N-CSRS 1 c38364_ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-08055

TIAA-CREF MUTUAL FUNDS
(Exact name of registrant as specified in charter)

730 Third Avenue, New York, New York 10017
(Address of principal executive offices) (Zip code)

Lisa Snow, Esq.
c/o TIAA-CREF
730 Third Avenue,
New York, New York 10017-3206
(Name and address of agent for service)

Registrant's telephone number, including area code: 212-490-9000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2005

Item 1. Reports to Stockholders.


	2005 SEMIANNUAL REPORT



	TIAA-CREF MUTUAL FUNDS JUNE 30, 2005 Financial statements (unaudited) including summary portfolios of investments


International Equity		High-Yield Bond
Growth Equity		Short-Term Bond
Growth & Income		Tax-Exempt Bond
Equity Index		Bond Plus
Social Choice Equity		Money Market
Managed Allocation

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PERFORMANCE OVERVIEW AS OF JUNE 30, 2005

		Average annual compound rates
		of total return
	Inception					Since
	date	1 year		5 years		inception

EQUITIES
International Equity Fund	9/2/1997	8.86	%	–2.59	%	5.25	%
Growth Equity Fund	9/2/1997	1.51		–11.86		1.38
Growth & Income Fund	9/2/1997	6.34		–3.74		5.11
Equity Index Fund	4/3/2000	7.73		–1.50		–2.05
Social Choice Equity Fund	4/3/2000	6.83		–1.59		–1.83

EQUITIES & FIXED INCOME
Managed Allocation Fund	9/2/1997	8.08		0.12		6.00

FIXED INCOME
High-Yield Bond Fund	4/3/2000	9.22		7.40		7.68
Short-Term Bond Fund	4/3/2000	2.91		5.81		5.87
Tax-Exempt Bond Fund	4/3/2000	7.28		6.92		6.83
Bond Plus Fund	9/2/1997	6.70		7.45		6.82
Money Market Fund*	9/2/1997	1.95		2.45		3.51

NET ANNUALIZED YIELD			NET ANNUALIZED YIELD
(30-day period ended 6/30/2005)			(7-day period ended 6/28/2005)
	Effective			Current	Effective
Bond Plus Fund	4.45	%	Money Market Fund*	2.93%	2.97%

*Investments in the TIAA-CREF Money Market Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The current yield more closely reflects current earnings than does the total return. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund.

The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 223-1200.

The TIAA-CREF Mutual Funds are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

Understanding this report

This report contains information about TIAA-CREF Mutual Funds and analyzes their recent results. It is a snapshot of the funds at the end of a six-month period and can be a useful tool in evaluating your investments. The report includes four main sections.

The performance overview on the facing page shows returns for each of the funds as of June 30, 2005.
The letter from TIAA-CREF’s chief investment officer describes how recent economic conditions affected the financial markets.
The fund performance section compares each fund’s returns with those of its benchmark and its peer group. This section also provides important expense information and discusses the major factors affecting each fund’s performance.
The financial statements contain detailed information about the operations and financial condition of each fund.

We want to remind you that the funds’ current returns are available at the end of every business day from our automated telephone service or from the TIAA-CREF Web Center.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. Please visit the Web Center at www.tiaa-cref.org, or call 800 223-1200 for a prospectus that contains this and other important information. We urge you to read it carefully before investing.

Contents

Report to investors	2	Tax-Exempt Bond Fund		41
		Bond Plus Fund		45
More information for investors	4	Money Market Fund		49

Special terms	5	Summary portfolios of investments		53

Understanding investment risk	6	Financial statements
		Statements of assets and liabilities		94
Important information about expenses	8	Statements of operations		98
		Statement of cash flows		102
Fund performance		Statements of changes in net assets		104
International Equity Fund	9	Financial highlights		112
Growth Equity Fund	13	Notes to financial statements		134
Growth & Income Fund	17
Equity Index Fund	21	Board approval of investment
Social Choice Equity Fund	25	management agreement		141
Managed Allocation Fund	29
High-Yield Bond Fund	33	How to reach us	Inside back cover
Short-Term Bond Fund	37

Report to investors

The first half of 2005 was a textbook case of how unpredictable the financial markets can be.

The Federal Reserve Board raised short-term interest rates four times during the period, lifting them to 3.25%, their highest level since September 2001. Many investors thought these rate hikes would drive long-term rates up and dampen economic growth. As a result, the Russell 3000® Index, which measures the broad U.S. stock market, lost 2.20% during the first quarter.

During the second quarter, however, strong demand for bonds actually sent long-term rates lower. Stock investors took heart from this decline, which promised to extend the housing boom and to fuel spending by consumers and companies alike. The Russell 3000 rose 2.24% for the quarter, regaining nearly all the ground it had lost in the first. Stock prices were also supported by steady economic growth and an improved employment picture. Bonds did even better than domestic stocks. The Lehman Brothers U.S. Aggregate Index, which measures the investment-grade bond market, gained 3.01%. For the six-month period, the Russell 3000 was nearly flat—it posted a 0.01% loss—but the Lehman index was up 2.51%. Foreign stocks performed well, too, in terms of their local currencies, but a stronger dollar turned those gains into losses for U.S. investors. In dollar terms, the MSCI EAFE^® Index, which tracks stocks in 21 developed nations, fell 1.17%.

This was a period when many market timers suffered because both the stock and bond markets reacted in unusual ways. For investors with a well-diversified portfolio, however, the gains in bonds helped offset the losses posted by domestic and foreign stocks.

Of course, building a diversified portfolio requires investment funds that provide pure exposure to their asset classes. Otherwise, an investor may find that a portfolio includes investments that are inappropriate for his or her situation. To achieve pure exposure, each fund must be fully invested, rather than holding large amounts of cash as a cushion against possible losses.

The fund also should be broadly diversified within its part of the market. That’s because individual industry sectors often perform very

Gains in bonds helped offset the losses posted by domestic and foreign stocks.

2 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Scott C. Evans
Executive Vice President and
Chief Investment Officer

differently from a diversified portfolio, even over extended periods of time. For example, the Russell 3000 had an average annual return of 10.05% for the ten years ended June 30, 2005. Over the same period, the technology sector of the index returned just 7.19% per year.

Finally, pure exposure to an asset class requires that a fund have low expenses. Each dollar spent on expenses is one less dollar invested in that asset class, and the effect of expenses is compounded over time.

Each of the TIAA-CREF Mutual Funds meets these criteria. They are fully invested, diversified within their portion of the market and low-cost. By combining them, you can create a broadly diversified portfolio that suits your needs.

The following pages provide a detailed explanation of how the TIAA-CREF Mutual Funds performed during the first half of 2005. Returns for our equity funds ranged from –0.12% for the Equity Index Fund to –2.53% for the International Equity Fund.

Our fixed-income funds benefited from the second-quarter rally in the bond market. Returns ranged from 0.73% for the High-Yield Bond Fund to 2.48% for the Bond Plus Fund.

The Federal Reserve’s increases in the federal funds rates continued to lift money market rates, and the Money Market Fund returned 1.23% for the six-month period.

As you review the results of the TIAA-CREF Mutual Funds for the first half of 2005, I want to remind you that it is important to review your portfolio’s asset allocation on a regular basis to ensure that it suits your current goals.

/s/ Scott C. Evans

Scott C. Evans
Executive Vice President and
Chief Investment Officer

TIAA-CREF Mutual Funds 2005 Semiannual Report | 3

More information for investors

Portfolio listings

SEC rules intended to provide investors with more meaningful information about fund performance allow investment companies to list the top holdings of each fund in their annual and semiannual reports instead of providing complete portfolio listings as they did previously. Companies will continue to file complete listings with the SEC, and these will remain available to investors.

You can obtain a complete list of TIAA-CREF Mutual Funds’ holdings (called “TIAA-CREF Mutual Funds Statements of Investments”) as of the most recently completed fiscal quarter (currently for the period ended June 30, 2005) in the following ways:

by visiting the TIAA-CREF Web Center at www.tiaa-cref.org; or
by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.

For the period ended June 30, 2005, and for other reporting periods, you can also obtain a complete listing of TIAA-CREF Mutual Funds’ holdings on Form N-CSR (for periods ended either June 30 or December 31) or on Form N-Q (for the most recently completed fiscal quarter, either March 31 or September 30)

through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s Web site at www.sec.gov; or
at the SEC’s Public Reference Room. (Call 800 SEC-0330 for more information.)

Proxy voting

TIAA-CREF Mutual Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found at our Web Center at www.tiaa-cref.org or on the SEC Web site at www.sec.gov. You may also call us at 800 223-1200 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found at our Web Center or at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact/Help link at the top of our homepage; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017–3206; or by phone at 800 223-1200.

Fund management

TIAA-CREF Mutual Funds are managed by the portfolio management teams of Teachers Advisors, Inc. The members of these teams are responsible for the day-to-day operations of the funds.

4 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Special terms

Agency securities are bonds issued by U.S. government entities such as the Federal National Mortgage Association (Fannie Mae).

Asset-backed securities are bonds backed by loans or by the outstanding amounts owed to a bank, credit card company or other lender.

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000^® Index or S&P 500^® Index, used to compare the performance of an investment.*

Commercial paper refers to short-term debt obligations issued to investors by banks, corporations and other borrowers. Maturities range from 1 to 270 days.

Expense ratio is the amount that investors pay for the management of a mutual fund. The amount is expressed as a percentage of the fund’s average net assets. Expense ratios do not include front-end or back-end sales charges, if any, or trading costs. See “Total return.”

Market capitalization is the total value of a company’s outstanding stock. It is calculated by multiplying the total number of a company’s outstanding shares by the current market price per share.

Maturity date is the date on which the principal amount of a note, bond or other debt instrument becomes due or payable.

Mortgage-backed securities are bonds that represent an interest in a pool of mortgages issued by the Government National Mortgage Association (Ginnie Mae), Fannie Mae or other federal entities.

Overweight holding is a security held by a fund. In terms of market capitalization, it forms a larger percentage of that fund than that same security’s percentage of the benchmark. Fund managers may overweight those securities they think will produce higher returns than the benchmark. See also “Underweight holding.”

Peer groups are groupings of mutual funds with a similar objective whose performance is compared with the performance of a single mutual fund.

Relative performance is the return of a mutual fund in relation to the return of its benchmark index.

Securities is a general name for stocks (also known as “equities”), bonds (also known as “fixed income”) or other investments.

Total return is the amount an investment provides to investors after expenses are deducted. Total return is expressed as a percentage. It includes any interest or dividends, as well as any change in the market value of the fund’s holdings.

Underweight holding is a security held by a fund. In terms of market capitalization, it forms a smaller percentage of that fund than that same security’s percentage of the benchmark. Fund managers may underweight those securities they think will produce lower returns than the benchmark. See also “Overweight holding.”

*	Russell 3000 is a trademark and service mark of the Frank Russell Company. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 5

Understanding investment risk

All investing involves an element of risk. For example, investors in U.S. Treasury bonds, which are generally considered among the safest of investments, face the risk that inflation will erode their principal and interest over time.

In general, funds that invest in stocks are subject to market risk and company risk. Bond funds are subject to market risk, company risk, interest-rate risk, income volatility risk, credit risk, prepayment risk and extension risk. A fund that operates in a limited area of either the stock or bond markets is subject to additional, special risks. For a full explanation of the funds’ risks, please see the prospectus. The glossary below describes the general risks outlined above, as well as the special risks described in the discussion of each fund.

Call risk is the risk that during periods of declining interest rates, an issuer of a bond may “call” (i.e., redeem) a high-yielding obligation before its maturity date. This often creates an unanticipated capital gain liability for shareholders and requires the fund to reinvest the proceeds at the lower prevailing interest rate.

Company risk is the risk that the earnings prospects and overall financial position of the issuer of a security will deteriorate, causing a decline in the security’s value over short or extended periods of time.

Credit risk (a type of company risk) is the risk that a decline in a company’s overall financial soundness may make it unable to pay principal and interest on bonds when due.

Dividend risk is the risk associated with investments in stocks paying relatively high dividends. These stocks may significantly underperform other stocks during periods of rapid market appreciation.

Extension risk is the risk of decline in value for certain fixed-income securities because principal payments are not made as early as possible.

Foreign investment risks are the risks of investing in securities of foreign issuers, in securities or contracts traded on foreign exchanges or in foreign markets, or in securities or contracts payable in foreign currency. Foreign investing involves special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. These investment risks may be magnified in emerging markets.

Growth investing risks include the risk that, due to their relatively high valuations, growth stocks will be more volatile than value stocks. In addition, because the value of growth companies is generally a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained.

Illiquid security risk is the risk that investments in illiquid securities may be difficult to sell for their fair market value.

Income volatility risk is the risk that the level of current income from a portfolio of fixed-income securities may decline in certain interest-rate environments.

Index risk is the risk that a fund’s performance will not match the performance of its benchmark index for any period of time. Although the fund attempts to closely track the investment performance of the index, it may not duplicate the composition of this index. In addition, the fund’s performance, unlike that of its index, is affected by investment and other operating expenses.

6 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Interest-rate risk (a type of market risk) is the risk that bond prices or a fund’s income may decline if interest rates change.

Large-cap risk is the risk that, by focusing on investments in securities of larger companies, a fund may have fewer opportunities to identify securities that the market misprices. In addition, larger companies may grow more slowly than the economy as a whole or not at all.

Market risk is the risk that the price of securities may decline in response to general market and economic conditions or events.

Mid-cap risk is the risk that securities of medium-sized companies will be more volatile than those of larger companies. In addition, the securities of medium-sized companies may be harder to buy or sell than those of larger, more established companies.

Prepayment risk is the risk of a decline for certain fixed-income securities that allow for the prepayment of principal, and the risk that a fund’s income will decline as a result.

Real estate investing risks are the risks associated with real estate ownership, including fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability.

Real estate securities risk is the risk that a fund that concentrates its investments in real estate securities and holds securities of relatively few issuers may experience greater fluctuations in value and be subject to a greater risk of loss than other mutual funds.

Reorganization risk is the risk that stocks of companies involved in reorganizations and other special situations can often involve more risk than ordinary securities. Accordingly, the performance of a fund that invests in such companies is often more volatile than the performance of the overall stock market, and the fund could significantly outperform or underperform the stock market during any particular period.

Risk of socially screened investing is the possibility that, because its social screens exclude some investments, a fund may not be able to take advantage of the same opportunities or market trends as funds that do not use such criteria.

Small-cap risk is the risk that the securities of smaller companies may experience steeper fluctuations in price than those of larger companies. These securities may also have to be sold at a discount from their current market prices or in small lots over an extended period.

Style risk is the risk that a fund’s growth-investing or value-investing style may be out of favor with investors for various periods of time.

Tax risk is the risk that the yields and market values of municipal securities may be hurt more by changes in tax rates and policies than similar taxable income-bearing securities. Also, tax-exempt income from certain securities held by the fund may be a factor in determining whether an individual is subject to the alternative minimum tax (AMT), and such income may affect taxes paid under the AMT. A tax advisor should be consulted.

Value investing risks are the risks that (1) the issuer’s potential business prospects may not be realized; (2) the securities’ potential values may never be recognized by the market; and (3) due to unanticipated problems associated with the issuer or industry, the securities were appropriately priced (or overpriced) when acquired.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 7

Important information about expenses

DISCLOSURE

Shareholders in the TIAA-CREF Mutual Funds incur only one of two potential types of costs.

Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.
However, they do incur ongoing costs, including management fees and other fund expenses.

The examples that appear on the Performance pages are intended to help you understand your ongoing costs (in dollars) of investing in each fund. The examples are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.

The examples assume $1,000 was invested on January 1, 2005, and held for six months until June 30, 2005.

Actual expenses

The first line in each table uses the fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the six-month period.

Simply divide your fund value by $1,000 (for example, an $8,600 fund value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid” to estimate the expenses you paid during the six-month period.

Hypothetical example for comparison purposes

The second line in the table shows hypothetical fund values and hypothetical expenses based on the fund’s actual expense ratio for the six-month period and an assumed annual rate of return of 5% before expenses—which is not the fund’s actual return.

Do not use the hypothetical fund values and hypothetical expenses to estimate the actual expenses you paid for the period. Instead, you can use this information to compare the ongoing costs of investing in an individual fund with the ongoing costs of other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

8 | 2005 Semiannual Report TIAA-CREF Mutual Funds

International Equity Fund | Foreign stocks

DISCUSSION

Performance in the six months ended June 30, 2005

The International Equity Fund returned –2.53% for the period, versus the –1.17% return of the fund’s benchmark, the MSCI EAFE^® Index. The average return of similar funds was –1.19%, as measured by the Morn-ingstar Foreign Large Blend category.

Surging dollar erases foreign stock gains

During the period, foreign stocks outperformed U.S. stocks, as they did in 2004. The EAFE index rose 8.07% in terms of local currencies, while the Russell 3000^® Index, which measures the broad U.S. stock market, fell 0.01%. However, a stronger dollar reversed the EAFE’s gains for U.S. investors, transforming its healthy advance in local currencies into a 1.17% decline in dollar terms.

In the EAFE’s European component, which represents more than two-thirds of the market capitalization of the index, the dollar’s surge versus the euro and British pound turned a 10.15% gain in local currencies into a 0.38% loss in dollars. Likewise, in the Japanese portion of the index, the dollar’s strength turned a 1.82% rise in yen terms into a 5.85% drop in dollar terms.

Detractors and contributors

The fund lagged the benchmark because of a number of individual holdings that did not perform as anticipated. The biggest detractors from relative performance included overweights in Swiss semiconductor maker STMicroelectronics, Swiss staffing company Adecco and Italian car manufacturer Fiat. Underweights in British energy companies BP and Shell, both of which benefited from soaring oil prices, also hurt returns.

The negative effects of these holdings were partly offset by the fund’s larger-than-benchmark weightings in a number of European stocks that performed well, including French construction and engineering firm Vinci, German stock exchange operator Deutsche Börse, and British plumbing and heating supply company Wolseley. The fund also benefited from avoiding Irish biotechnology firm Elan and German electrical engineering giant Siemens, two stocks included in the index that declined sharply during the period.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 9

International Equity Fund | Foreign stocks

Investment objective

The fund seeks favorable long-term returns, mainly through capital appreciation, from a broadly diversified portfolio that consists primarily of foreign equity investments.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including foreign investment risks, small-cap risk and mid-cap risk. For a further discussion of risk, please see page 6.

The fund’s benchmark

The Morgan Stanley Capital International EAFE^® (Europe, Australasia, Far East) Index measures the performance of the leading stocks in 21 developed countries outside of North America. You cannot invest directly in this index.

Performance as of June 30, 2005

Ticker symbol: TIINX

Average annual compound

Cumulative rates

rates of total return*

of total return*

since

1 year

5 years

inception¹

6 months

5 years

inception¹

International Equity Fund

8.86

–2.59

5.25

–2.53

–12.29

49.36

Benchmark:

Morgan Stanley EAFE Index²

13.65

–0.50

4.26

–1.17

–2.49

38.72

Peer group:

Morningstar Foreign Large Blend

12.58

–2.51

3.38

–1.19

–10.85

31.72

The returns quoted represent past performance, which is no guarantee of future results, and do not reflect the taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 223-1200.

¹	Inception date: September 2, 1997

²	From May 31, 2001, through May 31, 2002, MSCI published two versions of this index, a “standard” and a “provisional,” in order to provide a transition to a new way of calculating the index. The fund adopted the “provisional” version on July 1, 2001, and the returns shown above include “provisional” data from July 1, 2001, through May 31, 2002. As of June 1, 2002, the index was once again available in only one version. EAFE is a trademark of Morgan Stanley Capital International, Inc.

10 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $14,936 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 36.65%, for the quarter ended December 31, 1999
Worst quarter: –20.18%, for the quarter ended September 30, 2002

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 11

International Equity Fund | Foreign stocks

PERFORMANCE

Fund expenses—six months ended June 30, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds.

The examples assume $1,000 was invested on January 1, 2005, and held for six months until June 30, 2005. Please see page 8 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	International Equity Fund expense example
	Starting fund value	Ending fund value		Expenses paid^†
	(1/1/05)	(6/30/05)		(1/1/05–6/30/05)

Actual return	$1,000.00	$	974.70	$2.37
5% annual hypothetical return	1,000.00		1,022.57	2.43

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.49%.

Diversification among world markets

		Percent of
Country		invested assets


Japan		20.7
Switzerland		14.6
United Kingdom		14.6
Germany		12.8
France		11.4
Italy		5.0
Australia		5.0
Finland		3.5
11 other nations		12.1
Short-term investments		0.3

Total		100.0

Portfolio breakdown by company size

		Percent of
Capitalization as of 6/30/2005		net assets


Large: over $5 billion		79.97
Middle: $1 billion–$5 billion		16.64
Small: under $1 billion		3.39

Total		100.00

Fund facts

Inception date		9/2/1997
Net assets (6/30/2005)		$360.69 million
2005 expense ratio		0.49%

12 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Growth Equity Fund | Large-cap growth stocks

DISCUSSION

Performance in the six months ended June 30, 2005

The Growth Equity Fund returned –2.40% for the period, trailing the –1.72% return of its benchmark, the Russell 1000^® Growth Index, and the –1.78% average return of similar funds, as measured by the Morningstar Large Growth category.

Sectors diverge in a divided market

Stocks underperformed bonds during the first half of 2005. The Russell 3000^® Index, which measures the broad U.S. stock market, was down 4.33% through the end of April but rallied in May and June to end the semiannual period with a return of –0.01%. The foreign stocks of the MSCI EAFE^® Index advanced 8.07% in terms of local currencies. The weaker euro, pound and yen turned that gain into a 1.17% loss in dollar terms. Investment-grade bonds, as measured by the Lehman Brothers U.S. Aggregate Index, returned 2.51% for the six-month period. Although growth stocks beat value stocks during the second quarter, value outperformed growth for the period as a whole, continuing a long-term trend. The market’s driving factor was sector performance. Consumer discretionary, technology and financials, three of the larger sectors in the Russell 1000 Growth Index, posted year-to-date returns between –4.7% and –6.2%. Two smaller sectors, utilities and “other energy,” advanced 9.7% and 22.3%, respectively, for the six-month period.

Fund detractors and contributors

The fund’s return trailed the benchmark’s because of individual stock selections. The largest detractors from relative performance included overweights in several stocks that failed to perform as anticipated, such as Qualcomm, eBay and pharmaceuticals company Biogen. Failure to invest in well-performing stocks such as Boeing and UnitedHealth Group also reduced returns.

These detractors from relative performance were partially offset by overweights in several stocks that outpaced the benchmark. The top performer among these was Google, whose stock soared 52.6% for the period. Returns were also helped by overweights in Gillette and in online prescription provider Express Scripts. Avoiding IBM, whose shares lost 24.7% during the period, also aided returns.

The fund had 1.87% of its total invested assets in foreign securities as of June 30, 2005.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 13

Growth Equity Fund | Large-cap growth stocks

Investment objective

The fund seeks a favorable long-term return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for growth.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including growth investing risks, large-cap risk, style risk, foreign investment risks and reorganization risk. For a further discussion of risk, please see page 6.

The fund’s benchmark

The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the 1,000 largest companies in the Russell 3000® Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of June 30, 2005

Ticker symbol: TIGEX

Average annual compound

Cumulative rates

rates of total return*

of total return*

since

1 year

5 years

inception¹

6 months

5 years

inception¹

Growth Equity Fund

1.51

–11.86

1.38

–2.40

–46.82

11.32

Benchmark:

Russell 1000 Growth Index²

1.68

–10.35

2.21

–1.72

–42.11

18.71

Peer group:

Morningstar Large Growth

3.24

–8.27

2.97

–1.78

–32.97

28.85

¹	Inception date: September 2, 1997

²	Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company.

14 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $11,132 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 28.36%, for the quarter ended December 31, 1998
Worst quarter: –22.69%, for the quarter ended March 31, 2001

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 15

Growth Equity Fund | Large-cap growth stocks

PERFORMANCE

Fund expenses—six months ended June 30, 2005

	Growth Equity Fund expense example
	Starting fund value	Ending fund value	Expenses paid^†
	(1/1/05)	(6/30/05)	(1/1/05–6/30/05)

Actual return	$1,000.00	$ 976.00	$2.17
5% annual hypothetical return	1,000.00	1,022.77	2.23

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.45%.

Portfolio breakdown by company size

		Percent of
Capitalization as of 6/30/2005		net assets

Large: over $5 billion		96.57
Middle: $1 billion–$5 billion		3.32
Small: under $1 billion		0.11

Total		100.00

Fund facts

Inception date		9/2/1997
Net assets (6/30/2005)		$536.08 million
2005 expense ratio		0.45%

16 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Growth & Income Fund | Large-cap, dividend-paying stocks

DISCUSSION

Performance in the six months ended June 30, 2005

The Growth & Income Fund returned –0.36% for the period, compared with the –0.81% return of the fund’s benchmark, the S&P 500^® Index, and the –0.61% average return of similar funds, as measured by the Morningstar Large Blend category.

S&P 500 trails broad market

The large-cap stocks of the S&P 500 Index, like the broader U.S. stock market, posted a small decline for the first half of 2005. The Russell 3000^® Index, which includes stocks of all sizes, returned
–0.01%. Large caps led the market during the first four months of the year, but small- and mid-cap stocks fared better than large caps during the stock market rally in May.

Skyrocketing oil prices and rising short-term interest rates were the key factors restraining equity prices during most of the period. In May, however, positive economic news, attractive valuations among lower-quality stocks and speculation that the Federal Reserve was nearing the end of its rate hikes sent the S&P 500 up 3.18%. These gains contributed to positive second-quarter returns but could not entirely reverse the 4.00% decline in the index during the first four months of the year.

Stock selection drives results

The fund outperformed the benchmark primarily because of overweight holdings in several well-performing stocks. The largest contributions to relative performance came from insurer American International Group, energy company EOG Resources and online prescription provider Express Scripts. A holding in Google, which is not included in the benchmark, also boosted results. Google’s stock price surged, after its successful initial public offering last year. Underweighting several other stocks, including eBay, also added value.

The positive effect of these holdings on performance was partly offset by lower returns from stocks that included Schering-Plough, Avon and Altria Group, the parent company of Philip Morris. A position in OSI Pharmaceuticals, which is not included in the benchmark, was the largest single detractor.

The fund had 3.06% of its total invested assets in foreign securities as of June 30, 2005.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 17

Growth & Income Fund | Large-cap, dividend-paying stocks

Investment objective

The fund seeks a favorable long-term return through capital appreciation and investment income, primarily from a broadly diversified portfolio of common stocks.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks, including growth investing risks, large-cap risk, style risk, dividend risk and foreign investment risks. For a further discussion of risk, please see page 6.

The fund’s benchmark

The S&P 500^® Index is a market-capitalization-weighted index of the 500 leading companies in major industries of the U.S. economy. You cannot invest directly in this index.

Performance as of June 30, 2005

Ticker symbol: TIGIX

Average annual compound

Cumulative rates

rates of total return*

of total return*

since

1 year

5 years

inception¹

6 months

5 years

inception¹

Growth & Income Fund

6.34

–3.74

5.11

–0.36

–17.36

47.79

Benchmark:

S&P 500 Index²

6.32

–2.37

5.23

–0.81

–11.32

49.12

Peer group:

Morningstar Large Blend

6.35

–1.79

4.48

–0.61

–7.29

42.71

¹	Inception date: September 2, 1997

²	S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.

18 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $14,779 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 22.99%, for the quarter ended December 31, 1998
Worst quarter: –16.54%, for the quarter ended September 30, 2002

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 19

Growth & Income Fund | Large-cap, dividend-paying stocks

PERFORMANCE

Fund expenses—six months ended June 30, 2005

	Growth & Income Fund expense example
	Starting fund value	Ending fund value	Expenses paid^†
	(1/1/05)	(6/30/05)	(1/1/05–6/30/05)

Actual return	$1,000.00	$ 996.40	$2.10
5% annual hypothetical return	1,000.00	1,022.87	2.13

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.43%.

Portfolio breakdown by company size

Capitalization as of 6/30/2005		net assets


Large: over $5 billion		90.55
Middle: $1 billion–$5 billion		8.99
Small: under $1 billion		0.46

Total		100.00

Fund facts

Inception date		9/2/1997
Net assets (6/30/2005)		$506.31 million
2005 expense ratio		0.43%

20 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Equity Index Fund | U.S. stocks

DISCUSSION

Performance in the six months ended June 30, 2005

The Equity Index Fund returned –0.12% for the period, slightly behind the –0.01% return of its benchmark, the Russell 3000® Index, but outperforming the –0.61% average return of similar funds, as measured by the Morningstar Large Blend category.

Stocks falter, then rebound

After rising 11.95% in 2004, the stocks of the Russell 3000 edged downward in the first half of 2005. The weak returns were concentrated in the first quarter, when the index lost 2.20%, reflecting concerns about higher oil prices and rising short-term U.S. interest rates.

At the end of April, the index was down 4.33% year-to-date, but it rebounded 3.79% in May and added another 0.70% in June. These second-quarter gains all but erased the market’s first-quarter losses.

During the six-month period, value stocks gained 1.69%, but growth stocks posted a 1.88% decline. Mid-cap stocks led the market with a 3.92% advance, while large caps returned 0.11% and small caps lost 1.25%.

Sector returns vary widely

The market’s driving factor was sector performance. Three of the four largest sectors of the Russell 3000 posted losses for the period: the financial sector, which makes up almost a quarter of the index, was off 1.5%; consumer discretionary goods, the next-largest sector, lost 3.9%; and technology dropped 5.6%. Among the four, only health care had a positive return, gaining 4.2%. The integrated oils and “other energy” sectors—buoyed by oil prices that peaked above $60 a barrel in June—climbed 17.1% and 26.6%, respectively. Although these sectors made up a total of less than 10% of the Russell 3000 as of June 30, based on market capitalization, their strong performance contributed significantly to overall returns, particularly in June.

For the period, the fund’s returns were comparable to those of the benchmark, minus the effect of expenses and of some cash holdings for liquidity. The fund also had a risk profile similar to that of the benchmark.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 21

Equity Index Fund | U.S. stocks

Investment objective

The fund seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the United States, as represented by a broad stock market index.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to index risk. For a further discussion of risk, please see page 6.

The fund’s benchmark

The Russell 3000^® Index is an unmanaged index of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization, and measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index.

Performance as of June 30, 2005

Ticker symbol: TCEIX

Average annual compound

Cumulative rates

rates of total return*

of total return*

since

1 year

5 years

inception¹

6 months

5 years

inception¹

Equity Index Fund

7.73

–1.50

–2.05

–0.12

–7.27%

–10.29%

Benchmark:

Russell 3000 Index²

8.05

–1.35

–1.95

–0.01

–6.58

–9.81

Peer group:

Morningstar Large Blend

6.35

–1.79

–2.10

–0.61

–7.29

–8.52

¹	Inception date: April 3, 2000

²	Russell 3000 is a trademark and service mark of the Frank Russell Company.

22 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would be worth $8,971 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 16.06%, for the quarter ended June 30, 2003
Worst quarter: –17.00%, for the quarter ended September 30, 2002

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 23

Equity Index Fund | U.S. stocks

PERFORMANCE

Fund expenses—six months ended June 30, 2005

	Equity Index Fund expense example
	Starting fund value	Ending fund value	Expenses paid^†
	(1/1/05)	(6/30/05)	(1/1/05–6/30/05)

Actual return	$1,000.00	$ 998.80	$ 1.30
5% annual hypothetical return	1,000.00	1,023.68	1.32

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.26%.

Portfolio breakdown by company size

		Percent of
Capitalization as of 6/30/2005		net assets

Large: over $5 billion		80.58
Middle: $1 billion–$5 billion		14.95
Small: under $1 billion		4.47

Total		100.00

Fund facts

Inception date		4/3/2000
Net assets (6/30/2005)		$350.38 million
2005 expense ratio		0.26%

24 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Social Choice Equity Fund | Socially screened stocks

DISCUSSION

Performance in the six months ended June 30, 2005

The Social Choice Equity Fund returned –0.87% for the period, lagging the –0.01% return of its benchmark, the Russell 3000^® Index. The fund’s return also trailed the –0.61% average return of similar funds, as measured by the Morningstar Large Blend category. Neither the benchmark nor the Morningstar category screens investments according to social criteria, as the fund does.

Excluded stocks dampen fund’s returns

Because of its social screens, the fund did not invest in several stocks that are large components of the benchmark in terms of market capitalization. While the exclusion of these stocks both helped and hurt performance, the overall effect was negative. The fund suffered most from avoiding ExxonMobil, which was the second-largest holding in the Russell 3000. This stock’s 12.1% return was far ahead of the benchmark’s return. The fund’s return was also reduced by the exclusion of other stocks that outperformed the benchmark during the period, including ConocoPhillips and Boeing.

Conversely, the fund’s social screens helped relative performance by excluding a number of underperforming stocks, including General Electric, the largest holding in the Russell 3000, as well as Wal-Mart, Citigroup and Ford Motor Company.

Adjusted weightings help control risk

Since the fund cannot invest in some of the stocks within the Russell 3000, the fund’s managers employ statistical techniques to ensure that the portfolio’s risk characteristics resemble those of the index. One method used is to overweight or underweight certain stocks relative to each one’s percentage of capitalization within the benchmark.

During the period, overweight holdings in several well-performing energy stocks, including EOG Resources, Valero Energy and Apache, helped the fund’s relative performance. Other adjusted holdings, including overweights in IBM, McDonald’s and home mortgage provider Fannie Mae, detracted from returns.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 25

Social Choice Equity Fund | Socially screened stocks

Investment objective

The fund seeks a favorable long-term rate of return that tracks the investment performance of the U.S. stock market while giving special consideration to certain social criteria.

Special investment risks

In addition to the risks of any equity investment, the fund is subject to the risk of socially screened investing, index risk, small-cap risk and foreign investment risks. For a further discussion of risk, please see page 6.

The fund’s benchmark

Performance as of June 30, 2005

Ticker symbol: TCSCX

Average annual compound

Cumulative rates

rates of total return*

of total return*

since

1 year

5 years

inception¹

6 months

5 years

inception¹

Social Choice Equity Fund

6.83

–1.59

–1.83

–0.87

–7.70

–9.25

Benchmark:

Russell 3000 Index²

8.05

–1.35

–1.95

–0.01

–6.58

–9.81

Peer group:

Morningstar Large Blend

6.35

–1.79

–2.10

–0.61

–7.29

–8.52

¹	Inception date: April 3, 2000

²	Russell 3000 is a trademark and service mark of the Frank Russell Company.

26 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would be worth $9,075 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 16.43%, for the quarter ended June 30, 2003
Worst quarter: –16.41%, for the quarter ended September 30, 2002

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 27

Social Choice Equity Fund | Socially screened stocks

PERFORMANCE

Fund expenses—six months ended June 30, 2005

	Social Choice Equity Fund expense example
	Starting fund value	Ending fund value	Expenses paid^†
	(1/1/05)	(6/30/05)	(1/1/05–6/30/05)

Actual return	$ 1,000.00	$ 991.30	$1.29
5% annual hypothetical return	1,000.00	1,023.68	1.32

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.27%.

Portfolio breakdown by company size

		Percent of
Capitalization as of 6/30/2005		net assets

Large: over $5 billion		83.96
Middle: $1 billion–$5 billion		11.69
Small: under $1 billion		4.35

Total		100.00

Fund facts

Inception date		4/3/2000
Net assets (6/30/2005)		$135.39 million
2005 expense ratio		0.27%

28 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Managed Allocation Fund | Stocks and bonds

DISCUSSION

Performance in the six months ended June 30, 2005

The Managed Allocation Fund returned 0.09% for the period, lagging the 0.95% return of its benchmark, the Managed Allocation Composite Index, and the 0.48% average return of similar funds, as measured by the Morningstar Moderate Allocation category.

Stocks turn back; bonds advance

After soundly outgaining bonds in 2004, stocks underperformed them during the first half of 2005. The Russell 3000^® Index, which measures the broad U.S. stock market, was down 4.33% at the end of April but gained 3.79% in May and added another 0.70% in June. For the period, it returned –0.01%. The Morgan Stanley Capital International EAFE® Index, which tracks stocks in 21 developed nations excluding the United States and Canada, lost 1.17%. (The EAFE actually gained 8.07% in terms of local currencies, but a stronger dollar turned that gain into a loss for U.S. investors.)

Investment-grade bonds, as measured by the Lehman Brothers U.S. Aggregate Index, returned 2.51%, while high-yield bonds, after a solid 9.91% gain in 2004, advanced only 1.55%.

The fund trails the benchmark

The main reason that the fund lagged its composite benchmark was under-performance by the fund’s three largest equity components: the Large-Cap Value Fund, the Growth Equity Fund and the International Equity Fund. The underperformance of these underlying funds was due to individual stock selections that did not perform as anticipated.

Asset allocation shifts slightly

The Managed Allocation Fund’s asset allocation as of June 30, 2005, shown in the table on page 32, differed slightly from the current target allocation because of fluctuations in the market values of the securities in which the component funds invest. During the period, there were no changes in the Managed Allocation Fund’s 60% to 40% target allocation ratio of equity to fixed-income investments.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 29

Managed Allocation Fund | Stocks and bonds

Investment objective

The fund seeks a return that reflects the broad investment performance of the financial markets through capital appreciation and investment income.

Special investment risks

In addition to the risks of any fund that invests in equities and fixed-income securities, the fund is subject to special risks, including large-cap risk, small-cap risk, growth investing risks, value investing risks, style risk, reorganization risk, foreign investment risks, real estate securities risk, real estate investing risks and illiquid security risk. For a further discussion of risk, please see page 6.

The fund’s benchmark

The Managed Allocation Composite Index is a weighted average of the Russell 3000^® Index for domestic stocks (48%), the Lehman Brothers U.S. Aggregate Index for domestic bonds (40%) and the Morgan Stanley Capital International EAFE® Index for international stocks (12%). You cannot invest directly in these indexes.

About the fund’s expenses

The Managed Allocation Fund itself has no expense charges because the fund’s advisor does not receive a management fee for its services to the fund. Shareholders in the fund indirectly bear their pro rata share of the fees and expenses incurred by the funds in which the Managed Allocation Fund invests. Based on the fund’s allocations as of June 30, 2005, the current pro rata expense ratio is 0.39%.

Performance as of June 30, 2005							Ticker symbol: TIMAX

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
					since						since
	1 year		5 years		inception¹		6 months		5 years		inception¹

Managed Allocation Fund	8.08	%	0.12	%	6.00	%	0.09	%	0.61	%	57.87	%
Benchmark:
Managed Allocation Composite Index	8.43		2.75		6.59		0.95		14.54		64.96
Peer group:
Morningstar Moderate Allocation	7.16		1.97		5.16		0.48		11.65		49.94

¹Inception date: September 2, 1997

30 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $15,787 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s composite index during the same period.

Calendar year total returns

Best quarter: 14.01%, for the quarter ended December 31, 1998
Worst quarter: –9.43%, for the quarter ended March 31, 2001

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 31

Managed Allocation Fund | Stocks and bonds

PERFORMANCE

Fund expenses—six months ended June 30, 2005

	Managed Allocation Fund expense example
	Starting fund value	Ending fund value	Expenses paid^†
	(1/1/05)	(6/30/05)	(1/1/05–6/30/05)

Actual return	$1,000.00	$1,000.90	$1.95
5% annual hypothetical return	1,000.00	1,023.03	1.97

† “Expenses paid” is based on the fund’s pro rata expense ratio (which the fund bears indirectly through the funds in which it invests) for the most recent fiscal half year. The fund’s annualized six-month pro rata expense ratio for that period was 0.39%.

Asset allocation (as of 6/30/2005)

				Percent of
Fund				invested assets

Bond Plus Fund				35.6
Institutional Large-Cap Value Fund				22.2
Institutional Growth Equity Fund				21.6
International Equity Fund				11.9
Institutional Small-Cap Equity Fund				3.1
High-Yield Bond Fund				2.5
Short-Term Bond Fund				1.5
Institutional Real Estate Securities Fund				1.1
Money Market Fund				0.5

Total				100.0

Fund facts

Inception date		9/2/1997
Net assets (6/30/2005)		$508.89 million
2005 calculated
pro rata expense ratio		0.39%

32 | 2005 Semiannual Report TIAA-CREF Mutual Funds

High-Yield Bond Fund | High-yield bonds

DISCUSSION

Performance in the six months ended June 30, 2005

The High-Yield Bond Fund gained 0.73% for the period, trailing the 1.55% return of its benchmark, the Merrill Lynch BB/B Cash Pay Issuer Constrained Index, but outperforming the 0.31% average return of similar funds, as measured by the Morningstar High-Yield Bond category.

A mixed bag for the high-yield market

The high-yield market got off to a good start, gaining 1.44% through the end of February. In March and April, investors feared that a downgrade of General Motors and Ford bonds to “junk” status would prompt a massive sell-off that would overwhelm the market.

Fortunately, investors’ fears never materialized. While General Motors was downgraded, and Ford as well (although Ford regained its investment-grade status), high-yield bonds soon rallied, and the benchmark rose 1.82% in May and 1.58% in June. The advance was aided by a continuing decline in the default rate: having reached a peak of 11.59% as of January 31, 2002, the rate dropped to just 2.08% by June 30, 2005.

Detractors and contributors

The fund had an underweight position in long-term bonds because the risk/reward relationship of those securities did not seem attractive. Unexpectedly strong performance in longer-term bonds hurt performance relative to the benchmark. The fund’s performance was also hampered by underweight selections, relative to the benchmark, in the telecommunications sector. In particular, AT&T, which agreed to be purchased by SBC Communications, performed well during the period.

Several overweight positions in the steel sector, including AK Steel, an integrated manufacturer, and Ryerson Tull, a domestic steel distributor, also hurt performance. Both of these companies’ bonds performed poorly amid concerns over a slowing economy.

The negative effects of these holdings were partly offset by a number of successful credit selections, such as Advanstar Communications in the media services sector; Abitibi-Consolidated, Inc., in the forestry/paper products sector; and American Cellular in the wireless telecommunications sector.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 33

High-Yield Bond Fund | High-yield bonds

Investment objective

The fund seeks high current income and, when consistent with its primary objective, capital appreciation.

Special investment risks

In addition to the risks of any fixed-income investment, the fund is subject to special risks, including illiquid security risk and foreign investment risks. For a further discussion of risk, please see page 6.

The fund’s benchmark

The Merrill Lynch BB/B Cash Pay Issuer Constrained Index measures the performance of securities that pay interest in cash and have a credit rating of BB or B. Merrill Lynch uses a composite of Fitch Ratings, Moody’s and Standard & Poor’s credit ratings in selecting bonds for this index. These ratings measure the risk that the bond issuer will fail to pay interest or to repay principal in full. The index is weighted by market capitalization, so that larger bond issues have a greater effect on the index’s return. However, the representation of any single bond issuer is restricted to a maximum of 2% of the total index. You cannot invest directly in this index.

Performance as of June 30, 2005							Ticker symbol: TCHYX

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
					since						since
	1 year		5 years		inception¹		6 months		5 years		inception¹

High-Yield Bond Fund	9.22	%	7.40	%	7.68	%	0.73	%	42.92	%	47.49	%
Benchmark:
Merrill Lynch BB/B Cash Pay
Issuer Constrained Index	10.30		7.77		7.63		1.55		45.38		47.15
Peer group:
Morningstar High-Yield Bond	9.01		5.47		5.20		0.31		31.42		31.52

¹Inception date: April 3, 2000

34 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would have grown to $14,749 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 8.35%, for the quarter ended June 30, 2003
Worst quarter: –5.57%, for the quarter ended June 30, 2002

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 35

High-Yield Bond Fund | High-yield bonds

PERFORMANCE

Fund expenses—six months ended June 30, 2005

	High-Yield Bond Fund expense example
	Starting fund value	Ending fund value	Expenses paid^†
	(1/1/05)	(6/30/05)	(1/1/05–6/30/05)

Actual return	$1,000.00	$1,007.30	$1.71
5% annual hypothetical return	1,000.00	1,023.28	1.72

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.34%.

Credit quality of portfolio assets
(as of 6/30/2005)

		Percent of
	Rating	invested assets

Money market
instruments	(not rated)	1.2
Bonds	Baa/BBB	2.9
	Ba/BB	40.6
	B/B	52.0
	Below B/B	2.8
	Not Rated	0.5

Total		100.0

Fund facts

Inception date		4/3/2000
Net assets (6/30/2005)		$296.58 million
2005 expense ratio		0.34%

36 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Short-Term Bond Fund | Short-term bonds

DISCUSSION

Performance in the six months ended June 30, 2005

The Short-Term Bond Fund gained 1.02% for the period, edging past both the 1.01% return of its benchmark, the Lehman Brothers U.S. Government/Credit 1-5 Year Index, and the 0.93% average return of similar funds, as measured by the Morningstar Short-Term Bond category.

Rate increases limit short-term returns

In line with the monetary policy it began in June 2004, the Federal Reserve hiked the federal funds rate four times during the period, bringing it to 3.25%. Rising short-term rates, plus strong economic growth and accelerating inflation, hurt bond returns during the first quarter, with the benchmark declining 0.65%. (Bond prices often fall when short-term interest rates rise.)

In the second quarter, retreating oil prices and a strengthening dollar allayed investor concerns about the pace of future rate hikes, and the index gained 1.67%. The broad domestic bond market, as measured by the Lehman Brothers U.S. Aggregate Index, rose 2.51% for the six-month period.

U.S. Treasuries and government agency securities outperformed other parts of the domestic bond market during the six months, as investors sought safety and foreign banks were attracted to yields higher than those available locally. However, the Fed’s rate hikes depressed returns from Treasuries with shorter maturities. Corporate securities also lagged Treasuries, due to the downgrading of General Motors and Ford bonds to “junk” status. Corporate bonds recovered somewhat in June, after Lehman dropped both automakers from the index.

Portfolio strategies boost returns

The fund benefited from underweighting its shorter-term Treasury holdings relative to their percentage of the benchmark index. Overweight investments in U.S. agency securities also enhanced returns. In particular, a large investment in home mortgage provider Fannie Mae helped performance. Additionally, a strategy of underweighting securities with two-year maturities and overweighting those with five-year maturities paid off. The main detractor from relative performance was an overweight holding in corporate securities. However, successful selections of individual bonds mitigated the effects of this overweighting.

As a defensive measure against higher interest rates, the fund maintained an option-adjusted duration that was slightly shorter than that of the benchmark. Duration is a measure of bonds’ sensitivity to interest-rate changes. Keeping the fund’s duration close to the benchmark’s helps reduce the risk that the fund will underperform the benchmark.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 37

Short-Term Bond Fund | Short-term bonds

Investment objective

The fund seeks high current income consistent with preservation of capital.

Special investment risks

In addition to the risks of any fixed-income investment, the fund is subject to foreign investment risks. For a further discussion of risk, please see page 6.

The fund’s benchmark

The Lehman Brothers U.S. Government/Credit 1-5 Year Index measures the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1-5 year maturities. You cannot invest directly in this index.

Performance as of June 30, 2005							Ticker symbol: TCSTX

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
					since						since
	1 year		5 years		inception¹		6 months		5 years		inception¹

Short-Term Bond Fund	2.91	%	5.81	%	5.87	%	1.02	%	32.65	%	34.91	%
Benchmark:
Lehman Brothers U.S. Government/
Credit 1-5 Year Index	2.92		5.79		5.85		1.01		32.50		34.79
Peer group:
Morningstar Short-Term Bond	2.58		4.60		4.66		0.93		25.30		27.04

¹Inception date: April 3, 2000

38 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would have grown to $13,491 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 4.10%, for the quarter ended September 30, 2001
Worst quarter: –1.71%, for the quarter ended June 30, 2004

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 39

Short-Term Bond Fund | Short-term bonds

PERFORMANCE

Fund expenses—six months ended June 30, 2005

	Short-Term Bond Fund expense example
	Starting fund value	Ending fund value	Expenses paid^†
	(1/1/05)	(6/30/05)	(1/1/05–6/30/05)

Actual return	$1,000.00	$1,010.20	$1.51
5% annual hypothetical return	1,000.00	1,023.48	1.52

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.30%.

Credit quality of portfolio assets
(as of 6/30/2005)

		Percent of
Type of asset	Rating	invested assets

Money market
instruments	(not rated)	2.2
U.S. Treasury and
agency securities		52.6
Mortgage-backed
securities and
commercial mortgage-
backed securities		3.8
Asset-backed securities		3.2
Corporate bonds	Aaa/AAA	3.3
	Aa/AA	10.1
	A/A	14.2
	Baa/BBB	10.1
	Ba/BB	0.5

Total		100.0

Fund facts

Inception date		4/3/2000
Net assets (6/30/2005)		$223.54 million
2005 expense ratio		0.30%

40 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Tax-Exempt Bond Fund | Tax-exempt bonds

DISCUSSION

Performance in the six months ended June 30, 2005

The Tax-Exempt Bond Fund returned 2.06% for the period, trailing both the 2.53% return of its benchmark, the Lehman Brothers 10-Year Municipal Bond Index, and the 2.55% average return of similar funds, as measured by the Morningstar Municipal National Long category.

Short-term rates rise, long-term rates fall

After rising throughout 2004, yields on short-term municipal bonds continued to increase during the first half of 2005. However, long-term (30-year) rates, which had remained relatively flat in 2004, dropped. As a result, the spread between short- and long-term tax-exempt bond yields, which was 3.37 percentage points as of June 30, 2004, stood at only 1.70 percentage points one year later. The spread between short- and long-term U.S. government securities also narrowed.

During the six-month period, the Federal Reserve raised the federal funds rate four times, leaving the rate at 3.25% at the end of June. (The federal funds rate is the rate commercial U.S. banks charge one another for overnight loans.) This caused most short-term interest rates to increase while an improving economy and low inflation tamed long-term yields.

Municipal bond demand weakens

During the six-month period, states and municipalities took advantage of low long-term rates to refinance large amounts of outstanding debt. New bond issuance totaled $206.3 billion, easily surpassing the $190.0 billion brought to market during the same period in 2004. In fact, the amount exceeded the worth of bond issues in the first half of any year. For individual investors, however, depressed yields made municipal bonds less attractive and kept most retail buyers on the sidelines.

Performance lags during the first quarter

When the year began, many investment professionals believed that long-term interest rates would rise. Accordingly, in the first quarter the fund was defensively positioned, with an overweight in short-duration bonds. These bonds generally hold their value in rising-rate environments. However, the fund’s corresponding underweight in long-term bonds, which were the top performers during the reporting period, hurt performance. (Since bond prices and yields move in opposite directions, long-term bond returns were boosted by declining long-term interest rates.) During the second quarter, the fund’s managers adjusted their holdings by increasing the percentage of long-term bonds, and the fund delivered a solid 3.02% return for the quarter.

As of June 30, 2005, the fund’s overall option-adjusted duration was 6.38 years, versus 6.34 years for the benchmark.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 41

Tax-Exempt Bond Fund | Tax-exempt bonds

Investment objective

The fund seeks a high level of current income that is exempt from regular federal income tax, consistent with preservation of capital.

Special investment risks

In addition to the risks of any fixed-income investment, the fund is subject to special risks, including tax risk and call risk. For a further discussion of risk, please see page 6.

The fund’s benchmark

The Lehman Brothers 10-Year Municipal Bond Index measures the performance of long-term, tax-exempt bonds. These bonds must have a minimum credit rating of Baa and an outstanding par value of at least $5 million, and be issued as part of a transaction of at least $50 million. You cannot invest directly in this index.

Performance as of June 30, 2005							Ticker symbol: TCTEX

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
					since						since
	1 year		5 years		inception¹		6 months		5 years		inception¹

Tax-Exempt Bond Fund	7.28	%	6.92	%	6.83	%	2.06	%	39.74	%	41.48	%
Benchmark:
Lehman Brothers 10-Year
Municipal Bond Index	7.65		6.74		6.73		2.53		38.60		40.81
Peer group:
Morningstar Municipal National Long	7.53		6.05		5.98		2.55		34.18		35.66

¹Inception date: April 3, 2000

42 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would have grown to $14,148 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 5.29%, for the quarter ended September 30, 2002
Worst quarter: –2.41%, for the quarter ended June 30, 2004

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 43

Tax-Exempt Bond Fund | Tax-exempt bonds

PERFORMANCE

Fund expenses—six months ended June 30, 2005

	Tax-Exempt Bond Fund expense example
	Starting fund value	Ending fund value	Expenses paid^†
	(1/1/05)	(6/30/05)	(1/1/05–6/30/05)

Actual return	$1,000.00	$1,020.60	$1.52
5% annual hypothetical return	1,000.00	1,023.48	1.52

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.30%.

Credit quality of portfolio assets
(as of 6/30/2005)

		Percent of
	Rating	invested assets

Long-term
municipal bonds
	Aaa/AAA	66.3
	Aa/AA	7.8
	A/A	16.2
	Baa/BBB	7.2
	B/B	0.4
	Not Rated	2.1

Total		100.0

Fund facts

Inception date		4/3/2000
Net assets (6/30/2005)		$203.14 million
2005 expense ratio		0.30%

44 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Bond Plus Fund | Intermediate-term bonds

DISCUSSION

Performance in the six months ended June 30, 2005

The Bond Plus Fund returned 2.48%, closely tracking the 2.51% return of its benchmark, the Lehman Brothers U.S. Aggregate Index, and outperforming the 1.94% average return of similar funds, as measured by the Morningstar Intermediate-Term Bond category.

Bonds gain despite volatility

The prices of investment-grade bonds moved down and then up, as investors reacted to changing economic signals. In the first quarter, signs that an expanding economy might fuel inflation and cause the Federal Reserve to raise short-term interest rates more aggressively drove bond prices down. The Lehman index fell 0.48%.

During the second quarter, a stronger dollar allayed fears of inflation, and the Fed continued to raise interest rates in small increments. Bonds rallied, and the Lehman index returned 3.01%. The yield on 10-year Treasury notes fell from 4.64% in March to 3.91% at the end of June.

U.S. Treasuries and government agency securities outperformed other parts of the domestic bond market during the six months, as investors sought safety and foreign banks were attracted to the notes’ relatively high yields. Corporate securities lagged Treasuries, due to the downgrading of General Motors and Ford bonds to “junk” status. Corporate bonds recovered somewhat in June, after Lehman dropped both automakers from the benchmark.

Sector performance drives returns

The fund benefited from holdings in U.S. agency securities that were overweighted relative to their percentage of the Lehman index. In particular, a position in home mortgage provider Fannie Mae helped performance. An ongoing strategy of underweighting short-term bonds and overweighting longer-term issues also continued to pay off.

The main detractor from relative performance was an overweight holding in corporate securities. However, successful selections of individual bonds mitigated the effects of this overweighting.

As of June 30, 2005, the fund’s overall option-adjusted duration was 4.18 years, versus 4.16 years for the benchmark. Duration is a measure of bonds’ sensitivity to interest-rate changes. Keeping the fund’s duration close to the benchmark’s helps reduce the risk that the fund will underperform the benchmark.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 45

Bond Plus Fund | Intermediate-term bonds

Investment objective

The fund seeks a favorable long-term return, primarily through high current income consistent with preserving capital.

Special investment risks

The fund’s benchmark

The Lehman Brothers U.S. Aggregate Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. You cannot invest directly in this index.

Performance as of June 30, 2005							Ticker symbol: TIPBX

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
					since						since
	1 year		5 years		inception¹		6 months		5 years		inception¹

Bond Plus Fund	6.70	%	7.45	%	6.82	%	2.48	%	43.29	%	67.80	%
Benchmark:
Lehman Brothers U.S.
Aggregate Index	6.80		7.40		6.79		2.51		42.92		67.35
Peer group:
Morningstar
Intermediate-Term Bond	6.07		6.65		5.78		1.94		38.10		55.71

¹Inception date: September 2, 1997

46 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $16,780 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 5.11%, for the quarter ended September 30, 2002
Worst quarter: –2.42%, for the quarter ended June 30, 2004

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 47

Bond Plus Fund | Intermediate-term bonds

PERFORMANCE

Fund expenses—six months ended June 30, 2005

	Bond Plus Fund expense example
	Starting fund value	Ending fund value	Expenses paid^†
	(1/1/05)	(6/30/05)	(1/1/05–6/30/05)

Actual return	$1,000.00	$1,024.80	$1.52
5% annual hypothetical return	1,000.00	1,023.48	1.52

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.30%.

Fund facts

Inception date		9/2/1997
Net assets (6/30/2005)		$479.74 million
2005 expense ratio		0.30%

Holdings by market sector (as of 6/30/2005)

Mortgage-backed securities*	41.0	%
U.S. government securities	30.5
Corporate bonds	24.5
Money market instruments	2.3
Yankees^†	1.7

Total	100.0

*	Includes asset-backed, mortgage-backed, commercial mortgage-backed and other mortgage-backed securities
†	Foreign government and corporate bonds denominated in U.S. dollars

Risk characteristics*
Bond Plus vs. benchmark (as of 6/30/2005)

	Average	Option-adjusted
	maturity	duration
	(in years)	(in years)

Bond Plus	6.71	4.18

Lehman Brothers
U.S. Aggregate
Index	6.79	4.16

*	As calculated using an analytical model developed by CMS BondEdge, a widely recognized risk analytic software package

48 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Money Market Fund | Cash equivalents

DISCUSSION

Performance in the six months ended June 30, 2005

The Money Market Fund returned 1.23% for the period, surpassing the 1.05% return of the iMoneyNet Money Fund Report Averages^TM—All Taxable, a simple average of over 1,000 taxable money market funds.

Rising oil and commodity prices sparked inflation fears in the first quarter of 2005. However, in May, consumer prices declined for the first time in ten months, and those fears subsided.

During the six-month period, the Federal Reserve raised the federal funds rate from 2.25% to 3.25%, its highest level since September 2001. (The federal funds rate is the rate commercial U.S. banks charge each other for overnight loans.) In March, the Money Fund Report All Taxable Average, driven by the short-term rate hikes, rose above 2.0% for the first time since November 2001.

LIBOR curve flattens

The LIBOR (London Interbank Offered Rate) curve flattened over the six-month period, increasingly so during the second quarter due to expectations that the inflation rate would be lower in the future. The spread between the one-month LIBOR and twelve-month LIBOR actually grew to almost a full percentage point in the first quarter before narrowing to 0.54 of a point on June 30, 2005.

Asset allocations drive returns

During the six-month period, the fund boosted its holdings of commercial paper, which generally provides higher yields than other parts of the money market, from 80.7% to 84.0% of the portfolio. The fund reduced its holdings of floating-rate investments from 5.6% to 2.5% of the portfolio. These generally offered lower yields and less desirable maturities.

The fund also reduced its holdings of government and government agency securities from 8.2% to 2.8%. The remaining 10.7% of the portfolio was in certificates of deposit.

The fund benefited from a duration that was slightly longer than that of the Money Fund Report Average. During the period, the weighted average maturity of the fund fluctuated between 38 days and 45 days.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 49

Money Market Fund | Cash equivalents

Investment objective

The fund seeks high current income consistent with maintaining liquidity and preserving capital.

Special investment risks

In addition to the risks of any fixed-income investment, the fund is subject to foreign investment risks. For a further discussion of risk, please see page 6.

An investment in this fund is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund.

Yield and average maturity

	Net annualized yield				Average maturity
	(for the 7 days ended 6/28/2005)				(as of 6/28/2005)
	Current yield		Effective yield		Days

Money Market Fund	2.93	%	2.97	%	43
iMoneyNet Money Fund
Report Averages^TM—All Taxable	2.54	%	2.57	%	36


Performance as of June 30, 2005							Ticker symbol: TIAXX

	Average annual compound						Cumulative rates
	rates of total return*						of total return
					since						since
	1 year		5 years		inception¹		6 months		5 years		inception¹

Money Market Fund	1.95	%	2.45	%	3.51	%	1.23	%	12.88	%	31.07	%
iMoneyNet Money Fund
Report Averages—All Taxable	1.62		2.11		3.16		1.05		10.93		27.39

¹Inception date: September 2, 1997

50 | 2005 Semiannual Report TIAA-CREF Mutual Funds

PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $13,107 as of June 30, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar year total returns

Best quarter: 1.63%, for the quarter ended December 31, 2000
Worst quarter: 0.20%, for the quarter ended March 31, 2004

* Partial year

TIAA-CREF Mutual Funds 2005 Semiannual Report | 51

Money Market Fund | Cash equivalents

PERFORMANCE

Fund expenses—six months ended June 30, 2005

	Money Market Fund expense example
	Starting fund value	Ending fund value	Expenses paid^†
	(1/1/05)	(6/30/05)	(1/1/05–6/30/05)

Actual return	$1,000.00	$1,012.30	$1.41
5% annual hypothetical return	1,000.00	1,023.58	1.42

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period was 0.29%.

Asset allocation (as of 6/30/2005)

		Percent of
		portfolio

Commercial paper and corporate notes		84.0
Certificates of deposit		10.7
U.S. government and agency securities		2.8
Floating-rate securities		2.5

Total		100.0

Fund facts

Inception date		9/2/1997
Net assets (6/30/2005)		$604.18 million
2005 expense ratio		0.29%

52 | 2005 Semiannual Report TIAA-CREF Mutual Funds

International Equity Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	COMMON STOCKS
	APPAREL AND OTHER TEXTILE PRODUCTS		$	1,303,013	0.36	%

	AUTOMOTIVE DEALERS AND SERVICE STATIONS			1,074,638	0.30


	BUILDING MATERIALS AND GARDEN SUPPLIES
	Wolseley plc	277,619		5,822,065	1.61
	Other			337,264	0.10

				6,159,329	1.71


	BUSINESS SERVICES
	Adecco S.A. (Regd)	164,001		7,442,738	2.06
	Cintra Concesiones de Infraestructuras de Transporte S.A.	435,979		5,109,440	1.42
	Other			6,816,629	1.89

				19,368,807	5.37


	CHEMICALS AND ALLIED PRODUCTS
	GlaxoSmithKline plc	130,775		3,161,306	0.88
	Lonza Group AG. (Regd)	125,026		6,908,640	1.92
	Novartis AG. (Regd)	64,728		3,074,028	0.85
	Reckitt Benckiser plc	171,327		5,034,843	1.40
	Sanofi-Aventis	115,479		9,461,375	2.62
	Takeda Pharmaceutical Co Ltd	42,522		2,104,517	0.58
	Other			7,986,650	2.21

				37,731,359	10.46


	COMMUNICATIONS
	Deutsche Telekom AG. (Regd)	111,154		2,048,760	0.57
	KPN NV	480,808		4,022,859	1.12
	Vodafone Group plc	1,597,609		3,885,829	1.08
	Other			3,838,035	1.06

				13,795,483	3.83


	DEPOSITORY INSTITUTIONS
*	Bayerische Hypo-und Vereinsbank AG.	378,428		9,815,707	2.72
	BNP Paribas	28,284		1,932,584	0.54
	Depfa Bank plc	395,667		6,350,530	1.76
	HSBC Holdings plc (United Kingdom)	226,625		3,605,426	1.00
	Royal Bank of Scotland Group plc	343,783		10,355,253	2.87
	Shinsei Bank Ltd	468,000		2,513,939	0.70
	UBS AG. (Regd)	130,902		10,207,672	2.83
	UniCredito Italiano S.p.A.	602,785		3,179,340	0.88
	Other			10,295,058	2.85

				58,255,509	16.15

	EDUCATIONAL SERVICES			425,448	0.12


	ELECTRIC, GAS, AND SANITARY SERVICES
	Centrica plc	902,389		3,738,342	1.03
	Other			4,677,838	1.30

				8,416,180	2.33

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 53

International Equity Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

				% OF NET
COMPANY	SHARES		VALUE	ASSETS

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
Kudelski S.A. (Br)	51,467	$	1,877,065	0.52	%
Kyocera Corp	32,100		2,449,118	0.68
Nokia Oyj	136,938		2,279,458	0.63
Other			7,683,652	2.13

			14,289,293	3.96

FABRICATED METAL PRODUCTS			973,145	0.27

FOOD AND KINDRED PRODUCTS
Groupe Danone	56,931		4,990,110	1.38
Nisshin Oillio Group Ltd	490,000		2,739,572	0.76
Other			1,428,009	0.40

			9,157,691	2.54

FOOD STORES
Tesco plc	1,208,675		6,888,739	1.91
Other	35,323		443,291	0.12

			7,332,030	2.03

FURNITURE AND HOMEFURNISHINGS STORES			941,931	0.26

GENERAL BUILDING CONTRACTORS			2,196,366	0.61

HEAVY CONSTRUCTION, EXCEPT BUILDING
Vinci S.A.	131,809		10,958,334	3.04

			10,958,334	3.04

HOLDING AND OTHER INVESTMENT OFFICES
Nobel Biocare Holding AG.	43,700		8,853,295	2.45
Orient Corp	1,007,000		3,565,097	0.99
Other			3,883,854	1.08

			16,302,246	4.52

HOTELS AND OTHER LODGING PLACES
Accor S.A.	254,452		11,902,771	3.30

			11,902,771	3.30

INDUSTRIAL MACHINERY AND EQUIPMENT
Rheinmetall AG.	160,418		8,083,018	2.24
Other			4,769,763	1.32

			12,852,781	3.56

INSTRUMENTS AND RELATED PRODUCTS			955,478	0.27

INSURANCE CARRIERS			4,088,021	1.13

METAL MINING			1,126,328	0.31

MISCELLANEOUS RETAIL			1,082,029	0.30

NONDEPOSITORY INSTITUTIONS
Deutsche Postbank AG.	109,189		5,347,145	1.48
Hypo Real Estate Holding	143,895		5,451,607	1.51
Other			422,251	0.12

			11,221,003	3.11

54 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	OIL AND GAS EXTRACTION		$	2,972,181	0.82	%

	PAPER AND ALLIED PRODUCTS			3,016,915	0.84


	PETROLEUM AND COAL PRODUCTS
	BP plc	605,429		6,298,917	1.75
	ENI S.p.A.	272,790		7,012,131	1.94
	Fortum Oyj	634,996		10,186,037	2.82
	Repsol YPF S.A.	118,614		3,011,431	0.84
	Royal Dutch Petroleum Co	50,863		3,307,913	0.92
	Total S.A.	8,040		1,882,103	0.52
	Other			2,700,508	0.75

				34,399,040	9.54


	PRIMARY METAL INDUSTRIES
	BHP Billiton Ltd	185,798		2,540,714	0.71
	NEOMAX Co Ltd	126,000		2,777,080	0.77
	Other			518,172	0.14

				5,835,966	1.62


	PRINTING AND PUBLISHING
	Reed Elsevier NV	166,086		2,312,086	0.64
	Reed Elsevier plc	387,092		3,698,726	1.03
	Other			579,865	0.16

				6,590,677	1.83

	RAILROAD TRANSPORTATION			988,188	0.27

	REAL ESTATE			2,179,115	0.60


	SECURITY AND COMMODITY BROKERS
	Julius Baer Holding AG.	41,894		2,563,804	0.71
	Other			1,984,444	0.55

				4,548,248	1.26


	STONE, CLAY, AND GLASS PRODUCTS
	Holcim Ltd (Regd)	171,582		10,425,283	2.89
	Other			3,692,626	1.03

				14,117,909	3.92

	TRANSPORTATION BY AIR			630,255	0.17


	TRANSPORTATION EQUIPMENT
	DaimlerChrysler AG. (Regd)	159,897		6,472,798	1.79
*	Fiat S.p.A.	1,098,279		7,959,519	2.21
	Toyota Motor Corp	119,100		4,254,013	1.18
	Other			1,659,082	0.46

				20,345,412	5.64

	TRANSPORTATION SERVICES			3,063	0.00

	TRUCKING AND WAREHOUSING			918,632	0.26

	WATER TRANSPORTATION			1,844,880	0.51

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 55

International Equity Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

concluded

						% OF NET
COMPANY		SHARES		VALUE		ASSETS

WHOLESALE TRADE-DURABLE GOODS
Terumo Corp		77,200	$	2,223,180		0.62	%
Other				862,863		0.24

				3,086,043		0.86


WHOLESALE TRADE-NONDURABLE GOODS
Altana AG.		99,241		5,668,610		1.57

				5,668,610		1.57

TOTAL COMMON STOCKS		(Cost $347,373,846)		359,054,347		99.55


ISSUER		PRINCIPAL


SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
Federal Home Loan Banks (FHLB) 2.950%, 07/01/05		$4,410,000		4,410,000		1.22

TOTAL SHORT-TERM INVESTMENTS	(Cost $4,410,000)			4,410,000		1.22


TOTAL PORTFOLIO	(Cost $351,783,846)			363,464,347		100.77	%
OTHER ASSETS & LIABILITIES, NET				(2,776,888	)	(0.77	)


			$	360,687,459		100.00	%

* Non-income producing

For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

56 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	APPAREL AND ACCESSORY STORES
*	Kohl’s Corp	161,056	$	9,004,641	1.68	%

				9,004,641	1.68

	APPAREL AND OTHER TEXTILE PRODUCTS			3,919,777	0.73

	BUILDING MATERIALS AND GARDEN SUPPLIES			2,414,907	0.45


	BUSINESS SERVICES
	Adobe Systems, Inc	188,158		5,385,082	1.00
*	eBay, Inc	213,047		7,032,681	1.31
*	Electronic Arts, Inc	115,515		6,539,304	1.22
*	Google, Inc (Class A)	36,584		10,761,184	2.01
	Microsoft Corp	379,003		9,414,435	1.76
	SAP AG. (Spon ADR)	125,301		5,425,533	1.01
*	Yahoo!, Inc	204,119		7,072,723	1.32
	Other			13,144,521	2.45

				64,775,463	12.08


	CHEMICALS AND ALLIED PRODUCTS
*	Amgen, Inc	196,875		11,903,063	2.22
*	Genentech, Inc	99,744		8,007,448	1.49
	Gillette Co	266,830		13,509,603	2.52
	Lilly (Eli) & Co	139,015		7,744,526	1.44
	Procter & Gamble Co	205,082		10,818,076	2.02
	Schering-Plough Corp	347,360		6,620,682	1.24
*	Sepracor, Inc	108,330		6,500,883	1.21
	Teva Pharmaceutical Industries Ltd (Spon ADR)	147,783		4,601,963	0.86
	Other			6,462,986	1.21

				76,169,230	14.21


	COMMUNICATIONS
	Sprint Corp	234,733		5,889,450	1.10
	Other			3,920,333	0.73

				9,809,783	1.83

	EATING AND DRINKING PLACES			2,543,455	0.47

	ELECTRIC, GAS, AND SANITARY SERVICES			3,330,177	0.62


	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	Analog Devices, Inc	176,438		6,582,902	1.23
*	Cisco Systems, Inc	1,162,644		22,218,127	4.14
	General Electric Co	910,946		31,564,279	5.89
	Intel Corp	363,619		9,475,911	1.77
	Motorola, Inc	519,167		9,479,989	1.77
	National Semiconductor Corp	214,861		4,733,388	0.88
	Qualcomm, Inc	389,915		12,871,094	2.40
	Xilinx, Inc	170,691		4,352,621	0.81
	Other			10,606,547	1.98

				111,884,858	20.87

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 57

Growth Equity Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	FOOD AND KINDRED PRODUCTS
*	Constellation Brands, Inc (Class A)	155,158	$	4,577,161	0.85	%
	PepsiCo, Inc	223,185		12,036,367	2.25
	Other			1,081,319	0.20

				17,694,847	3.30

	FURNITURE AND FIXTURES			312,348	0.06


	FURNITURE AND HOMEFURNISHINGS STORES
*	Bed Bath & Beyond, Inc	200,417		8,373,422	1.56

				8,373,422	1.56


	GENERAL MERCHANDISE STORES
	Target Corp	134,597		7,323,423	1.37
	Other			4,158,359	0.77

				11,481,782	2.14


	HEALTH SERVICES
*	Caremark Rx, Inc	153,640		6,840,053	1.28
*	Express Scripts, Inc	154,886		7,741,202	1.44
	Health Management Associates, Inc (Class A)	189,838		4,969,959	0.93

				19,551,214	3.65


	HOLDING AND OTHER INVESTMENT OFFICES
	iShares Russell 1000 Growth Index Fund	104,450		5,013,600	0.94

				5,013,600	0.94


	HOTELS AND OTHER LODGING PLACES
	Starwood Hotels & Resorts Worldwide, Inc	145,409		8,516,605	1.59
	Other			2,766,621	0.52

				11,283,226	2.11


	INDUSTRIAL MACHINERY AND EQUIPMENT
	Applied Materials, Inc	340,665		5,511,960	1.03
*	Dell, Inc	391,263		15,458,801	2.88
	Other			6,580,307	1.23

