UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

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(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

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Soliciting Material Pursuant to § 240.14a-12.

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
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IMPORTANT VOTING
INFORMATION FOR
SHAREHOLDERS

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

SPECIAL SHAREHOLDER MEETING • JANUARY 25 , 2006

Please read this material carefully
before voting.


  

Dear Shareholder:

On January 25 , 2006,
LOGO


730 Third Avenue

New York, NY 10017-3206

TIAA-CREF Funds

Important notice regarding availability of proxy materials for the Special Meeting of Shareholders to be held on July 17, 2019. The Proxy Statement for this meeting is available at: www.proxy-direct.com/tia-30640

Notice of Special Meeting — July 17, 2019

This notice is being given to the shareholders (the “Shareholders”) of theTIAA-CREF Institutional Mutual Funds (the “Trust”). Only Shareholders of the Trust are eligible to vote at the special meeting.

The Trust will hold a special meeting of Shareholders on July 17, 2019, at 1:00 p.m. EDT, at the shareholdersNew York Office of its International Equity, Large-Cap Value, Small-Cap Equity, Real Estate Securities, Social Choice Equity, Bond, Inflation-Linked BondTeachers Insurance and Money Market Funds.

The purposeAnnuity Association of this meeting is to vote on a proposed new investment management agreement with Teachers Advisors, Inc. (the “Advisor”America (“TIAA”), the current investment advisor to these Funds. This proposal is the same as the proposal for these eight Funds originally presented for shareholder approval in a proxy statement dated July 5, 2005, and voted on at a special shareholder meeting on August 31, 2005.

Because approval of the proposed agreement is vital to the future operation of these Funds, and because some shareholders have indicated a willingness to re-examine their vote if given more time to fully consider the proposal, the Advisor has recommended, and we have agreed, to provide a second opportunity to do so.As before, we, the Funds’ independent Board of Trustees, unanimously recommend that you vote “FOR” the new investment management agreement.

As explained in the original proxy materials, the proposed new investment management agreement would help ensure that the Funds remain fairly and competitively priced and continue to serve shareholder needs, while also providing a sustainable fee and expense structure that enables the Advisor to continue managing the Funds. It’s important for you to understand that although the new agreement would result in higher advisory fees, the Funds would remaincompetitive with the lower-priced offerings in the industry.

www.tiaa-cref org.730730 Third Avenue, New York, NY 10017


In submitting this proposal10017. This proxy statement was mailed to you a second time, we want to offer additional perspective on both the proposal itself and on the careful deliberative process that led to the Board’s unanimous recommendation so that you have a fuller understanding of these matters and can make an informed decision.

4Thorough, independent review of the proposal.  The Board of Trustees of the TIAA-CREF Institutional Mutual Funds is completely independent of the management of the Advisor. In considering the proposal, the Board conducted a comprehensive review process that began in December 2004 and concluded in May 2005. We questioned the Advisor rigorously and compared the Funds’ performance and expenses with those of competing funds, using data supplied by Lipper, Inc., widely recognized as a leading independent provider of investment company data. In addition, we had the benefit of independent legal counsel throughout our deliberations.

4Benefits of the proposal.  As a result of our in-depth review, we determined that the proposal would benefit shareholders because it enables the Funds’ Advisor to:

Continue to manage the day-to-day business affairsShareholders of the Funds;

Retain and attract highly qualified investment professionals;

Increase the capacity of its investment management staff and expand the depth and scope of its analysts’ coverage; and

Continue to offer a high level of service to shareholders.

4Potential consequences if proposal is not approved.  If shareholders do not approve the proposed new investment management agreement, the Advisor has informed the Board that it may no longer be able to serve in its advisory role to the Funds. In that case, the Advisor will recommend other possible courses of action, including closing the Funds to new investments or liquidating them, which could have negative consequences for shareholders. The Board would consider the Advisor’s recommendations, along with all other possible alternatives, in determining a course of action that would be in the best interests of Fund shareholders.

4Fiduciary responsibility and ongoing oversight.  The Board has a fiduciary responsibility to protect shareholder interests, which includes ensuring that all fees are appropriate, fair, and conducive to the efficient



and effective operation of the Funds. If the proposed fee increases are approved by shareholders, the Board will review the Advisor’s profitability levels during its annual review of the Funds’ management arrangements to ensure that the fees and any profits earned by the Advisor remain reasonable in light of the Funds’ asset levels and performance.

In conclusion, the Board remains unanimous in its support of the proposal because we are convinced that its approval represents the best possible outcome for shareholders. We urge you to read the information on the following pages carefully, along with the enclosed proxy statement, and vote “FOR” the new investment management agreement.

The Board of Trustees
TIAA-CREF Institutional Mutual Funds


TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

SPECIAL SHAREHOLDER MEETING• JANUARY 25 , 2006

IMPORTANT VOTING INFORMATION FOR SHAREHOLDERS
The TIAA-CREF Institutional Mutual Funds (the “Institutional Funds”) will hold a special meeting of the shareholders of its International Equity, Large-Cap Value, Small-Cap Equity, Real Estate Securities, Social Choice Equity, Bond, Inflation-Linked Bond and Money Market Funds on January 25 , 2006, to consider and vote on an important proposal affecting these Funds. As a shareholder of record as of October 31, 2005, you are entitled to vote on this proposal, and your Board of Trustees urges you to do so.

YOUR VOTE IS IMPORTANT
The following Q&A provides a summary of the proposal and describes the convenient options available for voting your shares. (For a complete discussion of the proposal, please see the enclosed proxy statement.) To help reach the level of shareholder participation required, please vote today, even if you plan to attend the special meeting on January 25. Simply follow the instructions on the enclosed proxy card(s) and choose the voting method that works best for you—Internet, telephone or mail. Your prompt action will ensure your voice is heard, so vote your shares now!

4  • TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    SPECIAL SHAREHOLDER MEETING • JANUARY 25 , 2006


1.
WHAT PROPOSAL AM I BEING ASKED TO CONSIDER?

You are being asked to approve the adoption of a new investment management agreement that would apply to each of the following TIAA-CREF Institutional Mutual Funds: International Equity; Large-Cap Value; Small-Cap Equity; Real Estate Securities; Social Choice Equity; Bond; Inflation-Linked Bond; and Money Market Funds. This proposal, which would result in higher advisory fees for these eight Funds, is the same as the proposal for these Funds originally presented for shareholder approval in a proxy statement dated July 5, 2005, and voted on at a special shareholder meeting on August 31, 2005.

2.
WHY HAS THIS PROPOSAL BEEN RESUBMITTED TO SHAREHOLDERS?

In the original proxy vote, shareholders of 21 Fundsportfolios offered by TIAA-CREF Institutional Mutual Funds approvedthe Trust (each, a new investment management agreement with Teachers Advisors, Inc. (the “Advisor”),“Fund” and collectively, the current investment advisor to the Funds. Although many individual Fund shareholders supported the proposal, it was not approved for the eight Funds listed above, primarily as a result of the voting by a few large, institutional shareholders. However, because some of these shareholders have indicated a willingness to re-examine their vote if given more time to fully consider the proposal, the Advisor has recommended, and the Funds’ independent Board of Trustees has agreed, to provide a second opportunity to vote on it.

3.
THE GROWTH EQUITY FUND WAS AMONG THE INSTITUTIONAL FUNDS INCLUDED IN THE ORIGINAL PROXY VOTE. WHY IS IT NOT PART OF THIS SECOND VOTE?

In the original vote, shareholders of the Growth Equity Fund did not approve the proposed new investment management agreement. The Advisor determined, and the Board concurred, that shareholders of this Fund were unlikely to change their votes. In addition, as noted in the original proxy statement, the Advisor had previously committed not to raise the advisory fee rate on the Growth Equity Fund until April 2007. For these reasons, the Growth Equity Fund is not part of the current proxy solicitation.

4.
I VOTED ON THIS PROPOSAL DURING THE ORIGINAL PROXY VOTE HELD LAST AUGUST. DO I NEED TO VOTE AGAIN?

Yes. We are holding a new meeting to consider this proposal, with a new shareholder record date.Any vote that you cast on this proposal

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    SPECIAL SHAREHOLDER MEETING  • JANUARY 25 , 2006 • 5



for the prior meeting does not count for this meeting, and you will need to vote again.

5.
WHAT WILL HAPPEN IF SHAREHOLDERS DO NOT APPROVE THE NEW INVESTMENT MANAGEMENT AGREEMENT?

The Advisor has indicated that it may not be able to continue in its advisory role to the eight Funds unless the new investment management agreement is approved, since the fees under the current agreement are not adequate to cover the costs of operating the Funds. If the new agreement is not approved, the Advisor may recommend to the Board of Trustees other possible courses of action, including a likely series of steps that could have negative consequences for shareholders:

4First, the Funds would be closed to new investments.

4Second, subject to shareholder approval, the Advisor would seek to merge the Funds into new funds with the same objectives, strategies and portfolio management, but with higher fee rates comparable to those specified in the proposed new investment management agreement.

4Finally, if shareholders were to reject this proposed future merger, the Funds might ultimately be liquidated, which could have negative tax consequences for shareholders.

The Board would consider the Advisor’s recommendations, along with all other possible alternatives, in determining a course of action that is in the best interests of Fund shareholders.

6.
HOW WILL SHAREHOLDERS BE AFFECTED IF ANY OF THE FUNDS NEED TO BE CLOSED OR LIQUIDATED?

Either of these actions could have serious consequences for shareholders. Closing any of the Funds to new investments would likely result in a decline in the Fund’s total assets under management. This would reduce the Fund’s current economies of scale and make the effective management of the Fund more difficult. Liquidating any of the Funds could result in the sale of some holdings at prices disadvantageous to investors. Additionally, liquidation could result in unexpected capital gains distributions to investors, which could have adverse tax consequences for many of them. The Funds’ Board of Trustees believes that approval of the new investment management agreement is a better outcome for shareholders than closing or liquidating the Funds.

6  • TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    SPECIAL SHAREHOLDER MEETING • JANUARY 25 , 2006


7.
HAS THE BOARD OF TRUSTEES APPROVED THIS PROPOSAL?

Yes. At a meeting held on May 17, 2005, the Board of Trustees of the TIAA-CREF Institutional Mutual Funds unanimously approved the Advisor’s recommended proposal listed above and described in full in the enclosed proxy statement. On October 26, 2005, the Board unanimously approved the Advisor’s recommendation to resubmit the same proposal to shareholders.

8.
HOW DOES THE BOARD OF TRUSTEES SUGGEST THAT I VOTE?

The Board unanimously recommends that all eligible shareholders vote “FOR” the proposal. In addition, at the time of the original proxy vote on this proposal, Institutional Shareholder Services (ISS) also recommended that shareholders vote “FOR” the new investment management agreement. ISS is recognized as a leading independent proxy advisory firm whose recommendations are relied upon by major institutional investment firms, mutual funds, and other fiduciaries.

9.
I HAVE OTHER ACCOUNTS WITH TIAA-CREF. WILL THEY BE AFFECTED BY THIS PROPOSAL?

No. The specific proposals affect only the eight TIAA-CREF Institutional Mutual Funds specified in the enclosed proxy statement. Theydo not affect any of the following TIAA-CREF products:

4College Retirement Equities Fund (CREF) investment accounts;

4TIAA Real Estate Account;

4TIAA Traditional Annuity;

4After-tax annuities;

4Variable life insurance products; or

4Other funds of the TIAA-CREF Institutional Mutual Funds that are not being resolicited for a vote.

While not the subject of this proxy vote, the Advisor is expected to recommend that the TIAA-CREF Mutual Funds—a separate fund family designed primarily for retail investors—be consolidated with the TIAA-CREF Institutional Mutual Funds in the near future if this vote is successful. If and when this proposed consolidation is approved, the TIAA-CREF Mutual Funds would be merged into a corresponding TIAA-CREF Institutional Mutual Fund and would become subject to the fee and expense structure of that Fund.

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    SPECIAL SHAREHOLDER MEETING  • JANUARY 25 , 2006 • 7


10.
WHY IS THE INVESTMENT MANAGEMENT AGREEMENT BEING CHANGED?

Since the Funds were established, the Advisor has been committed to providing high-quality investment management services at a low cost to shareholders. However, it has become clear that the Advisor set its fees too low to continue to cover its costs of operating the Funds. As a result, the Advisor has always operated the Funds at a loss. Despite these annual losses, the Advisor has not requested a fee increase since the Funds’ inception in 1999. It has become clear that this situation cannot be sustained, particularly in light of continued escalating costs related to increased compliance, regulatory, and reporting requirements, as well as intensified competition for investment management talent.

The proposed new investment management agreement with the Advisor is designed to provide a reasonable and sustainable fee and expense structure for the Funds while maintaining overall expenses at levels that are competitive with those of other low-cost providers in the mutual fund industry. In addition, the proposed fee increase would give the Advisor the flexibility and means to increase the capacity of its investment management staff, expand the depth and scope of analyst coverage, and attract and retain highly qualified investment management professionals in a competitive environment—all of which would enhance the Advisor’s ability to seek favorable investment returns for shareholders.

11.
HOW WILL THE NEW INVESTMENT MANAGEMENT AGREEMENT AFFECT THE FUNDS?

For each of the eight Funds, the new investment management agreement will raise advisory fees.

12.
HOW WILL TIAA-CREF’S PROPOSED FUND FEES COMPARE TO THOSE OF OTHER COMPANIES?

Even after adopting the higher fees, the Funds would remain competitive with the lower-priced offerings in the industry. (Please see page 15 of the proxy statement for a comparison of each Fund’s total expenses to those of similar funds in its industry peer group.)

13.
IS TIAA-CREF STILL COMMITTED TO BEING A LOW-COST, HIGH-VALUE PROVIDER?

Yes. TIAA-CREF is committed to operating low-cost, high-value mutual funds for all shareholders. For this reason, the proposal to raise advisory fees on the actively managed Institutional Mutual Funds was

8  • TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    SPECIAL SHAREHOLDER MEETING • JANUARY 25 , 2006



made only after thorough and deliberate consideration of shareholders’ interests by the Funds’ Board of Trustees. The Board determined that the current level of fees being charged was too low for the Advisor to sustain and that the proposed increase in fees would not unduly benefit the Advisor at the expense of Fund shareholders. As part of its ongoing oversight of the Funds, the Board of Trustees will annually monitor the level of fees and the Advisor’s profits generated by the new agreement to ensure that they are reasonable.

14.
AS A SHAREHOLDER, HOW WILL I BENEFIT FROM THE NEW INVESTMENT MANAGEMENT AGREEMENT?

The Board of Trustees has determined that the new investment management agreement is fair and reasonable to the Funds and to shareholders because it would:

4Enable the Funds’ investment advisor to continue to offer you and other shareholders the high-quality service you have come to expect from TIAA-CREF, and to expand these shareholder services;

4Allow the Advisor to continue to retain and attract talented investment professionals and add new investment management personnel, which would benefit the Advisor’s overall investment management program; and

4Help ensure that the TIAA-CREF organization can continue to offer the Funds while remaining competitive with other low-cost providers in our industry.

15.
IN ADDITION TO THIS SPECIFIC PROPOSAL, DOES TIAA-CREF HAVE AN OVERALL LONG-TERM PLAN FOR ITS MUTUAL FUND OFFERINGS?

TIAA-CREF is committed to operating low-cost, high-value mutual funds for all shareholders. Approval of the new investment management agreement is an essential first step in a broader effort to restructure and enhance TIAA-CREF’s mutual fund offerings so that the funds remain fairly and competitively priced for shareholders and continue to serve shareholder needs.

Assuming the new investment management agreement is approved, a planned second step, while not part of this proxy vote, would be the consolidation of the TIAA-CREF Mutual Funds into the TIAA-CREF Institutional Mutual Funds in the near future. If and when this proposed consolidation is approved, it would result in a streamlined fund family with greater efficiency, consistent pricing and improved economies of scale—all of which would permit the Funds to better serve your investment needs. As mentioned previously, if the new

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    SPECIAL SHAREHOLDER MEETING  • JANUARY 25 , 2006 • 9



investment management agreement is not approved, the Advisor may create new funds with the same objectives, strategies and portfolio management as these eight Funds (but with the higher advisory fees specified in the enclosed proxy statement), into which the existing eight Funds may be merged, subject to shareholder approval. If these mergers are not approved, the Funds might then be liquidated.

16.
WHEN WILL THE PROPOSED CHANGE TAKE EFFECT?

If approved by shareholders, changes to the investment management agreement would likely be implemented by February 1, 2006.

17.
WHAT LEVEL OF SHAREHOLDER SUPPORT IS NEEDED TO APPROVE THE PROPOSAL?

Approval of the new investment management agreement requires the lesser of (1) more than 50 percent of the total outstanding shares of the respective Funds or (2) at least 67 percent of the shares present at the respective shareholders’ meetings, either in person or by proxy, if more than 50 percent of the outstanding shares are represented.

18.
WHO IS ENTITLED TO VOTE ON THESE CHANGES?

For each of the eight Funds, all shareholders of record as of October 31, 2005, are eligible to vote on this proposal and are urged to do so.

19.
WHO IS BEARING THE COSTS ASSOCIATED WITH CONDUCTING THIS SECOND PROXY VOTE?

All expenses associated with this proxy vote, including the costs of holding the shareholder meeting and soliciting shareholders, are being borne by the Advisor, and not by any of the Institutional Funds.

20.
WHEN AND WHERE IS THE SPECIAL SHAREHOLDERS’ MEETING?

The special meeting of the shareholders of the TIAA-CREF Institutional Mutual Funds has been scheduled for January 25 , 2006, at 2:00 p.m., at 730 Third Avenue, 17th Floor, New York, New York.

21.
WHAT METHOD OF VOTING MAY I USE?

Simply select the voting format that you find most convenient:

4Telephone (automated service):
Call the toll-free number shown on your proxy card(s) and follow the recorded instructions

4Telephone (to speak to a representative of D.F. King & Co., the Funds’ proxy solicitor):
800 755-7250 (toll free)

10  • TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    SPECIAL SHAREHOLDER MEETING • JANUARY 25 , 2006


4Internet:
Access the Web site shown on your proxy card(s) and follow the online instructions

4Mail:
Complete and return the enclosed proxy card(s)

4In person:
Attend the special shareholder meeting on January 25 , 2006

Whichever method you choose, please be sure to cast your vote as soon as possible. Even if you plan to attend the special shareholder meeting, you can vote in advance using one of the other methods.

22.
WHO SHOULD I CALL IF I HAVE ADDITIONAL QUESTIONS?

If you have questions related to the proxy material or need assistance in voting your shares, please contact D.F. King & Co., the Funds’ proxy solicitor, toll free at 800 755-7250.

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    SPECIAL SHAREHOLDER MEETING  • JANUARY 25 , 2006 • 11





©2005 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
Printed on recycled paperRetail
A11074
(11/05)



TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
730 Third Avenue
New York, New York 10017-3206

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON JANUARY 25 , 2006

The TIAA-CREF Institutional Mutual Funds (the “Institutional Funds”) will hold a special meeting of the shareholders of its International Equity Fund, Large-Cap Value Fund, Small-Cap Equity Fund, Real Estate Securities Fund, Social Choice Equity Fund, Bond Fund, Inflation-Linked Bond Fund, and Money Market Fund (the “Funds”) starting on January 25 , 2006, at 2:00 p.m. at 730 Third Avenue, New York, New York. or about June 6, 2019.

The agenda forpurpose of the meeting is:

1.

To approve a new investment management agreement between each Fundelect ten individuals to serve as Trustees for indefinite terms and Teachers Advisors, Inc.until their successors shall take office; and


2.

To address any other business that may properly come before the meeting or any adjournments thereof.meeting.


The Board of Trustees of the Institutional Funds has set October 31, 2005May 30, 2019 as the record dateRecord Date for determining the number of votes entitled to be cast at the meeting or any adjournments thereof.cast. You may vote at the meeting (or any adjournments of the meeting) only if you were a shareholder of one or moreShareholder with voting rights as of the Funds as of October 31, 2005.
Record Date.

By Orderorder of the Board of Trustees,
E. Laverne Jones
Secretary

LOGO

Mona Bhalla

Corporate Secretary

Please vote as soon as possible before the meeting, even if you plan to attend the meeting. You can vote quickly and easily by toll-free telephone call, over the Internet by telephone, or by mail. Just follow the simple instructions that appear on your enclosed proxy card(s). A separate proxy card is provided for each Fund in which you own shares. Since we cannot hold the meeting unless a quorum is reached, please help avoid the expense of a follow-up mailing by voting today!card.

If you plan to attend the meeting, please call 1 877-535-3910, ext. 244022-2440, to obtain an admission pass. In accordance with TIAA-CREF’sthe Trust’s security procedures, a pass and appropriate picture identification will be required to enter the Trust’s special meeting. Please note that no laptop computers, recording equipment or cameras will be permitted,permitted. All cell phones must be turned off when entering the meeting and pleaseremain off during the meeting. Please read the instructions on the admission pass for additional information.

November 2 9 , 2005June 6, 2019


TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
730 Third Avenue
New York, New York 10017-3206Funds

PROXY STATEMENT
Proxy Statement for Special Meeting of Shareholders
to be held on January 25 , 2006
July 17, 2019

The Board of Trustees (the “Board”(“Board”) of the TIAA-CREF Institutional Mutual Funds (the “Institutional Funds”“Trust”) has calledsent you this proxy statement to ask for your vote on certain matters affecting the Trust. The accompanying proxy will be voted at a special meeting of the shareholders (the “Shareholders”) of its International Equity Fund, Large-Cap Value Fund, Small-Cap Equity Fund, Real Estate Securities Fund, Social Choice Equity Fund, Bond Fund, Inflation-Linked Bond Fund, and Money Market Fund (each, a “Fund” and collectively, the “Funds”) to beTrust being held on January 25 , 2006,July 17, 2019, at 2:1:00 p.m. EDT, at the New York Office of Teachers Insurance and Annuity Association of America (“TIAA”), 730 Third Avenue, New York, New York. At the special meeting, shareholders willNY 10017. This proxy statement was mailed to Shareholders starting on or about June 6, 2019.

The Trust’s Shareholders are being asked to vote on whether to:

the following:

1.

The election of ten individuals to serve as Trustees for indefinite terms and until their successors shall take office; and

 Approve a new investment management agreement between each Fund and Teachers Advisors, Inc. (the “Advisor”);

2.Address any

Any other business that may properly come before the meeting or any adjournments or postponements thereof.


At this time, the Board does not know of any other matters being presented at the meeting or any adjournments or postponements thereof.

The accompanying proxy forms will be used toHow do I vote?

You can vote at the meetingin any one of the Funds (or any adjournments of the meeting) being held on January 25 , 2006, at 730 Third Avenue, New York, New York at 2:00 p.m. This proxy statement will first be mailed to shareholders on or about November 2 9 , 2005.

four ways:

1


Shareholders of each Fund voting separately for their Fund will be asked to consider the proposal to adopt a new investment management agreement.

VOTING INFORMATION

I believe I already voted on this proposal. Do I need to vote again?

Yes. The proposal to approve a new investment management agreement for the Funds described in this proxy statement is indeed identical to the proposal that did not pass at the August 31, 2005 shareholders meeting for those Funds. However, because we are holding a new meeting to consider this proposal, with a new shareholder record date, any vote that you cast on this proposal for the prior meeting does not count for this meeting and you will need to vote again. For a discussion of why the proposal is being brought to shareholders again, see page 5 and the accompanying letter to shareholders from the Board of Trustees of the Institutional Funds and related Q & A .

How Do I Vote?

(1) (1)By marking, signing, and mailing the enclosed proxy card in the postage-paid envelope provided;

(2)  

By logging on to the Internet site shown on your proxy card(s)card and followfollowing theon-screen instructions;


(3)   (2)

By dialingmarking, signing and mailing the toll freeproxy card in the envelope provided;

(3)

By calling the toll-free telephone number shown on your proxy card(s)card and followfollowing the recorded instructions; andor


(4)   (4)

By voting in person at the special meeting.


You must complete a separateIf you vote by Internet or telephone, please do not mail your proxy form for each Fund in which you own shares.
card.

LOGOVote on the InternetLOGOVote by phoneLOGOVote
by mail		LOGOVote in person
Vote online at the website listed on your proxy card. Follow the on-screen instructions.Call the phone number listed on your proxy card. Follow the recorded instructions available 24 hours.Vote, sign, and date the proxy card and return it using the postage-paid envelope.Attend the Meeting of Shareholders July 17, 2019, at 1:00 p.m. EDT at TIAA’s New York Office, 730 Third Avenue, New York, NY 10017.

2

2


Can I Cancelcancel or Change My Vote?
change my vote?

You maycan cancel or change your vote at any time up until 5:00 p.m. EDT on July 16, 2019. You can do this by simply voting again by: (1)— by executing and returning a later-dated proxy forms, (2) voting over the telephone; (3)card, voting through the Internet or (4)by a toll-free telephone call, voting in person at the meeting. Ifmeeting — or you return the proxy form orcan cancel your vote by telephonewriting the Trust’s Corporate Secretary at: c/o the TIAA-CREF Funds, 730 Third Avenue, New York, New York 10017-3206. Cancelled or throughchanged votes (other than votes cast in person at the Internet, your votemeeting) must be received by 4 :00the 5:00 p.m. ET on January 24 , 2006. If you vote in person at the meeting, you may vote any time up until the voting results are announced.
July 16, 2019 deadline.

How Doesdoes a Proxy Work?
proxy work?

When you vote by proxy, you are appointinginstructing the personsagents named on the proxy form as your agentscard how to vote on your behalf at a meeting or any adjournments thereof. Unlessthe meeting. If you sign and return the proxy card, but do not specifically instruct themthe agents otherwise, the proxiesthey will vote FOR the approvalelection of all the new investment management agreement as it applies to your Fund(s). Although we are unawarenominees listed herein for Trustee. At this time, the Board does not know of any other matters to bebeing presented at the meeting, ifmeeting. If other matters are brought before the meeting, or any adjournments thereof,the proxy agents will vote the proxies will vote your shares using their own best judgment.judgment in their discretion, as allowed by the proxy. All proxies solicited by the Board of Trustees that are properly executed and received by the Corporate Secretary prior to the meeting, and are not revoked,cancelled, will be voted at the meeting.

3

Who may vote; How many votes do I get?

Each person having voting rights on May Vote; How Many Votes Do I Get?

30, 2019 (the “Record Date”) may vote at the meeting with respect to each item on the proxy ballot. On May 20, 2019, there were 15,266,924,876.27 total votes eligible to be cast, broken down as follows:

   Class    
Fund 

Institutional

  

Advisor

  Premier  Retirement  Retail  W  Fund total 
Bond  130,481,634.02   91,143,478.33   1,414,482.77   18,556,118.02   8,842,478.11   363,302,750.75   613,740,941.99 
Bond Index  865,344,824.46   128,193.56   2,060,193.66   25,771,278.61   2,001,864.41   458,468,044.82   1,353,774,399.51 
Bond Plus  118,081,625.86   3,541,218.27   1,062,449.40   41,912,152.43   24,639,308.83   233,531,938.45   422,768,693.24 
Emerging Markets Debt  2,495,034.05   814,240.06   93,540.86   1,598,747.75   2,219,439.80   43,798,295.08   51,019,297.60 
Emerging Markets Equity  25,623,067.33   21,589.74   841,129.10   13,531,885.91   837,896.06   107,845,476.04   148,701,044.18 

Emerging Markets Equity Index

  79,333,552.87   1,007,875.41   2,371,682.97   24,004,069.28   1,364,159.96   106,678,609.47   214,759,949.96 
Equity Index  414,575,946.03   2,173,632.32   2,822,791.81   29,764,015.64   46,438,362.67   463,983,661.74   959,758,410.21 

5–15 Year LadderedTax-Exempt Bond

  494,754.10   21,667.66   —   —   25,092,319.45   —   25,608,741.21 
Green Bond  2,105,570.54   100,000.00   100,000.01   183,816.47   138,964.49   —   2,628,351.51 
Growth & Income  110,804,758.70   125,056.83   8,846,062.83   36,239,803.75   61,751,695.75   225,297,410.99   443,064,788.85 
High-Yield  296,249,463.00   1,446,204.07   2,802,676.03   39,650,783.48   33,943,836.77   30,706,175.70   404,799,139.04 
Inflation-Linked Bond  141,235,599.47   26,636.16   269,563.90   19,023,392.24   9,714,749.71   102,858,343.80   273,128,285.30 
International Bond  64,915.24   13,096.53   10,285.14   553,243.60   111,761.13   38,789,937.53   39,543,239.16 
International Equity  225,061,131.15   444,649.73   13,889,900.15   42,644,742.47   37,734,029.39   135,197,138.43   454,971,591.32 
International Equity Index  383,674,910.86   2,695,106.50   12,813,749.23   54,205,264.99   —   161,053,101.68   614,442,133.26 
International Opportunities  7,659,439.59   16,700.68   110,757.52   13,950,138.61   322,663.34   109,638,222.38   131,697,922.10 
Large-Cap Growth  60,556,601.85   106,542.47   987,753.10   16,752,515.74   47,752,168.86   138,107,411.87   264,262,993.89 

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Shareholders
   Class    
Fund 

Institutional

  

Advisor

  Premier  Retirement  Retail  W  Fund total 
Large-Cap Growth Index  191,529,768.19   1,410,631.20   —   21,167,604.97   —   —   214,108,004.36 
Large-Cap Value  133,215,941.82   7,585.87   10,567,119.83   37,696,416.21   8,130,797.07   166,812,508.52   356,430,369.31 
Large-Cap Value Index  278,671,524.52   1,285,525.66   —   41,119,861.81   —   —   321,076,911.98 
Lifecycle 2010  61,132,487.38   11,778.47   10,111,630.43   28,526,130.46   —   —   99,782,026.73 
Lifecycle 2015  113,293,102.85   13,352.16   18,380,351.75   46,609,114.01   —   —   178,295,920.77 
Lifecycle 2020  232,287,582.96   20,532.70   41,342,008.43   83,120,334.64   —   —   356,770,458.73 
Lifecycle 2025  283,098,842.64   12,612.74   49,611,476.08   88,720,211.07   —   —   421,443,142.52 
Lifecycle 2030  284,258,460.31   11,810.90   51,335,404.84   81,545,211.69   —   —   417,150,887.73 
Lifecycle 2035  287,127,253.73   11,020.34   55,122,612.99   72,966,038.20   —   —   415,226,925.27 
Lifecycle 2040  339,002,470.94   13,142.13   68,513,399.74   85,728,753.14   —   —   493,257,765.94 
Lifecycle 2045  161,254,154.92   9,795.81   36,609,918.44   50,774,912.89   —   —   248,648,782.06 
Lifecycle 2050  106,035,460.21   9,806.24   26,746,088.26   33,635,620.45   —   —   166,426,975.16 
Lifecycle 2055  29,515,706.22   8,731.60   9,923,126.90   11,413,688.18   —   —   50,861,252.89 
Lifecycle 2060  7,184,927.27   10,305.82   1,649,832.88   2,380,780.93   —   —   11,225,846.89 
Lifecycle Index 2010  22,179,568.66   7,469.17   2,185,818.21   4,616,669.45   —   —   28,989,525.49 
Lifecycle Index 2015  41,358,543.21   11,107.03   6,031,866.48   8,368,210.74   —   —   55,769,727.46 
Lifecycle Index 2020  97,727,673.59   42,242.99   15,521,752.37   19,213,550.04   —   —   132,505,218.98 
Lifecycle Index 2025  119,662,906.31   56,727.17   19,046,328.20   23,522,281.40   —   —   162,288,243.07 
Lifecycle Index 2030  124,214,719.40   71,558.36   17,567,688.09   21,617,216.25   —   —   163,471,182.10 
Lifecycle Index 2035  107,994,199.43   53,322.81   15,574,153.68   18,639,041.54   —   —   142,260,717.46 
Lifecycle Index 2040  114,471,241.46   103,534.74   13,434,159.91   17,293,869.90   —   —   145,302,806.01 

