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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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)

Stewart P. Greene, 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: July 1, 2006 – September 30, 2006

Item 1. Schedule of Investments.

TIAA-CREF MUTUAL FUNDS - International Equity Fund
TIAA-CREF MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
SHARES				VALUE
COMMON STOCKS - 99.12%
AGRICULTURAL SERVICES - 0.03%
53,900		AWB Ltd	$	131,362
		TOTAL AGRICULTURAL SERVICES		131,362
APPAREL AND OTHER TEXTILE PRODUCTS - 0.19%
362,000		Toyobo Co Ltd		953,075
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		953,075
BUSINESS SERVICES - 1.16%
182		COSCO Pacific Ltd		364
186		NTT Data Corp		858,159
26,000		Secom Co Ltd		1,287,619
287,603		WPP Group plc		3,564,815
		TOTAL BUSINESS SERVICES		5,710,957
CHEMICALS AND ALLIED PRODUCTS - 12.10%
126,000		Air Water, Inc		1,182,933
1,032	*	Arkema		48,694
674,528		Bayer AG.		34,384,582
43,922		Dr Reddy's Laboratories Ltd		699,500
102,100	*	Dyno Nobel Ltd		181,868
35,100		JSR Corp		772,571
56,000		Kaken Pharmaceutical Co Ltd		381,156
67,500		Kuraray Co Ltd		750,857
215,000		Nippon Paint Co Ltd		1,119,365
65,000		Nippon Shokubai Co Ltd		786,878
40,380		Novartis AG.		2,357,343
204,459		Reckitt Benckiser plc		8,475,580
32,685		Shin-Etsu Chemical Co Ltd		2,086,306
129,000		Sumitomo Chemical Co Ltd		963,200
70,422		Takeda Pharmaceutical Co Ltd		4,393,737
164,000		Teijin Ltd		882,997
		TOTAL CHEMICALS AND ALLIED PRODUCTS		59,467,567
COAL MINING - 1.00%
258,345		BHP Billiton Ltd		4,934,922
		TOTAL COAL MINING		4,934,922
COMMUNICATIONS - 2.19%
329		KDDI Corp		2,049,896
18,230		News Corp		368,883
241		Nippon Telegraph & Telephone Corp		1,183,323
503,101		Royal KPN NV		6,417,869
1,296		SKY Perfect Communications, Inc		725,211
		TOTAL COMMUNICATIONS		10,745,182
DEPOSITORY INSTITUTIONS - 6.89%
81,925		Australia & New Zealand Banking Group Ltd		1,640,039
163,000	*	China Merchants Bank Co Ltd		229,729
285		DBS Group Holdings Ltd		3,445
43,620		Hang Seng Bank Ltd		551,223

1

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES			VALUE
26,358	ICICI Bank Ltd (ADR)	$	809,454
170,106	Julius Baer Holding AG.		16,990,875
448	Mitsubishi UFJ Financial Group, Inc		5,764,741
350	Mizuho Financial Group. Inc		2,714,074
285	Sumitomo Mitsui Financial Group, Inc		2,991,746
205,000	Sumitomo Trust & Banking Co Ltd		2,145,016
	TOTAL DEPOSITORY INSTITUTIONS		33,840,342
ELECTRIC, GAS, AND SANITARY SERVICES - 5.09%
800,328	Fortum Oyj		21,322,189
193,845	Hong Kong & China Gas Ltd		454,341
3,171,000	Xinao Gas Holdings Ltd		3,256,211
	TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		25,032,741
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.08%
7,800	Fanuc Ltd		608,813
4,500	Hirose Electric Co Ltd		596,190
38,800	Hitachi Maxell Ltd		503,209
36,600	Hoya Corp		1,378,794
13,100	Kyocera Corp		1,121,194
9,100	NEC Electronics Corp		312,770
15,000	NGK Spark Plug Co Ltd		297,778
5,300	Rohm Co Ltd		492,199
44,705	Satyam Computer Services Ltd		796,659
66,700	Sony Corp		2,699,056
18,800	Sumco Corp		1,392,593
	TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		10,199,255
FABRICATED METAL PRODUCTS - 0.29%
58,000	NEOMAX Co Ltd		994,286
38,629	Tata Steel Ltd		450,553
	TOTAL FABRICATED METAL PRODUCTS		1,444,839
FOOD AND KINDRED PRODUCTS - 3.13%
33,000	Ajinomoto Co, Inc		355,352
132,620	Bajaj Hindusthan Ltd		935,920
14,100	Cosan SA Industria e Comercio		227,294
52,553	Groupe Danone		7,377,052
116,000	Meiji Seika Kaisha Ltd		589,206
116,000	Mitsui Sugar Co Ltd		383,966
86,000	Nichirei Corp		453,570
215,000	Nippon Formula Feed Manufacturing Co Ltd		365,841
644,000	Nisshin Oillio Group Ltd		3,734,519
112,000	Nosan Corp		320,474
433,000	Olam International Ltd		463,466
156,000	PT Astra Agro Lestari Tbk		153,886
432	Swire Pacific Ltd (A Shs)		4,514
	TOTAL FOOD AND KINDRED PRODUCTS		15,365,060
FOOD STORES - 1.39%
889,819	Tesco plc		5,997,769
55,373	Woolworths Ltd		836,121
	TOTAL FOOD STORES		6,833,890
GENERAL BUILDING CONTRACTORS - 1.64%
14,700	Daito Trust Construction Co Ltd		797,689
114,400	Lend Lease Corp Ltd		1,365,904

2

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES				VALUE
137,000		Sekisui Chemical Co Ltd	$	1,155,149
59,000		Sekisui House Ltd		892,555
5,352,884		Shanghai Forte Land Co		1,868,887
349,000		Shimizu Corp		1,994,286
		TOTAL GENERAL BUILDING CONTRACTORS		8,074,470
GENERAL MERCHANDISE STORES - 0.12%
34,400		Isetan Co Ltd		580,395
		TOTAL GENERAL MERCHANDISE STORES		580,395
HEAVY CONSTRUCTION, EXCEPT BUILDING - 4.96%
218,786		Vinci S.A.		24,358,569
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		24,358,569
HOLDING AND OTHER INVESTMENT OFFICES - 11.28%
1,064,150		Collins Stewart Tullett plc		17,334,354
868,505		GEA Group AG.		15,660,645
40,000		iShares MSCI EAFE Index Fund		2,710,000
2,203,334	*	Man Group Plc		18,481,785
1,221,748		Noble Group Ltd		800,011
22,900		Softbank Corp		473,994
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		55,460,789
HOTELS AND OTHER LODGING PLACES - 5.12%
363,561		Accor S.A.		24,779,554
11,960		Indian Hotels Co Ltd		360,649
		TOTAL HOTELS AND OTHER LODGING PLACES		25,140,203
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.08%
47,800		Canon, Inc		2,492,681
20,400		Fuji Photo Film Co Ltd		744,330
79,000		Komatsu Ltd		1,364,317
43,000		Konica Minolta Holdings, Inc		575,881
64,000	v*	Lee Kee Holdings Ltd		21,934
22,200		Melco Holdings, Inc		648,381
188,216		Rheinmetall AG.		13,699,545
36,500		Riso Kagaku Corp		659,704
6,400		SMC Corp		846,832
46,000		Sumitomo Heavy Industries Ltd		385,134
34,500		Tokyo Seimitsu Co Ltd		1,810,794
64,800		Toyota Tsusho Corp		1,706,057
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		24,955,590
INSTRUMENTS AND RELATED PRODUCTS - 1.22%
16,830		Advantest Corp		834,910
50,435		Tecan Group AG.		2,516,809
69,100		Terumo Corp		2,620,681
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		5,972,400
INSURANCE AGENTS, BROKERS AND SERVICE - 0.26%
70,778		QBE Insurance Group Ltd		1,292,397
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,292,397
INSURANCE CARRIERS - 4.51%
354,000		Aioi Insurance Co Ltd		2,436,419
388,299		AMP Ltd		2,587,232
202,395		AXA S.A.		7,463,317

3

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES				VALUE
20,500	v	Millea Holdings, Inc	$	712,402
174,000		Nipponkoa Insurance Co Ltd		1,387,581
55,000		Sompo Japan Insurance, Inc		720,296
10,200		T&D Holdings, Inc		738,286
24,899		Zurich Financial Services AG.		6,117,972
		TOTAL INSURANCE CARRIERS		22,163,505
METAL MINING - 0.90%
7,200		Cameco Corp		262,363
19,700		Newcrest Mining Ltd		330,355
339,369		Oxiana Ltd		733,503
62,260	*	Paladin Resources Ltd		220,412
45,702	*	Polyus Gold (ADR)		1,942,335
13,702		Rio Tinto Ltd		715,869
24,806		Zinifex Ltd		217,233
		TOTAL METAL MINING		4,422,070
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.26%
835,621		Futuris Corp Ltd		1,264,262
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,264,262
NONDEPOSITORY INSTITUTIONS - 6.43%
278,403		Deutsche Postbank AG.		21,128,846
163,975		Hypo Real Estate Holding AG.		10,230,114
15,240		ICICI Bank Ltd		232,159
		TOTAL NONDEPOSITORY INSTITUTIONS		31,591,119
NONMETALLIC MINERALS, EXCEPT FUELS - 0.20%
129,000		Itochu Corp		999,238
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		999,238
OIL AND GAS EXTRACTION - 1.53%
47	*	Inpex Holdings, Inc		373,215
10,600		Japan Petroleum Exploration Co		644,301
14,600	*	Kazmu Gas Exploration		213,744
2,231,634		PetroChina Co Ltd (Class H)		2,400,453
9,613		Petroleo Brasileiro S.A. (ADR)		805,858
35,774		Total S.A.		2,347,554
25,813		Woodside Petroleum Ltd		755,109
		TOTAL OIL AND GAS EXTRACTION		7,540,234
PETROLEUM AND COAL PRODUCTS - 1.49%
216,849		BP plc		2,363,012
127,624		ENI S.p.A.		3,782,063
36,431		Royal Dutch Shell plc (A Shares)		1,201,884
		TOTAL PETROLEUM AND COAL PRODUCTS		7,346,959
PRIMARY METAL INDUSTRIES - 1.04%
223,102		BHP Billiton plc		3,851,412
301,000		Nippon Steel Corp		1,238,400
		TOTAL PRIMARY METAL INDUSTRIES		5,089,812
RAILROAD TRANSPORTATION - 0.33%
232		East Japan Railway Co		1,622,281
		TOTAL RAILROAD TRANSPORTATION		1,622,281

