(PUB) Investing 2015

July 2015

Morningstar FundInvestor

23

Data through June 30, 2015 TIAA-CREF Growth & Income Instl

Ticker

Status Yield Total Assets

Mstar Category

TIGRX Open

1.0% $4,932 mil

Large Growth

Morningstar Analyst Rating 08-07-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Below Avg Above Avg

95% 99% 99% 99% 98% 97% 99% 99% 100%

´

Manager Change Partial Manager Change

14.0 18.0 22.8 26.8

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Neutral Positive

Investment Values of Fund Investment Values of S&P 500

People Parent Price

10.0

¶

7.0

Performance Quartile (within Category) History

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 06-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

8.82 9.79 -1.09 3.49 1.76 8.03 0.14 0.00 0.14 1.46 57

8.07 6.35 1.44 1.09 2.09 4.26 0.18 1.14 0.15 2.04 223 101 40

8.90

10.18

6.50

8.12

9.08

9.16 2.98 0.87 0.34 1.23 1.75 0.11 0.08 0.47 1.09 116 13

10.05 16.41

11.98 34.35

12.05 11.26 -2.43 -1.79

12.52

NAV

17.15

-34.97 18.93

26.94

13.20 -1.86 -3.51

4.47 3.24 0.51 0.57 3.90 0.07 0.00 40

Total Return %

1.36 8.08 1.83

13.44

2.03

0.48

0.41 1.15 1.75

1.96 0.87 1.40

+/-S&P 500

7.12 1.75

-10.27 3.47

+/-Russ 1000Gr Income Return % Capital Return %

1.47

1.72

1.27

1.16

15.32

-36.44 17.18

25.22

11.93

14.66

32.95

10.10

9

3

22

50

61

27

44

37

Total Rtn % Rank Cat

Pillar Spectrum Positive

0.15 0.39 0.13 1.58 133 102

0.15 0.24 0.13 1.81

0.15 0.00 0.33 1.59 132 225

0.11 0.00 0.51 1.62 133 458

0.10 0.00 0.48 1.23

0.16 0.45 0.46 1.33 111

0.14 1.31 0.45 1.35 146

0.14 1.10 0.44 1.06

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

. . .

Performance 06-30-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total 2.98

77

84

13

98

2011 2012 2013 2014 2015

7.17 0.71 -14.20 11.21

715

110

778

1,138

1,681

2,492

2,951

3,127

14.36 -4.08 9.77 3.22 1.34 5.33

6.87 -0.70 16.41 7.11 10.71 34.35 0.03 4.20 11.26

Portfolio Analysis 04-30-15 Share change since 03-15 Total Stocks:189 Sector

Rating and Risk Time Load-Adj

2.97

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

. . . .

Period Return % Rtn vs Cat

Apple Inc

Technology 15.6 14.53 4.48 Technology 18.4 -3.62 2.10 Technology 25.8 -0.85 1.87 Finan Svs 20.5 2.20 1.65 Cnsmr Cyc 24.6 21.18 1.57 Cnsmr Cyc 22.6 6.99 1.52 Finan Svs 13.7 3.91 1.40 Technology 83.3 9.93 1.37 Finan Svs 12.4 9.56 1.36 Cnsmr Def 21.7 0.15 1.35 Technology 15.9 0.16 1.25 Hlth care 23.3 9.44 1.18 Hlth care 14.8 1.83 1.18 Industrl 18.8 -3.64 1.70

1 Yr 3 Yr 5 Yr

8.89

Trailing

Total

+/-

+/- Russ %Rank Growth of

Microsoft Corp

Return% S&P 500 1000Gr

Cat

$10,000

18.34 18.21 10.04

+Avg +Avg +Avg

-Avg -Avg -Avg

Google Inc Class C Capit General Electric Co

3 Mo 6 Mo 1 Yr

1.46 1.18 4.47 3.24 8.89 1.47 18.34 1.03 18.21 0.87 10.04 2.15 5.33 0.97

1.34 0.51 -1.67 0.35 -0.38 0.94 3.14

21 10,146 40 10,447 56 10,889 36 16,573 27 23,082 12 26,032 16 21,791

10 Yr Incept

Citigroup Inc

5.50

Walt Disney Co Home Depot Inc Wells Fargo & Co Facebook Inc Class A JPMorgan Chase & Co

