22	)		(0.07	)		(0.29	)		13.05		8.63			9,550			0.59			0.19			1.75			26
		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
Retirement Class:		11/30/14	^#		13.05		0.07			0.24			0.31			(0.08	)		–			(0.08	)		13.28		2.36	^b		4,975			0.67	^c		0.29	^c		1.07	^c		13	^b
		5/31/14			12.29		0.20			0.84			1.04			(0.21	)		(0.07	)		(0.28	)		13.05		8.53			1,696			0.76			0.29			1.60			26
		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

LIFECYCLE INDEX 2010 FUND
Institutional Class:		11/30/14	^#		13.72		0.09			0.27			0.36			–			–			–			14.08		2.62	^b		117,497			0.17	^c		0.05	^c		1.23	^c		5	^b
		5/31/14			12.81		0.25			1.02			1.27			(0.24	)		(0.12	)		(0.36	)		13.72		10.02			109,776			0.19			0.05			1.92			17
		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:		11/30/14	^#		13.68		0.07			0.29			0.36			–			–			–			14.04		2.63	^b		24,052			0.32	^c		0.20	^c		1.08	^c		5	^b
		5/31/14			12.77		0.21			1.03			1.24			(0.21	)		(0.12	)		(0.33	)		13.68		9.85			22,820			0.34			0.20			1.62			17
		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
Retirement Class:		11/30/14	^#		13.63		0.07			0.27			0.34			–			–			–			13.97		2.49	^b		32,294			0.47	^c		0.30	^c		0.98	^c		5	^b
		5/31/14			12.74		0.19			1.03			1.22			(0.21	)		(0.12	)		(0.33	)		13.63		9.70			26,305			0.49			0.30			1.49			17
		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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 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																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFECYCLE INDEX 2015 FUND
Institutional Class:		11/30/14	^#	$	14.14		$0.08			$ 0.32			$ 0.40		$	–		$	–			$ –		$	14.54		2.83	%^b	$	209,679			0.14	%^c		0.06	%^c		1.08	%^c		4	%^b
		5/31/14			13.07		0.26			1.15			1.41			(0.24	)		(0.10	)		(0.34	)		14.14		10.97			191,164			0.16			0.06			1.94			16
		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:		11/30/14	^#		14.10		0.07			0.32			0.39			–			–			–			14.49		2.77	^b		56,270			0.29	^c		0.21	^c		0.93	^c		4	^b
		5/31/14			13.02		0.22			1.18			1.40			(0.22	)		(0.10	)		(0.32	)		14.10		10.92			53,952			0.31			0.21			1.67			16
		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
Retirement Class:		11/30/14	^#		14.06		0.06			0.32			0.38			–			–			–			14.44		2.70	^b		50,488			0.44	^c		0.31	^c		0.82	^c		4	^b
		5/31/14			13.00		0.21			1.16			1.37			(0.21	)		(0.10	)		(0.31	)		14.06		10.73			39,234			0.46			0.31			1.53			16
		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

LIFECYCLE INDEX 2020 FUND
Institutional Class:		11/30/14	^#		14.62		0.06			0.39			0.45			–			–			–			15.07		3.08	^b		293,495			0.14	^c		0.06	^c		0.87	^c		3	^b
		5/31/14			13.32		0.27			1.36			1.63			(0.25	)		(0.08	)		(0.33	)		14.62		12.42			260,171			0.15			0.06			1.95			10
		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:		11/30/14	^#		14.57		0.05			0.39			0.44			–			–			–			15.01		3.02	^b		113,149			0.29	^c		0.21	^c		0.72	^c		3	^b
		5/31/14			13.27		0.24			1.37			1.61			(0.23	)		(0.08	)		(0.31	)		14.57		12.30			104,180			0.30			0.21			1.71			10
		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
Retirement Class:		11/30/14	^#		14.54		0.05			0.38			0.43			–			–			–			14.97		2.96	^b		76,277			0.44	^c		0.31	^c		0.62	^c		3	^b
		5/31/14			13.25		0.22			1.38			1.60			(0.23	)		(0.08	)		(0.31	)		14.54		12.19			49,705			0.45			0.31			1.58			10
		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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 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																							Ratios to average net assets
	For the			Net asset		Net			& unrealized			Total gain			Less distributions from						Total			Net asset					Net assets									Net
	period			value,		investment			gain (loss		)	(loss) from			Net			Net			dividends			value,					at end of									investment			Portfolio
	or year			beginning		income			on total			investment			investment			realized			and			end of		Total			period			Gross			Net			income			turnover
	ended			of period		(loss		)^a	investments		^j	operations			income			gains			distributions			period		return			(in thousands		)	expenses		^e	expenses		^e	(loss		)	rate

LIFECYCLE INDEX 2025 FUND
Institutional Class:		11/30/14	^#	$	15.09		$0.05			$ 0.44			$ 0.49			$ —			$ —			$ —			$15.58		3.25	%^b		$307,966			0.13	%^c		0.07	%^c		0.66	%^c		1	%^b
		5/31/14			13.57		0.28			1.58			1.86			(0.26	)		(0.08	)		(0.34	)		15.09		13.85			270,258			0.15			0.07			1.96			11
		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:		11/30/14	^#		15.04		0.04			0.44			0.48			—			—			—			15.52		3.19	^b		109,169			0.29	^c		0.22	^c		0.51	^c		1	^b
		5/31/14			13.53		0.24			1.59			1.83			(0.24	)		(0.08	)		(0.32	)		15.04		13.63			98,691			0.30			0.22			1.70			11
		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
Retirement Class:		11/30/14	^#		15.00		0.03			0.44			0.47			—			—			—			15.47		3.13	^b		69,542			0.44	^c		0.32	^c		0.41	^c		1	^b
		5/31/14			13.50		0.21			1.60			1.81			(0.23	)		(0.08	)		(0.31	)		15.00		13.53			49,436			0.45			0.32			1.46			11
		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

LIFECYCLE INDEX 2030 FUND
Institutional Class:		11/30/14	^#		15.56		0.04			0.50			0.54			—			—			—			16.10		3.47	^b		323,838			0.13	^c		0.08	^c		0.46	^c		1	^b
		5/31/14			13.84		0.29			1.80			2.09			(0.28	)		(0.09	)		(0.37	)		15.56		15.24			283,951			0.15			0.08			1.95			10
		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:		11/30/14	^#		15.50		0.02			0.51			0.53			—			—			—			16.03		3.42	^b		122,215			0.28	^c		0.23	^c		0.31	^c		1	^b
		5/31/14			13.80		0.25			1.80			2.05			(0.26	)		(0.09	)		(0.35	)		15.50		14.98			109,285			0.30			0.23			1.70			10
		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
Retirement Class:		11/30/14	^#		15.46		0.02			0.51			0.53			—			—			—			15.99		3.43	^b		66,124			0.44	^c		0.33	^c		0.21	^c		1	^b
		5/31/14			13.77		0.21			1.82			2.03			(0.25	)		(0.09	)		(0.34	)		15.46		14.87			39,318			0.45			0.33			1.45			10
		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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 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														Ratios to average net assets
	For the		Net asset	Net		& unrealized		Total gain		Less distributions from				Total		Net asset			Net assets					Net
	period		value,	investment		gain (loss)		(loss) from		Net		Net		dividends		value,			at end of					investment		Portfolio
	or year		beginning	income		on total		investment		investment		realized		and		end of	Total		period	Gross		Net		income		turnover
	ended		of period	(loss	)^a	investments	^j	operations		income		gains		distributions		period	return		(in thousands)	expenses	^e	expenses	^e	(loss)		rate

LIFECYCLE INDEX 2035 FUND
Institutional Class:	11/30/14	^#	$16.01	$0.02		$0.57		$0.59		$ —		$ —		$ —		$16.60	3.69	%^b	$335,492	0.13	%^c	0.08	%^c	0.28	%^c	1	%^b
	5/31/14		14.08	0.29		2.02		2.31		(0.29	)	(0.09	⁾	(0.38	)	16.01	16.51		296,719	0.15		0.08		1.96		9
	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:	11/30/14	^#	15.95	0.01		0.56		0.57		—		—		—		16.52	3.57	^b	100,209	0.28	^c	0.23	^c	0.13	^c	1	^b
	5/31/14		14.03	0.25		2.03		2.28		(0.27	)	(0.09	)	(0.36	)	15.95	16.34		90,943	0.30		0.23		1.69		9
	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
Retirement Class:	11/30/14	^#	15.91	0.00	^d	0.56		0.56		—		—		—		16.47	3.52	^b	50,432	0.44	^c	0.33	^c	0.03	^c	1	^b
	5/31/14		14.00	0.22		2.04		2.26		(0.26	)	(0.09	)	(0.35	)	15.91	16.23		34,019	0.45		0.33		1.45		9
	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

LIFECYCLE INDEX 2040 FUND
Institutional Class:	11/30/14	^#	16.25	0.01		0.61		0.62		—		—		—		16.87	3.82	^b	429,193	0.13	^c	0.08	^c	0.14	^c	0	^b
	5/31/14		14.19	0.30		2.15		2.45		(0.30	)	(0.09	)	(0.39	)	16.25	17.45		379,218	0.15		0.08		1.95		8
	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:	11/30/14	^#	16.19	(0.00	)^d	0.60		0.60		—		—		—		16.79	3.71	^b	97,051	0.28	^c	0.23	^c	(0.01	)^c	0	^b
	5/31/14		14.14	0.26		2.16		2.42		(0.28	)	(0.09	)	(0.37	)	16.19	17.28		87,589	0.30		0.23		1.70		8
	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
Retirement Class:	11/30/14	^#	16.15	(0.01	)	0.61		0.60		—		—		—		16.75	3.72	^b	51,037	0.43	^c	0.33	^c	(0.11	)^c	0	^b
	5/31/14		14.12	0.24		2.15		2.39		(0.27	)	(0.09	)	(0.36	)	16.15	17.09		33,725	0.45		0.33		1.58		8
	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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 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																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			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		^j	(loss) 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 INDEX 2045 FUND
Institutional Class:	11/30/14	^#		$16.17		$0.01			$0.61			$0.62			$ —			$ —			$ —			$16.79		3.83	%^b		$163,419			0.16	%^c		0.08	%^c		0.14	%^c		1	%^b
	5/31/14			14.10		0.29			2.14			2.43			(0.30	)		(0.06	)		(0.36	)		16.17		17.37			135,011			0.18			0.08			1.94			13
	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:	11/30/14	^#		16.11		(0.00	)^d		0.61			0.61			—			—			—			16.72		3.79	^b		71,138			0.31	^c		0.23	^c		(0.01	)^c		1	^b
	5/31/14			14.05		0.26			2.14			2.40			(0.28	)		(0.06	)		(0.34	)		16.11		17.21			63,580			0.33			0.23			1.75			13
	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
Retirement Class:	11/30/14	^#		16.07		(0.01	)		0.61			0.60			—			—			—			16.67		3.73	^b		30,132			0.46	^c		0.33	^c		(0.11	)^c		1	^b
	5/31/14			14.02		0.23			2.15			2.38			(0.27	)		(0.06	)		(0.33	)		16.07		17.10			20,002			0.48			0.33			1.51			13
	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

LIFECYCLE INDEX 2050 FUND
Institutional Class:	11/30/14	^#		16.16		0.01			0.61			0.62			—			—			—			16.78		3.84	^b		105,563			0.18	^c		0.08	^c		0.14	^c		0	^b
	5/31/14			14.09		0.29			2.14			2.43			(0.30	)		(0.06	)		(0.36	)		16.16		17.38			86,068			0.21			0.08			1.91			20
	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:	11/30/14	^#		16.10		(0.00	)^d		0.60			0.60			—			—			—			16.70		3.73	^b		46,504			0.33	^c		0.23	^c		(0.01	)^c		0	^b
	5/31/14			14.04		0.26			2.14			2.40			(0.28	)		(0.06	)		(0.34	)		16.10		17.23			40,648			0.36			0.23			1.76			20
	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
Retirement Class:	11/30/14	^#		16.06		(0.01	)		0.60			0.59			—			—			—			16.65		3.67	^b		19,402			0.48	^c		0.33	^c		(0.11	)^c		0	^b
	5/31/14			14.01		0.23			2.15			2.38			(0.27	)		(0.06	)		(0.33	)		16.06		17.12			11,803			0.51			0.33			1.55			20
	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

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 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																							Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain			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		^j	(loss) 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 INDEX 2055 FUND
Institutional Class:	11/30/14	^#		$12.86		$0.01			$0.47			$0.48			$ —			$ —			$ —			$13.34		3.73	%^b		$28,221			0.39	%^c		0.08	%^c		0.14	%^c		3	%^b
	5/31/14			11.21		0.23			1.70			1.93			(0.23	)		(0.05	)		(0.28	)		12.86		17.42			22,433			0.54			0.08			1.93			25
	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:	11/30/14	^#		12.84		(0.00	)^d		0.48			0.48			—			—			—			13.32		3.74	^b		5,681			0.54	^c		0.23	^c		(0.01	)^c		3	^b
	5/31/14			11.20		0.21			1.70			1.91			(0.22	)		(0.05	)		(0.27	)		12.84		17.21			4,510			0.69			0.23			1.76			25
	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
Retirement Class:	11/30/14	^#		12.83		(0.01	)		0.49			0.48			—			—			—			13.31		3.74	^b		4,854			0.69	^c		0.33	^c		(0.11	)^c		3	^b
	5/31/14			11.19		0.20			1.70			1.90			(0.21	)		(0.05	)		(0.26	)		12.83		17.12			2,417			0.85			0.33			1.64			25
	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

LIFECYCLE INDEX 2060 FUND
Institutional Class:	11/30/14	^{#^}		10.00		0.00	^d		0.26			0.26			—			—			—			10.26		2.60	^b		8,210			1.73	^c		0.08	^c		0.13	^c		2	^b
Premier Class:	11/30/14	^{#^}		10.00		(0.00	)^d		0.26			0.26			—			—			—			10.26		2.60	^b		1,026			2.06	^c		0.23	^c		(0.02	)^c		2	^b
Retirement Class:	11/30/14	^{#^}		10.00		(0.00	)^d		0.26			0.26			—			—			—			10.26		2.60	^b		1,026			2.22	^c		0.33	^c		(0.12	)^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.
^j	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods presented.
^#	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.
*	The Fund commenced operations on September 30, 2009.
^‡	The Fund commenced operations on April 29, 2011.
^{^}	The Fund commenced operations on September 26, 2014.

