High-Yield (TIHYX)

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

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Net asset value as of 02/07/2012 : $9.98
Total return year-to-date as of 02/07/2012 : 3.49%
Fund's net invested assets as of 12/31/2011 : $1.14 billion
Gross Expense Ratio : 0.40%
Net Expense Ratio 1 : 0.40%
Inception date : 03/31/2006
Investment class : Fixed Income
Redemption Fee 2 : 2.00%

As of 02/07/2012 : 30-day SEC Yield 3 : 6.14%

Performance Comparison
	Performance Data as of 02/7/2012			Average Annual Total Returns as of 01/31/2012
	Net Asset Values	Net Change	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception
High-Yield	$9.98	+ 0.12%	3.49%	6.99%	19.05%	7.94%	--	8.08%
Merrill Lynch BB/B Cash Pay Index 4	--	+ 0.11%	3.12%	6.09%	18.99%	7.21%	--	7.53%

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.

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.

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 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.

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., 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.

TIAA-CREF Funds - Institutional Class

High-Yield (TIHYX)

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