High-Yield

(TIHYX)

The fund seeks high current income and, when consistent with its primary objective, capital appreciation.

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

Net asset value as of 11/06/2009: $9.11
Total return year-to-date as of 11/06/2009: 38.32%
Fund's net invested assets as of 09/30/2009: $494.02 million
Gross Expense Ratio: 0.43%
Net Expense Ratio*: 0.40%
Inception date: 03/31/2006
Investment class: Fixed Income

As of 11/05/2009: 30-day SEC Yield¤ 7.87%
Redemption Fee ‡: 2.00%

Performance Comparison
	Performance Data as of 11/06/2009			Average Annual Total Returns as of 10/31/2009
	Net Asset Value	Net Change	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception
High-Yield	$9.11	+0.02%	38.32%	37.72%	5.74%	--	--	5.92%
Merrill Lynch BB/B Cash Pay Index^†	--	+0.02%	41.45%	40.63%	4.72%	--	--	5.21%

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 is subject to interest rate risk and above average credit risk.

‡

You will be charged a 2.00% fee of the amount redeemed or exchanged out of the Fund within 60 calendar days of the initial purchase date. Please see the prospectus for details about this redemption fee and certain exemptions that may apply. The above performance data does not reflect the deduction of the redemption fee, and if reflected, the fee would reduce the performance quoted.

†

The Merrill Lynch BB/B Cash Pay Issuer Constrained Index measures the performance of securities that pay interest in cash and have a credit rating of BB or B. Merrill Lynch uses a composite of Fitch Ratings, Moody's and Standard and Poor's credit ratings in selecting bonds for this index. These ratings measure the risk that the bond issuer will fail to pay interest or to repay principal in full. You cannot invest directly in this index.

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. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

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