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   Class    
Fund 

Institutional

  

Advisor

  Premier  Retirement  Retail  W  Fund total 
Lifecycle Index 2045  73,013,087.56   58,387.32   10,025,649.24   12,130,126.85   —   —   95,227,250.96 
Lifecycle Index 2050  53,454,007.32   60,072.92   8,038,894.21   10,340,537.86   —   —   71,893,512.31 
Lifecycle Index 2055  27,420,592.56   46,608.92   3,660,570.75   6,220,278.03   —   —   37,348,050.25 
Lifecycle Index 2060  9,018,065.66   47,074.01   704,605.50   2,093,981.42   —   —   11,863,726.58 

Lifecycle Index Retirement Income

  21,078,791.39   11,160.28   2,071,892.29   2,413,458.36   —   —   25,575,302.32 
Lifecycle Retirement Income  17,103,738.67   26,251.47   2,558,226.60   16,078,086.26   10,435,750.37   —   46,202,053.36 

Lifestyle Aggressive Growth

  1,616,620.89   10,042.34   23,501.18   2,736,150.57   3,167,993.80   —   7,554,308.79 
Lifestyle Conservative  2,230,503.71   30,883.94   56,968.75   3,639,595.52   12,908,128.58   —   18,866,080.49 
Lifestyle Growth  2,298,685.13   23,507.58   105,983.92   2,781,884.04   5,880,948.56   —   11,091,009.24 
Lifestyle Income  780,261.78   10,006.81   73,270.83   1,407,625.77   4,374,422.17   —   6,645,587.35 
Lifestyle Moderate  2,906,349.19   52,017.01   73,767.42   6,874,433.47   15,919,530.70   —   25,826,097.79 
Managed Allocation  1,504,260.37   —   —   5,753,373.92   61,195,597.18   —   68,453,231.46 
Mid-Cap Growth  38,185,744.25   8,678.67   2,995,236.58   17,173,472.63   9,552,055.87   —   67,915,188.00 
Mid-Cap Value  105,944,371.00   34,569.11   8,584,227.72   32,521,106.16   12,299,680.09   —   159,383,954.07 
Money Market  708,190,955.92   1,501,650.79   69,191,059.08   203,968,373.24   303,817,825.47   —   1,286,669,864.49 
Quant International Equity  16,264,514.19   28,062.41   —   —   —   241,102,274.36   257,394,850.98 

Quant International Small-Cap Equity

  4,474,388.26   8,209.16   7,326.90   325,571.78   90,207.32   88,661,515.07   93,567,218.48 
Quant Large-Cap Growth  12,950,087.37   87,931.42   —   —   —   179,352,129.32   192,390,148.11 
Quant Large-Cap Value  9,415,552.79   508,370.12   —   —   —   244,413,890.31   254,337,813.22 

Quant Small/Mid-Cap Equity

  3,105,497.82   124,380.91   100,000.01   999,383.81   487,039.19   51,630,463.55   56,446,765.29 

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   Class    
Fund 

Institutional

  

Advisor

  Premier  Retirement  Retail  W  Fund total 
Quant Small-Cap Equity  96,201,697.93   65,257.87   8,387,650.59   29,731,166.15   8,639,126.24   42,832,665.00   185,857,563.78 
Real Estate Securities  94,454,366.32   439,537.90   4,112,497.14   24,663,550.48   15,141,837.85   —   138,811,789.68 
S&P 500 Index  116,006,140.56   2,190,473.11   —   39,969,007.91   —   —   158,165,621.58 

Short Duration Impact Bond

  2,196,053.77   100,000.00   100,000.01   148,089.69   107,574.11   —   2,651,717.57 
Short-Term Bond  
79,756,054.54
 
  787,713.44   696,685.90   11,335,746.27   10,677,901.96   87,937,396.85   191,191,498.97 
Short-Term Bond Index  4,431,662.97   87,347.21   64,493.58   5,681,310.04   268,791.44   42,624,027.44   53,157,632.68 
Small-Cap Blend Index  107,689,502.58   442,638.58   —   36,556,871.71   —   —   144,689,012.86 
Social Choice Bond  210,635,556.85   60,477,392.99   3,577,375.09   48,126,863.38   17,198,165.87   —   340,015,354.18 
Social Choice Equity  166,121,043.70   1,073,885.54   5,591,956.10   29,331,043.11   26,304,141.46   —   228,422,069.90 

Social Choice International Equity

  11,952,132.54   91,413.46   124,526.69   1,641,937.19   495,172.51   —   14,305,182.39 

Social Choice Low Carbon Equity

  7,057,373.83   70,713.26   169,948.01   6,700,636.06   1,044,134.79   —   15,042,805.95 
Total  8,006,517,026.53   175,512,720.73   650,868,070.05   1,738,361,148.51   831,042,521.31   3,864,623,389.14   15,266,924,876.27 

The number of votes you have is equal to the dollar value of your investment in each of the Funds as of October 31, 2005the Record Date. We will count votes expressed to two decimal points.

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Certain funds within the TIAA-CREF Fund Complex (the “Record Date”“Fund of Funds”) invest in shares of other funds in the Trust (the “Underlying Funds”). Shares of each Underlying Fund held by a Fund of Funds are expected to be voted by the Fund of Funds in the same proportion as the vote of other shareholders of the Underlying Funds (sometimes referred to as “echo” voting).

How many votes are needed for a quorum or to pass a vote?

There will be eligible to vote ata quorum for the meeting (or any adjournments thereof). Each outstanding full shareif 10 percent of a Fund is entitled to one vote and each outstanding fractional share is entitled to a proportionate fractional share of one vote. Therefore, the total number of votes you will have at the meeting will depend upon how many shares you own in the respective Fund on the Record Date. All shareholders of record on the Record Date are entitled to vote.

Below is the number of shares of each Class of each Fund as of the Record Date:

Fund
   
Retail Class
   
Institutional Class
   
Retirement Class
International Equity Fund                —           5 5,0 29,673.692          1 9 , 756 , 028 . 218  
Large-Cap Value Fund                12, 085 , 361 . 757          1 5 , 376 , 767 . 579          1 1 , 091 , 075 . 406  
Small-Cap Equity Fund                4,578,992.959          7,429,308.307          10,903,081.134  
Real Estate Securities Fund                10,924,445.360          16,849,871.454          9,426,200.420  
Social Choice Equity Fund                —           11,378,411.424          5,147,268 . 149  
Bond Fund                —           144,491,877.119          —   
Inflation-Linked Bond Fund                6,696,840.0 08          30,727,075.225          —   
Money Market Fund                —           199,471,549.756          —   
 

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How Many Votes Must Be Present for a Quorum or to Pass a Vote?

In order to hold the meeting andbe cast vote on the items on the agenda, we will need to have a quorum of shareholders present (inin person or by proxy) at the meeting. A quorum means 10% of the votes thatproxy. Abstentions are entitled to be cast. Incounted in determining whether a quorum has been reached, abstentions and broker non-votesreached. A Trustee shall be elected to the Board if he or she receives a majority of the votes cast at a meeting where a quorum is present. Approval of any other proposals also requires a majority of the votes cast at a meeting where a quorum is present. Abstentions from voting are countednot treated as being present atvotes cast for the meeting.
election of Trustees or any other proposal. No votes are cast by brokers.

If a quorum is not present at the meeting, or if a quorum is present at the meeting but sufficient votes to approve one or more of the proposal isproposed items are not received, or if other matters arise requiring shareholderShareholder attention, the persons named as proxy agents may propose and vote for one or more adjournments of the meeting in order to permit thefurther solicitation of additional votes.

I. Election of Trustees

The purpose of the meeting is to elect members to the Board. The Trustees will be elected to serve indefinite terms until his or her successor shall take office. Pursuant to a resolution of the Board, the maximum number of Trustees has been fixed at ten. Under the law, the Board can fill vacancies between meetings if, in doing so, after an appointment, at leasttwo-thirds of the Trustees then holding office would have been elected by the Shareholders.

At this meeting, you are being asked to elect to the Board nine current members (including Prof. Eberly, Mr. Forrester and Mr. Kenny who were previously appointed as Trustees by the Board) and one new nominee, Joseph A. Boateng. Information about each of the ten nominees is set forth below. It is intended that properly executed and returned proxies will be voted FOR the election of the ten nominees unless otherwise indicated in the proxy.

Each of the ten nominees was first recommended by the Nominating and Governance Committee of the Board. This Committee consists of Trustees who are also themselves nominees and, like all the other members of the Board, are not “interested persons” as such term is defined in the Investment Company Act of 1940 (the “1940 Act”). The three current Trustees who were previously appointed by the Board (Prof. Eberly, Mr. Forrester and Mr. Kenny) were each recommended to the Nominating and Governance Committee by current Trustees after being identified by a retained third-party search firm. Mr. Boateng was recommended to the Nominating and Governance Committee by a retained third-party search firm.

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Each of the nominees has consented to serve if elected. If any nominee is unavailable to serve when the meeting is held, the proxy agents may cast your votes for a substitute chosen by the current Board.

Proxies cannot be voted for a greater number of persons than the number of nominees.

The Board, which is composed entirely of Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust or of Teachers Advisors, LLC (“Advisors”), the Trust’s investment adviser, unanimously recommends that the Shareholders of the Trust vote FOR the election of each of the nominees.

Management of the Trust

Board of Trustees

The Trust is governed by its Board, which oversees the Trust’s business and affairs. The Board delegates theday-to-day management of the Funds to Advisors and the officers of the Trust (see below).

Board of Trustees leadership structure and related matters

The Board currently is composed of nine Trustees, all of whom are independent or disinterested, which means that they are not “interested persons” of the Funds as defined in Section 2(a)(19) of the 1940 Act (“independent Trustees”). One of the independent Trustees, Thomas J. Kenny, serves as the Chairman of the Board. The Chairman’s responsibilities include: coordinating with management in the preparation of the agenda for each meeting of the Board; presiding at all meetings of the Board; and serving as a liaison with other Trustees, the Trust’s officers and other management personnel, and counsel to the independent Trustees. The Chairman performs such other duties as the Board may from time to time determine. The principal executive officer of the Trust does not serve on the Board.

The Board meets periodically to review, among other matters, the Funds’ activities, contractual arrangements with affiliated andnon-affiliated companies that provide services to the Funds and the performance of the Funds’ investment portfolios. The Board holds regularly scheduledin-person meetings and regularly scheduled meetings by telephone each year and may hold special meetings, as needed, either in person or by telephone, to address matters arising between regularly scheduled meetings. During a portion of each regularly scheduledin-person meeting and, as the Board may determine at its other meetings, the Board meets without management present.

The Board has established a committee structure that includes six standing committees and one special committee, each composed solely of independent Trustees and chaired by an independent Trustee, as described below. The Board, with the assistance of its Nominating and Governance Committee, periodically evaluates its structure and composition as well as various aspects of its

9

operations. The Board believes that its leadership and operating structure, which includes its committees and an independent Trustee in the position of Chairman of the Board and of each committee, provides for independent oversight of management and is appropriate for the Trust in light of, among other factors, the asset size and nature of the Trust and the Funds, the number of Funds overseen by the Board, the number of other funds overseen by the Trustees as trustees of other investment companies in the TIAA-CREF Fund Complex (as defined below), the arrangements for the conduct of the Funds’ operations, the number of Trustees, and the Board’s responsibilities.

The Trust is part of the TIAA-CREF Fund Complex, which is composed of 69 funds within the Trust (including the TIAA-CREF Lifecycle Funds, TIAA-CREF Lifecycle Index Funds, TIAA-CREF Lifestyle Funds and the TIAA-CREF Managed Allocation Fund), the 11 funds within TIAA-CREF Life Funds (“TCLF”), the 8 accounts within the College Retirement Equities Fund (“CREF”) and the single portfolio within the TIAA Separate Account VA-1 (“VA-1”). All of the persons that serve on the Board also serve on, and the same person serves as the Chairman of, the respective Boards of Trustees of CREF and TCLF and the Management Committee ofVA-1.

Qualifications of Trustees

The Board believes that each of the nominees is qualified to serve as a Trustee of the Trust based on a review of the experience, qualifications, attributes or skills of each nominee. The Board bases this view on its consideration of a variety of criteria, no single one of which is controlling. Generally, the Board looks for: character; integrity; ability to review critically, evaluate, question and discuss information provided and exercise effective business judgment in protecting shareholder interests; willingness and ability to commit the time necessary to perform the duties of a Trustee; and significance of each nominee’s background, experience, qualifications, attributes or skills in the context of overall diversity of the Board’s composition. Each nominee’s ability to perform his or her duties effectively is evidenced by his or her experience in one or more of the following fields: management, consulting and/or board experience in the investment management industry; academic positions in relevant fields; management, consulting and/or board experience with public companies in other fields,non-profit entities or other organizations; educational background and professional training; and experience as a Trustee of the Trust and other funds in theTIAA-CREF Fund Complex. With respect to diversity, the Board generally considers the manner in which each nominee’s professional experience, education, expertise in relevant matters, general leadership experience and life experiences are complementary and, as a whole, contribute to the ability of the Board to perform its duties.

Information indicating certain of the specific experience and relevant qualifications, attributes and skills of each nominee relevant to the Board’s belief that the nominee should serve in this capacity is provided in the “Disinterested Trustees and Nominees” table set forth below. This table includes, for each Trustee, positions held with the Trust, length of office and time served, and principal occupations in the last five years. The table also

10

includes the number of portfolios in the TIAA-CREF Fund Complex overseen by each Trustee and certain directorships held by each of them.

Risk oversight

Day-to-day management of the various risks relating to the administration and operation of the Trust and the Funds is the responsibility of management, which includes professional risk management staff. The Board oversees this risk management function consistent with and as part of its oversight responsibility. The Board performs this risk management oversight directly and, as to certain matters, through its standing committees (which are described below) and, at times, through its use of ad hoc committees. The following provides an overview of the principal, but not all, aspects of the Board’s oversight of risk management for the Trust and the Funds. The Board recognizes that it is not possible to identify all of the risks that may affect the Trust and the Funds or to develop procedures or controls that eliminate the Trust’s and the Funds’ exposure to all of these risks.

In general, a Fund’s risks include, among others, market risk, credit risk, liquidity risk, valuation risk, operational risk, reputational risk, regulatory compliance risk and cyber security risk. The Board has adopted, and periodically reviews, policies and procedures designed to address certain (but not all) of these and other risks to the Trust and the Funds. In addition, under the general oversight of the Board, Advisors, the investment manager and administrator for each Fund, and other service providers to the Funds have adopted a variety of policies, procedures and controls designed to address particular risks to the Funds. Different processes, procedures and controls are employed with respect to different types of risks.

The Board also oversees risk management for the Trust and the Funds through receipt and review by the Board and/or its committee(s) of regular and special reports, presentations and other information from officers of the Trust and other persons, including from the Chief Risk Officer or senior risk management personnel for Advisors and its affiliates. Senior officers of the Trust, senior officers of Advisors and its affiliates, and the Funds’ Chief Compliance Officer (“CCO”) regularly report to the Board and/or one or more of the Board’s standing committees on a range of matters, including those relating to risk management. The Board also regularly receives reports, presentations and other information from Advisors with respect to the investments and securities trading of the Funds. At least annually, the Board receives a report from the Funds’ CCO regarding the effectiveness of the Funds’ compliance program. Also, on an annual basis, the Board receives reports, presentations and other information from TIAA in connection with the Board’s consideration of the renewal of the Trust’s investment management agreements with Advisors and the Trust’s distribution plans underRule 12b-1 under the 1940 Act. In addition, on an annual basis, Advisors, in its capacity as administrator of the Funds’ liquidity risk management program pursuant to applicable Securities and Exchange

11

Commission (“SEC”) regulations, provides the Board with a written report that addresses the operation, adequacy and effectiveness of the program.

Officers of the Trust and officers and personnel of TIAA also report regularly to the Audit and Compliance Committee on the Trust’s internal controls over financial reporting and accounting and financial reporting policies and practices. The Funds’ CCO reports regularly to the Audit and Compliance Committee on compliance matters, and TIAA’s Chief Auditor reports regularly to the Audit and Compliance Committee regarding internal audit matters. In addition, the Audit and Compliance Committee receives regular reports from the Trust’s independent registered public accounting firm on internal controls and financial reporting matters.

The Operations Committee receives regular and special reports, presentations and other information from the Trust’s officers and Fund management personnel regarding valuation and other operational matters. In addition to regular reports, presentations and other information received from Advisors and other TIAA personnel, the Operations Committee receives reports, presentations and other information regarding certain other service providers to the Trust, either directly or through the Trust’s officers, including the CCO and Advisors personnel, or other TIAA personnel, on a periodic or regular basis.

The Investment Committee regularly receives reports, presentations and other information from Advisors with respect to the investments, securities trading, portfolio liquidity and other portfolio management aspects of the Funds.

The Corporate Governance and Social Responsibility Committee regularly receives reports, presentations, and other information from Advisors regarding, among other matters, the voting of proxies of the Funds’ portfolio companies.

The Nominating and Governance Committee routinely monitors various aspects of the Board’s structure and oversight activities, including reviewing matters such as the workload of the Board, the balance of responsibilities delegated among the committees of the Board and the relevant skill sets of the Board members. On an annual basis, the Nominating and Governance Committee reviews the independent status of each Trustee under the 1940 Act and the independent status of counsel to the independent Trustees.

Current Trustees, Nominees and Executive Officers of the Trust

The following table includes certain information about the Trust’s current Trustees, nominees and executive officers, including positions currently held with the Trust, length of office and time served, and principal occupations in the last five years and other relevant experience and qualifications. The table also includes the number of portfolios in the TIAA-CREF Fund Complex overseen by each nominee and certain directorships held by each of them. The first table includes information about the Trust’s’ disinterested Trustees and nominees and the second table includes information about the Trust’s officers.

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Disinterested Trustees and Nominees

Name, address

and year of birth

(“YOB”)

Position(s)

held with

the Trust

Term of

office and

length of

time served

Principal occupation(s)

during past 5 years and

other relevant experience

and qualifications

Number of

portfolios

in fund

complex

overseen

by Trustee

Other directorships

held by Trustee

Forrest Berkley

c/o Corporate Secretary

730 Third Avenue

New York, NY

10017-3206

YOB: 1954

Trustee

Indefinite term.

Trustee since 2006.

Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management), and member of asset allocation portfolio management team, GMO (2003–2005).

Mr. Berkley has particular experience in investment management, global operations and finance, as well as experience withnon-profit organizations and foundations.

89Director, Save the Children Foundation, Inc.; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation.
Joseph A. Boateng

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

YOB: 1963

Nominee and Consultant to the Board of Trustees since 2018.N/A

Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006); Manager, Financial Services Consultant, KPMG Consulting (2000–2002); several positions, Xerox Corporation (1988–2000).

Mr. Boateng has particular experience in investment management, pension plan management, and finance.

8Board member, Year Up Puget Sound; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee member, The Seattle Foundation.

13

Name, address

and year of birth

(“YOB”)

Position(s)

held with

the Trust

Term of

office and

length of

time served

Principal occupation(s)

during past 5 years and

other relevant experience

and qualifications

Number of

portfolios

in fund

complex

overseen

by Trustee

Other directorships

held by Trustee

Janice C. Eberly

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

YOB: 1962

TrusteeIndefinite term. Trustee since 2018.

James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), and Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).

Professor Eberly has particular experience in education, finance and public economic policy.

89Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC.
Nancy A. Eckl

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

YOB: 1962

Trustee

Indefinite term.

Trustee since 2007.

Vice President (1990–2006), American Beacon Advisors, Inc. and of certain funds advised by American Beacon Advisors, Inc.

Ms. Eckl has particular experience in investment management, mutual funds, pension plan management, finance, accounting and operations. Ms. Eckl is licensed as a certified public accountant in the State of Texas.

89Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc., and Lazard World Dividend & Income Fund, Inc.

14

Name, address

and year of birth

(“YOB”)

Position(s)

held with

the Trust

Term of

office and

length of

time served

Principal occupation(s)

during past 5 years and

other relevant experience

and qualifications

Number of

portfolios

in fund

complex

overseen

by Trustee

Other directorships

held by Trustee

Michael A. Forrester

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

YOB: 1967

Trustee

Indefinite term.

Trustee since 2007.

Chief Executive Officer (since 2014), and Chief Operating Officer, Copper Rock Capital Partners, LLC (2007–2014). Chief Operating Officer, DDJ Capital Management (2003–2006).

Mr. Forrester has particular experience in investment management, institutional marketing and product development, operations management, alternative investments and experience withnon-profit organizations.

89Director, Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.
Howell E. Jackson

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

YOB: 1954

Trustee

Indefinite term.

Trustee since 2005.

James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to the President and Provost
(2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006), and on the faculty (since 1989) of Harvard Law School.

Professor Jackson has particular experience in law, including the federal securities laws, consumer protection, finance, pensions and Social Security, and organizational management and education.

89Director, Commonwealth(non-profit organization).

15

Name, address

and year of birth

(“YOB”)

Position(s)

held with

the Trust

Term of

office and

length of

time served

Principal occupation(s)

during past 5 years and

other relevant experience

and qualifications

Number of

portfolios

in fund

complex

overseen

by Trustee

Other directorships

held by Trustee

Thomas J. Kenny

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

YOB: 1963

Chairman of the Board of Trustees and TrusteeIndefinite term. Chairman for term ending July 1, 2021. Trustee since 2011. Chairman since September 13, 2017.

Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004),Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.

Mr. Kenny has particular experience in investment management of mutual funds and alternative investments, finance, and operations management, as well as experience onnon-profit boards.

89Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee member, Sansum Clinic; Director, ParentSquare; Investment Committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

YOB: 1958

Trustee

Indefinite term.

Trustee since 2006.

President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management of MIT (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).

Professor Poterba has particular experience in education, economics, finance, tax, and organizational development.

89Director, National Bureau of Economic Research and the Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.

16

Name, address

and year of birth

(“YOB”)

Position(s)

held with

the Trust

Term of

office and

length of

time served

Principal occupation(s)

during past 5 years and

other relevant experience

and qualifications

Number of

portfolios

in fund

complex

overseen

by Trustee

Other directorships

held by Trustee

Maceo K. Sloan

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

YOB: 1949

Trustee

Indefinite term.

Trustee since 1999.

Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016) NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).

Mr. Sloan has particular experience in investment management, finance and organizational development. He is designated as an audit committee financial expert.

89N/A

17

Name, address

and year of birth

(“YOB”)

Position(s)

held with

the Trust

Term of

office and

length of

time served

Principal occupation(s)

during past 5 years and

other relevant experience

and qualifications

Number of

portfolios

in fund

complex

overseen

by Trustee

Other directorships

held by Trustee

Laura T. Starks

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

YOB: 1950

Trustee

Indefinite term.

Trustee since 2006.

Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002),Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin.

Professor Starks has particular experience in education, finance, mutual funds and retirement systems.

89Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

Officers

Name, address

and year of birth

(“YOB”)

Position(s)

held with

the Trust

Term of office

and length of

time served

Principal occupation(s) during past 5 years
Vijay Advani

TIAA

730 Third Avenue

New York, NY 10017-3206

YOB: 1960

Executive Vice PresidentOne-year term. Executive Vice President since 2018.Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining Nuveen, Mr. Advani served asCo-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla

TIAA

730 Third Avenue

New York, NY 10017-3206

YOB: 1969

Senior Managing Director and Corporate SecretaryOne-year term. Senior Managing Director and Corporate Secretary since 2017.Senior Managing Director and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary of AllianceBernstein L.P.

18

Name, address

and year of birth

(“YOB”)

Position(s)

held with

the Trust

Term of office

and length of

time served

Principal occupation(s) during past 5 years
Richard S. Biegen

TIAA

730 Third Avenue

New York, NY 10017-3206

YOB: 1962

Chief Compliance OfficerOne-year term. Chief Compliance Officer since 2008.Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle
TIAA
730 Third Avenue
New York, NY 10017-3206
YOB: 1973		Principal Executive Officer and PresidentOne-year term. Principal Executive Officer and President since 2017.Senior Managing Director, Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director,Co-Head of Nuveen Equities & Fixed Income and President of TIAA Investments.
Jose Minaya

TIAA

730 Third Avenue

New York, NY

10017-3206

YOB: 1971

Executive Vice PresidentOne-year term. Executive Vice President since 2018.Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, President, Global Investments, TIAA.
Phillip T. Rollock

TIAA

730 Third Avenue

New York, NY

10017-3206

YOB: 1962

Executive Vice President, Chief Legal OfficerOne-year term. Executive Vice President and Chief Legal Officer since 2018.Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Christopher A. Van Buren

TIAA

730 Third Avenue

New York, NY 10017-3206

YOB: 1962

Executive Vice PresidentOne-year term. Executive Vice President since 2018.Executive Vice President and Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham

TIAA

730 Third Avenue

New York, NY 10017-3206

YOB: 1973

Principal Financial Officer, Principal Accounting Officer and TreasurerOne-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.Senior Managing Director, Head, Publics Investment Finance. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds, and TIAA Separate AccountVA-1; Treasurer of CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe

TIAA

730 Third Avenue

New York, NY

10017-3206

YOB: 1963

Executive Vice PresidentOne-year term. Executive Vice President since 2018.Senior Executive Vice President, Chief Human Resources Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

19

Trustee Equity ownership

The following table includes information relating to equity securities owned beneficially by all nominees in the Trust and in all registered investment companies in the TIAA-CREF Fund Complex as of December 31, 2018. The amounts reported below include amounts contributed to the Funds for the benefit of the disinterested Trustees pursuant to the Trust’s long-term compensation plan for non-employee Trustees.

Disinterested Trustees and Nominees

NameDollar range of equity securities in the registrant

Aggregate dollar range of equity

securities in all registered
investment companies overseen
in family of investment companies

Forrest Berkley

International Equity Fund: Over $100,000

International Equity Index Fund: Over $100,000

Large-Cap Growth Index Fund: Over $100,000

Over $100,000
Joseph A. BoatengNoneNone
Janice C. EberlyNoneOver $100,000
Nancy A. Eckl

Emerging Markets Equity Index Fund: Over $100,000

Equity Index Fund: $1–10,000

Growth & Income Fund: Over $100,000

International Equity Fund: $50,001–100,000

International Equity Index Fund: $1–10,000

Large-Cap Value Fund: $50,001–100,000

Large-Cap Value Index Fund: $1–10,000

Quant Small-Cap Equity Fund: $1–10,000

Small-Cap Blend Index Fund: $50,001–100,000

Social Choice Equity Fund: $50,001–100,000

Over $100,000
Michael A. ForresterNoneOver $100,000
Howell E. Jackson

Bond Index Fund: Over $100,000

International Equity Index Fund: Over $100,000

Over $100,000
Thomas J. Kenny

Emerging Markets Equity Index Fund: Over $100,000

High-Yield Fund: Over $100,000

International Equity Fund: Over $100,000

International Equity Index Fund: Over $100,000

Large-Cap Value Index Fund: Over $100,000

Mid-Cap Value Fund: $10,001–50,000

Quant Small-Cap Equity Fund: Over $100,000

Real Estate Securities Fund: $50,001–100,000

Over $100,000
James M. PoterbaS&P 500 Index Fund: Over $100,000Over $100,000

20

NameDollar range of equity securities in the registrant

Aggregate dollar range of equity

securities in all registered
investment companies overseen
in family of investment companies

Maceo K. Sloan

Emerging Markets Equity Fund: $50,001–100,000

Emerging Markets Equity Index Fund: $50,001–100,000

Growth & Income Fund: Over $100,000

International Equity Index Fund: Over $100,000

Large-Cap Growth Fund: Over $100,000

Large-Cap Value Fund: Over $100,000

Mid-Cap Growth Fund: Over $100,000

Mid-Cap Value Fund: Over $100,000

Quant Small-Cap Equity Fund: Over $100,000 Real Estate Securities Fund: Over $100,000

S&P 500 Index Fund: Over $100,000

Over $100,000
Laura T. Starks

Emerging Markets Equity Fund: $50,001–100,000

Growth & Income Fund: Over $100,000

High-Yield Fund: $10,001–50,000

International Equity Index Fund: Over $100,000

Large-Cap Growth Fund: Over $100,000

Large-Cap Growth Index Fund: $10,001–50,000

Large-Cap Value Fund: Over $100,000

Large-Cap Value Index Fund: $10,001–50,000

Mid-Cap Growth Fund: Over $100,000

Mid-Cap Value Fund: Over $100,000

Quant Small-Cap Equity Fund: Over $100,000

S&P 500 Index Fund: Over $100,000

Short-Term Bond Fund: Over $100,000

Small-Cap Blend Index Fund: Over $100,000

Social Choice Equity Fund: Over $100,000

Over $100,000

As of December 31, 2018, to the knowledge of the Trust’s management, the current Trustees and officers owned as a group less than 1% of the securities of any Fund.

Trustee compensation

The following tables disclose the aggregate compensation received from the Trust and the TIAA-CREF Fund Complex by each nominee for the fiscal year ended May 31, 2018 for the Asset Allocation Funds; October 31, 2018 for the Equity, Emerging Markets Debt and International Bond Funds; and March 31, 2019 for the Fixed Income and Real Estate Securities Funds (other than the Emerging Markets Debt Fund and the International Bond Fund). The Trust’s officers receive no direct compensation from any fund in the TIAA-CREF Fund Complex. For purposes of the chart, the TIAA-CREF Fund Complex consists of the Trust, CREF, TCLF and VA-1, each a registered investment company.

21

Disinterested Trustees

Fiscal year ended May 31, 2018

Name  

Aggregate

compensation

from the Trust*

   

Long-Term

compensation

contribution

as part of the
Trust’s

expenses†

   

Total

compensation

from TIAA-CREF

Fund Complex*

 
Forrest Berkley‡  $37,653.34   $10,404.29   $307,500.00 
Joseph A. Boateng§   —    —    — 
Janice C. Eberly‡  $15,724.67   $4,222.92   $128,416.67 
Nancy A. Eckl  $41,143.66   $10,404.29   $336,000.00 
Michael A. Forrester‡  $42,552.04   $10,404.29   $347,500.00 
Howell E. Jackson  $43,286.85   $10,404.29   $353,500.00 
Thomas J. Kenny‡  $48,001.85   $10,404.29   $392,000.00 
Bridget A. Macaskill**  $41,327.37   $10,404.29   $337,500.00 
James M. Poterba‡  $44,205.35   $10,404.29   $361,000.00 
Maceo K. Sloan  $44,021.65   $10,404.29   $359,500.00 
Laura T. Starks  $45,368.80   $10,404.29   $370,500.00 

*

Compensation figures include cash and amounts deferred under both the long-term compensation plan and optional deferred compensation plan described below.

†

Amounts deferred under the long-term compensation plan described below.

§

Effective December 4, 2018, Mr. Boateng was retained as a consultant to the Boards and Management Committee of TCF, TCLF and VA-1. Mr. Boateng receives a consulting fee, in cash, equal to the compensation paid to an independent Trustee and Manager of the Boards and Management Committee.

‡

A portion of this compensation was not actually paid based on the prior election of the Trustee to defer receipt of payment in accordance with the provisions of a deferred compensation plan for Trustees described below. For the fiscal year ended May 31, 2018, Mr. Berkley elected to defer $221,250,Prof. Eberly elected to defer $65,741, Mr. Forrester elected to defer $267,500, Mr. Kenny elected to defer $281,750 and Prof. Poterba elected to defer $269,250 of total compensation earned from the TIAA-CREF Fund Complex.

