Institutional Class Mutual Funds: Distributions

January 2012 Monthly Distribution Rates
  Amount NAV on
01/31/2012
Record Date Reinvest/Payable Date
Bond $0.023317 $10.61 01/30/2012 01/31/2012
Bond Index $0.020295 $10.86 01/30/2012 01/31/2012
Bond Plus $0.030186 $10.56 01/30/2012 01/31/2012
High-Yield $0.055622 $9.93 01/30/2012 01/31/2012
Money Market $0.000000 $1.00 01/30/2012 01/31/2012
Short-Term Bond $0.014797 $10.39 01/30/2012 01/31/2012
Tax-Exempt Bond $0.026568 $11.09 01/30/2012 01/31/2012
September 2011 Quarterly Distribution Rates
  Amount NAV on
09/23/2011
Record Date Reinvest/Payable Date
Growth & Income $0.025880 $8.44 09/22/2011 09/23/2011
Inflation-Linked Bond $0.075350 $11.87 09/22/2011 09/23/2011
Lifecycle Retirement Income $0.040870 $9.37 09/22/2011 09/23/2011
Managed Allocation $0.038350 $9.18 09/22/2011 09/23/2011
Real Estate Securities $0.045240 $9.39 09/22/2011 09/23/2011
Final 2011 Year-End Distributions*
  Ordinary
Income
Short-Term
Gain**
Long-Term
Gain**
Total
Distribution
Record Date: December 8, 2011
Ex/Pay/Reinvest Date: December 9, 2011
Bond $0.00000 $0.15087 $0.11822 $0.26909
Bond Plus $0.00000 $0.00000 $0.01441 $0.01441
Emerging Markets Equity $0.06848 $0.00000 $0.00000 $0.06848
Emerging Markets Equity Index $0.15764 $0.03562 $0.00057 $0.19383
Enhanced Intl Equity Index $0.20072 $0.00000 $0.00000 $0.20072
Enhanced Large Cap Growth Index $0.10173 $0.41280 $0.41997 $0.93450
Enhanced Large Cap Value Index $0.15106 $0.11008 $0.22098 $0.48212
Equity Index $0.13377 $0.00000 $0.00000 $0.13377
Global Natural Resources $0.01864 $0.00000 $0.00000 $0.01864
Growth & Income $0.03711 $0.00000 $0.07760 $0.11471
Inflation-Linked Bond $0.02815 $0.00000 $0.01414 $0.04229
International Equity $0.14001 $0.00000 $0.00000 $0.14001
International Equity Index $0.43708 $0.00000 $0.00000 $0.43708
Large-Cap Growth $0.03353 $0.00000 $0.09729 $0.13082
Large-Cap Growth Index $0.18899 $0.00000 $0.00000 $0.18899
Large-Cap Value $0.18800 $0.00000 $0.00000 $0.18800
Large-Cap Value Index $0.28320 $0.13052 $0.20692 $0.62064
Mid-Cap Growth $0.00000 $0.00000 $0.72384 $0.72384
Mid-Cap Value $0.22823 $0.00000 $0.00000 $0.22823
Real Estate Securities $0.04717 $0.00000 $0.00000 $0.04717
S&P 500 Index $0.27198 $0.00000 $0.05999 $0.33197
Short-Term Bond $0.00000 $0.00601 $0.05421 $0.06022
Small-Cap Blend Index $0.19917 $0.00000 $0.31484 $0.51401
Small-Cap Equity $0.10351 $0.00000 $0.42588 $0.52939
Social Choice Equity $0.18583 $0.00000 $0.00000 $0.18583
Record Date: December 15, 2011
Ex/Pay/Reinvest Date: December 16, 2011
Lifecycle 2010 $0.31999 $0.00000 $0.00000 $0.31999
Lifecycle 2015 $0.30223 $0.00000 $0.21112 $0.51335
Lifecycle 2020 $0.28247 $0.00330 $0.16841 $0.45418
Lifecycle 2025 $0.26734 $0.00000 $0.14480 $0.41214
Lifecycle 2030 $0.24504 $0.00000 $0.10797 $0.35301
Lifecycle 2035 $0.22824 $0.00000 $0.10240 $0.33064
Lifecycle 2040 $0.23032 $0.00000 $0.11786 $0.34818
Lifecycle 2045 $0.18228 $0.00000 $0.00000 $0.18228
Lifecycle 2050 $0.17973 $0.00000 $0.00000 $0.17973
Lifecycle 2055 $0.18837 $0.00372 $0.00000 $0.19209
Lifecycle Retirement Income $0.16692 $0.00000 $0.00000 $0.16692
Managed Allocation $0.14706 $0.00000 $0.00000 $0.14706

*2011 Mutual Fund Distribution Notice: Above are the final distribution amounts for the TIAA-CREF Funds — Institutional Class. For year-end distributions, shareholders of record at the close of business of the NYSE on December 08, 2011 were eligible to receive distributions for these funds. Ex, Payable and Reinvestment dates for these funds was December 9, 2011. The High-Yield, Bond Index, Bond Plus, Bond, Short-Term Bond, Tax-Exempt Bond and Money Market funds distributed income to shareholders of record on their normal monthly schedule.

For year-end distributions, shareholders of record at the close of business of the NYSE on December 15, 2011 were eligible to receive distributions from these funds. Ex, Payable and Reinvestment Dates for these funds was December 16, 2011.

** Distributions from long-term capital gain are generally subject to tax at a rate of 15%.
Distributions from short-term capital gains are generally taxed at higher ordinary income rates.

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

© 2012 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017