2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

See notes to financial statements

TIAA-CREF Lifecycle Index Funds ■ 2014 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. The Lifecycle Index 2060 Fund commenced operations on September 26, 2014.

Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer Institutional, Premier and Retirement Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

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

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

58	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

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

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

New accounting pronouncement: In June 2013, the FASB issued Accounting Standard Update No. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Funds adopted the Update for this semiannual report. The adoption of the Update did not have a material impact on the Funds’ financial statements and notes disclosures.

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

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)

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, 2014, there were no transfers between levels by the Funds.

As of November 30, 2014, 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 and the 2010 Fund; 0.05% for the 2015 Fund; 0.04% for the 2020 Fund; 0.03% for the 2025 and the 2030 Funds, and 0.02% for the 2035, 2040, 2045, 2050, 2055 and 2060 Funds. These waivers will remain in effect through September 30, 2015, unless changed with the approval of the Board. Prior to September 26, 2014, Advisors had contractually agreed to waive a portion of certain Funds’ management fees equal to, on an annual basis, the following percentages of

60	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

continued

the average daily net assets of each Fund: 0.05% for the 2010 Fund; 0.04% for the 2015 Fund; and 0.02% for the 2030 Fund. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its cost in providing certain administrative and compliance 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. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of Operations are paid to Advisors under the Service Agreement. 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, 2015. However, this agreement may be terminated before this date with the approval of the Board.

Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds: (i) 0.04% of average daily net assets for Institutional Class shares of the Retirement Income Fund and 2010 Fund; 0.05% of average daily net assets for Institutional Class shares of the 2015 Fund; 0.06% of average daily net assets for Institutional Class shares of the 2020 Fund; 0.07% of average daily net assets for Institutional Class shares of the 2025 Fund and the 2030 Fund; 0.08% of average daily net assets for Institutional Class shares of the 2035, 2040, 2045, 2050, 2055, and 2060 Funds; (ii) 0.19% of average daily net assets for Premier Class shares of the Retirement Income Fund and the 2010 Fund; 0.20% of average daily net assets for Premier Class shares of the 2015 Fund; 0.21% of average daily net assets for Premier Class shares of the 2020 Fund; 0.22% of average daily net assets for Premier Class shares of the 2025 Fund and the 2030 Fund; 0.23% of average daily net assets for Premier Class shares of the 2035, 2040, 2045, 2050, 2055 and 2060 Funds; and (iii) 0.29% of average daily net assets for Retirement Class shares of the Retirement Income Fund and the 2010 Fund; 0.30% of average daily net assets for Retirement Class shares of the 2015 Fund; 0.31% of average daily net assets for Retirement Class shares of the 2020 Fund; 0.32% of average daily net assets for Retirement Class shares of the 2025 Fund and the 2030 Fund; 0.33% of average daily net assets for Retirement Class shares of the 2035, 2040, 2045, 2050, 2055 and 2060 Funds. The expense reimbursement arrangements will continue through at least September 30, 2015, unless changed with the approval of the Board. Prior to September 26, 2014, Advisors agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

expenses) exceeds (i) 0.05%, 0.06%, and 0.08% of average daily net assets for Institutional Class shares of the 2010, 2015 and 2030 Funds, respectively; (ii) 0.20%, 0.21%, and 0.23% of average daily net assets for Premier Class shares of the 2010, 2015 and 2030 Funds, respectively; and (iii) 0.30%, 0.31%, and 0.33% of average daily net assets for Retirement Class shares of the 2010, 2015 and 2030 Funds, respectively.

At the commencement of operations of the Lifecycle Index Retirement Income Fund, Lifecycle Index 2055 Fund, and Lifecycle Index 2060 Fund, TIAA, an affiliate, invested in each Fund. The following is the percentage of the Funds’ shares owned by affiliates as of November 30, 2014:

Fund	TIAA
Lifecycle Index Retirement Income	15	%
Lifecycle Index 2055	36
Lifecycle Index 2060	100

Issue	Value at May 31, 2014		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2014
Lifecycle Index Retirement Income Fund
TIAA-CREF Bond Index	$	17,318,318	$	3,551,550	$	1,658,794	$	(15,624	)	$	198,191	$	19,358,439
TIAA-CREF Emerging Markets Equity Index		941,921		258,005		99,368		(2,992	)		—		1,088,342
TIAA-CREF Equity Index		9,776,225		1,716,053		1,289,539		15,049			—		11,017,357
TIAA-CREF Inflation-Linked Bond		3,486,035		836,570		356,876		(24,646	)		63,385		3,879,256
TIAA-CREF International Equity Index		3,237,507		787,105		315,956		(11,064	)		—		3,536,013
	$	34,760,006	$	7,149,283	$	3,720,533	$	(39,277	)	$	261,576	$	38,879,407
Lifecycle Index 2010 Fund
TIAA-CREF Bond Index	$	73,187,291	$	10,338,834	$	3,430,848	$	(46,982	)	$	833,897	$	80,688,967
TIAA-CREF Emerging Markets Equity Index		4,947,728		867,447		198,137		(7,263	)		—		5,539,921
TIAA-CREF Equity Index		51,353,161		4,022,316		3,453,069		24,721			—		55,992,530
TIAA-CREF Inflation-Linked Bond		11,952,031		2,253,756		482,096		(34,026	)		220,350		13,416,290
TIAA-CREF International Equity Index		17,006,236		2,684,766		746,467		(16,960	)		—		17,999,561
	$	158,446,447	$	20,167,119	$	8,310,617	$	(80,510	)	$	1,054,247	$	173,637,269

62	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

continued

Issue	Value at May 31, 2014		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income			Value at November 30, 2014
Lifecycle Index 2015 Fund
TIAA-CREF Bond Index	$	120,446,402	$	19,808,005	$	4,931,813	$	(88,734	)	$	1,398,818	$	136,334,095
TIAA-CREF Emerging Markets Equity Index		9,941,695		1,832,431		360,443		(18,535	)		—		11,261,652
TIAA-CREF Equity Index		103,337,257		7,446,179		5,302,996		(645	)		—		113,770,930
TIAA-CREF Inflation-Linked Bond		15,724,686		3,252,109		512,637		(38,419	)		294,470		18,056,780
TIAA-CREF International Equity Index		34,233,588		5,533,196		1,213,529		(57,680	)		—		36,647,265
	$	283,683,628	$	37,871,920	$	12,321,418	$	(204,013	)	$	1,693,288	$	316,070,722
Lifecycle Index 2020 Fund
TIAA-CREF Bond Index	$	150,802,408	$	29,748,249	$	2,727,951	$	(44,591	)	$	1,786,574	$	179,170,352
TIAA-CREF Emerging Markets Equity Index		16,700,305		3,871,187		482,335		(39,429	)		—		19,819,521
TIAA-CREF Equity Index		173,599,042		17,619,023		4,907,308		(38,087	)		—		200,633,150
TIAA-CREF Inflation-Linked Bond		14,614,119		4,195,304		215,102		(18,433	)		279,066		18,211,590
TIAA-CREF International Equity Index		57,510,673		10,985,912		857,976		(54,535	)		—		64,394,661
	$	413,226,547	$	66,419,675	$	9,190,672	$	(195,075	)	$	2,065,640	$	482,229,274
Lifecycle Index 2025 Fund
TIAA-CREF Bond Index	$	127,362,829	$	24,144,741	$	844,761	$	(16,283	)	$	1,512,648	$	151,784,804
TIAA-CREF Emerging Markets Equity Index		19,120,269		3,904,138		85,926		(4,334	)		—		22,636,225
TIAA-CREF Equity Index		198,612,185		17,828,127		3,781,853		17,538			—		229,139,455
TIAA-CREF Inflation-Linked Bond		6,396,525		2,409,114		23,898		(2,071	)		124,961		8,606,859
TIAA-CREF International Equity Index		65,801,795		12,042,498		621,928		(32,600	)		—		73,521,842
	$	417,293,603	$	60,328,618	$	5,358,366	$	(37,750	)	$	1,637,609	$	485,689,185
Lifecycle Index 2030 Fund
TIAA-CREF Bond Index	$	103,839,723	$	24,092,404	$	694,400	$	(14,010	)	$	1,252,091	$	128,182,409
TIAA-CREF Emerging Markets Equity Index		22,040,806		5,157,738		149,982		(7,771	)		—		26,673,717
TIAA-CREF Equity Index		229,203,411		24,153,300		2,838,663		(12,849	)		—		269,746,067
TIAA-CREF International Equity Index		75,936,947		15,246,155		397,302		(26,663	)		—		86,468,263
	$	431,020,887	$	68,649,597	$	4,080,347	$	(61,293	)	$	1,252,091	$	511,070,456
Lifecycle Index 2035 Fund
TIAA-CREF Bond Index	$	67,878,093	$	15,228,528	$	863,670	$	(17,427	)	$	818,345	$	82,850,753
TIAA-CREF Emerging Markets Equity Index		23,778,004		5,087,807		365,176		(20,446	)		—		28,105,235
TIAA-CREF Equity Index		247,165,387		19,578,257		3,787,349		10,268			—		283,344,025
TIAA-CREF International Equity Index		81,833,250		14,594,359		742,256		(27,816	)		—		91,002,381
	$	420,654,734	$	54,488,951	$	5,758,451	$	(55,421	)	$	818,345	$	485,302,394

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

Issue	Value at May 31, 2014		Purchases cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2014
Lifecycle Index 2040 Fund
TIAA-CREF Bond Index	$	49,939,539	$	8,040,800	$	792,966	$	(16,701	)	$	583,630	$	57,608,953
TIAA-CREF Emerging Markets Equity Index		30,287,947		6,990,328		417,104		(41,206	)		—		36,352,627
TIAA-CREF Equity Index		314,832,411		24,498,315		889,205		(15,962	)		—		364,489,070
TIAA-CREF International Equity Index		104,237,016		19,579,197		146,114		(4,729	)		—		117,713,575
	$	499,296,913	$	59,108,640	$	2,245,389	$	(78,598	)	$	583,630	$	576,164,225
Lifecycle Index 2045 Fund
TIAA-CREF Bond Index	$	21,772,293	$	4,915,563	$	366,895	$	(7,014	)	$	261,971	$	26,516,597
TIAA-CREF Emerging Markets Equity Index		13,204,916		4,036,063		253,464		(13,947	)		—		16,741,998
TIAA-CREF Equity Index		137,258,372		18,693,418		959,033		(19,803	)		—		166,744,668
TIAA-CREF International Equity Index		45,444,517		11,794,172		341,824		(21,279	)		—		54,215,751
	$	217,680,098	$	39,439,216	$	1,921,216	$	(62,043	)	$	261,971	$	264,219,014
Lifecycle Index 2050 Fund
TIAA-CREF Bond Index	$	13,794,278	$	3,339,477	$	109,601	$	(2,334	)	$	167,397	$	17,149,828
TIAA-CREF Emerging Markets Equity Index		8,366,123		2,668,516		47,311		(2,341	)		—		10,827,373
TIAA-CREF Equity Index		86,962,911		13,637,284		255,003		17			—		107,910,191
TIAA-CREF International Equity Index		28,792,300		8,058,973		91,835		(2,111	)		—		35,062,211
	$	137,915,612	$	27,704,250	$	503,750	$	(6,769	)	$	167,397	$	170,949,603
Lifecycle Index 2055 Fund
TIAA-CREF Bond Index	$	2,929,927	$	990,905	$	60,298	$	(1,270	)	$	36,661	$	3,888,649
TIAA-CREF Emerging Markets Equity Index		1,776,982		727,026		11,873		(1,717	)		—		2,455,833
TIAA-CREF Equity Index		18,471,072		4,331,711		104,179		(1,912	)		—		24,384,587
TIAA-CREF International Equity Index		6,115,529		2,234,972		33,514		(2,822	)		—		7,953,040
	$	29,293,510	$	8,284,614	$	209,864	$	(7,721	)	$	36,661	$	38,682,109
Lifecycle Index 2060 Fund*
TIAA-CREF Bond Index	$	—	$	1,042,421	$	33,088	$	63		$	3,792	$	1,022,287
TIAA-CREF Emerging Markets Equity Index		—		661,141		4,246		(79	)		—		644,137
TIAA-CREF Equity Index		—		6,317,154		90,233		942			—		6,510,576
TIAA-CREF International Equity Index		—		2,108,851		—		—			—		2,085,566
	$	—	$	10,129,567	$	127,567	$	926		$	3,792	$	10,262,566

*	The Fund commenced operations on September 26, 2014.

