485BPOS 1 c77934_485bpos.htm

As filed with the Securities and Exchange Commission on July 28, 2014
File Nos. 333-76651, 811-09301

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

	REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	S
	Pre-Effective Amendment No.	£
	Post-Effective Amendment No. 77	S
	and/or
	REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT	S
	OF 1940
	Amendment No. 80	S
	(Check appropriate box or boxes)

TIAA-CREF Funds

(Exact Name of Registrant as Specified in Charter)

730 Third Avenue
New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (800) 842-2733

John M. McCann, Esq.
TIAA-CREF Funds
8500 Andrew Carnegie Boulevard
Charlotte, North Carolina 28262

(Name and Address of Agent for Service)

Copy to:
Jeffrey S. Puretz, Esq.
Dechert LLP
1900 K Street, N.W.
Washington, D.C. 20006

Approximate Date of Proposed Public Offering:
As soon as practicable after effectiveness of the Registration Statement.

It is proposed that this filing will become effective (check appropriate box):

£	Immediately upon filing pursuant to paragraph (b)
S	On August 1, 2014 pursuant to paragraph (b)
£	60 days after filing pursuant to paragraph (a)(1)
£	75 days after filing pursuant to paragraph (a)(2) of rule 485
£	On (date) pursuant to paragraph (a)(1)
£	On ______________ pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

£	This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

PROSPECTUS

AUGUST 1, 2014

TIAA-CREF Bond Fund

of the TIAA-CREF Funds

Class Ticker: Retail TIORX Retirement TIDRX Premier TIDPX Institutional TIBDX

This Prospectus describes the Retail, Retirement, Premier and Institutional Class shares offered by the TIAA-CREF Bond Fund (the “Fund”). The Fund is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”).

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investor can lose money in the Fund and the Fund could perform more poorly than other investments.

The Securities and Exchange Commission (the “SEC”) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Table of contents

Summary information 3

Investment objective 3

Fees and expenses 3

Shareholder fees 3

Annual Fund operating expenses 3

Example 4

Portfolio turnover 4

Principal investment strategies 4

Principal investment risks 6

Past performance 7

Portfolio management 9

Purchase and sale of Fund shares 9

Tax information 10

Payments to broker-dealers and other financial intermediary compensation 10

Additional information about investment strategies and risks 11

Additional information about the Fund 11

Additional information on principal investment risks of the Fund 11

Additional information about the Fund’s benchmark index 15

Additional information on principal and non-principal investment strategies 16

Portfolio holdings 17

Portfolio turnover 17

Share classes 17

Management of the Fund 17

The Fund’s investment adviser 17

Investment management fees 18

Portfolio management team 19

Other services 19

Distribution and services arrangements 20

Other arrangements 21

Calculating share price 21

Dividends and distributions 23

Taxes 24

Your account: purchasing, redeeming or exchanging shares 26

Retail Class 26

Eligibility—Retail Class 26

Purchasing shares—Retail Class 27

Redeeming shares—Retail Class 31

Exchanging shares— Retail Class 33

Retirement Class 35

Eligibility—Retirement Class 35

Purchasing shares— Retirement Class 35

Redeeming shares— Retirement Class 39

Exchanging shares— Retirement Class 41

Premier Class 43

Eligibility—Premier Class 43

Purchasing shares—Premier Class 45

Redeeming shares—Premier Class 48

Exchanging shares—Premier Class 50

Institutional Class 52

Eligibility—Institutional Class 52

Purchasing shares— Institutional Class 54

Redeeming shares— Institutional Class 57

Exchanging shares— Institutional Class 59

Conversion of shares–applicable to all investors 60

Important transaction information 61

Market timing/excessive trading policy–applicable to all investors 64

Electronic prospectuses 66

Glossary 66

Financial highlights 67

Summary information

TIAA-CREF Bond Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks as favorable a long-term total return through income, primarily from investment-grade fixed-income securities.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	Retail Class	Retirement Class	Premier Class	Institutional Class
Maximum Sales Charge Imposed on Purchases (percentage of offering price)	0%	0%	0%	0%
Maximum Deferred Sales Charge	0%	0%	0%	0%
Maximum Sales Charge Imposed on Reinvested Dividends and Other Distributions	0%	0%	0%	0%
Redemption or Exchange Fee	0%	0%	0%	0%
Account Maintenance Fee (annual fee on accounts under $2,000)	$15.00	0%	0%	0%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


		Retail Class	Retirement Class	Premier Class	Institutional Class
Management Fees		0.29%	0.29%	0.29%	0.29%
Distribution (Rule 12b-1) Fees		0.25%	—	0.15%	—
Other Expenses		0.09%	0.28%	0.03%	0.03%
Total Annual Fund Operating Expenses		0.63%	0.57%	0.47%	0.32%
Waivers and Expense Reimbursements¹		—	—	—	—
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.63%	0.57%	0.47%	0.32%

1	Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed: (i) 0.70% of average daily net assets for Retail Class shares; (ii) 0.60% of average daily net assets for Retirement Class shares;

TIAA-CREF Bond Fund ■ Prospectus 3


	(iii) 0.50% of average daily net assets for Premier Class shares; and (iv) 0.35% of average daily net assets for Institutional Class shares of the Fund. These expense reimbursement arrangements will continue through at least July 31, 2015, unless changed with approval of the Board of Trustees.

Example

This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before expense reimbursements, remain the same. The example assumes that the Fund’s expense reimbursement agreement will remain in place through July 31, 2015, but that there will be no waiver or expense reimbursement agreement in effect thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	Retail Class		Retirement Class		Premier Class		Institutional Class
1 Year	$	64	$	58	$	48	$	33
3 Years	$	202	$	183	$	151	$	103
5 Years	$	351	$	318	$	263	$	180
10 Years	$	786	$	714	$	591	$	406

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal year ended March 31, 2014, the Fund’s portfolio turnover rate was 307% of the average value of its portfolio.

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in bonds. For these purposes, bonds include fixed-income securities of all types. The Fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. Government securities, corporate bonds and mortgage-backed and other asset-backed securities. The Fund may also invest in other fixed-income securities, including those of non-investment grade quality. The Fund does not rely exclusively on rating agencies when making investment decisions. Instead, the Fund’s investment adviser, Teachers Advisors, Inc. (“Advisors”), performs its own credit analysis, paying particular attention to economic trends and other market events. Individual securities or sectors are then overweighted or underweighted relative to the Fund’s benchmark index, the Barclays U.S. Aggregate Bond Index, when Advisors believes that the Fund can take advantage of what appear to be undervalued,

4 Prospectus ■ TIAA-CREF Bond Fund

overlooked or misunderstood issuers that offer the potential to boost returns above that of the index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund may invest in fixed-income securities of any duration. As of May 1, 2014, the duration of the Fund’s benchmark index was 5.63 years.

The Fund’s investments in mortgage-backed securities can include pass-through securities sold by private, governmental and government-related organizations and collateralized mortgage obligations (“CMOs”). Mortgage pass-through securities are created when mortgages are pooled together and interests in the pool are sold to investors. The cash flow from the underlying mortgages is “passed through” to investors in periodic principal and interest payments. CMOs are obligations that are fully collateralized directly or indirectly by a pool of mortgages from which payments of principal and interest are dedicated to the payment of principal and interest on the CMO.

The Fund may use an investment strategy called “mortgage rolls” (also referred to as “dollar rolls”), in which the Fund sells securities for delivery in the current month and simultaneously contracts with a counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any price received for the securities sold and the lower forward price for the future purchase (often referred to as the “drop”) plus the interest earned on the short-term investment awaiting the settlement date of the forward purchase. If such benefits exceed the income and gain or loss due to mortgage repayments that would have been realized on the securities sold as part of the mortgage roll, the use of this technique will enhance the investment performance of the Fund compared with what such performance would have been without the use of mortgage rolls. Realizing benefits from the use of mortgage rolls depends upon the ability of Advisors to predict correctly mortgage prepayments and interest rates.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund’s investment strategies. The Fund may also invest in foreign securities, including emerging markets fixed-income securities and non-dollar denominated instruments. Under most circumstances, the Fund’s investments in fixed-income securities of foreign issuers constitute less than 20% of the Fund’s assets.

TIAA-CREF Bond Fund ■ Prospectus 5

Principal investment risks

You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund’s portfolio holdings, typically is subject to the following principal investment risks:

· Interest Rate Risk (a type of Market Risk)—The risk that increases in interest rates can cause the prices of fixed-income investments to decline. This risk is heightened to the extent the Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are low. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund’s exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.

· Issuer Risk (often called Financial Risk)—The risk that an issuer’s earnings prospects and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time.

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments declines in certain interest rate environments.

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of bonds may not be able or willing to meet interest or principal payments when the bonds become due.

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

· Fixed-Income Foreign Investment Risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to the Fund or impair the Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also be less liquid and more difficult to value than investments in U.S. issuers.

6 Prospectus ■ TIAA-CREF Bond Fund

· Active Management Risk—The risk that Advisors’ strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives.

· Market Volatility, Liquidity and Valuation Risk (types of Market Risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for the Fund to properly value its investments and that the Fund may not be able to purchase or sell an investment at an attractive price, if at all.

· Mortgage Roll Risk—The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the Fund’s performance.

· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated.

· Non-Investment-Grade Securities Risk—Issuers of non-investment-grade securities, which are usually called “high-yield” or “junk bonds,” are typically in weaker financial health and such securities can be harder to value and sell and their prices can be more volatile than more highly rated securities. While these securities generally have higher rates of interest, they also involve greater risk of default than do securities of a higher-quality rating.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

· Derivatives Risk—The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. The Fund may use futures, options, single name or index credit default swaps, or forwards, and the Fund may also use more complex derivatives such as swaps that might present liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional Class, Retirement Class, Premier Class and Retail Class over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2013, and how

TIAA-CREF Bond Fund ■ Prospectus 7

those returns compare to those of the Fund’s benchmark index. After-tax performance is shown only for Institutional Class shares, and after-tax returns for the other Classes of shares will vary from the after-tax returns presented for Institutional Class shares.

The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have been lower. Past performance of the Fund (before and after taxes) is not necessarily an indication of how it will perform in the future. The benchmark index listed below is unmanaged, and you cannot invest directly in the benchmark index. The returns for the benchmark index reflect no deduction for fees, expenses or taxes.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2014, was 4.37%.

Best quarter: 4.14%, for the quarter ended September 30, 2009. Worst quarter: -2.83%, for the quarter ended June 30, 2013.

8 Prospectus ■ TIAA-CREF Bond Fund

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2013


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		7/1/1999
	Return Before Taxes		–1.09	%	5.23	%	4.61	%
	Return After Taxes on Distributions		–2.35	%	3.69	%	3.01	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–0.51	%	3.56	%	3.01	%
Retail Class		3/31/2006
	Return Before Taxes		–1.44	%	4.96	%	4.44	%*
Retirement Class		3/31/2006
	Return Before Taxes		–1.37	%	4.96	%	4.40	%*
Premier Class		9/30/2009
	Return Before Taxes		–1.23	%	5.12	%*	4.55	%*
Barclays U.S. Aggregate Bond Index
(reflects no deductions for fees, expenses or taxes)			–2.02	%	4.44	%	4.55	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Retail, Retirement and Premier Classes that is prior to their inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Retail, Retirement and Premier Classes. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:




Name:	Joseph Higgins, CFA	John M. Cerra
Title:	Managing Director	Managing Director
Experience on Fund:	since 2011	since 2003

Purchase and sale of Fund shares

TIAA-CREF Bond Fund ■ Prospectus 9

accounts. Institutional Class shares are available for purchase directly from the Fund by certain eligible investors or through financial intermediaries.

· The minimum initial investment for Retail Class shares is $2,000 for Traditional IRA, Roth IRA and Coverdell accounts and $2,500 for all other account types. Subsequent investments for all account types must be at least $100.

· There is no minimum initial or subsequent investment for Retirement Class shares. Retirement Class shares are primarily offered through employer-sponsored employee benefit plans.

· There is a $100 million aggregate plan size and $1 million initial minimum plan-level investment requirement for Premier Class shares. Premier Class shares are primarily offered through certain financial intermediaries and employer-sponsored employee benefit plans.

· The minimum initial investment is $2 million and the minimum subsequent investment is $1,000 for Institutional Class shares, unless an investor purchases shares by or through financial intermediaries that have entered into an appropriate agreement with the Fund or its affiliates.

Redeeming or Exchanging Shares. You can redeem (sell) or exchange your shares of the Fund on any day that the New York Stock Exchange (“NYSE”) is open for business. Exchanges may be made for shares of the same share class of other funds offered by the Trust. If your shares are held through a third party, please contact that entity for applicable redemption or exchange requirements. If your shares are held directly with the Fund, contact the Fund directly in writing or by telephone.

Tax information

The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.

Payments to broker-dealers and other financial intermediary compensation

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund shares and related services or for other investor services. These payments may create a conﬂict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

10 Prospectus ■ TIAA-CREF Bond Fund

Additional information about investment strategies and risks

Additional information about the Fund

This Prospectus describes the Fund and its investment objective, principal investment strategies and restrictions and principal investment risks. An investor should consider whether the Fund is an appropriate investment. The investment objective of the Fund and its non-fundamental investment restrictions may be changed by the Board of Trustees of the Trust (“Board of Trustees”) without shareholder approval. Certain investment restrictions described in the Fund’s Statement of Additional Information (“SAI”) are fundamental and may only be changed with shareholder approval.

As noted in the “Principal investment strategies” section of this Prospectus, the Fund has a policy of normally investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in bonds. Shareholders will receive at least 60 days’ prior notice before changes are made to the 80% policy.

Advisors may, for temporary defensive purposes, invest some or all of the Fund’s assets in cash and money market instruments, although Advisors is not obligated to do so. In doing so, the Fund may be successful in reducing market losses but may otherwise not achieve its investment objective.

The use of a particular index as the Fund’s benchmark index is not a fundamental policy and can be changed by the Board of Trustees without shareholder approval. The Fund will notify you before such a change is made.

The Fund is not appropriate for market timing. You should not invest in the Fund if you are a market timer.

There can be no assurances that the Fund will achieve its investment objective and investors should not consider an investment in this Fund to be a complete investment program.

Investors should be aware that investments made by the Fund and the results achieved by it at any given time are not expected to be the same as those made by other mutual funds for which Advisors acts as an investment adviser, including mutual funds with names, investment objectives and policies similar to those of the Fund.

Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.

Additional information on principal investment risks of the Fund

The value of the Fund may increase or decrease as a result of its investments in fixed-income securities. More specifically, the Fund typically is subject to the following principal investment risks:

· Interest Rate Risk (a type of Market Risk)—The risk that the value or yield of fixed-income investments may decline if interest rates change. In general,

TIAA-CREF Bond Fund ■ Prospectus 11

when prevailing interest rates decline, the market values of fixed-income investments (particularly those paying a fixed rate of interest) tend to increase while yields on fixed-income investments tend to decrease, which could adversely affect the Fund’s income. Conversely, when prevailing interest rates increase, the market values of fixed-income investments (particularly those paying a fixed rate of interest) tend to decline. Depending on the timing of the purchase of a fixed-income investment and the price paid for it, changes in prevailing interest rates may increase or decrease the investment’s yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than shorter-term investments. Interest rate risk is generally heightened during periods when prevailing interest rates are low. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund’s exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.

· Prepayment Risk—The risk that during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing the Fund to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in income. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can shorten depending on homeowner prepayment activity. A rise in the prepayment rate and the resulting decline in duration of fixed-income securities held by the Fund can result in losses to investors in the Fund.

· Extension Risk—The risk that during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing the Fund from reinvesting principal proceeds at higher interest rates, resulting in less income than potentially available. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can lengthen depending on homeowner prepayment activity. A decline in the prepayment rate and the resulting increase in duration of fixed-income securities held by the Fund can result in losses to investors in the Fund.

· Issuer Risk (often called Financial Risk)—The risk that the issuer’s earnings prospects and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.

· Income Volatility Risk—Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of

12 Prospectus ■ TIAA-CREF Bond Fund

current income from a portfolio of fixed-income securities. The risk of income volatility is that the level of current income from a portfolio of fixed-income securities declines in certain interest rate environments.

· Credit Risk (a type of Issuer Risk)—The risk that a decline in an issuer’s financial position may prevent it from making principal and interest payments on fixed-income investments when due. Credit risk relates to the possibility that the issuer could default on its obligations, thereby causing the Fund to lose its investment. Credit risk is heightened in times of market turmoil when perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers and/or governments may deteriorate rapidly with little or no warning. Credit risk is also heightened in the case of investments in lower-rated, high-yield fixed-income securities because their issuers are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade securities, issuers of lower-rated, high-yield fixed-income investments are more likely to encounter financial difficulties and to be materially affected by such difficulties. High-yield securities may also be relatively more illiquid, therefore, they may be more difficult to purchase or sell than more highly rated securities.

· Call Risk—The risk that an issuer will redeem a fixed-income investment prior to maturity. This often happens when prevailing interest rates are lower than the rate specified for the fixed-income investment. If a fixed-income investment is called early, the Fund may not be able to benefit fully from the increase in value that other fixed-income investments experience when interest rates decline. Additionally, the Fund would likely have to reinvest the payoff proceeds at current yields, which are likely to be lower than the fixed-income investment in which the Fund originally invested, resulting in a decline in income.

· Fixed-Income Foreign Investment Risk—Foreign investments, which may include fixed-income securities of foreign issuers, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible seizure, expropriation or nationalization of assets; (4) more limited foreign financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (5) the impact of political, social or diplomatic events; (6) the difficulty of evaluating some foreign economic trends; and (7) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many

TIAA-CREF Bond Fund ■ Prospectus 13

external debt obligations bear interest at rates which are adjusted based upon international interest rates.

The risks described above often increase in countries with emerging markets. For example, the ability of a foreign sovereign issuer, especially in an emerging market country, to make timely and ultimate payments on its debt obligations may be strongly influenced by the issuer’s balance of payments, including export performance, its access to international credit and investments, fluctuations of interest rates and the extent of its foreign reserves. If a deterioration occurs in the foreign country’s balance of payments, it could impose temporary restrictions on foreign capital remittances. In addition, there is a risk of restructuring certain foreign debt obligations that could reduce and reschedule interest and principal payments.

· Active Management Risk—The risk that the performance of the Fund, which is actively managed, reflects in part the ability of Advisors to make active investment, strategic or trading decisions that are suited to achieving the Fund’s investment objective. As a result of strategy, investment selection or trading execution, the Fund could underperform its benchmark or other mutual funds with similar investment objectives.

· Market Volatility, Liquidity and Valuation Risk (types of Market Risk)—Trading activity in fixed-income investments in which the Fund invests may be dramatically reduced or cease at any time, whether due to general market turmoil, a reduction in dealer capacity, problems experienced by a single company or a market sector or other factors. In such cases, it may be difficult for the Fund to properly value assets represented by such investments. In addition, the Fund may not be able to purchase or sell a security at a price deemed to be attractive, if at all. Further, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase the Fund’s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed income markets.

· Mortgage Roll Risk— The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the investment performance of the Fund compared with what such performance would have been without the use of the strategy.

· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated. If this occurs, the values of these investments may decline, or it may affect the issuer’s ability to raise additional capital for operational or financial purposes and increase the chance of default, as a downgrade may be seen in the financial markets as a signal of an issuer’s deteriorating financial position.

· Non-Investment-Grade Securities Risk—Issuers of non-investment-grade securities, which are usually called “high-yield” or “junk bonds,” are typically

14 Prospectus ■ TIAA-CREF Bond Fund

in weaker financial health and such securities can be harder to value and sell and their prices can be more volatile than more highly rated securities. While these securities generally have higher rates of interest, they also involve greater risk of default than do securities of a higher-quality rating.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

· Derivatives Risk—The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. Derivatives such as swaps are subject to risks such as liquidity risk, interest rate risk, market risk, and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments, and their prices, may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Some of these risks exist for futures and options which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of the Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivative investments can create leverage by magnifying investment losses or gains, and the Fund could lose more than the amount invested.

In addition to the principal investment risks set forth above, there are other risks associated with investing in the Fund and its investments that are discussed elsewhere in the Fund’s Prospectus and in the Fund’s SAI. There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program.

Additional information about the Fund’s benchmark index

The benchmark index described below is unmanaged, and you cannot invest directly in the index.

Barclays U.S. Aggregate Bond Index

TIAA-CREF Bond Fund ■ Prospectus 15

and have a minimum maturity of one year. Securities must be rated investment-grade or higher using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used to determine index eligibility.

Additional information on principal and non-principal investment strategies

The Fund may invest in interest-only and principal-only mortgage-backed securities. These instruments have unique characteristics and are more sensitive to prepayment risk and extension risk than traditional mortgage-backed securities. The Fund may also buy and sell put and call options, futures contracts, options on futures, and forwards; and engage in certain swap transactions. The Fund intends to use options and futures primarily as a hedging technique or for cash management as well as for risk management and to increase total return. Futures contracts permit the Fund to seek to gain or reduce exposure to groups of securities and thereby have the potential to earn returns that are similar to those that would be earned by direct investments in those securities or instruments. In seeking to manage currency risk, the Fund also may enter into forward currency contracts, buy or sell options and futures on foreign currencies, and enter into foreign currency swap contracts.

Where appropriate futures contracts are not available, or if Advisors deems advisable for other reasons, the Fund may invest in investment company securities, such as exchange-traded funds (“ETFs”). The Fund may also use ETFs for cash management purposes and other purposes, including to gain exposure to certain sectors or securities that are represented by ownership in ETFs. When the Fund invests in ETFs or other investment companies, the Fund bears a proportionate share of expenses charged by the investment company in which it invests. An ETF may trade at a premium or discount to its net asset value (“NAV”).

The Fund can buy and sell swaps and options on swaps, so long as these are consistent with the Fund’s investment objective and restrictions. For example, the Fund can invest in derivatives and other similar financial instruments such as credit default swaps (a derivative in which the buyer of the swap makes a series of payments to the seller and, in exchange, receives a payment if the underlying credit instrument (e.g., a bond) goes into default) and interest rate swaps (a derivative in which one party exchanges a stream of interest payments for another party’s stream of cash flows).

The Fund may also make certain other investments. For example, the Fund may invest in short-term debt securities of the same type as those held by money market funds and other kinds of short-term instruments for cash management and other purposes.

Please see the Fund’s SAI for more information on these and other investments the Fund may utilize.

16 Prospectus ■ TIAA-CREF Bond Fund

Portfolio holdings

A description of the Fund’s policies and procedures with respect to the disclosure of its portfolio holdings is available in the Fund’s SAI.

Portfolio turnover

If the Fund engages in active and frequent trading of portfolio securities, it will have a correspondingly higher “portfolio turnover rate.” A high portfolio turnover rate generally will result in (1) greater brokerage commission expenses or other transaction costs borne by the Fund and, ultimately, by shareholders and (2) higher amounts of realized investment gain subject to the payment of taxes by shareholders. Also, a high portfolio turnover rate for the Fund may cause the Fund to be more likely to generate capital gains that must be distributed to shareholders as taxable income. The Fund is not subject to a specific limitation on portfolio turnover, and securities of the Fund may be sold at any time such sale is deemed advisable for investment or operational reasons. Also, certain trading strategies utilized by the Fund may increase portfolio turnover. The portfolio turnover rate of the Fund is listed above in the “Summary Information” section and the portfolio turnover rate during recent fiscal periods is provided in the Financial Highlights. The Fund is not generally managed to minimize the tax burden for shareholders. The Fund may have investors that are funds of funds, education savings plans or other asset allocation programs that are also managed by Advisors. These investors may engage in reallocations, rebalancings or other activity that may increase the Fund’s portfolio turnover rate and brokerage costs. Advisors may employ various portfolio management strategies to attempt to minimize any potential disruptive effects or costs of such activity.

Share classes

The Fund offers Retail, Retirement, Premier and Institutional Class shares in this Prospectus. The Fund’s investments are held by the Fund as a whole, not by a particular share class, so an investor’s money will be invested the same way no matter which class of shares is held. However, there are differences among the fees and expenses associated with each class and not everyone is eligible to buy every class. After determining which classes you are eligible to buy, decide which class best suits your needs. Please contact us if you have questions or would like assistance in determining which class is right for you.

Management of the Fund

The Fund’s investment adviser

TIAA-CREF Bond Fund ■ Prospectus 17

Teaching and is the companion organization of College Retirement Equities Fund (“CREF”), the first company in the United States to issue a variable annuity. Advisors is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. Advisors also manages the investments of TIAA Separate Account VA-1 and TIAA-CREF Life Funds. Through an affiliated investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”), certain personnel of Advisors also manage the investment accounts of CREF. As of June 30, 2014, Advisors and TCIM together had approximately $314 billion of registered investment company assets under management. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.

TIAA-CREF entities sponsor an array of financial products for retirement and other investment goals. For some of these products, for example, the investment accounts of CREF, TIAA or its subsidiaries perform services “at cost.” The Fund, however, pays the management fees and other expenses that are described in the table of fees and expenses in this Prospectus. The management fees paid by the Fund to Advisors are intended to compensate Advisors for its services to the Fund and are not limited to the reimbursement of Advisors’ costs. Thus, under this arrangement, Advisors can earn a profit or incur a loss on the services which it renders to the Fund. The Fund also pays Advisors for certain administrative services that Advisors provides to the Fund on an at-cost basis.

Advisors manages the assets of the Fund pursuant to an investment management agreement with the Trust (the “Management Agreement”). Advisors’ duties under the Management Agreement include, among other things, providing the Fund with investment research, advice and supervision; furnishing an investment program for the Fund; determining which securities or other investments to purchase, sell or exchange; and providing or obtaining any other necessary services to manage, acquire or dispose of securities, cash or other investments. Advisors also supervises and acts as liaison among the various service providers to the Fund, such as the custodian and transfer agent.

The annual investment management fees charged under the Management Agreement with respect to the Fund are as follows:

INVESTMENT MANAGEMENT FEES


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Bond Fund*	$0.0—$1.0	0.30%
	Over $1.0—$2.5	0.29%
	Over $2.5—$4.0	0.28%
	Over $4.0	0.27%



*	For the fiscal year ended March 31, 2014, the effective annual fee rate was 0.29% for the Fund.

18 Prospectus ■ TIAA-CREF Bond Fund

Fund’s shareholder report, please call 800 842-2252, visit the Fund’s website at www.tiaa-cref.org or visit the SEC’s website at www.sec.gov.

Portfolio management team

The Fund is managed by a team of managers, whose members are responsible for the day-to-day management of the Fund, with expertise in the area applicable to the Fund’s investments. Certain team members are, for example, principally responsible for selecting appropriate investments for the Fund and others are principally responsible for asset allocation. The following is a list of members of the management team primarily responsible for managing the Fund’s investments, along with their relevant experience. The members of the management team may change from time to time.


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
Bond Fund
Joseph Higgins, CFA Managing Director	Lead Portfolio Manager and Asset Allocation	Advisors, TCIM and other advisory affiliates of TIAA—1995 to Present (fixed-income portfolio management)	1995	1995	2011
John M. Cerra Managing Director	Portfolio Manager-Government Sector	Advisors, TCIM and other advisory affiliates of TIAA—1985 to Present (fixed-income portfolio management)	1985	1985	2003

The Fund’s SAI provides additional disclosure about the compensation structure for the Fund’s portfolio managers, the other accounts they manage, total assets in those accounts and potential conflicts of interest, as well as the portfolio managers’ ownership of shares of the Fund.

Other services

Under the terms of the Administrative Services Agreement with the Trust, responsibility for payment of expenses relating to oversight and performance of certain services, including transfer agency, dividend disbursing, accounting, administrative, compliance and shareholder services, is allocated directly either to the Fund or to Advisors.

For Advisors’ provision of such administrative, compliance and other services to the Fund under the Administrative Services Agreement, the Fund pays to Advisors at the end of each calendar month the allocated costs of such services as determined under the TIAA-CREF cost allocation methodology then in effect.

TIAA-CREF Bond Fund ■ Prospectus 19

other platforms. Under the Retirement Class Service Agreement, the Retirement Class of the Fund pays monthly a fee to Advisors at an annual rate of up to 0.25% of average daily net assets, which is reflected as part of “Other Expenses” in the “Fees and expenses” section of this Prospectus. Advisors may rely on affiliated or unaffiliated persons to fulfill its obligations under the Retirement Class Service Agreement.

Distribution and services arrangements

All Classes

Teachers Personal Investors Services, Inc. (“TPIS”) distributes each class of Fund shares. TPIS may enter into agreements with other intermediaries, including its affiliated broker-dealer, TIAA-CREF Individual & Institutional Services, LLC (“Services”), to offer and sell shares of the Fund. For Premier Class and Retail Class shares, TPIS may utilize some or all of the Rule 12b-1 plan fees it receives from Premier Class and Retail Class shares to pay such other intermediaries for services provided in connection with the sale, promotion and/or servicing of Premier Class and Retail Class shares, respectively. In addition, TPIS, Services or Advisors may pay intermediaries out of its own assets to support the distribution and/or servicing of Fund shares. Payments to intermediaries may include payments to certain third-party broker-dealers and financial advisors, including fund supermarkets, to provide access to their fund distribution platforms, as well as to provide transaction processing or administrative services. Additional information about payments to intermediaries appears in the Fund’s SAI.

Retail Class

The Fund has adopted a distribution plan under Rule 12b-1 with respect to Retail Class shares under which the Fund pays TPIS an annual fee as compensation for TPIS’ or other entities’ services related to the sale, promotion and/or servicing of Retail Class shares.

Under the plan, the Fund pays TPIS at the annual rate of 0.25% of average daily net assets attributable to Retail Class shares for distribution and promotion-related activities, as well as shareholder and account maintenance services, and TPIS may pay another entity for providing such services. Advisors, TPIS and their affiliates, at their own expense, may also pay for distribution, promotional and/or shareholder and account maintenance expenses of Retail Class shares. Because Rule 12b-1 plan fees are paid out of Retail Class assets on an ongoing basis, over time they will increase the cost of your investment in the Retail Class.

More information about the Fund’s distribution and services arrangements for Retail Class shares appears in the Fund’s SAI.

20 Prospectus ■ TIAA-CREF Bond Fund

Retirement Class

More information about the Fund’s distribution and services arrangements for Retirement Class shares appears in the Fund’s SAI.

Premier Class

The Fund has adopted a distribution plan under Rule 12b-1 with respect to Premier Class shares under which the Fund pays TPIS an annual fee as compensation for TPIS’ services related to the sale, promotion and/or servicing of Premier Class shares.

Under the plan, the Fund pays TPIS at the annual rate of 0.15% of average daily net assets attributable to Premier Class shares for distribution and promotion-related activities, as well as shareholder and account maintenance services, and TPIS may pay another entity for providing such services. Advisors, TPIS and their affiliates, at their own expense, may also pay for distribution, promotional and/or shareholder and account maintenance expenses of Premier Class shares. Because Rule 12b-1 plan fees are paid out of Premier Class assets on an ongoing basis, over time they will increase the cost of your investment in the Premier Class.

More information about the Fund’s distribution and services arrangements for Premier Class shares appears in the Fund’s SAI.

Institutional Class

More information about the Fund’s distribution and services arrangements for Institutional Class shares appears in the Fund’s SAI.

Other arrangements

Advisors also pays Services and/or other intermediaries an administrative charge at an annual rate of 0.25% of average daily net assets attributable to Retirement Class shares to compensate such intermediaries for maintenance of Retirement Class shares held on their platforms.

Calculating share price

The Fund determines its net asset value (“NAV”) per share, or share price, on each day the NYSE is open for business. The NAV for the Fund is calculated as of the time when regular trading closes on the NYSE (generally, 4:00 p.m. Eastern Time or at such earlier time that regular trading on the NYSE closes). The Fund does not price its shares on days that the NYSE is closed. NAV per share for each class is determined by dividing the value of the Fund’s assets attributable to such class, less all liabilities attributable to such class, by the total number of shares of the class outstanding.

If the Fund invests in foreign securities that are primarily listed on foreign exchanges that trade on days when the Fund does not price its shares, the value

TIAA-CREF Bond Fund ■ Prospectus 21

of the foreign securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or redeem Fund shares. The value of the Fund’s investments denominated in foreign currencies is converted to U.S. dollars for purposes of determining the Fund’s NAV.

The Fund generally uses market quotations or values obtained from independent pricing services to value securities and other instruments held by the Fund. However, fixed-income securities held by the Fund with remaining maturities of 60 days or less generally are valued using their amortized cost. If market quotations or values from independent pricing services are not readily available or are not considered reliable, the Fund will use a security’s “fair value,” as determined in good faith using procedures approved by the Board of Trustees. The Fund will also use fair value if events that have a significant effect on the value of an investment (as determined in Advisors’ sole discretion) occur between the time when its price is determined and the time the Fund’s NAV is calculated. For example, the Fund might use a domestic security’s fair value when the exchange on which the security is principally traded closes early or when trading in the security is halted and does not resume before the Fund’s NAV is calculated. The use of fair value pricing can involve reliance on quantitative models or individual judgment, and may result in changes to the prices of portfolio securities that are used to calculate the Fund’s NAV. Although the Fund fair values portfolio securities on a security-by-security basis, funds that hold foreign portfolio securities may see their portfolio securities fair valued more frequently than other funds that do not hold foreign securities.

Fair value pricing most commonly occurs with securities that are primarily traded outside the United States. This may have the effect of decreasing the ability of market timers to engage in “stale price arbitrage,” which takes advantage of the perceived difference in price from a foreign market closing price.

While using a fair value price for foreign securities decreases the ability of market timers to make money by exchanging into or out of the Fund to the detriment of longer-term shareholders, it may reduce some of the certainty in pricing obtained by using actual market close prices.

The Fund’s fair value pricing procedures provide, among other things, for the Fund to examine whether to fair value foreign securities when there is a movement in the value of a U.S. market index between the close of one or more foreign markets and the close of the NYSE. For these securities, the Fund uses a fair value pricing service approved by the Board of Trustees. This pricing service employs quantitative models to value foreign investments in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of the Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded. The Fund also examines the prices of individual securities to determine, among

22 Prospectus ■ TIAA-CREF Bond Fund

other things, whether the price of such securities reflects fair value at the close of the NYSE based on market movements. In addition, the Fund may fair value domestic securities when it is believed the last market quotation is not readily available or such quotation does not represent the fair value of that security.

Money market instruments with maturities of more than 60 days are valued using market quotations or independent pricing sources or values derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other.

Dividends and distributions

The Fund expects to declare and distribute to shareholders substantially all of its net investment income and net realized capital gains, if any. The amount distributed will vary according to the income received from investments held by the Fund and capital gains realized from the sale of investments. The Fund declares dividends as of each business day of the calendar year (to the extent such dividends are not previously distributed) and pays dividends monthly. The Fund intends to pay net capital gains, if any, annually. Dividends and capital gains can be paid in cash or reinvested. If you have elected to receive your distributions in cash and the distribution amount is less than $10, then the amount will be automatically reinvested in the Fund and no check will be issued. If the postal service is unable to deliver checks to your address of record, or the distribution check remains outstanding for six months or more, then the Fund reserves the right to reinvest the distribution check into your account using the Fund’s current NAV and to change your distribution option to reinvestment. No interest will accrue on amounts represented by uncashed distribution checks.

Dividends and capital gain distributions paid to shareholders who hold their shares through a TIAA-CREF-administered retirement plan or custody account will automatically be reinvested in additional shares of the same class of the Fund. All other shareholders may elect from the following distribution options (barring any restrictions from the intermediary or plan through which such shares are held):

1. Reinvestment Option, Same Fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of the Fund. Unless you elect otherwise, this will be your default distribution option.

2. Reinvestment Option, Different Fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of another fund in which you already hold shares.

3. Income-Earned Option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.

4. Capital Gains Option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.

TIAA-CREF Bond Fund ■ Prospectus 23

5. Cash Option. A check will be sent for your dividend and each capital gain distribution.

On the Fund’s distribution date, the Fund makes distributions on a per share basis to the shareholders who hold and have paid for Fund shares on the record date. The Fund does this regardless of how long the shares have been held. This means that if you buy shares just before or on a record date, you will pay the full price for the shares and then you may receive a portion of the price back as a taxable distribution (see the discussion of “Buying a dividend” below under “Taxes”). Cash distribution checks will be mailed within seven days of the distribution date.

Shareholders who hold their shares through a variable insurance or annuity product, an employee benefit plan or through an intermediary may be subject to restrictions on their distribution payment options imposed by the product, plan or intermediary. Please contact the variable insurance or annuity product issuer or your plan sponsor or intermediary for more details.

Taxes

As with any investment, you should consider how your investment in the Fund will be taxed.

Taxes on dividends and distributions. Unless you are tax-exempt or hold Fund shares in a tax-deferred account, you are subject to federal income tax on dividends and taxable distributions each year. Your dividends and taxable distributions generally are taxable when they are paid, whether you take them in cash or reinvest them. However, distributions declared in October, November or December of a year and paid in January of the following year are taxable as if they were paid on December 31 of the prior year.

For federal tax purposes, income and short-term capital gain distributions from the Fund are taxed as ordinary income, and long-term capital gain distributions are taxed as long-term capital gains. Every January, a statement showing the taxable distributions paid to you in the previous year from the Fund will be sent to you and the Internal Revenue Service (“IRS”) (for taxable accounts only). Whether or not a capital gain distribution is considered long-term or short-term depends on how long the Fund held the securities the sale of which led to the gain.

A portion of ordinary income dividends paid by the Fund to individual investors may constitute “qualified dividend income” that is subject to the same maximum tax rates as long-term capital gains. The portion of a dividend that will qualify for this treatment will depend on the aggregated qualified dividend income received by the Fund. Notwithstanding this, certain holding period requirements with respect to a shareholder’s shares in the Fund may apply to prevent the shareholder from treating any portion of a dividend as “qualified dividend income.” Additional information about this can be found in the Fund’s SAI.

Taxes on transactions. Unless a transaction involves Fund shares held in a tax-deferred account, redemptions (sales), including exchanges to other funds,

24 Prospectus ■ TIAA-CREF Bond Fund

may also give rise to capital gains or losses. The amount of any capital gain or loss will be the difference, if any, between the adjusted cost basis of your shares and the price you receive when you sell or exchange them. In general, a capital gain or loss will be treated as a long-term capital gain or loss if you have held your shares for more than one year.

The Fund is required to report to the IRS and furnish to Fund shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, first-in, first-out (FIFO), or some other specific identification method. Unless you instruct otherwise, the Fund will use average cost as its default cost basis method, and will treat sales as first coming from shares purchased prior to January 1, 2012. If average cost is used for a shareholder’s first sale of the Fund shares covered by these new rules, the shareholder may only use an alternative cost basis method for shares purchased prospectively. Fund shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation.

For shares you sell that were purchased prior to January 1, 2012, you will be sent a statement showing how many shares you sold and at what price. However, the statement will not include cost basis information and will not be furnished to the IRS. You or your tax preparer must determine whether this sale resulted in a capital gain or loss and the amount of tax to be paid on any gain. Be sure to keep your regular account statements; the information they contain will be essential in calculating the amount of your capital gains or losses.

Backup withholding. If you fail to provide a correct taxpayer identification number or fail to certify that it is correct, the Fund is required by law to withhold 28% of all the distributions and redemption proceeds paid from your account. The Fund is also required to begin backup withholding if instructed by the IRS to do so.

Buying a dividend. If you buy shares just before the Fund deducts a distribution from its net asset value, you will pay the full price for the shares and then receive a portion of the price back in the form of a taxable distribution. This is referred to as “buying a dividend.” For example, assume you bought shares of the Fund for $10.00 per share the day before the Fund paid a $0.25 dividend. After the dividend was paid, each share would be worth $9.75, and, unless you hold your shares through a tax-deferred arrangement such as a 401(a), 401(k) or 403(b) plan or an IRA, you would have to include the $0.25 dividend in your gross income for tax purposes.

Effect of foreign taxes. Foreign governments may impose taxes on the Fund and its investments and these taxes generally will reduce the Fund’s distributions. If the Fund qualifies to pass through a credit for such taxes paid and elects to do so, an offsetting tax credit or deduction may be available to you if you maintain a taxable account. If so, your tax statement will show more

TIAA-CREF Bond Fund ■ Prospectus 25

taxable income than was actually distributed by the Fund, but will also show the amount of the available offsetting credit or deduction.

Other restrictions. There are tax requirements that all mutual funds must follow in order to avoid federal taxation. In its effort to adhere to these requirements, the Fund may have to limit its investment in some types of instruments.

Special considerations for certain institutional investors. If you are a corporate investor, a portion of the dividends from net investment income paid by the Fund may qualify for the corporate dividends-received deduction. The portion of the dividends that will qualify for this treatment will depend on the aggregate qualifying dividend income received by the Fund from domestic (U.S.) sources. Certain holding period and debt financing restrictions may apply to corporate investors seeking to claim the deduction.

Taxes related to employee benefit plans or IRAs. Generally, individuals are not subject to federal income tax in connection with shares held (or that are held on their behalf) in participant or custody accounts under Code section 401(a) employee benefit plans (including 401(k) and Keogh plans), Code section 403(b) or 457 employee benefit plans, or IRAs. Distributions from such plan participant or custody accounts may, however, be subject to ordinary income taxation in the year of the distribution. For information about the tax aspects of your plan or IRA or Keogh account, please consult your plan administrator, TIAA-CREF or your tax advisor.

Other tax matters. Certain investments of the Fund, including certain debt instruments, foreign securities and shares of other investment funds, could affect the amount, timing and character of distributions you receive and could cause the Fund to recognize taxable income in excess of the cash generated by such investments (which may require the Fund to liquidate other investments in order to make required distributions).

This information is only a brief summary of certain federal income tax information about your investment in the Fund. The investment may have state, local or foreign tax consequences, and you should consult your tax advisor about the effect of your investment in the Fund in your particular situation. Additional tax information can be found in the Fund’s SAI.

Your account: purchasing, redeeming
or exchanging shares

Retail Class

Eligibility—Retail Class

Types of accounts

Retail Class shares are available for purchase in the following types of accounts:

26 Prospectus ■ TIAA-CREF Bond Fund

· Individual accounts (for one person) or Joint accounts (more than one person) including Transfer on Death (TOD) accounts (see below for more details).

· Financial advisor accounts.

· Trust accounts (other than foreign trust accounts).

· Accounts for a minor child under the Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA).