4

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES				VALUE
REAL ESTATE - 1.03%
20		City Developments Ltd	$	135
97,000		Mitsui Fudosan Co Ltd		2,204,825
1,710		ORIX Corp		472,648
252,000	v*	Shui On Land Ltd		173,054
58,000		Sumitomo Realty & Development Co Ltd		1,703,788
37,913		Westfield Group		531,789
		TOTAL REAL ESTATE		5,086,239
SECURITY AND COMMODITY BROKERS - 0.09%
9,044		Macquarie Bank Ltd		466,106
		TOTAL SECURITY AND COMMODITY BROKERS		466,106
STONE, CLAY, AND GLASS PRODUCTS - 2.41%
200,613		CSR Ltd		445,561
102,744		Holcim Ltd		8,397,326
56,000		Krosaki Harima Corp		198,637
127,000		NGK Insulators Ltd		1,784,720
344,000		Sumitomo Osaka Cement Co Ltd		1,019,259
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		11,845,503
TOBACCO PRODUCTS - 0.48%
612		Japan Tobacco, Inc		2,378,057
		TOTAL TOBACCO PRODUCTS		2,378,057
TRANSPORTATION EQUIPMENT - 7.87%
20,100		Denso Corp		706,159
1,267,210		Fiat S.p.A.		20,198,615
96,000		Honda Motor Co Ltd		3,226,413
161,426		Keppel Corp Ltd		1,504,237
29,000		Mitsuba Corp		226,353
91,000		NHK Spring Co Ltd		1,053,096
193,000		NSK Ltd		1,628,961
51,100		Toyota Industries Corp		2,167,289
146,500		Toyota Motor Corp		7,962,159
		TOTAL TRANSPORTATION EQUIPMENT		38,673,282
TRUCKING AND WAREHOUSING - 4.90%
918,283		Deutsche Post AG.		24,103,750
		TOTAL TRUCKING AND WAREHOUSING		24,103,750
WHOLESALE TRADE-DURABLE GOODS - 0.21%
80,800		Sumitomo Corp		1,007,563
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,007,563
WHOLESALE TRADE-NONDURABLE GOODS - 0.22%
131,500	*	China Blue Chemical Ltd		38,147
30,600		Mitsubishi Corp		575,086
249,000		Sigma Pharmaceuticals Ltd		484,364
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,097,597
		TOTAL COMMON STOCKS		487,191,582
		(Cost $427,779,477)
		TOTAL PORTFOLIO - 99.12%
		(Cost $427,779,477)		487,191,582
		OTHER ASSETS & LIABILITIES, NET - 0.88%		4,308,330
		NET ASSETS - 100.00%	$	491,499,912

5

TIAA-CREF MUTUAL FUNDS - International Equity Fund
	*	Non-income producing
	v	Security valued at fair value.
		ABBREVIATION:
		ADR - American Depositary Receipt

6

TIAA-CREF MUTUAL FUNDS - International Equity Fund
TIAA-CREF MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY COUNTRY (Unaudited)
September 30, 2006
			% OF
	VALUE		MARKET VALUE
DOMESTIC
UNITED STATES OF AMERICA	$	2,710,000	0.56	%
TOTAL DOMESTIC		2,710,000	0.56
FOREIGN
AUSTRALIA		19,503,288	4.00
BRAZIL		1,033,152	0.21
CANADA		262,363	0.05
CHINA		213,744	0.04
FINLAND		21,322,189	4.38
FRANCE		66,374,740	13.62
GERMANY		119,207,483	24.47
HONG KONG		8,998,857	1.85
INDIA		4,284,895	0.88
INDONESIA		153,886	0.03
ITALY		23,980,678	4.92
JAPAN		110,363,874	22.65
NETHERLANDS		6,417,869	1.32
RUSSIA		1,942,335	0.40
SINGAPORE		2,771,295	0.57
SWITZERLAND		36,380,325	7.47
UNITED KINGDOM		61,270,609	12.58
TOTAL FOREIGN		484,481,582	99.44
	$	487,191,582	100.00	%

7

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund

TIAA-CREF MUTUAL FUNDS
GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
SHARE				VALUE
COMMON STOCKS - 99.77%
APPAREL AND ACCESSORY STORES - 0.71%
122,343	*	J Crew Group, Inc	$	3,678,854
		TOTAL APPAREL AND ACCESSORY STORES		3,678,854
APPAREL AND OTHER TEXTILE PRODUCTS - 0.73%
57,726		Polo Ralph Lauren Corp		3,734,295
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		3,734,295
BUSINESS SERVICES - 9.36%
290,677	*	Adobe Systems, Inc		10,885,854
42,038	*	Cognizant Technology Solutions Corp		3,113,334
69,318	*	eBay, Inc		1,965,858
160,202	*	Electronic Arts, Inc		8,920,047
34,275	*	Google, Inc (Class A)		13,775,123
348,839		Microsoft Corp		9,533,770
		TOTAL BUSINESS SERVICES		48,193,986
CHEMICALS AND ALLIED PRODUCTS - 13.76%
291,219		Abbott Laboratories		14,141,595
190,697	*	Amgen, Inc		13,640,556
24,522	*	Genentech, Inc		2,027,969
17,309	*	Genzyme Corp		1,167,838
84,131	*	Gilead Sciences, Inc		5,779,800
73,600	*	Keryx Biopharmaceuticals, Inc		870,688
150,013		Monsanto Co		7,052,111
207,754		Procter & Gamble Co		12,876,593
23,500		Roche Holding AG.		4,063,097
180,768		Wyeth		9,190,245
		TOTAL CHEMICALS AND ALLIED PRODUCTS		70,810,492
COMMUNICATIONS - 2.74%
102,455		America Movil S.A. de C.V. (ADR)		4,033,653
246,659		AT&T, Inc		8,031,217
41,148	*	Comcast Corp (Class A)		1,516,304
15,529	*	Univision Communications, Inc (Class A)		533,266
		TOTAL COMMUNICATIONS		14,114,440
EATING AND DRINKING PLACES - 1.36%
206,143	*	Starbucks Corp		7,019,169
		TOTAL EATING AND DRINKING PLACES		7,019,169
ELECTRIC, GAS, AND SANITARY SERVICES - 0.78%
150,239		Fortum Oyj		4,002,639
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,002,639
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 15.78%
153,523	*	Apple Computer, Inc		11,825,877
158,164	*	Broadcom Corp (Class A)		4,798,696
620,011	*	Cisco Systems, Inc		14,260,253

8

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund
SHARE				VALUE
57,352		Cooper Industries Ltd (Class A)	$	4,887,537
104,780		Emerson Electric Co		8,786,851
212,124		Intel Corp		4,363,391
130,140	b*	Marvell Technology Group Ltd		2,520,812
330,069		Motorola, Inc		8,251,725
189,362	*	Network Appliance, Inc		7,008,288
318,360		Qualcomm, Inc		11,572,386
88,840		Texas Instruments, Inc		2,953,930
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		81,229,746
ENGINEERING AND MANAGEMENT SERVICES - 2.53%
127,999	*	Celgene Corp		5,542,357
203,161		Paychex, Inc		7,486,483
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		13,028,840
FOOD AND KINDRED PRODUCTS - 2.69%
212,083		PepsiCo, Inc		13,840,537
		TOTAL FOOD AND KINDRED PRODUCTS		13,840,537
FURNITURE AND HOMEFURNISHINGS STORES - 0.73%
97,743	*	Bed Bath & Beyond, Inc		3,739,647
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		3,739,647
GENERAL BUILDING CONTRACTORS - 0.00% **
700	v*	Mascotech (Escrow)		0
		TOTAL GENERAL BUILDING CONTRACTORS		0
GENERAL MERCHANDISE STORES - 2.71%
168,752		Target Corp		9,323,548
93,485		Wal-Mart Stores, Inc		4,610,680
		TOTAL GENERAL MERCHANDISE STORES		13,934,228
HEALTH SERVICES - 2.12%
57,438		Caremark Rx, Inc		3,255,011
127,031	*	Medco Health Solutions, Inc		7,635,833
		TOTAL HEALTH SERVICES		10,890,844
HOLDING AND OTHER INVESTMENT OFFICES - 0.51%
22,831		Alcon, Inc		2,614,150
708		Hugoton Royalty Trust		18,656
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,632,806
HOTELS AND OTHER LODGING PLACES - 1.37%
123,232		Starwood Hotels & Resorts Worldwide, Inc		7,047,638
		TOTAL HOTELS AND OTHER LODGING PLACES		7,047,638
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.64%
39,516	*	Alstom RGPT		3,575,236
159,833		Applied Materials, Inc		2,833,839
131,565		General Electric Co		4,644,245
137,059		Hewlett-Packard Co		5,028,695
187,626		International Game Technology		7,786,479
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		23,868,494
INSTRUMENTS AND RELATED PRODUCTS - 5.54%
187,700		Johnson & Johnson		12,189,238
55,941		Medtronic, Inc		2,597,900

9

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund
SHARE				VALUE
202,434	*	St. Jude Medical, Inc	$	7,143,896
97,317	*	Zimmer Holdings, Inc		6,568,897
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		28,499,931
INSURANCE CARRIERS - 2.78%
91,775		Aetna, Inc		3,629,701
79,737		American International Group, Inc		5,283,374
219,112		Progressive Corp		5,377,008
		TOTAL INSURANCE CARRIERS		14,290,083
LEATHER AND LEATHER PRODUCTS - 1.41%
211,075	*	Coach, Inc		7,260,980
		TOTAL LEATHER AND LEATHER PRODUCTS		7,260,980
METAL MINING - 1.00%
122,721		Anglo American plc		5,130,895
		TOTAL METAL MINING		5,130,895
MISCELLANEOUS RETAIL - 1.77%
284,489		CVS Corp		9,137,787
		TOTAL MISCELLANEOUS RETAIL		9,137,787
MOTION PICTURES - 0.61%
101,602		Walt Disney Co		3,140,518
		TOTAL MOTION PICTURES		3,140,518
NONDEPOSITORY INSTITUTIONS - 2.09%
191,671		American Express Co		10,748,910
		TOTAL NONDEPOSITORY INSTITUTIONS		10,748,910
OIL AND GAS EXTRACTION - 2.49%
107,444		Halliburton Co		3,056,782
96,915		Schlumberger Ltd		6,011,637
89,396		XTO Energy, Inc		3,766,253
		TOTAL OIL AND GAS EXTRACTION		12,834,672
PETROLEUM AND COAL PRODUCTS - 0.52%
40,784		EOG Resources, Inc		2,652,999
		TOTAL PETROLEUM AND COAL PRODUCTS		2,652,999
PRIMARY METAL INDUSTRIES - 2.89%
215,941		BHP Billiton plc		3,727,791
457,541	*	Corning, Inc		11,168,576
		TOTAL PRIMARY METAL INDUSTRIES		14,896,367
RAILROAD TRANSPORTATION - 0.38%
59,250		CSX Corp		1,945,177
		TOTAL RAILROAD TRANSPORTATION		1,945,177
SECURITY AND COMMODITY BROKERS - 7.29%
546,888		Charles Schwab Corp		9,789,295
14,058		Chicago Mercantile Exchange Holdings, Inc		6,723,239
200,679	*	E*Trade Financial Corp		4,800,242
43,647		Goldman Sachs Group, Inc		7,383,763
53,311		Merrill Lynch & Co, Inc		4,169,986
247,933		TD Ameritrade Holding Corp		4,673,537
		TOTAL SECURITY AND COMMODITY BROKERS		37,540,062

10

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund
SHARE				VALUE
TOBACCO PRODUCTS - 2.61%
175,307			$	13,419,751
		TOTAL TOBACCO PRODUCTS		13,419,751
		Altria Group, Inc
TRANSPORTATION EQUIPMENT - 3.62%
115,047		Boeing Co		9,071,456
151,312		United Technologies Corp		9,585,615
		TOTAL TRANSPORTATION EQUIPMENT		18,657,071
TRANSPORTATION SERVICES - 0.91%
104,879		CH Robinson Worldwide, Inc		4,675,506
		TOTAL TRANSPORTATION SERVICES		4,675,506
TRUCKING AND WAREHOUSING - 0.96%
68,986		United Parcel Service, Inc (Class B)		4,962,853
		TOTAL TRUCKING AND WAREHOUSING		4,962,853
WHOLESALE TRADE-DURABLE GOODS - 0.38%
33,553	*	WESCO International, Inc		1,947,081
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,947,081
		TOTAL COMMON STOCKS		513,507,298
		(Cost $467,656,520)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.42%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.42%
$     2,170,000		Federal Home Loan Banks (FHLB) 4.750% 10/02/06		2,170,000
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		2,170,000
		TOTAL SHORT-TERM INVESTMENTS		2,170,000
		(Cost $2,169,714)
		TOTAL PORTFOLIO - 100.19%		515,677,298
		(Cost $469,826,234)
		OTHER ASSETS & LIABILITIES, NET - (0.19%)		(997,956	)
		NET ASSETS - 100.00%	$	514,679,342
	*	Non-income producing
	**	Percentage is less than 0.01%
	b	In bankruptcy
	v	Security valued at fair value.
		ABBREVIATION:
		ADR - American Depositary Receipt