				27,551,068	5.14


	INSTRUMENTS AND RELATED PRODUCTS
	Medtronic, Inc	220,414		11,415,241	2.13
*	St. Jude Medical, Inc	256,746		11,196,693	2.09
*	Zimmer Holdings, Inc	126,509		9,636,191	1.80

				32,248,125	6.02

	INSURANCE AGENTS, BROKERS AND SERVICE			1,363,505	0.25


	INSURANCE CARRIERS
	Aetna, Inc	53,765		4,452,817	0.83
	Progressive Corp	59,353		5,864,670	1.09

				10,317,487	1.92

	LEATHER AND LEATHER PRODUCTS			2,446,380	0.46

58 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

				% OF NET
COMPANY	SHARES		VALUE	ASSETS

MISCELLANEOUS RETAIL
Staples, Inc	226,229	$	4,823,202	0.90	%
Other			1,087,596	0.20

			5,910,798	1.10

MOTION PICTURES
News Corp (Class A)	347,580		5,623,844	1.05

			5,623,844	1.05

NONDEPOSITORY INSTITUTIONS
American Express Co	223,549		11,899,513	2.22
Other			4,249,217	0.79

TOTAL NONDEPOSITORY INSTITUTIONS			16,148,730	3.01

OIL AND GAS EXTRACTION
Baker Hughes, Inc	96,787		4,951,623	0.92
Other			8,166,245	1.53

			13,117,868	2.45

PETROLEUM AND COAL PRODUCTS			3,250,905	0.61

PRIMARY METAL INDUSTRIES			3,300,782	0.62

SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc	48,006		4,897,572	0.91
Other			3,750,302	0.70

			8,647,874	1.61

TRANSPORTATION BY AIR			2,256,646	0.42

TRANSPORTATION EQUIPMENT
Boeing Co	82,829		5,466,714	1.02
United Technologies Corp	157,913		8,108,833	1.51
Other			6,861,217	1.28

			20,436,764	3.81

WATER TRANSPORTATION			8,320,116	1.55

WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson	253,191		16,457,415	3.07

			16,457,415	3.07

WHOLESALE TRADE-NONDURABLE GOODS			688,153	0.13

TOTAL COMMON STOCKS (Cost $503,800,735)			535,649,190	99.92

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 59

Growth Equity Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

concluded


					% OF NET
COMPANY			VALUE		ASSETS

SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		$	3,930,000		0.73	%

TOTAL SHORT-TERM INVESTMENTS	(Cost $3,930,000)		3,930,000		0.73


TOTAL PORTFOLIO	(Cost $507,730,735)		539,579,190		100.65	%
OTHER ASSETS & LIABILITIES, NET			(3,499,929	)	(0.65	)


NET ASSETS			536,079,261		100.00	%

* Non-income producing

60 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	COMMON STOCKS
	APPAREL AND ACCESSORY STORES		$	4,207,517	0.83	%

	BUILDING MATERIALS AND GARDEN SUPPLIES			1,929,818	0.38


	BUSINESS SERVICES
	Automatic Data Processing, Inc	109,184		4,582,452	0.90
	Microsoft Corp	355,750		8,836,830	1.75
	Other			19,300,876	3.81

				32,720,158	6.46


	CHEMICALS AND ALLIED PRODUCTS
*	Andrx Corp	234,318		4,758,999	0.94
	Avon Products, Inc	113,981		4,314,181	0.85
	Gillette Co	146,099		7,396,992	1.46
	Lilly (Eli) & Co	103,411		5,761,027	1.14
	Pfizer, Inc	263,833		7,276,514	1.44
	Schering-Plough Corp	320,139		6,101,849	1.21
	Teva Pharmaceutical Industries Ltd (Spon ADR)	122,407		3,811,754	0.75
	Wyeth	166,982		7,430,699	1.47
	Other			26,557,957	5.24

				73,409,972	14.50


	COMMUNICATIONS
	BellSouth Corp	270,623		7,190,453	1.42
	Sprint Corp	195,233		4,898,396	0.97
	Other			1,612,816	0.32

				13,701,665	2.71


	DEPOSITORY INSTITUTIONS
	Bank of America Corp	242,082		11,041,360	2.18
	Citigroup, Inc	180,465		8,342,897	1.65
	JPMorgan Chase & Co	278,081		9,821,821	1.94
	Northern Trust Corp	172,958		7,885,155	1.56
	U.S. Bancorp	222,311		6,491,481	1.28
	Other			3,521,442	0.69

				47,104,156	9.30


	EATING AND DRINKING PLACES
*	Brinker International, Inc	214,962		8,609,228	1.70
	Other			352,991	0.07

				8,962,219	1.77


	ELECTRIC, GAS, AND SANITARY SERVICES
*	Allegheny Energy, Inc	171,300		4,320,186	0.85
	Exelon Corp	135,034		6,931,295	1.37
	Other	64,215		3,989,901	0.79

				15,241,382	3.01

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 61

Growth & Income Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	Analog Devices, Inc	108,353	$	4,042,650	0.80	%
*	Cisco Systems, Inc	415,459		7,939,421	1.57
	General Electric Co	577,800		20,020,770	3.95
	Intel Corp	186,131		4,850,574	0.96
	Motorola, Inc	247,167		4,513,269	0.89
	Qualcomm, Inc	182,793		6,033,997	1.19
	Other			11,903,135	2.35

				59,303,816	11.71


	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc	195,087		10,521,042	2.08
	Other			2,913,983	0.57

				13,435,025	2.65

	FOOD STORES			2,171,418	0.43


	FURNITURE AND HOMEFURNISHINGS STORES
*	Bed Bath & Beyond, Inc	131,564		5,496,744	1.09
	Other			3,420,645	0.67

				8,917,389	1.76


	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc	107,774		5,194,707	1.03
	Other			3,509,445	0.69

				8,704,152	1.72


	HEALTH SERVICES
*	Coventry Health Care, Inc	68,731		4,862,718	0.96
*	Express Scripts, Inc	130,388		6,516,792	1.29
*	Triad Hospitals, Inc	70,800		3,868,512	0.76

				15,248,022	3.01

	HOLDING AND OTHER INVESTMENT OFFICES			6,139,508	1.21


	HOTELS AND OTHER LODGING PLACES
	Hilton Hotels Corp	273,429		6,521,282	1.29
	Other			1,275,607	0.25

				7,796,889	1.54


	INDUSTRIAL MACHINERY AND EQUIPMENT
*	Dell, Inc	133,491		5,274,229	1.04
	Hewlett-Packard Co	212,399		4,993,500	0.99
	Other			9,093,774	1.80

				19,361,503	3.83


	INSTRUMENTS AND RELATED PRODUCTS
*	Fisher Scientific International, Inc	81,900		5,315,310	1.05
*	Zimmer Holdings, Inc	53,600		4,082,712	0.81
	Other			1,314,842	0.26

				10,712,864	2.12

62 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	INSURANCE CARRIERS
	American International Group, Inc	215,803	$	12,538,154	2.48	%
	Other			3,748,235	0.74

				16,286,389	3.22

	MISCELLANEOUS RETAIL			3,752,716	0.74


	MOTION PICTURES
	News Corp (Class A)	247,068		3,997,560	0.79
*	Time Warner, Inc	369,305		6,171,087	1.22
	Other			4,081,840	0.81

				14,250,487	2.82


	NONDEPOSITORY INSTITUTIONS
	American Express Co	106,700		5,679,641	1.12
	Fannie Mae	171,636		10,023,542	1.98
	SLM Corp	89,854		4,564,583	0.90

				20,267,766	4.00


	OIL AND GAS EXTRACTION
	EOG Resources, Inc	102,205		5,805,244	1.15
*	Transocean, Inc	74,923		4,043,594	0.80
	Other			6,293,599	1.24

				16,142,437	3.19


	PETROLEUM AND COAL PRODUCTS
	ConocoPhillips	104,868		6,028,861	1.19
	ExxonMobil Corp	302,340		17,375,480	3.43
	Other			2,431,804	0.48

				25,836,145	5.10

	PRINTING AND PUBLISHING			4,878,098	0.96

	RAILROAD TRANSPORTATION			3,227,869	0.64


	SECURITY AND COMMODITY BROKERS
	Lehman Brothers Holdings, Inc	49,888		4,952,881	0.98
	Other			2,480,729	0.49

				7,433,610	1.47

	TEXTILE MILL PRODUCTS			354,167	0.07


	TOBACCO PRODUCTS
	Altria Group, Inc	312,777		20,224,161	4.00

				20,224,161	4.00


	TRANSPORTATION EQUIPMENT
	Boeing Co	71,414		4,713,324	0.93
	Northrop Grumman Corp	115,800		6,397,950	1.26
	Other			2,628,960	0.52

				13,740,234	2.71

	TRANSPORTATION SERVICES			2,901,344	0.57

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 63

Growth & Income Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

concluded

						% OF NET
COMPANY		SHARES		VALUE		ASSETS

WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson		96,786	$	6,291,090		1.24	%

				6,291,090		1.24

WHOLESALE TRADE-NONDURABLE GOODS				1,722,709		0.34


TOTAL COMMON STOCKS	(Cost $502,071,863)			506,376,695		100.01


TOTAL PORTFOLIO	(Cost $502,071,863)			506,376,695		100.01	%
OTHER ASSETS & LIABILITIES, NET				(62,708	)	(0.01	)



NET ASSETS			$	506,313,987		100.00	%

* Non-income producing

64 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Equity Index Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	AGRICULTURAL PRODUCTION-CROPS		$	67,008	0.02	%

	AGRICULTURAL PRODUCTION-LIVESTOCK			32,374	0.01

	AMUSEMENT AND RECREATION SERVICES			713,103	0.20

	APPAREL AND ACCESSORY STORES			2,417,457	0.69

	APPAREL AND OTHER TEXTILE PRODUCTS			577,998	0.17

	AUTO REPAIR, SERVICES AND PARKING			261,651	0.07

	AUTOMOTIVE DEALERS AND SERVICE STATIONS			636,154	0.18


	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc	56,255		2,188,320	0.62
	Other			1,435,388	0.41

				3,623,708	1.03


	BUSINESS SERVICES
	Microsoft Corp	241,292		5,993,693	1.71
*	Oracle Corp	98,617		1,301,744	0.37
	Other			17,438,548	4.98

				24,733,985	7.06


	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories	40,411		1,980,543	0.57
*	Amgen, Inc	32,763		1,980,851	0.57
	Bristol-Myers Squibb Co	50,930		1,272,231	0.36
	Lilly (Eli) & Co	25,572		1,424,616	0.41
	Merck & Co, Inc	57,416		1,768,413	0.50
	Pfizer, Inc	193,752		5,343,680	1.52
	Procter & Gamble Co	65,001		3,428,803	0.98
	Wyeth	34,978		1,556,521	0.44
	Other			15,130,423	4.32

				33,886,081	9.67

	COAL MINING			535,852	0.15


	COMMUNICATIONS
	BellSouth Corp	47,719		1,267,894	0.36
*	Comcast Corp (Class A)	53,403		1,639,472	0.47
	SBC Communications, Inc	86,082		2,044,448	0.59
	Verizon Communications, Inc	72,110		2,491,401	0.71
	Other			7,437,998	2.12

				14,881,213	4.25


	DEPOSITORY INSTITUTIONS
	Bank of America Corp	104,795		4,779,700	1.37
	Citigroup, Inc	135,561		6,266,985	1.79
	JPMorgan Chase & Co	91,696		3,238,703	0.92
	U.S. Bancorp	47,758		1,394,534	0.40
	Wachovia Corp	41,078		2,037,469	0.58
	Wells Fargo & Co	43,968		2,707,549	0.77
	Other			14,427,905	4.12

				34,852,845	9.95

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 65

Equity Index Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	EATING AND DRINKING PLACES		$	2,523,588	0.72	%

	EDUCATIONAL SERVICES			704,916	0.20

	ELECTRIC, GAS, AND SANITARY SERVICES			13,897,993	3.97

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc	168,642		3,222,749	0.92
d	General Electric Co	276,381		9,576,602	2.73
	Intel Corp	160,858		4,191,959	1.20
	Qualcomm, Inc	42,670		1,408,537	0.40
	Other			11,617,245	3.32

				30,017,092	8.57

	ENGINEERING AND MANAGEMENT SERVICES			2,304,028	0.66

	FABRICATED METAL PRODUCTS			1,174,243	0.34

	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	54,273		2,265,898	0.65
	PepsiCo, Inc	43,639		2,353,451	0.67
	Other			5,284,216	1.51

				9,903,565	2.83

	FOOD STORES			1,441,531	0.41

	FORESTRY			459,071	0.13

	FURNITURE AND FIXTURES			1,322,743	0.38

	FURNITURE AND HOMEFURNISHINGS STORES			1,505,738	0.43

	GENERAL BUILDING CONTRACTORS			1,930,469	0.55

	GENERAL MERCHANDISE STORES
	Target Corp	23,078		1,255,674	0.36
	Wal-Mart Stores, Inc	65,631		3,163,414	0.90
	Other			2,518,980	0.72

				6,938,068	1.98

	HEALTH SERVICES			4,035,524	1.15

	HEAVY CONSTRUCTION, EXCEPT BUILDING			33,973	0.01

	HOLDING AND OTHER INVESTMENT OFFICES
	SPDR Trust Series 1	24,900		2,967,582	0.85
	Other	600		9,491,850	2.71

				12,459,432	3.56

	HOTELS AND OTHER LODGING PLACES			1,522,289	0.43

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	20,054		1,449,904	0.41
*	Dell, Inc	64,447		2,546,301	0.73
	Hewlett-Packard Co	75,778		1,781,541	0.51
d	International Business Machines Corp	42,042		3,119,516	0.89
	Other			9,630,738	2.75

				18,528,000	5.29

66 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Equity Index Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	INSTRUMENTS AND RELATED PRODUCTS
	Medtronic, Inc	31,519	$	1,632,369	0.47	%
	Other			9,311,155	2.65

				10,943,524	3.12

	INSURANCE AGENTS, BROKERS AND SERVICE			1,563,844	0.45

	INSURANCE CARRIERS
	American International Group, Inc	59,797		3,474,206	0.99
	UnitedHealth Group, Inc	32,996		1,720,411	0.49
	Other			12,012,891	3.43

				17,207,508	4.91

	JUSTICE, PUBLIC ORDER AND SAFETY			47,072	0.01

	LEATHER AND LEATHER PRODUCTS			479,177	0.14

	LEGAL SERVICES			30,348	0.01

	LOCAL AND INTERURBAN PASSENGER TRANSIT			60,202	0.02

	LUMBER AND WOOD PRODUCTS			136,331	0.04

	METAL MINING			988,987	0.28

	MISCELLANEOUS MANUFACTURING INDUSTRIES			849,227	0.24

	MISCELLANEOUS RETAIL			4,383,525	1.25

	MOTION PICTURES
*	Time Warner, Inc	119,544		1,997,580	0.57
	Walt Disney Co	53,189		1,339,299	0.38
	Other			1,900,002	0.54

				5,236,881	1.49

	NONDEPOSITORY INSTITUTIONS
	American Express Co	28,507		1,517,428	0.43
	Fannie Mae	25,225		1,473,140	0.42
	Other			4,664,111	1.33

				7,654,679	2.18

	NONMETALLIC MINERALS, EXCEPT FUELS			257,855	0.07

	OIL AND GAS EXTRACTION			8,725,545	2.49

	PAPER AND ALLIED PRODUCTS			2,188,144	0.63

	PERSONAL SERVICES			615,113	0.18

	PETROLEUM AND COAL PRODUCTS
	ChevronTexaco Corp	54,678		3,057,594	0.87
	ConocoPhillips	36,285		2,086,025	0.60
	ExxonMobil Corp	165,885		9,533,411	2.72
	Other			2,192,542	0.62

				16,869,572	4.81

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 67

Equity Index Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

				% OF NET
COMPANY	SHARES		VALUE	ASSETS

PRIMARY METAL INDUSTRIES		$	2,311,325	0.66	%

PRINTING AND PUBLISHING			3,991,992	1.14

RAILROAD TRANSPORTATION			1,562,371	0.45

REAL ESTATE			397,473	0.11

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			383,057	0.11

SECURITY AND COMMODITY BROKERS
Merrill Lynch & Co, Inc	24,565		1,351,321	0.38
Morgan Stanley	28,553		1,498,176	0.43
Other			4,652,396	1.33

			7,501,893	2.14

SOCIAL SERVICES			38,490	0.01

SPECIAL TRADE CONTRACTORS			126,656	0.04

STONE, CLAY, AND GLASS PRODUCTS			376,668	0.11

TEXTILE MILL PRODUCTS			13,346	0.00

TOBACCO PRODUCTS
Altria Group, Inc	53,967		3,489,506	1.00
Other			465,382	0.13

			3,954,888	1.13

TRANSPORTATION BY AIR			1,233,357	0.35

TRANSPORTATION EQUIPMENT
Boeing Co	21,535		1,421,310	0.40
United Technologies Corp	26,673		1,369,659	0.39
Other			5,316,712	1.52

			8,107,681	2.31

TRANSPORTATION SERVICES			445,330	0.13

TRUCKING AND WAREHOUSING			1,521,386	0.43

WATER TRANSPORTATION			159,253	0.05

WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson	77,485		5,036,525	1.44
Other			1,550,909	0.44

			6,587,434	1.88

WHOLESALE TRADE-NONDURABLE GOODS			3,501,907	1.00

TOTAL COMMON STOCKS (Cost $304,626,517)			348,373,733	99.43

68 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Equity Index Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

concluded

							% OF NET
	COMPANY			PRINCIPAL		VALUE	ASSETS

	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
d	Federal Home Loan Bank (FHLB)	2.950%, 07/01/05		$1,700,000	$	1,770,000	0.50	%

	TOTAL SHORT-TERM INVESTMENTS		(Cost $1,770,000)			1,770,000	0.50


	TOTAL PORTFOLIO		(Cost $306,396,517)			350,143,733	99.93	%
	OTHER ASSETS & LIABILITIES, NET					236,568	0.07


		NET ASSETS			$	350,380,301	100.00	%

*		Non-income producing
d		All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed
		delivery basis.

Restricted security held by the Fund is as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST	VALUE

McLeod (Escrow)	05/14/02	$ —	$ —

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 69

Social Choice Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES		$	24,983	0.02	%

	APPAREL AND ACCESSORY STORES			1,019,423	0.75

	APPAREL AND OTHER TEXTILE PRODUCTS			106,970	0.08

	AUTO REPAIR, SERVICES AND PARKING			14,435	0.01

	AUTOMOTIVE DEALERS AND SERVICE STATIONS			86,754	0.06


	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc	31,984		1,244,178	0.92
	Lowe’s Cos	12,400		721,928	0.53
	Other			16,908	0.01

				1,983,014	1.46


	BUSINESS SERVICES
	Microsoft Corp	114,552		2,845,472	2.10
	Other			5,656,799	4.18

				8,502,271	6.28


	CHEMICALS AND ALLIED PRODUCTS
*	Amgen, Inc	20,967		1,267,665	0.94
	Gillette Co	16,314		825,978	0.61
	Merck & Co, Inc	35,748		1,101,038	0.81
	Procter & Gamble Co	40,551		2,139,065	1.58
	Other			6,147,058	4.54

				11,480,804	8.48


	COMMUNICATIONS
	BellSouth Corp	27,732		736,839	0.55
*	Comcast Corp (Class A)	27,865		855,456	0.63
	SBC Communications, Inc	61,748		1,466,515	1.08
	Verizon Communications, Inc	41,376		1,429,541	1.06
	Other			2,017,812	1.49

				6,506,163	4.81


	DEPOSITORY INSTITUTIONS
	JPMorgan Chase & Co	63,418		2,239,924	1.65
	U.S. Bancorp	43,458		1,268,974	0.94
	Wachovia Corp	31,749		1,574,750	1.16
	Washington Mutual, Inc	25,076		1,020,342	0.75
	Wells Fargo & Co	30,049		1,850,417	1.37
	Other			5,468,343	4.04

				13,422,750	9.91


	EATING AND DRINKING PLACES
	McDonald’s Corp	38,063		1,056,248	0.78
	Other			193,086	0.14

				1,249,334	0.92

	EDUCATIONAL SERVICES			29,654	0.02

70 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	ELECTRIC, GAS, AND SANITARY SERVICES
	Kinder Morgan, Inc	9,370	$	779,584	0.57	%
	Other			6,643,265	4.91

				7,422,849	5.48


	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc	81,891		1,564,937	1.16
	Emerson Electric Co	13,878		869,179	0.64
	Intel Corp	85,800		2,235,948	1.65
	Qualcomm, Inc	22,900		755,929	0.56
	Texas Instruments, Inc	24,474		686,985	0.51
	Other			2,762,110	2.04

				8,875,088	6.56

	ENGINEERING AND MANAGEMENT SERVICES			686,011	0.51


	FABRICATED METAL PRODUCTS
	Illinois Tool Works, Inc	8,601		685,328	0.51
	Other			181,075	0.13

				866,403	0.64


	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	38,155		1,592,971	1.18
	PepsiCo, Inc	29,274		1,578,747	1.17
	Other			1,254,365	0.92

				4,426,083	3.27

	FOOD STORES			848,989	0.63

	FURNITURE AND FIXTURES			1,104,267	0.82

	FURNITURE AND HOMEFURNISHINGS STORES			395,916	0.29

	GENERAL BUILDING CONTRACTORS			878,705	0.65


	GENERAL MERCHANDISE STORES
	Target Corp	14,778		804,071	0.59
	Other			1,295,346	0.96

				2,099,417	1.55

	HEALTH SERVICES			1,043,830	0.77

	HOLDING AND OTHER INVESTMENT OFFICES			3,184,585	2.35

	HOTELS AND OTHER LODGING PLACES			334,460	0.25


	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	17,166		1,241,102	0.92
*	Dell, Inc	32,950		1,301,855	0.96
	Hewlett-Packard Co	46,647		1,096,671	0.81
	International Business Machines Corp	26,231		1,946,340	1.44
	Other			3,259,624	2.40

				8,845,592	6.53

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 71

Social Choice Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

					% OF NET
	COMPANY	SHARES		VALUE	ASSETS

	INSTRUMENTS AND RELATED PRODUCTS
	Medtronic, Inc	21,276	$	1,101,884	0.82	%
	Other			3,685,333	2.72

				4,787,217	3.54

	INSURANCE AGENTS, BROKERS AND SERVICE			1,101,038	0.81


	INSURANCE CARRIERS
	American International Group, Inc	36,123		2,098,746	1.55
	Prudential Financial, Inc	12,259		804,926	0.59
	UnitedHealth Group, Inc	23,122		1,205,581	0.89
*	WellPoint, Inc	9,234		643,056	0.48
	Other			3,818,086	2.82

				8,570,395	6.33

	LEATHER AND LEATHER PRODUCTS			249,511	0.18

	LOCAL AND INTERURBAN PASSENGER TRANSIT			16,870	0.01

	LUMBER AND WOOD PRODUCTS			14,652	0.01

	METAL MINING			233,615	0.17

	MISCELLANEOUS MANUFACTURING INDUSTRIES			278,290	0.21


	MISCELLANEOUS RETAIL
	Walgreen Co	15,190		698,588	0.52
	Other			1,021,514	0.75

				1,720,102	1.27


	MOTION PICTURES
*	Time Warner, Inc	63,862		1,067,134	0.79
	Walt Disney Co	37,558		945,710	0.70
	Other			504,152	0.37

				2,516,996	1.86


	NONDEPOSITORY INSTITUTIONS
	American Express Co	23,153		1,232,434	0.91
	Fannie Mae	17,733		1,035,607	0.77
	Freddie Mac	14,880		970,622	0.72
	MBNA Corp	25,772		674,196	0.50
	Other			1,712,235	1.26

				5,625,094	4.16

	NONMETALLIC MINERALS, EXCEPT FUELS			225,538	0.17


	OIL AND GAS EXTRACTION
	Anadarko Petroleum Corp	9,361		769,006	0.57
	Apache Corp	11,934		770,936	0.57
	Devon Energy Corp	14,834		751,787	0.56
	Other			4,435,355	3.27

				6,727,084	4.97

72 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

				% OF NET
COMPANY	SHARES		VALUE	ASSETS

PAPER AND ALLIED PRODUCTS		$	1,237,671	0.91	%

PERSONAL SERVICES			15,483	0.01

PETROLEUM AND COAL PRODUCTS			1,085,838	0.80

PRIMARY METAL INDUSTRIES			1,269,742	0.94

PRINTING AND PUBLISHING			1,129,796	0.83

RAILROAD TRANSPORTATION			524,038	0.39

REAL ESTATE			15,565	0.01

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			63,065	0.05

SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc	6,836		697,409	0.52
Merrill Lynch & Co, Inc	18,286		1,005,913	0.74
Other			1,109,801	0.82

			2,813,123	2.08

SPECIAL TRADE CONTRACTORS			43,748	0.03

STONE, CLAY, AND GLASS PRODUCTS			81,325	0.06

TEXTILE MILL PRODUCTS			27,896	0.02

TRANSPORTATION BY AIR			845,073	0.62

TRANSPORTATION EQUIPMENT			1,373,919	1.02

TRANSPORTATION SERVICES			95,799	0.07

TRUCKING AND WAREHOUSING
United Parcel Service, Inc (Class B)	11,557		799,282	0.59

			799,282	0.59

WATER TRANSPORTATION			89,617	0.07

WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson	50,422		3,277,430	2.42
Other			845,276	0.63

			4,122,706	3.05

WHOLESALE TRADE-NONDURABLE GOODS			1,812,836	1.34

TOTAL COMMON STOCKS (Cost $132,686,509)			134,951,674	99.68

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 73

Social Choice Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

concluded

% OF NET

COMPANY

PRINCIPAL

VALUE

ASSETS

SHORT-TERM INVESTMENTS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Home Loan Bank (FHLB)

2.950%, 07/01/05

$860,000

860,000

0.63

TOTAL SHORT-TERM INVESTMENTS

(Cost $860,000)

860,000

0.63

TOTAL PORTFOLIO

(Cost $133,546,509)

135,811,674

100.31

OTHER ASSETS & LIABILITIES, NET

(422,982

)

(0.31

)

NET ASSETS

135,388,692

100.00

* Non-income producing

74 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Managed Allocation Fund |

Summary portfolio of investments (unaudited)
June 30, 2005


					% OF NET
COMPANY		SHARES		VALUE	ASSETS

TIAA-CREF FUNDS
TIAA-CREF Bond Plus Fund		17,495,658	$	181,255,026	35.62	%
TIAA-CREF Growth Equity Fund		12,294,019		110,031,477	21.62
TIAA-CREF High-Yield Bond Fund		1,383,533		12,756,176	2.50
TIAA-CREF Institutional Large-Cap Value Fund - Retail Class		8,169,352		113,063,842	22.22
TIAA-CREF Institutional Real Estate Securities Fund - Retail Class		370,393		5,407,750	1.06
TIAA-CREF Institutional Small-Cap Equity Fund - Retail Class		1,055,484		15,863,934	3.12
TIAA-CREF International Equity Fund		5,789,647		60,270,232	11.84
TIAA-CREF Money Market Fund		2,529,695		2,529,696	0.50
TIAA-CREF Short-Term Bond Fund		727,433		7,623,501	1.50

TOTAL TIAA-CREF FUNDS	(Cost $503,104,444)			508,801,634	99.98


TOTAL PORTFOLIO	(Cost $503,104,444)			508,801,634	99.98	%
OTHER ASSETS & LIABILITIES, NET				85,899	0.02


		NET ASSETS	$	508,887,533	100.00	%

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 75

High-Yield Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

								% OF NET
	ISSUER		RATING†		PRINCIPAL		VALUE	ASSETS

	BONDS
	CORPORATE BONDS
	AGRICULTURAL PRODUCTION-CROPS					$	2,133,750	0.72	%


	AGRICULTURAL SERVICES
g	United Agri Products (Sr Note)	8.250%, 12/15/11	B1		$1,809,000		1,872,315	0.63
	Other						1,015,000	0.34

							2,887,315	0.97


	AMUSEMENT AND RECREATION SERVICES
	Speedway Motorsports, Inc (Sr Sub Note)	6.750%, 06/01/13	Ba2		1,750,000		1,802,500	0.61
	Other						4,560,772	1.54

							6,363,272	2.15


	APPAREL AND OTHER TEXTILE PRODUCTS
	Broder Brothers (Sr Note)	11.250%, 10/15/10	B3		2,500,000		2,525,000	0.85

							2,525,000	0.85


	AUTO REPAIR, SERVICES AND PARKING
	Keystone Automotive Operations Inc
	(Sr Sub Note)	9.750%, 11/01/13	B3		3,000,000		2,970,000	1.00

							2,970,000	1.00


	AUTOMOTIVE DEALERS AND SERVICE STATIONS
	Autonation, Inc (Guarantee Note)	9.000%, 08/01/08	Ba2		2,750,000		3,006,410	1.01
	Other						547,500	0.19

							3,553,910	1.20


	BUSINESS SERVICES
	Activant Solutions, Inc (Sr Note)	10.500%, 06/15/11	B2		2,000,000		2,170,000	0.73
	Iron Mountain, Inc (Guarantee Note)	8.625%, 04/01/13	Caa1		2,500,000		2,587,500	0.87
	Other						6,752,375	2.28

							11,509,875	3.88


	CHEMICALS AND ALLIED PRODUCTS
	ISP Chemco, Inc (Guarantee Note)	10.250%, 07/01/11	B1		1,500,000		1,635,000	0.55
	Other						10,632,250	3.59

							12,267,250	4.14


	COAL MINING						3,930,000	1.32


	COMMUNICATIONS
	Allbritton Communications Co (Sr Sub Note)	7.750%, 12/15/12	B3		2,850,000		2,807,250	0.95
	AT&T Corp (Sr Note)	9.050%, 11/15/11	Ba1		2,461,000		2,836,303	0.96
	Corus Entertainment, Inc (Sr Sub Note)	8.750%, 03/01/12	B1		2,000,000		2,145,000	0.72
	CSC Holdings, Inc (Sr Note)	7.625%, 04/01/11	B1		2,500,000		2,468,750	0.83
	DirecTV Holdings LLC/DirecTV Financing Co
	(Sr Note)	8.375%, 03/15/13	Ba2		1,974,000		2,186,205	0.74
	Echostar DBS Corp (Sr Note)	6.375%, 10/01/11	Ba3		2,000,000		1,982,500	0.67
	MCI Inc (Sr Note)	7.688%, 05/01/09	B2		2,000,000		2,082,500	0.70
	Nextel Communications, Inc (Sr Note)	5.950%, 03/15/14	Ba3		2,350,000		2,441,063	0.82
	Qwest Corp (Sr Note)	7.875%, 09/01/11	Ba3	e	2,500,000		2,606,250	0.88
	Qwest Corp Note	8.875%, 03/15/12	Ba3	e	2,000,000		2,175,000	0.73
	Rogers Wireless Communications, Inc
	(Secured Note)	9.625%, 05/01/11	Ba3		1,750,000		2,054,062	0.69

76 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

High-Yield Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

							% OF NET
	ISSUER		RATING†	PRINCIPAL		VALUE	ASSETS

	COMMUNICATIONS — (continued)
g	Telcordia Technologies, Inc (Sr Sub Note)	10.000%, 03/15/13	B3e	$2,000,000	$	1,870,000	0.63	%
	Other					17,954,086	6.06

						45,608,969	15.38


	EATING AND DRINKING PLACES
g	Carrols Corp (Sr Sub Note)	9.000%, 01/15/13	B3	2,000,000		2,025,000	0.68

						2,025,000	0.68


	ELECTRIC, GAS, AND SANITARY SERVICES
	AES Corp (Sr Note)	7.750%, 03/01/14	B1	1,750,000		1,898,750	0.64
	Allied Waste North America (Sr Note)	7.250%, 03/15/15	B2	2,000,000		1,935,000	0.65
	CMS Energy Corp (Sr Note)	8.500%, 04/15/11	B1	2,000,000		2,230,000	0.75
	Reliant Energy, Inc (Secured Note)	9.500%, 07/15/13	B1	1,500,000		1,665,000	0.56
g	TXU Corp Note	5.550%, 11/15/14	Ba1	2,000,000		1,939,712	0.66
	Other					27,476,458	9.26

						37,144,920	12.52


	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
g	L-3 Communications Corp (Sr Sub Note)	5.875%, 01/15/15	Ba3	2,000,000		1,940,000	0.66
	Other					5,045,625	1.70

						6,985,625	2.36

	FABRICATED METAL PRODUCTS					3,741,250	1.26


	FOOD AND KINDRED PRODUCTS
g	Burns Philp Capital Pty Ltd (Guarantee Note)	9.750%, 07/15/12	B3	2,000,000		2,150,000	0.72
	Other					6,457,500	2.18

						8,607,500	2.90


	GENERAL BUILDING CONTRACTORS
	DR Horton, Inc (Sr Note)	7.875%, 08/15/11	Ba1	2,000,000		2,247,966	0.76
	Other					4,219,482	1.42

						6,467,448	2.18

	GENERAL MERCHANDISE STORES					1,182,500	0.40


	HEALTH SERVICES
	HCA, Inc (Sr Note)	7.875%, 02/01/11	Ba2	1,500,000		1,650,434	0.55
	Other					7,524,872	2.54

						9,175,306	3.09

	HOLDING AND OTHER INVESTMENT OFFICES					1,037,550	0.35


	HOTELS AND OTHER LODGING PLACES
g	MGM Mirage (Sr Note)	6.750%, 09/01/12	Ba2	2,750,000		2,832,500	0.96
	Other					6,354,062	2.14

						9,186,562	3.10


	INDUSTRIAL MACHINERY AND EQUIPMENT
	Case New Holland, Inc (Guarantee Note)	9.250%, 08/01/11	Ba3e	1,750,000		1,837,500	0.62
	Other					2,615,000	0.88

						4,452,500	1.50

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 77

High-Yield Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

							% OF NET
	ISSUER		RATING†	PRINCIPAL		VALUE	ASSETS

	INSTRUMENTS AND RELATED PRODUCTS
g	Fisher Scientific International, Inc (Sr Sub Note)	8.000%, 09/01/13	Ba3	$1,750,000	$	1,999,375	0.68	%
g	Fisher Scientific International, Inc (Sr Sub Note)	6.125%, 07/01/15	Ba3	1,750,000		1,752,187	0.59
g	UGS Corp/Old (Guarantee Note)	10.000%, 06/01/12	B3e	1,500,000		1,665,000	0.56
	Other					1,779,625	0.60

						7,196,187	2.43

	JUSTICE, PUBLIC ORDER AND SAFETY					992,500	0.33

	METAL MINING					1,112,500	0.37

	MISCELLANEOUS MANUFACTURING INDUSTRIES					1,620,000	0.55


	MISCELLANEOUS RETAIL
	FTD, Inc (Guarantee Note)	7.750%, 02/15/14	B3	1,944,000		1,905,120	0.64
	Other					4,610,000	1.56

						6,515,120	2.20

	NONDEPOSITORY INSTITUTIONS					5,453,203	1.84


	OIL AND GAS EXTRACTION
	Chesapeake Energy Corp (Guarantee Note)	7.750%, 01/15/15	Ba3	2,000,000		2,160,000	0.73
	Chesapeake Energy Corp (Sr Note)	6.875%, 01/15/16	Ba3	2,370,000		2,470,725	0.83
	Other					6,751,788	2.28

						11,382,513	3.84


	PAPER AND ALLIED PRODUCTS
	Abitibi-Consolidated, Inc (Sr Note)	8.375%, 04/01/15	Ba3	3,000,000		3,060,000	1.03
	Georgia-Pacific Corp (Guarantee Note)	8.875%, 02/01/10	Ba2	2,000,000		2,270,000	0.77
	Georgia-Pacific Corp Deb	9.500%, 12/01/11	Ba3	1,500,000		1,811,250	0.61
	Graphic Packaging International Corp
	(Sr Sub Note)	9.500%, 08/15/13	B3	2,000,000		2,015,000	0.68
	Greif, Inc (Guarantee Note)	8.875%, 08/01/12	B1	1,880,000		2,021,000	0.68
	Other					5,570,938	1.88

						16,748,188	5.65

	PERSONAL SERVICES					2,013,050	0.68

	PETROLEUM AND COAL PRODUCTS					2,997,925	1.01

	PRIMARY METAL INDUSTRIES					4,234,680	1.43


	PRINTING AND PUBLISHING
	Block Communications, Inc (Guarantee Note)	.9.250%, 04/15/09	B2	2,000,000		2,130,000	0.72
	RH Donnelley Corp (Sr Note)	6.875%, 01/15/13	B3	2,200,000		2,244,000	0.75
	Other					9,936,554	3.35

						14,310,554	4.82


	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
	Solo Cup Co (Sr Sub Note)	8.500%, 02/15/14	B3	2,250,000		2,103,750	0.71
	Other					592,500	0.20

						2,696,250	0.91

	SOCIAL SERVICES					955,000	0.32

	STONE, CLAY, AND GLASS PRODUCTS					2,073,750	0.70

	TRANSPORTATION EQUIPMENT					9,134,378	3.08

78 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

High-Yield Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

concluded

							% OF NET
	ISSUER		RATING†	PRINCIPAL		VALUE	ASSETS

	TRANSPORTATION SERVICES
g	United Rentals North America, Inc
	(Guarantee Note)	6.500%, 02/15/12	B1	$1,000,000	$	983,750	0.33	%

						983,750	0.33

	WATER TRANSPORTATION
	Gulfmark Offshore, Inc (Guarantee Note)	7.750%, 07/15/14	B2e	2,000,000		2,105,000	0.71
	Other					1,090,000	0.37

						3,195,000	1.08

	WHOLESALE TRADE-DURABLE GOODS					6,137,300	2.07

	WHOLESALE TRADE-NONDURABLE GOODS
g	Airgas, Inc (Sr Sub Note)	6.250%, 07/15/14	Ba2	2,000,000		2,025,000	0.68
	AmerisourceBergen Corp (Guarantee Note)	7.250%, 11/15/12	Ba2	1,500,000		1,651,875	0.56
	Other					542,500	0.18

						4,219,375	1.42

TOTAL CORPORATE BONDS			(Cost $279,125,512)			287,726,725	97.01

		TOTAL BONDS	(Cost $279,125,512)			287,726,725	97.01


	COMMON STOCKS
	AUTOMOTIVE DEALERS AND SERVICE STATIONS					2,500	0.00

	BUSINESS SERVICES					30	0.00

	COMMUNICATIONS					—	0.00

	PAPER AND ALLIED PRODUCTS					3	0.00

	COMMON STOCKS		(Cost $162,817)			2,533	0.00


	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank (FHLB)	2.950%, 07/01/05		6,780,000		6,780,000	2.29

TOTAL SHORT-TERM INVESTMENTS			(Cost $6,780,000)			6,780,000	2.29


	TOTAL PORTFOLIO		(Cost $286,068,329)			294,509,258	99.30	%
OTHER ASSETS & LIABILITIES, NET						2,067,594	0.70


		NET ASSETS			$	296,576,852	100.00	%

g		Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions
		exempt from registration to qualified institutional buyers.
		At June 30, 2005, the value of these securities amounted to $77,935,187 or 26.28% of net assets.
†		As provided by Moody's Investors Service (unaudited)

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 79

Short-Term Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

						% OF NET
ISSUER		RATING†	PRINCIPAL		VALUE	ASSETS

BONDS
CORPORATE BONDS
ASSET BACKED
Centex Home Equity Series 2004-D (Class MF2)	5.560%, 09/25/34	A2	$1,500,000	$	1,515,924	0.68	%
CIT Equipment Collateral Series 2005-VT1
(Class A4)	4.360%, 11/20/12	Aaa	1,320,000		1,329,904	0.60
CIT Group Home Equity Loan Trust Series 2002-2
(Class BF)	6.830%, 06/25/33	Baa2	1,350,000		1,372,915	0.61
Other					2,871,777	1.28

					7,090,520	3.17

BUSINESS SERVICES					500,000	0.22


CHEMICALS AND ALLIED PRODUCTS
Gillette Co (Sr Note)	4.125%, 08/30/07	Aa3	1,000,000		1,002,252	0.45
Other					2,230,261	1.00

					3,232,513	1.45


COMMUNICATIONS
Sprint Capital Corp (Guarantee Note)	6.000%, 01/15/07	Baa3	1,000,000		1,025,965	0.46
Other					2,874,788	1.29

					3,900,753	1.75


DEPOSITORY INSTITUTIONS
Bank One Corp Note	6.500%, 02/01/06	Aa3	1,000,000		1,015,294	0.45
Citigroup, Inc (Sr Note)	4.125%, 02/22/10	Aa1	2,500,000		2,489,734	1.11
Citigroup, Inc Note	5.750%, 05/10/06	Aa1	1,000,000		1,014,974	0.45
Wells Fargo & Co Note	4.125%, 03/10/08	Aa1	1,000,000		1,000,132	0.45
Other					8,707,801	3.90

					14,227,935	6.36

EATING AND DRINKING PLACES					521,480	0.23


ELECTRIC, GAS, AND SANITARY SERVICES
Duke Energy Corp (First Mortgage Bond)	3.750%, 03/05/08	A3	2,000,000		1,974,463	0.88
Tampa Electric Co Note	5.375%, 08/15/07	Baa2	1,000,000		1,022,108	0.46
Other					5,008,986	2.24

					8,005,557	3.58

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					508,402	0.23


FABRICATED METAL PRODUCTS
Illinois Tool Works, Inc Note	5.750%, 03/01/09	Aa3	1,000,000		1,049,596	0.47

					1,049,596	0.47


FOOD AND KINDRED PRODUCTS
General Mills, Inc Note	5.125%, 02/15/07	Baa2	1,000,000		1,014,256	0.46
Other					1,972,158	0.88

					2,986,414	1.34


FORESTRY
Weyerhaeuser Co Note	6.000%, 08/01/06	Baa2	1,000,000		1,017,089	0.45

					1,017,089	0.45

80 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Short-Term Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

							% OF NET
ISSUER			RATING†	PRINCIPAL		VALUE	ASSETS

FURNITURE AND FIXTURES					$	1,021,419	0.46	%

GENERAL BUILDING CONTRACTORS						1,086,929	0.49

GENERAL MERCHANDISE STORES						3,020,598	1.35

HOLDING AND OTHER INVESTMENT OFFICES						1,006,883	0.45

INDUSTRIAL MACHINERY AND EQUIPMENT						1,488,758	0.67

INSTRUMENTS AND RELATED PRODUCTS						135,092	0.06

INSURANCE CARRIERS
UnitedHealth Group, Inc (Sr Note)	3.300%, 01/30/08		A2	$1,500,000		1,470,224	0.66
Other						1,280,096	0.57

						2,750,320	1.23

MISCELLANEOUS MANUFACTURING INDUSTRIES						509,091	0.23

MOTION PICTURES						509,948	0.23

NATIONAL SECURITY AND INTERNATIONAL AFFAIRS						504,143	0.23

NONDEPOSITORY INSTITUTIONS
American Honda Finance Corp Note	4.500%, 05/26/09		A1	1,000,000		1,010,111	0.45
Countrywide Home Loans, Inc (Guarantee Note)	5.500%, 08/01/06		A3	1,000,000		1,015,249	0.46
General Electric Capital Corp Note	4.125%, 03/04/08		Aaa	1,000,000		1,000,887	0.45
HSBC Finance Corp	4.125%, 11/16/09		A1	1,500,000		1,483,548	0.66
HSBC Finance Corp Note	4.750%, 05/15/09		A1	1,000,000		1,013,984	0.45
Other						5,451,604	2.44

						10,975,383	4.91

OIL AND GAS EXTRACTION						3,988,451	1.78

PAPER AND ALLIED PRODUCTS						244,448	0.11

PETROLEUM AND COAL PRODUCTS						503,398	0.23

PIPELINES, EXCEPT NATURAL GAS						736,171	0.33

PRINTING AND PUBLISHING						1,485,708	0.66

RAILROAD TRANSPORTATION						1,081,514	0.48

SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc Bond	6.875%, 01/15/11		Aa3	1,000,000		1,113,021	0.50
Other						5,758,211	2.57

						6,871,232	3.07

TRANSPORTATION EQUIPMENT						3,475,299	1.55

WHOLESALE TRADE-NONDURABLE GOODS						502,367	0.22

TOTAL CORPORATE BONDS		(Cost $85,162,831)				84,937,411	37.99

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 81

Short-Term Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

								% OF NET
	ISSUER			RATING†	PRINCIPAL		VALUE	ASSETS

	GOVERNMENT BONDS
	AGENCY SECURITIES
	Federal Farm Credit Bank (FFCB)	2.250%, 09/01/06		Aaa	$6,000,000	$	5,891,621	2.64	%
	FFCB	3.000%, 12/17/07		Aaa	3,000,000		2,939,933	1.31
	FFCB	3.375%, 07/15/08		Aaa	1,500,000		1,477,815	0.66
	FFCB	3.875%, 01/12/09		Aaa	3,450,000		3,443,597	1.54
	Federal Home Loan Bank (FHLB)	4.570%, 10/17/08		Aaa	20,000,000		20,068,606	8.98
	Federal Home Loan Mortgage Corp (FGLMC)	7.000%, 03/15/10		Aaa	10,000,000		11,273,381	5.04
	FGLMC	4.125%, 07/12/10		Aaa	2,880,000		2,889,676	1.29
	Federal National Mortgage Association (FNMA)	2.625%, 11/15/06		Aaa	4,000,000		3,938,268	1.76
	FNMA	5.000%, 01/15/07		Aaa	5,900,000		6,004,057	2.69
	FNMA	3.625%, 03/15/07		Aaa	14,500,000		14,454,277	6.47
	FNMA	3.750%, 05/17/07		Aaa	3,000,000		2,992,086	1.34
	FNMA	3.125%, 12/15/07		Aaa	3,000,000		2,948,073	1.32
h	FNMA	6.000%, 05/15/08		Aaa	3,000,000		3,170,057	1.42
	FNMA	4.125%, 06/16/08		Aaa	1,200,000		1,196,831	0.53
	FNMA	6.625%, 09/15/09		Aaa	5,000,000		5,503,617	2.46
	FNMA	7.125%, 06/15/10		Aaa	6,500,000		7,393,918	3.31
	Other						2,968,363	1.33

							98,554,176	44.09


	FOREIGN GOVERNMENT BONDS
	European Investment Bank (Sr Note)	4.000%, 03/03/10		Aaa	1,000,000		1,002,396	0.45
	International Finance Corp (Unsub Note)	3.750%, 06/30/09		Aaa	1,500,000		1,499,320	0.67
	Province of Manitoba Canada Note	4.250%, 11/20/06		Aa2	1,000,000		1,005,267	0.45
	Province of Manitoba Canada Note	4.450%, 04/12/10		Aa2	2,000,000		2,037,629	0.91
	Other						997,000	0.45

							6,541,612	2.93


	MORTGAGE BACKED SECURITIES
	Federal Home Loan Mortgage Corp Gold
	(FGLMC)	4.375%, 04/15/15			2,923,301		2,924,950	1.31
	Federal National Mortgage Association (FNMA)	6.249%, 02/01/08			970,708		1,004,256	0.45
	FNMA	6.294%, 12/01/08			1,476,298		1,528,884	0.68
	Other						2,916,209	1.31

							8,374,299	3.75


	U.S. TREASURY SECURITIES
	United States Treasury Bond (Step Bond,
	0.00%–14.00% until 11/15/06)	11/15/11			3,000,000		2,845,518	1.27
	United States Treasury Note	7.000%, 07/15/06			5,000,000		5,173,700	2.32
	United States Treasury Note	3.750%, 03/31/07			1,750,000		1,752,660	0.78
	United States Treasury Note	3.625%, 04/30/07			2,000,000		1,998,980	0.89
	United States Treasury Note	3.125%, 09/15/08			4,000,000		3,933,000	1.76
	Other						1,699,025	0.76

							17,402,883	7.78

TOTAL GOVERNMENT BONDS			(Cost $131,344,017)				130,872,970	58.55

TOTAL BONDS			(Cost $216,506,848)				215,810,381	96.54

82 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Short-Term Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

concluded

						% OF NET
ISSUER			PRINCIPAL		VALUE	ASSETS

SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
Federal Home Loan Bank (FHLB)	2.950%, 07/01/05		$1,070,000	$	1,070,000	0.48	%

TOTAL SHORT-TERM INVESTMENTS		(Cost $1,070,000)			1,070,000	0.48


TOTAL PORTFOLIO		(Cost $217,576,848)			216,880,381	97.02	%
OTHER ASSETS & LIABILITIES, NET					6,656,150	2.98


	NET ASSETS			$	223,536,531	100.00	%

h		These securities were purchased on a delayed delivery basis.
†		As provided by Moody’s Investors Service (unaudited)

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 83

Tax-Exempt Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

							% OF NET
	ISSUER			PRINCIPAL		VALUE	ASSETS

	SHORT-TERM MUNICIPAL BONDS
	MASSACHUSETTS				$	500,000	0.25	%

	NEW YORK					5,580,000	2.75

	PENNSYLVANIA					250,000	0.12

	TEXAS
	Gulf Coast Waste Disposal Authority	5.250%, 06/01/20		$2,400,000		2,400,000	1.18
	Other					640,000	0.32

						3,040,000	1.50

TOTAL SHORT-TERM MUNICIPAL BONDS			(Cost $9,370,000)			9,370,000	4.62


	LONG-TERM MUNICIPAL BONDS
	ALABAMA
	Courtland Industrial Development Board	5.000%, 11/01/13		2,500,000		2,644,450	1.30
	Other					2,523,437	1.24

						5,167,887	2.54

	ARKANSAS					1,516,641	0.75


	ARIZONA
d	Greater Arizona Development Authority	5.000%, 08/01/14		2,545,000		2,843,605	1.40
	Other					1,616,445	0.79

						4,460,050	2.19


	CALIFORNIA
	California State Department of Water
	Resources	5.500%, 05/01/12		4,435,000		4,968,752	2.45
	California State (General Obligation)	5.250%, 12/01/12		3,550,000		3,951,931	1.94
	Other					6,634,382	3.27

						15,555,065	7.66

	COLORADO					784,651	0.39


	CONNECTICUT
	Connecticut State Municipal Electric
	Energy Co	7.000%, 01/01/15		1,700,000		2,109,258	1.04

						2,109,258	1.04

	DISTRICT OF COLUMBIA					1,139,040	0.56


	FLORIDA
	First Governmental Financing Commission	5.500%, 07/01/15		1,540,000		1,782,211	0.88
	Other					2,846,631	1.40

						4,628,842	2.28


	ILLINOIS
	Metropolitan Pier & Exposition	5.375%, 06/01/13		1,700,000		1,920,847	0.94
	Other					3,711,971	1.83

						5,632,818	2.77

84 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Tax-Exempt Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

						% OF NET
	ISSUER		PRINCIPAL		VALUE	ASSETS

	INDIANA
	Anderson School Building Corp	5.250%, 07/15/14	$2,865,000	$	3,240,630	1.59	%
	MSD Warren Township Vision 2005 School
	Building Corp	5.000%, 01/10/15	2,500,000		2,773,375	1.36
	New Albany Floyd County School Building
	Corp	5.000%, 07/15/15	2,000,000		2,210,800	1.09
h	South Madison Elementary School
	Building Corp	5.000%, 07/15/15	2,100,000		2,315,019	1.14
	Other				6,309,049	3.11

					16,848,873	8.29


	KENTUCKY
	Kentucky Turnpike Authority	6.000%, 07/01/11	2,115,000		2,285,702	1.12

					2,285,702	1.12


	LOUISIANA
	Desoto Parish Pollution Control	5.000%, 10/01/12	2,090,000		2,216,027	1.09

					2,216,027	1.09


	MICHIGAN
h	Bedford Public School District	5.000%, 05/01/14	1,710,000		1,900,973	0.94
	Caledonia Community Schools	5.000%, 05/01/15	1,705,000		1,906,872	0.94
	L’Anse Creuse Public Schools	5.000%, 05/01/15	2,000,000		2,236,800	1.10
	Other				1,308,528	0.64

					7,353,173	3.62


	MISSOURI
	Missouri State Environmental Improvement &
	Energy Resources Authority	5.500%, 07/01/12	1,800,000		2,051,298	1.01
	Other				2,823,624	1.39

					4,874,922	2.40


	MISSISSIPPI
	Jackson Public School District	5.000%, 10/01/14	2,000,000		2,223,240	1.10
	Other				532,224	0.26

					2,755,464	1.36

	NEVADA				803,800	0.40


	NEW JERSEY
	New Jersey Economic Development Authority	5.250%, 09/01/14	3,000,000		3,392,940	1.67
	New Jersey State Turnpike Authority
	Revenue	5.700%, 05/01/13	2,665,000		2,923,452	1.44
	New Jersey Transportation Trust Fund
	Authority	5.250%, 12/15/12	1,900,000		2,120,096	1.05
	Other				1,485,714	0.73

					9,922,202	4.89

	NEW MEXICO				733,491	0.36

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 85

Tax-Exempt Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

						% OF NET
	ISSUER		PRINCIPAL		VALUE	ASSETS

	NEW YORK
d	Metropolitan Transportation Authority	5.500%, 11/15/13	$2,525,000	$	2,894,029	1.42	%
	Metropolitan Transportation Authority	5.500%, 07/01/16	2,000,000		2,308,880	1.14
	Metropolitan Transportation Authority	5.500%, 11/15/16	2,300,000		2,704,363	1.33
	Metropolitan Transportation Authority	5.750%, 01/01/18	1,500,000		1,770,600	0.87
	New York State (General Obligation)	5.000%, 08/01/11	2,000,000		2,167,260	1.07
	Nassau County Interim Finance Authority	5.000%, 11/15/13	1,835,000		2,044,153	1.01
	New York State (General Obligation)	5.000%, 03/01/12	1,645,000		1,782,127	0.88
	New York State Dormitory Authority
	Revenue	5.250%, 02/15/22	2,000,000		2,277,260	1.12
	New York State Dormitory Authority
	Revenue	5.750%, 07/01/12	2,990,000		3,336,541	1.64
	New York State Environmental Facilities	5.000%, 03/15/14	1,905,000		2,114,436	1.04
	New York State Environmental Facilities	5.250%, 06/15/18	3,000,000		3,342,510	1.64
	New York State Thruway Authority
	Service Contract Revenue	5.500%, 04/01/12	2,015,000		2,267,721	1.12
	Tobacco Settlement Financing Authority	5.000%, 06/01/12	4,000,000		4,352,200	2.14
	Other				4,984,963	2.45

					38,347,043	18.87

	OHIO				3,494,599	1.72

	OKLAHOMA				1,070,969	0.53


	OREGON
	Oregon State Department of Administrative
	Services	5.000%, 04/01/13	2,200,000		2,442,308	1.20

					2,442,308	1.20


	PENNSYLVANIA
	Allegheny County Industrial Development
	Authority	4.350%, 12/01/13	2,555,000		2,698,514	1.33
	Carbon County Hospital Authority	5.400%, 11/15/14	1,800,000		2,058,480	1.01
d	Carbon County Industrial Development
	Authority	6.650%, 05/01/10	2,560,000		2,754,944	1.36
	Other				7,711,957	3.80

					15,223,895	7.50

	PUERTO RICO				3,046,843	1.50


	RHODE ISLAND
	Rhode Island State & Providence Plantations	5.250%, 10/01/14	1,600,000		1,816,560	0.89

					1,816,560	0.89

	SOUTH CAROLINA				854,768	0.42

	TENNESSEE				2,995,714	1.47

86 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Tax-Exempt Bond Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

concluded

								% OF NET
	ISSUER			PRINCIPAL		VALUE		ASSETS

	TEXAS
	Brazos River Authority	4.900%, 10/01/15		$5,555,000	$	6,138,386		3.02	%
	Dickinson Independent School District	5.000%, 02/15/15		2,300,000		2,553,598		1.26
	Edgewood Independent School District Public
	Facilities Corp	5.250%, 02/15/14		2,000,000		2,250,220		1.11
	Fort Worth TX Water & Sewer Revenue	5.250%, 02/15/14		3,900,000		4,397,172		2.17
	San Antonio Electric & Gas	5.250%, 02/01/16		2,095,000		2,258,913		1.11
h	State of Texas	5.000%, 08/01/14		1,930,000		2,139,019		1.05
h	State of Texas	5.000%, 08/01/15		1,810,000		2,011,091		0.99
	Other					6,767,350		3.33

						28,515,749		14.04

	VIRGIN ISLANDS					1,224,491		0.60


	WASHINGTON
	King County School District No 414
	(General Obligation)	5.750%, 12/01/12		2,000,000		2,306,660		1.14
	Port Seattle Revenue	5.500%, 09/01/17		3,345,000		3,911,978		1.92
d	Snohomish County Public Utility District
	No 1 General System Revenue	5.250%, 12/01/12		2,900,000		3,250,436		1.60
	Other					3,629,253		1.79

						13,098,327		6.45

	WISCONSIN					1,251,671		0.62

TOTAL LONG-TERM MUNICIPAL BONDS			(Cost $197,575,577)			202,170,843		99.52


	TOTAL PORTFOLIO		(Cost $206,945,577)			211,540,843		104.14	%
OTHER ASSETS & LIABILITIES						(8,402,470	)	(4.14	)


		NET ASSETS			$	203,138,373		100.00	%

d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.
h	These securities were purchased on a delayed delivery basis.

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 87

Bond Plus Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

						% OF NET
ISSUER		RATING†	PRINCIPAL		VALUE	ASSETS

BONDS
CORPORATE BONDS
AGRICULTURAL SERVICES				$	500,942	0.11	%

ASSET BACKED
Residential Asset Mortgage Products, Inc
Series 2004-RS11 (Class M1)	3.934%, 11/25/34	Aa1	$5,000,000		4,999,920	1.04
Other					17,213,201	3.59

					22,213,121	4.63

BUSINESS SERVICES					534,493	0.11

CHEMICALS AND ALLIED PRODUCTS					1,278,603	0.27

COMMUNICATIONS					13,415,237	2.80

DEPOSITORY INSTITUTIONS					15,626,064	3.26

ELECTRIC, GAS, AND SANITARY SERVICES					11,502,905	2.40

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					1,023,840	0.21

FABRICATED METAL PRODUCTS					249,163	0.05

FOOD AND KINDRED PRODUCTS					2,402,340	0.50

FOOD STORES					548,743	0.12

FORESTRY					508,545	0.11

FURNITURE AND FIXTURES					2,034,829	0.42

GENERAL BUILDING CONTRACTORS					2,840,588	0.59

GENERAL MERCHANDISE STORES					1,322,123	0.28

HEALTH SERVICES					253,802	0.05

HOLDING AND OTHER INVESTMENT OFFICES					2,034,628	0.42

HOTELS AND OTHER LODGING PLACES					251,250	0.05

INDUSTRIAL MACHINERY AND EQUIPMENT					563,431	0.12

INSTRUMENTS AND RELATED PRODUCTS					250,113	0.05

INSURANCE CARRIERS					3,471,010	0.72

METAL MINING					1,026,221	0.21

MISCELLANEOUS MANUFACTURING INDUSTRIES					781,114	0.16

MISCELLANEOUS RETAIL					509,686	0.11

MOTION PICTURES					3,760,090	0.78

NONDEPOSITORY INSTITUTIONS					14,591,061	3.04

OIL AND GAS EXTRACTION					5,650,607	1.18

88 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Bond Plus Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

								% OF NET
	ISSUER			RATING†	PRINCIPAL		VALUE	ASSETS

	OTHER MORTGAGE BACKED SECURITIES
d	Banc of America Commercial Mortgage Inc	5.118%, 07/11/43		NR	$3,000,000	$	3,115,002	0.65	%
	Bear Stearns Commercial Mortgage
	Securities	4.978%, 07/11/42		Aaa	3,000,000		3,088,653	0.65
	Other						5,194,256	1.08

							11,397,911	2.38

	PAPER AND ALLIED PRODUCTS						4,170,827	0.87

	PETROLEUM AND COAL PRODUCTS						1,609,008	0.34

	PIPELINES, EXCEPT NATURAL GAS						245,390	0.05

	PRIMARY METAL INDUSTRIES						1,050,972	0.22

	PRINTING AND PUBLISHING						525,434	0.11

	RAILROAD TRANSPORTATION						2,452,455	0.51

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS						256,017	0.05

	SECURITY AND COMMODITY BROKERS						6,181,665	1.29

	STONE, CLAY, AND GLASS PRODUCTS						287,377	0.06

	TOBACCO PRODUCTS						254,375	0.05

	TRANSPORTATION EQUIPMENT						5,249,103	1.09

	WHOLESALE TRADE-DURABLE GOOD						241,823	0.05

	WHOLESALE TRADE-NONDURABLE GOODS						531,107	0.11

TOTAL CORPORATE BONDS			(Cost $139,298,098)				143,598,013	29.93


	GOVERNMENT BONDS
	AGENCY SECURITIES
d	Federal Farm Credit Bank (FFCB)	2.250%, 09/01/06		Aaa	10,000,000		9,819,368	2.05
d	FFCB	3.000%, 12/17/07		Aaa	5,000,000		4,899,888	1.02
	Federal Home Loan Bank (FHLB)	4.570%, 10/17/08		Aaa	7,500,000		7,525,727	1.57
	Federal Home Loan Mortgage Corp (FHLMC)	3.500%, 04/28/08		Aaa	3,000,000		2,962,000	0.62
	FHLMC	7.000%, 03/15/10		Aaa	9,000,000		10,146,043	2.12
	FHLMC	4.125%, 07/12/10		Aaa	3,700,000		3,712,431	0.78
	FHLMC	5.875%, 03/21/11		Aa2	2,990,000		3,224,499	0.67
d	Federal National Mortgage Association (FNMA)	.2.625%, 11/15/06		Aaa	8,000,000		7,876,536	1.64
	FNMA	5.000%, 01/15/07		Aaa	8,000,000		8,141,094	1.70
	FNMA	3.750%, 05/17/07		Aaa	3,000,000		2,992,086	0.62
	FNMA	5.250%, 01/15/09		Aaa	3,000,000		3,128,549	0.65
	FNMA	7.125%, 06/15/10		Aaa	9,800,000		11,147,754	2.32
	Housing Urban Development	4.790%, 08/01/11		Aaa	8,514,000		8,825,587	1.84
	Other						7,684,398	1.60

							92,085,960	19.20

	FOREIGN GOVERNMENT BONDS						11,510,038	2.40

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 89

Bond Plus Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

continued

							% OF NET
	ISSUER			PRINCIPAL		VALUE	ASSETS

	MORTGAGE BACKED SECURITIES
h	Federal Home Loan Mortgage Corp Gold
	(FGLMC)	5.500%, 07/14/05		$4,000,000	$	4,055,000	0.84	%
h	FGLMC	4.500%, 07/19/05		4,000,000		3,981,248	0.83
h	FGLMC	5.000%, 08/11/05		12,000,000		11,973,744	2.50
	FGLMC	4.500%, 11/01/18		3,228,902		3,216,907	0.67
d	FGLMC	6.500%, 08/01/32		2,502,625		2,594,668	0.54
	FGLMC	5.500%, 12/01/33		5,673,210		5,759,256	1.20
	FGLMC	6.000%, 05/01/35		3,045,293		3,124,526	0.65
h	Federal National Mortgage Association (FNMA)	.6.500%, 07/14/05		3,000,000		3,104,064	0.65
h	FNMA	5.000%, 07/19/05		3,000,000		3,032,814	0.63
h	FNMA	5.000%, 08/11/05		19,000,000		18,958,428	3.95
h	FNMA	5.500%, 08/16/05		10,000,000		10,250,000	2.14
	FNMA	4.759%, 02/01/14		3,922,837		4,013,855	0.84
	FNMA	4.640%, 11/01/14		2,976,193		3,013,637	0.63
	FNMA	5.500%, 07/01/24		2,653,065		2,707,453	0.56
	FNMA	5.500%, 04/01/33		3,353,726		3,402,681	0.71
	FNMA	5.500%, 10/01/33		6,460,091		6,554,390	1.37
	FNMA	6.500%, 09/01/34		4,655,135		4,819,262	1.01
	FNMA	5.500%, 04/01/35		5,352,140		5,428,591	1.13
	FNMA	5.500%, 05/01/35		5,887,448		5,971,545	1.24
	FNMA	5.500%, 05/01/35		4,949,665		5,020,367	1.05
	FNMA	6.000%, 05/01/35		3,967,191		4,068,613	0.85
	FNMA	5.500%, 06/01/35		2,461,833		2,496,999	0.52
h	Government National Mortgage Association
	(GNMA)	5.000%, 09/15/33		3,914,503		3,950,450	0.82
	Other					43,920,106	9.15

						165,418,604	34.48


	U.S. TREASURY SECURITIES
d	United States Treasury Bond	8.000%, 11/15/21		24,025,000		34,622,186	7.21
	United States Treasury Bond	5.375%, 02/15/31		3,640,000		4,296,911	0.90
	United States Treasury Note	3.625%, 06/15/10		4,250,000		4,231,385	0.88
	Other					5,852,501	1.22

						49,002,983	10.21

TOTAL GOVERNMENT BONDS			(Cost $314,878,548)			318,017,585	66.29

	TOTAL BONDS		(Cost $454,176,646)			461,615,598	96.22


				SHARES

	TIAA-CREF MUTUAL FUNDS
	TIAA-CREF High-Yield Bond Fund			372,385		3,433,390	0.72

TOTAL TIAA-CREF MUTUAL FUNDS			(Cost $3,501,167)			3,433,390	0.72

90 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Bond Plus Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

concluded

									% OF NET
	ISSUER				PRINCIPAL		VALUE		ASSETS

	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER
	American Honda Finance Corp Note		3.070%, 07/13/05		$5,000,000	$	4,994,500		1.04	%
c	Govco, Inc		3.310%, 08/16/05		5,000,000		4,978,750		1.04
c	Park Avenue Receivables Corp		3.280%, 08/02/05		5,000,000		4,984,875		1.04
	Rabobank USA Finance Corp		3.370%, 07/01/05		5,000,000		4,999,535		1.04
c	Ranger Funding Co LLC		3.015%, 07/05/05		5,000,000		4,998,150		1.04
	Societe Generale North America Inc		3.130%, 08/02/05		5,000,000		4,985,500		1.04
	Other						1,789,832		0.37

							31,731,142		6.61


	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
d	Federal Home Loan Mortgage Corp
	(FHLMC)	2.945%–3.090%, 07/05/05–07/13/05			37,105,000		37,073,576		7.73

			TOTAL SHORT-TERM INVESTMENTS	(Cost $68,490,615)			68,804,718		14.34


	TOTAL PORTFOLIO			(Cost $526,168,428)			533,853,706		111.28	%
	OTHER ASSETS & LIABILITIES, NET						(54,117,401	)	(11.28	)




			NET ASSETS			$	479,736,305		100.00	%

c		Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as
		amended.
d		All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed
		delivery basis.
h		These securities were purchased on a delayed delivery basis.
†		As provided by Moody’s Investors Service (unaudited)

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 91

Money Market Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

							% OF NET
	ISSUER			PRINCIPAL		VALUE	ASSETS

	SHORT-TERM INVESTMENTS
	CERTIFICATES OF DEPOSIT
	American Express Centurion Bank		3.290%, 07/29/05–08/01/05	$9,345,000	$	9,345,075	1.55	%
	Barclays Bank, plc		3.110%, 07/11/05	5,000,000		5,000,013	0.83
	Deutsche Bank		3.050%, 07/15/05	5,000,000		5,000,019	0.83
	Dexia Bank	3.080%–3.390%, 7/19/05–09/23/05		17,700,000		17,700,329	2.93
	PNC Bank		3.610%, 12/30/05	3,000,000		3,000,147	0.50
	Royal Bank of Canada	3.220%–3.265%, 8/25/05–09/06/05		10,000,000		10,000,214	1.65
	Toronta Dominion Bank	3.160%–3.460%, 9/14/05–11/25/05		10,000,000		10,000,000	1.65
	Wells Fargo		3.130%, 07/26/05	5,000,000		5,000,000	0.83

						65,045,797	10.77


	COMMERCIAL PAPER
	ABN Amro North America
	Finance, Inc	3.050%–3.220%, 07/05/05–08/15/05		7,000,000		6,979,138	1.16
	American Honda Finance
	Corp	3.010%–3.220%, 07/07/05–08/09/05		21,185,000		21,153,222	3.50
	Barclays U.S. Funding
	Corp	3.190%–3.330%, 08/18/05–09/06/05		9,615,000		9,566,562	1.58
	BMW US Capital Corp		3.240%, 08/19/05	5,000,000		4,977,950	0.82
	Canadian Imperial Holding, Inc		3.080%, 07/15/05	2,640,000		2,636,838	0.44
c	CC (USA), Inc	3.020%–3.320%, 07/05/05–08/22/05		17,605,000		17,562,118	2.91
	Ciesco Lp	3.010%–3.280%, 07/08/05–08/17/05		24,540,000		24,485,041	4.05
	Citigroup Funding, Inc	3.070%–3.265%, 07/21/05–08/16/05		13,085,000		13,047,877	2.16
c	Corporate Asset Funding
	Corp, Inc	3.020%–3.120%, 07/05/05–07/19/05		24,000,000		23,973,383	3.97
c	Dorada Finance, Inc	3.060%–3.410%, 07/18/05–08/30/05		13,450,000		13,387,951	2.22
c	Edison Asset Securitization,
	LLC	3.050%–3.310%, 07/06/05–09/13/05		12,210,000		12,160,619	2.01
	FCAR Owner Trust I	3.020%–3.320%, 07/05/05–09/07/05		24,000,000		23,945,063	3.96
	General Electric Capital
	Corp	3.180%–3.380%, 08/22/05–10/11/05		15,210,000		15,110,372	2.50
c	Govco, Inc	3.030%–3.530%, 07/08/05–12/15/05		24,448,000		24,351,334	4.03
	Greenwich Capital Holdings,
	Inc	3.170%–3.310%, 08/15/05–08/25/05		13,600,000		13,540,955	2.24
c	Greyhawk Funding LLC	3.130%–3.320%, 08/02/05–08/23/05		9,000,000		18,918,991	3.13
c	Harrier Finance Funding
	LLC	3.240%–3.250%, 09/01/05–09/26/05		8,805,000		8,747,096	1.45
	HBOS Treasury Services plc		3.210%–3.330%, 07/28/05–09/22/05	19,130,000		19,020,708	3.15
	HSBC Finance Corp	3.000%–3.300%, 07/01/05–09/15/05		13,000,000		12,979,100	2.15
c	Kitty Hawk Funding Corp	.3.090%–3.270%, 07/27/05–08/10/05		11,380,000		11,348,363	1.88
c	Links Finance LLC	3.160%–3.220%, 08/11/05–08/24/05		12,040,000		11,989,806	1.98
	Paccar Financial Corp	2.730%–3.230%, 07/05/05–09/01/05		8,870,000		8,847,882	1.46
c	Park Avenue Receivables
	Corp	3.100%–3.240%, 07/13/05–08/11/05		8,567,000		8,548,654	1.42
c	Pepsico, Inc		3.260%, 08/01/05	3,665,000		3,654,712	0.61
c	Preferred Receivables
	Funding	3.250%–3.280%, 07/21/05–07/28/05		11,930,000		11,905,884	1.97
c	Private Export Funding
	Corp	3.130%–3.280%, 08/10/05–10/11/05		12,430,000		12,339,401	2.04
c	Proctor & Gamble		3.280%, 09/12/05	10,000,000		9,933,489	1.64

92 |

2005 Semiannual Report TIAA-CREF Mutual Funds

SEE NOTES TO FINANCIAL STATEMENTS

Money Market Fund |

Summary portfolio of investments (unaudited)
June 30, 2005

concluded

							% OF NET
	ISSUER			PRINCIPAL		VALUE	ASSETS

	COMMERCIAL PAPER — (continued)
	Rabobank USA Finance
	Corp	3.250%–3.370%, 07/15/05–08/08/05		$19,375,000	$	19,353,550	3.20	%
c	Ranger Funding Co LLC	3.050%–3.260%, 07/15/05–09/20/05		19,151,000		19,095,686	3.16
	Royal Bank of Scotland plc	3.310%, 08/15/05		2,600,000		2,589,243	0.43
c	Scaldis Capital LLC	3.240%–3.280%, 08/26/05–10/05/05		7,895,000		7,839,683	1.30
	Shell Finance (UK) Plc	3.100%, 08/03/05		2,000,000		1,994,317	0.33
c	Sherwin-Williams Co	3.110%, 07/11/05		2,500,000		2,497,861	0.41
c	Sigma Finance, Inc	2.980%–3.440%, 07/08/05–09/28/05		24,718,000		24,602,784	4.07
	Societe Generale North
	America, Inc	2.860%–3.270%, 08/01/05–09/01/05		14,775,000		14,716,023	2.44
	UBS Finance, (Delaware),
	Inc	3.045%–3.390%, 07/6/05–10/03/05		19,555,000		19,495,156	3.23
c	Variable Funding Capital Corp	3.060%, 07/08/05–07/14/05		19,197,000		19,177,446	3.17
c	Yorktown Capital, LLC	3.160%–3.330%, 07/20/05–11/10/05		6,108,000		6,080,248	1.01

						502,554,506	83.18


	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank (FHLB)	3.419%, 12/02/05		100,000		98,537	0.01
	Federal Home Loan Mortgage Corp
	(FHLMC)	2.970%–3.250%, 07/11/05–11/16/05		15,015,000		14,927,118	2.47
	Federal National Mortgage Association
	(FNMA)	3.230%–3.445%, 08/17/05–12/19/05		6,330,000		6,267,696	1.04

						21,293,351	3.52


	VARIABLE NOTES
	Barclays Bank plc	3.246%, 09/29/05		5,000,000		4,999,508	0.82
	Southtrust Bank, NA	3.480%, 09/29/05		5,000,000		5,000,470	0.83
	US Bank NA	3.350%, 12/05/05		5,000,000		5,001,002	0.83

						15,000,980	2.48

	TOTAL SHORT-TERM INVESTMENTS		(Cost $603,894,634)			603,894,634	99.95


	TOTAL PORTFOLIO		(Cost $603,894,634)			603,894,634	99.95	%
		OTHER ASSETS & LIABILITIES, NET				284,279	0.05


		NET ASSETS			$	604,178,913	100.00	%

c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended.