· Traditional IRAs and Roth IRAs. These accounts let you shelter investment income from federal income tax while saving for retirement.

· Coverdell Education Savings Accounts (“Coverdell” accounts, formerly Education IRAs). These accounts let you shelter investment income from federal income tax while saving to pay qualified higher education expenses of a designated beneficiary.

· Corporate and Institutional accounts.

· Omnibus accounts held by financial intermediaries, platforms, programs, plans and other similar entities (collectively, “financial intermediaries”) on behalf of other investors.

· Registered and unregistered investment company accounts.

· Other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

The Fund will only accept accounts with a U.S. address of record; the Fund will not accept accounts with a foreign address of record. Additionally, the Fund will not accept a P.O. Box as the address of record.

For more information about opening an IRA or corporate or institutional account, please call the Fund at 800 223-1200, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time.

Purchasing shares—Retail Class

How to open an account and make subsequent investments

To open an account, send the Fund a completed application with your initial investment. If you want an application, or if you have any questions or need help completing the application, call the Fund at 800 223-1200. You can also download and print the application from our website at www.tiaa-cref.org. If you intend to hold your shares indirectly through a financial intermediary, please contact the intermediary about initiating purchases of Fund shares or making additional purchases.

The minimum initial investment for Traditional IRA, Roth IRA and Coverdell accounts is $2,000 per Fund account. The minimum initial investment for all other accounts, including custodial (UGMA/UTMA) accounts is $2,500 per Fund account.

TIAA-CREF Bond Fund ■ Prospectus 27

otherwise change the initial or subsequent minimum investment requirements at any time without any prior notice to shareholders. All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Fund will not accept payment in the following forms: travelers’ checks, money orders, credit card convenience checks, cash, counter checks or starter checks. The Fund will not accept corporate checks for investment into non-corporate accounts. The Fund will not accept third-party checks except in limited circumstances with regard to subsequent investments. (Any check not made payable directly to TIAA-CREF Funds–Retail Class will be considered a third-party check.) The Fund cannot accept checks made out to you or other parties and signed over to the Fund. The Fund can only accept payment to establish a new account if the check presented for deposit into the new account is drawn against an account registered in the same name as the prospective investor.

The Fund considers all purchase requests to be received when they are received in “good order” by the Fund’s transfer agent (or other authorized Fund agent). Financial intermediaries may have their own independent good order and eligibility requirements. (See below.)

To Open An Account On-Line: Please visit the Fund’s Web Center at www.tiaa-cref.org and click on Mutual Funds. You can establish an individual, joint, or custodian (UGMA or UTMA) account. For assistance in completing these transactions, please call 800 223-1200.

To Open An Account By Mail: Send your check, made payable to TIAA-CREF Funds—Retail Class, and application to:

First Class Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

Overnight Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

To Open An Account By Wire: Send a completed and signed application by mail, then call the Fund to confirm that your account has been established. Instruct your bank to wire money to:

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99052771

Specify on the wire:

· The TIAA-CREF Funds—Retail Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

28 Prospectus ■ TIAA-CREF Bond Fund

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

You can purchase additional shares in any of the following ways:

By Mail: Send a check to either of the addresses listed above with an investment coupon from a previous confirmation statement. If you do not have an investment coupon, use a separate piece of paper to give us your name, address, Fund account number, the Fund you want to invest in and the amount to be invested in the Fund.

By Automatic Investment Plan (AIP): You can make subsequent investments automatically by electing to utilize the Automatic Investment Plan on your initial application or later upon request. By electing this option you authorize the Fund to take regular, automatic withdrawals from your bank account.

To begin this service, send the Fund a voided checking or savings account investment slip. It will take the Fund up to 10 days from the time it is received to set up your Automatic Investment Plan. You can make automatic investments semi-monthly or monthly (on the 1st and 15th of each month or on the next business day if those days are not business days). Investments must be made for at least $100 per Fund account.

You can change the date or amount of your investment, or terminate the Automatic Investment Plan, at any time by letter or by telephone or over the Internet. The change will take effect approximately five business days after the Fund receives your request.

By Telephone: Call 800 223-1200. You can make electronic withdrawals from your designated bank account to buy additional Retail Class shares of the Fund over the telephone. There is a $100,000 limit on these purchases.

All shareholders automatically have the right to buy shares by telephone or through the TIAA-CREF Web Center provided bank account information and a voided check were provided at the time the account was established. If you do not want the telephone/web purchase option, you can indicate this on the application or call the Fund at 800 223-1200 anytime after opening your account. You may add this privilege after the account has been established by completing an Account Services Form, which you can request by calling 800 223-1200, or you may download it from the Fund’s website.

Over the Internet: With TIAA-CREF’s Web Center, you can make electronic withdrawals from your designated bank account to buy additional shares over the Internet. There is a $100,000 limit on these purchases. TIAA-CREF’s Web Center can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

Before you can use TIAA-CREF’s Web Center, you must enter your Social Security number, date of birth and active account number. You will then be given an opportunity to create a user name and password. TIAA-CREF’s Web Center will lead you through the transaction process, and the Fund will use reasonable procedures to confirm that the instructions given are genuine. All transactions over TIAA-CREF’s Web Center are recorded electronically.

TIAA-CREF Bond Fund ■ Prospectus 29

By Wire: To buy additional shares by wire, follow the instructions above for opening an account by wire. (Please note that there is no need to forward another account application once the account has been established and you are making a subsequent investment.)

Note that if you hold Fund shares through a financial intermediary, you must contact the intermediary to purchase additional shares.

Points to remember for all purchases

· Your investment must be for a specified dollar amount. The Fund cannot accept purchase requests specifying a certain price, date, or number of shares. These types of requests will be deemed to be not in “good order” (see below) and the money you sent will be returned to you.

· The Fund reserves the right to reject any application, investment or purchase request. There may be circumstances when the Fund will not accept new investments without prior notice to shareholders.

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges including limitations under the Fund’s Market Timing/Excessive Trading Policy (See below.)

· If you hold your shares through a financial intermediary, it may charge you additional fees. Contact your financial intermediary to find out if it imposes any other conditions, such as a higher minimum investment requirement, on your transactions.

· If your purchase check does not clear or payment on it is stopped, or if the Fund does not receive good funds through wire transfer or electronic funds transfer, the Fund will treat this as a redemption of the shares purchased when your check or electronic funds were received. You will be responsible for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund or any other series of the Trust. There is a $25 fee for all returned items, including checks and electronic funds transfers. Please note that there is a 10-calendar-day hold on all purchases by check, or through electronic funds transfer.

· Federal law requires the Fund to obtain, verify and record information that identifies each person who opens an account. Until the Fund receives such information, it may not be able to open an account or effect transactions for you. Furthermore, if the Fund is unable to verify your identity, or that of another person authorized to act on your behalf, or if it is believed potential criminal activity has been identified, the Fund reserves the right to take such action as deemed appropriate, which may include closing your account.

· The Fund is not responsible for any losses due to unauthorized or fraudulent instructions so long as the Fund follows reasonable security procedures to

30 Prospectus ■ TIAA-CREF Bond Fund

verify your identity. It is your responsibility to review and verify the accuracy of your confirmation statements immediately after you receive them.

In-kind purchases of shares

Advisors, at its sole discretion, may permit a shareholder to purchase Retail Class shares with investment securities (instead of cash) if: (1) Advisors believes the securities are appropriate investments for the Fund; (2) the securities offered to the Fund are not subject to any restrictions upon their sale by the Fund under the Securities Act of 1933, or otherwise; and (3) the securities are permissible holdings under the Fund’s investment policies and restrictions. If the Fund accepts the securities, the shareholder’s account will be credited with Retail Class shares equal in net asset value to the market value of the securities received. Shareholders who are investing through a financial intermediary or plan who are interested in making in-kind purchases should contact their intermediary or plan sponsor directly. Otherwise, shareholders interested in making in-kind purchases should contact the Fund directly.

Redeeming shares—Retail Class

Usually, the Fund sends your redemption proceeds to you on the next business day after the Fund receives your request, but not later than seven days afterwards, assuming the request is received in good order by the Fund’s transfer agent (or other authorized Fund agent) (See below.) If a redemption of shares is requested shortly after you have purchased those shares by check, electronic funds transfer or through the automatic investment plan, it will take 10 calendar days for your check or automatic investment to clear and for your shares to be available for redemption.

The Fund sends redemption proceeds to the shareholder of record at his/her address or bank of record. If proceeds are to be sent to someone else, a different address, or a different bank, the Fund generally will require a letter of instruction with a Medallion Signature Guarantee for each account holder (see below). The Fund can send your redemption proceeds by check to the address of record; by electronic transfer to your bank; or by wire transfer (minimum of $5,000). Before calling, read “Points to Remember When Redeeming,” below.

TIAA-CREF Bond Fund ■ Prospectus 31

You can redeem shares in any of the following ways:

By Mail: Send your written request to either of the addresses listed in the “How to Open an Account and Make Subsequent Investments” section. Requests must include: account number, transaction amount (in dollars or shares), signatures of all owners exactly as registered on the account, Medallion Signature Guarantees (if required), and any other required supporting legal documentation.

Over the Internet: With TIAA-CREF’s Web Center, you can redeem shares over the Internet. There is a $100,000 limit on these redemptions. TIAA-CREF’s Web Center can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

By Telephone: Call 800 223-1200 to redeem shares in amounts up to $100,000.

All shareholders with telephone redemption options automatically receive the Internet redemption option. If you do not want to be able to redeem by telephone or Internet, indicate this on your application or call the Fund anytime after opening your account. Telephone or Internet redemptions are not available for IRA accounts.

By Systematic Redemption Plan: You can elect this feature only for accounts with balances of at least $5,000. The Fund will automatically redeem shares each month or quarter (on the 1st or 15th of the month or on the following business day if those days are not business days) and provide you with a check or electronic transfer to your bank. You must specify the dollar amount of the redemption.

If you want to set up a systematic redemption plan, contact the Fund and it will send the necessary forms to you. All owners of an account must sign the systematic redemption plan request. Similarly, all owners must sign any request to increase the amount or frequency of the systematic redemptions or a request for payments to be sent to an address other than the address of record. A Medallion Signature Guarantee is required for this address change.

The Fund can terminate the systematic redemption plan option at any time, although the Fund will notify you if this occurs. You can terminate the plan or reduce the amount or frequency of the redemptions by writing or calling the Fund or through the TIAA-CREF Web Center. Requests to establish, terminate, or change the amount or frequency of redemptions will become effective within five days after the Fund receives your instructions.

32 Prospectus ■ TIAA-CREF Bond Fund

Points to remember when redeeming:

· The Fund cannot accept redemption requests specifying a certain price or date; these requests will be deemed to be not in “good order” (see below) and will be returned.

· If you request a redemption by telephone or by Internet within 30 days of changing your address, or if you would like the proceeds sent to someone else, you must send the Fund your request in writing with a Medallion Signature Guarantee of all owners exactly as registered on the account.

· If a redemption of shares is requested shortly after you have purchased those shares by check, electronic funds transfer or through an automatic investment plan, it will take 10 calendar days for your check or automatic investment to clear and for your shares to be available for redemption.

· The Fund is not responsible for any losses due to unauthorized or fraudulent instructions so long as the Fund follows reasonable security procedures to verify your identity. It is your responsibility to review and verify the accuracy of your confirmation statements immediately after you receive them.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, a shareholder redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The shareholder receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Retail Class

Investors holding Retail Class shares are accorded certain exchange privileges involving their Retail Class shares. For purposes of making an exchange involving Retail Class shares, an “exchange” means a sale (redemption) of Retail Class shares of the Fund and the use of the proceeds to purchase Retail Class shares of another fund or series of the Trust.

TIAA-CREF Bond Fund ■ Prospectus 33

by account type above (i.e., $2,000 per fund account for Traditional IRA, Roth IRA or Coverdell accounts and $2,500 per fund account for all other accounts, including custodial (UGMA/UTMA) accounts).

Exchanges between accounts can be made only if the accounts are registered identically in the same name(s), address and Social Security number or taxpayer identification number.

If you hold your shares through a financial intermediary, please contact the intermediary to exchange Fund shares. Please note that financial intermediaries may have their own limitations, restrictions or fees on exchange requests.

You can make exchanges in any of the following ways:

By Mail: Send a letter of instruction to either of the addresses in the “How to Open an Account and Make Subsequent Investments” section. The letter must include your name, address, and the funds and accounts you want to exchange between.

By Telephone: Call 800 223-1200.

Over the Internet: You can exchange shares using TIAA-CREF’s Web Center, which can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

By Systematic Exchange: You can elect this feature only if the balance of the Fund account from which you are transferring shares is at least $5,000. The Fund automatically redeems Retail Class shares from the Fund and purchases Retail Class shares in another fund or series of the Trust each month or quarter (on the 1st or 15th of the month or on the following business day if those days are not business days). You must specify the dollar amount and the funds involved in the exchange. An exchange into a fund in which you already own shares must be for at least $50, and an exchange into a new fund account must meet the account minimums as stated by account type above (i.e., $2,000 per fund account for Traditional IRA, Roth IRA or Coverdell accounts and $2,500 per fund account for all other accounts, including custodial (UGMA/UTMA) accounts).

If you want to set up a systematic exchange, you can contact the Fund and it will send you the necessary forms. All owners of an account must sign the systematic exchange request. Similarly, all account owners must sign any request to increase the amount or frequency of systematic exchanges. You can terminate the plan or change the amount or frequency of the exchanges by writing or calling the Fund. Requests to establish, terminate, or change the amount or frequency of exchanges will become effective within five days after the Fund receives your instructions.

Points to remember when exchanging:

· Make sure you understand the investment objective, policies, strategies and risks disclosed in the prospectus of the fund into which you exchange shares. The exchange option is not designed to allow you to time the market. It gives you a convenient way to adjust the balance of your account

34 Prospectus ■ TIAA-CREF Bond Fund

so that it more closely matches your overall investment objectives and risk tolerance level.

· The Fund reserves the right to reject any exchange request and to modify or terminate the exchange option at any time without prior notice to shareholders. The Fund may do this, in particular, when your transaction activity is deemed to be harmful to the Fund, including if it is considered to be market timing activity.

· An exchange is considered a sale of securities, and therefore is taxable.

Retirement Class

Eligibility—Retirement Class

Retirement Class shares are (or may be made) available by or through:

· accounts established by or on behalf of employers, or the trustees of plans sponsored by employers, in connection with certain employee benefit plans (the “plan(s)”), such as plans described in sections 401(a) (including 401(k) and Keogh plans), 403(b)(7) or 457 of the Code, that are sponsored or administered by TIAA-CREF.

· certain custody accounts sponsored or administered by TIAA-CREF that are established by individuals as IRAs pursuant to section 408 of the Code.

· certain intermediaries who have entered into a contract or arrangement with the Fund, or its investment adviser or distributor that enables them to purchase shares on behalf of their clients.

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

Definition of Eligible Investor for Retirement Class

Collectively, intermediaries that are unaffiliated with TIAA-CREF and/or that do not provide custodial services to plans administered by TIAA-CREF, but that have contracted with the Trust or its affiliates to offer Retirement Class shares of the Fund are referred to as “Eligible Investors” in the rest of this “Retirement Class” section of this Prospectus.

Purchasing shares—Retirement Class

Purchasing shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

TIAA-CREF Bond Fund ■ Prospectus 35

that you are eligible to enroll. In many cases, you will be able to use TIAA-CREF Web Center’s online enrollment feature at www.tiaa-cref.org.

You may direct the purchase of Retirement Class shares by allocating single or ongoing retirement plan contribution amounts made on your behalf by your employer pursuant to the terms of your plan or through a currently effective salary or payroll reduction agreement with your employer to the Fund (see “Allocating retirement contributions to the Fund” below). You may also direct the purchase of Retirement Class shares of the Fund by reinvesting retirement plan proceeds that were previously invested in another investment vehicle available under your employer’s plan.

The Fund imposes no minimum investment requirement for Retirement Class shares. The Fund also does not currently restrict the frequency of investments made in the Fund by participant accounts, although the Fund reserves the right to impose such restrictions in the future. Your employer’s plan may limit the amount that you may invest in your participant account. In addition, the Code limits total annual contributions to most types of plans. All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Fund will only accept accounts with a U.S. address of record. The Fund will not accept a P.O. Box as an account’s address of record. Each investment in your participant account must be for a specified dollar amount. All other requests, including those specifying a certain price, date, or number of shares, will not be deemed to be in “good order” (see below) and will not be accepted by the Fund.

The Fund has the right to reject your account application and to refuse to sell additional Retirement Class shares to any investor for any reason. The Fund treats all orders to purchase Retirement Class shares as being received when they are received in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (See below.) The Fund may suspend or terminate the offering of Retirement Class shares to your employer’s plan.

Allocating retirement contributions to the Fund—for participants purchasing shares through a plan or account administered by TIAA-CREF

If you are just starting out and are initiating contributions to your employer’s plan, you may allocate single or ongoing contribution amounts to Retirement Class shares by completing an account application or enrollment form (paper or online) and selecting the Fund and the amounts you wish to contribute to the Fund. You may be able to change your allocation for future contributions by:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Opening an IRA or Keogh account

Any plan participant or person eligible to participate in a plan may open an IRA or Keogh custody account and purchase Retirement Class shares for their

36 Prospectus ■ TIAA-CREF Bond Fund

account. For more information about opening an IRA, please call the Fund’s Telephone Counseling Center at 800 842-2888 or go to the TIAA-CREF Web Center at www.tiaa-cref.org. The Fund reserves the right to limit the ability of IRA and Keogh accounts to purchase Retirement Class shares.

Purchasing shares—for Eligible Investors and their clients:

Eligible Investors may invest directly in the Fund. All other prospective investors should contact their intermediary or plan sponsor for applicable purchase requirements. All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Fund will only accept accounts with a U.S. address of record. The Fund will not accept a P.O. Box as the address of record.

There may be circumstances when the Fund will not accept new investments. The Fund reserves the right to suspend or terminate the offering of its shares at any time without prior notice. The Fund also reserves the right to reject any application or investment or any other specific purchase request.

The Fund does not impose minimum investment requirements. However, investors purchasing Retirement Class shares through Eligible Investors (like financial intermediaries or employee benefit plans) may purchase shares only in accordance with instructions and limitations pertaining to their account at the intermediary or plan. These Eligible Investors may set different minimum investment requirements for their customers’ investments in Retirement Class shares. Please contact your intermediary or plan sponsor for more information.

The Fund considers all purchase requests to be received when they are received in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (See below.) The Fund will not accept third-party checks except in limited circumstances with regard to subsequent investments. (The Fund considers any check not made payable directly to TIAA-CREF Funds as a third-party check.) The Fund cannot accept checks made out to you or other parties and signed over to the Fund. The Fund will not accept payment in the following forms: travelers’ checks, money orders, credit card convenience checks, cash, counter checks or starter checks. The Fund will not accept corporate checks for investment into non-corporate accounts.

To open an account or purchase shares by wire:

Eligible Investors should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Retirement Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

TIAA-CREF Bond Fund ■ Prospectus 37

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

To buy additional shares by wire, Eligible Investors should follow the instructions above for opening an account or purchasing shares by wire. Once a Fund account has been opened, shareholders do not have to send the Fund an application again.

Points to remember for all purchases by Eligible Investors:

· Each investment by an Eligible Investor in Retirement Class shares must be for a specified dollar amount. The Fund cannot accept purchase requests specifying a certain price, date, or number of shares; such requests will be deemed to be not in “good order” (see below) and the Fund will return these investments.

· If you invest in the Retirement Class through an Eligible Investor, the Eligible Investor may charge you a fee in connection with your investment (in addition to the fees and expenses deducted by the Fund). Contact the Eligible Investor to learn whether there are any other conditions, such as a minimum investment requirement, on your transactions.

· If any payment or transfer to the Fund is returned as “insufficient funds,” the Fund will treat this as a redemption of the shares purchased when your wire transfer is received. You will be responsible for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund.

· Federal law requires the Fund to obtain, verify and record information that identifies each person who opens an account. Until the Fund receives such information, the Fund may not be able to open an account or effect transactions for you. Furthermore, if the Fund is unable to verify your identity, or that of another person authorized to act on your behalf, or if it is believed potential criminal activity has been identified, the Fund reserves the right to take such action as deemed appropriate, which may include closing your account.

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

38 Prospectus ■ TIAA-CREF Bond Fund

In-kind purchases of shares by Eligible Investors

Advisors, at its sole discretion, may permit Eligible Investors or their clients to purchase Retirement Class shares with investment securities (instead of cash) if: (1) Advisors believes the securities are appropriate investments for the Fund; (2) the securities offered to the Fund are not subject to any restrictions upon their sale by the Fund under the Securities Act of 1933, or otherwise; and (3) the securities are permissible holdings under the Fund’s investment policies and restrictions. If the Fund accepts the securities, the Eligible Investor’s account will be credited with Retirement Class shares equal in net asset value to the market value of the securities received. Eligible Investors interested in making in-kind purchases should contact the Fund, and interested clients should contact their Eligible Investor (i.e., their intermediary or plan sponsor).

Redeeming shares—Retirement Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

To request a redemption, you can do one of the following:

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

You may be required to complete and return certain forms to effect your redemption. Before you complete your redemption request, please make sure you understand the possible federal and other income tax consequences of a redemption. The Fund can suspend or terminate your ability to transact by telephone, Internet, or by fax at any time, for any reason.

Pursuant to a TIAA-CREF participant’s instructions, the Fund reinvests redemption proceeds in (1) Retirement Class shares of other funds or series of the Trust available under the participant’s plan, or (2) shares of other mutual funds available under the participant’s plan. Redemptions are effective as of the day that the Fund’s transfer agent (or other authorized Fund agent) receives your request in “good order” (see below), and your participant or IRA account will be credited within seven days thereafter. If a redemption is requested after a recent purchase of Retirement Class shares by check, the Fund may delay payment of the redemption proceeds until the check clears. This can take up to 10 days. If you request a redemption, we will send the proceeds by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a bank signature guarantee is required if the redemption is sent to an address other than the address of record, or to an address of record that has been changed within either the last 30 or 14 calendar days depending on the service model applicable to your account. You may obtain a signature guarantee

TIAA-CREF Bond Fund ■ Prospectus 39

from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a signature guarantee. Proceeds directed to a bank account not on file have similar 30 day or 14 day restrictions that require completion of a verification process. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

If you are married, and all or part of your investment is attributable to purchases made under either (i) an employer plan subject to Employee Retirement Income Security Act (“ERISA”) or (ii) an employer plan that provides for spousal rights to benefits, then to the extent required by the Code or ERISA or the terms of your employer plan, your rights to make certain redemptions may be restricted by the rights of your spouse to such benefits.

The Fund can postpone payment if: (a) the NYSE is closed for other than usual weekends or holidays, or trading on the NYSE is restricted; (b) an emergency exists as defined by the SEC, or the SEC requires that trading be restricted; or (c) the SEC permits a delay for the protection of investors. If you hold shares through an Eligible Investor, like a plan or intermediary, please contact the Eligible Investor for redemption requests.

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Retirement Class shares at any time.

If your shares are held through an Eligible Investor, such as a plan or intermediary, contact the Eligible Investor for redemption requests and applicable redemption requirements. Shares held through an Eligible Investor must be redeemed by the Eligible Investor. For further information, contact your intermediary or plan sponsor. Redemption requests generally must include: account number, transaction amount (in dollars or shares), signatures of all owners exactly as registered on the account, Medallion Signature Guarantees of each owner on the account (if required), and any other required supporting legal documentation.

The Fund will only accept redemption requests that specify a dollar amount or number of shares to be redeemed. All other requests, including those specifying a certain price or date, will not be deemed to be in “good order” (see below) and will be returned.

Usually, the Fund sends redemption proceeds to the Eligible Investor on the next business day after the Fund receives a redemption request in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (see below), but not later than seven days afterwards. If a redemption is requested shortly after a recent purchase by check or electronic funds transfer, it will take 10 calendar days for your shares to be available for redemption.

40 Prospectus ■ TIAA-CREF Bond Fund

If you request a redemption, the Fund will send the proceeds by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a Medallion Signature Guarantee is required if the redemption is sent to a bank account not on file, to an address other than the address of record, or to an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an Eligible Investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The Eligible Investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Retirement Class

Exchanging shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

Subject to the limitations outlined below and any limitations under your employer’s plan, you may exchange Retirement Class shares for Retirement Class shares of another fund available under the plan (including other funds or series of the Trust, if available). An “exchange” means:

· a sale of Retirement Class shares held in your participant or IRA account and the use of the proceeds to purchase Retirement Class shares of another fund for your account;

· a sale of interests in a CREF Account, the TIAA Real Estate Account, or the TIAA Traditional Annuity, and the use of the proceeds to purchase an equivalent dollar amount of Retirement Class shares for your participant, IRA or Annuity account; or

TIAA-CREF Bond Fund ■ Prospectus 41

Account, the TIAA Real Estate Account, and the TIAA Traditional Annuity are not offered through participant accounts, you must withdraw redemption proceeds held in your participant account and use them to purchase one of these investments.

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be at least $100) or your entire balance, if less.

The Fund reserves the right to reject any exchange request and to modify, suspend or terminate the exchange privilege for any shareholder or class of shareholders. This may be done, in particular, when your transaction activity is deemed to be harmful to the Fund, including if it is considered to be market timing activity.

Make sure you understand the investment objective, policies, strategies and risks disclosed in the prospectus of the fund into which you exchange shares. The exchange option is not designed to allow you to time the market. It gives you a convenient way to adjust the balance of your account so that it more closely matches your overall investment objectives and risk tolerance level.

Exchanging shares—for Eligible Investors and their clients:

Eligible Investors can exchange Retirement Class shares in the Fund for Retirement Class shares of any other fund or series of the Trust on any business day, subject to the limitations described in the Fund’s Market Timing/Excessive Trading Policy below. (An exchange is a simultaneous redemption of shares in one fund and a purchase of shares in another fund.)

Exchanges between accounts can be made only if the accounts are registered in the same name(s), address and Social Security number or taxpayer identification number. An exchange is considered a sale of securities and therefore may be a taxable event.

Shareholders who hold shares through an Eligible Investor, like a plan or intermediary, should contact the Eligible Investor for exchange requests. Once made, an exchange request cannot be modified or canceled.

42 Prospectus ■ TIAA-CREF Bond Fund

a convenient way to adjust the balance of your account so that it more closely matches your overall investment objectives and risk tolerance level.

Premier Class

Eligibility—Premier Class

Premier Class shares are available for purchase by or through:

· certain intermediaries or entities affiliated with TIAA-CREF including

· registered investment companies,

· state-sponsored tuition savings plans or healthcare savings accounts (“HSAs”),

· insurance company separate accounts advised by or affiliated with Advisors, or

· other affiliates of TIAA-CREF;

· other non-affiliated persons, entities or intermediaries including

· investment companies,

· state-sponsored tuition savings plans or prepaid plans or insurance company separate accounts,

· employer-sponsored employee benefit plans which have entered into a contract or arrangement that enables them to purchase shares of the Fund, or

· through accounts established by employers, or the trustees of plans sponsored by employers, through TIAA-CREF in connection with certain employee benefit plans, such as 401(a) (including 401(k) plans), 403(a), 403(b) and 457 plans. Shareholders investing through such a plan may have to pay additional expenses related to the administration of such plans; or

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

The Fund reserves the right to determine in its sole discretion whether any person, intermediary, or entity is eligible to purchase Premier Class shares.

Definition of Eligible Investor for Premier Class

Collectively, all investors in the Fund, except for investors through an employer-sponsored employee benefit plan sponsored or administered by TIAA-CREF, are referred to as “Eligible Investors” in the rest of this “Premier Class” section of this Prospectus.

Account minimums (not applicable at the participant level)

With respect to the categories of investors listed below, the aggregate plan sizes related to these investors must be at least $100 million:

· Accounts established by employers or the trustees of plans sponsored by employers in connection with certain employee benefit plans, such as

TIAA-CREF Bond Fund ■ Prospectus 43

401(a) (including 401(k) plans), 403(a), 403(b) and 457 plans, profit-sharing plans, defined benefit plans and non-qualified deferred compensation plans where such accounts are established on a plan-level or omnibus basis; or

· Other affiliates of Advisors or other persons or entities that the Fund may approve from time to time.

With respect to the categories of investors listed below, in addition to the $100 million minimum aggregate plan size noted above, an initial minimum investment of $1 million with respect to the Fund is required:

· Certain financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent, including:

· Financial intermediaries affiliated with Advisors;

· Other financial intermediaries, platforms and programs, including registered investment adviser (“RIA”) programs, wrap programs and other advisory programs whose clients pay asset-based fees to such entities for investment advisory, management or other services;

· Trust companies that are not sponsored by an affiliate of Advisors;

· Registered investment companies, including funds of funds that are not advised or administered by Advisors or its affiliates;

· State-sponsored tuition savings plans and HSAs that are not sponsored by an affiliate of Advisors;

· Insurance company separate accounts that are sponsored or administered by insurance companies that are not affiliated with Advisors;

· Any unaffiliated individual retirement plan or group retirement plan, or those retirement plans not held in an omnibus manner and for which the plan sponsor, trustee, other financial intermediary or other entity provides services to investors who hold Fund shares through such entities, including, but not limited to, shareholder servicing or sub-accounting services; or

· Other persons or entities that the Fund may approve from time to time.

Please note that the $100 million aggregate plan size and the initial minimum investment requirements noted above must be met at the time of initial investment or, as approved by the Fund, over a reasonable period of time. At its sole discretion, the Fund reserves the right to convert any Premier Class shareholder’s shares to another class of shares of the Fund for which the shareholder is otherwise eligible if the plan size or initial minimum investment requirements are not met in a reasonable period of time, or if the aggregate plan size falls below $100 million. Please see the section entitled “Conversion of Shares” below for more information on such mandatory conversions.

Investors may be subject to additional expenses or eligibility requirements imposed by the financial intermediary, plan, platform, program or other entity through which they hold their shares.

44 Prospectus ■ TIAA-CREF Bond Fund

The Fund reserves the right to waive or modify eligibility requirements for the Premier Class at any time for any investor or financial intermediary.

Purchasing shares—Premier Class

Purchasing shares—for participants purchasing shares through a plan or account sponsored or administered by TIAA-CREF:

If you are a participant in such a plan and your employer or plan trustee has established a plan account, then you may direct the purchase of Premier Class shares offered under the plan for your account. You should contact your employer to learn how to enroll in the plan. Your employer must notify TIAA-CREF that you are eligible to enroll. In many cases, you will be able to use TIAA-CREF Web Center’s online enrollment feature at www.tiaa-cref.org.

You may direct the purchase of Premier Class shares by allocating single or ongoing retirement plan contribution amounts made on your behalf by your employer pursuant to the terms of your plan or through a currently effective salary or payroll reduction agreement with your employer to the Fund (see “Allocating Retirement Contributions to the Fund” below). You may also direct the purchase of Premier Class shares by reinvesting retirement plan proceeds that were previously invested in another investment vehicle available under your employer’s plan.

The Fund imposes no minimum investment requirements for Premier Class shares on the participant level (however, see above for minimums on aggregate plan/account sizes). The Fund also does not currently restrict the frequency of investments made in the Fund by participant accounts, although the Fund reserves the right to impose such restrictions in the future. Your employer’s plan may limit the amount that you may invest in your participant account. In addition, the Code limits total annual contributions to most types of plans. All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Fund will only accept accounts with a U.S. address of record. The Fund will not accept a P.O. Box as an account’s address of record. Each investment in your participant account must be for a specified dollar amount. All other requests, including those specifying a certain price, date, or number of shares, will not be deemed to be in “good order” (see below) and will not be accepted by the Fund.

The Fund has the right to reject your application and to refuse to sell additional Premier Class shares to any investor for any reason. The Fund treats all orders to purchase Premier Class shares as being received when they are received in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (see below). The Fund may suspend or terminate the offering of Premier Class shares to your employer’s plan.

TIAA-CREF Bond Fund ■ Prospectus 45

Allocating retirement contributions to the Fund—for participants purchasing through a plan or account sponsored or administered by TIAA-CREF:

If you are just starting out and are initiating contributions to your employer’s plan, you may allocate single or ongoing contribution amounts to Premier Class shares of the Fund by completing an account application or enrollment form (paper or online) and selecting the Fund and the amounts you wish to contribute to the Fund. You may be able to change your allocation for future contributions by:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Purchasing shares—for Eligible Investors and their clients:

See above for certain minimum investment limits on purchases of the Fund by certain investors and certain aggregate minimum plan/account sizes. Additionally, investors purchasing Premier Class shares through Eligible Investors (like financial intermediaries or employee benefit plans) may purchase shares only in accordance with instructions and limitations pertaining to their account at the intermediary or plan. These Eligible Investors may set different minimum investment requirements for their customers’ investments in Premier Class shares. Please contact your intermediary or plan sponsor for more information.

46 Prospectus ■ TIAA-CREF Bond Fund

Opening an account or purchasing shares by wire—Eligible Investors:

Eligible Investors should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Premier Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

Points to remember for all purchases by Eligible Investors:

· Each investment by an Eligible Investor in Premier Class shares must be for a specified dollar amount. The Fund cannot accept purchase requests specifying a certain price, date, or number of shares; such requests will be deemed to be not in “good order” (see below) and the Fund will return the money you sent.

· If you invest in the Premier Class through an Eligible Investor, the Eligible Investor may charge you a fee in connection with your investment (in addition to the fees and expenses deducted by the Fund). Contact the Eligible Investor to learn whether there are any other conditions, such as a minimum investment requirement, on your transactions.

· If the Fund does not receive good funds through wire transfer, the Fund will treat this as a redemption of the shares purchased when your wire transfer is received. You will be responsible for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund.

TIAA-CREF Bond Fund ■ Prospectus 47

or that of another person authorized to act on your behalf, or if it is believed potential criminal activity has been identified, the Fund reserves the right to take such action as deemed appropriate, which may include closing your account.

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

In-kind purchases of shares by Eligible Investors

Advisors, at its sole discretion, may permit Eligible Investors or their clients to purchase Premier Class shares with investment securities (instead of cash) if: (1) Advisors believes the securities are appropriate investments for the Fund; (2) the securities offered to the Fund are not subject to any restrictions upon their sale by the Fund under the Securities Act of 1933, or otherwise; and (3) the securities are permissible holdings under the Fund’s investment policies and restrictions. If the Fund accepts the securities, the Eligible Investor’s account will be credited with Premier Class shares equal in net asset value to the market value of the securities received. Eligible Investors interested in making in-kind purchases should contact the Fund, and interested clients should contact their Eligible Investor (i.e., their intermediary or plan sponsor).

Redeeming shares—Premier Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

To request a redemption, you can do one of the following:

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

48 Prospectus ■ TIAA-CREF Bond Fund

available under the participant’s plan. Redemptions are effected as of the day that the Fund’s transfer agent (or other authorized Fund agent) receives your request in “good order” (see below), and your account will be credited within seven days thereafter. If a redemption is requested after a recent purchase of Premier Class shares by check, the Fund may delay payment of the redemption proceeds until the check clears. This can take up to ten days. If you request a redemption, we will send the proceeds by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a bank signature guarantee is required if the redemption is sent to an address other than the address of record, or to an address of record that has been changed within either the last 30 or 14 calendar days depending on the service model applicable to your account. You may obtain a signature guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a signature guarantee. Proceeds directed to a bank account not on file have similar 30 day or 14 day restrictions that require completion of a verification process. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

If you are married, and all or part of your investment is attributable to purchases made under either (i) an employer plan subject to ERISA or (ii) an employer plan that provides for spousal rights to benefits, then to the extent required by the Code or ERISA or the terms of your employer plan, your rights to make certain redemptions may be restricted by the rights of your spouse to such benefits.

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Premier Class shares at any time.

If your shares are held through an Eligible Investor, contact the Eligible Investor for redemption requests and applicable redemption requirements. Shares held through an Eligible Investor must be redeemed by the Eligible Investor. For further information, contact your intermediary or plan sponsor. Redemption requests generally must include: account number, transaction amount (in dollars or shares), signatures of all owners exactly as registered on the account, Medallion Signature Guarantees of each owner on the account (if required), and any other required supporting legal documentation.

Usually, the Fund sends redemption proceeds to the Eligible Investor on the next business day after the Fund receives a redemption request in “good order”

TIAA-CREF Bond Fund ■ Prospectus 49

by the Fund’s transfer agent (or other authorized Fund agent) (see below), but not later than seven days afterwards. If a redemption is requested shortly after a recent purchase by check, it will take 10 calendar days for your check to clear and for your shares to be available for redemption.

If you request a redemption, the Fund will send the proceeds by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a Medallion Signature Guarantee is required if the redemption is sent to a bank account not on file, address other than the address of record, or to an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to other Fund shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an Eligible Investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of Fund assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The Eligible Investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Premier Class

Exchanging shares—for participants holding shares through a plan or account administered by TIAA-CREF:

Subject to the limitations outlined below and any limitations under your employer’s plan, you may exchange Premier Class shares for Premier Class shares of another fund available under the plan (including other funds or series of the Trust, if available). An “exchange” means:

50 Prospectus ■ TIAA-CREF Bond Fund

· a sale of Premier Class shares held in your participant account and the use of the proceeds to purchase Premier Class shares of other funds or series of the Trust for your account;

· a sale of interests in a CREF Account, the TIAA Real Estate Account, or the TIAA Traditional Annuity, and the use of the proceeds to purchase an equivalent dollar amount of Premier Class shares for your participant or Annuity account; or

· a sale of Premier Class shares held in a participant account and the use of the proceeds to purchase an interest in a CREF Account, the TIAA Real Estate Account, or the TIAA Traditional Annuity. Because interests in a CREF Account, the TIAA Real Estate Account, and the TIAA Traditional Annuity are not offered through participant accounts, you must withdraw redemption proceeds held in your participant account and use them to purchase one of these investments.

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (available 24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be for at least $100) or your entire balance, if less.

Exchanging shares—for Eligible Investors and their clients:

If you hold shares through an intermediary, plan sponsor or other Eligible Investor, contact the Eligible Investor for applicable exchange requirements.

Exchanges between accounts can be made only if the accounts are registered in the same name(s), address and Social Security number or taxpayer

TIAA-CREF Bond Fund ■ Prospectus 51

identification number. An exchange is considered a sale of securities and therefore may be a taxable event.

Shareholders who hold shares through an Eligible Investor such as a plan or intermediary should contact the Eligible Investor for exchange requests. Once made, an exchange request cannot be modified or canceled.

Institutional Class

Eligibility—Institutional Class

Institutional Class shares are available for purchase by or through:

· certain intermediaries affiliated with TIAA-CREF, or

· other non-affiliated persons or intermediaries who have entered into a contract or arrangement that enables them to purchase shares of the Fund, or other affiliates of TIAA-CREF, such as

· state-sponsored tuition savings plans or prepaid plans,

· insurance company separate accounts,

· employer-sponsored employee benefit plans,

· accounts established by employers, or the trustees of plans sponsored by employers, in connection with certain employee benefit plans, such as 401(a) (including 401(k) and Keogh plans), 403(a), 403(b) and 457 plans, or through custody accounts established by individuals such as IRAs. Shareholders investing through such a plan may have to pay additional expenses related to the administration of such plans, or

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

Definition of Eligible Investor and Direct Purchaser

Collectively, investors that have contracted with the Trust or its affiliates to offer Institutional Class shares of the Fund and entities that are affiliated with the Trust, Advisors or TPIS are referred to as “Eligible Investors” in this “Institutional Class” section of this Prospectus.

Under certain circumstances, Institutional Class shares of the Fund may be offered directly to certain eligible individuals or institutions (each, a “Direct Purchaser”).

52 Prospectus ■ TIAA-CREF Bond Fund

Account minimums—certain Eligible Investors

No minimum initial investment is required to purchase Institutional Class shares of the Fund by or through the following categories of Eligible Investors:

· Certain financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent, including:

· Financial intermediaries affiliated with Advisors;

· Other financial intermediaries, platforms and programs, including registered investment adviser (“RIA”) programs, wrap programs and other advisory programs: (1) whose clients pay asset-based fees to such entities for investment advisory, management or other services; and (2) which are not compensated by the Fund for any services provided to clients who hold Fund shares through such entities;

· Trust companies, including both those affiliated with Advisors, such as TIAA-CREF Trust Company, FSB (the “Trust Company”) and other trust companies that are not affiliated with Advisors;

· Registered investment companies advised by or affiliated with Advisors, including funds of funds;

· State-sponsored tuition savings plans and healthcare savings accounts (“HSAs”) sponsored by Advisors or its affiliates;

· Insurance company separate accounts sponsored or administered by an insurance company that is affiliated with Advisors;

· Accounts established by employers or the trustees of plans sponsored by employers in connection with certain employee benefit plans, such as 401(a) (including 401(k) and Keogh plans), 403(a), 403(b) and 457 plans, profit-sharing plans, defined benefit plans and non-qualified deferred compensation plans where: (1) such accounts are established on a plan-level or omnibus basis; and (2) the plan, plan sponsor, any financial intermediary or any other entity is not compensated by the Fund for any services provided to investors who hold Fund shares through such entities; or

· Other affiliates of Advisors or other persons or entities that the Fund may approve from time to time.

Account minimums—other investors

With respect to the categories of investors listed below, a $2 million minimum initial investment amount for purchases of Institutional Class shares of the Fund is applicable:

· Individual or institutional investors, including financial institutions, corporations, partnerships, foundations, banks, trusts, endowments, government entities or other similar entities, that invest directly in the Fund (such Direct Purchasers will be subject to a $1,000 minimum subsequent investment requirement);

TIAA-CREF Bond Fund ■ Prospectus 53

· Registered investment companies, including funds of funds that are not advised or administered by Advisors or its affiliates;

· State-sponsored tuition savings plans and HSAs that are not sponsored by an affiliate of Advisors;

· Insurance company separate accounts that are sponsored or administered by insurance companies that are not affiliated with Advisors;

· Financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent and which receive compensation from the Fund for services provided to investors who hold Fund shares through such entities, including, but not limited to, shareholder servicing or sub-accounting services;

· Any individual retirement plan or group retirement plan that is not held in an omnibus manner and for which the plan sponsor, trustee, other financial intermediary or other entity receives compensation from the Fund for services provided to investors who hold Fund shares through such entities, including, but not limited to, shareholder servicing or sub-accounting services; or

· Other persons, accounts, entities and categories of shareholders as determined by the Fund from time to time.