11

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
TIAA-CREF MUTUAL FUNDS
GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
SHARES				VALUE
COMMON STOCKS - 99.88%
AMUSEMENT AND RECREATION SERVICES - 0.55%
132,350		Aristocrat Leisure Ltd	$	1,390,832
7,100		Nintendo Co Ltd		1,462,976
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,853,808
APPAREL AND ACCESSORY STORES - 0.84%
39,975	*	J Crew Group, Inc		1,202,048
44,622		Nordstrom, Inc		1,887,511
32,015	*	Under Armour, Inc		1,281,240
		TOTAL APPAREL AND ACCESSORY STORES		4,370,799
BUSINESS SERVICES - 5.34%
79,448	*	Adobe Systems, Inc		2,975,328
16,395	*	Akamai Technologies, Inc		819,586
106,250		Automatic Data Processing, Inc		5,029,875
23,788	*	Citrix Systems, Inc		861,364
10,161	*	Google, Inc (Class A)		4,083,706
58,446	*	McAfee, Inc		1,429,589
351,540		Microsoft Corp		9,607,588
80,430	*	Redback Networks, Inc		1,116,368
59,737	*	THQ, Inc		1,742,528
		TOTAL BUSINESS SERVICES		27,665,932
CHEMICALS AND ALLIED PRODUCTS - 15.11%
116,942		Abbott Laboratories		5,678,704
64,299		Air Products & Chemicals, Inc		4,267,525
61,669		Akzo Nobel NV		3,798,937
40,234	*	Amgen, Inc		2,877,938
2,287	*	Bare Escentuals, Inc		62,092
73,478		Bristol-Myers Squibb Co		1,831,072
58,453		Colgate-Palmolive Co		3,629,931
52,254		Cytec Industries, Inc		2,904,800
35,354		Du Pont (E.I.) de Nemours & Co		1,514,565
54,614	*	Gilead Sciences, Inc		3,751,982
53,482	*	Keryx Biopharmaceuticals, Inc		632,692
153,301		Merck & Co, Inc		6,423,312
107,312		Monsanto Co		5,044,737
31,673		Novartis AG. (ADR)		1,850,970
297,348		Pfizer, Inc		8,432,789
175,698		Procter & Gamble Co		10,889,762
15,862		Roche Holding AG.		2,742,504
152,391		Schering-Plough Corp		3,366,317
31,733		Sigma-Aldrich Corp		2,401,236
120,710		Wyeth		6,136,896
		TOTAL CHEMICALS AND ALLIED PRODUCTS		78,238,761

12

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES				VALUE
COAL MINING - 0.56%
47,191		Peabody Energy Corp	$	1,735,685
35,343		Sasol Ltd (ADR)		1,162,431
		TOTAL COAL MINING		2,898,116
COMMUNICATIONS - 3.39%
49,248		America Movil S.A. de C.V. (ADR)		1,938,894
226,683		AT&T, Inc		7,380,798
82,541		BellSouth Corp		3,528,628
136,048		Cablevision Systems Corp (Class A)		3,089,650
32,937		Embarq Corp		1,593,163
		TOTAL COMMUNICATIONS		17,531,133
DEPOSITORY INSTITUTIONS - 10.16%
249,115		Bank of America Corp		13,345,091
145,639		Citigroup, Inc		7,233,889
209,389		JPMorgan Chase & Co		9,832,907
84,746		Marshall & Ilsley Corp		4,083,062
87,692		Northern Trust Corp		5,123,844
98,056		South Financial Group, Inc		2,552,398
196,949		US Bancorp		6,542,646
107,708		Wells Fargo & Co		3,896,875
		TOTAL DEPOSITORY INSTITUTIONS		52,610,712
EATING AND DRINKING PLACES - 0.67%
89,220		McDonald's Corp		3,490,287
		TOTAL EATING AND DRINKING PLACES		3,490,287
ELECTRIC, GAS, AND SANITARY SERVICES - 2.90%
86,673		American Electric Power Co, Inc		3,152,297
116,903		DPL, Inc		3,170,409
30,402		Edison International		1,265,939
35,300		Entergy Corp		2,761,519
77,460		Exelon Corp		4,689,429
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		15,039,593
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.50%
96,153	*	Agere Systems, Inc		1,435,564
27,293		Amphenol Corp (Class A)		1,690,256
71,174	*	Apple Computer, Inc		5,482,533
441,331	*	Cisco Systems, Inc		10,150,613
78,043	*	Comverse Technology, Inc		1,673,242
65,195		Emerson Electric Co		5,467,253
50,850	*	Freescale Semiconductor, Inc		1,934,843
69,624		Gamesa Corp Tecnologica S.A.		1,525,599
164,769		Honeywell International, Inc		6,739,052
167,399		Intel Corp		3,443,397
698,595	*	JDS Uniphase Corp		1,529,923
52,184	*	LG.Philips LCD Co Ltd (ADR)		865,733
137,161		Motorola, Inc		3,429,025
110,709	*	Nvidia Corp		3,275,879
143,527		Qualcomm, Inc		5,217,206
5,160	*	Research In Motion Ltd		529,726
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		54,389,844

13

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES				VALUE
FOOD AND KINDRED PRODUCTS - 3.70%
39,014		Hershey Co	$	2,085,298
7,244		Nestle S.A.		2,525,798
155,247		PepsiCo, Inc		10,131,419
209,598		Tate & Lyle plc		2,823,602
99,765		Tyson Foods, Inc (Class A)		1,584,268
		TOTAL FOOD AND KINDRED PRODUCTS		19,150,385
GENERAL MERCHANDISE STORES - 2.45%
70,520		Target Corp		3,896,230
114,780		TJX Cos, Inc		3,217,283
112,730		Wal-Mart Stores, Inc		5,559,844
		TOTAL GENERAL MERCHANDISE STORES		12,673,357
HEALTH SERVICES - 2.20%
84,415	*	Coventry Health Care, Inc		4,349,061
82,853	*	Medco Health Solutions, Inc		4,980,294
57,198		Pharmaceutical Product Development, Inc		2,041,397
		TOTAL HEALTH SERVICES		11,370,752
HOLDING AND OTHER INVESTMENT OFFICES - 0.79%
19,849		Boston Properties, Inc		2,051,196
15,130		SPDR Trust Series 1		2,021,065
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,072,261
HOTELS AND OTHER LODGING PLACES - 0.50%
38,197		Accor S.A.		2,603,427
		TOTAL HOTELS AND OTHER LODGING PLACES		2,603,427
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.20%
40,756	*	Alstom RGPT		3,687,425
447,825		General Electric Co		15,808,223
249,742		Hewlett-Packard Co		9,163,034
42,163		International Business Machines Corp		3,454,836
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		32,113,518
INSURANCE AGENTS, BROKERS AND SERVICE - 0.88%
52,715		Hartford Financial Services Group, Inc		4,573,026
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,573,026
INSURANCE CARRIERS - 3.26%
111,645		ACE Ltd		6,110,331
162,481		American International Group, Inc		10,765,991
		TOTAL INSURANCE CARRIERS		16,876,322
METAL MINING - 0.97%
74,919		Anglo American plc		3,132,321
35,919		Freeport-McMoRan Copper & Gold, Inc (Class A)		1,913,046
		TOTAL METAL MINING		5,045,367
MISCELLANEOUS RETAIL - 1.35%
81,959		Best Buy Co, Inc		4,389,724
81,193		CVS Corp		2,607,919
		TOTAL MISCELLANEOUS RETAIL		6,997,643

14

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES				VALUE
MOTION PICTURES - 2.34%
87,525		CBS Corp	$	2,465,579
296,252		News Corp (Class A)		5,821,352
69,517		Time Warner, Inc		1,267,295
83,125		Walt Disney Co		2,569,394
		TOTAL MOTION PICTURES		12,123,620
NONDEPOSITORY INSTITUTIONS - 2.97%
117,022		American Express Co		6,562,594
91,003		Fannie Mae		5,087,978
71,396		SLM Corp		3,711,164
		TOTAL NONDEPOSITORY INSTITUTIONS		15,361,736
OIL AND GAS EXTRACTION - 2.62%
101,776	*	Cameron International Corp		4,916,799
26,089	*	National Oilwell Varco, Inc		1,527,511
115,143		Schlumberger Ltd		7,142,320
		TOTAL OIL AND GAS EXTRACTION		13,586,630
PETROLEUM AND COAL PRODUCTS - 6.18%
26,145		Apache Corp		1,652,364
28,700		Ashland, Inc		1,830,486
18,726		Devon Energy Corp		1,182,547
288,087		Exxon Mobil Corp		19,330,638
62,446		Marathon Oil Corp		4,802,097
70,712		Noble Energy, Inc		3,223,760
		TOTAL PETROLEUM AND COAL PRODUCTS		32,021,892
PRINTING AND PUBLISHING - 0.24%
25,243		Meredith Corp		1,245,237
		TOTAL PRINTING AND PUBLISHING		1,245,237
RAILROAD TRANSPORTATION - 0.41%
63,922		CSX Corp		2,098,559
		TOTAL RAILROAD TRANSPORTATION		2,098,559
SECURITY AND COMMODITY BROKERS - 2.91%
30,383		AllianceBernstein Holding Lp		2,096,123
21,826		Bear Stearns Cos, Inc		3,057,823
77,936		Lazard Ltd		3,115,881
93,193		Morgan Stanley		6,794,702
		TOTAL SECURITY AND COMMODITY BROKERS		15,064,529
TOBACCO PRODUCTS - 3.69%
249,471		Altria Group, Inc		19,097,005
		TOTAL TOBACCO PRODUCTS		19,097,005
TRANSPORTATION BY AIR - 0.42%
93,443	*	AMR Corp		2,162,271
		TOTAL TRANSPORTATION BY AIR		2,162,271
TRANSPORTATION EQUIPMENT - 3.56%
45,033	*	BE Aerospace, Inc		949,746

15

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES				VALUE
65,514		Boeing Co	$	5,165,779
111,029		Raytheon Co		5,330,502
110,711		United Technologies Corp		7,013,542
		TOTAL TRANSPORTATION EQUIPMENT		18,459,569
TRANSPORTATION SERVICES - 0.40%
46,269		CH Robinson Worldwide, Inc		2,062,672
		TOTAL TRANSPORTATION SERVICES		2,062,672
TRUCKING AND WAREHOUSING - 0.42%
12,300		DSV A/S		2,150,463
		TOTAL TRUCKING AND WAREHOUSING		2,150,463
WHOLESALE TRADE-NONDURABLE GOODS - 1.40%
82,575		Cardinal Health, Inc		5,428,481
53,924		Sysco Corp		1,803,758
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		7,232,239
		TOTAL COMMON STOCKS		517,231,465
		(Cost $454,016,302)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.19%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.19%
$     970,000		Federal Home Loan Bank (FHLB) 4.750% 10/02/06		970,000
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		970,000
		TOTAL SHORT-TERM INVESTMENTS		970,000
		(Cost $969,872)
		TOTAL PORTFOLIO - 100.07%		518,201,465
		(Cost $454,986,174)
		OTHER ASSETS & LIABILITIES, NET - (0.07%)		(379,379	)
		NET ASSETS - 100.00%	$	517,822,086
	*	Non-income producing
		ABBREVIATION:
		ADR - American Depositary Receipt