64	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

continued

Note 4—investments

			Gross		Gross				Net unrealized
	Tax		unrealized		unrealized				appreciation
Fund	cost		appreciation		(depreciation			)	(depreciation		)
Lifecycle Index Retirement Income	$	33,974,853	$	4,904,554		$	—		$	4,904,554
Lifecycle Index 2010		147,492,602		26,144,667			—			26,144,667
Lifecycle Index 2015		265,222,542		50,972,442			(124,262	)		50,848,180
Lifecycle Index 2020		402,881,219		79,611,584			(263,529	)		79,348,055
Lifecycle Index 2025		398,411,596		87,442,943			(165,354	)		87,277,589
Lifecycle Index 2030		410,352,798		100,717,658			—			100,717,658
Lifecycle Index 2035		379,306,794		105,995,600			—			105,995,600
Lifecycle Index 2040		438,730,494		137,433,731			—			137,433,731
Lifecycle Index 2045		211,470,098		52,748,916			—			52,748,916
Lifecycle Index 2050		136,785,611		34,163,992			—			34,163,992
Lifecycle Index 2055		32,600,163		6,108,092			(26,146	)		6,081,946
Lifecycle Index 2060		10,003,005		295,525			(35,964	)		259,561

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2014 were as follows:

Fund	Purchases		Sales
Lifecycle Index Retirement Income	$	8,285,391	$	4,859,293
Lifecycle Index 2010		20,167,119		8,310,617
Lifecycle Index 2015		37,871,920		12,321,418
Lifecycle Index 2020		69,968,778		12,737,066
Lifecycle Index 2025		60,328,618		5,358,366
Lifecycle Index 2030		68,649,597		4,080,347
Lifecycle Index 2035		54,488,951		5,758,451
Lifecycle Index 2040		59,108,640		2,245,389
Lifecycle Index 2045		39,439,216		1,921,216
Lifecycle Index 2050		27,704,250		503,750
Lifecycle Index 2055		8,979,458		906,058
Lifecycle Index 2060		10,129,567		127,567

TIAA-CREF Lifecycle Index Funds ■ 2014 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, 2014 was as follows:

Fund	Ordinary income		Long-term capital gains		Total
Lifecycle Index Retirement Income	$	645,051	$	51,723	$	696,774
Lifecycle Index 2010		3,145,645		271,978		3,417,623
Lifecycle Index 2015		5,545,809		491,754		6,037,563
Lifecycle Index 2020		7,378,425		693,905		8,072,330
Lifecycle Index 2025		7,192,304		714,988		7,907,292
Lifecycle Index 2030		7,803,877		793,248		8,597,125
Lifecycle Index 2035		7,644,237		807,303		8,451,540
Lifecycle Index 2040		9,540,107		1,036,095		10,576,202
Lifecycle Index 2045		3,582,980		392,746		3,975,726
Lifecycle Index 2050		2,290,474		239,676		2,530,150
Lifecycle Index 2055		466,869		49,309		516,178

The tax character of the fiscal year 2015 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

Each of the Funds, except the Lifecycle Index 2060 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 2014. A new facility was entered into on June 24, 2014 expiring June 23, 2015. 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 accounts or 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, 2014, there were no borrowings under this credit facility by the Funds.

Note 7—indemnification

66	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

Approval of investment management agreement (unaudited)

Board approval of investment management agreement for the TIAA-CREF Lifecycle Index 2060 Fund

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve for a two-year term and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series, including the new TIAA-CREF Lifecycle Index 2060 Fund (the “New Fund”). Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the New Fund.

Overview of the approval process

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Approval of investment management agreement (unaudited)

68	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

continued

The nature, extent and quality of services

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

Approval of investment management agreement (unaudited)

of certain affiliated and unaffiliated service providers, including improvements in services provided by those firms or outsourcing efforts to other firms.

Cost and profitability

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board considered TAI’s representation that, while management fee rate charged to the New Fund may differ from the management fee rates charged to comparable funds with similar investment strategies, this is due in part to the fact that these other funds may be offered in different types of markets, may target different types of investors and may provide different levels or types of services than the New Fund. Based on all factors considered, the Board determined that the fee rate under the Agreement with respect to the New Fund was reasonable in relation to those charged by comparable mutual funds.

Economies of scale

Fee comparison with Other TAI clients

70	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

Funds. Additionally, the Board noted that TAI had agreed to waive a portion of the New Fund’s advisory fee. Another fund-of-fund managed by TAI, the Managed Allocation Fund, is not charged any advisory fee by TAI.

Other benefits

Specific factors

•	The New Fund’s annual contractual management fee is 0.10% of average daily net assets. TAI has agreed to waive a portion of this fee through at least September 30, 2015.
•	The New Fund’s proposed actual management fee rate ranked 3 out of 3 within the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and the New Fund’s projected total expenses ranked 1 out of 5 within its Expense Group.
•	The New Fund’s proposed actual management fee is in the 4th quintile of the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”) and its projected total expenses are in the 1st quintile of its Expense Universe.

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

TIAA-CREF Lifecycle Index Funds ■ 2014 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

72	2014 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds

concluded

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.

TIAA-CREF Lifecycle Index Funds ■ 2014 Semiannual Report

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How to reach us

TIAA-CREF website

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

Automated telephone service

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

For the hearing- or speech-impaired

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

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 842-2252. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not

bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

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2014 Semiannual Report

TIAA-CREF Lifestyle Funds

of the TIAA-CREF Funds

November 30, 2014


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		36
Additional information about index providers		44
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, 2014. 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, 2014.
	•	The financial statements provide detailed information about the operations and financial condition of each fund.

2	2014 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 ■ 2014 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 45 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. 1–3 Year Government/Credit Bond Index measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to 3-year maturities.*

*	On January 1, 2014, the Barclays U.S. 1–3 Year Government/Credit Bond Index replaced the Barclays U.S. 1–5 Year Government/Credit Bond Index as the Short-Term Bond Fund’s benchmark.

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

4	2014 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, 2014–November 30, 2014).

Actual expenses

Hypothetical example for comparison purposes

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2014

Lifestyle Funds Institutional Class	Beginning account value (6/1/14		)	Ending account value (11/30/14		)	Expenses paid during period (6/1/14–11/30/14		* )	Effective expenses paid during period (6/1/14–11/30/14		^† )

Income Fund actual return	$	1,000.00		$	1,015.24			$0.51			$2.22
5% annual hypothetical return		1,000.00			1,024.57			0.51			2.23

Conservative Fund actual return	$	1,000.00		$	1,022.10			$0.51			$2.43
5% annual hypothetical return		1,000.00			1,024.57			0.51			2.43

Moderate Fund actual return	$	1,000.00		$	1,029.37			$0.51			$2.65
5% annual hypothetical return		1,000.00			1,024.57			0.51			2.64

Growth Fund actual return	$	1,000.00		$	1,032.73			$0.51			$2.85
5% annual hypothetical return		1,000.00			1,024.57			0.51			2.84

Aggressive Growth Fund actual return	$	1,000.00		$	1,037.67			$0.51			$3.01
5% annual hypothetical return		1,000.00			1,024.57			0.51			2.99

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, 2014. 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 0.44% for the Income Fund; 0.48% for the Conservative Fund; 0.52% for the Moderate Fund; 0.56% for the Growth Fund; and 0.59% for the Aggressive Growth Fund.

6	2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

continued

Expense examples

Six months ended November 30, 2014

Lifestyle Funds Premier Class	Beginning account value (6/1/14		)	Ending account value (11/30/14		)	Expenses paid during period (6/1/14–11/30/14		* )	Effective expenses paid during period (6/1/14–11/30/14		^† )

Income Fund actual return	$	1,000.00		$	1,013.69			$1.26			$2.98
5% annual hypothetical return		1,000.00			1,023.82			1.27			2.99

Conservative Fund actual return	$	1,000.00		$	1,021.27			$1.27			$3.19
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.19

Moderate Fund actual return	$	1,000.00		$	1,028.62			$1.27			$3.41
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.40

Growth Fund actual return	$	1,000.00		$	1,032.02			$1.27			$3.62
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.60

Aggressive Growth Fund actual return	$	1,000.00		$	1,037.01			$1.28			$3.78
5% annual hypothetical return		1,000.00			1,023.82			1.27			3.75

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2014. 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 0.59% for the Income Fund; 0.63% for the Conservative Fund; 0.67% for the Moderate Fund; 0.71% for the Growth Fund; and 0.74% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Important information about expenses

Expense examples

Six months ended November 30, 2014

Lifestyle Funds Retirement Class	Beginning account value (6/1/14		)	Ending account value (11/30/14		)	Expenses paid during period (6/1/14–11/30/14		* )	Effective expenses paid during period (6/1/14–11/30/14		^† )

Income Fund actual return	$	1,000.00		$	1,013.19			$1.77			$3.48
5% annual hypothetical return		1,000.00			1,023.31			1.78			3.50

Conservative Fund actual return	$	1,000.00		$	1,020.92			$1.77			$3.70
5% annual hypothetical return		1,000.00			1,023.31			1.78			3.70

Moderate Fund actual return	$	1,000.00		$	1,028.20			$1.78			$3.91
5% annual hypothetical return		1,000.00			1,023.31			1.78			3.90

Growth Fund actual return	$	1,000.00		$	1,032.07			$1.78			$4.13
5% annual hypothetical return		1,000.00			1,023.31			1.78			4.10

Aggressive Growth Fund actual return	$	1,000.00		$	1,037.09			$1.79			$4.29
5% annual hypothetical return		1,000.00			1,023.31			1.78			4.26

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, 2014. 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 0.69% for the Income Fund; 0.73% for the Conservative Fund; 0.77% for the Moderate Fund; 0.81% for the Growth Fund; and 0.84% for the Aggressive Growth Fund.

8	2014 Semiannual Report ■ 2014 TIAA-CREF Lifestyle Funds

concluded

Expense examples

Six months ended November 30, 2014

Lifestyle Funds Retail Class	Beginning account value (6/1/14		)	Ending account value (11/30/14		)	Expenses paid during period (6/1/14–11/30/14		* )	Effective expenses paid during period (6/1/14–11/30/14		^† )

Income Fund actual return	$	1,000.00		$	1,012.98			$1.92			$3.68
5% annual hypothetical return		1,000.00			1,023.16			1.93			3.70

Conservative Fund actual return	$	1,000.00		$	1,020.77			$1.92			$3.85
5% annual hypothetical return		1,000.00			1,023.16			1.93			3.85

Moderate Fund actual return	$	1,000.00		$	1,028.01			$1.98			$4.12
5% annual hypothetical return		1,000.00			1,023.11			1.98			4.10

Growth Fund actual return	$	1,000.00		$	1,032.12			$2.04			$4.38
5% annual hypothetical return		1,000.00			1,023.06			2.03			4.36

Aggressive Growth Fund actual return	$	1,000.00		$	1,036.43			$2.14			$4.65
5% annual hypothetical return		1,000.00			1,022.96			2.13			4.61

The amounts in the “Expenses paid during period” column are based on each fund’s actual expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2014. 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 and Conservative Funds; 0.39% for the Moderate Fund; 0.40% for the Growth Fund; and 0.42% 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 0.73% for the Income Fund; 0.76% for the Conservative Fund; 0.81% for the Moderate Fund; 0.86% for the Growth Fund; and 0.91% for the Aggressive Growth Fund.

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Investment results of the Lifestyle Funds

Performance for the six months ended November 30, 2014

All five TIAA-CREF Lifestyle Funds trailed their respective composite benchmarks for the six-month reporting period. Returns for the Institutional Class ranged from 1.52% for the Income Fund to 3.77% for the Aggressive Growth Fund. The tables on the following pages show returns for all share classes of the funds.

The shortfall in performance of the individual Lifestyle Funds, relative to their respective composite benchmarks, was slight, ranging from 0.28 of a percentage point for the Income Fund to 0.52 of a percentage point for the Growth Fund. (All fund results are for the Institutional Class.)

U.S. economy regains its footing

The broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 1.92% for the period. Yields in the broader bond market also moved lower, with the yield on fixed-income securities within the Barclays aggregate index declining from 2.25% on June 2 to 2.17% on November 28. Short-term bonds, as measured by the Barclays U.S. 1–3 Year Government/Credit Bond Index, returned 0.42%.

10	2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Funds post gains as U.S. equity market continues to rise

Each of the five Lifestyle Funds produced positive returns for the six months. Funds with a greater allocation to stocks, especially U.S. stocks, had higher returns than those focused more on fixed-income securities.

The Lifestyle Funds may invest in up to four sectors of the investment market: 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—that is, without regard to the performance of their respective composite benchmarks—were bolstered by gains within the U.S. equity sector. The most substantial gain came from the Large-Cap Growth Fund. In the fixed-income sector, the Bond and Bond Plus funds had small gains, while the return of the High-Yield Fund was slightly negative. The short-term fixed-income sector had positive performance. Both the fixed-income and short-term fixed-income sectors lagged the U.S. equity sector but did better than the international equity sector. Each of the underlying funds in the international equity sector posted a negative absolute return.

International stocks restrain relative performance

The performance of each of the Lifestyle Funds was below that of its composite benchmark. In the international equity sector, the performance of the Emerging Markets Equity Fund was almost three percentage points less than that of its benchmark, the MSCI Emerging Markets Index. The Global Natural Resources Fund’s return was about one percentage point lower than its benchmark’s return. In the U.S. equity sector, the Large-Cap Value Fund lagged the Russell 1000^® Value Index by nearly two percentage points.

Within the fixed-income sector, the Bond Fund and Bond Plus Fund did not keep pace with their benchmark, the Barclays aggregate index. The High-Yield Fund fell short of its benchmark by about half a percentage point.