Please note that the initial minimum investment requirement must be met at the time of initial investment or, as approved by the Fund, over a reasonable period of time. At its sole discretion, the Fund reserves the right to convert any Institutional Class shareholder’s shares to another class of shares of the Fund for which the shareholder is otherwise eligible if the initial minimum investment requirement is not met in a reasonable period of time. Please see the section entitled “Conversion of Shares” below for more information on such mandatory conversions.

Investors who do not hold their Institutional Class shares directly with the Fund may be subject to additional expenses or eligibility requirements imposed by the financial intermediary, plan, platform, program or other entity through which they hold their shares. Eligible Investors (like financial intermediaries or employee benefit plans) may set different minimum investment requirements for their customers’ investments in Institutional Class shares and investors purchasing Institutional Class shares through Eligible Investors may purchase shares only in accordance with such requirements.

The Fund reserves the right to waive or modify eligibility requirements for the Institutional Class at any time for any investor or financial intermediary.

Purchasing shares—Institutional Class

Eligible Investors and Direct Purchasers may invest directly in Institutional Class shares. All other prospective investors should contact their intermediary or plan sponsor for applicable purchase requirements. All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Fund will only

54 Prospectus ■ TIAA-CREF Bond Fund

accept accounts with a U.S. address of record. The Fund will not accept a P.O. Box as the address of record.

As described above, the Fund imposes minimum investment requirements for certain Eligible Investors and Direct Purchasers. However, Eligible Investors (like financial intermediaries or employee benefit plans) may purchase shares only in accordance with instructions and limitations pertaining to their account at the intermediary or plan. These Eligible Investors may set different minimum investment requirements for their customers’ investments in Institutional Class shares and investors purchasing Institutional Class shares through Eligible Investors may purchase shares only in accordance with such requirements. Please contact your intermediary or plan sponsor for more information.

To open an account or purchase shares by wire (Direct Purchasers and Eligible Investors):

Direct Purchasers should request an application from their Relationship Manager, who can help a Direct Purchaser complete the application or answer any questions that a Direct Purchaser may have about the application. A Direct Purchaser should send the Fund its application by mail, then call its Relationship Manager or the Fund directly to confirm that its account has been established. Or, the Direct Purchaser may forward its application and request for an account number directly to its Relationship Manager.

Eligible Investors or Direct Purchasers should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Institutional Class;

TIAA-CREF Bond Fund ■ Prospectus 55

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

To buy additional shares by wire, Direct Purchasers and Eligible Investors should follow the instructions above for opening an account or purchasing shares by wire, except that existing investors need not forward another account application.

To open an account or purchase shares by mail (Direct Purchasers only):

Send your check, made payable to TIAA-CREF Funds, and application to:

First Class Mail: The TIAA-CREF Funds—Institutional Class

c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

Overnight Mail: The TIAA-CREF Funds—Institutional Class

c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

To purchase additional shares by mail, send a check to either of the addresses listed above with the registration of the account, Fund account number, and the amount to be invested in the Fund.

Points to remember for all purchases—all investors:

· Each investment must be for a specified dollar amount. The Fund cannot accept purchase requests specifying a certain price, date, or number of shares; such requests will be deemed to be not in “good order” (see below) and the Fund will return these investments.

· If you invest in the Institutional Class through an Eligible Investor, the Eligible Investor may charge you a fee in connection with your investment (in addition to the fees and expenses deducted by the Fund). Contact the Eligible Investor to learn whether there are any other conditions, such as a minimum investment requirement, on your transactions. In addition, Eligible Investors that are not themselves affiliated with TIAA-CREF may be charged a fee by their intermediary or plan sponsor (in addition to the fees and expenses deducted by the Fund).

· If your purchase check does not clear or payment on it is stopped, or if the Fund does not receive good funds through wire transfer or electronic funds transfer, the Fund will treat this as a redemption of the shares purchased. You will be responsible for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses.

56 Prospectus ■ TIAA-CREF Bond Fund

The Fund also reserves the right to restrict you from making future purchases in the Fund. There is a $25 fee for all returned items, including checks and electronic funds transfers. Please note that there is a 10-calendar-day hold on all purchases by check or through electronic funds transfer.

· An investor’s ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

In-kind purchases of shares

Advisors, at its sole discretion, may permit an Eligible Investor or Direct Purchaser to purchase Institutional Class shares with investment securities (instead of cash) if: (1) Advisors believes the securities are appropriate investments for the Fund; (2) the securities offered to the Fund are not subject to any restrictions upon their sale by the Fund under the Securities Act of 1933, or otherwise; and (3) the securities are permissible holdings under the Fund’s investment policies and restrictions. If the Fund accepts the securities, the Eligible Investor’s or Direct Purchaser’s account will be credited with Fund shares equal in net asset value to the market value of the securities received. Eligible Investors interested in making in-kind purchases should contact the Fund or its intermediary or plan sponsor and Direct Purchasers interested in making in-kind purchases should contact either their Relationship Manager or the Fund directly.

Redeeming shares—Institutional Class

Eligible Investors and Direct Purchasers can redeem (sell) their Institutional Class shares on any business day.

Redeeming shares—for shares held through an Eligible Investor

If your shares are held through an Eligible Investor, contact the Eligible Investor for applicable redemption requirements. Shares held through an Eligible

TIAA-CREF Bond Fund ■ Prospectus 57

Investor must be redeemed by the Eligible Investor. For further information, contact your intermediary or plan sponsor.

Redeeming shares—for shares held by Direct Purchasers

If you are a Direct Purchaser, either contact your Relationship Manager or send your written request to one of the addresses listed in the “To open an account or purchase shares by mail (Direct Purchasers Only)” section for applicable redemption requirements. Requests must include: account number, transaction amount (in dollars or shares), signatures of all owners exactly as registered on the account, Medallion Signature Guarantees of each owner on the account (if required), and any other required supporting legal documentation.

Direct Purchasers wishing to make redemption orders by telephone should call their Relationship Manager.

If you request a redemption, we will send the proceeds by check to the address of record or by electronic funds transfer to the bank account on file. A letter of instruction with a Medallion Signature Guarantee is required if the redemption is sent to a bank account not on file, to an address other than the address of record, or to an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee. Please contact the Fund for further information.

Points to remember—for all redemptions

Redemption proceeds—all investors

Usually, the Fund sends redemption proceeds on the next business day after the Fund receives a redemption request in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (see below), but not later than seven days afterwards. If a redemption is requested shortly after a recent purchase by check or electronic funds transfer, it will take 10 calendar days for your shares to be available for redemption.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio

58 Prospectus ■ TIAA-CREF Bond Fund

manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Institutional Class

Exchanging shares—Eligible Investors

If you hold shares through an intermediary, plan sponsor or other Eligible Investor, contact the Eligible Investor for applicable exchange requirements. Eligible Investors can make an exchange through a telephone request by calling their Relationship Manager.

Exchanging shares—Direct Purchasers

If you are a Direct Purchaser and would like to make an exchange, you may either call your Relationship Manager or send a letter of instruction to either of the addresses in the “To open an account or purchase shares by mail (Direct Purchasers Only)” section. The letter must include your name, address, and the Fund and/or accounts you want to exchange between.

Exchange requirements—all investors

Once made, an exchange request cannot be modified or canceled.

TIAA-CREF Bond Fund ■ Prospectus 59

Conversion of shares—applicable to all investors

A share conversion is a transaction where shares of one class of the Fund are exchanged for shares of another class of the Fund. Share conversions can occur between each share class of the Fund. Generally, share conversions occur where a shareholder becomes eligible for another share class of the Fund or no longer meets the eligibility of the share class they own (and another class exists for which they would be eligible). Please note that a share conversion is generally a non-taxable event, but please consult with your personal tax advisor on your particular circumstances.

A request for a share conversion will not be processed until it is received in “good order” (as defined below) by the Fund’s transfer agent (or other authorized Fund agent). Conversion requests received in “good order” prior to the close of the NYSE (generally 4:00 p.m. Eastern Time) on a day the NYSE is open will receive the NAV of the new class calculated that day. Please note that, because the NAV of each class of the Fund will generally vary from the NAVs of the other classes due to differences in expenses, you will receive a different number of shares in the new class than you held in the old class, but the total value of your holdings will remain the same.

The Fund’s market timing policies will not be applicable to share conversions. If you hold your shares through an Eligible Investor like an intermediary or plan sponsor, please contact the Eligible Investor for more information on share conversions. Please note that certain intermediaries or plan sponsors may not permit all types of share conversions. The Fund reserves the right to terminate, suspend or modify the share conversion privilege for any shareholder or group of shareholders.

Voluntary conversions

If you believe that you are eligible to convert your Fund shares to another class, you may place an order for a share conversion by contacting your Relationship Manager. If you hold your shares through an Eligible Investor like a plan or intermediary, please contact the Eligible Investor regarding conversions. Please be sure to read the applicable sections of the prospectus for the new class in which you wish to convert prior to such a conversion in order to learn more about its different features, performance and expenses. Neither the Fund nor Advisors has any responsibility for reviewing accounts and/or contacting shareholders to apprise them that they may qualify to request a voluntary conversion. Some Eligible Investors may not allow investors who own Fund shares through them to make share conversions.

60 Prospectus ■ TIAA-CREF Bond Fund

Mandatory conversions

The Fund reserves the right to automatically convert shareholders from one class to another if they either no longer qualify as eligible for their existing class or if they become eligible for another class. Such mandatory conversions may be as a result of a change in value of an account due to market movements, exchanges or redemptions. The Fund will notify affected shareholders in writing prior to any mandatory conversion.

Important transaction information

Good Order. Purchase, redemption and exchange requests are not processed until received in good order by the Fund’s transfer agent at its processing center (or by another authorized Fund agent). “Good order” means actual receipt of the order along with all information and supporting legal documentation necessary to effect the transaction by the Fund’s transfer agent (or other authorized Fund agent). This information and documentation generally includes the Fund account number, the transaction amount (in dollars or shares), signatures of all account owners exactly as registered on the account and any other information or supporting documentation as the Fund, its transfer agent or other authorized Fund agent may require. With respect to purchase requests, “good order” also generally includes receipt of sufficient funds by the Fund’s transfer agent (or other authorized Fund agent) to effect the purchase. The Fund, its transfer agent or any other authorized Fund agent may, in their sole discretion, determine whether any particular transaction request is in good order and reserve the right to change or waive any good order requirement at any time.

Financial intermediaries or plan sponsors may have their own requirements for considering transaction requests to be in “good order.” If you hold your shares through a financial intermediary or plan sponsor, please contact them for their specific “good order” requirements.

Share Price. If the Fund’s transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in good order anytime before close of regular trading on the NYSE (usually 4:00 p.m. Eastern Time), the transaction price will be the NAV per share for that day. If the Fund’s transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in good order anytime after the NYSE closes, the transaction price will be the NAV per share calculated the next business day.

If you hold Institutional, Premier or Retirement Class shares through an Eligible Investor, the Eligible Investor may require you to communicate to it any purchase, redemption or exchange request by a specified deadline earlier than 4:00 p.m. Eastern Time in order to receive that day’s NAV per share as the transaction price.

If you hold Retail Class shares through a financial intermediary, the intermediary may require you to communicate to it any purchase, redemption or exchange request by a specified deadline earlier than 4:00 p.m. Eastern Time in order to receive that day’s NAV per share as the transaction price.

TIAA-CREF Bond Fund ■ Prospectus 61

Large Redemptions—Applicable to All Investors. Please contact the Fund before redeeming a large dollar amount of shares (including exchange requests since they include redemption transactions). Large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such transactions can adversely affect a portfolio manager’s ability to efficiently manage the Fund. By contacting the Fund before you attempt to redeem a large dollar amount, you may avoid in-kind payment of your request.

Minimum Account Size.

· Retail Class. Due to the relatively high cost of maintaining smaller accounts, the Fund reserves the right to redeem shares in any account if the value of that account drops below $1,500. You will be allowed at least 60 days, after written notice, to make an additional investment to bring your account value up to at least the specified minimum before the redemption is processed. The Fund reserves the right to waive or reduce the minimum account size for the Fund’s account at any time. Additionally, the Fund may increase, terminate or revise the terms of the minimum account size requirements at any time without advance notice to shareholders.

· Premier and Retirement Class. Except as noted above under “Eligibility–Premier Class,” there is currently no minimum account size for Premier or Retirement Class shares. The Fund reserves the right, without prior notice, to establish a minimum amount required to open, maintain or add to an account.

· Institutional Class. While there is currently no minimum account size for maintaining an Institutional Class account, the Fund reserves the right, without prior notice, to establish a minimum amount required to maintain an account.

Small Account Maintenance Fee—Retail Class. The Fund charges an annual Small Account Maintenance Fee of $15.00 per Retail Class account (applicable to both retirement and non-retirement accounts) in order to allocate shareholder servicing costs equitably if your Fund balance falls below $2,000 (for any reason, including a decrease in market value). Investors cannot pay this fee by any other means besides an automatic deduction of the fee from their account.

The annual Small Account Maintenance Fee will not apply to the following types of Retail Class Fund accounts: accounts held through retirement or employee benefit plans; accounts held through intermediaries and their supermarkets and platforms (i.e., omnibus accounts); accounts that are registered under a taxpayer identification number (or Social Security number) that have aggregated non-retirement or non-employee benefit plan assets held in accounts for the Fund or other series of the Trust of $25,000 or more; accounts currently enrolled in the Fund’s automatic investment plan (AIP); and accounts held through tuition (529) programs. However, the annual Small Account Maintenance Fee will apply to IRAs and Coverdell education savings accounts. The Fund reserves the right to waive or reduce the annual Small Account Maintenance Fee for any Fund account at any time. Additionally, the Fund may

62 Prospectus ■ TIAA-CREF Bond Fund

increase, terminate or revise the terms of the annual Small Account Maintenance Fee at any time without advance notice to shareholders.

Taxpayer Identification Number. Regardless of whether you hold your Fund shares directly or through a financial intermediary, you must give the Fund your taxpayer identification number (which, for most individuals, is your Social Security number) and tell the Fund whether or not you are subject to backup withholding. If you do not furnish your taxpayer identification number, redemptions or exchanges of shares, as well as dividends and capital gains distributions, will be subject to backup tax withholding. In addition, if you hold Fund shares directly and do not furnish your taxpayer identification number, then your account application will be rejected and returned.

Changing Your Address.

· Retail Class. To change the address on your account, please call the Fund or send the Fund a written notification signed by all registered owners of your account. If you hold your shares through a financial intermediary, please contact the intermediary to change your address.

· Premier and Retirement Class. To change the address on an Eligible Investor account, please send the Fund a written notification.

· Institutional Class. To change the address on an account, please contact your Relationship Manager (for Direct Purchasers) or send the Fund a written notification.

Medallion Signature Guarantee. For some transaction requests (for example, when you are redeeming shares within 30 days (for direct investors) or 14 days (for participants holding shares through a plan or account administrated by TIAA-CREF) of changing your address, bank or bank account or adding certain new services to an existing account), the Fund may require a Medallion Signature Guarantee of each owner of record of an account. This requirement is designed to protect you and the Fund from fraud, and to comply with rules on stock transfers. A Medallion Signature Guarantee is a written endorsement from an eligible guarantor institution that the signature(s) on the written request is (are) valid. Certain commercial banks, trust companies, savings associations, credit unions and members of U.S. stock exchanges participate in the Medallion Signature Guarantee program. No other form of signature verification will be accepted. A notary public cannot provide a signature guarantee. For more information about when a Medallion Signature Guarantee may be required, please contact the Fund or your Relationship Manager (for Direct Purchasers).

Transferring Shares. For certain share classes, you can transfer ownership of your account to another person or organization that also qualifies to own the class of shares or change the name on your account by sending the Fund written instructions. Generally, each registered owner of the account must sign the request and provide Medallion Signature Guarantees. When you change the name on an account, shares in that account are transferred to a new account.

Limitations. Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require the Fund to block an account

TIAA-CREF Bond Fund ■ Prospectus 63

owner’s ability to make certain transactions and thereby refuse to accept a purchase order or any request for transfers or withdrawals, until instructions are received from the appropriate regulator. The Fund may also be required to provide additional information about you and your account to government regulators.

Advice About Your Account—Direct Purchasers Only. TPIS, a TIAA subsidiary, is the principal underwriter for the Fund, and Services, a TIAA subsidiary, has entered into an agreement with TPIS to sell Fund shares. TPIS representatives are only authorized to recommend securities of investment companies or other pooled investment vehicles managed by TIAA or its affiliates. Neither TPIS nor Services receives commissions for these recommendations.

Customer Complaints. Customer complaints may be directed to TIAA-CREF Funds, 730 Third Avenue, New York, NY 10017-3206, Mail Stop S/B 730/07/01, Attention: Director, Distribution Operation Services.

Transfer On Death—Retail Class. If you live in certain states and hold Retail Class shares, you can designate one or more persons (“beneficiaries”) to whom your Fund shares can be transferred upon death. You can set up your account with a Transfer On Death (“TOD”) registration upon request. (Call us to get the necessary forms.) A TOD registration avoids probate if the beneficiary(ies) survives all shareholders. You maintain total control over your account during your lifetime.

TIAA-CREF Web Center and Telephone Transactions. The Fund is not liable for losses from unauthorized TIAA-CREF Web Center and telephone transactions so long as reasonable procedures designed to verify the identity of the person effecting the transaction are followed. The Fund requires the use of personal identification numbers, codes and other procedures designed to reasonably confirm that instructions given through TIAA-CREF’s Web Center or by telephone are genuine. The Fund also tape records telephone instructions and provides written confirmations of such instructions. The Fund accepts all telephone instructions that are reasonably believed to be genuine and accurate. However, you should verify the accuracy of your confirmation statements immediately after you receive them. The Fund may suspend or terminate Internet or telephone transaction facilities at any time, for any reason. If you do not want to be able to effect transactions over the telephone, call the Fund for instructions.

Market timing/excessive trading policy—applicable to all investors

There are shareholders who may try to profit from making transactions back and forth among the Fund and other funds in an effort to “time” the market. As money is shifted in and out of the Fund, the Fund may incur transaction costs, including, among other things, expenses for buying and selling securities. These costs are borne by all Fund shareholders, including long-term investors who do not generate these costs. In addition, market timing can interfere with efficient portfolio management and cause dilution if timers are able to take advantage of

64 Prospectus ■ TIAA-CREF Bond Fund

pricing inefficiencies. Consequently, the Fund is not appropriate for such market timing and you should not invest in the Fund if you want to engage in market timing activity.

These market timing policies and procedures will not be applied to certain types of transactions like reinvestments of dividends and capital gains distributions, systematic withdrawals, systematic purchases, automatic rebalancings, death and hardship withdrawals, certain transactions made within a retirement or employee benefit plan, such as contributions, mandatory distributions, loans and plan sponsor-initiated transactions, and other types of transactions specified by the Fund. In addition, the market timing policies and procedures will not apply to certain tuition (529) programs, funds of funds, wrap programs, asset allocation programs and other similar programs that are approved by the Fund. The Fund may also waive the market timing policies and procedures when it is believed that such waiver is in the Fund’s best interest, including but not limited to when it is determined that enforcement of these policies and procedures is not necessary to protect the Fund from the effects of short-term trading.

The Fund also reserves the right to reject any purchase or exchange request, including when it is believed that a request would be disruptive to the Fund’s efficient portfolio management. The Fund also may suspend or terminate your ability to transact by telephone, fax or Internet for any reason, including the prevention of market timing. A purchase or exchange request could be rejected or electronic trading privileges could be suspended because of the timing or amount of the investment or because of a history of excessive trading by the investor. Because the Fund has discretion in applying this policy, it is possible that similar transaction activity could be handled differently because of the surrounding circumstances.

The Fund’s portfolio securities are fair valued, as necessary (most frequently with respect to international holdings), to help ensure that a portfolio security’s true value is reflected in the Fund’s NAV, thereby minimizing any potential stale price arbitrage.

TIAA-CREF Bond Fund ■ Prospectus 65

Fund, thereby making it more difficult for the Fund to identify market timing by such individual investors. At times, the Fund may agree to defer to an intermediary’s market timing policy if the Fund believes that the intermediary’s policy provides comparable protection of Fund shareholders’ interests. The Fund has the right to modify its market timing policies and procedures at any time without advance notice. These efforts may include requesting transaction data from intermediaries from time to time to verify whether the Fund’s policies are being followed and/or to instruct intermediaries to take action against shareholders who have violated the Fund’s market timing policies.

The Fund is not appropriate for market timing. You should not invest in the Fund if you want to engage in market timing activity.

Shareholders seeking to engage in market timing may deploy a variety of strategies to avoid detection, and, despite efforts to discourage market timing, there is no guarantee that the Fund or its agents will be able to identify such shareholders or curtail their trading practices.

If you invest in the Fund through an intermediary, including through a retirement or employee benefit plan, you may be subject to additional market timing or excessive trading policies implemented by the intermediary or plan. Please contact your intermediary or plan sponsor for more details.

Electronic prospectuses

If you received this Prospectus electronically and would like a paper copy, please contact the Fund and one will be sent to you.

Glossary

Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.

Duration: Duration is a measure of volatility in the price of a bond in response to a change in prevailing interest rates, with a longer duration indicating more volatility. It can be understood as the weighted average of the time to each coupon and principal payment of such a security. For an investment portfolio of fixed-income securities, duration is the weighted average of each security’s duration. For example, the price of a bond with a duration of two years will rise (fall) two percent for every one percent decrease (increase) in its interest rate.

Equity Investments: Primarily, common stock, preferred stock and securities convertible or exchangeable into common stock, including convertible debt securities, convertible preferred stock and warrants or rights to acquire common stock.

Fixed-Income or Fixed-Income Investments: Primarily, bonds and notes (such as corporate and government debt obligations), mortgage-backed securities, asset-backed securities, and structured securities that generally pay fixed or variable rates of interest; debt obligations issued at a discount from face value (i.e., that have an imputed rate of interest); non-interest-bearing debt

66 Prospectus ■ TIAA-CREF Bond Fund

securities (i.e., zero coupon bonds); and other non-equity securities that pay dividends.

Foreign Investments: Foreign investments may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies. Obligations issued by U.S. companies in non-U.S. currencies are not considered to be foreign investments.

Foreign Issuers: Foreign issuers generally include (1) companies whose securities are principally traded outside of the United States, (2) companies having their principal business operations outside of the United States,
(3) companies organized outside the United States, and (4) foreign governments and agencies or instrumentalities of foreign governments.

Investment-Grade: A fixed-income security is investment-grade if it is rated in the four highest categories by a nationally recognized statistical rating organization (“NRSRO”) or an unrated security that Advisors determines is of comparable quality.

U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

Financial highlights

The Financial Highlights table is intended to help you understand the financial performance of each class of shares of the Fund for the past five years (or, if the class has not been in operation for five years, since commencement of operations of that class). Certain information reflects financial results for a single share of the Fund. The total returns in the table show the rates that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).

PricewaterhouseCoopers LLP serves as the Fund’s independent registered public accounting firm and has audited the financial statements of the Fund for each of the periods presented. Its report appears in the Trust’s Annual Report, which is available without charge upon request.

TIAA-CREF Bond Fund ■ Prospectus 67

Financial highlights

Bond Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	3/31/14				$ 10.64		$ 0.26			$ (0.16	)		$ 0.10			$ (0.26	)		$ (0.08	)
	3/31/13				10.59		0.27			0.34			0.61			(0.27	)		(0.29	)
	3/31/12				10.36		0.29			0.50			0.79			(0.29	)		(0.27	)
	3/31/11		^†		10.70		0.15			(0.22	)		(0.07	)		(0.15	)		(0.12	)
	9/30/10				10.20		0.35			0.50			0.85			(0.35	)		—
	9/30/09				9.68		0.41			0.52			0.93			(0.41	)		—

Premier Class
	3/31/14				10.64		0.24			(0.15	)		0.09			(0.24	)		(0.08	)
	3/31/13				10.59		0.26			0.33			0.59			(0.25	)		(0.29	)
	3/31/12				10.37		0.28			0.49			0.77			(0.28	)		(0.27	)
	3/31/11		^†		10.71		0.14			(0.22	)		(0.08	)		(0.14	)		(0.12	)
	9/30/10				10.20		0.31			0.53			0.84			(0.33	)		—
	9/30/09		^§		10.20		0.00	^d		—			0.00	^d		—			—

Retirement Class
	3/31/14				10.83		0.23			(0.16	)		0.07			(0.23	)		(0.08	)
	3/31/13				10.77		0.25			0.35			0.60			(0.25	)		(0.29	)
	3/31/12				10.54		0.27			0.50			0.77			(0.27	)		(0.27	)
	3/31/11		^†		10.88		0.14			(0.22	)		(0.08	)		(0.14	)		(0.12	)
	9/30/10				10.37		0.32			0.52			0.84			(0.33	)		—
	9/30/09				9.84		0.39			0.54			0.93			(0.40	)		—

Retail Class
	3/31/14				10.81		0.23			(0.15	)		0.08			(0.23	)		(0.08	)
	3/31/13				10.76		0.24			0.34			0.58			(0.24	)		(0.29	)
	3/31/12				10.53		0.27			0.50			0.77			(0.27	)		(0.27	)
	3/31/11		^†		10.87		0.14			(0.22	)		(0.08	)		(0.14	)		(0.12	)
	9/30/10				10.36		0.33			0.52			0.85			(0.34	)		—
	9/30/09				9.83		0.41			0.53			0.94			(0.41	)		—


^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
^f	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending March 31, 2014, March 31, 2013, March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 156%, 196%, 140%, 49%, 67% and 113%, respectively.
ⁱ	Does not include in-kind transactions.
^†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.
^§	The Premier Class commenced operations on September 30, 2009.

68 Prospectus ■ TIAA-CREF Bond Fund

(concluded)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.34	)		$10.40		0.96	%		$1,882,776		0.32	%		0.32	%		2.46	%		307	%^f
	(0.56	)		10.64		5.77			1,951,905		0.32			0.32			2.50			358	^f
	(0.56	)		10.59		7.81			1,759,983		0.33			0.33			2.78			402	^f
	(0.27	)		10.36		(0.67	)^b		1,681,237		0.33	^c		0.33	^c		2.80	^c		161	^bfi
	(0.35	)		10.70		8.47			2,474,347		0.33			0.33			3.35			216	^fi
	(0.41	)		10.20		10.00			2,151,009		0.36			0.34			4.20			173	^f


	(0.32	)		10.41		0.90			17,715		0.47			0.47			2.30			307	^f
	(0.54	)		10.64		5.61			21,595		0.47			0.47			2.35			358	^f
	(0.55	)		10.59		7.54			33,425		0.48			0.48			2.63			402	^f
	(0.26	)		10.37		(0.75	)^b		35,712		0.48	^c		0.48	^c		2.65	^c		161	^bfi
	(0.33	)		10.71		8.40			22,196		0.48			0.48			2.94			216	^fi
	—			10.20		0.00	^b		250		220.90	^c		0.50	^c		0.00	^c		173	^f


	(0.31	)		10.59		0.73			350,208		0.57			0.57			2.21			307	^f
	(0.54	)		10.83		5.55			354,693		0.57			0.57			2.25			358	^f
	(0.54	)		10.77		7.45			327,833		0.58			0.58			2.53			402	^f
	(0.26	)		10.54		(0.76	)^b		261,330		0.58	^c		0.58	^c		2.56	^c		161	^bfi
	(0.33	)		10.88		8.22			239,160		0.58			0.58			3.06			216	^fi
	(0.40	)		10.37		9.64			121,753		0.62			0.59			3.86			173	^f


	(0.31	)		10.58		0.75			74,396		0.63			0.63			2.13			307	^f
	(0.53	)		10.81		5.39			90,667		0.63			0.63			2.19			358	^f
	(0.54	)		10.76		7.44			76,117		0.60			0.60			2.50			402	^f
	(0.26	)		10.53		(0.74	)^b		56,163		0.52	^c		0.52	^c		2.61	^c		161	^bfi
	(0.34	)		10.87		8.31			58,330		0.50			0.50			3.16			216	^fi
	(0.41	)		10.36		9.75			35,143		0.68			0.50			4.04			173	^f

TIAA-CREF Bond Fund ■ Prospectus 69

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For more information about TIAA-CREF Funds

Statement of Additional Information (“SAI”). The Fund’s SAI contains more information about certain aspects of the Fund. A current SAI has been filed with the SEC and is incorporated into this Prospectus by reference. This means that the Fund’s SAI is legally a part of the Prospectus.

Annual and Semiannual Reports. The Fund’s annual and semiannual reports provide additional information about the Fund’s investments. In the Fund’s annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund’s performance during the preceding fiscal year. The audited financial statements in the Fund’s annual shareholder report dated March 31, 2014 are also incorporated into this Prospectus by reference.

Requesting documents. You can request a copy of the Fund’s SAI or these reports without charge, or contact the Fund for any other purpose, in any of the following ways:

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Over the Internet:

www.tiaa-cref.org

Information about the Trust (including the Fund’s SAI) can be reviewed and copied at the SEC’s public reference room (202 551-8090) in Washington, DC. The reports and other information are also available through the EDGAR Database on the SEC’s Internet website at www.sec.gov. Copies of the information can also be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the SEC’s Public Reference Section, Washington, DC 20549.

To lower costs and eliminate duplicate documents sent to your home, the Fund may mail only one copy of the Fund’s Prospectus, prospectus supplements, annual and semiannual reports, or any other required documents, to your household, even if more than one shareholder lives there. If you would prefer to continue receiving your own copy of any of these documents, you may call the Fund toll-free or write to the Fund as follows:

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Important Information about procedures for opening a new account

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including the Fund, to obtain, verify and record information that identifies each person who opens an account.

What this means for you: When you open an account, the Fund will ask for your name, address, date of birth, Social Security number and other information that will allow the Fund to identify you, such as your home telephone number. Until you provide the Fund with the information it needs, the Fund may not be able to open an account or effect any transactions for you.


1940 Act File No. 811-9301	A11960 (8/14)

PROSPECTUS

AUGUST 1, 2014

TIAA-CREF Bond Index Fund

of the TIAA-CREF Funds

Class Ticker: Retail TBILX Retirement TBIRX Premier TBIPX Institutional TBIIX

This Prospectus describes the Retail, Retirement, Premier and Institutional Class shares offered by the TIAA-CREF Bond Index Fund (the “Fund”). The Fund is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”).

Table of contents

Summary information 3

Investment objective 3

Fees and expenses 3

Shareholder fees 3

Annual Fund operating expenses 3

Example 4

Portfolio turnover 4

Principal investment strategies 4

Principal investment risks 5

Past performance 6

Portfolio management 8

Purchase and sale of Fund shares 8

Tax information 9

Payments to broker-dealers and other financial intermediary compensation 9

Additional information about investment strategies and risks 10

Additional information about the Fund 10

Additional information on principal investment risks of the Fund 10

Additional information about the Fund’s benchmark index 13

Additional information on principal and non-principal investment strategies 14

Portfolio holdings 15

Portfolio turnover 15

Share classes 15

Management of the Fund 16

The Fund’s investment adviser 16

Investment management fees 17

Portfolio management team 17

Other services 17

Distribution and services arrangements 18

Other arrangements 19

Calculating share price 20

Dividends and distributions 21

Taxes 22

Your account: purchasing, redeeming or exchanging shares 25

Retail Class 25

Eligibility—Retail Class 25

Purchasing shares—Retail Class 25

Redeeming shares—Retail Class 29

Exchanging shares— Retail Class 32

Retirement Class 33

Eligibility—Retirement Class 33

Purchasing shares— Retirement Class 34

Redeeming shares— Retirement Class 37

Exchanging shares— Retirement Class 39

Premier Class 41

Eligibility—Premier Class 41

Purchasing shares—Premier Class 43

Redeeming shares—Premier Class 46

Exchanging shares—Premier Class 49

Institutional Class 50

Eligibility—Institutional Class 50

Purchasing shares— Institutional Class 53

Redeeming shares— Institutional Class 56

Exchanging shares— Institutional Class 57

Conversion of shares–applicable to all investors 58

Important transaction information 59

Market timing/excessive trading policy–applicable to all investors 63

Electronic prospectuses 64

Glossary 65

Financial highlights 67

Summary information

TIAA-CREF Bond Index Fund

of the TIAA-CREF Funds

Investment objective

The Fund 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.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	Retail Class	Retirement Class	Premier Class	Institutional Class
Maximum Sales Charge Imposed on Purchases (percentage of offering price)	0%	0%	0%	0%
Maximum Deferred Sales Charge	0%	0%	0%	0%
Maximum Sales Charge Imposed on Reinvested Dividends and Other Distributions	0%	0%	0%	0%
Redemption or Exchange Fee	0%	0%	0%	0%
Account Maintenance Fee (annual fee on accounts under $2,000)	$15.00	0%	0%	0%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


		Retail Class	Retirement Class	Premier Class	Institutional Class
Management Fees		0.10%	0.10%	0.10%	0.10%
Distribution (Rule 12b-1) Fees		0.25%	—	0.15%	—
Other Expenses		0.14%	0.27%	0.02%	0.02%
Total Annual Fund Operating Expenses		0.49%	0.37%	0.27%	0.12%
Waivers and Expense Reimbursements¹		(0.01)%	—	—	—
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.48%	0.37%	0.27%	0.12%

1	Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers

TIAA-CREF Bond Index Fund ■ Prospectus 3


	Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed: (i) 0.48% of average daily net assets for Retail Class shares; (ii) 0.38% of average daily net assets for Retirement Class shares; (iii) 0.28% of average daily net assets for Premier Class shares; and (iv) 0.13% of average daily net assets for Institutional Class shares of the Fund. These expense reimbursement arrangements will continue through at least July 31, 2015, unless changed with approval of the Board of Trustees.

Example


	Retail Class		Retirement Class		Premier Class		Institutional Class
1 Year	$	49	$	38	$	28	$	12
3 Years	$	156	$	119	$	87	$	39
5 Years	$	273	$	208	$	152	$	68
10 Years	$	615	$	468	$	343	$	154

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in bonds within its benchmark and portfolio tracking index, the Barclays U.S. Aggregate Bond Index (the “Index”). The Fund uses a sampling technique to create a portfolio that closely matches the overall investment characteristics of the Index (for example, duration, sector diversification and credit quality) without investing in all of the securities in its index. At times the Fund may purchase securities not held in the Index, but which Teachers Advisors, Inc. (“Advisors”) believes have similar investment characteristics to securities held in its index. Generally, the Fund intends to invest in a wide spectrum of public, investment-

4 Prospectus ■ TIAA-CREF Bond Index Fund

grade, taxable debt securities denominated in U.S. dollars including government securities, as well as mortgage-backed, commercial mortgage-backed and asset-backed securities. The Fund’s investments in mortgage-backed securities may include pass-through securities sold by private, governmental and government-related organizations and collateralized mortgage obligations, to the extent that such instruments are held by the Index. The Fund generally will invest in foreign securities denominated in U.S. dollars only to the extent they are included or eligible to be included in the Index. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The securities purchased by the Fund will mainly be high-quality instruments rated in the top four credit categories by Moody’s or S&P or deemed to be of the same quality by Advisors using its own credit quality analysis. The Fund may continue to hold instruments that were rated as high-quality when purchased, but which subsequently are downgraded to below-investment-grade status or have their ratings withdrawn by one or more rating agencies.

Because the return of the Index is not reduced by investment and other operating expenses, the Fund’s ability to match the Index is negatively affected by the costs of buying and selling securities, as well as other fees and expenses. The use of this index by the Fund is not a fundamental policy of the Fund and may be changed without shareholder approval.

Principal investment risks

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments declines in certain interest rate environments.

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of bonds may not be able or willing to meet interest or principal payments when the bonds become due.

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

TIAA-CREF Bond Index Fund ■ Prospectus 5

are at or near historic lows, which may increase the Fund’s exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.

· Index Risk—The risk that the Fund’s performance will not correspond to its benchmark index for any period of time and may underperform such index or the overall stock market. Additionally, to the extent that the Fund’s investments vary from the composition of its benchmark index, the Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Fund merely attempted to replicate the index.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

6 Prospectus ■ TIAA-CREF Bond Index Fund

Class, Retirement Class, Premier Class and Retail Class over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2013, and how those returns compare to those of the Fund’s benchmark index. After-tax performance is shown only for Institutional Class shares, and after-tax returns for the other Classes of shares will vary from the after-tax returns presented for Institutional Class shares.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2014, was 3.87%.

Best quarter: 3.75%, for the quarter ended September 30, 2011. Worst quarter: -2.41%, for the quarter ended June 30, 2013.

TIAA-CREF Bond Index Fund ■ Prospectus 7

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2013


		Inception Date	One Year		Since Inception
Institutional Class		9/14/2009
	Return Before Taxes		–2.34	%	3.71	%
	Return After Taxes on Distributions		–3.13	%	2.80	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–1.31	%	2.53	%
Retail Class		9/14/2009
	Return Before Taxes		–2.68	%	3.35	%
Retirement Class		9/14/2009
	Return Before Taxes		–2.58	%	3.45	%
Premier Class		9/30/2009
	Return Before Taxes		–2.48	%	3.56	%*
Barclays U.S. Aggregate Bond Index
(reflects no deductions for fees, expenses or taxes)			–2.02	%	3.98	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Lijun (Kevin) Chen	James Tsang, CFA
Title:	Director	Director
Experience on Fund:	since 2009	since 2011

Purchase and sale of Fund shares

8 Prospectus ■ TIAA-CREF Bond Index Fund

accounts. Institutional Class shares are available for purchase directly from the Fund by certain eligible investors or through financial intermediaries.

· There is no minimum initial or subsequent investment for Retirement Class shares. Retirement Class shares are primarily offered through employer-sponsored employee benefit plans.

· There is a $100 million aggregate plan size and $5 million initial minimum plan-level investment requirement for Premier Class shares. Premier Class shares are primarily offered through certain financial intermediaries and employer-sponsored employee benefit plans.

· The minimum initial investment is $10 million and the minimum subsequent investment is $1,000 for Institutional Class shares, unless an investor purchases shares by or through financial intermediaries that have entered into an appropriate agreement with the Fund or its affiliates.

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF Bond Index Fund ■ Prospectus 9

Additional information about investment strategies and risks

Additional information about the Fund

As noted in the “Principal investment strategies” section of this Prospectus, the Fund has a policy of normally investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in bonds within its benchmark and portfolio tracking index. Shareholders will receive at least 60 days’ prior notice before changes are made to the 80% policy.

The Fund is not appropriate for market timing. You should not invest in the Fund if you are a market timer.

There can be no assurances that the Fund will achieve its investment objective and investors should not consider an investment in this Fund to be a complete investment program.

Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.

Additional information on principal investment risks of the Fund

The value of the Fund may increase or decrease as a result of its investments in fixed-income securities. More specifically, the Fund typically is subject to the following principal investment risks:

· Income Volatility Risk—Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of

10 Prospectus ■ TIAA-CREF Bond Index Fund

TIAA-CREF Bond Index Fund ■ Prospectus 11

investments (particularly those paying a fixed rate of interest) tend to increase while yields on fixed-income investments tend to decrease, which could adversely affect the Fund’s income. Conversely, when prevailing interest rates increase, the market values of fixed-income investments (particularly those paying a fixed rate of interest) tend to decline. Depending on the timing of the purchase of a fixed-income investment and the price paid for it, changes in prevailing interest rates may increase or decrease the investment’s yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than shorter-term investments. Interest rate risk is generally heightened during periods when prevailing interest rates are low. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund’s exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.

· Index Risk—Index risk is the risk that the performance of the Fund will not correspond to, or may underperform, its benchmark index for any period of time. Although the Fund attempts to use the investment performance of its

12 Prospectus ■ TIAA-CREF Bond Index Fund

respective index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an indexed fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses. Therefore, no indexed fund can guarantee that its performance will match or exceed its index for any period of time.

Additional information about the Fund’s benchmark index

The benchmark index described below is unmanaged, and you cannot invest directly in the index.

TIAA-CREF Bond Index Fund ■ Prospectus 13

Barclays U.S. Aggregate Bond Index

The Barclays U.S. Aggregate Bond Index covers the U.S. investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass through securities, asset-backed securities and commercial mortgage-backed securities. This index contains approximately 8,449 issues. The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar denominated. To be selected for inclusion in the Barclays U.S. Aggregate Bond Index, the securities must be dollar denominated and have a minimum maturity of one year. Securities must be rated investment-grade or higher using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used to determine index eligibility.

Additional information on principal and non-principal investment strategies

14 Prospectus ■ TIAA-CREF Bond Index Fund

derivative in which one party exchanges a stream of interest payments for another party’s stream of cash flows).

Please see the Fund’s SAI for more information on these and other investments the Fund may utilize.

Portfolio holdings

A description of the Fund’s policies and procedures with respect to the disclosure of its portfolio holdings is available in the Fund’s SAI.

Portfolio turnover

Share classes

TIAA-CREF Bond Index Fund ■ Prospectus 15

which class best suits your needs. Please contact us if you have questions or would like assistance in determining which class is right for you.

Management of the Fund

The Fund’s investment adviser

Advisors manages the assets of the Trust, under the supervision of the Board of Trustees. Advisors is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund (“CREF”), the first company in the United States to issue a variable annuity. Advisors is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. Advisors also manages the investments of TIAA Separate Account VA-1 and TIAA-CREF Life Funds. Through an affiliated investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”), certain personnel of Advisors also manage the investment accounts of CREF. As of June 30, 2014, Advisors and TCIM together had approximately $314 billion of registered investment company assets under management. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.

The annual investment management fees charged under the Management Agreement with respect to the Fund are as follows:

16 Prospectus ■ TIAA-CREF Bond Index Fund

INVESTMENT MANAGEMENT FEES


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Bond Index Fund	All Assets	0.10%

A discussion regarding the basis for the Board of Trustees’ most recent approval of the Fund’s Management Agreement is available in the Fund’s shareholder report for the period ended March 31, 2014. For a free copy of the Fund’s shareholder report, please call 800 842-2252, visit the Fund’s website at www.tiaa-cref.org or visit the SEC’s website at www.sec.gov.