16

TIAA-CREF MUTUAL FUNDS - Equity Index Fund

TIAA-CREF MUTUAL FUNDS
EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
SHARES				VALUE
COMMON STOCKS - 99.90%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
991		Chiquita Brands International, Inc	$	13,260
		TOTAL AGRICULTURAL PRODUCTION-CROPS		13,260
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
1,042		Pilgrim's Pride Corp		28,499
10		Seaboard Corp		12,050
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		40,549
AMUSEMENT AND RECREATION SERVICES - 0.21%
1,525	*	Bally Technologies, Inc		26,840
970	*	Bally Total Fitness Holding Corp		1,465
518	*	Century Casinos, Inc		5,149
273		Churchill Downs, Inc		11,482
427		Dover Downs Gaming & Entertainment, Inc		5,188
102		Dover Motorsports, Inc		553
4,716		Harrah's Entertainment, Inc		313,284
879		International Speedway Corp (Class A)		43,809
594	*	Lakes Entertainment, Inc		5,738
992	*	Leapfrog Enterprises, Inc		7,867
788	*	Life Time Fitness, Inc		36,476
1,805	*	Live Nation, Inc		36,858
1,100		Magna Entertainment Corp (Class A)		5,159
1,389	*	Marvel Entertainment, Inc		33,530
1,000	*	MTR Gaming Group, Inc		9,390
570	*	Multimedia Games, Inc		5,176
1,802	*	Penn National Gaming, Inc		65,809
1,238	*	Pinnacle Entertainment, Inc		34,812
2,074	*	Six Flags, Inc		10,847
287		Speedway Motorsports, Inc		10,450
2,388		Warner Music Group Corp		61,969
1,947		Westwood One, Inc		13,785
829	*	WMS Industries, Inc		24,215
325		World Wrestling Entertainment, Inc		5,340
		TOTAL AMUSEMENT AND RECREATION SERVICES		775,191
APPAREL AND ACCESSORY STORES - 0.71%
2,305		Abercrombie & Fitch Co (Class A)		160,151
1,261	*	Aeropostale, Inc		36,859
2,834		American Eagle Outfitters, Inc		124,214
1,768	*	AnnTaylor Stores Corp		74,008
370		Bebe Stores, Inc		9,169
703		Brown Shoe Co, Inc		25,195
250		Buckle, Inc		9,485
269	*	Cache, Inc		4,812
1,244	*	Carter's, Inc		32,829

17

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
792	*	Casual Male Retail Group, Inc	$	10,874
685		Cato Corp (Class A)		15,008
327	*	Charlotte Russe Holding, Inc		9,006
3,171	*	Charming Shoppes, Inc		45,282
4,627	*	Chico's FAS, Inc		99,619
583	*	Children's Place Retail Stores, Inc		37,329
933		Christopher & Banks Corp		27,505
162	*	Citi Trends, Inc		5,591
2,536		Claire's Stores, Inc		73,950
58		DEB Shops, Inc		1,487
1,236	*	Dress Barn, Inc		26,970
421	*	DSW, Inc		13,261
1,089		Finish Line, Inc (Class A)		13,743
3,896		Foot Locker, Inc		98,374
13,886		Gap, Inc		263,140
2,404	*	Hanesbrands, Inc		54,114
1,169	*	HOT Topic, Inc		13,023
400	*	J Crew Group, Inc		12,028
455	*	Jo-Ann Stores, Inc		7,608
527	*	JOS A Bank Clothiers, Inc		15,789
8,424	*	Kohl's Corp		546,886
8,803		Limited Brands, Inc		233,191
344	*	New York & Co, Inc		4,500
5,915		Nordstrom, Inc		250,205
1,709	*	Pacific Sunwear Of California, Inc		25,772
1,721	*	Payless Shoesource, Inc		42,853
3,699		Ross Stores, Inc		93,992
107	*	Shoe Carnival, Inc		2,699
709		Stage Stores, Inc		20,802
312	*	Syms Corp		6,352
646		Talbots, Inc		17,603
1,096	*	The Wet Seal, Inc		6,729
763	*	Tween Brands, Inc		28,689
539	*	Under Armour, Inc		21,571
2,958	*	Urban Outfitters, Inc		52,327
		TOTAL APPAREL AND ACCESSORY STORES		2,674,594
APPAREL AND OTHER TEXTILE PRODUCTS - 0.18%
371	*	Columbia Sportswear Co		20,713
541	*	Guess ?, Inc		26,255
910	*	Gymboree Corp		38,384
644	*	Hartmarx Corp		4,360
2,908		Jones Apparel Group, Inc		94,336
705		Kellwood Co		20,325
2,500		Liz Claiborne, Inc		98,775
1,425		Phillips-Van Heusen Corp		59,522
1,470		Polo Ralph Lauren Corp		95,094
2,914	*	Quiksilver, Inc		35,405
335	*	True Religion Apparel, Inc		7,072
2,213		VF Corp		161,438
1,206	*	Warnaco Group, Inc		23,324
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		685,003

18

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
AUTO REPAIR, SERVICES AND PARKING - 0.06%
262	*	Amerco, Inc	$	19,427
248		Bandag, Inc		10,178
346		Central Parking Corp		5,709
654	*	Dollar Thrifty Automotive Group, Inc		29,149
730	*	Midas, Inc		15,096
302		Monro Muffler, Inc		10,271
1,367	*	PHH Corp		37,456
1,575		Ryder System, Inc		81,396
1,050	*	Wright Express Corp		25,263
		TOTAL AUTO REPAIR, SERVICES AND PARKING		233,945
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
2,751		Advance Auto Parts		90,618
163	*	America's Car-Mart, Inc		2,681
500		Asbury Automotive Group, Inc		10,300
3,795	*	Autonation, Inc		79,315
1,309	*	Autozone, Inc		135,220
2,739	*	Carmax, Inc		114,244
1,757	*	Copart, Inc		49,530
892	*	CSK Auto Corp		12,577
500		Lithia Motors, Inc (Class A)		12,360
328	*	MarineMax, Inc		8,348
2,843	*	O'Reilly Automotive, Inc		94,416
547	*	Rush Enterprises, Inc (Class A)		9,124
768		Sonic Automotive, Inc		17,733
1,402		United Auto Group, Inc		32,807
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		669,273
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.90%
387	*	Builders FirstSource, Inc		5,894
556	*	Central Garden & Pet Co		26,832
3,226		Fastenal Co		124,427
53,874		Home Depot, Inc		1,954,010
39,360		Lowe's Cos, Inc		1,104,442
2,711		Sherwin-Williams Co		151,220
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		3,366,825
BUSINESS SERVICES - 7.09%
1,607	*	@Road, Inc		9,385
1,241	*	24/7 Real Media, Inc		10,598
9,999	*	3Com Corp		44,096
315	*	3D Systems Corp		5,777
1,127		Aaron Rents, Inc		25,898
1,217		ABM Industries, Inc		22,831
723	*	Acacia Research (Acacia Technologies)		8,206
7,137	*	Activision, Inc		107,769
1,472	*	Actuate Corp		6,506
2,074		Acxiom Corp		51,145
462		Administaff, Inc		15,569
15,156	*	Adobe Systems, Inc		567,592
473	*	Advent Software, Inc		17,127
839		Advo, Inc		23,475
2,903	*	Affiliated Computer Services, Inc (Class A)		150,550
800	*	Agile Software Corp		5,224

19

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
3,991	*	Akamai Technologies, Inc	$	199,510
2,116	*	Alliance Data Systems Corp		116,782
585	*	Altiris, Inc		12,338
671	*	American Reprographics Co		21,512
791	*	AMN Healthcare Services, Inc		18,786
348	*	Ansoft Corp		8,669
786	*	Ansys, Inc		34,725
1,968	*	aQuantive, Inc		46,484
863		Arbitron, Inc		31,940
1,822	*	Ariba, Inc		13,647
2,878	*	Art Technology Group, Inc		7,368
1,181	*	Aspen Technology, Inc		12,897
236	*	Asset Acceptance Capital Corp		3,835
1,032	*	Audible, Inc		7,492
5,883	*	Autodesk, Inc		204,611
14,678		Automatic Data Processing, Inc		694,857
2,543	*	Avis Budget Group, Inc		46,511
1,183	*	Avocent Corp		35,632
300	*	Bankrate, Inc		7,968
9,935	*	BEA Systems, Inc		151,012
4,932	*	BearingPoint, Inc		38,766
3,395	*	BISYS Group, Inc		36,870
1,136		Blackbaud, Inc		24,981
720	*	Blackboard, Inc		19,080
252	*	Blue Coat Systems, Inc		4,539
5,592	*	BMC Software, Inc		152,214
2,400	*	Borland Software Corp		13,752
350	*	Bottomline Technologies, Inc		3,416
958		Brady Corp (Class A)		33,683
1,277		Brink's Co		67,758
11,438		CA, Inc		270,966
816	*	CACI International, Inc (Class A)		44,888
7,517	*	Cadence Design Systems, Inc		127,488
1,288		Catalina Marketing Corp		35,420
1,584	*	CBIZ, Inc		11,563
3,921	*	Ceridian Corp		87,674
1,542	*	Cerner Corp		70,007
2,240	*	Checkfree Corp		92,557
2,221	*	ChoicePoint, Inc		79,512
2,007	*	Chordiant Software, Inc		6,161
1,170	*	Ciber, Inc		7,757
4,657	*	Citrix Systems, Inc		168,630
900	*	Clear Channel Outdoor Holdings, Inc		18,360
300	*	Click Commerce, Inc		6,786
9,912	*	CMGI, Inc		10,507
3,399	*	CNET Networks, Inc		32,562
900	*	Cogent Communications Group, Inc		10,431
1,121	*	Cogent, Inc		15,391
1,131		Cognex Corp		28,569
3,526	*	Cognizant Technology Solutions Corp		261,136
167		Computer Programs & Systems, Inc		5,473
4,617	*	Computer Sciences Corp		226,787
10,298	*	Compuware Corp		80,221
435	*	COMSYS IT Partners, Inc		7,478

