(PUB) Investing 2015

Morningstar FundInvestor

July 2015

Morningstar Analyst Rating

08-07-14

Morningstar Pillars

Process

Performance

People

Parent

Price

Positive

Neutral

Positive

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 ¨

Pillar Spectrum

Positive

Negative

Neutral

NAV

12.52

12.05

11.98

10.05

9.16

9.08

8.12

6.50

10.18

8.90

8.07

8.82

Total Return %

4.47

11.26

34.35

16.41

2.98

13.20

26.94

-34.97

18.93

17.15

6.35

9.79

+/-S&P 500

3.24

-2.43

1.96

0.41

0.87

-1.86

0.48

2.03

13.44

1.36

1.44

-1.09

+/-Russ 1000Gr

0.51

-1.79

0.87

1.15

0.34

-3.51

-10.27

3.47

7.12

8.08

1.09

3.49

Income Return %

0.57

1.16

1.40

1.75

1.23

1.27

1.72

1.47

1.75

1.83

2.09

1.76

Capital Return %

3.90

10.10

32.95

14.66

1.75

11.93

25.22

-36.44

17.18

15.32

4.26

8.03

Total Rtn % Rank Cat

Income $

0.07

0.14

0.16

0.11

0.10

0.11

0.15

0.18

0.14

Capital Gains $

0.00

1.10

1.31

0.45

0.08

0.00

0.24

0.39

1.14

0.00

Expense Ratio %

0.44

0.45

0.46

0.47

0.48

0.51

0.33

0.13

0.15

0.14

Income Ratio %

1.06

1.35

1.33

1.09

1.23

1.62

1.59

1.81

1.58

2.04

1.46

Turnover Rate %

146

111

116

133

132

133

223

Net Assets $mil

3,127

2,951

2,492

1,681

1,138

778

458

225

110

102

101

715

Performance

06-30-15

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

2011

2012

2013

2014

2015

7.17 0.71 -14.20 11.21

2.98

14.36 -4.08

6.87 -0.70 16.41

9.77 3.22

7.11 10.71 34.35

1.34 5.33

0.03 4.20 11.26

2.97

. . . .

Trailing

Total

+/-

+/- Russ %Rank Growth of

Return% S&P 500 1000Gr

Cat

$10,000

3 Mo

6 Mo

1 Yr

3 Yr Avg

5 Yr Avg

10 Yr Avg

15 Yr Avg

1.46 1.18

1.34

21 10,146

4.47 3.24

0.51

40 10,447

8.89 1.47

-1.67

56 10,889

18.34 1.03

0.35

36 16,573

18.21 0.87

-0.38

27 23,082

10.04 2.15

0.94

12 26,032

5.33 0.97

3.14

16 21,791

Tax Analysis

Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

3 Yr (estimated)

5 Yr (estimated)

10 Yr (estimated)

15.29

2.58

16.20

1.70

8.42

1.47

Potential Capital Gain Exposure: 24% of assets

Rating and Risk

Time Load-Adj

Morningstar

Period Return % Rtn vs Cat

Risk vs Cat

Risk-Adj Rating

1 Yr

8.89

3 Yr

18.34

+Avg

-Avg

5 Yr

18.21

+Avg

-Avg

10 Yr

10.04

+Avg

-Avg

Incept

5.50

Other Measures

Standard Index

Best Fit Index

S&P 500

R3000 Growth

Alpha

0.3

0.0

Beta

1.04

1.01

R-Squared

Standard Deviation

9.19

Mean

18.34

Sharpe Ratio

1.88

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

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.

Address:

Tiaa-cref Funds

New York, NY 10017

877-518-9161

Web Address:

www.tiaa-cref.org

Inception:

07-01-99

Advisor:

Teachers Advisors, Inc.

Subadvisor:

None

NTF Plans:

N/A

Minimum Purchase:

$2000000

Add: $1000 IRA: $0

Min Auto Inv Plan:

Add:

Sales Fees:

No-load

Management Fee:

0.45% mx./0.39% mn.

Actual Fees:

Mgt:0.40% Dist:

Expense Projections:

3Yr:$135

5Yr:$235 10Yr:$530

Income Distribution:

Quarterly

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

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

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

Historical Profile

Return

Risk

Rating

Above Avg

Below Avg

Above Avg

Investment Style

Equity

Stock %

Manager Change

Partial Manager Change

Growth of $10,000

Investment Values of

Fund

Investment Values of

S&P 500

Performance Quartile

(within Category)

History

10.0

7.0

14.0

18.0

22.8

26.8

Portfolio Analysis

04-30-15

Share change since 03-15 Total Stocks:189 Sector

PE Tot Ret% % Assets

Apple Inc

Technology 15.6 14.53 4.48

Microsoft Corp

Technology 18.4 -3.62 2.10

Google Inc Class C Capit

Technology 25.8 -0.85 1.87

General Electric Co

Industrl

18.8 -3.64 1.70

Citigroup Inc

Finan Svs 20.5 2.20 1.65

Walt Disney Co

Cnsmr Cyc 24.6 21.18 1.57

Home Depot Inc

Cnsmr Cyc 22.6 6.99 1.52

Wells Fargo & Co

Finan Svs 13.7 3.91 1.40

Facebook Inc Class A

Technology 83.3 9.93 1.37

JPMorgan Chase & Co

Finan Svs 12.4 9.56 1.36

PepsiCo Inc

Cnsmr Def 21.7 0.15 1.35

Cisco Systems Inc

Technology 15.9 0.16 1.25

Pfizer Inc

Hlth care 23.3 9.44 1.18

Merck & Co Inc

Hlth care 14.8 1.83 1.18

Chevron Corp

Energy

10.5 -12.10 1.11

Procter & Gamble Co

Cnsmr Def 20.8 -12.67 1.10

Actavis PLC

Hlth care

17.89 1.08

MasterCard Inc Class A

Finan Svs 28.8 8.87 1.04

Verizon Communications I

Comm Svs 19.6 1.99 0.98

Constellation Brands Inc

Cnsmr Def 27.8 18.50 0.97

Current Investment Style

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

Value Measures

Rel Category

Price/Earnings

Price/Book

Price/Sales

Price/Cash Flow

Dividend Yield %

20.16

2.74

1.79

11.29

1.53

1.13

0.95

0.99

1.13

1.16

Growth Measures

% Rel Category

Long-Term Erngs

Book Value

Sales

Cash Flow

Historical Erngs

12.03

5.20

3.90

1.08

8.64

0.90

0.50

0.49

0.08

0.39

Profitability

% Rel Category

Return on Equity

Return on Assets

Net Margin

20.53

7.69

12.78

0.98

0.79

0.91

Sector

Weightings

% of

Stocks

Rel

S&P 500 High

3 Year

Low

Cyclical 29.35

BasicMat 2.47

4 2

CnsmrCyc15.21

16 13

FinanSvs 11.45

14 11

Real Est 0.22

2 0

Sensitive 42.83

CommSrvs 4.21

4 3

Energy 6.65

11 6

Industrl

9.18

13 9

Technlgy 22.79

23 16

Defensive27.82

CnsmrDef 9.73

10 8

Hlthcare 16.03

17 13

Utilities 2.06

3 1

Composition - Net

(% of Stock)

Cash

0.3

Stocks 99.7

Bonds 0.0

Other

0.0

Foreign 9.0

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