Portfolio management team


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
Bond Index Fund
Lijun (Kevin) Chen Director	Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2006 to Present (quantitative portfolio management); previously, fixed-income quantitative strategies, enterprise risk management	2004	1992	2009


James Tsang, CFA Director	Quantitative Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2007 to Present, AIG Investments 2002 to 2007 (quantitative analyst)	2007	1997	2011

Other services

TIAA-CREF Bond Index Fund ■ Prospectus 17

administrative, compliance and shareholder services, is allocated directly either to the Fund or to Advisors.

For Retirement Class shares of the Fund, the Fund has a separate service agreement with Advisors (the “Retirement Class Service Agreement”) pursuant to which Advisors provides or arranges for the provision of administrative and shareholder services for the Retirement Class shares, including services associated with maintenance of Retirement Class shares on retirement plan or other platforms. Under the Retirement Class Service Agreement, the Retirement Class of the Fund pays monthly a fee to Advisors at an annual rate of up to 0.25% of average daily net assets, which is reflected as part of “Other Expenses” in the “Fees and expenses” section of this Prospectus. Advisors may rely on affiliated or unaffiliated persons to fulfill its obligations under the Retirement Class Service Agreement.

Distribution and services arrangements

All Classes

Retail Class

Under the plan, the Fund pays TPIS at the annual rate of 0.25% of average daily net assets attributable to Retail Class shares for distribution and promotion-

18 Prospectus ■ TIAA-CREF Bond Index Fund

related activities, as well as shareholder and account maintenance services, and TPIS may pay another entity for providing such services. Advisors, TPIS and their affiliates, at their own expense, may also pay for distribution, promotional and/or shareholder and account maintenance expenses of Retail Class shares. Because Rule 12b-1 plan fees are paid out of Retail Class assets on an ongoing basis, over time they will increase the cost of your investment in the Retail Class.

More information about the Fund’s distribution and services arrangements for Retail Class shares appears in the Fund’s SAI.

Retirement Class

More information about the Fund’s distribution and services arrangements for Retirement Class shares appears in the Fund’s SAI.

Premier Class

More information about the Fund’s distribution and services arrangements for Premier Class shares appears in the Fund’s SAI.

Institutional Class

More information about the Fund’s distribution and services arrangements for Institutional Class shares appears in the Fund’s SAI.

Other arrangements

TIAA-CREF Bond Index Fund ■ Prospectus 19

Calculating share price

If the Fund invests in foreign securities that are primarily listed on foreign exchanges that trade on days when the Fund does not price its shares, the value of the foreign securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or redeem Fund shares. The value of the Fund’s investments denominated in foreign currencies is converted to U.S. dollars for purposes of determining the Fund’s NAV.

20 Prospectus ■ TIAA-CREF Bond Index Fund

Dividends and distributions

TIAA-CREF Bond Index Fund ■ Prospectus 21

3. Income-Earned Option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.

4. Capital Gains Option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.

5. Cash Option. A check will be sent for your dividend and each capital gain distribution.

Taxes

As with any investment, you should consider how your investment in the Fund will be taxed.

22 Prospectus ■ TIAA-CREF Bond Index Fund

you and the Internal Revenue Service (“IRS”) (for taxable accounts only). Whether or not a capital gain distribution is considered long-term or short-term depends on how long the Fund held the securities the sale of which led to the gain.

Taxes on transactions. Unless a transaction involves Fund shares held in a tax-deferred account, redemptions (sales), including exchanges to other funds, may also give rise to capital gains or losses. The amount of any capital gain or loss will be the difference, if any, between the adjusted cost basis of your shares and the price you receive when you sell or exchange them. In general, a capital gain or loss will be treated as a long-term capital gain or loss if you have held your shares for more than one year.

Buying a dividend. If you buy shares just before the Fund deducts a distribution from its net asset value, you will pay the full price for the shares and

TIAA-CREF Bond Index Fund ■ Prospectus 23

then receive a portion of the price back in the form of a taxable distribution. This is referred to as “buying a dividend.” For example, assume you bought shares of the Fund for $10.00 per share the day before the Fund paid a $0.25 dividend. After the dividend was paid, each share would be worth $9.75, and, unless you hold your shares through a tax-deferred arrangement such as a 401(a), 401(k) or 403(b) plan or an IRA, you would have to include the $0.25 dividend in your gross income for tax purposes.

24 Prospectus ■ TIAA-CREF Bond Index Fund

the effect of your investment in the Fund in your particular situation. Additional tax information can be found in the Fund’s SAI.

Your account: purchasing, redeeming
or exchanging shares

Retail Class

Eligibility—Retail Class

Types of accounts

Retail Class shares are available for purchase in the following types of accounts:

· Individual accounts (for one person) or Joint accounts (more than one person) including Transfer on Death (TOD) accounts (see below for more details).

· Financial advisor accounts.

· Trust accounts (other than foreign trust accounts).

· Accounts for a minor child under the Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA).

· Traditional IRAs and Roth IRAs. These accounts let you shelter investment income from federal income tax while saving for retirement.

· Corporate and Institutional accounts.

· Omnibus accounts held by financial intermediaries, platforms, programs, plans and other similar entities (collectively, “financial intermediaries”) on behalf of other investors.

· Registered and unregistered investment company accounts.

· Other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

For more information about opening an IRA or corporate or institutional account, please call the Fund at 800 223-1200, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time.

Purchasing shares—Retail Class

How to open an account and make subsequent investments

To open an account, send the Fund a completed application with your initial investment. If you want an application, or if you have any questions or need help

TIAA-CREF Bond Index Fund ■ Prospectus 25

completing the application, call the Fund at 800 223-1200. You can also download and print the application from our website at www.tiaa-cref.org. If you intend to hold your shares indirectly through a financial intermediary, please contact the intermediary about initiating purchases of Fund shares or making additional purchases.

Subsequent investments for all account types must be at least $100 per Fund account. Financial intermediaries may enforce their own minimum initial and subsequent investment minimums. The Fund has the discretion to waive or otherwise change the initial or subsequent minimum investment requirements at any time without any prior notice to shareholders. All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Fund will not accept payment in the following forms: travelers’ checks, money orders, credit card convenience checks, cash, counter checks or starter checks. The Fund will not accept corporate checks for investment into non-corporate accounts. The Fund will not accept third-party checks except in limited circumstances with regard to subsequent investments. (Any check not made payable directly to TIAA-CREF Funds–Retail Class will be considered a third-party check.) The Fund cannot accept checks made out to you or other parties and signed over to the Fund. The Fund can only accept payment to establish a new account if the check presented for deposit into the new account is drawn against an account registered in the same name as the prospective investor.

To Open An Account By Mail: Send your check, made payable to TIAA-CREF Funds—Retail Class, and application to:

First Class Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

Overnight Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

26 Prospectus ■ TIAA-CREF Bond Index Fund

To Open An Account By Wire: Send a completed and signed application by mail, then call the Fund to confirm that your account has been established. Instruct your bank to wire money to:

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99052771

Specify on the wire:

· The TIAA-CREF Funds—Retail Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

You can purchase additional shares in any of the following ways:

TIAA-CREF Bond Index Fund ■ Prospectus 27

account. You may add this privilege after the account has been established by completing an Account Services Form, which you can request by calling 800 223-1200, or you may download it from the Fund’s website.

Note that if you hold Fund shares through a financial intermediary, you must contact the intermediary to purchase additional shares.

Points to remember for all purchases

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges including limitations under the Fund’s Market Timing/Excessive Trading Policy (See below.)

28 Prospectus ■ TIAA-CREF Bond Index Fund

of the Trust. There is a $25 fee for all returned items, including checks and electronic funds transfers. Please note that there is a 10-calendar-day hold on all purchases by check, or through electronic funds transfer.

In-kind purchases of shares

Redeeming shares—Retail Class

The Fund sends redemption proceeds to the shareholder of record at his/her address or bank of record. If proceeds are to be sent to someone else, a

TIAA-CREF Bond Index Fund ■ Prospectus 29

different address, or a different bank, the Fund generally will require a letter of instruction with a Medallion Signature Guarantee for each account holder (see below). The Fund can send your redemption proceeds by check to the address of record; by electronic transfer to your bank; or by wire transfer (minimum of $5,000). Before calling, read “Points to Remember When Redeeming,” below.

You can redeem shares in any of the following ways:

By Telephone: Call 800 223-1200 to redeem shares in amounts up to $100,000.

30 Prospectus ■ TIAA-CREF Bond Index Fund

for payments to be sent to an address other than the address of record. A Medallion Signature Guarantee is required for this address change.

Points to remember when redeeming:

· The Fund cannot accept redemption requests specifying a certain price or date; these requests will be deemed to be not in “good order” (see below) and will be returned.

In-kind redemptions of shares

TIAA-CREF Bond Index Fund ■ Prospectus 31

Exchanging shares—Retail Class

In each case, these exchanges may be made on any business day, subject to the exchange privilege limitations described below and in the section below entitled “Market Timing/Excessive Trading Policy.” The minimum investment for an exchange into a fund in which you already own shares must be at least $50. An exchange to a new fund account must meet the account minimums as stated by account type above (i.e., $2,000 per fund account for Traditional IRA, Roth IRA or Coverdell accounts and $2,500 per fund account for all other accounts, including custodial (UGMA/UTMA) accounts).

Exchanges between accounts can be made only if the accounts are registered identically in the same name(s), address and Social Security number or taxpayer identification number.

You can make exchanges in any of the following ways:

By Telephone: Call 800 223-1200.

Over the Internet: You can exchange shares using TIAA-CREF’s Web Center, which can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

32 Prospectus ■ TIAA-CREF Bond Index Fund

terminate the plan or change the amount or frequency of the exchanges by writing or calling the Fund. Requests to establish, terminate, or change the amount or frequency of exchanges will become effective within five days after the Fund receives your instructions.

Points to remember when exchanging:

· An exchange is considered a sale of securities, and therefore is taxable.

Retirement Class

Eligibility—Retirement Class

Retirement Class shares are (or may be made) available by or through:

· certain custody accounts sponsored or administered by TIAA-CREF that are established by individuals as IRAs pursuant to section 408 of the Code.

· certain intermediaries who have entered into a contract or arrangement with the Fund, or its investment adviser or distributor that enables them to purchase shares on behalf of their clients.

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

Definition of Eligible Investor for Retirement Class

TIAA-CREF Bond Index Fund ■ Prospectus 33

Fund are referred to as “Eligible Investors” in the rest of this “Retirement Class” section of this Prospectus.

Purchasing shares—Retirement Class

Purchasing shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

If you are a participant in such a plan and your employer or plan trustee has established a plan account, then you may direct the purchase of Retirement Class shares offered under the plan for your account. You should contact your employer to learn how to enroll in the plan. Your employer must notify TIAA-CREF that you are eligible to enroll. In many cases, you will be able to use TIAA-CREF Web Center’s online enrollment feature at www.tiaa-cref.org.

Allocating retirement contributions to the Fund—for participants purchasing shares through a plan or account administered by TIAA-CREF

If you are just starting out and are initiating contributions to your employer’s plan, you may allocate single or ongoing contribution amounts to Retirement

34 Prospectus ■ TIAA-CREF Bond Index Fund

Class shares by completing an account application or enrollment form (paper or online) and selecting the Fund and the amounts you wish to contribute to the Fund. You may be able to change your allocation for future contributions by:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Opening an IRA or Keogh account

Any plan participant or person eligible to participate in a plan may open an IRA or Keogh custody account and purchase Retirement Class shares for their account. For more information about opening an IRA, please call the Fund’s Telephone Counseling Center at 800 842-2888 or go to the TIAA-CREF Web Center at www.tiaa-cref.org. The Fund reserves the right to limit the ability of IRA and Keogh accounts to purchase Retirement Class shares.

Purchasing shares—for Eligible Investors and their clients:

TIAA-CREF Bond Index Fund ■ Prospectus 35

To open an account or purchase shares by wire:

Eligible Investors should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Retirement Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

Points to remember for all purchases by Eligible Investors:

36 Prospectus ■ TIAA-CREF Bond Index Fund

potential criminal activity has been identified, the Fund reserves the right to take such action as deemed appropriate, which may include closing your account.

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

In-kind purchases of shares by Eligible Investors

Redeeming shares—Retirement Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

To request a redemption, you can do one of the following:

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

TIAA-CREF Bond Index Fund ■ Prospectus 37

day that the Fund’s transfer agent (or other authorized Fund agent) receives your request in “good order” (see below), and your participant or IRA account will be credited within seven days thereafter. If a redemption is requested after a recent purchase of Retirement Class shares by check, the Fund may delay payment of the redemption proceeds until the check clears. This can take up to 10 days. If you request a redemption, we will send the proceeds by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a bank signature guarantee is required if the redemption is sent to an address other than the address of record, or to an address of record that has been changed within either the last 30 or 14 calendar days depending on the service model applicable to your account. You may obtain a signature guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a signature guarantee. Proceeds directed to a bank account not on file have similar 30 day or 14 day restrictions that require completion of a verification process. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Retirement Class shares at any time.

The Fund will only accept redemption requests that specify a dollar amount or number of shares to be redeemed. All other requests, including those specifying

38 Prospectus ■ TIAA-CREF Bond Index Fund

a certain price or date, will not be deemed to be in “good order” (see below) and will be returned.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an Eligible Investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The Eligible Investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Retirement Class

Exchanging shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

Subject to the limitations outlined below and any limitations under your employer’s plan, you may exchange Retirement Class shares for Retirement

TIAA-CREF Bond Index Fund ■ Prospectus 39

Class shares of another fund available under the plan (including other funds or series of the Trust, if available). An “exchange” means:

· a sale of Retirement Class shares held in your participant or IRA account and the use of the proceeds to purchase Retirement Class shares of another fund for your account;

· a sale of Retirement Class shares held in a participant account and the use of the proceeds to purchase an interest in a CREF Account, the TIAA Real Estate Account, or the TIAA Traditional Annuity. Because interests in a CREF Account, the TIAA Real Estate Account, and the TIAA Traditional Annuity are not offered through participant accounts, you must withdraw redemption proceeds held in your participant account and use them to purchase one of these investments.

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be at least $100) or your entire balance, if less.

Exchanging shares—for Eligible Investors and their clients:

40 Prospectus ■ TIAA-CREF Bond Index Fund

Premier Class

Eligibility—Premier Class

Premier Class shares are available for purchase by or through:

· certain intermediaries or entities affiliated with TIAA-CREF including

· registered investment companies,

· state-sponsored tuition savings plans or healthcare savings accounts (“HSAs”),

· insurance company separate accounts advised by or affiliated with Advisors, or

· other affiliates of TIAA-CREF;

· other non-affiliated persons, entities or intermediaries including

· investment companies,

· state-sponsored tuition savings plans or prepaid plans or insurance company separate accounts,

· employer-sponsored employee benefit plans which have entered into a contract or arrangement that enables them to purchase shares of the Fund, or

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

The Fund reserves the right to determine in its sole discretion whether any person, intermediary, or entity is eligible to purchase Premier Class shares.

TIAA-CREF Bond Index Fund ■ Prospectus 41

Definition of Eligible Investor for Premier Class

Account minimums (not applicable at the participant level)

With respect to the categories of investors listed below, the aggregate plan sizes related to these investors must be at least $100 million:

· Accounts established by employers or the trustees of plans sponsored by employers in connection with certain employee benefit plans, such as 401(a) (including 401(k) plans), 403(a), 403(b) and 457 plans, profit-sharing plans, defined benefit plans and non-qualified deferred compensation plans where such accounts are established on a plan-level or omnibus basis; or

· Other affiliates of Advisors or other persons or entities that the Fund may approve from time to time.

With respect to the categories of investors listed below, in addition to the $100 million minimum aggregate plan size noted above, an initial minimum investment of $5 million with respect to the Fund is required:

· Certain financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent, including:

· Financial intermediaries affiliated with Advisors;

· Trust companies that are not sponsored by an affiliate of Advisors;

· Registered investment companies, including funds of funds that are not advised or administered by Advisors or its affiliates;

· State-sponsored tuition savings plans and HSAs that are not sponsored by an affiliate of Advisors;

· Insurance company separate accounts that are sponsored or administered by insurance companies that are not affiliated with Advisors;

· Other persons or entities that the Fund may approve from time to time.

42 Prospectus ■ TIAA-CREF Bond Index Fund

Investors may be subject to additional expenses or eligibility requirements imposed by the financial intermediary, plan, platform, program or other entity through which they hold their shares.

The Fund reserves the right to waive or modify eligibility requirements for the Premier Class at any time for any investor or financial intermediary.

Purchasing shares—Premier Class

Purchasing shares—for participants purchasing shares through a plan or account sponsored or administered by TIAA-CREF:

TIAA-CREF Bond Index Fund ■ Prospectus 43

including those specifying a certain price, date, or number of shares, will not be deemed to be in “good order” (see below) and will not be accepted by the Fund.

Allocating retirement contributions to the Fund—for participants purchasing through a plan or account sponsored or administered by TIAA-CREF:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Purchasing shares—for Eligible Investors and their clients:

44 Prospectus ■ TIAA-CREF Bond Index Fund

Fund cannot accept checks made out to you or other parties and signed over to the Fund. The Fund will not accept payment in the following forms: travelers’ checks, money orders, credit card convenience checks, cash, counter checks or starter checks. The Fund will not accept corporate checks for investment into non-corporate accounts.

Opening an account or purchasing shares by wire—Eligible Investors:

Eligible Investors should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Premier Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

Points to remember for all purchases by Eligible Investors:

TIAA-CREF Bond Index Fund ■ Prospectus 45

all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund.

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

In-kind purchases of shares by Eligible Investors

Redeeming shares—Premier Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

To request a redemption, you can do one of the following:

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

You may be required to complete and return certain forms to effect your redemption. Before you complete your redemption request, please make sure

46 Prospectus ■ TIAA-CREF Bond Index Fund

you understand the possible federal and other income tax consequences of a redemption. The Fund can suspend or terminate your ability to transact by telephone, Internet, or by fax at any time for any reason.

Pursuant to a TIAA-CREF participant’s instructions, the Fund reinvests redemption proceeds in (1) Premier Class shares of other funds or series of the Trust available under the participant’s plan, or (2) shares of other mutual funds available under the participant’s plan. Redemptions are effected as of the day that the Fund’s transfer agent (or other authorized Fund agent) receives your request in “good order” (see below), and your account will be credited within seven days thereafter. If a redemption is requested after a recent purchase of Premier Class shares by check, the Fund may delay payment of the redemption proceeds until the check clears. This can take up to ten days. If you request a redemption, we will send the proceeds by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a bank signature guarantee is required if the redemption is sent to an address other than the address of record, or to an address of record that has been changed within either the last 30 or 14 calendar days depending on the service model applicable to your account. You may obtain a signature guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a signature guarantee. Proceeds directed to a bank account not on file have similar 30 day or 14 day restrictions that require completion of a verification process. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Premier Class shares at any time.

TIAA-CREF Bond Index Fund ■ Prospectus 47

Usually, the Fund sends redemption proceeds to the Eligible Investor on the next business day after the Fund receives a redemption request in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (see below), but not later than seven days afterwards. If a redemption is requested shortly after a recent purchase by check, it will take 10 calendar days for your check to clear and for your shares to be available for redemption.

If you request a redemption, the Fund will send the proceeds by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a Medallion Signature Guarantee is required if the redemption is sent to a bank account not on file, address other than the address of record, or to an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

48 Prospectus ■ TIAA-CREF Bond Index Fund

Exchanging shares—Premier Class

Exchanging shares—for participants holding shares through a plan or account administered by TIAA-CREF:

· a sale of Premier Class shares held in your participant account and the use of the proceeds to purchase Premier Class shares of other funds or series of the Trust for your account;

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (available 24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be for at least $100) or your entire balance, if less.

Exchanging shares—for Eligible Investors and their clients:

TIAA-CREF Bond Index Fund ■ Prospectus 49

below. (An exchange is a simultaneous redemption of shares in one fund and a purchase of shares in another fund.)

If you hold shares through an intermediary, plan sponsor or other Eligible Investor, contact the Eligible Investor for applicable exchange requirements.

Institutional Class

Eligibility—Institutional Class

Institutional Class shares are available for purchase by or through:

· certain intermediaries affiliated with TIAA-CREF, or

· other non-affiliated persons or intermediaries who have entered into a contract or arrangement that enables them to purchase shares of the Fund, or other affiliates of TIAA-CREF, such as

· state-sponsored tuition savings plans or prepaid plans,

· insurance company separate accounts,

· employer-sponsored employee benefit plans,

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

50 Prospectus ■ TIAA-CREF Bond Index Fund

Definition of Eligible Investor and Direct Purchaser

Under certain circumstances, Institutional Class shares of the Fund may be offered directly to certain eligible individuals or institutions (each, a “Direct Purchaser”).

Account minimums—certain Eligible Investors

No minimum initial investment is required to purchase Institutional Class shares of the Fund by or through the following categories of Eligible Investors:

· Certain financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent, including:

· Financial intermediaries affiliated with Advisors;

· Trust companies, including both those affiliated with Advisors, such as TIAA-CREF Trust Company, FSB (the “Trust Company”) and other trust companies that are not affiliated with Advisors;

· Registered investment companies advised by or affiliated with Advisors, including funds of funds;

· State-sponsored tuition savings plans and healthcare savings accounts (“HSAs”) sponsored by Advisors or its affiliates;

· Insurance company separate accounts sponsored or administered by an insurance company that is affiliated with Advisors;

· Other affiliates of Advisors or other persons or entities that the Fund may approve from time to time.

TIAA-CREF Bond Index Fund ■ Prospectus 51

Account minimums—other investors

With respect to the categories of investors listed below, a $10 million minimum initial investment amount for purchases of Institutional Class shares of the Fund is applicable:

· Registered investment companies, including funds of funds that are not advised or administered by Advisors or its affiliates;

· State-sponsored tuition savings plans and HSAs that are not sponsored by an affiliate of Advisors;

· Insurance company separate accounts that are sponsored or administered by insurance companies that are not affiliated with Advisors;

· Other persons, accounts, entities and categories of shareholders as determined by the Fund from time to time.

52 Prospectus ■ TIAA-CREF Bond Index Fund

Institutional Class shares through Eligible Investors may purchase shares only in accordance with such requirements.

Fund reserves the right to waive or modify eligibility requirements for the Institutional Class at any time for any investor or financial intermediary.

Purchasing shares—Institutional Class

To open an account or purchase shares by wire (Direct Purchasers and Eligible Investors):

TIAA-CREF Bond Index Fund ■ Prospectus 53

Or, the Direct Purchaser may forward its application and request for an account number directly to its Relationship Manager.

Eligible Investors or Direct Purchasers should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Institutional Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

To open an account or purchase shares by mail (Direct Purchasers only):

Send your check, made payable to TIAA-CREF Funds, and application to:

First Class Mail: The TIAA-CREF Funds—Institutional Class

c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

Overnight Mail: The TIAA-CREF Funds—Institutional Class

c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

To purchase additional shares by mail, send a check to either of the addresses listed above with the registration of the account, Fund account number, and the amount to be invested in the Fund.

Points to remember for all purchases—all investors:

54 Prospectus ■ TIAA-CREF Bond Index Fund

Eligible Investor to learn whether there are any other conditions, such as a minimum investment requirement, on your transactions. In addition, Eligible Investors that are not themselves affiliated with TIAA-CREF may be charged a fee by their intermediary or plan sponsor (in addition to the fees and expenses deducted by the Fund).

· If your purchase check does not clear or payment on it is stopped, or if the Fund does not receive good funds through wire transfer or electronic funds transfer, the Fund will treat this as a redemption of the shares purchased. You will be responsible for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund. There is a $25 fee for all returned items, including checks and electronic funds transfers. Please note that there is a 10-calendar-day hold on all purchases by check or through electronic funds transfer.

In-kind purchases of shares

TIAA-CREF Bond Index Fund ■ Prospectus 55

intermediary or plan sponsor and Direct Purchasers interested in making in-kind purchases should contact either their Relationship Manager or the Fund directly.

Redeeming shares—Institutional Class

Eligible Investors and Direct Purchasers can redeem (sell) their Institutional Class shares on any business day.

Redeeming shares—for shares held through an Eligible Investor

If your shares are held through an Eligible Investor, contact the Eligible Investor for applicable redemption requirements. Shares held through an Eligible Investor must be redeemed by the Eligible Investor. For further information, contact your intermediary or plan sponsor.

Redeeming shares—for shares held by Direct Purchasers

Direct Purchasers wishing to make redemption orders by telephone should call their Relationship Manager.

Points to remember—for all redemptions

Redemption proceeds—all investors

56 Prospectus ■ TIAA-CREF Bond Index Fund

or electronic funds transfer, it will take 10 calendar days for your shares to be available for redemption.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Institutional Class

Exchanging shares—Eligible Investors

Exchanging shares—Direct Purchasers

TIAA-CREF Bond Index Fund ■ Prospectus 57

Exchange requirements—all investors

Once made, an exchange request cannot be modified or canceled.

Conversion of shares—applicable to all investors

58 Prospectus ■ TIAA-CREF Bond Index Fund

Voluntary conversions

Mandatory conversions

Important transaction information

TIAA-CREF Bond Index Fund ■ Prospectus 59

Time), the transaction price will be the NAV per share for that day. If the Fund’s transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in good order anytime after the NYSE closes, the transaction price will be the NAV per share calculated the next business day.

Minimum Account Size.

60 Prospectus ■ TIAA-CREF Bond Index Fund

including a decrease in market value). Investors cannot pay this fee by any other means besides an automatic deduction of the fee from their account.

Changing Your Address.

· Premier and Retirement Class. To change the address on an Eligible Investor account, please send the Fund a written notification.

· Institutional Class. To change the address on an account, please contact your Relationship Manager (for Direct Purchasers) or send the Fund a written notification.

TIAA-CREF Bond Index Fund ■ Prospectus 61

valid. Certain commercial banks, trust companies, savings associations, credit unions and members of U.S. stock exchanges participate in the Medallion Signature Guarantee program. No other form of signature verification will be accepted. A notary public cannot provide a signature guarantee. For more information about when a Medallion Signature Guarantee may be required, please contact the Fund or your Relationship Manager (for Direct Purchasers).

Limitations. Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require the Fund to block an account owner’s ability to make certain transactions and thereby refuse to accept a purchase order or any request for transfers or withdrawals, until instructions are received from the appropriate regulator. The Fund may also be required to provide additional information about you and your account to government regulators.

Customer Complaints. Customer complaints may be directed to TIAA-CREF Funds, 730 Third Avenue, New York, NY 10017-3206, Mail Stop S/B 730/07/01, Attention: Director, Distribution Operation Services.

62 Prospectus ■ TIAA-CREF Bond Index Fund

you should verify the accuracy of your confirmation statements immediately after you receive them. The Fund may suspend or terminate Internet or telephone transaction facilities at any time, for any reason. If you do not want to be able to effect transactions over the telephone, call the Fund for instructions.

Market timing/excessive trading policy—applicable to all investors

TIAA-CREF Bond Index Fund ■ Prospectus 63

of the investment or because of a history of excessive trading by the investor. Because the Fund has discretion in applying this policy, it is possible that similar transaction activity could be handled differently because of the surrounding circumstances.

The Fund seeks to apply its market timing policies and procedures uniformly to all shareholders, and not to make exceptions with respect to these policies and procedures (beyond the exemptions noted above). The Fund makes reasonable efforts to apply these policies and procedures to shareholders who own shares through omnibus accounts. However, an intermediary’s omnibus accounts, by their nature, do not initially identify their individual investors to the Fund, thereby making it more difficult for the Fund to identify market timing by such individual investors. At times, the Fund may agree to defer to an intermediary’s market timing policy if the Fund believes that the intermediary’s policy provides comparable protection of Fund shareholders’ interests. The Fund has the right to modify its market timing policies and procedures at any time without advance notice. These efforts may include requesting transaction data from intermediaries from time to time to verify whether the Fund’s policies are being followed and/or to instruct intermediaries to take action against shareholders who have violated the Fund’s market timing policies.

The Fund is not appropriate for market timing. You should not invest in the Fund if you want to engage in market timing activity.

Electronic prospectuses

If you received this Prospectus electronically and would like a paper copy, please contact the Fund and one will be sent to you.

64 Prospectus ■ TIAA-CREF Bond Index Fund

Glossary

Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.

U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

TIAA-CREF Bond Index Fund ■ Prospectus 65

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66 Prospectus ■ TIAA-CREF Bond Index Fund

Financial highlights

TIAA-CREF Bond Index Fund ■ Prospectus 67

Financial highlights

Bond Index Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	3/31/14				$ 10.93		$ 0.21			$ (0.25	)		$ (0.04	)		$ (0.21	)		$ (0.01	)
	3/31/13				10.77		0.20			0.18			0.38			(0.21	)		(0.01	)
	3/31/12				10.25		0.26			0.52			0.78			(0.26	)		—
	3/31/11		^†		10.50		0.13			(0.24	)		(0.11	)		(0.13	)		(0.01	)
	9/30/10				10.04		0.31			0.46			0.77			(0.31	)		(0.00	)^d
	9/30/09		^‡		10.00		0.01			0.04			0.05			(0.01	)		—

Premier Class
	3/31/14				10.93		0.19			(0.25	)		(0.06	)		(0.19	)		(0.01	)
	3/31/13				10.77		0.19			0.17			0.36			(0.19	)		(0.01	)
	3/31/12				10.25		0.24			0.53			0.77			(0.25	)		—
	3/31/11		^†		10.49		0.12			(0.23	)		(0.11	)		(0.12	)		(0.01	)
	9/30/10				10.04		0.30			0.45			0.75			(0.30	)		(0.00	)^d
	9/30/09		^§		10.04		—			—			—			—			—

Retirement Class
	3/31/14				10.93		0.18			(0.24	)		(0.06	)		(0.18	)		(0.01	)
	3/31/13				10.77		0.18			0.17			0.35			(0.18	)		(0.01	)
	3/31/12				10.26		0.23			0.52			0.75			(0.24	)		—
	3/31/11		^†		10.50		0.11			(0.23	)		(0.12	)		(0.11	)		(0.01	)
	9/30/10				10.04		0.29			0.46			0.75			(0.29	)		(0.00	)^d
	9/30/09		^‡		10.00		0.01			0.04			0.05			(0.01	)		—

Retail Class
	3/31/14				10.93		0.17			(0.24	)		(0.07	)		(0.17	)		(0.01	)
	3/31/13				10.77		0.17			0.17			0.34			(0.17	)		(0.01	)
	3/31/12				10.26		0.22			0.52			0.74			(0.23	)		—
	3/31/11		^†		10.50		0.11			(0.23	)		(0.12	)		(0.11	)		(0.01	)
	9/30/10				10.04		0.28			0.46			0.74			(0.28	)		(0.00	)^d
	9/30/09		^‡		10.00		0.01			0.04			0.05			(0.01	)		—


^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
ⁱ	Does not include in-kind transactions.
^†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.
^‡	The Fund commenced operations on September 14, 2009.
^§	The Premier Class commenced operations on September 30, 2009.

68 Prospectus ■ TIAA-CREF Bond Index Fund

(concluded)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.22	)		$10.67		(0.39	)%		$4,964,509		0.12	%		0.12	%		1.98	%		23	%
	(0.22	)		10.93		3.51			4,174,241		0.14			0.13			1.85			22
	(0.26	)		10.77		7.69			2,908,947		0.15			0.13			2.42			23
	(0.14	)		10.25		(1.11	)^b		1,382,598		0.17	^c		0.13	^c		2.44	^c		87	^bi
	(0.31	)		10.50		7.87			411,709		0.31			0.13			3.08			66	ⁱ
	(0.01	)		10.04		0.48	^b		99,497		3.37	^c		0.12	^c		1.65	^c		279	^b


	(0.20	)		10.67		(0.54	)		31,048		0.27			0.27			1.82			23
	(0.20	)		10.93		3.36			27,364		0.29			0.28			1.70			22
	(0.25	)		10.77		7.53			11,577		0.30			0.28			2.22			23
	(0.13	)		10.25		(1.09	)^b		2,784		0.33	^c		0.28	^c		2.31	^c		87	^bi
	(0.30	)		10.49		7.61			1,451		0.47			0.28			2.94			66	ⁱ
	—			10.04		0.00	^b		1,000		55.37	^c		0.28	^c		0.00	^c		279	^b


	(0.19	)		10.68		(0.55	)		73,881		0.37			0.37			1.72			23
	(0.19	)		10.93		3.25			65,143		0.38			0.38			1.60			22
	(0.24	)		10.77		7.32			40,874		0.40			0.38			2.11			23
	(0.12	)		10.26		(1.14	)^b		3,157		0.43	^c		0.38	^c		2.19	^c		87	^bi
	(0.29	)		10.50		7.61			2,887		0.57			0.38			2.82			66	ⁱ
	(0.01	)		10.04		0.47	^b		1,005		6.81	^c		0.36	^c		1.41	^c		279	^b


	(0.18	)		10.68		(0.65	)		14,058		0.49			0.48			1.61			23
	(0.18	)		10.93		3.15			14,344		0.50			0.48			1.52			22
	(0.23	)		10.77		7.22			12,737		0.49			0.48			2.08			23
	(0.12	)		10.26		(1.19	)^b		6,242		0.54	^c		0.48	^c		2.10	^c		87	^bi
	(0.28	)		10.50		7.51			4,215		0.66			0.48			2.74			66	ⁱ
	(0.01	)		10.04		0.46	^b		1,005		6.81	^c		0.45	^c		1.32	^c		279	^b

TIAA-CREF Bond Index Fund ■ Prospectus 69

[This page intentionally left blank.]

For more information about TIAA-CREF Funds

Requesting documents. You can request a copy of the Fund’s SAI or these reports without charge, or contact the Fund for any other purpose, in any of the following ways:

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Over the Internet:

www.tiaa-cref.org

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Important Information about procedures for opening a new account


1940 Act File No. 811-9301	A11964 (8/14)

PROSPECTUS

AUGUST 1, 2014

TIAA-CREF Bond Plus Fund

of the TIAA-CREF Funds

Class Ticker: Retail TCBPX Retirement TCBRX Premier TBPPX Institutional TIBFX

This Prospectus describes the Retail, Retirement, Premier and Institutional Class shares offered by the TIAA-CREF Bond Plus Fund (the “Fund”). The Fund is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”).

Table of contents

Summary information 3

Investment objective 3

Fees and expenses 3

Shareholder fees 3

Annual Fund operating expenses 3

Example 4

Portfolio turnover 4

Principal investment strategies 4

Principal investment risks 6

Past performance 7

Portfolio management 9

Purchase and sale of Fund shares 9

Tax information 10

Payments to broker-dealers and other financial intermediary compensation 10

Additional information about investment strategies and risks 11

Additional information about the Fund 11

Additional information on principal investment risks of the Fund 11

Additional information about the Fund’s benchmark index 15

Additional information on principal and non-principal investment strategies 16

Portfolio holdings 17

Portfolio turnover 17

Share classes 17

Management of the Fund 17

The Fund’s investment adviser 17

Investment management fees 18

Portfolio management team 19

Other services 19

Distribution and services arrangements 20

Other arrangements 21

Calculating share price 21

Dividends and distributions 23

Taxes 24

Your account: purchasing, redeeming or exchanging shares 26

Retail Class 26

Eligibility—Retail Class 26

Purchasing shares—Retail Class 27

Redeeming shares—Retail Class 31

Exchanging shares— Retail Class 33

Retirement Class 35

Eligibility—Retirement Class 35

Purchasing shares— Retirement Class 35

Redeeming shares— Retirement Class 39

Exchanging shares— Retirement Class 41

Premier Class 43

Eligibility—Premier Class 43

Purchasing shares—Premier Class 45

Redeeming shares—Premier Class 48

Exchanging shares—Premier Class 50

Institutional Class 52

Eligibility—Institutional Class 52

Purchasing shares— Institutional Class 54

Redeeming shares— Institutional Class 57

Exchanging shares— Institutional Class 59

Conversion of shares–applicable to all investors 60

Important transaction information 61

Market timing/excessive trading policy–applicable to all investors 64

Electronic prospectuses 66

Glossary 66

Financial highlights 67

Summary information

TIAA-CREF Bond Plus Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a favorable long-term total return, primarily through high current income.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	Retail Class	Retirement Class	Premier Class	Institutional Class
Maximum Sales Charge Imposed on Purchases (percentage of offering price)	0%	0%	0%	0%
Maximum Deferred Sales Charge	0%	0%	0%	0%
Maximum Sales Charge Imposed on Reinvested Dividends and Other Distributions	0%	0%	0%	0%
Redemption or Exchange Fee	0%	0%	0%	0%
Account Maintenance Fee (annual fee on accounts under $2,000)	$15.00	0%	0%	0%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


		Retail Class	Retirement Class	Premier Class	Institutional Class
Management Fees		0.30%	0.30%	0.30%	0.30%
Distribution (Rule 12b-1) Fees		0.25%	—	0.15%	—
Other Expenses		0.12%	0.28%	0.03%	0.03%
Total Annual Fund Operating Expenses		0.67%	0.58%	0.48%	0.33%
Waivers and Expense Reimbursements¹		—	—	—	—
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.67%	0.58%	0.48%	0.33%

1	Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired

TIAA-CREF Bond Plus Fund ■ Prospectus 3


	Fund Fees and Expenses and extraordinary expenses) that exceed: (i) 0.70% of average daily net assets for Retail Class shares; (ii) 0.60% of average daily net assets for Retirement Class shares; (iii) 0.50% of average daily net assets for Premier Class shares; and (iv) 0.35% of average daily net assets for Institutional Class shares of the Fund. These expense reimbursement arrangements will continue through at least July 31, 2015, unless changed with approval of the Board of Trustees.

Example


	Retail Class		Retirement Class		Premier Class		Institutional Class
1 Year	$	68	$	59	$	49	$	34
3 Years	$	214	$	186	$	154	$	106
5 Years	$	373	$	324	$	269	$	185
10 Years	$	835	$	726	$	604	$	418

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in bonds. For these purposes, bonds include fixed-income securities of all types. The Fund’s portfolio is divided into two segments. The first segment, which makes up at least 70% of the Fund’s assets, is invested primarily in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, corporate bonds, U.S. Treasury and agency securities and mortgage-backed and asset-backed securities. The securities within the Fund’s first segment are mainly high-quality instruments rated in the top four credit categories by Moody’s or S&P, or deemed to be of the same quality by Teachers Advisors, Inc. (“Advisors”) using its own credit analysis. The second segment, which will not exceed 30% of the Fund’s assets, is invested in fixed-income

4 Prospectus ■ TIAA-CREF Bond Plus Fund

securities and bonds with special features in an effort to improve the Fund’s total return. Potential investments in this segment include, but are not limited to, non-investment-grade securities (those rated Ba1 or lower by Moody’s or BB+ or lower by S&P), emerging market fixed-income securities and convertible and preferred securities. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

The Fund may invest in fixed-income securities of any duration. As of May 1, 2014, the duration of the Fund’s benchmark index, the Barclays U.S. Aggregate Bond Index, was 5.63 years.

The Fund may also engage in relative value trading, a strategy in which the Fund reallocates assets across different sectors and maturities. Relative value trading is designed to enhance the Fund’s returns but increases the Fund’s portfolio turnover rate. The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative securities and financial instruments to carry out the Fund’s investment strategies.

The Fund can also invest in foreign securities, including emerging market fixed-income securities and non-dollar-denominated instruments, but Advisors does not expect them to exceed 20% of the Fund’s assets. No more than 15% of the Fund’s assets can be invested in illiquid securities.

TIAA-CREF Bond Plus Fund ■ Prospectus 5

Principal investment risks

· Income Volatility Risk—The risk that the level of current income from a portfolio of fixed-income investments declines in certain interest rate environments.

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of bonds may not be able or willing to meet interest or principal payments when the bonds become due.

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

6 Prospectus ■ TIAA-CREF Bond Plus Fund

· Mortgage Roll Risk—The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the Fund’s performance.

· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

· Derivatives Risk—The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. The Fund may use futures, options, single name or index credit default swaps, or forwards, and the Fund may also use more complex derivatives such as swaps that might present liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class will vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional Class, Retirement Class, Premier Class and Retail Class over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31,

TIAA-CREF Bond Plus Fund ■ Prospectus 7

2013, and how those returns compare to those of the Fund’s benchmark index. After-tax performance is shown only for Institutional Class shares, and after-tax returns for the other Classes of shares will vary from the after-tax returns presented for Institutional Class shares.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2014, was 4.50%.

Best quarter: 5.36%, for the quarter ended September 30, 2009. Worst quarter: -2.59%, for the quarter ended June 30, 2013.

8 Prospectus ■ TIAA-CREF Bond Plus Fund

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2013


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		3/31/2006
	Return Before Taxes		–0.68	%	6.61	%	5.17	%
	Return After Taxes on Distributions		–1.93	%	5.05	%	3.52	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–0.32	%	4.58	%	3.39	%
Retail Class		3/31/2006
	Return Before Taxes		–1.01	%	6.33	%	4.96	%
Retirement Class		3/31/2006
	Return Before Taxes		–0.93	%	6.34	%	4.92	%
Premier Class		9/30/2009
	Return Before Taxes		–0.93	%	6.45	%*	5.07	%*
Barclays U.S. Aggregate Bond Index
(reflects no deductions for fees, expenses or taxes)			–2.02	%	4.44	%	5.09	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	William Martin	John M. Cerra	Kevin R. Lorenz, CFA
Title:	Managing Director	Managing Director	Managing Director
Experience on Fund:	since 2011	since 2003	since 2006

Purchase and sale of Fund shares

TIAA-CREF Bond Plus Fund ■ Prospectus 9

accounts. Institutional Class shares are available for purchase directly from the Fund by certain eligible investors or through financial intermediaries.

· There is no minimum initial or subsequent investment for Retirement Class shares. Retirement Class shares are primarily offered through employer-sponsored employee benefit plans.

Tax information

Payments to broker-dealers and other financial intermediary compensation

10 Prospectus ■ TIAA-CREF Bond Plus Fund

Additional information about investment strategies and risks

Additional information about the Fund

The Fund is not appropriate for market timing. You should not invest in the Fund if you are a market timer.

There can be no assurances that the Fund will achieve its investment objective and investors should not consider an investment in this Fund to be a complete investment program.

Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.

Additional information on principal investment risks of the Fund

The value of the Fund may increase or decrease as a result of its investments in fixed-income securities. More specifically, the Fund typically is subject to the following principal investment risks:

· Interest Rate Risk (a type of Market Risk)—The risk that the value or yield of fixed-income investments may decline if interest rates change. In general,

TIAA-CREF Bond Plus Fund ■ Prospectus 11

· Income Volatility Risk—Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of

12 Prospectus ■ TIAA-CREF Bond Plus Fund

TIAA-CREF Bond Plus Fund ■ Prospectus 13

external debt obligations bear interest at rates which are adjusted based upon international interest rates.