**

Effective July 20, 2018, Ms. Macaskill no longer serves as a Trustee.

Fiscal year ended October 31, 2018

Name  

Aggregate

compensation

from the
Trust*

   

Long-Term

compensation

contribution

as part of the
Trust’s

expenses†

   

Total

compensation

from TIAA-CREF

Fund Complex*

 
Forrest Berkley‡  $79,961.89   $22,142.51   $325,000.00 
Joseph A. Boateng§   —    —    — 
Janice C. Eberly‡  $72,806.36   $19,559.22   $295,916.67 
Nancy A. Eckl  $88,573.29   $22,142.51   $360,000.00 
Michael A. Forrester‡  $87,343.09   $22,142.51   $355,000.00 

22

Name  

Aggregate

compensation

from the Trust*

   

Long-Term

compensation

contribution

as part of the
Trust’s

expenses†

   

Total

compensation

from TIAA-CREF

Fund Complex*

 
Howell E. Jackson  $87,343.09   $22,142.51   $355,000.00 
Thomas J. Kenny‡  $106,411.19   $22,142.51   $432,500.00 
Bridget A. Macaskill**  $47,157.05   $12,301.39   $191,666.67 
James M. Poterba‡  $94,109.19   $22,142.51   $382,500.00 
Maceo K. Sloan  $91,033.69   $22,142.51   $370,000.00 
Laura T. Starks  $92,509.93   $22,142.51   $376,000.00 

*

Compensation figures include cash and amounts deferred under both the long-term compensation plan and optional deferred compensation plan described below.

†

Amounts deferred under the long-term compensation plan described below.

§

Effective December 4, 2018, Mr. Boateng was retained as a consultant to the Boards and Management Committee of TCF, TCLF and VA-1. Mr. Boateng receives a consulting fee, in cash, equal to the compensation paid to an independent Trustee and Manager of the Boards and Management Committee.

‡

A portion of this compensation was not actually paid based on the prior election of the Trustee to defer receipt of payment in accordance with the provisions of a deferred compensation plan for Trustees described below. For the fiscal year ended October 31, 2018, Mr. Berkley elected to defer $228,750, Prof. Eberly elected to defer $108,617, Mr. Forrester elected to defer $263,750, Mr. Kenny elected to defer $337,250 and Prof. Poterba elected to defer $286,250 of total compensation from the TIAA-CREF Fund Complex.

**

Effective July 20, 2018, Ms. Macaskill no longer serves as a Trustee.

Fiscal year ended March 31, 2019

Name  

Aggregate

compensation

from the Trust*

   

Long-Term

compensation

contribution

as part of the
Trust’s

expenses†

   

Total

compensation

from TIAA-CREF

Fund Complex*

 
Forrest Berkley‡  $93,746.34   $25,920.03   $335,000.00 
Joseph A. Boateng  $35,698.66    —   $107,375.00 
Janice C. Eberly‡  $106,703.04   $29,050.41   $384,666.67 
Nancy A. Eckl  $105,337.14   $25,920.03   $376,000.00 
Michael A. Forrester‡  $100,626.19   $25,920.03   $360,000.00 
Howell E. Jackson  $101,954.85   $25,920.03   $364,750.00 
Thomas J. Kenny‡  $122,145.45   $25,920.03   $437,000.00 
Bridget A. Macaskill**  $27,500.34   $7,173.77   $105,416.67 
James M. Poterba‡  $109,250.27   $25,920.03   $391,000.00 
Maceo K. Sloan  $101,800.14   $25,920.03   $364,500.00 
Laura T. Starks  $104,408.90   $25,920.03   $374,500.00 

*

Compensation figures include cash and amounts deferred under both the long-term compensation plan and optional deferred compensation plan described below.

23

†

Amounts deferred under the long-term compensation plan described below.

‡

A portion of this compensation was not actually paid based on the prior election of the Trustee to defer receipt of payment in accordance with the provisions of a deferred compensation plan for Trustees described below. For the fiscal year end March 31, 2019, Mr. Berkley elected to defer $242,500, Prof. Eberly elected to defer $215,242, Mr. Forrester elected to defer $267,500, Mr. Kenny elected to defer $344,500 and Prof. Poterba elected to defer $298,500 of total compensation earned from the TIAA-CREF Fund Complex.

**

Effective July 20, 2018, Ms. Macaskill no longer serves as a Trustee.

Prior to January 1, 2018, the Board had approved Trustee compensation at the following rates, effective since January 1, 2015: an annual retainer of $175,000; an annual long-term compensation contribution of $80,000; an annual committee chair fee of $20,000 ($30,000 for the chairs of the Operations Committee and Audit and Compliance Committee); an annual Board chair fee of $80,000; and an annual committee retainer of $20,000 ($25,000 for the Operations Committee and Audit and Compliance Committee).

The Board subsequently approved Trustee compensation at the following rates, effective January 1, 2018: an annual retainer of $180,000; an annual long-term compensation contribution of $90,000; an annual committee chair fee of $20,000 ($30,000 for the chairs of the Operations and Audit and Compliance Committees); an annual Board chair fee of $90,000; and an annual committee retainer of $20,000 ($25,000 for the Operations Committee and Audit and Compliance Committee).

At its meeting on December 4, 2018, the Board approved Trustee compensation at the following rates, effective January 1, 2019: an annual retainer of $190,000, an annual long-term compensation contribution of $100,000 (further described below); an annual committee chair fee of $20,000 ($30,000 for the chairs of the Operations Committee and Audit and Compliance Committee); an annual Board chair fee of $100,000; and an annual committee retainer of $20,000 ($25,000 for the Operations Committee and Audit and Compliance Committee).

The chair and members of the Executive Committee and the Special Emergency Valuation Committee continue to not receive fees for service on those committees. The Trustees may also continue to receive special, working group or ad hoc committee fees, or related chair fees, as determined by the Board. The level of compensation is evaluated regularly and is based on a study of compensation at comparable companies, the time and responsibilities required of the Trustees, and the need to attract and retain well-qualified Board members.

The TIAA-CREF Fund Complex has a long-term compensation plan for Trustees. Currently, under this unfunded deferred compensation plan, annual contributions equal to $100,000 are allocated to notional investments in TIAA-CREF Fund Complex products (such as certain CREF annuities and/or certain Funds) selected by each Trustee. After the Trustee leaves the Board, benefits will be paid in a lump sum or in annual installments over 5, 10, 15 or 20 years, as requested by the Trustee. The Board may waive the mandatory retirement policy for the Trustees, which would delay the commencement of benefit payments until after the Trustee eventually retires from the Board. Pursuant to a separate deferred compensation plan, Trustees also have the option to defer payments of

24

their basic retainer, additional retainers and/or meeting fees and allocate those amounts to notional investments in TIAA-CREF Fund Complex products (such as certain CREF annuities and/or certain Funds) selected by each Trustee. Benefits under that plan are also paid in a lump sum or annual installments over 5, 10, 15 or 20 years, as requested by the Trustee. The compensation table above does not reflect any payments under the long-term compensation plan.

The Trust has adopted a mandatory retirement policy for its Board of Trustees. Under this policy, Trustees shall cease to be members of the Board and resign their positions effective as of no later than the completion of the last scheduledin-person meeting of the Board while such persons are 72 years of age. Such requirement may be waived with respect to one or more Trustees for reasonable time periods upon the unanimous approval and at the sole discretion of the Board, and the Trustees eligible for the waiver are not permitted to vote on such proposal regarding their waiver.

Committees

The Board has appointed the following standing committees, each with specific responsibilities for aspects of the Trust’s operations, and whose charters are available upon request. In addition, the Board has established a special committee. These committees, which each consist of only independent Trustees, are:

(1)

An Audit and Compliance Committee, which assists the Board in fulfilling its oversight responsibilities for financial reporting, internal controls over financial reporting and certain compliance matters. The Audit and Compliance Committee is charged with approving and/or recommending for Board approval the appointment, compensation and retention (or termination) of the Funds’ independent registered public accounting firm.

(2)

A Corporate Governance and Social Responsibility Committee, which assists the Board in fulfilling its oversight responsibilities for corporate social responsibility and governance issues, including the voting of proxies of portfolio companies of the Funds.

(3)

An Executive Committee, which generally is vested with full Board powers on matters that arise between Board meetings.

(4)

An Investment Committee, which assists the Board in fulfilling its oversight responsibilities for the Funds’ investments.

(5)

A Nominating and Governance Committee, which assists the Board in addressing internal governance matters of the Trust, including nominating certain Trust officers and the members of the standing committees of the Board, recommending candidates for election as Trustees, reviewing their qualifications and independence, conducting evaluations of the Trustees and of the Board and its committees and periodically reviewing proposed changes to the Trust’s governing documents.

(6)

An Operations Committee, which assists the Board in fulfilling its oversight responsibilities with respect to operational matters of the Trust, including oversight of contracts with third-party service providers, and certain legal, compliance, finance, sales and marketing matters.

25

(7)

A Special Emergency Valuation Committee (the “Special Valuation Committee”), which considers one or more fair value determinations or methodologies to be used for fair valuation of portfolio securities in the event that a meeting is requested by Advisors or TIAA-CREF Investment Management, LLC (“Investment Management”) due to extraordinary circumstances. At least three members of the Board shall be needed to constitute the Special Valuation Committee, and the chair shall be the member who is the longest serving Trustee on the Board.

The following table lists the current membership of each standing committee and the number of meetings each committee held in 2018.

   Audit &
Compliance		 

Corporate

Governance

and Social

Responsibility

 Executive Operations Investment 

Nominating
and

Governance

 Special
Emergency
Valuation
Committee1

Forrest Berkley

       ✓ ✓    

Joseph A. Boateng

       ✓ ✓    

Janice C. Eberly

 ✓ ✓     ✓    

Nancy A. Eckl

     ✓ Chair ✓ ✓  

Michael A. Forrester

     ✓ ✓ ✓ Chair  

Howell E. Jackson

     ✓ ✓ ✓ ✓  

Thomas J. Kenny

 ✓   Chair   ✓ ✓  

James M. Poterba

 Chair ✓ ✓   ✓    

Maceo K. Sloan2

 ✓ ✓     Chair    

Laura T. Starks

 ✓ Chair     ✓    

2018 Meetings

 6 5 0 5 6 9 0

1

See committee list entry (7) above.

2

Mr. Sloan has been designated as an “audit committee financial expert” as defined by the rules of the SEC.

Board of Trustees meetings

There were eight meetings of the Board during 2018. All current Trustees who served during 2018, attended at least 75 percent of the meetings of the Board and the committees of the Board of which they were members. Professor Eberly joined the Board as of February 13, 2018 and Mr. Boateng became a consultant to the Board as of December 4, 2018.

Trustee nomination process

The Board has a Nominating and Governance Committee (“Committee”), which is responsible for nominating candidates for the Board. The Committee considers recommendations from a variety of sources, including participating institutions and educational organizations.

The Committee may, from time to time, retain third-party search firms to identify nominee candidates whose competencies meet the criteria the Board deems important to the Trust. In addition, the Committee may invite recommendations from current Trustees and others.

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The Committee reviews the information submitted on the backgrounds and qualifications of those persons recommended. Although the Trust does not have a formal policy regarding diversity, in preparing a slate of Trustee candidates, the Committee seeks to ensure a broad, diverse representation of academic, business and professional experience and gender, race and age.

Recommendations from Shareholders regarding nominations

Shareholders may submit recommendations to the Committee by forwarding the names and background of nominees to the Corporate Secretary of the TIAA-CREF Funds, by submitting candidate recommendations to the following website:www.tiaa.org/crefnominee or mailing the information to the Corporate Secretary of the TIAA-CREF Funds, 730 Third Avenue, New York,NY 10017-3206.

Qualifications of nominees

The Board has determined that its members should be individuals who can contribute sound business judgment to Board deliberations and decisions, based on their relevant business, management, professional, academic or governmental service experience. Candidates for the Board should have reached a senior level in their chosen field, be of uncompromised integrity, and be able to fulfill their responsibilities as Trustees without conflict with the Trust. At least one Trustee should qualify as an audit committee financial expert for service on the Audit and Compliance Committee. Each Trustee should be prepared to devote substantial time and effort to the Trust’s Board duties and should limit the number of his or her other board memberships in order to provide such service to the Trust. One consideration for candidates for the Board is that they be individuals with prior and/or ongoing academic experience, and a demonstrated ability to work in a constructive manner with other Board members and management.

When seeking to fill a specific opening on the Board, the Committee will consider the specific needs of the Board at the time to assure an overall balance and range of specialized knowledge, skills, expertise and diversity to provide the foundation for a successful Board.

A candidate for service as an independent Trustee must not be an “interested person,” as that term is defined in the 1940 Act, of the Trust or Advisors. Each candidate must provide such information requested by the Trust as may be reasonably necessary to enable the Board to assess the candidate’s eligibility.

Shareholder communications with Trustees

Letters or emails from Shareholders addressed to the Board or individual Trustees may be sent to the TIAA-CREF Funds Trustees c/o Corporate Secretary, 730 Third Avenue, New York, NY 10017-3206 or via email to: trustees@tiaa.org. Certain communications will be forwarded to the Board’s Chairman in accordance with established policies concerning Shareholder communications that have been approved by a majority of independent Trustees.

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Trustee attendance at Shareholder meetings

The Trust is not required to and does not typically hold annual meetings of Shareholders. Consequently, the Trust does not have a policy with regard to a Trustee’s attendance at Shareholder meetings.

Proposals for action at future Shareholder meetings

Any proposals of persons with voting rights to be included in the proxy statement for the Trust’s next special meeting must be received by the Trust within a reasonable period of time prior to the meeting. The Trust is not required to and does not typically hold meetings of Shareholders. There are no current plans to hold another special meeting in 2019.

II. Information on the Trust’s independent registered public accounting firm

PricewaterhouseCoopers LLP (“PwC”) served as the independent registered public accounting firm (“Independent Auditor”) to the Trust for the fiscal years ended October 31, 2018, March 31, 2019 and May 31, 2019. Both the Audit and Compliance Committee and the Board, each of which consists solely of independent Trustees, have chosen to continue with the services of PwC for the fiscal years ending October 31, 2019, March 31, 2020 and May 31, 2020. PwC was initially selected in 2005 following a competitive bidding process and has served as the Independent Auditor to the Trust as well as to the other funds within the TIAA-CREF Fund Complex since that time.

The aggregate fees billed by PwC as disclosed below for the fiscal years ended October 31, 2018, March 31, 2019, May 31, 2019 and October 31, 2017, March 31, 2018, May 31, 2018 may not align with the figures reported and filed with the Securities and Exchange Commission inForm N-CEN orForm N-CSR for each period, respectively, (SEC FileNo. 811-09301) because the fees disclosed in this proxy statement may be voted on prior to any adjournment if sufficient votes have been receivedreflect fees updated after the date of thatForm N-CEN orForm N-CSR for the proposalrelevant period.

In making its selection, the Audit and such vote is otherwise appropriate.

Compliance Committee discussed with PwC issues involving relationships among PwC, TIAA, Nuveen, LLC, Nuveen Finance, LLC and the TIAA-CREF Fund Complex, and their affiliates that could reasonably be thought to bear on PwC’s independence. PwC confirmed its independence to the Audit and Compliance Committee. As part of this process, the Audit and Compliance Committee considered that while PwC would also serve as the Independent Auditor for TIAA, Nuveen, LLC and Nuveen Finance, LLC, it relied upon PwC’s determination that this would not compromise its independence. The Audit and Compliance Committee considered that this arrangement would produce a more cost-effective audit.

The investment management agreement under Proposal 1 must be approved by shareholders of each individual Fund, andAs the Trust’s Independent Auditor, PwC will require the affirmative voteperform independent audits of the lesserTrust’s financial statements for the fiscal years ending October 31, 2019, March 31, 2020 and May 31 2020.

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Representatives of either (1) more than 50%PwC will attend the special meeting and be available at the special meeting to respond to questions, but it is not expected that they will make any statement at the special meeting.

Audit fees

For the fiscal years ended October 31, 2018 and October 31, 2017, PwC’s aggregate fees for the audit of the eligible votesTrust’s annual financial statements were $1,104,995 and $1,119,750, respectively.

For the fiscal years ended March 31, 2019 and March 31, 2018, PwC’s aggregate fees for the audit of the Fund, or (2) 67% or moreTrust’s annual financial statements were $635,310 and $531,515, respectively.

For the fiscal years ended May 31, 2019 and May 31, 2018, PwC’s aggregate fees for the audit of the votes present (in person or by proxy) atTrust’s annual financial statements were $418,440 and $388,395, respectively.

Audit-related fees

Audit-related fees are fees related to assurance and related services that are reasonably related to the meeting, if more than 50%performance of the eligible votes are present at the meeting in personaudit or by proxy. Abstentions and broker non-votes willreview of financial statements, but not count towards the number of votes in favor of the investment management agreement, which means they will have the effect of a vote against this proposal.

Your vote is importantreported under audit fees. The Trust did not pay any fees to PwC for audit-related services for the future offiscal years ended October 31, 2018, and October 31, 2017, March 31, 2019 and March 31, 2018, and May 31, 2019 and May 31, 2018.

Tax fees

For fiscal years ended October 31, 2018 and October 31, 2017, PwC’s aggregate fees to the Funds! Please vote your proxy by mail, Internet or telephone now!

Funds for professional services related to tax compliance, tax advice and tax planning were $347,230 and $351,810, respectively.

4


PROPOSAL 1 — APPROVAL OF NEW INVESTMENT MANAGEMENT AGREEMENT
For fiscal years ended March 31, 2019 and March 31, 2018, PwC’s aggregate fees for professional services related to tax compliance, tax advice and tax planning were $171,380 and $141,150, respectively.

For fiscal years ended May 31, 2019 and May 31, 2018, PwC’s aggregate fees for professional services related to tax compliance, tax advice and tax planning were $361,950 and $353,100, respectively.

All other fees

For the fiscal years ended October 31, 2018 and October 31, 2017, PwC’s aggregate fees for all other services billed to the Trust were $12,995 and $11,995, respectively. For the fiscal years ended March 31, 2019 and March 31, 2018, PwC’s aggregate fees for all other services billed to the Trust were $5,500 and $5,500, respectively. For the fiscal years ended May 31, 2019 and May 31, 2018, PwC’s aggregate fees for all other services billed to the Trust were $12,675 and $12,675, respectively.

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Preapproval policy

The Board unanimously recommends the Advisor’s proposal that shareholders of each Fund voteAudit and Compliance Committee has adopted a Preapproval Policy for the approval of a new investment management agreement with respect to their Fund.

What is the background behind this recommendation? Why are you asking shareholders to vote again?

At a meeting held on August 31, 2005, the shareholders of each of the funds of the Institutional Funds voted on a proposal recommended by the Advisor and approved by the Board of Trustees for a new investment management agreement that would increase the management fees on certain of the funds (the “Proposed Agreement”External Audit Firm Services (“Policy”). The proposal was not approved for certainPolicy describes the types of the Institutional Funds, including the International Equity Fund, Large-Cap Value Fund, Small-Cap Equity Fund, Real Estate Securities Fund, Social Choice Equity Fund, Bond Fund, Inflation-Linked Bond Fund and Money Market Fund, the fundsservices that are the subject of this proxy statement (the “Funds”). The Advisor has informed the Board that without the fee increasemay be provided for under this new investment management agreement, it would be difficult for it to continue to operate the Funds as it currently does.

In light of this situation, the Board has evaluated a range of options presented to it by the Advisor withIndependent Auditor to the objective of selectingTrust without impairing the option that, inIndependent Auditor’s independence. Under the Policy, the Audit and Compliance Committee (or its view, will best serve the interests of Fund shareholders. One option that was presenteddesignated member) is required to preapprove certain services to be performed by the AdvisorTrust’ Independent Auditor in an effort to ensure that such services do not impair the Board for consideration whenIndependent Auditor’s independence.

The Policy requires the Proposed Agreement was not approved initially in August, wasAudit and Compliance Committee to take stepsappoint the Independent Auditor to closeperform the Funds to new investment, while at the same time introducing substantially identical funds (with higher fee levels) into which the old Funds might eventually be merged. In the course of assessing all the options, the Advisor and the Board took note that although many individual Fund shareholders supported the proposal, the proposal was not approved primarily as the result of the votes of a few large, institutional shareholders. However, since the August 31, 2005 shareholder meeting, certain of these large institutional shareholders have indicated that they may be willing to reconsider their previous negative votes or abstentions on the Proposed Agreement.

Based on these facts, the Board of Trustees has accepted the Advisor’s proposal to approach Fund shareholders once again and ask that they approve the Proposed Agreementfinancial statement audit for the Funds that was first proposed pursuant to the proxy statement dated July 5, 2005. The Board agrees with the Advisor that this course of action will serve the best interests of shareholders and result in the least disruption or unintended tax consequences.

In deciding to recommend once more that Fund shareholders approve the Proposed Agreement, the Board considered thatTrust, including approving the terms of the Pro posed Agreement, includingengagement. The Policy also requires the fee rates, had not changed sinceAudit and Compliance Committee (or, with respect tonon-audit services, its designated member) to preapprove the Board initially approved the Proposed Agreement in May 2005. The Board also considered that the nature, extentaudit, audit-related and quality of thetax services to be provided by the Advisor, the investment performance of the FundsIndependent Auditor and the Advisor, the profitsfees to be realizedcharged for provision of such services from year to year.

All services provided by

5



the AdvisorIndependent Auditor for the Trust and certainnon-audit services provided by the Independent Auditor to the Trust’s adviser or its affiliates in performingfor the services contemplatedfiscal years ended October 31, 2018 and October 31, 2017, March 31, 2019 and March 31, 2018, and May 31, 2019 and May 31, 2018were preapproved by the Proposed Agreement,Audit and Compliance Committee (or its designated member, as appropriate) pursuant to the potential for shareholders to benefit from economies of scale under the Proposed Agreement had not materially changed since the Board’s initial approval of the Proposed Agreement. In addition, the Board also consideredPolicy.

There were no amounts that the comparative fee and performance information originally provided by Lipper, Inc., an independent provider of mutual fund data (“Lipper”), was, in all material respects, still relevant information and could be relied upon for the competitive price and performance position ing of the Funds under the Proposed Agreement. Based on the deter mination that nothing material had changed since its approval of the Proposed Agreement, the Board recommended that Fund shareholders adopt the Proposed Agreement in a resolicitation. This recommendation was made not onlywere approved by the Trustees who were members of the Board at the time of the approval of the Proposed Agreement in May 2005, but also by the two Trustees who had been electedAudit and Compliance Committee pursuant to the Board since that time, Dr. Eugene Flood, Jr. and Prof. Howell E. Jackson, based upon their reviewde minimis exception underRule 2-01(c)(7)(i)(c) of the materials and information presented to the BoardRegulation S-X.

Auditor fees for its con sideration of the Proposed Agreement on May 17, 2005. Please see the section below entitled “What Factors Did the Board Consider in Approving the Proposed Agreement?”related entities

PwC’s fees for a summary of the considerations involved in the Board’s original approval of the Proposed Agreement.

professional services rendered forWhat is the rationale for recommending the Proposed Agreement?non-audit

The Advisor currently manages each of the Funds under an investment management agreement, dated June 1, 1999, as amended September 3, 2002 and October 1, 2004 (the “Current Agreement”). It has become clear that the extremely low level of fees that the Advisor has been charging under the Current Agreement has been too low to cover its costs for operating most of the Funds, while sustaining a high quality of service for shareholders. In light of its ongoing losses, the Advisor has recommended that the Board approve the Proposed Agreement. After thorough and deliberate consideration of shareholders’ interests, the Board of Trustees is recommending again that shareholders approve the Proposed Agreement. The Proposed Agreement will:

•  Restructure the pricing and the services to be provided by the Advisor under the Current Agreement, which will increase the level of management fees on the Funds. See page 1 1 for details on the fees to be charged under the Proposed Agreement.

•  At the Board’s request, introduce a breakpoint schedule for the Funds (except for Money Market Fund and Social Choice Equity Fund), which may eventually reduce the management fee rates modestly on those Funds as total asset levels increase.

•  Include provisions that will be applicable to all of the Funds making the Advisor responsible for providing certain additional management and administrative services necessary for the operation of the Funds, including providing office space, equipment and facilities for maintaining its operations and supervising relations with the Funds’ other service providers. Some of these services are currently paid for by the Funds as “other expenses” under a service agreement with the Advisor, which will be discontinued if shareholders approve the Proposed Agreement (except with respect to retirement plan platform fees for the Retirement Class). See pages 11-12 for more details.

6


This proposal is designed to provide the Advisor with a sustainable fee and expense structure for operating the Institutional Funds, so that overall expenses would continue to be competitive with the lower cost providers in the industry. The continued reasonableness of the Funds’ fees would be monitored by the Board, which would review the Advisor’s profitability levels annually. This proposal is part of a larger effort to restructure TIAA-CREF’s mutual fund offerings so that they will remain competitively priced and continue to serve shareholder needs. If the Proposed Agreement is approved, a second step in the restructuring is expected to be the proposed merger of the TIAA-CREF Retail Mutual Funds into the TIAA-CREF Institutional Mutual Funds, which, if approved, would result in one larger, consistently priced fund family. The details of why the Advisor is seeking shareholder approval of the Proposed Agreement are discussed below. The factors considered by the Board in determining the reasonableness and fairness of the Proposed Agreement are described starting on page 12 under the heading “What Factors D id the Board Consider in Approving the Proposed Agreement?” The Proposed Agreement is attached as Exhibit A.

Why is the Advisor Seeking to Restructure the Pricing of the Funds?

Since the Funds were established in 1999, the Advisor has been committed to providing quality related services to the Funds at a low costTrust and to shareholders. In hindsight, it has become clear that the extremely low level of fees that the Advisor has been charging to shareholders has been too low to cover its increasing costs for operating the Funds, while sustaining the level and quality offund service shareholders deserve.

The Advisor is requesting a management fee increase on the Funds to enable the Advisor to continue to manage the Funds and provide high quality services to shareholders at low prices. It has become increasingly expensive to operate mutual funds due to higher compliance and regulatory costs and intensified competition for talented portfolio managers and other key investment management and administrative personnel. With the proposed new management fee rates, the Advisor expects to be able to:

•  Continue to manage the day-to-day business affairs of the Funds

•  Cover the costs of operating mutual funds

•  Retain and attract highly qualified investment professionals

•  Increase the capacity of its investment management staff and expand the depth and scope of its analysts’ coverage

•  Continue to offer a high level of service to our shareholders and take steps to enhance those services.

Even with the proposed fee increase, the Funds would continue to be competitive with the lower-priced offerings in the industry.

If a Fund’s shareholders approve the Proposed Agreement, its terms, including the increased fees, are expected to go into effect for that Fund on February 1, 2006.

7


What will happen if certain Fund shareholders do not approve the Proposed Agreement?

If shareholders do not approve the Proposed Agreement for any Fund, the Advisor has informed the Board that it may no longer be prepared to continue to operate that Fund. Unless the Proposed Agreement is approved, the Advisor may recommend to the Board other possible courses of action, including a likely series of steps that could have negative consequences for shareholders:

•  First, the Funds would be closed to new investments;

•  Second, subject to shareholder approval, the Advisor would seek to merge each Fund into a corresponding new fund with the same objective, strategies and portfolio management, but with higher fee rates comparable to those specified in the Proposed Agreement; and

•  Finally, if shareholders of any Fund rejected the merger, then that Fund would ultimately be liquidated, which might involve negative tax consequences for shareholders.

The Board would consider the Advisor’s recommendations, along with all other possible alternatives, in determining the best course of action for Fund shareholders.

Who is the Advisor?

The Advisor is Teachers Advisors, Inc. (the “Advisor”), a direct wholly owned subsidiary of TIAA-CREF Enterprises, Inc. and an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). TIAA and the Advisor are located at 730 Third Avenue, New York, New York 10017. A chart attached as Exhibit B lists the name, address, and principal occupation of each principal executive officer and director of the Advisor.

The Advisor currently manages each of the Funds under the Current Agreement. The Advisor also serves as the investment adviser to the other investment portfolios of the TIAA-CREF Institutional Mutual Funds, TIAA Separate Account VA-1, TIAA-CREF Life Funds, and TIAA-CREF Mutual Funds. Both TIAA-CREF Mutual Funds and TIAA-CREF Life Funds are series investment companies comprised of a number of investment portfolios. The Advisor, through its TIAA-CREF Asset Management (“TCAM”) division, also manages large institutional client assets through unregistered commingled funds and on a separate account basis. A table setting forth the net assets of those investment portfolios in the TIAA-CREF Mutual Funds, TIAA Separate Account VA-1 and the TIAA-CREF Life Funds that have investment objectives similar to one of the Funds, and the management fee rate paid by each such portfolio to the Advisor, is attached hereto as Exhibit C.

In addition to the investment management agreement, the Funds currently have in place a service agreement (the “Service Agreement”) with the Advisor, whereby the Advisor provides or arranges for the provision of a variety of services for the ordinary operation of each Class of the Funds, including transfer agency, accounting, and administrative services. If the Proposed Agreement is approved, the Advisor plans to terminate the current

8



Service Agreement, since some of these services will be provided under the Proposed Agreement, while others, such as custody services, transfer agency services and regulatory fees, will be paid directly by each Fund. A new services agreement between the Advisor and the Funds will be implemented solely for Retirement Class shares to cover the account servicing expenses associated with this Class being offered on retirement plan platforms (the “Retirement Class Service Agreement”). Please see Exhibit E for the amounts paid by the Funds to the Advisor under the Service Agreementproviders for the fiscal yearyears ended September 30, 2005October 31, 2018 and the amounts that would have been paid under the new arrangements — that is, if only the new Retirement Class Service Agreement had been in effect during this same fiscal year period.

To control the total expenses charged to shareholders, the Advisor has agreed with the Funds to reimburse each FundOctober 31, 2017 were approximately $302,167 and $630,333, respectively. PwC’s fees for other expenses (i.e., non-investment management fees) orprofessional services rendered for total expenses (in the case of the Retail Class) that are above a certain level. Please see Exhibit D for more details on these expense reimbursements.

What are the terms of the Current Agreement with the Advisor, and how does the Proposed Agreement differ?non-audit

Under the Current Agreement, the Advisor manages the investments and the investment strategy of each Fund and provides related general management services. Specifically, the Advisor is authorized, subject to the control of the Board, to determine the selection, amount, and time to buy or sell securities for each Fund. The Advisor also maintains the Funds’ books and records, prepares, on request, reports for the Board; makes available its officers to the Board for consultation and discussions regarding the management of the Funds, and provides certain general management services to the Funds. TheTrust and to its fund service providers for the fiscal years ended March 31, 2019, and March 31, 2018, were approximately $220,000 and $586,250, respectively. PwC’s fees paidfor professional services rendered fornon-audit related services to the Advisor under the Current Agreement are set forth below in a chart comparing currentTrust and proposed investment management fees.

The Current Agreement was last submitted to a shareholder vote when the Funds were first organized in 1999 and was last approved by the Board on April 5, 2005. The Advisor substantially decreased the contractual fees payable under the Current Agreement for certain of the Funds in September 2002.

Other than the services that the Advisor providesits fund service providers for the Funds, the Funds are responsible for all other expenses incurred in their operations including any taxes, brokerage commissions on portfolio transactions, expenses of issuance and redemption of shares, costs of preparing and distributing proxy material in the ordinary course of business (but not in the case of the present proxy solicitation), auditing and legal expenses, certain expenses of registering and qualifying shares for sale, fees of trustees who are not interested persons of (i.e., not affiliated with) TIAA, costs of printing and mailing the prospectus, statements of additional information, and financial reports to existing shareholders, and any other charges or fees not specifically enumerated in the Current Agreement or the Service Agreement. During the fiscal yearyears ended September 30, 2005, the Funds did not pay any brokerage commissions to an affiliated broker/dealer.