20

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
615	*	Concur Technologies, Inc	$	8,948
718	*	Convera Corp		3,798
3,438	*	Convergys Corp		70,995
485	*	CoStar Group, Inc		20,040
565	*	Covansys Corp		9,684
1,338	*	CSG Systems International, Inc		35,363
769	*	Cybersource Corp		9,097
271	*	DealerTrack Holdings, Inc		5,992
1,276		Deluxe Corp		21,820
1,104	*	Dendrite International, Inc		10,797
988	*	Digital Insight Corp		28,968
1,024	*	Digital River, Inc		52,347
1,523	*	DST Systems, Inc		93,923
3,901	*	Earthlink, Inc		28,360
29,898	*	eBay, Inc		847,907
570	*	Echelon Corp		4,685
1,158	*	Eclipsys Corp		20,740
304	*	eCollege.com, Inc		4,861
1,052	*	eFunds Corp		25,437
490	*	Electro Rent Corp		8,335
7,700	*	Electronic Arts, Inc		428,736
13,125		Electronic Data Systems Corp		321,825
367	*	Emageon, Inc		5,722
6,868	*	Emdeon Corp		80,424
1,073	*	Epicor Software Corp		14,067
350	*	EPIQ Systems, Inc		5,149
3,183		Equifax, Inc		116,848
742	*	Equinix, Inc		44,594
632	*	eSpeed, Inc (Class A)		5,814
1,832	*	Evergreen Energy, Inc		19,254
5,920	*	Expedia, Inc		92,826
1,050	*	F5 Networks, Inc		56,406
1,079		Factset Research Systems, Inc		52,407
1,771		Fair Isaac Corp		64,765
448	*	FalconStor Software, Inc		3,445
2,446		Fidelity National Information Services, Inc		90,502
1,189	*	Filenet Corp		41,413
19,465		First Data Corp		817,530
4,337	*	Fiserv, Inc		204,229
595	*	Forrester Research, Inc		15,654
600	*	FTD Group, Inc		9,270
1,783	*	Gartner, Inc (Class A)		31,363
578	*	Gerber Scientific, Inc		8,658
1,270	*	Getty Images, Inc		63,094
667		Gevity HR, Inc		15,194
858	*	Global Cash Access, Inc		12,947
5,291	*	Google, Inc (Class A)		2,126,453
296	*	H&E Equipment Services, Inc		7,219
509		Healthcare Services Group		12,806
365		Heartland Payment Systems, Inc		9,490
472	*	Heidrick & Struggles International, Inc		16,992
560	*	Hudson Highland Group, Inc		5,488
1,347	*	Hypercom Corp		9,133
1,381	*	Hyperion Solutions Corp		47,617

21

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
379	*	i2 Technologies, Inc	$	7,099
900	*	iGate Corp		4,446
601	*	IHS, Inc		19,280
5,149		IMS Health, Inc		137,169
442	*	Infocrossing, Inc		5,927
2,278	*	Informatica Corp		30,958
899	*	Infospace, Inc		16,578
814		infoUSA, Inc		6,756
294	*	Innovative Solutions & Support, Inc		4,272
270		Integral Systems, Inc		8,440
861	*	Interactive Data Corp		17,177
718	*	Intergraph Corp		30,788
783	*	Internap Network Services Corp		11,917
1,072	*	Internet Capital Group, Inc		10,130
1,031	*	Internet Security Systems, Inc		28,621
306		Interpool, Inc		6,873
11,058	*	Interpublic Group of Cos, Inc		109,474
1,025	*	Interwoven, Inc		11,306
8,964	*	Intuit, Inc		287,655
754	*	inVentiv Health, Inc		24,151
1,244	*	Ipass, Inc		5,822
2,919	*	Iron Mountain, Inc		125,342
1,902		Jack Henry & Associates, Inc		41,407
844	*	JDA Software Group, Inc		13,014
14,608	*	Juniper Networks, Inc		252,426
710	*	Jupitermedia Corp		6,149
638	*	Kanbay International, Inc		13,117
1,356	*	Keane, Inc		19,540
567		Kelly Services, Inc (Class A)		15,541
410	*	Kenexa Corp		10,340
719	*	Kforce, Inc		8,578
1,189	*	Kinetic Concepts, Inc		37,406
367	*	Knot, Inc		8,122
983	*	Korn/Ferry International		20,584
779	*	Kronos, Inc		26,556
1,234	*	Labor Ready, Inc		19,658
2,180	*	Lamar Advertising Co		116,434
3,187	*	Lawson Software, Inc		23,106
1,312	*	Lionbridge Technologies		10,011
434	*	LoJack Corp		8,502
693	*	Magma Design Automation, Inc		6,306
840	*	Manhattan Associates, Inc		20,278
2,264		Manpower, Inc		138,715
498	*	Mantech International Corp (Class A)		16,439
569	*	Mapinfo Corp		7,300
508	*	Marchex, Inc		7,793
400	*	Marlin Business Services, Inc		8,360
1,587		Mastercard, Inc		111,645
4,235	*	McAfee, Inc		103,588
1,742	*	Mentor Graphics Corp		24,527
225,329		Microsoft Corp		6,158,242
305	*	MicroStrategy, Inc		31,058
1,053	*	Midway Games, Inc		9,245
2,272		MoneyGram International, Inc		66,024

22

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
3,194	*	Monster Worldwide, Inc	$	115,591
2,175	*	Move, Inc		10,679
2,867	*	MPS Group, Inc		43,320
704	*	MRO Software, Inc		18,072
2,396	*	NAVTEQ Corp		62,560
833	*	NCO Group, Inc		21,841
4,568	*	NCR Corp		180,345
505	*	Neoware, Inc		6,863
700	*	Ness Technologies, Inc		9,345
1,083	*	NetFlix, Inc		24,671
271	*	Netratings, Inc		3,856
668	*	Netscout Systems, Inc		4,335
1,600	*	NIC, Inc		8,240
8,338	*	Novell, Inc		51,029
3,405	*	Nuance Communications, Inc		27,819
4,305		Omnicom Group, Inc		402,948
670	*	On Assignment, Inc		6,573
548	*	Online Resources Corp		6,713
527	*	Open Solutions, Inc		15,183
334	*	Opnet Technologies, Inc		4,379
2,107	*	Opsware, Inc		18,984
100,928	*	Oracle Corp		1,790,463
800	*	Packeteer, Inc		6,888
2,658	*	Parametric Technology Corp		46,409
388	*	PDF Solutions, Inc		4,252
479	*	PeopleSupport, Inc		8,862
443	*	Perficient, Inc		6,946
2,293	*	Perot Systems Corp (Class A)		31,620
800	*	Phase Forward, Inc		9,552
412	*	Portfolio Recovery Associates, Inc		18,074
296	*	PRA International		7,900
2,046	*	Premiere Global Services, Inc		17,759
972	*	Progress Software Corp		25,272
361		QAD, Inc		2,917
352		Quality Systems, Inc		13,654
1,722	*	Quest Software, Inc		24,590
583	*	Radiant Systems, Inc		7,043
438	*	Radisys Corp		9,307
3,043	*	RealNetworks, Inc		32,286
4,612	*	Red Hat, Inc		97,221
1,439	*	Redback Networks, Inc		19,973
200		Renaissance Learning, Inc		2,862
1,610	*	Rent-A-Center, Inc		47,157
698	*	Rewards Network, Inc		3,399
1,679		Reynolds & Reynolds Co (Class A)		66,337
400	*	RightNow Technologies, Inc		6,244
3,898		Robert Half International, Inc		132,415
569		Rollins, Inc		12,012
2,656	*	S1 Corp		12,244
669	*	SafeNet, Inc		12,169
2,182	*	Salesforce.com, Inc		78,290
1,800	*	Sapient Corp		9,810
995	*	Secure Computing Corp		6,298
7,580		ServiceMaster Co		84,972

23

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
326	*	SI International, Inc	$	10,425
1,510	*	Sitel Corp		4,545
521	*	Smith Micro Software, Inc		7,492
500	*	Sohu.com, Inc		11,010
1,573	*	SonicWALL, Inc		17,177
6,480	*	Sonus Networks, Inc		34,085
1,566		Sotheby's Holdings, Inc (Class A)		50,488
1,706	*	Spherion Corp		12,198
496	*	SPSS, Inc		12,365
995	*	SRA International, Inc (Class A)		29,910
227		Startek, Inc		2,831
472		Stellent, Inc		5,116
186	*	Stratasys, Inc		4,912
89,197	*	Sun Microsystems, Inc		443,309
2,450	*	Sybase, Inc		59,388
984	*	SYKES Enterprises, Inc		20,024
25,917	*	Symantec Corp		551,514
319	*	SYNNEX Corp		7,340
4,000	*	Synopsys, Inc		78,880
77		Syntel, Inc		1,744
2,005	*	Take-Two Interactive Software, Inc		28,591
414		TAL International Group, Inc		8,781
819		Talx Corp		20,082
1,044	*	TeleTech Holdings, Inc		16,318
465		TheStreet.com, Inc		4,948
1,845	*	THQ, Inc		53,819
5,605	*	TIBCO Software, Inc		50,333
614	*	TNS, Inc		9,247
1,127		Total System Services, Inc		25,729
466	*	TradeStation Group, Inc		7,023
860	*	Transaction Systems Architects, Inc		29,515
1,400	*	Trizetto Group, Inc		21,196
431	*	Ultimate Software Group, Inc		10,141
9,103	*	Unisys Corp		51,523
1,499		United Online, Inc		18,258
1,750	*	United Rentals, Inc		40,688
780	*	Universal Compression Holdings, Inc		41,691
2,642	*	Valueclick, Inc		48,983
611	*	Vasco Data Security International		6,330
223	*	Verint Systems, Inc		6,701
6,434	*	VeriSign, Inc		129,967
190	*	Vertrue, Inc		7,471
657		Viad Corp		23,264
687	*	Vignette Corp		9,302
135	*	Volt Information Sciences, Inc		4,799
13,773		Waste Management, Inc		505,194
1,082	*	WebEx Communications, Inc		42,220
129	*	WebMD Health Corp		4,430
1,434	*	webMethods, Inc		10,970
1,200	*	Websense, Inc		25,932
400	*	WebSideStory, Inc		5,284
2,000	*	Wind River Systems, Inc		21,420
864	*	Witness Systems, Inc		15,146
35,762	*	Yahoo!, Inc		904,063
		TOTAL BUSINESS SERVICES		26,561,985

24

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
CHEMICALS AND ALLIED PRODUCTS - 9.62%
38,901		Abbott Laboratories	$	1,889,033
600	*	Abraxis BioScience, Inc		16,668
605	*	Acadia Pharmaceuticals, Inc		5,227
300	*	Adams Respiratory Therapeutics, Inc		10,977
399	*	Adeza Biomedical Corp		6,548
1,486	*	Adolor Corp		20,611
210	*	Advanced Magnetics, Inc		7,161
1,393	*	ADVENTRX Pharmaceuticals, Inc		3,817
5,786		Air Products & Chemicals, Inc		384,017
646	*	Albany Molecular Research, Inc		6,046
948		Albemarle Corp		51,505
1,891		Alberto-Culver Co		95,666
811	*	Alexion Pharmaceuticals, Inc		27,558
2,524	*	Alkermes, Inc		40,005
817	*	Alnylam Pharmaceuticals, Inc		11,773
1,204		Alpharma, Inc (Class A)		28,162
1,136	*	American Oriental Bioengineering, Inc		6,907
362		American Vanguard Corp		5,068
30,009	*	Amgen, Inc		2,146,544
1,868	*	Andrx Corp		45,635
530		Arch Chemicals, Inc		15,078
941	*	Arena Pharmaceuticals, Inc		11,273
672	*	Array Biopharma, Inc		5,725
941	*	Atherogenics, Inc		12,393
710	*	AVANIR Pharmaceuticals		4,913
350	*	Aventine Renewable Energy Holdings, Inc		7,487
2,434		Avery Dennison Corp		146,454
1,330	*	AVI BioPharma, Inc		4,828
11,420		Avon Products, Inc		350,137
303		Balchem Corp		5,996
2,689	*	Barr Pharmaceuticals, Inc		139,667
345	*	Bentley Pharmaceuticals, Inc		4,140
590	*	BioCryst Pharmaceuticals, Inc		7,357
1,246	*	Bioenvision, Inc		6,865
8,738	*	Biogen Idec, Inc		390,414
2,402	*	BioMarin Pharmaceuticals, Inc		34,180
49,930		Bristol-Myers Squibb Co		1,244,256
1,771		Cabot Corp		65,881
828		Calgon Carbon Corp		3,660
692		Cambrex Corp		14,331
700	*	Caraco Pharmaceutical Laboratories Ltd		7,112
1,838		Celanese Corp (Series A)		32,900
922	*	Cell Genesys, Inc		4,213
1,633	*	Cephalon, Inc		100,838
1,411		CF Industries Holdings, Inc		24,086
1,794	*	Charles River Laboratories International, Inc		77,878
380	*	Chattem, Inc		13,346
5,934		Chemtura Corp		51,448
1,719		Church & Dwight Co, Inc		67,230
3,740		Clorox Co		235,620
477	*	Coley Pharmaceutical Group, Inc		5,447