· Non-Investment-Grade Securities Risk—Issuers of non-investment-grade securities, which are usually called “high-yield” or “junk bonds,” are typically

14 Prospectus ■ TIAA-CREF Bond Plus Fund

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

· Derivatives Risk—The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. Derivatives such as swaps are subject to risks such as liquidity risk, interest rate risk, market risk, and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments, and their prices, may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Some of these risks exist for futures and options which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of the Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivative investments can create leverage by magnifying investment losses or gains, and the Fund could lose more than the amount invested.

Additional information about the Fund’s benchmark index

The benchmark index described below is unmanaged, and you cannot invest directly in the index.

Barclays U.S. Aggregate Bond Index

TIAA-CREF Bond Plus Fund ■ Prospectus 15

Additional information on principal and non-principal investment strategies

Please see the Fund’s SAI for more information on these and other investments the Fund may utilize.

16 Prospectus ■ TIAA-CREF Bond Plus Fund

Portfolio holdings

A description of the Fund’s policies and procedures with respect to the disclosure of its portfolio holdings is available in the Fund’s SAI.

Portfolio turnover

Share classes

Management of the Fund

The Fund’s investment adviser

TIAA-CREF Bond Plus Fund ■ Prospectus 17

The annual investment management fees charged under the Management Agreement with respect to the Fund are as follows:

INVESTMENT MANAGEMENT FEES


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Bond Plus Fund*	$0.0—$1.0	0.30%
	Over $1.0—$2.5	0.29%
	Over $2.5—$4.0	0.28%
	Over $4.0	0.27%



*	For the fiscal year ended March 31, 2014, the effective annual fee rate was 0.30% for the Fund.

18 Prospectus ■ TIAA-CREF Bond Plus Fund

Fund’s shareholder report, please call 800 842-2252, visit the Fund’s website at www.tiaa-cref.org or visit the SEC’s website at www.sec.gov.

Portfolio management team


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
Bond Plus Fund
William Martin Managing Director	Lead Portfolio Manager and Asset Allocation	Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (fixed-income portfolio management)	1987	1987	2011
John M. Cerra Managing Director	Portfolio Manager - Government Sector	Advisors, TCIM and other advisory affiliates of TIAA—1985 to Present (fixed-income portfolio management)	1985	1985	2003
Kevin R. Lorenz, CFA Managing Director	Portfolio Manager - High-Yield Sector	Advisors, TCIM and other advisory affiliates of TIAA—1987 to Present (high-yield portfolio management)	1987	1987	2006

Other services

TIAA-CREF Bond Plus Fund ■ Prospectus 19

shareholder services for the Retirement Class shares, including services associated with maintenance of Retirement Class shares on retirement plan or other platforms. Under the Retirement Class Service Agreement, the Retirement Class of the Fund pays monthly a fee to Advisors at an annual rate of up to 0.25% of average daily net assets, which is reflected as part of “Other Expenses” in the “Fees and expenses” section of this Prospectus. Advisors may rely on affiliated or unaffiliated persons to fulfill its obligations under the Retirement Class Service Agreement.

Distribution and services arrangements

All Classes

Retail Class

More information about the Fund’s distribution and services arrangements for Retail Class shares appears in the Fund’s SAI.

20 Prospectus ■ TIAA-CREF Bond Plus Fund

Retirement Class

More information about the Fund’s distribution and services arrangements for Retirement Class shares appears in the Fund’s SAI.

Premier Class

More information about the Fund’s distribution and services arrangements for Premier Class shares appears in the Fund’s SAI.

Institutional Class

More information about the Fund’s distribution and services arrangements for Institutional Class shares appears in the Fund’s SAI.

Other arrangements

Calculating share price

If the Fund invests in foreign securities that are primarily listed on foreign exchanges that trade on days when the Fund does not price its shares, the value

TIAA-CREF Bond Plus Fund ■ Prospectus 21

22 Prospectus ■ TIAA-CREF Bond Plus Fund

Dividends and distributions

3. Income-Earned Option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.

4. Capital Gains Option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.

TIAA-CREF Bond Plus Fund ■ Prospectus 23

5. Cash Option. A check will be sent for your dividend and each capital gain distribution.

Taxes

As with any investment, you should consider how your investment in the Fund will be taxed.

Taxes on transactions. Unless a transaction involves Fund shares held in a tax-deferred account, redemptions (sales), including exchanges to other funds,

24 Prospectus ■ TIAA-CREF Bond Plus Fund

TIAA-CREF Bond Plus Fund ■ Prospectus 25

taxable income than was actually distributed by the Fund, but will also show the amount of the available offsetting credit or deduction.

Your account: purchasing, redeeming
or exchanging shares

Retail Class

Eligibility—Retail Class

Types of accounts

Retail Class shares are available for purchase in the following types of accounts:

26 Prospectus ■ TIAA-CREF Bond Plus Fund

· Individual accounts (for one person) or Joint accounts (more than one person) including Transfer on Death (TOD) accounts (see below for more details).

· Financial advisor accounts.

· Trust accounts (other than foreign trust accounts).

· Accounts for a minor child under the Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA).

· Traditional IRAs and Roth IRAs. These accounts let you shelter investment income from federal income tax while saving for retirement.

· Corporate and Institutional accounts.

· Omnibus accounts held by financial intermediaries, platforms, programs, plans and other similar entities (collectively, “financial intermediaries”) on behalf of other investors.

· Registered and unregistered investment company accounts.

· Other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

For more information about opening an IRA or corporate or institutional account, please call the Fund at 800 223-1200, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time.

Purchasing shares—Retail Class

How to open an account and make subsequent investments

TIAA-CREF Bond Plus Fund ■ Prospectus 27

To Open An Account By Mail: Send your check, made payable to TIAA-CREF Funds—Retail Class, and application to:

First Class Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

Overnight Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

To Open An Account By Wire: Send a completed and signed application by mail, then call the Fund to confirm that your account has been established. Instruct your bank to wire money to:

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99052771

Specify on the wire:

· The TIAA-CREF Funds—Retail Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

28 Prospectus ■ TIAA-CREF Bond Plus Fund

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

You can purchase additional shares in any of the following ways:

TIAA-CREF Bond Plus Fund ■ Prospectus 29

Note that if you hold Fund shares through a financial intermediary, you must contact the intermediary to purchase additional shares.

Points to remember for all purchases

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges including limitations under the Fund’s Market Timing/Excessive Trading Policy (See below.)

· The Fund is not responsible for any losses due to unauthorized or fraudulent instructions so long as the Fund follows reasonable security procedures to

30 Prospectus ■ TIAA-CREF Bond Plus Fund

verify your identity. It is your responsibility to review and verify the accuracy of your confirmation statements immediately after you receive them.

In-kind purchases of shares

Redeeming shares—Retail Class

TIAA-CREF Bond Plus Fund ■ Prospectus 31

You can redeem shares in any of the following ways:

By Telephone: Call 800 223-1200 to redeem shares in amounts up to $100,000.

32 Prospectus ■ TIAA-CREF Bond Plus Fund

Points to remember when redeeming:

· The Fund cannot accept redemption requests specifying a certain price or date; these requests will be deemed to be not in “good order” (see below) and will be returned.

In-kind redemptions of shares

Exchanging shares—Retail Class

TIAA-CREF Bond Plus Fund ■ Prospectus 33

by account type above (i.e., $2,000 per fund account for Traditional IRA, Roth IRA or Coverdell accounts and $2,500 per fund account for all other accounts, including custodial (UGMA/UTMA) accounts).

Exchanges between accounts can be made only if the accounts are registered identically in the same name(s), address and Social Security number or taxpayer identification number.

You can make exchanges in any of the following ways:

By Telephone: Call 800 223-1200.

Over the Internet: You can exchange shares using TIAA-CREF’s Web Center, which can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

Points to remember when exchanging:

34 Prospectus ■ TIAA-CREF Bond Plus Fund

so that it more closely matches your overall investment objectives and risk tolerance level.

· An exchange is considered a sale of securities, and therefore is taxable.

Retirement Class

Eligibility—Retirement Class

Retirement Class shares are (or may be made) available by or through:

· certain custody accounts sponsored or administered by TIAA-CREF that are established by individuals as IRAs pursuant to section 408 of the Code.

· certain intermediaries who have entered into a contract or arrangement with the Fund, or its investment adviser or distributor that enables them to purchase shares on behalf of their clients.

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

Definition of Eligible Investor for Retirement Class

Purchasing shares—Retirement Class

Purchasing shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

TIAA-CREF Bond Plus Fund ■ Prospectus 35

that you are eligible to enroll. In many cases, you will be able to use TIAA-CREF Web Center’s online enrollment feature at www.tiaa-cref.org.

Allocating retirement contributions to the Fund—for participants purchasing shares through a plan or account administered by TIAA-CREF

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Opening an IRA or Keogh account

Any plan participant or person eligible to participate in a plan may open an IRA or Keogh custody account and purchase Retirement Class shares for their

36 Prospectus ■ TIAA-CREF Bond Plus Fund

Purchasing shares—for Eligible Investors and their clients:

To open an account or purchase shares by wire:

Eligible Investors should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Retirement Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

TIAA-CREF Bond Plus Fund ■ Prospectus 37

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

Points to remember for all purchases by Eligible Investors:

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

38 Prospectus ■ TIAA-CREF Bond Plus Fund

In-kind purchases of shares by Eligible Investors

Redeeming shares—Retirement Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

To request a redemption, you can do one of the following:

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

TIAA-CREF Bond Plus Fund ■ Prospectus 39

The Fund reserves the right to require a signature guarantee on any redemption.

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Retirement Class shares at any time.

40 Prospectus ■ TIAA-CREF Bond Plus Fund

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an Eligible Investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The Eligible Investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Retirement Class

Exchanging shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

· a sale of Retirement Class shares held in your participant or IRA account and the use of the proceeds to purchase Retirement Class shares of another fund for your account;

TIAA-CREF Bond Plus Fund ■ Prospectus 41

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be at least $100) or your entire balance, if less.

Exchanging shares—for Eligible Investors and their clients:

42 Prospectus ■ TIAA-CREF Bond Plus Fund

a convenient way to adjust the balance of your account so that it more closely matches your overall investment objectives and risk tolerance level.

Premier Class

Eligibility—Premier Class

Premier Class shares are available for purchase by or through:

· certain intermediaries or entities affiliated with TIAA-CREF including

· registered investment companies,

· state-sponsored tuition savings plans or healthcare savings accounts (“HSAs”),

· insurance company separate accounts advised by or affiliated with Advisors, or

· other affiliates of TIAA-CREF;

· other non-affiliated persons, entities or intermediaries including

· investment companies,

· state-sponsored tuition savings plans or prepaid plans or insurance company separate accounts,

· employer-sponsored employee benefit plans which have entered into a contract or arrangement that enables them to purchase shares of the Fund, or

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

The Fund reserves the right to determine in its sole discretion whether any person, intermediary, or entity is eligible to purchase Premier Class shares.

Definition of Eligible Investor for Premier Class

Account minimums (not applicable at the participant level)

With respect to the categories of investors listed below, the aggregate plan sizes related to these investors must be at least $100 million:

· Accounts established by employers or the trustees of plans sponsored by employers in connection with certain employee benefit plans, such as

TIAA-CREF Bond Plus Fund ■ Prospectus 43

· Other affiliates of Advisors or other persons or entities that the Fund may approve from time to time.

· Certain financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent, including:

· Financial intermediaries affiliated with Advisors;

· Trust companies that are not sponsored by an affiliate of Advisors;

· Registered investment companies, including funds of funds that are not advised or administered by Advisors or its affiliates;

· State-sponsored tuition savings plans and HSAs that are not sponsored by an affiliate of Advisors;

· Insurance company separate accounts that are sponsored or administered by insurance companies that are not affiliated with Advisors;

· Other persons or entities that the Fund may approve from time to time.

Investors may be subject to additional expenses or eligibility requirements imposed by the financial intermediary, plan, platform, program or other entity through which they hold their shares.

44 Prospectus ■ TIAA-CREF Bond Plus Fund

The Fund reserves the right to waive or modify eligibility requirements for the Premier Class at any time for any investor or financial intermediary.

Purchasing shares—Premier Class

Purchasing shares—for participants purchasing shares through a plan or account sponsored or administered by TIAA-CREF:

TIAA-CREF Bond Plus Fund ■ Prospectus 45

Allocating retirement contributions to the Fund—for participants purchasing through a plan or account sponsored or administered by TIAA-CREF:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Purchasing shares—for Eligible Investors and their clients:

46 Prospectus ■ TIAA-CREF Bond Plus Fund

Opening an account or purchasing shares by wire—Eligible Investors:

Eligible Investors should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Premier Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

Points to remember for all purchases by Eligible Investors:

TIAA-CREF Bond Plus Fund ■ Prospectus 47

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

In-kind purchases of shares by Eligible Investors

Redeeming shares—Premier Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

To request a redemption, you can do one of the following:

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

48 Prospectus ■ TIAA-CREF Bond Plus Fund

The Fund reserves the right to require a signature guarantee on any redemption.

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Premier Class shares at any time.

Usually, the Fund sends redemption proceeds to the Eligible Investor on the next business day after the Fund receives a redemption request in “good order”

TIAA-CREF Bond Plus Fund ■ Prospectus 49

If you request a redemption, the Fund will send the proceeds by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a Medallion Signature Guarantee is required if the redemption is sent to a bank account not on file, address other than the address of record, or to an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Exchanging shares—Premier Class

Exchanging shares—for participants holding shares through a plan or account administered by TIAA-CREF:

50 Prospectus ■ TIAA-CREF Bond Plus Fund

· a sale of Premier Class shares held in your participant account and the use of the proceeds to purchase Premier Class shares of other funds or series of the Trust for your account;

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (available 24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be for at least $100) or your entire balance, if less.

Exchanging shares—for Eligible Investors and their clients:

If you hold shares through an intermediary, plan sponsor or other Eligible Investor, contact the Eligible Investor for applicable exchange requirements.

Exchanges between accounts can be made only if the accounts are registered in the same name(s), address and Social Security number or taxpayer

TIAA-CREF Bond Plus Fund ■ Prospectus 51

identification number. An exchange is considered a sale of securities and therefore may be a taxable event.

Institutional Class

Eligibility—Institutional Class

Institutional Class shares are available for purchase by or through:

· certain intermediaries affiliated with TIAA-CREF, or

· other non-affiliated persons or intermediaries who have entered into a contract or arrangement that enables them to purchase shares of the Fund, or other affiliates of TIAA-CREF, such as

· state-sponsored tuition savings plans or prepaid plans,

· insurance company separate accounts,

· employer-sponsored employee benefit plans,

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

Definition of Eligible Investor and Direct Purchaser

Under certain circumstances, Institutional Class shares of the Fund may be offered directly to certain eligible individuals or institutions (each, a “Direct Purchaser”).

52 Prospectus ■ TIAA-CREF Bond Plus Fund

Account minimums—certain Eligible Investors

No minimum initial investment is required to purchase Institutional Class shares of the Fund by or through the following categories of Eligible Investors:

· Certain financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent, including:

· Financial intermediaries affiliated with Advisors;

· Trust companies, including both those affiliated with Advisors, such as TIAA-CREF Trust Company, FSB (the “Trust Company”) and other trust companies that are not affiliated with Advisors;

· Registered investment companies advised by or affiliated with Advisors, including funds of funds;

· State-sponsored tuition savings plans and healthcare savings accounts (“HSAs”) sponsored by Advisors or its affiliates;

· Insurance company separate accounts sponsored or administered by an insurance company that is affiliated with Advisors;

· Other affiliates of Advisors or other persons or entities that the Fund may approve from time to time.

Account minimums—other investors

With respect to the categories of investors listed below, a $2 million minimum initial investment amount for purchases of Institutional Class shares of the Fund is applicable:

TIAA-CREF Bond Plus Fund ■ Prospectus 53

· Registered investment companies, including funds of funds that are not advised or administered by Advisors or its affiliates;

· State-sponsored tuition savings plans and HSAs that are not sponsored by an affiliate of Advisors;

· Insurance company separate accounts that are sponsored or administered by insurance companies that are not affiliated with Advisors;

· Other persons, accounts, entities and categories of shareholders as determined by the Fund from time to time.

The Fund reserves the right to waive or modify eligibility requirements for the Institutional Class at any time for any investor or financial intermediary.

Purchasing shares—Institutional Class

54 Prospectus ■ TIAA-CREF Bond Plus Fund

accept accounts with a U.S. address of record. The Fund will not accept a P.O. Box as the address of record.

To open an account or purchase shares by wire (Direct Purchasers and Eligible Investors):

Eligible Investors or Direct Purchasers should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Institutional Class;

TIAA-CREF Bond Plus Fund ■ Prospectus 55

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

To open an account or purchase shares by mail (Direct Purchasers only):

Send your check, made payable to TIAA-CREF Funds, and application to:

First Class Mail: The TIAA-CREF Funds—Institutional Class

c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

Overnight Mail: The TIAA-CREF Funds—Institutional Class

c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

To purchase additional shares by mail, send a check to either of the addresses listed above with the registration of the account, Fund account number, and the amount to be invested in the Fund.

Points to remember for all purchases—all investors:

· If your purchase check does not clear or payment on it is stopped, or if the Fund does not receive good funds through wire transfer or electronic funds transfer, the Fund will treat this as a redemption of the shares purchased. You will be responsible for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses.

56 Prospectus ■ TIAA-CREF Bond Plus Fund

In-kind purchases of shares

Redeeming shares—Institutional Class

Eligible Investors and Direct Purchasers can redeem (sell) their Institutional Class shares on any business day.

Redeeming shares—for shares held through an Eligible Investor

If your shares are held through an Eligible Investor, contact the Eligible Investor for applicable redemption requirements. Shares held through an Eligible

TIAA-CREF Bond Plus Fund ■ Prospectus 57

Investor must be redeemed by the Eligible Investor. For further information, contact your intermediary or plan sponsor.

Redeeming shares—for shares held by Direct Purchasers

Direct Purchasers wishing to make redemption orders by telephone should call their Relationship Manager.

Points to remember—for all redemptions

Redemption proceeds—all investors

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio

58 Prospectus ■ TIAA-CREF Bond Plus Fund

Exchanging shares—Institutional Class

Exchanging shares—Eligible Investors

Exchanging shares—Direct Purchasers

Exchange requirements—all investors

Once made, an exchange request cannot be modified or canceled.

TIAA-CREF Bond Plus Fund ■ Prospectus 59

Conversion of shares—applicable to all investors

Voluntary conversions

60 Prospectus ■ TIAA-CREF Bond Plus Fund

Mandatory conversions

Important transaction information

TIAA-CREF Bond Plus Fund ■ Prospectus 61

Minimum Account Size.

62 Prospectus ■ TIAA-CREF Bond Plus Fund

increase, terminate or revise the terms of the annual Small Account Maintenance Fee at any time without advance notice to shareholders.

Changing Your Address.

· Premier and Retirement Class. To change the address on an Eligible Investor account, please send the Fund a written notification.

· Institutional Class. To change the address on an account, please contact your Relationship Manager (for Direct Purchasers) or send the Fund a written notification.

Limitations. Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require the Fund to block an account

TIAA-CREF Bond Plus Fund ■ Prospectus 63

Customer Complaints. Customer complaints may be directed to TIAA-CREF Funds, 730 Third Avenue, New York, NY 10017-3206, Mail Stop S/B 730/07/01, Attention: Director, Distribution Operation Services.

Market timing/excessive trading policy—applicable to all investors

64 Prospectus ■ TIAA-CREF Bond Plus Fund

pricing inefficiencies. Consequently, the Fund is not appropriate for such market timing and you should not invest in the Fund if you want to engage in market timing activity.

TIAA-CREF Bond Plus Fund ■ Prospectus 65

The Fund is not appropriate for market timing. You should not invest in the Fund if you want to engage in market timing activity.

Electronic prospectuses

If you received this Prospectus electronically and would like a paper copy, please contact the Fund and one will be sent to you.

Glossary

Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.

66 Prospectus ■ TIAA-CREF Bond Plus Fund

securities (i.e., zero coupon bonds); and other non-equity securities that pay dividends.

U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

Financial highlights

TIAA-CREF Bond Plus Fund ■ Prospectus 67

Financial highlights

Bond Plus Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	3/31/14				$ 10.78		$ 0.28			$ (0.16	)		$ 0.12			$ (0.28	)		$ (0.04	)
	3/31/13				10.56		0.33			0.37			0.70			(0.33	)		(0.15	)
	3/31/12				10.16		0.38			0.41			0.79			(0.38	)		(0.01	)
	3/31/11		^†		10.36		0.20			(0.20	)		0.00	^d		(0.20	)		—
	9/30/10				9.78		0.47			0.58			1.05			(0.47	)		—
	9/30/09				9.38		0.47			0.40			0.87			(0.47	)		—

Premier Class
	3/31/14				10.78		0.27			(0.16	)		0.11			(0.27	)		(0.04	)
	3/31/13				10.56		0.31			0.37			0.68			(0.31	)		(0.15	)
	3/31/12				10.16		0.36			0.41			0.77			(0.36	)		(0.01	)
	3/31/11		^†		10.36		0.19			(0.20	)		(0.01	)		(0.19	)		—
	9/30/10				9.78		0.40			0.63			1.03			(0.45	)		—
	9/30/09		^§		9.78		0.00	^d		—			0.00	^d		—			—

Retirement Class
	3/31/14				10.80		0.26			(0.17	)		0.09			(0.26	)		(0.04	)
	3/31/13				10.57		0.30			0.38			0.68			(0.30	)		(0.15	)
	3/31/12				10.17		0.35			0.41			0.76			(0.35	)		(0.01	)
	3/31/11		^†		10.37		0.18			(0.20	)		(0.02	)		(0.18	)		—
	9/30/10				9.79		0.43			0.59			1.02			(0.44	)		—
	9/30/09				9.39		0.45			0.40			0.85			(0.45	)		—

Retail Class
	3/31/14				10.80		0.25			(0.16	)		0.09			(0.25	)		(0.04	)
	3/31/13				10.58		0.29			0.37			0.66			(0.29	)		(0.15	)
	3/31/12				10.18		0.35			0.41			0.76			(0.35	)		(0.01	)
	3/31/11		^†		10.38		0.18			(0.20	)		(0.02	)		(0.18	)		—
	9/30/10				9.80		0.45			0.58			1.03			(0.45	)		—
	9/30/09				9.40		0.46			0.40			0.86			(0.46	)		—


^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
^f	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending March 31, 2014, March 31, 2013, March 31, 2012, March 31, 2011, September 30, 2010 and September 30, 2009 were 97%, 108%, 105%, 63%, 90% and 108%, respectively.
^†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.
^§	The Premier Class commenced operations on September 30, 2009.

68 Prospectus ■ TIAA-CREF Bond Plus Fund

(concluded)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.32	)		$10.58		1.20	%		$1,807,530		0.33	%		0.33	%		2.70	%		290	%^f
	(0.48	)		10.78		6.69			846,872		0.34			0.34			3.05			268	^f
	(0.39	)		10.56		7.91			718,619		0.35			0.35			3.62			221	^f
	(0.20	)		10.16		(0.03	)^b		496,173		0.37	^c		0.35	^c		3.90	^c		99	^bf
	(0.47	)		10.36		10.98			238,020		0.37			0.35			4.68			158	^f
	(0.47	)		9.78		9.67			206,893		0.40			0.35			5.07			143	^f


	(0.31	)		10.58		0.95			12,140		0.48			0.48			2.51			290	^f
	(0.46	)		10.78		6.53			16,773		0.49			0.49			2.89			268	^f
	(0.37	)		10.56		7.75			12,334		0.50			0.50			3.45			221	^f
	(0.19	)		10.16		(0.11	)^b		11,028		0.52	^c		0.50	^c		3.69	^c		99	^bf
	(0.45	)		10.36		10.82			10,857		0.52			0.50			3.89			158	^f
	—			9.78		0.00	^b		250		220.91	^c		0.50	^c		0.00	^c		143	^f


	(0.30	)		10.59		0.86			194,476		0.58			0.58			2.44			290	^f
	(0.45	)		10.80		6.52			151,447		0.59			0.59			2.79			268	^f
	(0.36	)		10.57		7.64			95,480		0.60			0.60			3.36			221	^f
	(0.18	)		10.17		(0.16	)^b		72,668		0.62	^c		0.60	^c		3.58	^c		99	^bf
	(0.44	)		10.37		10.70			92,179		0.62			0.60			4.34			158	^f
	(0.45	)		9.79		9.39			58,533		0.65			0.60			4.80			143	^f


	(0.29	)		10.60		0.86			262,239		0.67			0.67			2.34			290	^f
	(0.44	)		10.80		6.32			288,131		0.68			0.68			2.71			268	^f
	(0.36	)		10.58		7.59			275,663		0.64			0.64			3.33			221	^f
	(0.18	)		10.18		(0.14	)^b		265,818		0.59	^c		0.58	^c		3.62	^c		99	^bf
	(0.45	)		10.38		10.78			277,069		0.54			0.52			4.50			158	^f
	(0.46	)		9.80		9.50			247,928		0.74			0.49			4.93			143	^f

TIAA-CREF Bond Plus Fund ■ Prospectus 69

[This page intentionally left blank.]

For more information about TIAA-CREF Funds

Requesting documents. You can request a copy of the Fund’s SAI or these reports without charge, or contact the Fund for any other purpose, in any of the following ways:

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Over the Internet:

www.tiaa-cref.org

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Important Information about procedures for opening a new account


1940 Act File No. 811-9301	A11959 (8/14)

PROSPECTUS

AUGUST 1, 2014

TIAA-CREF High-Yield Fund

of the TIAA-CREF Funds

Class Ticker: Retail TIYRX Retirement TIHRX Premier TIHPX Institutional TIHYX

This Prospectus describes the Retail, Retirement, Premier and Institutional Class shares offered by the TIAA-CREF High-Yield Fund (the “Fund”). The Fund is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”).

Table of contents

Summary information 3

Investment objective 3

Fees and expenses 3

Shareholder fees 3

Annual Fund operating expenses 3

Example 4

Portfolio turnover 4

Principal investment strategies 4

Principal investment risks 5

Past performance 7

Portfolio management 9

Purchase and sale of Fund shares 9

Tax information 10

Payments to broker-dealers and other financial intermediary compensation 10

Additional information about investment strategies and risks 11

Additional information about the Fund 11

Additional information on principal investment risks of the Fund 11

Additional information about the Fund’s benchmark index 15

Additional information on principal and non-principal investment strategies 15

Portfolio holdings 16

Portfolio turnover 16

Share classes 17

Management of the Fund 17

The Fund’s investment adviser 17

Investment management fees 18

Portfolio management team 18

Other services 19

Distribution and services arrangements 19

Other arrangements 21

Calculating share price 21

Dividends and distributions 22

Taxes 23

Your account: purchasing, redeeming or exchanging shares 26

Retail Class 26

Eligibility—Retail Class 26

Purchasing shares—Retail Class 27

Redeeming shares—Retail Class 30

Exchanging shares— Retail Class 33

Retirement Class 34

Eligibility—Retirement Class 34

Purchasing shares— Retirement Class 35

Redeeming shares— Retirement Class 38

Exchanging shares— Retirement Class 41

Premier Class 42

Eligibility—Premier Class 42

Purchasing shares—Premier Class 44

Redeeming shares—Premier Class 48

Exchanging shares—Premier Class 50

Institutional Class 52

Eligibility—Institutional Class 52

Purchasing shares— Institutional Class 54

Redeeming shares— Institutional Class 57

Exchanging shares— Institutional Class 59

Conversion of shares–applicable to all investors 60

Important transaction information 61

Market timing/excessive trading policy–applicable to all investors 64

Redemption or exchange fee 66

Electronic prospectuses 67

Additional information about index providers 68

Glossary 68

Financial highlights 69

Summary information

TIAA-CREF High-Yield Fund

of the TIAA-CREF Funds

Investment objective

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

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	Retail Class	Retirement Class	Premier Class	Institutional Class
Maximum Sales Charge Imposed on Purchases (percentage of offering price)	0%	0%	0%	0%
Maximum Deferred Sales Charge	0%	0%	0%	0%
Maximum Sales Charge Imposed on Reinvested Dividends and Other Distributions	0%	0%	0%	0%
Redemption or Exchange Fee (on shares held less than 60 days)	2.00%	2.00%	2.00%	2.00%
Account Maintenance Fee (annual fee on accounts under $2,000)	$15.00	0%	0%	0%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


		Retail Class	Retirement Class	Premier Class	Institutional Class
Management Fees		0.34%	0.34%	0.34%	0.34%
Distribution (Rule 12b-1) Fees		0.25%	—	0.15%	—
Other Expenses		0.06%	0.28%	0.03%	0.03%
Total Annual Fund Operating Expenses		0.65%	0.62%	0.52%	0.37%
Waivers and Expense Reimbursements¹		—	—	—	—
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.65%	0.62%	0.52%	0.37%

1	Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual Fund Operating

TIAA-CREF High-Yield Fund ■ Prospectus 3


	Expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed: (i) 0.75% of average daily net assets for Retail Class shares; (ii) 0.65% of average daily net assets for Retirement Class shares; (iii) 0.55% of average daily net assets for Premier Class shares; and (iv) 0.40% of average daily net assets for Institutional Class shares of the Fund. These expense reimbursement arrangements will continue through at least July 31, 2015, unless changed with approval of the Board of Trustees.

Example


	Retail Class		Retirement Class		Premier Class		Institutional Class
1 Year	$	66	$	63	$	53	$	38
3 Years	$	208	$	199	$	167	$	119
5 Years	$	362	$	346	$	291	$	208
10 Years	$	810	$	774	$	653	$	468

Portfolio turnover

Principal investment strategies

The Fund invests primarily in lower-rated, higher-yielding fixed-income securities, such as domestic and foreign corporate bonds, debentures, loan participations and assignments and notes, as well as convertible securities and preferred stocks. Under normal circumstances, the Fund invests at least 80% of its assets in debt and other fixed-income securities rated lower than investment-grade (and their unrated equivalents) or other high-yielding debt securities. (These are often called “junk” bonds.) Most of these will be securities rated in the BB or B categories by S&P, or the Ba or B categories by Moody’s. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

4 Prospectus ■ TIAA-CREF High-Yield Fund

The Fund may invest up to 20% of its assets in the following types of instruments: payment-in-kind or deferred-interest obligations, defaulted securities, asset-backed securities, securities rated lower than B- or its equivalent by at least two rating agencies and securities having limited liquidity.

The Fund can make foreign investments, including investments in emerging market countries, but the Fund does not expect them to be over 20% of its assets. The Fund can have up to 15% of its assets in illiquid securities. The Fund can also invest in U.S. Treasury and agency securities or other short-term instruments when other suitable investment opportunities are not available, or when Teachers Advisors, Inc. (“Advisors”) would like to build the Fund’s liquidity.

Over long periods of time, a broadly diversified portfolio of lower-rated, higher-yielding securities is designed to, net of capital losses, provide a higher net return than a similarly diversified portfolio of higher-rated, lower-yielding securities of similar duration. Advisors attempts to minimize the risks of investing in lower-rated securities by:

· Doing its own credit analysis (independent of the rating agencies). The Fund buys securities of issuers with a balance of operational and financial risks that Advisors believes make it likely that such issuers will be able to meet their financial obligations;

· Constructing a portfolio of securities diversified by industry, maturity, duration and credit quality; and

· Buying or selling particular securities to seek to take advantage of anticipated changes and trends in the economy and financial markets.

Advisors’ judgment of the value of any particular security is a function of its experience with lower-rated securities, evaluation of general economic and securities market conditions and the financial condition of the security’s issuer. Under some market conditions, the Fund may sacrifice potential yield in order to adopt a defensive posture designed to preserve capital.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative securities and financial instruments to carry out the Fund’s investment strategies.

The benchmark index for the Fund is the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index.

Principal investment risks

TIAA-CREF High-Yield Fund ■ Prospectus 5

associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of bonds may not be able or willing to meet interest or principal payments when the bonds become due.

· Emerging Markets Risk—The risk of foreign investment often increases in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Because their financial markets may be very small, share prices of financial instruments in emerging markets countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may be less liquid than those of issuers in more developed countries. In addition, foreign investors such as the Fund are

6 Prospectus ■ TIAA-CREF High-Yield Fund

subject to a variety of special restrictions in many emerging markets countries.

· Derivatives Risk—The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. The Fund may use futures, options, single name or index credit default swaps, or forwards, and the Fund may also use more complex derivatives such as swaps that might present liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional Class, Retirement Class, Premier Class and Retail Class over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2013, and how those returns compare to those of the Fund’s benchmark index. After-tax performance is shown only for Institutional Class shares, and after-tax returns for the other Classes of shares will vary from the after-tax returns presented for Institutional Class shares.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

TIAA-CREF High-Yield Fund ■ Prospectus 7

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2014, was 5.35%.

Best quarter: 17.76%, for the quarter ended June 30, 2009. Worst quarter: -12.70%, for the quarter ended December 31, 2008.

8 Prospectus ■ TIAA-CREF High-Yield Fund

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2013


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		3/31/2006
	Return Before Taxes		6.16	%	15.92	%	8.32	%
	Return After Taxes on Distributions		2.91	%	12.81	%	5.40	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		3.77	%	11.44	%	5.28	%
Retail Class		3/31/2006
	Return Before Taxes		5.86	%	15.65	%	8.14	%
Retirement Class		3/31/2006
	Return Before Taxes		5.89	%	15.63	%	8.04	%
Premier Class		9/30/2009
	Return Before Taxes		6.00	%	15.77	%*	8.23	%*
BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index
(reflects no deductions for fees, expenses or taxes)			6.29	%	16.45	%	7.98	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	Kevin R. Lorenz, CFA	Jean C. Lin, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2006	since 2011

Purchase and sale of Fund shares

TIAA-CREF High-Yield Fund ■ Prospectus 9

purchase through employee benefit plans or other types of savings plans or accounts. Institutional Class shares are available for purchase directly from the Fund by certain eligible investors or through financial intermediaries.

· There is no minimum initial or subsequent investment for Retirement Class shares. Retirement Class shares are primarily offered through employer-sponsored employee benefit plans.

Tax information

Payments to broker-dealers and other financial intermediary compensation

10 Prospectus ■ TIAA-CREF High-Yield Fund

Additional information about investment strategies and risks

Additional information about the Fund

As noted in the “Principal investment strategies” section of this Prospectus, the Fund has a policy of normally investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in non-investment grade fixed-income securities. Shareholders will receive at least 60 days’ prior notice before changes are made to the 80% policy.

The Fund is not appropriate for market timing. You should not invest in the Fund if you are a market timer.

There can be no assurances that the Fund will achieve its investment objective and investors should not consider an investment in this Fund to be a complete investment program.

Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.

Additional information on principal investment risks of the Fund

The value of the Fund may increase or decrease as a result of its investments in fixed-income securities. More specifically, the Fund typically is subject to the following principal investment risks:

· Interest Rate Risk (a type of Market Risk)—The risk that the value or yield of fixed-income investments may decline if interest rates change. In general,

TIAA-CREF High-Yield Fund ■ Prospectus 11

12 Prospectus ■ TIAA-CREF High-Yield Fund

TIAA-CREF High-Yield Fund ■ Prospectus 13

and principal is uncertain. Compared to issuers of investment-grade securities, issuers of lower-rated, high-yield fixed-income investments are more likely to encounter financial difficulties and to be materially affected by such difficulties. High-yield securities may also be relatively more illiquid, therefore, they may be more difficult to purchase or sell than more highly rated securities.

· Derivatives Risk—The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. Derivatives such as swaps are subject to risks such as liquidity risk, interest rate risk, market risk, and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments, and their prices, may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Some of these risks exist for futures and options which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of the Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivative investments can create leverage by magnifying investment losses or gains, and the Fund could lose more than the amount invested.

In addition to the principal investment risks set forth above, there are other risks associated with investing in the Fund and its investments that are discussed

14 Prospectus ■ TIAA-CREF High-Yield Fund

elsewhere in the Fund’s Prospectus and in the Fund’s SAI. There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program.

Additional information about the Fund’s benchmark index

The benchmark index described below is unmanaged, and you cannot invest directly in the index.

BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index

The BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index tracks the performance of bond securities that pay interest in cash and have a credit rating of BB1 through B3, inclusive. Bank of America Merrill Lynch uses a composite of Fitch, Inc., Moody’s and S&P’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. The index is market weighted, so that larger bond issues have a greater effect on the index’s return. However, the representation of any single bond issuer is restricted to a maximum of 2% of the total index.

Additional information on principal and non-principal investment strategies

TIAA-CREF High-Yield Fund ■ Prospectus 15

Please see the Fund’s SAI for more information on these and other investments the Fund may utilize.

Portfolio holdings

A description of the Fund’s policies and procedures with respect to the disclosure of its portfolio holdings is available in the Fund’s SAI.

Portfolio turnover

16 Prospectus ■ TIAA-CREF High-Yield Fund

Share classes

Management of the Fund

The Fund’s investment adviser

TIAA-CREF High-Yield Fund ■ Prospectus 17

necessary services to manage, acquire or dispose of securities, cash or other investments. Advisors also supervises and acts as liaison among the various service providers to the Fund, such as the custodian and transfer agent.

The annual investment management fees charged under the Management Agreement with respect to the Fund are as follows:

INVESTMENT MANAGEMENT FEES


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
High-Yield Fund*	$0.0—$1.0	0.35%
	Over $1.0—$2.5	0.34%
	Over $2.5—$4.0	0.33%
	Over $4.0	0.32%



*	For the fiscal year ended March 31, 2014, the effective annual fee rate was 0.34% for the Fund.

Portfolio management team


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
High-Yield Fund
Kevin R. Lorenz, CFA Managing Director	Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—1987 to Present (high-yield portfolio management)	1987	1987	2006
Jean C. Lin, CFA Managing Director	Portfolio Manager, High-Yield Research	Advisors, TCIM and other advisory affiliates of TIAA—1994 to Present (high-yield portfolio management)	1994	1994	2011

The Fund’s SAI provides additional disclosure about the compensation structure for the Fund’s portfolio managers, the other accounts they manage,

18 Prospectus ■ TIAA-CREF High-Yield Fund

total assets in those accounts and potential conflicts of interest, as well as the portfolio managers’ ownership of shares of the Fund.

Other services

Distribution and services arrangements

All Classes

TIAA-CREF High-Yield Fund ■ Prospectus 19

Retail Class

More information about the Fund’s distribution and services arrangements for Retail Class shares appears in the Fund’s SAI.

Retirement Class

More information about the Fund’s distribution and services arrangements for Retirement Class shares appears in the Fund’s SAI.

Premier Class

More information about the Fund’s distribution and services arrangements for Premier Class shares appears in the Fund’s SAI.

Institutional Class

More information about the Fund’s distribution and services arrangements for Institutional Class shares appears in the Fund’s SAI.

20 Prospectus ■ TIAA-CREF High-Yield Fund

Other arrangements

Calculating share price

Fair value pricing most commonly occurs with securities that are primarily traded outside the United States. This may have the effect of decreasing

TIAA-CREF High-Yield Fund ■ Prospectus 21

the ability of market timers to engage in “stale price arbitrage,” which takes advantage of the perceived difference in price from a foreign market closing price.

Dividends and distributions

22 Prospectus ■ TIAA-CREF High-Yield Fund

Fund’s current NAV and to change your distribution option to reinvestment. No interest will accrue on amounts represented by uncashed distribution checks.

3. Income-Earned Option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.

4. Capital Gains Option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.

5. Cash Option. A check will be sent for your dividend and each capital gain distribution.

Taxes

As with any investment, you should consider how your investment in the Fund will be taxed.

TIAA-CREF High-Yield Fund ■ Prospectus 23

cash or reinvest them. However, distributions declared in October, November or December of a year and paid in January of the following year are taxable as if they were paid on December 31 of the prior year.

24 Prospectus ■ TIAA-CREF High-Yield Fund

TIAA-CREF High-Yield Fund ■ Prospectus 25

cause the Fund to recognize taxable income in excess of the cash generated by such investments (which may require the Fund to liquidate other investments in order to make required distributions).

Your account: purchasing, redeeming
or exchanging shares

Retail Class

Eligibility—Retail Class

Types of accounts

Retail Class shares are available for purchase in the following types of accounts:

· Individual accounts (for one person) or Joint accounts (more than one person) including Transfer on Death (TOD) accounts (see below for more details).

· Financial advisor accounts.

· Trust accounts (other than foreign trust accounts).

· Accounts for a minor child under the Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA).

· Traditional IRAs and Roth IRAs. These accounts let you shelter investment income from federal income tax while saving for retirement.

· Corporate and Institutional accounts.

· Omnibus accounts held by financial intermediaries, platforms, programs, plans and other similar entities (collectively, “financial intermediaries”) on behalf of other investors.

· Registered and unregistered investment company accounts.

· Other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

For more information about opening an IRA or corporate or institutional account, please call the Fund at 800 223-1200, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time.

26 Prospectus ■ TIAA-CREF High-Yield Fund

Purchasing shares—Retail Class

How to open an account and make subsequent investments

To Open An Account By Mail: Send your check, made payable to TIAA-CREF Funds—Retail Class, and application to:

First Class Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

TIAA-CREF High-Yield Fund ■ Prospectus 27

Overnight Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

To Open An Account By Wire: Send a completed and signed application by mail, then call the Fund to confirm that your account has been established. Instruct your bank to wire money to:

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99052771

Specify on the wire:

· The TIAA-CREF Funds—Retail Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

You can purchase additional shares in any of the following ways:

28 Prospectus ■ TIAA-CREF High-Yield Fund

Note that if you hold Fund shares through a financial intermediary, you must contact the intermediary to purchase additional shares.

Points to remember for all purchases

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges including limitations under the Fund’s Market Timing/Excessive Trading Policy (See below.)

TIAA-CREF High-Yield Fund ■ Prospectus 29

for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund or any other series of the Trust. There is a $25 fee for all returned items, including checks and electronic funds transfers. Please note that there is a 10-calendar-day hold on all purchases by check, or through electronic funds transfer.