The underperformance of these underlying funds was partly offset by positive results from other underlying funds. The Large-Cap Growth Fund bested the Russell 1000^® Growth Index by over two percentage points. The Small-Cap Equity Fund eclipsed the Russell 2000^®Index by more than one percentage point. (Returns of the Lifestyle Funds’ underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Lifestyle Income Fund

Performance as of November 30, 2014


		Total return						Average annual total return
Lifestyle Income Fund	Inception date	6 months			1 year			since inception
Institutional Class	12/9/2011		1.52	%		4.35	%		5.99	%
Premier Class	12/9/2011		1.37			4.20			5.82
Retirement Class	12/9/2011		1.32			4.01			5.71
Retail Class	12/9/2011		1.30			3.98			5.66
Lifestyle Income Fund Composite Index*	—		1.80			4.53			5.07	^†
Broad market index
Barclays U.S. Aggregate Bond Index	—		1.92			5.27			2.90	^†
Russell 3000^® Index	—		7.89			15.53			20.74	^†

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

On November 30, 2014, the Lifestyle Income Fund Composite Index consisted of: 40.0% Barclays U.S. Aggregate Bond Index; 40.0% Barclays U.S. 1–3 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 11/30/2014
Equity
U.S. equity		13.2	%
International equity		6.9
Fixed income
Fixed income		39.8
Short-term fixed income		39.6
Other assets & liabilities, net		0.5
Total		100.0

Target allocation

12	2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Conservative Fund

Performance as of November 30, 2014


		Total return						Average annual total return
Lifestyle Conservative Fund	Inception date	6 months			1 year			since inception
Institutional Class	12/9/2011		2.21	%		5.89	%		9.23	%
Premier Class	12/9/2011		2.13			5.72			9.08
Retirement Class	12/9/2011		2.09			5.65			8.97
Retail Class	12/9/2011		2.08			5.62			8.93
Lifestyle Conservative Fund Composite Index*	—		2.57			6.61			8.30	^†
Broad market index
Barclays U.S. Aggregate Bond Index	—		1.92			5.27			2.90	^†
Russell 3000^® Index	—		7.89			15.53			20.74	^†

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

On November 30, 2014, 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. 1–3 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 11/30/2014
Equity
U.S. equity		27.4	%
International equity		12.9
Fixed income
Fixed income		39.8
Short-term fixed income		19.7
Other assets & liabilities, net		0.2
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Lifestyle Moderate Fund

Performance as of November 30, 2014


		Total return						Average annual total return
Lifestyle Moderate Fund	Inception date	6 months			1 year			since inception
Institutional Class	12/9/2011		2.94	%		7.48	%		12.54	%
Premier Class	12/9/2011		2.86			7.31			12.38
Retirement Class	12/9/2011		2.82			7.23			12.27
Retail Class	12/9/2011		2.80			7.20			12.22
Lifestyle Moderate Fund Composite Index*	—		3.33			8.70			11.58	^†
Broad market index
Russell 3000^® Index	—		7.89			15.53			20.74	^†
Barclays U.S. Aggregate Bond Index	—		1.92			5.27			2.90	^†

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

*	On November 30, 2014, 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 11/30/2014
Equity
U.S. equity		41.3	%
International equity		18.8
Fixed income		40.1
Other assets & liabilities, net		–0.2
Total		100.0

Target allocation

14	2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Lifestyle Growth Fund

Performance as of November 30, 2014


		Total return						Average annual total return
Lifestyle Growth Fund	Inception date	6 months			1 year			since inception
Institutional Class	12/9/2011		3.27	%		7.99	%		15.08	%
Premier Class	12/9/2011		3.20			7.82			14.91
Retirement Class	12/9/2011		3.21			7.80			14.82
Retail Class	12/9/2011		3.21			7.71			14.74
Lifestyle Growth Fund Composite Index*	—		3.79			9.80			14.52	^†
Broad market index
Russell 3000^® Index	—		7.89			15.53			20.74	^†
Barclays U.S. Aggregate Bond Index	—		1.92			5.27			2.90	^†

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

*	On November 30, 2014, 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 11/30/2014
Equity
U.S. equity		55.2	%
International equity		24.8
Fixed income		20.0
Total		100.0

Target allocation

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Lifestyle Aggressive Growth Fund

Performance as of November 30, 2014


Lifestyle Aggressive		Total return						Average annual total return
Growth Fund	Inception date	6 months			1 year			since inception
Institutional Class	12/9/2011		3.77	%		8.61	%		17.68	%
Premier Class	12/9/2011		3.70			8.44			17.51
Retirement Class	12/9/2011		3.71			8.36			17.40
Retail Class	12/9/2011		3.64			8.24			17.30
Lifestyle Aggressive Growth Fund Composite Index*	—		4.24			10.89			17.49	^†
Broad market index
Russell 3000^® Index	—		7.89			15.53			20.74	^†

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

*	On November 30, 2014, 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 11/30/2014
Equity
U.S. equity		69.4	%
International equity		30.5
Other assets & liabilities, net		0.1
Total		100.0

Target allocation

16	2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

Portfolio of investments (unaudited)

Lifestyle Income Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS – 99.5% (a)

FIXED INCOME – 39.8%
	954,541	TIAA-CREF Bond Fund		$	10,137,223		19.9	%
	935,803	TIAA-CREF Bond Plus Fund			10,097,312		19.9
	993	TIAA-CREF High-Yield Fund			10,049		0.0
		TOTAL FIXED INCOME			20,244,584		39.8

INTERNATIONAL EQUITY – 6.9%
	72,017	TIAA-CREF Emerging Markets Equity Fund			772,027		1.5
	63,701	TIAA-CREF Enhanced International Equity Index Fund			512,159		1.0
	18,750	TIAA-CREF Global Natural Resources Fund			167,439		0.3
	109,607	TIAA-CREF International Equity Fund			1,238,563		2.5
	78,273	TIAA-CREF International Opportunities Fund			825,783		1.6
		TOTAL INTERNATIONAL EQUITY			3,515,971		6.9

SHORT-TERM FIXED INCOME – 39.6%
	2,993	TIAA-CREF Money Market Fund			2,993		0.0
	1,937,531	TIAA-CREF Short-Term Bond Fund			20,169,699		39.6
		TOTAL SHORT-TERM FIXED INCOME			20,172,692		39.6

U.S. EQUITY – 13.2%
	42,181	TIAA-CREF Enhanced Large-Cap Growth Index Fund			530,211		1.0
	43,939	TIAA-CREF Enhanced Large-Cap Value Index Fund			500,025		1.0
	113,536	TIAA-CREF Growth & Income Fund			1,515,700		3.0
	106,734	TIAA-CREF Large-Cap Growth Fund			1,825,144		3.6
	91,273	TIAA-CREF Large-Cap Value Fund			1,734,185		3.4
	1,949	TIAA-CREF Mid-Cap Growth Fund			48,742		0.1
	1,571	TIAA-CREF Mid-Cap Value Fund			40,088		0.1
	27,534	TIAA-CREF Small-Cap Equity Fund			543,244		1.0
		TOTAL U.S. EQUITY			6,737,339		13.2
		TOTAL TIAA-CREF FUNDS	(Cost $48,924,137)		50,670,586		99.5

		TOTAL PORTFOLIO	(Cost $48,924,137)		50,670,586		99.5
		OTHER ASSETS & LIABILITIES, NET			240,708		0.5
		NET ASSETS		$	50,911,294		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 Lifestyle Funds ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifestyle Conservative Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS – 99.8% (a)

FIXED INCOME – 39.8%
	925,691	TIAA-CREF Bond Fund		$	9,830,843		10.0	%
	2,724,377	TIAA-CREF Bond Plus Fund			29,396,026		29.8
	1,916	TIAA-CREF High-Yield Fund			19,385		0.0
		TOTAL FIXED INCOME			39,246,254		39.8

INTERNATIONAL EQUITY – 12.9%
	229,066	TIAA-CREF Emerging Markets Equity Fund			2,455,585		2.5
	277,864	TIAA-CREF Enhanced International Equity Index Fund			2,234,029		2.3
	72,426	TIAA-CREF Global Natural Resources Fund			646,767		0.7
	376,239	TIAA-CREF International Equity Fund			4,251,498		4.3
	291,063	TIAA-CREF International Opportunities Fund			3,070,720		3.1
		TOTAL INTERNATIONAL EQUITY			12,658,599		12.9

SHORT-TERM FIXED INCOME – 19.7%
	4,722	TIAA-CREF Money Market Fund			4,722		0.0
	1,866,737	TIAA-CREF Short-Term Bond Fund			19,432,734		19.7
		TOTAL SHORT-TERM FIXED INCOME			19,437,456		19.7

U.S. EQUITY – 27.4%
	194,130	TIAA-CREF Enhanced Large-Cap Growth Index Fund			2,440,210		2.5
	203,819	TIAA-CREF Enhanced Large-Cap Value Index Fund			2,319,465		2.4
	438,667	TIAA-CREF Growth & Income Fund			5,856,207		5.9
	412,438	TIAA-CREF Large-Cap Growth Fund			7,052,685		7.2
	352,595	TIAA-CREF Large-Cap Value Fund			6,699,304		6.8
	10,628	TIAA-CREF Mid-Cap Growth Fund			265,816		0.3
	8,901	TIAA-CREF Mid-Cap Value Fund			227,155		0.2
	106,426	TIAA-CREF Small-Cap Equity Fund			2,099,784		2.1
		TOTAL U.S. EQUITY			26,960,626		27.4
		TOTAL TIAA-CREF FUNDS	(Cost $92,729,174)		98,302,935		99.8

		TOTAL PORTFOLIO	(Cost $92,729,174)		98,302,935		99.8
		OTHER ASSETS & LIABILITIES, NET			198,093		0.2
		NET ASSETS		$	98,501,028		100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifestyle Moderate Fund ■ November 30, 2014

Shares		Security		Value			% of net assets
TIAA-CREF FUNDS – 100.2% (a)

FIXED INCOME – 40.1%
	4,693,107	TIAA-CREF Bond Plus Fund		$	50,638,627			40.1	%
	2,445	TIAA-CREF High-Yield Fund			24,741			0.0
		TOTAL FIXED INCOME			50,663,368			40.1

INTERNATIONAL EQUITY – 18.8%
	411,703	TIAA-CREF Emerging Markets Equity Fund			4,413,458			3.5
	548,961	TIAA-CREF Enhanced International Equity Index Fund			4,413,645			3.5
	138,503	TIAA-CREF Global Natural Resources Fund			1,236,830			1.0
	696,890	TIAA-CREF International Equity Fund			7,874,854			6.2
	544,387	TIAA-CREF International Opportunities Fund			5,743,288			4.6
		TOTAL INTERNATIONAL EQUITY			23,682,075			18.8

SHORT-TERM FIXED INCOME – 0.0%
	6,346	TIAA-CREF Money Market Fund			6,346			0.0
		TOTAL SHORT-TERM FIXED INCOME			6,346			0.0

U.S. EQUITY – 41.3%
	380,953	TIAA-CREF Enhanced Large-Cap Growth Index Fund			4,788,578			3.8
	400,556	TIAA-CREF Enhanced Large-Cap Value Index Fund			4,558,323			3.6
	838,645	TIAA-CREF Growth & Income Fund			11,195,916			8.9
	788,408	TIAA-CREF Large-Cap Growth Fund			13,481,785			10.7
	674,207	TIAA-CREF Large-Cap Value Fund			12,809,930			10.1
	26,975	TIAA-CREF Mid-Cap Growth Fund			674,655			0.5
	23,625	TIAA-CREF Mid-Cap Value Fund			602,921			0.5
	203,386	TIAA-CREF Small-Cap Equity Fund			4,012,815			3.2
		TOTAL U.S. EQUITY			52,124,923			41.3
		TOTAL TIAA-CREF FUNDS	(Cost $116,813,561)		126,476,712			100.2

		TOTAL PORTFOLIO	(Cost $116,813,561)		126,476,712			100.2
		OTHER ASSETS & LIABILITIES, NET			(247,888	)		(0.2	)
		NET ASSETS		$	126,228,824			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 ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Lifestyle Growth Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS – 100.0% (a)

FIXED INCOME – 20.0%
	1,159,532	TIAA-CREF Bond Plus Fund		$	12,511,350		20.0	%
		TOTAL FIXED INCOME			12,511,350		20.0

INTERNATIONAL EQUITY – 24.8%
	260,615	TIAA-CREF Emerging Markets Equity Fund			2,793,798		4.5
	372,940	TIAA-CREF Enhanced International Equity Index Fund			2,998,439		4.8
	91,044	TIAA-CREF Global Natural Resources Fund			813,027		1.3
	450,490	TIAA-CREF International Equity Fund			5,090,534		8.2
	357,595	TIAA-CREF International Opportunities Fund			3,772,625		6.0
		TOTAL INTERNATIONAL EQUITY			15,468,423		24.8

SHORT-TERM FIXED INCOME – 0.0%
	3,306	TIAA-CREF Money Market Fund			3,306		0.0
		TOTAL SHORT-TERM FIXED INCOME			3,306		0.0

U.S. EQUITY – 55.2%
	253,676	TIAA-CREF Enhanced Large-Cap Growth Index Fund			3,188,704		5.1
	266,872	TIAA-CREF Enhanced Large-Cap Value Index Fund			3,037,000		4.9
	551,287	TIAA-CREF Growth & Income Fund			7,359,685		11.8
	518,260	TIAA-CREF Large-Cap Growth Fund			8,862,254		14.2
	443,190	TIAA-CREF Large-Cap Value Fund			8,420,602		13.5
	20,001	TIAA-CREF Mid-Cap Growth Fund			500,218		0.8
	17,732	TIAA-CREF Mid-Cap Value Fund			452,522		0.7
	133,696	TIAA-CREF Small-Cap Equity Fund			2,637,830		4.2
		TOTAL U.S. EQUITY			34,458,815		55.2
		TOTAL TIAA-CREF FUNDS	(Cost $55,101,632)		62,441,894		100.0

		TOTAL PORTFOLIO	(Cost $55,101,632)		62,441,894		100.0
		OTHER ASSETS & LIABILITIES, NET			12,313		0.0
		NET ASSETS		$	62,454,207		100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

Portfolio of investments (unaudited)

Lifestyle Aggressive Growth Fund ■ November 30, 2014

Shares		Security		Value		% of net assets
TIAA-CREF FUNDS – 99.9% (a)

INTERNATIONAL EQUITY – 30.5%
	249,952	TIAA-CREF Emerging Markets Equity Fund		$	2,679,482		5.4	%
	372,753	TIAA-CREF Enhanced International Equity Index Fund			2,996,934		6.0
	90,215	TIAA-CREF Global Natural Resources Fund			805,623		1.6
	441,099	TIAA-CREF International Equity Fund			4,984,420		10.0
	357,227	TIAA-CREF International Opportunities Fund			3,768,740		7.5
		TOTAL INTERNATIONAL EQUITY			15,235,199		30.5

