Real Estate Securities

(TIREX)

The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income by investing primarily in equity and fixed-income securities of companies principally engaged in or related to the real estate industry.

Click here to download the individual values represented in this graph by using our Download Data facility.

Net asset value as of 11/06/2009: $6.89
Total return year-to-date as of 11/06/2009: 8.43%
Fund's net invested assets as of 09/30/2009: $436.68 million
Gross Expense Ratio: 0.56%
Net Expense Ratio*: 0.56%
Inception date: 10/01/2002
Investment class: Real Estate

As of 05/15/2007: 30-day yield 2.40%

Performance Comparison
	Performance Data as of 11/06/2009			Average Annual Total Returns as of 10/31/2009
	Net Asset Value	Net Change	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception^¡
Real Estate Securities	$6.89	-1.57%	8.43%	-3.80%	-16.84%	-2.09%	--	6.26%
FTSE NAREIT Equity Index^†	--	-1.61%	11.94%	0.06%	-15.46%	-0.57%	--	6.98%

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above.

The risks that the fund is subject to include market risk, company risk, real estate investing risk, real estate securities risk, interest-rate risk, small-cap risk, income volatility risk, credit risk, prepayment and extension risk, and foreign investment risks.

From November 30, 2007 on, the since inception performance shown is computed from the inception date of the fund (the date on which the fund became publicly available). Previously, since inception performance for this fund was computed from the net asset value per share on the day prior to the inception date.

†

Effective April 1, 2009, the fund's benchmark changed from the Dow Jones Wilshire Real Estate Securities Index to the FTSE NAREIT Equity REITs Index. The NAREIT Index is an unmanaged, market capitalization weighted index of all publicly-traded REITs that invest predominantly in the equity ownership of real estate. The index is designed to reflect the performance of all publicly-traded equity REITs as a whole. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

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