In-kind purchases of shares

Redeeming shares—Retail Class

You can redeem (sell) your Retail Class shares on any business day. If you hold your Fund shares through a financial intermediary, please contact the intermediary to sell your shares. Your intermediary may have different requirements and restrictions on redemptions than the Fund. Certain redemptions of shares of the Fund will be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

Usually, the Fund sends your redemption proceeds (minus any applicable Redemption Fee) to you on the next business day after the Fund receives your request, but not later than seven days afterwards, assuming the request is

30 Prospectus ■ TIAA-CREF High-Yield Fund

received in good order by the Fund’s transfer agent (or other authorized Fund agent) (See below.) If a redemption of shares is requested shortly after you have purchased those shares by check, electronic funds transfer or through the automatic investment plan, it will take 10 calendar days for your check or automatic investment to clear and for your shares to be available for redemption.

The Fund sends redemption proceeds (minus any applicable Redemption Fee) to the shareholder of record at his/her address or bank of record. If proceeds are to be sent to someone else, a different address, or a different bank, the Fund generally will require a letter of instruction with a Medallion Signature Guarantee for each account holder (see below). The Fund can send your redemption proceeds by check to the address of record; by electronic transfer to your bank; or by wire transfer (minimum of $5,000). Before calling, read “Points to Remember When Redeeming,” below.

You can redeem shares in any of the following ways:

By Telephone: Call 800 223-1200 to redeem shares in amounts up to $100,000.

TIAA-CREF High-Yield Fund ■ Prospectus 31

business day if those days are not business days) and provide you with a check or electronic transfer to your bank. You must specify the dollar amount of the redemption.

Points to remember when redeeming:

· The Fund cannot accept redemption requests specifying a certain price or date; these requests will be deemed to be not in “good order” (see below) and will be returned.

In-kind redemptions of shares

32 Prospectus ■ TIAA-CREF High-Yield Fund

manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The shareholder receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Retail Class

Exchanges involving shares of the Fund held less than 60 days may be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

Exchanges between accounts can be made only if the accounts are registered identically in the same name(s), address and Social Security number or taxpayer identification number.

You can make exchanges in any of the following ways:

By Telephone: Call 800 223-1200.

Over the Internet: You can exchange shares using TIAA-CREF’s Web Center, which can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

TIAA-CREF High-Yield Fund ■ Prospectus 33

shares must be for at least $50, and an exchange into a new fund account must meet the account minimums as stated by account type above (i.e., $2,000 per fund account for Traditional IRA, Roth IRA or Coverdell accounts and $2,500 per fund account for all other accounts, including custodial (UGMA/UTMA) accounts).

Points to remember when exchanging:

· An exchange is considered a sale of securities, and therefore is taxable.

Retirement Class

Eligibility—Retirement Class

Retirement Class shares are (or may be made) available by or through:

· certain custody accounts sponsored or administered by TIAA-CREF that are established by individuals as IRAs pursuant to section 408 of the Code.

34 Prospectus ■ TIAA-CREF High-Yield Fund

· certain intermediaries who have entered into a contract or arrangement with the Fund, or its investment adviser or distributor that enables them to purchase shares on behalf of their clients.

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

Definition of Eligible Investor for Retirement Class

Purchasing shares—Retirement Class

Purchasing shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

The Fund has the right to reject your account application and to refuse to sell additional Retirement Class shares to any investor for any reason. The Fund

TIAA-CREF High-Yield Fund ■ Prospectus 35

treats all orders to purchase Retirement Class shares as being received when they are received in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (See below.) The Fund may suspend or terminate the offering of Retirement Class shares to your employer’s plan.

Allocating retirement contributions to the Fund—for participants purchasing shares through a plan or account administered by TIAA-CREF

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Opening an IRA or Keogh account

Purchasing shares—for Eligible Investors and their clients:

The Fund considers all purchase requests to be received when they are received in “good order” by the Fund’s transfer agent (or other authorized Fund

36 Prospectus ■ TIAA-CREF High-Yield Fund

agent) (See below.) The Fund will not accept third-party checks except in limited circumstances with regard to subsequent investments. (The Fund considers any check not made payable directly to TIAA-CREF Funds as a third-party check.) The Fund cannot accept checks made out to you or other parties and signed over to the Fund. The Fund will not accept payment in the following forms: travelers’ checks, money orders, credit card convenience checks, cash, counter checks or starter checks. The Fund will not accept corporate checks for investment into non-corporate accounts.

To open an account or purchase shares by wire:

Eligible Investors should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Retirement Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

Points to remember for all purchases by Eligible Investors:

TIAA-CREF High-Yield Fund ■ Prospectus 37

consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund.

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

In-kind purchases of shares by Eligible Investors

Redeeming shares—Retirement Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

TIAA-CREF participants may redeem (sell) their Retirement Class shares on any business day, subject to the terms of their employer’s plan, and Eligible Investors can redeem (sell) their Retirement Class shares on any business day. A redemption can be part of an exchange. Certain redemptions of shares of the Fund will be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

To request a redemption, you can do one of the following:

38 Prospectus ■ TIAA-CREF High-Yield Fund

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

Pursuant to a TIAA-CREF participant’s instructions, the Fund reinvests redemption proceeds (minus any applicable Redemption Fee) in (1) Retirement Class shares of other funds or series of the Trust available under the participant’s plan, or (2) shares of other mutual funds available under the participant’s plan. Redemptions are effective as of the day that the Fund’s transfer agent (or other authorized Fund agent) receives your request in “good order” (see below), and your participant or IRA account will be credited within seven days thereafter (minus any applicable Redemption Fee). If a redemption is requested after a recent purchase of Retirement Class shares by check, the Fund may delay payment of the redemption proceeds until the check clears. This can take up to 10 days. If you request a redemption, we will send the proceeds (minus any applicable Redemption Fee) by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a bank signature guarantee is required if the redemption is sent to an address other than the address of record, or to an address of record that has been changed within either the last 30 or 14 calendar days depending on the service model applicable to your account. You may obtain a signature guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a signature guarantee. Proceeds directed to a bank account not on file have similar 30 day or 14 day restrictions that require completion of a verification process. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

TIAA-CREF High-Yield Fund ■ Prospectus 39

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Retirement Class shares at any time. Certain redemptions of shares of the Fund will be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

Usually, the Fund sends redemption proceeds (minus any applicable Redemption Fee) to the Eligible Investor on the next business day after the Fund receives a redemption request in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (see below), but not later than seven days afterwards. If a redemption is requested shortly after a recent purchase by check or electronic funds transfer, it will take 10 calendar days for your shares to be available for redemption.

If you request a redemption, the Fund will send the proceeds (minus any applicable Redemption Fee) by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a Medallion Signature Guarantee is required if the redemption is sent to a bank account not on file, to an address other than the address of record, or to an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

40 Prospectus ■ TIAA-CREF High-Yield Fund

of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an Eligible Investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash (minus any applicable Redemption Fee). This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The Eligible Investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Retirement Class

Exchanging shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

Exchanges involving shares of the Fund held less than 60 days may be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

· a sale of Retirement Class shares held in your participant or IRA account and the use of the proceeds to purchase Retirement Class shares of another fund for your account;

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be at least $100) or your entire balance, if less.

TIAA-CREF High-Yield Fund ■ Prospectus 41

Exchanging shares—for Eligible Investors and their clients:

Exchanges involving shares of the Fund held less than 60 days may be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

Premier Class

Eligibility—Premier Class

Premier Class shares are available for purchase by or through:

· certain intermediaries or entities affiliated with TIAA-CREF including

· registered investment companies,

42 Prospectus ■ TIAA-CREF High-Yield Fund

· state-sponsored tuition savings plans or healthcare savings accounts (“HSAs”),

· insurance company separate accounts advised by or affiliated with Advisors, or

· other affiliates of TIAA-CREF;

· other non-affiliated persons, entities or intermediaries including

· investment companies,

· state-sponsored tuition savings plans or prepaid plans or insurance company separate accounts,

· employer-sponsored employee benefit plans which have entered into a contract or arrangement that enables them to purchase shares of the Fund, or

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

The Fund reserves the right to determine in its sole discretion whether any person, intermediary, or entity is eligible to purchase Premier Class shares.

Definition of Eligible Investor for Premier Class

Account minimums (not applicable at the participant level)

With respect to the categories of investors listed below, the aggregate plan sizes related to these investors must be at least $100 million:

· Other affiliates of Advisors or other persons or entities that the Fund may approve from time to time.

TIAA-CREF High-Yield Fund ■ Prospectus 43

· Certain financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent, including:

· Financial intermediaries affiliated with Advisors;

· Trust companies that are not sponsored by an affiliate of Advisors;

· Registered investment companies, including funds of funds that are not advised or administered by Advisors or its affiliates;

· State-sponsored tuition savings plans and HSAs that are not sponsored by an affiliate of Advisors;

· Insurance company separate accounts that are sponsored or administered by insurance companies that are not affiliated with Advisors;

· Other persons or entities that the Fund may approve from time to time.

Investors may be subject to additional expenses or eligibility requirements imposed by the financial intermediary, plan, platform, program or other entity through which they hold their shares.

The Fund reserves the right to waive or modify eligibility requirements for the Premier Class at any time for any investor or financial intermediary.

Purchasing shares—Premier Class

Purchasing shares—for participants purchasing shares through a plan or account sponsored or administered by TIAA-CREF:

If you are a participant in such a plan and your employer or plan trustee has established a plan account, then you may direct the purchase of Premier Class

44 Prospectus ■ TIAA-CREF High-Yield Fund

shares offered under the plan for your account. You should contact your employer to learn how to enroll in the plan. Your employer must notify TIAA-CREF that you are eligible to enroll. In many cases, you will be able to use TIAA-CREF Web Center’s online enrollment feature at www.tiaa-cref.org.

Allocating retirement contributions to the Fund—for participants purchasing through a plan or account sponsored or administered by TIAA-CREF:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

TIAA-CREF High-Yield Fund ■ Prospectus 45

Purchasing shares—for Eligible Investors and their clients:

Opening an account or purchasing shares by wire—Eligible Investors:

Eligible Investors should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Premier Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

46 Prospectus ■ TIAA-CREF High-Yield Fund

· The Fund and amount to be invested.

Points to remember for all purchases by Eligible Investors:

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

In-kind purchases of shares by Eligible Investors

Advisors, at its sole discretion, may permit Eligible Investors or their clients to purchase Premier Class shares with investment securities (instead of cash) if:

TIAA-CREF High-Yield Fund ■ Prospectus 47

(1) Advisors believes the securities are appropriate investments for the Fund; (2) the securities offered to the Fund are not subject to any restrictions upon their sale by the Fund under the Securities Act of 1933, or otherwise; and (3) the securities are permissible holdings under the Fund’s investment policies and restrictions. If the Fund accepts the securities, the Eligible Investor’s account will be credited with Premier Class shares equal in net asset value to the market value of the securities received. Eligible Investors interested in making in-kind purchases should contact the Fund, and interested clients should contact their Eligible Investor (i.e., their intermediary or plan sponsor).

Redeeming shares—Premier Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

TIAA-CREF participants may redeem (sell) their Premier Class shares on any business day, subject to the terms of their employer’s plan and Eligible Investors can redeem (sell) their Premier Class shares at any time. A redemption can be part of an exchange. Certain redemptions of shares of the Fund will be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

To request a redemption, you can do one of the following:

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

You may be required to complete and return certain forms to effect your redemption (minus any applicable Redemption Fee). Before you complete your redemption request, please make sure you understand the possible federal and other income tax consequences of a redemption. The Fund can suspend or terminate your ability to transact by telephone, Internet, or by fax at any time for any reason.

Pursuant to a TIAA-CREF participant’s instructions, the Fund reinvests redemption proceeds (minus any applicable Redemption Fee) in (1) Premier Class shares of other funds or series of the Trust available under the participant’s plan, or (2) shares of other mutual funds available under the participant’s plan. Redemptions are effected as of the day that the Fund’s transfer agent (or other authorized Fund agent) receives your request in “good order” (see below), and your account will be credited within seven days thereafter (minus any applicable Redemption Fee). If a redemption is requested after a recent purchase of Premier Class shares by check, the Fund may delay payment of the redemption proceeds until the check clears. This can take up to ten days. If you request a redemption, we will send the proceeds (minus any applicable Redemption Fee) by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a bank signature guarantee is required if the redemption is sent to an address other than the address of record, or to an address of record that has been changed within either the last 30 or 14 calendar

48 Prospectus ■ TIAA-CREF High-Yield Fund

days depending on the service model applicable to your account. You may obtain a signature guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a signature guarantee. Proceeds directed to a bank account not on file have similar 30 day or 14 day restrictions that require completion of a verification process. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Premier Class shares at any time.

Certain redemptions of shares of the Fund will be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

Usually, the Fund sends redemption proceeds (minus any applicable Redemption Fee) to the Eligible Investor on the next business day after the Fund receives a redemption request in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (see below), but not later than seven days afterwards. If a redemption is requested shortly after a recent purchase by check, it will take 10 calendar days for your check to clear and for your shares to be available for redemption.

TIAA-CREF High-Yield Fund ■ Prospectus 49

If you request a redemption, the Fund will send the proceeds (minus any applicable Redemption Fee) by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a Medallion Signature Guarantee is required if the redemption is sent to a bank account not on file, address other than the address of record, or to an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to other Fund shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an Eligible Investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of Fund assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash (minus any applicable Redemption Fee). This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The Eligible Investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Premier Class

Exchanging shares—for participants holding shares through a plan or account administered by TIAA-CREF:

Exchanges involving shares of the Fund held less than 60 days may be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

· a sale of Premier Class shares held in your participant account and the use of the proceeds to purchase Premier Class shares of other funds or series of the Trust for your account;

· a sale of interests in a CREF Account, the TIAA Real Estate Account, or the TIAA Traditional Annuity, and the use of the proceeds to purchase an

50 Prospectus ■ TIAA-CREF High-Yield Fund

equivalent dollar amount of Premier Class shares for your participant or Annuity account; or

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (available 24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be for at least $100) or your entire balance, if less.

Exchanging shares—for Eligible Investors and their clients:

Eligible Investors can exchange Premier Class shares for Premier Class shares of any other fund or series of the Trust on any business day, subject to the limitations described in the Fund’s Market Timing/Excessive Trading Policy below. (An exchange is a simultaneous redemption of shares in one fund and a purchase of shares in another fund.) Exchanges involving shares of the Fund held less than 60 days may be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

If you hold shares through an intermediary, plan sponsor or other Eligible Investor, contact the Eligible Investor for applicable exchange requirements.

The Fund reserves the right to reject any exchange request and to modify, suspend or terminate the exchange privilege for any shareholder or class of

TIAA-CREF High-Yield Fund ■ Prospectus 51

shareholders. This may be done, in particular, when your transaction activity is deemed to be harmful to the Fund, including if it is considered to be market timing activity.

Institutional Class

Eligibility—Institutional Class

Institutional Class shares are available for purchase by or through:

· certain intermediaries affiliated with TIAA-CREF, or

· other non-affiliated persons or intermediaries who have entered into a contract or arrangement that enables them to purchase shares of the Fund, or other affiliates of TIAA-CREF, such as

· state-sponsored tuition savings plans or prepaid plans,

· insurance company separate accounts,

· employer-sponsored employee benefit plans,

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

Definition of Eligible Investor and Direct Purchaser

Under certain circumstances, Institutional Class shares of the Fund may be offered directly to certain eligible individuals or institutions (each, a “Direct Purchaser”).

Account minimums—certain Eligible Investors

No minimum initial investment is required to purchase Institutional Class shares of the Fund by or through the following categories of Eligible Investors:

52 Prospectus ■ TIAA-CREF High-Yield Fund

· Certain financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent, including:

· Financial intermediaries affiliated with Advisors;

· Trust companies, including both those affiliated with Advisors, such as TIAA-CREF Trust Company, FSB (the “Trust Company”) and other trust companies that are not affiliated with Advisors;

· Registered investment companies advised by or affiliated with Advisors, including funds of funds;

· State-sponsored tuition savings plans and healthcare savings accounts (“HSAs”) sponsored by Advisors or its affiliates;

· Insurance company separate accounts sponsored or administered by an insurance company that is affiliated with Advisors;

· Other affiliates of Advisors or other persons or entities that the Fund may approve from time to time.

Account minimums—other investors

With respect to the categories of investors listed below, a $2 million minimum initial investment amount for purchases of Institutional Class shares of the Fund is applicable:

· Registered investment companies, including funds of funds that are not advised or administered by Advisors or its affiliates;

· State-sponsored tuition savings plans and HSAs that are not sponsored by an affiliate of Advisors;

TIAA-CREF High-Yield Fund ■ Prospectus 53

· Insurance company separate accounts that are sponsored or administered by insurance companies that are not affiliated with Advisors;

· Other persons, accounts, entities and categories of shareholders as determined by the Fund from time to time.

The Fund reserves the right to waive or modify eligibility requirements for the Institutional Class at any time for any investor or financial intermediary.

Purchasing shares—Institutional Class

There may be circumstances when the Fund will not accept new investments. The Fund reserves the right to suspend or terminate the offering of its shares at

54 Prospectus ■ TIAA-CREF High-Yield Fund

any time without prior notice. The Fund also reserves the right to reject any application or investment or any other specific purchase request.

To open an account or purchase shares by wire (Direct Purchasers and Eligible Investors):

Eligible Investors or Direct Purchasers should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Institutional Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

TIAA-CREF High-Yield Fund ■ Prospectus 55

· The Fund and amount to be invested.

To open an account or purchase shares by mail (Direct Purchasers only):

Send your check, made payable to TIAA-CREF Funds, and application to:

First Class Mail: The TIAA-CREF Funds—Institutional Class

c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

Overnight Mail: The TIAA-CREF Funds—Institutional Class

c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

To purchase additional shares by mail, send a check to either of the addresses listed above with the registration of the account, Fund account number, and the amount to be invested in the Fund.

Points to remember for all purchases—all investors:

· If your purchase check does not clear or payment on it is stopped, or if the Fund does not receive good funds through wire transfer or electronic funds transfer, the Fund will treat this as a redemption of the shares purchased. You will be responsible for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund. There is a $25 fee for all returned items, including checks and electronic funds transfers. Please note that there is a 10-

56 Prospectus ■ TIAA-CREF High-Yield Fund

calendar-day hold on all purchases by check or through electronic funds transfer.

In-kind purchases of shares

Redeeming shares—Institutional Class

Eligible Investors and Direct Purchasers can redeem (sell) their Institutional Class shares on any business day. Certain redemptions of shares of the Fund will be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

Redeeming shares—for shares held through an Eligible Investor

TIAA-CREF High-Yield Fund ■ Prospectus 57

Redeeming shares—for shares held by Direct Purchasers

Direct Purchasers wishing to make redemption orders by telephone should call their Relationship Manager.

If you request a redemption, we will send the proceeds (minus any applicable Redemption Fee) by check to the address of record or by electronic funds transfer to the bank account on file. A letter of instruction with a Medallion Signature Guarantee is required if the redemption is sent to a bank account not on file, to an address other than the address of record, or to an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee. Please contact the Fund for further information.

Points to remember—for all redemptions

Redemption proceeds—all investors

Usually, the Fund sends redemption proceeds (minus any applicable Redemption Fee) on the next business day after the Fund receives a redemption request in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (see below), but not later than seven days afterwards. If a redemption is requested shortly after a recent purchase by check or electronic funds transfer, it will take 10 calendar days for your shares to be available for redemption.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

58 Prospectus ■ TIAA-CREF High-Yield Fund

of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash (minus any applicable Redemption Fee). This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Institutional Class

Investors can exchange Institutional Class shares for Institutional Class shares of any other fund or series of the Trust on any business day, subject to the limitations described in the Fund’s Market Timing/Excessive Trading Policy below. (An exchange is a simultaneous redemption of shares in the Fund and a purchase of shares in another fund.) Exchanges involving shares of the Fund held less than 60 days may be subject to the Redemption Fee (see the section entitled “Redemption or Exchange Fee” below).

Exchanging shares—Eligible Investors

Exchanging shares—Direct Purchasers

Exchange requirements—all investors

TIAA-CREF High-Yield Fund ■ Prospectus 59

Once made, an exchange request cannot be modified or canceled.

Conversion of shares—applicable to all investors

Voluntary conversions

60 Prospectus ■ TIAA-CREF High-Yield Fund

conversion. Some Eligible Investors may not allow investors who own Fund shares through them to make share conversions.

Mandatory conversions

Important transaction information

TIAA-CREF High-Yield Fund ■ Prospectus 61

Minimum Account Size.

62 Prospectus ■ TIAA-CREF High-Yield Fund

held through tuition (529) programs. However, the annual Small Account Maintenance Fee will apply to IRAs and Coverdell education savings accounts. The Fund reserves the right to waive or reduce the annual Small Account Maintenance Fee for any Fund account at any time. Additionally, the Fund may increase, terminate or revise the terms of the annual Small Account Maintenance Fee at any time without advance notice to shareholders.

Changing Your Address.

· Premier and Retirement Class. To change the address on an Eligible Investor account, please send the Fund a written notification.

· Institutional Class. To change the address on an account, please contact your Relationship Manager (for Direct Purchasers) or send the Fund a written notification.

TIAA-CREF High-Yield Fund ■ Prospectus 63

request and provide Medallion Signature Guarantees. When you change the name on an account, shares in that account are transferred to a new account.

Customer Complaints. Customer complaints may be directed to TIAA-CREF Funds, 730 Third Avenue, New York, NY 10017-3206, Mail Stop S/B 730/07/01, Attention: Director, Distribution Operation Services.

Market timing/excessive trading policy—applicable to all investors

64 Prospectus ■ TIAA-CREF High-Yield Fund

including, among other things, expenses for buying and selling securities. These costs are borne by all Fund shareholders, including long-term investors who do not generate these costs. In addition, market timing can interfere with efficient portfolio management and cause dilution if timers are able to take advantage of pricing inefficiencies. Consequently, the Fund is not appropriate for such market timing and you should not invest in the Fund if you want to engage in market timing activity.

The Board of Trustees has adopted policies and procedures to discourage this market timing activity. Under these policies and procedures, if, within a 60-calendar-day period, a shareholder redeems or exchanges any monies out of the Fund, subsequently purchases or exchanges any monies back into the Fund and then redeems or exchanges any monies out of the Fund, the shareholder will not be permitted to transfer back into the Fund through a purchase or exchange for 90 calendar days. The Fund will charge a Redemption Fee on redemptions of shares occurring within 60 calendar days of the initial purchase date of the shares. The Fee is intended to defray the trading costs, market impact and other costs of liquidating a shareholder’s investment in the Fund and to discourage short-term trading of Fund shares. See the section entitled “Redemption or Exchange Fee” for additional information on the Redemption Fee.

TIAA-CREF High-Yield Fund ■ Prospectus 65

The Fund is not appropriate for market timing. You should not invest in the Fund if you want to engage in market timing activity.

Redemption or exchange fee

The Fund charges a Redemption Fee of 2.00% of the amount redeemed on redemptions or exchanges out of Fund shares occurring within 60 calendar days of the initial purchase date for the shares.

The Redemption Fee applies to all investors in the Fund, regardless of whether they purchase shares of the Fund through an omnibus account maintained by an intermediary (such as a broker-dealer or retirement plan administrator) or directly. The Redemption Fee is not a deferred sales charge, commission or fee to finance sales of Fund shares; rather, the Fee is paid to the Fund to defray the brokerage commissions, market impact and other costs of liquidating a shareholder’s investment in the Fund and to discourage short-term trading of Fund shares.

In determining whether the Redemption Fee is applicable to a particular redemption, the Fund will use the “first-in, first-out” (FIFO) method to determine

66 Prospectus ■ TIAA-CREF High-Yield Fund

the 60-day holding period, such that shares with the longest holding period will be treated as being redeemed first, and shares with the shortest holding period will be treated as being redeemed last. Under this method, the date of redemption or exchange will be compared to the earliest purchase date of shares held in the Fund by a shareholder. If this holding period is 60 calendar days or less, then the Redemption Fee will be charged, except as provided below.

The Fund will not apply the Redemption Fee to reinvestments of dividends and capital gains distributions, systematic withdrawals, systematic purchases, automatic rebalancings, death and hardship withdrawals, certain transactions made within a retirement or employee benefit plan, such as contributions, mandatory distributions, loans and plan sponsor-initiated transactions and other types of transactions specified by the Fund. In addition, the Redemption Fee will not apply to certain tuition (529) Plan programs, funds of funds, wrap programs, asset allocation programs and other similar programs that are approved by the Fund.

The Redemption Fee may be waived under certain circumstances involving involuntary redemption imposed by an insurance company or a plan sponsor. Contact your insurance company or plan sponsor or refer to your plan documents for more information on whether the Redemption Fee is applied to your shares. In addition to the circumstances noted above, management for the Fund reserves the right to waive the Redemption Fee at its discretion where it is believed such waiver is in the Fund’s best interests, including but not limited to when it is determined that imposition of the Redemption Fee is not necessary to protect the Fund from the effects of short-term trading. In addition, the Fund reserves the right to modify or eliminate the Redemption Fee or waivers thereof at any time. If there is a material change to the Redemption Fee, the Fund will notify you prior to the effective date of the change.

If shares of the Fund are held and subsequently redeemed through an omnibus account maintained by an intermediary, then the intermediary that places the trade with the Fund will be responsible for determining the amount of the Redemption Fee for each respective redemption of Fund shares and for the collection of the Fee, if any. However, there can be no assurance that all intermediaries will apply the Redemption Fee, or will apply the Fee in an accurate or uniform manner, and at times the manner in which the intermediary tracks and/or calculates the Redemption Fee may differ from the Fund’s method of doing so.

Electronic prospectuses

If you received this Prospectus electronically and would like a paper copy, please contact the Fund and one will be sent to you.

TIAA-CREF High-Yield Fund ■ Prospectus 67

Additional information about index providers

bofa merrill lynch is licensing the bofa merrill lynch indices “as is,” makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the bofa merrill lynch indices or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend tiaa-cref, or any of its products or services.

Glossary

Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.

Investment-Grade: A fixed-income security is investment-grade if it is rated in the four highest categories by a nationally recognized statistical rating

68 Prospectus ■ TIAA-CREF High-Yield Fund

organization (“NRSRO”) or an unrated security that Advisors determines is of comparable quality.

U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

Financial highlights

TIAA-CREF High-Yield Fund ■ Prospectus 69

Financial highlights

High-Yield Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	3/31/14				$ 10.51		$ 0.57			$ 0.11			$ 0.68			$ (0.57	)		$ (0.24	)
	3/31/13				9.97		0.61			0.57			1.18			(0.61	)		(0.03	)
	3/31/12				9.99		0.68			(0.02	)		0.66			(0.68	)		—
	3/31/11		^†		9.74		0.35			0.25			0.60			(0.35	)		—
	9/30/10				9.04		0.72			0.70			1.42			(0.72	)		—
	9/30/09				8.41		0.78			0.63			1.41			(0.78	)		—

Premier Class
	3/31/14				10.51		0.55			0.13			0.68			(0.56	)		(0.24	)
	3/31/13				9.97		0.59			0.58			1.17			(0.60	)		(0.03	)
	3/31/12				9.99		0.66			(0.02	)		0.64			(0.66	)		—
	3/31/11		^†		9.74		0.34			0.25			0.59			(0.34	)		—
	9/30/10				9.04		0.71			0.70			1.41			(0.71	)		—
	9/30/09		^§		9.04		0.00	^d		—			0.00	^d		—			—

Retirement Class
	3/31/14				10.51		0.54			0.11			0.65			(0.54	)		(0.24	)
	3/31/13				9.96		0.58			0.59			1.17			(0.59	)		(0.03	)
	3/31/12				9.99		0.65			(0.03	)		0.62			(0.65	)		—
	3/31/11		^†		9.74		0.34			0.25			0.59			(0.34	)		—
	9/30/10				9.04		0.70			0.70			1.40			(0.70	)		—
	9/30/09				8.41		0.76			0.63			1.39			(0.76	)		—

Retail Class
	3/31/14				10.56		0.54			0.11			0.65			(0.54	)		(0.24	)
	3/31/13				10.01		0.58			0.58			1.16			(0.58	)		(0.03	)
	3/31/12				10.03		0.65			(0.02	)		0.63			(0.65	)		—
	3/31/11		^†		9.78		0.34			0.25			0.59			(0.34	)		—
	9/30/10				9.08		0.71			0.70			1.41			(0.71	)		—
	9/30/09				8.44		0.77			0.64			1.41			(0.77	)		—


^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
^†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.
^§	The Premier Class commenced operations on September 30, 2009.

70 Prospectus ■ TIAA-CREF High-Yield Fund

(concluded)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.81	)		$10.38		6.78	%		$1,790,122		0.37	%		0.37	%		5.51	%		69	%
	(0.64	)		10.51		12.21			1,493,399		0.38			0.38			5.96			83
	(0.68	)		9.97		6.91			889,869		0.39			0.39			6.90			62
	(0.35	)		9.99		6.22	^b		527,004		0.40	^c		0.40	^c		7.04	^c		43	^b
	(0.72	)		9.74		16.41			398,933		0.41			0.40			7.76			109
	(0.78	)		9.04		18.83			245,983		0.45			0.40			10.07			79


	(0.80	)		10.39		6.72			30,851		0.52			0.52			5.36			69
	(0.63	)		10.51		12.05			32,381		0.53			0.53			5.80			83
	(0.66	)		9.97		6.75			20,842		0.54			0.54			6.74			62
	(0.34	)		9.99		6.14	^b		30,472		0.55	^c		0.55	^c		6.87	^c		43	^b
	(0.71	)		9.74		16.23			16,836		0.56			0.55			7.52			109
	—			9.04		0.00	^b		250		220.96	^c		0.55	^c		0.00	^c		79


	(0.78	)		10.38		6.51			402,054		0.62			0.62			5.26			69
	(0.62	)		10.51		12.05			300,278		0.63			0.63			5.72			83
	(0.65	)		9.96		6.54			202,282		0.64			0.64			6.65			62
	(0.34	)		9.99		6.09	^b		176,489		0.65	^c		0.65	^c		6.78	^c		43	^b
	(0.70	)		9.74		16.12			166,383		0.66			0.65			7.49			109
	(0.76	)		9.04		18.54			125,322		0.71			0.65			9.38			79


	(0.78	)		10.43		6.48			600,237		0.65			0.65			5.23			69
	(0.61	)		10.56		11.98			437,147		0.67			0.67			5.67			83
	(0.65	)		10.01		6.63			249,119		0.66			0.66			6.62			62
	(0.34	)		10.03		6.11	^b		169,337		0.59	^c		0.59	^c		6.85	^c		43	^b
	(0.71	)		9.78		16.18			156,374		0.58			0.57			7.60			109
	(0.77	)		9.08		18.78			126,323		0.79			0.54			9.86			79

TIAA-CREF High-Yield Fund ■ Prospectus 71

For more information about TIAA-CREF Funds

Requesting documents. You can request a copy of the Fund’s SAI or these reports without charge, or contact the Fund for any other purpose, in any of the following ways:

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Over the Internet:

www.tiaa-cref.org

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Important Information about procedures for opening a new account


1940 Act File No. 811-9301	A11958 (8/14)

PROSPECTUS

AUGUST 1, 2014

TIAA-CREF Inflation-Linked Bond Fund

of the TIAA-CREF Funds

Class Ticker: Retail TCILX Retirement TIKRX Premier TIKPX Institutional TIILX

This Prospectus describes the Retail, Retirement, Premier and Institutional Class shares offered by the TIAA-CREF Inflation-Linked Bond Fund (the “Fund”). The Fund is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”).

Table of contents

Summary information 3

Investment objective 3

Fees and expenses 3

Shareholder fees 3

Annual Fund operating expenses 3

Example 4

Portfolio turnover 4

Principal investment strategies 4

Principal investment risks 5

Past performance 6

Portfolio management 8

Purchase and sale of Fund shares 8

Tax information 9

Payments to broker-dealers and other financial intermediary compensation 9

Additional information about investment strategies and risks 10

Additional information about the Fund 10

Additional information on principal investment risks of the Fund 10

Additional information about the Fund’s benchmark index 13

Additional information on principal and non-principal investment strategies 14

Portfolio holdings 14

Portfolio turnover 15

Share classes 15

Management of the Fund 15

The Fund’s investment adviser 15

Investment management fees 16

Portfolio management team 17

Other services 17

Distribution and services arrangements 18

Other arrangements 19

Calculating share price 19

Dividends and distributions 21

Taxes 22

Your account: purchasing, redeeming or exchanging shares 25

Retail Class 25

Eligibility—Retail Class 25

Purchasing shares—Retail Class 25

Redeeming shares—Retail Class 29

Exchanging shares— Retail Class 31

Retirement Class 33

Eligibility—Retirement Class 33

Purchasing shares— Retirement Class 34

Redeeming shares— Retirement Class 37

Exchanging shares— Retirement Class 39

Premier Class 41

Eligibility—Premier Class 41

Purchasing shares—Premier Class 43

Redeeming shares—Premier Class 46

Exchanging shares—Premier Class 49

Institutional Class 50

Eligibility—Institutional Class 50

Purchasing shares— Institutional Class 53

Redeeming shares— Institutional Class 56

Exchanging shares— Institutional Class 57

Conversion of shares–applicable to all investors 58

Important transaction information 59

Market timing/excessive trading policy–applicable to all investors 63

Electronic prospectuses 64

Glossary 64

Financial highlights 67

Summary information

TIAA-CREF Inflation-Linked Bond Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-linked bonds.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	Retail Class	Retirement Class	Premier Class	Institutional Class
Maximum Sales Charge Imposed on Purchases (percentage of offering price)	0%	0%	0%	0%
Maximum Deferred Sales Charge	0%	0%	0%	0%
Maximum Sales Charge Imposed on Reinvested Dividends and Other Distributions	0%	0%	0%	0%
Redemption or Exchange Fee	0%	0%	0%	0%
Account Maintenance Fee (annual fee on accounts under $2,000)	$15.00	0%	0%	0%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


		Retail Class	Retirement Class	Premier Class	Institutional Class
Management Fees		0.25%	0.25%	0.25%	0.25%
Distribution (Rule 12b-1) Fees		0.25%	—	0.15%	—
Other Expenses		0.09%	0.27%	0.02%	0.02%
Total Annual Fund Operating Expenses		0.59%	0.52%	0.42%	0.27%
Waivers and Expense Reimbursements¹		—	—	—	—
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.59%	0.52%	0.42%	0.27%

1	Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 3


	Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed: (i) 0.70% of average daily net assets for Retail Class shares; (ii) 0.60% of average daily net assets for Retirement Class shares; (iii) 0.50% of average daily net assets for Premier Class shares; and (iv) 0.35% of average daily net assets for Institutional Class shares of the Fund. These expense reimbursement arrangements will continue through at least July 31, 2015, unless changed with approval of the Board of Trustees.

Example


	Retail Class		Retirement Class		Premier Class		Institutional Class
1 Year	$	60	$	53	$	43	$	28
3 Years	$	189	$	167	$	135	$	87
5 Years	$	329	$	291	$	235	$	152
10 Years	$	738	$	653	$	530	$	343

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in fixed-income securities whose principal value increases or decreases based on changes in the Consumer Price Index for All Urban Consumers (“CPI-U”), over the life of the security. Typically, the Fund will invest in U.S. Treasury Inflation-Indexed Securities (“TIIS”). The Fund can also invest in (1) other inflation-indexed bonds issued or guaranteed by the U.S. Government or its agencies, by corporations and other U.S. domiciled issuers, as well as foreign governments, and (2) money market instruments or other short-term securities. For purposes of the 80%

4 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

Like conventional bonds, inflation-indexed bonds generally pay interest at fixed intervals and return the principal at maturity. Unlike conventional bonds, an inflation-indexed bond’s principal or interest is adjusted periodically to reflect changes in a specified inflation index. Inflation-indexed bonds are designed to preserve purchasing power over the life of the bond while paying a “real” rate of interest (i.e., a return over and above the inflation rate). These bonds are generally issued at a fixed interest rate that is lower than that of conventional bonds of comparable maturity and quality, but they generally retain their value against inflation over time.

The principal amount of a TIIS bond is adjusted periodically for inflation using the CPI-U. Interest is paid twice a year. The interest rate is fixed, but the amount of each interest payment varies as the principal is adjusted for inflation. The principal amount of a TIIS instrument may diminish in times of deflation. However, the U.S. Treasury guarantees that the final principal payment at maturity is at least the original principal amount of the bond. The interest and principal components of the bonds may be “stripped” or sold separately. The Fund can buy or sell either component.

The Fund may also invest in inflation-indexed bonds issued or guaranteed by foreign governments and their agencies, as well as other foreign issuers. These investments are usually designed to track the inflation rate in the issuing country. Under most circumstances, the Fund’s investments in inflation-linked bonds of foreign issuers are generally less than 20% of its assets.

The Fund may invest in fixed-income securities of any duration. As of May 1, 2014, the duration of the Fund’s benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), was 7.94 years. Typically, the Fund invests in corporate and foreign inflation-indexed bonds that are similar in duration and maturity as those of U.S. Government inflation-indexed bonds.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund’s investment strategies. The Fund also may invest in any fixed-income securities provided that no more than 5% of its assets are invested in fixed-income securities rated below investment-grade.

Principal investment risks

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 5

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of bonds may not be able or willing to meet interest or principal payments when the bonds become due.

· Special Risks for Inflation-Indexed Bonds—The risk that interest payments on, or market values of, inflation-indexed investments decline because of a decline in inflation (or deflation) or changes in investors’ and/or the market’s inflation expectations. In addition, inflation indices may not reflect the true rate of inflation.

· Derivatives Risk—The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. The Fund may use futures, options, single name or index credit default swaps, or forwards, and the Fund may also use more complex derivatives such as swaps that might present liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

Past performance

6 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional Class, Retirement Class, Premier Class and Retail Class over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2013, and how those returns compare to those of the Fund’s benchmark index. After-tax performance is shown only for Institutional Class shares, and after-tax returns for the other Classes of shares will vary from the after-tax returns presented for Institutional Class shares.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2014, was 5.67%.

Best quarter: 5.32%, for the quarter ended March 31, 2008. Worst quarter: -7.01%, for the quarter ended June 30, 2013.

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 7

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2013


		Inception Date	One Year		Five Years		Ten Years
Institutional Class		10/1/2002
	Return Before Taxes		–8.75	%	5.07	%	4.56	%
	Return After Taxes on Distributions		–9.29	%	4.25	%	3.24	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		–4.94	%	3.67	%	3.10	%
Retail Class		10/1/2002
	Return Before Taxes		–9.08	%	4.82	%	4.37	%
Retirement Class		3/31/2006
	Return Before Taxes		–9.01	%	4.81	%	4.38	%*
Premier Class		9/30/2009
	Return Before Taxes		–8.95	%	4.92	%*	4.48	%*
Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)
(reflects no deductions for fees, expenses or taxes)			–8.61	%	5.63	%	4.85	%
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Retirement Class and Premier Class that is prior to their inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Retirement Class and Premier Class. If those expenses had been reflected, the performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	John M. Cerra	Stephen Liberatore, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2008	since 2011

Purchase and sale of Fund shares

8 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

accounts. Institutional Class shares are available for purchase directly from the Fund by certain eligible investors or through financial intermediaries.

· There is no minimum initial or subsequent investment for Retirement Class shares. Retirement Class shares are primarily offered through employer-sponsored employee benefit plans.

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 9

Additional information about investment strategies and risks

Additional information about the Fund

As noted in the “Principal investment strategies” section of this Prospectus, the Fund has a policy of normally investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in inflation-linked fixed-income securities. Shareholders will receive at least 60 days’ prior notice before changes are made to the 80% policy.

Advisors may, for temporary defensive purposes, invest some or all of the Fund’s assets in cash, money market instruments or conventional bonds (i.e., non-inflation-linked), although Advisors is not obligated to do so. In doing so, the Fund may be successful in reducing market losses but may otherwise not achieve its investment objective.

The Fund is not appropriate for market timing. You should not invest in the Fund if you are a market timer.

There can be no assurances that the Fund will achieve its investment objective and investors should not consider an investment in this Fund to be a complete investment program.

Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.

Additional information on principal investment risks of the Fund

The value of the Fund may increase or decrease as a result of its investments in fixed-income securities. More specifically, the Fund typically is subject to the following principal investment risks:

10 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

· Interest Rate Risk (a type of Market Risk)—The risk that the value or yield of fixed-income investments may decline if interest rates change. In general, when prevailing interest rates decline, the market values of fixed-income investments (particularly those paying a fixed rate of interest) tend to increase while yields on fixed-income investments tend to decrease, which could adversely affect the Fund’s income. Conversely, when prevailing interest rates increase, the market values of fixed-income investments (particularly those paying a fixed rate of interest) tend to decline. Depending on the timing of the purchase of a fixed-income investment and the price paid for it, changes in prevailing interest rates may increase or decrease the investment’s yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than shorter-term investments. Interest rate risk is generally heightened during periods when prevailing interest rates are low. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund’s exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 11

trends; and (7) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates.

· Special Risks Relating to Inflation-Indexed Bonds—The risk that market values of inflation-indexed investments held by the Fund may be adversely affected by a number of factors, including changes in the market’s inflation expectations, changes in real rates of interest or declines in inflation (or deflation). There is a risk that interest payments in inflation-indexed investments may fall because of a decline in inflation (or deflation). In addition, the CPI-U may not accurately reflect the true rate of inflation. If the

12 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

market perceives that any of these events have occurred, then the market value of those investments could be adversely affected.

· Derivatives Risk—The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. Derivatives such as swaps are subject to risks such as liquidity risk, interest rate risk, market risk, and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments, and their prices, may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Some of these risks exist for futures and options which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of the Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivative investments can create leverage by magnifying investment losses or gains, and the Fund could lose more than the amount invested.

Additional information about the Fund’s benchmark index

The benchmark index described below is unmanaged, and you cannot invest directly in the index.

Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)

The Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) measures the return of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for all Urban Consumers (“CPI-U”). To be selected for inclusion in the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), the securities must have a minimum maturity of one year and a minimum par amount outstanding of $250 million.

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 13

Additional information on principal and non-principal investment strategies

Please see the Fund’s SAI for more information on these and other investments the Fund may utilize.

Portfolio holdings

A description of the Fund’s policies and procedures with respect to the disclosure of its portfolio holdings is available in the Fund’s SAI.