SEE NOTES TO FINANCIAL STATEMENTS

TIAA-CREF Mutual Funds 2005 Semiannual Report

| 93

Statements of assets and liabilities (unaudited) |

TIAA-CREF Mutual Funds
June 30, 2005

		International			Growth			Growth &			Equity			Social Choice			Managed
		Equity			Equity			Income			Index			Equity			Allocation
		Fund			Fund			Fund			Fund			Fund			Fund

ASSETS
Portfolio investments, at cost:
Unaffiliated issuers	$	351,783,846		$	507,730,735		$	502,071,863		$	306,396,517		$	133,546,509		$	—
Affiliated issuers		—			—			—			—			—			503,104,444

Total portfolio investments, at cost		351,783,846			507,730,735			502,071,863			306,396,517			133,546,509			503,104,444

Portfolio investments, at value:
Unaffiliated issuers		363,464,347			539,579,190			506,376,695			350,143,733			135,811,674			—
Affiliated issuers		—			—			—			—			—			508,801,634

Total portfolio investments, at value		363,464,347			539,579,190			506,376,695			350,143,733			135,811,674			508,801,634
Cash		5,243,251			156,658			697,552			13,341			10,498			141,459
Cash-foreign (cost of $1,139,597, $—, $—, $—,
$—, and $—, respectively)		1,150,645			—			—			—			—			—
Receivable from securities transactions		3,403,818			9,207,296			6,857,113			5,108			—			75,000
Receivable for Fund shares sold		393,267			77,869			137,169			100,407			155,420			59,893
Dividends and interest receivable		—			—			751,775			407,844			124,983			5,953
Receivable for variation margin on open futures contracts		—			—			—			188			—			—

Total assets		373,655,328			549,021,013			514,820,304			350,670,621			136,102,575			509,083,939

LIABILITIES
Due to investment advisor		150,012			209,212			188,992			81,248			31,586			—
Payable for securities transactions		12,568,612			12,646,280			8,186,523			5,611			674,872			—
Payable for Fund shares redeemed		214,584			85,030			130,802			189,831			7,425			194,027
Income distribution payable		34,661			1,230			—			—			—			2,379
Payable for variation margin on open futures contracts		—			—			—			13,630			—			—

Total liabilities		12,967,869			12,941,752			8,506,317			290,320			713,883			196,406

NET ASSETS	$	360,687,459		$	536,079,261		$	506,313,987		$	350,380,301		$	135,388,692		$	508,887,533

NET ASSETS CONSIST OF:
Paid-in-capital	$	384,490,304		$	869,120,413		$	592,716,820		$	308,033,741		$	134,422,904		$	519,100,117
Accumulated undistributed net investment income		4,572,456			1,510,507			140,618			2,611,694			882,241			3,660
Accumulated undistributed net realized loss
on total investments		(40,011,310	)		(366,400,114	)		(90,847,939	)		(4,004,320	)		(2,181,618	)		(15,913,434	)
Accumulated net unrealized appreciation
on total investments		11,636,009			31,848,455			4,304,488			43,739,186			2,265,165			5,697,190

NET ASSETS	$	360,687,459		$	536,079,261		$	506,313,987		$	350,380,301		$	135,388,692		$	508,887,533
Outstanding shares of beneficial interest,
unlimited shares authorized ($0.0001 par value)		34,684,106			59,883,995			41,927,130			40,850,218			14,863,665			46,098,354
Net asset value per share	$	10.40		$	8.95		$	12.08		$	8.58		$	9.11		$	11.04

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| 95

Statements of assets and liabilities (unaudited) |

TIAA-CREF Mutual Funds
June 30, 2005

concluded

		High-Yield			Short-Term			Tax-Exempt		Bond			Money
		Bond			Bond			Bond		*Plus*			Market
		Fund			Fund			Fund		Fund			Fund

ASSETS
Portfolio investments, at cost:
Unaffiliated issuers	$	286,068,329		$	217,576,848		$	206,945,577	$	522,667,261		$	603,894,634
Affiliated issuers		—			—			—		3,501,167			—

Total portfolio investments, at cost		286,068,329			217,576,848			206,945,577		526,168,428			603,894,634

Portfolio investments, at value:
Unaffiliated issuers		294,509,258			216,880,381			211,540,843		530,420,316			603,894,634
Affiliated issuers		—			—			—		3,433,390			—

Total portfolio investments, at value		294,509,258			216,880,381			211,540,843		533,853,706			603,894,634
Cash		556,651			494,682			—		3,576,859			91,590
Receivable from securities transactions		114,653			—			512,076		56,095,894			—
Receivable for Fund shares sold		1,130,520			345,888			46,305		346,028			1,622,539
Dividends and interest receivable		5,412,436			5,975,468			2,512,078		3,748,798			176,145

Total assets		301,723,518			223,696,419			214,611,302		597,621,285			605,784,908

LIABILITIES
Due to investment advisor		84,652			59,796			53,300		136,057			155,945
Due to custodian		—			—			186,320		—			—
Payable for securities transactions		4,838,987			—			11,195,216		117,682,012			—
Payable for Fund shares redeemed		218,890			100,081			38,093		65,721			1,394,857
Income distribution payable		4,137			11			—		1,190			55,193

Total liabilities		5,146,666			159,888			11,472,929		117,884,980			1,605,995

NET ASSETS	$	296,576,852		$	223,536,531		$	203,138,373	$	479,736,305		$	604,178,913

NET ASSETS CONSIST OF:
Paid-in-capital	$	295,471,324		$	225,706,606		$	197,686,310	$	472,459,732		$	604,188,728
Accumulated undistributed net investment income		91,368			44,849			512		95,156			396
Accumulated undistributed net realized gain (loss) on total investments		(7,426,769	)		(1,518,457	)		856,285		(503,861	)		(10,211	)
Accumulated net unrealized appreciation (depreciation) on total investments		8,440,929			(696,467	)		4,595,266		7,685,278			—

NET ASSETS	$	296,576,852		$	223,536,531		$	203,138,373	$	479,736,305		$	604,178,913

Outstanding shares of beneficial interest,
unlimited shares authorized ($0.0001 par value)		32,168,446			21,321,593			18,510,370		46,287,527			604,188,727

Net asset value per share	$	9.22		$	10.48		$	10.97	$	10.36		$	1.00

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| 97

Statements of operations (unaudited) |

TIAA-CREF Mutual Funds
For the six months ended June 30, 2005

	International				Growth			Growth &			Equity			Social Choice			Managed
	Equity				Equity			Income			Index			Equity			Allocation
	Fund				Fund			Fund			Fund			Fund			Fund

INVESTMENT INCOME
Interest	$	—		$	25,046		$	2,829		$	11,182		$	7,544		$	4,888
Dividends:
Unaffiliated issuers		6,275,486			2,615,778			4,407,235			3,044,038			1,039,394			—
Affiliated issuers		—			—			—			—			—			4,510,959
Foreign taxes withheld		(511,024	)		(4,909	)		(2,174	)		(121	)		—			—

Total income		5,764,462			2,635,915			4,407,890			3,055,099			1,046,938			4,515,847

EXPENSES
Investment management fees		880,720			1,200,841			1,096,002			446,408			166,756			—
Trustee fees and expenses		—			3,439			271			2,534			633			—

Total expenses		880,720			1,204,280			1,096,273			448,942			167,389			—

Net investment income		4,883,742			1,431,635			3,311,617			2,606,157			879,549			4,515,847


NET REALIZED AND UNREALIZED GAIN (LOSS)
ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments		19,228,117			(13,382,377	)		17,945,980			(3,105,248	)		(323,900	)		2,156,292
Futures transactions		—			—			—			17,304			—			—
Foreign currency transactions		(355,230	)		—			(5,422	)		—			—			—

Net realized gain (loss) on total investments		18,872,887			(13,382,377	)		17,940,558			(3,087,944	)		(323,900	)		2,156,292

Change in unrealized depreciation on:
Portfolio investments		(32,756,068	)		(1,961,842	)		(23,391,746	)		(121,794	)		(1,245,619	)		(6,296,790	)
Futures transactions		—			—			—			(31,523	)		—			—
Translation of assets (other than portfolio investments) and
liabilities denominated in foreign currencies		(96,244	)		—			(1,059	)		—			—			—

Net change in unrealized depreciation
on total investments		(32,852,312	)		(1,961,842	)		(23,392,805	)		(153,317	)		(1,245,619	)		(6,296,790	)

Net realized and unrealized loss on total investments		(13,979,425	)		(15,344,219	)		(5,452,247	)		(3,241,261	)		(1,569,519	)		(4,140,498	)

Net increase (decrease) in net assets resulting from operations	$	(9,095,683	)	$	(13,912,584	)	$	(2,140,630	)	$	(635,104	)	$	(689,970	)	$	375,349

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| 99

Statements of operations (unaudited) |

TIAA-CREF Mutual Funds
For the six months ended June 30, 2005

concluded

		High-Yield			Short-Term			Tax-Exempt		Bond			Money
		Bond			Bond			Bond		*Plus*			Market
		Fund			Fund			Fund		Fund			Fund

INVESTMENT INCOME
Interest	$	9,874,125		$	4,188,011		$	3,573,365	$	10,827,454		$	8,224,126
Dividends:
Affiliated issuers		—			—			—		118,467			—

Total income		9,874,125			4,188,011			3,573,365		10,945,921			8,224,126

EXPENSES
Investment management fees		454,358			344,059			291,525		703,304			864,182
Trustee fees and expenses		1,448			1,810			1,629		3,620			3,710

Total expenses		455,806			345,869			293,154		706,924			867,892

Net investment income		9,418,319			3,842,142			3,280,211		10,238,997			7,356,234

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on total investments		752,675			(1,364,288	)		647,162		(385,807	)		(8,935	)
Net change in unrealized appreciation (depreciation) on total investments		(7,904,203	)		(162,318	)		165,913		1,922,135			—

Net realized and unrealized gain (loss) on total investments		(7,151,528	)		(1,526,606	)		813,075		1,536,328			(8,935	)

Net increase in net assets resulting from operations	$	2,266,791		$	2,315,536		$	4,093,286	$	11,775,325		$	7,347,299

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| 101

Statement of cash flows (unaudited) |

TIAA-CREF Mutual Funds
For the six months ended June 30, 2005

		Bond *Plus* Fund


CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$	11,775,325
Adjustments to reconcile net increase in net assets resulting
from operations to net cash used in operating activities:
Purchases of long-term securities		(208,053,195	)
Proceeds from sales of long-term securities		229,131,046
Proceeds of short-term investments-net		2,561,362
Increase in receivables		(228,202	)
Increase in payables		11,167
Net realized loss on total investments		385,807
Unrealized gain on total investments		(1,922,135	)

Net cash provided by operating activities		33,661,175


CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Fund shares sold		29,236,230
Payment for Fund shares redeemed		(28,293,788	)
Cash dividends paid		(647,571	)
Exchanges among the Funds-net		(1,553,435	)
Proceeds from the financing of dollar roll transactions-net		(28,849,796	)

Net cash used in financial activities		(30,108,360	)

Increase in cash		3,552,815

CASH
Beginning of period		24,044

End of period	$	3,576,859


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Non-cash financing activities no included above:
Reinvestment of distributions	$	9,569,040

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| 103

Statements of changes in net assets |

TIAA-CREF Mutual Funds
June 30, 2005

		International Equity						Growth Equity						Growth & Income
		Fund						Fund						Fund

		For the Six			For the			For the Six			For the			For the Six			For the
		Months Ended			Year Ended			Months Ended			Year Ended			Months Ended			Year Ended
		June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004

		(Unaudited)						(Unaudited)						(Unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	4,883,742		$	5,334,508		$	1,431,635		$	4,149,666		$	3,311,617		$	7,805,210
Net realized gain (loss) on total investments		18,872,887			48,376,384			(13,382,377	)		(1,924,698	)		17,940,558			52,452,990
Net change in unrealized appreciation (depreciation)
on total investments		(32,852,312	)		(820,303	)		(1,961,842	)		31,547,506			(23,392,805	)		(12,318,717	)

Net increase (decrease) from operations		(9,095,683	)		52,890,589			(13,912,584	)		33,772,474			(2,140,630	)		47,939,483

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(628	)		(5,778,388	)		(218	)		(4,069,378	)		(3,184,030	)		(7,698,525	)

Total distributions		(628	)		(5,778,388	)		(218	)		(4,069,378	)		(3,184,030	)		(7,698,525	)

SHAREHOLDER TRANSACTIONS:
Subscriptions		27,655,129			51,630,526			26,962,097			51,195,170			18,979,559			59,406,132
Reinvestment of distributions		—			5,611,217			—			3,966,736			3,021,562			7,252,380
Exchanges among the Funds, net		3,505,689			9,863,793			(13,589,315	)		(17,548,892	)		(9,140,413	)		(16,623,205	)
Redemptions		(23,025,058	)		(39,339,359	)		(30,453,375	)		(50,127,506	)		(39,488,023	)		(103,454,379	)

Net increase (decrease) from shareholder transactions		8,135,760			27,766,177			(17,080,593	)		(12,514,492	)		(26,627,315	)		(53,419,072	)

Net increase (decrease) in net assets		(960,551	)		74,878,378			(30,993,395	)		17,188,604			(31,951,975	)		(13,178,114	)

NET ASSETS
Beginning of period		361,648,010			286,769,632			567,072,656			549,884,052			538,265,962			551,444,076

End of period	$	360,687,459		$	361,648,010		$	536,079,261		$	567,072,656		$	506,313,987		$	538,265,962


Undistributed (overdistributed) net investment income
included in net assets	$	4,572,456		$	(310,658	)	$	1,510,507		$	79,090		$	140,618		$	13,031


CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		33,906,775			31,036,974			61,807,324			63,198,789			44,137,435			48,780,423


Shares sold		2,624,827			5,385,936			3,043,326			5,865,316			1,584,518			5,175,223
Shares issued in reinvestment of distributions		73			530,371			17			431,527			252,332			620,557
Shares exchanged among the Funds, net		307,494			1,003,900			(1,534,374	)		(1,965,049	)		(762,864	)		(1,439,281	)
Shares redeemed		(2,155,063	)		(4,050,406	)		(3,432,298	)		(5,723,259	)		(3,284,291	)		(8,999,487	)

Net increase (decrease) in shares outstanding		777,331			2,869,801			(1,923,329	)		(1,391,465	)		(2,210,305	)		(4,642,988	)


Shares outstanding, end of period		34,684,106			33,906,775			59,883,995			61,807,324			41,927,130			44,137,435

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| 105

Statements of changes in net assets |

TIAA-CREF Mutual Funds
June 30, 2005

continued

		Equity Index						Social Choice Equity						Managed Allocation
		Fund						Fund						Fund

		For the Six			For the			For the Six			For the			For the Six			For the
		Months Ended			Year Ended			Months Ended			Year Ended			Months Ended			Year Ended
		June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004

		(Unaudited)						(Unaudited)						(Unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	2,606,157		$	5,760,640		$	879,549		$	1,555,316		$	4,515,847		$	10,993,051
Net realized gain (loss) on total investments		(3,087,944	)		3,790,306			(323,900	)		575,626			2,156,292			13,246,840
Net change in unrealized appreciation
(depreciation) on total investments		(153,317	)		27,625,195			(1,245,619	)		9,973,816			(6,296,790	)		22,908,479

Net increase (decrease) from operations		(635,104	)		37,176,141			(689,970	)		12,104,758			375,349			47,148,370


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(602	)		(5,761,631	)		(126	)		(1,553,633	)		(4,512,187	)		(16,524,222	)
From net realized gain on total investments		—			(3,668,608	)		—			—			—			—

Total distributions		(602	)		(9,430,239	)		(126	)		(1,553,633	)		(4,512,187	)		(16,524,222	)


SHAREHOLDER TRANSACTIONS:
Subscriptions		27,833,027			103,831,000			21,881,060			46,507,464			34,003,314			86,128,633
Reinvestment of distributions		—			9,134,227			—			1,477,097			4,271,359			15,565,580
Exchanges among the Funds, net		2,028,045			(15,424,841	)		(316,745	)		1,812,333			219,122			3,666,061
Redemptions		(35,574,385	)		(106,745,172	)		(4,568,838	)		(6,856,264	)		(22,614,246	)		(36,831,119	)
Redemptions by TIAA		—			—			—			(4,600,798	)		—			—

Net increase (decrease) from shareholder transactions		(5,713,313	)		(9,204,786	)		16,995,477			38,339,832			15,879,549			68,529,155

Net increase (decrease) in net assets		(6,349,019	)		18,541,116			16,305,381			48,890,957			11,742,711			99,153,303
NET ASSETS
Beginning of period		356,729,320	)		338,188,204			119,083,311			70,192,354			497,144,822			397,991,519

End of period	$	350,380,301		$	356,729,320		$	135,388,692		$	119,083,311		$	508,887,533		$	497,144,822


Undistributed net investment income included in net assets	$	2,611,694		$	6,139		$	882,241		$	2,818		$	3,660		$	—


CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		41,523,373			42,797,838			12,961,306			8,480,697			44,654,041			38,238,192

Shares sold		3,292,232			12,835,716			2,446,025			5,456,599			3,096,402			8,182,622
Shares issued in reinvestment of distributions		194			1,062,570			—			160,714			390,897			1,424,533
Shares exchanged among the Funds, net		242,244			(1,925,276	)		(35,187	)		206,236			17,646			372,939
Shares redeemed		(4,207,825			(13,247,475	)		(508,479	)		(798,612	)		(2,060,632	)		(3,564,245	)
Shares redeemed by TIAA		—			—			—			(544,328	)		—			—

Net increase (decrease) in shares outstanding		(673,155			(1,274,465	)		1,902,359			4,480,609			1,444,313			6,415,849

Shares outstanding, end of period		40,850,218			41,523,373			14,863,665			12,961,306			46,098,354			44,654,041

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| 107

Statements of changes in net assets |

TIAA-CREF Mutual Funds
June 30, 2005

continued

		High-Yield Bond						Short-Term Bond						Tax-Exempt Bond
		Fund						Fund						Fund

		For the Six			For the			For the Six			For the			For the Six			For the
		Months Ended			Year Ended			Months Ended			Year Ended			Months Ended			Year Ended
		June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004

		(Unaudited)						(Unaudited)						(Unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	9,418,319		$	17,187,521		$	3,842,142		$	6,859,759		$	3,280,211		$	6,417,020
Net realized gain (loss) on total investments		752,675			2,731,759			(1,364,288	)		303,806			647,162			1,392,779
Net change in unrealized appreciation (depreciation)
on total investments		(7,904,203	)		2,348,525			(162,318	)		(3,253,310	)		165,913			2,459

Net increase from operations		2,266,791			22,267,805			2,315,536			3,910,255			4,093,286			7,812,258


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(9,414,790			(17,106,426	)		(3,840,924	)		(6,822,181	)		(3,279,699	)		(6,409,502	)
From net realized gain on total investments		—			—			—			(459,983	)		—			(1,608,465	)

Total distributions		(9,414,790	)		(17,106,426	)		(3,840,924	)		(7,282,164	)		(3,279,699	)		(8,017,967	)


SHAREHOLDER TRANSACTIONS:
Subscriptions		76,262,850			163,489,300			26,491,998			97,040,592			19,993,350			49,664,548
Reinvestment of distributions		6,141,050			11,118,606			2,316,909			4,307,635			2,361,513			5,830,397
Exchanges among the Funds, net		(1,338,126			(4,641,870	)		(4,822,888	)		(11,377,524	)		(1,191,417	)		(7,649,714	)
Redemptions		(56,617,038	)		(124,175,101	)		(38,032,482	)		(58,573,053	)		(13,503,627	)		(21,354,309	)

Net increase (decrease) from shareholder transactions		24,448,736			45,790,935			(14,046,463	)		31,397,650			7,659,819			26,490,922

Net increase (decrease) in net assets		17,300,737			50,952,314			(15,571,851	)		28,025,741			8,473,406			26,285,213
NET ASSETS
Beginning of period		279,276,115			228,323,801			239,108,382			211,082,641			194,664,967			168,379,754

End of period	$	296,576,852		$	279,276,115		$	223,536,531		$	239,108,382		$	203,138,373			194,664,967


Undistributed net investment income included in net assets	$	91,368		$	87,839		$	44,849		$	43,631		$	512		$	—


CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		29,443,995			24,506,172			22,663,250			19,745,892			17,812,629			15,413,525


Shares sold		8,260,546			17,554,766			2,524,868			9,090,514			1,830,931			4,540,612
Shares issued in reinvestment of distributions		665,067			1,195,418			221,648			406,112			216,601			535,120
Shares exchanged among the Funds, net		(146,491	)		(502,864	)		(460,618	)		(1,071,897	)		(111,633	)		(716,114	)
Shares redeemed		(6,054,671			(13,309,497	)		(3,627,555	)		(5,507,371	)		(1,238,158	)		(1,960,514	)

Net increase (decrease) in shares outstanding		2,724,451			4,937,823			(1,341,657	)		2,917,358			697,741			2,399,104

Shares outstanding, end of period		32,168,446			29,443,995			21,321,593			22,663,250			18,510,370			17,812,629

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TIAA-CREF Mutual Funds
June 30, 2005

concluded

		Bond *Plus*						Money Market
		Fund						Fund

		For the Six			For the			For the Six			For the
		Months Ended			Year Ended			Months Ended			Year Ended
		June 30, 2005			December 31, 2004			June 30, 2005			December 31, 2004

		(Unaudited)						(Unaudited)
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	10,238,997		$	17,346,532		$	7,356,234		$	6,754,078
Net realized gain (loss) on total investments		(385,807	)		1,357,439			(8,935	)		726
Net change in unrealized appreciation (depreciation)
on total investments		1,922,135			(140,254	)		—			—

Net increase from operations		11,775,325			18,563,717			7,347,299			6,754,804


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(10,216,611	)		(17,273,762	)		(7,356,234	)		(6,754,078	)
From net realized gain on total investments		—			(1,186,302	)		—			—

Total distributions		(10,216,611	)		(18,460,064	)		(7,356,234	)		(6,754,078	)


SHAREHOLDER TRANSACTIONS:
Subscriptions		29,379,736			82,838,804			167,656,545			333,263,026
Reinvestment of distributions		9,569,040			17,271,107			7,209,629			7,043,382
Exchanges among the Funds, net		(1,553,435	)		(15,040,733	)		14,525,514			19,155,418
Redemptions		(28,226,510	)		(42,603,600	)		(185,898,382	)		(381,001,287	)

Net increase (decrease) from shareholder transactions		9,168,831			42,465,578			3,493,306			(21,539,461	)

Net increase (decrease) in net assets		10,727,545			42,569,231			3,484,371			(21,538,735	)
NET ASSETS
Beginning of period		469,008,760			426,439,529			600,694,542			622,233,277

End of period	$	479,736,305		$	469,008,760		$	604,178,913		$	600,694,542


Undistributed net investment income included in net assets	$	95,156		$	72,770		$	396		$	396


CHANGE IN FUND SHARES:
Shares outstanding, beginning of period		45,396,118			41,307,647			600,695,422			622,295,365


Shares sold		2,852,226			7,998,655			167,656,544			333,202,544
Shares issued in reinvestment of distributions		931,146			1,677,608			7,209,629			7,043,382
Shares exchanged among the Funds, net		(152,826	)		(1,461,450	)		14,525,514			19,155,418
Shares redeemed		(2,739,137	)		(4,126,342	)		(185,898,382	)		(381,001,287	)

Net increase (decrease) in shares outstanding		891,409			4,088,471			3,493,305			(21,599,943	)


Shares outstanding, end of period		46,287,527			45,396,118			604,188,727			600,695,422

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		International Equity Fund

		For the Six			For the Years Ended December 31,
		Months Ended
		June 30, 2005(c)			2004			2003			2002			2001			2000

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.67		$	9.24		$	6.68		$	8.07		$	10.75		$	16.08

Gain (loss) from investment operations:
Net investment income		0.14	(a)		0.16	(a)		0.14	(a)		0.11	(a)		0.09			0.08
Net realized and unrealized gain (loss) on total investments		(0.41	)		1.44			2.59			(1.38	)		(2.70	)		(3.32	)

Total gain (loss) from investment operations		(0.27	)		1.60			2.73			(1.27	)		(2.61	)		(3.24	)

Less distributions from:
Net investment income		—			(0.17	)		(0.17	)		(0.12	)		(0.07	)		(0.08	)
In excess of net investment income		—			—			—			—			—			(0.01	)
Net realized gains		—			—			—			—			—			(2.00	)

Total distributions		—			(0.17	)		(0.17	)		(0.12	)		(0.07	)		(2.09	)

Net asset value, end of period	$	10.40		$	10.67		$	9.24		$	6.68		$	8.07		$	10.75


TOTAL RETURN		(2.53	)%		17.37	%		40.86	%		(15.73	)%		(24.29	)%		(19.99	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	360,687		$	361,648		$	286,770		$	218,794		$	259,492		$	270,431
Ratio of expenses to average net assets before expense waiver		N/A			N/A			N/A			0.88	%(b)		0.99	%		0.99	%
Ratio of expenses to average net assets after expense waiver		0.24	%		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of net investment income to average net assets		1.35	%		1.69	%		1.96	%		1.47	%		1.10	%		0.49	%
Portfolio turnover rate		79.16	%		154.07	%		162.13	%		77.61	%		113.03	%		138.33	%

(a) Based on average shares outstanding .
(b) Waiver was eliminated effective October 1, 2002.
(c) The percentages shown for this period are not annualized .

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		Growth Equity Fund

		For the Six
		Months Ended		For the Years Ended December 31,
		June 30,
		2005(c)			2004			2003			2002			2001			2000

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.17		$	8.70		$	6.84		$	9.85		$	12.87		$	17.19

Gain (loss) from investment operations:
Net investment income		0.02	(a)		0.07	(a)		0.06	(a)		0.03	(a)		0.02			—
Net realized and unrealized gain (loss) on total investments		(0.24	)		0.47			1.86			(3.00	)		(2.98	)		(3.47	)

Total gain (loss) from investment operations		(0.22	)		0.54			1.92			(2.97	)		(2.96	)		(3.47	)

Less distributions from:
Net investment income		—			(0.07	)		(0.06	)		(0.04	)		—			—
Net realized gains		—			—			—			—			(0.06	)		(0.85	)

Total distributions		—			(0.07	)		(0.06	)		(0.04	)		(0.06	)		(0.85	)

Net asset value, end of period	$	8.95		$	9.17		$	8.70		$	6.84		$	9.85		$	12.87


TOTAL RETURN		(2.40	)%		6.16	%		28.06	%		(30.12	)%		(23.02	)%		(20.29	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	536,079		$	567,073		$	549,884		$	421,906		$	653,169		$	785,761
Ratio of expenses to average net assets before expense waiver		N/A			N/A			N/A			0.85	%(b)		0.95	%		0.95	%
Ratio of expenses to average net assets after expense waiver		0.22	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of net investment income to average net assets		0.27	%		0.76	%		0.72	%		0.40	%		0.15	%		0.00	%
Portfolio turnover rate		40.34	%		64.96	%		72.50	%		49.53	%		38.39	%		42.07	%

(a) Based on average shares outstanding .
(b) Waiver was eliminated effective October 1, 2002.
(c) The percentages shown for this period are not annualized .

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		Growth & Income Fund

		For the Six			For the Years Ended December 31,
		Months Ended
		June 30, 2005(c)			2004			2003			2002			2001			2000

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	12.20		$	11.30		$	9.09		$	12.07		$	14.05		$	15.93

Gain (loss) from investment operations:
Net investment income		0.08	(a)		0.17	(a)		0.12	(a)		0.10	(a)		0.10			0.11
Net realized and unrealized gain (loss) on total investments		(0.12	)		0.90			2.21			(2.98	)		(1.98	)		(1.27	)

Total gain (loss) from investment operations		(0.04	)		1.07			2.33			(2.88	)		(1.88	)		(1.16	)

Less distributions from:
Net investment income		(0.08	)		(0.17	)		(0.12	)		(0.10	)		(0.10	)		(0.11	)
Net realized gains		—			—			—			—			—			(0.61	)

Total distributions		(0.08	)		(0.17	)		(0.12	)		(0.10	)		(0.10	)		(0.72	)

Net asset value, end of period	$	12.08		$	12.20		$	11.30		$	9.09		$	12.07		$	14.05


TOTAL RETURN		(0.36	)%		9.55	%		25.83	%		(23.86	)%		(13.37	)%		(7.33	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	506,314		$	538,266		$	551,444		$	496,843		$	637,632		$	665,956
Ratio of expenses to average net assets before expense waiver		N/A			N/A			N/A			0.82	%(b)		0.93	%		0.93	%
Ratio of expenses to average net assets after expense waiver		0.21	%		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Ratio of net investment income to average net assets		0.64	%		1.48	%		1.21	%		0.99	%		0.84	%		0.72	%
Portfolio turnover rate		128.73	%		75.37	%		141.39	%		112.13	%		70.41	%		21.41	%

(a) Based on average shares outstanding .
(b) Waiver was eliminated effective October 1, 2002.
(c) The percentages shown for this period are not annualized .

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	Equity Index Fund

																	For the Period
																	April 3, 2000			For the Period
																	(effective date of			March 1, 2000
	For the Six			For the Years Ended December 31													SEC registration)			(commencement of
	Months Ended																to December 31,			operations) to
	June 30, 2005(c)				2004			2003		2002				2001			2000(c)			December 31, 2000(c)

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	8.59		$	7.90		$	6.23		$	8.05		$	9.19		$	10.43		$	10.00

Gain (loss) from investment operations:
Net investment income		0.06	(a)		0.13	(a)		0.10	(a)		0.10	(a)		0.07			0.07			0.08
Net realized and unrealized gain (loss) on total investments		(0.07	)		0.79			1.81			(1.83	)		(1.14	)		(1.24	)		(0.81	)

Total gain (loss) from investment operations		(0.01	)		0.92			1.91			(1.73	)		(1.07	)		(1.17	)		(0.73	)

Less distributions from:
Net investment income		—			(0.14	)		(0.09	)		(0.09	)		(0.06	)		(0.07	)		(0.08	)
Net realized gains		—			(0.09	)		(0.15	)		—			(0.01	)		—			—

Total distributions		—			(0.23	)		(0.24	)		(0.09	)		(0.07	)		(0.07	)		(0.08	)

Net asset value, end of period	$	8.58		$	8.59		$	7.90		$	6.23		$	8.05		$	9.19		$	9.19


TOTAL RETURN		(0.12	)%		11.68	%		30.67	%	(21.52		)%		(11.62	)%		(11.27	)%		(7.32	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	350,380		$	356,729		$	338,188		$	139,872		$	97,686		$	67,367		$	67,367
Ratio of expenses to average net assets before expense waiver		N/A			N/A			N/A			0.63	%(b)		0.76	%		0.64	%		0.64	%
Ratio of expenses to average net assets after expense waiver		0.13	%		0.26	%		0.26	%		0.26	%		0.26	%		0.19	%		0.22	%
Ratio of net investment income to average net assets		0.75	%		1.65	%		1.49	%		1.40	%		1.12	%		0.71	%		0.87	%
Portfolio turnover rate		4.95	%		14.50	%		17.34	%		4.41	%		6.06	%		10.25	%		5.70	%

(a) Based on average shares outstanding .
(b) Waiver was eliminated effective October 1, 2002.
(c) The percentages shown for this period are not annualized.

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		Social Choice Equity Fund

																	For the Period
																	April 3, 2000			For the Period
																	(effective date of			March 1, 2000
		For the Six		For the Years Ended December 31,													SEC registration)			(commencement of
		Months Ended															to December 31,			operations) to
		June 30, 2005(c)			2004			2003			2002			2001			2000(c)			December 31, 2000(c)

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.19		$	8.28		$	6.47			8.28		$	9.57		$	10.66		$	10.00

Gain (loss) from investment operations:
Net investment income		0.06	(a)		0.14	(a)		0.10	(a)		0.10	(a)		0.07			0.07			0.08
Net realized and unrealized gain (loss) on total
investments		(0.14	)		0.89			1.83			(1.82	)		(1.29	)		(1.07	)		(0.39	)

Total gain (loss) from investment operations		(0.08	)		1.03			1.93			(1.72	)		(1.22	)		(1.00	)		(0.31	)

Less distributions from:
Net investment income		—			(0.12	)		(0.12	)		(0.09	)		(0.06	)		(0.07	)		(0.08	)
Net realized gains		—			—			—			—			(0.01	)		(0.02	)		(0.04	)

Total distributions		—			(0.12	)		(0.12	)		(0.09	)		(0.07	)		(0.09	)		(0.12	)

Net asset value, end of period	$	9.11		$	9.19		$	8.28			6.47		$	8.28		$	9.57		$	9.57


TOTAL RETURN		(0.87	)%		12.46	%		29.87	%		(20.71	)%		(12.75	)%		(9.40	)%		(3.14	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	135,389		$	119,083		$	70,192		$	67,731		$	65,793		$	38,812		$	38,812
Ratio of expenses to average net assets before
expense waiver		N/A			N/A			N/A			0.65	%(b)		0.77	%		0.65	%		0.65	%
Ratio of expenses to average net assets after
expense waiver		0.13	%		0.27	%		0.27	%		0.27	%		0.27	%		0.20	%		0.23	%
Ratio of net investment income to average net assets		0.71	%		1.70	%		1.46	%		1.33	%		1.09	%		0.73	%		0.88	%
Portfolio turnover rate		1.61	%		6.17	%		11.33	%		29.15	%		5.96	%		4.76	%		2.34	%

(a) Based on average shares outstanding.
(b) Waiver was eliminated effective October 1, 2002.
(c) The percentages shown for this period are not annualized .

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	Managed Allocation Fund

		For the Six		For the Years Ended December 31,
		Months Ended
		June 30, 2005(c)			2004			2003			2002			2001			2000

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	11.13		$	10.41		$	8.87		$	10.50		$	12.20		$	13.59

Gain (loss) from investment operations:
Net investment income		0.10	(a)		0.26	(a)		0.25	(a)		0.26	(a)		0.37			0.37
Net realized and unrealized gain (loss) on total investments		(0.09	)		0.84			1.72			(1.52	)		(1.41	)		(1.03	)

Total gain (loss) from investment operations		0.01			1.10			1.97			(1.26	)		(1.04	)		(0.66	)

Less distributions from:
Net investment income		(0.10	)		(0.38	)		(0.43	)		(0.34	)		(0.28	)		(0.37	)
Net realized gains		—			—			—			(0.03	)		(0.38	)		(0.36	)

Total distributions		(0.10	)		(0.38	)		(0.43	)		(0.37	)		(0.66	)		(0.73	)

Net asset value, end of period	$	11.04		$	11.13		$	10.41		$	8.87		$	10.50		$	12.20


TOTAL RETURN		0.09	%		10.70	%		22.45	%		(12.09	)%		(8.52	)%		(4.99	)%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	508,888		$	497,145		$	397,992			287,473		$	319,244		$	330,814
Ratio of expenses to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income to average net assets		0.90	%		2.46	%		2.56	%		2.68	%		3.34	%		2.87	%
Portfolio turnover rate		2.78	%		10.43	%		37.26	%		11.93	%		2.97	%		0.71	%

(a) Based on average shares outstanding .
(c) The percentages shown for this period are not annualized .

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continued

		High-Yield Bond Fund

																	For the Period			For the Period
																	April 3, 2000			March 1, 2000
																	(effective date of			(commencement of
		For the Six		For the Years Ended December 31,													SEC registration)			operations) to
		Months Ended															December 31, to			December 31,
		June 30, 2005(c)			2004			2003		2002				2001			2000(c)			2000(c)

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	9.48		$	9.32		$	8.20		$	8.94		$	9.41		$	9.80		$	10.00

Gain (loss) from investment operations:
Net investment income		0.32	(a)		0.66	(a)		0.72	(a)		0.78	(a)		0.93			0.65			0.78
Net realized and unrealized gain (loss) on total investments		(0.26	)		0.16			1.12			(0.75	)		(0.47	)		(0.32	)		(0.59	)

Total gain (loss) from investment operations		0.06			0.82			1.84			0.03			0.46			0.33			0.19

Less distributions from:
Net investment income		(0.32	)		(0.66	)		(0.72	)		(0.77	)		(0.93	)		(0.72	)		(0.78	)

Total distributions		(0.32	)		(0.66	)		(0.72	)		(0.77	)		(0.93	)		(0.72	)		(0.78	)

Net asset value, end of period	$	9.22		$	9.48		$	9.32		$	8.20		$	8.94		$	9.41		$	9.41


TOTAL RETURN		0.73	%		9.16	%		23.24	%		0.46	%		4.89	%		3.30	%		1.91	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	296,577		$	279,276		$	228,324		103,939			$	92,217		$	63,897		$	63,897
Ratio of expenses to average net assets before expense waiver		N/A			N/A			N/A			0.72	%(b)		0.84	%		0.70	%		0.70	%
Ratio of expenses to average net assets after expense waiver		0.17	%		0.34	%		0.34	%		0.34	%		0.34	%		0.25	%		0.29	%
Ratio of net investment income to average net assets		3.49	%		7.14	%		8.13	%		9.17	%		9.97	%		6.66	%		8.05	%
Portfolio turnover rate		28.33	%		41.81	%		42.04	%		74.43	%		75.44	%		58.14	%		36.99	%

(a) Based on average shares outstanding.
(b) Waiver was eliminated effective October 1, 2002.
(c) The percentages shown for this period are not annualized .

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		Short-Term Bond Fund

																	For the Period			For the Period
																	April 3, 2000			March 1, 2000
																	(effective date of			(commencement of
		For the Six		For the Years Ended December 31,													SEC registration)			operations) to
		Months Ended															to December 31,			December 31,
		June 30, 2005(c)			2004			2003			2002			2001			2000(c)			2000(c)

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.55		$	10.69		$	10.76		$	10.48		$	10.23		$	10.01		$	10.00

Gain (loss) from investment operations:
Net investment income		0.17	(a)		0.31	(a)		0.32	(a)		0.46	(a)		0.57			0.45			0.54
Net realized and unrealized gain (loss) on total investments		(0.06	)		(0.13	)		0.05			0.33			0.34			0.32			0.29

Total gain from investment operations		0.11			0.18			0.37			0.79			0.91			0.77			0.83

Less distributions from:
Net investment income		(0.18	)		(0.30	)		(0.32	)		(0.45	)		(0.57	)		(0.49	)		(0.54	)
In excess of net investment income		—			—			—			—			—			(0.01	)		(0.01	)
Net realized gains		—			(0.02	)		(0.12	)		(0.06	)		(0.09	)		(0.05	)		(0.05	)

Total distributions		(0.18	)		(0.32	)		(0.44	)		(0.51	)		(0.66	)		(0.55	)		(0.60	)

Net asset value, end of period	$	10.48		$	10.55		$	10.69		$	10.76		$	10.48		$	10.23		$	10.23


TOTAL RETURN		1.02	%		1.73	%		3.51	%		7.81	%		9.10	%		7.84	%		8.51	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	223,537		$	239,108		$	211,083		$	149,001		$	61,314		$	29,839		$	29,839
Ratio of expenses to average net assets before expense waiver		N/A			N/A			N/A			0.63	%(b)		0.80	%		0.67	%		0.67	%
Ratio of expenses to average net assets after expense waiver		0.15	%		0.30	%		0.30	%		0.30	%		0.30	%		0.22	%		0.25	%
Ratio of net investment income to average net assets		1.66	%		2.87	%		3.00	%		4.32	%		5.36	%		4.47	%		5.45	%
Portfolio turnover rate		122.22	%		117.87	%		176.43	%		157.26	%		132.21	%		402.87	%		387.42	%

(a) Based on average shares outstanding .
(b) Waiver was eliminated effective October 1, 2002.
(c) The percentages shown for this period are not annualized .

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					Tax-Exempt Bond Fund

																	For the Period			For the Period
																	April 3, 2000			March 1, 2000
		For the Six						For the Years Ended December 31,									(effective date of SEC			(commencement of
		Months Ended															registration) to			operations) to
		June 30, 2005(c)			2004			2003			2002			2001			December 31, 2000(c)			December 31, 2000(c)

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.93		$	10.92		$	10.92		$	10.38		$	10.46		$	10.11		$	10.00

Gain from investment operations:
Net investment income		0.18	(a)		0.39	(a)		0.42	(a)		0.44	(a)		0.47			0.40			0.42
Net realized and unrealized gain on total investments		0.04			0.09			0.21			0.65			0.04			0.37			0.50

Total gain from investment operations		0.22			0.48			0.63			1.09			0.51			0.77			0.92

Less distributions from:
Net investment income		(0.18	)		(0.38	)		(0.42	)		(0.43	)		(0.47	)		(0.38	)		(0.42	)
Net realized gains		—			(0.09	)		(0.21	)		(0.12	)		(0.12	)		(0.04	)		(0.04	)

Total distributions		(0.18	)		(0.47	)		(0.63	)		(0.55	)		(0.59	)		(0.42	)		(0.46	)

Net asset value, end of period	$	10.97		$	10.93		$	10.92		$	10.92		$	10.38		$	10.46		$	10.46


TOTAL RETURN		2.06	%		4.55	%		5.87	%		10.70	%		5.00	%		7.75	%		9.38	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	203,138		$	194,665		$	168,380		$	146,496		$	73,674		$	38,928		$	38,928
Ratio of expenses to average net assets before expense waiver		N/A			N/A			N/A			0.64	%(b)		0.80	%		0.67	%		0.67	%
Ratio of expenses to average net assets after expense waiver		0.15	%		0.30	%		0.30	%		0.30	%		0.30	%		0.22	%		0.25	%
Ratio of net investment income to average net assets		1.67	%		3.54	%		3.79	%		4.06	%		4.48	%		3.91	%		4.27	%
Portfolio turnover rate		36.43	%		57.38	%		156.76	%		264.02	%		298.08	%		147.60	%		136.41	%

(a) Based on average shares outstanding .
(b) Waiver was eliminated effective October 1, 2002.
(c) The percentages shown for this period are not annualized .

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continued

		Bond *Plus* Fund

		For the Six		For the Years Ended December 31,
		Months Ended
		June 30, 2005(c)			2004			2003			2002			2001			2000

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	10.33		$	10.32		$	10.52		$	10.18		$	10.09		$	9.63

Gain from investment operations:
Net investment income		0.22	(a)		0.40	(a)		0.40	(a)		0.53	(a)		0.59			0.62
Net realized and unrealized gain (loss) on total investments		0.03			0.04			0.05			0.51			0.22			0.46

Total gain from investment operations		0.25			0.44			0.45			1.04			0.81			1.08

Less distributions from:
Net investment income		(0.22	)		(0.40	)		(0.40	)		(0.52	)		(0.59	)		(0.62	)
Net realized gains		—			(0.03	)		(0.25	)		(0.18	)		(0.13	)		—

Total distributions		(0.22	)		(0.43	)		(0.65	)		(0.70	)		(0.72	)		(0.62	)

Net asset value, end of period	$	10.36		$	10.33		$	10.32		$	10.52		$	10.18		$	10.09


TOTAL RETURN		2.48	%		4.29	%		4.38	%		10.50	%		8.14	%		11.68	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	479,736		$	469,009		$	426,440		$	370,654		$	284,865		$	232,617
Ratio of expenses to average net assets before expense waiver		N/A			N/A			N/A			0.67	%(b)		0.80	%		0.80	%
Ratio of expenses to average net assets after expense waiver		0.15	%		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		2.17	%		3.87	%		3.78	%		5.10	%		5.72	%		6.41	%
Portfolio turnover rate		51.11	%		103.68	%		139.58	%		243.70	%		233.89	%		313.29	%(d)

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 1, 2002.
(c)	The percentages shown for this period are not annualized.
(d)	During 2000, the Bond Plus Fund began structuring dollar roll transactions as financing transactions; had these transactions been treated for the entire year as purchases and sales, rather than as financing transactions, the portfolio turnover rate for the year ended December 31, 2000 would have been 472.03%.

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concluded

	Money Market Fund

		For the Six		For the Years Ended December 31
		Months Ended
		June 30, 2005(c)			2004			2003			2002			2001			2000

		(Unaudited)
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Gain from investment operations:
Net investment income		0.01	(a)		0.01	(a)		0.01	(a)		0.02	(a)		0.04			0.06

Total gain from investment operations		0.01			0.01			0.01			0.02			0.04			0.06

Less distributions from:
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.02	)		(0.04	)		(0.06	)

Total distributions		(0.01	)		(0.01	)		(0.01	)		(0.02	)		(0.04	)		(0.06	)

Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


TOTAL RETURN		1.23	%		1.13	%		0.93	%		1.64	%		4.08	%		6.33	%

RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	604,179		$	600,695		$	622,233		$	696,452		$	760,268		$	612,046
Ratio of expenses to average net assets before expense waiver		N/A			N/A			N/A			0.67	%(b)		0.79	%		0.79	%
Ratio of expenses to average net assets after expense waiver		0.14	%		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Ratio of net investment income to average net assets		1.22	%		1.11	%		0.93	%		1.62	%		3.94	%		6.18	%

(a) Based on average shares outstanding .
(b) Waiver was eliminated effective October 1, 2002.
(c) The percentages shown for this period are not annualized .

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Notes to financial statements(unaudited) |

TIAA-CREF Mutual Funds

Note 1—significant accounting policies

TIAA-CREF Mutual Funds (the “Funds”) is a Delaware statutory trust that was organized on January 13, 1997 and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940 as an open-end management investment company. The International Equity, Growth Equity, Growth & Income, Managed Allocation, Bond Plus and Money Market Funds commenced operations on July 17, 1997 with a seed money investment by Teachers Insurance and Annuity Association of America (“TIAA”). The Equity Index, Social Choice Equity, High-Yield Bond, Short-Term Bond and Tax-Exempt Bond Funds commenced operations on March 1, 2000 with a seed money investment by TIAA. At June 30, 2005, TIAA had no remaining investments in the Funds. The accompanying financial statements were prepared in accordance with U.S. generally accepted accounting principles which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

Valuation of investments: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Fund), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. For the Money Market Fund, all of its investments are valued using the amortized cost method. Investments in registered investment companies are valued at their net asset value. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock and bond index futures, which are traded on commodities exchanges, are valued at the last sales price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith under the direction of the Board of Trustees. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board of Trustees if events materially affecting their value occur between the time their price is determined and the time a Fund’s net asset value is calculated. The fair value of securities may be determined with the assistance of a pricing service, which attempts to calculate a fair value for securities based on numerous factors including correlations of a security’s price with securities indices and other appropriate indicators, such as ADR’s and futures contracts. Other factors may also be considered in determining

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Notes to financial statements (unaudited)		continued

fair value, such as fundamental analytical data, market and trading trends, and public trading of similar securities of the issuer or comparable issuers.

Accounting for investments: Securities transactions are accounted for as of the trade date. Interest income is recorded as earned and includes amortization of discounts and premiums. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Funds are informed of the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method for both financial statement and federal income tax purposes.

Dollar roll transactions: Certain of the Funds may enter into dollar rolls in which a Fund sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. Dollar rolls are recorded as financing transactions. Dollar rolls can enhance a Fund’s return by earning a spread between the yield on the underlying securities and short-term interest rates. The use of dollar roll transactions by the Bond Plus Fund results in borrowing requiring the presentation of a statement of cash flows.

Foreign currency transactions and translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Forward foreign currency contracts: The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Funds are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract.

Futures contracts: The Funds may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures

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Notes to financial statements (unaudited)		continued

contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sales price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions.

Securities purchased on a when-issued or delayed delivery basis: The Funds may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Funds to the risk that the transaction may not be consummated.

Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded.

Distributions to shareholders: Distributions from net investment income, if any, for the Bond Plus, Short-Term Bond, Tax-Exempt Bond and High-Yield Bond Funds are declared and paid monthly; for the Growth & Income and Managed Allocation Funds are declared and paid quarterly; for the Growth Equity, International Equity, Social Choice Equity and Equity Index Funds are declared and paid annually; and for the Money Market Fund are declared daily and paid monthly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds. Accumulated undistributed net investment income and accumulated undistributed net realized gain (loss) on total investments may include temporary and permanent book and tax differences. Temporary differences will reverse in subsequent periods and are generally due to differing book and tax treatments for the timing and recognition of gains and losses on securities, forwards, and futures, including Post October losses. Permanent differences will result in reclassifications among the respective components of net assets and are generally due to REIT adjustments, foreign currency transactions, distribution reclass, and gains on certain equity securities designated and issued by “passive foreign investment companies”.

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. At December 31, 2004, the following Funds had capital loss carryovers:

				Date of Expiration

		12/31/09		12/31/10		12/31/11		12/31/12		Total

International Equity Fund	$	—	$	36,684,291	$	20,506,430	$	—	$	57,190,721
Growth Equity Fund		147,707,537		129,325,246		60,601,952		9,871,623		347,506,358
Growth & Income Fund		6,524,778		57,079,675		39,342,773		—		102,947,226
Social Choice Equity Fund		—		1,519,757		—		—		1,519,757
Managed Allocation Fund		—		—		17,189,720		—		17,189,720
High-Yield Bond Fund		—		4,344,978		3,834,466		—		8,179,444
Money Market Fund		—		—		1,276		—		1,276

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Notes to financial statements (unaudited)		continued

Note 2—management agreement

Teachers Advisors, Inc. (“Advisors”), a wholly-owned subsidiary of TIAA and a registered investment advisor, provides investment advisory services for the Funds and is also responsible for providing, or obtaining at its own expense, the services reasonably necessary for the ordinary operation of the Funds. Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management and administration of the Funds’ net assets, based on the average daily net assets of each Fund. During the six months ended June 30, 2005, Advisors received the following annual percentages of each Fund’s average daily net assets:

		Investment Management Fee

International Equity Fund		0.49%
Growth Equity Fund		0.45%
Growth & Income Fund		0.43%
Equity Index		0.26%
Social Choice Equity Fund		0.27%
Managed Allocation Fund		0.00%
High-Yield Bond Fund		0.34%
Short-Term Bond Fund		0.30%
Tax-Exempt Bond Fund		0.30%
Bond Plus Fund		0.30%
Money Market Fund		0.29%

Advisors will not receive a management fee for its services to the Managed Allocation Fund. However, shareholders in the Managed Allocation Fund will indirectly bear their pro rata share of the fees and expenses incurred by the funds in which the Managed Allocation Fund invests.

The Funds publicly offer their shares, without a sales load, through their distributor, Teachers Personal Investor Services, Inc. (“TPIS”), a wholly-owned subsidiary of TIAA, which is a registered broker-dealer and member of the National Association of Securities Dealers, Inc.

Note 3—investments

At June 30, 2005, net realized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

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Notes to financial statements (unaudited)		continued

						Net Unrealized
		Gross Unrealized		Gross Unrealized		Appreciation
		Appreciation		Depreciation		(Depreciation)

International Equity Fund	$	22,938,460	$	11,257,959	$	11,680,501
Growth Equity Fund		60,781,851		28,933,396		31,848,455
Growth & Income Fund		26,035,208		21,730,376		4,304,832
Equity Index		69,851,040		26,103,824		43,747,216
Social Choice Equity Fund		18,921,266		16,656,101		2,265,165
Managed Allocation Fund		33,768,891		28,071,701		5,697,190
High-Yield Bond Fund		10,845,464		2,404,535		8,440,929
Short-Term Bond Fund		603,163		1,299,630		(696,467	)
Tax-Exempt Bond Fund		4,746,979		151,713		4,595,266
Bond Plus Fund		9,002,292		1,317,014		7,685,278

The following is information about the holdings of the Managed Allocation Fund in other funds as of June 30, 2005:

		% of Total
	Number of	Shares
	Shares Held	Outstanding
	in Fund	in the Fund

TIAA-CREF Mutual Funds:
International Equity Fund	5,789,647	16.69	%
Growth Equity Fund	12,294,019	20.53	%
High-Yield Bond Fund	1,383,533	4.30	%
Short-Term Bond Fund	727,433	3.41	%
Bond Plus Fund	17,495,658	37.80	%
Money Market Fund	2,529,695	0.42	%

TIAA-CREF Institutional Mutual Funds:
Large-Cap Value Fund - Retail Class	8,169,352	66.74	%
Small-Cap Equity Fund - Retail Class	1,055,484	23.47	%
Real Estate Securities Fund - Retail Class	370,393	3.46	%

The Bond Plus Fund owned 372,385 shares of the High-Yield Bond Fund representing 1.16% of its total shares outstanding.

At June 30, 2005, the Equity Index Fund held open futures contracts as follows:

	Number of		Market	Expiration		Unrealized Gain
	Contracts		Value	Date		(Loss)

E-mini Russell 2000 Index	5	$	321,550	September 2005	$	5,816
E-mini S&P 500 Index	23		1,374,825	September 2005		(13,846	)

Total					$	(8,030	)

138 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Notes to financial statements (unaudited)		continued

Purchases and sales of portfolio securities, other than short-term money market instruments, for the Funds, other than the Money Market Fund, for the six months ended June 30, 2005 were as follows:

	Non-Government	Government		Non-Government	Government
	Purchases	Purchases		Sales	Sales

International Equity Fund	$ 297,354,532	$	—	$284,169,092	$	—
Growth Equity Fund	216,744,878	—		232,074,767	—
Growth & Income Fund	660,925,365	—		685,347,800	—
Equity Index Fund	17,097,947	—		19,673,734	—
Social Choice Equity Fund	19,453,751	—		2,005,186	—
Managed Allocation Fund	30,083,698	—		13,861,350	—
High-Yield Bond Fund	97,336,892	—		72,837,203	—
Short-Term Bond Fund	73,571,770	197,579,765		72,612,405	199,906,474
Tax-Exempt Bond Fund	78,628,149	—		71,549,534	—
Bond Plus Fund	44,563,668	193,606,929		46,495,804	188,354,583

Note 4—trustee fees

Each Fund, other than the Managed Allocation Fund, pays the Trustees who are not also officers or affiliated persons of the Funds, certain remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees who are also officers or affiliated persons receive no remuneration for their services as Trustees of the Funds.

Note 5—distributions to shareholders

The tax character of distributions paid to shareholders during the year ended December 31, 2004 was as follows:

				Long-Term
		Ordinary		Capital
		Income		Gain		Total

International Equity Fund	$	5,778,388	$	—	$	5,778,388
Growth Equity Fund		4,069,378		—		4,069,378
Growth & Income Fund		7,698,525		—		7,698,525
Equity Index		7,284,691		2,145,548		9,430,239
Social Choice Equity Fund		1,553,633		—		1,553,633
Managed Allocation Fund		16,524,222		—		16,524,222
High-Yield Bond Fund		17,106,426		—		17,106,426
Short-Term Bond Fund		6,822,181		459,983		7,282,164
Tax-Exempt Bond Fund *		7,085,272		932,695		8,017,967
Bond Plus Fund		17,273,762		1,186,302		18,460,064
Money Market Fund		6,754,078		—		6,754,078

*Includes tax-exempt income of $6,412,931.

The tax character of the fiscal year 2005 distributions will be determined at the end of the fiscal year.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 139

Notes to financial statements (unaudited)		continued

Note 6—line of credit

The International Equity, Growth Equity, Growth & Income, Equity Index, Social Choice Equity, Managed Allocation, High-Yield Bond and Tax-Exempt Bond Funds participate in a $2.25 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the six months ended June, 2005, there were no borrowings under this credit facility by the Funds.

The Bond Plus Fund participates in a letter of credit agreement in the amount of $2.0 million for the purpose of facilitating the settlement of transactions in the mortgage-backed securities market. For the six months ended June, 2005, there were no drawdowns under this agreement.

140 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Board approval of investment management agreement

The funds’ trustees are responsible for overseeing the funds’ corporate policies and for adhering to fiduciary standards under the Investment Company Act of 1940. Most significantly, the Board is responsible for the initial approval and annual renewal of the funds’ investment management agreement (the “Management Agreement”) with Teachers Advisors, Inc. (“Advisors”). Under the Management Agreement, Advisors assumes responsibility for providing to, or obtaining for, the funds all of the services necessary for its ordinary operation, including investment advisory, transfer agency, dividend disbursing, custody, accounting and administrative services.

In considering whether to renew the Management Agreement, the Board, at its April 5, 2005 meeting, reviewed the following factors with respect to each fund: (1) the nature, extent and quality of services provided by Advisors to each fund; (2) the investment performance of each fund; (3) the costs of the services provided to each fund and the profits realized or to be realized by Advisors and its affiliates from their relationship with the funds; (4) the extent to which economies of scale have been realized as each fund grows; (5) whether the level of fees reflects those economies of scale for the benefit of fund investors; (6) comparisons of services and fees with contracts entered into by Advisors with other clients; and (7) any other benefits derived or anticipated to be derived by Advisors from its relationship with the funds. The factors should be viewed in their totality, with no single factor being the principal factor in determining whether to approve the renewal of the Management Agreement.

Set forth below are the general factors the Board considered for all of the funds, followed by an outline of the specific factors the Board considered for each particular fund.

Nature, Extent and Quality of Services. The Board considered that Advisors is an experienced investment advisor that has managed the TIAA-CREF Mutual Funds since 1997 and the TIAA-CREF Institutional Mutual Funds since 1999. The investment professionals of Advisors have also managed various accounts of the College Retirement Equities Fund (“CREF”) since their inception. Under the Management Agreement, Advisors is responsible for managing the assets of the funds, including conducting research, recommending investments and placing orders to buy and sell securities for the funds’ investment portfolios; active and extensive monitoring of the investment portfolios daily by various personnel with specific responsibility for the particular type of investment in question; and reporting on the investment performance of the funds to the Boards at their scheduled quarterly meetings. The Board considered that Advisors has carried out these responsibilities in a highly professional manner.

The Board considered, among other things, the performance of each of the funds, as discussed below.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 141

Board approval of investment management agreement		continued

Performance. The Board considered the performance of each fund over the past year, three years and since inception and the funds’ performance as compared to their peer groups and benchmark indices. The Board considered the comparative performance and expense data for each fund prepared by an independent third party, Lipper, Inc.’s Global Fiduciary Review unit (“Lipper”) for each class of each pertinent fund, as well as fund performance against its performance benchmark. In looking at this data, the Board considered that most of the funds met their benchmarks over the long term, i.e., three years (when factoring the effect of expenses), and ranked in the top three quintiles versus their peers. For additional details about each fund of the TIAA-CREF Mutual Funds, see the fund-by-fund synopsis below.

Cost and Profitability. The Board considered the materials it received reflecting Advisors’ revenues (less reimbursements) for providing investment management and other services to the funds and that Advisors is providing these services overall at a loss. The Board considered the detailed fund-by-fund analysis of Advisors’ profitability with respect to each fund, calculated for the year ended December 31, 2004, as outlined in the synopsis below. In reviewing the profitability information provided, the Board considered that Advisors runs substantial losses when looking across classes. In addition, the Board considered that Advisors’ revenues are reasonable from a shareholder perspective, but may not be adequate when considering the nature, quality and cost of Advisors’ services to the funds.

Fees Charged by Other Advisers. The Board considered information regarding fees paid to other advisers for managing similar funds. The Board received comparative fee information for comparable peer group funds prepared by Lipper. The Board considered that the proposed advisory fee to be paid to Advisors for its services to each fund compared favorably to the advisory fees charged to other comparable funds. The Board considered that, for the most part, the fees under Advisors’ current Management Agreement with the funds are lower than those of the peer group funds identified by Lipper. See the fund-by-fund detail below.

Economies of Scale. The Board considered whether Advisors may experience economies of scale in connection with the operation of each fund. In making this determination, the Board considered that most of the funds operate at a loss to Advisors. While Advisors experiences certain economies of scale by sharing investment personnel with TIAA-CREF Investment Management, LLC and among the funds, this generally does not offset the losses. For those particular funds with a small profit, the fees currently charged are quite low, and do not contain breakpoints. While breakpoints could be an appropriate way for Advisors to share economies of scale with funds that have substantial assets or that have grown materially over the year, Advisors does not believe there is a direct relationship between the economies of scale realized by the funds and those realized by Advisors as assets increase. This is largely because any economies of scale realized by Advisors and Investment Management are across a variety of classes, services, and products and not due to the growth of a single fund.

142 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Board approval of investment management agreement		continued

Fee Comparison with Other Advisors Clients. The Board considered that Advisors provides similar investment management services to each of the TIAA-CREF Institutional Mutual Funds, the TIAA-CREF Mutual Funds, TIAA-CREF Life Funds, and TIAA Separate Account VA-1, although distribution channels differ. In addition, Advisors, through its TIAA-CREF Asset Management (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 the fact that all of Advisors’ fees are low in comparison to comparable funds offered by other fund companies. In addition, while the management fees may not be precisely the same for comparable funds, this is due in part to the fact that some of the comparable funds are offered through products that charge additional fees to its investors. In particular, the Board considered that the comparable funds target different types of investors and use different distribution channels, variables factored in when determining appropriate pricing of services.

Other Benefits. The Board considered that one of the benefits that accrues to the each of the funds through Advisors is that Advisors continues to be willing to waive fees and make expense reimbursements to the funds. In addition, Advisors and its affiliates may benefit from the advisory relationship with the funds to the extent this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. Also, certain investment portfolios managed by Advisors are managed in the same manner and by the same personnel as certain of the CREF Accounts, resulting in the possibility for benefits associated with economies of scale.

Fund-by-Fund Factors

The funds’ trustees considered the following specific factors during their determination to renew the investment advisory agreements for each Fund listed below:

International Equity Fund

The fund’s current management fees are in the first quintile of the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”) (Ranking 3 of 51 funds).
The fund underperformed its benchmark for the one-year, three-year, and five- year periods and outperformed its benchmark since inception.
For the one-year period ended 12/31/04, the fund was in the third quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”) (Ranking 77 of 181 funds).
For the three-year period ended 12/31/04, the fund was in the second quintile of its Performance Universe (Ranking 32 of 141 funds).
Advisors had a net loss on the fund for the one-year period ended 12/31/04.
The fund received an Overall Morningstar Rating of three stars for the period ended 12/31/04.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 143

Board approval of investment management agreement		continued

Growth Equity Fund

The fund’s current management fees are in the first quintile of its Expense Universe (Ranking 2 of 74 funds).
The fund underperformed its benchmark for the one-year, three-year, five-year and since-inception periods.
For the one- and three-year periods ended 12/31/04, the fund was in the fourth quintile of its Performance Universe (Ranking 330 of 539 funds for the three- year period).
Advisors had a large net loss on the fund for the one-year period ended 12/31/04.
The Fund received an Overall Morningstar Rating of two stars for the period ended 12/31/04.

Growth & Income Fund

The fund’s current management fees are in the first quintile of its Expense Universe (Ranking 16 of 105 funds).
The fund underperformed its benchmark for the one-year, 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 309 of 914 funds).
For the three-year period ended 12/31/04, the fund was in the third quintile of its Performance Universe (Ranking 358 of 772 funds).
Advisors had a large net loss on the fund for the one-year period ended 12/31/04.
The fund received an Overall Morningstar Rating of two stars for the period ended 12/31/04.

Equity Index Fund

The fund’s current management fees are in the fourth quintile of its Expense Universe (11 of 16 funds).
The fund slightly underperformed its benchmark for its one-year, three-year and since-inception periods.
For the one- and three-year periods ended 12/31/04, the fund was in the third quintile of its Performance Universe.
Advisors had a large net loss on the fund for the one-year period ended 12/31/04.
The fund received an Overall Morningstar Rating of four stars for the period ended 12/31/04.

144 | 2005 Semiannual Report TIAA-CREF Mutual Funds

Board approval of investment management agreement		continued

Social Choice Equity Fund

The fund’s current management fees are in the first quintile of its Expense Universe (Ranking 5 of 100 funds).
For the one-year period ended 12/31/04, the fund was in the second quintile of its Performance Universe (Ranking 242 of 697 funds).
For the three-year period ended 12/31/04, the fund was in the third quintile of its Performance Universe (Ranking 212 of 501 funds).
Advisors had a net loss on the fund for the one-year period ended 12/31/04.
The fund received an Overall Morningstar Rating of four stars for the period ended 12/31/04.

Managed Allocation Fund

The fund’s management fees are in the first quintile of its Expense Universe (Ranking 1 of 19 funds).
For the one- and three-year periods ended 12/31/04, the fund was in the second quintile of its Performance Universe (Ranking 69 of 260 funds for the three- year period).
Advisors had a net loss on the fund for the one-year period ended 12/31/04.
The fund received an Overall Morningstar Rating of three stars for the period ended 12/31/04.

High-Yield Bond Fund

The fund’s current management fees are in the first quintile of its Expense Universe (Ranking 4 of 41 funds).
The fund slightly underperformed its benchmark for the one-year and three- year periods, and outperformed its benchmark since inception.
For the one-year period ended 12/31/04, the fund was in the fourth quintile of its Performance Universe (Ranking 268 of 411 funds).
For the three-year period ended 12/31/04, the fund was in the third quintile of its Performance Universe (Ranking 164 of 341 funds).
Advisors had a net loss on the fund for the one-year period ended 12/31/04.
The fund received an Overall Morningstar Rating of three stars for the period ended 12/31/04.

Short-Term Bond Fund

The fund’s current management fees are in the first quintile of its Expense Universe (Ranking 3 of 15 funds).
The fund outperformed its benchmark for its one-year, three-year and since- inception periods.
For the one-year period ended 12/31/04, the fund was in the fourth quintile of its Performance Universe (Ranking 106 of 150 funds).
For the three-year period ended 12/31/04, the fund was in the third quintile of its Performance Universe (Ranking 66 of 113 funds).
Advisors had a net loss on the fund for the one-year period ended 12/31/04.
The fund received an Overall Morningstar Rating of four stars for the period ended 12/31/04.

TIAA-CREF Mutual Funds 2005 Semiannual Report | 145

Board approval of investment management agreement		concluded

Tax-Exempt Bond Fund

The fund’s current management fees are in the second quintile of its Expense Universe (Ranking 10 of 34 funds).
The fund outperformed its benchmark for its one-year, three-year and since- inception periods.
For the one- and three-year periods ended 12/31/04, the fund was in the first quintile of its Performance Universe (Ranking 14 of 266 funds for the three-year period).
Advisors had a net loss on the fund for the one-year period ended 12/31/04.
The fund received an Overall Morningstar Rating of four stars for the period ended 12/31/04.

Bond Plus Fund

The fund’s current management fees are in the first quintile of its Expense Universe (Ranking 11 of 69 funds).
The fund underperformed its benchmark for one-year period and outperformed its benchmark for its three-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 268 of 411 funds).
For the three-year period ended 12/31/04, the fund was in the first quintile of its Performance Universe (Ranking 164 of 341 funds).
Advisors had a net loss on the fund for the one-year period ended 12/31/04.
The fund received an Overall Morningstar Rating of four stars for the period ended 12/31/04.

Money Market Fund

The fund’s current management fees are in the second quintile of its Expense Universe (Ranking 47 of 164 funds).
The fund outperformed its benchmark for the one-year, three-year, five-year and since-inception periods.
For the one- and three-year periods ended 12/31/04, the fund was in the first quintile of its Performance Universe (Ranking 8 of 344 funds for the three-year period).
Advisors had a net loss on the fund for the one-year period ended 12/31/04.

Based on these factors, and the information provided, the Board approved the continuation of the Management Agreement covering each of the funds. The trustees were advised by separate independent legal counsel throughout the review process.

146 | 2005 Semiannual Report TIAA-CREF Mutual Funds

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HOW TO REACH US

TIAA-CREF WEB CENTER		PLANNING AND SERVICE CENTER
Account performance, personal account		TIAA-CREF Mutual Funds, after-tax annuities
information and transactions, product		and life insurance
descriptions, and information about invest-		800 223-1200
ment choices and income options		8 a.m. to 10 p.m. ET, Monday–Friday
www.tiaa-cref.org
24 hours a day, 7 days a week		FOR HEARING- OR SPEECH-IMPAIRED
		PARTICIPANTS
AUTOMATED TELEPHONE SERVICE		800 842-2755
Check account performance and accumula-		8 a.m. to 10 p.m. ET, Monday–Friday
tion balances, change allocations, transfer		9 a.m. to 6 p.m. ET, Saturday
funds and verify credited premiums.
800 842-2252		TIAA-CREF TRUST COMPANY, FSB
24 hours a day, 7 days a week		Asset management, trust administration,
		estate planning, planned giving and
TELEPHONE COUNSELING CENTER		endowment management
Retirement saving and planning, income		888 842-9001
options and payments, and tax reporting		8 a.m. to 5 p.m. CT, Monday–Friday
800 842-2776
8 a.m. to 10 p.m. ET, Monday–Friday		TIAA-CREF TUITION FINANCING, INC.
9 a.m. to 6 p.m. ET, Saturday		Tuition financing programs
		888 381-8283
		8 a.m. to 11 p.m. ET, Monday–Friday

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 800 223-1200 or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. TIAA-CREF Tuition Financing, Inc. (TFI) is the program manager for 529 College Savings Plans. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

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Item 2. Code of Ethics.

The Board of Trustees of the TIAA-CREF Mutual Funds (the “Registrant”) has a code of ethics for senior financial officers, including its principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

Item 6. Statement of Investments (Investments in Securities of Unaffiliated Issuers).

