Small-Cap Equity

(TCSEX)

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies.

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

Net asset value as of 01/06/2009: $9.16
Total return year-to-date as of 01/06/2009: 2.92%
Fund's net invested assets as of 12/31/2008: $424.86 million
Gross Expense Ratio: 0.71%
Net Expense Ratio*: 0.69%
Inception date: 10/01/2002
Investment class: U.S. Equity
Redemption Fee ‡: 2.00%

Performance Comparison
	Performance Data as of 01/05/2009			Average Annual Total Returns as of 12/31/2008
	Net Asset Value	Net Change	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception^¡
Small-Cap Equity	$9.00	-0.11%	1.12%	-32.89%	-9.48%	-1.61%	--	5.80%
Russell 2000® Index^†	--	+1.28%	1.28%	-33.79%	-8.28%	-0.93%	--	6.36%

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 and small-cap risk.

*	The net annual expense ratio represents expenses after reimbursement and waivers, while the gross annual expense ratio represents expenses without any reimbursements and waivers. The expense reimbursements and waiver agreements are contractual and are currently generally expected to continue through at least April 30, 2008, except that the expense reimbursements in place for the index funds will continue through at least April 30, 2010. Without these waivers and reimbursements, the Fund expenses would be higher and their performance would have been lower.
¡	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.
‡	You will be charged a 2.00% fee of the amount redeemed or exchanged out of the Fund within 60 calendar days of the initial purchase date. Please see the prospectus for details about this redemption fee and certain exemptions that may apply. The above performance data does not reflect the deduction of the redemption fee, and if reflected, the fee would reduce the performance quoted.
†	The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of the latest reconstitution, the average market capitalization was approximately $530 million; the median market capitalization was approximately $410 million. The largest company in the index had an approximate market capitalization of $1.4 billion. The Russell 2000 Index and Russell 3000 Index are registered trademarks of the Frank Russell Company. Our accounts are not promoted or sponsored by or affiliated with Frank Russell Company. 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. TIAA (Teachers Insurance and Annuity Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

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