SHORT-TERM FIXED INCOME – 0.0%
	4,048	TIAA-CREF Money Market Fund			4,048		0.0
		TOTAL SHORT-TERM FIXED INCOME			4,048		0.0

U.S. EQUITY – 69.4%
	256,215	TIAA-CREF Enhanced Large-Cap Growth Index Fund			3,220,628		6.4
	269,627	TIAA-CREF Enhanced Large-Cap Value Index Fund			3,068,360		6.1
	552,548	TIAA-CREF Growth & Income Fund			7,376,512		14.8
	519,449	TIAA-CREF Large-Cap Growth Fund			8,882,585		17.8
	444,204	TIAA-CREF Large-Cap Value Fund			8,439,878		16.9
	21,449	TIAA-CREF Mid-Cap Growth Fund			536,431		1.1
	19,088	TIAA-CREF Mid-Cap Value Fund			487,121		1.0
	134,086	TIAA-CREF Small-Cap Equity Fund			2,645,525		5.3
		TOTAL U.S. EQUITY			34,657,040		69.4
		TOTAL TIAA-CREF FUNDS	(Cost $41,640,225)		49,896,287		99.9

		TOTAL PORTFOLIO	(Cost $41,640,225)		49,896,287		99.9
		OTHER ASSETS & LIABILITIES, NET			30,911		0.1
		NET ASSETS		$	49,927,198		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 ■ 2014 Semiannual Report

Statements of assets and liabilities (unaudited)

TIAA-CREF Lifestyle Funds ■ November 30, 2014

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

ASSETS
Affiliated investments, at value^‡		$	50,670,586		$	98,302,935		$	126,476,712		$	62,441,894		$	49,896,287
Cash			117,729			269,861			1,075,336			447,006			48,901
Receivable from Fund shares sold			200,690			115,987			32,700			–			2,761
Dividends and interest receivable			62,503			104,389			108,850			26,843			–
Due from affiliates			2,041			2,297			2,389			2,114			2,050
Other			570			904			1,079			651			604
Total assets			51,054,119			98,796,373			127,697,066			62,918,508			49,950,603

LIABILITIES
Management fees payable			831			1,615			2,063			1,021			823
Service agreement fees payable			557			846			1,478			776			818
Distribution fees payable			6,981			14,933			17,332			8,139			5,379
Due to affiliates			330			549			609			311			361
Payable for securities transactions			122,250			258,500			1,045,250			408,250			–
Payable for Fund shares redeemed			1,164			2,143			382,928			32,089			1,500
Accrued expenses and other payables			10,712			16,759			18,582			13,715			14,524
Total liabilities			142,825			295,345			1,468,242			464,301			23,405

NET ASSETS		$	50,911,294		$	98,501,028		$	126,228,824		$	62,454,207		$	49,927,198

NET ASSETS CONSIST OF:
Paid-in-capital		$	48,818,836		$	91,966,064		$	115,066,903		$	54,051,409		$	40,708,505
Undistributed net investment income (loss)			92,242			146,976			141,696			143,998			(87,370	)
Accumulated net realized gain (loss) on total investments			253,767			814,227			1,357,074			918,538			1,050,001
Net unrealized appreciation (depreciation) on total investments			1,746,449			5,573,761			9,663,151			7,340,262			8,256,062
NET ASSETS		$	50,911,294		$	98,501,028		$	126,228,824		$	62,454,207		$	49,927,198

INSTITUTIONAL CLASS:
Net assets		$	1,798,436		$	3,416,410		$	2,689,128		$	1,860,214		$	2,923,403
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			162,203			281,312			203,033			130,972			192,915
Net asset value per share		$	11.09		$	12.14		$	13.24		$	14.20		$	15.15

PREMIER CLASS:
Net assets		$	1,183,594		$	1,295,419		$	1,415,612		$	1,518,210		$	1,617,067
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			106,801			106,695			106,932			107,045			106,870
Net asset value per share		$	11.08		$	12.14		$	13.24		$	14.18		$	15.13

RETIREMENT CLASS:
Net assets		$	13,632,781		$	20,585,400		$	36,644,048		$	19,087,085		$	19,818,596
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			1,230,189			1,696,684			2,769,875			1,348,343			1,312,863
Net asset value per share		$	11.08		$	12.13		$	13.23		$	14.16		$	15.10

RETAIL CLASS:
Net assets		$	34,296,483		$	73,203,799		$	85,480,036		$	39,988,698		$	25,568,132
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)			3,094,619			6,034,803			6,462,957			2,828,187			1,695,325
Net asset value per share		$	11.08		$	12.13		$	13.23		$	14.14		$	15.08
^‡ Affiliated investments, cost		$	48,924,137		$	92,729,174		$	116,813,561		$	55,101,632		$	41,640,225

2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Statements of operations (unaudited)

TIAA-CREF Lifestyle Funds ■ For the period ended November 30, 2014

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

INVESTMENT INCOME
Dividends from affiliated investments		$	348,479			$	609,828			$	658,402			$	188,736			$	38,079
Total income			348,479				609,828				658,402				188,736				38,079

EXPENSES
Management fees			22,717				44,896				55,912				27,669				23,875
Shareholder servicing – Institutional Class			15				15				15				15				15
Shareholder servicing – Premier Class			21				7				21				22				21
Shareholder servicing – Retirement Class			15,096				24,874				41,295				21,863				25,346
Shareholder servicing – Retail Class			3,958				9,068				11,722				7,709				7,684
Distribution fees – Premier Class			881				960				1,044				1,113				1,185
Distribution fees – Retail Class			38,118				81,746				93,664				43,392				29,060
Registration fees			29,382				31,380				30,712				29,092				28,657
Professional fees			11,349				11,484				11,485				11,383				11,361
Custody and accounting fees			7,880				7,879				7,763				7,774				7,802
Shareholder reports			6,713				12,165				16,368				7,880				7,316
Administrative service fees			849				1,669				2,007				997				944
Trustee fees and expenses			236				437				561				294				253
Other expenses			4,173				5,727				5,889				4,116				5,355
Total expenses			141,388				232,307				278,458				163,319				148,874
Less: Expenses reimbursed by the investment adviser			(59,477	)			(69,309	)			(72,508	)			(60,141	)			(61,107	)
Net expenses			81,911				162,998				205,950				103,178				87,767
Net Investment income (loss)			266,568				446,830				452,452				85,558				(49,688	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) from sale of affiliated investments			22,339				(1,703	)			(27,639	)			3,566				13,960
Realized gain (loss) from sale of unaffiliated investments			144				–				–				(709	)			3,495
Net realized gain (loss) from investments			22,483				(1,703	)			(27,639	)			2,857				17,455
Net change in unrealized appreciation (depreciation) from affiliated investments			349,660				1,434,953				2,822,007				1,720,013				1,750,854
Net realized and unrealized gain (loss) from investments			372,143				1,433,250				2,794,368				1,722,870				1,768,309
Net increase (decrease) in net assets from operations		$	638,711			$	1,880,080			$	3,246,820			$	1,808,428			$	1,718,621

2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2014 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, 2014			May 31, 2014			November 30, 2014			May 31, 2014			November 30, 2014			May 31, 2014
		(unaudited		)				(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)		$	266,568		$	464,220		$	446,830		$	812,580		$	452,452		$	1,005,733
Net realized gain (loss) from investments			22,483			546,081			(1,703	)		1,649,539			(27,639	)		2,828,156
Net change in unrealized appreciation (depreciation) from affiliated investments			349,660			662,361			1,434,953			2,296,883			2,822,007			4,029,888
Net increase (decrease) in net assets from operations			638,711			1,672,662			1,880,080			4,759,002			3,246,820			7,863,777

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(12,168	)		(34,957	)		(19,825	)		(61,731	)		(13,281	)		(62,701	)
	Premier Class		(7,428	)		(25,308	)		(6,720	)		(33,692	)		(6,279	)		(37,427	)
	Retirement Class		(67,930	)		(175,812	)		(95,893	)		(333,883	)		(131,430	)		(642,842	)
	Retail Class		(167,999	)		(379,800	)		(305,200	)		(870,628	)		(284,780	)		(1,195,290	)
From realized gains:	Institutional Class		–			(14,161	)		–			(20,727	)		–			(17,602	)
	Premier Class		–			(9,654	)		–			(9,806	)		–			(10,571	)
	Retirement Class		–			(76,597	)		–			(114,947	)		–			(195,743	)
	Retail Class		–			(169,340	)		–			(305,112	)		–			(365,708	)
Total distributions			(255,525	)		(885,629	)		(427,638	)		(1,750,526	)		(435,770	)		(2,527,884	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		76,276			511,711			277,194			1,528,055			170,868			886,219
	Premier Class		–			39,988			–			290,512			–			276,701
	Retirement Class		3,037,431			5,229,975			4,621,517			10,190,680			9,851,845			21,038,141
	Retail Class		9,634,371			15,195,298			21,749,668			37,468,503			23,657,376			46,627,570
Reinvestments of distributions:	Institutional Class		12,168			49,118			19,825			82,458			13,281			80,303
	Premier Class		7,428			34,962			6,720			43,498			6,279			47,998
	Retirement Class		67,930			252,409			95,893			448,830			131,430			838,585
	Retail Class		160,451			520,240			296,335			1,132,910			280,215			1,541,357
Redemptions:	Institutional Class		(15,930	)		(319,953	)		(37,153	)		(123,140	)		(67,147	)		(26,534	)
	Premier Class		–			(287,601	)		–			(929,708	)		–			(323,057	)
	Retirement Class		(563,781	)		(1,568,150	)		(2,479,611	)		(2,370,035	)		(6,797,439	)		(3,272,915	)
	Retail Class		(1,967,114	)		(3,672,257	)		(5,969,752	)		(6,058,240	)		(5,963,857	)		(7,699,017	)
Net increase (decrease) from shareholder transactions			10,449,230			15,985,740			18,580,636			41,704,323			21,282,851			60,015,351
Net increase (decrease) in net assets			10,832,416			16,772,773			20,033,078			44,712,799			24,093,901			65,351,244

NET ASSETS
Beginning of period			40,078,878			23,306,105			78,467,950			33,755,151			102,134,923			36,783,679
End of period		$	50,911,294		$	40,078,878		$	98,501,028		$	78,467,950		$	126,228,824		$	102,134,923
Undistributed net investment income (loss) included in net assets		$	92,242		$	81,199		$	146,976		$	127,784		$	141,696		$	125,014

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		6,929			46,900			23,109			129,368			13,432			70,765
	Premier Class		–			3,758			–			25,254			–			23,091
	Retirement Class		276,714			484,069			385,736			881,499			755,986			1,691,824
	Retail Class		874,969			1,405,672			1,813,741			3,226,846			1,822,500			3,746,806
Shares reinvested:	Institutional Class		1,108			4,579			1,655			7,127			1,020			6,465
	Premier Class		676			3,261			561			3,772			482			3,868
	Retirement Class		6,187			23,515			8,009			38,825			10,108			67,462
	Retail Class		14,614			48,458			24,761			97,961			21,556			123,965
Shares redeemed:	Institutional Class		(1,456	)		(30,034	)		(3,124	)		(10,653	)		(5,202	)		(2,093	)
	Premier Class		–			(26,511	)		–			(78,549	)		–			(25,558	)
	Retirement Class		(51,244	)		(144,666	)		(207,760	)		(203,505	)		(523,840	)		(261,003	)
	Retail Class		(178,968	)		(340,370	)		(499,060	)		(519,948	)		(460,001	)		(617,460	)
Net increase (decrease) from shareholder transactions			949,529			1,478,631			1,547,628			3,597,997			1,636,041			4,828,132

2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2014 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, 2014			May 31, 2014			November 30, 2014			May 31, 2014
		(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)		$	85,558		$	408,967		$	(49,688	)	$	260,613
Net realized gain (loss) from investments			2,857			2,000,188			17,455			2,314,411
Net change in unrealized appreciation (depreciation) from affiliated investments			1,720,013			2,550,252			1,750,854			2,838,055
Net increase (decrease) in net assets from operations			1,808,428			4,959,407			1,718,621			5,413,079

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		–			(51,855	)		–			(73,339	)
	Premier Class		–			(40,178	)		–			(45,781	)
	Retirement Class		–			(377,035	)		–			(483,608	)
	Retail Class		–			(589,584	)		–			(483,075	)
From realized gains:	Institutional Class		–			(27,111	)		–			(44,827	)
	Premier Class		–			(22,186	)		–			(29,479	)
	Retirement Class		–			(210,158	)		–			(312,993	)
	Retail Class		–			(331,556	)		–			(317,739	)
Total distributions			–			(1,649,663	)		–			(1,790,841	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		157,299			236,413			360,933			786,657
	Premier Class		5,000			39,535			–			256,301
	Retirement Class		3,733,004			7,172,573			2,239,000			9,303,152
	Retail Class		9,966,641			17,012,475			5,296,382			11,338,814
Reinvestments of distributions:	Institutional Class		–			78,966			–			118,166
	Premier Class		–			62,364			–			75,260
	Retirement Class		–			587,193			–			796,601
	Retail Class		–			912,941			–			789,212
Redemptions:	Institutional Class		(138,000	)		(97,458	)		(106,393	)		(41,820	)
	Premier Class		–			(353,622	)		–			(515,576	)
	Retirement Class		(1,758,723	)		(2,397,551	)		(2,587,481	)		(2,813,367	)
	Retail Class		(1,502,743	)		(2,207,171	)		(1,705,313	)		(2,755,449	)
Net increase (decrease) from shareholder transactions			10,462,478			21,046,658			3,497,128			17,337,951
Net increase (decrease) in net assets			12,270,906			24,356,402			5,215,749			20,960,189

NET ASSETS
Beginning of period			50,183,301			25,826,899			44,711,449			23,751,260
End of period		$	62,454,207		$	50,183,301		$	49,927,198		$	44,711,449
Undistributed net investment income (loss) included in net assets		$	143,998		$	58,440		$	(87,370	)	$	(37,682	)