TIAA-CREF MUTUAL FUNDS
International Equity Fund
Summary By Country (Unaudited)
June 30, 2005

		Value	%

DOMESTIC
UNITED STATES	$	5,670,423	1.56

TOTAL DOMESTIC		5,670,423	1.56



FOREIGN
AUSTRALIA		17,823,794	4.90
DENMARK		1,672,703	0.46
FINLAND		12,465,495	3.43
FRANCE		41,127,284	11.32
GERMANY		52,619,200	14.48
HONG KONG		8,501,425	2.34
INDIA		2,304,257	0.63
ITALY		18,150,990	4.99
JAPAN		74,720,489	20.56
NETHERLANDS		9,642,858	2.65
NEW ZEALAND		799,365	0.22
SINGAPORE		2,840,415	0.78
SPAIN		9,448,451	2.60
SWEDEN		490,380	0.14
SWITZERLAND		52,637,030	14.48
UNITED KINGDOM		52,549,788	14.46

TOTAL FOREIGN		357,793,924	98.44


TOTAL PORTFOLIO	$	363,464,347	100.00

TIAA-CREF MUTUAL FUNDS - International Equity Fund

TIAA-CREF MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005

SHARES				VALUE

COMMON STOCKS - 99.55%
APPAREL AND OTHER TEXTILE PRODUCTS - 0.36%
44,000		Kuraray Co Ltd	$	415,836
381,000		Toyobo Co Ltd		887,177

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,303,013


AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.30%
259,000		Fuji Heavy Industries Ltd		1,074,638

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,074,638


BUILDING MATERIALS AND GARDEN SUPPLIES - 1.71%
35,000		Sumitomo Forestry Co Ltd		337,264
277,619		Wolseley plc		5,822,065

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		6,159,329


BUSINESS SERVICES - 5.37%
29	*	Access Co Ltd		590,907
164,001		Adecco S.A. (Regd)		7,442,738
435,979		Cintra Concesiones de Infraestructuras de Transporte S.A.		5,109,440
8,300		Otsuka Corp		701,654
1,543		Rakuten, Inc		1,225,915
6,900		SAP AG.		1,196,600
26,500		Secom Co Ltd		1,137,996
44,000		Sumisho Computer Systems Corp		1,028,612
12,600		Sumisho Lease Co Ltd		438,408
16,000		Tata Consultancy Services Ltd		496,537

		TOTAL BUSINESS SERVICES		19,368,807


CHEMICALS AND ALLIED PRODUCTS - 10.46%
130,775		GlaxoSmithKline plc		3,161,306
1,170,000		Global Bio-Chem Technology Group Co Ltd		724,554
93,000	*	Global Bio-Chem Technology Group Co Ltd Wts 05/31/07		1,555
41,700		JSR Corp		873,378
59,000		Kaken Pharmaceutical Co Ltd		404,064
31,000		Kao Corp		729,026
22,100		Kose Corp		762,239
125,026		Lonza Group AG. (Regd)		6,908,640
157,000		Nippon Paint Co Ltd		578,993
64,728		Novartis AG. (Regd)		3,074,028
7,500		Ono Pharmaceutical Co Ltd		355,138
171,327		Reckitt Benckiser plc		5,034,843
10,177		Roche Holding AG. (Genusscheine)		1,284,505
115,479		Sanofi-Aventis		9,461,375
14,985		Shin-Etsu Chemical Co Ltd		567,487
32,000		Taisho Pharmaceutical Co Ltd		621,818
42,522		Takeda Pharmaceutical Co Ltd		2,104,517
234,000		Teijin Ltd		1,083,893

		TOTAL CHEMICALS AND ALLIED PRODUCTS		37,731,359

TIAA-CREF MUTUAL FUNDS - International Equity Fund


SHARES				VALUE

COMMUNICATIONS - 3.83%
111,154		Deutsche Telekom AG. (Regd)	$	2,048,760
320		KDDI Corp		1,478,228
480,808		KPN NV		4,022,859
961		SKY Perfect Communications, Inc		723,277
73,851		Telecom Corp of New Zealand Ltd		308,950
81,345		Telefonica S.A.		1,327,580
1,597,609		Vodafone Group plc		3,885,829

		TOTAL COMMUNICATIONS		13,795,483


DEPOSITORY INSTITUTIONS - 16.15%
2,000	v*	Ashikaga Financial Group, Inc		-
58,134		Australia & New Zealand Banking Group Ltd		961,285
378,428	*	Bayerische Hypo-und Vereinsbank AG.		9,815,707
28,284		BNP Paribas		1,932,584
45,285		DBS Group Holdings Ltd		382,810
395,667		Depfa Bank plc		6,350,530
20,426		Deutsche Bank AG. (Regd)		1,590,289
45,338		Hang Seng Bank Ltd		616,608
226,625		HSBC Holdings plc (United Kingdom)		3,605,426
154		Mitsubishi Tokyo Financial Group, Inc		1,299,332
397		Mizuho Financial Group, Inc		1,786,169
436,000	*	Resona Holdings, Inc		807,605
343,783		Royal Bank of Scotland Group plc		10,355,253
468,000		Shinsei Bank Ltd		2,513,939
66		Sumitomo Mitsui Financial Group Inc		444,225
195,000		Sumitomo Trust & Banking Co Ltd		1,181,128
24,183		Suncorp-Metway Ltd		369,824
130,902		UBS AG. (Regd)		10,207,672
602,785		UniCredito Italiano S.p.A.		3,179,340
56,444		Westpac Banking Corp		855,783

		TOTAL DEPOSITORY INSTITUTIONS		58,255,509


EDUCATIONAL SERVICES - 0.12%
13,300		Benesse Corp		425,448

		TOTAL EDUCATIONAL SERVICES		425,448


ELECTRIC, GAS, AND SANITARY SERVICES - 2.33%
91,648		Australian Gas Light Co Ltd		992,438
902,389		Centrica plc		3,738,342
202,000		Hong Kong & China Gas Co Ltd		409,765
717,300		Nissin Co Ltd		1,341,052
44,507		Tata Power Co Ltd		384,213
2,236,000		Xinao Gas Holdings Ltd		1,550,370

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		8,416,180

TIAA-CREF MUTUAL FUNDS - International Equity Fund

SHARES					VALUE

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.96%
8,815		Advantest Corp	$	649,016
153,643		Ericsson (LM) (B Shs)		490,380
4,700		Hirose Electric Co Ltd		515,482
51,467		Kudelski S.A. (Br)		1,877,065
32,100		Kyocera Corp		2,449,118
32,600		Melco Holdings, Inc		756,182
120,000		NEC Corp		645,954
136,938		Nokia Oyj		2,279,458
8,600		Rohm Co Ltd		825,138
47,578		Satyam Computer Services Ltd		553,180
93,000		Sharp Corp		1,448,400
41,700		Sony Corp		1,432,795
36,000		Sumitomo Electric Industries Ltd		367,125

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		14,289,293


FABRICATED METAL PRODUCTS - 0.27%
116,000		NHK Spring Co Ltd		973,145

		TOTAL FABRICATED METAL PRODUCTS		973,145


FOOD AND KINDRED PRODUCTS - 2.54%
73,576		Coca-Cola Amatil Ltd		441,771
56,931		Groupe Danone		4,990,110
254,000		Nichirei Corp		986,238
490,000		Nisshin Oillio Group Ltd		2,739,572

		TOTAL FOOD AND KINDRED PRODUCTS		9,157,691


FOOD STORES - 2.03%
126	v*	Casino Guichard-Perrachon S.A. Wts 12/15/05		8
1,208,675		Tesco plc		6,888,739
35,323		Woolworths Ltd		443,283

		TOTAL FOOD STORES		7,332,030


FURNITURE AND HOMEFURNISHINGS STORES - 0.26%
80,200		Hitachi Maxell Ltd		941,931

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		941,931


GENERAL BUILDING CONTRACTORS - 0.61%
7,677		Bilfinger Berger AG.		357,472
4,512,000		Shanghai Forte Land Co		1,170,224
60,000		Sumitomo Realty & Development Co Ltd		668,670

		TOTAL GENERAL BUILDING CONTRACTORS		2,196,366


HEAVY CONSTRUCTION, EXCEPT BUILDING - 3.04%
131,809		Vinci S.A.		10,958,334

		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		10,958,334

TIAA-CREF MUTUAL FUNDS - International Equity Fund


SHARES				VALUE

HOLDING AND OTHER INVESTMENT OFFICES - 4.52%
22,099		Housing Development Finance Corp	$	448,077
24,000		iShares MSCI EAFE Index Fund		1,257,360
96,318		Macquarie Infrastructure Group		303,867
43,700		Nobel Biocare Holding AG.		8,853,295
744,500		Noble Group Ltd		637,543
1,007,000		Orient Corp		3,565,097
155,000		Sumitomo Corp		1,237,007

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		16,302,246


HOTELS AND OTHER LODGING PLACES - 3.30%
254,452		Accor S.A.		11,902,771

		TOTAL HOTELS AND OTHER LODGING PLACES		11,902,771


INDUSTRIAL MACHINERY AND EQUIPMENT - 3.56%
1,202,860		Futuris Corp Ltd		1,666,488
202,000		Komatsu Ltd		1,562,114
222,000		NSK Ltd		1,135,928
160,418		Rheinmetall AG.		8,083,018
10,300		Riso Kagaku Corp		403,495
964,700		Rolls-Royce Group plc (B Shs)		1,738

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		12,852,781


INSTRUMENTS AND RELATED PRODUCTS - 0.27%
23,800		Tokyo Seimitsu Co Ltd		955,478

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		955,478


INSURANCE CARRIERS - 1.13%
258,000		Aioi Insurance Co Ltd		1,314,892
187,554		AMP Ltd		921,257
141,406		Insurance Australia Group Ltd		645,456
113,000		Nipponkoa Insurance Co Ltd		732,064
132,670		Promina Group Ltd		474,352

		TOTAL INSURANCE CARRIERS		4,088,021


METAL MINING - 0.31%
20,104		Rio Tinto Ltd		682,994
192,771	*	Zinifex Ltd		443,334

		TOTAL METAL MINING		1,126,328

TIAA-CREF MUTUAL FUNDS - International Equity Fund


SHARES			VALUE

MISCELLANEOUS RETAIL - 0.30%
628,397	Pacific Brands Ltd	$	1,082,029

	TOTAL MISCELLANEOUS RETAIL		1,082,029


NONDEPOSITORY INSTITUTIONS - 3.11%
109,189	Deutsche Postbank AG.		5,347,145
143,895	Hypo Real Estate Holding		5,451,607
11,800	ICICI Bank Ltd		113,893
131,833	Industrial Development Bank of India Ltd		308,358

	TOTAL NONDEPOSITORY INSTITUTIONS		11,221,003


OIL AND GAS EXTRACTION - 0.82%
186,755	Origin Energy Ltd		1,080,455

1,894,000		PetroChina Co Ltd (Class H)	1,391,436
6,050		Shell Transport & Trading Co plc	58,604
19,858		Woodside Petroleum Ltd	441,686

		TOTAL OIL AND GAS EXTRACTION	2,972,181


PAPER AND ALLIED PRODUCTS - 0.84%
310,400		Carter Holt Harvey Ltd	490,414
88,000		NGK Insulators Ltd	853,798
39,055		TDC a/s	1,672,703

		TOTAL PAPER AND ALLIED PRODUCTS	3,016,915


PETROLEUM AND COAL PRODUCTS - 9.54%
605,429		BP plc	6,298,917
1,198,500	*	China Shenhua Energy Co Ltd	1,156,362
272,790		ENI S.p.A.	7,012,131
634,996		Fortum Oyj	10,186,037
228,000		Nippon Oil Corp	1,544,146
118,614		Repsol YPF S.A.	3,011,431
50,863		Royal Dutch Petroleum Co	3,307,913
8,040		Total S.A.	1,882,103

		TOTAL PETROLEUM AND COAL PRODUCTS	34,399,040


PRIMARY METAL INDUSTRIES - 1.62%
185,798		BHP Billiton Ltd	2,540,714
126,000		NEOMAX Co Ltd	2,777,080
224,000		Nippon Steel Corp	518,172

		TOTAL PRIMARY METAL INDUSTRIES	5,835,966


PRINTING AND PUBLISHING - 1.83%
166,086		Reed Elsevier NV	2,312,086
387,092		Reed Elsevier plc	3,698,726
227,936		Singapore Press Holdings Ltd	579,865

		TOTAL PRINTING AND PUBLISHING	6,590,677

TIAA-CREF MUTUAL FUNDS - International Equity Fund


SHARES				VALUE

RAILROAD TRANSPORTATION - 0.27%
159,368		Brambles Industries Ltd	$	988,188

		TOTAL RAILROAD TRANSPORTATION		988,188


REAL ESTATE - 0.60%
20	*	City Developments Ltd Wts 05/10/06		60
180,000		Tokyo Tatemono Co Ltd		1,203,118
72,339		Westfield Group		975,937

		TOTAL REAL ESTATE		2,179,115


SECURITY AND COMMODITY BROKERS - 1.26%
150,000		Itochu Corp		754,556
41,894		Julius Baer Holding AG.		2,563,804
11,128		Macquarie Bank Ltd		505,059
67,900		Matsui Securities Co Ltd		724,829

		TOTAL SECURITY AND COMMODITY BROKERS		4,548,248


STONE, CLAY, AND GLASS PRODUCTS - 3.92%
328,049		CSR Ltd		667,722
171,582		Holcim Ltd (Regd)		10,425,283
9,200		Hoya Corp		1,057,915
224,000		Nippon Sheet Glass Co Ltd		873,256
413,000		Sumitomo Osaka Cement Co Ltd		1,093,733

		TOTAL STONE, CLAY, AND GLASS PRODUCTS		14,117,909


TRANSPORTATION BY AIR - 0.17%
71,500		Swire Pacific Ltd (A Shs)		630,255

		TOTAL TRANSPORTATION BY AIR		630,255


TRANSPORTATION EQUIPMENT - 5.64%
159,897		DaimlerChrysler AG. (Regd)		6,472,798
3,295		ElringKlinger AG.		236,663
1,098,279	*	Fiat S.p.A.		7,959,519
168,000		Keppel Corp Ltd		1,240,138
6,700		Toyota Industries Corp		182,281
119,100		Toyota Motor Corp		4,254,013

		TOTAL TRANSPORTATION EQUIPMENT		20,345,412


TRANSPORTATION SERVICES - 0.00%
162		Ship Finance International Ltd		3,063

		TOTAL TRANSPORTATION SERVICES		3,063


TRUCKING AND WAREHOUSING - 0.26%
170,000		Sumitomo Warehouse Co Ltd		918,632

		TOTAL TRUCKING AND WAREHOUSING		918,632

TIAA-CREF MUTUAL FUNDS - International Equity Fund


SHARES				VALUE

WATER TRANSPORTATION - 0.51%
1,728,000	*	COSCO Holdings	$	850,295
162,000		Mitsui OSK Lines Ltd		994,585

		TOTAL WATER TRANSPORTATION		1,844,880


WHOLESALE TRADE-DURABLE GOODS - 0.86%
22,300		Kuroda Electric Co Ltd		522,990
77,200		Terumo Corp		2,223,180
11,205		Wesfarmers Ltd		339,873

		TOTAL WHOLESALE TRADE-DURABLE GOODS		3,086,043


WHOLESALE TRADE-NONDURABLE GOODS - 1.57%
99,241		Altana AG.		5,668,610

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		5,668,610


		TOTAL COMMON STOCKS
		(Cost $347,373,846)		359,054,347

PRINCIPAL

SHORT-TERM INVESTMENTS - 1.22%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.22%
$4,410,000		Federal Home Loan Bank (FHLB), 2.950%, 07/01/05		4,410,000


	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		4,410,000

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $4,410,000)		4,410,000

	TOTAL PORTFOLIO - 100.77%
	(Cost $351,783,846)		363,464,347

	OTHER ASSETS & LIABILITIES, NET - (0.77%)		(2,776,888)

	NET ASSETS - 100.00%	$	360,687,459


*	Non-income producing
v	Security valued at fair value

	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of investments. Note that the Funds use more specific industry
	categories in following their investment limitations on industry concentration.

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund

TIAA-CREF MUTUAL FUNDS
GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005

SHARES				VALUE

COMMON STOCKS - 99.92%

APPAREL AND ACCESSORY STORES - 1.68%
161,056	*	Kohl's Corp	$	9,004,641

		TOTAL APPAREL AND ACCESSORY STORES		9,004,641


APPAREL AND OTHER TEXTILE PRODUCTS - 0.73%
90,925		Polo Ralph Lauren Corp		3,919,777

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		3,919,777


BUILDING MATERIALS AND GARDEN SUPPLIES - 0.45%
41,479		Lowe's Cos		2,414,907

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,414,907


BUSINESS SERVICES - 12.08%
188,158		Adobe Systems, Inc		5,385,082
33,245	*	Autodesk, Inc		1,142,631
94,377		Automatic Data Processing, Inc		3,961,003
39,245	*	Cognizant Technology Solutions Corp		1,849,617
213,047	*	eBay, Inc		7,032,681
115,515	*	Electronic Arts, Inc		6,539,304
36,584	*	Google, Inc (Class A)		10,761,184
192	*	IAC/InterActiveCorp Wts 02/04/09		4,389
80,629	*	McAfee, Inc		2,110,867
48,535	*	Mercury Interactive Corp		1,861,803
379,003		Microsoft Corp		9,414,435
43,915	*	Oracle Corp		579,678
125,301		SAP AG. (Spon ADR)		5,425,533
14,280	*	Shanda Interactive Entertainment Ltd		525,361
18,700	*	Sina Corp		521,730
603	*	SoftBrands, Inc		1,082
26,750	*	Sohu.com, Inc		586,360
62	v*	Vast Solutions, Inc (Class B1)		-
62	v*	Vast Solutions, Inc (Class B2)		-
62	v*	Vast Solutions, Inc (Class B3)		-
204,119	*	Yahoo!, Inc		7,072,723

		TOTAL BUSINESS SERVICES		64,775,463


CHEMICALS AND ALLIED PRODUCTS - 14.21%
23,629	*	American Pharmaceutical Partners, Inc		974,696
196,875	*	Amgen, Inc		11,903,063
15,789		Colgate-Palmolive Co		788,029
72,371		Dow Chemical Co		3,222,681
99,744	*	Genentech, Inc		8,007,448
33,589	*	Gilead Sciences, Inc		1,477,580
266,830		Gillette Co		13,509,603
139,015		Lilly (Eli) & Co		7,744,526

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund


SHARES				VALUE

205,082		Procter & Gamble Co	$	10,818,076
347,360		Schering-Plough Corp		6,620,682
108,330	*	Sepracor, Inc		6,500,883
147,783		Teva Pharmaceutical Industries Ltd (Spon ADR)		4,601,963

		TOTAL CHEMICALS AND ALLIED PRODUCTS		76,169,230


COMMUNICATIONS - 1.83%
3,400	b,v*	Advanced Radio Telecom Corp		1
400	b,v*	Convergent Communications, Inc		-
15,300	b,v*	Global Telesystems, Inc		18
5,115	*	Level 3 Communications, Inc		10,383
234,733		Sprint Corp		5,889,450
1,500	b,v*	Teligent, Inc (Class A)		2
800	b,v*	U.S. Wireless Corp		-
644	b,v*	Viatel, Inc		16
116,159	*	XM Satellite Radio Holdings, Inc		3,909,913

		TOTAL COMMUNICATIONS		9,809,783


EATING AND DRINKING PLACES - 0.47%
63,507	*	Brinker International, Inc		2,543,455

		TOTAL EATING AND DRINKING PLACES		2,543,455


ELECTRIC, GAS, AND SANITARY SERVICES - 0.62%
20,962		Dominion Resources, Inc		1,538,401
34,907		Exelon Corp		1,791,776

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		3,330,177


ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 20.87%
176,438		Analog Devices, Inc		6,582,902
81,556	*	Broadcom Corp (Class A)		2,896,054
1,162,644	*	Cisco Systems, Inc		22,218,127
910,946		General Electric Co		31,564,279
20,479		Harman International Industries, Inc		1,666,171
363,619		Intel Corp		9,475,911
90,759	*	Marvell Technology Group Ltd		3,452,472
519,167		Motorola, Inc		9,479,989
214,861		National Semiconductor Corp		4,733,388
91,682	*	Network Appliance, Inc		2,591,850
389,915		Qualcomm, Inc		12,871,094
170,691		Xilinx, Inc		4,352,621

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		111,884,858


FOOD AND KINDRED PRODUCTS - 3.30%
35,142		Campbell Soup Co		1,081,319
155,158	*	Constellation Brands, Inc (Class A)		4,577,161
223,185		PepsiCo, Inc		12,036,367

		TOTAL FOOD AND KINDRED PRODUCTS		17,694,847

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund


SHARES			VALUE

FURNITURE AND FIXTURES - 0.06%
6,179	Hillenbrand Industries, Inc	$	312,348

	TOTAL FURNITURE AND FIXTURES		312,348


FURNITURE AND HOMEFURNISHINGS STORES - 1.56%
200,417	*	Bed Bath & Beyond, Inc	8,373,422

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES	8,373,422


GENERAL MERCHANDISE STORES - 2.14%
134,597		Target Corp	7,323,423
86,273		Wal-Mart Stores, Inc	4,158,359

		TOTAL GENERAL MERCHANDISE STORES	11,481,782


HEALTH SERVICES - 3.65%
153,640	*	Caremark Rx, Inc	6,840,053
154,886	*	Express Scripts, Inc	7,741,202
189,838		Health Management Associates, Inc (Class A)	4,969,959

		TOTAL HEALTH SERVICES	19,551,214


HOLDING AND OTHER INVESTMENT OFFICES - 0.94%
104,450		iShares Russell 1000 Growth Index Fund	5,013,600

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	5,013,600

HOTELS AND OTHER LODGING PLACES - 2.11%
77,388	*	Las Vegas Sands Corp	2,766,621
145,409		Starwood Hotels & Resorts Worldwide, Inc	8,516,605

		TOTAL HOTELS AND OTHER LODGING PLACES	11,283,226

INDUSTRIAL MACHINERY AND EQUIPMENT - 5.14%
34,481		3M Co	2,492,976
25,663	*	Apple Computer, Inc	944,655
340,665		Applied Materials, Inc	5,511,960
4,299		Caterpillar, Inc	409,738
391,263	*	Dell, Inc	15,458,801
45,625		Eaton Corp	2,732,938

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT	27,551,068

INSTRUMENTS AND RELATED PRODUCTS - 6.02%
220,414		Medtronic, Inc	11,415,241
256,746	*	St. Jude Medical, Inc	11,196,693
126,509	*	Zimmer Holdings, Inc	9,636,191

		TOTAL INSTRUMENTS AND RELATED PRODUCTS	32,248,125

INSURANCE AGENTS, BROKERS AND SERVICE - 0.25%
49,224		Marsh & McLennan Cos, Inc	1,363,505

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE	1,363,505

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund


SHARES				VALUE

INSURANCE CARRIERS - 1.92%
53,765		Aetna, Inc	$	4,452,817
59,353		Progressive Corp		5,864,670

		TOTAL INSURANCE CARRIERS		10,317,487


LEATHER AND LEATHER PRODUCTS - 0.46%
72,874	*	Coach, Inc		2,446,380

		TOTAL LEATHER AND LEATHER PRODUCTS		2,446,380


MISCELLANEOUS RETAIL - 1.10%
37,413		CVS Corp		1,087,596
226,229		Staples, Inc		4,823,202

				5,910,798

MOTION PICTURES - 1.05%
347,580		News Corp (Class A)		5,623,844

		TOTAL MOTION PICTURES		5,623,844


NONDEPOSITORY INSTITUTIONS - 3.01%
223,549		American Express Co		11,899,513
83,646		SLM Corp		4,249,217

		TOTAL NONDEPOSITORY INSTITUTIONS		16,148,730


OIL AND GAS EXTRACTION - 2.45%
96,787		Baker Hughes, Inc		4,951,623
48,230		EOG Resources, Inc		2,739,464
87,828		Halliburton Co		4,199,935
22,732	*	Transocean, Inc		1,226,846

		TOTAL OIL AND GAS EXTRACTION		13,117,868


PETROLEUM AND COAL PRODUCTS - 0.61%
56,567		ExxonMobil Corp		3,250,905

		TOTAL PETROLEUM AND COAL PRODUCTS		3,250,905


PRIMARY METAL INDUSTRIES - 0.62%
198,603	*	Corning, Inc	3,300,782

		TOTAL PRIMARY METAL INDUSTRIES	3,300,782


SECURITY AND COMMODITY BROKERS - 1.61%
144,348	*	Ameritrade Holding Corp	2,683,429
48,006		Goldman Sachs Group, Inc	4,897,572
20,333		Morgan Stanley	1,066,873

		TOTAL SECURITY AND COMMODITY BROKERS	8,647,874

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund


SHARES				VALUE

TRANSPORTATION BY AIR - 0.42%
161,999		Southwest Airlines Co	$	2,256,646

		TOTAL TRANSPORTATION BY AIR		2,256,646


TRANSPORTATION EQUIPMENT - 3.81%
82,829		Boeing Co		5,466,714
37,529		General Dynamics Corp		4,110,927
700	v*	Mascotech (Escrow)		-
49,779		Northrop Grumman Corp		2,750,290
157,913		United Technologies Corp		8,108,833

		TOTAL TRANSPORTATION EQUIPMENT		20,436,764


WATER TRANSPORTATION - 1.55%
74,637		Carnival Corp		4,071,448
87,855		Royal Caribbean Cruises Ltd		4,248,668

		TOTAL WATER TRANSPORTATION		8,320,116


WHOLESALE TRADE-DURABLE GOODS - 3.07%
253,191		Johnson & Johnson		16,457,415

		TOTAL WHOLESALE TRADE-DURABLE GOODS		16,457,415


WHOLESALE TRADE-NONDURABLE GOODS - 0.13%
19,015		Sysco Corp		688,153

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		688,153


		TOTAL COMMON STOCKS
		(Cost $503,800,735)		535,649,190

PRINCIPAL

SHORT-TERM INVESTMENTS - 0.73%

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.73%
$ 3,930,000		Federal Home Loan Bank (FHLB), 2.950%, 07/01/05		3,930,000

		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		3,930,000


		TOTAL SHORT TERM INVESTMENTS
		(Cost $3,930,000)		3,930,000


		TOTAL PORTFOLIO - 100.65%
		(Cost $507,730,735)		539,579,190

		OTHER ASSETS & LIABILITIES, NET - (0.65%)		(3,499,929)

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund


			VALUE




	NET ASSETS - 100.00%	$	536,079,261

*	Non-income producing
b	In bankruptcy

v	Security valued at fair value


	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of investments. Note that the Funds use more specific industry
	categories in following their investment limitations on industry concentration.

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund

TIAA-CREF MUTUAL FUNDS
GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005

SHARES				VALUE

COMMON STOCKS - 100.01%
APPAREL AND ACCESSORY STORES - 0.83%
114,536		Gap, Inc	$	2,262,086
34,317	*	Urban Outfitters, Inc		1,945,431

		TOTAL APPAREL AND ACCESSORY STORES		4,207,517


BUILDING MATERIALS AND GARDEN SUPPLIES - 0.38%
33,147		Lowe's Cos		1,929,818

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,929,818


BUSINESS SERVICES - 6.46%
118,958	*	Amdocs Ltd		3,144,060
109,184		Automatic Data Processing, Inc		4,582,452
10,522	*	Google, Inc (Class A)		3,095,046
43,874	*	Hyperion Solutions Corp		1,765,490
61,893	*	Mercury Interactive Corp		2,374,215
355,750		Microsoft Corp		8,836,830
199,600	*	Oracle Corp		2,634,720
20,200	*	Take-Two Interactive Software, Inc		514,090
83,647		Waste Management, Inc		2,370,556
98,202	*	Yahoo!, Inc		3,402,699

		TOTAL BUSINESS SERVICES		32,720,158


CHEMICALS AND ALLIED PRODUCTS - 14.50%
42,430	*	Amgen, Inc		2,565,318
234,318	*	Andrx Corp		4,758,999
113,981		Avon Products, Inc		4,314,181
83,025		Dow Chemical Co		3,697,103
51,005		Du Pont (E.I.) de Nemours & Co		2,193,725
85,281	*	Gilead Sciences, Inc		3,751,511
146,099		Gillette Co		7,396,992
103,411		Lilly (Eli) & Co		5,761,027
60,114		Merck & Co, Inc		1,851,511
60,321		Monsanto Co		3,792,381
82,648	*	OSI Pharmaceuticals, Inc		3,377,824
263,833		Pfizer, Inc		7,276,514
52,300		Rohm & Haas Co		2,423,582
70,871		Sanofi-Aventis (ADR)		2,905,002
320,139		Schering-Plough Corp		6,101,849
122,407		Teva Pharmaceutical Industries Ltd (Spon ADR)		3,811,754
166,982		Wyeth		7,430,699

		TOTAL CHEMICALS AND ALLIED PRODUCTS		73,409,972

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund


SHARES				VALUE

COMMUNICATIONS - 2.71%
270,623		BellSouth Corp	$	7,190,453
22,729	*	NCR Corp		798,242
195,233		Sprint Corp		4,898,396
23,951	v	Telus Corp (non vtg)		814,574

		TOTAL COMMUNICATIONS		13,701,665


DEPOSITORY INSTITUTIONS - 9.30%
242,082		Bank of America Corp		11,041,360
180,465		Citigroup, Inc		8,342,897
278,081		JPMorgan Chase & Co		9,821,821
99		National City Corp		3,378
172,958		Northern Trust Corp		7,885,155
23,800		SunTrust Banks, Inc		1,719,312
222,311		U.S. Bancorp		6,491,481
29,210		Wells Fargo & Co		1,798,752

		TOTAL DEPOSITORY INSTITUTIONS		47,104,156


EATING AND DRINKING PLACES - 1.77%
214,962	*	Brinker International, Inc		8,609,228
10,158	*	Texas Roadhouse, Inc (Class A)		352,991

		TOTAL EATING AND DRINKING PLACES		8,962,219


ELECTRIC, GAS, AND SANITARY SERVICES - 3.01%
171,300	*	Allegheny Energy, Inc		4,320,186
135,034		Exelon Corp		6,931,295
64,215		PG&E Corp		2,410,631
26,596		PPL Corp		1,579,270

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		15,241,382


ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 11.71%
2,565,860	*	Alstom		2,547,213
108,353		Analog Devices, Inc		4,042,650
68,806	*	Broadcom Corp (Class A)		2,443,301
415,459	*	Cisco Systems, Inc		7,939,421
577,800		General Electric Co		20,020,770
127,457	*	Integrated Device Technology, Inc		1,370,163
186,131		Intel Corp		4,850,574
75,684		Maxim Integrated Products, Inc		2,891,886
247,167		Motorola, Inc		4,513,269
44,570	*	Power Integrations, Inc		961,375
182,793		Qualcomm, Inc		6,033,997
66,243		Xilinx, Inc		1,689,197

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		59,303,816

FOOD AND KINDRED PRODUCTS - 2.65%
69,796		Coca-Cola Co		2,913,983
195,087		PepsiCo, Inc		10,521,042

		TOTAL FOOD AND KINDRED PRODUCTS		13,435,025

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund


SHARES				VALUE

FOOD STORES - 0.43%
114,105	*	Kroger Co	$	2,171,418

		TOTAL FOOD STORES		2,171,418


FURNITURE AND HOMEFURNISHINGS STORES - 1.76%
131,564	*	Bed Bath & Beyond, Inc		5,496,744
49,900		Best Buy Co, Inc		3,420,645

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		8,917,389


GENERAL MERCHANDISE STORES - 1.72%
64,500		Target Corp	3,509,445
107,774		Wal-Mart Stores, Inc	5,194,707

		TOTAL GENERAL MERCHANDISE STORES	8,704,152


HEALTH SERVICES - 3.01%
68,731	*	Coventry Health Care, Inc	4,862,718
130,388	*	Express Scripts, Inc	6,516,792
70,800	*	Triad Hospitals, Inc	3,868,512

		TOTAL HEALTH SERVICES	15,248,022


HOLDING AND OTHER INVESTMENT OFFICES - 1.21%
99,400		Honeywell International, Inc	3,641,022
472,626		Macquarie Infrastructure Group	1,491,057
8,453		SPDR Trust Series 1	1,007,429

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	6,139,508


HOTELS AND OTHER LODGING PLACES - 1.54%
37,244	*	Aztar Corp	1,275,607
273,429		Hilton Hotels Corp	6,521,282

		TOTAL HOTELS AND OTHER LODGING PLACES	7,796,889


INDUSTRIAL MACHINERY AND EQUIPMENT - 3.83%
73,098		American Standard Cos, Inc	3,064,268
133,491	*	Dell, Inc	5,274,229
106,460	*	EMC Corp	1,459,567
212,399		Hewlett-Packard Co	4,993,500
44,745		International Business Machines Corp	3,320,079
44,400		International Game Technology	1,249,860

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT	19,361,503


INSTRUMENTS AND RELATED PRODUCTS - 2.12%
81,900	*	Fisher Scientific International, Inc	5,315,310
30,150	*	St. Jude Medical, Inc	1,314,842
53,600	*	Zimmer Holdings, Inc	4,082,712

		TOTAL INSTRUMENTS AND RELATED PRODUCTS	10,712,864

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund


SHARES				VALUE

INSURANCE CARRIERS - 3.22%
215,803		American International Group, Inc	$	12,538,154
94,820		St. Paul Travelers Cos, Inc		3,748,235

		TOTAL INSURANCE CARRIERS		16,286,389


MISCELLANEOUS RETAIL - 0.74%
190,300	*	Marvel Enterprises, Inc		3,752,716

		TOTAL MISCELLANEOUS RETAIL		3,752,716


MOTION PICTURES - 2.82%
247,068		News Corp (Class A)		3,997,560
369,305	*	Time Warner, Inc		6,171,087
20,195	*	UBISOFT Entertainment		1,009,502
122,015		Walt Disney Co		3,072,338

		TOTAL MOTION PICTURES		14,250,487


NONDEPOSITORY INSTITUTIONS - 4.00%
106,700		American Express Co		5,679,641
171,636		Fannie Mae		10,023,542
89,854		SLM Corp		4,564,583

		TOTAL NONDEPOSITORY INSTITUTIONS		20,267,766


OIL AND GAS EXTRACTION - 3.19%
102,205		EOG Resources, Inc		5,805,244
56,118		Halliburton Co		2,683,563
47,538		Schlumberger Ltd		3,610,036
74,923	*	Transocean, Inc		4,043,594

		TOTAL OIL AND GAS EXTRACTION		16,142,437


PETROLEUM AND COAL PRODUCTS - 5.10%
104,868		ConocoPhillips		6,028,861
302,340		ExxonMobil Corp		17,375,480
45,565		Marathon Oil Corp		2,431,804

		TOTAL PETROLEUM AND COAL PRODUCTS		25,836,145


PRINTING AND PUBLISHING - 0.96%
87,400		Harte-Hanks, Inc		2,598,402
71,196		Viacom, Inc (Class B)		2,279,696

		TOTAL PRINTING AND PUBLISHING		4,878,098


RAILROAD TRANSPORTATION - 0.64%
75,665		CSX Corp		3,227,869

		TOTAL RAILROAD TRANSPORTATION		3,227,869

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund


SHARES				VALUE

SECURITY AND COMMODITY BROKERS - 1.47%
49,888		Lehman Brothers Holdings, Inc	$	4,952,881
47,279		Morgan Stanley		2,480,729

		TOTAL SECURITY AND COMMODITY BROKERS		7,433,610


TEXTILE MILL PRODUCTS - 0.07%
13,230	*	Volcom, Inc		354,167

		TOTAL TEXTILE MILL PRODUCTS		354,167


TOBACCO PRODUCTS - 4.00%
312,777		Altria Group, Inc		20,224,161

		TOTAL TOBACCO PRODUCTS		20,224,161


TRANSPORTATION EQUIPMENT - 2.71%
71,414		Boeing Co		4,713,324
24,000		General Dynamics Corp		2,628,960
115,800		Northrop Grumman Corp		6,397,950

		TOTAL TRANSPORTATION EQUIPMENT		13,740,234


TRANSPORTATION SERVICES - 0.57%
41,674		UTI Worldwide, Inc		2,901,344

		TOTAL TRANSPORTATION SERVICES		2,901,344


WHOLESALE TRADE-DURABLE GOODS - 1.24%
96,786		Johnson & Johnson		6,291,090

		TOTAL WHOLESALE TRADE-DURABLE GOODS		6,291,090


WHOLESALE TRADE-NONDURABLE GOODS - 0.34%
56,724	*	United Natural Foods, Inc		1,722,709

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,722,709


		TOTAL COMMON STOCKS
		(Cost $502,071,863)		506,376,695


		TOTAL PORTFOLIO - 100.01%
		(Cost $502,071,863)		506,376,695

		OTHER ASSETS & LIABILITIES, NET - (0.01)%		(62,708)


		NET ASSETS - 100.00%	$	506,313,987

	*	Non-income producing

	v	Security valued at fair value

		For ease of presentation, we have grouped a number of industry classification categories
		together in the Statement of investments. Note that the Funds use more specific industry
		categories in following their investment limitations on industry concentration.

TIAA-CREF MUTUAL FUNDS - Equity Index Fund

TIAA-CREF MUTUAL FUNDS
EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005

SHARES				VALUE

COMMON STOCKS - 99.43%
AGRICULTURAL PRODUCTION-CROPS - 0.02%
200		Alico, Inc	$	10,286
991		Chiquita Brands International, Inc		27,213
1,045		Delta & Pine Land Co		26,188
144	*	John B. Sanfilippo & Son		3,321

		TOTAL AGRICULTURAL PRODUCTION-CROPS		67,008


AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
461		Pilgrim's Pride Corp		15,734
10		Seaboard Corp		16,640

		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		32,374


AMUSEMENT AND RECREATION SERVICES - 0.20%
1,525	*	Alliance Gaming Corp		21,381
734	*	Argosy Gaming Co		34,212
273		Churchill Downs, Inc		11,600
299		Dover Downs Gaming & Entertainment, Inc		3,965
151		Dover Motorsport, Inc		906
4,816		Harrah's Entertainment, Inc		347,089
879		International Speedway Corp (Class A)		49,453
432	*	Lakes Entertainment, Inc		6,653
611	*	Life Time Fitness, Inc		20,047
1,100	*	Magna Entertainment Corp (Class A)		6,204
570	*	Multimedia Games, Inc		6,276
1,802	*	Penn National Gaming, Inc		65,773
788	*	Pinnacle Entertainment, Inc		15,413
2,074	*	Six Flags, Inc		9,644
487		Speedway Motorsports, Inc		17,805
700	*	Sunterra Corp		11,347
856	*	Warner Music Group Corp		13,867
1,947		Westwood One, Inc		39,777
829	*	WMS Industries, Inc		27,979
325		World Wrestling Federation Entertainment, Inc		3,712

		TOTAL AMUSEMENT AND RECREATION SERVICES		713,103


APPAREL AND ACCESSORY STORES - 0.69%
2,305		Abercrombie & Fitch Co (Class A)		158,354
1,561	*	Aeropostale, Inc		52,450
3,034		American Eagle Outfitters, Inc		92,992
1,968	*	AnnTaylor Stores Corp		47,783
370		Bebe Stores, Inc		9,794
100		Buckle, Inc		4,434
444		Burlington Coat Factory Warehouse Corp		18,932
269	*	Cache, Inc		4,471
481	*	Carter's, Inc		28,081
792	*	Casual Male Retail Group, Inc		5,790

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

685		Cato Corp (Class A)	$	14,145
327	*	Charlotte Russe Holding, Inc		4,074
2,571	*	Charming Shoppes, Inc		23,987
4,872	*	Chico's FAS, Inc		167,012
500	*	Children's Place Retail Stores, Inc		23,335
933		Christopher & Banks Corp		17,037
2,312		Claire's Stores, Inc		55,604
58		Deb Shops, Inc		1,680
618	*	Dress Barn, Inc		13,985
1,089		Finish Line, Inc (Class A)		20,604
4,196		Foot Locker, Inc		114,215
15,515		Gap, Inc		306,421
216		Goody's Family Clothing, Inc		1,593
1,169	*	Hot Topic, Inc		22,351
455	*	Jo-Ann Stores, Inc		12,007
222	*	JOS A. Bank Clothiers, Inc		9,613
7,791	*	Kohl's Corp		435,595
9,011		Limited Brands, Inc		193,016
344	*	New York & Co, Inc		7,245
2,903		Nordstrom, Inc		197,317
333		Oshkosh B'gosh, Inc (Class A)		8,655
2,109	*	Pacific Sunwear of California, Inc		48,486
1,721	*	Payless Shoesource, Inc		33,043
3,966		Ross Stores, Inc		114,657
107	*	Shoe Carnival, Inc		2,328
473	*	Stage Stores, Inc		20,623
646		Talbots, Inc		20,976
1,096	*	The Wet Seal, Inc		7,436
963	*	Too, Inc		22,505
1,320	*	Urban Outfitters, Inc		74,831

		TOTAL APPAREL AND ACCESSORY STORES		2,417,457


APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
371	*	Columbia Sportswear Co		18,324
543	*	DHB Industries, Inc		4,588
420	*	Guess?, Inc		6,964
510	*	Gymboree Corp		6,967
644	*	Hartmarx Corp		6,485
3,114		Jones Apparel Group, Inc		96,659
705		Kellwood Co		18,965
2,845		Liz Claiborne, Inc		113,117
685		Phillips-Van Heusen Corp		22,393
1,441		Polo Ralph Lauren Corp		62,122
2,914	*	Quiksilver, Inc		46,566
707		Russell Corp		14,458
2,313		VF Corp		132,350
1,206	*	Warnaco Group, Inc		28,040

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		577,998


AUTO REPAIR, SERVICES AND PARKING - 0.07%
262	*	Amerco, Inc		14,030
248		Bandag, Inc		11,420
346		Central Parking Corp		4,758
654	*	Dollar Thrifty Automotive Group, Inc		24,839

TIAA-CREF MUTUAL FUNDS - Equity Index Fund

SHARES					VALUE

1,871		Lear Corp	$	68,067
730	*	Midas, Inc		16,790
109	*	Monro Muffler Brake, Inc		3,217
1,367	*	PHH Corp		35,159
1,748		Ryder System, Inc		63,977
1,050	*	Wright Express Corp		19,394

		TOTAL AUTO REPAIR, SERVICES AND PARKING		261,651


AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
1,834	*	Advance Auto Parts		118,385
163	*	America's Car Mart, Inc		3,669
500	*	Asbury Automotive Group, Inc		7,705
4,627	*	Autonation, Inc		94,946
1,473	*	Autozone, Inc		136,194
2,864	*	Carmax, Inc		76,326
1,757	*	Copart, Inc		41,817
892	*	CSK Auto Corp		14,879
500		Lithia Motors, Inc (Class A)		14,425
328	*	MarineMax, Inc		10,250
2,456	*	O'Reilly Automotive, Inc		73,213
547	*	Rush Enterprises, Inc (Class A)		7,297
760		Sonic Automotive, Inc		16,158
701		United Auto Group, Inc		20,890

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		636,154


BUILDING MATERIALS AND GARDEN SUPPLIES - 1.03%
395	*	Central Garden & Pet Co		19,402
1,613		Fastenal Co		98,812
56,255		Home Depot, Inc		2,188,320
20,179		Lowe's Cos		1,174,821
3,023		Sherwin-Williams Co		142,353

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		3,623,708


BUSINESS SERVICES - 7.06%
11,799	*	3Com Corp		42,948
315	*	3D Systems Corp		7,579
825		Aaron Rents, Inc		20,534
1,217		ABM Industries, Inc		23,732
5,262	*	Activision, Inc		86,928
2,285		Acxiom Corp		47,711
862		Administaff, Inc		20,481
12,738		Adobe Systems, Inc		364,562
794	*	Advent Software, Inc		16,086
839		Advo, Inc		26,722
3,228	*	Affiliated Computer Services, Inc (Class A)		164,951
800	*	Agile Software Corp		5,040
3,320	*	Akamai Technologies, Inc		43,592
2,116	*	Alliance Data Systems Corp		85,825
585	*	Altiris, Inc		8,588
791	*	AMN Healthcare Services, Inc		11,889
174	*	Ansoft Corp		4,204
786	*	Ansys, Inc		27,911
705	*	Anteon International Corp		32,162
1,585	*	Applied Digital Solutions, Inc		5,215
2,300	*	Aquantive, Inc		40,756

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

863		Arbitron, Inc	$	37,023
1,822	*	Ariba, Inc		10,568
1,540	*	Ask Jeeves, Inc		46,493
1,043	*	Aspect Communications Corp		11,713
695	*	Aspen Technology, Inc		3,614
236	*	Asset Acceptance Capital Corp		6,115
632	*	Audible Inc		10,978
1,169	*	Autobytel, Inc		5,646
6,283	*	Autodesk, Inc		215,947
15,200		Automatic Data Processing, Inc		637,944
1,183	*	Avocent Corp		30,924
9,135	*	BEA Systems, Inc		80,205
3,395	*	Bisys Group, Inc		50,721
480	*	Blackboard, Inc		11,482
252	*	Blue Coat Systems, Inc		7,530
6,121	*	BMC Software, Inc		109,872
2,400	*	Borland Software Corp		16,464
958		Brady Corp (Class A)		29,698
1,480		Brink's Co		53,280
888	*	CACI International, Inc (Class A)		56,086
7,517	*	Cadence Design Systems, Inc		102,682
1,368		Catalina Marketing Corp		34,761
388	*	CCC Information Services Group, Inc		9,293
27,091		Cendant Corp		606,026
1,584	*	Century Business Services, Inc		6,415
3,921	*	Ceridian Corp		76,381
871	*	Cerner Corp		59,202
1,482		Certegy, Inc		56,642
2,240	*	Checkfree Corp		76,294
2,463	*	ChoicePoint, Inc		98,643
1,170	*	Ciber, Inc		9,337
4,657	*	Citrix Systems, Inc		100,871
9,912	*	CMGI, Inc		18,734
3,399	*	CNET Networks, Inc		39,904
500	*	Cogent, Inc		14,275
1,131		Cognex Corp		29,621
3,527	*	Cognizant Technology Solutions Corp		166,228
12,238		Computer Associates International, Inc		336,300
167		Computer Programs & Systems, Inc		6,224
4,981	*	Computer Sciences Corp		217,670
10,571	*	Compuware Corp		76,005
615	*	Concur Technologies, Inc		6,476
3,438	*	Convergys Corp		48,888
485	*	CoStar Group, Inc		21,146
565	*	Covansys Corp		7,260
1,559	*	CSG Systems International, Inc		29,590
274	*	Cyberguard Corp		1,629
769	*	Cybersource Corp		5,621
1,276		Deluxe Corp		51,806
1,104	*	Dendrite International, Inc		15,235
988	*	Digital Insight Corp		23,633
898	*	Digital River, Inc		28,512

3,627	*	DoubleClick, Inc	30,431
2,039	*	DST Systems, Inc	95,425
1,500	*	E.piphany, Inc	5,220
3,901	*	Earthlink, Inc	33,783
28,389	*	eBay, Inc	937,121
570	*	Echelon Corp	3,922
774	*	Eclipsys Corp	10,890
313	*	eCollege.com, Inc	3,725

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

1,052	*	eFunds Corp	$	18,925
154	*	Electro Rent Corp		2,239
8,023	*	Electronic Arts, Inc		454,182
13,525		Electronic Data Systems Corp		260,356
1,285	*	Electronics For Imaging, Inc		27,036
367	*	Emageon Inc		5,142
1,790	*	Entrust, Inc		8,574
1,073	*	Epicor Software Corp		14,164
350	*	EPIQ Systems, Inc		5,726
3,383		Equifax, Inc		120,807
403	*	Equinix, Inc		17,466
632	*	eSpeed, Inc (Class A)		5,631
900	*	F5 Networks, Inc		42,512
802		Factset Research Systems, Inc		28,744
1,771		Fair Isaac Corp		64,642
448	*	FalconStor Software, Inc		2,925
1,189	*	Filenet Corp		29,891
20,288		First Data Corp		814,360
4,989	*	Fiserv, Inc		214,278
595	*	Forrester Research, Inc		10,609
600	*	FTD Group, Inc		6,810
1,807	*	Gartner, Inc (Class A)		19,190
1,270	*	Getty Images, Inc		94,310
667		Gevity HR, Inc		13,360
4,075	*	Google, Inc (Class A)		1,198,661
3,168		GTECH Holdings Corp		92,632
508		Healthcare Services Group		10,201
472	*	Heidrick & Struggles International, Inc		12,310
1,902		Henry (Jack) & Associates, Inc		34,826
2,682	*	Homestore, Inc		5,444
560	*	Hudson Highland Group, Inc		8,730
1,347	*	Hypercom Corp		8,715
1,121	*	Hyperion Solutions Corp		45,109
650	*	IDX Systems Corp		19,591
900	*	iGate Corp		3,222
5,898		IMS Health, Inc		146,093
442	*	Infocrossing, Inc		5,512
2,278	*	Informatica Corp		19,112
899	*	Infospace, Inc		29,604
814		infoUSA, Inc		9,524
196	*	Innovative Solutions & Support, Inc		6,580
270		Integral Systems, Inc		6,110
861		Interactive Data Corp		17,892
718	*	Intergraph Corp		24,742
714	*	Intermix Media, Inc		5,976
1,072	*	Internet Capital Group, Inc		7,858
1,031	*	Internet Security Systems, Inc		20,919
11,049	*	Interpublic Group of Cos, Inc		134,577
1,025	*	Interwoven, Inc		7,718
388	*	Intrado, Inc		5,804
4,318	*	Intuit, Inc		194,785
1,244	*	Ipass, Inc		7,539
295	*	iPayment, Inc		10,773
2,919	*	Iron Mountain, Inc		90,547
749	*	iVillage, Inc		4,479
314	*	Jamdat Mobile, Inc		8,692
844	*	JDA Software Group, Inc		9,605
14,225	*	Juniper Networks, Inc		358,186
710	*	Jupitermedia Corp		12,162
651	*	Kanbay International, Inc		15,045

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

1,702	*	Keane, Inc	$	23,317
567		Kelly Services, Inc (Class A)		16,239
700	*	Keynote Systems, Inc		8,169
719	*	Kforce, Inc		6,083
1,489	*	KFX ,Inc		21,278
1,251	*	Kinetic Concepts, Inc		75,060
983	*	Korn/Ferry International		17,448
774	*	Kronos, Inc		31,262
1,234	*	Labor Ready, Inc		28,765
2,180	*	Lamar Advertising Co		93,239
1,500	*	Lawson Software, Inc		7,725
1,312	*	Lionbridge Technologies		8,895
434	*	LoJack Corp		7,621
1,970	*	Macromedia, Inc		75,293
693	*	Magma Design Automation, Inc		5,793
840	*	Manhattan Associates, Inc		16,136
2,454		Manpower, Inc		97,620
498	*	Mantech International Corp (Class A)		15,458
569	*	Mapinfo Corp		5,980
508	*	Marchex, Inc		7,640
400	*	Marlin Business Services, Inc		8,040
1,155	*	Matrixone, Inc		5,775
4,235	*	McAfee, Inc		110,872
1,742	*	Mentor Graphics Corp		17,856
2,316	*	Mercury Interactive Corp		88,842
2,358	*	Micromuse, Inc		13,346
241,292		Microsoft Corp		5,993,693
425	*	MicroStrategy, Inc		22,542
1,053	*	Midway Games, Inc		11,541
2,409		MoneyGram International, Inc		46,060
2,786	*	Monster Worldwide, Inc		79,902
3,085	*	MPS Group, Inc		29,061
704	*	MRO Software, Inc		10,285
1,411		National Instruments Corp		29,913
2,287	*	NAVTEQ Corp		85,031
645	*	NCO Group, Inc		13,951
1,028	*	NDCHealth Corp		18,473
683	*	NetFlix, Inc		11,208
1,440	*	NETIQ Corp		16,344

271	*	Netratings, Inc	3,686
668	*	Netscout Systems, Inc	4,402
1,600	*	NIC, Inc	7,392
10,182	*	Novell, Inc	63,128
4,776		Omnicom Group, Inc	381,411
548	*	Online Resources Corp	6,198
335	*	Open Solutions, Inc	6,804
1,284	*	Opsware, Inc	6,574
98,617	*	Oracle Corp	1,301,744
800	*	Packeteer, Inc	11,280
7,896	*	Parametric Technology Corp	50,376
388	*	PDF Solutions, Inc	5,091
2,293	*	Perot Systems Corp (Class A)	32,606
628	*	Phoenix Technologies Ltd	4,886
1,398	*	Pixar	69,970
300	*	Portfolio Recovery Associates, Inc	12,606
296	*	PRA International	7,927
972	*	Progress Software Corp	29,306
361		QAD, Inc	2,780
176		Quality Systems, Inc	8,339
1,385	*	Quest Software, Inc	18,878
583	*	Radiant Systems, Inc	6,646

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

438	*	Radisys Corp	$	7,074
2,043	*	RealNetworks, Inc		10,154
4,612	*	Red Hat, Inc		60,417
879	*	Redback Networks, Inc		5,608
200		Renaissance Learning, Inc		4,060
1,910	*	Rent-A-Center, Inc		44,484
663	*	Rent-Way, Inc		6,524
1,679		Reynolds & Reynolds Co (Class A)		45,383
4,178		Robert Half International, Inc		104,325
969		Rollins, Inc		19,419
1,554	*	RSA Security, Inc		17,840
2,656	*	S1 Corp		12,510
669	*	SafeNet, Inc		22,786
1,782	*	Salesforce.com, Inc		36,495
1,800	*	Sapient Corp		14,274
858	*	Secure Computing Corp		9,335
1,856	*	Seebeyond Technology Corp		7,758
849	*	Serena Software, Inc		16,386
7,580		Servicemaster Co		101,572
141	*	SI International, Inc		4,224
13,454		Siebel Systems, Inc		119,741
500	*	Sohu.com, Inc		10,960
2,500	*	SonicWALL, Inc		13,475
6,480	*	Sonus Networks, Inc		30,974
1,300	*	Sotheby's Holdings, Inc (Class A)		17,810
1,706	*	Spherion Corp		11,260
330	*	SPSS, Inc		6,339
762	*	SRA International, Inc (Class A)		26,457
450		SS&C Technologies, Inc		14,256
227		Startek, Inc		3,727
472	*	Stellent, Inc		3,540
186	*	Stratasys, Inc		6,078
89,241	*	Sun Microsystems, Inc		332,869
7,568	*	SunGard Data Systems, Inc		266,167
1,022	*	SupportSoft, Inc		5,304
2,587	*	Sybase, Inc		47,471
984	*	Sykes Enterprises, Inc		9,328
18,648	*	Symantec Corp		405,408
4,066	*	Synopsys, Inc		67,780
77		Syntel, Inc		1,234
2,005	*	Take-Two Interactive Software, Inc		51,027
546		Talx Corp		15,785
1,044	*	TeleTech Holdings, Inc		8,509
1,244	*	THQ, Inc		36,412
5,605	*	TIBCO Software, Inc		36,657
333	*	TNS, Inc		7,782
1,127		Total System Services, Inc		27,161
466	*	TradeStation Group, Inc		3,998
1,323	*	Transaction Systems Architects, Inc		32,585
200	*	Travelzoo, Inc		6,566
1,400	*	Trizetto Group, Inc		19,614
431	*	Ultimate Software Group, Inc		7,068
9,103	*	Unisys Corp		57,622
1,499		United Online, Inc		16,279
1,750	*	United Rentals, Inc		35,368
636	*	Universal Compression Holdings, Inc		23,049
2,227	*	Valueclick, Inc		27,459
611	*	Vasco Data Security International		5,927
520	*	Ventiv Health, Inc		10,026
223	*	Verint Systems, Inc		7,172
6,834	*	VeriSign, Inc		196,546

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

11,351	*	Veritas Software Corp	$	276,964
522	*	Verity, Inc		4,578
190	*	Vertrue, Inc		7,402
657		Viad Corp		18,619
687	*	Vignette Corp		7,729
131	*	Volt Information Sciences, Inc		3,109
14,808		Waste Management, Inc		419,659
713	*	WebEx Communications, Inc		18,830
9,256	*	WebMD Corp		95,059
1,434	*	webMethods, Inc		8,030
600	*	Websense, Inc		28,830
2,000	*	Wind River Systems, Inc		31,360
578	*	Witness Systems, Inc		10,537
31,555	*	Yahoo!, Inc		1,093,381

		TOTAL BUSINESS SERVICES		24,733,985


CHEMICALS AND ALLIED PRODUCTS - 9.67%
2,616	*	Aastrom Biosciences Inc		8,188
40,411		Abbott Laboratories		1,980,543
2,326	*	Abgenix, Inc		19,957
1,486	*	Adolor Corp		13,746
6,001		Air Products & Chemicals, Inc		361,860
646	*	Albany Molecular Research, Inc		9,044
948		Albemarle Corp		34,574

1,891		Alberto-Culver Co	81,937
618	*	Alexion Pharmaceuticals, Inc	14,239
2,524	*	Alkermes, Inc	33,367
1,204		Alpharma, Inc (Class A)	17,422
600	*	American Pharmaceutical Partners, Inc	24,750
272		American Vanguard Corp	5,688
32,763	*	Amgen, Inc	1,980,851
1,868	*	Andrx Corp	37,939
530		Arch Chemicals, Inc	13,229
941	*	Arena Pharmaceuticals, Inc	6,418
672	*	Array Biopharma, Inc	4,234
941	*	Atherogenics, Inc	15,037
2,841	*	AVANIR Pharmaceuticals	7,955
2,956		Avery Dennison Corp	156,550
12,438		Avon Products, Inc	470,778
202		Balchem Corp	6,070
2,689	*	Barr Pharmaceuticals, Inc	131,062
345	*	Benthley Pharmaceuticals, Inc	3,778
1,246	*	Bioenvision, Inc	9,071
8,868	*	Biogen Idec, Inc	305,503
1,702	*	BioMarin Pharmaceutical, Inc	12,748
440	*	Bone Care International, Inc	14,507
50,930		Bristol-Myers Squibb Co	1,272,231
1,771		Cabot Corp	58,443
828		Calgon Carbon Corp	7,328
463		Cambrex Corp	8,820
700	*	Caraco Pharmaceutical Laboratories Ltd	6,006
1,100	*	Celanese Corp (Series A)	17,479
922	*	Cell Genesys, Inc	4,933
1,418	*	Cell Therapeutics, Inc	3,843
1,633	*	Cephalon, Inc	65,010
1,634	*	Charles River Laboratories International, Inc	78,841
380	*	Chattem, Inc	15,732

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

3,135		Chemtura Corp	$	44,360
2,682	*	Chiron Corp		93,575
1,719		Church & Dwight Co, Inc		62,228
3,740		Clorox Co		208,393
13,633		Colgate-Palmolive Co		680,423
900	*	Connetics Corp		15,876
1,568	*	Corixa Corp		6,868
1,133	*	Cubist Pharmaceuticals, Inc		14,922
1,167	*	Curis, Inc		4,551
827	*	Cypress Bioscience, Inc		10,916
1,142		Cytec Industries, Inc		45,452
1,100		Dade Behring Holdings, Inc		71,511
1,627	*	Dendreon Corp		8,509
584		Diagnostic Products Corp		27,641
395	*	Digene Corp		10,934
1,316	*	Discovery Laboratories, Inc		9,594
594	*	Dov Pharmaceutical, Inc		11,084
24,810		Dow Chemical Co		1,104,789
25,953		Du Pont (E.I.) de Nemours & Co		1,116,239
855	*	Durect Corp		4,352
422	*	Dusa Pharmaceuticals, Inc		3,925
2,181		Eastman Chemical Co		120,282
4,932		Ecolab, Inc		159,600
562	*	Elizabeth Arden, Inc		13,145
1,500	*	Encysive Pharmaceuticals, Inc		16,215
3,143		Engelhard Corp		89,733
868	*	Eon Labs, Inc		26,596
642	*	EPIX Pharmaceuticals, Inc		5,682
3,231		Estee Lauder Cos (Class A)		126,429
879	*	Eyetech Pharmaceuticals, Inc		11,111
943		Ferro Corp		18,728
739	*	First Horizon Pharmaceutical		14,071
979	*	FMC Corp		54,961
9,161	*	Forest Laboratories, Inc		355,905
12,087	*	Genentech, Inc		970,344
624	*	Genitope Corp		8,012
6,504	*	Genzyme Corp		390,825
876		Georgia Gulf Corp		27,200
1,270	*	Geron Corp		9,830
11,818	*	Gilead Sciences, Inc		519,874
23,346		Gillette Co		1,182,008
1,259		Great Lakes Chemical Corp		39,621
790		H.B. Fuller Co		26,907
4,106	*	Hospira, Inc		160,134
1,400	*	Huntsman Corp		28,378
333	*	Idenix Pharmaceuticals, Inc		7,219
938	*	Idexx Laboratories, Inc		58,466
1,739	*	ImClone Systems, Inc		53,857
1,156	*	Immucor, Inc		33,466
1,000	*	Immunogen, Inc		5,790
1,370	*	Impax Laboratories, Inc		21,509
800	*	Inspire Pharmaceuticals, Inc		6,736
143		Inter Parfums, Inc		2,773
672	*	InterMune, Inc		8,763
2,070		International Flavors & Fragrances, Inc		74,975
334	*	Inverness Medical Innovations, Inc		9,118
1,520	*	Invitrogen Corp		126,601
5,250	*	IVAX Corp		112,875
6,296	*	King Pharmaceuticals, Inc		65,604

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

280	*	Kos Pharmaceuticals, Inc	$	18,340
47		Kronos Worldwide, Inc		1,419
1,171	*	KV Pharmaceutical Co (Class A)		19,614
2,081	*	Ligand Pharmaceuticals, Inc (Class B)		14,463
25,572		Lilly (Eli) & Co		1,424,616
1,554		Lubrizol Corp		65,284
5,284		Lyondell Chemical Co		139,603
758		MacDermid, Inc		23,619
400		Mannatech, Inc		7,608
800	*	Martek Biosciences Corp		30,360
2,600	*	Medarex, Inc		21,658
1,220	*	Medicines Co		28,536
1,487		Medicis Pharmaceutical Corp (Class A)		47,183
6,627	*	MedImmune, Inc		177,073
57,416		Merck & Co, Inc		1,768,413

283		Meridian Bioscience, Inc	5,363
2,000	*	MGI Pharma, Inc	43,520
8,169	*	Millennium Pharmaceuticals, Inc	75,727
579		Minerals Technologies, Inc	35,666
6,991		Monsanto Co	439,524
3,476	*	Mosaic Co	54,087
7,270		Mylan Laboratories, Inc	139,875
393	*	Myogen, Inc	2,747
1,400	*	Nabi Biopharmaceuticals	21,322
2,176	*	Nalco Holding Co	42,715
460	*	Nastech Pharmaceutical Co, Inc	6,546
145		Nature's Sunshine Products, Inc	2,529
1,623	*	NBTY, Inc	42,101
1,057	*	Neurocrine Biosciences, Inc	44,457
600	*	NewMarket Corp	8,874
400	*	NitroMed, Inc	7,780
82		NL Industries, Inc	1,262
536	*	Northfield Laboratories, Inc	7,670
885	*	Noven Pharmaceuticals, Inc	15,470
1,049	*	NPS Pharmaceuticals, Inc	11,906
798	*	Nuvelo, Inc	6,169
145		Octel Corp	2,610
1,642		Olin Corp	29,950
590	*	OM Group, Inc	14,567
939	*	Onyx Pharmaceuticals, Inc	22,423
970	*	OraSure Technologies, Inc	9,690
1,400	*	OSI Pharmaceuticals, Inc	57,218
1,000	*	Pain Therapeutics, Inc	6,750
915	*	Par Pharmaceutical Cos, Inc	29,106
695	*	Parexel International Corp	13,796
700	*	Penwest Pharmaceuticals Co	8,274
2,191		Perrigo Co	30,543
193,752		Pfizer, Inc	5,343,680
635	*	Pharmion Corp	14,738
291	*	Pioneer Cos, Inc	6,399
1,878	*	PolyOne Corp	12,432
607	*	Pozen, Inc	4,977
4,532		PPG Industries, Inc	284,428
8,429		Praxair, Inc	392,791
733	*	Prestige Brands Holdings, Inc	14,294
65,001		Procter & Gamble Co	3,428,803
216	*	Progenics Pharmaceuticals	4,506
2,680	*	Protein Design Labs, Inc	54,163
502	*	Renovis, Inc	7,666
4,110	*	Revlon, Inc (Class A)	12,618

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

4,207		Rohm & Haas Co	$	194,952
3,267		RPM International, Inc		59,655
1,014	*	Salix Pharmaceuticals Ltd		17,907
38,566		Schering-Plough Corp		735,068
568	*	Scotts Miracle-Gro Co (Class A)		40,447
1,177		Sensient Technologies Corp		24,258
2,957	*	Sepracor, Inc		177,450
919	*	Serologicals Corp		19,529
1,764		Sigma-Aldrich Corp		98,855
1,666	*	StemCells, Inc		7,014
122		Stepan Co		2,696
1,247	*	SuperGen, Inc		6,160
371	*	SurModics, Inc		16,090
603	*	Tanox, Inc		7,067
2,443	*	Terra Industries, Inc		16,637
862		UAP Holding Corp		14,309
700	*	United Therapeutics Corp		33,740
238	*	USANA Health Sciences, Inc		10,067
2,541		USEC, Inc		37,200
2,420		Valeant Pharmaceuticals International		42,665
1,236		Valspar Corp		59,686
2,139	*	VCA Antech, Inc		51,871
2,479	*	Vertex Pharmaceuticals, Inc		41,746
1,400	*	Vicuron Pharmaceuticals, Inc		39,060
2,909	*	Watson Pharmaceuticals, Inc		85,990
928		Wellman, Inc		9,456
346		Westlake Chemical Corp		8,477
1,796	*	WR Grace & Co		13,991
34,978		Wyeth		1,556,521
500	*	Zymogenetics, Inc		8,800

		TOTAL CHEMICALS AND ALLIED PRODUCTS		33,886,081


COAL MINING - 0.15%
600	*	Alpha Natural Resources, Inc		14,328
1,720		Arch Coal, Inc		93,688
2,379		Consol Energy, Inc		127,467
700		Foundation Coal Holdings, Inc		18,158
340	*	James River Coal Co		11,781
2,003		Massey Energy Co		75,553
3,410		Peabody Energy Corp		177,456
390		Penn Virginia Corp		17,421

		TOTAL COAL MINING		535,852


COMMUNICATIONS - 4.25%
1,713		Adtran, Inc		42,465
867	*	Airspan Networks, Inc		4,812
3,463	*	Alamosa Holdings, Inc		48,136
800		Alaska Communications Systems Group, Inc		7,928
7,889		Alltel Corp		491,327
5,725	*	American Tower Corp (Class A)		120,340
780	*	Anixter International, Inc		28,993
20,869		AT&T Corp		397,346
447	*	Audiovox Corp (Class A)		6,929
12,452	*	Avaya, Inc		103,601
81	*	Beasley Broadcast Group, Inc (Class A)		1,174
47,719		BellSouth Corp		1,267,894

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

544	*	Brightpoint, Inc	$	12,071
5,207	*	Cablevision Systems Corp (Class A)		167,665
573	*	Centennial Communications Corp		7,953
3,512		CenturyTel, Inc		121,621
7,200	*	Charter Communications, Inc (Class A)		8,496
6,901	*	Cincinnati Bell, Inc		29,674

1,135	*	Citadel Broadcasting Corp	12,996
8,886		Citizens Communications Co	119,428
13,947		Clear Channel Communications, Inc	431,381
53,403	*	Comcast Corp (Class A)	1,639,472
582		Commonwealth Telephone Enterprises, Inc	24,392
864	*	Cox Radio, Inc (Class A)	13,608
5,707	*	Crown Castle International Corp	115,966
240	*	Crown Media Holdings, Inc (Class A)	2,263
470		CT Communications, Inc	6,134
1,076	*	Cumulus Media, Inc (Class A)	12,675
18,286	*	DIRECTV Group, Inc	283,433
3,100	*	Dobson Communications Corp (Class A)	13,206
6,089		EchoStar Communications Corp (Class A)	183,583
1,572	*	Emmis Communications Corp (Class A)	27,777
1,079	*	Entercom Communications Corp	35,920
1,997	*	Entravision Communications Corp (Class A)	15,557
700		Fairpoint Communications, Inc	11,305
168	*	Fisher Communications, Inc	7,945
3,132	*	Foundry Networks, Inc	27,029
1,242	*	General Communication, Inc (Class A)	12,259
882		Global Payments, Inc	59,800
565		Golden Telecom, Inc	17,334
1,071		Gray Television, Inc	12,916
981		Hearst-Argyle Television, Inc	24,035
8,618	*	IAC/InterActiveCorp	207,263
1,514	*	IDT Corp (Class B)	19,924
413	*	InPhonic, Inc	6,352
1,193	*	Insight Communications Co, Inc	13,183
600		Iowa Telecommunications Services, Inc	11,250
617	*	j2 Global Communications, Inc	21,249
18,109	*	Level 3 Communications, Inc	36,761
361		Liberty Corp	13,288
6,133	*	Liberty Global, Inc	286,227
717	*	Lin TV Corp (Class A)	9,959
281	*	Lodgenet Entertainment Corp	4,662
1,415	*	Mastec, Inc	12,452
7,325	*	MCI, Inc	188,326
3,516	f,v*	McLeod (Escrow)	-
1,695	*	Mediacom Communications Corp	11,645
4,998	*	NCR Corp	175,530
28,561	*	Nextel Communications, Inc (Class A)	922,806
3,975	*	Nextel Partners, Inc (Class A)	100,051
1,604	*	NII Holdings, Inc (Class B)	102,560
356		North Pittsburgh Systems, Inc	6,963
600	*	Novatel Wireless, Inc	7,482
1,928	*	NTL, Inc	131,914
1,308		PanAmSat Holding Corp	26,827
2,046	*	Premiere Global Services, Inc	23,099
1,221	*	Price Communications Corp	21,123
40,227	*	Qwest Communications International, Inc	149,242
1,864	*	Radio One, Inc (Class D)	23,803
597	*	RCN Corp	13,785
1,600	*	Regent Communications, Inc	9,392

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

461	*	Saga Communications, Inc (Class A)	$	6,454
270	*	Salem Communications Corp (Class A)		5,357
1,917	*	SBA Communications Corp		25,880
86,082		SBC Communications, Inc		2,044,448
288		Shenandoah Telecom Co		11,448
1,294		Sinclair Broadcast Group, Inc (Class A)		11,750
1,300	*	Spanish Broadcasting System, Inc (Class A)		12,987
1,224	*	Spectrasite, Inc		91,102
37,003		Sprint Corp		928,405
581		SureWest Communications		14,903
449	*	Syniverse Holdings, Inc		6,286
1,014	*	Talk America Holdings, Inc		10,150
2,830		Telephone and Data Systems, Inc (Non-Vote)		115,492
2,300	*	Tivo, Inc		15,364
403	*	U.S. Cellular Corp		20,126
3,380	*	U.S. Unwired, Inc (Class A)		19,672
1,981	*	Ubiquitel, Inc		16,165
5,944	*	Univision Communications, Inc (Class A)		163,757
665	*	USA Mobility, Inc		19,524
800		Valor Communications Group, Inc		11,040
72,110		Verizon Communications, Inc		2,491,401
535	*	West Corp		20,544
2,134	*	Western Wireless Corp (Class A)		90,268
1,100	*	Wireless Facilities, Inc		6,963
5,519	*	XM Satellite Radio Holdings, Inc		185,770

		TOTAL COMMUNICATIONS		14,881,213


DEPOSITORY INSTITUTIONS - 9.95%
187		1st Source Corp		4,290
162		ABC Bancorp		2,929
254	*	ACE Cash Express, Inc		6,492
336		Alabama National Bancorp		21,964
806		Amcore Financial, Inc		24,083
1,776		Amegy Bancorp, Inc		39,747
183	*	AmericanWest Bancorp		3,659
73		Ames National Corp		8,071
9,322		AmSouth Bancorp		242,372
495		Anchor Bancorp Wisconsin, Inc		14,979
134		Arrow Financial Corp		3,731
3,416		Associated Banc-Corp		114,983
2,554		Astoria Financial Corp		72,712
53		Bancfirst Corp		4,610
2,175		Bancorpsouth, Inc		51,330
1,100		Bank Mutual Corp		12,166
104,795		Bank of America Corp		4,779,700
378		Bank of Granite Corp		7,235
1,361		Bank of Hawaii Corp		69,071
20,232		Bank of New York Co, Inc		582,277
800		Bank of The Ozarks, Inc		26,272
1,300		BankAtlantic Bancorp, Inc (Class A)		24,635
1,000		BankUnited Financial Corp (Class A)		27,040
400		Banner Corp		11,204
14,233		BB&T Corp		568,893
145		Berkshire Hills Bancorp, Inc		4,831

