TIAA-CREF Funds - Retirement Class

Managed Allocation

(TITRX)

The fund seeks favorable returns that reflect the broad investment performance of the financial markets through capital appreciation and investment income. The fund will pursue this goal through a “fund of funds” approach, whereby the fund will make investments primarily in other mutual funds.

Click here to download the individual values represented in this graph by using our Download Data facility.

Net asset value as of 11/21/2008: $6.85
Total return year-to-date as of 11/21/2008: -35.83%
Fund's net invested assets as of 09/30/2008: $505.11 million
Gross Expense Ratio*: 0.80%
Net Expense Ratio*: 0.68%
Inception date: 03/31/2006
Investment class: Asset Allocation

Performance Comparison
	Performance Data as of 11/20/2008			Average Annual Total Returns as of 10/31/2008
	Net Asset Value	Net Change	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception
Managed Allocation	$6.61	-3.78%	-38.08%	-29.71%	--	--	--	-6.42%
Managed Allocation Composite Index^†	--	-3.70%	-32.09%	-24.30%	--	--	--	-3.95%

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.

The fund's adviser does not receive a management fee for its services to the Managed Allocation Fund II and has contracted to reimburse the fund for all its direct expenses through April 30, 2008 (except for the 0.25% service fee that pays for expenses related to offering Retirement Class shares on a retirement distribution platform). Shareholders indirectly bear their pro rata share of the fees and expenses of the funds in which the Managed Allocation Fund II invests.

†

The Managed Allocation Composite Index is a weighted average of the Russell 3000® Index for domestic stocks (48%), the Lehman Brothers U.S. Aggregate Index for domestic bonds (40%) and the Morgan Stanley Capital International EAFE® Index for foreign stocks (12%). You cannot invest directly in these indices.

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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