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		11,109			17,371			24,178			54,212
	Premier Class		359			3,058			–			18,149
	Retirement Class		268,085			543,338			152,285			667,786
	Retail Class		721,972			1,286,968			361,729			812,670
Shares reinvested:	Institutional Class		–			5,978			–			8,422
	Premier Class		–			4,721			–			5,364
	Retirement Class		–			44,484			–			56,859
	Retail Class		–			69,214			–			56,332
Shares redeemed:	Institutional Class		(9,847	)		(7,210	)		(7,296	)		(2,952	)
	Premier Class		–			(27,537	)		–			(35,295	)
	Retirement Class		(128,116	)		(182,407	)		(177,459	)		(201,453	)
	Retail Class		(109,121	)		(166,509	)		(116,356	)		(197,410	)
Net increase (decrease) from shareholder transactions			754,441			1,591,469			237,081			1,242,684

2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Financial highlights

TIAA-CREF Lifestyle Funds

			Selected per share data																								Ratios and supplemental data
					Gain (loss) from investment operations
								Net realized																						Ratios to average net assets
	For the		Net asset		Net			& unrealized			Total gain		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		) ^j	(loss) 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

LIFESTYLE INCOME FUND
Institutional Class:	11/30/14	^#		$11.00		$0.08			$0.09			$0.17		$(0.08	)		$ –			$(0.08	)		$11.09		1.52	%^b		$ 1,798			0.36	%^c		0.10	%^c		1.43	%^c		5	%^b
	5/31/14			10.76		0.19			0.38			0.57		(0.24	)		(0.09	)		(0.33	)		11.00		5.47			1,712			0.52			0.10			1.75			16
	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
Premier Class:	11/30/14	^#		11.00		0.07			0.08			0.15		(0.07	)		–			(0.07	)		11.08		1.37	^b		1,184			0.52	^c		0.25	^c		1.28	^c		5	^b
	5/31/14			10.76		0.18			0.38			0.56		(0.23	)		(0.09	)		(0.32	)		11.00		5.32			1,167			0.67			0.25			1.62			16
	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
Retirement Class:	11/30/14	^#		11.00		0.07			0.07			0.14		(0.06	)		–			(0.06	)		11.08		1.32	^b		13,633			0.62	^c		0.35	^c		1.18	^c		5	^b
	5/31/14			10.76		0.16			0.39			0.55		(0.22	)		(0.09	)		(0.31	)		11.00		5.23			10,981			0.76			0.35			1.51			16
	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:	11/30/14	^#		11.00		0.06			0.08			0.14		(0.06	)		–			(0.06	)		11.08		1.30	^b		34,296			0.64	^c		0.38	^c		1.15	^c		5	^b
	5/31/14			10.76		0.16			0.39			0.55		(0.22	)		(0.09	)		(0.31	)		11.00		5.20			26,218			0.79			0.38			1.48			16
	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

LIFESTYLE CONSERVATIVE FUND
Institutional Class:	11/30/14	^#		11.95		0.08			0.18			0.26		(0.07	)		–			(0.07	)		12.14		2.21	^b		3,416			0.25	^c		0.10	^c		1.26	^c		6	^b
	5/31/14			11.36		0.19			0.79			0.98		(0.30	)		(0.09	)		(0.39	)		11.95		8.82			3,103			0.37			0.10			1.66			9
	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
Premier Class:	11/30/14	^#		11.95		0.07			0.18			0.25		(0.06	)		–			(0.06	)		12.14		2.13	^b		1,295			0.41	^c		0.25	^c		1.11	^c		6	^b
	5/31/14			11.36		0.20			0.76			0.96		(0.28	)		(0.09	)		(0.37	)		11.95		8.66			1,268			0.52			0.25			1.69			9
	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
Retirement Class:	11/30/14	^#		11.94		0.06			0.19			0.25		(0.06	)		–			(0.06	)		12.13		2.09	^b		20,585			0.51	^c		0.35	^c		1.01	^c		6	^b
	5/31/14			11.35		0.17			0.79			0.96		(0.28	)		(0.09	)		(0.37	)		11.94		8.59			18,039			0.61			0.35			1.49			9
	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:	11/30/14	^#		11.94		0.06			0.19			0.25		(0.06	)		–			(0.06	)		12.13		2.08	^b		73,204			0.54	^c		0.38	^c		0.98	^c		6	^b
	5/31/14			11.35		0.17			0.78			0.95		(0.27	)		(0.09	)		(0.36	)		11.94		8.55			56,057			0.64			0.39			1.45			9
	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

2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Financial highlights	continued

TIAA-CREF Lifestyle Funds

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

LIFESTYLE MODERATE FUND
Institutional Class:	11/30/14	^#		$12.93		$0.07			$0.31			$0.38		$(0.07	)	$	–			$(0.07	)		$13.24		2.94	%^b		$ 2,689			0.23	%^c		0.10	%^c		1.08	%^c		5	%^b
	5/31/14			11.96		0.21			1.23			1.44		(0.37	)		(0.10	)		(0.47	)		12.93		12.29			2,506			0.33			0.10			1.67			17
	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
Premier Class:	11/30/14	^#		12.93		0.06			0.31			0.37		(0.06	)		–			(0.06	)		13.24		2.86	^b		1,416			0.39	^c		0.25	^c		0.93	^c		5	^b
	5/31/14			11.95		0.20			1.24			1.44		(0.36	)		(0.10	)		(0.46	)		12.93		12.22			1,376			0.47			0.25			1.62			17
	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
Retirement Class:	11/30/14	^#		12.92		0.05			0.31			0.36		(0.05	)		–			(0.05	)		13.23		2.82	^b		36,644			0.48	^c		0.35	^c		0.83	^c		5	^b
	5/31/14			11.95		0.18			1.24			1.42		(0.35	)		(0.10	)		(0.45	)		12.92		12.06			32,655			0.57			0.35			1.49			17
	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:	11/30/14	^#		12.92		0.05			0.31			0.36		(0.05	)		–			(0.05	)		13.23		2.80	^b		85,480			0.52	^c		0.39	^c		0.79	^c		5	^b
	5/31/14			11.95		0.18			1.23			1.41		(0.34	)		(0.10	)		(0.44	)		12.92		12.01			65,598			0.61			0.39			1.43			17
	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

LIFESTYLE GROWTH FUND
Institutional Class:	11/30/14	^#		13.75		0.04			0.41			0.45		–			–			–			14.20		3.27	^b		1,860			0.31	^c		0.10	^c		0.58	^c		6	^b
	5/31/14			12.50		0.18			1.71			1.89		(0.42	)		(0.22	)		(0.64	)		13.75		15.28			1,783			0.47			0.10			1.37			16
	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
Premier Class:	11/30/14	^#		13.74		0.03			0.41			0.44		–			–			–			14.18		3.20	^b		1,518			0.48	^c		0.25	^c		0.43	^c		6	^b
	5/31/14			12.50		0.17			1.68			1.85		(0.39	)		(0.22	)		(0.61	)		13.74		15.01			1,465			0.62			0.25			1.28			16
	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
Retirement Class:	11/30/14	^#		13.72		0.02			0.42			0.44		–			–			–			14.16		3.21	^b		19,087			0.57	^c		0.35	^c		0.33	^c		6	^b
	5/31/14			12.49		0.15			1.69			1.84		(0.39	)		(0.22	)		(0.61	)		13.72		14.91			16,575			0.71			0.35			1.14			16
	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:	11/30/14	^#		13.70		0.02			0.42			0.44		–			–			–			14.14		3.21	^b		39,989			0.62	^c		0.40	^c		0.28	^c		6	^b
	5/31/14			12.48		0.14			1.69			1.83		(0.39	)		(0.22	)		(0.61	)		13.70		14.81			30,360			0.76			0.41			1.07			16
	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

2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Financial highlights	concluded

TIAA-CREF Lifestyle Funds

			Selected per share data															Ratios and supplemental data
				Gain (loss) from investment operations
						Net realized														Ratios to average net assets
	For the		Net asset	Net		& unrealized		Total gain	Less distributions from				Total		Net asset			Net assets						Net
	period		value,	investment		gain (loss	)	(loss) from	Net		Net		dividends		value,			at end of						investment		Portfolio
	or year		beginning	income		on total		investment	investment		realized		and		end of	Total		period		Gross		Net		income		turnover
	ended		of period	(loss	)^a	investments	^j	operations	income		gains		distributions		period	return		(in thousands	)	expenses	^e	expenses	^e	(loss	)	rate
LIFESTYLE AGGRESSIVE GROWTH FUND
Institutional Class:	11/30/14	^#	$14.60	$0.00	^d	$0.55		$0.55	$ —		$ —		$ —		$15.15	3.77	%^b	$2,923		0.35	%^c	0.10	%^c	0.06	%^c	7	%^b
	5/31/14		13.01	0.13		2.23		2.36	(0.48	)	(0.29	)	(0.77	)	14.60	18.34		2,570		0.49		0.10		0.91		24
	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
Premier Class:	11/30/14	^#	14.59	(0.01	)	0.55		0.54	–		–		–		15.13	3.70	^b	1,617		0.51	^c	0.25	^c	(0.09	)^c	7	^b
	5/31/14		13.00	0.15		2.18		2.33	(0.45	)	(0.29	)	(0.74	)	14.59	18.16		1,559		0.64		0.25		1.09		24
	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
Retirement Class:	11/30/14	^#	14.56	(0.01	)	0.55		0.54	–		–		–		15.10	3.71	^b	19,819		0.61	^c	0.35	^c	(0.19	)^c	7	^b
	5/31/14		12.99	0.11		2.20		2.31	(0.45	)	(0.29	)	(0.74	)	14.56	18.00		19,483		0.73		0.35		0.77		24
	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:	11/30/14	^#	14.55	(0.02	)	0.55		0.53	–		–		–		15.08	3.64	^b	25,568		0.67	^c	0.42	^c	(0.27	)^c	7	^b
	5/31/14		12.99	0.10		2.19		2.29	(0.44	)	(0.29	)	(0.73	)	14.55	17.86		21,100		0.82		0.44		0.71		24
	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

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.
j	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods.
#	Unaudited.
‡	The Fund commenced operations on December 9, 2011.

2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

See notes to financial statements

TIAA-CREF Lifestyle Funds ■ 2014 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, 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, Premier, 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 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, 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

36	2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

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

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

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)

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, 2014, there were no transfers between levels by the Funds.

As of November 30, 2014, 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 compliance 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. Substantially all of the Retirement Class shareholder servicing fees reported on the

38	2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

continued

Statements of Operations are paid to Advisors under the Service Agreement. The Premier Class and the Retail Class of each Fund have adopted a distribution Rule 12b-1 plan that compensates 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.

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 0.10% of average daily net assets for the Institutional Class shares; 0.25% of average daily net assets for the Premier Class shares; 0.35% of average daily net assets for the Retirement Class shares; and 0.49% of average daily net assets for the Retail Class shares. The expense reimbursement arrangements will continue through at least September 30, 2015, unless changed with the approval of the Board.

At the commencement of operations of each Fund, TIAA, an affiliate, invested in each Fund. The following is the percentage of the Funds’ shares owned by TIAA as of November 30, 2014:

Fund	TIAA
Lifestyle Income	23	%
Lifestyle Conservative	13
Lifestyle Moderate	8
Lifestyle Growth	24
Lifestyle Aggressive Growth	32

Issue	Value at May 31, 2014		Purchase cost		Sales proceeds		Realized gain (loss		)	Dividend income		Value at November 30, 2014
Lifestyle Income Fund
TIAA-CREF Bond	$	7,200,882	$	3,009,142	$	123,844	$	(438	)	$	95,018	$	10,137,223
TIAA-CREF Bond Plus		7,992,250		2,160,945		104,080		(366	)		119,797		10,097,312
TIAA-CREF Emerging Markets Equity		603,474		216,294		19,410		(134	)		–		772,027
TIAA-CREF Enhanced International Equity Index		419,568		122,447		7,749		(197	)		–		512,159
TIAA-CREF Enhanced Large-Cap Growth Index		510,092		102,585		128,091		9,292			–		530,211
TIAA-CREF Enhanced Large-Cap Value Index		492,875		107,873		129,009		5,871			–		500,025
TIAA-CREF Global Natural Resources		130,749		63,703		6,414		(934	)		–		167,439
TIAA-CREF Growth & Income		1,186,424		245,249		22,607		681			7,170		1,515,700
TIAA-CREF High-Yield		796,759		62,951		836,061		(3,037	)		12,385		10,049
TIAA-CREF International Equity		787,186		535,180		47,277		(651	)		–		1,238,563