605	BOK Financial Corp	27,903
878	Boston Private Financial Holdings, Inc	22,126
2,000	Brookline Bancorp, Inc	32,520

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

110		Camden National Corp	$	3,603
321		Capital City Bank Group, Inc		12,968
239		Capital Corp of the West		6,632
126	*	Capital Crossing Bank		4,297
321		Capitol Bancorp Ltd		10,789
610		Capitol Federal Financial		21,033
337		Cascade Bancorp		7,090
1,326		Cathay General Bancorp		44,699
297		Center Financial Corp		7,375
152	*	Central Coast Bancorp		2,751
793		Central Pacific Financial Corp		28,231
149		Charter Financial Corp		5,206
654		Chemical Financial Corp		21,654
1,470		Chittenden Corp		39,984
135,561		Citigroup, Inc		6,266,985
213		Citizens & Northern Corp		6,654
1,342		Citizens Banking Corp		40,555
400		City Bank		12,408
463		City Holding Co		16,909
1,146		City National Corp		82,180
160		Coastal Financial Corp		2,363
150		CoBiz, Inc		2,720
3,766		Colonial Bancgroup, Inc		83,078
179		Columbia Bancorp		6,525
530		Columbia Banking System, Inc		13,049
4,447		Comerica, Inc		257,037
3,848		Commerce Bancorp, Inc		116,633
1,507		Commerce Bancshares, Inc		75,968
1,023		Commercial Capital Bancorp, Inc		17,094
1,028		Commercial Federal Corp		34,623
910		Community Bank System, Inc		22,195
138		Community Banks, Inc		3,577
435		Community Trust Bancorp, Inc		14,233
3,348		Compass Bancshares, Inc		150,660
470		Corus Bankshares, Inc		26,080
1,354		Cullen/Frost Bankers, Inc		64,518
1,267		CVB Financial Corp		24,935
759		Dime Community Bancshares		11,537
476		Downey Financial Corp		34,843
1,506		East West Bancorp, Inc		50,587
815	*	Euronet Worldwide, Inc		23,692
112		Farmers Capital Bank Corp		3,880
750		Fidelity Bankshares, Inc		19,890
12,468		Fifth Third Bancorp		513,806
500		Financial Institutions, Inc		9,010
450		First Bancorp (North Carolina)		9,959
1,032		First Bancorp (Puerto Rico)		41,435
211		First Busey Corp (Class A)		4,074
859		First Charter Corp		18,872
140		First Citizens Bancshares, Inc (Class A)		20,237
1,674		First Commonwealth Financial Corp		22,934
332		First Community Bancorp		15,770
243		First Community Bancshares, Inc		7,898
973		First Financial Bancorp		18,390
620		First Financial Bankshares, Inc		20,981
446		First Financial Corp (Indiana)		12,814
450		First Financial Holdings, Inc		13,460
3,292		First Horizon National Corp		138,922
354		First Indiana Corp		10,503
380		First Merchants Corp		9,443

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

1,305		First Midwest Bancorp, Inc	$	45,897
3,420		First Niagara Financial Group, Inc		49,864
237		First Oak Brook Bancshares, Inc		6,688
175		First Place Financial Corp		3,516
510		First Republic Bank		18,018
400		First State Bancorp		7,716
369	*	FirstFed Financial Corp		21,996
2,164		FirstMerit Corp		56,502
900		Flagstar Bancorp, Inc		17,037
590		Flushing Financial Corp		10,856
1,224		FNB Corp		24,052
179		FNB Corp (Virginia)		5,012
529	*	Franklin Bank Corp		9,924
1,993		Fremont General Corp		48,490
624		Frontier Financial Corp		15,762
3,926		Fulton Financial Corp		70,668
150		GB&T Bancshares, Inc		3,564
1,013		Glacier Bancorp, Inc		26,470
1,000		Gold Banc Corp, Inc		14,550
6,606		Golden West Financial Corp		425,294
250		Great Southern Bancorp, Inc		7,823
1,352		Greater Bay Bancorp		35,652
766		Hancock Holding Co		26,350
1,034		Hanmi Financial Corp		17,268
748		Harbor Florida Bancshares, Inc		28,005
736		Harleysville National Corp		17,046
459		Heartland Financial U.S.A., Inc		8,964
311		Heritage Commerce Corp		5,710
4,084		Hibernia Corp (Class A)		135,507
261		Horizon Financial Corp		5,794
15,008		Hudson City Bancorp, Inc		171,241
1,309		Hudson United Bancorp		47,255
5,961		Huntington Bancshares, Inc		143,899
183		IberiaBank Corp		11,275
1,857		Independence Community Bank Corp		68,579
283		Independent Bank Corp (Massachusetts)		7,983
455		Independent Bank Corp (Michigan)		12,940
1,708		IndyMac Bancorp, Inc		69,567
667		Integra Bank Corp		15,088
325		Interchange Financial Services Corp		5,964
1,178		International Bancshares Corp		33,326
1,743		Investors Financial Services Corp		65,920
441		Irwin Financial Corp		9,786
126	*	Itla Capital Corp		6,791

91,696		JPMorgan Chase & Co	3,238,703
558	*	Kearny Financial Corp	6,584
10,624		KeyCorp	352,186
600		KNBT Bancorp, Inc	9,054
556		Lakeland Bancorp, Inc	8,679
69		Lakeland Financial Corp	2,807
1,933		M & T Bank Corp	203,274
271		Macatawa Bank Corp	9,401
757		MAF Bancorp, Inc	32,271
400		Main Street Banks, Inc	10,184
294		MainSource Financial Group, Inc	5,318
5,856		Marshall & Ilsley Corp	260,299
443		MB Financial, Inc	17,645
600		MBT Financial Corp	11,550
11,084		Mellon Financial Corp	318,000
135		Mercantile Bank Corp	5,936
2,070		Mercantile Bankshares Corp	106,667

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

584		Mid-State Bancshares	$	16,218
427		Midwest Banc Holdings, Inc		8,237
800		Nara Bancorp, Inc		11,744
200		NASB Financial, Inc		8,770
14,768		National City Corp		503,884
727		National Penn Bancshares, Inc		18,160
194		NBC Capital Corp		4,722
1,016		NBT Bancorp, Inc		24,018
1,289		NetBank, Inc		12,013
6,833		New York Community Bancorp, Inc		123,814
2,984		NewAlliance Bancshares, Inc		41,925
11,605		North Fork Bancorp, Inc		325,984
206	*	Northern Empire Bancshares		6,374
5,185		Northern Trust Corp		236,384
255		Northwest Bancorp, Inc		5,421
375		OceanFirst Financial Corp		8,441
1,743	*	Ocwen Financial Corp		11,783
1,788		Old National Bancorp		38,263
254		Old Second Bancorp, Inc		7,389
333		Omega Financial Corp		10,340
478		Oriental Financial Group, Inc		7,294
1,362		Pacific Capital Bancorp		50,503
344		Park National Corp		38,012
1,309		Partners Trust Financial Group, Inc		13,980
220		Peapack Gladstone Financial Corp		6,094
236		Pennfed Financial Services, Inc		3,984
213		Pennrock Financial Services Corp		7,645
322		Peoples Bancorp, Inc		8,614
1,795		People's Bank		54,281
612		PFF Bancorp, Inc		18,537
7,386		PNC Financial Services Group, Inc		402,242
7,175		Popular, Inc		180,738
400		PrivateBancorp, Inc		14,152
450		Prosperity Bancshares, Inc		12,875
780		Provident Bankshares Corp		24,890
139		Provident Financial Holdings		3,907
1,599		Provident Financial Services, Inc		28,094
1,047		Provident New York Bancorp		12,679
738		R & G Financial Corp (Class B)		13,055
12,083		Regions Financial Corp		409,372
150		Renasant Corp		4,614
110		Republic Bancorp, Inc (Class A) (Kentucky)		2,388
2,040		Republic Bancorp, Inc (Michigan)		30,559
312		Royal Bancshares of Pennsylvania (Class A)		7,410
701		S & T Bancorp, Inc		25,306
400		S.Y. Bancorp, Inc		9,140
404		Sandy Spring Bancorp, Inc		14,152
158		Santander Bancorp		3,959
319		SCBT Financial Corp		10,096
476		Seacoast Banking Corp of Florida		9,372
202		Security Bank Corp		4,626
302	*	Signature Bank		7,369
456		Simmons First National Corp (Class A)		12,362
2,518		Sky Financial Group, Inc		70,957
1,740		South Financial Group, Inc		49,451
340		Southwest Bancorp, Inc		6,963
9,500		Sovereign Bancorp, Inc		212,230
220		State Bancorp, Inc		4,976
137		State Financial Services Corp (Class A)		5,516
8,605		State Street Corp		415,191

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

480		Sterling Bancorp	$	10,248
1,322		Sterling Bancshares, Inc		20,570
721		Sterling Financial Corp (Pennsylvania)		15,365
572	*	Sterling Financial Corp (Spokane)		21,393
278		Suffolk Bancorp		8,977
346	*	Sun Bancorp, Inc (New Jersey)		7,152
8,791		SunTrust Banks, Inc		635,062
1,209		Susquehanna Bancshares, Inc		29,729
1,048	*	SVB Financial Group		50,199
8,084		Synovus Financial Corp		231,768
3,521		TCF Financial Corp		91,123
2,014		TD Banknorth, Inc		60,017
561	*	Texas Capital Bancshares, Inc		11,074
1,226		Texas Regional Bancshares, Inc (Class A)		37,368
700		TierOne Corp		18,991
244		Tompkins Trustco, Inc		10,590
138		Trico Bancshares		3,083
2,095		Trustco Bank Corp NY		27,361
1,343		Trustmark Corp		39,296
47,758		U.S. Bancorp		1,394,534
511		U.S.B. Holding Co, Inc		11,957
2,592		UCBH Holdings, Inc		42,094
385		UMB Financial Corp		21,957
1,471		Umpqua Holdings Corp		34,627
103		Union Bankshares Corp		3,978
1,200		UnionBanCal Corp		80,304
1,161		United Bankshares, Inc		41,343
790		United Community Banks, Inc		20,556
933		United Community Financial Corp		10,207
298		Univest Corp of Pennsylvania		8,928

466		Unizan Financial Corp	12,484
2,604		Valley National Bancorp	60,882
204		Vineyard National Bancorp	6,438
200	*	Virginia Commerce Bancorp	4,866
99		Virginia Financial Group, Inc	3,474
3,203		W Holding Co, Inc	32,735
41,078		Wachovia Corp	2,037,469
2,302		Washington Federal, Inc	54,143
22,704		Washington Mutual, Inc	923,826
378		Washington Trust Bancorp, Inc	10,459
1,357		Webster Financial Corp	63,358
43,968		Wells Fargo & Co	2,707,549
594		Wesbanco, Inc	17,832
525		West Bancorporation	9,870
463		West Coast Bancorp	11,302
942		Westamerica Bancorp	49,747
141	*	Western Sierra Bancorp	4,773
300		Westfield Financial, Inc	7,272
1,690		Whitney Holding Corp	55,145
1,670		Wilmington Trust Corp	60,137
396		Wilshire Bancorp, Inc	5,675
687		Wintrust Financial Corp	35,964
200		WSFS Financial Corp	10,942
400		Yardville National Bancorp	14,300
2,321		Zions Bancorp	170,663

		TOTAL DEPOSITORY INSTITUTIONS	34,852,845

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

EATING AND DRINKING PLACES - 0.72%
512		AFC Enterprises	$	6,748
2,086		Applebee's International, Inc		55,258
1,873		Aramark Corp (Class B)		49,447
289	*	BJ's Restaurants, Inc		5,878
945		Bob Evans Farms, Inc		22,037
2,342	*	Brinker International, Inc		93,797
131	*	Buffalo Wild Wings, Inc		4,087
599	*	California Pizza Kitchen, Inc		16,335
1,237		CBRL Group, Inc		48,070
944	*	CEC Entertainment, Inc		39,733
1,195	*	CKE Restaurants, Inc		16,634
4,080		Darden Restaurants, Inc		134,558
298	*	Dave & Buster's, Inc		5,495
2,338	*	Denny's Corp		11,690
801		Domino's Pizza, Inc		17,830
571		IHOP Corp		24,776
985	*	Jack In The Box, Inc		37,351
1,773	*	Krispy Kreme Doughnuts, Inc		12,340
601		Landry's Restaurants, Inc		18,084
325		Lone Star Steakhouse & Saloon, Inc		9,883
602	*	Luby's, Inc		7,194
33,025		McDonald's Corp		916,444
553	*	O'Charley's, Inc		9,766
1,645		Outback Steakhouse, Inc		74,420
797	*	P.F. Chang's China Bistro, Inc		47,007
285	*	Papa John's International, Inc		11,391
964	*	Rare Hospitality International, Inc		29,373
371	*	Red Robin Gourmet Burgers, Inc		22,995
1,727		Ruby Tuesday, Inc		44,729
1,125	*	Ryan's Restaurant Group, Inc		15,761
1,821	*	Sonic Corp		55,595
546	*	Texas Roadhouse, Inc (Class A)		18,974
2,120	*	The Cheesecake Factory, Inc		73,628
890	*	The Steak N Shake Co		16,572
922		Triarc Cos (Class B)		13,701
2,998		Wendy's International, Inc		142,855
7,549		Yum! Brands, Inc		393,152

		TOTAL EATING AND DRINKING PLACES		2,523,588


EDUCATIONAL SERVICES - 0.20%
3,804	*	Apollo Group, Inc (Class A)		297,549
2,675	*	Career Education Corp		97,932
2,375	*	Corinthian Colleges, Inc		30,329
1,326	*	DeVry, Inc		26,387
470	*	Educate, Inc		6,651
1,844	*	Education Management Corp		62,198
1,267	*	ITT Educational Services, Inc		67,683
1,286	*	Laureate Education, Inc		61,548
262	*	Learning Tree International, Inc		3,149
381		Strayer Education, Inc		32,865
561	*	Universal Technical Institute, Inc		18,625

		TOTAL EDUCATIONAL SERVICES		704,916

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

ELECTRIC, GAS, AND SANITARY SERVICES - 3.97%
17,012	*	AES Corp	$	278,657
2,014		AGL Resources, Inc		77,841
4,238	*	Allegheny Energy, Inc		106,882
847		Allete, Inc		42,265
3,079		Alliant Energy Corp		86,674
5,498	*	Allied Waste Industries, Inc		43,599
5,004		Ameren Corp		276,721
10,005		American Electric Power Co, Inc		368,884
401		American States Water Co		11,777
2,486		Aqua America, Inc		73,934
5,595	*	Aquila, Inc		20,198
2,086		Atmos Energy Corp		60,077
1,238		Avista Corp		23,014
875		Black Hills Corp		32,244
444		California Water Service Group		16,668
14,031	*	Calpine Corp		47,705
442		Cascade Natural Gas Corp		9,061
553	*	Casella Waste Systems, Inc (Class A)		6,636
7,520		Centerpoint Energy, Inc		99,339
400		Central Vermont Public Service Corp		7,400
463		CH Energy Group, Inc		22,516
4,767		Cinergy Corp		213,657
400	*	Clean Harbors, Inc		8,672
1,455		Cleco Corp		31,384
5,689	*	CMS Energy Corp		85,676

300		Connecticut Water Service, Inc	7,497
6,312		Consolidated Edison, Inc	295,654
4,628		Constellation Energy Group, Inc	266,989
157		Crosstex Energy, Inc	7,583
8,872		Dominion Resources, Inc	651,116
3,371		DPL, Inc	92,534
4,581		DTE Energy Co	214,253
24,167		Duke Energy Corp	718,485
1,878		Duquesne Light Holdings, Inc	35,081
205	*	Duratek, Inc	4,752
8,957	*	Dynegy, Inc (Class A)	43,531
8,462		Edison International	343,134
17,266		El Paso Corp	198,904
1,865	*	El Paso Electric Co	38,139
665		Empire District Electric Co	15,933
1,914		Energen Corp	67,086
3,844		Energy East Corp	111,399
177		EnergySouth, Inc	4,905
5,525		Entergy Corp	417,414
17,522		Exelon Corp	899,404
8,599		FirstEnergy Corp	413,698
10,216		FPL Group, Inc	429,685
2,033		Great Plains Energy, Inc	64,832
2,242		Hawaiian Electric Industries, Inc	60,108
1,026		Idacorp, Inc	31,426
4,193		KeySpan Corp	170,655
2,569		Kinder Morgan, Inc	213,741
511		Laclede Group, Inc	16,229
3,272		MDU Resources Group, Inc	92,172
496		Metal Management, Inc	9,598
461		MGE Energy, Inc	16,771
266		Middlesex Water Co	5,166
1,966		National Fuel Gas Co	56,837
729		New Jersey Resources Corp	35,174
1,150		Nicor, Inc	47,346

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

7,047		NiSource, Inc	$	174,272
3,475		Northeast Utilities		72,489
689		Northwest Natural Gas Co		26,347
933		NorthWestern Corp		29,408
2,151	*	NRG Energy, Inc		80,878
2,778		NSTAR		85,646
2,378		OGE Energy Corp		68,819
2,654		Oneok, Inc		86,653
890		Otter Tail Corp		24,324
1,085		Peoples Energy Corp		47,154
4,920		Pepco Holdings, Inc		117,785
9,682		PG&E Corp		363,462
90	*	Pico Holdings, Inc		2,678
2,014		Piedmont Natural Gas Co, Inc		48,376
2,464		Pinnacle West Capital Corp		109,525
1,364	*	Plug Power, Inc		9,343
1,795		PNM Resources, Inc		51,714
4,942		PPL Corp		293,456
6,543		Progress Energy, Inc		296,005
445	v*	Progress Energy, Inc (Cvo)		4
6,259		Public Service Enterprise Group, Inc		380,672
2,695		Puget Energy, Inc		63,009
2,210		Questar Corp		145,639
8,031	*	Reliant Resources, Inc		99,424
3,574		Republic Services, Inc		128,700
800		Resource America, Inc (Class A)		30,824
2,837		SCANA Corp		121,168
5,502		Sempra Energy		227,288
3,095	*	Sierra Pacific Resources		38,533
324		SJW Corp		15,231
336		South Jersey Industries, Inc		20,536
19,432		Southern Co		673,707
2,376	*	Southern Union Co		58,331
816		Southwest Gas Corp		20,816
464		Southwest Water Co		5,490
1,060	*	Stericycle, Inc		53,339
5,187		TECO Energy, Inc		98,086
6,331		TXU Corp		526,043
2,660		UGI Corp		74,214
345		UIL Holdings Corp		18,564
758		Unisource Energy Corp		23,309
2,227		Vectren Corp		63,982
1,137	*	Waste Connections, Inc		42,399
1,695	*	Waste Services, Inc		6,509
2,264		Westar Energy, Inc		54,404
1,477		Western Gas Resources, Inc		51,547
1,375		WGL Holdings, Inc		46,255
14,871		Williams Cos, Inc		282,549
3,053		Wisconsin Energy Corp		119,067
1,065		WPS Resources Corp		59,906
10,830		Xcel Energy, Inc		211,402

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		13,897,993


ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.57%
722	*	Actel Corp		10,036
1,166		Acuity Brands, Inc		29,955
2,884	*	Adaptec, Inc		11,190
3,168	*	ADC Telecommunications, Inc		68,967

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

609	*	Advanced Energy Industries, Inc	$	4,787
10,177	*	Advanced Micro Devices, Inc		176,469
1,672	*	Aeroflex, Inc		14,045
4,346	*	Agere Systems, Inc		52,152
1,977		Alliance One International, Inc		11,882
9,684	*	Altera Corp		191,937
4,357		American Power Conversion Corp		102,782
687	*	American Superconductor Corp		6,286
1,842		Ametek, Inc		77,088
982	*	AMIS Holdings, Inc		13,100
3,231	*	Amkor Technology, Inc		14,540
2,296		Amphenol Corp (Class A)		92,230
9,641		Analog Devices, Inc		359,706
4,336	*	Andrew Corp		55,327

9,310	*	Applied Micro Circuits Corp	23,834
235		Applied Signal Technology, Inc	4,474
3,190	*	Arris Group, Inc	27,785
1,226	*	Artesyn Technologies, Inc	10,666
903	*	Atheros Communications, Inc	7,278
12,110	*	Atmel Corp	28,701
973	*	ATMI, Inc	28,227
1,162		AVX Corp	14,083
810		Baldor Electric Co	19,699
257		Bel Fuse, Inc (Class B)	7,854
1,297	*	Benchmark Electronics, Inc	39,455
7,200	*	Broadcom Corp (Class A)	255,672
1,170	*	Broadwing Corp	5,405
596		C&D Technologies, Inc	5,477
74	*	Catapult Communications Corp	1,262
931	*	C-COR, Inc	6,377
673	*	Ceradyne, Inc	16,199
1,008	*	Checkpoint Systems, Inc	17,842
15,634	*	CIENA Corp	32,675
168,642	*	Cisco Systems, Inc	3,222,749
456	*	Comtech Telecommunications	14,879
5,207	*	Comverse Technology, Inc	123,146
10,588	*	Conexant Systems, Inc	17,047
2,139	*	Cree, Inc	54,480
1,104		CTS Corp	13,568
360		Cubic Corp	6,386
1,006	*	Cymer, Inc	26,508
3,443	*	Cypress Semiconductor Corp	43,347
166	*	Diodes, Inc	5,179
695	*	Ditech Communications Corp	4,511
721	*	Dolby Laboratories, Inc (Class A)	15,905
795	*	DSP Group, Inc	18,977
473	*	DTS, Inc	8,434
1,002	*	Electro Scientific Industries, Inc	17,916
10,860		Emerson Electric Co	680,162
179	*	EndWave Corp	8,520
1,851	*	Energizer Holdings, Inc	115,077
595	*	Energy Conversion Devices, Inc	13,316
1,186	*	EnerSys	16,165
1,043	*	Evergreen Solar, Inc	6,706
1,032	*	Exar Corp	15,366
2,833	*	Fairchild Semiconductor International, Inc	41,787
4,657	*	Finisar Corp	4,890
576		Franklin Electric Co, Inc	22,262

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

10,324	*	Freescale Semiconductor, Inc (Class B)	$	218,662
1,189	*	FuelCell Energy, Inc		12,140
6,578	*	Gemstar-TV Guide International, Inc		23,615
276,381	d	General Electric Co		9,576,602
625	*	Genlyte Group, Inc		30,463
1,777	*	Glenayre Technologies, Inc		6,699
2,670	*	GrafTech International Ltd		11,481
567	*	Greatbatch, Inc		13,551
1,753		Harman International Industries, Inc		142,624
2,383	*	Harmonic, Inc		11,510
3,396		Harris Corp		105,989
754		Helix Technology Corp		10,013
1,227	*	Hexcel Corp		20,761
593	*	Hutchinson Technology, Inc		22,836
1,081		Imation Corp		41,932
1,759	*	Integrated Circuit Systems, Inc		36,306
3,119	*	Integrated Device Technology, Inc		33,529
1,005	*	Integrated Silicon Solution, Inc		7,447
160,858		Intel Corp		4,191,959
1,494	*	Interdigital Communications Corp		26,145
832	*	International DisplayWorks, Inc		6,656
1,705	*	International Rectifier Corp		81,363
4,054		Intersil Corp (Class A)		76,094
499		Inter-Tel, Inc		9,286
916	*	InterVoice, Inc		7,905
529	*	IXYS Corp		7,501
36,159	*	JDS Uniphase Corp		54,962
2,675	*	Kemet Corp		16,853
2,951		L-3 Communications Holdings, Inc		225,988
2,469	*	Lattice Semiconductor Corp		10,962
554	*	Lifeline Systems, Inc		17,794
1,041		Lincoln Electric Holdings, Inc		34,509
7,972		Linear Technology Corp		292,493
463	*	Littelfuse, Inc		12,895
508		LSI Industries, Inc		7,082
10,469	*	LSI Logic Corp		88,882
114,997	*	Lucent Technologies, Inc		334,641
1,123	*	Mattson Technology, Inc		8,041
8,622		Maxim Integrated Products, Inc		329,447
1,861		Maytag Corp		29,143
3,375	*	McData Corp (Class A)		13,500
366	*	Medis Technologies Ltd		6,076
3,609	*	MEMC Electronic Materials, Inc		56,914
597	*	Mercury Computer Systems, Inc		16,340
1,436		Methode Electronics, Inc		17,045
160	*	Metrologic Instruments, Inc		2,006
1,757	*	Micrel, Inc		20,241
5,430		Microchip Technology, Inc		160,837
15,680	*	Micron Technology, Inc		160,093
1,400	*	Microsemi Corp		26,320
1,400	*	Microtune, Inc		7,021
1,154	*	MIPS Technologies, Inc		8,309
696	*	Mobility Electronics, Inc		6,368
3,603		Molex, Inc		93,822
1,247	*	Moog, Inc (Class A)		39,268
63,896		Motorola, Inc		1,166,741
2,667	*	MRV Communications, Inc		5,787
1,418	*	Mykrolis Corp		20,150
128		National Presto Industries, Inc		5,641
9,105		National Semiconductor Corp		200,583

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

9,543	*	Network Appliance, Inc	$	269,781
3,326	*	Novellus Systems, Inc		82,185
4,462	*	Nvidia Corp		119,225

1,567	*	Omnivision Technologies, Inc	21,296
3,389	*	ON Semiconductor Corp	15,589
1,842	*	Openwave Systems, Inc	30,209
5,270	*	Oplink Communications, Inc	9,012
517	*	Optical Communication Products, Inc	982
347	*	OSI Systems, Inc	5,479
400		Park Electrochemical Corp	10,080
271	*	Pericom Semiconductor Corp	2,206
1,081	*	Photronics, Inc	25,231
1,100	*	Pixelworks, Inc	9,438
1,280		Plantronics, Inc	46,541
1,032	*	Plexus Corp	14,685
1,257	*	PLX Technology, Inc	12,771
4,913	*	PMC-Sierra, Inc	45,838
2,914	*	Polycom, Inc	43,448
391	*	Portalplayer, Inc	8,141
100	*	Powell Industries, Inc	1,887
690	*	Power Integrations, Inc	14,883
1,164	*	Power-One, Inc	7,345
2,262	*	Powerwave Technologies, Inc	23,118
2,581	*	QLogic Corp	79,675
42,670		Qualcomm, Inc	1,408,537
1,165	*	Quantum Fuel Systems Technologies Worldwide, Inc	5,825
2,424	*	Rambus, Inc	32,433
354		Raven Industries, Inc	8,291
616		Regal-Beloit Corp	17,963
4,968	*	RF Micro Devices, Inc	26,976
4,640		Rockwell Collins, Inc	221,235
458	*	Rogers Corp	18,572
14,370	*	Sanmina-SCI Corp	78,604
4,094		Scientific-Atlanta, Inc	136,207
500	*	Seachange International, Inc	3,510
1,640	*	Semtech Corp	27,306
932	*	Sigmatel, Inc	15,993
1,600	*	Silicon Image, Inc	16,416
1,038	*	Silicon Laboratories, Inc	27,206
2,309	*	Silicon Storage Technology, Inc	9,305
34,161	*	Sirius Satellite Radio, Inc	221,363
3,963	*	Skyworks Solutions, Inc	29,207
661	*	Spatialight, Inc	3,748
600		Spectralink Corp	6,312
1,075	*	Spectrum Brands, Inc	35,475
398	*	Standard Microsystems Corp	9,305
700	*	Supertex, Inc	12,362
1,400	*	Symmetricom, Inc	14,518
620	*	Synaptics, Inc	13,243
1,002		Technitrol, Inc	14,158
1,594	*	Tekelec	26,779
873		Teleflex, Inc	51,830
11,241	*	Tellabs, Inc	97,797
1,756	*	Terayon Communication Systems, Inc	5,426
1,148	*	Tessera Technologies, Inc	38,355
43,313		Texas Instruments, Inc	1,215,796
1,394	*	Thomas & Betts Corp	39,367
2,439	*	Titan Corp	55,463
2,723	*	Transwitch Corp	5,582
528	*	Trident Microsystems, Inc	11,980
2,542	*	Triquint Semiconductor, Inc	8,465

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

1,148	*	TTM Technologies, Inc	$	8,736
100	*	Ulticom, Inc		1,061
395	*	Ultralife Batteries, Inc		6,379
400	*	Universal Display Corp		4,112
400	*	Universal Electronics, Inc		6,636
2,035	*	UTStarcom, Inc		15,242
1,329	*	Valence Technology, Inc		3,721
961	*	Varian Semiconductor Equipment Associates, Inc		35,557
2	*	Vialta, Inc		1
559	*	Viasat, Inc		11,364
270		Vicor Corp		3,672
6,144	*	Vishay Intertechnology, Inc		72,929
5,793	*	Vitesse Semiconductor Corp		12,107
392	*	Volterra Semiconductor Corp		5,837
1,200	*	Westell Technologies, Inc		7,176
1,590		Whirlpool Corp		111,475
9,056		Xilinx, Inc		230,928
652	*	Zhone Technologies, Inc		2,184
1,164	*	Zoran Corp		15,470

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		30,017,092


ENGINEERING AND MANAGEMENT SERVICES - 0.66%
499	*	Advisory Board Co		24,321
2,683	*	Amylin Pharmaceuticals, Inc		56,155
600	*	Antigenics, Inc		3,246
1,934	*	Applera Corp (Celera Genomics Group)		21,216
1,473	*	Ariad Pharmaceuticals, Inc		9,810
4,932	*	BearingPoint, Inc		36,152
462		CDI Corp		10,127
4,590	*	Celgene Corp		187,134
1,106		Corporate Executive Board Co		86,633
193	*	CRA International, Inc		10,393
2,253	*	CuraGen Corp		11,580
759	*	CV Therapeutics, Inc		17,017
1,224	*	Decode Genetics, Inc		11,493
656	*	DiamondCluster International, Inc		7,413
2,311	*	Digitas, Inc		26,369
800	*	Diversa Corp		4,168
1,615	*	eResearch Technology, Inc		21,625
444	*	Essex Corp		10,159
2,026	*	Exelixis, Inc		15,053
169	*	Exponent, Inc		4,830
2,306		Fluor Corp		132,803
1,434	*	Gen-Probe, Inc		51,954
440	*	Greenfield Online, Inc		5,346
1,141	*	Harris Interactive, Inc		5,557
994	*	Hewitt Associates, Inc		26,351
1,608	*	ICOS Corp		34,041
1,684	*	Incyte Corp		12,041

243	*	Infrasource Services, Inc	2,532
2,316	*	Isis Pharmaceuticals, Inc	9,056
1,433	*	Jacobs Engineering Group, Inc	80,621
609	*	Keryx Biopharmaceuticals, Inc	8,039
230		Landauer, Inc	11,939
368	*	LECG Corp	7,824
1,784	*	Lexicon Genetics, Inc	8,813
800	*	Lifecell Corp	12,648

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

563	*	Luminex Corp	$	5,540
643		MAXIMUS, Inc		22,691
393	*	Maxygen, Inc		2,696
6,605		Moody's Corp		296,961
265	*	MTC Technologies, Inc		9,760
800	*	Myriad Genetics, Inc		12,520
1,293	*	Navigant Consulting, Inc		22,834
350	*	Neopharm, Inc		3,497
703	*	Neurogen Corp		4,794
637	*	Orchid Cellmark, Inc		6,886
8,644		Paychex, Inc		281,276
1,005	*	Per-Se Technologies, Inc		21,125
1,399	*	Pharmaceutical Product Development, Inc		65,557
588	*	PRG-Schultz International, Inc		1,658
4,274		Quest Diagnostics, Inc		227,676
861	*	Regeneron Pharmaceuticals, Inc		7,224
1,302	*	Resources Connection, Inc		30,245
282	*	Rigel Pharmaceuticals, Inc		5,617
1,582	*	Savient Pharmaceuticals, Inc		6,977
567	*	Seattle Genetics, Inc		3,039
539	*	Senomyx, Inc		8,899
351	*	SFBC International, Inc		13,559
2,024	*	Shaw Group, Inc		43,536
409	*	Sourcecorp		8,106
700	*	Symyx Technologies, Inc		19,586
100		Sypris Solutions, Inc		1,237
125	*	Tejon Ranch Co		6,434
1,200	*	Telik, Inc		19,512
1,586	*	Tetra Tech, Inc		21,459
790	*	Transkaryotic Therapies, Inc		28,898
482	*	Trimeris, Inc		4,810
1,063	*	URS Corp		39,703
3,141	*	ViroLogic, Inc		7,790
700	*	Washington Group International, Inc		35,784
846		Watson Wyatt & Co Holdings		21,683

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,304,028


FABRICATED METAL PRODUCTS - 0.34%
922	*	Alliant Techsystems, Inc		65,093
498		Ameron International Corp		18,625
919		Aptargroup, Inc		46,685
2,867		Ball Corp		103,097
500		CIRCOR International, Inc		12,335
1,664		Commercial Metals Co		39,636
325	*	Commercial Vehicle Group, Inc		5,769
1,495		Crane Co		39,319
4,744	*	Crown Holdings, Inc		67,507
303	*	Global Power Equipment Group, Inc		2,409
1,036	*	Griffon Corp		22,999
100		Gulf Island Fabrication, Inc		1,988
6,554		Illinois Tool Works, Inc		522,223
2,538	*	Jacuzzi Brands, Inc		27,233
201		Lifetime Brands, Inc		3,926
356	*	Mobile Mini, Inc		12,275
669	*	NCI Building Systems, Inc		21,943
288		Silgan Holdings, Inc		16,197
824		Simpson Manufacturing Co, Inc		25,173
1,508		Snap-On, Inc		51,724

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

273		Sturm Ruger & Co, Inc	$	2,285
1,356	*	Taser International, Inc		13,614
566		Valmont Industries, Inc		14,603
280	*	Water Pik Technologies, Inc		5,334
963		Watts Water Technologies, Inc (Class A)		32,251

		TOTAL FABRICATED METAL PRODUCTS		1,174,243


FOOD AND KINDRED PRODUCTS - 2.83%
400		American Italian Pasta Co (Class A)		8,408
20,232		Anheuser-Busch Cos, Inc		925,614
17,112		Archer Daniels Midland Co		365,855
300	*	Boston Beer Co, Inc (Class A)		6,732
5,566		Campbell Soup Co		171,266
200		Coca-Cola Bottling Co Consolidated		10,108
54,273		Coca-Cola Co		2,265,898
7,194		Coca-Cola Enterprises, Inc		158,340
13,490		Conagra Foods, Inc		312,428
4,888	*	Constellation Brands, Inc (Class A)		144,196
2,092		Corn Products International, Inc		49,706
1,501	*	Darling International, Inc		5,629
5,488	*	Del Monte Foods Co		59,106
904		Flowers Foods, Inc		31,965
7,740		General Mills, Inc		362,155
1,344	*	Gold Kist, Inc		29,004
9,122		H.J. Heinz Co		323,101
169	*	Hansen Natural Corp		14,318
2,712	*	Hercules, Inc		38,375
4,466		Hershey Foods Corp		277,339
2,103		Hormel Foods Corp		61,681
284		J & J Snack Foods Corp		14,867
1,480		J.M. Smucker Co		69,471
6,373		Kellogg Co		283,216
6,527		Kraft Foods, Inc (Class A)		207,624
732		Lancaster Colony Corp		31,417
991		Lance, Inc		17,055
274	*	M&F Worldwide Corp		3,661
3,607		McCormick & Co, Inc (Non-Vote)		117,877
1,080		Molson Coors Brewing Co (Class B)		66,960
283	*	Peets Coffee & Tea, Inc		9,350
3,629		Pepsi Bottling Group, Inc		103,826
1,753		PepsiAmericas, Inc		44,982

43,639		PepsiCo, Inc	2,353,451
708		Ralcorp Holdings, Inc	29,134
466		Sanderson Farms, Inc	21,175
20,518		Sara Lee Corp	406,462
2,442	*	Smithfield Foods, Inc	66,593
657		Tootsie Roll Industries, Inc	19,217
1,164		Topps Co, Inc	11,675
6,178		Tyson Foods, Inc (Class A)	109,968
4,276		Wrigley (Wm.) Jr Co	294,360

		TOTAL FOOD AND KINDRED PRODUCTS	9,903,565


FOOD STORES - 0.41%
787	*	7-Eleven, Inc	23,799
9,640		Albertson's, Inc	199,355
37		Arden Group, Inc (Class A)	2,933

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

453	*	Great Atlantic & Pacific Tea Co, Inc	$	13,164
636		Ingles Markets, Inc (Class A)		8,758
18,996	*	Kroger Co		361,494
839	*	Panera Bread Co (Class A)		52,089
327	*	Pantry, Inc		12,665
1,200	*	Pathmark Stores, Inc		10,512
814		Ruddick Corp		20,781
10,156	*	Starbucks Corp		524,659
314		Weis Markets, Inc		12,180
1,619		Whole Foods Market, Inc		191,528
665	*	Wild Oats Markets, Inc		7,614

		TOTAL FOOD STORES		1,441,531


FORESTRY - 0.13%
1,310		Rayonier, Inc		69,469
6,121		Weyerhaeuser Co		389,602

		TOTAL FORESTRY		459,071


FURNITURE AND FIXTURES - 0.38%
300		Bassett Furniture Industries, Inc		5,658
1,642	*	BE Aerospace, Inc		25,664
976		Ethan Allen Interiors, Inc		32,706
1,351		Furniture Brands International, Inc		29,195
1,898		Herman Miller, Inc		58,534
1,248		Hillenbrand Industries, Inc		63,086
1,516		HNI Corp		77,543
164		Hooker Furniture Corp		2,865
655	*	Interface, Inc (Class A)		5,273
4,934		Johnson Controls, Inc		277,932
620		Kimball International, Inc (Class B)		8,184
1,120		La-Z-Boy, Inc		16,318
4,937		Leggett & Platt, Inc		131,225
11,298		Masco Corp		358,824
7,322		Newell Rubbermaid, Inc		174,556
1,025	*	Select Comfort Corp		21,966
340		Stanley Furniture Co, Inc		8,350
1,121	*	Tempur-Pedic International, Inc		24,864

		TOTAL FURNITURE AND FIXTURES		1,322,743


FURNITURE AND HOMEFURNISHINGS STORES - 0.43%
7,666	*	Bed Bath & Beyond, Inc		320,285
750	*	Bell Microproducts, Inc		7,050
7,103		Best Buy Co, Inc		486,911
483	*	Brookstone, Inc		9,119
5,106		Circuit City Stores, Inc (Circuit City Group)		88,283
707	*	Cost Plus, Inc		17,633
421	*	Electronics Boutique Holdings Corp		26,729
1,053	*	GameStop Corp (Class B)		31,485
672	*	Guitar Center, Inc		39,225
768		Haverty Furniture Cos, Inc		11,351
1,249	*	Linens 'n Things, Inc		29,551
1,403	*	Mohawk Industries, Inc		115,748
650		Movie Gallery, Inc		17,180
2,367		Pier 1 Imports, Inc		33,588
4,059		RadioShack Corp		94,047

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

741	*	Restoration Hardware, Inc	$	6,061
1,682		Steelcase, Inc (Class A)		23,296
1,353	*	The Bombay Co, Inc		7,712
228	*	Trans World Entertainment Corp		2,697
668		Tuesday Morning Corp		21,055
2,950	*	Williams-Sonoma, Inc		116,732

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,505,738

GENERAL BUILDING CONTRACTORS - 0.55%
90	*	Avatar Holdings, Inc		4,524
1,053		Beazer Homes U.S.A., Inc		60,179
384		Brookfield Homes Corp		17,510
3,346		Centex Corp		236,462
7,086		D.R. Horton, Inc		266,504
864	*	Hovnanian Enterprises, Inc (Class A)		56,333
2,070		KB Home		157,796
3,324		Lennar Corp (Class A)		210,908
325		Levitt Corp (Class A)		9,724
266		M/I Homes, Inc		14,391
532		McGrath RentCorp		12,608
795		MDC Holdings, Inc		65,389
586	*	Meritage Homes Corp		46,587
134	*	NVR, Inc		108,540
769	*	Palm Harbor Homes, Inc		14,480
514	*	Perini Corp		8,440
2,846		Pulte Homes, Inc		239,776
1,222		Ryland Group, Inc		92,713
872		Standard-Pacific Corp		76,692
382		Technical Olympic U.S.A., Inc		9,275
1,415	*	Toll Brothers, Inc		143,693
942		Walter Industries, Inc		37,868
909	*	WCI Communities, Inc		29,115
113	*	William Lyon Homes, Inc		10,962

		TOTAL GENERAL BUILDING CONTRACTORS		1,930,469

GENERAL MERCHANDISE STORES - 1.98%
1,137	*	99 Cents Only Stores		14,451

3,096	*	Big Lots, Inc	40,991
1,975	*	BJ's Wholesale Club, Inc	64,168
801	*	Cabela's, Inc	17,109
1,499		Casey's General Stores, Inc	29,710
12,319		Costco Wholesale Corp	552,138
1,749		Dillard's, Inc (Class A)	40,962
8,218		Dollar General Corp	167,318
4,092		Family Dollar Stores, Inc	106,801
4,368		Federated Department Stores, Inc	320,087
1,283		Fred's, Inc	21,272
6,277		J.C. Penney Co, Inc	330,045
7,668		May Department Stores Co	307,947
1,066		Neiman Marcus Group, Inc (Class A)	103,317
373	*	Retail Ventures, Inc	5,088
3,234	*	Saks, Inc	61,349
776	*	ShopKo Stores, Inc	18,865
556		Stein Mart, Inc	12,232
23,078		Target Corp	1,255,674
12,531		TJX Cos, Inc	305,130
65,631		Wal-Mart Stores, Inc	3,163,414

		TOTAL GENERAL MERCHANDISE STORES	6,938,068

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

HEALTH SERVICES - 1.15%
1,360	*	Accredo Health, Inc	$	61,744
1,059	*	Alliance Imaging, Inc		11,077
778	*	Allied Healthcare International, Inc		5,508
507	*	Amedisys, Inc		18,647
300	*	America Service Group, Inc		4,755
867	*	American Healthways, Inc		36,648
717	*	American Retirement Corp		10,483
793	*	Amsurg Corp		21,958
1,196	*	Apria Healthcare Group, Inc		41,429
3,020	*	Beverly Enterprises, Inc		38,475
500	*	Bio-Reference Labs, Inc		6,940
11,981	*	Caremark Rx, Inc		533,394
2,280	*	Community Health Systems, Inc		86,161
90	*	Corvel Corp		2,261
1,652	*	Covance, Inc		74,125
2,772	*	Coventry Health Care, Inc		196,119
941	*	Cross Country Healthcare, Inc		15,997
2,697	*	DaVita, Inc		122,660
1,437	*	Edwards Lifesciences Corp		61,820
604	*	Enzo Biochem, Inc		10,830
1,167	*	Enzon, Inc		7,562
3,238	*	Express Scripts, Inc		161,835
517	*	Genesis HealthCare Corp		23,927
671	*	Gentiva Health Services, Inc		11,984
11,273		HCA, Inc		638,841
6,304		Health Management Associates, Inc (Class A)		165,039
2,018		Hooper Holmes, Inc		8,375
270	*	Horizon Health Corp		6,315
3,724	*	Human Genome Sciences, Inc		43,124
708	*	Kindred Healthcare, Inc		28,044
3,508	*	Laboratory Corp of America Holdings		175,049
435		LCA-Vision, Inc		21,080
1,383	*	LifePoint Hospitals, Inc		69,869
2,396	*	Lincare Holdings, Inc		97,853
551	*	Magellan Health Services, Inc		19,456
2,289		Manor Care, Inc		90,942
450	*	Matria Healthcare, Inc		14,504
170	*	Medcath Corp		4,724
7,135	*	Medco Health Solutions, Inc		380,724
175		National Healthcare Corp		6,179
2,300	*	Nektar Therapeutics		38,732
1,126	*	OCA, Inc		2,117
631	*	Odyssey HealthCare, Inc		9,099
1,087		Option Care, Inc		15,327
533	*	Pediatrix Medical Group, Inc		39,197
479	*	Psychiatric Solutions, Inc		23,332
400	*	Radiation Therapy Services, Inc		10,620
500	*	RehabCare Group, Inc		13,365
1,815	*	Renal Care Group, Inc		83,672
625	*	Sierra Health Services, Inc		44,663
100	*	Specialty Laboratories, Inc		841
470	*	Sunrise Senior Living, Inc		25,371
233	*	Symbion, Inc		5,557
12,116	*	Tenet Healthcare Corp		148,300
2,108	*	Triad Hospitals, Inc		115,181
302	*	U.S. Physical Therapy, Inc		5,792
792	*	United Surgical Partners International, Inc		41,247
1,141		Universal Health Services, Inc (Class B)		70,947
309	*	VistaCare, Inc (Class A)		5,707

		TOTAL HEALTH SERVICES		4,035,524

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
1,209		Granite Construction, Inc	$	33,973

		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		33,973


HOLDING AND OTHER INVESTMENT OFFICES - 3.56%
326	*	4Kids Entertainment, Inc		6,481
1,000		Aames Investment Corp		9,720
690		Acadia Realty Trust		12,869
871	*	Affiliated Managers Group, Inc		59,515
695		Affordable Residential Communities		9,278
196		Agree Realty Corp		5,929
54	*	Alexander's, Inc		13,433
499		Alexandria Real Estate Equities, Inc		36,652
3,401		Allied Capital Corp		99,003
2,246		AMB Property Corp		97,544
400		American Campus Communities, Inc		9,072
3,293		American Financial Realty Trust		50,646
921		American Home Mortgage Investment Corp		32,198
668		AMLI Residential Properties Trust		20,882
3,324		Annaly Mortgage Management, Inc		59,599
1,284		Anthracite Capital, Inc		15,215
1,557		Anworth Mortgage Asset Corp		15,321
2,490		Apartment Investment & Management Co (Class A)		101,891

1,369		Apollo Investment Corp	25,231
197		Arbor Realty Trust, Inc	5,654
5,210		Archstone-Smith Trust	201,210
1,596		Arden Realty, Inc	57,424
564		Ashford Hospitality Trust, Inc	6,091
2,006		AvalonBay Communities, Inc	162,085
477		Bedford Property Investors	10,981
600		Bimini Mortgage Management, Inc (Class A)	8,460
814		BioMed Realty Trust, Inc	19,414
2,822		Boston Properties, Inc	197,540
470	*	Boykin Lodging Co	6,298
1,460		Brandywine Realty Trust	44,749
1,328		BRE Properties, Inc (Class A)	55,577
1,211		Camden Property Trust	65,091
877		Capital Automotive REIT	33,475
637		Capital Lease Funding, Inc	6,911
77		Capital Southwest Corp	6,905
173		Capital Trust, Inc	5,780
1,526		CarrAmerica Realty Corp	55,211
2,738		Catellus Development Corp	89,806
1,124		CBL & Associates Properties, Inc	48,411
463		Cedar Shopping Centers, Inc	6,829
1,174		Centerpoint Properties Trust	49,660
300		Cherokee, Inc	10,386
1,100		Colonial Properties Trust	48,400
1,304		Commercial Net Lease Realty, Inc	26,693
957		Corporate Office Properties Trust	28,184
309		Correctional Properties Trust	8,745
936		Cousins Properties, Inc	27,687
2,446		Crescent Real Estate Equities Co	45,863
405	*	Criimi MAE, Inc	8,849
667		CRT Properties, Inc	18,209
2,785		Developers Diversified Realty Corp	127,999
653		Diamondrock Hospitality Co	7,379
3,742		Duke Realty Corp	118,472
570		Eastgroup Properties, Inc	24,003

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

1,300		ECC Capital Corp	$	8,658
600		Education Realty Trust, Inc		10,980
663		Entertainment Properties Trust		30,498
1,440		Equity Inns, Inc		19,152
476		Equity Lifestyle Properties, Inc		18,926
10,776		Equity Office Properties Trust		356,686
800		Equity One, Inc		18,160
7,552		Equity Residential		278,065
644		Essex Property Trust, Inc		53,491
600		Extra Space Storage, Inc		8,598
1,367		Federal Realty Investment Trust		80,653
1,200	*	FelCor Lodging Trust, Inc		17,376
1,272		Fieldstone Investment Corp		18,317
1,143		First Industrial Realty Trust, Inc		45,606
423		First Potomac Realty Trust		10,490
3,885		Friedman Billings Ramsey Group, Inc		55,556
860		Gables Residential Trust		37,178
4,822		General Growth Properties, Inc		198,136
629		Getty Realty Corp		17,423
236		Gladstone Capital Corp		5,522
847		Glenborough Realty Trust, Inc		17,440
789		Glimcher Realty Trust		21,895
390		Global Signal, Inc		14,684
800		GMH Communities Trust		11,080
543		Government Properties Trust, Inc		5,278
400		Gramercy Capital Corp		9,784
350		Harris & Harris Group, Inc		4,169
3,586		Health Care Property Investors, Inc		96,965
1,413		Health Care REIT, Inc		53,256
1,251		Healthcare Realty Trust, Inc		48,301
713		Heritage Property Investment Trust		24,969
974		Highland Hospitality Corp		10,178
1,624		Highwoods Properties, Inc		48,330
1,068		Home Properties, Inc		45,945
900		HomeBanc Corp		8,181
22,226		Honeywell International, Inc		814,138
1,756		Hospitality Properties Trust		77,387
9,120		Host Marriott Corp		159,600
5,594		HRPT Properties Trust		69,533
1,765		IMPAC Mortgage Holdings, Inc		32,917
1,748		Inland Real Estate Corp		28,108
920		Innkeepers U.S.A. Trust		13,745
1,600		Investors Real Estate Trust		15,456
8,400		iShares Russell 2000 Index Fund		535,080
3,022		iStar Financial, Inc		125,685
800		Kilroy Realty Corp		37,992
2,555		Kimco Realty Corp		150,515
700		Kite Realty Group Trust		10,500
781		LaSalle Hotel Properties		25,625
1,140		Lexington Corporate Properties Trust		27,713
2,352		Liberty Property Trust		104,217
355		LTC Properties, Inc		7,349
1,028		Luminent Mortgage Capital, Inc		11,092
1,693		Macerich Co		113,516
1,607		Mack-Cali Realty Corp		72,797
956		Maguire Properties, Inc		27,093
2,480	*	Meristar Hospitality Corp		21,328
2,141		MFA Mortgage Investments, Inc		15,950
569		Mid-America Apartment Communities, Inc		25,844

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES			VALUE

1,511	Mills Corp	$	91,854
500	MortgageIT Holdings, Inc		9,125
913	National Health Investors, Inc		25,628
1,874	Nationwide Health Properties, Inc		44,245
1,272	New Century Financial Corp		65,444
2,873	New Plan Excel Realty Trust		78,059
1,140	Newcastle Investment Corp		34,371
704	Novastar Financial, Inc		27,562
1,305	Omega Healthcare Investors, Inc		16,782
900	Origen Financial, Inc		6,660
1,070	Pan Pacific Retail Properties, Inc		71,027
309	Parkway Properties, Inc		15,453

1,044		Pennsylvania Real Estate Investment Trust	49,590
4,929		Plum Creek Timber Co, Inc	178,923
1,037		Post Properties, Inc	37,446
1,179		Prentiss Properties Trust	42,963
4,823		Prologis	194,078
437		PS Business Parks, Inc	19,425
2,174		Public Storage, Inc	137,506
531		RAIT Investment Trust	15,903
311		Ramco-Gershenson Properties	9,106
2,302		Realty Income Corp	57,642
2,127		Reckson Associates Realty Corp	71,361
514		Redwood Trust, Inc	26,522
1,645		Regency Centers Corp	94,094
340		Saul Centers, Inc	12,359
1,300		Saxon Capital, Inc	22,191
1,322		Senior Housing Properties Trust	24,999
1,309		Shurgard Storage Centers, Inc (Class A)	60,162
4,487		Simon Property Group, Inc	325,263
474		Sizeler Property Investors	6,257
1,035		SL Green Realty Corp	66,758
368		Sovran Self Storage, Inc	16,729
24,900		SPDR Trust Series 1	2,967,582
1,400		Spirit Finance Corp	16,450
500		Strategic Hotel Capital, Inc	9,000
366		Sun Communities, Inc	13,612
400		Sunstone Hotel Investors, Inc	9,704
766		Tanger Factory Outlet Centers, Inc	20,628
273	*	Tarragon Realty Investors, Inc	6,893
1,400		Taubman Centers, Inc	47,726
6,392	*	Telewest Global, Inc	145,610
2,442		Thornburg Mortgage, Inc	71,135
559		Town & Country Trust	15,937
2,431		Trizec Properties, Inc	50,006
1,258		Trustreet Properties, Inc	20,895
3,488		United Dominion Realty Trust, Inc	83,886
288		Universal Health Realty Income Trust	10,976
562		Urstadt Biddle Properties, Inc (Class A)	9,734
791		U-Store-It Trust	15,069
2,492		Ventas, Inc	75,258
2,888		Vornado Realty Trust	232,195
1,105		Washington Real Estate Investment Trust	34,476
2,101		Weingarten Realty Investors	82,401
600		Winston Hotels, Inc	6,756

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES	12,459,432

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

HOTELS AND OTHER LODGING PLACES - 0.43%
632		Ameristar Casinos, Inc	$	16,489
950	*	Aztar Corp		32,538
469	*	Bluegreen Corp		8,165
1,136		Boyd Gaming Corp		58,084
506		Choice Hotels International, Inc		33,244
1,045	*	Gaylord Entertainment Co		48,582
665	*	Great Wolf Resorts, Inc		13,593
9,942		Hilton Hotels Corp		237,117
543	*	Isle of Capri Casinos, Inc		14,227
5,290	*	La Quinta Corp		49,356
500	*	Las Vegas Sands Corp		17,875
485		Marcus Corp		10,292
4,907		Marriott International, Inc (Class A)		334,756
3,260	*	MGM Mirage		129,031
1,000	*	MTR Gaming Group, Inc		11,640
5,627		Starwood Hotels & Resorts Worldwide, Inc		329,573
1,452		Station Casinos, Inc		96,413
796	*	Vail Resorts, Inc		22,368
1,247	*	Wynn Resorts Ltd		58,946

		TOTAL HOTELS AND OTHER LODGING PLACES		1,522,289

INDUSTRIAL MACHINERY AND EQUIPMENT - 5.29%
20,054		3M Co		1,449,904
128	*	Aaon, Inc		2,277
696	*	Actuant Corp		33,366
1,946	*	Advanced Digital Information Corp		14,790
2,124	*	AGCO Corp		40,611
741		Albany International Corp (Class A)		23,794
4,876		American Standard Cos, Inc		204,402
21,338	*	Apple Computer, Inc		785,452
43,452		Applied Materials, Inc		703,053
455	*	Astec Industries, Inc		10,551
177	*	ASV, Inc		7,176
1,413	*	Asyst Technologies, Inc		6,302
2,844	*	Axcelis Technologies, Inc		19,510
2,119		Black & Decker Corp		190,392
472		Black Box Corp		16,709
776	*	Blount International, Inc		12,951
1,362		Briggs & Stratton Corp		47,152
8,166	*	Brocade Communications Systems, Inc		31,684
1,285	*	Brooks Automation, Inc		19,082
531		Bucyrus International, Inc (Class A)		20,167
813		Carlisle Cos, Inc		55,796
328		Cascade Corp		14,186
8,905		Caterpillar, Inc		848,736
1,620		CDW Corp		92,486
2,247	*	Cirrus Logic, Inc		11,932
1,497	*	Cooper Cameron Corp		92,889
1,096		Cummins, Inc		81,773
486		Curtiss-Wright Corp		26,220
6,421		Deere & Co		420,511
64,447	*	Dell, Inc		2,546,301
1,867		Diebold, Inc		84,220
1,931		Donaldson Co, Inc		58,567
1,200	*	Dot Hill Systems Corp		6,288
5,306		Dover Corp		193,032
88	*	Dril-Quip, Inc		2,553
3,925		Eaton Corp		235,108
63,305	*	EMC Corp		867,912

TIAA-CREF MUTUAL FUNDS - Equity Index Fund

549	*	EnPro Industries, Inc	15,850
1,762	*	Entegris, Inc	17,444
2,903	*	Extreme Networks, Inc	11,902
322	*	Fargo Electronics, Inc	6,437
368	*	Flanders Corp	3,312
1,541	*	Flowserve Corp	46,631
1,696	*	FMC Technologies, Inc	54,221
654	*	Gardner Denver, Inc	22,942
6,285	*	Gateway, Inc	20,741
174	*	Gehl Co	6,776
100	*	General Binding Corp	2,192
498	*	Global Imaging Systems, Inc	15,866
125		Gorman-Rupp Co	2,676
1,799		Graco, Inc	61,292
3,240	*	Grant Prideco, Inc	85,698
75,778		Hewlett-Packard Co	1,781,541
465	*	Hydril	25,273
1,320		IDEX Corp	50,965
42,042	d	International Business Machines Corp	3,119,516
8,960		International Game Technology	252,224
471	*	Intevac, Inc	4,931
4,411	*	Jabil Circuit, Inc	135,550
2,085		Joy Global, Inc	70,035
277	*	Kadant, Inc	6,075
816		Kaydon Corp	22,726
1,026		Kennametal, Inc	47,042
700	*	Komag, Inc	19,859
1,778	*	Kulicke & Soffa Industries, Inc	14,064
3,747	*	Lam Research Corp	108,438
1,100		Lennox International, Inc	23,287
3,227	*	Lexmark International, Inc	209,206
347		Lindsay Manufacturing Co	8,182
400		Lufkin Industries, Inc	14,392
698		Manitowoc Co, Inc	28,632
5,887	*	Maxtor Corp	30,612
987	*	Micros Systems, Inc	44,168
126		Middleby Corp	6,660
587	*	Mikohn Gaming Corp	8,644
907		Modine Manufacturing Co	29,532
108		Nacco Industries, Inc (Class A)	11,580
4,585	*	National Oilwell Varco, Inc	217,971
609	*	Netgear, Inc	11,327
286		NN, Inc	3,626
806		Nordson Corp	27,630
900	*	Oil States International, Inc	22,653
3,241		Pall Corp	98,397
1,177	*	PalmOne, Inc	35,039
3,212		Parker Hannifin Corp	199,176
728	*	Paxar Corp	12,922
2,766		Pentair, Inc	118,412
6,109		Pitney Bowes, Inc	266,047
590	*	ProQuest Co	19,346
3,577	*	Quantum Corp	10,624
115		Robbins & Myers, Inc	2,474
4,796		Rockwell Automation, Inc	233,613
4,666	*	Sandisk Corp	110,724
45		Sauer-Danfoss, Inc	800
1,235	*	Scansoft, Inc	4,668

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

353	*	Scansource, Inc	$	15,158
234		Schawk, Inc		5,850
1,984	*	Scientific Games Corp (Class A)		53,429
200	*	Semitool, Inc		1,908
2,627		Smith International, Inc		167,340
25,371	*	Solectron Corp		96,156
1,998		SPX Corp		91,868
344		Standex International Corp		9,773
1,874		Stanley Works		85,342
805		Stewart & Stevenson Services, Inc		18,241
2,951	*	Storage Technology Corp		107,092
6,473		Symbol Technologies, Inc		63,889
367		Tecumseh Products Co (Class A)		10,070
234		Tennant Co		8,286
1,188	*	Terex Corp		46,807
546		Thomas Industries, Inc		21,818
1,936		Timken Co		44,722
1,189		Toro Co		45,907
341	*	TurboChef Technologies, Inc		6,111
810	*	Ultratech, Inc		14,823
1,102	*	UNOVA, Inc		29,346
3,445	*	Varian Medical Systems, Inc		128,602
647	*	VeriFone Holdings, Inc		10,514
568		Watsco, Inc		24,197
5,786	*	Western Digital Corp		77,648
300		Woodward Governor Co		25,209
1,092		York International Corp		41,496
1,879	*	Zebra Technologies Corp (Class A)		82,281

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		18,528,000


INSTRUMENTS AND RELATED PRODUCTS - 3.12%
492	*	Abaxis, Inc		5,353
429	*	Abiomed, Inc		3,668
266	*	ADE Corp		7,461
1,615	*	Advanced Medical Optics, Inc		64,196
488	*	Advanced Neuromodulation Systems, Inc		19,364
1,784	*	Affymetrix, Inc		96,211
12,658	*	Agilent Technologies, Inc		291,387
1,500	*	Align Technology, Inc		11,055
3,398		Allergan, Inc		289,646
1,794	*	American Medical Systems Holdings, Inc		37,046
214	*	American Science & Engineering, Inc		9,493
360		Analogic Corp		18,115
700	*	Anaren Microwave, Inc		9,205
314	*	Animas Corp		6,327
5,435		Applera Corp (Applied Biosystems Group)		106,906
232	*	ARGON ST Inc		8,236
547		Arrow International, Inc		17,449
700	*	Arthrocare Corp		24,458

249	*	Aspect Medical Systems, Inc	7,405
500	*	August Technology Corp	5,825
144		Badger Meter Inc	5,947
2,766		Bard (C.R.), Inc	183,967
1,394		Bausch & Lomb, Inc	115,702
16,220		Baxter International, Inc	601,762
1,612		Beckman Coulter, Inc	102,475
6,588		Becton Dickinson & Co	345,672
312		BEI Technologies, Inc	8,324
6,562		Biomet, Inc	227,308

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

432	*	Bio-Rad Laboratories, Inc (Class A)	$	25,579
365	*	Biosite, Inc		20,071
17,195	*	Boston Scientific Corp		464,265
446	*	Bruker BioSciences Corp		1,780
414	*	Candela Corp		4,326
1,175	*	Cepheid, Inc		8,625
372		CNS, Inc		8,500
793	*	Coherent, Inc		28,556
475		Cohu, Inc		9,524
987	*	Conmed Corp		30,370
1,094		Cooper Cos, Inc		66,581
2,710	*	Credence Systems Corp		24,526
448	*	Cuno, Inc		32,005
555	*	Cyberonics, Inc		24,081
6,155		Danaher Corp		322,153
446		Datascope Corp		14,874
2,100		Dentsply International, Inc		113,400
526	*	Dionex Corp		22,939
503	*	DJ Orthopedics, Inc		13,797
709		DRS Technologies, Inc		36,358
7,483		Eastman Kodak Co		200,919
656		EDO Corp		19,621
866	*	Encore Medical Corp		4,806
300	*	ESCO Technologies, Inc		30,240
565	*	Esterline Technologies Corp		22,645
245	*	Excel Technology, Inc		5,954
298	*	Faro Technologies, Inc		8,123
815	*	FEI Co		18,590
3,084	*	Fisher Scientific International, Inc		200,152
1,894	*	Flir Systems, Inc		56,517
781	*	Formfactor, Inc		20,634
1,212	*	Fossil, Inc		27,512
357	*	Foxhollow Technologies, Inc		13,662
8,467		Guidant Corp		569,829
671	*	Haemonetics Corp		27,269
888	*	HealthTronics, Inc		11,535
463	*	Herley Industries, Inc		8,445
463	*	Hologic, Inc		18,404
283	*	ICU Medical, Inc		9,104
511	*	I-Flow Corp		8,503
600	*	II-VI, Inc		11,034
819	*	Illumina, Inc		9,885
1,017	*	Inamed Corp		68,108
1,170	*	Input/Output, Inc		7,348
454	*	Integra LifeSciences Holding		13,257
733	*	Intermagnetics General Corp		22,547
343	*	Intralase Corp		6,730
837	*	Intuitive Surgical, Inc		39,038
737		Invacare Corp		32,693
420	*	IRIS International, Inc		7,476
500	*	Ista Pharmaceuticals, Inc		4,160
593	*	Itron, Inc		26,495
995	*	Ixia		19,343
328		Keithley Instruments, Inc		5,054
207	*	Kensey Nash Corp		6,260
5,143		KLA-Tencor Corp		224,749
2,526	*	Kopin Corp		12,883
655	*	Kyphon, Inc		22,787
509	*	Laserscope		21,093
219	*	LeCroy Corp		3,011
1,994	*	Lexar Media, Inc		9,791

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

1,706	*	LTX Corp	$	8,462
301	*	Measurement Specialties, Inc		6,986
31,519		Medtronic, Inc		1,632,369
1,051		Mentor Corp		43,595
814	*	Merit Medical Systems, Inc		12,544
1,088	*	Mettler-Toledo International, Inc		50,679
267	*	Micro Therapeutics, Inc		1,063
1,370	*	Millipore Corp		77,720
672		Mine Safety Appliances Co		31,046
854	*	MKS Instruments, Inc		14,424
369	*	Molecular Devices Corp		7,981
824		Movado Group, Inc		15,557
779		MTS Systems Corp		26,159
958	*	Nanogen, Inc		3,679
1,300	*	Newport Corp		18,018
404	*	NuVasive, Inc		6,714
609		Oakley, Inc		10,371
338	*	Palomar Medical Technologies, Inc		8,085
3,347		PerkinElmer, Inc		63,258
500	*	Photon Dynamics, Inc		10,305
1,605	*	Pinnacle Systems, Inc		8,828
718		PolyMedica Corp		25,604
11,853		Raytheon Co		463,689
912	*	Resmed, Inc		60,183
1,862	*	Respironics, Inc		67,237
311	*	Rofin-Sinar Technologies, Inc		10,201
1,110		Roper Industries, Inc		79,221
500	*	Rudolph Technologies, Inc		7,165
925	*	Sirf Technology Holdings, Inc		16,354
491	*	Sonic Solutions, Inc		9,133
600	*	SonoSite, Inc		18,624
9,324	*	St. Jude Medical, Inc		406,620
722	*	Star Scientific, Inc		3,227
2,032		Steris Corp		52,365
7,542		Stryker Corp		358,698
1,064	*	Sybron Dental Specialties, Inc		40,028

1,152	*	Techne Corp	52,888
2,257		Tektronix, Inc	52,520
1,092	*	Teledyne Technologies, Inc	35,577
5,161	*	Teradyne, Inc	61,777
4,198	*	Thermo Electron Corp	112,800
1,256	*	Thermogenesis	5,464
1,349	*	Thoratec Corp	20,694
1,427	*	Trimble Navigation Ltd	55,610
775	*	TriPath Imaging, Inc	6,634
152		United Industrial Corp	5,432
804	*	Varian, Inc	30,383
647	*	Veeco Instruments, Inc	10,533
702	*	Ventana Medical Systems, Inc	28,241
1,005	*	Viasys Healthcare, Inc	22,703
644	*	Viisage Technology, Inc	2,885
81		Vital Signs, Inc	3,509
3,076	*	Waters Corp	114,335
754	*	Wright Medical Group, Inc	20,132
25,356	*	Xerox Corp	349,659
544		X-Rite, Inc	6,261
300		Young Innovations, Inc	11,199
6,459	*	Zimmer Holdings, Inc	491,982
300	*	Zoll Medical Corp	7,635

		TOTAL INSTRUMENTS AND RELATED PRODUCTS	10,943,524

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

INSURANCE AGENTS, BROKERS AND SERVICE - 0.45%
8,265		AON Corp	$	206,956
1,472		Brown & Brown, Inc		66,152
454		Clark, Inc		6,506
364		Crawford & Co (Class B)		2,701
2,279		Gallagher (Arthur J.) & Co		61,829
7,689		Hartford Financial Services Group, Inc		574,983
977		Hilb, Rogal & Hamilton Co		33,609
4,096	*	Humana, Inc		162,775
480	*	LabOne, Inc		19,109
13,738		Marsh & McLennan Cos, Inc		380,543
917		National Financial Partners Corp		35,891
993	*	USI Holdings Corp		12,790

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,563,844


INSURANCE CARRIERS - 4.91%
637		21st Century Insurance Group		9,453
7,583		Aetna, Inc		628,024
13,074		Aflac, Inc		565,843
1,285		Alfa Corp		18,915
109	*	Alleghany Corp		32,373
1,433	*	Allmerica Financial Corp		53,150
17,416		Allstate Corp		1,040,606
2,811		Ambac Financial Group, Inc		196,095
861		American Equity Investment Life Holding Co		10,229
1,014		American Financial Group, Inc		33,989
59,797		American International Group, Inc		3,474,206
183		American National Insurance Co		20,988
300	*	American Physicians Capital, Inc		11,145
1,329	*	AMERIGROUP Corp		53,426
1,024		AmerUs Group Co		49,203
723	*	Argonaut Group, Inc		16,694
2,888		Assurant, Inc		104,257
437		Baldwin & Lyons, Inc (Class B)		10,532
2,812		Berkley (W.R.) Corp		100,332
426		Bristol West Holdings, Inc		7,796
1,142	*	Centene Corp		38,348
849	*	Ceres Group, Inc		5,162
5,003		Chubb Corp		428,307
3,411		Cigna Corp		365,079
4,301		Cincinnati Financial Corp		170,148
1,295	*	Citizens, Inc		7,900
643	*	CNA Financial Corp		18,274
362	*	CNA Surety Corp		5,376
3,868	*	Conseco, Inc		84,400
2,452	*	Danielson Holdings Corp		29,841
835		Delphi Financial Group, Inc (Class A)		36,865
641		Direct General Corp		11,929
117		Donegal Group, Inc		2,335
1,169		Erie Indemnity Co (Class A)		63,418
579		FBL Financial Group, Inc (Class A)		15,986
4,338		Fidelity National Financial, Inc		154,823
576		First Acceptance Corp		5,449
2,010		First American Corp		80,681
226	*	FPIC Insurance Group, Inc		6,629
5,634		Genworth Financial, Inc		170,316
101		Great American Financial Resources, Inc		2,001
695		Harleysville Group, Inc		14,519

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

1,741		HCC Insurance Holdings, Inc	$	65,932
3,013	*	Health Net, Inc		114,976
415	*	HealthExtras, Inc		8,329
887		Horace Mann Educators Corp		16,693
180		Independence Holding Co		3,177
582		Infinity Property & Casualty Corp		20,300
3,557		Jefferson-Pilot Corp		179,344
91		Kansas City Life Insurance Co		4,373
545	*	KMG America Corp		5,417
473		Landamerica Financial Group, Inc		28,082
2,275		Leucadia National Corp		87,883
4,530		Lincoln National Corp		212,548
3,893		Loews Corp		301,708
256	*	Markel Corp		86,784
3,528		MBIA, Inc		209,246
753		Mercury General Corp		41,054
10,639		MetLife, Inc		478,117
2,458		MGIC Investment Corp		160,311
306		Midland Co		10,768
200	*	Molina Healthcare, Inc		8,852
29	*	National Western Life Insurance Co (Class A)		5,623
1,583		Nationwide Financial Services, Inc (Class A)		60,059
300	*	Navigators Group, Inc		10,371
329		Odyssey Re Holdings Corp		8,120

1,897		Ohio Casualty Corp	45,869
4,835		Old Republic International Corp	122,277
2,282	*	Pacificare Health Systems, Inc	163,049
448	*	Philadelphia Consolidated Holding Corp	37,972
3,272		Phoenix Cos, Inc	38,937
1,362	*	PMA Capital Corp (Class A)	12,026
2,433		PMI Group, Inc	94,838
370		Presidential Life Corp	6,331
7,657		Principal Financial Group	320,828
737	*	ProAssurance Corp	30,777
5,180		Progressive Corp	511,836
1,841		Protective Life Corp	77,727
13,495		Prudential Financial, Inc	886,082
2,243		Radian Group, Inc	105,914
834		Reinsurance Group of America, Inc	38,789
488		RLI Corp	21,765
3,350		Safeco Corp	182,039
282		Safety Insurance Group, Inc	9,520
742		Selective Insurance Group, Inc	36,766
17,561		St. Paul Travelers Cos, Inc	694,186
729		Stancorp Financial Group, Inc	55,827
374		State Auto Financial Corp	11,609
432		Stewart Information Services Corp	18,144
2,713		Torchmark Corp	141,619
435		Tower Group, Inc	6,799
598		Transatlantic Holdings, Inc	33,380
263	*	Triad Guaranty, Inc	13,253
928		UICI	27,627
398		United Fire & Casualty Co	17,679
32,996		UnitedHealth Group, Inc	1,720,411
1,256		Unitrin, Inc	61,670
650	*	Universal American Financial Corp	14,703
7,761		UnumProvident Corp	142,182
487	*	WellCare Health Plans, Inc	17,293
834	*	WellChoice, Inc	57,938
15,965	*	WellPoint, Inc	1,111,803

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

19		Wesco Financial Corp	$	6,840
414		Zenith National Insurance Corp		28,094

		TOTAL INSURANCE CARRIERS		17,207,508


JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
944	*	Corrections Corp of America		37,052
400	*	Geo Group, Inc		10,020

		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		47,072


LEATHER AND LEATHER PRODUCTS - 0.14%
469		Brown Shoe Co, Inc		18,361
10,050	*	Coach, Inc		337,379
646	*	Genesco, Inc		23,960
268	*	Steven Madden Ltd		4,760
1,374	*	Timberland Co (Class A)		53,201
150		Weyco Group, Inc		2,956
1,606		Wolverine World Wide, Inc		38,560

		TOTAL LEATHER AND LEATHER PRODUCTS		479,177


LEGAL SERVICES - 0.01%
1,106	*	FTI Consulting, Inc		23,115
162		Pre-Paid Legal Services, Inc		7,233

		TOTAL LEGAL SERVICES		30,348

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
2,498	*	Laidlaw International, Inc		60,202

		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		60,202

LUMBER AND WOOD PRODUCTS - 0.04%
174		American Woodmark Corp		5,222
2,253	*	Champion Enterprises, Inc		22,395
347		Deltic Timber Corp		13,196
2,901		Louisiana-Pacific Corp		71,307
134		Skyline Corp		5,351
455		Universal Forest Products, Inc		18,860

		TOTAL LUMBER AND WOOD PRODUCTS		136,331

METAL MINING - 0.28%
602		Cleveland-Cliffs, Inc		34,772
5,381	*	Coeur D'alene Mines Corp		19,533
656		Commerce Group, Inc		40,744
4,496		Freeport-McMoRan Copper & Gold, Inc (Class A)		168,330
4,323	*	Hecla Mining Co		19,713
10,758		Newmont Mining Corp		419,885
2,543		Phelps Dodge Corp		235,228
429		Royal Gold, Inc		8,631
677		Southern Peru Copper Corp		29,003
1,772	*	Stillwater Mining Co		13,148

