Mutual Funds: Distributions

Final 2007 Year-End Distributions¹
	Ordinary Income	Short-Term Capital Gain	Long-Term Capital Gain	Total Distribution
Bond	$0.042010	$0.000000	$0.000000	$0.042010
Bond Plus	$0.045930	$0.000000	$0.000000	$0.045930
Equity Index	$0.169660	$0.015000	$0.179000	$0.363660
Growth & Income	$0.043450	$0.000000	$0.240000	$0.283450
High-Yield	$0.062350	$0.000000	$0.013000	$0.075350
Inflation-Linked Bond	$0.053500	$0.000000	$0.000000	$0.053500
International Equity	$0.145840	$0.112000	$1.627000	$1.884840
Large-Cap Growth	$0.057710	$0.000000	$0.611000	$0.668710
Large-Cap Value	$0.225520	$0.234000	$0.673000	$1.132520
Lifecycle Retirement Income	$0.123510	$0.000000	$0.000000	$0.123510
Managed Allocation	$0.184220	$0.000000	$0.009000	$0.193220
Mid-Cap Growth	$0.009320	$0.170000	$1.225000	$1.404320
Mid-Cap Value	$0.226060	$0.347000	$0.714000	$1.287060
Real Estate Securities	$0.107390	$0.193000	$1.570000	$1.870390
Short-Term Bond	$0.038840	$0.000000	$0.000000	$0.038840
Small-Cap Equity	$0.113010	$0.355000	$0.565000	$1.033010
Social Choice Equity	$0.149520	$0.034000	$0.085000	$0.268520
Tax-Exempt Bond	$0.028520	$0.003000	$0.001000	$0.032520

2007 Mutual Fund Distribution Notice: Above are the final distribution amounts for the TIAA-CREF Funds — Retail Class. Record Date - December 13,2007. The Ex, Payable and Reinvestment Date for the funds is December 14, 2007. The Record Date for the Managed Allocation and Lifecycle Retirement Income funds were December 20th, 2007 and they had an Ex,Payable and Reinvestment Date of December 21, 2007. The Money Market Fund will have a Record Date of December 28, 2007, and Ex, Payable and Reinvestment Date of December 31, 2007.

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

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