TIAA-CREF Funds - Retirement Class

Lifecycle 2045  (TTFRX)

Lifecycle 2045 Fund seeks high total return over time through a combination of capital appreciation and income.

Net asset value as of 10/20/2014 : $10.65
Total return year-to-date as of 10/20/2014 : -1.39%
Fund's net invested assets as of 09/30/2014 : $1.05 billion
Gross Expense Ratio : 0.90%
Net Expense Ratio 1 : 0.71%
Inception date : 11/30/2007
Investment class : Lifecycle
Performance Comparison
  Performance Data
as of 10/20/2014
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 2045 2 $10.65 + 0.85% -1.39% 11.02% 18.07% 11.73% -- 3.99%
2045 Fund Composite Index 3 -- -- 1.58% 12.77% 18.36% 12.31% -- 4.98%

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.

In addition to asset allocation risk, the fund is subject to the risks associated with the types of securities held by each of its underlying funds. For equity securities, these risks include market risk, company risk, foreign investment risks, growth investing risks, value investing risks, style risk, large-cap risk, small-cap/mid-cap risk, reorganization risk and real estate securities risk. For fixed-income securities, these risks include interest-rate risk, income volatility risk, credit risk, prepayment risk, extension risk and the risks of inflation-indexed bonds. The fund’s overall risk level should gradually decline as the target allocation shifts more toward fixed income with the approach of the year 2045. For a more complete discussion of these and other risks, please consult the prospectus.

As with all mutual funds, the principal value of a Lifecycle Fund isn't guaranteed. Also, please note that the target date of the Lifecycle Fund is an approximate date when investors may plan to begin withdrawing from the fund.

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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