		TOTAL METAL MINING		988,987

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.24%
870		Blyth, Inc	$	24,404
1,930		Callaway Golf Co		29,780
323		Charles & Colvard Ltd		7,930
400		Daktronics, Inc		8,004
221		Escalade, Inc		3,056
3,789		Fortune Brands, Inc		336,463
4,091		Hasbro, Inc		85,052
2,086	*	Identix, Inc		10,493
815	*	Jakks Pacific, Inc		15,656
1,500	*	K2, Inc		19,020
492	*	Leapfrog Enterprises, Inc		5,560
10,724		Mattel, Inc		196,249
699		Nautilus, Inc		19,922
360	*	RC2 Corp		13,525
239		Russ Berrie & Co, Inc		3,062
1,005	*	Shuffle Master, Inc		28,170
189	*	Steinway Musical Instruments, Inc		5,549
1,163		Yankee Candle Co, Inc		37,332

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		849,227

MISCELLANEOUS RETAIL - 1.25%
505	*	1-800-Flowers.com, Inc (Class A)	3,555
564	*	AC Moore Arts & Crafts, Inc	17,828
918	*	Alloy, Inc	4,719
7,951	*	Amazon.com, Inc	263,019
1,303	*	Barnes & Noble, Inc	50,556
500		Big 5 Sporting Goods Corp	14,190
109		Blair Corp	4,306
389	*	Blue Nile, Inc	12,716
1,898		Borders Group, Inc	48,038
108	*	Build-A-Bear Workshop, Inc	2,533
996		Cash America International, Inc	20,040
432	*	CKX Inc	5,558
1,174	*	Coldwater Creek, Inc	29,244
20,936		CVS Corp	608,610
849	*	Dick's Sporting Goods, Inc	32,763
2,856	*	Dollar Tree Stores, Inc	68,544
1,400	*	Drugstore.com, Inc	5,838
545	*	GSI Commerce, Inc	9,129
659	*	Hibbett Sporting Goods, Inc	24,937
550	*	Jill (J.) Group, Inc	7,563
991		Longs Drug Stores Corp	42,663
1,895	*	Marvel Enterprises, Inc	37,369
3,654		Michaels Stores, Inc	151,166
1,209		MSC Industrial Direct Co (Class A)	40,804
991	*	NeighborCare, Inc	32,871
575	*	Nutri/System, Inc	8,487
8,230	*	Office Depot, Inc	187,973
306	*	Overstock.com, Inc	10,894
200	*	Party City Corp	2,400
1,428	*	Petco Animal Supplies, Inc	41,869
3,826		Petsmart, Inc	116,119
719	*	Priceline.com, Inc	16,774
12,886	*	Rite Aid Corp	53,863
2,677	*	Sears Holdings Corp	401,202
251	*	Sharper Image Corp	3,195
625	*	Sports Authority, Inc	19,875
490	*	Stamps.com, Inc	9,188
19,192		Staples, Inc	409,173

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

3,670		Tiffany & Co	$	120,229
5,866	*	Toys 'R' Us, Inc		155,332
394	*	Valuevision International, Inc (Class A)		4,732
26,644		Walgreen Co		1,225,358
506		World Fuel Services Corp		11,845
1,466	*	Zale Corp		46,458

		TOTAL MISCELLANEOUS RETAIL		4,383,525


MOTION PICTURES - 1.49%
884	*	Avid Technology, Inc		47,100
4,898		Blockbuster, Inc (Class A)		44,670
216		Carmike Cinemas, Inc		6,627
1,054	*	DreamWorks Animation SKG, Inc (Class A)		27,615
72,978	*	Liberty Media Corp (Class A)		743,646
1,186	*	Macrovision Corp		26,732
60,530		News Corp (Class A)		979,375
947		Regal Entertainment Group (Class A)		17,879
1,074	*	Time Warner Telecom, Inc (Class A)		6,358
119,544	*	Time Warner, Inc		1,997,580
53,189		Walt Disney Co		1,339,299

		TOTAL MOTION PICTURES		5,236,881


NONDEPOSITORY INSTITUTIONS - 2.18%
460	*	Accredited Home Lenders Holding Co		20,240
1,500		Advance America Cash Advance Centers, Inc		24,000
491		Advanta Corp (Class B)		13,827
2,413		American Capital Strategies Ltd		87,133
28,507		American Express Co		1,517,428
4,009	*	AmeriCredit Corp		102,230
590		Ares Capital Corp		10,520
261		Asta Funding, Inc		7,251
372		Beverly Hills Bancorp, Inc		4,073
6,609		Capital One Financial Corp		528,786
1,771	*	CapitalSource, Inc		34,765
1,377		CharterMac		30,239
5,466		CIT Group, Inc		234,874
629	*	CompuCredit Corp		21,562
15,205		Countrywide Financial Corp		587,065
183	*	Credit Acceptance Corp		2,725
2,470		Doral Financial Corp		40,854
352	*	Encore Capital Group, Inc		5,984
25,225		Fannie Mae		1,473,140
210		Federal Agricultural Mortgage Corp (Class C)		4,631
441		Financial Federal Corp		17,040
330	*	First Cash Financial Services, Inc		7,052
683	*	First Marblehead Corp		23,946
17,940		Freddie Mac		1,170,226
32,494		MBNA Corp		850,043
1,244		MCG Capital Corp		21,248
1,519	*	Metris Cos, Inc		21,965
451	*	Nelnet, Inc		15,005
458		NGP Capital Resources Co		6,838
7,803	*	Providian Financial Corp		137,567
10,932		SLM Corp		555,346
127		Student Loan Corp		27,915
499		Westcorp		26,158

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

216	*	WFS Financial, Inc	$	10,953
401	*	World Acceptance Corp		12,050

		TOTAL NONDEPOSITORY INSTITUTIONS		7,654,679


NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
401		Amcol International Corp		7,535
530		Compass Minerals International, Inc		12,402
885		Florida Rock Industries, Inc		64,915
2,662		Vulcan Materials Co		173,003

		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		257,855


OIL AND GAS EXTRACTION - 2.49%

6,142		Anadarko Petroleum Corp	504,565
8,552		Apache Corp	552,459
470	*	ATP Oil & Gas Corp	10,998
362	*	Atwood Oceanics, Inc	22,285
8,804		Baker Hughes, Inc	450,413
568		Berry Petroleum Co (Class A)	30,036
339	*	Bill Barrett Corp	10,028
4,251		BJ Services Co	223,092
625	*	Brigham Exploration Co	5,706
10,045		Burlington Resources, Inc	554,886
1,179		Cabot Oil & Gas Corp (Class A)	40,911
944	*	Cal Dive International, Inc	49,437
353	*	Callon Petroleum Co	5,217
498	*	Carrizo Oil & Gas, Inc	8,496
1,464	*	Cheniere Energy, Inc	45,530
8,121		Chesapeake Energy Corp	185,159
2,117	*	Cimarex Energy Co	82,372
92	*	Clayton Williams Energy, Inc	2,759
1,066	*	Comstock Resources, Inc	26,959
447	*	Delta Petroleum Corp	6,312
1,540	*	Denbury Resources, Inc	61,246
12,344		Devon Energy Corp	625,594
1,544		Diamond Offshore Drilling, Inc	82,496
365	*	Edge Petroleum Corp	5,701
854	*	Encore Acquisition Co	35,014
870	*	Energy Partners Ltd	22,803
3,945		ENSCO International, Inc	141,034
6,286		EOG Resources, Inc	357,045
1,589		Equitable Resources, Inc	108,052
1,291	*	Forest Oil Corp	54,222
753	*	FX Energy, Inc	8,306
1,694	*	Gasco Energy, Inc	6,268
2,729	*	Global Industries Ltd	23,197
273	*	Goodrich Petroleum Corp	5,618
4,422	*	Grey Wolf, Inc	32,767
11,627		Halliburton Co	556,003
1,715	*	Hanover Compressor Co	19,740
612	*	Harvest Natural Resources, Inc	6,689
1,433		Helmerich & Payne, Inc	67,236
608	*	Houston Exploration Co	32,254
1,324	*	KCS Energy, Inc	22,998
2,998		Kerr-McGee Corp	228,777

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

716	*	McMoRan Exploration Co	$	13,969
1,700	*	Meridian Resource Corp		8,126
1,143	*	Mission Resources Corp		9,224
3,092	*	Newfield Exploration Co		123,340
1,860	*	Newpark Resources, Inc		13,950
2,292		Noble Energy, Inc		173,390
10,360		Occidental Petroleum Corp		796,995
679	*	Oceaneering International, Inc		26,243
793	*	Parallel Petroleum Corp		7,018
3,446	*	Parker Drilling Co		24,156
4,547		Patterson-UTI Energy, Inc		126,543
144	v*	PetroCorp (Escrow)		0
608	*	PetroHawk Energy Corp		6,566
421	*	Petroleum Development Corp		13,409
1,072	*	PetroQuest Energy, Inc		7,043
515	*	Pioneer Drilling Co		7,859
3,756		Pioneer Natural Resources Co		158,052
2,021	*	Plains Exploration & Production Co		71,806
1,561		Pogo Producing Co		81,047
4,125	*	Pride International, Inc		106,013
978	*	Quicksilver Resources, Inc		62,524
2,131		Range Resources Corp		57,324
609	*	Remington Oil & Gas Corp		21,741
2,599		Rowan Cos, Inc		77,216
225		RPC, Inc		3,807
441	*	Seacor Smit, Inc		28,356
2,202	*	Southwestern Energy Co		103,450
656	*	Spinnaker Exploration Co		23,281
1,510		St. Mary Land & Exploration Co		43,760
607	*	Stone Energy Corp		29,682
2,023	*	Superior Energy Services, Inc		36,009
743	*	Swift Energy Co		26,614
790	*	Syntroleum Corp		8,105
662	*	Tetra Technologies, Inc		21,085
1,671		Tidewater, Inc		63,699
1,235	*	Todco		31,702
365	*	Toreador Resources Corp		8,866
464	*	Transmontaigne, Inc		4,872
591	*	Tri-Valley Corp		8,233
1,300	*	Unit Corp		57,213
6,937		Unocal Corp		451,252
1,256	*	Veritas DGC, Inc		34,841
1,646		Vintage Petroleum, Inc		50,154
335		W&T Offshore, Inc		8,063
822	*	W-H Energy Services, Inc		20,492
772	*	Whiting Petroleum Corp		28,031
9,407		XTO Energy, Inc		319,744

		TOTAL OIL AND GAS EXTRACTION		8,725,545


PAPER AND ALLIED PRODUCTS - 0.63%
2,762		Bemis Co		73,303
1,495		Bowater, Inc		48,393
827	*	Buckeye Technologies, Inc		6,591
696	*	Caraustar Industries, Inc		7,308
780		Chesapeake Corp		16,333
6,852		Georgia-Pacific Corp		217,894
1,264		Glatfelter		15,674
467	*	Graphic Packaging Corp		1,705

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES			VALUE

400	Greif, Inc (Class A)	$	24,440
12,825	International Paper Co		387,443
12,469	Kimberly-Clark Corp		780,435
1,295	Longview Fibre Co		26,612
5,436	MeadWestvaco Corp		152,425
406	Neenah Paper, Inc		12,574
2,001	OfficeMax, Inc		59,570

1,623		Packaging Corp of America	34,164
908	*	Playtex Products, Inc	9,770
798		Potlatch Corp	41,759
446		Rock-Tenn Co (Class A)	5,642
456		Schweitzer-Mauduit International, Inc	14,195
6,998	*	Smurfit-Stone Container Corp	71,170
2,284		Sonoco Products Co	60,526
2,850		Temple-Inland, Inc	105,878
1,197		Wausau-Mosinee Paper Corp	14,340

		TOTAL PAPER AND ALLIED PRODUCTS	2,188,144


PERSONAL SERVICES - 0.18%
236		Angelica Corp	5,784
3,388		Cintas Corp	130,777
576	*	Coinstar, Inc	13,069
416		G & K Services, Inc (Class A)	15,696
4,314		H & R Block, Inc	251,722
800		Jackson Hewitt Tax Service, Inc	18,912
1,185		Regis Corp	46,310
8,724		Service Corp International	69,966
241		Unifirst Corp	9,770
1,029	*	Weight Watchers International, Inc	53,107

		TOTAL PERSONAL SERVICES	615,113


PETROLEUM AND COAL PRODUCTS - 4.81%
2,036		Amerada Hess Corp	216,854
1,695		Ashland, Inc	121,820
54,678		ChevronTexaco Corp	3,057,594
36,285		ConocoPhillips	2,086,025
524		ElkCorp	14,960
165,885		ExxonMobil Corp	9,533,411
1,400		Frontier Oil Corp	41,090
299	*	Giant Industries, Inc	10,764
952	*	Headwaters, Inc	32,730
600		Holly Corp	28,002
9,190		Marathon Oil Corp	490,470
4,404		Murphy Oil Corp	230,021
2,091		Premcor, Inc	155,110
1,883		Sunoco, Inc	214,059
1,845		Tesoro Corp	85,829
6,768		Valero Energy Corp	535,416
552		WD-40 Co	15,417

		TOTAL PETROLEUM AND COAL PRODUCTS	16,869,572

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

PRIMARY METAL INDUSTRIES - 0.66%
3,061	*	AK Steel Holding Corp	$	19,621
22,829		Alcoa, Inc		596,522
684	*	Aleris International, Inc		15,424
2,700		Allegheny Technologies, Inc		59,562
1,171		Belden CDT, Inc		24,825
472	*	Brush Engineered Materials, Inc		6,731
569		Carpenter Technology Corp		29,474
500	*	Century Aluminum Co		10,200
1,781	*	CommScope, Inc		31,007
37,078	*	Corning, Inc		616,236
250	*	Encore Wire Corp		2,898
816	*	General Cable Corp		12,101
474		Gibraltar Industries, Inc		8,788
1,542		Hubbell, Inc (Class B)		68,002
890	*	Lone Star Technologies, Inc		40,495
774		Matthews International Corp (Class A)		30,155
1,125	*	Maverick Tube Corp		33,525
1,107		Mueller Industries, Inc		30,000
516	*	NS Group, Inc		16,775
4,175		Nucor Corp		190,464
1,000	*	Oregon Steel Mills, Inc		17,210
1,760		Precision Castparts Corp		137,104
801		Quanex Corp		42,461
857	*	RTI International Metals, Inc		26,918
450		Schnitzer Steel Industries, Inc (Class A)		10,665
1,067		Steel Dynamics, Inc		28,009
300		Steel Technologies, Inc		5,070
442	*	Superior Essex, Inc		7,828
638		Texas Industries, Inc		35,875
185	*	Titanium Metals Corp		10,506
741		Tredegar Corp		11,560
2,913		United States Steel Corp		100,120
169	*	Wheeling-Pittsburgh Corp		2,599
2,063		Worthington Industries, Inc		32,595

		TOTAL PRIMARY METAL INDUSTRIES		2,311,325


PRINTING AND PUBLISHING - 1.14%
1,857		American Greetings Corp (Class A)		49,211
663		Banta Corp		30,074
2,642		Belo (A.H.) Corp Series A		63,329
539		Bowne & Co, Inc		7,794
1,296	*	Cenveo, Inc		9,798
295	*	Consolidated Graphics, Inc		12,027
337		Courier Corp		12,944
162		CSS Industries, Inc		5,482
3,914		Dex Media, Inc		95,541
1,246		Dow Jones & Co, Inc		44,171
1,773	*	Dun & Bradstreet Corp		109,305
422		Ennis, Inc		7,647
1,891		EW Scripps Co		92,281
6,475		Gannett Co, Inc		460,567
814		Harland (John H.) Co		30,932
1,603		Harte-Hanks, Inc		47,657
1,308		Hollinger International, Inc		13,093
721		Journal Communications, Inc		12,113
1,179	*	Journal Register Co		20,644
1,940		Knight Ridder, Inc		119,000

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

1,558		Lee Enterprises, Inc	$	62,460
590	*	Martha Stewart Living Omnimedia, Inc (Class A)		17,216
487		McClatchy Co (Class A)		31,869
9,764		McGraw-Hill Cos, Inc		432,057
574		Media General, Inc (Class A)		37,172

1,073		Meredith Corp	52,641
3,769		New York Times Co (Class A)	117,404
550	*	Playboy Enterprises, Inc (Class B)	7,117
703	*	Presstek, Inc	7,958
4,589	*	Primedia, Inc	18,585
690	*	R.H. Donnelley Corp	42,766
5,587		R.R. Donnelley & Sons Co	192,807
2,596		Reader's Digest Association, Inc (Class A)	42,834
1,013	*	Scholastic Corp	39,051
338		Standard Register Co	5,344
300		Thomas Nelson, Inc	6,528
6,204		Tribune Co	218,257
1,194	*	Valassis Communications, Inc	44,238
37,264		Viacom, Inc (Class B)	1,193,193
144		Washington Post Co (Class B)	120,244
1,476		Wiley (John) & Sons, Inc (Class A)	58,641

		TOTAL PRINTING AND PUBLISHING	3,991,992


RAILROAD TRANSPORTATION - 0.45%
9,813		Burlington Northern Santa Fe Corp	461,996
5,708		CSX Corp	243,503
842		Florida East Coast Industries	36,459
490	*	Genesee & Wyoming, Inc (Class A)	13,333
2,136	*	Kansas City Southern Industries, Inc	43,104
10,316		Norfolk Southern Corp	319,383
6,861		Union Pacific Corp	444,593

		TOTAL RAILROAD TRANSPORTATION	1,562,371


REAL ESTATE - 0.11%
946	*	Alderwoods Group, Inc	13,594
201	*	California Coastal Communities, Inc	6,908
1,305	*	CB Richard Ellis Group, Inc	57,237
151		Consolidated-Tomoka Land Co	12,986
861		Forest City Enterprises, Inc (Class A)	61,131
1,014	*	Jones Lang LaSalle, Inc	44,849
1,980		St. Joe Co	161,449
2,339		Stewart Enterprises, Inc (Class A)	15,297
991	*	Trammell Crow Co	24,022

		TOTAL REAL ESTATE	397,473


RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.11%
415	*	Applied Films Corp	10,624
2,154		Cooper Tire & Rubber Co	40,000
252	*	Deckers Outdoor Corp	6,199
4,102	*	Goodyear Tire & Rubber Co	61,120
935	*	Jarden Corp	50,415
1,126		Schulman (A.), Inc	20,144
2,243	*	Sealed Air Corp	111,679
499	*	Skechers U.S.A., Inc (Class A)	7,116

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

757		Spartech Corp	$	13,475
200	*	Trex Co, Inc		5,140
1,467		Tupperware Corp		34,284
815		West Pharmaceutical Services, Inc		22,861

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		383,057


SECURITY AND COMMODITY BROKERS - 2.14%
2,022		A.G. Edwards, Inc		91,293
6,560	*	Ameritrade Holding Corp		121,950
765	*	Archipelago Holdings, Inc		29,827
2,861		Bear Stearns Cos, Inc		297,372
172		BKF Capital Group, Inc		6,521
500		Blackrock, Inc		40,225
500		Calamos Asset Management, Inc (Class A)		13,620
27,409		Charles Schwab Corp		309,174
893		Chicago Mercantile Exchange		263,882
10,135	*	E*Trade Financial Corp		141,789
3,929		Eaton Vance Corp		93,942
2,221		Federated Investors, Inc (Class B)		66,652
4,251		Franklin Resources, Inc		327,242
175		Gabelli Asset Management, Inc (Class A)		7,733
10,660		Goldman Sachs Group, Inc		1,087,533
311		Greenhill & Co, Inc		12,599
3,313	*	Instinet Group, Inc		17,360
295	*	International Securities Exchange, Inc		7,407
1,273	*	Investment Technology Group, Inc		26,758
5,961		Janus Capital Group, Inc		89,653
1,328		Jefferies Group, Inc		50,318
3,268	*	Knight Capital Group, Inc		24,902
1,377	*	LaBranche & Co, Inc		8,675
2,872		Legg Mason, Inc		299,004
7,209		Lehman Brothers Holdings, Inc		715,710
588	*	MarketAxess Holdings, Inc		6,644
24,565		Merrill Lynch & Co, Inc		1,351,321
28,553		Morgan Stanley		1,498,176
225	*	Morningstar, Inc		6,334
1,154	*	Nasdaq Stock Market, Inc		21,764
1,500		Nuveen Investments, Inc		56,430
550		optionsXpress Holdings, Inc		8,360
547	*	Piper Jaffray Cos		16,645
1,849		Raymond James Financial, Inc		52,234
284		Sanders Morris Harris Group, Inc		4,885
1,636		SEI Investments Co		61,105
202	*	Stifel Financial Corp		4,880
376		SWS Group, Inc		6,460
3,394		T Rowe Price Group, Inc		212,464
2,327		Waddell & Reed Financial, Inc (Class A)		43,050

		TOTAL SECURITY AND COMMODITY BROKERS		7,501,893


SOCIAL SERVICES - 0.01%
636	*	Bright Horizons Family Solutions, Inc		25,898
239	*	Providence Service Corp		5,934
491	*	Res-Care, Inc		6,658

		TOTAL SOCIAL SERVICES		38,490

TIAA-CREF MUTUAL FUNDS - Equity Index Fund

1,100	*	Comfort Systems U.S.A., Inc	7,238
1,544	*	Dycom Industries, Inc	30,587
404	*	EMCOR Group, Inc	19,756
675	*	Insituform Technologies, Inc (Class A)	10,820
277	*	Layne Christensen Co	5,503
3,042	*	Quanta Services, Inc	26,770

		TOTAL SPECIAL TRADE CONTRACTORS	126,656


STONE, CLAY, AND GLASS PRODUCTS - 0.11%
488		Apogee Enterprises, Inc	7,501
634	*	Cabot Microelectronics Corp	18,380
318		CARBO Ceramics, Inc	25,109
479		Eagle Materials, Inc	44,351
4,326		Gentex Corp	78,733
924		Lafarge North America, Inc	57,695
501		Libbey, Inc	7,921
3,965	*	Owens-Illinois, Inc	99,323
886	*	USG Corp	37,655

		TOTAL STONE, CLAY, AND GLASS PRODUCTS	376,668


TEXTILE MILL PRODUCTS - 0.00%
310		Oxford Industries, Inc	13,346

		TOTAL TEXTILE MILL PRODUCTS	13,346


TOBACCO PRODUCTS - 1.13%
53,967		Altria Group, Inc	3,489,506
1,637		Loews Corp (Carolina Group)	54,545
2,227		Reynolds American, Inc	175,488
617		Universal Corp (Virginia)	27,012
4,309		UST, Inc	196,749
624		Vector Group Ltd	11,588

		TOTAL TOBACCO PRODUCTS	3,954,888


TRANSPORTATION BY AIR - 0.35%
1,497	*	ABX Air, Inc	12,201
2,312	*	Airtran Holdings, Inc	21,340
754	*	Alaska Air Group, Inc	22,432
799	*	America West Holdings Corp (Class B)	4,794
4,631	*	AMR Corp	56,081
2,163	*	Continental Airlines, Inc (Class B)	28,725
2,675	*	Delta Air Lines, Inc	10,058
1,007	*	EGL, Inc	20,462
1,011	*	ExpressJet Holdings, Inc	8,604
7,933		FedEx Corp	642,652
799	*	Frontier Airlines, Inc	8,254
2,119	*	JetBlue Airways Corp	43,312
614	*	Mesa Air Group, Inc	4,120

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

2,106	*	Northwest Airlines Corp	$	9,603
579	*	Offshore Logistics, Inc		19,014
546	*	Pinnacle Airlines Corp		4,690
1,213		Skywest, Inc		22,052
20,669		Southwest Airlines Co		287,919
601	*	World Air Holdings, Inc		7,044

		TOTAL TRANSPORTATION BY AIR		1,233,357


TRANSPORTATION EQUIPMENT - 2.31%
803	*	AAR Corp		12,615
603	*	Aftermarket Technology Corp		10,510
1,104		American Axle & Manufacturing Holdings, Inc		27,898
468		Arctic Cat, Inc		9,608
899	*	Armor Holdings, Inc		35,609
1,592		ArvinMeritor, Inc		28,322
2,381		Autoliv, Inc		104,288
21,535		Boeing Co		1,421,310
2,390		Brunswick Corp		103,535
1,380		Clarcor, Inc		40,365
563		Coachmen Industries, Inc		7,054
3,889		Dana Corp		58,374
12,848		Delphi Corp		59,743
1,274		Federal Signal Corp		19,874
1,526	*	Fleetwood Enterprises, Inc		15,489
46,096		Ford Motor Co		472,023
1,126	*	GenCorp, Inc		21,687
5,223		General Dynamics Corp		572,127
12,035		General Motors Corp		409,190
4,670		Genuine Parts Co		191,890
3,219		Goodrich Corp		131,850
144		Greenbrier Cos, Inc		3,902
457	*	Group 1 Automotive, Inc		10,986
7,419		Harley-Davidson, Inc		367,982
1,105		Harsco Corp		60,278
1,100	*	Hayes Lemmerz International, Inc		7,832
719		Heico Corp		16,832
2,403		ITT Industries, Inc		234,605
1,166		JLG Industries, Inc		32,042
885		Kaman Corp (Class A)		15,965
9,628		Lockheed Martin Corp		624,568
139	v*	Mascotech (Escrow)		0
797		Monaco Coach Corp		13,700
1,556	*	Navistar International Corp		49,792
179		Noble International Ltd		4,215
9,355		Northrop Grumman Corp		516,864
1,941	*	Orbital Sciences Corp		19,216
1,012		Oshkosh Truck Corp		79,219
4,528		Paccar, Inc		307,904
3,882	*	Pactiv Corp		83,774
1,204		Polaris Industries, Inc		65,016
233	*	Sequa Corp (Class A)		15,418
467		Smith (A.O.) Corp		12,474
130		Standard Motor Products, Inc		1,716
574		Superior Industries International, Inc		13,604
1,117	*	Tenneco Automotive, Inc		18,587
3,082		Textron, Inc		233,770
904		Thor Industries, Inc		28,413
1,075		Trinity Industries, Inc		34,432

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

316	*	Triumph Group, Inc	$	10,984
1,123	*	TRW Automotive Holdings Corp		27,525

26,673		United Technologies Corp	1,369,659
981		Wabash National Corp	23,770
1,181		Westinghouse Air Brake Technologies Corp	25,368
730		Winnebago Industries, Inc	23,908

		TOTAL TRANSPORTATION EQUIPMENT	8,107,681


TRANSPORTATION SERVICES - 0.13%
77		Ambassadors Group, Inc	2,864
2,231		C.H. Robinson Worldwide, Inc	129,844
2,815		Expeditors International of Washington, Inc	140,215
1,285		GATX Corp	44,333
328	*	HUB Group, Inc	8,216
600	*	Navigant International, Inc	8,814
966	*	Pacer International, Inc	21,049
666	*	Pegasus Solutions, Inc	7,426
1,200	*	RailAmerica, Inc	14,280
3,423		Sabre Holdings Corp	68,289

		TOTAL TRANSPORTATION SERVICES	445,330


TRUCKING AND WAREHOUSING - 0.43%
600		Arkansas Best Corp	19,086
1,419		CNF, Inc	63,713
197	*	Covenant Transport, Inc (Class A)	2,600
909		Forward Air Corp	25,697
1,212		Heartland Express, Inc	23,549
3,308		Hunt (J.B.) Transport Services, Inc	63,844
1,580	*	Landstar System, Inc	47,590
257	*	Marten Transport Ltd	5,394
448	*	Old Dominion Freight Line	12,020
599		Overnite Corp	25,745
400	*	P.A.M. Transportation Services	6,724
399	*	SCS Transportation, Inc	7,102
900	*	Sirva, Inc	7,659
1,045	*	Swift Transportation Co, Inc	24,338
200	*	U.S. Xpress Enterprises, Inc (Class A)	2,382
15,704		United Parcel Service, Inc (Class B)	1,086,089
1,281		Werner Enterprises, Inc	25,159
1,431	*	Yellow Roadway Corp	72,695

		TOTAL TRUCKING AND WAREHOUSING	1,521,386


WATER TRANSPORTATION - 0.05%
1,359		Alexander & Baldwin, Inc	62,990
184	*	Gulfmark Offshore, Inc	5,025
377	*	Hornbeck Offshore Services, Inc	10,213
492	*	Kirby Corp	22,189
226		Maritrans, Inc	6,113
772		Overseas Shipholding Group, Inc	46,050
314	*	Seabulk International, Inc	6,673

		TOTAL WATER TRANSPORTATION	159,253

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

WHOLESALE TRADE-DURABLE GOODS - 1.88%
143	*	1-800 Contacts, Inc	$	2,770
2,542		Adesa, Inc		55,339
1,611		Agilysys, Inc		25,293
868		Applied Industrial Technologies, Inc		28,028
2,908	*	Arrow Electronics, Inc		78,981
877	*	Aviall, Inc		27,704
3,245	*	Avnet, Inc		73,110
442		Barnes Group, Inc		14,630
400	*	Beacon Roofing Supply, Inc		10,520
1,472		BorgWarner, Inc		79,002
364		Building Materials Holding Corp		25,222
2,908	*	Cytyc Corp		64,150
604	*	Digi International, Inc		7,163
166	*	Drew Industries, Inc		7,536
818	*	Genesis Microchip, Inc		15,100
1,852		Hughes Supply, Inc		52,041
3,161		IKON Office Solutions, Inc		30,061
416	*	Imagistics International, Inc		11,648
3,230	*	Ingram Micro, Inc (Class A)		50,582
985	*	Insight Enterprises, Inc		19,877
327	*	Interline Brands, Inc		6,475
77,485		Johnson & Johnson		5,036,525
440	*	Keystone Automotive Industries, Inc		10,881
1,039		Knight Transportation, Inc		25,279
122		Lawson Products, Inc		4,736
366	*	LKQ Corp		9,937
1,241		Martin Marietta Materials, Inc		85,778
309	*	Merge Technologies, Inc		5,794
589	*	Navarre Corp		4,709
2,616		Omnicare, Inc		110,997
1,223		Owens & Minor, Inc		39,564
3,578	*	Patterson Cos, Inc		161,296
1,474		Pep Boys-Manny Moe & Jack		19,958
2,367	*	PSS World Medical, Inc		29,469
744		Reliance Steel & Aluminum Co		27,580
644		Ryerson Tull, Inc		9,190
1,396		SCP Pool Corp		48,986
48	*	Strattec Security Corp		2,614
5,522	*	Sycamore Networks, Inc		19,051
500	*	TBC Corp		13,565
1,588	*	Tech Data Corp		58,137
1,740	*	Tyler Technologies, Inc		13,154
3,804	*	Visteon Corp		22,938
1,967		W.W. Grainger, Inc		107,772
839	*	WESCO International, Inc		26,328
441	*	West Marine, Inc		7,964

		TOTAL WHOLESALE TRADE-DURABLE GOODS		6,587,434

WHOLESALE TRADE-NONDURABLE GOODS - 1.00%
1,435		Airgas, Inc		35,401
771	*	Allscripts Healthcare Solutions, Inc		12,806
2,719		AmerisourceBergen Corp		188,019
973	*	BioScrip, Inc		5,838
1,443		Brown-Forman Corp (Class B)		87,244
11,159		Cardinal Health, Inc		642,535
281	*	Central European Distribution Corp		10,490

3,924	*	Dean Foods Co	138,282
1,327	*	Endo Pharmaceuticals Holdings, Inc	34,874
587	*	Hain Celestial Group, Inc	11,447
605		Handleman Co	9,989
2,296	*	Henry Schein, Inc	95,330

TIAA-CREF MUTUAL FUNDS - Equity Index Fund


SHARES				VALUE

100		Kenneth Cole Productions, Inc (Class A)	$	3,112
648		K-Swiss, Inc (Class A)		20,956
7,816		McKesson Corp		350,079
1,344	*	Men's Wearhouse, Inc		46,274
568	*	Metals USA, Inc		10,803
685		Myers Industries, Inc		8,563
331		Nash Finch Co		12,161
4,752		Nike, Inc (Class B)		411,523
1,471		Nu Skin Enterprises, Inc (Class A)		34,274
278	*	Nuco2, Inc		7,136
1,302	*	Performance Food Group Co		39,333
77	*	Perry Ellis International, Inc		1,801
928	*	Priority Healthcare Corp (Class B)		23,534
200	*	Provide Commerce, Inc		4,318
1,259		Reebok International Ltd		52,664
11,918		Safeway, Inc		269,228
596	*	School Specialty, Inc		27,714
352	*	Smart & Final, Inc		4,312
857	*	Source Interlink Cos, Inc		10,601
535	*	Spartan Stores, Inc		7,848
1,173		Stride Rite Corp		16,176
3,544		Supervalu, Inc		115,570
16,492		Sysco Corp		596,845
171		The Andersons, Inc		6,124
1,032	*	Tractor Supply Co		50,671
784	*	TreeHouse Foods, Inc		22,352
1,020	*	United Natural Foods, Inc		30,950
911	*	United Stationers, Inc		44,730

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,501,907


		TOTAL COMMON STOCKS
		(Cost $304,626,517)		348,373,733

PRINCIPAL

SHORT-TERM INVESTMENTS - 0.50%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.50%
$1,770,000	d	Federal Home Loan Bank (FHLB) 2.950%, 07/01/05		1,770,000

		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,770,000


		TOTAL SHORT-TERM INVESTMENTS
		(Cost $1,770,000)		1,770,000


		TOTAL PORTFOLIO - 99.93%
		(Cost $306,396,517)		350,143,733

		OTHER ASSETS & LIABILITIES, NET - 0.07%		236,568




		NET ASSETS - 100.00%	$	350,380,301

TIAA-CREF MUTUAL FUNDS - Equity Index Fund



	*		Non-income producing
	d		All or a portion of these securities have been segregated by the custodian to cover margin or other
			requirements on open futures contracts.
	f		Restricted securities - Investment in securities not registered under the Securities Act of 1933 or
			not publicly traded in foreign markets. At June 30, 2005, the value of these securities amounted
			to $0 or 0.00% of net assets.
	v		Security valued at fair value

			For ease of presentation, we have grouped a number of industry classification categories
			together in the Statement of investments. Note that the Funds use more specific industry
			categories in following their investment limitations on industry concentration.

			Restricted security held by the Fund is as follows:

	ACQUISITION	ACQUISITION
SECURITY	DATE	COST		VALUE


McLeod (Escrow)	05/14/02	$	-	$	-

	Number of			Unrealized
Open Futures Contracts:	Contracts	Market Value	Expiration Date	Gain (Loss)

E-mini Russell 2000 Index	5	$321,550	September 2005	$	5,816
E-mini S&P 500 Index	23	1,374,825	September 2005		(13,846)

Total				$	(8,030)

TIAA-CREF MUTUAL FUNDS - Social Choice Fund

TIAA-CREF MUTUAL FUNDS
SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005

SHARES				VALUE

COMMON STOCKS - 99.68%
AMUSEMENT AND RECREATION SERVICES - 0.02%
300		International Speedway Corp (Class A)	$	16,878
500	*	Sunterra Corp		8,105

		TOTAL AMUSEMENT AND RECREATION SERVICES		24,983


APPAREL AND ACCESSORY STORES - 0.75%
2,300		American Eagle Outfitters, Inc		70,495
1,050		Bebe Stores, Inc		27,794
71	*	Charming Shoppes, Inc		662
2,100	*	Chico's FAS, Inc		71,988
2,065		Foot Locker, Inc		56,209
10,178		Gap, Inc		201,016
4,651	*	Kohl's Corp		260,037
6,547		Limited Brands, Inc		140,237
2,124		Nordstrom, Inc		144,368
1,344		Ross Stores, Inc		38,855
1,169	*	Wilsons The Leather Experts, Inc		7,762

		TOTAL APPAREL AND ACCESSORY STORES		1,019,423


APPAREL AND OTHER TEXTILE PRODUCTS - 0.08%
900	*	Hartmarx Corp		9,063
751	*	Innovo Group, Inc		1,607
1,719		Liz Claiborne, Inc		68,347
491		Phillips-Van Heusen Corp		16,051
582		Russell Corp		11,902

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		106,970


AUTO REPAIR, SERVICES AND PARKING - 0.01%
67		Bandag, Inc		3,085
248		Central Parking Corp		3,410
237	*	Midas, Inc		5,451
68		Ryder System, Inc		2,489

		TOTAL AUTO REPAIR, SERVICES AND PARKING		14,435


AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.06%
537	*	Autozone, Inc		49,651
1,035	*	Carmax, Inc		27,583
400	*	Copart, Inc		9,520

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		86,754


BUILDING MATERIALS AND GARDEN SUPPLIES - 1.46%
276		Fastenal Co		16,908
31,984		Home Depot, Inc		1,244,178
12,400		Lowe's Cos		721,928

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE


		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES	$	1,983,014


BUSINESS SERVICES - 6.28%
3,949	*	3Com Corp		14,374
100		Administaff, Inc		2,376
6,162		Adobe Systems, Inc		176,356
1,043	*	Akamai Technologies, Inc		13,695
721	*	Applied Digital Solutions, Inc		2,372
159	*	Aquantive, Inc		2,817
358	*	Arbinet-thexchange Inc		2,399
1,900	*	Ariba, Inc		11,020
613	*	Aspect Communications Corp		6,884
888	*	Audible Inc		15,425
2,770	*	Autobytel, Inc		13,379
2,500	*	Autodesk, Inc		85,925
13,783		Automatic Data Processing, Inc		578,473
801	*	Bankrate Inc		16,132
1,870	*	BEA Systems, Inc		16,419
858	*	Bisys Group, Inc		12,819
358	*	Blue Coat Systems, Inc		10,697
1,215	*	BMC Software, Inc		21,809
1,658	*	Cadence Design Systems, Inc		22,648
1,848	*	Ceridian Corp		35,999
1,200	*	Checkfree Corp		40,872
612	*	Ciber, Inc		4,884
600	*	Citrix Systems, Inc		12,996
988	*	Click Commerce Inc		22,694
8,282	*	CMGI, Inc		15,653
2,458	*	CNET Networks, Inc		28,857
2,865	*	Cogent Communications Group Inc		19,024
1,700	*	Cognizant Technology Solutions Corp		80,121
3,367	*	Compuware Corp		24,209
1,964	*	Convergys Corp		27,928
100	*	CSG Systems International, Inc		1,898
342		Deluxe Corp		13,885
100	*	Digital Insight Corp		2,392
1,364	*	DST Systems, Inc		63,835
1	*	E.piphany, Inc		3
400	*	Earthlink, Inc		3,464
12,496	*	eBay, Inc		412,493
43	*	eFunds Corp		774
3,026	*	Electronic Arts, Inc		171,302
10,716		Electronic Data Systems Corp		206,283
400	*	Equinix, Inc		17,336
500	*	F5 Networks, Inc		23,618
300		Fair Isaac Corp		10,950
400	*	First Advantage Corp		9,324
3,523	*	Fiserv, Inc		151,313
50	*	Gartner, Inc (Class A)		531
590	*	Getty Images, Inc		43,813
1,690	*	Google, Inc (Class A)		497,114
620		Henry (Jack) & Associates, Inc		11,352
366	*	iGate Corp		1,310
2,336		IMS Health, Inc		57,863
3,900	*	Innovative Solutions & Support, Inc		130,923
700	*	Internet Security Systems, Inc		14,203
600	*	Intrado, Inc		8,976

1,090	*		Intuit, Inc		49,170
1,900	*		Ipass, Inc		11,514

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

1,277	*	Iron Mountain, Inc	$	39,613
2,393	*	iVillage, Inc		14,310
5,785	*	Juniper Networks, Inc		145,666
328	*	Jupitermedia Corp		5,619
938	*	Lamar Advertising Co		40,118
801	*	Lionbridge Technologies		5,431
1,400	*	Macromedia, Inc		53,508
613		Manpower, Inc		24,385
1,200	*	Marchex, Inc		18,048
1,384	*	Matrixone, Inc		6,920
41	*	Mercury Interactive Corp		1,573
114,552		Microsoft Corp		2,845,472
1,291	*	Monster Worldwide, Inc		37,026
500	*	NDCHealth Corp		8,985
1,302	*	NIC, Inc		6,015
68	*	Niku Corp		1,410
4,100	*	Novell, Inc		25,420
3,713		Omnicom Group, Inc		296,520
47,003	*	Oracle Corp		620,440
1,136	*	Packeteer, Inc		16,018
1,100	*	Perot Systems Corp (Class A)		15,642
708	*	Pixar		35,435
1,100	*	Red Hat, Inc		14,410
1,525		Robert Half International, Inc		38,079
821	*	Sapient Corp		6,511
3,600		Siebel Systems, Inc		32,040
1,789	*	Spherion Corp		11,807
41,275	*	Sun Microsystems, Inc		153,956
4,752	*	SunGard Data Systems, Inc		167,128
1,000	*	Sykes Enterprises, Inc		9,480
7,040	*	Symantec Corp		153,050
504	*	Synopsys, Inc		8,402
1,828		Total System Services, Inc		44,055
1,300	*	Travelzoo, Inc		42,679
580	*	Trizetto Group, Inc		8,126
2,669	*	Unisys Corp		16,895
1,246		United Online, Inc		13,532
500	*	United Rentals, Inc		10,105
600	*	Universal Compression Holdings, Inc		21,744
1,335	*	Vasco Data Security International		12,950
3,832	*	VeriSign, Inc		110,208
3,695	*	Veritas Software Corp		90,158
700	*	WebEx Communications, Inc		18,487

		TOTAL BUSINESS SERVICES		8,502,271


CHEMICALS AND ALLIED PRODUCTS - 8.48%
9,007	*	Aastrom Biosciences Inc		28,192
762	*	Abgenix, Inc		6,538
354	*	Adolor Corp		3,275
8,713		Air Products & Chemicals, Inc		525,394
64	*	Alexion Pharmaceuticals, Inc		1,475
309	*	Alkermes, Inc		4,085
1,000	*	American Pharmaceutical Partners, Inc		41,250
20,967	*	Amgen, Inc		1,267,665
1,260	*	Arena Pharmaceuticals, Inc		8,593
622	*	Arqule, Inc		4,031
392	*	Atherogenics, Inc		6,264

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

1,901	*	AVANIR Pharmaceuticals	$	5,323
2,818		Avery Dennison Corp		149,241
6,544		Avon Products, Inc		247,690
2,356	*	Barr Pharmaceuticals, Inc		114,831
1,749	*	Benthley Pharmaceuticals, Inc		19,152
2,200	*	Bioenvision, Inc		16,016
5,831	*	Biogen Idec, Inc		200,878
1,012	*	BioMarin Pharmaceutical, Inc		7,580
1,619	*	Bone Care International, Inc		53,378
1,225		Cabot Corp		40,425
2,008	*	Cell Genesys, Inc		10,743
3,327	*	Cell Therapeutics, Inc		9,016
822	*	Cephalon, Inc		32,724
100	*	Charles River Laboratories International, Inc		4,825
730	*	Chattem, Inc		30,222
2,223		Clorox Co		123,866
8,194		Colgate-Palmolive Co		408,963
600	*	Connetics Corp		10,584
811	*	Cotherix Inc		8,264
692	*	Cubist Pharmaceuticals, Inc		9,114
2,626	*	Curis, Inc		10,241
700		Dade Behring Holdings, Inc		45,507
3,385	*	Dendreon Corp		17,704
1,344		Diagnostic Products Corp		63,612
298	*	Digene Corp		8,249
1,723	*	Dov Pharmaceutical, Inc		32,151
9,338	*	Durect Corp		47,530
800	*	Dusa Pharmaceuticals, Inc		7,440
5,292		Ecolab, Inc		171,249
166	*	Encysive Pharmaceuticals, Inc		1,794
4,700		Engelhard Corp		134,185
2,102	*	Eon Labs, Inc		64,405
600	*	EPIX Pharmaceuticals, Inc		5,310
2,682	*	First Horizon Pharmaceutical		51,065
7,598	*	Forest Laboratories, Inc		295,182
4,247	*	Genzyme Corp		255,202
860	*	Geron Corp		6,656
7,606	*	Gilead Sciences, Inc		334,588
16,314		Gillette Co		825,978
68		H.B. Fuller Co		2,316
866	*	Hi-Tech Pharmacal Co, Inc		27,591
959	*	Idexx Laboratories, Inc		59,774
600	*	Immucor, Inc		17,370
1,778	*	Immunogen, Inc		10,295
2,269	*	Impax Laboratories, Inc		35,623
1,329	*	Inspire Pharmaceuticals, Inc		11,190
179	*	InterMune, Inc		2,334
1,545	*	Inverness Medical Innovations, Inc		42,179

700	*	Invitrogen Corp	58,303
6,947	*	King Pharmaceuticals, Inc	72,388
713	*	Kos Pharmaceuticals, Inc	46,702
1,050	*	KV Pharmaceutical Co (Class A)	17,588
625	*	Ligand Pharmaceuticals, Inc (Class B)	4,344
800		Lubrizol Corp	33,608
1,700		Mannatech, Inc	32,334
725	*	Martek Biosciences Corp	27,514
1,010	*	Medarex, Inc	8,413
1,312		Medicis Pharmaceutical Corp (Class A)	41,630
3,755	*	MedImmune, Inc	100,334
35,748		Merck & Co, Inc	1,101,038

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

688	*	MGI Pharma, Inc	$	14,971
2,869	*	Millennium Pharmaceuticals, Inc		26,596
7,894		Mylan Laboratories, Inc		151,881
573	*	Nabi Biopharmaceuticals		8,727
1,484	*	Nastech Pharmaceutical Co, Inc		21,117
2,652		Nature's Sunshine Products, Inc		46,251
4,100	*	NitroMed, Inc		79,745
400	*	Northfield Laboratories, Inc		5,724
1,237	*	Noven Pharmaceuticals, Inc		21,623
100	*	NPS Pharmaceuticals, Inc		1,135
700	*	Nuvelo, Inc		5,411
319	*	OraSure Technologies, Inc		3,187
468	*	OSI Pharmaceuticals, Inc		19,127
3,549	*	Pain Therapeutics, Inc		23,956
900	*	Par Pharmaceutical Cos, Inc		28,629
2,010	*	Penwest Pharmaceuticals Co		23,758
4,379		Perrigo Co		61,043
1,200	*	Pharmion Corp		27,852
924	*	Pozen, Inc		7,577
9,018		Praxair, Inc		420,239
40,551		Procter & Gamble Co		2,139,065
937	*	Progenics Pharmaceuticals		19,546
592	*	Protein Design Labs, Inc		11,964
1,417	*	Renovis, Inc		21,638
6,083		Rohm & Haas Co		281,886
2,600		RPM International, Inc		47,476
1,668	*	Salix Pharmaceuticals Ltd		29,457
1,190	*	Sepracor, Inc		71,412
1,606		Sigma-Aldrich Corp		90,000
5,629	*	StemCells, Inc		23,698
1,211	*	SuperGen, Inc		5,982
530	*	Tanox, Inc		6,212
235	*	United Therapeutics Corp		11,327
600	*	USANA Health Sciences, Inc		25,380
300		Valspar Corp		14,487
719	*	Vertex Pharmaceuticals, Inc		12,108
508	*	Vicuron Pharmaceuticals, Inc		14,173
3,248	*	Watson Pharmaceuticals, Inc		96,011
1,700	*	Zymogenetics, Inc		29,920

		TOTAL CHEMICALS AND ALLIED PRODUCTS		11,480,804


COMMUNICATIONS - 4.81%
3,649		Alltel Corp		227,260
12,600		AT&T Corp		239,904
4,328	*	Avaya, Inc		36,009
27,732		BellSouth Corp		736,839
500		Citizens Communications Co		6,720
27,865	*	Comcast Corp (Class A)		855,456
6,583	*	Comcast Corp (Special Class A)		197,161
600	*	Foundry Networks, Inc		5,178
5,460	*	IAC/InterActiveCorp		131,313
300	*	j2 Global Communications, Inc		10,332
3,380	*	Liberty Global, Inc		157,745
1,200	*	NCR Corp		42,144
12,247	*	Nextel Communications, Inc (Class A)		395,701
200	*	NII Holdings, Inc (Class B)		12,788
748	*	Novatel Wireless, Inc		9,328

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

400	*	NTL, Inc	$	27,368
61,748		SBC Communications, Inc		1,466,515
14,345		Sprint Corp		359,916
1,807	*	Tivo, Inc		12,071
2,361	*	Univision Communications, Inc (Class A)		65,046
41,376		Verizon Communications, Inc		1,429,541
142	*	West Corp		5,453
2,269	*	XM Satellite Radio Holdings, Inc		76,375

		TOTAL COMMUNICATIONS		6,506,163


DEPOSITORY INSTITUTIONS - 9.91%
6,593		AmSouth Bancorp		171,418
13,707		BB&T Corp		547,869
3,369		Comerica, Inc		194,728
13,258		Fifth Third Bancorp		546,362
400		Fremont General Corp		9,732
5,888		Golden West Financial Corp		379,069
91		IndyMac Bancorp, Inc		3,706
63,418		JPMorgan Chase & Co		2,239,924
10,572		KeyCorp		350,462
1,500		M & T Bank Corp		157,740
2,300		Marshall & Ilsley Corp		102,235
8,365		Mellon Financial Corp		239,992
17,180		National City Corp		586,182
2,400		New York Community Bancorp, Inc		43,488
7,802		North Fork Bancorp, Inc		219,158
2,481		Northern Trust Corp		113,109
6,664		PNC Financial Services Group, Inc		362,921
11,054		Regions Financial Corp		374,510
2,898		Sovereign Bancorp, Inc		64,741
5,199		State Street Corp		250,852
7,954		SunTrust Banks, Inc		574,597
3,086		Synovus Financial Corp		88,476
43,458		U.S. Bancorp		1,268,974
1,300		UnionBanCal Corp		86,996
31,749		Wachovia Corp		1,574,750
25,076		Washington Mutual, Inc		1,020,342
30,049		Wells Fargo & Co		1,850,417


		TOTAL DEPOSITORY INSTITUTIONS	13,422,750


EATING AND DRINKING PLACES - 0.92%
300		Applebee's International, Inc	7,947
1,540		Darden Restaurants, Inc	50,789
38,063		McDonald's Corp	1,056,248
761		Outback Steakhouse, Inc	34,428
2,097		Wendy's International, Inc	99,922

		TOTAL EATING AND DRINKING PLACES	1,249,334


EDUCATIONAL SERVICES - 0.02%
810	*	Career Education Corp	29,654

		TOTAL EDUCATIONAL SERVICES	29,654

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

ELECTRIC, GAS, AND SANITARY SERVICES - 5.48%
14,983	*	AES Corp	$	245,422
3,896		AGL Resources, Inc		150,580
5,633		Allete, Inc		281,087
16,527	*	Aquila, Inc		59,662
4,900		Atmos Energy Corp		141,120
7,885		Avista Corp		146,582
5,292		Black Hills Corp		195,010
1,015	*	Casella Waste Systems, Inc (Class A)		12,180
7,801		Cleco Corp		168,268
600		Connecticut Water Service, Inc		14,994
2,013		Crosstex Energy, Inc		97,228
11,914		DPL, Inc		327,039
9,786		Empire District Electric Co		234,473
1,600		Energen Corp		56,080
500		EnergySouth, Inc		13,855
8,910		Hawaiian Electric Industries, Inc		238,877
6,850		Idacorp, Inc		209,816
7,734		KeySpan Corp		314,774
9,370		Kinder Morgan, Inc		779,584
700		Markwest Hydrocarbon, Inc		16,240
400		Metal Management, Inc		7,740
2,828		MGE Energy, Inc		102,883
6,391		National Fuel Gas Co		184,764
300		New Jersey Resources Corp		14,475
1,262		Nicor, Inc		51,957
20,778		NiSource, Inc		513,840
18,469		OGE Energy Corp		534,493
4,614		Otter Tail Corp		126,101
2,275		Peoples Energy Corp		98,872
20,484		Pepco Holdings, Inc		490,387
800		Piedmont Natural Gas Co, Inc		19,216
18,359		Puget Energy, Inc		429,233
4,400		Questar Corp		289,960
897		Resource America, Inc (Class A)		34,561
8,094	*	Sierra Pacific Resources		100,770
600		SJW Corp		28,206
33	*	Southern Union Co		810
1,800		UGI Corp		50,220
6,163		Unisource Energy Corp		189,512
841	*	Waste Connections, Inc		31,361
4,014		Western Gas Resources, Inc		140,089
1,200		WGL Holdings, Inc		40,368
12,640		Williams Cos, Inc		240,160

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		7,422,849


ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.56%
1,726	*	ADC Telecommunications, Inc		37,575
3,298	*	Advanced Micro Devices, Inc		57,187
1,000	*	Agere Systems, Inc		12,000
2,400	*	Altera Corp		47,568
1,700		American Power Conversion Corp		40,103
3,954		Ametek, Inc		165,475
86	*	Amkor Technology, Inc		387
3,700		Analog Devices, Inc		138,047
1,100	*	Andrew Corp		14,036
671	*	Arris Group, Inc		5,844
2,200	*	Artesyn Technologies, Inc		19,140

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

961		Baldor Electric Co	$	23,372
2,375	*	Broadcom Corp (Class A)		84,336
498	*	Broadwing Corp		2,301
821	*	C-COR, Inc		5,624
6,601	*	CIENA Corp		13,796
81,891	*	Cisco Systems, Inc		1,564,937
1,015	*	Comverse Technology, Inc		24,005
2,081	*	Conexant Systems, Inc		3,350
2,030	*	Ditech Communications Corp		13,175
3,124	*	Emcore Corp		12,902
13,878		Emerson Electric Co		869,179
168	*	EndWave Corp		7,997
500	*	Energizer Holdings, Inc		31,085
877	*	Evergreen Solar, Inc		5,639
1,273	*	Finisar Corp		1,337
1,600	*	Freescale Semiconductor, Inc (Class B)		33,888
259	*	FuelCell Energy, Inc		2,644
300	*	Greatbatch, Inc		7,170
900		Harman International Industries, Inc		73,224
1,024	*	Harmonic, Inc		4,946
85,800		Intel Corp		2,235,948
500	*	Interdigital Communications Corp		8,750
600		Intersil Corp (Class A)		11,262
683	*	InterVoice, Inc		5,894
576	*	Kemet Corp		3,629
136		Lincoln Electric Holdings, Inc		4,508
286		LSI Industries, Inc		3,987
3,500	*	LSI Logic Corp		29,715
43,959	*	Lucent Technologies, Inc		127,921
3,297		Maxim Integrated Products, Inc		125,978
3,888	*	McData Corp (Class A)		15,552
1,000		Microchip Technology, Inc		29,620
6,032	*	Micron Technology, Inc		61,587
2,897	*	Microtune, Inc		14,528
1,935		Molex, Inc		50,387

31,747		Motorola, Inc	579,700
5,840	*	MRV Communications, Inc	12,673
864	*	Mykrolis Corp	12,277
2,902		National Semiconductor Corp	63,931
3,611	*	Network Appliance, Inc	102,083
903	*	Novellus Systems, Inc	22,313
258	*	Nvidia Corp	6,894
403	*	Openwave Systems, Inc	6,609
6,239	*	Optical Communication Products, Inc	11,854
183	*	PLX Technology, Inc	1,859
200	*	Polycom, Inc	2,982
1,027	*	Power-One, Inc	6,480
300	*	QLogic Corp	9,261
22,900		Qualcomm, Inc	755,929
4,396	*	Quantum Fuel Systems Technologies Worldwide, Inc	21,980
300	*	Rambus, Inc	4,014
1,264		Scientific-Atlanta, Inc	42,053
16,762	*	Sirius Satellite Radio, Inc	108,618
2,441		Teleflex, Inc	144,922
4,390	*	Tellabs, Inc	38,193
2,027	*	Terayon Communication Systems, Inc	6,263
24,474		Texas Instruments, Inc	686,985
1,538	*	Thomas & Betts Corp	43,433
5,867	*	Transwitch Corp	12,027
832	*	UTStarcom, Inc	6,232

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

600	*	Vishay Intertechnology, Inc	$	7,122
1,600	*	Vitesse Semiconductor Corp		3,344
2,600	*	Westell Technologies, Inc		15,548
3,000		Xilinx, Inc		76,500
3,425	*	Zhone Technologies, Inc		11,474

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		8,875,088


ENGINEERING AND MANAGEMENT SERVICES - 0.51%
900	*	Amylin Pharmaceuticals, Inc		18,837
575	*	Antigenics, Inc		3,111
1,251	*	Applera Corp (Celera Genomics Group)		13,723
436	*	Ariad Pharmaceuticals, Inc		2,904
2,292	*	BearingPoint, Inc		16,800
2,385	*	CuraGen Corp		12,259
232	*	CV Therapeutics, Inc		5,201
1,086	*	Decode Genetics, Inc		10,198
480	*	Digitas, Inc		5,477
200	*	Gen-Probe, Inc		7,246
39	*	Hewitt Associates, Inc		1,034
504	*	ICOS Corp		10,670
2,197	*	Incyte Corp		15,709
2,102	*	Isis Pharmaceuticals, Inc		8,219
1,827	*	Lexicon Genetics, Inc		9,025
800	*	Lifecell Corp		12,648
918	*	Luminex Corp		9,033
5,142		Moody's Corp		231,184
817	*	Neopharm, Inc		8,162
7,620		Paychex, Inc		247,955
200	*	Pharmaceutical Product Development, Inc		9,372
608	*	Regeneron Pharmaceuticals, Inc		5,101
1,804	*	Savient Pharmaceuticals, Inc		7,956
1,449	*	Seattle Genetics, Inc		7,767
19	*	Symyx Technologies, Inc		532
590	*	Trimeris, Inc		5,888

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		686,011


FABRICATED METAL PRODUCTS - 0.64%
2,846		Commercial Metals Co		67,792
1,072		Dynamic Materials Corp		41,476
800	*	Global Power Equipment Group, Inc		6,360
500		Gulf Island Fabrication, Inc		9,940
8,601		Illinois Tool Works, Inc		685,328
400		Silgan Holdings, Inc		22,496
900		Snap-On, Inc		30,870
83		Valmont Industries, Inc		2,141

		TOTAL FABRICATED METAL PRODUCTS		866,403


FOOD AND KINDRED PRODUCTS - 3.27%
3,503		Campbell Soup Co		107,787
38,155		Coca-Cola Co		1,592,971
2,259		Coca-Cola Enterprises, Inc		49,721
5,264		General Mills, Inc		246,303
5,508		H.J. Heinz Co		195,093

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

2,564		Hershey Foods Corp	$	159,224
6,164		Kellogg Co		273,928
600		Pepsi Bottling Group, Inc		17,166
29,274		PepsiCo, Inc		1,578,747
2,980		Wrigley (Wm.) Jr Co		205,143

		TOTAL FOOD AND KINDRED PRODUCTS		4,426,083


FOOD STORES - 0.63%
8,883		Albertson's, Inc		183,700
13,165	*	Kroger Co		250,530
800	*	Pathmark Stores, Inc		7,008
6,290	*	Starbucks Corp		324,941
700		Whole Foods Market, Inc		82,810

		TOTAL FOOD STORES		848,989


FURNITURE AND FIXTURES - 0.82%
10,600	*	BE Aerospace, Inc		165,678
1,130		Hillenbrand Industries, Inc		57,122
6,894		Johnson Controls, Inc		388,339
3,585		Leggett & Platt, Inc		95,289
11,128		Masco Corp		353,425
1,863		Newell Rubbermaid, Inc		44,414

		TOTAL FURNITURE AND FIXTURES		1,104,267


FURNITURE AND HOMEFURNISHINGS STORES - 0.29%
3,153	*	Bed Bath & Beyond, Inc		131,732
3,134		Best Buy Co, Inc		214,836
1,379		Circuit City Stores, Inc (Circuit City Group)		23,843
971		RadioShack Corp		22,498

76	*	Williams-Sonoma, Inc	3,007

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES	395,916


GENERAL BUILDING CONTRACTORS - 0.65%
121	*	Avatar Holdings, Inc	6,083
300		Beazer Homes U.S.A., Inc	17,145
1,824		Centex Corp	128,902
5,769		D.R. Horton, Inc	216,972
1,200		KB Home	91,476
2,240		Lennar Corp (Class A)	142,128
64		Lennar Corp (Class B)	3,764
1,698		Pulte Homes, Inc	143,057
400		Ryland Group, Inc	30,348
200		Standard-Pacific Corp	17,590
800	*	Toll Brothers, Inc	81,240

		TOTAL GENERAL BUILDING CONTRACTORS	878,705


GENERAL MERCHANDISE STORES - 1.55%
300	*	99 Cents Only Stores	3,813
331	*	Big Lots, Inc	4,382
41	*	BJ's Wholesale Club, Inc	1,332

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

700		Bon-Ton Stores, Inc	$	13,545
8,598		Costco Wholesale Corp		385,362
2,008		Dollar General Corp		40,883
1,621		Family Dollar Stores, Inc		42,308
4,491		J.C. Penney Co, Inc		236,137
6,218		May Department Stores Co		249,715
700		Neiman Marcus Group, Inc (Class A)		67,844
1,945	*	Saks, Inc		36,897
800	*	ShopKo Stores, Inc		19,448
14,778		Target Corp		804,071
7,954		TJX Cos, Inc		193,680

		TOTAL GENERAL MERCHANDISE STORES		2,099,417


HEALTH SERVICES - 0.77%
6,289	*	Caremark Rx, Inc		279,986
1,278	*	Coventry Health Care, Inc		90,419
600	*	DaVita, Inc		27,288
207	*	Edwards Lifesciences Corp		8,905
400	*	Enzon, Inc		2,592
1,462	*	Express Scripts, Inc		73,071
800	*	Gentiva Health Services, Inc		14,288
3,541		Health Management Associates, Inc (Class A)		92,703
104		Hooper Holmes, Inc		432
1,487	*	Human Genome Sciences, Inc		17,219
34	*	LifePoint Hospitals, Inc		1,718
885	*	Lincare Holdings, Inc		36,143
1,241		Manor Care, Inc		49,305
3,937	*	Medco Health Solutions, Inc		210,078
2,557	*	Nektar Therapeutics		43,060
929	*	OCA, Inc		1,747
967		Option Care, Inc		13,635
465	*	Specialty Laboratories, Inc		3,911
798	*	Triad Hospitals, Inc		43,603
483		Universal Health Services, Inc (Class B)		30,033
200	*	VistaCare, Inc (Class A)		3,694

		TOTAL HEALTH SERVICES		1,043,830


HOLDING AND OTHER INVESTMENT OFFICES - 2.35%
6,524		Allied Capital Corp		189,914
884		AMB Property Corp		38,392
2,200		American Financial Realty Trust		33,836
7,391		Archstone-Smith Trust		285,440
1,147		AvalonBay Communities, Inc		92,678
2,085		Boston Properties, Inc		145,950
68		Catellus Development Corp		2,230
1,100		Cherokee, Inc		38,082
1,632		Crescent Real Estate Equities Co		30,600
200		Developers Diversified Realty Corp		9,192
2,179		Duke Realty Corp		68,987
15,389		Equity Office Properties Trust		509,376
9,262		Equity Residential		341,027
1,000		First Industrial Realty Trust, Inc		39,900
1,200		Friedman Billings Ramsey Group, Inc		17,160
2,980		General Growth Properties, Inc		122,448
700		Harris & Harris Group, Inc		8,337
200		Health Care Property Investors, Inc		5,408

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

800		Hospitality Properties Trust	$	35,256
4,200		Host Marriott Corp		73,500
1,500		HRPT Properties Trust		18,645
2,429		iStar Financial, Inc		101,022
1,700		Kimco Realty Corp		100,147
1,400		Origen Financial, Inc		10,360
3,693		Prologis		148,606
2,182		Public Storage, Inc		138,012
5,337		Simon Property Group, Inc		386,879
2,403		Vornado Realty Trust		193,201

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,184,585


HOTELS AND OTHER LODGING PLACES - 0.25%
2,000		Choice Hotels International, Inc		131,400
2,151	*	Gaylord Entertainment Co		100,000
2,700	*	Great Wolf Resorts, Inc		55,188
2,256		Marcus Corp		47,872

		TOTAL HOTELS AND OTHER LODGING PLACES		334,460


INDUSTRIAL MACHINERY AND EQUIPMENT - 6.53%
17,166		3M Co		1,241,102
1,000	*	AGCO Corp		19,120
800		Alamo Group, Inc		14,936
1,800		American Standard Cos, Inc		75,456
9,236	*	Apple Computer, Inc		339,977
21,868		Applied Materials, Inc		353,824
700	*	Astec Industries, Inc		16,233
1,347		Black & Decker Corp		121,028
1,714	*	Brocade Communications Systems, Inc		6,650
375	*	Brooks Automation, Inc		5,569

333		CDW Corp	19,011
490	*	Cirrus Logic, Inc	2,602
900	*	Cooper Cameron Corp	55,845
834		Cummins, Inc	62,225
6,167		Deere & Co	403,877
32,950	*	Dell, Inc	1,301,855
31,342	*	EMC Corp	429,699
441	*	Emulex Corp	8,053
233	*	Extreme Networks, Inc	955
562	*	Gehl Co	21,884
696		Graco, Inc	23,713
2,598	*	Grant Prideco, Inc	68,717
46,647		Hewlett-Packard Co	1,096,671
200	*	Hydril	10,870
26,231		International Business Machines Corp	1,946,340
1,207	*	Jabil Circuit, Inc	37,091
600	*	Lam Research Corp	17,364
1,319	*	Lexmark International, Inc	85,511
800		Lufkin Industries, Inc	28,784
1,800	*	Maxtor Corp	9,360
992		Modine Manufacturing Co	32,300
3,787	*	National Oilwell Varco, Inc	180,034
976		Nordson Corp	33,457
700	*	Oil States International, Inc	17,619
719	*	PalmOne, Inc	21,405
1,300		Pentair, Inc	55,653

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

5,142		Pitney Bowes, Inc	$	223,934
300	*	Quantum Corp		891
1,200	*	Sandisk Corp		28,476
224	*	Scansoft, Inc		847
2,459	*	Semitool, Inc		23,459
2,242		Smith International, Inc		142,815
9,105	*	Solectron Corp		34,508
948		SPX Corp		43,589
1,800		Stanley Works		81,972
271	*	Storage Technology Corp		9,835
800		Tennant Co		28,328
650	*	TurboChef Technologies, Inc		11,648
152	*	UNOVA, Inc		4,048
1,070	*	Varian Medical Systems, Inc		39,943
485	*	Western Digital Corp		6,509

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,845,592


INSTRUMENTS AND RELATED PRODUCTS - 3.54%
567	*	Advanced Medical Optics, Inc		22,538
600	*	Affymetrix, Inc		32,358
497	*	Align Technology, Inc		3,663
4,555		Allergan, Inc		388,268
300		Analogic Corp		15,096
4,300		Applera Corp (Applied Biosystems Group)		84,581
1,592		Bard (C.R.), Inc		105,884
483		Bausch & Lomb, Inc		40,089
13,431		Baxter International, Inc		498,290
522		Beckman Coulter, Inc		33,184
5,735		Becton Dickinson & Co		300,915
4,506		Biomet, Inc		156,088
623	*	Biosite, Inc		34,259
9,708	*	Boston Scientific Corp		262,116
864	*	Bruker BioSciences Corp		3,447
681	*	Credence Systems Corp		6,163
706		Dentsply International, Inc		38,124
500	*	DJ Orthopedics, Inc		13,715
400	*	Faro Technologies, Inc		10,904
908	*	Fisher Scientific International, Inc		58,929
5,053		Guidant Corp		340,067
543	*	Input/Output, Inc		3,410
300	*	Intuitive Surgical, Inc		13,992
1,000	*	Ista Pharmaceuticals, Inc		8,320
1,735		KLA-Tencor Corp		75,820
1,652	*	LTX Corp		8,194
21,276		Medtronic, Inc		1,101,884
195	*	Millipore Corp		11,062
305	*	MKS Instruments, Inc		5,151
3,265	*	Nanogen, Inc		12,538
596		Oakley, Inc		10,150
2,064		PerkinElmer, Inc		39,010
5,180	*	St. Jude Medical, Inc		225,900
6,392		Stryker Corp		304,004
100	*	Techne Corp		4,591
400		Tektronix, Inc		9,308
1,450	*	Thermo Electron Corp		38,962
1,349	*	TriPath Imaging, Inc		11,547

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

847	*	Waters Corp	$	31,483
11,987	*	Xerox Corp		165,301
3,386	*	Zimmer Holdings, Inc		257,912

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,787,217


INSURANCE AGENTS, BROKERS AND SERVICE - 0.81%
320		Brown & Brown, Inc		14,381
3,500		Crawford & Co (Class B)		25,970
964		Gallagher (Arthur J.) & Co		26,153
5,896		Hartford Financial Services Group, Inc		440,903
2,323	*	Humana, Inc		92,316
18,098		Marsh & McLennan Cos, Inc		501,315

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,101,038


INSURANCE CARRIERS - 6.33%
5,400		Aetna, Inc		447,228
8,794		Aflac, Inc		380,604
1,400		Ambac Financial Group, Inc		97,664
36,123		American International Group, Inc		2,098,746
400		Berkley (W.R.) Corp		14,272
4,698		Chubb Corp		402,196
1,691		Cigna Corp		180,988
4,776		Cincinnati Financial Corp		188,939
737		Erie Indemnity Co (Class A)		39,982
2,495		Fidelity National Financial, Inc		89,047

500		First American Corp	20,070
1,822	*	Health Net, Inc	69,528
1,199		Jefferson-Pilot Corp	60,454
3,097		Lincoln National Corp	145,311
1,193		MBIA, Inc	70,757
605		MGIC Investment Corp	39,458
600	*	Pacificare Health Systems, Inc	42,870
900		Phoenix Cos, Inc	10,710
8,128		Principal Financial Group	340,563
3,633		Progressive Corp	358,977
12,259		Prudential Financial, Inc	804,926
2,993		Safeco Corp	162,640
14,754		St. Paul Travelers Cos, Inc	583,226
23,122		UnitedHealth Group, Inc	1,205,581
3,963		UnumProvident Corp	72,602
9,234	*	WellPoint, Inc	643,056

		TOTAL INSURANCE CARRIERS	8,570,395


LEATHER AND LEATHER PRODUCTS - 0.18%
6,376	*	Coach, Inc	214,042
1,800		Weyco Group, Inc	35,469

		TOTAL LEATHER AND LEATHER PRODUCTS	249,511

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.01%
700	*	Laidlaw International, Inc	$	16,870

		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		16,870


LUMBER AND WOOD PRODUCTS - 0.01%
1,474		Champion Enterprises, Inc		14,652

		TOTAL LUMBER AND WOOD PRODUCTS		14,652


METAL MINING - 0.17%
2,352		Cleveland-Cliffs, Inc		135,852
4,859		Royal Gold, Inc		97,763

		TOTAL METAL MINING		233,615


MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
1,009		Callaway Golf Co		15,569
108		Charles & Colvard Ltd		2,651
200	*	Leapfrog Enterprises, Inc		2,260
900		Marine Products Corp		13,095
11,734		Mattel, Inc		214,732
161		Nautilus, Inc		4,589
1,783		Russ Berrie & Co, Inc		22,840
87	*	Steinway Musical Instruments, Inc		2,554

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		278,290


MISCELLANEOUS RETAIL - 1.27%
4,695	*	Amazon.com, Inc		155,311
12,618		CVS Corp		366,805
702	*	Dollar Tree Stores, Inc		16,848
1,626	*	GSI Commerce, Inc		27,236
956		Michaels Stores, Inc		39,550
229	*	NeighborCare, Inc		7,596
1,860	*	Office Depot, Inc		42,482
451		Petsmart, Inc		13,688
10,834		Staples, Inc		230,981
694		Tiffany & Co		22,735
1,535	*	Toys 'R' Us, Inc		40,647
15,190		Walgreen Co		698,588
2,462		World Fuel Services Corp		57,635

		TOTAL MISCELLANEOUS RETAIL		1,720,102


MOTION PICTURES - 1.86%
48,508	*	Liberty Media Corp (Class A)		494,297
522		Regal Entertainment Group (Class A)		9,855
63,862	*	Time Warner, Inc		1,067,134
37,558		Walt Disney Co		945,710

