TIAA-CREF Funds -  Premier Class

Bond Index  (TBIPX)

The investment seeks a favorable long-term total return, mainly from current income, by primarily investing in a portfolio of fixed-income securities that is designed to produce a return that corresponds with the total return of the U.S. investment-grade bond market based on a broad bond index. Under normal circumstances, the fund invests at least 80% of its assets within its benchmark and portfolio tracking index, the Barclays Capital U.S. Aggregate Bond Index. The fund uses a sampling technique to create a portfolio that closely matches the overall investment characteristics of its index.

Net asset value as of 05/22/2012 : $10.87
Total return year-to-date as of 05/22/2012 : 1.54%
Fund's net invested assets as of 03/31/2012 : $2.97 billion
Gross Expense Ratio : 0.33%
Net Expense Ratio 1 : 0.28%
Inception date : 09/14/2009
Investment class : Fixed Income

As of 05/21/2012 : 30-day SEC Yield 2 : 1.70%
Performance Comparison
  Performance Data
as of 05/21/2012 		Average Annual Total Returns
as of 04/30/2012
  Unit
Values 		Net
Change 		YTD
Return 		1 Year 3 Year 5 Year 10 Year Since Inception
Bond Index $10.90 -0.09% 1.81% 7.33% -- -- -- 5.91%
Barclays U.S. Aggregate Bond Index 3 -- -0.07% 1.87% 7.54% -- -- -- 6.19%
Standardized Prior Quarter-End Performance Comparison
  Average Annual Total Returns as of 03/31/2012
  1 Year 3 Year 5 Year 10 Year Since
Inception
Bond Index 7.53% -- -- -- 5.65%
Barclays U.S. Aggregate Bond Index 3 7.71% -- -- -- 5.93%

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.

This fund is subject to risks, including: Income Volatility Risk, Credit Risk, Call Risk, Market Volatility and Liquidity Risk, Interest Rate Risk, Prepayment Risk, Extension Risk and Index Risk.

1.
The net annual expense ratio represents expenses after reimbursement and waivers, while the gross annual expense ratio represents expenses without any reimbursements and waivers. These expense reimbursement arrangements will continue through at least September 30, 2012 and can only be changed with approval of the Board of Trustees. Without these waivers and reimbursements, the Fund expenses would be higher and its performance would have been lower.
2.
The fund's 30-day SEC yield is based on yield to maturity of a fund's investments over a 30-day period and not on the dividends paid by the fund, which may differ.
3.
The Barclays U.S. Aggregate Bond Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. 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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