9


In order for it to continue in effect, the Current Agreement must be specifically approved at least annually by: (i) the Board, or by the vote of a majority of the outstanding voting shares of such Fund; and (ii) a majority of those trustees who are not interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Current Agreement may be terminated at any time with respect to any Fund by that Fund or by the Advisor, without penalty, on 60 days’ written notice. The Current Agreement will terminate automatically in the event of its assignment.

The Proposed Agreement contains terms that are substantially the same as the Current Agreement, except for the following important differences:

•  The Proposed Agreement provides for an increase in the management fees for the Funds, as described below.

•  At the Board’s request, the Proposed Agreement introduces a breakpoint schedule for most of the Funds, which may eventually modestly reduce the management fee rates on those Funds as total asset levels increase.

•  The Proposed Agreement includes provisions making the Advisor responsible for providing certain additional management and administrative services necessary for the operation of the Funds, including providing office space, equipment and facilities for maintaining its operations and supervising relations with the Funds’ other service providers. Many of these services are currently paid for by the Funds as “other expenses” under a Service Agreement with the Advisor, which will be discontinued (except with respect to retirement plan platform fees for the Retirement Class) if shareholders approve the Proposed Agreement.

The management fees under the Proposed Agreement do not cover certain expenses necessary to the Funds’ ordinary operation, including: custody services, transfer agency services, sub-transfer agency services, and regulatory fees. These charges are borne by the Fund directly and paid out of Fund assets. Also, while under the current arrangements, administrative services are provided by the Advisor pursuant to a separate Service Agreement, under the Proposed Agreement the expense of some of those services will be paid for out of the Advisor’s management fee, thereby reducing those other direct Fund expenses. (Note, however, that this reallocation of payments for certain services from the Service Agreement to the Proposed Agreement only accounts for a relatively small amount of the increase in management fees under the Proposed Agreement.) In addition, the Advisor is agreeing to cap those expenses through expense reimbursement arrangements. Please see Exhibit D for more details on these expense reimbursements.

10


What are the proposed fees under the Proposed Agreement for the Funds? How do they differ from the Current Agreement?

Under both the Current Agreement and Proposed Agreement, each Fund pays the Advisor a management fee that is calculated as a percentage of the average daily net assets for each Fund over each month at the annual rates set forth in the table below (not all of these Funds offer all three share classes):

FUND
   
CURRENT AGREEMENT
   
PROPOSED AGREEMENT
INTERNATIONAL EQUITY FUND            0.09%    0.50% or less*
LARGE-CAP VALUE FUND            0.08%    0.45% or less*
SMALL-CAP EQUITY FUND            0.08%    0.48% or less*
SOCIAL CHOICE EQUITY FUND            0.04%    0.15%
REAL ESTATE SECURITIES FUND            0.09%    0.50% or less*
BOND FUND            0.08%    0.30% or less*
INFLATION-LINKED BOND FUND            0.09%    0.30% or less*
MONEY MARKET FUND            0.04%    0.10%
 
*  At the Board’s request, the management fees of these Funds have modest breakpoints that may eventually gradually reduce the fee rates from the amounts indicated in the chart as each Fund’s assets grow. To see the full breakpoint schedule for these Funds please see Exhibit A. To understand the impact of these breakpoints, please see the Funds’ most recent shareholder report or go to www.tiaa-cref.org for the Funds’ net assets as of a relatively recent date.

During the year ended September 30, 2005, the Funds paid an aggregate of $ 3,168,663 in management fees to the Advisor. Had the Proposed Agreement been in effect during the same period, the Funds would have paid an aggregate of $14,788,668 in management fees. The table below shows the amount of management fees paid during the year ended September 30, 2005 on a per Fund basis, along with the amounts that would have been paid during the same period had the Proposed Agreement been in effect (“Pro Forma”), and the percentage increase that the P ro F orma fees represent. (See Exhibit E for a comparison of the Funds’ current and pro forma payments under its service arrangements for the 12-month period ended September 30, 2005.)

FUND
   
CURRENT FEES
   
PRO FORMA FEES
   
% INCREASE
INTERNATIONAL EQUITY FUND                $682,581                      $3,792,117                        455.6%    
LARGE-CAP VALUE FUND              $337,031        $1,895,799          462.5%  
SMALL-CAP EQUITY FUND              $240,946        $1,445,676          500.0%  
SOCIAL CHOICE EQUITY FUND              $56,576        $212,160          275.0%  
REAL ESTATE SECURITIES FUND              $421,529        $2,341,828          455.6%  
BOND FUND              $954,064        $3,577,740          275.0%  
INFLATION-LINKED BOND FUND              $400,210        $1,334,033          233.3%  
MONEY MARKET FUND              $75,726        $1 89,315          150.0%  
 

11


While the new fees shown above would represent a substantial increase in management fee revenue to the Advisor, the increase is not expected to result in unreasonable profits to the Advisor, due to the expenses that the Advisor has incurred and continues to incur to operate the Funds, and the expense reimbursements committed to by the Advisor. In addition, even with the new fees, the Funds would remain competitive with the lower-priced funds in the industry. See page 15 for a comparison of each Fund’s total expense ratio with the median expense ratios of its peers.

For information about the overall impact of the proposed new pricing structure on the Funds’ total expense ratios, see “What Is the Overall Impact of the Proposal On the Funds’ Total Expense Ratios?” below.

What Factors Did the Board Consider in Approving the Proposed Agreement?

The Advisor’s proposal to approve the Proposed Agreement and present it to shareholders for their approval was carefully considered by the Board of Trustees at meetings held on December 7, 2004, January 19, 2005, February 15, 2005, April 5, 2005, April 21, 2005May 31, 2019 and May 17, 2005.* At each31, 2018 were approximately $219,333 and $505,083, respectively.

III. Additional information

Investment advisory and distribution arrangements

Advisors, a subsidiary of these meetings, the Board, which was advised by independent counsel, deliberated over the Advisor’s comprehensive plan to restructure the Funds to help ensure their continuing operation. In particular, the Board assessed the Advisor’s proposal to increase management fees significantly for certain Funds in light of ongoing losses sustained by the Advisor. Before and at these meetings, the Board received information relating to the Proposed Agreement and was given the opportunity to ask questions and request additional information from the Advisor. After full and deliberate consideration, and after balancing the costs and benefits to shareholders, on May 17, 2005, the Board determined that the arrangements under the Proposed Agreement were reasonable and fair to the Funds and their shareholders. Therefore, the Board voted unanimously to approve the Proposed Agreement, and submit the Proposed Agreement to shareholders for approval.

As indicated previously, the Proposed Agreement was submitted to shareholders on July 5, 2005, and was not approved for the Funds at a shareholders’ meeting held on August 31, 2005, despite support by many individual Fund shareholders. After careful consideration of various alternatives proposed by the Advisor at meetings held on September 22, 2005, October 12, 2005, and October 26, 2005, and an indication that several large institutional shareholders might reconsider their vote, upon the Advisor’s recommendation, the Board of Trustees voted to resubmit the Proposed Agreement to shareholders for approval.

As part of its original deliberations, the Board considered that since the Funds were established, the Advisor had set its fees at extremely low levels, making it difficult for the Advisor to sustain the level and quality of management and service shareholders expect in this competitive environment. They also considered that despite ongoing losses

*  Please note that Eugene Flood, Jr. and Howell E. Jackson, who are currently Trustees of the Funds, did not become members of the Board until August 31, 2005.

12


to the Advisor and the fact that its fees were much lower than most of its peers, the Advisor had never previously asked for a fee increase. In fact, in 2002, the Advisor decreased its fees on certain F unds, even as costs were rising, resulting in increased losses to the Advisor. The Board considered that, over that time, it has become increasingly expensive to operate mutual funds due to the intensified competition for talented portfolio managers and other key investment management and administrative personnel and higher compliance and regulatory costs.

The Board considered that the new proposed management fee rates would enhance the Advisor’s ability to manage the day-to-day business affairs of the Funds, cover the increasing costs of offering mutual funds, attract and retain highly qualified personnel, increase the capacity and scope of coverage of the investment management staff and maintain and improve the quality of services to shareholders.

Significantly, the Board considered that while the magnitude of the fee increase requested by the Advisor was large, even after the fee increase, the profits that the Advisor would earn on the Funds overall would be reasonable, especially after the Advisor’s reimbursements, and that the Funds would continue to be competitive with the lower-priced offerings in the industry.

As part of its deliberations, the Board reviewed detailed information provided by the Advisor relating to the nature, extent and quality of the services currently provided by the Advisor and to be provided by the Advisor under the Proposed Agreement. In particular, the Board reviewed detailed independent analysis of comparative expenses and performance data for each class of shares of each of the Funds, prepared by Lipper . In addition, the Board received financial information about the Advisor and its affiliated companies, including an analysis of the profitability of the Advisor’s operations, and the effect the proposed new arrangements would have on the short-term and long-term financial condition of the Advisor. For details about each Fund, see the Fund-by-Fund synopsis of the factors the Board considered in Exhibit F.

Additionally, the Board, both initially and after the August 31, 2005 shareholders’ meeting, discussed the other options presented by the Advisor for the Funds’ future if the Proposed Agreement was not approved. At the September and October 2005 Board Meetings, the Trustees considered the Advisor’s recommended options for the Funds, which it had indicated would most likely be:

•  First, closing the Funds to new investments;

•  Second, subject to shareholder approval, seeking to merge each Fund into a corresponding new fund with the same objective, strategies and portfolio management, but with higher fee rates comparable to those specified in the Proposed Agreement; and

•  Finally, if shareholders of any Fund rejected the merger, then liquidating that Fund, which could involve negative tax consequences for shareholders.

In the course of assessing all the options, the Advisor and the Board took note that although many individual Fund shareholders supported the proposal, the proposal was not

13



approved primarily as the result of the votes of a few large, institutional shareholders. The Advisor and the Board also noted that, since the August 31, 2005 shareholder meeting, certain of these large institutional shareholders ha d indicated that they may be willing to reconsider their previous negative votes or abstentions on the Proposed Agreement.

Based on these facts, and an analysis of the likelihood of approval under various voting scenarios, the Advisor recommended, and the Board agreed, that the course of action that would continue to serve the best interests of all Fund shareholders, and result in the least disruption or unintended tax consequences, would be to approach Fund shareholders once again and ask that they approve the Proposed Agreement. The Board, at the recommendation of the Advisor, determined not to re-solicit the shareholders of the Growth Equity Fund , who also did not approve the Proposed Agreement, based upon the improbability of approval of the proposal and the Advisor’s commitment not to raise advisory fees for this Fund until April 2007. The Board also considered that Fund shareholders would not bear the costs of this resolicitation since the Advisor would pay all related costs.

In determining whether to approve the Proposed Agreement at its May 17, 2005 meeting, the Board reviewed many specific factors , which are discussed below. These factors were viewed in their totality, with no single factor identified as the principal factor in determining whether to approve the Proposed Agreement .

The Nature and Quality of Services.  The Board considered that the Advisor is an experienced investment advisor that has managed the Institutional Funds since 1999 and the TIAA-CREF Mutual Funds since 1997, and that the investment professionals of the Advisor also manage various accounts of CREF. The Board considered that the Advisor has carried out its responsibilities for managingTIAA, manages the assets of the Funds in a professional manner. In the course of their review of the quality of the Advisor’s services, the Board examined the long-term performance of the Funds in general, and concluded that it was withinTrust. Advisors is registered as an acceptable range when compared with fund benchmarks and peers, or that, in the case of underperforming Funds, the Advisor was taking affirmative steps to enhance its investment approach and personnel.

Performance.  The Board considered the performance of each Fund over the one-year, three-year, five-year (where applicable), and since inception periods and the Funds’ performance as compared to their peer groups and benchmark indices. The Board considered the comparative performance data for each Fund prepared by Lipper, an independent third party, for each class of each pertinent Fund, as well as each Fund’s performance against its performance benchmark. In looking at this data, the Board considered that most of the Funds met their benchmarks over the one-year, three-year, five-year and since inception periods, as applicable (when factoring in the effect of expenses), and ranked in the first, second, or third quintiles versus their peers, with some limited exceptions. (This means, with certain exceptions, the Funds were in the first, second or third of five groups, in terms of performance, with first being the best.)

14


Fees Charged by Other Advisers.  An important factor that the Board considered was the level of fees paid to other advisers for managing similar funds, as analyzed by Lipper. The Board determined that the feesadviser under the Current Agreement were significantly lower than those of competitors, and that even with the proposed increase in management fees and increase in total expense ratios, each Fund would continue to be very competitively priced and below the pricing of the average fund within the universe of mutual funds in its competitive peer group (except Inflation-Linked Bond Fund). They considered that the new management fees for almost all of the repriced Funds would continue to be in the lowest quintile as compared with Institutional C lass funds in the competitive peer group and universe identified by Lipper. (The lowest quintile means that a fund is in the best of five groups, i.e., the group with the lowest expenses.) Significantly, the Board considered that under the Proposed Agreement, each Fund’s total expense ratio (except Inflation-Linked Bond Fund) would be less than the median expense ratio for its peer group of mutual funds, and, in some cases, significantly less. The table below compares the estimated total expense ratio (not including any waivers or reimbursements) of each existing class of each Fund that would be subject to an increased fee under the Proposed Agreement if the Proposed Agreement had been in effect during the twelve-month period ended December 31, 2004 with the Lipper median total expense ratio for the Fund’s appropriate category.
1940 Act.

Fund
   
Proposed
Total
Expense
Ratio
   
Median
Peer Total
Expense
Ratio
   
Difference
INTERNATIONAL EQUITY FUND — Institutional            0.59%    1.19%    –0.60%
INTERNATIONAL EQUITY FUND — Retirement            0.80%    1.19%    –0.39%
LARGE-CAP VALUE FUND — Institutional            0.50%    1.07%    –0.57%
LARGE-CAP VALUE FUND — Retirement            0.75%    1.07%    –0.32%
LARGE-CAP VALUE FUND — Retail            0.99%    1.05%    –0.06%
SMALL-CAP EQUITY FUND — Institutional            0.55%    1.15%    –0.60%
SMALL-CAP EQUITY FUND — Retirement            0.78%    1.15%    –0.37%
SMALL-CAP EQUITY FUND — Retail            1.16%    1.26%    –0.10%
SOCIAL CHOICE EQUITY FUND — Institutional            0.25%    0.99%    –0.74%
SOCIAL CHOICE EQUITY FUND — Retirement            0.48%    0.99%    –0.51%
REAL ESTATE SECURITIES FUND — Institutional            0.59%    1.11%    –0.52%
REAL ESTATE SECURITIES FUND — Retirement            0.80%    1.11%    –0.31%
REAL ESTATE SECURITIES FUND — Retail            0.99%    1.18%    –0.19%
BOND FUND — Institutional            0.34%    0.69%    –0.35%
INFLATION-LINKED BOND FUND — Institutional            0.35%    0.35%    0.00%
INFLATION-LINKED BOND FUND — Retail            0.80%    0.72%    +0.08%
MONEY MARKET FUND — Institutional            0.15%    0.43%    –0.28%
 

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Cost and Profitability.  The Board considered that the Advisor is losing money managing the mutual fund business overall. The Board reviewed financial and profitability data for 2004 and profitability on a pro forma basis assuming the proposed management fee increase had been in effect—showing data for each of the F unds both before and after distribution expenditures. The Board considered that very few Funds currently are profitable to the Advisor, and most are operating at a loss to the Advisor. The Board determined that the Proposed Agreement would permit the Advisor to operate each of the Funds and the mutual fund business overall at profit margins that were fair and reasonable in the short term in light of projected Fund expenses , anticipated expenditures of the Advisor to maintain and improve the quality of services provided to shareholders, and the Advisor’s recent losses . In making this determination, the B oard looked at a variety of factors, including , but not limited to, available profitability data for public fund managers derived from public l y filed financial reports and existing legal precedent, as well as the absolute dollar amount of profits that would be earned on each Fund. The Board also considered that it would be able to review the profitability levels of the Advisor annually during its yearly review of the Funds’ management arrangements to ensure that the Advisor’s fees remained fair and reasonable and that its profits for managing the Funds were not excessive.

The Board further considered that the costs and anticipated costs of operating mutual funds have increased, including additional disclosure and compliance requirements, such as the USA PATRIOT Act requirements, Sarbanes-Oxley requirements, and the requirement that mutual funds have a chief compliance officer. The Board considered that the proposed fee increase would enhance the Advisor’s ability to attract and retain highly qualified investment and administrative professionals in a competitive investment management environment. Heightened competition from traditional asset managers, banks, insurance companies and, particularly in recent years, hedge funds, has driven up the costs of attracting and retaining key personnel and the cost of technology to update and maintain necessary systems for effective investment management operations continues to grow. The Board also considered that the Advisor would like the flexibility and means to increase the capacity of its investment management staff and expand the depth and scope of analyst coverage, to enhance its investment management services to the Funds.30

Economies of Scale.  The Board considered whether the Advisor has or would experience economies of scale on any of the Funds, and whether the proposed fees should contain breakpoints. The Board carefully considered whether the proposed breakpoints would have any real effect on Fund fees. They determined that although the breakpoints discounts appeared to be low compared to those of competitors, this was because the stated fees under the Proposed Agreement were already at low levels. The Board ultimately determined that imposing a modest breakpoint schedule on the majority of the Funds might eventually allow some of the savings gained from the growth of assets and economies of scale to be passed on to Fund shareholders. The Board expects to review the level of breakpoints as Fund assets grow.

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Comparisons with Other Clients of the Advisor.  The Board considered that the Advisor provides similar investment management services to each of the Institutional Funds, the TIAA-CREF Mutual Funds, TIAA-CREF Life Funds, and TIAA Separate Account VA-1, although channels for distribution of interests in such funds differ among them. In addition, the Advisor, through its TCAM division, manages large institutional client assets through unregistered commingled funds and separate accounts with similar investment strategies and investment staff. The Board considered the schedule of fees for each of the comparable funds, and determined that while the management fees may not be precisely the same for comparable funds, there were good reasons for the divergent pricing. The Board also considered the assurances of the Advisor that the pricing on those affiliated funds that was not in line with the proposed management fees would be revisited.

Other Benefits.  At the Board’s request, the Advisor agreed to continue to be willing to cap “other expenses” and/or the total expenses of the Funds. The Board also considered that the fee increase would help ensure that the expenses for running the Funds that are paid by the Advisor are not indirectly borne (in the form of reduced declared dividends) by the TIAA participant base, some of who are shareholders of the Funds. Finally, the Board considered that with the Proposed Agreement, the Advisor would have the flexibility to support multiple opportunities to expand the channels through which the Funds are distributed, thereby increasing asset growth and enabling expenses to be spread over a wider asset base.

Based on its evaluation of all material factors and with the assistance of independent counsel, the Board concluded that the proposed advisory fee structure is fair and reasonable to each of the Funds, its shareholders, and to the Advisor.

What Is The Overall Impact Of The Proposal On The Funds’ Total Expense Ratios?

The tables below provide data concerning each Fund’s fees and expenses (for each share class) as a percentage of average net assets for each Fund’s most recent full fiscal year ended September 30, 2005 under the Current Agreement and if the Proposed Agreement had been in effect during the same period. Note that, as indicated above, if the new arrangements had been in effect for the most recently completed fiscal years, all but one of the Funds’ total expense ratios would have been less than the median expense ratios for their respective peer groups of mutual funds, and, in some cases, significantly less.

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INSTITUTIONAL CLASS

   
Management
Fees
   
Other
Expenses
   
Total Annual
Fund
Operating
Expenses
   
Expense
Reimbursement
   
Net Annual
Fund
Operating
Expenses
INTERNATIONAL EQUITY FUND
                                                                
Current                0.09%          0.11%          0.20%          —           0.20%  
Pro Forma                0.50%          0.06%          0.56%          —           0.56%  
LARGE - CAP VALUE FUND
                                                            
Current                0.08%          0.09%          0.17%          0.03%          0.14%  
Pro Forma                0.45%          0.03%          0.48%          —           0.48%  
SMALL-CAP EQUITY FUND
                                                                
Current                0.08%          0.12%          0.20%          0.05%          0.15%  
Pro Forma                0.48%          0.08%          0.56%          0.01%          0.55%  
SOCIAL CHOICE EQUITY FUND
                                                            
Current                0.04%          0.06%          0.10%          —           0.10%  
Pro Forma                0.15%          0.05%          0.20%          —           0.20%  
REAL ESTATE SECURITIES FUND
                                                                
Current                0.09%          0.07%          0.16%          —           0.16%  
Pro Forma                0.50%          0.06%          0.56%          0.01%          0.55%  
BOND FUND
                                                            
Current                0.08%          0.06%          0.14%          —           0.14%  
Pro Forma                0.30%          0.03%          0.33%          —           0.33%  
INFLATION-LINKED BOND FUND
                                                                
Current                0.09%          0.06%          0.15%          0.01%          0.14%  
Pro Forma                0.30%          0.04%          0.34%          —           0.34%  
MONEY MARKET FUND
                                                            
Current                0.04%          0.05%          0.09%          —           0.09%  
Pro Forma                0.10%          0.05%          0.15%          —           0.15%  
 

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RETIREMENT CLASS

   
Management
Fees
   
Other
Expenses
   
Total Annual
Fund
Operating
Expenses
   
Expense
Reimbursement
   
Net Annual
Fund
Operating
Expenses
INTERNATIONAL EQUITY FUND
                                                                
Current                0.09%          0.49%          0.58%          0.03%          0.55%  
Pro Forma                0.50%          0.37%          0.87%          0.07%          0.80%  
LARGE-CAP VALUE FUND
                                                            
Current                0.08%          0.43%          0.51%          0.03%          0.48%  
Pro Forma                0.45%          0.34%          0.79%          0.04%          0.75%  
SMALL-CAP EQUITY FUND
                                                                
Current                0.08%          0.46%          0.54%          0.06%          0.48%  
Pro Forma                0.48%          0.37%          0.85%          0.07%          0.78%  
SOCIAL CHOICE EQUITY FUND
                                                            
Current                0.04%          0.48%          0.52%          0.08%          0.44%  
Pro Forma                0.15%          0.39%          0.54%          0.06%          0.48%  
REAL ESTATE SECURITIES FUND
                                                                
Current                0.09%          0.41%          0.50%          0.03%          0.47%  
Pro Forma                0.50%          0.34%          0.84%          0.03%          0.81%  
 

RETAIL CLASS

   
Management
Fees
   
Distribution
(12b-1) Fees
   
Other
Expenses
   
Total Annual
Fund
Operating
Expenses
   
Expense
Reimbursement
   
Net Annual
Fund
Operating
Expenses
LARGE-CAP VALUE FUND
                                                                                
Current                0.08%          0.00%*           0.41%          0.49%          0.05%          0.44%  
Pro Forma                0.45%          0.25%          0.29%          0.99%          0.19%          0.80%  
SMALL-CAP EQUITY FUND
                                                                            
Current                0.08%          0.00%*           0.30%          0.38%          0.08%          0.30%  
Pro Forma                0.48%          0.25%          0.43%          1.16%          0.31%          0.85%  
REAL ESTATE SECURITIES FUND
                                                                                
Current                0.09%          0.00%*           0.41%          0.50%          0.05%          0.45%  
Pro Forma                0.50%          0.25%          0.24%          0.99%          0.09%          0.90%  
INFLATION-LINKED BOND FUND
                                                                            
Current                0.09%          0.00%*           0.24%          0.33%          0.03%          0.30%  
Pro Forma                0.30%          0.25%          0.25%          0.80%          0.30%          0.50%  
 
*     Shareholders of each of these Funds approved a new 12b-1 distribution p lan of up to 0.25% of average daily net assets on August 31, 2005. This plan will be implemented for each Fund on February 1, 2006, but all payments under the plan will be waived until April 2007.

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The following example indicates the expenses you would pay under the current and proposed expense structures, assuming an initial investment of $10,000, a 5% total annual return each year, and redemption at the end of each period. This example also assumes that there will be no expense reimbursement s or waivers in place after one year. Your actual cost may be higher or lower.

INSTITUTIONAL CLASS

   
1 Year
   
3 Years
   
5 Years
   
10 Years
INTERNATIONAL EQUITY FUND
                                                
Current              $20         $64         $113         $255   
Pro Forma              $57         $179         $313         $701   
LARGE-CAP VALUE FUND
                                            
Current              $14         $52         $93         $214   
Pro Forma              $49         $154         $269         $604   
SMALL-CAP EQUITY FUND
                                                
Current              $15         $59         $108         $250   
Pro Forma              $56         $178         $312         $701   
REAL ESTATE SECURITIES FUND
                                            
Current              $16         $52         $90         $205   
Pro Forma              $56         $178         $312         $701   
SOCIAL CHOICE EQUITY FUND
                                                
Current              $10         $32         $56         $128   
Pro Forma              $20         $64         $113         $255   
BOND FUND
                                            
Current              $14         $45         $79         $179   
Pro Forma              $34         $106         $185         $418   
INFLATION-LINKED BOND FUND
                                                
Current              $14         $47         $84         $191   
Pro Forma              $35         $109         $191         $431   
MONEY MARKET FUND
                                            
Current              $9         $29         $51         $115   
Pro Forma              $15         $48         $85         $192   
 

20



RETIREMENT CLASS

   
1 Year
   
3 Years
   
5 Years
   
10 Years
INTERNATIONAL EQUITY FUND
                                                
Current              $56         $183         $321         $723   
Pro Forma              $82         $271         $476         $1,069  
LARGE-CAP VALUE FUND
                                            
Current              $49         $161         $282         $638   
Pro Forma              $77         $248         $435         $976   
SMALL-CAP EQUITY FUND
                                                
Current              $49         $167         $296         $671   
Pro Forma              $80         $264         $465         $1,046  
SOCIAL CHOICE EQUITY FUND
                                            
Current              $45         $159         $283         $645   
Pro Forma              $49         $167         $296         $673   
REAL ESTATE SECURITIES FUND
                                                
Current              $48         $157         $277         $625   
Pro Forma              $83         $265         $463         $1,036  
 

RETAIL CLASS

   
1 Year
   
3 Years
   
5 Years
   
10 Years
LARGE-CAP VALUE FUND
                                              
Current              $45         $207         $384         $902   
Pro Forma              $82         $297         $530         $1,205  
SMALL-CAP EQUITY FUND
                                            
Current              $31         $169         $320         $766   
Pro Forma              $87         $339         $612         $1,400  
REAL ESTATE SECURITIES FUND
                                              
Current              $46         $210         $389         $914   
Pro Forma              $92         $307         $539         $1,209  
INFLATION-LINKED BOND FUND
                                            
Current              $31         $1 58         $297         $7 08   
Pro Forma              $51         $226         $417         $975   
 

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ADDITIONAL INFORMATION

Beneficial Ownership

Set forth in Exhibit G, as of September 30, 2005, is a listing of those persons who, to the Institutional Funds’ knowledge, own beneficially or of record 5% or more of the outstanding shares of any class of any Fund. As of that same date, the Trustees and officers of Institutional Funds, individually and in the aggregate, owned less than 1% of any class of any Fund, except as noted below.

Name
Fund and Class
Shares
Percentage
Herbert M. Allison, Jr.Small-Cap Equity Fund (Retail Class)  97,648.802.1 4 %

Distributor

The shares of the Institutional FundsTrust are distributed by Teachers Personal Investors Services, Inc. (“TPIS”), a subsidiary of TIAA. TIAA, thatan insurance company, holds all of the shares of Nuveen, LLC (“Nuveen”). Nuveen, in turn, holds (1) all of the shares of Nuveen Finance, LLC, which holds all of the shares of Advisors, and (2) all of the shares of Investment Management. TIAA also holds all of the shares ofTIAA-CREF Individual and Institutional Services, LLC (“Services”). Investment Management provides investment advisory services to, and Services acts as the principal underwriter for CREF, a companion organization of TIAA. TPIS is registered as a broker-dealer and is a member of the National Association of Securities Dealers, Inc.Financial Industry Regulatory Authority (“FINRA”). Advisors provides administrative and compliance services to the Trust. The TIAA Board of Overseers, a New York non-charitablenot-for-profit membership corporation, owns all of the stock of TIAA. The address for Advisors, TPIS and TIAA is 730 Third Avenue, New York, New York10017-3206.

OTHER MATTERSIV. Other matters

Means of Soliciting Proxies
soliciting proxies

This proxy solicitation will be conducted mainlyby the mailing of this proxy statement and an accompanying proxy card beginning on or about June 6, 2019. Supplementary solicitations may be made by mail, telephone, and the Internet, but it may also be by any other method of electronic communication, or by personal interview. The Funds have retained D. F. King & Co., Inc. of New York, NY (“DF King”) to assist inTrust will bear all expenses connected with soliciting proxies; the solicitation of proxies. The costs of retaining DF King, whichexpenses are anticipated to be $101,000, and other expenses incurred in connection with the drafting, printing and mailing of this proxy statement, the solicitation of proxies and the holding of the special meeting, will be borne by the Advisor, and not by any of the Funds.

Proposals of Persons with Voting Rights

As a general matter, Institutional Funds does not hold regular annual or other meetings of shareholders. Any shareholder who wishes to submit proposals to be considered at a special meeting of Institutional Funds’ shareholders should send such proposals to the Funds’ Secretary. Proposals must be received a reasonable amount of time prior to any meeting to be included in the proxy materials. Moreover, inclusionadministrative expenses that are paid for from the net assets of such proposals is subjectthe Trust.

Beneficial ownership

Principal holders of Fund shares

As of May 20, 2019, the following investors were known to limitations underhold beneficially or of record 5% or more of the federal securities laws. Persons named as proxies foroutstanding shares of any

class of a Fund:

22


Fund — Class Percentage of holdings   Shares   
Emerging Markets Equity Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  53.79%    13,782,671.556 

TIAA-CREF MANAGED ALLOCATION II AC ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.89%    3,046,423.578 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  9.22%    2,361,534.037 

CAPINCO C/O US BANK NA 1555 N RIVERCENTER DR STE 302 MILWAUKEE WI 53212-3958

  7.90%    2,025,408.321 

TIAA-CREF LIFESTYLE MODERATE FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  5.04%    1,290,552.792 


subsequent shareholders’ meeting will vote in their discretion with respect to proposals submitted on an untimely basis.