25

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
13,087		Colgate-Palmolive Co	$	812,703
618	*	Combinatorx, Inc		3,850
900	*	Connetics Corp		9,810
701	*	Conor Medsystems, Inc		16,523
500	*	Cotherix, Inc		3,530
1,403	*	Cubist Pharmaceuticals, Inc		30,501
827	*	Cypress Bioscience, Inc		6,037
942		Cytec Industries, Inc		52,366
2,200		Dade Behring Holdings, Inc		88,352
1,627	*	Dendreon Corp		7,273
395	*	Digene Corp		17,044
24,425		Dow Chemical Co		952,087
23,379		Du Pont (E.I.) de Nemours & Co		1,001,556
855	*	Durect Corp		3,505
1,981		Eastman Chemical Co		107,014
4,655		Ecolab, Inc		199,327
24,984		Eli Lilly & Co		1,424,088
562	*	Elizabeth Arden, Inc		9,082
594	*	Emisphere Technologies, Inc		5,019
1,500	*	Encysive Pharmaceuticals, Inc		6,450
1,167	*	Enzon Pharmaceuticals, Inc		9,628
3,214		Estee Lauder Cos (Class A)		129,621
943		Ferro Corp		16,767
979		FMC Corp		62,725
8,240	*	Forest Laboratories, Inc		417,026
11,887	*	Genentech, Inc		983,055
624	*	Genitope Corp		1,822
3,482	*	Genta, Inc		2,716
6,623	*	Genzyme Corp		446,854
876		Georgia Gulf Corp		24,020
1,870	*	Geron Corp		11,725
11,718	*	Gilead Sciences, Inc		805,027
1,580		H.B. Fuller Co		37,035
732	*	Hana Biosciences, Inc		5,021
2,712	*	Hercules, Inc		42,768
450	*	Hi-Tech Pharmacal Co, Inc		5,688
3,906	*	Hospira, Inc		149,483
3,724	*	Human Genome Sciences, Inc		42,975
2,306	*	Huntsman Corp		41,969
333	*	Idenix Pharmaceuticals, Inc		3,230
746	*	Idexx Laboratories, Inc		67,990
1,739	*	ImClone Systems, Inc		49,248
1,734	*	Immucor, Inc		38,859
1,204	*	Indevus Pharmaceuticals, Inc		7,128
145		Innospec, Inc		4,307
143		Inter Parfums, Inc		2,723
672	*	InterMune, Inc		11,034
2,270		International Flavors & Fragrances, Inc		89,756
718	*	Inverness Medical Innovations, Inc		24,958
1,376	*	Invitrogen Corp		87,252
609	*	Keryx Biopharmaceuticals, Inc		7,204
6,296	*	King Pharmaceuticals, Inc		107,221
256		Koppers Holdings, Inc		4,856
480	*	Kos Pharmaceuticals, Inc		23,722

26

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
47		Kronos Worldwide, Inc	$	1,353
1,171	*	KV Pharmaceutical Co (Class A)		27,753
1,654		Lubrizol Corp		75,637
5,561		Lyondell Chemical Co		141,083
758		MacDermid, Inc		24,726
400		Mannatech, Inc		7,088
500	*	MannKind Corp		9,500
800	*	Martek Biosciences Corp		17,208
3,148	*	Medarex, Inc		33,809
1,220	*	Medicines Co		27,523
1,487		Medicis Pharmaceutical Corp (Class A)		48,104
299	*	Medifast, Inc		2,595
6,327	*	Medimmune, Inc		184,812
55,442		Merck & Co, Inc		2,323,020
424		Meridian Bioscience, Inc		9,968
2,000	*	MGI Pharma, Inc		34,420
8,169	*	Millennium Pharmaceuticals, Inc		81,282
579		Minerals Technologies, Inc		30,919
300	*	Momenta Pharmaceuticals, Inc		4,056
13,782		Monsanto Co		647,892
3,476	*	Mosaic Co		58,744
5,545		Mylan Laboratories, Inc		111,621
1,096	*	Myogen, Inc		38,448
1,400	*	Nabi Biopharmaceuticals		8,092
2,743	*	Nalco Holding Co		50,800
460	*	Nastech Pharmaceutical Co, Inc		7,020
1,323	*	NBTY, Inc		38,724
1,057	*	Neurocrine Biosciences, Inc		11,363
400	*	New River Pharmaceuticals, Inc		10,292
338		NewMarket Corp		19,658
82		NL Industries, Inc		815
536	*	Northfield Laboratories, Inc		7,697
1,579	*	Novavax, Inc		5,984
885	*	Noven Pharmaceuticals, Inc		21,346
1,049	*	NPS Pharmaceuticals, Inc		3,997
1,348	*	Nuvelo, Inc		24,588
1,642		Olin Corp		25,221
890	*	OM Group, Inc		39,107
1,063	*	Omnova Solutions, Inc		4,443
939	*	Onyx Pharmaceuticals, Inc		16,235
970	*	OraSure Technologies, Inc		7,799
1,507	*	OSI Pharmaceuticals, Inc		56,558
558	*	Pacific Ethanol, Inc		7,834
1,000	*	Pain Therapeutics, Inc		8,620
1,282	*	Panacos Pharmaceuticals, Inc		6,359
915	*	Par Pharmaceutical Cos, Inc		16,690
695	*	Parexel International Corp		22,997
400	*	Parlux Fragrances, Inc		2,036
2,955	*	PDL BioPharma, Inc		56,736
700	*	Penwest Pharmaceuticals Co		11,655
4,436	*	Peregrine Pharmaceuticals, Inc		5,634
2,191		Perrigo Co		37,181
473	*	PetMed Express, Inc		4,938
187,249		Pfizer, Inc		5,310,382

27

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
635	*	Pharmion Corp	$	13,684
291	*	Pioneer Cos, Inc		7,132
1,878	*	PolyOne Corp		15,644
607	*	Pozen, Inc		7,806
4,132		PPG Industries, Inc		277,175
8,142		Praxair, Inc		481,681
733	*	Prestige Brands Holdings, Inc		8,166
83,456		Procter & Gamble Co		5,172,603
616	*	Progenics Pharmaceuticals, Inc		14,451
791	*	Quidel Corp		11,169
502	*	Renovis, Inc		6,907
4,544	*	Revlon, Inc (Class A)		5,135
849	*	Rockwood Holdings, Inc		16,963
4,207		Rohm & Haas Co		199,201
2,867		RPM International, Inc		54,444
1,014	*	Salix Pharmaceuticals Ltd		13,750
1,168	*	Santarus, Inc		8,667
37,679		Schering-Plough Corp		832,329
739	*	Sciele Pharma, Inc		13,923
1,136		Scotts Miracle-Gro Co (Class A)		50,541
1,177		Sensient Technologies Corp		23,034
2,817	*	Sepracor, Inc		136,455
1,664		Sigma-Aldrich Corp		125,915
1,015	*	Sirna Therapeutics, Inc		5,653
601	*	Solexa, Inc		5,301
422		Stepan Co		12,335
1,247	*	SuperGen, Inc		5,811
371	*	SurModics, Inc		13,029
603	*	Tanox, Inc		7,127
1,073		Tronox, Inc		13,702
1,322		UAP Holding Corp		28,251
700	*	United Therapeutics Corp		36,778
238	*	USANA Health Sciences, Inc		10,612
2,541		USEC, Inc		24,495
2,420		Valeant Pharmaceuticals International		47,868
2,627		Valspar Corp		69,878
2,139	*	VCA Antech, Inc		77,132
2,848	*	Vertex Pharmaceuticals, Inc		95,835
1,755	*	Viropharma, Inc		21,358
2,734	*	Watson Pharmaceuticals, Inc		71,549
346		Westlake Chemical Corp		11,075
1,796	*	WR Grace & Co		23,815
34,249		Wyeth		1,741,219
424	*	Xenoport, Inc		8,637
960	*	Zymogenetics, Inc		16,195
		TOTAL CHEMICALS AND ALLIED PRODUCTS		36,062,403
COAL MINING - 0.16%
1,341	*	Alpha Natural Resources, Inc		21,134
3,620		Arch Coal, Inc		104,654
4,758		Consol Energy, Inc		150,971
2,929	*	International Coal Group, Inc		12,360
340	*	James River Coal Co		3,587
2,003		Massey Energy Co		41,943

28

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
6,820		Peabody Energy Corp	$	250,840
479		Penn Virginia Corp		30,373
		TOTAL COAL MINING		615,862
COMMUNICATIONS - 4.75%
800		Alaska Communications Systems Group, Inc		10,616
9,968		Alltel Corp		553,224
10,630	*	American Tower Corp (Class A)		387,995
780		Anixter International, Inc		44,047
98,863		AT&T, Inc		3,218,979
447	*	Audiovox Corp (Class A)		6,222
11,443	*	Avaya, Inc		130,908
45,978		BellSouth Corp		1,965,560
1,468	*	Brightpoint, Inc		20,875
5,599		Cablevision Systems Corp (Class A)		127,153
422	*	Cbeyond Communications, Inc		11,584
573		Centennial Communications Corp		3,054
3,112		CenturyTel, Inc		123,453
7,200	*	Charter Communications, Inc (Class A)		10,944
6,901	*	Cincinnati Bell, Inc		33,263
1,135		Citadel Broadcasting Corp		10,669
8,886		Citizens Communications Co		124,759
12,688		Clear Channel Communications, Inc		366,049
49,501	*	Comcast Corp (Class A)		1,824,112
582		Commonwealth Telephone Enterprises, Inc		23,996
400		Consolidated Communications Holdings, Inc		7,484
7,515	*	Covad Communications Group, Inc		11,197
864	*	Cox Radio, Inc (Class A)		13,262
5,407	*	Crown Castle International Corp		190,543
240	*	Crown Media Holdings, Inc (Class A)		1,078
470		CT Communications, Inc		10,208
383	*	CTC Media, Inc		8,541
1,076	*	Cumulus Media, Inc (Class A)		10,287
20,778	*	DIRECTV Group, Inc		408,911
4,000	*	Dobson Communications Corp (Class A)		28,080
5,388	*	EchoStar Communications Corp (Class A)		176,403
3,848		Embarq Corp		186,128
1,072	*	Emmis Communications Corp (Class A)		13,132
1,021		Entercom Communications Corp		25,729
1,997	*	Entravision Communications Corp (Class A)		14,858
700		Fairpoint Communications, Inc		12,180
1,410	*	FiberTower Corp		13,325
168	*	Fisher Communications, Inc		6,980
3,778	*	Foundry Networks, Inc		49,681
1,242	*	General Communication, Inc (Class A)		15,388
1,764		Global Payments, Inc		77,634
565		Golden Telecom, Inc		17,091
1,071		Gray Television, Inc		6,865
548		Hearst-Argyle Television, Inc		12,577
4,684	*	IAC/InterActiveCorp		134,712
1,514	*	IDT Corp (Class B)		21,832
413	*	InPhonic, Inc		3,271
600		Iowa Telecommunications Services, Inc		11,874
428	*	iPCS, Inc		22,919