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

												Value at
	Value at		Purchase		Sales		Realized			Dividend		November 30,
Issue	May 31, 2014		cost		proceeds		gain (loss		)	income		2014
Lifestyle Income Fund (continued)
TIAA-CREF International Opportunities	$	672,666	$	205,466	$	19,445	$	(278	)	$	–	$	825,783
TIAA-CREF Large-Cap Growth		1,417,557		294,050		70,875		9,432			–		1,825,144
TIAA-CREF Large-Cap Value		1,365,362		351,664		60,677		2,886			–		1,734,185
TIAA-CREF Mid-Cap Growth		38,628		17,994		11,598		223			–		48,742
TIAA-CREF Mid-Cap Value		28,512		14,602		4,777		(153	)		–		40,088
TIAA-CREF Money Market		2,993		–		–		–			–		2,993
TIAA-CREF Short-Term Bond		15,927,872		4,553,124		262,365		(635	)		114,109		20,169,699
TIAA-CREF Small-Cap Equity		430,445		115,971		30,668		777			–		543,244
	$	40,004,294	$	12,179,240	$	1,884,947	$	22,339		$	348,479	$	50,670,586
Lifestyle Conservative Fund
TIAA-CREF Bond	$	6,267,190	$	3,833,643	$	320,692	$	(1,549	)	$	89,028	$	9,830,843
TIAA-CREF Bond Plus		23,367,610		6,572,242		683,929		(2,870	)		355,360		29,396,026
TIAA-CREF Emerging Markets Equity		1,913,523		669,904		30,537		(2,424	)		–		2,455,585
TIAA-CREF Enhanced International Equity Index		1,826,544		544,666		36,777		(3,355	)		–		2,234,029
TIAA-CREF Enhanced Large-Cap Growth Index		2,114,162		445,472		322,851		5,963			–		2,440,210
TIAA-CREF Enhanced Large-Cap Value Index		2,043,161		442,182		290,518		10,485			–		2,319,465
TIAA-CREF Global Natural Resources		513,250		239,698		23,674		(3,668	)		–		646,767
TIAA-CREF Growth & Income		4,619,489		1,029,540		208,220		3,706			28,302		5,856,207
TIAA-CREF High-Yield		1,561,905		150,811		1,666,362		(8,900	)		24,431		19,385
TIAA-CREF International Equity		3,060,230		1,509,877		148,851		(10,533	)		–		4,251,498
TIAA-CREF International Opportunities		2,493,181		735,051		28,155		(2,208	)		–		3,070,720
TIAA-CREF Large-Cap Growth		5,513,932		1,086,282		269,204		14,814			–		7,052,685
TIAA-CREF Large-Cap Value		5,340,590		1,232,035		172,152		2,787			–		6,699,304
TIAA-CREF Mid-Cap Growth		210,397		69,656		32,412		(206	)		–		265,816
TIAA-CREF Mid-Cap Value		170,964		68,789		23,081		128			–		227,155
TIAA-CREF Money Market		4,722		–		–		–			–		4,722
TIAA-CREF Short-Term Bond		15,631,526		4,479,278		630,053		(1,699	)		112,707		19,432,734
TIAA-CREF Small-Cap Equity		1,685,808		398,018		88,175		(2,174	)		–		2,099,784
	$	78,338,184	$	23,507,144	$	4,975,643	$	(1,703	)	$	609,828	$	98,302,935

40	2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

continued

												Value at
	Value at		Purchase		Sales		Realized			Dividend		November 30,
Issue	May 31, 2014		cost		proceeds		gain (loss		)	income		2014
Lifestyle Moderate Fund
TIAA-CREF Bond Plus	$	38,707,494	$	12,753,583	$	1,058,488	$	(3,061	)	$	575,101	$	50,638,627
TIAA-CREF Emerging Markets Equity		3,453,727		1,187,283		66,672		(1,054	)		–		4,413,458
TIAA-CREF Enhanced International Equity Index		3,680,683		1,028,145		107,096		(4,589	)		–		4,413,645
TIAA-CREF Enhanced Large-Cap Growth Index		4,073,689		754,197		429,792		5,022			–		4,788,578
TIAA-CREF Enhanced Large-Cap Value Index		3,944,367		789,575		416,258		6,777			–		4,558,323
TIAA-CREF Global Natural Resources		995,088		445,612		51,426		(4,328	)		–		1,236,830
TIAA-CREF Growth & Income		8,976,999		1,774,600		342,313		(5,811	)		52,571		11,195,916
TIAA-CREF High-Yield		2,028,178		123,853		2,093,980		(11,200	)		30,730		24,741
TIAA-CREF International Equity		5,942,807		2,529,805		288,177		(850	)		–		7,874,854
TIAA-CREF International Opportunities		4,757,631		1,398,615		182,580		(9,732	)		–		5,743,288
TIAA-CREF Large-Cap Growth		10,724,422		1,942,534		546,293		8,914			–		13,481,785
TIAA-CREF Large-Cap Value		10,376,182		2,156,218		296,635		(1,522	)		–		12,809,930
TIAA-CREF Mid-Cap Growth		549,122		120,103		43,347		(2,734	)		–		674,655
TIAA-CREF Mid-Cap Value		471,155		125,023		22,988		1,275			–		602,921
TIAA-CREF Money Market		6,346		–		–		–			–		6,346
TIAA-CREF Small-Cap Equity		3,265,227		667,217		121,091		(4,746	)		–		4,012,815
	$	101,953,117	$	27,796,363	$	6,067,136	$	(27,639	)	$	658,402	$	126,476,712
Lifestyle Growth Fund
TIAA-CREF Bond Plus	$	8,992,716	$	3,614,084	$	153,665	$	(481	)	$	138,572	$	12,511,350
TIAA-CREF Emerging Markets Equity		2,159,856		778,922		43,337		(605	)		–		2,793,798
TIAA-CREF Enhanced International Equity Index		2,459,587		727,821		61,130		(3,425	)		–		2,998,439
TIAA-CREF Enhanced Large-Cap Growth Index		2,663,455		487,094		218,860		(10	)		–		3,188,704
TIAA-CREF Enhanced Large-Cap Value Index		2,572,429		509,677		202,126		3,612			–		3,037,000
TIAA-CREF Global Natural Resources		653,308		290,894		31,684		(2,505	)		–		813,027
TIAA-CREF Growth & Income		5,874,334		1,149,622		176,408		(2,922	)		34,986		7,359,685
TIAA-CREF High-Yield		989,284		90,955		1,062,133		(6,011	)		15,178		–
TIAA-CREF International Equity		3,886,128		1,518,569		102,938		(1,962	)		–		5,090,534
TIAA-CREF International Opportunities		3,080,114		935,547		88,906		(4,284	)		–		3,772,625
TIAA-CREF Large-Cap Growth		7,005,224		1,299,024		336,440		28,967			–		8,862,254
TIAA-CREF Large-Cap Value		6,788,966		1,419,735		159,208		(1,066	)		–		8,420,602
TIAA-CREF Mid-Cap Growth		405,355		87,979		29,636		(1,633	)		–		500,218
TIAA-CREF Mid-Cap Value		354,533		92,695		16,567		943			–		452,522
TIAA-CREF Money Market		3,306		–		–		–			–		3,306
TIAA-CREF Small-Cap Equity		2,145,971		455,536		91,367		(5,052	)		–		2,637,830
	$	50,034,566	$	13,458,154	$	2,774,405	$	3,566		$	188,736	$	62,441,894

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

												Value at
	Value at		Purchase		Sales		Realized			Dividend		November 30,
Issue	May 31, 2014		cost		proceeds		gain (loss		)	income		2014
Lifestyle Aggressive Growth Fund
TIAA-CREF Emerging Markets Equity	$	2,348,330	$	525,922	$	90,723	$	(5,812	)	$	–	$	2,679,482
TIAA-CREF Enhanced International Equity Index		2,769,296		477,416		106,313		(6,418	)		–		2,996,934
TIAA-CREF Enhanced Large-Cap Growth Index		2,959,829		277,546		290,309		13,793			–		3,220,628
TIAA-CREF Enhanced Large-Cap Value Index		2,862,070		320,647		283,045		7,141			–		3,068,360
TIAA-CREF Global Natural Resources		727,936		215,152		32,838		(2,464	)		–		805,623
TIAA-CREF Growth & Income		6,537,160		655,759		360,384		6,784			38,079		7,376,512
TIAA-CREF International Equity		4,332,253		1,179,519		278,991		(20,960	)		–		4,984,420
TIAA-CREF International Opportunities		3,419,404		620,864		102,719		(7,883	)		–		3,768,740
TIAA-CREF Large-Cap Growth		7,821,384		662,694		552,451		35,527			–		8,882,585
TIAA-CREF Large-Cap Value		7,573,903		779,108		308,288		1,118			–		8,439,878
TIAA-CREF Mid-Cap Growth		482,691		45,902		33,103		(1,726	)		–		536,431
TIAA-CREF Mid-Cap Value		425,401		60,951		24,274		226			–		487,121
TIAA-CREF Money Market		4,048		–		–		–			–		4,048
TIAA-CREF Small-Cap Equity		2,389,618		261,982		141,874		(5,366	)		–		2,645,525
	$	44,653,323	$	6,083,462	$	2,605,312	$	13,960		$	38,079	$	49,896,287

Note 4—investment adviser and affiliates

			Gross		Gross			Net unrealized
			unrealized		unrealized			appreciation
Fund	Tax cost		appreciation		(depreciation		)	(depreciation		)
Lifestyle Income	$	49,028,034		$1,660,536		$ (17,984	)		$1,642,552
Lifestyle Conservative		92,843,806		5,561,536		(102,407	)		5,459,129
Lifestyle Moderate		116,990,432		9,634,598		(148,318	)		9,486,280
Lifestyle Growth		55,232,868		7,294,052		(85,026	)		7,209,026
Lifestyle Aggressive Growth		41,786,707		8,179,145		(69,565	)		8,109,580

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2014 were as follows:

Fund	Purchases		Sales
Lifestyle Income		$12,377,246		$2,083,097
Lifestyle Conservative		23,507,144		4,975,643
Lifestyle Moderate		27,796,363		6,067,136
Lifestyle Growth		13,955,513		3,271,055
Lifestyle Aggressive Growth		6,792,981		3,318,326

42	2014 Semiannual Report ■ TIAA-CREF Lifestyle 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, 2014 was as follows:

	Ordinary		Long-term
Fund	income		capital gains		Total
Lifestyle Income	$	618,920	$	266,709	$	885,629
Lifestyle Conservative		1,303,180		447,346		1,750,526
Lifestyle Moderate		1,947,286		580,598		2,527,884
Lifestyle Growth		1,071,717		577,946		1,649,663
Lifestyle Aggressive Growth		1,093,062		697,779		1,790,841

The tax character of the fiscal year 2015 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 2014. A new facility was entered into on June 24, 2014 expiring June 23, 2015. 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 accounts or 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, 2014, there were no borrowings under this credit facility by the Funds.

Note 7—indemnification

TIAA-CREF Lifestyle Funds ■ 2014 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 of 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

44	2014 Semiannual Report ■ TIAA-CREF Lifestyle Funds

TIAA-CREF Lifestyle Funds ■ 2014 Semiannual Report

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How to reach us

TIAA-CREF website

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Automated telephone service

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For the hearing- or speech-impaired

800 842-2755

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2014 Semiannual Report

TIAA-CREF
Managed Allocation Fund

of the TIAA-CREF Funds

November 30, 2014


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		16
Notes to financial statements		18
Additional information about index providers		24
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, 2014. 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, 2014.
•		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	2014 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 ■ 2014 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, 2014–November 30, 2014).

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	2014 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

Important information about expenses

Expense example

Six months ended November 30, 2014

	Beginning account value		Ending account value		Expenses paid during period	*	Effective expenses paid during period	^†
Managed Allocation Fund	(6/1/14	)	(11/30/14	)	(6/1/14–11/30/14	)	(6/1/14–11/30/14	)
Institutional Class
Actual return	$1,000.00		$1,029.61		$0.00		$2.09
5% annual hypothetical return	1,000.00		1,025.07		0.00		2.08
Retirement Class
Actual return	$1,000.00		$1,028.37		$1.27		$3.41
5% annual hypothetical return	1,000.00		1,023.82		1.27		3.40
Retail Class
Actual return	$1,000.00		$1,028.26		$1.27		$3.41
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, 2014. 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 0.41% for the Institutional Class, 0.67% for the Retirement Class and 0.67% for the Retail Class.

TIAA-CREF Managed Allocation Fund ■ 2014 Semiannual Report

Managed Allocation Fund

Performance for the six months ended November 30, 2014

The Managed Allocation Fund returned 2.96% for the Institutional Class, compared with the 3.33% return of its benchmark, the Managed Allocation Composite Index. For the one-year period ended November 30, 2014, the fund rose 7.59% versus 8.70% for its composite index. The table on page 8 includes performance data for all share classes of the fund.

U.S. economy regains its footing

6	2014 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

International equity holdings limit the fund’s returns

For the period, the 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 Fund made the most substantial contribution to absolute performance as growth stocks benefited from a strengthening economy. The Growth & Income and Small-Cap Equity funds also delivered favorable results, which further boosted performance. Conversely, this positive absolute performance was partially offset by losses from the international equity sector. (All fund returns are for the Institutional Class.)

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

For the six months, the fund lagged its composite benchmark primarily because of poor relative performance of international equity investments. The International Opportunities, International Equity and Emerging Markets Equity funds all underperformed their respective benchmarks as foreign stocks struggled in the current market environment. Additionally, U.S. dollar strength was mostly a headwind during the period, putting U.S. investors at a disadvantage when international stock returns were converted from foreign currencies to U.S. dollars. Within the U.S. equity sector, the Large-Cap Value Fund also hurt relative performance as it underperformed the Russell 1000^® Value Index by nearly two percentage points.

In the fixed-income sector, the Bond Plus Fund did not keep pace with its benchmark, the Barclays aggregate index. The High-Yield Fund fell short of its benchmark by about half a percentage point.