31

Fund — Class Percentage of holdings   Shares   
Emerging Markets Equity Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  55.09%    11,892.946 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  26.96%    5,819.791 

RAYMOND JAMES & ASSOC INC CSDN FBO EMILIO HIDALGO IRA 1511 N COVEY LN LAKE CHARLES LA 70605-1317

  9.07%    1,958.990 

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  5.36%    1,157.125 
Emerging Markets Equity Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  87.98%    739,996.356 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  11.90%    100,128.024 
Emerging Markets Equity Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  93.11%    12,599,621.754 
Emerging Markets Equity Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  23.53%    197,146.445 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCOCA 94105-1905

  5.90%    49,416.223 
Emerging Markets Equity Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.22%    21,802,518.062 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.23%    16,421,772.031 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.40%    14,448,310.648 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.42%    13,394,664.620 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.75%    12,670,752.952 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.47%    9,132,811.491 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.38%    9,036,058.350 

32

Fund — Class Percentage of holdings   Shares   
Emerging Markets Equity Index Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  30.59%    24,265,635.028 

SSB&T CO CUST/FBO MESP C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  16.57%    13,147,215.972 

SSB&T FBO SCHOLARSHARE COLLEGE SAVINGS PLAN C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK, NY 10017-3206

  15.99%    12,687,418.371 

SSB&T CO CUST/FBO EDVEST C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  8.01%    6,354,667.102 

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995

  7.96%    6,313,156.368 
Emerging Markets Equity Index Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  97.09%    978,519.463 
Emerging Markets Equity Index Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  99.86%    2,368,395.489 
Emerging Markets Equity Index Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  79.85%    19,167,831.604 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  11.28%    2,707,742.997 

JPMORGAN CUSTODIAN TIAA-CREF TRUST CO NON ERISA TDA C/O JPMORGAN CHASE BANK ATTN: DC PLAN SERVICE TEAM TIAA 4 NEW YORK PLZ FL 12 NEW YORK NY 10004-2413

  6.62%    1,588,953.416 
Emerging Markets Equity Index Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  26.92%    367,221.551 

33

Fund — Class Percentage of holdings   Shares   
Emerging Markets Equity Index Fund — Class W   

TIAA-CREF LIFECYCLE INDEX 2040 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  17.56%    18,728,422.011 

TIAA-CREF LIFECYCLE INDEX 2035 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.03%    16,028,503.281 

TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  14.71%    15,688,447.271 

TIAA-CREF LIFECYCLE INDEX 2045 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.48%    13,309,315.302 

TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.22%    13,033,856.301 

TIAA-CREF LIFECYCLE INDEX 2050 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.59%    10,230,772.647 

TIAA-CREF LIFECYCLE INDEX 2020 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.18%    8,729,164.306 
Equity Index Fund — Institutional Class   

SSB&T CO CUST/FBO MESP C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  23.11%    95,790,437.878 

SSB&T FBO SCHOLARSHARE COLLEGE SAVINGS PLAN C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK, NY 10017-3206

  21.17%    87,785,203.624 

SSB&T CO CUST/FBO EDVEST C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  13.14%    54,468,931.775 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  13.00%    53,899,553.441 

SSB&T CO CUST/FBO CHET C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  7.79%    32,282,078.875 

SSB&T CUST/FBO PATH2COLLEGE C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK, NY 10017-3206

  5.08%    21,078,428.521 
Equity Index Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  98.06%    2,131,371.503 

34

Fund — Class Percentage of holdings   Shares   
Equity Index Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  96.87%    2,734,551.016 
Equity Index Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  69.19%    20,593,008.083 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  14.69%    4,371,941.801 

STATE STREET BANK & TRUST CO. FBO VARIOUS RETIREMENT PLANS 200 CLARENDON STREET BOSTON MA 02116-5021

  5.59%    1,664,865.702 
Equity Index Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  16.69%    7,752,045.105 
Equity Index Fund — Class W   

TIAA-CREF LIFECYCLE INDEX 2040 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  17.55%    81,448,587.411 

TIAA-CREF LIFECYCLE INDEX 2035 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.02%    69,706,796.494 

TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  14.70%    68,227,827.318 

TIAA-CREF LIFECYCLE INDEX 2045 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.47%    57,881,409.552 

TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.22%    56,683,167.092 

TIAA-CREF LIFECYCLE INDEX 2050 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.59%    44,492,965.923 

TIAA-CREF LIFECYCLE INDEX 2020 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.18%    37,962,947.606 

35

Fund — Class Percentage of holdings   Shares   
Growth & Income Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  39.31%    43,559,740.077 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  16.48%    18,257,605.002 

SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKSPA 19456-9989

  13.42%    14,864,896.174 

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995

  11.23%    12,446,846.129 
Growth & Income Fund — Advisor Class   

RAYMOND JAMES & ASSOC INC FBO FREDERICK L GRUEL & SUSAN S GRUELT-I-C 9 OLIN ST OCEAN GROVE NJ 07756-1620

  12.89%    16,124.653 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  11.28%    14,109.792 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  9.70%    12,125.123 

RAYMOND JAMES & ASSOC INC FBO CHARLES PHILIP KEARNEY & JULIA A KEARNEY JT/WROS 3759 BRIDLE PASS CT ANN ARBOR MI 48108-2788

  8.77%    10,967.773 

RAYMOND JAMES & ASSOC INC CSDN FBO LEANN FIELDS IRA 4860 GEDDES RD ANN ARBOR MI 48105-9515

  7.45%    9,312.718 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  6.95%    8,688.450 

RAYMOND JAMES & ASSOC INC CSDN FBO SOMRUDEE WINICHAKUL IRA 305 N WHITNEY WAY MADISON WI 53705-2722

  6.28%    7,851.352 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  5.95%    7,437.070 
Growth & Income Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  91.46%    8,090,497.075 

36

Fund — Class Percentage of holdings   Shares   
Growth & Income Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  71.72%    25,991,581.451 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  18.80%    6,814,558.731 
Growth & Income Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  7.89%    4,874,085.227 

CHARLES SCHWAB & CO INC 211 MAIN ST SAN FRANCISCO CA 94105-1905

  6.41%    3,959,678.978 
Growth & Income Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.49%    46,168,235.173 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.33%    34,528,180.460 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.35%    30,073,456.434 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.66%    28,529,777.399 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.59%    26,104,824.093 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.63%    19,448,180.226 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.11%    18,264,898.552 
International Equity Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  35.28%    79,402,166.929 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  31.22%    70,256,477.766 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  14.77%    33,247,799.467 

EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS ATTN MUTUAL FUND SHAREHOLDER ACCOUNTING 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729

  8.78%    19,756,145.531 

SEI PRIVATE TRUST COMPANY C/OTIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA19456-9989

  5.02%    11,307,599.247 

37

Fund — Class Percentage of holdings   Shares   
International Equity Fund — Advisor Class   

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA94105-1905

  74.46%    331,075.406 
International Equity Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  99.76%    13,857,239.990 
International Equity Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  54.99%    23,451,200.763 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  40.51%    17,277,288.110 
International Equity Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  10.44%    3,940,617.553 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA94105-1905

  5.14%    1,941,316.238 
International Equity Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.52%    27,739,489.405 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.34%    20,738,449.160 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.35%    18,042,879.756 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.70%    17,166,191.088 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.58%    15,651,399.814 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.67%    11,724,562.551 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.03%    10,852,453.042 

38

Fund — Class Percentage of holdings   Shares   
International Equity Index Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  33.20%    127,387,208.580 

SSB&T CO CUST/FBO MESP C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  10.06%    38,609,740.936 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  9.22%    35,363,478.115 

SSB&T FBO SCHOLARSHARE COLLEGE SAVINGS PLAN C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK, NY 10017-3206

  8.37%    32,117,836.534 

SSB&T CO CUST/FBO CHET C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  7.05%    27,051,036.182 
International Equity Index Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  94.57%    2,548,782.597 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  5.04%    135,721.156 
International Equity Index Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  87.29%    11,185,137.891 

GREAT-WEST TRUST COMPANY LLC TTEE F FBO:STATE OF ALABAMA DCP 457 C/O FASCORE LLC 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  11.67%    1,495,319.408 
International Equity Index Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  60.81%    32,959,976.583 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  27.95%    15,149,856.800 

39

Fund — Class Percentage of holdings   Shares   
International Equity Index Fund — Class W   

TIAA-CREF LIFECYCLE INDEX 2040 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  17.55%    28,271,214.620 

TIAA-CREF LIFECYCLE INDEX 2035 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.02%    24,195,526.463 

TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  14.70%    23,682,184.632 

TIAA-CREF LIFECYCLE INDEX 2045 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.47%    20,090,882.958 

TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.22%    19,674,987.828 

TIAA-CREF LIFECYCLE INDEX 2050 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.59%    15,443,678.512 

TIAA-CREF LIFECYCLE INDEX 2020 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.18%    13,176,623.161 
International Opportunities Fund — Institutional Class   

TIAA-CREF MANAGED ALLOCATION II AC ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  33.66%    2,577,862.421 

CAPINCO C/O US BANK NA PO BOX 1787 MILWAUKEEWI 53201-1787

  20.92%    1,602,685.998 

TIAA-CREF LIFESTYLE MODERATE FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  14.02%    1,074,146.146 

TIAA-CREF LIFESTYLE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.79%    672,896.299 

TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORKNY 10017-3206

  8.05%    616,368.069 

TIAA-CREF LIFESTYLE CONSERVATIVE FD ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  6.08%    465,641.633 
International Opportunities Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  59.23%    9,891.502 

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  40.03%    6,684.825 

40

Fund — Class Percentage of holdings   Shares   
International Opportunities Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  77.43%    85,757.512 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  22.57%    25,000.000 
International Opportunities Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  94.25%    13,148,479.829 
International Opportunities Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  33.60%    108,407.838 
International Opportunities Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.50%    22,473,184.138 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.32%    16,793,220.552 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.32%    14,607,548.680 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.67%    13,888,862.049 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.58%    12,695,710.186 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.65%    9,480,963.850 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.11%    8,894,561.155 
Large-Cap Growth Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  30.33%    18,366,505.870 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  24.68%    14,947,475.052 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  10.36%    6,271,926.380 

SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKS PA19456-9989

  6.98%    4,226,227.287 

TIAA-CREF MANAGED ALLOCATION II AC ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  5.32%    3,223,105.900 

41

Fund — Class Percentage of holdings   Shares   
Large-Cap Growth Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  25.11%    26,750.254 

UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EBOC UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761

  20.89%    22,254.951 

MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965

  17.52%    18,661.772 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  5.97%    6,356.243 

RAYMOND JAMES & ASSOC INC FBO CHARLES PHILIP KEARNEY & JULIA A KEARNEY JT/WROS 3759 BRIDLE PASS CT ANN ARBOR MI 48108-2788

  5.77%    6,147.108 
Large-Cap Growth Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  79.56%    785,850.536 

STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901

  13.62%    134,514.155 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  6.17%    60,968.347 
Large-Cap Growth Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  64.07%    10,733,950.542 

VOYA INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY B3N WINDSOR CT 06095-4773

  7.85%    1,314,949.947 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  7.69%    1,288,749.893 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091

  5.09%    853,074.569 
Large-Cap Growth Fund — Retail Class   

CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905

  9.97%    4,761,760.852 

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  7.40%    3,531,573.853 

42

Fund — Class Percentage of holdings   Shares   
Large-Cap Growth Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.53%    28,357,818.214 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.32%    21,158,836.908 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.34%    18,428,821.709 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.68%    17,510,780.512 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.56%    15,960,305.732 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.64%    11,934,209.788 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.08%    11,163,280.600 
Large-Cap Growth Index Fund — Institutional Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  36.16%    69,252,903.832 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  11.51%    22,042,014.297 

SEI PRIVATE TRUST COMPANY C/OTIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989

  8.94%    17,130,115.605 

SSB&T CUST/FBO PATH2COLLEGE C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK, NY 10017-3206

  6.54%    12,517,948.343 
Large-Cap Growth Index Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  69.50%    980,371.854 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  17.15%    241,946.888 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  12.99%    183,249.651 
Large-Cap Growth Index Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  56.14%    11,884,074.200 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  12.32%    2,608,013.582 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  7.20%    1,523,563.699 

43

Fund — Class Percentage of holdings   Shares   
Large-Cap Value Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  59.60%    79,390,497.830 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  18.59%    24,760,216.970 

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  13.55%    18,046,667.518 
Large-Cap Value Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  83.41%    6,327.135 

RAYMOND JAMES & ASSOC INC CSDN FBO DAVID R HARSHBARGER IRA 1205 ADAMS ST MACONGA 31201-1568

  16.59%    1,258.730 
Large-Cap Value Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  99.88%    10,553,985.607 
Large-Cap Value Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  48.38%    18,237,890.721 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  47.59%    17,939,468.774 
Large-Cap Value Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  16.52%    1,343,533.673 

44

Fund — Class Percentage of holdings   Shares   
Large-Cap Value Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.55%    34,287,645.483 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.33%    25,574,730.450 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.35%    22,275,045.571 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.67%    21,128,133.122 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.57%    19,292,954.068 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.64%    14,409,441.258 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.07%    13,466,165.043 
Large-Cap Value Index Fund — Institutional Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  36.68%    102,206,542.891 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  21.64%    60,301,456.632 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  8.06%    22,466,773.634 

SSB&T CUST/FBO PATH2COLLEGE C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK, NY 10017-3206

  6.83%    19,032,104.729 

SEI PRIVATE TRUST COMPANY C/OTIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA19456-9989

  5.92%    16,487,498.893 
Large-Cap Value Index Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  98.21%    1,262,461.617 
Large-Cap Value Index Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  58.73%    24,150,430.193 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  23.81%    9,791,640.575 

45

Fund — Class Percentage of holdings   Shares   
Mid-Cap Growth Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  73.61%    28,109,694.637 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  24.33%    9,288,966.149 
Mid-Cap Growth Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  59.49%    5,163.023 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  23.22%    2,014.853 

RAYMOND JAMES & ASSOC INC CSDN FBO SOMRUDEE WINICHAKUL IRA 305 N WHITNEY WAY MADISON WI 53705-2722

  17.03%    1,477.993 
Mid-Cap Growth Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  98.85%    2,960,693.364 
Mid-Cap Growth Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  60.47%    10,385,249.246 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  32.98%    5,664,491.967 
Mid-Cap Growth Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  11.39%    1,087,677.168 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA94105-1905

  5.68%    542,656.546 
Mid-Cap Value Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  58.85%    62,351,731.748 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  19.10%    20,231,661.727 

EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS ATTN MUTUAL FUND SHAREHOLDER ACCOUNTING 12555 MANCHESTER RD SAINT LOUIS MO 63131-3729

  16.41%    17,385,702.058 

46

Fund — Class Percentage of holdings   Shares   
Mid-Cap Value Fund — Advisor Class   

RAYMOND JAMES & ASSOC INC FBO FRED BURNS JR & KAY BURNS JT/WROS 5421 HOLLY ST BELLAIRE TX 77401-4703

  31.07%    10,740.892 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  19.58%    6,768.475 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  14.26%    4,930.399 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  13.53%    4,676.997 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  7.15%    2,472.036 

RAYMOND JAMES & ASSOC INC CSDN FBO DAVID R HARSHBARGER IRA 1205 ADAMS ST MACONGA 31201-1568

  5.66%    1,956.763 
Mid-Cap Value Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  99.52%    8,543,009.506 
Mid-Cap Value Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  53.20%    17,300,177.179 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  41.08%    13,361,228.836 
Mid-Cap Value Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  11.11%    1,365,906.994 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA94105-1905

  10.83%    1,332,100.210 

47

Fund — Class Percentage of holdings   Shares   
Quant International Equity Fund — Institutional Class   

TIAA-CREF MANAGED ALLOCATION II AC ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  34.62%    5,630,454.132 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  24.11%    3,920,715.452 

TIAA-CREF LIFESTYLE MODERATE FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.01%    1,953,883.059 

TIAA-CREF LIFESTYLE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  7.55%    1,228,227.794 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  7.15%    1,163,541.653 

TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORKNY 10017-3206

  6.90%    1,122,006.406 

TIAA-CREF LIFESTYLE CONSERVATIVE FD ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  5.20%    846,180.406 
Quant International Equity Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  52.29%    14,673.254 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  37.82%    10,614.591 

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  8.45%    2,369.950 
Quant International Equity Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.52%    49,471,043.865 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.31%    36,920,994.703 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.34%    32,151,177.667 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.68%    30,561,320.299 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.56%    27,876,382.788 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.65%    20,857,435.809 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.09%    19,509,607.096 

48

Fund — Class Percentage of holdings   Shares   
Quant InternationalSmall-Cap Equity Fund — Institutional Class   

TIAA-CREF MANAGED ALLOCATION II AC ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  46.39%    2,075,625.298 

TIAA-CREF LIFESTYLE MODERATE FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  19.33%    865,093.066 

TIAA-CREF LIFESTYLE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.14%    543,370.480 

TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORKNY 10017-3206

  11.10%    496,840.896 

TIAA-CREF LIFESTYLE CONSERVATIVE FD ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.37%    374,418.899 
Quant InternationalSmall-Cap Equity Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  89.18%    7,320.998 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  10.82%    888.162 
Quant InternationalSmall-Cap Equity Fund — Premier Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  100.00%    7,326.892 
Quant InternationalSmall-Cap Equity Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  99.22%    323,022.022 
Quant InternationalSmall-Cap Equity Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  26.68%    24,070.298 

GEETA A SANGANI POA FBO ASHOK S SANGANI GEETA A SANGANI JT TEN 6896 PAGE HOLLOW PL FAYETTEVILLE NY 13066-9797

  16.32%    14,719.067 

49

Fund — Class Percentage of holdings   Shares   
Quant InternationalSmall-Cap Equity Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.48%    18,154,730.962 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.31%    13,578,047.699 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.34%    11,828,819.882 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.68%    11,242,017.862 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.57%    10,256,618.234 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.66%    7,674,367.968 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.10%    7,184,251.914 
QuantLarge-Cap Growth Fund — Institutional Class   

TIAA-CREF MANAGED ALLOCATION II AC ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  37.11%    4,805,234.237 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  22.06%    2,857,014.599 

TIAA-CREF LIFESTYLE MODERATE FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.66%    1,250,507.875 

NONAB & CO C/O CITIZENS & NORTHERN BANK90-92 MAIN STREET WELLSBORO PA16901-1517

  6.77%    876,244.911 

TIAA-CREF LIFESTYLE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  5.77%    747,343.510 

TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORKNY 10017-3206

  5.08%    657,501.175 
QuantLarge-Cap Growth Fund — Advisor Class   

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  73.34%    64,493.160 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  15.17%    13,335.127 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  10.53%    9,257.109 

50

Fund — Class Percentage of holdings   Shares   
QuantLarge-Cap Growth Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.48%    36,738,389.718 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.31%    27,461,599.103 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.31%    23,877,312.531 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.68%    22,735,813.732 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.57%    20,759,675.682 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.67%    15,557,254.366 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.10%    14,522,553.776 
QuantLarge-Cap Value Fund — Institutional Class   

TIAA-CREF MANAGED ALLOCATION II AC ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  51.51%    4,850,342.559 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  19.48%    1,833,982.673 

TIAA-CREF LIFESTYLE MODERATE FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  10.64%    1,001,680.166 

TIAA-CREF LIFESTYLE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  7.32%    689,430.901 

TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORKNY 10017-3206

  6.99%    657,866.134 
QuantLarge-Cap Value Fund — Advisor Class   

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  97.69%    496,639.780 

51

Fund — Class Percentage of holdings   Shares   
QuantLarge-Cap Value Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.53%    50,169,361.488 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.32%    37,433,157.999 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.31%    32,524,933.137 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.69%    31,006,524.486 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.56%    28,248,824.853 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.66%    21,170,131.427 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.08%    19,758,128.797 
QuantSmall-Cap Equity Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  70.09%    67,426,907.017 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  15.77%    15,174,152.477 

SSB&T FBO SCHOLARSHARE COLLEGE SAVINGS PLAN C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK, NY 10017-3206

  6.47%    6,226,102.415 
QuantSmall-Cap Equity Fund — Advisor Class   

UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EBOC UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761

  64.52%    42,104.553 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  9.62%    6,279.208 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  8.06%    5,259.571 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  7.10%    4,632.078 
QuantSmall-Cap Equity Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  98.97%    8,301,116.280 

52

Fund — Class Percentage of holdings   Shares   
QuantSmall-Cap Equity Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  48.03%    14,279,246.876 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  46.29%    13,762,403.427 
QuantSmall-Cap Equity Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  15.17%    1,310,755.017 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151

  12.74%    1,100,282.309 
QuantSmall-Cap Equity Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.52%    10,595,038.506 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.32%    7,907,711.596 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.31%    6,870,297.972 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.69%    6,551,836.522 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.55%    5,964,965.360 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.67%    4,475,989.388 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.09%    4,174,774.118 
QuantSmall/Mid-Cap Equity Fund — Institutional Class   

TIAA-CREF MANAGED ALLOCATION II AC ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  38.81%    1,205,165.750 

TIAA-CREF LIFESTYLE MODERATE FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  17.30%    537,280.956 

TIAA-CREF LIFESTYLE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  10.87%    337,515.247 

TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORKNY 10017-3206

  9.90%    307,503.039 

TIAA-CREF LIFESTYLE CONSERVATIVE FD ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  7.50%    232,760.415 

FIFTH THIRD BANK FBOWFT-E-VALUATOR GROWTH RMS FD 38 FOUNTAIN SQUARE PLZ CINCINNATI OH 45202-3191

  5.36%    166,406.904 

53

Fund — Class Percentage of holdings   Shares   
QuantSmall/Mid-Cap Equity Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  80.40%    100,000.000 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  19.60%    24,380.912 
QuantSmall/Mid-Cap Equity Fund — Premier Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  100.00%    100,000.005 
QuantSmall/Mid-Cap Equity Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  98.14%    980,786.883 
QuantSmall/Mid-Cap Equity Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  29.19%    142,147.651 

TIMOTHY J BIGLIN POA FBO MURIEL G BIGLIN 13618 TRADITIONS DR SEMINOLE FL33776-3400

  6.39%    31,142.645 

BERNADETTE PAHOR TTEE BP PROTECTION TRUST UA DTD 02/22/2019 505 LANCASTER ST APT 10D JACKSONVILLEFL 32204-4137

  5.43%    26,455.059 
Quant Small/Mid-Cap Equity Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.52%    10,595,038.506 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.32%    7,907,711.596 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.31%    6,870,297.972 

TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.69%    6,551,836.522 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.55%    5,964,965.360 

TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.67%    4,475,989.388 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.09%    4,174,774.118 

54

Fund — Class Percentage of holdings   Shares   
Small-Cap Blend Index Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  47.02%    50,640,243.363 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  22.55%    24,280,539.468 

SSB&T CO CUST/FBO EDVEST C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  5.35%    5,765,122.903 
Small-Cap Blend Index Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  97.79%    432,840.505 
Small-Cap Blend Index Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  63.41%    23,182,079.184 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  30.35%    11,096,473.454 
Social Choice Equity Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  45.30%    75,260,376.406 

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995

  12.01%    19,946,889.955 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  6.12%    10,159,439.117 

SSB&T FBO SCHOLARSHARE COLLEGE SAVINGS PLAN C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK,NY 10017-3206

  5.61%    9,325,737.389 
Social Choice Equity Fund — Advisor Class   

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  37.45%    402,204.965 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  24.13%    259,116.309 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  14.34%    153,960.482 

55

Fund — Class Percentage of holdings   Shares   
Social Choice Equity Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  90.92%    5,084,000.044 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905

  6.55%    366,492.747 
Social Choice Equity Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  64.48%    18,913,678.850 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  26.54%    7,783,528.544 
Social Choice Equity Fund — Retail Class   

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905

  20.12%    5,292,252.933 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  11.28%    2,967,926.897 

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 499 WASHINGTON BLVD FL 4 JERSEY CITY NJ 07310-1995

  6.69%    1,759,159.844 
Social Choice International Equity Fund — Institutional Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  51.06%    6,102,644.869 

SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989

  27.67%    3,307,271.802 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905

  9.39%    1,122,221.603 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  5.98%    714,531.453 
Social Choice International Equity Fund — Advisor Class   

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  39.46%    36,074.799 

UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EBOC UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761

  17.50%    16,000.820 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  15.64%    14,299.831 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  15.40%    14,074.588 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  11.99%    10,963.419 

56

Fund — Class Percentage of holdings   Shares   
Social Choice International Equity Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  83.29%    103,717.526 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  7.47%    9,302.326 

HEARTLAND BANK AND TRUST COMPANY 0 ASSET MANAGEMENT & TRUST SERVICES 200 WEST COLLEGE AVENUE NORMALIL 61761-2577

  5.67%    7,059.775 
Social Choice International Equity Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  97.46%    1,600,249.413 
Social Choice International Equity Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  30.05%    148,821.335 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151

  21.83%    108,112.207 

KATHERINE M SIMSON POA FBO MARGUERITE B SIMSON TOD SUBJECT TO TOD RULES 663 KERN RD FOWLERVILLE MI 48836-9254

  13.25%    65,602.214 

TD AMERITRADE PO BOX 2226 OMAHA NE 68103-2226

  7.34%    36,335.013 
Social Choice Low Carbon Equity Fund — Institutional Class   

SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989

  39.91%    2,816,840.883 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1905

  33.61%    2,371,661.553 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  12.50%    882,303.913 

BANKERS TRUST CO FBO HUBB & CO 453 7TH STREET DES MOINES IA 50309-4110

  5.19%    366,617.468 

57

Fund — Class Percentage of holdings   Shares   
Social Choice Low Carbon Equity Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  37.46%    26,487.779 

RAYMOND JAMES & ASSOC INC FBO WESTMINSTER PRESBYTERIAN CHURCH 6500 S NORTHSHORE DR KNOXVILLE TN 37919-8636

  25.05%    17,712.972 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  14.66%    10,364.246 

RAYMOND JAMES & ASSOC INC FBO ANGELA HUTCHINS & ALEX HUTCHINS TEN/BY/ENTY 6003 N FLORA VISTA AVE TAMPAFL 33604-6813

  7.85%    5,550.750 

RAYMOND JAMES & ASSOC INC FBO DR JUAN R SANCHEZ-RAMOS & CATHERINE O’NEILL SANCHEZ TEN/BY/ENTY 12303 N 51ST ST TEMPLE TERR FL 33617-1413

  6.73%    4,756.093 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  6.18%    4,367.673 
Social Choice Low Carbon Equity Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  64.19%    109,096.014 

SENTINEL TRUST COMPANY, L.B.A. 0 2001 KIRBY DRIVE, SUITE 1200 HOUSTON TX 77019-6044

  21.10%    35,851.989 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  14.71%    25,000.000 
Social Choice Low Carbon Equity Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  98.59%    6,605,935.215 
Social Choice Low Carbon Equity Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  51.69%    539,731.335 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151

  6.29%    65,654.019 

58

Fund — Class Percentage of holdings   Shares   
S&P 500 Index Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUISMO 63102-2748

  47.97%    55,649,579.073 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  13.36%    15,501,212.114 

SSB&T FBO SCHOLARSHARE COLLEGE SAVINGS PLAN C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK, NY 10017-3206

  13.02%    15,101,355.040 

SSB&T CO CUST/FBO EDVEST C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  11.10%    12,880,146.022 
S&P 500 Index Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  89.85%    1,968,182.933 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  9.65%    211,370.845 
S&P 500 Index Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  50.88%    20,337,437.024 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  34.10%    13,629,794.473 
Bond Fund — Institutional Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  42.99%    56,089,161.422 

SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989

  18.44%    24,066,050.980 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUISMO 63102-2748

  14.58%    19,023,304.287 

SSB&T CO CUST/FBO MESP C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  7.45%    9,716,135.968 
Bond Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  97.14%    88,537,313.685 

59

Fund — Class Percentage of holdings   Shares   
Bond Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUISMO 63102-2748

  89.77%    1,269,801.662 

GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002

  9.31%    131,627.983 
Bond Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  75.90%    14,084,565.751 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUISMO 63102-2748

  11.16%    2,071,388.471 
Bond Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  27.78%    2,456,565.908 
Bond Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  19.32%    70,202,760.438 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  18.63%    67,681,500.563 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  16.12%    58,567,133.267 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.75%    49,961,594.354 

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.59%    34,839,706.329 

TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.52%    34,593,618.126 

TIAA-CREF IMF LIFECYCLE FUND #2010 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  6.34%    23,049,380.943 

60

Fund — Class Percentage of holdings   Shares   
Bond Index Fund — Institutional Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  43.81%    379,129,855.404 

SSB&T CO CUST/FBO MESP C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  14.30%    123,778,149.327 

SSB&T FBO SCHOLARSHARE COLLEGE SAVINGS PLAN C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK, NY 10017-3206

  14.13%    122,281,511.898 

SSB&T CO CUST/FBO EDVEST C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  7.46%    64,518,933.131 

SSB&T CUST/FBO PATH2COLLEGE C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  5.70%    49,361,751.051 
Bond Index Fund — Advisor Class   

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  79.14%    101,457.328 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  12.87%    16,495.209 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORKNY 10017-3207

  7.26%    9,300.598 
Bond Index Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  69.70%    1,435,918.523 

MATRIX TRUST COMPANY TRUSTEE FBO CARMAX, INC. EXECUTIVE DEFERRED COM PO BOX 52129 PHOENIX AZ 85072-2129

  29.81%    614,217.520 
Bond Index Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  78.98%    20,353,049.933 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUISMO 63102-2748

  9.12%    2,351,207.161 
Bond Index Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  33.79%    676,498.795 

61

Fund — Class Percentage of holdings   Shares   
Bond Index Fund — Class W   

TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  19.64%    90,055,131.153 

TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  18.33%    84,052,434.231 

TIAA-CREF LIFECYCLE INDEX 2020 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  17.02%    78,036,792.952 

TIAA-CREF LIFECYCLE INDEX 2035 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.91%    63,780,694.507 

TIAA-CREF LIFECYCLE INDEX 2040 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.83%    45,067,857.997 

TIAA-CREF LIFECYCLE INDEX 2015 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  7.06%    32,361,288.577 
Bond Plus Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  32.08%    37,878,654.597 

TIAA-CREF MANAGED ALLOCATION II AC ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  28.28%    33,389,054.034 

TIAA-CREF LIFESTYLE MODERATE FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.83%    13,968,601.041 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  9.13%    10,780,054.795 

TIAA-CREF LIFESTYLE CONSERVATIVE FD ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  5.78%    6,825,841.141 
Bond Plus Fund — Advisor Class   

UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EBOC UBSFSI 1000 HARBOR BLVD WEEHAWKENNJ 07086-6761

  36.14%    1,279,683.472 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  24.93%    882,914.691 

MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965

  23.49%    832,005.305 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  12.28%    434,815.443 

62

Fund — Class Percentage of holdings   Shares   
Bond Plus Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  86.18%    915,566.925 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  7.24%    76,960.310 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  5.83%    61,936.168 
Bond Plus Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  85.06%    35,648,410.767 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  12.21%    5,116,044.671 
Bond Plus Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  10.58%    2,606,791.097 
Bond Plus Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  19.66%    45,908,797.198 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  18.83%    43,976,905.672 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  16.59%    38,748,094.777 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.18%    30,775,792.414 

TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.59%    22,405,441.522 

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.19%    21,460,879.283 

TIAA-CREF IMF LIFECYCLE FUND #2010 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  6.38%    14,907,655.990 
5–15 Year LadderedTax-Exempt Bond Fund — Institutional Class

 

  

MITRA & CO FBO NG C/O RELIANCE TRUST CO WI 480 PILGRIM WAY — SUITE 1000 GREEN BAY WI 54304-5280

  68.31%    337,980.512 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  17.76%    87,848.098 

SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKSPA 19456-9989

  8.80%    43,528.040 

63

Fund — Class Percentage of holdings   Shares   
5–15 Year LadderedTax-Exempt Bond Fund — Advisor Class   

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  55.17%    11,954.817 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  43.40%    9,404.809 
5–15 Year LadderedTax-Exempt Bond Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  16.45%    4,127,833.191 
Green Bond Fund — Institutional Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  99.74%    2,100,000.000 
Green Bond Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  100.00%    100,000.005 
Green Bond Fund — Premier Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  100.00%    100,000.005 
Green Bond Fund — Retirement Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  54.40%    100,000.000 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORKNY 10004-2413

  45.28%    83,225.100 
Green Bond Fund — Retail Class   

TEACHERS INSURANCE & ANNUITY ASSOC INSURANCE COMPANIES ATTN JANICE CARNICELLI MSC 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  71.96%    100,000.000 

64

Fund — Class Percentage of holdings   Shares   
High-Yield Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  18.33%    54,299,890.067 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCOCA 94105-1905

  14.89%    44,103,720.704 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  12.40%    36,722,120.513 

SSB&T CO CUST/FBO MESP C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  6.83%    20,247,400.265 