		TOTAL MOTION PICTURES		2,516,996

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

NONDEPOSITORY INSTITUTIONS - 4.16%
1,014		Advanta Corp (Class A)	$	26,080
3,168		American Capital Strategies Ltd		114,396
23,153		American Express Co		1,232,434
1,700	*	AmeriCredit Corp		43,350
2,220		Beverly Hills Bancorp, Inc		24,309
4,633		Capital One Financial Corp		370,686
5,480		CIT Group, Inc		235,476
8,169		Countrywide Financial Corp		315,405
17,733		Fannie Mae		1,035,607
300	*	First Marblehead Corp		10,518
14,880		Freddie Mac		970,622
25,772		MBNA Corp		674,196
1,600		MCG Capital Corp		27,328
4,948	*	Providian Financial Corp		87,233
9,005		SLM Corp		457,454

		TOTAL NONDEPOSITORY INSTITUTIONS		5,625,094


NONMETALLIC MINERALS, EXCEPT FUELS - 0.17%
2,151		Amcol International Corp		40,417
400		Florida Rock Industries, Inc		29,340
2,397		Vulcan Materials Co		155,781

		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		225,538


OIL AND GAS EXTRACTION - 4.97%
9,361		Anadarko Petroleum Corp		769,006
11,934		Apache Corp		770,936
359	*	ATP Oil & Gas Corp		8,401
500		Berry Petroleum Co (Class A)		26,440
1,950		Cabot Oil & Gas Corp (Class A)		67,665
2,100	*	Callon Petroleum Co		31,038
2,800	*	Cheniere Energy, Inc		87,080
8,796		Chesapeake Energy Corp		200,549
1,509	*	Cimarex Energy Co		58,715
394	*	Clayton Williams Energy, Inc		11,816
888	*	Comstock Resources, Inc		22,458
500	*	Delta Petroleum Corp		7,060

3,065	*	Denbury Resources, Inc	121,895
14,834		Devon Energy Corp	751,787
2,000	*	Edge Petroleum Corp	31,240
400	*	Encore Acquisition Co	16,400
1,136	*	Energy Partners Ltd	29,775
6,117		ENSCO International, Inc	218,683
8,916		EOG Resources, Inc	506,429
5,483		Equitable Resources, Inc	372,844
1,943	*	Forest Oil Corp	81,606
1,300	*	FX Energy, Inc	14,339
2,700	*	Global Industries Ltd	22,950
4,100	*	Grey Wolf, Inc	30,381
598	*	Harvest Natural Resources, Inc	6,536
2,299		Helmerich & Payne, Inc	107,869
800	*	Houston Exploration Co	42,440
2,445	*	KCS Energy, Inc	42,470
2,779	*	Meridian Resource Corp	13,284
8,600	*	Mission Resources Corp	69,402

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

4,196	*	Newfield Exploration Co	$	167,378
2,931		Noble Energy, Inc		221,730
200	*	Petroleum Development Corp		6,370
1,047	*	PetroQuest Energy, Inc		6,879
5,316		Pioneer Natural Resources Co		223,697
2,609	*	Plains Exploration & Production Co		92,698
2,997		Pogo Producing Co		155,604
3,552	*	Pride International, Inc		91,286
1,700	*	Quicksilver Resources, Inc		108,681
2,403		Range Resources Corp		64,641
800	*	Remington Oil & Gas Corp		28,560
1,757		Rowan Cos, Inc		52,200
2,000		St. Mary Land & Exploration Co		57,960
1,255	*	Stone Energy Corp		61,370
1,641	*	Swift Energy Co		58,781
2,600		Tidewater, Inc		99,112
949	*	Toreador Resources Corp		23,051
8,181	*	Transmontaigne, Inc		85,901
146	*	Tri-Valley Corp		2,034
1,000	*	Unit Corp		44,010
1,100	*	Veritas DGC, Inc		30,514
3,200		Vintage Petroleum, Inc		97,504
700	*	Whiting Petroleum Corp		25,417
11,186		XTO Energy, Inc		380,212

		TOTAL OIL AND GAS EXTRACTION		6,727,084


PAPER AND ALLIED PRODUCTS - 0.91%
2,400		Bemis Co		63,696
900		Bowater, Inc		29,133
1,800	*	Buckeye Technologies, Inc		14,346
1,300		Glatfelter		16,120
10,000		Kimberly-Clark Corp		625,900
7,576		MeadWestvaco Corp		212,431
2,200		Packaging Corp of America		46,310
700		Potlatch Corp		36,631
1,300		Rock-Tenn Co (Class A)		16,445
3,271		Sonoco Products Co		86,682
2,422		Temple-Inland, Inc		89,977

		TOTAL PAPER AND ALLIED PRODUCTS		1,237,671


PERSONAL SERVICES - 0.01%
300	*	Weight Watchers International, Inc		15,483

		TOTAL PERSONAL SERVICES		15,483


PETROLEUM AND COAL PRODUCTS - 0.80%
4,472		Frontier Oil Corp		131,253
1,200		GIANT INDUSTRIES INC		43,200
1,678		Headwaters, Inc		57,690
3,067		Sunoco, Inc		348,657
6,384		Valero Energy Corp		505,038

		TOTAL PETROLEUM AND COAL PRODUCTS		1,085,838

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

PRIMARY METAL INDUSTRIES - 0.94%
2,500	*	Aleris International, Inc	$	56,375
2,679	*	Century Aluminum Co		54,652
18,111	*	Corning, Inc		301,005
648	*	General Cable Corp		9,610
1,768		Gibraltar Industries, Inc		32,779
800		Hubbell, Inc (Class B)		35,280
1,123	*	Lone Star Technologies, Inc		51,097
1,052	*	Maverick Tube Corp		31,350
1,969		Mueller Industries, Inc		53,360
1,624	*	NS Group, Inc		52,796
5,340		Nucor Corp		243,611
1,050		Quanex Corp		55,661
1,548		Schnitzer Steel Industries, Inc (Class A)		36,688
2,130		Steel Dynamics, Inc		55,913
2,300		Steel Technologies, Inc		38,870
2,915	*	Superior Essex, Inc		51,625
80		Tredegar Corp		1,248
2,400	*	Wheeling-Pittsburgh Corp		36,912
4,488		Worthington Industries, Inc		70,910

		TOTAL PRIMARY METAL INDUSTRIES		1,269,742


PRINTING AND PUBLISHING - 0.83%
919		Dow Jones & Co, Inc		32,579
608	*	Dun & Bradstreet Corp		37,483
1,590		EW Scripps Co		77,592
300		Harte-Hanks, Inc		8,919
9,170		McGraw-Hill Cos, Inc		405,773
1,296		New York Times Co (Class A)		40,370
200	*	Presstek, Inc		2,264
3,923		R.R. Donnelley & Sons Co		135,383
5,751		Tribune Co		202,320
137	*	Valassis Communications, Inc		5,076
218		Washington Post Co (Class B)		182,037

		TOTAL PRINTING AND PUBLISHING		1,129,796


RAILROAD TRANSPORTATION - 0.39%

1,461	*	Kansas City Southern Industries, Inc	29,483
15,974		Norfolk Southern Corp	494,555

		TOTAL RAILROAD TRANSPORTATION	524,038


REAL ESTATE - 0.01%
2,380		Stewart Enterprises, Inc (Class A)	15,565

		TOTAL REAL ESTATE	15,565


RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
1,671		Cooper Tire & Rubber Co	31,030
595	*	Sealed Air Corp	29,625
169	*	Skechers U.S.A., Inc (Class A)	2,410

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS	63,065

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

SECURITY AND COMMODITY BROKERS - 2.08%
790		A.G. Edwards, Inc	$	35,669
2,296	*	Ameritrade Holding Corp		42,683
15,386		Charles Schwab Corp		173,554
400		Chicago Mercantile Exchange		118,200
100		Eaton Vance Corp		2,391
796		Federated Investors, Inc (Class B)		23,888
4,236		Franklin Resources, Inc		326,087
6,836		Goldman Sachs Group, Inc		697,409
7,451	*	Instinet Group, Inc		39,043
2,286		Janus Capital Group, Inc		34,381
1,396		Legg Mason, Inc		145,338
18,286		Merrill Lynch & Co, Inc		1,005,913
184	*	Piper Jaffray Cos		5,599
738		SEI Investments Co		27,564
2,163		T Rowe Price Group, Inc		135,404

		TOTAL SECURITY AND COMMODITY BROKERS		2,813,123


SPECIAL TRADE CONTRACTORS - 0.03%
1,404	*	Layne Christensen Co		27,890
1,802	*	Quanta Services, Inc		15,858

		TOTAL SPECIAL TRADE CONTRACTORS		43,748


STONE, CLAY, AND GLASS PRODUCTS - 0.06%
241		Apogee Enterprises, Inc		3,704
48	*	Cabot Microelectronics Corp		1,392
300		CARBO Ceramics, Inc		23,688
16		Eagle Materials, Inc		1,481
53		Eagle Materials, Inc (Class B)		4,796
2,542		Gentex Corp		46,264

		TOTAL STONE, CLAY, AND GLASS PRODUCTS		81,325


TEXTILE MILL PRODUCTS - 0.02%
648		Oxford Industries, Inc		27,896

		TOTAL TEXTILE MILL PRODUCTS		27,896


TRANSPORTATION BY AIR - 0.62%
600	*	Airtran Holdings, Inc		5,538
900	*	Alaska Air Group, Inc		26,775
2,587	*	AMR Corp		31,329
2,183	*	Continental Airlines, Inc (Class B)		28,990
3,244	*	Delta Air Lines, Inc		12,197
400	*	ExpressJet Holdings, Inc		3,404
5,190		FedEx Corp		420,442
1,111	*	Frontier Airlines, Inc		11,477
975	*	JetBlue Airways Corp		19,929
1,832	*	Mesa Air Group, Inc		12,293
565		Skywest, Inc		10,272
18,839		Southwest Airlines Co		262,427

		TOTAL TRANSPORTATION BY AIR		845,073

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

TRANSPORTATION EQUIPMENT - 1.02%
1,500		American Axle & Manufacturing Holdings, Inc	$	37,905
1,603		ArvinMeritor, Inc		28,517
2,860		Autoliv, Inc		125,268
1,937		Brunswick Corp		83,911
800		Coachmen Industries, Inc		10,024
5,323		Dana Corp		79,898
17,975		Delphi Corp		83,584
200		Federal Signal Corp		3,120
1,100	*	Fleetwood Enterprises, Inc		11,165
6,330		Genuine Parts Co		260,100
553		Greenbrier Cos, Inc		14,986
7,076		Harley-Davidson, Inc		350,970
1,727		Harsco Corp		94,208
800		JLG Industries, Inc		21,984
700		Noble International Ltd		16,485
100	*	Pactiv Corp		2,158
2,033		Standard Motor Products, Inc		26,836
1,000		Superior Industries International, Inc		23,700
1,482	*	Tenneco Automotive, Inc		24,660
2,300	*	TRW Automotive Holdings Corp		56,373
205		Wabash National Corp		4,967
400		Winnebago Industries, Inc		13,100

		TOTAL TRANSPORTATION EQUIPMENT		1,373,919


TRANSPORTATION SERVICES - 0.07%
1,976		GATX Corp		68,172
283	*	RailAmerica, Inc		3,368
1,216		Sabre Holdings Corp		24,259

		TOTAL TRANSPORTATION SERVICES		95,799


TRUCKING AND WAREHOUSING - 0.59%
11,557		United Parcel Service, Inc (Class B)		799,282

		TOTAL TRUCKING AND WAREHOUSING		799,282


WATER TRANSPORTATION - 0.07%
1,000	*	Gulfmark Offshore, Inc		27,310
2,300	*	Hornbeck Offshore Services, Inc		62,307

		TOTAL WATER TRANSPORTATION		89,617


WHOLESALE TRADE-DURABLE GOODS - 3.05%
4,000		Adesa, Inc		87,080

5,200	*	Aviall, Inc	164,268
2,769		Barnes Group, Inc	91,654
998		BorgWarner, Inc	53,563
2,416	*	Castle (A.M.) & Co	37,351
496	*	Cytyc Corp	10,942
2,800		IKON Office Solutions, Inc	26,628
300	*	Ingram Micro, Inc (Class A)	4,698
50,422		Johnson & Johnson	3,277,430
782		Omnicare, Inc	33,180
1,196	*	Patterson Cos, Inc	53,916
1,592		Reliance Steel & Aluminum Co	59,015

TIAA-CREF MUTUAL FUNDS - Social Choice Fund


SHARES				VALUE

3,830		Ryerson Tull, Inc	$	54,654
300	*	Strattec Security Corp		16,338
2,488	*	Sycamore Networks, Inc		8,584
6,300	*	Visteon Corp		37,989
1,924		W.W. Grainger, Inc		105,416

		TOTAL WHOLESALE TRADE-DURABLE GOODS		4,122,706


WHOLESALE TRADE-NONDURABLE GOODS - 1.34%
1,290	*	Allscripts Healthcare Solutions, Inc		21,427
8,638		Cardinal Health, Inc		497,376
4,200	*	Endo Pharmaceuticals Holdings, Inc		110,376
486	*	Henry Schein, Inc		20,179
7,164		McKesson Corp		320,876
300	*	Men's Wearhouse, Inc		10,329
2,036	*	Metals USA, Inc		38,725
2,500		Nike, Inc (Class B)		216,500
1,785	*	Priority Healthcare Corp (Class B)		45,268
101		Reebok International Ltd		4,225
6,900		Safeway, Inc		155,848
202		Stride Rite Corp		2,786
10,194		Sysco Corp		368,921

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,812,836


		TOTAL COMMON STOCKS
		(Cost $132,686,509)		134,951,674


PRINCIPAL

SHORT-TERM INVESTMENTS - 0.63%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.63%
$860,000		Federal Home Loan Bank (FHLB) 2.950%, 07/01/05		860,000

		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		860,000


		TOTAL SHORT-TERM INVESTMENTS
		(Cost $860,000)		860,000


		TOTAL PORTFOLIO - 100.31%		135,811,674
		(Cost $133,546,509)

		OTHER ASSETS & LIABILITIES, NET - (0.31%)		(422,982)




		NET ASSETS - 100.00%	$	135,388,692


	*	Non-income producing


		For ease of presentation, we have grouped a number of industry classification categories
		together in the Statement of investments. Note that the Funds use more specific industry
		categories in following their investment limitations on industry concentration.

TIAA-CREF MUTUAL FUNDS - Managed Allocation Fund

TIAA-CREF MUTUAL FUNDS
MANAGED ALLOCATION FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005

SHARES			VALUE

	TIAA-CREF FUNDS - 99.98%
17,495,658	TIAA-CREF Bond Plus Fund	$	181,255,026
12,294,019	TIAA-CREF Growth Equity Fund		110,031,477
1,383,533	TIAA-CREF High-Yield Bond Fund		12,756,176
8,169,352	TIAA-CREF Institutional Large-Cap Value Fund - Retail Class		113,063,842
370,393	TIAA-CREF Institutional Real Estate Securities Fund - Retail Class		5,407,750
1,055,484	TIAA-CREF Institutional Small-Cap Equity Fund - Retail Class		15,863,934
5,789,647	TIAA-CREF International Equity Fund		60,270,232
2,529,695	TIAA-CREF Money Market Fund		2,529,696
727,433	TIAA-CREF Short-Term Bond Fund		7,623,501


	TOTAL TIAA-CREF FUNDS
	(Cost $503,104,444)		508,801,634


	TOTAL PORTFOLIO
	(Cost $503,104,444)		508,801,634

	OTHER ASSETS & LIABILITIES, NET - 0.02%		85,899


	NET ASSETS - 100.00%	$	508,887,533

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

TIAA-CREF MUTUAL FUNDS
HIGH-YIELD BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

BONDS - 97.01%

CORPORATE BONDS - 97.01%

AGRICULTURAL PRODUCTION-CROPS - 0.72%
$ 500,000		Dole Food Co, Inc (Sr Note)	8.625	05/01/09	B2	$	532,500
1,500,000		Dole Food Co, Inc (Sr Note)	8.875	03/15/11	B2		1,601,250

		TOTAL AGRICULTURAL PRODUCTION-CROPS					2,133,750


AGRICULTURAL SERVICES - 0.97%
1,000,000	g	American Rock Salt Co LLC (Secured Note)	9.500	03/15/14	B3		1,015,000
1,809,000	g	United Agri Products (Sr Note)	8.250	12/15/11	B1		1,872,315

		TOTAL AGRICULTURAL SERVICES					2,887,315


AMUSEMENT AND RECREATION SERVICES - 2.15%
1,000,000		Caesars Entertainment, Inc (Sr Note)	7.500	09/01/09	Baa3		1,102,960
1,000,000	g	Capitol Records, Inc (Guarantee Note)	8.375	08/15/09	Ba1		1,087,500
1,000,000	g	Mohegan Tribal Gaming Authority (Sr Note)	6.125	02/15/13	Ba2		1,010,000
375,000	g	Mohegan Tribal Gaming Authority (Sr Sub Note)	6.875	02/15/15	Ba3		383,437
500,000		Six Flags, Inc (Sr Note)	9.750	04/15/13	Caa1		471,875
1,750,000		Speedway Motorsports, Inc (Sr Sub Note)	6.750	06/01/13	Ba2		1,802,500
500,000		Warner Music Group/Old (Sr Sub Note)	7.375	04/15/14	B3		505,000

		TOTAL AMUSEMENT AND RECREATION SERVICES					6,363,272


APPAREL AND OTHER TEXTILE PRODUCTS - 0.85%
2,500,000		Broder Brothers (Sr Note)	11.250	10/15/10	B3		2,525,000

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS					2,525,000


AUTO REPAIR, SERVICES AND PARKING - 1.00%
3,000,000		Keystone Automotive Operations Inc (Sr Sub Note)	9.750	11/01/13	B3		2,970,000

		TOTAL AUTO REPAIR, SERVICES AND PARKING					2,970,000


AUTOMOTIVE DEALERS AND SERVICE STATIONS - 1.20%
2,750,000		Autonation, Inc (Guarantee Note)	9.000	08/01/08	Ba2		3,006,410
500,000		Travelcenters Of America, Inc (Guarantee Note)	12.750	05/01/09	Caa1		547,500

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					3,553,910


BUSINESS SERVICES - 3.88%
2,000,000		Activant Solutions, Inc (Sr Note)	10.500	06/15/11	B2		2,170,000
600,000		Advanstar Communications, Inc (Secured Note)	10.750	08/15/10	B3		655,500
1,500,000		Advanstar, Inc (Guarantee Note)		10/15/11	N.A.		1,486,875
2,500,000		Iron Mountain, Inc (Guarantee Note)	8.625	04/01/13	Caa1		2,587,500

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

$ 1,500,000		Lamar Media Corp (Guarantee Note)	7.250	01/01/13	Ba3	$	1,582,500
1,000,000		Rent-A-Center, Inc (Guarantee Note)	7.500	05/01/10	B1		1,000,000
1,000,000		United Rentals North America, Inc (Sr Sub Note)	7.750	11/15/13	B2		982,500
1,000,000		Universal Compression, Inc (Sr Note)	7.250	05/15/10	Ba3		1,045,000

		TOTAL BUSINESS SERVICES					11,509,875


CHEMICALS AND ALLIED PRODUCTS - 4.14%
825,000		Acetex Corp (Sr Note)	10.875	08/01/09	B2		866,250
650,000	g	BCP Crystal US Holdings Corp (Sr Sub Note)	9.625	06/15/14	B3		728,000
500,000		Chemtura Corp (Sr Note)	9.875	08/01/12	Ba1		580,000
1,000,000		Church & Dwight Co, Inc (Guarantee Note)	6.000	12/15/12	Ba3e		1,010,000
500,000		Equistar Chemicals LP Note	8.750	02/15/09	B2		526,250
1,000,000		Georgia Gulf Corp (Sr Note)	7.125	12/15/13	Ba3		1,043,750
1,000,000		Huntsman International LLC (Guarantee Note)	9.875	03/01/09	B2		1,070,000
1,000,000	g	IMC Global, Inc (Sr Note)	10.875	08/01/13	Ba3		1,172,500
1,500,000		ISP Chemco, Inc (Guarantee Note)	10.250	07/01/11	B1		1,635,000
500,000		ISP Holdings, Inc (Secured Note)	10.625	12/15/09	B2		537,500
1,000,000	g	Rockwood Specialties Group Inc (Sr Sub Note)	10.625	05/15/11	B3		1,102,500
1,000,000	g	Scotts Miracle-Gro Co/The (Sr Sub Note)	6.625	11/15/13	Ba2		1,032,500
900,000	g	WH Holdings Ltd/WH Capital Corp (Sr Note)	9.500	04/01/11	B2		963,000

		TOTAL CHEMICALS AND ALLIED PRODUCTS					12,267,250


COAL MINING - 1.32%
1,000,000		Arch Western Finance LLC (Sr Note)	6.750	07/01/13	Ba3		1,032,500
750,000		Foundation PA Coal Co (Sr Note)	7.250	08/01/14	B1		787,500
500,000		Luscar Coal Ltd (Sr Note)	9.750	10/15/11	Ba3		550,000
1,000,000		Massey Energy Co (Sr Note)	6.625	11/15/10	Ba3		1,030,000
500,000		Peabody Energy Corp (Guarantee Note)	6.875	03/15/13	Ba3		530,000

		TOTAL COAL MINING					3,930,000


COMMUNICATIONS - 15.38%
2,850,000		Allbritton Communications Co (Sr Sub Note)	7.750	12/15/12	B3		2,807,250
1,500,000		American Cellular Corp (Sr Note)	10.000	08/01/11	Caa1		1,522,500
2,461,000		AT&T Corp (Sr Note)	9.050	11/15/11	Ba1		2,836,303
750,000		AT&T Corp (Sr Note)	9.750	11/15/31	Ba1		975,938
1,000,000	g	Charter Communications Operating LLC/Charter Communications Operating Capital (Sr Note)	8.000	04/30/12	B2		995,000
375,000		Citizens Communications Co (Sr Note)	7.625	08/15/08	Ba3		396,562
1,000,000		Citizens Communications Co Note	9.250	05/15/11	Ba3		1,116,250
2,000,000		Corus Entertainment, Inc (Sr Sub Note)	8.750	03/01/12	B1		2,145,000
750,000		CSC Holdings, Inc (Sr Note)	8.125	07/15/09	B1		759,375
2,500,000		CSC Holdings, Inc (Sr Note)	7.625	04/01/11	B1		2,468,750
1,974,000		DirecTV Holdings LLC/DirecTV Financing Co (Sr Note)	8.375	03/15/13	Ba2		2,186,205
2,000,000		Echostar DBS Corp (Sr Note)	6.375	10/01/11	Ba3		1,982,500
1,000,000		Emmis Operating Co (Sr Sub Note)	6.875	05/15/12	B2		990,000
750,000	g	Fisher Communications Inc (Sr Note)	8.625	09/15/14	B2		795,937
1,500,000		Gray Television, Inc (Guarantee Note)	9.250	12/15/11	B1		1,627,500
750,000	g	Hawaiian Telcom Communications Inc (Sr Note)	9.750	05/01/13	B3e		795,000
800,000	g	Intelsat Bermuda Ltd (Sr Note)	7.805	01/15/12	B2		814,000
1,000,000		Liberty Media Corp (Sr Note)	5.700	05/15/13	Baa3		930,103
1,000,000		Liberty Media Corp Deb	8.250	02/01/30	Baa3		994,796
2,000,000		MCI Inc (Sr Note)	7.688	05/01/09	B2		2,082,500
2,350,000		Nextel Communications, Inc (Sr Note)	5.950	03/15/14	Ba3		2,441,063
1,300,000	g	PanAmSat Corp (Guarantee Note)	9.000	08/15/14	B1		1,418,625

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

$ 2,500,000		Qwest Corp (Sr Note)	7.875	09/01/11	Ba3e	$	2,606,250
2,000,000		Qwest Corp Note	8.875	03/15/12	Ba3e		2,175,000
500,000		Qwest Services Corp (Secured Note)	13.500	12/15/10	Caa1		577,500
1,000,000	g	Rogers Cable, Inc (Secured Note)	6.750	03/15/15	Ba3		1,020,000
1,750,000		Rogers Wireless Communications, Inc (Secured Note)	9.625	05/01/11	Ba3		2,054,062
1,000,000		Rogers Wireless, Inc Deb	9.750	06/01/16	Ba3		1,207,500
2,000,000	g	Telcordia Technologies, Inc (Sr Sub Note)	10.000	03/15/13	B3e		1,870,000
1,000,000		Videotron Ltee (Guarantee Note)	6.875	01/15/14	Ba3		1,017,500

		TOTAL COMMUNICATIONS					45,608,969


EATING AND DRINKING PLACES - 0.68%
2,000,000	g	Carrols Corp (Sr Sub Note)	9.000	01/15/13	B3		2,025,000

		TOTAL EATING AND DRINKING PLACES					2,025,000


ELECTRIC, GAS, AND SANITARY SERVICES - 12.52%
500,000	g	AES Corp (Secured Note)	9.000	05/15/15	Ba3	561,250
500,000		AES Corp (Sr Note)	9.375	09/15/10	B1	566,250
1,000,000		AES Corp (Sr Note)	8.875	02/15/11	B1	1,115,000
1,750,000		AES Corp (Sr Note)	7.750	03/01/14	B1	1,898,750
1,000,000	g	Allegheny Energy Supply Bond	8.250	04/15/12	Ba3	1,120,000
1,000,000		Allied Waste North America (Secured Note)	5.750	02/15/11	B2	935,000
1,000,000		Allied Waste North America (Secured Note)	6.125	02/15/14	B2	928,750
1,000,000		Allied Waste North America (Sr Note)	7.875	04/15/13	B2	1,022,500
2,000,000		Allied Waste North America (Sr Note)	7.250	03/15/15	B2	1,935,000
1,000,000	g	ANR Pipeline Co Note	8.875	03/15/10	B1	1,096,928
500,000		Aquila, Inc (Sr Note)	14.875	07/01/12	B2	655,000
2,000,000		CMS Energy Corp (Sr Note)	8.500	04/15/11	B1	2,230,000
1,000,000	g	Colorado Interstate Gas Co (Sr Note)	5.950	03/15/15	B1	985,883
500,000		Edison Mission Energy (Sr Note)	10.000	08/15/08	B1	561,250
500,000		Edison Mission Energy (Sr Note)	9.875	04/15/11	B1	585,625
750,000		Empresa Nacional de Electricidad SA/Chile Note	7.750	07/15/08	Ba1	807,630
1,000,000		General Cable Corp (Sr Note)	9.500	11/15/10	B2	1,070,000
1,000,000	g	Nevada Power Co	6.500	04/15/12	Ba2	1,045,000
1,000,000		Nevada Power Co (Second Mortgage Bond)	9.000	08/15/13	Ba2	1,125,000
1,000,000	g	NorthWestern Corp (Secured Note)	5.875	11/01/14	Ba1	1,025,000
1,282,000	g	NRG Energy Inc (Secured Note)	8.000	12/15/13	B1	1,352,510
250,000		Orion Power Holdings, Inc (Sr Note)	12.000	05/01/10	B2	299,375
1,500,000		Reliant Energy, Inc (Secured Note)	9.500	07/15/13	B1	1,665,000
1,000,000	g	Sierra Pacific Resources (Sr Note)	8.625	03/15/14	B2	1,105,000
500,000		Southern Natural Gas Co Note	8.875	03/15/10	B1	548,464
1,000,000		Southern Natural Gas Co Note	8.000	03/01/32	B1	1,137,293
1,000,000		TECO Energy, Inc (Sr Note)	7.500	06/15/10	Ba2	1,090,000
500,000	g	TECO Energy, Inc (Sr Note)	6.750	05/01/15	Ba2	530,000
1,000,000	g	Texas Genco LLC/Texas Genco Financing Corp (Sr Note)	6.875	12/15/14	B1	1,052,500
500,000		TNP Enterprises, Inc (Sr Sub Note)	10.250	04/01/10	Ba3	526,500
1,000,000		Transcontinental Gas Pipe Line Corp (Sr Note)	8.875	07/15/12	Ba2	1,190,000
2,000,000	g	TXU Corp Note	5.550	11/15/14	Ba1	1,939,712
1,000,000		Williams Cos, Inc Note	8.125	03/15/12	B1	1,135,000
1,000,000		Williams Cos, Inc Note	7.750	06/15/31	B1	1,102,500
1,000,000		Williams Cos, Inc Note	8.750	03/15/32	B1	1,201,250

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES				37,144,920

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.36%
$ 1,500,000		Flextronics International Ltd (Sr Sub Note)	6.500	05/15/13	Ba2	$	1,552,500
250,000	g	Flextronics International Ltd (Sr Sub Note)	6.250	11/15/14	Ba2		248,125
1,000,000	g	Freescale Semiconductor, Inc (Sr Note)	6.875	07/15/11	Ba2		1,060,000
1,000,000	g	Freescale Semiconductor, Inc (Sr Note)	7.125	07/15/14	Ba2		1,075,000
2,000,000	g	L-3 Communications Corp (Sr Sub Note)	5.875	01/15/15	Ba3		1,940,000
1,000,000	g	Sanmina-SCI Corp (Guarantee Note)	10.375	01/15/10	Ba2		1,110,000

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					6,985,625

FABRICATED METAL PRODUCTS - 1.26%
1,000,000		Ball Corp (Guarantee Note)	6.875	12/15/12	Ba2		1,050,000
500,000	g	Crown European Holdings SA (Secured Note)	9.500	03/01/11	B1		552,500
500,000	g	Crown European Holdings SA (Secured Note)	10.875	03/01/13	B2		587,500
500,000		Owens Brockway Glass Container, Inc (Secured Note)	8.750	11/15/12	B1		551,250
1,000,000		Valmont Industries, Inc (Guarantee Note)	6.875	05/01/14	Ba3		1,000,000

		TOTAL FABRICATED METAL PRODUCTS					3,741,250

FOOD AND KINDRED PRODUCTS - 2.90%
2,000,000	g	Burns Philp Capital Pty Ltd (Guarantee Note)	9.750	07/15/12	B3		2,150,000
500,000		Del Monte Corp (Sr Sub Note)	8.625	12/15/12	B2		550,000
1,250,000	g	Del Monte Corp (Sr Sub Note)	6.750	02/15/15	B2		1,275,000
1,000,000		Hercules, Inc (Guarantee Note)	6.750	10/15/29	Ba3		970,000
1,000,000		Reddy Ice Group, Inc (Sr Sub Note)	8.875	08/01/11	B3		1,110,000
1,500,000		Stater Brothers Holdings (Sr Note)	8.125	06/15/12	B1		1,462,500
1,000,000		Swift & Co (Guarantee Note)	10.125	10/01/09	B1		1,090,000

		TOTAL FOOD AND KINDRED PRODUCTS					8,607,500

GENERAL BUILDING CONTRACTORS - 2.18%
1,000,000	g	Beazer Homes USA, Inc (Sr Note)	6.875	07/15/15	Ba1		990,000
2,000,000		DR Horton, Inc (Sr Note)	7.875	08/15/11	Ba1		2,247,966
1,000,000		DR Horton, Inc (Sr Sub Note)	9.750	09/15/10	Ba2		1,170,743
1,000,000	g	KB Home (Sr Note)	5.750	02/01/14	Ba1		991,098
500,000		KB Home (Sr Sub Note)	8.625	12/15/08	Ba2		542,062
500,000		KB Home (Sr Sub Note)	7.750	02/01/10	Ba2		525,579

		TOTAL GENERAL BUILDING CONTRACTORS					6,467,448


GENERAL MERCHANDISE STORES - 0.40%
1,000,000		JC Penney Co Inc/New Note	9.000	08/01/12	Ba1		1,182,500

		TOTAL GENERAL MERCHANDISE STORES					1,182,500


HEALTH SERVICES - 3.09%
500,000		Coventry Health Care, Inc (Sr Note)	5.875	01/15/12	Ba1		508,750
800,000		Coventry Health Care, Inc (Sr Note)	6.125	01/15/15	Ba1		814,000
1,000,000	g	DaVita, Inc (Sr Note)	6.625	03/15/13	B2		1,032,500
1,500,000	g	DaVita, Inc (Sr Sub Note)	7.250	03/15/15	B3		1,541,250
1,500,000		HCA, Inc (Sr Note)	7.875	02/01/11	Ba2		1,650,434
500,000		HCA, Inc Note	5.250	11/06/08	Ba2		499,388
1,000,000		HCA, Inc Note	6.300	10/01/12	Ba2		1,026,484
500,000		Tenet Healthcare Corp	7.375	02/01/13	B3		493,750
1,500,000	g	Tenet Healthcare Corp (Sr Note)	9.875	07/01/14	B3		1,608,750

		TOTAL HEALTH SERVICES					9,175,306

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

HOLDING AND OTHER INVESTMENT OFFICES - 0.35%
$ 1,000,000	g	Ventas Realty LP/Ventas Capital Corp (Sr Note)	6.750	06/01/10	Ba3	$	1,037,550

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					1,037,550


HOTELS AND OTHER LODGING PLACES - 3.10%
500,000	g	Boyd Gaming Corp (Guarantee Note)	9.250	08/01/09	Ba3		525,000
1,500,000		Boyd Gaming Corp (Sr Sub Note)	7.750	12/15/12	B1		1,603,125
1,000,000		Isle of Capri Casinos, Inc (Guarantee Note)	9.000	03/15/12	B2		1,087,500
250,000		MGM Mirage (Guarantee Note)	9.750	06/01/07	Ba3		270,937
750,000		MGM Mirage (Guarantee Note)	8.500	09/15/10	Ba2		832,500
2,750,000	g	MGM Mirage (Sr Note)	6.750	09/01/12	Ba2		2,832,500
1,000,000	g	Station Casinos, Inc (Sr Note)	6.000	04/01/12	Ba3		1,015,000
1,000,000		Station Casinos, Inc (Sr Sub Note)	6.500	02/01/14	B1		1,020,000

		TOTAL HOTELS AND OTHER LODGING PLACES					9,186,562


INDUSTRIAL MACHINERY AND EQUIPMENT - 1.50%
1,750,000		Case New Holland, Inc (Guarantee Note)	9.250	08/01/11	Ba3e		1,837,500
1,000,000	g	Cummins, Inc (Sr Note)	9.500	12/01/10	Ba2		1,100,000
1,500,000		Scientific Games Corp (Sr Sub Note)	6.250	12/15/12	B1		1,515,000

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					4,452,500


INSTRUMENTS AND RELATED PRODUCTS - 2.43%
1,750,000	g	Fisher Scientific International, Inc (Sr Sub Note)	8.000	09/01/13	Ba3		1,999,375
500,000		Fisher Scientific International, Inc (Sr Sub Note)	6.750	08/15/14	Ba3		522,500
1,750,000	g	Fisher Scientific International, Inc (Sr Sub Note)	6.125	07/01/15	Ba3		1,752,187

1,500,000	g	UGS Corp/Old (Guarantee Note)	10.000	06/01/12	B3e	1,665,000
500,000		Xerox Corp (Guarantee Note)	9.750	01/15/09	Ba2	568,125
650,000		Xerox Corp (Sr Note)	6.875	08/15/11	Ba2	689,000

		TOTAL INSTRUMENTS AND RELATED PRODUCTS				7,196,187


JUSTICE, PUBLIC ORDER AND SAFETY - 0.33%
1,000,000		Corrections Corp of America (Guarantee Note)	6.250	03/15/13	B1e	992,500

		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY				992,500


METAL MINING - 0.37%
1,000,000		Freeport-McMoRan Copper & Gold, Inc (Sr Note)	10.125	02/01/10	B1	1,112,500

		TOTAL METAL MINING				1,112,500


MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.55%
1,500,000	g	Koppers, Inc (Guarantee Note)	9.875	10/15/13	B2	1,620,000

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES				1,620,000

100

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

MISCELLANEOUS RETAIL - 2.20%
$ 1,000,000		AmeriGas Partners LP/AmeriGas Eagle Finance Corp (Sr Note)	10.000	04/15/06	B2	$	1,032,500
1,000,000	g	Couche-Tard US LP/Couche-Tard Finance Corp (Sr Sub Note)	7.500	12/15/13	Ba3		1,050,000
1,944,000		FTD, Inc (Guarantee Note)	7.750	02/15/14	B3		1,905,120
1,500,000		NeighborCare, Inc (Sr Sub Note)	6.875	11/15/13	Ba3		1,567,500
1,000,000		Rite Aid Corp (Guarantee Note)	7.500	01/15/15	B2e		960,000

		TOTAL MISCELLANEOUS RETAIL					6,515,120


NONDEPOSITORY INSTITUTIONS - 1.84%
800,000		General Motors Acceptance Corp Note	6.125	08/28/07	Baa2		791,774
1,450,000		General Motors Acceptance Corp Note	5.625	05/15/09	Baa2		1,357,915
1,600,000		General Motors Acceptance Corp Note	7.250	03/02/11	Baa2		1,500,275
800,000		General Motors Acceptance Corp Note	6.750	12/01/14	Baa2		715,739
1,000,000	g	Global Cash Access LLC/Global Cash Finance Corp (Sr Sub Note)	8.750	03/15/12	Caa1		1,087,500

		TOTAL NONDEPOSITORY INSTITUTIONS					5,453,203


OIL AND GAS EXTRACTION - 3.84%
2,000,000		Chesapeake Energy Corp (Guarantee Note)	7.750	01/15/15	Ba3		2,160,000
750,000		Chesapeake Energy Corp (Sr Note)	7.500	09/15/13	Ba3		811,875
2,370,000		Chesapeake Energy Corp (Sr Note)	6.875	01/15/16	Ba3		2,470,725
1,000,000		Exco Resources Inc (Guarantee Note)	7.250	01/15/11	B2		1,000,000
1,000,000		Hanover Compressor Co (Sr Note)	9.000	06/01/14	B3		1,065,000
500,000		Hanover Equipment Trust (Secured Note)	8.500	09/01/08	B2		520,000
500,000		Hanover Equipment Trust (Secured Note)	8.750	09/01/11	B2		531,250
1,000,000		Kerr-McGee Corp (Secured Note)	6.950	07/01/24	Ba3		1,033,273
649,000		Magnum Hunter Resources Inc (Guarantee Note)	9.600	03/15/12	B2		720,390
1,000,000		Plains Exploration & Production Co (Sr Note)	7.125	06/15/14	Ba2		1,070,000

		TOTAL OIL AND GAS EXTRACTION					11,382,513


PAPER AND ALLIED PRODUCTS - 5.65%
3,000,000		Abitibi-Consolidated, Inc (Sr Note)	8.375	04/01/15	Ba3		3,060,000
1,250,000		Caraustar Industries, Inc (Guarantee Note)	9.875	04/01/11	Caa1		1,259,375
2,000,000		Georgia-Pacific Corp (Guarantee Note)	8.875	02/01/10	Ba2		2,270,000
500,000		Georgia-Pacific Corp (Guarantee Note)	9.375	02/01/13	Ba2		565,625
1,000,000	g	Georgia-Pacific Corp (Sr Note)	8.000	01/15/24	Ba3		1,150,000
1,500,000		Georgia-Pacific Corp Deb	9.500	12/01/11	Ba3		1,811,250
2,000,000		Graphic Packaging International Corp (Sr Sub Note)	9.500	08/15/13	B3		2,015,000
1,880,000		Greif, Inc (Guarantee Note)	8.875	08/01/12	B1		2,021,000
750,000		Jefferson Smurfit Corp US (Guarantee Note)	8.250	10/01/12	B2		753,750
750,000		Norske Skog Canada Ltd (Guarantee Note)	8.625	06/15/11	Ba3		773,438
1,000,000		Playtex Products, Inc (Secured Note)	8.000	03/01/11	B2		1,068,750

		TOTAL PAPER AND ALLIED PRODUCTS					16,748,188


PERSONAL SERVICES - 0.68%
1,442,000	g	Coinmach Corp (Sr Note)	9.000	02/01/10	B3		1,478,050
500,000		Service Corp International/US (Sr Note)	7.700	04/15/09	Ba3		535,000

		TOTAL PERSONAL SERVICES					2,013,050

101

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

PETROLEUM AND COAL PRODUCTS - 1.01%
$ 500,000		Equistar Chemicals LP/Equistar Funding Corp (Guarantee Note)	10.125	09/01/08	B2	$	541,250
580,000		Polypore, Inc (Sr Sub Note)	8.750	05/15/12	Caa1		542,300
750,000		Premcor Refining Group Inc/The (Guarantee Note)	6.750	05/01/14	Ba3		808,125
1,000,000		Tesoro Corp (Sr Sub Note)	9.625	04/01/12	B2		1,106,250

		TOTAL PETROLEUM AND COAL PRODUCTS					2,997,925


PRIMARY METAL INDUSTRIES - 1.43%
750,000		AK Steel Corp (Guarantee Note)	7.875	02/15/09	B1		682,500
1,750,000		AK Steel Corp (Guarantee Note)	7.750	06/15/12	B1		1,478,750
1,000,000	g	Novelis, Inc (Sr Note)	7.250	02/15/15	B1		1,003,750
600,000	g	Texas Industries, Inc (Sr Note)	7.250	07/15/13	Ba3e		615,000
421,000		United States Steel Corp (Sr Note)	9.750	05/15/10	Ba2		454,680

		TOTAL PRIMARY METAL INDUSTRIES					4,234,680


PRINTING AND PUBLISHING - 4.82%
1,200,000	g	American Achievement Corp (Sr Sub Note)	8.250	04/01/12	B3		1,206,000
2,000,000		Block Communications, Inc (Guarantee Note)	9.250	04/15/09	B2		2,130,000
500,000		CanWest Media, Inc (Guarantee Note)	7.625	04/15/13	Ba3		535,000
1,000,000		CanWest Media, Inc (Sr Sub Note)	10.625	05/15/11	B2		1,091,250
1,500,000		Cenveo Corp (Guarantee Note)	9.625	03/15/12	B1		1,620,000
500,000		Dex Media East LLC/Dex Media East Finance Co (Guarantee Note)	9.875	11/15/09	B1		551,250
977,000	g	Dex Media West LLC/Dex Media Finance Co (Sr Sub Note)	9.875	08/15/13	B2		1,113,780
500,000		Dex Media, Inc Note	8.000	11/15/13	B3		531,250
1,291,000		Primedia, Inc (Guarantee Note)	7.625	04/01/08	B2		1,305,524
500,000		Primedia, Inc (Sr Note)	8.000	05/15/13	B2		501,250
2,200,000		RH Donnelley Corp (Sr Note)	6.875	01/15/13	B3		2,244,000
1,500,000		Visant Corp (Guarantee Note)	7.625	10/01/12	B3		1,481,250

		TOTAL PRINTING AND PUBLISHING					14,310,554


RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.91%
750,000		Cooper-Standard Automotive, Inc (Guarantee Note)	8.375	12/15/14	B3e		592,500
2,250,000		Solo Cup Co (Sr Sub Note)	8.500	02/15/14	B3		2,103,750

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					2,696,250


SOCIAL SERVICES - 0.32%
1,000,000	g	Knowledge Learning Corp, Inc (Guarantee Note)	7.750	02/01/15	B3		955,000

		TOTAL SOCIAL SERVICES					955,000


STONE, CLAY, AND GLASS PRODUCTS - 0.70%
1,000,000		Owens Brockway Glass Container Inc (Guarantee Note)	6.750	12/01/14	B2e		1,011,250
1,000,000		Owens Brockway Glass Container, Inc (Guarantee Note)	8.875	02/15/09	B1		1,062,500

		TOTAL STONE, CLAY, AND GLASS PRODUCTS					2,073,750


TRANSPORTATION EQUIPMENT - 3.08%
1,000,000	g	Bombardier, Inc Note	6.750	05/01/12	Ba2		950,000
500,000		Dana Corp Note	10.125	03/15/10	Ba2		521,131
1,000,000		Dana Corp Note	9.000	08/15/11	Ba2		1,060,822

102

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

MATURITY

PRINCIPAL

RATE

DATE

RATING†

VALUE

$ 1,200,000

Ford Motor Co Note

7.450

07/16/31

Baa3

1,005,000

1,505,000

Navistar International Corp (Sr Note)

6.250

03/01/12

Ba3

1,452,325

1,000,000		Sequa Corp (Sr Note)	8.875	04/01/08	B1	1,080,000
1,000,000		Sequa Corp (Sr Note)	9.000	08/01/09	B1	1,102,500
1,500,000		TransDigm, Inc (Guarantee Note)	8.375	07/15/11	B3	1,590,000
324,000	g	TRW Automotive, Inc (Sr Sub Note)	11.000	02/15/13	B1	372,600

		TOTAL TRANSPORTATION EQUIPMENT				9,134,378


TRANSPORTATION SERVICES - 0.33%
1,000,000	g	United Rentals North America, Inc (Guarantee Note)	6.500	02/15/12	B1	983,750

		TOTAL TRANSPORTATION SERVICES				983,750


WATER TRANSPORTATION - 1.08%
2,000,000		Gulfmark Offshore, Inc (Guarantee Note)	7.750	07/15/14	B2e	2,105,000
1,000,000		Stena AB (Sr Note)	9.625	12/01/12	Ba3	1,090,000

		TOTAL WATER TRANSPORTATION				3,195,000


WHOLESALE TRADE-DURABLE GOODS - 2.07%
1,000,000		Avnet, Inc Note	9.750	02/15/08	Ba2	1,110,000
1,000,000		Builders FirstSource, Inc (Secured Note)	7.518	02/15/12	B3e	995,000
1,500,000		Ingram Micro, Inc (Sr Sub Note)	9.875	08/15/08	Ba2	1,578,750
750,000		Russel Metals, Inc (Sr Note)	6.375	03/01/14	Ba3	701,250
1,000,000	g	Ryerson Tull, Inc (Sr Note)	8.250	12/15/11	B2	870,000

865,000

Wesco Distribution, Inc (Guarantee Note)

9.125

06/01/08

882,300

TOTAL WHOLESALE TRADE-DURABLE GOODS

6,137,300

WHOLESALE TRADE-NONDURABLE GOODS - 1.42%

2,000,000

Airgas, Inc (Sr Sub Note)

6.250

07/15/14

Ba2

2,025,000

1,500,000

AmerisourceBergen Corp (Guarantee Note)

7.250

11/15/12

Ba2

1,651,875

500,000

AmerisourceBergen Corp (Sr Note)

8.125

09/01/08

Ba2

542,500

TOTAL WHOLESALE TRADE-NONDURABLE GOODS

4,219,375

TOTAL CORPORATE BONDS

287,726,725

(Cost $279,125,512)

TOTAL BONDS

287,726,725

(Cost $279,125,512)

SHARES

COMMON STOCKS - 0.00%

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.00%

500

TravelCenters of America, Inc Contingent Wts 05/01/09

625

1,500

TravelCenters of America, Inc Initial Wts 05/01/09

1,875

TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS

2,500

103

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

SHARES

VALUE

BUSINESS SERVICES - 0.00%

1,500

Advanstar Holdings Corp Wts 10/15/11

TOTAL BUSINESS SERVICES

COMMUNICATIONS -0.00%

250

Global Crossing Holding Ltd, Wts 08/01/07

500

Global Crossing Holding Ltd, Wts 11/15/09

TOTAL COMMUNICATIONS

PAPER AND ALLIED PRODUCTS - 0.00%

250

Pliant Corp Wts 06/01/10

TOTAL PAPER AND ALLIED PRODUCTS

TOTAL COMMON STOCKS

2,533

(Cost $162,817)

PRINCIPAL

SHORT TERM INVESTMENTS - 2.29%

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

$ 6,780,000

Federal Home Loan Bank (FHLB), 2.950%, 07/01/05

6,780,000

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

6,780,000

TOTAL SHORT TERM INVESTMENTS

6,780,000

(Cost $6,780,000)

TOTAL PORTFOLIO - 99.30%

294,509,258

(Cost $286,068,329)

OTHER ASSETS & LIABILITIES, NET - 0.70%

2,067,594

NET ASSETS - 100.00%

296,576,852

Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold

in transactions exempt from registration to qualified institutional buyers.

At June 30, 2005, the value of these securities amounted to $77,935,187 or 26.28% of net assets.

Security valued at fair value.

†

As provided by Moody's Investors Service (unaudited).

For ease of presentation, we have grouped a number of industry classification categories

together in the Statement of Investments. Note that the Funds use more specific industry categories

in following their investment limitations on industry concentration.

104

TIAA-CREF Mutual Funds - Short-Term Bond Fund

TIAA-CREF MUTUAL FUNDS
SHORT-TERM BOND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005


			MATURITY
PRINCIPAL		RATE	DATE	RATING†		VALUE

BONDS - 96.54%

CORPORATE BONDS - 37.99%

ASSET BACKED - 3.17%
$ 1,500,000	Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	A2	$	1,515,924
1,000,000	Chase Funding Mortgage Loan Asset-Backed Certificates
	Series 2004-2 (Class 1A2)	3.777	01/25/22	Aaa		995,161
500,000	Chase Funding Mortgage Loan Asset-Backed Certificates
	Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		496,123
500,000	Chase Funding Mortgage Loan Asset-Backed Certificates
	Series 2004-2 (Class 1M2)	5.700	02/25/34	A2		506,079
138,374	Chase Funding Net Interest Margin Series 2004-1A (Class Note)	3.750	03/27/35	Baa2		138,146
1,320,000	CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		1,329,904
1,350,000	CIT Group Home Equity Loan Trust Series 2002-2 (Class BF)	6.830	06/25/33	Baa2		1,372,915
47,039	Option One Mortgage Securities Corp NIM Trust
	Series 2004-1A (Class Note)	3.504	04/26/09	Aaa		47,061
690,333	Wells Fargo Home Equity Trust Series 2004-2N (Class N1)	4.450	10/26/34	NR		689,207

	TOTAL ASSET BACKED					7,090,520


BUSINESS SERVICES - 0.22%
500,000	Equifax, Inc Note	6.300	07/01/05	Baa1		500,000

	TOTAL BUSINESS SERVICES					500,000


CHEMICALS AND ALLIED PRODUCTS - 1.45%
1,000,000	Eli Lilly & Co Note	2.900	03/15/08	Aa3		968,339
1,000,000	Gillette Co (Sr Note)	4.125	08/30/07	Aa3		1,002,252
250,000	Lubrizol Corp (Sr Note)	4.625	10/01/09	Baa3		250,200
500,000	Merck & Co, Inc Note	5.250	07/01/06	Aa3		506,540
500,000	Pfizer, Inc Note	5.625	02/01/06	Aaa		505,182

	TOTAL CHEMICALS AND ALLIED PRODUCTS					3,232,513


COMMUNICATIONS - 1.75%
550,000	Comcast Cable Communications (Sr Note)	6.375	01/30/06	Baa2		557,735
500,000	COX Communications, Inc Note	7.750	08/15/06	Baa3		519,148
500,000	Deutsche Telekom International Finance BV (Guarantee Note)	3.875	07/22/08	A3		495,827
500,000	SBC Communications, Inc Note	6.250	03/15/11	A2		543,935
1,000,000	Sprint Capital Corp (Guarantee Note)	6.000	01/15/07	Baa3		1,025,965
500,000	Verizon Wireless Capital LLC Note	5.375	12/15/06	A3		509,167
250,000	Vodafone Group PLC Note	3.950	01/30/08	A2		248,976

	TOTAL COMMUNICATIONS					3,900,753


DEPOSITORY INSTITUTIONS - 6.36%
500,000	Bank of America Corp (Sr Note)	5.250	02/01/07	Aa2		509,914
750,000	Bank of America Corp (Sr Note)	3.375	02/17/09	Aa2		730,775
1,000,000	Bank One Corp Note	6.500	02/01/06	Aa3		1,015,294

105

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund

			MATURITY
PRINCIPAL		RATE	DATE	RATING†		VALUE

$ 1,000,000	Bank One NA/Chicago IL Note	3.700	01/15/08	Aa2	$	990,487
2,500,000	Citigroup, Inc (Sr Note)	4.125	02/22/10	Aa1		2,489,734
1,000,000	Citigroup, Inc Note	5.750	05/10/06	Aa1		1,014,974
1,000,000	JPMorgan Chase & Co Note	3.500	03/15/09	Aa3		974,748
500,000	KFW International Finance (Guarantee Note)	2.500	10/17/05	NR		498,489
250,000	M&I Marshall & Ilsley Bank (Sr Note)	4.125	09/04/07	Aa3		250,180
500,000	M&I Marshall & Ilsley Bank Note	4.400	03/15/10	Aa3e		501,607
500,000	Mellon Funding Corp (Guarantee Note)	4.875	06/15/07	A1		507,974
250,000	National City Bank of Indiana Note	4.875	07/20/07	Aa3		253,853
500,000	Popular North America, Inc (Guarantee Note)	4.700	06/30/09	A3		505,036
480,000	Suntrust Bank (Sub Note)	7.250	09/15/06	Aa3		498,640
500,000	US Bancorp (Sr Note)	5.100	07/15/07	Aa2		510,034
500,000	Wachovia Bank NA	4.850	07/30/07	Aa2		507,953
500,000	Wells Fargo & Co (Sr Note)	7.250	08/24/05	Aa1		502,476
1,000,000	Wells Fargo & Co Note	3.125	04/01/09	Aa1		965,635
1,000,000	Wells Fargo & Co Note	4.125	03/10/08	Aa1		1,000,132

	TOTAL DEPOSITORY INSTITUTIONS					14,227,935


EATING AND DRINKING PLACES - 0.23%
500,000	McDonald's Corp Note	5.950	01/15/08	A2		521,480

	TOTAL EATING AND DRINKING PLACES					521,480


ELECTRIC, GAS, AND SANITARY SERVICES - 3.58%
207,000	American Electric Power Co, Inc Note	6.125	05/15/06	Baa3		210,636
250,000	Consumers Energy Co (First Mortgage Bond)	4.400	08/15/09	Baa3		249,321
2,000,000	Duke Energy Corp (First Mortgage Bond)	3.750	03/05/08	A3		1,974,463
500,000	FirstEnergy Corp Note	5.500	11/15/06	Baa3		508,596
500,000	KeySpan Corp Note	4.900	05/16/08	A3		508,731
500,000	Midamerican Energy Holdings Co (Sr Note)	4.625	10/01/07	Baa3		502,181
1,000,000	Nisource Finance Corp (Guarantee Note)	3.200	11/01/06	Baa3		986,955
1,000,000	Pepco Holdings, Inc Note	3.750	02/15/06	Baa2		998,391
500,000	Pepco Holdings, Inc Note	5.500	08/15/07	Baa2		512,246
1,000,000	Tampa Electric Co Note	5.375	08/15/07	Baa2		1,022,108
500,000	Washington Gas Light Note	7.310	10/30/07	A2		531,929

	TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					8,005,557


ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.23%
500,000	Cooper Industries, Inc (Guarantee Note)	5.250	07/01/07	A3		508,402

	TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					508,402


FABRICATED METAL PRODUCTS - 0.47%

1,000,000	Illinois Tool Works, Inc Note	5.750	03/01/09	Aa3	1,049,596

	TOTAL FABRICATED METAL PRODUCTS				1,049,596


FOOD AND KINDRED PRODUCTS - 1.34%
500,000	Cadbury Schweppes US Finance LLC Note	3.875	10/01/08	Baa2	493,012
1,000,000	Coca-Cola Enterprises, Inc Note	2.500	09/15/06	A2	982,215
1,000,000	General Mills, Inc Note	5.125	02/15/07	Baa2	1,014,256
500,000	Kraft Foods, Inc Note	4.000	10/01/08	A3	496,931

	TOTAL FOOD AND KINDRED PRODUCTS				2,986,414

106

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

FORESTRY - 0.45%
$ 1,000,000		Weyerhaeuser Co Note	6.000	08/01/06	Baa2	$	1,017,089

		TOTAL FORESTRY					1,017,089


FURNITURE AND FIXTURES - 0.46%
500,000		Masco Corp Note	4.625	08/15/07	Baa1		503,565
500,000		Newell Rubbermaid, Inc Note	6.000	03/15/07	Baa2		517,854

		TOTAL FURNITURE AND FIXTURES					1,021,419


GENERAL BUILDING CONTRACTORS - 0.49%
500,000		Centex Corp Note	4.750	01/15/08	Baa2		501,557
500,000		DR Horton, Inc (Sr Sub Note)	9.750	09/15/10	Ba2		585,372

		TOTAL GENERAL BUILDING CONTRACTORS					1,086,929


GENERAL MERCHANDISE STORES - 1.35%
500,000		Fred Meyer, Inc (Guarantee Note)	7.450	03/01/08	Baa2		536,791
1,000,000	g	May Department Stores Co Note	3.950	07/15/07	Baa2		993,457
500,000		Target Corp Note	3.375	03/01/08	A2		490,197
500,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		496,668
500,000		Wal-Mart Stores, Inc Note	4.375	07/12/07	Aa2		503,485

		TOTAL GENERAL MERCHANDISE STORES					3,020,598


HOLDING AND OTHER INVESTMENT OFFICES - 0.45%
250,000		EOP Operating LP Note	8.375	03/15/06	Baa2		257,393
250,000	g	Mantis Reef Ltd Note	4.799	11/03/09	A3		250,438
500,000	g	Simon Property Group LP Note	4.600	06/15/10	Baa2		499,052

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					1,006,883


INDUSTRIAL MACHINERY AND EQUIPMENT - 0.67%
250,000		Caterpillar Financial Services Corp (Sr Note)	4.875	06/15/07	A2		253,350
250,000		Hewlett-Packard Co Note	3.625	03/15/08	A3		246,739
1,000,000	g	IBM Canada Credit Services Co (Guarantee Note)	3.750	11/30/07	A1		988,669

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					1,488,758


INSTRUMENTS AND RELATED PRODUCTS - 0.06%
135,000		Raytheon Co Note	6.500	07/15/05	Baa3		135,092

		TOTAL INSTRUMENTS AND RELATED PRODUCTS					135,092


INSURANCE CARRIERS - 1.23%
500,000		International Lease Finance Corp Note	3.500	04/01/09	A1		483,027
250,000		Lincoln National Corp Note	5.250	06/15/07	A3		254,810
1,500,000		UnitedHealth Group, Inc (Sr Note)	3.300	01/30/08	A2		1,470,224
550,000		WellPoint, Inc Note	3.500	09/01/07	Baa1		542,259

		TOTAL INSURANCE CARRIERS					2,750,320

107

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund

			MATURITY
PRINCIPAL		RATE	DATE	RATING†		VALUE

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.23%
$ 500,000	Tyco International Group SA (Guarantee Note)	5.800	08/01/06	Baa3	$	509,091

	TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					509,091


MOTION PICTURES - 0.23%
500,000	Walt Disney Co Note	5.500	12/29/06	Baa1		509,948

	TOTAL MOTION PICTURES					509,948


NATIONAL SECURITY AND INTERNATIONAL AFFAIRS - 0.23%
500,000	Inter-American Development Bank	5.375	01/18/06	Aaa		504,143

	TOTAL NATIONAL SECURITY AND INTERNATIONAL AFFAIRS					504,143


NONDEPOSITORY INSTITUTIONS - 4.91%
250,000	American General Finance Corp Note	2.750	06/15/08	A1		238,696
1,000,000	American Honda Finance Corp Note	4.500	05/26/09	A1		1,010,111
250,000	CIT Group Funding Co of Canada Note	4.650	07/01/10	A2e		251,319
500,000	CIT Group, Inc (Sr Note)	4.125	02/21/06	A2		500,922
1,000,000	Countrywide Home Loans, Inc (Guarantee Note)	5.500	08/01/06	A3		1,015,249
500,000	Ford Motor Credit Co (Sr Note)	5.800	01/12/09	Baa2		477,500
500,000	Ford Motor Credit Co Note	5.700	01/15/10	Baa2		462,500
500,000	General Electric Capital Corp Note	5.350	03/30/06	Aaa		505,309
1,000,000	General Electric Capital Corp Note	4.125	03/04/08	Aaa		1,000,887
500,000	General Motors Acceptance Corp Note	6.125	08/28/07	Baa2		494,859
500,000	General Motors Acceptance Corp Note	5.625	05/15/09	Baa2		468,247
1,500,000	HSBC Finance Corp	4.125	11/16/09	A1		1,483,548
500,000	HSBC Finance Corp	4.750	04/15/10	A1		506,759
1,000,000	HSBC Finance Corp Note	4.750	05/15/09	A1		1,013,984
140,000	MBNA America Bank NA Note	5.375	01/15/08	Baa1		144,199
500,000	National Rural Utilities Cooperative Finance Corp Note	6.500	03/01/07	A2		518,961
500,000	SLM Corp Note	4.000	01/15/09	A2		496,374
400,000	Toyota Motor Credit Corp Note	2.875	08/01/08	Aaa		385,959

	TOTAL NONDEPOSITORY INSTITUTIONS					10,975,383


OIL AND GAS EXTRACTION - 1.78%
500,000	Anadarko Petroleum Corp Note	3.250	05/01/08	Baa1		486,535
750,000	Conoco Funding Co (Guarantee Note)	5.450	10/15/06	A3		763,826
500,000	Devon Energy Corp (Sr Note)	2.750	08/01/06	Baa2		492,579
1,000,000	Enterprise Products Operating LP (Sr Note)	4.000	10/15/07	Baa3		990,946

250,000		Ocean Energy, Inc (Guarantee Note)	4.375	10/01/07	Baa3	250,289
500,000		Panhandle Eastern Pipe Line (Sr Note)	4.800	08/15/08	Baa3	502,819
500,000	g	Plains All American Pipeline LP/PAA Finance Corp Note	4.750	08/15/09	Baa3	501,457

		TOTAL OIL AND GAS EXTRACTION				3,988,451

PAPER AND ALLIED PRODUCTS - 0.11%
250,000		International Paper Co Note	3.800	04/01/08	Baa2	244,448

		TOTAL PAPER AND ALLIED PRODUCTS				244,448

108

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

PETROLEUM AND COAL PRODUCTS - 0.23%
$ 500,000		Enterprise Products Operating LP (Sr Note)	4.950	06/01/10	Baa3	$	503,398

		TOTAL PETROLEUM AND COAL PRODUCTS					503,398


PIPELINES, EXCEPT NATURAL GAS - 0.33%
750,000		Enbridge Energy Partners LP (Sr Note)	4.000	01/15/09	Baa2		736,171

		TOTAL PIPELINES, EXCEPT NATURAL GAS					736,171


PRINTING AND PUBLISHING - 0.66%
1,000,000	g	RR Donnelley & Sons Co Note	3.750	04/01/09	Baa2		976,950
500,000		Viacom, Inc (Guarantee Note)	5.625	05/01/07	A3		508,758

		TOTAL PRINTING AND PUBLISHING					1,485,708


RAILROAD TRANSPORTATION - 0.48%
455,000		Norfolk Southern Corp Note	5.257	09/17/14	Baa1		473,965
87,000		Norfolk Southern Corp Note	7.350	05/15/07	Baa1		91,697
500,000		Union Pacific Corp Note	5.750	10/15/07	Baa2		515,852

		TOTAL RAILROAD TRANSPORTATION					1,081,514


SECURITY AND COMMODITY BROKERS - 3.07%
500,000		Bear Stearns Cos, Inc Note	5.700	01/15/07	A1		512,077
500,000		Credit Suisse First Boston USA, Inc Note	5.750	04/15/07	Aa3		514,287
500,000		Franklin Resources, Inc Note	3.700	04/15/08	A2		491,941
1,000,000		Goldman Sachs Group, Inc Bond	6.875	01/15/11	Aa3		1,113,021
500,000		Lehman Brothers Holdings, Inc Note	6.250	05/15/06	A1		509,181
750,000		Lehman Brothers Holdings, Inc Note	4.000	01/22/08	A1		747,500
1,000,000		Merrill Lynch & Co, Inc Note	4.125	09/10/09	Aa3		992,457
500,000		Morgan Stanley Bond	5.800	04/01/07	Aa3		514,062
1,000,000		Morgan Stanley Note	3.625	04/01/08	Aa3		984,712
500,000		Morgan Stanley Note	4.000	01/15/10	Aa3		491,994

		TOTAL SECURITY AND COMMODITY BROKERS					6,871,232


TRANSPORTATION EQUIPMENT - 1.55%
500,000		Boeing Capital Corp (Sr Note)	5.750	02/15/07	A3		512,688
500,000		DaimlerChrysler NA Holding Corp (Guarantee Note)	4.050	06/04/08	A3		491,229
1,000,000		DaimlerChrysler NA Holding Corp Note	4.875	06/15/10	A3		997,032
1,000,000		General Dynamics Corp (Guarantee Note)	3.000	05/15/08	A2		969,982
500,000		United Technologies Corp (Sr Note)	4.375	05/01/10	A2		504,368

		TOTAL TRANSPORTATION EQUIPMENT					3,475,299


WHOLESALE TRADE-NONDURABLE GOODS - 0.22%
500,000		Safeway, Inc Note	4.800	07/16/07	Baa2		502,367

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					502,367


		TOTAL CORPORATE BONDS					84,937,411
		(Cost $85,162,831)

109

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

GOVERNMENT BONDS - 58.55%

AGENCY SECURITIES - 44.09%
$ 6,000,000		Federal Farm Credit Bank (FFCB)	2.250	09/01/06	Aaa	$	5,891,621
3,000,000		Federal Farm Credit Bank (FFCB)	3.000	12/17/07	Aaa		2,939,933
1,500,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		1,477,815
3,450,000		Federal Farm Credit Bank (FFCB)	3.875	01/12/09	Aaa		3,443,597
20,000,000		Federal Home Loan Bank (FHLB)	4.570	10/17/08	Aaa		20,068,606
1,000,000		Federal Home Loan Mortgage Corp (FGLMC)	3.500	04/28/08	Aaa		987,333
10,000,000		Federal Home Loan Mortgage Corp (FGLMC)	7.000	03/15/10	Aaa		11,273,381
2,880,000		Federal Home Loan Mortgage Corp (FGLMC)	4.125	07/12/10	Aaa		2,889,676
4,000,000		Federal National Mortgage Association (FNMA)	2.625	11/15/06	Aaa		3,938,268
5,900,000		Federal National Mortgage Association (FNMA)	5.000	01/15/07	Aaa		6,004,057
14,500,000		Federal National Mortgage Association (FNMA)	3.625	03/15/07	Aaa		14,454,277
3,000,000		Federal National Mortgage Association (FNMA)	3.750	05/17/07	Aaa		2,992,086
1,000,000		Federal National Mortgage Association (FNMA)	4.000	05/23/07	Aaa		998,588
3,000,000		Federal National Mortgage Association (FNMA)	3.125	12/15/07	Aaa		2,948,073
3,000,000	h	Federal National Mortgage Association (FNMA)	6.000	05/15/08	Aaa		3,170,057
1,200,000		Federal National Mortgage Association (FNMA)	4.125	06/16/08	Aaa		1,196,831
1,000,000		Federal National Mortgage Association (FNMA)	3.375	12/15/08	Aaa		982,442
5,000,000		Federal National Mortgage Association (FNMA)	6.625	09/15/09	Aaa		5,503,617
6,500,000		Federal National Mortgage Association (FNMA)	7.125	06/15/10	Aaa		7,393,918

		TOTAL AGENCY SECURITIES					98,554,176


FOREIGN GOVERNMENT BONDS - 2.93%
1,000,000		European Investment Bank (Sr Note)	4.000	03/03/10	Aaa		1,002,396
1,000,000		Federal Republic of Germany Bond	3.875	06/01/10	NR		997,000
1,500,000		International Finance Corp (Unsub Note)	3.750	06/30/09	Aaa		1,499,320
1,000,000		Province of Manitoba Canada Note	4.250	11/20/06	Aa2		1,005,267
2,000,000		Province of Manitoba Canada Note	4.450	04/12/10	Aa2		2,037,629

		TOTAL FOREIGN GOVERNMENT BONDS					6,541,612


MORTGAGE BACKED SECURITIES - 3.75%
201,186		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	12/01/17			208,036
812,817		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	01/01/19			834,699
798,818		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	01/01/19			820,323
587,386		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	06/01/33			602,697

2,923,301	Federal Home Loan Mortgage Corp Gold (FGLMC)	4.375	04/15/15	2,924,950
970,708	Federal National Mortgage Association (FNMA)	6.249	02/01/08	1,004,256
1,476,298	Federal National Mortgage Association (FNMA)	6.294	12/01/08	1,528,884
445,118	Federal National Mortgage Association (FNMA)	5.000	01/01/19	450,454

	TOTAL MORTGAGE BACKED SECURITIES			8,374,299


U.S. TREASURY SECURITIES - 7.78%
3,000,000	United States Treasury Bond (Step Bond,
	0.00% - 14.00% until 11/15/06)		11/15/11	2,845,518
5,000,000	United States Treasury Note	7.000	07/15/06	5,173,700
500,000	United States Treasury Note	2.750	07/31/06	495,745
1,750,000	United States Treasury Note	3.750	03/31/07	1,752,660
2,000,000	United States Treasury Note	3.625	04/30/07	1,998,980
1,000,000	United States Treasury Note	3.375	02/15/08	992,820
210,000	United States Treasury Note	3.750	05/15/08	210,460
4,000,000	United States Treasury Note	3.125	09/15/08	3,933,000

	TOTAL U.S. TREASURY SECURITIES			17,402,883

110

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund

PRINCIPAL

VALUE

TOTAL GOVERNMENT BONDS

130,872,970

(Cost $131,344,017)

TOTAL BONDS

215,810,381

(Cost $216,506,848)

SHORT-TERM INVESTMENTS - 0.48%

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.48%

$ 1,070,000

Federal Home Loan Bank (FHLB), 2.950%, 07/01/05

1,070,000

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

1,070,000

TOTAL SHORT-TERM INVESTMENTS

1,070,000

(Cost $1,070,000)

TOTAL PORTFOLIO - 97.02%

216,880,381

(Cost $217,576,848)

OTHER ASSETS & LIABILITIES, NET - 2.98%

6,656,150

NET ASSETS - 100.00%

223,536,531

Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold

in transactions exempt from registration to qualified institutional buyers.

At June 30, 2005, the value of these securities amounted to $4,210,024 or 1.88% of net assets.

These securities were purchased on a delayed delivery basis.

†

As provided by Moody's Investors Service (unaudited).

