Mid-Cap Value Index ^**

(TRVUX)

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of medium-sized domestic value companies based on a market index.

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Net asset value as of 01/06/2009: $9.43
Total return year-to-date as of 01/06/2009: 4.55%
Fund's net invested assets as of 12/31/2008: $159.51 million
Gross Expense Ratio: 0.46%
Net Expense Ratio*: 0.34%
Inception date: 10/01/2002
Investment class: U.S. Equity

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^¡
Mid-Cap Value Index	$9.26	+0.22%	2.66%	-38.50%	-10.21%	0.01%	--	5.91%
Russell Midcap® Value Index^†	--	+2.49%	2.49%	-38.44%	-9.97%	0.33%	--	6.29%

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, mid-cap risk, value investing risks, style risk and index 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.
†	The Russell Midcap® Value Index measures the performance of those Russell Mid-cap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. The Russell Midcap Value Index and Russell 1000 Growth 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.

**	This fund is closed to new investors. Please read the fund’s prospectus and SAI for more information, including exceptions to these closings.

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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