29

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
1,234	*	j2 Global Communications, Inc	$	33,528
1,136	*	Leap Wireless International, Inc		55,085
21,829	*	Level 3 Communications, Inc		116,785
11,915	*	Liberty Global, Inc		306,692
3,648	*	Liberty Media Holding Corp (Capital)		304,863
18,244	*	Liberty Media Holding Corp (Interactive)		371,813
703	*	Lightbridge, Inc		8,239
717	*	Lin TV Corp (Class A)		5,578
281	*	Lodgenet Entertainment Corp		5,305
1,415	*	Mastec, Inc		15,664
1,695	*	Mediacom Communications Corp		12,068
1,612	*	NeuStar, Inc		44,733
3,554	*	NII Holdings, Inc (Class B)		220,917
356		North Pittsburgh Systems, Inc		8,961
1,100	*	Novatel Wireless, Inc		10,593
377	*	NTELOS Holdings Corp		4,814
1,417	*	Pegasus Wireless Corp		864
40,227	*	Qwest Communications International, Inc		350,779
1,864	*	Radio One, Inc (Class D)		11,650
597	*	RCN Corp		16,895
270		Salem Communications Corp (Class A)		3,054
212	*	SAVVIS, Inc		6,042
2,662	*	SBA Communications Corp		64,766
288		Shenandoah Telecom Co		12,519
1,294		Sinclair Broadcast Group, Inc (Class A)		10,158
1,300	*	Spanish Broadcasting System, Inc (Class A)		5,681
73,917		Sprint Nextel Corp		1,267,677
581		SureWest Communications		11,312
449	*	Syniverse Holdings, Inc		6,735
1,014	*	Talk America Holdings, Inc		9,633
2,830		Telephone & Data Systems, Inc		119,143
900	*	Terremark Worldwide, Inc		4,995
2,300	*	TiVo, Inc		17,457
5,554	*	Univision Communications, Inc (Class A)		190,724
403	*	US Cellular Corp		24,059
665		USA Mobility, Inc		15,189
74,308		Verizon Communications, Inc		2,759,065
16,082	*	Viacom, Inc		597,929
798	*	Vonage Holdings Corp		5,490
774	*	West Corp		37,384
11,106		Windstream Corp		146,488
1,100	*	Wireless Facilities, Inc		2,354
6,559	*	XM Satellite Radio Holdings, Inc		84,546
		TOTAL COMMUNICATIONS		17,817,858
DEPOSITORY INSTITUTIONS - 10.40%
205		1st Source Corp		6,052
254	*	ACE Cash Express, Inc		7,592
336		Alabama National Bancorp		22,932
806		Amcore Financial, Inc		24,414
183		AmericanWest Bancorp		3,897
162		Ameris Bancorp		4,408
8,639		AmSouth Bancorp		250,877
495		Anchor Bancorp Wisconsin, Inc		14,137

30

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
142		Arrow Financial Corp	$	3,601
3,211		Associated Banc-Corp		104,357
2,359		Astoria Financial Corp		72,704
106		Bancfirst Corp		4,952
270	*	Bancorp, Inc		6,882
2,175		Bancorpsouth, Inc		60,378
300		BancTrust Financial Group, Inc		8,367
1,582		Bank Mutual Corp		19,190
116,107		Bank of America Corp		6,219,852
472		Bank of Granite Corp		8,274
1,161		Bank of Hawaii Corp		55,914
19,367		Bank of New York Co, Inc		682,880
500		Bank of the Ozarks, Inc		16,935
1,300		BankAtlantic Bancorp, Inc (Class A)		18,486
700		BankFinancial Corp		12,243
878		BankUnited Financial Corp (Class A)		22,889
400		Banner Corp		16,416
13,907		BB&T Corp		608,848
145		Berkshire Hills Bancorp, Inc		5,161
497		BOK Financial Corp		26,142
878		Boston Private Financial Holdings, Inc		24,479
2,000		Brookline Bancorp, Inc		27,500
194		Cadence Financial Corp		3,932
310		Camden National Corp		12,462
401		Capital City Bank Group, Inc		12,471
239		Capital Corp of the West		7,414
321		Capitol Bancorp Ltd		14,284
610		Capitol Federal Financial		21,692
700		Cardinal Financial Corp		7,672
577		Cascade Bancorp		21,666
145		Cass Information Systems, Inc		4,801
1,326		Cathay General Bancorp		47,869
1,500	*	Centennial Bank Holdings, Inc		14,520
297		Center Financial Corp		7,063
226		Centerstate Banks of Florida, Inc		4,543
793		Central Pacific Financial Corp		29,008
149		Charter Financial Corp		5,959
654		Chemical Financial Corp		19,411
1,202		Chittenden Corp		34,485
126,429		Citigroup, Inc		6,279,728
1,103		Citizens Banking Corp		28,965
221		Citizens First Bancorp, Inc		5,627
400		City Bank		18,812
463		City Holding Co		18,460
1,046		City National Corp		70,145
193		Coastal Financial Corp		2,432
386		CoBiz, Inc		8,824
3,766		Colonial Bancgroup, Inc		92,267
253		Columbia Bancorp		6,221
530		Columbia Banking System, Inc		16,965
3,994		Comerica, Inc		227,338
4,714		Commerce Bancorp, Inc		173,051
1,582		Commerce Bancshares, Inc		80,002
1,023		Commercial Capital Bancorp, Inc		16,307

31

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
158	*	Community Bancorp	$	4,821
131		Community Bancorp, Inc		5,355
910		Community Bank System, Inc		20,166
457		Community Banks, Inc		12,248
435		Community Trust Bancorp, Inc		16,378
3,148		Compass Bancshares, Inc		179,373
940		Corus Bankshares, Inc		21,018
1,354		Cullen/Frost Bankers, Inc		78,288
1,583		CVB Financial Corp		23,381
759		Dime Community Bancshares		11,180
476		Downey Financial Corp		31,673
1,506		East West Bancorp, Inc		59,653
214		Enterprise Financial Services Corp		6,604
815	*	Euronet Worldwide, Inc		20,008
112		Farmers Capital Bank Corp		3,793
750		Fidelity Bankshares, Inc		29,258
12,124		Fifth Third Bancorp		461,682
450		First Bancorp		9,171
2,064		First Bancorp		22,828
211		First Busey Corp (Class A)		4,792
859		First Charter Corp		20,668
140		First Citizens Bancshares, Inc (Class A)		26,754
1,674		First Commonwealth Financial Corp		21,812
499		First Community Bancorp, Inc		27,919
243		First Community Bancshares, Inc		8,109
973		First Financial Bancorp		15,480
620		First Financial Bankshares, Inc		23,653
446		First Financial Corp		14,232
450		First Financial Holdings, Inc		15,399
3,092		First Horizon National Corp		117,527
442		First Indiana Corp		11,496
380		First Merchants Corp		8,987
1,305		First Midwest Bancorp, Inc		49,446
2,877		First Niagara Financial Group, Inc		41,947
398		First Place Financial Corp		9,019
300	*	First Regional Bancorp		10,221
510		First Republic Bank		21,706
300		First South Bancorp, Inc		9,177
400		First State Bancorporation		10,388
369	*	FirstFed Financial Corp		20,930
2,164		FirstMerit Corp		50,140
365		Flag Financial Corp		9,140
900		Flagstar Bancorp, Inc		13,095
590		Flushing Financial Corp		10,325
1,224		FNB Corp		20,392
179		FNB Corp		6,446
529	*	Franklin Bank Corp		10,517
1,741		Fremont General Corp		24,357
936		Frontier Financial Corp		24,280
4,143		Fulton Financial Corp		67,075
150		GB&T Bancshares, Inc		3,158
1,013		Glacier Bancorp, Inc		34,614
6,606		Golden West Financial Corp		510,314
250		Great Southern Bancorp, Inc		7,025

32

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
1,352		Greater Bay Bancorp	$	38,140
226		Greene County Bancshares, Inc		8,263
766		Hancock Holding Co		41,019
1,034		Hanmi Financial Corp		20,266
748		Harbor Florida Bancshares, Inc		33,144
810		Harleysville National Corp		16,281
459		Heartland Financial USA, Inc		11,787
311		Heritage Commerce Corp		7,197
261		Horizon Financial Corp		7,793
15,008		Hudson City Bancorp, Inc		198,856
6,493		Huntington Bancshares, Inc		155,377
228		IBERIABANK Corp		13,908
283		Independent Bank Corp		9,203
493		Independent Bank Corp		11,970
1,712		IndyMac Bancorp, Inc		70,466
667		Integra Bank Corp		16,862
325		Interchange Financial Services Corp		7,352
1,178		International Bancshares Corp		34,963
124	*	Intervest Bancshares Corp		5,401
1,375	*	Investors Bancorp, Inc		20,749
1,743		Investors Financial Services Corp		75,088
441		Irwin Financial Corp		8,626
130		ITLA Capital Corp		6,989
88,399		JPMorgan Chase & Co		4,151,217
558		Kearny Financial Corp		8,470
10,238		Keycorp		383,311
600		KNBT Bancorp, Inc		9,648
612		Lakeland Bancorp, Inc		8,739
138		Lakeland Financial Corp		3,244
1,933		M&T Bank Corp		231,883
426		Macatawa Bank Corp		9,751
757		MAF Bancorp, Inc		31,257
294		MainSource Financial Group, Inc		4,989
6,413		Marshall & Ilsley Corp		308,978
841		MB Financial, Inc		31,008
600		MBT Financial Corp		8,904
10,479		Mellon Financial Corp		409,729
148		Mercantile Bank Corp		5,853
3,105		Mercantile Bankshares Corp		112,618
584		Mid-State Bancshares		15,978
427		Midwest Banc Holdings, Inc		10,427
800		Nara Bancorp, Inc		14,632
200		NASB Financial, Inc		7,958
14,468		National City Corp		529,529
1,244		National Penn Bancshares, Inc		24,407
1,016		NBT Bancorp, Inc		23,632
1,241	*	Net 1 UEPS Technologies, Inc		28,369
1,289		NetBank, Inc		7,798
7,533		New York Community Bancorp, Inc		123,391
2,984		NewAlliance Bancshares, Inc		43,716
11,713		North Fork Bancorporation, Inc		335,460
216	*	Northern Empire Bancshares		6,052
5,342		Northern Trust Corp		312,133
480		Northwest Bancorp, Inc		12,240