SSB&T FBO SCHOLARSHARE COLLEGE SAVINGS PLAN C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK, NY 10017-3206

  6.44%    19,084,977.032 

SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKSPA 19456-9989

  5.55%    16,447,411.918 
High-Yield Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  39.14%    566,111.812 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  35.36%    511,325.900 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  15.19%    219,728.837 

UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EBOC UBSFSI 1000 HARBOR BLVD WEEHAWKENNJ 07086-6761

  6.26%    90,493.026 
High-Yield Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  86.77%    2,431,827.798 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCOCA 94105-1905

  8.76%    245,429.052 
High-Yield Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  74.95%    29,717,512.995 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  13.64%    5,406,486.322 

JPMORGAN CUSTODIAN TIAA-CREF TRUST CO NON ERISA TDA C/O JPMORGAN CHASE BANK ATTN: DC PLAN SERVICE TEAM TIAA 4 NEW YORK PLZ FL 12 NEW YORK NY 10004-2413

  5.25%    2,082,518.274 

65

Fund — Class Percentage of holdings   Shares   
High-Yield Fund — Retail Class   

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151

  40.34%    13,691,574.487 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  8.73%    2,961,929.458 

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 499 WASHINGTON BLVD FL 4 JERSEY CITYNJ 07310-1995

  5.88%    1,996,014.927 
High-Yield Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.85%    6,401,612.095 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  20.25%    6,216,662.680 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  17.04%    5,233,687.163 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.73%    3,909,440.269 

TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  10.35%    3,176,876.638 

TIAA-CREF IMF LIFECYCLE FUND #2010 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  7.02%    2,156,109.168 

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  7.00%    2,147,941.659 
Inflation-Linked Bond Fund — Institutional Class   

SSB&T CO CUST/FBO MESP C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  21.62%    30,532,213.975 

SSB&T FBO SCHOLARSHARE COLLEGE SAVINGS PLAN C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK, NY 10017-3206

  21.26%    30,021,199.026 

SSB&T CO CUST/FBO CHET C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  15.26%    21,557,287.791 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUISMO 63102-2748

  10.34%    14,609,492.783 

SSB&T CUST/FBO PATH2COLLEGE C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK, NY 10017-3206

  8.93%    12,605,769.704 

SSB&T CO CUST/FBO EDVEST C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  7.98%    11,273,171.440 

66

Fund — Class Percentage of holdings   Shares   
Inflation-Linked Bond Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  48.94%    13,036.228 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  33.70%    8,975.933 

RAYMOND JAMES & ASSOC INC FBO MARGARET ANN BRAGG TTEE U/A DTD ANN KAY BRAGG LIVING TRUST PO BOX 338 DEEP GAP NC 28618-0338

  10.19%    2,713.230 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  7.17%    1,910.773 
Inflation-Linked Bond Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  100.00%    269,563.897 
Inflation-Linked Bond Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  90.39%    17,195,556.626 
Inflation-Linked Bond Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  15.84%    1,538,505.684 
Inflation-Linked Bond Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  17.96%    18,471,571.031 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.79%    14,188,432.353 

TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.83%    12,169,838.450 

TIAA-CREF LIFECYCLE INDEX 2020 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  10.70%    11,010,314.979 

TIAA-CREF IMF LIFECYCLE FUND #2010 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.71%    9,989,391.018 

TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.84%    9,094,918.253 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  5.96%    6,128,147.344 

TIAA-CREF LIFECYCLE INDEX 2015 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  5.78%    5,943,637.026 

67

Fund — Class Percentage of holdings   Shares   
Short Duration Impact Bond Fund — Institutional Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  95.63%    2,100,000.000 
Short Duration Impact Bond Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  100.00%    100,000.000 
Short Duration Impact Bond Fund — Premier Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  100.00%    100,000.000 
Short Duration Impact Bond Fund — Retirement Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  67.53%    100,000.000 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  32.47%    48,089.672 
Short Duration Impact Bond Fund — Retail Class   

TEACHERS INSURANCE & ANNUITY ASSOC INSURANCE COMPANIES ATTN JANICE CARNICELLI MSC 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  92.96%    100,000.000 

SUSAN M REEVE 2204 MISTY TRCE KNOXVILLE TN 37919-9121

  6.11%    6,569.007 
Short-Term Bond Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  27.08%    21,599,075.526 

SSB&T CO CUST/FBO EDVEST C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  20.87%    16,644,413.254 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  19.93%    15,894,518.723 

TIAA-CREF LIFESTYLE CONSERVATIVE FD ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  5.99%    4,777,708.643 

SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKSPA 19456-9989

  5.82%    4,645,482.943 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  5.51%    4,390,581.558 

CAPINCO C/O US BANK NA 1555 N RIVERCENTER DR STE 302 MILWAUKEE WI 53212-3958

  5.11%    4,074,715.501 

68

Fund — Class Percentage of holdings   Shares   
Short-Term Bond Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  94.99%    748,214.438 
Short-Term Bond Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  89.56%    623,952.100 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  10.44%    72,733.801 
Short-Term Bond Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  81.46%    9,233,980.961 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  10.21%    1,157,130.245 
Short-Term Bond Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  18.58%    1,984,202.936 
Short-Term Bond Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  27.23%    23,943,333.646 

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  22.74%    19,994,462.298 

TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  17.22%    15,146,944.538 

TIAA-CREF IMF LIFECYCLE FUND #2010 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.80%    12,138,743.432 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  12.59%    11,074,788.247 

TIAA-CREF IMF LIFECYCLE FUND #2234 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  6.41%    5,639,124.688 
Short-Term Bond Index Fund — Institutional Class   

SSB&T CUST/FBO OKLAHOMA CSP C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  72.87%    3,229,411.944 

69

Fund — Class Percentage of holdings   Shares   
Short-Term Bond Index Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  74.27%    64,868.839 

TD AMERITRADE PO BOX 2226 OMAHA NE 68103-2226

  14.24%    12,439.182 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  11.49%    10,039.187 
Short-Term Bond Index Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUISMO 63102-2748

  44.28%    28,560.717 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  38.76%    25,000.000 

INTERACTIVE BROKERS LLC 2 PICKWICK PLAZA GREENWICHCT 06830-5576

  16.95%    10,932.860 
Short-Term Bond Index Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORKNY 10004-2413

  99.79%    5,669,289.930 
Short-Term Bond Index Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  21.66%    58,211.330 

JOEL D KUNTZ KARAN J KUNTZ JT TEN 3910 LAKEVIEW BLVD LAKE OSWEGO OR 97035-5549

  9.24%    24,825.506 

ANN H CROWE TOD SUBJECT TO TOD RULES 369 MEADOW VALLEY RD LEXINGTONKY 40511-8620

  6.16%    16,565.340 

PAUL TESSMER POA FBO KATHLEEN M TESSMER TTEE KATHLEEN M TESSMER FAMILY TRUST UA DTD 02/24/2003 7808 COURTYARD DR MADISONWI 53719-3517

  5.67%    15,242.826 

ALAN C WEINSTEIN TOD SUBJECT TO TOD RULES 16300 VAN AKEN BLVD APT 306 CLEVELAND OH 44120-5308

  5.66%    15,202.225 

ALDA TUFRO 5 POINT LOOKOUT MILFORD CT 06460-7349

  5.53%    14,865.751 

70

Fund — Class Percentage of holdings   Shares   
Short-Term Bond Index Fund — Class W   

TIAA-CREF LIFECYCLE INDEX 2020 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  29.56%    12,598,837.990 

TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  24.42%    10,407,271.594 

TIAA-CREF LIFECYCLE INDEX 2015 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  15.96%    6,801,285.317 

TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  11.25%    4,795,209.623 

TIAA-CREF LIFECYCLE INDEX 2010 FUND ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  10.03%    4,274,050.283 

TIAA-CREF LIFECYCLE INDX RET INC FD ATTN: JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.79%    3,747,372.632 
Social Choice Bond Fund — Institutional Class   

SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKSPA 19456-9989

  16.23%    34,185,479.025 

NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995

  15.82%    33,330,877.090 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUISMO 63102-2748

  14.52%    30,573,905.739 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA94105-1905

  13.25%    27,904,396.163 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  8.88%    18,712,630.257 
Social Choice Bond Fund — Advisor Class   

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  56.31%    34,056,170.674 

MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965

  22.13%    13,384,261.040 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  10.45%    6,319,135.436 
Social Choice Bond Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  90.97%    3,254,469.641 

71

Fund — Class Percentage of holdings   Shares   
Social Choice Bond Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  82.54%    39,721,905.891 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  7.05%    3,394,877.446 

JPMORGAN CUSTODIAN TIAA-CREF TRUST CO NON ERISA TDA C/O JPMORGAN CHASE BANK ATTN: DC PLAN SERVICE TEAM TIAA 4 NEW YORK PLZ FL 12 NEW YORK NY 10004-2413

  5.02%    2,415,060.074 
Social Choice Bond Fund — Retail Class   

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCOCA 94105-1905

  31.51%    5,419,740.962 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  15.45%    2,656,881.618 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  8.64%    1,486,084.521 
Emerging Markets Debt Fund — Institutional Class   

SSB&T CO CUST/FBO MESP C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  32.39%    808,241.030 

PERSHING LLC P. O. BOX 2052 JERSEY CITY NJ 07303-2052

  21.45%    535,109.838 

CAPINCO C/O US BANK NA 1555 N RIVERCENTER DR STE 302 MILWAUKEE WI 53212-3958

  18.78%    468,643.195 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  6.61%    165,021.178 

FIFTH THIRD BANK FBOWFT-E-VALUATOR MODERATE RMS FD 38 FOUNTAIN SQUARE PLZ CINCINNATI OH 45202-3191

  6.04%    150,592.544 

FIFTH THIRD BANK FBOWFT-E-VALUATOR GROWTH RMS FD 38 FOUNTAIN SQUARE PLZ CINCINNATI OH 45202-3191

  5.46%    136,156.268 
Emerging Markets Debt Fund — Advisor Class   

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  22.50%    183,242.019 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  20.78%    169,206.598 

UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EBOC UBSFSI 1000 HARBOR BLVD WEEHAWKENNJ 07086-6761

  19.10%    155,530.218 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGOCA 92150-9046

  16.21%    131,981.173 

72

Fund — Class Percentage of holdings   Shares   
Emerging Markets Debt Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  73.27%    68,540.859 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  26.73%    25,000.000 
Emerging Markets Debt Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  98.78%    1,579,202.892 
Emerging Markets Debt Fund — Retail Class   

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA94105-1905

  71.98%    1,597,634.991 

E*TRADE SAVINGS BANK FBO #75 PO BOX 6503 ENGLEWOOD CO 80155-6503

  12.36%    274,253.391 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  5.50%    122,076.747 
Emerging Markets Debt Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  18.88%    8,269,400.851 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  17.74%    7,770,306.172 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  16.32%    7,146,709.817 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.51%    5,918,265.899 

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  10.73%    4,699,317.544 

TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  8.99%    3,938,620.339 

TIAA-CREF IMF LIFECYCLE FUND #2010 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  5.97%    2,616,470.504 
International Bond Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  98.05%    63,648.532 
International Bond Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  78.45%    10,274.669 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  21.55%    2,821.857 

73

Fund — Class Percentage of holdings   Shares   
International Bond Fund — Premier Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORKNY 10017-3207

  100.00%    10,285.132 
International Bond Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  98.54%    545,157.055 
International Bond Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  39.38%    44,008.590 

ROBERT P STICCA CELESTE A STICCA JT TEN 1230 5TH ST N FARGO ND 58102-2715

  7.05%    7,880.114 

UMB BANK NA CUST IRA FBO RHONDA L DODSON 12008 CHERIE DR AUSTIN TX 78758-2210

  6.25%    6,983.617 
International Bond Fund — Class W   

TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  19.68%    7,635,697.969 

TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  18.80%    7,293,840.642 

TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  16.60%    6,438,378.193 

TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  13.18%    5,113,186.347 

TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.57%    3,713,267.221 

TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  9.19%    3,566,523.949 

TIAA-CREF IMF LIFECYCLE FUND #2010 ATTN JANICE CARNICELLI MSC 730/07/01 730 3RD AVE NEW YORK NY 10017-3206

  6.39%    2,478,401.538 
Money Market Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  61.24%    433,680,192.768 

SSB&T CO CUST/FBO EDVEST C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  9.83%    69,635,516.020 

SSB&T CO CUST/FBO CHET C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  7.16%    50,675,649.290 

74

Fund — Class Percentage of holdings   Shares   
Money Market Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  93.34%    1,401,644.330 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  6.66%    100,006.460 
Money Market Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  34.98%    24,203,169.220 

BB&T SECURITIES, LLC SUB 001 A/C 4467-9541 8006 DISCOVERY DR RICHMONDVA 23229-8600

  19.81%    13,706,288.900 

BB&T SECURITIES, LLC SUB 001 A/C 5411-2964 8006 DISCOVERY DR RICHMONDVA 23229-8600

  5.83%    4,030,409.000 

BB&T SECURITIES, LLC SUB 001 A/C 3880-4791 8006 DISCOVERY DR RICHMONDVA 23229-8600

  5.44%    3,761,118.580 
Money Market Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  48.68%    99,293,883.190 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUISMO 63102-2748

  27.01%    55,100,135.950 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  18.77%    38,288,710.400 
Real Estate Securities Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUISMO 63102-2748

  38.90%    36,739,499.287 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  19.13%    18,068,225.074 

SSB&T FBO SCHOLARSHARE COLLEGE SAVINGS PLAN C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MAIL STOP 730/16/30 NEW YORK, NY 10017-3206

  17.80%    16,808,511.176 

SSB&T CO CUST/FBO EDVEST C/O TFI B MCCROSSAN/D MEDINA-SUSTACHE 730 3RD AVE MSC 730/16/30 NEW YORK,NY 10017-3206

  6.21%    5,865,408.975 

75

Fund — Class Percentage of holdings   Shares   
Real Estate Securities Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  51.98%    228,480.431 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  23.72%    104,240.691 

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226

  14.45%    63,532.564 
Real Estate Securities Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  95.67%    3,934,522.096 
Real Estate Securities Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  73.07%    18,022,334.539 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  19.84%    4,892,031.970 
Real Estate Securities Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  12.19%    1,845,186.085 

CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4151

  11.78%    1,784,336.101 
Lifecycle Retirement Income Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  69.87%    11,950,407.627 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  24.48%    4,186,917.050 
Lifecycle Retirement Income Fund — Advisor Class   

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  38.53%    10,113.577 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORKNY 10017-3207

  35.90%    9,423.628 

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  25.58%    6,714.264 
Lifecycle Retirement Income Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  92.68%    2,371,073.367 

VRSCO FBO AIGFSB CUST TTEE FBO ROGER WILLIAMS UNIV 403B2727-A ALLEN PARKWAY,4-D1 HOUSTONTX 77019-2107

  6.04%    154,524.452 

76

Fund — Class Percentage of holdings   Shares   
Lifecycle Retirement Income Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  69.46%    11,167,914.238 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  25.19%    4,050,117.574 
Lifecycle Retirement Income Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  26.03%    2,716,745.814 
Lifecycle 2010 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  83.98%    51,338,169.808 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  14.08%    8,605,212.102 
Lifecycle 2010 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  79.69%    9,386.123 

PERSHING LLC PO BOX 2052 JERSEY CITYNJ 07303-2052

  20.31%    2,392.344 
Lifecycle 2010 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  99.36%    10,047,268.336 
Lifecycle 2010 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  48.27%    13,770,474.683 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  36.41%    10,384,949.248 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  13.31%    3,795,976.582 

77

Fund — Class Percentage of holdings   Shares   
Lifecycle 2015 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  80.52%    91,222,387.104 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  15.57%    17,641,558.680 
Lifecycle 2015 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORKNY 10017-3207

  79.71%    10,643.603 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  20.29%    2,708.559 
Lifecycle 2015 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  98.06%    18,022,981.592 
Lifecycle 2015 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  47.82%    22,290,241.764 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  40.71%    18,974,054.508 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  8.38%    3,907,470.122 
Lifecycle 2020 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  77.76%    180,631,662.010 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  17.11%    39,752,090.167 
Lifecycle 2020 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORKNY 10017-3207

  51.03%    10,478.008 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  48.97%    10,054.695 

78

Fund — Class Percentage of holdings   Shares   
Lifecycle 2020 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  98.34%    40,654,676.199 
Lifecycle 2020 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  55.54%    46,160,964.242 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  34.52%    28,690,638.449 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  6.37%    5,290,665.099 
Lifecycle 2025 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  78.26%    221,553,287.620 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  16.31%    46,167,731.073 
Lifecycle 2025 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORKNY 10017-3207

  83.03%    10,472.577 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  9.71%    1,224.482 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  7.26%    915.677 
Lifecycle 2025 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  97.68%    48,459,838.811 
Lifecycle 2025 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  58.80%    52,170,192.889 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  31.43%    27,887,684.357 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  5.45%    4,837,976.920 

79

Fund — Class Percentage of holdings   Shares   
Lifecycle 2030 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  78.66%    223,597,602.534 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  16.59%    47,157,567.161 
Lifecycle 2030 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORKNY 10017-3207

  89.29%    10,545.453 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  10.71%    1,265.447 
Lifecycle 2030 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  97.81%    50,211,063.156 
Lifecycle 2030 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  62.59%    51,041,470.398 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  27.58%    22,490,648.840 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  5.11%    4,167,693.640 
Lifecycle 2035 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  79.54%    228,387,764.025 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  16.55%    47,515,518.554 
Lifecycle 2035 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORKNY 10017-3207

  95.53%    10,528.061 
Lifecycle 2035 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  97.90%    53,963,506.378 

80

Fund — Class Percentage of holdings   Shares   
Lifecycle 2035 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  67.30%    49,104,788.588 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  25.22%    18,401,279.556 
Lifecycle 2040 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  79.94%    271,002,777.145 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  17.00%    57,630,654.744 
Lifecycle 2040 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORKNY 10017-3207

  80.05%    10,520.119 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  19.95%    2,622.006 
Lifecycle 2040 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  98.78%    67,676,479.292 
Lifecycle 2040 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  73.23%    62,775,980.921 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  21.58%    18,498,713.584 
Lifecycle 2045 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  76.57%    123,469,281.563 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  19.61%    31,614,981.075 

81

Fund — Class Percentage of holdings   Shares   
Lifecycle 2045 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  100.00%    9,795.808 
Lifecycle 2045 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  98.75%    36,152,337.380 
Lifecycle 2045 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  72.93%    37,028,082.363 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  22.12%    11,233,852.222 
Lifecycle 2050 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  70.48%    74,734,489.610 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  26.23%    27,810,790.981 
Lifecycle 2050 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  100.00%    9,806.236 
Lifecycle 2050 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  98.69%    26,396,718.588 
Lifecycle 2050 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  75.15%    25,277,219.593 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  20.43%    6,873,006.564 
Lifecycle 2055 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  76.72%    22,643,043.688 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  17.80%    5,253,497.252 

82

Fund — Class Percentage of holdings   Shares   
Lifecycle 2055 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  100.00%    8,731.596 
Lifecycle 2055 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  99.65%    9,888,709.809 
Lifecycle 2055 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  76.29%    8,707,050.803 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  18.87%    2,154,253.916 
Lifecycle 2060 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  76.23%    5,477,229.968 

TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206

  17.29%    1,242,338.304 
Lifecycle 2060 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  97.03%    10,000.000 
Lifecycle 2060 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  99.06%    1,634,244.056 
Lifecycle 2060 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  65.48%    1,558,894.471 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  29.36%    699,114.459 

83

Fund — Class Percentage of holdings   Shares   
Lifecycle Index Retirement Income Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  29.89%    6,301,247.663 

PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST PL 940 OAKLAND COUNTY 401(A) 2100 PONTIAC LAKE ROAD WATERFORD MI 48328-2762

  21.24%    4,477,031.829 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  5.72%    1,204,781.523 
Lifecycle Index Retirement Income Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  70.25%    7,840.583 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  21.52%    2,402.191 

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  8.22%    917.505 
Lifecycle Index Retirement Income Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  63.62%    1,318,213.206 

STATE STREET BANK & TRUST CO. FBO VARIOUS RETIREMENT PLANS 200 CLARENDON STREET BOSTON MA 02116-5021

  24.70%    511,782.609 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  8.31%    172,238.309 
Lifecycle Index Retirement Income Fund — Retirement Class   

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  22.52%    543,422.966 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  19.22%    463,827.714 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  17.00%    410,337.178 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  15.19%    366,529.741 

STATE OF FLORIDA EMPLOYEES DEFERRED COMP PLAN FBO PARTICIPATING EMPLOYEES C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029

  13.88%    335,095.379 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  6.19%    149,491.856 

84

Fund — Class Percentage of holdings   Shares   
Lifecycle Index 2010 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  71.95%    15,959,253.076 
Lifecycle Index 2010 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  100.00%    7,469.170 
Lifecycle Index 2010 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  51.45%    1,124,645.610 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  24.82%    542,457.195 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORKNY 10004-2413

  18.28%    399,562.774 

STATE STREET BANK & TRUST CO. FBO VARIOUS RETIREMENT PLANS 200 CLARENDON STREET BOSTON MA 02116-5021

  5.34%    116,779.536 
Lifecycle Index 2010 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  54.59%    2,520,320.567 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  22.33%    1,030,952.546 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  10.08%    465,525.627 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  5.98%    275,932.690 
Lifecycle Index 2015 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  62.33%    25,779,866.849 

NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029

  5.64%    2,333,163.473 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLGCO 80111-5002

  5.63%    2,327,592.336 

85

Fund — Class Percentage of holdings   Shares   
Lifecycle Index 2015 Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  65.18%    7,239.510 

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  34.82%    3,867.521 
Lifecycle Index 2015 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  62.65%    3,779,197.053 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  19.34%    1,166,591.682 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  14.88%    897,284.723 
Lifecycle Index 2015 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  54.53%    4,562,785.114 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  18.08%    1,512,861.584 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  11.97%    1,001,657.158 

STATE OF FLORIDA EMPLOYEES DEFERRED COMP PLAN FBO PARTICIPATING EMPLOYEES C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029

  5.46%    457,081.021 
Lifecycle Index 2020 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  51.78%    50,598,959.598 

NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029

  7.11%    6,946,752.201 
Lifecycle Index 2020 Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  72.90%    30,794.110 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  16.57%    6,998.975 

CBNA AS CUSTODIAN FBO GRUPO CARMELO SAVINGS & INVESTMENT 6 RHOADS DRIVE STE 7 UTICA NY 13502-6317

  10.53%    4,449.904 

86

Fund — Class Percentage of holdings   Shares   
Lifecycle Index 2020 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  66.23%    10,279,377.406 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  21.05%    3,267,977.383 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  11.00%    1,706,633.418 
Lifecycle Index 2020 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  41.52%    7,977,726.637 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  24.47%    4,700,912.984 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  17.05%    3,275,050.223 

STATE OF FLORIDA EMPLOYEES DEFERRED COMP PLAN FBO PARTICIPATING EMPLOYEES C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029

  6.35%    1,220,512.741 
Lifecycle Index 2025 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  50.25%    60,131,428.854 

NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029

  7.98%    9,544,959.757 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLGCO 80111-5002

  6.57%    7,863,880.242 
Lifecycle Index 2025 Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  50.62%    28,717.752 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  34.06%    19,320.087 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  11.99%    6,800.283 

87

Fund — Class Percentage of holdings   Shares   
Lifecycle Index 2025 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  67.31%    12,819,993.927 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  21.10%    4,019,450.566 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  9.86%    1,878,672.857 
Lifecycle Index 2025 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  40.09%    9,429,557.879 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  27.41%    6,447,274.322 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  18.96%    4,460,653.762 
Lifecycle Index 2030 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  51.99%    64,584,782.047 

NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029

  6.85%    8,506,535.346 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  5.25%    6,516,106.935 
Lifecycle Index 2030 Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  81.31%    58,181.431 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  9.47%    6,774.710 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  9.22%    6,599.882 
Lifecycle Index 2030 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  69.76%    12,254,592.171 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  14.46%    2,540,667.966 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  12.81%    2,251,219.799 

88

Fund — Class Percentage of holdings   Shares   
Lifecycle Index 2030 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  39.82%    8,608,472.695 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  29.77%    6,434,731.993 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  16.86%    3,643,842.877 
Lifecycle Index 2035 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  57.82%    62,445,552.735 

NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029

  6.84%    7,385,833.665 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  6.24%    6,735,502.621 
Lifecycle Index 2035 Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  81.13%    43,260.068 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  12.06%    6,431.586 
Lifecycle Index 2035 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  66.94%    10,424,671.722 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  16.79%    2,615,327.521 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL32246-6484

  14.61%    2,274,928.639 
Lifecycle Index 2035 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  42.21%    7,868,027.702 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  28.39%    5,291,301.760 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  17.95%    3,346,237.314 

89

Fund — Class Percentage of holdings   Shares   
Lifecycle Index 2040 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  64.61%    73,955,852.569 

NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029

  5.63%    6,439,568.127 
Lifecycle Index 2040 Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  76.33%    79,027.544 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  12.94%    13,394.777 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  6.14%    6,355.394 
Lifecycle Index 2040 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  74.45%    10,001,514.181 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  13.49%    1,812,117.733 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  8.85%    1,188,832.346 
Lifecycle Index 2040 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  45.49%    7,867,154.607 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  26.59%    4,597,581.754 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  16.22%    2,805,279.653 
Lifecycle Index 2045 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  60.94%    44,496,208.789 

NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029

  6.60%    4,819,750.471 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  6.01%    4,391,255.906 

90

Fund — Class Percentage of holdings   Shares   
Lifecycle Index 2045 Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  61.58%    35,954.054 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  23.85%    13,924.308 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  10.94%    6,387.880 
Lifecycle Index 2045 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  82.42%    8,263,333.580 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  9.10%    912,694.487 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  7.37%    738,887.375 
Lifecycle Index 2045 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  44.77%    5,430,856.801 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  26.15%    3,172,555.038 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  18.17%    2,203,519.099 
Lifecycle Index 2050 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  57.52%    30,744,248.345 

NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029

  5.97%    3,190,637.792 
Lifecycle Index 2050 Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  82.90%    49,798.043 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  10.64%    6,391.965 

CBNA AS CUSTODIAN FBO GRUPO CARMELO SAVINGS & INVESTMENT 6 RHOADS DRIVE STE 7 UTICA NY 13502-6317

  6.46%    3,882.913 

91

Fund — Class Percentage of holdings   Shares   
Lifecycle Index 2050 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  80.21%    6,447,687.826 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  10.74%    862,992.610 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL32246-6484

  7.93%    637,638.261 
Lifecycle Index 2050 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  39.18%    4,051,627.248 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  28.62%    2,958,953.830 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  19.67%    2,034,165.609 
Lifecycle Index 2055 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  48.38%    13,266,770.192 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  9.04%    2,477,594.278 

NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029

  7.87%    2,157,099.766 
Lifecycle Index 2055 Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  81.60%    38,034.197 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  17.25%    8,040.193 
Lifecycle Index 2055 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  84.53%    3,094,310.878 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484

  9.96%    364,453.276 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  5.32%    194,808.362 

92

Fund — Class Percentage of holdings   Shares   
Lifecycle Index 2055 Fund — Retirement Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  29.41%    1,829,327.061 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  28.87%    1,795,796.691 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  22.83%    1,420,107.675 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  9.33%    580,385.806 
Lifecycle Index 2060 Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  27.72%    2,499,819.848 

NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029

  16.58%    1,495,644.297 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  6.72%    605,722.169 

DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001

  5.97%    538,726.689 
Lifecycle Index 2060 Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  71.71%    33,755.967 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  21.24%    10,000.000 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  7.05%    3,318.038 
Lifecycle Index 2060 Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  66.99%    471,996.019 

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLEFL 32246-6484

  15.44%    108,756.936 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  14.69%    103,505.515 

93

Fund — Class Percentage of holdings   Shares   
Lifecycle Index 2060 Fund — Retirement Class   

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  38.59%    808,105.235 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  20.15%    421,975.960 

AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  19.67%    411,972.350 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  11.47%    240,222.605 

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  7.04%    147,475.078 
Lifestyle Income Fund — Institutional Class   

SEI PRIVATE TRUST COMPANY C/OTIAA-SWP 1 FREEDOM VALLEY DRIVE OAKSPA 19456-9989

  44.68%    348,643.864 

SAXON & CO. FBO20-01-302-9912426 VI OMNIBUS ACCOUNT VICA P.O. BOX 7780-1888 PHILADELPHIA PA 19182-0001

  14.84%    115,804.955 

ASCENSUS TRUST COMPANY FBO JESCAR PROFIT SHARING PLAN 237843 P.O. BOX 10758 FARGO ND 58106-0758

  11.07%    86,366.267 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  9.41%    73,460.216 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  9.34%    72,848.149 
Lifestyle Income Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  94.53%    9,459.709 

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  5.47%    547.100 
Lifestyle Income Fund — Premier Class   

TD AMERITRADE TRUST COMPANY CO#00K6X P.O. BOX 17748 DENVER CO 80217-0748

  65.94%    48,311.924 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  27.30%    20,000.000 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  6.77%    4,958.900 

94

Fund — Class Percentage of holdings   Shares   
Lifestyle Income Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  91.74%    1,291,333.535 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  6.26%    88,167.506 
Lifestyle Income Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  45.20%    1,977,316.277 
Lifestyle Conservative Fund — Institutional Class   

SEI PRIVATE TRUST COMPANY C/OTIAA-SWP 1 FREEDOM VALLEY DRIVE OAKSPA 19456-9989

  24.32%    542,501.703 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  18.77%    418,774.910 

MATRIX TRUST COMPANY CUST. FBO ENVOY CHOICE IRA 717 17TH STREET SUITE 1300 DENVER CO 80202-3304

  9.76%    217,592.842 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  7.85%    175,185.061 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  6.69%    149,273.500 
Lifestyle Conservative Fund — Advisor Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  34.72%    10,722.510 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  28.43%    8,779.678 

RAYMOND JAMES & ASSOC INC FBO RICHARD M HESSLER & ANNE HESSLER JT/WROS 411 WESTMOUNT AVE COLUMBIA MO 65203-3466

  16.36%    5,052.315 

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAULMN 55101-2099

  13.96%    4,311.251 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  6.53%    2,018.186 
Lifestyle Conservative Fund — Premier Class   

STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901

  52.41%    29,859.018 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  35.11%    20,000.000 

TD AMERITRADE TRUST COMPANY CO#00K6X P.O. BOX 17748 DENVER CO 80217-0748

  9.86%    5,615.587 

95

Fund — Class Percentage of holdings   Shares   
Lifestyle Conservative Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  94.57%    3,441,873.636 
Lifestyle Conservative Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  55.32%    7,140,917.542 
Lifestyle Moderate Fund — Institutional Class   

SEI PRIVATE TRUST COMPANY C/OTIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA19456-9989

  46.80%    1,360,262.993 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  17.58%    510,929.133 

VOYA INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY B3N WINDSORCT 06095-4773

  9.77%    283,994.132 

GREAT-WEST TRUST COMPANY LLC FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002

  5.65%    164,293.676 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  5.06%    146,953.774 
Lifestyle Moderate Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAULMN 55101-2099

  63.86%    33,216.758 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  15.78%    8,208.272 

RAYMOND JAMES & ASSOC INC FBO BRUCE P STRAUSS 2415 STRATTON DR POTOMAC MD 20854-6228

  13.14%    6,834.087 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  6.56%    3,411.012 
Lifestyle Moderate Fund — Premier Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  27.53%    20,309.237 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  27.11%    20,000.000 

STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901

  26.11%    19,261.226 

TD AMERITRADE TRUST COMPANY CO#00K6X P.O. BOX 17748 DENVER CO 80217-0748

  19.25%    14,196.955 

96

Fund — Class Percentage of holdings   Shares   
Lifestyle Moderate Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  94.01%    6,462,950.745 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  5.27%    362,146.145 
Lifestyle Moderate Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  64.75%    10,307,357.371 
Lifestyle Growth Fund — Institutional Class   

SEI PRIVATE TRUST COMPANY C/OTIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989

  32.91%    756,473.754 

STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901

  16.72%    384,352.253 

ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET, NE WASHINGTON DC 20002-4240

  14.61%    335,740.638 

VOYA INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY B3N WINDSOR CT06095-4773

  6.52%    149,957.272 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  5.24%    120,471.882 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  5.04%    115,772.321 
Lifestyle Growth Fund — Advisor Class   

MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2099

  40.09%    9,423.782 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  33.23%    7,811.777 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  17.54%    4,123.935 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  9.14%    2,148.089 
Lifestyle Growth Fund — Premier Class   

STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901

  59.26%    62,806.190 

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  18.87%    20,000.000 

TD AMERITRADE TRUST COMPANY CO#00K6X P.O. BOX 17748 DENVER CO 80217-0748

  18.72%    19,844.108 
Lifestyle Growth Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  91.84%    2,554,913.392 

97

Fund — Class Percentage of holdings   Shares   
Lifestyle Growth Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  57.00%    3,351,985.535 
Lifestyle Aggressive Growth Fund — Institutional Class   

SEI PRIVATE TRUST COMPANY C/OTIAA-SWP 1 FREEDOM VALLEY DRIVE OAKSPA 19456-9989

  17.79%    287,575.456 

MATRIX TRUST COMPANY CUST. FBO WEGMAN, HESSLER AND VANDERBURG401(K 717 17TH STREET SUITE 1300 DENVER CO 80202-3304

  10.47%    169,248.298 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  9.99%    161,535.991 

VOYA INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY, B3N WINDSOR CT 06095-4773

  9.91%    160,174.991 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  6.97%    112,601.673 

AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368

  6.18%    99,910.608 

STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901

  5.04%    81,470.068 
Lifestyle Aggressive Growth Fund — Advisor Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  75.06%    7,538.059 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  17.74%    1,781.717 

LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046

  7.20%    722.568 
Lifestyle Aggressive Growth Fund — Premier Class   

TEACHERS INSURANCE & ANNUITY ASSOC ATTN JANICE CARNICELLI MAIL STOP 730/07/01 730 THIRD AVE NEW YORK NY 10017-3207

  85.10%    20,000.000 

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  14.71%    3,456.136 
Lifestyle Aggressive Growth Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  91.58%    2,505,864.650 
Lifestyle Aggressive Growth Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  51.75%    1,639,396.601 

98

Fund — Class Percentage of holdings   Shares   
Managed Allocation Fund — Institutional Class   

TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 N BROADWAY STE 1000 SAINT LOUIS MO 63102-2748

  77.12%    1,160,085.312 

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  7.46%    112,239.706 

STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901

  5.99%    90,074.705 
Managed Allocation Fund — Retirement Class   

JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413

  92.31%    5,311,068.597 
Managed Allocation Fund — Retail Class   

PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052

  9.79%    5,992,228.444 

Annual Reports

reports

If you would like a free copy ofto see the Institutional Funds’ most recent semi-annualTIAA-CREF Funds semiannual and annual reports, you can visit the TIAA-CREF web siteTIAA website at www.tiaa-cref.orgwww.tiaa.org/prospectuses, or use our on-lineonline request form to request mailed versions. Alternatively, youorder print versions electronically. You can also call 1 -800-842-2776800-842-2252 or write to usthe TIAA-CREF Funds at 730 Third Avenue, New York, New York 10017-3206, Attention: Imaging Services. These reports are furnished to request copies of these documents.Shareholders without charge.