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index

Best Fit Index R3000 Growth

S&P 500

Alpha

0.3

0.0

Beta

1.04

1.01

PepsiCo Inc

R-Squared

93

97

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 15.29 55 2.58 81 16.20 41 1.70 82 8.42 26 1.47 94 Potential Capital Gain Exposure: 24% of assets Morningstar’s Take by Gretchen Rupp 08-07-14 TIAA-CREF Growth & Income isn’t flashy--just good. We’ve raised our Morningstar Analyst Rating to Bronze from Neutral because of this fund’s consistent, peer-leading returns with a conservative approach to downside risk. Manager Susan Kempler takes a prudent tack at this fund. Like many of her large-growth peers, she targets high-quality stocks with good growth potential, but she differs by not overpaying or riding hot stocks as momentum plays. This moderation is reflected in the portfolio’s value measures. They are well below the Russell 1000 Growth Index’s and the typical large-growth fund’s and are in line with the S&P 500’s, the fund’s chosen benchmark. (This fund was in the large-blend category until 2013.) She has a contrarian bent, often buying stocks after missteps by management, but where she thinks corrective action is in place. In 2012, Kempler picked up Canadian Pacific Railway CP after a new CEO began cutting costs and improving the firm’s cost structure. Kempler is mindful of her benchmark but isn’t an

Cisco Systems Inc

Standard Deviation

9.19

Pfizer Inc

Merck & Co Inc Chevron Corp

Mean

18.34

Energy

10.5 -12.10 1.11

Sharpe Ratio

1.88

Procter & Gamble Co

Cnsmr Def 20.8 -12.67 1.10

Actavis PLC

Hlth care

17.89 1.08

.

MasterCard Inc Class A Verizon Communications I Constellation Brands Inc

Finan Svs 28.8 8.87 1.04 Comm Svs 19.6 1.99 0.98 Cnsmr Def 27.8 18.50 0.97

index-hugger. Sector weightings don’t differ drastically from the S&P 500’s, but only half the fund’s holdings are also in the index. The portfolio has even less overlap with the Russell 1000 and the typical large-growth fund, with smaller stakes in such traditional growth sectors as technology. The fund has delivered over time, generating attractive returns with relatively low risk. Since Kempler took over in early 2005, it has easily bested the typical large-growth fund and both pertinent benchmarks. The fund has been consistent, outperforming the large-growth category in 90% of the three-year rolling periods during Kempler’s tenure. And it has navigated tough markets better than rivals; its downside capture ratios are among the category’s best in all periods under Kempler. It won’t shoot the lights out in roaring markets--Kempler’s balanced approach limits some upside as strong performers are trimmed as valuations expand. Still, its consistency and downside protection have more than balanced that out over time.

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 43.3 Large 32.6 Mid 20.6 Small 3.4 Micro 0.2 Avg $mil: 46,049

Value Blnd Growth

Large Mid Small

Cyclical 29.35 BasicMat 2.47 CnsmrCyc15.21 FinanSvs 11.45 Real Est 0.22 Sensitive 42.83 CommSrvs 4.21 Energy 6.65 Technlgy 22.79 Defensive27.82 CnsmrDef 9.73 Hlthcare 16.03 Utilities 2.06 Industrl 9.18

. .

h r t y u j i o p a k s d f

4 2

. 16 13 . 14 11

2 0

. . .

4 3

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

. 11 6 . 13 9 . 23 16

20.16 2.74 1.79 11.29 1.53 12.03 5.20 3.90 1.08 8.64

1.13 0.95 0.99 1.13 1.16 0.90 0.50 0.49 0.08 0.39

.

. 10 8 . 17 13

% Rel Category

3 1

.

Composition - Net

Cash 0.3 Stocks 99.7 Bonds 0.0 Other 0.0 Foreign 9.0

Address:

Tiaa-cref Funds New York, NY 10017 877-518-9161 www.tiaa-cref.org

Minimum Purchase: Min Auto Inv Plan:

$2000000

Add: $1000 IRA: $0

$0

Add: .

Profitability

% Rel Category

Sales Fees:

No-load

Return on Equity Return on Assets Net Margin

20.53 7.69 12.78

0.98 0.79 0.91

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.45% mx./0.39% mn. Mgt:0.40% Dist: .

(% of Stock)

07-01-99

Actual Fees:

Teachers Advisors, Inc.

Expense Projections: Income Distribution:

3Yr:$135 Quarterly

5Yr:$235 10Yr:$530

None

N/A

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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