14 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Portfolio turnover

Share classes

Management of the Fund

The Fund’s investment adviser

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 15

Separate Account VA-1 and TIAA-CREF Life Funds. Through an affiliated investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”), certain personnel of Advisors also manage the investment accounts of CREF. As of June 30, 2014, Advisors and TCIM together had approximately $314 billion of registered investment company assets under management. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.

The annual investment management fees charged under the Management Agreement with respect to the Fund are as follows:

INVESTMENT MANAGEMENT FEES


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Inflation-Linked Bond Fund*	$0.0—$1.0	0.25%
	Over $1.0—$2.5	0.24%
	Over $2.5—$4.0	0.23%
	Over $4.0	0.22%



*	For the fiscal year ended March 31, 2014, the effective annual fee rate was 0.25% for the Fund.

16 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Portfolio management team


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years	At TIAA	Total	On Team
Inflation Linked Bond Fund
John M. Cerra Managing Director	Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—1985 to Present (fixed-income portfolio management)	1985	1985	2008
Stephen M. Liberatore, CFA Managing Director	Portfolio Manager, Investment Selection	Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (fixed-income credit research and portfolio management), Nationwide Mutual Insurance Company—2003 to 2004 (fixed-income credit research and portfolio management)	2004	1994	2011

Other services

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 17

Distribution and services arrangements

All Classes

Retail Class

More information about the Fund’s distribution and services arrangements for Retail Class shares appears in the Fund’s SAI.

18 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Retirement Class

More information about the Fund’s distribution and services arrangements for Retirement Class shares appears in the Fund’s SAI.

Premier Class

More information about the Fund’s distribution and services arrangements for Premier Class shares appears in the Fund’s SAI.

Institutional Class

More information about the Fund’s distribution and services arrangements for Institutional Class shares appears in the Fund’s SAI.

Other arrangements

Calculating share price

If the Fund invests in foreign securities that are primarily listed on foreign exchanges that trade on days when the Fund does not price its shares, the value

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 19

20 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Dividends and distributions

The Fund expects to declare and distribute to shareholders substantially all of its net investment income and net realized capital gains, if any. The amount distributed will vary according to the income received from investments held by the Fund and capital gains realized from the sale of investments. The Fund plans to pay dividends on a quarterly basis. The Fund intends to pay net capital gains, if any, annually. Dividends and capital gains can be paid in cash or reinvested. If you have elected to receive your distributions in cash and the distribution amount is less than $10, then the amount will be automatically reinvested in the Fund and no check will be issued. If the postal service is unable to deliver checks to your address of record, or the distribution check remains outstanding for six months or more, then the Fund reserves the right to reinvest the distribution check into your account using the Fund’s current NAV and to change your distribution option to reinvestment. No interest will accrue on amounts represented by uncashed distribution checks.

3. Income-Earned Option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.

4. Capital Gains Option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 21

5. Cash Option. A check will be sent for your dividend and each capital gain distribution.

Taxes

As with any investment, you should consider how your investment in the Fund will be taxed.

Taxes on transactions. Unless a transaction involves Fund shares held in a tax-deferred account, redemptions (sales), including exchanges to other funds,

22 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 23

taxable income than was actually distributed by the Fund, but will also show the amount of the available offsetting credit or deduction.

Special Considerations for Inflation-Linked Bond Fund Shareholders. Periodic adjustments for inflation to the principal amount of an inflation-indexed bond held by the Fund may give rise to original issue discount, which will be included in the Fund’s gross income. Due to original issue discount, the Fund may be required to make annual distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously distributed in the taxable year of the adjustment may be characterized in some circumstances as a return of capital to Fund shareholders.

24 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Your account: purchasing, redeeming
or exchanging shares

Retail Class

Eligibility—Retail Class

Types of accounts

Retail Class shares are available for purchase in the following types of accounts:

· Individual accounts (for one person) or Joint accounts (more than one person) including Transfer on Death (TOD) accounts (see below for more details).

· Financial advisor accounts.

· Trust accounts (other than foreign trust accounts).

· Accounts for a minor child under the Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA).

· Traditional IRAs and Roth IRAs. These accounts let you shelter investment income from federal income tax while saving for retirement.

· Corporate and Institutional accounts.

· Omnibus accounts held by financial intermediaries, platforms, programs, plans and other similar entities (collectively, “financial intermediaries”) on behalf of other investors.

· Registered and unregistered investment company accounts.

· Other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

For more information about opening an IRA or corporate or institutional account, please call the Fund at 800 223-1200, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time.

Purchasing shares—Retail Class

How to open an account and make subsequent investments

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 25

contact the intermediary about initiating purchases of Fund shares or making additional purchases.

To Open An Account By Mail: Send your check, made payable to TIAA-CREF Funds—Retail Class, and application to:

First Class Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

Overnight Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

To Open An Account By Wire: Send a completed and signed application by mail, then call the Fund to confirm that your account has been established. Instruct your bank to wire money to:

26 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99052771

Specify on the wire:

· The TIAA-CREF Funds—Retail Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

You can purchase additional shares in any of the following ways:

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 27

Note that if you hold Fund shares through a financial intermediary, you must contact the intermediary to purchase additional shares.

Points to remember for all purchases

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges including limitations under the Fund’s Market Timing/Excessive Trading Policy (See below.)

28 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

In-kind purchases of shares

Redeeming shares—Retail Class

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 29

record; by electronic transfer to your bank; or by wire transfer (minimum of $5,000). Before calling, read “Points to Remember When Redeeming,” below.

You can redeem shares in any of the following ways:

By Telephone: Call 800 223-1200 to redeem shares in amounts up to $100,000.

The Fund can terminate the systematic redemption plan option at any time, although the Fund will notify you if this occurs. You can terminate the plan or

30 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

reduce the amount or frequency of the redemptions by writing or calling the Fund or through the TIAA-CREF Web Center. Requests to establish, terminate, or change the amount or frequency of redemptions will become effective within five days after the Fund receives your instructions.

Points to remember when redeeming:

· The Fund cannot accept redemption requests specifying a certain price or date; these requests will be deemed to be not in “good order” (see below) and will be returned.

In-kind redemptions of shares

Exchanging shares—Retail Class

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 31

Exchanges between accounts can be made only if the accounts are registered identically in the same name(s), address and Social Security number or taxpayer identification number.

You can make exchanges in any of the following ways:

By Telephone: Call 800 223-1200.

Over the Internet: You can exchange shares using TIAA-CREF’s Web Center, which can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

32 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Points to remember when exchanging:

· An exchange is considered a sale of securities, and therefore is taxable.

Retirement Class

Eligibility—Retirement Class

Retirement Class shares are (or may be made) available by or through:

· certain custody accounts sponsored or administered by TIAA-CREF that are established by individuals as IRAs pursuant to section 408 of the Code.

· certain intermediaries who have entered into a contract or arrangement with the Fund, or its investment adviser or distributor that enables them to purchase shares on behalf of their clients.

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

Definition of Eligible Investor for Retirement Class

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 33

Purchasing shares—Retirement Class

Purchasing shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

Allocating retirement contributions to the Fund—for participants purchasing shares through a plan or account administered by TIAA-CREF

34 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Opening an IRA or Keogh account

Purchasing shares—for Eligible Investors and their clients:

To open an account or purchase shares by wire:

Eligible Investors should instruct their bank to wire money to:

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 35

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Retirement Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

Points to remember for all purchases by Eligible Investors:

36 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

take such action as deemed appropriate, which may include closing your account.

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

In-kind purchases of shares by Eligible Investors

Redeeming shares—Retirement Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

To request a redemption, you can do one of the following:

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 37

request in “good order” (see below), and your participant or IRA account will be credited within seven days thereafter. If a redemption is requested after a recent purchase of Retirement Class shares by check, the Fund may delay payment of the redemption proceeds until the check clears. This can take up to 10 days. If you request a redemption, we will send the proceeds by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a bank signature guarantee is required if the redemption is sent to an address other than the address of record, or to an address of record that has been changed within either the last 30 or 14 calendar days depending on the service model applicable to your account. You may obtain a signature guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a signature guarantee. Proceeds directed to a bank account not on file have similar 30 day or 14 day restrictions that require completion of a verification process. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Retirement Class shares at any time.

38 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an Eligible Investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The Eligible Investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Retirement Class

Exchanging shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 39

· a sale of Retirement Class shares held in your participant or IRA account and the use of the proceeds to purchase Retirement Class shares of another fund for your account;

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be at least $100) or your entire balance, if less.

Exchanging shares—for Eligible Investors and their clients:

The Fund reserves the right to reject any exchange request and to modify, suspend or terminate the exchange privilege for any shareholder or class of

40 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

shareholders. This may be done, in particular, when your transaction activity is deemed to be harmful to the Fund, including if it is considered to be market timing activity.

Premier Class

Eligibility—Premier Class

Premier Class shares are available for purchase by or through:

· certain intermediaries or entities affiliated with TIAA-CREF including

· registered investment companies,

· state-sponsored tuition savings plans or healthcare savings accounts (“HSAs”),

· insurance company separate accounts advised by or affiliated with Advisors, or

· other affiliates of TIAA-CREF;

· other non-affiliated persons, entities or intermediaries including

· investment companies,

· state-sponsored tuition savings plans or prepaid plans or insurance company separate accounts,

· employer-sponsored employee benefit plans which have entered into a contract or arrangement that enables them to purchase shares of the Fund, or

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

The Fund reserves the right to determine in its sole discretion whether any person, intermediary, or entity is eligible to purchase Premier Class shares.

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 41

Definition of Eligible Investor for Premier Class

Account minimums (not applicable at the participant level)

With respect to the categories of investors listed below, the aggregate plan sizes related to these investors must be at least $100 million:

· Other affiliates of Advisors or other persons or entities that the Fund may approve from time to time.

· Certain financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent, including:

· Financial intermediaries affiliated with Advisors;

· Trust companies that are not sponsored by an affiliate of Advisors;

· Registered investment companies, including funds of funds that are not advised or administered by Advisors or its affiliates;

· State-sponsored tuition savings plans and HSAs that are not sponsored by an affiliate of Advisors;

· Insurance company separate accounts that are sponsored or administered by insurance companies that are not affiliated with Advisors;

· Other persons or entities that the Fund may approve from time to time.

42 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Investors may be subject to additional expenses or eligibility requirements imposed by the financial intermediary, plan, platform, program or other entity through which they hold their shares.

The Fund reserves the right to waive or modify eligibility requirements for the Premier Class at any time for any investor or financial intermediary.

Purchasing shares—Premier Class

Purchasing shares—for participants purchasing shares through a plan or account sponsored or administered by TIAA-CREF:

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 43

including those specifying a certain price, date, or number of shares, will not be deemed to be in “good order” (see below) and will not be accepted by the Fund.

Allocating retirement contributions to the Fund—for participants purchasing through a plan or account sponsored or administered by TIAA-CREF:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Purchasing shares—for Eligible Investors and their clients:

44 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Opening an account or purchasing shares by wire—Eligible Investors:

Eligible Investors should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Premier Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

Points to remember for all purchases by Eligible Investors:

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 45

all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund.

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations related to the Fund’s Market Timing/Excessive Trading Policy (see below).

In-kind purchases of shares by Eligible Investors

Redeeming shares—Premier Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

To request a redemption, you can do one of the following:

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

You may be required to complete and return certain forms to effect your redemption. Before you complete your redemption request, please make sure

46 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

The Fund reserves the right to require a signature guarantee on any redemption.

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Premier Class shares at any time.

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 47

Usually, the Fund sends redemption proceeds to the Eligible Investor on the next business day after the Fund receives a redemption request in “good order” by the Fund’s transfer agent (or other authorized Fund agent) (see below), but not later than seven days afterwards. If a redemption is requested shortly after a recent purchase by check, it will take 10 calendar days for your check to clear and for your shares to be available for redemption.

If you request a redemption, the Fund will send the proceeds by check to the address of record, or by electronic funds transfer to the bank account on file. A letter of instruction with a Medallion Signature Guarantee is required if the redemption is sent to a bank account not on file, address other than the address of record, or to an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee. Please contact the Fund for further information.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

48 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Exchanging shares—Premier Class

Exchanging shares—for participants holding shares through a plan or account administered by TIAA-CREF:

· a sale of Premier Class shares held in your participant account and the use of the proceeds to purchase Premier Class shares of other funds or series of the Trust for your account;

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (available 24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be for at least $100) or your entire balance, if less.

Exchanging shares—for Eligible Investors and their clients:

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 49

below. (An exchange is a simultaneous redemption of shares in one fund and a purchase of shares in another fund.)

If you hold shares through an intermediary, plan sponsor or other Eligible Investor, contact the Eligible Investor for applicable exchange requirements.

Institutional Class

Eligibility—Institutional Class

Institutional Class shares are available for purchase by or through:

· certain intermediaries affiliated with TIAA-CREF, or

· other non-affiliated persons or intermediaries who have entered into a contract or arrangement that enables them to purchase shares of the Fund, or other affiliates of TIAA-CREF, such as

· state-sponsored tuition savings plans or prepaid plans,

· insurance company separate accounts,

· employer-sponsored employee benefit plans,

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

50 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Definition of Eligible Investor and Direct Purchaser

Under certain circumstances, Institutional Class shares of the Fund may be offered directly to certain eligible individuals or institutions (each, a “Direct Purchaser”).

Account minimums—certain Eligible Investors

No minimum initial investment is required to purchase Institutional Class shares of the Fund by or through the following categories of Eligible Investors:

· Certain financial intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly or via their trading agent, including:

· Financial intermediaries affiliated with Advisors;

· Trust companies, including both those affiliated with Advisors, such as TIAA-CREF Trust Company, FSB (the “Trust Company”) and other trust companies that are not affiliated with Advisors;

· Registered investment companies advised by or affiliated with Advisors, including funds of funds;

· State-sponsored tuition savings plans and healthcare savings accounts (“HSAs”) sponsored by Advisors or its affiliates;

· Insurance company separate accounts sponsored or administered by an insurance company that is affiliated with Advisors;

· Other affiliates of Advisors or other persons or entities that the Fund may approve from time to time.

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 51

Account minimums—other investors

With respect to the categories of investors listed below, a $2 million minimum initial investment amount for purchases of Institutional Class shares of the Fund is applicable:

· Registered investment companies, including funds of funds that are not advised or administered by Advisors or its affiliates;

· State-sponsored tuition savings plans and HSAs that are not sponsored by an affiliate of Advisors;

· Insurance company separate accounts that are sponsored or administered by insurance companies that are not affiliated with Advisors;

· Other persons, accounts, entities and categories of shareholders as determined by the Fund from time to time.

52 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Institutional Class shares through Eligible Investors may purchase shares only in accordance with such requirements.

The Fund reserves the right to waive or modify eligibility requirements for the Institutional Class at any time for any investor or financial intermediary.

Purchasing shares—Institutional Class

To open an account or purchase shares by wire (Direct Purchasers and Eligible Investors):

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 53

Or, the Direct Purchaser may forward its application and request for an account number directly to its Relationship Manager.

Eligible Investors or Direct Purchasers should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Institutional Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

To open an account or purchase shares by mail (Direct Purchasers only):

Send your check, made payable to TIAA-CREF Funds, and application to:

First Class Mail: The TIAA-CREF Funds—Institutional Class

c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

Overnight Mail: The TIAA-CREF Funds—Institutional Class

c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

To purchase additional shares by mail, send a check to either of the addresses listed above with the registration of the account, Fund account number, and the amount to be invested in the Fund.

Points to remember for all purchases—all investors:

54 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

· If your purchase check does not clear or payment on it is stopped, or if the Fund does not receive good funds through wire transfer or electronic funds transfer, the Fund will treat this as a redemption of the shares purchased. You will be responsible for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund. There is a $25 fee for all returned items, including checks and electronic funds transfers. Please note that there is a 10-calendar-day hold on all purchases by check or through electronic funds transfer.

In-kind purchases of shares

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 55

intermediary or plan sponsor and Direct Purchasers interested in making in-kind purchases should contact either their Relationship Manager or the Fund directly.

Redeeming shares—Institutional Class

Eligible Investors and Direct Purchasers can redeem (sell) their Institutional Class shares on any business day.

Redeeming shares—for shares held through an Eligible Investor

Redeeming shares—for shares held by Direct Purchasers

Direct Purchasers wishing to make redemption orders by telephone should call their Relationship Manager.

Points to remember—for all redemptions

Redemption proceeds—all investors

56 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

or electronic funds transfer, it will take 10 calendar days for your shares to be available for redemption.

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Institutional Class

Exchanging shares—Eligible Investors

Exchanging shares—Direct Purchasers

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 57

Exchange requirements—all investors

Once made, an exchange request cannot be modified or canceled.

Conversion of shares—applicable to all investors

58 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Voluntary conversions

Mandatory conversions

Important transaction information

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 59

Minimum Account Size.

60 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

including a decrease in market value). Investors cannot pay this fee by any other means besides an automatic deduction of the fee from their account.

Changing Your Address.

· Premier and Retirement Class. To change the address on an Eligible Investor account, please send the Fund a written notification.

· Institutional Class. To change the address on an account, please contact your Relationship Manager (for Direct Purchasers) or send the Fund a written notification.

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 61

Customer Complaints. Customer complaints may be directed to TIAA-CREF Funds, 730 Third Avenue, New York, NY 10017-3206, Mail Stop S/B 730/07/01, Attention: Director, Distribution Operation Services.

62 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Market timing/excessive trading policy—applicable to all investors

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 63

The Fund is not appropriate for market timing. You should not invest in the Fund if you want to engage in market timing activity.

Electronic prospectuses

If you received this Prospectus electronically and would like a paper copy, please contact the Fund and one will be sent to you.

Glossary

Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.

Duration: Duration is a measure of volatility in the price of a bond in response to a change in prevailing interest rates, with a longer duration indicating more

64 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

volatility. It can be understood as the weighted average of the time to each coupon and principal payment of such a security. For an investment portfolio of fixed-income securities, duration is the weighted average of each security’s duration. For example, the price of a bond with a duration of two years will rise (fall) two percent for every one percent decrease (increase) in its interest rate.

U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 65

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66 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

Financial highlights

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 67

Financial highlights

Inflation-Linked Bond Fund


				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
		For the period or year ended		Net asset value, beginning of period		Net investment income (loss)		^a	Net realized & unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains
Institutional Class
	3/31/14				$ 12.40		$ 0.20			$ (1.01	)		$ (0.81	)		$ (0.17	)		$ (0.01	)
	3/31/13				12.07		0.21			0.43			0.64			(0.25	)		(0.06	)
	3/31/12				11.16		0.36			0.95			1.31			(0.39	)		(0.01	)
	3/31/11		^†		11.21		0.17			(0.05	)		0.12			(0.17	)		—
	9/30/10				10.53		0.27			0.67			0.94			(0.26	)		—
	9/30/09				10.07		(0.02	)		0.48			0.46			0.00	^d		—

Premier Class
	3/31/14				12.38		0.22			(1.05	)		(0.83	)		(0.15	)		(0.01	)
	3/31/13				12.06		0.24			0.38			0.62			(0.24	)		(0.06	)
	3/31/12				11.15		0.37			0.92			1.29			(0.37	)		(0.01	)
	3/31/11		^†		11.21		0.16			(0.06	)		0.10			(0.16	)		—
	9/30/10				10.53		0.13			0.80			0.93			(0.25	)		—
	9/30/09		^§		10.53		0.00	^d		—			0.00	^d		—			—

Retirement Class
	3/31/14				12.50		0.18			(1.03	)		(0.85	)		(0.14	)		(0.01	)
	3/31/13				12.18		0.19			0.42			0.61			(0.23	)		(0.06	)
	3/31/12				11.25		0.36			0.94			1.30			(0.36	)		(0.01	)
	3/31/11		^†		11.31		0.15			(0.06	)		0.09			(0.15	)		—
	9/30/10				10.62		0.24			0.68			0.92			(0.23	)		—
	9/30/09				10.18		(0.02	)		0.46			0.44			0.00	^d		—

Retail Class
	3/31/14				12.13		0.18			(1.01	)		(0.83	)		(0.13	)		(0.01	)
	3/31/13				11.84		0.17			0.41			0.58			(0.23	)		(0.06	)
	3/31/12				10.95		0.34			0.92			1.26			(0.36	)		(0.01	)
	3/31/11		^†		11.00		0.16			(0.05	)		0.11			(0.16	)		—
	9/30/10				10.34		0.24			0.66			0.90			(0.24	)		—
	9/30/09				9.90		(0.06	)		0.50			0.44			0.00	^d		—


^a	Based on average shares outstanding.
^b	The percentages shown for this period are not annualized.
^c	The percentages shown for this period are annualized.
^d	Amount represents less than $0.01 per share.
^†	Amounts shown are for the six-month period ended March 31, 2011 and are not necessarily indicative of a full year of operations. The Fund changed its fiscal year end from September 30 to March 31.
^§	The Premier Class commenced operations on September 30, 2009.

68 Prospectus ■ TIAA-CREF Inflation-Linked Bond Fund

(concluded)


									Ratios and supplemental data

											Ratios to average net assets
Total dividends and distributions			Net asset value, end of period		Total return			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate

	$ (0.18	)		$11.41		(6.55	)%		$1,472,700		0.27	%		0.27	%		1.68	%		10	%
	(0.31	)		12.40		5.28			1,428,566		0.27			0.27			1.72			14
	(0.40	)		12.07		11.92			1,174,406		0.28			0.28			3.07			13
	(0.17	)		11.16		1.05	^b		771,048		0.29	^c		0.29	^c		3.01	^c		7	^b
	(0.26	)		11.21		9.04			737,043		0.32			0.32			2.47			12
	0.00	^d		10.53		4.57			524,468		0.39			0.35			(0.18	)		17


	(0.16	)		11.39		(6.72	)		7,433		0.42			0.42			1.90			10
	(0.30	)		12.38		5.12			14,323		0.42			0.42			1.89			14
	(0.38	)		12.06		11.77			18,303		0.43			0.43			3.13			13
	(0.16	)		11.15		0.89	^b		15,832		0.44	^c		0.44	^c		2.88	^c		7	^b
	(0.25	)		11.21		8.89			14,474		0.47			0.47			1.19			12
	—			10.53		0.00	^b		250		220.91	^c		0.50	^c		0.00	^c		17


	(0.15	)		11.50		(6.82	)		190,395		0.52			0.52			1.54			10
	(0.29	)		12.50		5.02			220,926		0.52			0.52			1.48			14
	(0.37	)		12.18		11.73			191,083		0.53			0.53			3.01			13
	(0.15	)		11.25		0.83	^b		176,090		0.54	^c		0.54	^c		2.77	^c		7	^b
	(0.23	)		11.31		8.80			175,037		0.57			0.57			2.20			12
	0.00	^d		10.62		4.33			112,192		0.64			0.60			(0.20	)		17


	(0.14	)		11.16		(6.85	)		150,162		0.59			0.59			1.55			10
	(0.29	)		12.13		4.90			220,169		0.58			0.58			1.43			14
	(0.37	)		11.84		11.68			201,227		0.55			0.55			2.91			13
	(0.16	)		10.95		0.98	^b		146,917		0.47	^c		0.47	^c		2.80	^c		7	^b
	(0.24	)		11.00		8.84			147,427		0.49			0.49			2.30			12
	0.00	^d		10.34		4.45			127,272		0.66			0.49			(0.59	)		17

TIAA-CREF Inflation-Linked Bond Fund ■ Prospectus 69

[This page intentionally left blank.]

For more information about TIAA-CREF Funds

Requesting documents. You can request a copy of the Fund’s SAI or these reports without charge, or contact the Fund for any other purpose, in any of the following ways:

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Over the Internet:

www.tiaa-cref.org

By telephone:

Call 877 518-9161

In writing:

TIAA-CREF Funds
P.O. Box 1259
Charlotte, NC 28201

Important Information about procedures for opening a new account


1940 Act File No. 811-9301	A11961 (8/14)

PROSPECTUS

AUGUST 1, 2014

TIAA-CREF Short-Term Bond Fund

of the TIAA-CREF Funds

Class Ticker: Retail TCTRX Retirement TISRX Premier TSTPX Institutional TISIX

This Prospectus describes the Retail, Retirement, Premier and Institutional Class shares offered by the TIAA-CREF Short-Term Bond Fund (the “Fund”). The Fund is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”).

Table of contents

Summary information 3

Investment objective 3

Fees and expenses 3

Shareholder fees 3

Annual Fund operating expenses 3

Example 4

Portfolio turnover 4

Principal investment strategies 4

Principal investment risks 5

Past performance 7

Portfolio management 8

Purchase and sale of Fund shares 9

Tax information 9

Payments to broker-dealers and other financial intermediary compensation 9

Additional information about investment strategies and risks 10

Additional information about the Fund 10

Additional information on principal investment risks of the Fund 11

Additional information about the Fund’s benchmark index 14

Additional information on principal and non-principal investment strategies 15

Portfolio holdings 16

Portfolio turnover 16

Share classes 16

Management of the Fund 16

The Fund’s investment adviser 16

Investment management fees 17

Portfolio management team 18

Other services 18

Distribution and services arrangements 19

Other arrangements 20

Calculating share price 20

Dividends and distributions 22

Taxes 23

Your account: purchasing, redeeming or exchanging shares 25

Retail Class 25

Eligibility—Retail Class 25

Purchasing shares—Retail Class 26

Redeeming shares—Retail Class 30

Exchanging shares— Retail Class 32

Retirement Class 34

Eligibility—Retirement Class 34

Purchasing shares— Retirement Class 34

Redeeming shares— Retirement Class 38

Exchanging shares— Retirement Class 40

Premier Class 41

Eligibility—Premier Class 41

Purchasing shares—Premier Class 43

Redeeming shares—Premier Class 47

Exchanging shares—Premier Class 49

Institutional Class 50

Eligibility—Institutional Class 50

Purchasing shares— Institutional Class 53

Redeeming shares— Institutional Class 56

Exchanging shares— Institutional Class 57

Conversion of shares–applicable to all investors 58

Important transaction information 59

Market timing/excessive trading policy 63

Electronic prospectuses 63

Glossary 64

Financial highlights 65

Summary information

TIAA-CREF Short-Term Bond Fund

of the TIAA-CREF Funds

Investment objective

The Fund seeks high current income.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund:

SHAREHOLDER FEES (fees paid directly from your investment)


	Retail Class	Retirement Class	Premier Class	Institutional Class
Maximum Sales Charge Imposed on Purchases (percentage of offering price)	0%	0%	0%	0%
Maximum Deferred Sales Charge	0%	0%	0%	0%
Maximum Sales Charge Imposed on Reinvested Dividends and Other Distributions	0%	0%	0%	0%
Redemption or Exchange Fee	0%	0%	0%	0%
Account Maintenance Fee (annual fee on accounts under $2,000)	$15.00	0%	0%	0%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)


		Retail Class	Retirement Class	Premier Class	Institutional Class
Management Fees		0.25%	0.25%	0.25%	0.25%
Distribution (Rule 12b-1) Fees		0.25%	—	0.15%	—
Other Expenses		0.10%	0.28%	0.03%	0.03%
Total Annual Fund Operating Expenses		0.60%	0.53%	0.43%	0.28%
Waivers and Expense Reimbursements¹		—	—	—	—
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.60%	0.53%	0.43%	0.28%

1	Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed: (i) 0.65% of average daily net assets for Retail Class shares; (ii) 0.55% of average daily net assets for Retirement Class shares;

TIAA-CREF Short-Term Bond Fund ■ Prospectus 3


	(iii) 0.45% of average daily net assets for Premier Class shares; and (iv) 0.30% of average daily net assets for Institutional Class shares of the Fund. These expense reimbursement arrangements will continue through at least July 31, 2015, unless changed with approval of the Board of Trustees.

Example


	Retail Class		Retirement Class		Premier Class		Institutional Class
1 Year	$	61	$	54	$	44	$	29
3 Years	$	192	$	170	$	138	$	90
5 Years	$	335	$	296	$	241	$	157
10 Years	$	750	$	665	$	542	$	356

Portfolio turnover

Principal investment strategies

Under normal circumstances, the Fund invests at least 80% of its assets in U.S. Treasury and agency securities and investment-grade fixed-income investments with an average maturity or average lives of less than 5 years. The Fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. Government securities, corporate bonds and mortgage-backed and other asset-backed securities. The Fund may also invest in other fixed-income securities, including those of non-investment grade quality. The Fund may overweight or underweight individual securities or sectors as compared to their weight in the index when the Fund’s Investment Adviser, Teacher’s Advisors, Inc. (“Advisors”) finds undervalued or overlooked issues that it believes offer the potential for superior returns. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.

4 Prospectus ■ TIAA-CREF Short-Term Bond Fund

Effective January 1, 2014, the Fund’s benchmark index changed from the Barclays U.S. 1-5 Year Government/Credit Bond Index (the “Barclays 1-5 Year Index”) to the Barclays U.S. 1-3 Year Government/Credit Bond Index (the “Barclays 1-3 Year Index”). As of May 1, 2014, the duration of the Barclays 1-5 Year Index was 2.68 years and the duration of the Barclays 1-3 Year Index was 1.94 years. Although the Fund may invest in fixed-income securities of any maturity, the duration of the Fund’s portfolio typically ranges between one and three years. The Fund also has a policy of maintaining a dollar weighted average maturity of portfolio holdings of no more than three years.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund’s investment strategies.

The Fund may invest in foreign securities, including emerging markets fixed-income securities and non-dollar denominated instruments. Under most circumstances, the Fund’s investments in fixed-income securities of foreign issuers constitute less than 20% of the Fund’s assets.

Principal investment risks

· Credit Risk (a type of Issuer Risk)—The risk that the issuer of bonds may not be able or willing to meet interest or principal payments when the bonds become due.

TIAA-CREF Short-Term Bond Fund ■ Prospectus 5

Foreign investments may also be less liquid and more difficult to value than investments in U.S. issuers.

· Call Risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund’s income.

· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

· Derivatives Risk—The risks associated with investing in derivatives may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. The Fund may use futures, options, single name or index credit default swaps, or forwards, and the Fund may also use more complex derivatives such as swaps that might present liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested.

Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.

6 Prospectus ■ TIAA-CREF Short-Term Bond Fund

Past performance

The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows the annual total returns of the Institutional Class of the Fund, before taxes, in each full calendar year since inception of the Institutional Class. Because the expenses vary across share classes, the performance of the Institutional Class may vary from the other share classes. Below the bar chart are the best and worst returns of the Institutional Class for a calendar quarter during the period covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for the Institutional Class, Retirement Class, Premier Class and Retail Class over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2013, and how those returns compare to those of the Fund’s benchmark index. After-tax performance is shown only for Institutional Class shares, and after-tax returns for the other Classes of shares will vary from the after-tax returns presented for Institutional Class shares.

For current performance information of each share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.

ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)^†

^† The year-to-date return as of the most recent calendar quarter, which ended on June 30, 2014, was 1.17%.

Best quarter: 3.13%, for the quarter ended September 30, 2009. Worst quarter: -1.24%, for the quarter ended June 30, 2013.

TIAA-CREF Short-Term Bond Fund ■ Prospectus 7

AVERAGE ANNUAL TOTAL RETURNS

For the Periods Ended December 31, 2013


		Inception Date	One Year		Five Years		Since Inception
Institutional Class		3/31/2006
	Return Before Taxes		0.35	%	3.42	%	3.72	%
	Return After Taxes on Distributions		–0.34	%	2.55	%	2.58	%
	Return After Taxes on Distributions and Sale of
	Fund Shares		0.19	%	2.33	%	2.47	%
Retail Class		3/31/2006
	Return Before Taxes		0.03	%	3.17	%	3.54	%
Retirement Class		3/31/2006
	Return Before Taxes		0.10	%	3.16	%	3.48	%
Premier Class		9/30/2009
	Return Before Taxes		0.20	%	3.31	%*	3.65	%*
Barclays U.S. 1-3 Year Government/Credit Bond Index
(reflects no deductions for fees, expenses or taxes)			0.64	%	2.02	%	3.30	%^†
Barclays U.S. 1-5 Year Government/Credit Bond Index
(reflects no deductions for fees, expenses or taxes)			0.28	%	2.86	%	3.96	%^†
Current performance of the Fund’s shares may be higher or lower than that shown above.
*	The performance shown for the Premier Class that is prior to its inception date is based on performance of the Fund’s Institutional Class. The performance for these periods has not been restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance would have been lower.
^†	Performance is calculated from the inception date of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary.

For the Fund’s most current 30-day yield, please call the Fund at 800 842-2252.

Portfolio management

Investment Adviser. The Fund’s investment adviser is Teachers Advisors, Inc.

Portfolio Managers. The following persons manage the Fund on a day-to-day basis:



Name:	John M. Cerra	Richard Cheng
Title:	Managing Director	Managing Director
Experience on Fund:	since 2006	since 2011

8 Prospectus ■ TIAA-CREF Short-Term Bond Fund

Purchase and sale of Fund shares

Retail Class shares are available for purchase through certain financial intermediaries or by contacting the Fund directly at 800 223-1200 or www.tiaa-cref.org. Retirement Class and Premier Class shares are generally available for purchase through employee benefit plans or other types of savings plans or accounts. Institutional Class shares are available for purchase directly from the Fund by certain eligible investors or through financial intermediaries.

· There is no minimum initial or subsequent investment for Retirement Class shares. Retirement Class shares are primarily offered through employer-sponsored employee benefit plans.

Tax information

Payments to broker-dealers and other financial intermediary compensation

TIAA-CREF Short-Term Bond Fund ■ Prospectus 9

the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

Additional information about investment strategies and risks

Additional information about the Fund

As noted in the “Principal investment strategies” section of this Prospectus, the Fund has a policy of normally investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in investments with an average maturity or average lives of less than 5 years. Shareholders will receive at least 60 days’ prior notice before changes are made to the 80% policy.

There can be no assurances that the Fund will achieve its investment objective and investors should not consider an investment in this Fund to be a complete investment program.

Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.

10 Prospectus ■ TIAA-CREF Short-Term Bond Fund

Additional information on principal investment risks of the Fund

The value of the Fund may increase or decrease as a result of its investments in fixed-income securities. More specifically, the Fund typically is subject to the following principal investment risks:

TIAA-CREF Short-Term Bond Fund ■ Prospectus 11

12 Prospectus ■ TIAA-CREF Short-Term Bond Fund

the increase in value that other fixed-income investments experience when interest rates decline. Additionally, the Fund would likely have to reinvest the payoff proceeds at current yields, which are likely to be lower than the fixed-income investment in which the Fund originally invested, resulting in a decline in income.

· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for their fair market value, if at all, or at any price.

TIAA-CREF Short-Term Bond Fund ■ Prospectus 13

credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments, and their prices, may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Some of these risks exist for futures and options which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of the Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivative investments can create leverage by magnifying investment losses or gains, and the Fund could lose more than the amount invested.

Additional information about the Fund’s benchmark index

The benchmark index described below is unmanaged, and you cannot invest directly in the index.

Barclays U.S. 1–5 Year Government/Credit Bond Index

The Barclays U.S. 1–5 Year Government/Credit Bond Index tracks the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1–5 year maturities. The securities in the index must be rated investment-grade or higher by at least two of the following rating agencies: Moody’s, S&P and Fitch.

Barclays U.S. 1–3 Year Government/Credit Bond Index

Effective January 1, 2014, the new benchmark index for the Fund is the Barclays 1–3 Year Index. The Barclays 1–3 Year Index tracks the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1–3 year maturities. The securities in the index must be rated investment-grade or higher by at least two of the following rating agencies: Moody’s, S&P and Fitch.

The Fund adopted the Barclays 1–3 Year Index as its new benchmark for a number of reasons. The portfolio maturity of the former benchmark, the Barclays 1–5 Year Index, has lengthened over time and the Barclays 1–3 Year Index is now more consistent with the Fund’s policy of maintaining a dollar weighted average portfolio maturity of no more than three years. Additionally, Advisors

14 Prospectus ■ TIAA-CREF Short-Term Bond Fund

believes that the Barclays 1–3 Year Index is a more representative measure of the performance of a short-term bond portfolio and is more widely used by short-term bond investors.

Additional information on principal and non-principal investment strategies

Please see the Fund’s SAI for more information on these and other investments the Fund may utilize.

TIAA-CREF Short-Term Bond Fund ■ Prospectus 15

Portfolio holdings

A description of the Fund’s policies and procedures with respect to the disclosure of its portfolio holdings is available in the Fund’s SAI.

Portfolio turnover

Share classes

Management of the Fund

The Fund’s investment adviser

16 Prospectus ■ TIAA-CREF Short-Term Bond Fund

The annual investment management fees charged under the Management Agreement with respect to the Fund are as follows:

INVESTMENT MANAGEMENT FEES


	Assets Under Management	Fee Rate
	(Billions)	(average daily net assets)
Short-Term Bond Fund*	$0.0—$1.0	0.25%
	Over $1.0—$2.5	0.24%
	Over $2.5—$4.0	0.23%
	Over $4.0	0.22%



*	For the fiscal year ended March 31, 2014, the effective annual fee rate was 0.25% for the Fund.

TIAA-CREF Short-Term Bond Fund ■ Prospectus 17

Fund’s shareholder report, please call 800 842-2252, visit the Fund’s website at www.tiaa-cref.org or visit the SEC’s website at www.sec.gov.

Portfolio management team


Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years		Total Experience (since dates specified below)
Name & Title	Portfolio Role/ Coverage/ Expertise/Specialty	Experience Over Past Five Years		At TIAA	Total	On Team
Short Term Bond Fund
John M. Cerra Managing Director	Lead Portfolio Manager and Asset Allocation	Advisors, TCIM and other advisory affiliates of TIAA—1985 to Present (fixed-income portfolio management)		1985	1985	2003
Richard Cheng Managing Director	Portfolio Manager — Corporate Sector	Advisors, TCIM and other advisory affiliates of TIAA—1997 to Present (fixed-income portfolio management)	1997		1991	2011

Other services

18 Prospectus ■ TIAA-CREF Short-Term Bond Fund

Distribution and services arrangements

All Classes

Retail Class

More information about the Fund’s distribution and services arrangements for Retail Class shares appears in the Fund’s SAI.

TIAA-CREF Short-Term Bond Fund ■ Prospectus 19

Retirement Class

More information about the Fund’s distribution and services arrangements for Retirement Class shares appears in the Fund’s SAI.

Premier Class

More information about the Fund’s distribution and services arrangements for Premier Class shares appears in the Fund’s SAI.

Institutional Class

More information about the Fund’s distribution and services arrangements for Institutional Class shares appears in the Fund’s SAI.

Other arrangements

Calculating share price

If the Fund invests in foreign securities that are primarily listed on foreign exchanges that trade on days when the Fund does not price its shares, the value

20 Prospectus ■ TIAA-CREF Short-Term Bond Fund

TIAA-CREF Short-Term Bond Fund ■ Prospectus 21

Dividends and distributions

3. Income-Earned Option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.

4. Capital Gains Option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.

22 Prospectus ■ TIAA-CREF Short-Term Bond Fund

5. Cash Option. A check will be sent for your dividend and each capital gain distribution.

Taxes

As with any investment, you should consider how your investment in the Fund will be taxed.

Taxes on transactions. Unless a transaction involves Fund shares held in a tax-deferred account, redemptions (sales), including exchanges to other funds,

TIAA-CREF Short-Term Bond Fund ■ Prospectus 23

24 Prospectus ■ TIAA-CREF Short-Term Bond Fund

taxable income than was actually distributed by the Fund, but will also show the amount of the available offsetting credit or deduction.

Your account: purchasing, redeeming
or exchanging shares

Retail Class

Eligibility—Retail Class

Types of accounts

Retail Class shares are available for purchase in the following types of accounts:

TIAA-CREF Short-Term Bond Fund ■ Prospectus 25

· Individual accounts (for one person) or Joint accounts (more than one person) including Transfer on Death (TOD) accounts (see below for more details).

· Financial advisor accounts.

· Trust accounts (other than foreign trust accounts).

· Accounts for a minor child under the Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA).

· Traditional IRAs and Roth IRAs. These accounts let you shelter investment income from federal income tax while saving for retirement.

· Corporate and Institutional accounts.

· Omnibus accounts held by financial intermediaries, platforms, programs, plans and other similar entities (collectively, “financial intermediaries”) on behalf of other investors.

· Registered and unregistered investment company accounts.

· Other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

For more information about opening an IRA or corporate or institutional account, please call the Fund at 800 223-1200, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time.

Purchasing shares—Retail Class

How to open an account and make subsequent investments

26 Prospectus ■ TIAA-CREF Short-Term Bond Fund

To Open An Account By Mail: Send your check, made payable to TIAA-CREF Funds—Retail Class, and application to:

First Class Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009

Overnight Mail: The TIAA-CREF Funds—Retail Class
c/o Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809

To Open An Account By Wire: Send a completed and signed application by mail, then call the Fund to confirm that your account has been established. Instruct your bank to wire money to:

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99052771

Specify on the wire:

· The TIAA-CREF Funds—Retail Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

TIAA-CREF Short-Term Bond Fund ■ Prospectus 27

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

You can purchase additional shares in any of the following ways:

28 Prospectus ■ TIAA-CREF Short-Term Bond Fund

Note that if you hold Fund shares through a financial intermediary, you must contact the intermediary to purchase additional shares.

Points to remember for all purchases

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges as described in the Prospectus.

TIAA-CREF Short-Term Bond Fund ■ Prospectus 29

In-kind purchases of shares

Redeeming shares—Retail Class

You can redeem shares in any of the following ways:

30 Prospectus ■ TIAA-CREF Short-Term Bond Fund

Signature Guarantees (if required), and any other required supporting legal documentation.

By Telephone: Call 800 223-1200 to redeem shares in amounts up to $100,000.

Points to remember when redeeming:

· The Fund cannot accept redemption requests specifying a certain price or date; these requests will be deemed to be not in “good order” (see below) and will be returned.

· If you request a redemption by telephone or by Internet within 30 days of changing your address, or if you would like the proceeds sent to someone

TIAA-CREF Short-Term Bond Fund ■ Prospectus 31

else, you must send the Fund your request in writing with a Medallion Signature Guarantee of all owners exactly as registered on the account.

In-kind redemptions of shares

Exchanging shares—Retail Class

In each case, these exchanges may be made on any business day, subject to the exchange privilege limitations described below. The minimum investment for an exchange into a fund in which you already own shares must be at least $50. An exchange to a new fund account must meet the account minimums as stated by account type above (i.e., $2,000 per fund account for Traditional IRA, Roth IRA or Coverdell accounts and $2,500 per fund account for all other accounts, including custodial (UGMA/UTMA) accounts).