23


EXHIBIT A99

INVESTMENT MANAGEMENT AGREEMENT FOR TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

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THIS AGREEMENT is made this [___] day of [__], 2006, by and between TIAA-CREF Institutional Mutual Funds (the “Trust”), a Delaware statutory trust, and Teachers Advisors, Inc. (the “Advisor”), a Delaware corporation.

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WHEREAS, Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and currently consists of several series divided into various classes (listed on Appendix A hereto), and may consist of additional series or classes in the future (collectively, the “Funds”);

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WHEREAS, Advisor is engaged principally in the business of rendering investment advisory and management services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”);

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WHEREAS, Trust desires to retain Advisor to render investment advisory and management services to the Funds, in the manner and on the terms and conditions set forth in this Agreement;

WHEREAS, Advisor is willing to provide investment advisory and management services to the Funds in the manner and on the terms and conditions set forth in this Agreement;

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, Trust and Advisor hereby agree as follows:

1.  Appointment.

Trust hereby appoints Advisor to act as the Funds’ investment adviser and manager for the periods and on the terms set forth herein. Advisor hereby accepts the appointment as investment adviser and manager, and agrees, subject to the supervision of the board of trustees of Trust (the “Board”), to furnish the services and assume the obligations set forth in this Agreement for the compensation provided for herein.

2.  Generally.

(a) As the Funds’ investment adviser and manager, Advisor shall be subject to: (1) the restrictions of the Declaration of Trust of Trust, as amended from time to time; (2) the provisions of the 1940 Act and the Advisers Act; (3) the statements relating to the Funds’ investment objectives, investment policies and investment restrictions as set forth in the currently effective (and as amended from time to time) registration statement of Trust under the Securities Act of 1933, as amended (the “1933 Act”), and the 1940 Act; (4) any applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”); and such other limitations as Trust shall communicate to Advisor in writing.

A-1


(b) Advisor shall, for all purposes herein, be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent Trust or a Fund in any way or otherwise be deemed an agent of Trust or a Fund.

(c) Advisor shall, for purposes of this Agreement, have and exercise full investment discretion and authority to act as agent for the Funds in buying, selling or otherwise disposing of or managing the Funds’ investments, directly or through sub-advisers, subject to supervision by the Board.

3.  Investment Advisory Services

(a) Advisor shall provide the Funds with such investment research, advice and supervision as Advisor may from time to time consider necessary or appropriate for the proper management of the assets of each Fund, shall furnish continuously an investment program for each Fund, shall determine which securities or other investments shall be purchased, sold or exchanged and what portions of each Fund shall be held in the various securities or other investments or cash, and shall take such steps as are necessary to implement an overall investment plan for each Fund, including providing or obtaining such services as may be necessary in managing, acquiring or disposing of securities, cash or other investments.

(b) Trust has furnished or will furnish Advisor with copies of Trust’s registration statement and Declaration of Trust, as currently in effect and agrees during the continuance of this Agreement to furnish Advisor with copies of any amendments or supplements thereto before or at the time the amendments or supplements become effective. Advisor will be entitled to rely on all documents furnished by Trust.

(c) Advisor shall take, on behalf of each Fund, all actions that it deems necessary to implement the investment policies of such Fund, and in particular, to place all orders for the purchase or sale of portfolio investments for the account of each Fund with brokers, dealers, futures commission merchants or banks selected by Advisor. Advisor also is authorized as the agent of Trust to give instructions to any service provider serving as custodian of the Funds as to deliveries of securities and payments of cash for the account of each Fund. In selecting brokers or dealers and placing purchase and sale orders with respect to assets of a Fund, Advisor is directed at all times to seek to obtain best execution within the policy guidelines determined by the Board and set forth in the current registration statement. Subject to this requirement and the provisions of the 1940 Act, the Advisers Act, the Securities Exchange Act of 1934, as amended (the “1934 Act”), and other applicable provisions of law, Advisor may select brokers or dealers that are affiliated with Advisor or Trust.

(d) Consistent with Advisor’s obligation to provide best execution, Advisor may also take into consideration research and statistical information, wire, quotation and other services provided by brokers and dealers to Advisor. Advisor is also authorized to effect individual securities transactions at commission rates in excess of the minimum

A-2



commission rates available, if Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage, research and other services provided by such broker or dealer, viewed in terms of either that particular transaction or Advisor’s overall responsibilities with respect to each Fund. The policies with respect to brokerage allocation, determined from time to time by the Board are those disclosed in the currently effective registration statement. Advisor will periodically evaluate the statistical data, research and other investment services provided to it by brokers and dealers. Such services may be used by Advisor in connection with the performance of its obligations under this Agreement or in connection with other advisory or investment operations including using such information in managing its own accounts.

(e) As part of carrying out its obligations to manage the investment and reinvestment of the assets of each Fund consistent with the requirements under the 1940 Act, Advisor shall:

(1)  Perform research and obtain and analyze pertinent economic, statistical, and financial data relevant to the investment policies of each Fund as set forth in Trust’s registration statement;

(2)  Consult with the Board and furnish to the Board recommendations with respect to an overall investment strategy for each Fund for review by the Board;

(3)  Seek out and implement specific investment opportunities, consistent with any investment strategies approved by the Board;

(4)  Take such steps as are necessary to implement any overall investment strategies approved by the Board for each Fund, including making and carrying out day-to-day decisions to acquire or dispose of permissible investments, managing investments and any other property of the Fund, and providing or obtaining such services as may be necessary in managing, acquiring or disposing of investments;

(5)  Regularly report to the Board with respect to the performance of the Funds, the implementation of any approved overall investment strategy and any other activities in connection with management of the assets of each Fund;

(6)  Maintain all required books, accounts, records, memoranda, instructions or authorizations with respect to the investment-related activities of the Funds;

(7)  Furnish any personnel, office space, equipment and other facilities necessary for the investment-related activities of the Funds;

(8)  Provide the Funds with such accounting or other data concerning the Funds’ investment-related activities as shall be necessary or required to

A-3



prepare and to file all periodic financial reports or other documents required to be filed with the Securities and Exchange Commission and any other regulatory entity;

(9)  Assist in determining each business day the net asset value of the shares of each Fund in accordance with applicable law; and

(10)  Enter into any written investment advisory or investment sub-advisory contract with another affiliated or unaffiliated party, subject to any approvals required by Section 15 of the 1940 Act, pursuant to which such party will carry out some or all of Advisor’s responsibilities (as specified in such investment advisory or investment sub-advisory contract) listed above.

4.  General Management Services.

(a) Advisor shall manage or supervise all aspects of the Funds’ operations, including transfer agency, dividend disbursing, legal, accounting, administrative and shareholder services. These services may be provided by Advisor or by third-party service providers, such as custodians, transfer agents and fund administrators. Advisor’s general management services shall include, but not be limited to:

(1)  Supervising the performance of custodians, transfer agents, fund administrators, and other persons in any capacity deemed to be necessary to a Fund’s operations;

(2)  Furnishing or overseeing the furnishing of any personnel, office space, equipment and other facilities necessary for the non-investment-related operations of the Fund;

(3)  Calculating or monitoring the calculation of the net asset value of each Fund at such times and in such manner as specified in Trust’s current registration statement and at such other times upon which the parties hereto may from time to time agree;

(4)  Providing or overseeing the provision of customary accounting and auditing services for registered investment companies and their series, including portfolio accounting, dividend and distribution determinations, and the calculation and preparation of any financial information or schedules, for Trust and the Funds;

(5)  Preparing and filing or supervising the preparation and filing of all federal, state, and local tax returns and reports relating to each Fund;

(6)  Preparing and filing or supervising the preparation and filing of any documents required to be filed on behalf of Trust or the Funds with the Securities Exchange Commission and/or other federal, state and local authorities as may be required by applicable law, including proxy

A-4



materials, registration statements and post-effective amendments thereto, shareholder reports, and Rule 24f-2 notices;

(7)  Preparing and filing or supervising the preparation and filing of notices to qualify the Funds’ shares to be offered in such states;

(8)  Maintaining or overseeing the maintenance of such non-investment activity-related books and records of the Funds as may be required by applicable law;

(9)  Providing or overseeing the organization and recordkeeping for meetings of the Board, including preparing such materials and reports and making its officers and employees available to the Board for consultation and discussions regarding the operations and management of the Funds;

(10)  Developing and implementing or overseeing the development and implementation of a program to monitor Trust’s and the Funds’ compliance with regulatory requirements and the Funds’ own limitations and public statements; and

(11)  Supervising or providing any other services necessary for the ordinary operation of Trust and the Funds.

(b)  Nothing in this Agreement shall be deemed to diminish the obligations of any agent of Trust or other person not a party to this Agreement that is obligated to provide services to the Funds.

5.  Allocation of Charges and Expenses.

(a)  Advisor. Advisor assumes the expense of and shall pay for the performance of its investment-related obligations under Section 3 of the Agreement, including the fees payable to any investment adviser or sub-adviser engaged pursuant to Section 3(e)(10) of this Agreement, and its operational oversight obligations under Section 4 of this Agreement, but Advisor does not assume any of the expense of and shall not pay for any Fund’s direct operational expenses (as detailed in Section 5(b)). Advisor shall at its own expense provide the office space, equipment and facilities that is necessary to provide the investment-related and operational oversight services described under Sections 3 and 4, respectively, of this Agreement, and shall pay all compensation of officers of Trust and all trustees of Trust who are affiliated persons of Advisor, except as otherwise specified in this Agreement.

(b)  Fund. Except as provided in Section 5(a), each Fund shall bear all of its operational expenses including, but not limited to: compensation of Advisor under this Agreement, custodian fees; transfer agent fees; pricing costs (including the daily calculation of net asset value); fund accounting fees; legal fees; expenses of shareholders’ and/or trustees’ meetings; cost of printing and mailing shareholder reports

A-5



and proxy statements; maintenance of non-investment-related books and records, compliance program development and implementation costs, costs of preparing, printing and mailing registration statements and updated prospectuses to current shareholders; costs in connection with the registration or qualification of shares with federal and state securities authorities and the continued qualification of shares for sale; expenses of all audits by Trust’s independent accountants, costs of preparing and filing reports with regulatory bodies; costs of the maintenance of Trust’s fidelity bond required by Section 17(g) of the 1940 Act, or other insurance premiums; the fees of any trade association of which the Funds are members; fees and expenses of trustees who are not “interested persons” (as such term is defined in the 1940 Act) of Trust (the “disinterested trustees”); brokerage commissions, dealer markups and other expenses incurred in the acquisition or disposition of any securities or other investments; costs, including the interest expense, of borrowing money; preparing and filing tax returns, the payment of any taxes; and extraordinary expenses (including extraordinary litigation expenses and extraordinary consulting expenses).

(c)  Allocation Procedures. At least annually, within 60 days of the Trust’s fiscal year end, or more frequently at the request of the Board, Advisor will submit to the Board for review and approval at the Board’s next regularly-scheduled meeting, the allocations of all charges and expenses covered by this Section 5 and the methodology and rationale therefore, including all such allocations between the Trust and Advisor and between and among the Funds.

6.  Compensation of Advisor.

(a)  For the services rendered, the facilities furnished and expenses assumed by Advisor, the Fund shall pay to Advisor at the end of each calendar month an annualized fee calculated as a percentage of the average value of the net assets each day for each Fund during that month at the annual rates set forth at Appendix A hereto.

(b)  Advisor’s fee shall be accrued daily proportionately at 1/365th (1/366th for a leap year) of the applicable annual rate set forth above. For the purpose of accruing compensation, the net assets of each Fund shall be determined in the manner and on the dates set forth in the Declaration of Trust or the current registration statement of Trust and, on days on which the net assets are not so determined, the net asset value computation to be used shall be as determined on the immediately preceding day on which the net assets were determined.

(c)  In the event of termination of this Agreement, all compensation due through the date of termination will be calculated on a pro-rated basis through the date of termination and paid within fifteen business days of the date of termination.

(d)  During any period when the determination of net asset value is suspended, the net asset value of a Fund as of the last business day prior to such suspension shall for this purpose be deemed to be the net asset value at the close of each succeeding business day until it is again determined.

A-6


7.  Limitation of Liability.

(a)  Advisor shall not be liable for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the management of Trust or any Fund, except (i) for willful misfeasance, bad faith or negligence in the performance of its duties or by reason of reckless disregard of its obligations and duties hereunder, and (ii) to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty with respect to the receipt of compensation.

(b)  Advisor is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Declaration of Trust and agrees that obligations assumed by Trust or each Fund pursuant to this Agreement shall be limited in all cases to Trust or that Fund and its respective assets. Advisor agrees that it shall not seek satisfaction of any such obligation from the shareholders of Trust, nor from the trustees, officers, employees or agents of Trust.

8.  Activities of Advisor.

(a)  The services of Advisor are not deemed to be exclusive, and Advisor is free to render services to others, so long as Advisor’s services under this Agreement are not impaired. It is understood that trustees, officers, employees and shareholders of Trust are or may become interested persons of Advisor, as directors, officers, employees and shareholders or otherwise, and that directors, officers, employees and shareholders of Advisor are or may become similarly interested persons of Trust, and that Advisor may become interested in Trust or the Funds as a shareholder or otherwise.

(b)  It is agreed that Advisor may use any supplemental investment research obtained for the benefit of the Funds in providing investment advice to its other investment advisory accounts. Advisor or its affiliates may use such information in managing their own accounts. Conversely, such supplemental information obtained by the placement of business for Advisor or other entities advised by Advisor will be considered by and may be useful to Advisor in carrying out its obligations to the Funds.

(c)  Nothing in this Agreement shall preclude the aggregation of orders for the sale or purchase of securities or other investments by two or more Funds or by the Funds and other mutual funds, separate accounts, or other accounts (collectively, “Advisory Clients”) managed by Advisor, provided that:

(1)  Advisor’s actions with respect to the aggregation of orders for multiple Advisory Clients, including the Funds, are consistent with the then-current positions in this regard taken by the Securities and Exchange Commission or its staff through releases, “no-action” letters, or otherwise; and

(2)  Advisor’s policies with respect to the aggregation of orders for multiple Advisory Clients have been previously submitted and periodically approved by the Board of Trustees.

A-7


(d)  Neither Advisor, nor any of its directors, officers, or personnel, nor any person, firm, or corporation controlling, controlled by, or under common control with it shall act as a principal or receive any commission as agent in connection with the purchase or sale of assets for a Fund, except as may be permitted under applicable law.

9.  Books and Records.

(a)  Advisor hereby undertakes and agrees to maintain, in the form and for the period required by Rule 31a-2 and Rule 2a-7 under the 1940 Act, all records that are required to be maintained by Trust pursuant to the requirements of Rule 31a-1 and Rule 2a-7 of the 1940 Act.

(b)  Advisor agrees that all books and records which it maintains for Trust are the property of Trust and further agrees to surrender promptly to Trust any such books, records or information upon Trust’s request. All such books and records shall be made available, within five business days of a written request, to Trust’s accountants or independent registered public accounting firm during regular business hours at Advisor’s offices. Trust or its authorized representative shall have the right to copy any records in the possession of Advisor that pertain to Trust or the Funds. Such books, records, information or reports shall be made available to properly authorized government representatives consistent with state and federal law and/or regulations. In the event of the termination of this Agreement, all such books, records or other information shall be returned to Trust free from any claim or assertion of rights by Advisor.

(c)  Advisor further agrees that it will not disclose or use any records or information obtained pursuant to this Agreement in any manner whatsoever except as authorized in this Agreement and that it will keep confidential any information obtained pursuant to this Agreement and disclose such information only if Trust has authorized such disclosure, or if such disclosure is required by federal or state regulatory authorities.

10.  Duration and Termination of this Agreement.

(a)  This Agreement shall not become effective with respect to a Fund unless and until it is approved by the Board, including a majority of trustees who are not parties to this Agreement or interested persons of any such party, and by the vote of a majority of the outstanding voting shares of such Fund. This Agreement shall come into full force and effect on the date that it is so approved, provided that it shall not become effective as to any subsequently created Fund until it has been approved by the Board specifically for such Fund. As to each Fund, the Agreement shall continue in effect for two years from the date on which it becomes effective and shall thereafter continue in effect from year to year so long as such continuance is specifically approved for such Fund at least annually by: (i) the Board, or by the vote of a majority of the outstanding voting shares of such Fund; and (ii) a majority of those trustees who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval.

A-8


(b)  This Agreement may be terminated at any time as to any Fund or to all Funds, without the payment of any penalty, by the Board or by vote of a majority of the outstanding voting shares of the applicable Fund, or by Advisor, on 60 days’ written notice to the other party. If this Agreement is terminated only with respect to one or more, but less than all, of the Funds, or if a different investment adviser is appointed with respect to a new Fund, the Agreement shall remain in effect with respect to the remaining Fund(s).

(c)  This Agreement shall automatically terminate in the event of its assignment.

11.  Amendments of this Agreement. This Agreement may be amended as to each Fund only in accordance with the provisions of the 1940 Act.

12.  Definitions of Certain Terms. The terms “assignment,” “affiliated person,” “interested person,” and “majority of the outstanding voting shares” when used in this Agreement, shall have the respective meanings specified in the 1940 Act.

13.  Governing Law. This Agreement shall be construed in accordance with laws of the State of New York, and applicable provisions of the 1940 Act, the Advisers Act, and the 1934 Act.

14.  Severability. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

15.  Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall be deemed one instrument.

16.  Notices. All notices and other communications provided for hereunder shall be in writing and shall be delivered by hand or mailed first class, postage prepaid, addressed as follows:

(a)  
LOGO If to Trust or the Funds —
TIAA-CREF Institutional Mutual Funds


730 Third Avenue

New York, New YorkNY 10017-3206
Attention: []


(b)  

 If to Advisor —
Teachers Advisors, Inc.
730 Third Avenue
New York, New York 10017-3206
Attention: Scott Evans

A-9


or to such other address as Trust or Advisor shall designate by written notice to the other.

17.  Miscellaneous. Captions in this Agreement are included for convenience or reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

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IN WITNESS WHEREOF, Trust and Advisor have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers on the day and year first above written.

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

By:Attest:
Title:Title:

TEACHERS ADVISORS, INC.

By:Attest:
Title:Title:

A-11


APPENDIX A

International Equity Fund
Real Estate Securities Fund

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
$0.0 – $1.0   LOGO

0.50%  
Over $1.0 – $2.5

TIAA-CREF Funds-State-2019

 

A11031 (6/19)

EVERY VOTE IS IMPORTANT

  0.48%EASYVOTING OPTIONS:        
Over $2.5 – $4.0
  LOGO  0.46%  
Over $4.0  

VOTE ON THE INTERNET

Log on to:

www.proxy-direct.com

or scan the QR code

Follow the on-screen instructions

available 24 hours

  0.44%  

Growth & Income Fund
Large-Cap Value Fund

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
$0.0 – $1.0LOGO    0.45%  

VOTE BY PHONE

Call 1-800-337-3503

Follow the recorded instructions

available 24 hours

Over $1.0 – $2.5
  LOGO  0.43%  
Over $2.5 – $4.0  

VOTE BY MAIL

Vote, sign and date this Proxy

Card and return in the

postage-paid envelope

Please detach at perforation before mailing.

LOGO

  0.41%  
Over $4.00.39%  

Mid-Cap Growth Fund
Mid-Cap Value Fund
Small-Cap Equity Fund

TIAA-CREF Funds

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
$0.0 – $0.50.48%  
Over $0.5 – $0.750.46%  
Over $0.75 – $1.000.44%  
Over $1.00.42%  

High-Yield Bond Fund

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
$0.0 – $1.00.35%  
Over $1.0 – $2.50.34%  
Over $2.5 – $4.00.33%  
Over $4.00.32%  

Bond Fund
Bond Plus Fund
Inflation-Linked Bond Fund
Tax-Exempt Bond Fund

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
$0.0 – $1.00.30%  
Over $1.0 – $2.50.29%  
Over $2.5 – $4.00.28%  
Over $4.00.27%  


Short-Term Bond Fund

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
$0.0 – $1.00.25%  
Over $1.0 – $2.50.24%  
Over $2.5 – $4.00.23%  
Over $4.00.22%  

Large-Cap Growth Index Fund
Large-Cap Value Index Fund
Equity Index Fund
S&P 500 Index Fund
Mid-Cap Growth Index Fund
Mid-Cap Value Index Fund
Mid-Cap Blend Index Fund
Small-Cap Growth Index Fund
Small-Cap Value Index Fund
Small-Cap Blend Index Fund
International Equity Index Fund

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
All Assets0.04%  

Social Choice Equity Fund

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
All Assets0.15%  

Managed Allocation Fund

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
All Assets0.00%  

Money Market Fund

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
All Assets0.10%  

Lifecycle Fund — 2010 Fund
Lifecycle Fund — 2015 Fund
Lifecycle Fund — 2020 Fund
Lifecycle Fund — 2025 Fund
Lifecycle Fund — 2030 Fund
Lifecycle Fund — 2035 Fund
Lifecycle Fund — 2040 Fund

Assets Under
Management (Billions)
Fee Rate
(average daily
net assets)
All Assets0.10%  

A-12


EXHIBIT B

Information Regarding Directors and Principal Officer
of the Advisor

Name and Address
Position
with the
Advisor
Principal
Occupation
Scott C. Evans
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206		Director, President and Chief Executive OfficerDirector Executive Vice President and Chief Investment Officer

Special Meeting of TIAA and the TIAA-CREF Funds; President and Chief Executive Officer of Investment Management and Advisors; and Director of TIAA-CREF Life.

Erwin W. Martens
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206		DirectorExecutive Vice President, Risk Management, of TIAA and the TIAA-CREF Funds; Director of Services, TPIS, Tuition Financing and TIAA-CREF Life; and Manager of Investment Management .
Russell Noles
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206		DirectorVice President and Acting Chief Financial Officer of TIAA and the TIAA-CREF Funds; Vice President of Advisors, TPIS, Tuition Financing and Investment Management and Services; Director of TPIS, Tuition Financing; and Manager of Investment Management and Services.

B-1


EXHIBIT C

Information on Comparable Funds Advised by the Advisor

Name of Fund
   
Net Assets1
   
Rate of
Compensation2 3
   
Waivers or
Reimbursements
TIAA-CREF Life Funds
International Equity Fund		            $  67,421,09 3    0.29%    None
TIAA-CREF Life Funds
Large-Cap Value Fund		            $   46,798,075    0.24%    None
TIAA-CREF Life Funds
Small-Cap Equity Fund		            $  44,533,07 5    0.10%    None
TIAA-CREF Life Funds
Real Estate Securities Fund		            $  70,526,236    0.25%    None
TIAA-CREF Life Funds
Stock Index Fund		            $148,771,428    0.06%    None
TIAA-CREF Life Funds
Social Choice Equity Fund		            $  30,470,7 08    0.07%    None
TIAA-CREF Life Funds Bond Fund            $  64,789,534    0.10%    None
TIAA-CREF Life Funds
Money Market Fund		            $  36,492,989    0.06%    None
TIAA-CREF Mutual Funds
International Equity Fund		            $399,140,221    0.49%    None
TIAA-CREF Mutual Funds
Social Choice Equity Fund		            $148,804,368    0.27%    None
TIAA-CREF Mutual Funds
Equity Index Fund		            $360,658,540    0.26%    None
TIAA-CREF Mutual Funds
Money Market Fund		            $608,215,538    0.29%    None
TIAA-CREF Mutual Funds
Bond Plus Fund		            $484,665,116    0.30%    None
TIAA Separate Account VA-1            $916,074,668    0.30%    Waived down to 0.07%
 

1
As of September 30, 2005.

2
As a percentage of average daily net assets.

3
The fees paidShareholders to the Advisor by the Funds in this chart are unitary fees and include expenses other than management fees.

C-1


EXHIBIT D

Advisor’s Caps on “Other Expenses” for Retirement
and Institutional Class Shares

   
Institutional Class
   
Retirement Class
International Equity Fund            0.10%    0.30%
Large-Cap Value Fund            0.05%    0.30%
Small-Cap Equity Fund            0.07%    0.30%
Social Choice Equity Fund            0.05%    0.33%
Real Estate Securities Fund            0.05%    0.31%
Bond Fund            0.05%    —
Inflation-Linked Bond Fund            0.05%    —
Money Market Fund            0.05%    —
 

Advisor’s Caps on “Total Expenses” for Retail Class Shares

Retail Class
Large-Cap Value Fund0.80%  
Small-Cap Equity Fund0.85%  
Real Estate Securities Fund0.90%  
Inflation-Linked Bond Fund0.50%  

D-1


EXHIBIT E

Service Agreement Payments
(for the 12 months ended September 30, 2005)

Fund/Class
   
   
Current Fees
   
Pro Forma Fees *
   
% Decrease
International Equity Fund            — Institutional Class    $180,589    $             0    –100%
International Equity Fund            — Retirement Class    $531,918    $391,146    –26.47%
Large-Cap Value Fund            — Institutional Class    $  53,059    $             0    –100%
Large-Cap Value Fund            — Retirement Class    $428,744    $315,253    –26.47%
Large-Cap Value Fund            — Retail Class    $536,385    $             0    –100%
Small-Cap Equity Fund            — Institutional Class    $  33,477    $             0    –100%
Small-Cap Equity Fund            — Retirement Class    $ 511,653    $376,215    –26.47%
Small-Cap Equity Fund            — Retail Class    $127,306    $             0    –100%
Social Choice Equity Fund            — Institutional Class    $  20,414    $             0    –100%
Social Choice Equity Fund            — Retirement Class    $133,822    $  98,399    –26.47%
Real Estate Securities Fund            — Institutional Class    $  81,135    $             0    –100 %
Real Estate Securities Fund            — Retirement Class    $420,519    $30 9 ,205    –26.47%
Real Estate Securities Fund            — Retail Class    $468,077    $             0    –100%
Bond Fund            — Institutional Class    $477,032    $             0    –100%
Inflation-Linked Bond Fund            — Institutional Class    $112,088    $             0    –100%
Inflation-Linked Bond Fund            — Retail Class    $127,877    $             0    –100%
Money Market Fund            — Institutional Class    $  56,794    $             0    –100%
 
*   Since a new Retirement Class Service Agreement would replace the current Service Agreement if the new investment management arrangements are approved, this column reflects th at pro forma payments will be made by the Retirement Class only, since the Institutional Class and Retail Class would no longer be subject to a Service Agreement.

E-1


EXHIBIT F

The Trustees considered the following specific factors (among others) during their determination to approve the new investment management agreement for each Fund listed below. Note that for purposes of this discussion, if a Fund is in the “first” quintile, it is in the best of five groups (i.e., the group has the best performance, or the lowest expenses, as the case may be).

Large-Cap Value Fund

•    The Fund’s new management fees would be in the first quintile of its Expense Universe (ranking 14 out of 96 funds).

•    The Fund outperformed its benchmark for the one-year and since inception periods ended 12/31/04.

•    For the one-year period ended 12/31/04, the Fund was in the first quintile of its Performance Universe (ranking 20 out of 470 funds). (The Fund has not been in operation for three years.)

•    The Advisor earned a modest profitheld on the Fund for the one-year period ended 12/31/04.

Small-Cap Equity Fund
July 17, 2019

•    The Fund’s new management fees would be in the first quintile of its Expense Universe (ranking 5 out of 115 funds).

•    For the one-year period ended 12/31/04, the Fund was in the second quintile of its Performance Universe (ranking 198 out of 560 funds). (The Fund has not been in operation for three years.)

•    The Fund outperformed its benchmark for the one-year and since inception periods ended 12/31/04.

•    The Advisor earned a modest profit on the Fund for the one-year period ended 12/31/04.

F-1


Social Choice Equity Fund

•    The Fund’s new management fees would be in the first quintile of its Expense Universe (ranking 3 out of 93 funds).

•    The Fund outperformed its benchmark for the one-, three- and five-year periods ended 12/31/04, underperformed its benchmark since inception through 12/31/04.

•    For the one-year period ended 12/31/04, the Fund was in the second quintile of its Performance Universe (ranking 229 out of 697 funds).

