TIAA-CREF Funds - Retirement Class

High-Yield  (TIHRX)

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

Net asset value as of 08/29/2014 : $10.41
Total return year-to-date as of 08/29/2014 : 5.37%
Fund's net invested assets as of 06/30/2014 : $3.08 billion
Gross Expense Ratio : 0.62%
Net Expense Ratio : 0.62%
Inception date : 03/31/2006
Investment class : Fixed Income
Redemption Fee 1 : 2.00%

As of 08/28/2014 : 30-day SEC Yield 2 : 4.58%
Performance Comparison
  Performance Data
as of 08/29/2014
Average Annual Total Returns
as of 07/31/2014
  Net Asset
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
High-Yield $10.41 + 0.01% 5.37% 7.38% 7.78% 10.66% -- 7.93%
Merrill Lynch BB/B Cash Pay Index 3 -- + 0.01% 5.90% 7.98% 7.98% 11.22% -- 7.94%

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. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

The risks that the fund is subject to include market risk, company risk, interest-rate risk, credit risk, income volatility risk, illiquid security risk and foreign investment risks.

1.
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.
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 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, member FINRA, distributes securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 877 518-9161 for a product and the underlying fund prospectuses that contains this and other information. Please read the prospectus carefully before investing. Investment products are not FDIC insured, are not bank deposits or bank guaranteed, and may lose value.

© 2014 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017