TIAA-CREF Funds - Retirement Class

Lifecycle 2040  (TCLOX)

The Lifecycle 2040 Fund seeks high total return over time through a combination of capital appreciation and income. Each of the TIAA-CREF Lifecycle Funds is designed to provide a single diversified portfolio managed with a target retirement date in mind. The target date is the approximate date when investors expect to begin withdrawing money from the fund. Each portfolio invests in several underlying equity and fixed-income funds offered by the TIAA-CREF Funds. Over time, the fund's target allocation will gradually become more conservative, reaching an equity/fixed-income mix of approximately 40%/60% between 2047-2050. The fund's actual allocations may vary up to 10% from the current target allocations.

Net asset value as of 10/22/2014 : $13.52
Total return year-to-date as of 10/22/2014 : -0.37%
Fund's net invested assets as of 09/30/2014 : $3.14 billion
Gross Expense Ratio : 0.88%
Net Expense Ratio 1 : 0.71%
Inception date : 10/15/2004
Investment class : Lifecycle
Performance Comparison
  Performance Data
as of 10/21/2014
Average Annual Total Returns
as of 09/30/2014
  Net Asset
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
Lifecycle 2040 2 $13.62 + 1.72% 0.37% 11.07% 18.08% 11.79% -- 6.79%
2040 Fund Composite Index 3 -- -- 3.05% 12.77% 18.36% 12.31% -- 7.21%

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, 2015. 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. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 877 518-9161 for a product and the underlying fund prospectuses that contains this and other information. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, and are not a condition to any banking service or activity and may lose value.

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© 2014 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017