Securities and Exchange Commission June 30, 2011 – Federal Register Recent Federal Regulation Documents

The Commission is extending the compliance date for certain recently adopted requirements of Rule 15c3-5 under the Securities Exchange Act of 1934 (``Exchange Act''). Specifically, the Commission is extending the compliance date, until November 30, 2011, for all of the requirements of Rule 15c3-5 for fixed income securities, and the requirements of Rule 15c3-5(c)(1)(i) for all securities. The compliance date remains July 14, 2011 for all provisions of Rule 15c3-5 not subject to this limited extension. Among other things, Rule 15c3-5 requires broker-dealers with access to trading securities directly on an exchange or alternative trading system (``ATS''), including those providing sponsored or direct market access to customers or other persons, and broker-dealer operators of an ATS that provide access to trading securities directly on their ATS to a person other than a broker-dealer, to establish, document, and maintain a system of risk management controls and supervisory procedures that, among other things, is reasonably designed to systematically limit the financial exposure of the broker-dealer that could arise as a result of market access, and ensure compliance with all regulatory requirements that are applicable in connection with market access. The Commission is extending the compliance date for all of the requirements of Rule 15c3-5 for fixed income securities, and the requirements of Rule 15c3-5(c)(1)(i) for all securities to give broker- dealers with market access additional time to develop, test, and implement the relevant risk management controls and supervisory procedures required under the Rule.

Applicants request an order to permit certain registered open- end investment companies in the same group of investment companies to enter into a special servicing agreement (``Special Servicing Agreement''). Applicants: TIAA-CREF Funds, on behalf of its series, Lifecycle 2010 Fund, Lifecycle 2015 Fund, Lifecycle 2020 Fund, Lifecycle 2025 Fund, Lifecycle 2030 Fund, Lifecycle 2035 Fund, Lifecycle 2040 Fund, Lifecycle 2045 Fund, Lifecycle 2050 Fund, Lifecycle 2055 Fund, Lifecycle Retirement Income Fund, Lifecycle Index 2010 Fund, Lifecycle Index 2015 Fund, Lifecycle Index 2020 Fund, Lifecycle Index 2025 Fund, Lifecycle Index 2030 Fund, Lifecycle Index 2035 Fund, Lifecycle Index 2040 Fund, Lifecycle Index 2045 Fund, Lifecycle Index 2050 Fund, Lifecycle Index 2055 Fund, Lifecycle Index Retirement Income Fund, Managed Allocation Fund, Bond Fund, Bond Index Fund, Bond Plus Fund, Emerging Markets Equity Fund, Emerging Markets Equity Index Fund, Enhanced International Equity Index Fund, Enhanced Large-Cap Growth Index Fund, Enhanced Large-Cap Value Index Fund, Equity Index Fund, Growth & Income Fund, High-Yield Fund, Inflation-Linked Bond Fund, International Equity Fund, International Equity Index Fund, Large-Cap Growth Fund, Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Money Market Fund, Real Estate Securities Fund, Short-Term Bond Fund, Small-Cap Equity Fund; Teachers Advisors, Inc. (``Advisors'') Teachers Personal Investors Services, Inc. (``TPIS'') and each existing or future registered open-end management investment company or series thereof that is part of the same ``group of investment companies'' as TIAA-CREF Funds (the ``Trust'') under Section 12(d)(1)(G)(ii) of the Act and (i) Is advised by Advisors or any entity controlling, controlled by, or under common control with Advisors or (ii) for which TPIS and any entity controlling, controlled by or under common control with TPIS serves as principal underwriter (such investment companies or series thereof, together with the Trust and its series, the ``Funds'').\1\