For ease of presentation, we have grouped a number of classification categories together in the Statement of Investments. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

111

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund

TIAA-CREF MUTUAL FUNDS
TAX-EXEMPT BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

SHORT-TERM MUNICIPAL BONDS - 4.62%

MASSACHUSETTS - 0.25%
$ 500,000		Massachusetts Development Finance Agency	1.650	10/01/42	$	500,000

		TOTAL MASSACHUSETTS				500,000


NEW YORK - 2.75%
1,770,000		New York City (General Obligation)	4.000	08/01/16		1,770,000
870,000		New York City (General Obligation)	5.000	08/01/17		870,000
140,000		New York City (General Obligation)	3.550	08/15/18		140,000
110,000		New York City (General Obligation)	4.450	08/15/19		110,000
970,000		New York City (General Obligation)	5.750	08/15/20		970,000
270,000		New York City (General Obligation)	3.550	08/01/21		270,000
200,000		New York City Municipal Water Finance Authority	1.000	06/15/33		200,000
220,000		New York City Municipal Water Finance Authority	0.900	06/15/35		220,000
1,030,000		New York City Transitional Finance Authority	1.000	08/01/31		1,030,000

		TOTAL NEW YORK				5,580,000


PENNSYLVANIA - 0.12%
250,000		Lehigh County General Purpose Authority	1.650	07/01/29		250,000

		TOTAL PENNSYLVANIA				250,000


TEXAS - 1.50%
2,400,000		Gulf Coast Waste Disposal Authority	0.900	06/01/20		2,400,000
200,000		Gulf Coast Waste Disposal Authority	1.000	10/01/24		200,000
440,000		North Central Texas Health Facility Development Corp	4.250	12/01/15		440,000

		TOTAL TEXAS				3,040,000


		TOTAL SHORT-TERM MUNICIPAL BONDS				9,370,000
		(Cost $9,370,000)

LONG-TERM MUNICIPAL BONDS - 99.52%

ALABAMA - 2.54%
1,140,000	d	Birmingham Industrial Water Board	6.000	07/01/07		1,206,929
2,500,000		Courtland Industrial Development Board	5.000	11/01/13		2,644,450
1,240,000		West Jefferson Amusement & Public Park Authority Revenue	7.500	12/01/06		1,316,508

		TOTAL ALABAMA				5,167,887


ARKANSAS - 0.75%
440,000		Arkansas Housing Development Agency	8.375	07/01/10		495,682
365,000		Jefferson County Health Care & Residential Facilities Board	7.250	12/01/10		425,090
490,000		North Little Rock	6.500	07/01/15		595,869

		TOTAL ARKANSAS				1,516,641

112

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

ARIZONA - 2.19%
$ 1,450,000		Arizona State Transportation Board	5.000	07/01/14	$	1,616,445
2,545,000		Greater Arizona Development Authority	5.000	08/01/14		2,843,605

		TOTAL ARIZONA				4,460,050


CALIFORNIA -7.66%
1,035,000	d	California State (General Obligation)	5.000	02/01/12		1,128,554
630,000		California State (General Obligation)	5.000	02/01/12		686,946
3,550,000		California State (General Obligation)	5.250	12/01/12		3,951,931
1,275,000	d	California State (General Obligation)	5.000	02/01/13		1,397,629
1,005,000	d	California State (General Obligation)	5.000	02/01/13		1,101,661
25,000		California State (General Obligation)	5.250	09/01/16		27,205
4,435,000	d	California State Department of Water Resources	5.500	05/01/12		4,968,752
1,500,000	d	California State Public Works Board Lease	5.250	09/01/16		1,592,475
105,000		Delta Counties Homes Mortgage Finance Authority	6.700	11/14/06		105,573
560,000		Vernon Electrical Systems - Malburg Generating State Project	5.000	04/01/08		594,339

		TOTAL CALIFORNIA				15,555,065


COLORADO - 0.39%
700,000		Jefferson County School District	5.000	12/15/15		784,651

		TOTAL COLORADO				784,651


CONNECTICUT - 1.04%
1,700,000		Connecticut State Municipal Electric Energy Co	7.000	01/01/15		2,109,258

		TOTAL CONNECTICUT				2,109,258


DISTRICT OF COLUMBIA - 0.56%
1,000,000		DC Hospital Revenue - Medlantic	6.000	08/15/10		1,139,040

		TOTAL DISTRICT OF COLUMBIA				1,139,040


FLORIDA -2.28%
1,540,000		First Governmental Financing Commission	5.500	07/01/15		1,782,211
1,000,000		Miami-Dade County School Board	5.000	04/01/14		1,103,300
1,620,000		Miami-Dade County School Board	5.000	05/01/11		1,743,331

		TOTAL FLORIDA				4,628,842


ILLINOIS - 2.77%
565,000		Chicago Metropolitan Water Reclamation	7.000	01/01/11		653,134

1,210,000		Cook County Community Consolidated School District	5.500	12/01/14	1,396,146
1,510,000	h	East Illinois University	5.000	04/01/15	1,662,691
1,700,000		Metropolitan Pier & Exposition	5.375	06/01/13	1,920,847

		TOTAL ILLINOIS			5,632,818

113

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

INDIANA - 8.29%
$ 2,865,000		Anderson School Building Corp	5.250	07/15/14	$	3,240,630
1,340,000		Benton School Improvement Building Corp	5.000	07/15/15		1,493,108
1,200,000		Center Grove School Building Corp	5.000	07/15/14		1,334,328
1,000,000		Griffith Multi-School Building Corp	5.000	07/15/15		1,114,260
1,000,000		Indiana State Office Building Community	5.000	07/01/14		1,103,440
2,500,000		MSD Warren Township Vision 2005 School Building Corp	5.000	01/10/15		2,773,375
2,000,000		New Albany Floyd County School Building Corp	5.000	07/15/15		2,210,800
2,100,000	h	South Madison Elementary School Building Corp	5.000	07/15/15		2,315,019
1,135,000		Westfield Multi-School Building Corp	5.000	07/15/14		1,263,913

		TOTAL INDIANA				16,848,873


KENTUCKY - 1.12%
2,115,000		Kentucky State Turnpike Authority	6.000	07/01/11		2,285,702

		TOTAL KENTUCKY				2,285,702


LOUISIANA - 1.09%
2,090,000		De Soto Parish Pollution Control	5.000	10/01/12		2,216,027

		TOTAL LOUISIANA				2,216,027


MICHIGAN - 3.62%
1,710,000	h	Bedford Public School District	5.000	05/01/14		1,900,973
1,705,000		Caledonia Community Schools	5.000	05/01/15		1,906,872
2,000,000		L'Anse Creuse Public Schools	5.000	05/01/15		2,236,800
1,170,000		Traverse City Area Public Schools	5.000	05/01/15		1,308,528

		TOTAL MICHIGAN				7,353,173


MISSOURI - 2.40%
1,210,000		Chesterfield Certificates Partners	5.250	02/15/17		1,385,644
1,350,000		Jackson County Reorganized School District No 4	5.000	03/01/18		1,437,980
1,800,000		Missouri State Environmental Improvement & Energy Resources Authority	5.500	07/01/12		2,051,298

		TOTAL MISSOURI				4,874,922


MISSISSIPPI - 1.36%
480,000		Harrison County Wasterwater Management District	5.000	02/01/15		532,224
2,000,000		Jackson Public School District	5.000	10/01/14		2,223,240

		TOTAL MISSISSIPPI				2,755,464


NEVADA - 0.40%
800,000		Clark County Pollution Control Authority	5.300	10/01/11		803,800

		TOTAL NEVADA				803,800

114

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

NEW JERSEY - 4.89%
$ 3,000,000		New Jersey Economic Development Authority	5.250	09/01/14	$	3,392,940
125,000		New Jersey State Transportation Trust Fund Authority	5.000	12/15/11		137,239
1,900,000		New Jersey State Transportation Trust Fund Authority	5.250	12/15/12		2,120,096
1,195,000		New Jersey State Transportation Trust Fund Authority	5.250	06/15/14		1,348,475
2,665,000		New Jersey State Turnpike Authority Revenue	5.700	05/01/13		2,923,452

		TOTAL NEW JERSEY				9,922,202


NEW MEXICO - 0.36%
500,000		Dona Ana County Revenue	5.500	12/01/17		562,870
150,000		New Mexico Mortgage Finance Authority	6.000	07/01/10		170,621

		TOTAL NEW MEXICO				733,491


NEW YORK - 18.87%
1,115,000		Dutchess County Resource Recovery Agency	5.000	01/01/10		1,162,008
2,525,000	d	Metropolitan Transportation Authority	5.500	11/15/13		2,894,029
2,000,000		Metropolitan Transportation Authority	5.500	07/01/16		2,308,880
2,300,000		Metropolitan Transportation Authority	5.500	11/15/16		2,704,363
1,500,000		Metropolitan Transportation Authority	5.750	01/01/18		1,770,600
1,835,000		Nassau County Interim Finance Authority/NY	5.000	11/15/13		2,044,153
2,000,000		New York State (General Obligation)	5.000	08/01/11		2,167,260
1,645,000		New York State (General Obligation)	5.000	03/01/12		1,782,127
500,000		New York State (General Obligation)	3.650	08/15/21		500,000
1,545,000		New York State Dormitory Authority Revenue	5.500	02/01/11		1,719,925
2,990,000		New York State Dormitory Authority Revenue	5.750	07/01/12		3,336,541
2,000,000		New York State Dormitory Authority Revenue	5.250	02/15/14		2,277,260
1,000,000		New York State Dormitory Authority Revenue	5.250	05/15/12		1,099,440
1,905,000		New York State Environmental Facilities	5.000	03/15/14		2,114,436
3,000,000		New York State Environmental Facilities	5.250	06/15/18		3,342,510
2,015,000		New York State Thruway Authority Service Contract Revenue	5.500	04/01/12		2,267,721
4,000,000		Tobacco Settlement Funding Corp Revenue	5.000	06/01/12		4,352,200
500,000		Westchester County Industrial Development	5.500	07/01/06		503,590

		TOTAL NEW YORK				38,347,043


OHIO - 1.72%
200,000		Ohio State (General Obligation)	6.050	10/01/09		222,150
960,000		Ohio State (General Obligation)	6.050	10/01/09		1,066,320
835,000		Ohio State Industrial Development Revenue	5.500	11/01/07		835,559
1,180,000		Ohio State Water Development Authority Revenue	6.000	12/01/16		1,370,570

		TOTAL OHIO				3,494,599

OKLAHOMA - 0.53%
975,000	d	Tulsa County Home Finance Authority	6.900	08/01/10	1,070,969

		TOTAL OKLAHOMA			1,070,969


OREGON - 1.20%
2,200,000		Oregon State Department Administrative Services	5.000	04/01/13	2,442,308

		TOTAL OREGON			2,442,308

115

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

PENNSYLVANIA - 7.50%
$ 2,555,000		Allegheny County Industrial Development Authority	4.350	12/01/13	$	2,698,514
1,800,000		Carbon County Hospital Authority	5.400	11/15/14		2,058,480
2,560,000	d	Carbon County Industrial Development Authority	6.650	05/01/10		2,754,944
975,000		Pennsylvania Economic Development Financing	6.000	11/01/08		1,022,931
1,030,000		Pennsylvania Economic Development Financing	6.000	11/01/09		1,089,544
1,250,000		Pennsylvania Economic Development Financing	6.500	11/01/16		1,371,500
285,000		Pennsylvania Economic Development Financing	5.250	12/01/16		302,952
100,000		Pennsylvania Economic Development Financing	6.250	11/01/31		106,517
1,000,000		Philadelphia Water Revenue	5.000	07/01/15		1,115,670
1,000,000		Pittsburgh (General Obligation)	5.375	09/01/09		1,086,750
1,050,000		Pittsburgh (General Obligation)	5.000	09/01/14		1,161,993
380,000	h	Pittsburgh Water and Sewer	6.000	09/01/16		454,100

		TOTAL PENNSYLVANIA				15,223,895


PUERTO RICO - 1.50%
1,590,000		Puerto Rico Commonwealth (General Obligation)	5.000	07/01/13		1,746,774
1,170,000		Puerto Rico Public Finance Corp	5.750	02/01/12		1,300,069

		TOTAL PUERTO RICO				3,046,843


RHODE ISLAND - 0.89%
1,600,000		Rhode Island State & Providence Plantations	5.250	10/01/14		1,816,560

		TOTAL RHODE ISLAND				1,816,560


SOUTH CAROLINA - 0.42%
800,000		Greenville County Certificates Partners	5.000	04/01/17		854,768

		TOTAL SOUTH CAROLINA				854,768


TENNESSEE - 1.47%
1,625,000		Memphis-Shelby County Airport Authority	5.000	09/01/09		1,719,673
1,130,000		Memphis-Shelby County Airport Authority	5.250	09/01/15		1,276,041

		TOTAL TENNESSEE				2,995,714


TEXAS - 14.04%
5,555,000		Brazos River Authority	4.900	10/01/15		6,138,386
2,300,000		Dickinson Independent School District	5.000	02/15/15		2,553,598
2,000,000		Edgewood Independent School District Public Facilities Corp	5.250	02/15/14		2,250,220
3,900,000		Fort Worth Texas Water & Sewer Revenue	5.250	02/15/14		4,397,172
1,485,000		Harris County Flood Control District	5.000	10/01/14		1,649,508
645,000		Houston Airport System Revenue	5.800	07/01/10		684,190
1,000,000		Houston Hotel Occupancy	5.500	09/01/11		1,125,700
1,500,000		Keller Independent School District	5.000	08/15/15		1,668,495
1,520,000		San Antonio Electric & Gas	5.250	02/01/15		1,639,457
2,095,000		San Antonio Electric & Gas	5.250	02/01/16		2,258,913
1,930,000	h	State of Texas	5.000	08/01/14		2,139,019
1,810,000	h	State of Texas	5.000	08/01/15		2,011,091

		TOTAL TEXAS				28,515,749

116

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

VIRGIN ISLANDS - 0.60%
$ 1,175,000		Virgin Islands Water & Power Authority	5.000	07/01/09	$	1,224,491

		TOTAL VIRGIN ISLANDS				1,224,491


WASHINGTON - 6.45%
550,000		Cowlitz County Public Utility	5.000	09/01/11		603,906
550,000		King & Snohomish County School District No 417 (General Obligation)	5.000	12/01/12		607,530
450,000		King County School District No 412 (General Obligation)	5.500	12/01/11		503,397
2,000,000		King County School District No 414 (General Obligation)	5.750	12/01/12		2,306,660
1,000,000	h	Port Seattle Revenue	5.000	03/01/15		1,112,400
3,345,000		Port Seattle Revenue	5.500	09/01/17		3,911,978
2,900,000	d	Snohomish County Public Utility District No 1 General System Revenue	5.250	12/01/12		3,250,436
750,000		Washington State Public Power Supply	5.000	07/01/13		802,020

		TOTAL WASHINGTON				13,098,327


WISCONSIN - 0.62%
1,000,000		Kimberly Area School District	5.000	03/01/15		1,112,400
120,000		State of Wisconsin Clean Water Revenue	6.875	06/01/11		139,271

		TOTAL WISCONSIN				1,251,671


		TOTAL LONG-TERM MUNICIPAL BONDS				202,170,843
		(Cost $197,575,577)

		TOTAL PORTFOLIO - 104.14%				211,540,843
		(Cost $206,945,577)

		OTHER ASSETS & LIABILITIES, NET - (4.14%)				(8,402,470)


		NET ASSETS - 100.00%			$	203,138,373



	d	All or a portion of these securities have been segregated by the

custodian to cover securities purchased on a delayed delivery basis.

These securities were purchased on a delayed delivery basis.

For ease of presentation, we have grouped a number of industry classification categories

together in the Statement of investments. Note that the Funds use more specific industry

categories in following their investment limitations on industry concentration.

117

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

TIAA-CREF MUTUAL FUNDS
BOND PLUS FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE


BONDS - 96.22%

CORPORATE BONDS - 29.93%

AGRICULTURAL SERVICES - 0.11%
$ 500,000		Yara International ASA	5.250	12/15/14	Baa2	$	500,942

		TOTAL AGRICULTURAL SERVICES					500,942


ASSET BACKED - 4.63%
821,164		AQ Finance NIM Trust Series 2004-RN2	3.514	04/25/09	Aaa		821,550
488,604		AQ Finance NIM Trust Series 2004-RN3	3.494	05/25/09	Aaae		488,757
505,000		Centex Home Equity Series 2004-C	5.980	06/25/34	Aaa		520,483
2,000,000	d	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A2)	3.777	01/25/22	Aaa		1,990,322
1,000,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		992,247
1,000,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1M1)	5.700	02/25/34	Aa2		1,024,190
1,000,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		1,007,503
1,350,000		CIT Group Home Equity Loan Trust Series 2002-2	6.830	06/25/33	Baa2		1,372,915
1,033,877		Countrywide Home Equity Loan Trust Series 2004-B (Class A1)	3.440	02/15/29	Aaa		1,030,715
500,000		Detroit Edison Securitization Funding LLC Series 2001-1 (Class A3)	5.875	03/01/10	Aaa		513,113
2,000,000		Golden Securities Corp Series 2003-A (Class A1)	3.411	12/02/13	Aaa		2,000,400
58,798		Option One Mortgage Securities Corp NIM Trust Series 2004-1A	3.504	04/26/09	Aaa		58,826
1,000,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		1,050,798
673,068		Public Service New Hampshire Funding LLC Series 2001-1 (Class A2)	5.730	11/01/10	Aaa		689,510
5,000,000		Residential Asset Mortgage Products, Inc Series 2004-RS11 (Class M1)	3.934	11/25/34	Aa1		4,999,920
708,622		Residential Asset Securities Corp Series 1999-KS2 (Class AI9)	7.150	07/25/30	Aaa		711,126
834,960		Residential Asset Securities Corp Series 2001-KS2 (Class AI6)	6.489	10/25/30	Aaa		859,333
932,753		Wachovia Loan Trust Series 2005-SD1 (Class A)	3.674	05/25/35	NR		932,735
1,150,555		Wells Fargo Home Equity Trust Series 2004-2N (Class N1)	4.450	10/26/34	NR		1,148,678

		TOTAL ASSET BACKED					22,213,121


BUSINESS SERVICES - 0.11%
250,000		Cendant Corp (Sr Note)	7.375	01/15/13	Baa1		284,493
250,000		Equifax, Inc Note	6.300	07/01/05	Baa1		250,000

		TOTAL BUSINESS SERVICES					534,493


CHEMICALS AND ALLIED PRODUCTS - 0.27%
500,000		Lubrizol Corp (Sr Note)	4.625	10/01/09	Baa3		500,401
750,000		Procter & Gamble Co Note	4.950	08/15/14	Aa3		778,202

		TOTAL CHEMICALS AND ALLIED PRODUCTS					1,278,603


COMMUNICATIONS - 2.80%
250,000		America Movil SA de CV	6.375	03/01/35	A3		244,404
500,000		British Telecommunications PLC Bond	8.875	12/15/30	Baa1		707,007
750,000		Comcast Cable Communications Holdings, Inc (Guarantee Note)	8.375	03/15/13	Baa2		914,786
500,000		Comcast Corp (Guarantee Note)	7.050	03/15/33	Baa2		589,791

118

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

$ 250,000		Comcast Corp Bond	5.650	06/15/35	Baa2	$	249,055
250,000		COX Communications, Inc Note	4.625	06/01/13	Baa3		241,963
500,000		COX Communications, Inc Note	5.450	12/15/14	Baa3e		509,849
500,000		Deutsche Telekom International Finance BV (Guarantee Note)	3.875	07/22/08	A3		495,827
250,000		Deutsche Telekom International Finance BV (Guarantee Note)	8.750	06/15/30	A3		340,042
250,000		France Telecom SA Note	7.750	03/01/11	A3		287,446
250,000		Gray Television, Inc (Guarantee Note)	9.250	12/15/11	B1		271,250
250,000		New Cingular Wireless Services, Inc (Sr Note)	7.875	03/01/11	Baa2		290,606
250,000		New Cingular Wireless Services, Inc (Sr Note)	8.750	03/01/31	Baa2		350,561
500,000		Rogers Cable, Inc (Secured Note)	6.750	03/15/15	Ba3		510,000
500,000		Rogers Wireless Communications, Inc (Secured Note)	7.500	03/15/15	Ba3		543,750
250,000		SBC Communications, Inc Bond	6.450	06/15/34	A2		281,596
500,000		SBC Communications, Inc Note	6.250	03/15/11	A2		543,935
500,000		SBC Communications, Inc Note	5.100	09/15/14	A2		510,891
500,000		Sprint Capital Corp (Guarantee Note)	7.625	01/30/11	Baa3		571,732
500,000		Sprint Capital Corp (Guarantee Note)	6.875	11/15/28	Baa3		573,469
1,250,000		Sprint Capital Corp Note	8.375	03/15/12	Baa3		1,505,605
2,000,000		Verizon New Jersey Inc Deb	5.875	01/17/12	A1		2,125,999
250,000		Verizon Virginia Inc Deb	4.625	03/15/13	A1		246,506
500,000		Verizon Wireless Capital LLC Note	5.375	12/15/06	A3		509,167

		TOTAL COMMUNICATIONS					13,415,237


DEPOSITORY INSTITUTIONS - 3.26%
250,000		Bank of America Corp (Sr Note)	3.375	02/17/09	Aa2		243,592
500,000		Bank of America Corp (Sr Note)	4.875	01/15/13	Aa2		512,398
600,000		Bank of America Corp (Sub Note)	7.400	01/15/11	Aa3		687,542
750,000		Bank of America Corp (Sub Note)	4.750	08/15/13	Aa3		761,406
250,000		Bank One Corp (Sub Note)	5.900	11/15/11	A1		268,567
1,000,000		Bank One NA/Chicago IL Note	5.500	03/26/07	Aa2		1,024,629
250,000		BB&T Corp (Sub Note)	6.500	08/01/11	A1		277,217
500,000		Citigroup, Inc (Sr Note)	4.125	02/22/10	Aa1		497,947
2,125,000		Citigroup, Inc (Sub Note)	5.000	09/15/14	Aa2		2,174,690
250,000		Golden West Financial Corp (Sr Note)	4.750	10/01/12	A1		253,915
250,000		Greenpoint Financial Corp (Sr Note)	3.200	06/06/08	A2		242,246
250,000		JPMorgan Chase & Co	4.500	01/15/12	Aa3		248,911
500,000		JPMorgan Chase & Co (Sub Note)	7.875	06/15/10	A1		574,142
250,000		JPMorgan Chase & Co (Sub Note)	5.125	09/15/14	A1		255,906
250,000		M&I Marshall & Ilsley Bank (Sr Note)	4.125	09/04/07	Aa3		250,180
300,000		M&I Marshall & Ilsley Bank Note	4.400	03/15/10	Aa3e		300,964
1,000,000		Mellon Funding Corp (Guarantee Note)	6.400	05/14/11	A2		1,100,471
1,000,000		PNC Funding Corp (Guarantee Note)	5.750	08/01/06	A2		1,019,043
250,000		Popular North America, Inc (Guarantee Note)	4.700	06/30/09	A3		252,518
500,000		Regions Financial Corp/Old (Sub Note)	6.375	05/15/12	A2		551,336
500,000	g	Residential Capital Corp Note	6.375	06/30/10	Baa2		504,712
500,000		Suntrust Bank (Sub Note)	7.250	09/15/06	Aa3		519,417
500,000		US Bancorp (Sr Note)	5.100	07/15/07	Aa2		510,034
500,000		Wachovia Bank NA/Old (Sub Note)	4.800	11/01/14	Aa3		505,844
250,000		Wachovia Bank NA/Old (Sub Note)	4.875	02/01/15	Aa3		254,427
750,000		Wachovia Corp (Sub Note)	5.250	08/01/14	A1		782,242
500,000		Wells Fargo Bank NA (Sub Note)	6.450	02/01/11	Aa1		551,702
500,000		Wells Fargo/Old Note	4.125	03/10/08	Aa1		500,066

		TOTAL DEPOSITORY INSTITUTIONS					15,626,064

119

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

ELECTRIC, GAS, AND SANITARY SERVICES - 2.40%
$ 208,000	d	American Electric Power Co, Inc Note	6.125	05/15/06	Baa3	$	211,654
250,000		Carolina Power & Light Co (First Mortgage Bond)	5.700	04/01/35	A3		267,249
500,000		CenterPoint Energy Resources Corp (Sr Note)	7.875	04/01/13	Ba1		595,140
500,000		Consolidated Edison Co of New York (Sr Note)	4.700	06/15/09	A1		508,790
250,000		Consolidated Edison Co of New York Deb	4.875	02/01/13	A1		256,872
750,000		Consolidated Natural Gas Co (Sr Note)	6.250	11/01/11	A3		818,241
250,000		Consolidated Natural Gas Co (Sr Note)	5.000	12/01/14	A3		253,866
500,000		Consumers Energy Co (First Mortgage Bond)	4.400	08/15/09	Baa3		498,642
500,000		FirstEnergy Corp Note	6.450	11/15/11	Baa3		546,418
500,000		Florida Power & Light Co (First Mortgage Bond)	4.850	02/01/13	Aa3		514,570
500,000		Florida Power Corp (First Mortgage Bond)	4.500	06/01/10	A2		502,764
1,000,000		Georgia Power Co (Sr Note)	5.500	12/01/05	A2		1,006,904
500,000		KeySpan Corp Note	4.900	05/16/08	A3		508,731
1,000,000		Kinder Morgan Energy Partners LP Note	5.125	11/15/14	Baa1		1,009,692
250,000		Kinder Morgan Energy Partners LP Note	5.800	03/15/35	Baa1		251,176
250,000		National Fuel Gas Co Note	5.250	03/01/13	Baa1		257,234
250,000		Nisource Finance Corp (Guarantee Note)	7.875	11/15/10	Baa3		288,683
250,000		Pacific Gas & Electric Co	6.050	03/01/34	Baa1		276,037
250,000		Pemex Project Funding Master Trust Note	5.750	12/15/15	Baa1		249,529
250,000		Public Service Co of Colorado	5.500	04/01/14	A3		267,089
250,000		Southern California Edison Co (First Mortgage Bond)	5.350	07/15/35	A3		257,357
500,000		Texas Eastern Transmission LP (Sr Note)	5.250	07/15/07	Baa2		508,116
250,000		Virginia Electric and Power Co (Sr Note)	4.750	03/01/13	A3		252,490
500,000		Washington Gas Light Note	7.310	10/30/07	A2		531,930
250,000		Waste Management, Inc (Guarantee Note)	7.750	05/15/32	Baa3		318,139
500,000		Westar Energy, Inc (First Mortgage Bond)	6.000	07/01/14	Baa3		545,592

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					11,502,905

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.21%
500,000		Cooper Industries, Inc (Guarantee Note)	5.250	07/01/07	A3	508,402
500,000		Emerson Electric Co Note	5.000	12/15/14	A2	515,438

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				1,023,840


FABRICATED METAL PRODUCTS - 0.05%
250,000		Fortune Brands Inc Note	4.875	12/01/13	A2	249,163

		TOTAL FABRICATED METAL PRODUCTS				249,163


FOOD AND KINDRED PRODUCTS - 0.50%
250,000		Anheuser-Busch Cos, Inc (Sr Note)	6.000	04/15/11	A1	270,285
250,000		Bottling Group LLC (Guarantee Note)	4.625	11/15/12	Aa3	253,758
250,000		Bunge Ltd Finance Corp Note	5.875	05/15/13	Baa2	266,697
500,000		Coors Brewing Co (Guarantee Note)	6.375	05/15/12	Baa2	541,242
500,000		Kraft Foods, Inc Bond	6.500	11/01/31	A3	583,342
250,000		PepsiAmericas, Inc Note	4.875	01/15/15	Baa1	254,415
250,000		Sara Lee Corp Note	3.875	06/15/13	A3	232,601

		TOTAL FOOD AND KINDRED PRODUCTS				2,402,340


FOOD STORES - 0.12%
500,000	d	Kroger Co (Guarantee Note)	6.800	04/01/11	Baa2	548,743

		TOTAL FOOD STORES				548,743

120

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

FORESTRY - 0.11%
$ 500,000		Weyerhaeuser Co Note	6.000	08/01/06	Baa2	$	508,545

		TOTAL FORESTRY					508,545


FURNITURE AND FIXTURES - 0.42%
500,000		Masco Corp Bond	4.800	06/15/15	Baa1		495,557
500,000		Masco Corp Note	4.625	08/15/07	Baa1		503,565
1,000,000		Newell Rubbermaid, Inc Note	6.000	03/15/07	Baa2		1,035,707

		TOTAL FURNITURE AND FIXTURES					2,034,829


GENERAL BUILDING CONTRACTORS - 0.59%
250,000	h	Centex Corp Note	4.750	01/15/08	Baa2		250,779
250,000		Centex Corp Note	5.250	06/15/15	Baa2		249,728
500,000		DR Horton, Inc (Guarantee Note)	5.000	01/15/09	Ba1		500,281
500,000		DR Horton, Inc (Sr Note)	5.250	02/15/15	Ba1		484,072
500,000		DR Horton, Inc (Sr Sub Note)	9.750	09/15/10	Ba2		585,372
750,000	g,h	Lennar Corp	5.600	05/31/15	Baa3		770,356

		TOTAL GENERAL BUILDING CONTRACTORS					2,840,588


GENERAL MERCHANDISE STORES - 0.28%
500,000		Target Corp Note	4.000	06/15/13	A2		485,595
500,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		496,668
250,000		Wal-Mart Stores, Inc	7.550	02/15/30	Aa2		339,860

		TOTAL GENERAL MERCHANDISE STORES					1,322,123


HEALTH SERVICES - 0.05%
250,000		Laboratory Corp of America Holdings (Sr Note)	5.500	02/01/13	Baa3		253,802

		TOTAL HEALTH SERVICES					253,802


HOLDING AND OTHER INVESTMENT OFFICES - 0.42%
250,000		Boston Properties LP (Sr Note)	6.250	01/15/13	Baa2		271,161
250,000		Colonial Properties Trust Note	6.250	06/15/14	Baa3		265,044
500,000		iStar Financial, Inc (Sr Note)	5.150	03/01/12	Baa3		495,722
250,000		iStar Financial, Inc (Sr Note)	5.700	03/01/14	Baa3		253,210
250,000		Mantis Reef Ltd Note	4.799	11/03/09	A3		250,439
500,000		Simon Property Group LP Note	4.600	06/15/10	Baa2		499,052

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					2,034,628


HOTELS AND OTHER LODGING PLACES - 0.05%
250,000		MGM Mirage (Guarantee Note)	6.000	10/01/09	Ba2		251,250

		TOTAL HOTELS AND OTHER LODGING PLACES					251,250


INDUSTRIAL MACHINERY AND EQUIPMENT - 0.12%
250,000		Hewlett-Packard Co Note	6.500	07/01/12	A3		278,258
250,000		International Business Machines Corp Deb	6.220	08/01/27	A1		285,173

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					563,431

121

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

INSTRUMENTS AND RELATED PRODUCTS - 0.05%
$ 250,000	g	Thermo Electron Corp Note	5.000	06/01/15	Baa1	$	250,113

		TOTAL INSTRUMENTS AND RELATED PRODUCTS					250,113


INSURANCE CARRIERS - 0.72%
500,000		International Lease Finance Corp Note	3.500	04/01/09	A1		483,027
250,000		Allstate Corp Note	5.000	08/15/14	A1		256,554
500,000		Metlife, Inc	5.000	06/15/15	A2		509,291
250,000		Metlife, Inc (Sr Note)	5.700	06/15/35	A2		258,951
1,500,000		UnitedHealth Group, Inc (Sr Note)	3.300	01/30/08	A2		1,470,224
500,000		WellPoint, Inc Note	3.500	09/01/07	Baa1		492,963

		TOTAL INSURANCE CARRIERS					3,471,010


METAL MINING - 0.21%
250,000		Barrick Gold Corp Bond	5.800	11/15/34	Baa1		259,021
250,000		Barrick Gold Finance Co Note	4.875	11/15/14	Baa1		249,271
250,000		Corp Nacional del Cobre de Chile - CODELCO (Sr Note)	4.750	10/15/14	A2		247,141
250,000		Placer Dome, Inc Deb	6.375	03/01/33	Baa2		270,788

		TOTAL METAL MINING					1,026,221


MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.16%
500,000		Tyco International Group SA (Guarantee Note)	5.800	08/01/06	Baa3		509,091
250,000		Tyco International Group SA (Guarantee Note)	6.000	11/15/13	Baa3		272,023

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					781,114


MISCELLANEOUS RETAIL - 0.11%
500,000		CVS Corp Note	4.875	09/15/14	A3		509,686

		TOTAL MISCELLANEOUS RETAIL					509,686


MOTION PICTURES - 0.78%
250,000		Historic TW, Inc (Guarantee Note)	6.625	05/15/29	Baa1		279,030
1,000,000		News America Holdings Deb	8.250	08/10/18	Baa3		1,258,321
250,000		News America, Inc (Guarantee Note)	7.625	11/30/28	Baa3		301,938
1,250,000		Time Warner, Inc (Guarantee Note)	6.875	05/01/12	Baa1		1,410,853
500,000		Walt Disney Co Note	5.500	12/29/06	Baa1		509,948

		TOTAL MOTION PICTURES					3,760,090


NONDEPOSITORY INSTITUTIONS - 3.04%
500,000		American Honda Finance Corp Note	4.500	05/26/09	A1		505,056
500,000		Capital One Bank (Sr Note)	5.125	02/15/14	Baa2		506,282
500,000		CIT Group Funding Co of Canada Note	4.650	07/01/10	A2e		502,638
500,000		CIT Group, Inc (Sr Note)	4.125	02/21/06	A2		500,923
250,000		CIT Group, Inc (Sr Note)	5.125	09/30/14	A2		254,059
250,000		Countrywide Home Loans, Inc (Guarantee Note)	4.000	03/22/11	A3		241,465
500,000		Ford Motor Credit Co Bond	7.375	02/01/11	Baa2		492,500
500,000		Ford Motor Credit Co Note	5.700	01/15/10	Baa2		462,500
500,000		General Electric Capital Corp Note	3.500	05/01/08	Aaa		491,930

122

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

$ 500,000		General Electric Capital Corp Note	3.250	06/15/09	Aaa	$	482,983
1,000,000		General Electric Capital Corp Note	4.375	11/21/11	Aaa		998,174
1,750,000		General Electric Capital Corp Note	5.875	02/15/12	Aaa		1,892,261
500,000		General Electric Co Note	5.000	02/01/13	Aaa		516,430
500,000		General Motors Acceptance Corp Note	5.625	05/15/09	Baa2		468,247
1,000,000		General Motors Acceptance Corp Note	6.750	12/01/14	Baa2		894,674
250,000	g	HSBC Capital Funding LP/Jersey Channel Islands (Guarantee Note)	4.610		A1		243,970
500,000		HSBC Finance Corp	4.125	11/16/09	A1		494,516
500,000		HSBC Finance Corp	4.750	04/15/10	A1		506,759
500,000		HSBC Finance Corp	5.250	04/15/15	A1		514,486
500,000		HSBC Finance Corp Note	4.750	05/15/09	A1		506,992
750,000		HSBC Finance Corp Note	6.375	11/27/12	A1		827,101
250,000		HSBC Finance Corp Note	5.000	06/30/15	A2		252,084
250,000		MBNA America Bank NA Note	5.375	01/15/08	Baa1		257,499
500,000		National Rural Utilities Cooperative Finance Corp Note	5.750	08/28/09	A2		528,269
500,000	g	Pricoa Global Funding I Note	4.625	06/25/12	Aa3e		503,416
250,000	g	Rabobank Capital Funding Trust (Sub Note)	5.254		Aa2		256,435
250,000		SLM Corp Note	4.000	01/15/09	A2		248,187
250,000		Toyota Motor Credit Corp Note	2.875	08/01/08	Aaa		241,225

		TOTAL NONDEPOSITORY INSTITUTIONS					14,591,061


OIL AND GAS EXTRACTION - 1.18%
500,000		Burlington Resources Finance Co (Guarantee Note)	6.400	08/15/11	Baa1		546,418
250,000		Canadian Natural Resources Ltd Bond	5.850	02/01/35	Baa1		260,216
500,000		Devon Energy Corp (Sr Note)	2.750	08/01/06	Baa2		492,579
250,000		Empresa Nacional de Petroleo ENAP Note	6.750	11/15/12	Baa1		277,548
250,000		EnCana Corp Bond	6.500	08/15/34	Baa2		287,437
250,000		Enterprise Products Operating LP (Sr Note)	4.000	10/15/07	Baa3		247,737
250,000		Enterprise Products Operating LP (Sr Note)	5.600	10/15/14	Baa3		258,324
250,000		Enterprise Products Operating LP Note	5.000	03/01/15	Baa3		246,343
250,000		Equitable Resources, Inc Bond	5.150	11/15/12	A2		260,961
250,000		Nexen, Inc Note	5.050	11/20/13	Baa2		251,797
750,000		Ocean Energy, Inc (Guarantee Note)	4.375	10/01/07	Baa3		750,867
500,000		Panhandle Eastern Pipe Line (Sr Note)	4.800	08/15/08	Baa3		502,819
250,000		PC Financial Partnership Note	5.000	11/15/14	Baa2		251,036
250,000		Petro-Canada Note	5.950	05/15/35	Baa2		260,150
500,000		Plains All American Pipeline LP/PAA Finance Corp Note	4.750	08/15/09	Baa3		501,457
250,000		XTO Energy, Inc	5.300	06/30/15	Baa3		254,918

		TOTAL OIL AND GAS EXTRACTION					5,650,607


OTHER MORTGAGE BACKED SECURITIES - 2.38%
1,000,000		Banc of America Commercial Mortgage Inc	4.999	11/10/42	NR		1,036,635
3,000,000	d	Banc of America Commercial Mortgage Inc	5.118	07/11/43	NR		3,115,002
3,000,000		Bear Stearns Commercial Mortgage Securities	4.978	07/11/42	Aaa		3,088,653
1,000,000		Ge Capital Commercial Mortgage Corp	5.145	07/10/37	Aaa		1,042,615
1,000,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.255	07/12/37	Aaa		1,049,058
1,000,000		Merrill Lynch Mortgage Trust	5.236	11/12/35	NR		1,046,774
1,000,000		Merrill Lynch Mortgage Trust	4.922	10/12/41	NR		1,019,174

		TOTAL OTHER MORTGAGE BACKED SECURITIES					11,397,911

123

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

PAPER AND ALLIED PRODUCTS - 0.87%
$ 500,000		Bemis Co Note	4.875	04/01/12	Baa1	$	500,852
250,000		International Paper Co Note	3.800	04/01/08	Baa2		244,448
1,000,000	d	International Paper Co Note	5.850	10/30/12	Baa2		1,043,237
2,000,000		Kimberly-Clark Corp Note	7.100	08/01/07	Aa2		2,115,124
250,000		Sappi Papier Holding AG (Guarantee Note)	6.750	06/15/12	Baa3		267,166

		TOTAL PAPER AND ALLIED PRODUCTS					4,170,827


PETROLEUM AND COAL PRODUCTS - 0.34%
1,000,000		Conoco Funding Co (Guarantee Note)	6.350	10/15/11	A3		1,105,610
500,000		Enterprise Products Operating LP (Sr Note)	4.950	06/01/10	Baa3		503,398

		TOTAL PETROLEUM AND COAL PRODUCTS					1,609,008


PIPELINES, EXCEPT NATURAL GAS - 0.05%
250,000		Enbridge Energy Partners LP (Sr Note)	4.000	01/15/09	Baa2		245,390

		TOTAL PIPELINES, EXCEPT NATURAL GAS					245,390


PRIMARY METAL INDUSTRIES - 0.22%
500,000		Alcan, Inc Note	5.000	06/01/15	Baa1		503,343
250,000		Alcan, Inc Note	6.125	12/15/33	Baa1		271,725
250,000		Alcoa, Inc Note	6.500	06/01/11	A2		275,904

		TOTAL PRIMARY METAL INDUSTRIES					1,050,972


PRINTING AND PUBLISHING - 0.11%
250,000		New York Times Co Note	5.000	03/15/15	A2		256,885
250,000		Viacom, Inc (Guarantee Note)	6.625	05/15/11	A3		268,549

		TOTAL PRINTING AND PUBLISHING					525,434


RAILROAD TRANSPORTATION - 0.51%
250,000		Burlington Northern Santa Fe Corp Note	5.900	07/01/12	Baa2		270,297
500,000		Canadian National Railway Co Note	4.400	03/15/13	Baa1		496,313
174,000		Norfolk Southern Corp Note	7.350	05/15/07	Baa1		183,393
911,000		Norfolk Southern Corp Note	5.257	09/17/14	Baa1		948,971
500,000		Union Pacific Corp Note	6.500	04/15/12	Baa2		553,481

		TOTAL RAILROAD TRANSPORTATION					2,452,455


RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
250,000		Sealed Air Corp (Sr Note)	5.375	04/15/08	Baa3		256,017

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					256,017


SECURITY AND COMMODITY BROKERS - 1.29%
250,000		Bear Stearns Cos, Inc Note	5.700	11/15/14	A1		268,105
500,000		Franklin Resources, Inc Note	3.700	04/15/08	A2		491,941
250,000		Goldman Sachs Group LP Note	4.500	06/15/10	Aa3e		250,749
250,000		Goldman Sachs Group, Inc (Guarantee Note)	6.345	02/15/34	A1		270,149
250,000		Goldman Sachs Group, Inc Note	5.125	01/15/15	Aa3		254,747

124

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

			MATURITY
PRINCIPAL		RATE	DATE	RATING†		VALUE

$ 250,000	Goldman Sachs Group, Inc Note	6.125	02/15/33	Aa3	$	272,193
1,250,000	Lehman Brothers Holdings, Inc Note	4.000	01/22/08	A1		1,245,833
750,000	Lehman Brothers Holdings, Inc Note	6.625	01/18/12	A1		837,987
250,000	Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		256,601
500,000	Morgan Stanley Note	3.625	04/01/08	Aa3		492,356
250,000	Morgan Stanley Note	4.000	01/15/10	Aa3		245,997
1,250,000	Morgan Stanley Note	5.300	03/01/13	Aa3		1,295,007

	TOTAL SECURITY AND COMMODITY BROKERS					6,181,665


STONE, CLAY, AND GLASS PRODUCTS - 0.06%
250,000	CRH America, Inc (Guarantee Note)	6.400	10/15/33	Baa1		287,377

	TOTAL STONE, CLAY, AND GLASS PRODUCTS					287,377


TOBACCO PRODUCTS - 0.05%
250,000	RJ Reynolds Tobacco Holdings Inc/OLD (Guarantee Note)	6.500	06/01/07	Ba2		254,375

	TOTAL TOBACCO PRODUCTS					254,375


TRANSPORTATION EQUIPMENT - 1.09%
250,000	DaimlerChrysler NA Holding Corp (Guarantee Note)	6.500	11/15/13	A3		271,048
500,000	DaimlerChrysler NA Holding Corp (Guarantee Note)	8.500	01/18/31	A3		633,773
500,000	DaimlerChrysler NA Holding Corp Note	4.875	06/15/10	A3		498,516
500,000	Ford Motor Co Note	7.450	07/16/31	Baa3		418,750
250,000	General Dynamics Corp (Guarantee Note)	3.000	05/15/08	A2		242,495
500,000	Harsco Corp (Sr Note)	5.125	09/15/13	A3		514,276
500,000	Lockheed Martin Corp Bond	8.500	12/01/29	Baa2		720,718
250,000	Northrop Grumman Corp (Guarantee Note)	7.750	02/15/31	Baa2		335,464
250,000	United Technologies Corp (Sr Note)	4.375	05/01/10	A2		252,184
250,000	United Technologies Corp (Sr Note)	5.400	05/01/35	A2		262,757
1,000,000	United Technologies Corp Note	6.350	03/01/11	A2		1,099,122

	TOTAL TRANSPORTATION EQUIPMENT					5,249,103


WHOLESALE TRADE-DURABLE GOODS - 0.05%
250,000	Johnson & Johnson Deb	3.800	05/15/13	Aaa		241,823

	TOTAL WHOLESALE TRADE-DURABLE GOODS					241,823


WHOLESALE TRADE-NONDURABLE GOODS - 0.11%
500,000	GlaxoSmithKline Capital, Inc (Guarantee Note)	5.375	04/15/34	Aa2		531,107

	TOTAL WHOLESALE TRADE-NONDURABLE GOODS					531,107


	TOTAL CORPORATE BONDS
	Cost ($139,298,098)					143,598,013

125

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING†		VALUE

GOVERNMENT BONDS - 66.29%

AGENCY SECURITIES - 19.20%
$ 10,000,000	d	Federal Farm Credit Bank (FFCB)	2.250	09/01/06	Aaa	$	9,819,368
5,000,000	d	Federal Farm Credit Bank (FFCB)	3.000	12/17/07	Aaa		4,899,888
7,500,000		Federal Home Loan Bank (FHLB)	4.570	10/17/08	Aaa		7,525,727
3,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.500	04/28/08	Aaa		2,962,000
2,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.000	05/13/08	Aaa		1,947,975
2,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.500	05/21/08	Aaa		1,968,112
9,000,000		Federal Home Loan Mortgage Corp (FHLMC)	7.000	03/15/10	Aaa		10,146,043
3,700,000		Federal Home Loan Mortgage Corp (FHLMC)	4.125	07/12/10	Aaa		3,712,431
2,990,000		Federal Home Loan Mortgage Corp (FHLMC)	5.875	03/21/11	Aa2		3,224,499
8,000,000	d	Federal National Mortgage Association (FNMA)	2.625	11/15/06	Aaa		7,876,536

8,000,000		Federal National Mortgage Association (FNMA)	5.000	01/15/07	Aaa	8,141,094
3,000,000		Federal National Mortgage Association (FNMA)	3.750	05/17/07	Aaa	2,992,086
1,500,000		Federal National Mortgage Association (FNMA)	3.410	08/30/07	Aaa	1,483,318
3,000,000		Federal National Mortgage Association (FNMA)	5.250	01/15/09	Aaa	3,128,549
9,800,000		Federal National Mortgage Association (FNMA)	7.125	06/15/10	Aaa	11,147,754
1,000,000		Federal National Mortgage Association (FNMA)	4.625	10/15/14	Aaa	1,027,046
1,000,000		Federal National Mortgage Association (FNMA)	6.210	08/06/38	Aaa	1,257,947
8,514,000		Housing Urban Development	4.790	08/01/11	NR	8,825,587

		TOTAL AGENCY SECURITIES				92,085,960


FOREIGN GOVERNMENT BONDS - 2.40%
1,000,000		Brazilian Government International Bond Bond	10.500	07/14/14	B1	1,182,500
1,000,000		Canada Government International Bond Bond	6.750	08/28/06	Aaa	1,034,905
250,000		Chile Government International Bond Bond	5.500	01/15/13	Baa1	266,101
250,000		European Investment Bank (Sr Note)	4.000	03/03/10	Aaa	250,599
500,000		Federal Republic of Germany Bond	3.875	06/01/10	NR	498,500
250,000		Hokkaido Tohoku Development Finance Public Corp	4.250	06/09/15	Aaa	247,875
500,000		Inter-American Development Bank Note	4.375	09/20/12	Aaa	508,731
500,000		International Finance Corp (Unsub Note)	3.750	06/30/09	Aaa	499,773
500,000		Italy Government International Bond Note	4.500	01/21/15	NR	507,375
250,000		Korea Development Bank Note	5.750	09/10/13	A3	267,538
250,000		Mexico Government International Bond Note	6.375	01/16/13	Baa1	268,000
879,000		Mexico Government International Bond Note	5.875	01/15/14	Baa1	915,918
500,000	d	Mexico Government International Bond Note	6.750	09/27/34	Baa1	526,250
500,000		Province of Manitoba Canada Note	4.450	04/12/10	Aa2	509,407
500,000		Province of Ontario Note	5.125	07/17/12	Aa2	530,686
500,000		Province of Ontario Note	4.500	02/03/15	Aa2	506,460
1,000,000		Province of Quebec Canada Deb	7.500	09/15/29	A1	1,390,094
500,000		Province of Quebec Canada Note	4.600	05/26/15	A1	505,397
500,000		Province of Saskatchewan Canada Deb	7.375	07/15/13	Aa3	606,077
250,000		TransCanada Pipelines Ltd Note	4.000	06/15/13	A2	240,202
250,000		Turkey Government International Bond Note	7.375	02/05/25	B1	247,650

		TOTAL FOREIGN GOVERNMENT BONDS				11,510,038


MORTGAGE BACKED SECURITIES - 34.48%
4,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	07/14/05		4,055,000
4,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500	07/19/05		3,981,248
12,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	08/11/05		11,973,744
115,403		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10		120,852
974,433		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.375	04/15/15		974,983
231,656		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500	12/01/16		241,068
668,769		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	05/01/18		676,814
1,328,373	d	Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	06/01/18		1,344,352

126

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

$ 3,228,902		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500	11/01/18	$	3,216,907
1,997,046		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	01/01/19		2,050,809
182,562		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	10/01/20		192,655
440,874	d	Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500	01/01/29		458,098
69,215		Federal Home Loan Mortgage Corp Gold (FGLMC)	8.000	01/01/31		74,536
2,502,625	d	Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500	08/01/32		2,594,668
1,363,431		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	11/01/33		1,398,970
5,673,210		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	12/01/33		5,759,256
956,413		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	12/01/34		970,401
2,383,720		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	03/01/35		2,418,515
3,045,293		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	05/01/35		3,124,526
2,000,000	h	Federal National Mortgage Association (FNMA)	6.000	07/14/05		2,050,000
3,000,000	h	Federal National Mortgage Association (FNMA)	6.500	07/14/05		3,104,064
3,000,000	h	Federal National Mortgage Association (FNMA)	5.000	07/19/05		3,032,814
19,000,000	h	Federal National Mortgage Association (FNMA)	5.000	08/11/05		18,958,428
10,000,000	h	Federal National Mortgage Association (FNMA)	5.500	08/16/05		10,250,000
1,476,298		Federal National Mortgage Association (FNMA)	6.294	12/01/08		1,528,884
176,886		Federal National Mortgage Association (FNMA)	6.000	12/01/08		181,882
3,922,837		Federal National Mortgage Association (FNMA)	4.759	02/01/14		4,013,855
2,976,193		Federal National Mortgage Association (FNMA)	4.640	11/01/14		3,013,637
493,205		Federal National Mortgage Association (FNMA)	4.560	01/01/15		498,099
463,582	d	Federal National Mortgage Association (FNMA)	6.500	10/01/16		482,774
199,584		Federal National Mortgage Association (FNMA)	6.500	11/01/16		207,847
578,053		Federal National Mortgage Association (FNMA)	6.000	11/01/17		597,877
443,857		Federal National Mortgage Association (FNMA)	6.000	01/01/18		459,080
478,731		Federal National Mortgage Association (FNMA)	6.000	02/01/18		495,211
419,578		Federal National Mortgage Association (FNMA)	6.500	02/01/18		437,006
695,393		Federal National Mortgage Association (FNMA)	5.500	04/01/18		714,272
228,843		Federal National Mortgage Association (FNMA)	5.500	05/01/18		235,056
349,412	d	Federal National Mortgage Association (FNMA)	6.000	01/01/19		360,681
86,556		Federal National Mortgage Association (FNMA)	8.000	03/01/23		93,402
1,180,255		Federal National Mortgage Association (FNMA)	5.500	02/01/24		1,204,822
2,653,065		Federal National Mortgage Association (FNMA)	5.500	07/01/24		2,707,453
46,888		Federal National Mortgage Association (FNMA)	9.000	11/01/25		51,638
13,952		Federal National Mortgage Association (FNMA)	9.000	10/01/26		15,391
44,570		Federal National Mortgage Association (FNMA)	7.500	01/01/29		47,749
774,363	d	Federal National Mortgage Association (FNMA)	7.000	07/01/32		816,834
3,353,726		Federal National Mortgage Association (FNMA)	5.500	04/01/33		3,402,681
2,003,908		Federal National Mortgage Association (FNMA)	5.500	06/01/33		2,033,159
1,384,358		Federal National Mortgage Association (FNMA)	5.500	07/01/33		1,404,566
1,759,814		Federal National Mortgage Association (FNMA)	4.500	08/01/33		1,724,089
1,761,637		Federal National Mortgage Association (FNMA)	4.500	10/01/33		1,725,875
668,843		Federal National Mortgage Association (FNMA)	5.500	10/01/33		678,607
6,460,091		Federal National Mortgage Association (FNMA)	5.500	10/01/33		6,554,390
1,668,903		Federal National Mortgage Association (FNMA)	5.000	11/01/33		1,671,245
1,696,446		Federal National Mortgage Association (FNMA)	5.000	11/01/33		1,698,827
720,728		Federal National Mortgage Association (FNMA)	5.500	11/01/33		731,249
632,536		Federal National Mortgage Association (FNMA)	5.500	11/01/33		641,770
770,910		Federal National Mortgage Association (FNMA)	5.500	12/01/33		782,163
824,147		Federal National Mortgage Association (FNMA)	5.500	12/01/33		836,177
512,454		Federal National Mortgage Association (FNMA)	5.500	12/01/33		519,935
1,397,718		Federal National Mortgage Association (FNMA)	5.500	12/01/33		1,418,121
789,135		Federal National Mortgage Association (FNMA)	5.500	12/01/33		800,655
863,170		Federal National Mortgage Association (FNMA)	5.500	01/01/34		875,770
4,655,135		Federal National Mortgage Association (FNMA)	6.500	09/01/34		4,819,262
972,437		Federal National Mortgage Association (FNMA)	5.500	01/01/35		986,309
5,352,140		Federal National Mortgage Association (FNMA)	5.500	04/01/35		5,428,591
5,887,448		Federal National Mortgage Association (FNMA)	5.500	05/01/35		5,971,545
4,949,665		Federal National Mortgage Association (FNMA)	5.500	05/01/35		5,020,367

127

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

MATURITY

PRINCIPAL

RATE

DATE

VALUE

$ 3,967,191		Federal National Mortgage Association (FNMA)	6.000	05/01/35	$	4,068,613
2,461,833		Federal National Mortgage Association (FNMA)	5.500	06/01/35		2,496,999
128,710		Government National Mortgage Association (GNMA)	6.500	09/15/23		135,024
88,097		Government National Mortgage Association (GNMA)	7.500	11/15/23		95,005
31,191		Government National Mortgage Association (GNMA)	7.500	08/15/28		33,442
123,602		Government National Mortgage Association (GNMA)	6.500	12/15/28		129,394
232,143		Government National Mortgage Association (GNMA)	6.500	03/15/29		242,838
123,117		Government National Mortgage Association (GNMA)	8.500	10/20/30		133,708
36,993		Government National Mortgage Association (GNMA)	7.000	06/20/31		39,000
3,914,503	h	Government National Mortgage Association (GNMA)	5.000	09/15/33		3,950,450
2,132,404		Government National Mortgage Association (GNMA)	5.500	09/20/33		2,175,411
987,442		Government National Mortgage Association (GNMA)	5.500	03/20/35		1,007,209

		TOTAL MORTGAGE BACKED SECURITIES				165,418,604


U.S. TREASURY SECURITIES - 10.21%
145,000		United States Treasury Bond	4.000	02/15/15		145,535
1,235,000	h	United States Treasury Bond	4.125	05/15/15		1,253,142
24,025,000	d	United States Treasury Bond	8.000	11/15/21		34,622,186
3,640,000		United States Treasury Bond	5.375	02/15/31		4,296,911
200,000		United States Treasury Note	2.000	08/31/05		199,610
500,000		United States Treasury Note	3.000	11/15/07		492,810
1,270,000		United States Treasury Note	3.375	02/15/08		1,260,881
2,050,000	d	United States Treasury Note	6.000	08/15/09		2,227,305
4,250,000		United States Treasury Note	3.625	06/15/10		4,231,385
250,000		United States Treasury Note	5.750	08/15/10		273,218

		TOTAL U.S. TREASURY SECURITIES				49,002,983


		TOTAL GOVERNMENT BONDS				318,017,585
		(Cost $314,878,548)

		TOTAL BONDS
		(Cost $454,176,646)				461,615,598


TIAA-CREF MUTUAL FUNDS - 0.72%
372,385		TIAA-CREF High-Yield Bond Fund				3,433,390

		TOTAL TIAA-CREF MUTUAL FUNDS
		(Cost $3,501,167)				3,433,390


SHORT-TERM INVESTMENTS - 14.34%
COMMERCIAL PAPER - 6.61%
5,000,000		American Honda Finance Corp Note	3.070	07/13/05		4,994,500
1,790,000	c	Detroit Edison Securitization Funding LLC	3.380	07/01/05		1,789,832
5,000,000	c	Govco, Inc	3.310	08/16/05		4,978,750
5,000,000	c	Park Avenue Receivables Corp	3.280	08/02/05		4,984,875
5,000,000		Rabobank USA Finance Corp	3.370	07/01/05		4,999,535
5,000,000	c	Ranger Funding Co LLC	3.015	07/05/05		4,998,150
5,000,000		Societe Generale North America Inc	3.130	08/02/05		4,985,500

		TOTAL COMMERCIAL PAPER				31,731,142

128

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

MATURITY

PRINCIPAL

RATE

DATE

VALUE

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 7.73%

$ 7,315,000

Federal Home Loan Mortgage Corp (FHLMC)

2.945

07/05/05

7,312,440

8,065,000

Federal Home Loan Mortgage Corp (FHLMC)

2.970

07/11/05

8,057,822

16,775,000

Federal Home Loan Mortgage Corp (FHLMC)

3.090

07/12/05

16,758,561

4,950,000

Federal Home Loan Mortgage Corp (FHLMC)

2.990

07/13/05

4,944,753

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

37,073,576

TOTAL SHORT-TERM INVESTMENTS

(Cost $68,490,615)

68,804,718

TOTAL PORTFOLIO - 111.28%

533,853,706

(Cost $526,168,428)

OTHER ASSETS & LIABILITIES, NET - (11.28%)

(54,117,401)

NET ASSETS - 100.00%

479,736,305

Commercial Paper issued under the Private Placement exemption

under Section 4(2) of the Securities Act of 1933, as amended.

All or a portion of these securities have been segregated by

the custodian to cover securities purchased on a delayed delivery basis.

Security is exempt from registration under Rule 144(A) of the Securities Act

of 1933 and may be resold in transactions exempt from registration to qualified

institutional buyers. At June 30, 2005, the value of these securities amounted to

$2,529,002 or 0.53% of net assets.

These securities were purchased on a delayed delivery basis.

As provided by Moody's Investors Service (unaudited).

For ease of presentation, we have grouped a number of industry classification categories

together in the Statement of investments. Note that the Funds use more specific industry

categories in following their investment limitations on industry concentration.

129

TIAA-CREF MUTUAL FUNDS - Money Market Fund

TIAA-CREF MUTUAL FUNDS
MONEY MARKET FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2005

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

SHORT-TERM INVESTMENTS - 99.95%

CERTIFICATES OF DEPOSIT - 10.77%
$ 6,345,000		American Express Centurion Bank	3.290	07/29/05	$	6,345,049
3,000,000		American Express Centurion Bank	3.290	08/01/05		3,000,026
5,000,000		Barclays Bank, plc	3.110	07/11/05		5,000,013
5,000,000		Deutsche Bank	3.050	07/15/05		5,000,019
5,000,000		Dexia Bank	3.080	07/19/05		5,000,025
7,700,000		Dexia Bank	3.345	08/29/05		7,700,188
5,000,000		Dexia Bank	3.390	09/23/05		5,000,116
3,000,000		PNC Bank	3.610	12/30/05		3,000,147
5,000,000		Royal Bank of Canada	3.220	08/25/05		5,000,076
5,000,000		Royal Bank of Canada	3.265	09/06/05		5,000,138
2,000,000		Toronto Dominion Bank	3.160	09/14/05		2,000,000
3,000,000		Toronto Dominion Bank	3.385	09/23/05		3,000,000
5,000,000		Toronto Dominion Bank	3.460	11/28/05		5,000,000
5,000,000		Wells Fargo	3.130	07/26/05		5,000,000

		TOTAL CERTIFICATES OF DEPOSIT				65,045,797


COMMERCIAL PAPER - 83.18%
2,000,000		ABN Amro North America Finance, Inc	3.050	07/05/05		1,999,333
5,000,000		ABN Amro North America Finance, Inc	3.220	08/15/05		4,979,805
6,340,000		American Honda Finance Corp	3.010	07/07/05		6,336,788
7,515,000		American Honda Finance Corp	3.070	07/13/05		7,507,326
2,000,000		American Honda Finance Corp	3.080	07/19/05		1,996,920
1,225,000		American Honda Finance Corp	3.110	08/03/05		1,221,508
4,105,000		American Honda Finance Corp	3.220	08/09/05		4,090,680
2,500,000		Barclays U.S. Funding Corp	3.190	08/18/05		2,489,367
3,915,000		Barclays U.S. Funding Corp	3.230	08/24/05		3,896,080
1,200,000		Barclays U.S. Funding Corp	3.270	08/31/05		1,193,351
2,000,000		Barclays U.S. Funding Corp	3.330	09/06/05		1,987,764
5,000,000		BMW US Capital Corp	3.240	08/19/05		4,977,950
2,640,000		Canadian Imperial Holding, Inc	3.080	07/15/05		2,636,838
5,000,000	c	CC (USA), Inc	3.020	07/05/05		4,998,322
4,000,000	c	CC (USA), Inc	3.050	07/20/05		3,993,561
2,000,000	c	CC (USA), Inc	3.090	07/25/05		1,995,880
2,670,000	c	CC (USA), Inc	3.240	08/19/05		2,658,225
3,935,000	c	CC (USA), Inc	3.320	08/22/05		3,916,129
5,000,000		Ciesco LP	3.010	07/08/05		4,997,074
3,000,000		Ciesco LP	3.070	07/11/05		2,997,442
7,040,000		Ciesco LP	3.080	07/18/05		7,029,761
5,000,000	c	Ciesco LP	3.230	08/16/05		4,979,364
2,000,000	c	Ciesco LP	3.250	08/17/05		1,991,651
2,500,000	c	Ciesco LP	3.280	08/15/05		2,489,750
7,035,000		Citigroup Funding, Inc	3.070	07/21/05		7,023,001
6,050,000		Citigroup Funding, Inc	3.265	08/16/05		6,024,876
3,000,000	c	Corporate Asset Funding Corp, Inc	3.020	07/05/05		2,999,004
7,000,000	c	Corporate Asset Funding Corp, Inc	3.080	07/12/05		6,993,412
4,000,000	c	Corporate Asset Funding Corp, Inc	3.090	07/11/05		3,996,567
10,000,000	c	Corporate Asset Funding Corp, Inc	3.120	07/19/05		9,984,400
2,040,000	c	Dorada Finance, Inc	3.060	07/18/05		2,037,052
2,975,000	c	Dorada Finance, Inc	3.100	07/26/05		2,968,595

130

TIAA-CREF MUTUAL FUNDS - Money Market Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

$ 2,000,000	c	Dorada Finance, Inc	3.140	08/08/05	$	1,993,371
3,230,000	c	Dorada Finance, Inc	3.150	08/12/05		3,218,130
1,205,000	c	Dorada Finance, Inc	3.350	08/30/05		1,198,272
2,000,000	c	Dorada Finance, Inc	3.410	11/23/05		1,972,531
5,000,000	c	Edison Asset Securitization, LLC	3.050	07/06/05		4,997,882
2,185,000	c	Edison Asset Securitization, LLC	3.210	09/12/05		2,170,777
2,000,000	c	Edison Asset Securitization, LLC	3.250	09/08/05		1,987,542
3,025,000	c	Edison Asset Securitization, LLC	3.310	09/13/05		3,004,418
4,000,000		Fcar Owner Trust I	3.020	07/05/05		3,998,658
9,000,000		Fcar Owner Trust I	3.030	07/07/05		8,995,455
3,000,000		Fcar Owner Trust I	3.160	08/05/05		2,990,783
5,000,000		Fcar Owner Trust I	3.220	08/17/05		4,978,981
3,000,000		Fcar Owner Trust I	3.320	09/07/05		2,981,187
5,000,000		General Electric Capital Corp	3.180	08/22/05		4,977,033
2,710,000		General Electric Capital Corp	3.220	09/07/05		2,693,517
2,500,000		General Electric Capital Corp	3.280	10/11/05		2,476,767
2,000,000		General Electric Capital Corp	3.300	09/13/05		1,986,433
3,000,000		General Electric Capital Corp	3.380	09/22/05		2,976,622
5,000,000	c	Govco, Inc	3.030	07/08/05		4,997,054
7,000,000	c	Govco, Inc	3.055	07/19/05		6,989,325
2,000,000	c	Govco, Inc	3.070	07/13/05		1,997,953
533,000	c	Govco, Inc	3.070	07/20/05		532,136
4,000,000	c	Govco, Inc	3.250	09/06/05		3,975,806
4,000,000	c	Govco, Inc	3.290	09/07/05		3,975,418
1,915,000	c	Govco, Inc	3.530	12/15/05		1,883,641
8,890,000		Greenwich Capital Holdings, Inc	3.170	08/15/05		8,854,773
4,710,000		Greenwich Capital Holdings, Inc	3.310	08/25/05		4,686,182
5,000,000	c	Greyhawk Funding LLC	3.130	08/02/05		4,986,089
5,000,000	c	Greyhawk Funding LLC	3.220	08/22/05		4,976,744
9,000,000	c	Greyhawk Funding LLC	3.320	08/23/05		8,956,157
3,805,000	c	Harrier Finance Funding LLC	3.240	09/26/05		3,775,082
5,000,000	c	Harrier Finance Funding LLC	3.250	09/01/05		4,972,014
1,830,000		HBOS Treasury Services plc	3.210	07/28/05		1,825,699
4,200,000		HBOS Treasury Services plc	3.220	08/10/05		4,184,693
2,000,000		HBOS Treasury Services plc	3.310	09/07/05		1,987,542
7,000,000		HBOS Treasury Services plc	3.320	09/22/05		6,946,419
4,100,000		HBOS Treasury Services plc	3.330	09/02/05		4,076,354
10,000,000		HSBC Finance Corp	3.000	07/01/05		10,000,000
3,000,000		HSBC Finance Corp	3.300	09/15/05		2,979,100
5,000,000	c	Kitty Hawk Funding Corp	3.090	07/27/05		4,988,733
5,000,000	c	Kitty Hawk Funding Corp	3.150	08/10/05		4,982,500
1,380,000	c	Kitty Hawk Funding Corp	3.270	07/25/05		1,377,130
1,040,000	c	Links Finance LLC	3.160	08/18/05		1,035,618
6,000,000	c	Links Finance LLC	3.170	08/11/05		5,978,338
5,000,000	c	Links Finance LLC	3.220	08/24/05		4,975,850
2,960,000		Paccar Financial Corp	2.730	07/05/05		2,959,102
1,260,000		Paccar Financial Corp	3.000	07/07/05		1,259,377
2,000,000		Paccar Financial Corp	3.100	08/04/05		1,994,144
2,650,000		Paccar Financial Corp	3.230	09/01/05		2,635,259
5,000,000	c	Park Avenue Receivables Corp	3.100	07/13/05		4,994,817
3,567,000	c	Park Avenue Receivables Corp	3.240	08/11/05		3,553,838
3,665,000	c	Pepsico, Inc	3.260	08/01/05		3,654,712
7,927,000	c	Preferred Receivables Funding	3.250	07/21/05		7,912,731
4,003,000	c	Preferred Receivables Funding	3.280	07/28/05		3,993,153
4,000,000	c	Private Export Funding Corp	3.130	08/10/05		3,986,089
3,430,000	c	Private Export Funding Corp	3.270	10/06/05		3,399,779
5,000,000	c	Private Export Funding Corp	3.280	10/11/05		4,953,533
10,000,000	c	Proctor & Gamble	3.280	09/12/05		9,933,489
3,000,000		Rabobank USA Finance Corp	3.250	07/15/05		2,996,208

131

TIAA-CREF MUTUAL FUNDS - Money Market Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

$ 4,375,000		Rabobank USA Finance Corp	3.250	08/08/05	$	4,359,991
7,000,000		Rabobank USA Finance Corp	3.260	07/06/05		6,997,351
5,000,000		Rabobank USA Finance Corp	3.370	07/01/05		5,000,000
1,455,000	c	Ranger Funding Co LLC	3.050	07/15/05		1,453,133

2,590,000	c	Ranger Funding Co LLC	3.120	07/14/05	2,587,082
9,620,000	c	Ranger Funding Co LLC	3.220	07/20/05	9,603,836
4,711,000	c	Ranger Funding Co LLC	3.220	09/20/05	4,677,056
775,000	c	Ranger Funding Co LLC	3.260	07/07/05	774,579
2,600,000		Royal Bank of Scotland plc	3.310	08/15/05	2,589,243
1,685,000	c	Scaldis Capital LLC	3.240	08/26/05	1,676,508
2,000,000	c	Scaldis Capital LLC	3.260	09/13/05	1,986,598
1,500,000	c	Scaldis Capital LLC	3.280	09/08/05	1,490,570
2,710,000	c	Scaldis Capital LLC	3.320	10/05/05	2,686,008
2,000,000		Shell Finance (UK) plc	3.100	08/03/05	1,994,317
2,500,000	c	Sherwin-Williams Co	3.110	07/11/05	2,497,861
3,070,000	c	Sigma Finance, Inc	2.980	08/18/05	3,057,802
1,960,000	c	Sigma Finance, Inc	3.050	07/08/05	1,958,838
1,541,000	c	Sigma Finance, Inc	3.150	08/09/05	1,535,741
4,000,000	c	Sigma Finance, Inc	3.350	08/23/05	3,980,272
3,000,000	c	Sigma Finance, Inc	3.370	08/30/05	2,983,150
9,647,000	c	Sigma Finance, Inc	3.390	08/24/05	9,599,070
1,500,000	c	Sigma Finance, Inc	3.440	09/28/05	1,487,911
2,000,000		Societe Generale North America, Inc	2.860	08/01/05	1,995,102
5,200,000		Societe Generale North America, Inc	3.140	09/01/05	5,171,163
3,000,000		Societe Generale North America, Inc	3.160	08/09/05	2,989,854
3,575,000		Societe Generale North America, Inc	3.165	08/03/05	3,564,628
1,000,000		Societe Generale North America, Inc	3.270	08/22/05	995,277
5,000,000		UBS Finance, (Delaware), Inc	3.045	07/06/05	4,997,885
4,000,000		UBS Finance, (Delaware), Inc	3.060	07/11/05	3,996,600
1,325,000		UBS Finance, (Delaware), Inc	3.200	09/12/05	1,316,402
4,000,000		UBS Finance, (Delaware), Inc	3.270	07/22/05	3,992,798
2,030,000		UBS Finance, (Delaware), Inc	3.360	10/03/05	2,012,190
2,800,000		UBS Finance, (Delaware), Inc	3.370	09/19/05	2,779,280
400,000		UBS Finance, (Delaware), Inc	3.390	07/01/05	400,000
3,500,000	c	Variable Funding Capital Corp	3.060	07/08/05	3,497,918
15,697,000	c	Variable Funding Capital Corp	3.060	07/14/05	15,679,528
4,000,000	c	Yorktown Capital, LLC	3.160	08/05/05	3,987,711
1,015,000	c	Yorktown Capital, LLC	3.280	07/20/05	1,013,243
1,093,000	c	Yorktown Capital, LLC	3.330	11/10/05	1,079,294

		TOTAL COMMERCIAL PAPER			502,554,506


U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 3.52%
100,000		Federal Home Loan Bank (FHLB)	3.419	12/02/05	98,537
150,000		Federal Home Loan Mortgage Corp (FHLMC)	2.970	07/11/05	149,874
370,000		Federal Home Loan Mortgage Corp (FHLMC)	2.980	07/19/05	369,478
775,000		Federal Home Loan Mortgage Corp (FHLMC)	3.030	08/08/05	772,680
3,870,000		Federal Home Loan Mortgage Corp (FHLMC)	3.120	08/16/05	3,855,462
3,565,000		Federal Home Loan Mortgage Corp (FHLMC)	3.160	08/23/05	3,550,723
2,050,000		Federal Home Loan Mortgage Corp (FHLMC)	3.200	09/26/05	2,034,147
2,150,000		Federal Home Loan Mortgage Corp (FHLMC)	3.210	10/04/05	2,131,646
1,075,000		Federal Home Loan Mortgage Corp (FHLMC)	3.230	10/18/05	1,065,691
1,010,000		Federal Home Loan Mortgage Corp (FHLMC)	3.250	11/16/05	997,417
600,000		Federal National Mortgage Association (FNMA)	3.230	10/05/05	594,832
2,650,000		Federal National Mortgage Association (FNMA)	3.240	08/17/05	2,639,015

132

TIAA-CREF MUTUAL FUNDS - Money Market Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE

$ 200,000		Federal National Mortgage Association (FNMA)	3.250	10/17/05	$	198,050
140,000		Federal National Mortgage Association (FNMA)	3.360	11/04/05		138,354
740,000		Federal National Mortgage Association (FNMA)	3.390	12/19/05		728,084
2,000,000		Federal National Mortgage Association (FNMA)	3.445	12/09/05		1,969,361

		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				21,293,351


VARIABLE NOTES - 2.48%
5,000,000		Barclays Bank plc	3.246	09/29/05		4,999,508
5,000,000		Southtrust Bank, NA	3.480	09/29/05		5,000,470
5,000,000		US Bank NA	3.350	12/05/05		5,001,002

		TOTAL VARIABLE NOTES				15,000,980


		TOTAL SHORT-TERM INVESTMENTS				603,894,634
		(Cost $603,894,634)

		TOTAL PORTFOLIO - 99.95%				603,894,634
		(Cost $603,894,634)

		OTHER ASSETS & LIABILITIES, NET - 0.05%				284,279


		NET ASSETS - 100.00%			$	604,178,913


	c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities
		Act of 1933, as amended.

		For ease of presentation, we have grouped a number of industry classifications together in
		the Statement of Investments. Note that the Funds use more specific industry categories in
		following their limitations on industry concentration.

133

Item 11. Controls and Procedures.

(a) Evaluation of disclosure controls and procedures. An evaluation was performed within 90 days from the date hereof under the supervision of the registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures. Based on that evaluation, the registrant’s management, including the principal executive officer and principal financial officer, concluded that the registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) Changes in internal controls. There were no changes in the registrant’s internal controls over financial reporting that occurred during the registrant's first fiscal half-year that materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Exhibits.

11(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

11(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

11(b) Section 906 certification.(EX-99.906CERT)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF MUTUAL FUNDS


Date: August 18, 2005	By:	/s/ Bertram L. Scott

		Bertram L. Scott
		Executive Vice President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Date: August 18, 2005	By:	/s/ Bertram L. Scott

		Bertram L. Scott
		Executive Vice President
		(principal executive officer)


Date: August 18, 2005	By:	/s/ Russell Noles

		Russell Noles
		Vice President and Acting Chief Financial Officer,
		Teachers Insurance and Annuity Association of America
		(acting principal financial officer)

EXHIBIT LIST

Item 11. Exhibits.

11(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

11(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

11(b) Section 906 certification (EX-99.906CERT)

SHARES

Emulex Corp

Engineered Support Systems, Inc