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 01/07/2009: $5.85
Total return year-to-date as of 01/07/2009: 0.86%
Fund's net invested assets as of 12/31/2008: $5.96 million
Gross Expense Ratio: 5.21%
Net Expense Ratio*: 0.65%
Inception date: 11/30/2007
Investment class: Lifecycle

Performance Comparison
	Performance Data as of 01/07/2009			Average Annual Total Returns as of 12/31/2008
	Net Asset Value	Net Change	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception¹
Lifecycle 2045	$5.85	-2.17%	0.86%	-38.92%	--	--	--	-36.56%
2045 Fund Composite Index^†	--	-1.69%	1.23%	-34.10%	--	--	--	-32.38%

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.

1.	The "Since Inception" values presented are cumulative values and not average annualized total returns.
*	The annual expense ratios include the fees of the underlying funds in which the Lifecycle Funds invest. These underlying fund expenses are 0.30% for the Lifecycle 2010 Fund, Lifecycle 2015 Fund and Lifecycle 2025 Fund, 0.40% for the Lifecycle 2045 Fund and the Lifecycle 2050 Fund and 0.31% for the other target date Lifecycle Funds. The underlying fund expenses are 0.36% for the Lifecycle Retirement Income Fund. The fund's adviser has contractually agreed to waive its 0.10% management fee on each Lifecycle Fund through at least April 30, 2009. In addition, the fund's adviser has contracted to reimburse the fund for all of the "Other Expenses" of the Retirement Class (except for the 0.25% fee for services provided in connection with the offering of this class on retirement platforms) through April 30, 2009.
†	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. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA (Teachers Insurance and Annuity Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

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