•    For the three- and five-year periods ended 12/31/04, the Fund was in the third quintile of its Performance Universe (ranking 203 out of 501 funds and 202 out of 338 funds, respectively).

•    The Fund received an Overall Morningstar Rating of three stars for the period
ended 12/31/04.

•    The Advisor had a net loss on the Fund for the one-year period ended 12/31/04.

Real Estate Securities Fund

•    The Fund’s new management fees would be in the first quintile of its Expense Universe (ranking 8 out of 40 funds).

•    The Fund slightly underperformed its benchmark for the one-year period and outperformed its benchmark in the three-year period.

•    For the one-year period ended 12/31/04, the Fund was in the third quintile of its Performance Universe (ranking 88 out of 211 funds). (The Fund has not been in operation for three years.)

•    The Advisor had a net loss on the Fund for the one-year period ended 12/31/04.

F-2


International Equity Fund

•    The Fund’s new management fees would be in the first quintile of its Expense Universe (ranking 14 out of 155 funds).

•    The Fund underperformed its benchmark for the one- and five-year periods, and outperformed its benchmark for the three-year and since inception periods.

•    For the one-year period ended 12/31/04, the Fund was in the third quintile of its Performance Universe (ranking 151 out of 263 funds).

•    For the three-year period ended 12/31/04, the Fund was in the second quintile of its Performance Universe. (ranking 58 out of 226 funds)

•    For the five-year period ended 12/31/04, the Fund was in the fourth quintile of its Performance Universe. (ranking 101 out of 162 funds)

•    The Fund received an Overall Morningstar Rating of three stars for the period ended 12/31/04.

•    The Advisor had a net loss on the Fund for the one-year period ended 12/31/04.

Inflation-Linked Bond Fund

•    The Fund’s new management fees would be in the third quintile of its Expense Universe (ranking 6 out of 10 funds).

•    The Fund slightly underperformed its benchmark for the one-year and since inception periods.

•    For the one-year period ended 12/31/04, the Fund was in the second quintile of its Performance Universe (ranking 12 out of 54 funds). (The Fund has not been in operation for three years.)

•    The Advisor had a net loss on the Fund for the one-year period ended 12/31/04.

F-3


Bond Fund

•    The Fund’s new management fees would be in the first quintile of its Expense Universe (ranking 24 out of 121 funds).

•    The Fund slightly underperformed its benchmark for the one-year period and outperformed its benchmark in the three-year, five-year and since inception periods.

•    For the one-year period ended 12/31/04, the Fund was in the second quintile of its Performance Universe (ranking 149 out of 458 funds).

•    For the three- and five-year periods ended 12/31/04, the Fund was in the first quintile of its Performance Universe (ranking 64 out of 379 funds and 46 out of 268 funds).

•    The Fund received an Overall Morningstar Rating of four stars for the period
ended 12/31/04.

•    The Advisor had a net loss on the Fund for the one-year period ended 12/31/04.

Money Market Fund

•    The Fund’s new management fees would be in the first quintile of its Expense Universe (ranking 12 of 249 funds).

•    The Fund outperformed its benchmark for the one-year, three-year, five-year and since inception periods.

•    For the one, three- and five-year periods ended 12/31/04, the Fund was in the first quintile of its Performance Universe (ranking 14 out of 295 funds; 31 out of 254 funds; and 37 out of 197 funds, respectively).

•    The Advisor had a net loss on the Fund for the one-year period ended 12/31/04.

F-4


EXHIBIT G

Principal Holders of Fund Shares

The following is a list of all shareholders known by Institutional Funds to own of record or beneficially 5% or more of any class of any of the Funds, as of September 30, 2005:

SEI Private Trust Company
One Freedom Valley Drive
Oaks, PA 19456

*  The following shares are held for the benefit of clients of TIAA-CREF Trust Company, FSB. If any customer individually owns 5% or more of a class of a Fund, they are also reported separately below under their names.

Fund/Class
   
Percent of
Holdings
   
Shares
Large-Cap Value Fund — Institutional Class            12.53%      1,882,845.94
Real Estate Securities Fund — Institutional Class            33.73%      5,617,222.09
Inflation-Linked Bond Fund — Institutional Class            13.39%      4,075,740.52
Small-Cap Equity Fund — Institutional Class            52.44%      3,862,086.47
International Equity Fund — Institutional Class            31.03%    17,020,809.68
Social Choice Equity Fund — Institutional Class            64.41%      7,213,361.96
Bond Fund — Institutional Class            22.78%    32,834,354.46
 

TIAA-CREF Trust Company, FSB
One Metropolitan Square
211 North Broadway, Suite 1000
St. Louis, MO 63102

Fund/Class
   
Percent of
Holdings
   
Shares
International Equity Fund — Institutional Class            23.64%    12,979,586.48
Social Choice Equity Fund — Institutional Class            26.94%    3,045,397.13
Inflation-Linked Bond Fund — Institutional Class            14.37%    4,375,123 . 55
Bond Fund — Institutional Class            19.20%    27,678,960.22
Large-Cap Value Fund — Institutional Class            14.20%    2,149,063.30
Real Estate Securities Fund — Institutional Class            35.04%    5,837,500.70
Small-Cap Equity Fund — Institutional Class            53.26%    3,922,787.39
 

*  The majority of these shares are held for the benefit of clients of the Trust Company by SEI and are included in the ownership totals for SEI noted above. The Trust Company holds these shares in a fiduciary capacity for its clients and has investment discretion over them.

G-1


California Golden State ScholarShare College Savings Trust (529 Plan)
CA State Treasurer’s Office
915 Capitol Mall, Room 110
Sacramento, CA 95814

Fund/Class
   
Percent of
Holdings
   
Shares
Large-Cap Value Fund — Institutional Class            41.36%    6,215,621.77
Small-Cap Equity Fund — Institutional Class            14.39%    1,059,578.02
International Equity Fund — Institutional Class            8.56%    4,699,694.04
Social Choice Equity Fund — Institutional Class            39.99%    4,519,935.14
Money Market Fund — Institutional Class            25.45%    51,054,241.70
 

CHET (529 Plan)
Office of the Treasurer
55 Elm Street
Hartford, CT 06106

Fund/Class
   
Percent of
Holdings
   
Shares
Large-Cap Value Fund — Institutional Class            12.17%      1,828,895.85
Money Market Fund — Institutional Class            13.71%    27,500,327.73
 

Michigan Education Savings Program (529 Plan)
Executive Director — Met
Director of Treasury
PO Box 30198
Lansing, MI 48909

Fund/Class
   
Percent of
Holdings
   
Shares
Inflation-Linked Bond Fund — Institutional Class            10.75%      3,271,876.40
Small-Cap Equity Fund — Institutional Class            15.65%      1,152,339.75
International Equity Fund — Institutional Class            8.22%      4,509,793.16
Money Market Fund — Institutional Class            21.32%    42,761,807.91
 

G-2


Missouri Saving for Tuition Program (529 Plan)
Missouri’s State Treasurer’s Office
Capitol Building, Room 229
201 West Capitol Avenue
Jefferson City, MO 65101

Fund/Class
   
Percent of
Holdings
   
Shares
Large-Cap Value Fund — Institutional Class            24.61%      3,698,829.90
Real Estate Securities Fund — Institutional Class            7.65%      1,274,942.51
Small-Cap Equity Fund — Institutional Class            9.23%         679,669.40
International Equity Fund — Institutional Class            6.04%      3,316,068.70
Money Market Fund — Institutional Class            13.42%    26,920,088.95
 

Teachers Insurance and Annuity Association of American
(a New York stock life insurance company)
730 Third Avenue
New York, NY 10017

Fund/Class
   
Percent of
Holdings
   
Shares
Real Estate Securities Fund — Retail Class            9.68%    1,080,538.10
 

TIAA-CREF Managed Allocation Fund
730 Third Avenue
New York, NY 10017

Fund/Class
   
Percent of
Holdings
   
Shares
Large-Cap Value Fund — Retail Class            65.66%    7,911,938.61
Small-Cap Equity Fund — Retail Class            23.41%    1,067,809.27
 

JPMorgan Retirement Plans Program
c/o JPMorgan Chase Bank
Attn: DC Plan Service Team
3 Metrotech Ctr.
Brooklyn, NY 11245-0001

Fund/Class
   
Percent of
Holdings
   
Shares
International Equity Fund — Retirement Class              9.20%    1,718,761.11
Large-Cap Value Fund — Retirement Class              9.00%       992,090.99
Real Estate Securities Fund — Retirement Class            12.18%    1,249,347.11
Small-Cap Equity Fund — Retirement Class            11.67%    1,265,613.41
 

G-3


TIAA-CREF Individual & Institutional Services, Inc.
For the Exclusive Benefit of Customers
730 Third Avenue
New York, NY 10017

Fund/Class
   
Percent of
Holdings
   
Shares
Social Choice Equity Fund — Retirement Class            95.77%      4,759,535.32
International Equity Fund — Retirement Class            90.79%    16,958,743.95
Large-Cap Value Fund — Retirement Class            91.00%    10,029,357.04
Real Estate Securities Fund — Retirement Class            87.69%      8,993,040.37
Small-Cap Equity Fund — Retirement Class            88.33%      9,582,123.26
 

*  These shares generally are held

This Proxy is solicited on behalf of retirement plan participants. Nonethe Board of these participants individually owns 5% or more of a class of a Fund.


G-4


Notes


Retail IMF
Trustees

 

A110 75 ( 11 /05)


P.O. BOX 9132
HINGHAM, MA 02043-9132		THREE EASY WAYS TO VOTE YOUR PROXY.
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       IF YOU VOTE BY TELEPHONE OR INTERNET, DO NOT MAIL YOUR CARD.   

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS PROXY
SOLICITED BY THE BOARD OF TRUSTEES

By signing this form, I authorize WillardRoger W. Ferguson, Jr., Phillip T. Carleton, E. Laverne Jones,Rollock, and Maceo K. Sloan,Mona Bhalla, singly or together, with power of substitution in each, to represent me and cast my vote at the TIAA-CREF Institutional Mutual Funds’ special meeting to be held on January 25, 2006 at 2:00 p.m. at 730 Third Avenue, New York, New York,Funds Special Meeting of Shareholders, and any adjournment or postponement thereof. They will vote as I instruct.If no directions are given, or if the instructions are contradictory, the proxies will vote (i) FOR the approvalelection of a new investment management agreement.all listed nominees; and (ii) at their discretion on any other matters that may properly come before the meeting, and any adjournment or postponement thereof.The TIAA-CREF Funds Special Meeting of Shareholders will be held on Wednesday, July 17, 2019, at 1:00 p.m. at TIAA’s NYC Office, 730 Third Ave., New York 10017.

Date _______________________, 200_


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When signing as attorney, executor, administrator, trustee, guardian, or corporate officer, please indicate your full name and title.
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 Please fill in box(es) as shown using black or blue ink or number 2 pencil.      X          
PLEASE DO NOT USE FINE POINT PENS.

Unless you have voted by Internet or telephone, please sign and date this ballot on the reverse side and return it in the enclosed postage-paid envelope to MIS, the Fund’s tabulator, at 60 Research Road, Hingham, MA 02043. MISComputershare, PO BOX 808001, Louisville, KY 40233-9888. Computershare has been engaged to tabulate ballots returned by mail to preserve the confidentiality of your ballot. If you vote by Internet or phone, your vote authorizes the proxies named on the front of your proxy card to cast your votes in the same manner as if you marked, signed, and returned your card. All votes cast by Internet, phone, or proxy card must be received by 4:00 p.m. (eastern time) on January 24, 2006. If you vote via the Internet or phone, please do NOT mail back your proxy card.

The Board of Trustees Recommends a Vote FOR the proposal.

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TCF_30640_051419

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FUNDSFUNDSFUNDS
5-15 Year Laddered Tax-Exempt FundBond FundBond Index Fund
Bond Plus FundEmerging Markets Debt FundEmerging Markets Equity Fund
Emerging Markets Equity Index FundEquity Index FundGreen Bond Fund
Growth & Income FundHigh-Yield FundInflation-Linked Bond Fund
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TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:☒

The Board of Trustees recommends a vote FORProposal 1.

  A  

 Proposal

1.     Election of Trustee Nominees (or, if any nominee is not available for election, such substitute as the Board of Trustees may designate):
☐ To vote FOR all Nominees  ☐ To vote AGAINST all Nominees  ☐ To vote to ABSTAIN for all Nominees; or vote separately by Nominee  below:
FORAGAINSTABSTAINFORAGAINSTABSTAINFORAGAINSTABSTAIN
01   Forrest Berkley☐☐☐02 Joseph A. Boateng☐☐☐03 Janice C. Eberly☐☐☐
04   Nancy A. Eckl☐☐☐05 Michael A. Forrester☐☐☐06 Howell E. Jackson☐☐☐
07   Thomas J. Kenny☐☐☐08 James M. Poterba☐☐☐09 Maceo K. Sloan☐☐☐
10   Laura T. Starks☐☐☐

  B  

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TIAA-CREF Funds

Special Meeting of Shareholders to be held on July 17, 2019

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P.O. BOX 9132
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TIAA-CREF INSTITUTIONAL MUTUAL FUNDS PROXY
SOLICITED BY THE BOARD OF TRUSTEES

By signing this form, I authorize WillardRoger W. Ferguson, Jr., Phillip T. Carleton, E. Laverne Jones,Rollock, and Maceo K. Sloan,Mona Bhalla, singly or together, with power of substitution in each, to represent me and cast my vote at the TIAA-CREF Institutional Mutual Funds’ special meeting to be held on January 25, 2006 at 2:00 p.m. at 730 Third Avenue, New York, New York,Funds Special Meeting of Shareholders, and any adjournment or postponement thereof. They will vote as I instruct.If no directions are given, or if the instructions are contradictory, the proxies will vote (i) FOR the approvalelection of a new investment management agreement.all listed nominees; and (ii) at their discretion on any other matters that may properly come before the meeting, and any adjournment or postponement thereof.The TIAA-CREF Funds Special Meeting of Shareholders will be held on Wednesday, July 17, 2019, at 1:00 p.m. at TIAA’s NYC Office, 730 Third Ave., New York 10017.

Date _______________________, 200_


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Date _______________________, 200_


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Please fill in box(es) as shown using black or blue ink or number 2 pencil.      X          
PLEASE DO NOT USE FINE POINT PENS.

Unless you have voted by Internet or telephone, please sign and date this ballot on the reverse side and return it in the enclosed postage-paid envelope to MIS, the Fund’s tabulator, at 60 Research Road, Hingham, MA 02043. MISComputershare, PO BOX 808001, Louisville, KY 40233-9888. Computershare has been engaged to tabulate ballots returned by mail to preserve the confidentiality of your ballot. If you vote by Internet or phone, your vote authorizes the proxies named on the front of your proxy card to cast your votes in the same manner as if you marked, signed, and returned your card. All votes cast by Internet, phone, or proxy card must be received by 4:00 p.m. (eastern time) on January 24, 2006. If you vote via the Internet or phone, please do NOT mail back your proxy card.

The Board of Trustees Recommends a Vote FOR the proposal.

VOTE VIA THE INTERNET: www.proxy-direct.com

VOTE VIA THE TELEPHONE: 1-800-337-3503

               

PLEASE SIGN AND DATE ON THE REVERSE SIDE

TCF_30640_051419

EVERY VOTE IS IMPORTANT

Important Notice Regarding the Availability of Proxy Materials for the

TIAA-CREF Funds Special Meeting of Shareholders to be held on July 17, 2019

The Proxy Statement for this Meeting is Available at:

https://www.proxy-direct.com/tia-30640

IF YOU VOTE ON THE INTERNET OR BY TELEPHONE,

YOU NEED NOT RETURN THIS PROXY CARD

FUNDSFUNDSFUNDS
Lifecycle Index 2030 FundLifecycle Index 2035 FundLifecycle Index 2040 Fund
Lifecycle Index 2045 FundLifecycle Index 2050 FundLifecycle Index 2055 Fund
Lifecycle Index 2060 FundLifecycle Index Retirement FundLifecycle Retirement Income Fund
Lifestyle Aggressive Growth FundLifestyle Conservative FundLifestyle Growth Fund
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Mid-Cap Growth FundMid-Cap Value FundMoney Market Fund
Quant International Equity FundQuant International Small-Cap Equity FundQuant Large-Cap Growth Fund
Quant Large-Cap Value FundQuant Small/Mid-Cap Equity FundQuant Small-Cap Equity Fund
Real Estate Securities FundS&P 500 Index FundShort Duration Impact Bond Fund
Short-Term Bond FundShort-Term Bond Index FundSmall-Cap Blend Index Fund
Social Choice Bond FundSocial Choice Equity FundSocial Choice International Equity Fund
Social Choice Low Carbon Equity Fund

Please detach at perforation before mailing.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:☒

The Board of Trustees recommends a vote FORProposal 1.

  A  

 Proposal

1.     Election of Trustee Nominees (or, if any nominee is not available for election, such substitute as the Board of Trustees may designate):
☐ To vote FOR all Nominees  ☐ To vote AGAINST all Nominees  ☐ To vote to ABSTAIN for all Nominees; or vote separately by Nominee  below:
FORAGAINSTABSTAINFORAGAINSTABSTAINFORAGAINSTABSTAIN
01   Forrest Berkley☐☐☐02 Joseph A. Boateng☐☐☐03 Janice C. Eberly☐☐☐
04   Nancy A. Eckl☐☐☐05 Michael A. Forrester☐☐☐06 Howell E. Jackson☐☐☐
07   Thomas J. Kenny☐☐☐08 James M. Poterba☐☐☐09 Maceo K. Sloan☐☐☐
10   Laura T. Starks☐☐☐

  B  

 Authorized Signatures — This section must be completed for your vote to be counted. — Sign and Date Below
Note:Please sign exactly as your name(s) appear(s) on this Proxy Card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
Date (mm/dd/yyyy) — Please print date belowSignature 1 — Please keep signature within the boxSignature 2 — Please keep signature within the box
/        /                

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TIAA PROXY WO# 30640 - TOUCH-TONE TELEPHONE VOTING SCRIPT

 ** PROXY CARD **FORAGAINSTIVR Revision 06/03/19ABSTAIN
Control NumberSecurity Code
640-9999-9001-0999999 9999
640-9999-9002-0999999 9999

WHEN CONNECTED TO OUR PHONE VOTING SYSTEM ACCESSED VIA OUR TOLL-FREE NUMBER 1-800-337-3503, THE SHAREHOLDER HEARS:

THE INITIAL PROMPT:

“Thank you for calling the proxy voting line.”

“Before you can vote, I’ll need to validate some information from your proxy card or meeting notice.

On your card or notice there’s a shaded box with a 14 digit number inside. Please enter that number now.”

AFTER THE SHAREHOLDER ENTERS THEIR 14 DIGIT CONTROL NUMBER, HE/SHE HEARS:

“Next, located in the un-shaded box is an 8 digit number. Please enter this number now.”

THEN YOU HEAR:

“Thank you. Please hold while I validate those numbers.”

IF VALID CODES WERE ENTERED, THE SHAREHOLDER WILL HEAR THE FOLLOWING JOB SPECIFIC SPEECH:

“Okay, you’ll be voting your proxy for the TIAA-CREF Funds. The Board Recommends a vote “FOR” the proposal.”

IF THERE IS A PRIOR VOTE IN THE SYSTEM FOR THE CONTROL NUMBER ENTERED YOU HEAR:

“ I see that you’ve already voted. If you don’t want to change your vote you can just hang-up. Otherwise, remain on the line and I’ll take you through the voting process again...”

IF THERE IS NO PRIOR VOTE, THE FOLLOWING IS HEARD:

“I’m about to take you through the voting process. Please keep your voting card or meeting notice in front of you to follow along. Okay, let’s begin...”

THEN, MATCHING THE PARTICIPANT’S PROXY CARD, THEY WILL BE PROMPTED TO VOTE ON EACH PROPOSAL:

“Proposal 1:      To vote FOR ALL nominees, Press1.     AGAINST ALL nominees, press 2.      ABSTAIN for ALL nominees, press 3    Or to VOTE on the nominees individually,press 4.”

IF THE SHAREHOLDER PRESSES 1, TO VOTE FOR ALL NOMINEES THEY WILL HEAR:

“Okay, voting for all nominees”

IF THE SHAREHOLDER PRESSES 2, TO VOTE AGAINST ALL NOMINEES THEY WILL HEAR:

“Okay, voting against all nominees”

IF THE SHAREHOLDER PRESSES 3, TO VOTE ABSTAIN FOR ALL NOMINEES THEY WILL HEAR:

“Okay, voting abstain on all nominees”

IF THE SHAREHOLDER PRESSES 4, TO VOTE INDIVIDUALLY ON EACH NOMINEE THEY WILL HEAR:

“Okay, lets vote on each nominee”

“Nominee Number 1:To vote FOR Press 1;AGAINST Press 2;Or to ABSTAIN Press 3”
“Nominee Number 2:To vote FOR Press 1;AGAINST Press 2;Or to ABSTAIN Press 3”
“Nominee Number 3:To vote FOR Press 1;AGAINST Press 2;Or to ABSTAIN Press 3”
“Nominee Number 4:To vote FOR Press 1;AGAINST Press 2;Or to ABSTAIN Press 3”
“Nominee Number 5:To vote FOR Press 1;AGAINST Press 2;Or to ABSTAIN Press 3”
“Nominee Number 6:To vote FOR Press 1;AGAINST Press 2;Or to ABSTAIN Press 3”
“Nominee Number 7:To vote FOR Press 1;AGAINST Press 2;Or to ABSTAIN Press 3”
“Nominee Number 8:To vote FOR Press 1;AGAINST Press 2;Or to ABSTAIN Press 3”
“Nominee Number 9:To vote FOR Press 1;AGAINST Press 2;Or to ABSTAIN Press 3”
“Nominee Number 10:To vote FOR Press 1;AGAINST Press 2;Or to ABSTAIN Press 3”

AFTER THE LAST NOMINEE IS INDIVIDUALLY VOTED, THE SHAREHOLDER WILL HEAR:

“Okay, you’ve finished voting on all the nominees

Page 1 of 2

WHEN THE SHAREHOLDER HAS COMPLETED VOTING ON THE PROPOSALS, HE/SHE WILL HEAR:

“Okay, you’ve finished voting but your vote has not yet been recorded.”

“To hear a summary of how you voted, press 1; To record your vote, Press 2.”

IF THE SHAREHOLDER PRESSES 1, TO HEAR A SUMMARY OF THEIR VOTES, HE/SHE WILL HEAR:

“Please note your vote will be cast automatically should you decide to hang up during the summary.”

“You’ve elected to vote as follows...”[THEN A PLAYBACK OF THE VOTES COLLECTED FOR EACH PROPOSAL IS HEARD]

AFTER THE VOTE PLAYBACK, THE SHAREHOLDER HEARS:

“If this is correct, press 1; Otherwise, press 2. If you’d like to hear the information again press # (pound).”

IF THE CALLER CHOOSES TO RECORD THEIR VOTE (EITHER BEFORE OR AFTER THE SUMMARY IS HEARD), THEY HEAR:

“(Okay) Please hold while I record your vote.”

THEN THEY HEAR:

“Your vote has been recorded. It’s not necessary for you to mail in your proxy card or meeting notice.

I’m now going to end this call unless you have another proxy card or meeting notice to vote or you

want to change your vote. If you need to vote again, press one now.”

IF THE SHAREHOLDER PRESSES 2, INDICATING AN INCORRECT VOTE, HE/SHE WILL HEAR:

“Okay, lets change your vote.”[The system then prompts options to start over or change a specific proposal vote.]

AFTER THE SHAREHOLDER’S VOTE IS RECORDED, IF THEY ELECT TO VOTE ANOTHER PROXY, HE/SHE HEARS:

“Before you can vote, I’ll need to validate some information from your proxy card or meeting notice.

On your card or notice there’s a shaded box with a 14 digit number inside. Please enter that number now.”

IF THE SHAREHOLDER ELECTS TO END THE CALL, HE/SHE WILL HEAR:

“Thank you for voting, goodbye.”

Page 2 of 2

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Enter your 14 digit control number from the shaded box on your notice or card:

   
1.   To approve a new investment management agreement between the Fund and Teachers Advisors, Inc.000
      
    
PLEASE SIGN AND DATE ON THE REVERSE SIDE.
    
IMF EZ - jl

T  IF VOTING THE CONSOLIDATED PROXY CARD DO NOT SIGN, DATE OR RETURN THE INDIVIDUAL BALLOTS  T

INDIVIDUAL BALLOTS
NOTE: IF YOU HAVE USED THE CONSOLIDATED BALLOT ABOVE, DO NOT VOTE THE INDIVIDUAL BALLOTS BELOW.






Enter your 8 digit security code from the unshaded box on your notice or card:

   
FORAGAINSTABSTAIN
   1.  To approve a new investment management
agreement between the Fund and Teachers
Advisors, Inc.		000



     
 



    

    

  FORAGAINSTABSTAIN
   1.  To approve a new investment management
agreement between the Fund and Teachers
Advisors, Inc.		 0 0 0

















 

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 FORAGAINSTABSTAIN
   1.  To approve a new investment management
agreement between the Fund and Teachers
Advisors, Inc.		 000





    

   
 

FORAGAINSTABSTAIN
   1.  To approve a new investment management
agreement between the Fund and Teachers
Advisors, Inc.

Sample

Proxy/Voting Instruction Card

  0Sample Notice

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  00

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WARNING! This resource is provided for authorized users only. Any unauthorized access, use

MANAGEMENT INFORMATION SERVICES
TOUCH TONE VOTING SCRIPT
(888) 221-0697or publication of this content is strictly prohibited. Violators will be prosecuted.

OPENING:Your browser must support JavaScript 1.1 or higher in order to continue. Click on theHelp link

When connected toat the toll-free number, shareholder will hear:

"Welcome. Please enter the control number located on the upper LEFT portion of your voter card.

When shareholder enters the control number, he/she will hear:

"Please enter the last 4 digits of your social security number ”

When shareholder enters the last 4 digits of their social security number, he/she will hear:

"To vote as the ** Board recommends, press 1 now. To vote otherwise, press 0 now."

OPTION 1: VOTING AS MANAGEMENT RECOMMENDS

bottom for more information and navigation tips. If shareholder electsyou are unable to vote as management recommends on all proposals, he/she will hear:your proxy

"You have voted as the Board recommended. Ifusing this is correct, press 1. If incorrect, press 0."

If the shareholder presses 1, he/she will hear:

"Ifservice because of technical difficulties, you have received more than one proxy card, you must vote each card separately. If you would likeshould refer to vote another proxy, press 1 now. To end this call, press 0 now."

If shareholder presses 0 to indicate an incorrect vote, he/she will hear:

"To vote as the ** Board recommends, press 1 now. To vote otherwise, press 0 now."

If shareholder elects to vote another proxy, he/she is returned to the "Please enter the control number" speech (above). If shareholder elects to end the call, he/she will hear:

"Thank youyour Proxy Package for voting."

Call is terminated.

MANAGEMENT INFORMATION SERVICES
11/23/2005

OPTION 2: VOTING OTHERWISE

If shareholder elects to vote the proposal separately, he/she will hear:

"Proposal 1: To vote FOR, press 1; AGAINST, press 9; ABSTAIN, press 0."

When the shareholder has finishedother voting on Proposal 1, he/she will hear:

"Your vote has been cast as follows (vote is given). If this is correct, press 1. If incorrect, press 0."

If the shareholder presses 1, he/she will hear:

"If you have received more than one proxy card, you must vote each card separately. If you would like to vote another proxy, press 1 now. To end this call, press 0 now."

If shareholder presses 0 to indicate an incorrect vote, he/she will hear:

"To vote as the ** Board recommends, press 1 now. To vote otherwise, press 0 now."

If shareholder elects to vote another proxy, he/she is returned to the "Please enter the control number" speech (above). If shareholder elects to end the call, he/she will hear:

"Thank you for voting."

Call is terminated.

MANAGEMENT INFORMATION SERVICES
11/23/2005

MANAGEMENT INFORMATION SERVICES
STANDARD EZ VOTE SCRIPT FOR TELEPHONE VOTING
(888) 221-0697options.

 

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Reproduction in whole or in part in any form or medium without express written permission of

Computershare Limited is prohibited.

OPENING:© 2019 -Computershare. All Rights Reserved.

When connected to the toll-free number, shareholder will hear:Home ·Contact Us ·Security ·Privacy Policy ·Help

"Welcome. Please enter the control number located on the upper portion of your proxy card."

When shareholder enters an EZ Vote control number, he/she will hear:

"Please enter the last 4 digits of your social security number ”

When shareholder enters the last 4 digits of their social security number, he/she will hear:

"You have entered your EZ Vote consolidated control number. This allows you to cast one consolidated vote for all of your accounts. All accounts will be voted in the same manner based on your voting instructions. To cast a consolidated vote for all of your accounts, press 1 now. To vote each of your accounts separately, press 0 now."

If a shareholder presses 0 they will hear the following language followed by the script for an individual control number. The script from this point on will be repeated , from the “We are now ready…” speech, for each individual control number associated with the EZ Vote consolidated control number.

"You have elected to vote each of your accounts separately. You will find these accounts on the back of your EzVote ballot and on additional pages if necessary. Please note that each account has its own control number.” (There will be a slight pause here.) “We are now ready to accept your vote for control number xxx xxx xxx xxx xx."

If a shareholder has pressed 1 above, therefore electing to vote all holdings exactly the same, they will hear the script for an individual control number as follows:

"To vote as the Board recommends on all proposals, press 1 now. To vote on each proposal separately, press 0 now."

OPTION 1: VOTING ALL PROPOSALS AS MANAGEMENT RECOMMENDS

If the shareholder elects to vote as management recommends on all proposals, he/she will hear:

"You have voted as the Board recommended. If this is correct, press 1. If incorrect, press 0."

If the shareholder is voting each control number individually and presses 1, he/she will hear will then be returned to “We are now ready to accept your vote for control number…” speech.

MANAGEMENT INFORMATION SERVICES
11/23/2005
last modified: January 14, 2002

If the shareholder presses 0 to indicate an incorrect vote, he/she will be returned to the “To vote as the …” Speech.

If the shareholder is voting all holdings exactly the same, or has completed voting all individual control numbers, and presses 1 he/she will hear:

"Thank you for voting."

Call is terminated.

OPTION 2: VOTING EACH PROPOSAL SEPARATELY

If shareholder elects to vote the proposal separately, he/she will hear:

"Proposal 1: To vote FOR, press 1; AGAINST, press 9; ABSTAIN, press 0."

When the shareholder has finished voting on Proposal 1, he/she will hear:

"Your vote has been cast as follows (vote is given). If this is correct, press 1. If incorrect, press 0."

If the shareholder presses 1, he/she will hear:

"If you have received more than one proxy card, you must vote each card separately. If you would like to vote another proxy, press 1 now. To end this call, press 0 now."

If shareholder presses 0 to indicate an incorrect vote, he/she will hear:

"To vote as the ** Board recommends, press 1 now. To vote otherwise, press 0 now."

If shareholder elects to vote another proxy, he/she is returned to the "Please enter the control number" speech (above). If shareholder elects to end the call, he/she will hear:

"Thank you for voting."

If the shareholder is voting each control number individually and presses 1, he/she will hear will then be returned to “We are now ready to accept your vote for control number…” speech.

If the shareholder presses 0 to indicate an incorrect vote, he/she will be returned to the “To vote as the …” Speech.

If the shareholder is voting all holdings exactly the same or has completed voting all individual control numbers and presses 1, he/she will hear :

"Thank you for voting."

Call is terminated.

MANAGEMENT INFORMATION SERVICES
11/23/2005
last modified: January 14, 2002