TIAA-CREF Funds - Retirement Class

Lifecycle 2010  (TCLEX)

The investment seeks high total return over time through a combination of capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2010. It expects to allocate approximately 49.0% of assets to equity underlying funds and 51.0% of assets to fixed-income underlying funds. Over time, the fund's target allocations along the investment glidepath will gradually become more conservative, reaching a final target allocation of approximately 40% equity/60% fixed-income at some point from 2017 to 2020.

Net asset value as of 02/10/2012 : $11.46
Total return year-to-date as of 02/10/2012 : 5.23%
Fund's net invested assets as of 12/31/2011 : $673.81 million
Gross Expense Ratio : 0.84%
Net Expense Ratio 1 : 0.64%
Inception date : 10/15/2004
Investment class : Lifecycle
Performance Comparison
  Performance Data
as of 02/10/2012
Average Annual Total Returns
as of 01/31/2012
  Net Asset
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
Lifecycle 2010 2 $11.46 -0.35% 5.23% 4.17% 13.74% 2.97% -- 4.80%
2010 Fund Composite Index 3 -- -- 4.31% 5.16% 13.52% 3.22% -- 5.17%

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above.

As with all mutual funds, the principal value isn't guaranteed. Also, please note that the target date of the Lifecycle Fund is an approximate date when investors may begin withdrawing from the fund. As with all mutual funds, the principal value isn't guaranteed. Also, please note that the target date of the Lifecycle Fund is an approximate date when investors may begin withdrawing from the fund. Approximately seven to ten years after a Lifecycle Fund's target date, the fund may merge into the Lifecycle Retirement Income Fund or a similar fund

This fund is subject to risks, including: Asset Allocation Risk, Active Management Risk, Market Risk, Company Risk (often called Financial Risk), Foreign Investment Risks, Large-Cap Risk, Small-Cap/Mid-Cap Risk, Interest Rate Risk, Income Volatility Risk, Call Risk, Credit Risk, Market Volatility and Liquidity Risk, Prepayment Risk, Extension Risk and Risks for Inflation-Indexed Bonds. Because the fund's investment glidepath gradually decreases the fund's equity holdings and increases its fixed-income holdings, the fund's overall level of risk is expected to gradually decline over time.

1.
The Net Expense Ratio includes fees for the Lifecycle Funds and fees for the underlying funds; each Lifecycle fund indirectly bears its pro rata share of the fees and expenses incurred by the underlying funds. The net annual expense charge reflects a contractual fee waiver and reimbursement of certain expenses by the fund's adviser through September 30, 2012. The reimbursement does not cover the fee for services provided in connection with the offering of this class on retirement platforms. See the current prospectus for information on expenses.
2.
Approximately seven to ten years after a Lifecycle Fund’s target date, the fund may merge into the Lifecycle Retirement Income Fund or a similar fund.
3.
The fund's benchmark is a weighted average of the benchmarks for each of the underlying funds in which the fund invests. The fund's target allocations to each underlying fund will change as the fund approaches its target retirement date, and the benchmark weightings will change accordingly.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

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© 2012 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017