TIAA-CREF is launching a slew of lifecycle funds targeted to investors retiring from 2010 to 2040, according to a draft prospectus filed with the SEC on May 18.

The funds are named Lifecycle 2010, 2015, 2020, 2025, 2030, 2035 and 2040.

How TIAA's Lifecycle Funds Shape Up
Fund	Equity Funds (%)	Fixed Income Funds (%)	Real Estate Funds (%)
2010 Fund	50	40	10
2015 Fund	55	35	10
2020 Fund	60	30	10
2025 Fund	65	25	10
2030 Fund	70	20	10
2035 Fund	75	15	10
2040 Fund	80	10	10
Source: TIAA-CREF N-1A

The funds of funds will invest in institutional shares of TIAA-CREF's mutual funds, including: Growth Equity Fund, International Equity Fund, Large-Cap Value Fund, Small-Cap Equity Fund, Real Estate Securities Fund, Inflation-Linked Bond Fund, Bond Fund and the Money Market Fund.

As investors age, the manager will shift allocations from equity-focused the mutual funds to fixed income or money market products.

The 2010 fund, for example, starts out with 50 percent equity funds, 40 percent fixed income funds, and 10 percent real estate funds, and shifts to 35 percent equity, 65 percent non-equity by 2010.

All funds have a 35 percent equity to 65 percent non-equity allocation by the time the investor reaches each fund's respective retirement age.

Scott Budde, managing director at TIAA and veteran of the company of nine years, will manage the funds.

All funds will have an operating expense of 65 basis points, and no minimum investment requirements. 

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