These disappointing results were somewhat countered by the Large-Cap Growth and Small-Cap Equity funds, both of which surpassed their respective benchmarks, the Russell 1000^® Growth Index and the Russell 2000^® Index. (Returns of the Managed Allocation Fund’s underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Managed Allocation Fund ■ 2014 Semiannual Report

Managed Allocation Fund

Performance as of November 30, 2014

		Total return				Average annual total return
Managed Allocation Fund	Inception date	6 months		1 year		5 years		since inception
Institutional Class	3/31/2006	2.96	%	7.59	%	10.39	%	6.01	%
Retirement Class	3/31/2006	2.84		7.33		10.12		5.74
Retail Class	3/31/2006	2.83		7.39		10.14		5.86
Managed Allocation Composite Index*	—	3.33		8.70		9.87		6.26	^†
Broad market index
Russell 3000^® Index	—	7.89		15.53		16.28		7.83	^†
Barclays U.S. Aggregate Bond Index	—	1.92		5.27		4.10		5.23	^†

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

*	On November 30, 2014, 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 11/30/2014
Equity
U.S. equity	41.4	%
International equity	18.7
Fixed income	39.8
Other assets & liabilities, net	0.1
Total	100.0

Target allocation

8	2014 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 45 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 ■ 2014 Semiannual Report

Portfolio of investments (unaudited)

Managed Allocation Fund ■ November 30, 2014

Shares	Security	Value		% of net assets
TIAA-CREF FUNDS – 99.9% (a)

FIXED INCOME – 39.8%
27,950,698	TIAA-CREF Bond Plus Fund		$301,588,030		39.8	%
14,440	TIAA-CREF High-Yield Fund		146,137		0.0
	TOTAL FIXED INCOME		301,734,167		39.8

INTERNATIONAL EQUITY – 18.7%
2,436,774	TIAA-CREF Emerging Markets Equity Fund		26,122,213		3.4
4,170,939	TIAA-CREF Enhanced International Equity Index Fund		33,534,350		4.4
807,785	TIAA-CREF Global Natural Resources Fund		7,213,520		1.0
3,584,747	TIAA-CREF International Equity Fund		40,507,637		5.3
3,271,474	TIAA-CREF International Opportunities Fund		34,514,054		4.6
	TOTAL INTERNATIONAL EQUITY		141,891,774		18.7

SHORT-TERM FIXED INCOME – 0.0%
73,544	TIAA-CREF Money Market Fund		73,544		0.0
	TOTAL SHORT-TERM FIXED INCOME		73,544		0.0

U.S. EQUITY – 41.4%
4,745,566	TIAA-CREF Enhanced Large-Cap Growth Index Fund		59,651,760		7.9
4,981,071	TIAA-CREF Enhanced Large-Cap Value Index Fund		56,684,583		7.5
3,793,081	TIAA-CREF Growth & Income Fund		50,637,631		6.7
3,525,943	TIAA-CREF Large-Cap Growth Fund		60,293,631		7.9
3,046,202	TIAA-CREF Large-Cap Value Fund		57,877,846		7.6
99,301	TIAA-CREF Mid-Cap Growth Fund		2,483,508		0.3
86,143	TIAA-CREF Mid-Cap Value Fund		2,198,372		0.3
1,213,380	TIAA-CREF Small-Cap Equity Fund		23,939,984		3.2
	TOTAL U.S. EQUITY		313,767,315		41.4
	TOTAL TIAA-CREF FUNDS (Cost $636,022,738)		757,466,800		99.9

	TOTAL PORTFOLIO (Cost $636,022,738)		757,466,800		99.9
	OTHER ASSETS & LIABILITIES, NET		446,524		0.1
	NET ASSETS		$757,913,324		100.0	%

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

2014 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

Statement of assets and liabilities (unaudited)

Managed Allocation Fund ■ November 30, 2014


ASSETS
Affiliated investments, at value^‡		$757,466,800
Cash		1,387,802
Receivable from securities transactions		931,055
Receivable from Fund shares sold		71,830
Dividends receivable		667,051
Due from affiliates		9,066
Other		46,739
Total assets		760,580,343

LIABILITIES
Service agreement fees payable		1,800
Distribution fees payable		142,889
Due to affiliates		4,152
Payable for securities transactions		2,156,305
Payable for Fund shares redeemed		158,707
Accrued expenses and other payables		203,166
Total liabilities		2,667,019
NET ASSETS		$757,913,324

NET ASSETS CONSIST OF:
Paid-in-capital		$617,305,058
Undistributed net investment income (loss)		1,009,080
Accumulated net realized gain (loss) on total investments		18,155,124
Net unrealized appreciation (depreciation) on total investments		121,444,062
NET ASSETS		$757,913,324

INSTITUTIONAL CLASS:
Net assets		$12,535,026
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		993,741
Net asset value per share		$12.61

RETIREMENT CLASS:
Net assets		$44,028,370
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		3,494,429
Net asset value per share		$12.60

RETAIL CLASS:
Net assets		$701,349,928
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		55,496,744
Net asset value per share		$12.64
^‡Affiliated investments, cost		$636,022,738

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2014 Semiannual Report

Statement of operations (unaudited)

Managed Allocation Fund ■ For the period ended November 30, 2014


INVESTMENT INCOME
Dividends from affiliated investments	$4,307,842
Total income	4,307,842

EXPENSES
Shareholder servicing – Institutional Class	196
Shareholder servicing – Retirement Class	53,050
Shareholder servicing – Retail Class	158,234
Distribution fees – Retail Class	863,182
Administrative service fees	12,315
Trustee fees and expenses	2,962
Other expenses	94,931
Total expenses	1,184,870
Less: Expenses reimbursed by the investment adviser	(268,754	)
Net expenses	916,116
Net investment income (loss)	3,391,726

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) from sale of affiliated investments	3,783,719
Net change in unrealized appreciation (depreciation) from affiliated investments	13,655,879
Net realized and unrealized gain (loss) from affiliated investments	17,439,598
Net increase (decrease) in net assets from operations	$20,831,324

2014 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, 2014			May 31, 2014
		(unaudited		)

OPERATIONS
Net investment income (loss)		$	3,391,726		$	11,018,702
Net realized gain (loss) from sale of affiliated investments			3,783,719			28,139,388
Net change in unrealized appreciation (depreciation) from affiliated investments			13,655,879			39,568,247
Net increase (decrease) in net assets from operations			20,831,324			78,726,337

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:	Institutional Class		(74,269	)		(370,694	)
	Retirement Class		(198,174	)		(1,064,524	)
	Retail Class		(3,211,804	)		(18,937,433	)
From realized gains:	Institutional Class		–			(104,677	)
	Retirement Class		–			(320,451	)
	Retail Class		–			(5,665,009	)
Total distributions			(3,484,247	)		(26,462,788	)

SHAREHOLDER TRANSACTIONS
Subscriptions:	Institutional Class		2,358,862			5,291,541
	Retirement Class		5,229,851			11,716,408
	Retail Class		25,680,443			62,813,265
Reinvestments of distributions:	Institutional Class		73,363			467,878
	Retirement Class		198,174			1,384,975
	Retail Class		3,083,007			23,669,880
Redemptions:
	Institutional Class		(2,637,423	)		(3,612,804	)
	Retirement Class		(3,695,313	)		(5,713,192	)
	Retail Class		(27,221,884	)		(59,323,248	)
Net increase (decrease) from shareholder transactions			3,069,080			36,694,703
Net increase (decrease) in net assets			20,416,157			88,958,252

NET ASSETS
Beginning of period			737,497,167			648,538,915
End of period		$	757,913,324		$	737,497,167
Undistributed net investment income (loss) included in net assets		$	1,009,080		$	1,101,601

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2014 Semiannual Report

Statements of changes in net assets	concluded

Managed Allocation Fund ■ For the period or year ended

		November 30, 2014			May 31, 2014
		(unaudited		)

CHANGE IN FUND SHARES
Shares sold:	Institutional Class		189,690			451,213
	Retirement Class		419,898			994,236
	Retail Class		2,068,021			5,287,428
Shares reinvested:	Institutional Class		5,921			39,550
	Retirement Class		16,002			117,126
	Retail Class		248,201			1,996,308
Shares redeemed:	Institutional Class		(212,295	)		(308,082	)
	Retirement Class		(297,944	)		(486,862	)
	Retail Class		(2,194,162	)		(4,996,167	)
Net increase (decrease) from shareholder transactions			243,332			3,094,750

2014 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Managed Allocation Fund ■ 2014 Semiannual Report

Financial highlights

Managed Allocation Fund

			Selected per share data																										Ratios and supplemental data
					Gain (loss) from investment operations
									Net realized																							Ratios to average net assets
	For the		Net asset			Net			& unrealized			Total gain			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		^j	(loss) from investment operations			Net investment income			Net realized gains			dividends and distributions			value, end of period		Total return			at end of period or year (in thousands		)		Gross expenses		^e	Net expenses		^e	investment income (loss		)	Portfolio turnover rate
Institutional Class:	11/30/14	^#		$12.32			$0.07			$ 0.29			$ 0.36			$(0.07	)		$ –			$(0.07	)		$12.61		2.96	%^b		$ 12,535				0.03	%^c		0.00	%^c		1.16	%^c		6	%^b
	5/31/14			11.43			0.22			1.16			1.38			(0.38	)		(0.11	)		(0.49	)		12.32		12.29			12,453				0.04			0.00			1.86			15
	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
Retirement Class:	11/30/14	^#		12.31			0.06			0.29			0.35			(0.06	)		–			(0.06	)		12.60		2.84	^b		44,028				0.28	^c		0.25	^c		0.91	^c		6	^b
	5/31/14			11.42			0.19			1.16			1.35			(0.35	)		(0.11	)		(0.46	)		12.31		12.02			41,320				0.29			0.25			1.60			15
	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
Retail Class:	11/30/14	^#		12.35			0.06			0.29			0.35			(0.06	)		–			(0.06	)		12.64		2.83	^b		701,350				0.33	^c		0.25	^c		0.91	^c		6	^b
	5/31/14			11.45			0.19			1.17			1.36			(0.35	)		(0.11	)		(0.46	)		12.35		12.08			683,724				0.35			0.25			1.59			15
	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

^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^e	The Fund’s expenses do not include the expenses of the Underlying Funds.
^j	Short-term capital gains distributions are presented in net realized and unrealized gain (loss) on total investments for all periods presented.
^#	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.

2014 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

See notes to financial statements

TIAA-CREF Managed Allocation Fund ■ 2014 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 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 Fund offers its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Fund. The Fund offers three share classes: Institutional, Retirement and Retail Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Fund.

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

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

18	2014 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

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

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

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.

New accounting pronouncement: In June 2013, the FASB issued Accounting Standard Update No. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Fund

TIAA-CREF Managed Allocation Fund ■ 2014 Semiannual Report

Notes to financial statements (unaudited)

adopted the Update for this semiannual report. The adoption of the Update did not have a material impact on the Fund’s financial statements and notes disclosures.

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)

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, 2014, there were no transfers between levels by the Fund.

As of November 30, 2014, 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 does not pay Advisors a fee 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 compliance services to the Funds.

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

20	2014 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

continued

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.

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 0.00% of average daily net assets for the Institutional Class shares; and 0.25% of average daily net assets for the Retirement and Retail Class shares. The expense reimbursement arrangements will continue through at least September 30, 2015, unless changed with approval of the Board.

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:


											Value at
	Value at		Purchase		Sales		Realized			Dividend	November 30,
Issue	May 31, 2014		cost		proceeds		gain (loss	)		income	2014
Managed Allocation Fund
TIAA-CREF Bond Plus	$277,892,585	$	27,455,583	$	5,149,746	$	(31,265	)	$	3,826,230	$301,588,030
TIAA-CREF Emerging Markets Equity	24,977,579		2,103,692		–		–			–	26,122,213
TIAA-CREF Enhanced International Equity Index	34,211,263		1,705,667		762,761		(33,656	)		–	33,534,350
TIAA-CREF Enhanced Large-Cap Growth Index	58,835,658		–		4,326,772		677,776			–	59,651,760
TIAA-CREF Enhanced Large-Cap Value Index	56,959,741		51,302		3,532,563		738,443			–	56,684,583
TIAA-CREF Global Natural Resources	7,201,937		956,424		–		–			–	7,213,520
TIAA-CREF Growth & Income	48,988,384		641,780		2,805,834		579,675			270,626	50,637,631
TIAA-CREF High-Yield	14,593,820		–		14,214,040		31,180			210,986	146,137
TIAA-CREF International Equity	36,060,296		7,484,802		1,138,278		(58,271	)		–	40,507,637
TIAA-CREF International Opportunities	34,163,662		1,944,247		16,857		1,319			–	34,514,054
TIAA-CREF Large-Cap Growth	58,320,941		509,877		5,229,067		1,179,511			–	60,293,631
TIAA-CREF Large-Cap Value	56,216,623		583,534		1,747,033		417,517			–	57,877,846
TIAA-CREF Mid-Cap Growth	2,477,443		115,360		307,187		37,680			–	2,483,508
TIAA-CREF Mid-Cap Value	2,093,054		43,389		51,198		10,310			–	2,198,372
TIAA-CREF Money Market	73,544		–		–		–			–	73,544
TIAA-CREF Small-Cap Equity	23,844,711		541,423		1,739,783		233,500			–	23,939,984
	$736,911,241	$	44,137,080	$	41,021,119	$	3,783,719		$	4,307,842	$757,466,800


TIAA-CREF Managed Allocation Fund ■ 2014 Semiannual Report	21

Notes to financial statements (unaudited)

Note 4—investments

Net unrealized appreciation (depreciation): At November 30, 2014, the cost of portfolio investments for federal income tax purposes was $638,714,578. Net unrealized appreciation of portfolio investments for federal income tax purposes was $118,752,222, consisting of gross unrealized appreciation of $120,120,660 and gross unrealized depreciation of $(1,368,438).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended November 30, 2014 were $44,137,080 and $41,021,119, respectively.

Note 5—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended May 31, 2014 was as follows:

		Long-term
	Ordinary income	capital gains	Total
5/31/2014	$20,372,651	$6,090,137	$26,462,788

The tax character of the fiscal year 2015 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 2014. A new facility was entered into on June 24, 2014 expiring June 23, 2015. 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 accounts or funds 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, 2014, there were no borrowings under this credit facility by the Fund.

22	2014 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

concluded

Note 7—indemnification

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

TIAA-CREF Managed Allocation Fund ■ 2014 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 of 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

24	2014 Semiannual Report ■ TIAA-CREF Managed Allocation Fund

concluded

TIAA-CREF Managed Allocation Fund ■ 2014 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 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.

730 Third Avenue
New York, NY 10017-3206

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

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Printed on paper containing recycled fiber

C20634

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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.

	TIAA-CREF FUNDS

Dated: January 20, 2015	By:	/s/Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: January 20, 2015	By:	/s/Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer (principal executive officer)

Dated: January 20, 2015	By:	/s/Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer (principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.