Mutual Funds: Distributions

Final 2008 Year-End Distributions¹
	Ordinary Income	Short-Term Capital Gain²	Long-Term Capital Gain	Total Distribution
Bond	$0.000000	$0.000000	$0.000000	$0.000000
Bond Plus	$0.000000	$0.000000	$0.000000	$0.000000
Equity Index	$0.135390	$0.000000	$0.000000	$0.135390
Growth & Income	$0.025590	$0.000000	$0.000000	$0.025590
High-Yield	$0.000000	$0.000000	$0.000000	$0.000000
Inflation-Linked Bond	$0.000000	$0.000000	$0.000000	$0.000000
International Equity	$0.229560	$0.017920	$0.000000	$0.247480
Large-Cap Growth	$0.049590	$0.000000	$0.000000	$0.049590
Large-Cap Value	$0.246500	$0.000000	$0.000000	$0.246500
Lifecycle Retirement Income	$0.097600	$0.000000	$0.000000	$0.097600
Managed Allocation	$0.114940	$0.000000	$0.000000	$0.114940
Mid-Cap Growth	$0.006310	$0.000000	$0.000000	$0.006310
Mid-Cap Value	$0.208260	$0.000000	$0.028640	$0.236900
Real Estate Securities	$0.046430	$0.000000	$0.000000	$0.046430
Short-Term Bond	$0.000000	$0.000000	$0.000000	$0.000000
Small-Cap Equity	$0.043170	$0.000000	$0.000000	$0.043170
Social Choice Equity	$0.158530	$0.002620	$0.000170	$0.161320
Tax-Exempt Bond	$0.000000	$0.000000	$0.003930	$0.003930

2008 Mutual Fund Distribution Notice: Above are the final distribution amounts for the TIAA-CREF Funds — Retail Class. For year-end distributions, shareholders of record at the close of business of the NYSE on December 11, 2008 were eligible to receive distributions for these funds. Ex, Payable and Reinvestment dates for these funds was December 12, 2008. The High-Yield, Bond Plus, Bond, Short-Term Bond and Tax-Exempt Bond funds will distribute income to shareholders of record December 30, 2008, and ex, payable and Reinvestment dates for these funds will be December 31, 2008.The money market fund will have a Record date of December 30, 2008, and Ex, Payable and Reinvestment date of December 31, 2008.

Shareholders of record at the close of business of the NYSE on December 18, 2008 were eligible to receive distributions for these fund of funds: Managed Allocation and Lifecycle Retirement Income. Ex, Payable and Reinvestment dates for these fund of funds was December 19, 2008.
Distributions from long-term capital gain are generally subject to tax at a rate of 15%. Distributions from short-term capital gains are taxed at higher ordinary income rates.

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

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