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TIAA-CREF MUTUAL FUND SHAREHOLDERS APPROVE MERGER NEW YORK (April 3, 2007) -- TIAA-CREF, the financial services organization and leading provider of financial services in the academic, medical, and cultural fields today announced that at a special meeting shareholders of the following TIAA-CREF Mutual Funds (the “Retail Funds”) approved the merger of their Funds into corresponding Funds of another TIAA-CREF Fund family, the TIAA-CREF Institutional Mutual Funds (the “TIAA-CREF Funds”), with substantially similar investment objectives and principal investment strategies. More than 80% of the shareholders who voted approved the merger proposal. This Retail Fund will merge into This TIAA-CREF Fund International Equity Fund (TIINX) → Institutional International Equity Fund (TIERX) Growth Equity Fund (TIGEX) → Institutional Large-Cap Growth Fund (TIRTX) Growth & Income Fund (TIGIX) → Institutional Growth & Income Fund (TIIRX) Equity Index Fund (TCEIX) → Institutional Equity Index Fund (TINRX) Social Choice Equity Fund (TCSCX) → Institutional Social Choice Equity Fund (TICRX) Managed Allocation Fund (TIMAX) → Institutional Managed Allocation Fund II (TIMRX) Bond Plus Fund (TIPBX) → Institutional Bond Plus Fund II (TCBPX) Short-Term Bond Fund (TCSTX) → Institutional Short-Term Bond Fund II (TCTRX) High-Yield Bond Fund (TCHYX) → Institutional High-Yield Fund II (TIYRX) Tax-Exempt Bond Fund (TCTEX) → Institutional Tax-Exempt Bond Fund II (TIXRX) Money Market Fund (TIAXX) → Institutional Money Market Fund (TIRXX) The purpose of merging the Funds is to create a single, streamlined TIAA-CREF Fund family designed to help meet shareholders’ investment needs while keeping overall Fund expenses competitive with those of other low-cost providers. The effective date of the merger is expected to be April 20, 2007. After 4:00 p.m. Eastern Time on that date, any shareholder transactions initiated in a former Retail Fund(s) will occur in the corresponding TIAA-CREF Fund(s). About TIAA-CREF TIAA-CREF is a national financial services organization with more than $406 billion in combined assets under management (12/31/06) and is the leading provider of retirement services in the academic, medical and cultural fields. Further information can be found at www.tiaa-cref.org. 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 call log on to www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Contact Chad Peterson 212-916-4808 cpeterson@tiaa-cref.org C38414