Exchanges between accounts can be made only if the accounts are registered identically in the same name(s), address and Social Security number or taxpayer identification number.

32 Prospectus ■ TIAA-CREF Short-Term Bond Fund

You can make exchanges in any of the following ways:

By Telephone: Call 800 223-1200.

Over the Internet: You can exchange shares using TIAA-CREF’s Web Center, which can be accessed through TIAA-CREF’s homepage at www.tiaa-cref.org.

Points to remember when exchanging:

· An exchange is considered a sale of securities, and therefore is taxable.

TIAA-CREF Short-Term Bond Fund ■ Prospectus 33

Retirement Class

Eligibility—Retirement Class

Retirement Class shares are (or may be made) available by or through:

· certain custody accounts sponsored or administered by TIAA-CREF that are established by individuals as IRAs pursuant to section 408 of the Code.

· certain intermediaries who have entered into a contract or arrangement with the Fund, or its investment adviser or distributor that enables them to purchase shares on behalf of their clients.

· other accounts, entities and categories of shareholders as may be approved by the Fund from time to time.

Definition of Eligible Investor for Retirement Class

Purchasing shares—Retirement Class

Purchasing shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

34 Prospectus ■ TIAA-CREF Short-Term Bond Fund

were previously invested in another investment vehicle available under your employer’s plan.

Allocating retirement contributions to the Fund—for participants purchasing shares through a plan or account administered by TIAA-CREF

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

Opening an IRA or Keogh account

Purchasing shares—for Eligible Investors and their clients:

Eligible Investors may invest directly in the Fund. All other prospective investors should contact their intermediary or plan sponsor for applicable

TIAA-CREF Short-Term Bond Fund ■ Prospectus 35

purchase requirements. All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Fund will only accept accounts with a U.S. address of record. The Fund will not accept a P.O. Box as the address of record.

To open an account or purchase shares by wire:

Eligible Investors should instruct their bank to wire money to:

State Street Bank
One Lincoln Street
Boston, MA 02111
ABA Number 011000028
DDA Number 99054546

Specify on the wire:

· The TIAA-CREF Funds—Retirement Class;

· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;

· Indicate if this is for a new or existing account (provide Fund account number if existing); and

· The Fund and amount to be invested.

36 Prospectus ■ TIAA-CREF Short-Term Bond Fund

Points to remember for all purchases by Eligible Investors:

· Your ability to purchase shares may be restricted due to limitations on purchases or exchanges as described in the Prospectus.

In-kind purchases of shares by Eligible Investors

TIAA-CREF Short-Term Bond Fund ■ Prospectus 37

value of the securities received. Eligible Investors interested in making in-kind purchases should contact the Fund, and interested clients should contact their Eligible Investor (i.e., their intermediary or plan sponsor).

Redeeming shares—Retirement Class

Redeeming shares—for participants holding shares through a plan or account administered by TIAA-CREF:

To request a redemption, you can do one of the following:

· write to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· call our Automated Telephone Service (24 hours a day) at 800 842-2252.

The Fund reserves the right to require a signature guarantee on any redemption.

38 Prospectus ■ TIAA-CREF Short-Term Bond Fund

for spousal rights to benefits, then to the extent required by the Code or ERISA or the terms of your employer plan, your rights to make certain redemptions may be restricted by the rights of your spouse to such benefits.

Redeeming shares—for Eligible Investors and their clients:

Eligible Investors can redeem (sell) their Retirement Class shares at any time.

TIAA-CREF Short-Term Bond Fund ■ Prospectus 39

The Fund reserves the right to require a signature guarantee on any redemption.

In-kind redemptions of shares

Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement its investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an Eligible Investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s entire portfolio. The securities you receive will be selected by the Fund in its discretion. The Eligible Investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs.

Exchanging shares—Retirement Class

Exchanging shares—for participants purchasing shares through a plan or account administered by TIAA-CREF:

· a sale of Retirement Class shares held in your participant or IRA account and the use of the proceeds to purchase Retirement Class shares of another fund for your account;

You can make exchanges in any of the following ways:

· writing to TIAA-CREF at P.O. Box 1259, Charlotte, NC 28201;

· calling our Automated Telephone Service (24 hours a day) at 800 842-2252; or

· using the TIAA-CREF website’s account access feature at www.tiaa-cref.org.

40 Prospectus ■ TIAA-CREF Short-Term Bond Fund

Exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be at least $100) or your entire balance, if less.

Exchanging shares—for Eligible Investors and their clients:

Eligible Investors can exchange Retirement Class shares in the Fund for Retirement Class shares of any other fund or series of the Trust on any business day, subject to the limitations described in the Prospectus. (An exchange is a simultaneous redemption of shares in one fund and a purchase of shares in another fund.)

Premier Class

Eligibility—Premier Class

Premier Class shares are available for purchase by or through:

· certain intermediaries or entities affiliated with TIAA-CREF including

· registered investment companies,

· state-sponsored tuition savings plans or healthcare savings accounts (“HSAs”),

TIAA-CREF Short-Term Bond Fund ■ Prospectus 41





Name:	Stephen M. Liberatore, CFA	Joseph Higgins, CFA
Title:	Managing Director	Managing Director
Experience on Fund:	since 2012	since 2012


	Inception Date	One Year	Three Years	Since Inception
Social Choice Fixed-Income Composite (net of fees)	3/31/2010	6.32%	4.94%	5.24%
Social Choice Fixed-Income Composite (gross of fees)	3/31/2010	6.68%	5.25%	5.58%
Barclays U.S. Aggregate Bond Index*		4.37%	3.66%	4.34%


	Social Choice Fixed-Income Composite (net of fees)	Social Choice Fixed-Income Composite (gross of fees)	Barclays U.S. Aggregate Bond Index^†
2014^‡	5.33%	5.51%	3.93%
2013	-1.43%	-1.13%	-2.02%
2012	5.72%	5.98%	4.21%
2011	8.41%	8.77%	7.84%
2010^§	4.42%	4.74%	4.68%



Name:	Barnet Sherman	Stephen Liberatore, CFA
Title:	Director	Managing Director
Experience on Fund:	since 2010	since 2011


Barnet Sherman Director	Lead Portfolio Manager	Advisors, TCIM and other advisory affiliates of TIAA—2010 to Present (fixed-income credit research), Braintree Capital Partners—2008 to 2010 (portfolio management and municipal bond research), Morgan Stanley—1994 to 2008 (municipal bond research)	2010	1984	2010


Stephen M. Liberatore, CFA Managing Director	Portfolio Manager– Investment Selection	Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (fixed-income credit research and portfolio management), Nationwide Mutual Insurance Company—2003 to 2004 (fixed-income credit research and portfolio management)	2004	1994	2011



Name:	Michael Ferraro, CFA	Joseph Rolston
Title:	Director	Director
Experience on Fund:	since 1999	since 2011



Name:	David Copp	Brendan W. Lee
Title:	Managing Director	Director
Experience on Fund:	since 2005	since 2006

	Tickers by Class
	Retail	Retirement	Premier	Institutional
Equity Funds
Emerging Markets Equity Fund	TEMRX	TEMSX	TEMPX	TEMLX
Emerging Markets Equity Index Fund	TEQKX	TEQSX	TEQPX	TEQLX
Enhanced International Equity Index Fund	—	—	—	TFIIX
Enhanced Large-Cap Growth Index Fund	—	—	—	TLIIX
Enhanced Large-Cap Value Index Fund	—	—	—	TEVIX
Equity Index Fund	TINRX	TIQRX	TCEPX	TIEIX
Global Natural Resources Fund	TNRLX	TNRRX	TNRPX	TNRIX
Growth & Income Fund	TIIRX	TRGIX	TRPGX	TIGRX
International Equity Fund	TIERX	TRERX	TREPX	TIIEX
International Equity Index Fund	—	TRIEX	TRIPX	TCIEX
International Opportunities Fund	TIOSX	TIOTX	TIOPX	TIOIX
Large-Cap Growth Fund	TIRTX	TILRX	TILPX	TILGX
Large-Cap Growth Index Fund	—	TRIRX	—	TILIX
Large-Cap Value Fund	TCLCX	TRLCX	TRCPX	TRLIX
Large-Cap Value Index Fund	—	TRCVX	—	TILVX
Mid-Cap Growth Fund	TCMGX	TRGMX	TRGPX	TRPWX
Mid-Cap Value Fund	TCMVX	TRVRX	TRVPX	TIMVX
Small-Cap Blend Index Fund	—	TRBIX	—	TISBX
Small-Cap Equity Fund	TCSEX	TRSEX	TSRPX	TISEX
Social Choice Equity Fund	TICRX	TRSCX	TRPSX	TISCX
S&P 500 Index Fund	—	TRSPX	—	TISPX
Fixed-Income Funds
Bond Fund	TIORX	TIDRX	TIDPX	TIBDX
Bond Index Fund	TBILX	TBIRX	TBIPX	TBIIX
Bond Plus Fund	TCBPX	TCBRX	TBPPX	TIBFX
High-Yield Fund	TIYRX	TIHRX	TIHPX	TIHYX
Inflation-Linked Bond Fund	TCILX	TIKRX	TIKPX	TIILX
Short-Term Bond Fund	TCTRX	TISRX	TSTPX	TISIX
Social Choice Bond Fund	TSBRX	TSBBX	TSBPX	TSBIX
Tax-Exempt Bond Fund	TIXRX	—	—	TITIX
Money Market Fund	TIRXX	TIEXX	TPPXX	TCIXX
Real Estate Securities Fund
Real Estate Securities Fund	TCREX	TRRSX	TRRPX	TIREX

Table of contents


Investment objectives, policies, and restrictions	B-2	About the Trust and the shares	B-58
Disclosure of portfolio holdings	B-25	Pricing of shares	B-63
Management of the Trust	B-26	Tax status	B-65
Proxy voting policies	B-35	Brokerage allocation	B-71
Principal holders of securities	B-36	Legal matters	B-76
Investment advisory and other services	B-49	Experts	B-76
Underwriter and other service providers	B-53	Financial statements	B-76
Personal trading policy	B-53	Appendix A: TIAA-CREF policy statement on corporate governance	B-77
Information about the Funds’ portfolio management	B-53

1.	The Fund will not issue senior securities except as permitted by law.
2.	The Fund will not borrow money, except: (a) each Fund may purchase securities on margin, as described in Restriction #7 below; and (b) from banks (only in amounts not in excess of 33⅓% of the market value of that Fund’s assets at the time of borrowing), and, from other sources, for temporary purposes (only in amounts not exceeding 5%, or such greater amount as may be permitted by law, of that Fund’s total assets taken at market value at the time of borrowing).
3.	The Fund will not underwrite the securities of other companies, except to the extent that it may be deemed an underwriter in connection with the disposition of securities from its portfolio.
4.	The Fund will not purchase real estate or mortgages directly.
5.	The Fund (other than the Global Natural Resources Fund) will not purchase commodities or commodities contracts, except to the extent futures are purchased as described herein. The Global Natural Resources Fund will invest in commodities and commodities-related instruments as permitted under applicable securities, commodities and tax regulations.
6.	The Fund will not lend any security or make any other loan if, as a result, more than 33⅓% of its total assets would be lent to other parties, but this limit does not apply to repurchase agreements.
7.	The Fund will not purchase any security on margin except that the Fund may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities.
	Restriction #8 is a fundamental policy of each Fund other than the Global Natural Resources Fund:
8.	The Fund will not, with respect to at least 75% of the value of its total assets, invest more than 5% of its total assets in the securities of any one issuer, other than securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or hold more than 10% of the outstanding voting securities of any one issuer.
	Restrictions #9 and #10 are fundamental policies of the Tax-Exempt Bond Fund only:
9.	The Fund may invest more than 25% of its assets in tax-exempt securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or by any state or local government or a political subdivision of any of the foregoing; the Fund

	will not otherwise invest in any industry if after giving effect to that investment the Fund’s holding in that industry would exceed 25% of its total assets.
10.	Under normal market conditions, the Fund will invest at least 80% of its assets in tax-exempt bonds, a type of municipal security, the interest on which is exempt from federal income tax, including federal alternative minimum tax.
11.	The Fund (other than the Real Estate Securities and Global Natural Resources Funds) will not invest 25% or more of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities). The Real Estate Securities Fund has a policy of investing more than 25% of its total assets in securities of issuers in the real estate sector. The Global Natural Resources Fund has a policy of investing more than 25% of its total assets in securities of issuers in the natural resources industry.

Name, address and year of birth (“YOB”)	Position(s) held with Fund	Term of office and length of time served	Principal occupation(s) during past 5 years and other relevant experience and qualifications	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustees
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management), and member of asset allocation portfolio management team, GMO (2003–2005). Mr. Berkley has particular experience in investment management, global operations and finance, as well as experience with non-profit organizations and foundations.	79	Former Director of GMO; Director, The Maine Coast Heritage Trust; Investment Committee Member, Maine Community Foundation, and the Elmina B. Sewall Foundation; Trustee, Maine Chapter of The Nature Conservancy; Former Director and member of the Investment Committee of the Boston Athenaeum; Former Director of Appalachian Mountain Club.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc. and of certain funds advised by American Beacon Advisors, Inc. Ms. Eckl has particular experience in investment management, mutual funds, pension plan management, finance, accounting and operations. Ms. Eckl is designated as an audit committee financial expert and is licensed as a certified public accountant in the State of Texas.	79	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; Independent Trustee, Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014), Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006). Mr. Forrester has particular experience in investment management, institutional marketing and product development, operations management, alternative investments and experience with non-profit organizations.	79	Director, Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee and Chairman of the Board	Indefinite term. Chairman for term ending December 31, 2015. Trustee since 2005. Chairman since January 1, 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006), and on the faculty (since 1989) of Harvard Law School. Prof. Jackson has particular experience in law, including the federal securities laws, consumer protection, finance, pensions and social security, and organizational management and education.	79	Director, D2D Fund.

Name of Trustee	Dollar range of equity securities in the Funds	Aggregate dollar range of equity securities in all Registered Investment Companies overseen by Trustee in family of investment companies
Forrest Berkley	Over $100,000 (Large-Cap Growth Index)	Over $100,000
	Over $100,000 (International Equity)
	Over $100,000 (International Equity Index)
Nancy A. Eckl	$10,001–50,000 (Emerging Markets Equity Index)	Over $100,000
	$50,001–100,000 (Small-Cap Blend Index)
	Over $100,000 (Growth & Income)
	$10,001–50,000 (International Equity)
	$50,001–100,000 (Large-Cap Value)
	$1–10,000 (Large-Cap Growth)
	$10,001–50,000 (Social Choice Equity)
	$10,001–50,000 (High-Yield)
Michael A. Forrester	$50,001–100,000 (S&P 500 Index)	Over $100,000
Howell E. Jackson	Over $100,000 (International Equity Index)	Over $100,000
	$1–10,000 (Emerging Markets Equity)
Nancy L. Jacob	$50,001–100,000 (Emerging Markets Equity)	Over $100,000
	$10,001–50,000 (Equity Index)
	$50,001–100,000 (Mid-Cap Value)
	Over $100,000 (Growth & Income)
	$50,001–100,000 (International Equity)
	$50,001–100,000 (Mid-Cap Growth)
	$50,001–100,000 (Real Estate Securities)
	$50,001–100,000 (Small-Cap Equity)
	$10,001–50,000 (Large-Cap Value)
	$10,001–50,000 (Short-Term Bond)
	$10,001–50,000 (Money Market)
	$10,001–50,000 (High-Yield)
Thomas J. Kenny	$10,001–50,000 (International Equity Index)	Over $100,000
	$1–10,000 (Emerging Markets Equity Index)
	$10,001–50,000 (Large-Cap Value Index)
	$10,001–50,000 (Mid-Cap Value)
	$1–10,000 (Small-Cap Blend Index)
	$10,001–50,000 (Social Choice Equity)
	$1–10,000 (Large-Cap Value)
	$1–10,000 (Real Estate Securities)
	$10,001–50,000 (Bond Index)
	$10,001–50,000 (Bond)
Bridget Macaskill	Over $100,000 (Growth & Income)	Over $100,000
	Over $100,000 (International Equity Index)
	$10,001–50,000 (International Equity)
	Over $100,000 (Large-Cap Value)
	Over $100,000 (Mid-Cap Growth)
	Over $100,000 (Mid-Cap Value)
	Over $100,000 (Small-Cap Equity)
	$50,001–100,000 (Large-Cap Growth)
	$50,001–100,000 (High-Yield)
	$10,001–50,000 (Real Estate Securities)
James M. Poterba	$0	Over $100,000

Name of Trustee	Aggregate compensation from Trust*		Pension or retirement benefits accrued as part of Trust expenses^†		Total compensation paid from TIAA-CREF Fund Complex*
Forrest Berkley^‡	$	79,486.71	$	20,262.43	$	367,500.00
Nancy A. Eckl	$	81,976.19	$	20,262.43	$	378,750.00
Michael A. Forrester	$	80,625.36	$	20,262.43	$	372,500.00
Howell E. Jackson	$	97,573.65	$	20,262.43	$	448,750.00
Nancy L. Jacob^‡	$	84,890.02	$	20,262.43	$	392,500.00
Thomas J. Kenny^‡	$	75,222.05	$	20,262.43	$	347,500.00
Bridget Macaskill	$	86,195.88	$	20,262.43	$	397,500.00
James M. Poterba^‡	$	83,751.37	$	20,262.43	$	387,500.00
Maceo K. Sloan^‡	$	81,898.91	$	20,262.43	$	381,250.00
Laura T. Starks^‡	$	81,764.01	$	20,262.43	$	377,500.00
Total:	$	833,384.15	$	202,624.28	$	3,851,250.00

^*	Compensation figures include cash and amounts deferred under both the long-term compensation plan and optional deferral compensation plan described below.
^†	Amounts deferred under the long-term compensation plan described below. Messrs. Berkley, Kenny and Sloan, Prof. Poterba and Drs. Jacob and Starks elected to defer receipt of a portion of this compensation in accordance with the provisions of such plan.
^‡	A portion of this compensation was not actually paid based on the prior election of the trustee to defer receipt of payment in accordance with the provisions of a deferred compensation plan for non-officer trustees described below. For the fiscal year ended October 31, 2013, Mr. Berkley elected to defer $220,000, Dr. Jacob elected to defer $24,000, Mr. Kenny elected to defer $200,000, Prof. Poterba elected to defer $211,500, Mr. Sloan elected to defer $72,500, and Dr. Starks elected to defer $225,000 of total compensation from the TIAA-CREF Fund Complex.

	and Compliance Committee are Ms. Eckl (chair), Mr. Forrester, Prof. Jackson, Prof. Poterba and Mr. Sloan. Ms. Eckl has been designated as an “audit committee financial expert” as defined by the rules of the SEC.
(2)	An Investment Committee, consisting solely of independent trustees, which assists the Board in fulfilling its oversight responsibilities for the Trust’s investments. During the fiscal year ended March 31, 2014, the Investment Committee held five meetings. During the fiscal year ended October 31, 2013, the Investment Committee held five meetings. The current members of the Investment Committee are Mr. Kenny (chair), Mr. Berkley, Ms. Eckl, Mr. Forrester, Prof. Jackson, Dr. Jacob, Ms. Macaskill, Prof. Poterba, Mr. Sloan and Dr. Starks.
(3)	A Corporate Governance and Social Responsibility Committee, consisting solely of independent trustees, which assists the Board in fulfilling its oversight responsibilities for corporate social responsibility and corporate governance issues, including the voting of proxies of portfolio companies of the Trust. During the fiscal year ended March 31, 2014, the Corporate Governance and Social Responsibility Committee held four meetings. During the fiscal year ended October 31, 2013, the Corporate Governance and Social Responsibility Committee held four meetings. The current members of the Corporate Governance and Social Responsibility Committee are Prof. Poterba (chair), Mr. Forrester, Prof. Jackson and Dr. Starks.
(4)	An Executive Committee, consisting solely of independent trustees, which generally is vested with full board powers between Board meetings on matters that arise between Board meetings. During the fiscal years ended March 31, 2014 and October 31, 2013, the Executive Committee held no meetings. The current members of the Executive Committee are Prof. Jackson (chair), Ms. Eckl, Ms. Macaskill and Mr. Sloan.
(5)	A Nominating and Governance Committee, consisting solely of independent trustees, which assists the Board in addressing internal governance matters of the Trust, including nominating certain Trust officers and the members of the standing committees of the Board, recommending candidates for election as trustees, reviewing the qualification and independence of trustees, conducting evaluations of the trustees and of the Board and its committees and reviewing proposed changes to the Trust’s governing documents. During the fiscal year ended March 31, 2014, the Nominating and Governance Committee held six meetings. During the fiscal year ended October 31, 2013, the Nominating and Governance Committee held six meetings. The current members of the Nominating and Governance Committee are Dr. Starks (chair), Mr. Forrester, Prof. Jackson, Ms. Macaskill and Mr. Sloan.
(6)	An Operations Committee, consisting solely of independent trustees, which assists the Board in fulfilling its oversight responsibilities for operational matters of the Trust, including oversight of contracts with third-party service providers and certain legal, compliance, finance, sales and marketing matters. During the fiscal year ended March 31, 2014, the Operations Committee held five meetings. During the fiscal year ended October 31, 2013, the Operations Committee held seven meetings. The current members of the Operations Committee are Ms. Macaskill (chair), Mr. Berkley, Dr. Jacob, Mr. Kenny and Dr. Starks.
(7)	A Special Emergency Valuation Committee (the “Special Valuation Committee”) of Trustees, which considers one or more fair value determinations or methodologies to be used for fair valuation of portfolio securities in the event that a meeting is requested by Investment Management or Advisors due to extraordinary circumstances. At least three members of the Board shall be needed to constitute the Special Valuation Committee, and the chair shall be the member who is the longest serving Trustee on the Board. During the fiscal year ending March 31, 2014, the Special Valuation Committee held no meetings.

Fund/Class	Percentage of holdings		Shares
Emerging Markets Equity Fund—Institutional Class

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		6.09%		4,325,812.201

JPMORGAN CHASE BANK TTEE/CUST FBO RET PLANS WITH TIAA AS RECORDKEEPER ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413		6.31%		4,479,534.863

TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		6.44%		4,571,452.839

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		10.51%		7,458,526.193

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		11.65%		8,268,992.288

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		12.27%		8,712,164.441

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		13.76%		9,763,403.634

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		19.12%		13,568,476.352
Emerging Markets Equity Fund—Premier Class

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/06/41 730 THIRD AVE NEW YORK NY 10017-3207		24.81%		102,260.134

JPMORGAN CHASE BANK TTEE/CUST FBO RET PLANS WITH TIAA AS RECORDKEEPER ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413		71.98%		296,692.339
Emerging Markets Equity Fund—Retirement Class

JPMORGAN CUSTODIAN TIAA-CREF TRUST CO NON ERISA TDA C/O JPMORGAN CHASE BANK ATTN: DC PLAN SERVICE TEAM TIAA 4 NEW YORK PLZ FL 12 NEW YORK NY 10004-2413		5.39%		81,330.467

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/06/41 730 THIRD AVE NEW YORK NY 10017-3207		6.77%		102,101.751

JPMORGAN CHASE BANK TTEE/CUST FBO RET PLANS WITH TIAA AS RECORDKEEPER ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413		9.32%		140,720.470

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413		77.83%		1,174,704.343
Emerging Markets Equity Fund—Retail Class

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052		13.95%		78,887.813

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/06/41 730 THIRD AVE NEW YORK NY 10017-3207		17.97%		101,588.360

Fund/Class	Percentage of holdings		Shares
Enhanced Large-Cap Value Index Fund—Institutional Class (continued)

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		11.06%		17,414,841.632

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		12.49%		19,664,390.288

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		13.36%		21,028,582.758

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		15.03%		23,660,713.027

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		21.07%		33,171,792.913
Equity Index Fund—Institutional Class

SSB&T CO CUST/FBO CHET C/O TFI J DELGRANDE/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK, NY 10017-3206		5.13%		26,353,531.303

JPMORGAN CHASE BANK TTEE/CUST FBO RET PLANS WITH TIAA AS RECORDKEEPER ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413		5.24%		26,921,172.232

SSB&T CO CST/FBO EDVEST C/O TFI J DELGRANDE/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK, NY 10017-3206		10.45%		53,647,134.965

TUITION FINANCING INC. CUST FBO SCHOLARSHARE COLLEGE SAVINGS PLAN JOE DELGRANDE & D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK, NY 10017-3206		18.37%		94,293,947.851

SSB&T CO CUST/FBO MESP C/O TFI J DELGRANDE/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK, NY 10017-3206		18.65%		95,744,611.126
Equity Index Fund—Premier Class

JPMORGAN CHASE BANK TTEE/CUST FBO RET PLANS WITH TIAA AS RECORDKEEPER ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413		99.85%		4,408,402.867
Equity Index Fund—Retirement Class

STATE STREET BANK & TRUST CO. FBO VARIOUS RETIREMENT PLANS 200 CLARENDON STREET BOSTON MA 02116-5021		12.68%		2,494,280.334

JPMORGAN CHASE BANK TTEE/CUST FBO RET PLANS WITH TIAA AS RECORDKEEPER ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413		24.78%		4,876,031.806

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413		55.17%		10,853,859.243
Equity Index Fund—Retail Class

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052		9.03%		3,651,325.316
Global Natural Resources Fund—Institutional Class

TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		6.38%		1,430,144.143

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		6.60%		1,479,874.171

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		10.71%		2,401,105.760

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		12.08%		2,709,436.660

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		12.91%		2,895,747.113

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		14.54%		3,260,556.416

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MAIL STOP 730/6/41 730 3RD AVE NEW YORK NY 10017-3206		20.01%		4,487,050.818
Global Natural Resources Fund—Premier Class

JPMORGAN CHASE BANK TTEE/CUST FBO RET PLANS WITH TIAA AS RECORDKEEPER ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413		9.50%		39,879.325

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/06/41 730 THIRD AVE NEW YORK NY 10017-3207		24.76%		103,900.323

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226		64.87%		272,213.772

	Gross						Waived						Net
	Fiscal year ended October 31,						Fiscal year ended October 31,						Fiscal year ended October 31,
Fund	2011		2012		2013		2011		2012		2013		2011		2012		2013
Emerging Markets Equity Fund	$	2,506,846	$	4,223,196	$	5,798,366	$	—	$	—	$	—	$	2,506,846	$	4,223,196	$	5,798,366
Emerging Markets Equity Index Fund		206,927		338,505		798,352		—		—		—		206,927		338,505		798,352
Enhanced International Equity Index Fund		2,418,927		2,795,612		3,389,987		13,535		—		—		2,405,137		2,795,612		3,389,987
Enhanced Large-Cap Growth Index Fund		2,816,694		3,316,435		4,137,691		80,182		—		—		2,736,512		3,316,435		4,137,691
Enhanced Large-Cap Value Index Fund		2,722,318		3,258,712		4,276,672		72,611		—		—		2,649,707		3,258,712		4,276,672
Equity Index Fund		900,124		1,446,807		2,540,285		—		—		—		900,124		1,446,807		2,540,285
Global Natural Resources Fund		—		1,226,628		1,930,055		—		—		—		—		1,226,628		1,930,055
Growth & Income Fund		9,266,684		11,389,962		14,689,501		—		—		—		9,266,684		11,389,962		14,689,501
International Equity Fund		12,633,024		12,284,083		15,172,172		—		—		—		12,633,024		12,284,083		15,172,172
International Equity Index Fund		957,199		1,219,811		1,833,002		—		—		—		957,199		1,219,811		1,833,002
International Opportunities Fund		—		—		1,044,141		—		—		—		—		—		1,044,141
Large-Cap Growth Fund		5,212,716		6,600,242		8,286,848		—		—		—		5,212,716		6,600,242		8,286,848
Large-Cap Growth Index Fund		287,377		380,116		498,846		—		—		—		287,377		380,116		498,846
Large-Cap Value Fund		8,976,359		11,135,203		15,946,912		—		—		—		8,976,359		11,135,203		15,946,912
Large-Cap Value Index Fund		315,011		394,187		587,088		—		—		—		315,011		394,187		587,088
Mid-Cap Growth Fund		5,670,282		5,960,523		6,985,984		—		—		—		5,670,282		5,960,523		6,985,984
Mid-Cap Value Fund		11,207,152		12,875,731		16,763,460		—		—		173,023		11,207,152		12,875,731		16,590,437
Small-Cap Blend Index Fund		337,906		333,033		490,621		—		—		—		337,906		333,033		490,621
Small-Cap Equity Fund		5,849,275		6,994,707		8,643,417		394,095		386,653		465,162		5,455,180		6,608,054		8,178,255
Social Choice Equity Fund		1,594,168		1,793,650		2,186,243		—		—		—		1,594,168		1,793,650		2,186,243
S&P 500 Index Fund		471,376		566,266		667,814		—		—		—		471,376		566,266		667,814

	Gross						Waived						Net
	Fiscal year ended March 31,						Fiscal year ended March 31,						Fiscal year ended March 31,
Fund	2012		2013		2014		2012		2013		2014		2012		2013		2014
Bond Fund		6,080,572	$	6,728,712	$	6,951,196	$	—	$	—	$	—	$	6,080,572	$	6,728,712	$	6,951,196
Bond Index Fund		1,990,129		3,612,071		4,645,595		—		—		—		1,990,129		3,612,071		4,645,595
Bond Plus Fund		2,927,836		3,531,941		5,312,959		—		—		—		2,927,836		3,531,941		5,312,959
High-Yield Fund		3,640,730		6,308,383		8,611,292		—		—		—		3,640,730		6,308,383		8,611,292
Inflation-Linked Bond Fund		3,366,927		4,315,483		4,389,707		—		—		—		3,366,927		4,315,483		4,389,707
Short-Term Bond Fund		1,719,062		2,452,090		2,948,005		—		—		—		1,719,062		2,452,090		2,948,005
Social Choice Bond		—		97,471		262,795		—		—		—		—		97,471		262,795
Tax-Exempt Bond Fund		961,727		1,139,203		1,105,446		—		—		—		961,727		1,139,203		1,105,446
Money Market Fund		1,057,679		926,819		851,132		—		—		—		1,057,679		926,819		851,132
Real Estate Securities Fund		4,420,487		6,000,671		6,700,945		—		—		—		4,420,487		6,000,671		6,700,945

	Fund administration fees						Compliance fees
Fund	10/31/2011		10/31/2012		10/31/2013		10/31/2011		10/31/2012		10/31/2013
Emerging Markets Equity Fund	$	20,638	$	29,442	$	30,528	$	7,003	$	14,573	$	15,886
Emerging Markets Equity Index Fund		10,422		14,303		24,374		3,522		7,130		12,769
Enhanced International Equity Index Fund		38,230		37,968		34,827		12,851		18,881		18,122
Enhanced Large-Cap Growth Index Fund		57,154		57,412		52,531		19,204		28,486		27,451
Enhanced Large-Cap Value Index Fund		55,198		55,978		55,166		18,629		27,698		28,911
Equity Index Fund		160,334		218,053		275,219		54,268		107,668		143,254
Global Natural Resources Fund		—		10,848		13,556		—		5,346		7,067
Growth & Income Fund		149,648		156,045		150,023		50,494		77,397		78,125
International Equity Fund		188,332		146,938		139,703		63,243		73,558		72,892
International Equity Index Fund		171,818		180,320		200,575		57,748		90,073		104,393
International Opportunities Fund		—		—		4,853		—		—		2,758
Large-Cap Growth Fund		82,503		89,569		81,740		27,658		44,609		42,654
Large-Cap Growth Index Fund		51,202		55,595		56,345		17,223		27,745		28,996
Large-Cap Value Fund		144,970		151,710		162,877		48,718		75,394		84,831
Large-Cap Value Index Fund		56,092		55,075		66,163		18,751		28,363		34,433
Mid-Cap Growth Fund		89,733		78,041		67,464		30,154		39,004		35,232
Mid-Cap Value Fund		183,181		176,631		170,220		61,553		87,943		88,672
Small-Cap Blend Index Fund		61,092		49,067		52,780		20,501		24,544		27,585
Small-Cap Equity Fund		92,189		92,758		85,009		30,981		46,191		44,364
Social Choice Equity Fund		75,797		72,016		63,424		25,525		35,808		33,054
S&P 500 Index Fund		82,938		84,964		73,445		27,808		42,322		38,264

					Service fees for fiscal year or period ended
Fund*	Class	Current service fee rate			October 31, 2011		October 31, 2012		October 31, 2013
Emerging Markets Equity Fund	Retirement Class		0.25	%	$	9,752	$	20,640	$	34,872
Emerging Markets Equity Index Fund	Retirement Class		0.25			456		40,521		75,543
Equity Index Fund	Retirement Class		0.25			53,676		528,185		563,659
Global Natural Resources Fund	Retirement Class		0.25			—		21,931		31,756
Growth & Income Fund	Retirement Class		0.25			1,274,244		1,228,257		1,450,836
International Equity Fund	Retirement Class		0.25			2,628,348		1,805,420		1,946,699
International Equity Index Fund	Retirement Class		0.25			173,090		1,562,450		1,761,878
International Opportunities Fund	Retirement Class		0.25			—		—		2,217
Large-Cap Growth Fund	Retirement Class		0.25			136,360		250,331		361,792
Large-Cap Growth Index Fund	Retirement Class		0.25			451,982		540,839		601,677
Large-Cap Value Fund	Retirement Class		0.25			2,055,214		1,901,445		2,464,793
Large-Cap Value Index Fund	Retirement Class		0.25			37,820		522,860		664,583
Mid-Cap Growth Fund	Retirement Class		0.25			1,652,975		1,283,593		1,294,359
Mid-Cap Value Fund	Retirement Class		0.25			3,506,470		3,075,452		3,516,491
Small-Cap Blend Index Fund	Retirement Class		0.25			83,528		821,354		986,829
Small-Cap Equity Fund	Retirement Class		0.25			1,388,557		1,246,717		1,251,998
Social Choice Equity Fund	Retirement Class		0.25			90,656		842,449		869,260
S&P 500 Index Fund	Retirement Class		0.25			73,394		947,395		1,099,365

	Number of other accounts managed		Total assets in accounts managed (millions)
	Registered	Other pooled	Registered	Other pooled	Dollar range of equity	Dollar range of equity
	investment	investment	investment	investment	securities owned	securities owned in Fund
Name of portfolio manager	companies	vehicles	companies	vehicles	in Fund	as of 3/31/14
Emerging Markets Equity Fund
Alex Muromcew	0	0	$742	$0	$100,001–500,000	$100,001–500,000
Emerging Markets Equity Index Fund
Phillip James (Jim) Campagna, CFA	12	0	$55,214	$0	$0	$0
Lei Liao, CFA	12	0	$55,214	$0	$0	$0
Anne Sapp, CFA*	12	0	$55,214	$0	$0	$0
Enhanced International Equity Index Fund
Pablo Mitchell	23	0	$20,943	$0	$50,001–100,000	$50,001–100,000
Steven Rossiello, CFA	0	1	$978	$50	$100,001-500,000	$100,001–500,000
Enhanced Large-Cap Growth Index Fund
Kelvin Zhang	0	0	$1,645	$0	$100,001–500,000	$100,001–500,000
Enhanced Large-Cap Value Index Fund
Michael S. Shing, CFA	2	1	$4,186	$48	$100,001–500,000	$100,001–500,000
Pei Chen	0	0	$1,597	$0	$10,001–50,000	$50,001–100,000
Equity Index Fund
Philip James (Jim) Campagna, CFA	12	0	$55,214	$0	$50,001–100,000	$100,001–500,000
Lei Liao, CFA	12	0	$55,214	$0	$0	$0
Anne Sapp, CFA*	12	0	$55,214	$0	$100,001–500,000	$100,001–500,000
Global Natural Resources Fund
Navaneel Ray	0	0	$244	$0	$100,001–500,000	$100,001–500,000
Growth & Income Fund
Susan Kempler	1	0	$4,458	$0	Over $1,000,000	Over $1,000,000
International Equity Fund
Christopher F. Semenuk	1	0	$3,867	$0	Over $1,000,000	Over $1,000,000
International Equity Index Fund
Philip James (Jim) Campagna, CFA	12	0	$55,214	$0	$1–10,000	$10,001–50,000
Lei Liao, CFA	12	0	$55,214	$0	$0	$0
Anne Sapp, CFA*	12	0	$55,214	$0	$10,001–50,000	$10,001–50,000
International Opportunities Fund
Jason Campbell	0	0	$970	$0	$1–10,000	$100,001–500,000
Large-Cap Growth Fund
Susan Hirsch	3	0	$23,909	$0	$500,001–1,000,000	Over $1,000,000
Terrence Kontos	1	0	$2,594	$0	$0	$100,001–500,000
Large-Cap Growth Index Fund
Philip James (Jim) Campagna, CFA	12	0	$55,214	$0	$0	$0
Lei Liao, CFA	12	0	$55,214	$0	$0	$0
Anne Sapp, CFA*	12	0	$55,214	$0	$0	$0
Large-Cap Value Fund
Richard Cutler	2	0	$9.839	$0	Over $1,000,000	Over $1,000,000
Athanasios (Tom) Kolefas, CFA	2	1	$9,839	$34	$0	$0
Large-Cap Value Index Fund
Philip James (Jim) Campagna, CFA	12	0	$55,214	$0	$0	$0
Lei Liao, CFA	12	0	$55,214	$0	$0	$0
Anne Sapp, CFA*	12	0	$55,214	$0	$0	$0

Fund	Advertising			Compensation to underwriters		Compensation to broker-dealers			Compensation to sales personnel			Other (includes but is not limited to rent & occupancy, equipment, software and telephone)			Total 12b-1 expenses paid for the period ended March 31, 2014
Bond Fund		$	33,492		$—		$	132,397		$	20,350		$	13,014		$	199,253
Bond Index Fund			5,807		—			22,955			3,528			2,256			34,546
Bond Plus Fund			113,783		—			449,778			69,132			44,211			676,904
High-Yield Fund			226,788		—			896,483			137,790			88,120			1,349,181
Inflation-Linked Bond Fund			73,495		—			290,520			44,653			28,557			437,225
Short-Term Bond Fund			73,286		—			289,697			44,526			28,476			435,985
Social Choice Bond Fund			1,815		—			7,176			1,104			705			10,800
Tax-Exempt Bond Fund			150,557		—			595,143			91,474			58,499			895,673
Money Market Fund			—		—			—			—			—			—
Real Estate Securities Fund			76,206		—			301,235			46,300			29,610			453,351

	Date of expiration
Fund	10/31/2017		10/31/2018		10/31/2019		No expiration		Total
Emerging Markets Equity Fund	$	—	$	—		$14,064,867		$28,705,748	$	42,770,615
Emerging Markets Equity Index Fund		—		—		—		6,574,621		6,574,621
Global Natural Resources Fund		—		—		—		23,687,207		23,687,207
International Equity Fund		202,053,338		37,037,218		—		—		239,090,556
International Equity Index Fund		8,486,539		—		4,940,411		—		13,426,950
International Opportunities Fund		—		—		—		10,258,005		10,258,005
S&P 500 Index Fund		—		—		—		9,358,733		9,358,733

Fund	Commissions
Emerging Markets Equity Fund	$3,362,498
Emerging Markets Equity Index Fund	284,663
Enhanced International Equity Index Fund	498,736
Enhanced Large-Cap Growth Index Fund	190,149
Enhanced Large-Cap Value Index Fund	219,681
Equity Index Fund	57,823
Global Natural Resources Fund	1,011,481
Growth & Income Fund	5,964,941
International Equity Fund	7,523,673
International Equity Index Fund	315,414
International Opportunities Fund	515,797
Large-Cap Growth Fund	1,995,262
Large-Cap Growth Index Fund	25,233
Large-Cap Value Fund	3,340,878
Large-Cap Value Index Fund	39,325
Mid-Cap Growth Fund	1,518,590
Mid-Cap Value Fund	2,979,449
Small-Cap Blend Index Fund	58,694
Small-Cap Equity Fund	666,506
Social Choice Equity Fund	42,926
S&P 500 Index Fund	16,969

Fund	October 31, 2011	October 31, 2012	October 31, 2013
Emerging Markets Equity Fund	$1,278,361	$2,816,210	$3,450,095
Emerging Markets Equity Index Fund	69,979	115,722	288,735
Enhanced International Equity Index Fund	299,436	317,857	500,417
Enhanced Large-Cap Growth Index Fund	151,803	194,774	190,149
Enhanced Large-Cap Value Index Fund	207,274	187,939	224,642
Equity Index Fund	79,481	118,795	136,651
Global Natural Resources Fund	—	544,524	1,046,472
Growth & Income Fund	3,629,884	4,556,062	6,534,509
International Equity Fund	6,620,306	5,186,639	7,697,938
International Equity Index Fund	218,526	267,342	315,569
International Opportunities Fund	—	—	518,013
Large-Cap Growth Fund	2,100,949	1,979,387	2,055,955
Large-Cap Growth Index Fund	26,475	49,368	42,855
Large-Cap Value Fund	3,583,256	3,209,155	3,556,395
Large-Cap Value Index Fund	42,574	65,196	69,041
Mid-Cap Growth Fund	1,290,683	994,787	1,717,961
Mid-Cap Value Fund	2,272,611	1,824,662	3,153,381
Small-Cap Blend Index Fund	49,673	42,561	114,575
Small-Cap Equity Fund	652,717	727,326	666,810
Social Choice Equity Fund	50,876	39,168	49,167
S&P 500 Index Fund	33,351	40,393	27,333

Fund	March 31, 2012		March 31, 2013		March 31, 2014
Short-Term Bond	$	0	$	0	$	938
Real Estate Securities Fund	$	1,464,228	$	1,138,728	$	1,422,662

Fund	Broker	Holdings (US$)
Emerging Markets Equity Index Fund	BANCO SANTANDER CHILE	724,555
Enhanced International Equity Index Fund	HSBC HOLDINGS PLC	13,338,338
	SUMITOMO MITSUI FINANCIAL GR	9,589,837
	SKANDINAVISKA ENSKILDA BAN-A	8,715,858
	BANCO SANTANDER SA	2,383,648
	BNP PARIBAS	562,078
Enhanced Large-Cap Growth Index Fund	LAZARD LTD-CL A	1,736,583