33

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
375		OceanFirst Financial Corp	$	8,044
1,788		Old National Bancorp		34,151
254		Old Second Bancorp, Inc		7,610
333		Omega Financial Corp		10,013
478		Oriental Financial Group, Inc		5,698
1,210		Pacific Capital Bancorp		32,634
344		Park National Corp		34,431
1,309		Partners Trust Financial Group, Inc		14,019
236		Pennfed Financial Services, Inc		3,958
322		Peoples Bancorp, Inc		9,412
1,508		People's Bank		59,732
612		PFF Bancorp, Inc		22,668
300	*	Pinnacle Financial Partners, Inc		10,740
299		Placer Sierra Bancshares		6,641
7,466		PNC Financial Services Group, Inc		540,837
7,242		Popular, Inc		140,784
200		Preferred Bank		11,994
378		Premierwest Bancorp		6,044
400		PrivateBancorp, Inc		18,288
655		Prosperity Bancshares, Inc		22,296
780		Provident Bankshares Corp		28,899
1,599		Provident Financial Services, Inc		29,597
1,047		Provident New York Bancorp		14,323
738		R & G Financial Corp (Class B)		5,498
11,570		Regions Financial Corp		425,660
225		Renasant Corp		6,316
2,244		Republic Bancorp, Inc		29,913
115		Republic Bancorp, Inc (Class A)		2,432
318		Royal Bancshares of Pennsylvania (Class A)		8,615
701		S&T Bancorp, Inc		22,783
420		S.Y. Bancorp, Inc		12,461
404		Sandy Spring Bancorp, Inc		14,285
158		Santander BanCorp		2,985
319		SCBT Financial Corp		11,931
476		Seacoast Banking Corp of Florida		14,375
202		Security Bank Corp		4,567
220		Shore Bancshares, Inc		6,325
758	*	Signature Bank		23,445
456		Simmons First National Corp (Class A)		13,229
2,518		Sky Financial Group, Inc		62,698
201		Smithtown Bancorp, Inc		5,425
1,830		South Financial Group, Inc		47,635
315		Southside Bancshares, Inc		8,407
340		Southwest Bancorp, Inc		8,779
9,475		Sovereign Bancorp, Inc		203,807
269		State National Bancshares, Inc		10,219
8,405		State Street Corp		524,472
504		Sterling Bancorp		9,909
1,322		Sterling Bancshares, Inc		26,771
721		Sterling Financial Corp		15,855
858		Sterling Financial Corp		27,825
278		Suffolk Bancorp		8,874
270		Summit Bancshares, Inc		7,592
363	*	Sun Bancorp, Inc		6,835

34

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
9,291		SunTrust Banks, Inc	$	718,008
445	*	Superior Bancorp		5,118
1,209		Susquehanna Bancshares, Inc		29,548
916	*	SVB Financial Group		40,890
6,990		Synovus Financial Corp		205,296
156		Taylor Capital Group, Inc		4,610
3,221		TCF Financial Corp		84,680
2,303		TD Banknorth, Inc		66,511
561	*	Texas Capital Bancshares, Inc		10,502
1,185		Texas Regional Bancshares, Inc (Class A)		45,563
238		Texas United Bancshares, Inc		7,852
700		TierOne Corp		23,751
268		Tompkins Trustco, Inc		12,181
360		Trico Bancshares		8,910
2,095		Trustco Bank Corp NY		22,710
1,343		Trustmark Corp		42,210
2,592		UCBH Holdings, Inc		45,256
770		UMB Financial Corp		28,159
1,513		Umpqua Holdings Corp		43,272
229		Union Bankshares Corp		10,149
1,300		UnionBanCal Corp		79,170
957		United Bankshares, Inc		35,620
790		United Community Banks, Inc		23,740
933		United Community Financial Corp		11,495
305		Univest Corp of Pennsylvania		8,811
45,249		US Bancorp		1,503,172
536		USB Holding Co, Inc		11,824
2,734		Valley National Bancorp		69,908
204		Vineyard National Bancorp		5,296
300	*	Virginia Commerce Bancorp		6,660
148		Virginia Financial Group, Inc		4,064
3,203		W Holding Co, Inc		18,930
40,920		Wachovia Corp		2,283,336
2,002		Washington Federal, Inc		44,925
24,399		Washington Mutual, Inc		1,060,624
378		Washington Trust Bancorp, Inc		10,021
1,157		Webster Financial Corp		54,506
85,534		Wells Fargo & Co		3,094,620
594		WesBanco, Inc		17,357
539		West Bancorporation, Inc		9,222
463		West Coast Bancorp		14,140
810		Westamerica Bancorporation		40,913
340	*	Western Alliance Bancorp		11,186
300		Westfield Financial, Inc		9,531
1,690		Whitney Holding Corp		60,451
385		Willow Grove Bancorp, Inc		6,029
1,670		Wilmington Trust Corp		74,398
396		Wilshire Bancorp, Inc		7,540
687		Wintrust Financial Corp		34,453
197		WSFS Financial Corp		12,251
400		Yardville National Bancorp		14,264
2,677		Zions Bancorporation		213,651
		TOTAL DEPOSITORY INSTITUTIONS		38,967,614

35

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
EATING AND DRINKING PLACES - 0.96%
512	*	AFC Enterprises	$	7,393
2,086		Applebees International, Inc		44,870
2,995		Aramark Corp (Class B)		98,416
289	*	BJ's Restaurants, Inc		6,361
945		Bob Evans Farms, Inc		28,615
2,186		Brinker International, Inc		87,637
131	*	Buffalo Wild Wings, Inc		5,011
599	*	California Pizza Kitchen, Inc		17,928
819		CBRL Group, Inc		33,112
944	*	CEC Entertainment, Inc		29,745
206	*	Chipotle Mexican Grill, Inc		10,232
1,534		CKE Restaurants, Inc		25,648
869	*	Cosi, Inc		4,658
3,829		Darden Restaurants, Inc		162,618
2,338	*	Denny's Corp		7,972
801		Domino's Pizza, Inc		20,546
571		IHOP Corp		26,466
985	*	Jack in the Box, Inc		51,397
1,773	*	Krispy Kreme Doughnuts, Inc		14,361
601		Landry's Restaurants, Inc		18,120
325		Lone Star Steakhouse & Saloon, Inc		9,025
602	*	Luby's, Inc		5,942
302	*	McCormick & Schmick's Seafood Restaurants, Inc		6,792
31,669		McDonald's Corp		1,238,891
553	*	O'Charleys, Inc		10,490
1,645		OSI Restaurant Partners, Inc		52,163
570	*	Papa John's International, Inc		20,583
797	*	PF Chang's China Bistro, Inc		27,664
964	*	Rare Hospitality International, Inc		29,460
371	*	Red Robin Gourmet Burgers, Inc		17,107
1,586		Ruby Tuesday, Inc		44,709
330	*	Ruth's Chris Steak House, Inc		6,211
1,125	*	Ryan's Restaurant Group, Inc		17,854
2,219	*	Sonic Corp		50,171
19,466	*	Starbucks Corp		662,817
1,092	*	Texas Roadhouse, Inc (Class A)		13,410
2,120	*	The Cheesecake Factory, Inc		57,643
890	*	The Steak N Shake Co		15,032
836		Tim Hortons, Inc		21,987
1,594		Triarc Cos (Class B)		24,101
2,998		Wendy's International, Inc		200,866
6,817		Yum! Brands, Inc		354,825
		TOTAL EATING AND DRINKING PLACES		3,588,849
EDUCATIONAL SERVICES - 0.13%
3,600	*	Apollo Group, Inc (Class A)		177,264
2,538	*	Career Education Corp		57,105
2,375	*	Corinthian Colleges, Inc		25,674
1,572	*	DeVry, Inc		33,436
470	*	Educate, Inc		3,755
1,129	*	ITT Educational Services, Inc		74,853
1,166	*	Laureate Education, Inc		55,805
381		Strayer Education, Inc		41,228

36

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
561	*	Universal Technical Institute, Inc	$	10,036
		TOTAL EDUCATIONAL SERVICES		479,156
ELECTRIC, GAS, AND SANITARY SERVICES - 4.06%
17,012	*	AES Corp		346,875
2,014		AGL Resources, Inc		73,511
4,238	*	Allegheny Energy, Inc		170,240
547		Allete, Inc		23,767
3,079		Alliant Energy Corp		110,013
6,436	*	Allied Waste Industries, Inc		72,534
5,204		Ameren Corp		274,719
400		American Ecology Corp		7,896
10,005		American Electric Power Co, Inc		363,882
401		American States Water Co		15,338
3,314		Aqua America, Inc		72,709
9,595	*	Aquila, Inc		41,546
2,086		Atmos Energy Corp		59,555
1,238		Avista Corp		29,316
875		Black Hills Corp		29,409
444		California Water Service Group		16,397
442		Cascade Natural Gas Corp		11,532
553	*	Casella Waste Systems, Inc (Class A)		5,718
8,025		Centerpoint Energy, Inc		114,918
467		CH Energy Group, Inc		24,036
400	*	Clean Harbors, Inc		17,420
1,455		Cleco Corp		36,724
5,689	*	CMS Energy Corp		82,149
6,144		Consolidated Edison, Inc		283,853
4,628		Constellation Energy Group, Inc		273,978
2,952	*	Covanta Holding Corp		63,557
227		Crosstex Energy, Inc		20,332
8,797		Dominion Resources, Inc		672,882
3,071		DPL, Inc		83,285
4,581		DTE Energy Co		190,157
31,389		Duke Energy Corp		947,948
1,878		Duquesne Light Holdings, Inc		36,921
8,957	*	Dynegy, Inc (Class A)		49,622
8,262		Edison International		344,030
16,666		El Paso Corp		227,324
1,465	*	El Paso Electric Co		32,728
665		Empire District Electric Co		14,883
1,914		Energen Corp		80,139
3,852		Energy East Corp		91,369
177		EnergySouth, Inc		5,974
5,270		Entergy Corp		412,272
16,981		Exelon Corp		1,028,030
8,399		FirstEnergy Corp		469,168
10,216		FPL Group, Inc		459,720
2,033		Great Plains Energy, Inc		63,064
1,942		Hawaiian Electric Industries, Inc		52,550
1,026		Idacorp, Inc		38,793
300		ITC Holdings Corp		9,360
4,393		KeySpan Corp		180,728
2,750		Kinder Morgan, Inc		288,337

37

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
511		Laclede Group, Inc	$	16,393
4,648		MDU Resources Group, Inc		103,836
670		Metal Management, Inc		18,653
461		MGE Energy, Inc		14,927
6,813	*	Mirant Corp		186,063
2,122		National Fuel Gas Co		77,135
729		New Jersey Resources Corp		35,940
1,150		Nicor, Inc		49,174
7,047		NiSource, Inc		153,202
3,964		Northeast Utilities		92,242
689		Northwest Natural Gas Co		27,064
933		NorthWestern Corp		32,636
3,471	*	NRG Energy, Inc		157,236
2,778		NSTAR		92,674
2,378		OGE Energy Corp		85,870
2,944		Oneok, Inc		111,254
300		Ormat Technologies, Inc		9,816
890		Otter Tail Corp		26,024
1,085		Peoples Energy Corp		44,105
4,920		Pepco Holdings, Inc		118,916
8,826		PG&E Corp		367,603
90	*	Pico Holdings, Inc		2,929
2,118		Piedmont Natural Gas Co, Inc		53,607
400	*	Pike Electric Corp		5,960
2,464		Pinnacle West Capital Corp		111,003
1,364	*	Plug Power, Inc		5,551
1,795		PNM Resources, Inc		49,488
691		Portland General Electric Co		16,867
9,584		PPL Corp		315,314
6,443		Progress Energy, Inc		292,383
445	v*	Progress Energy, Inc		4
6,399		Public Service Enterprise Group, Inc		391,555
2,999		Puget Energy, Inc		68,167
2,210		Questar Corp		180,712
8,031	*	Reliant Energy, Inc		98,862
2,871		Republic Services, Inc		115,443
800		Resource America, Inc (Class A)		16,640
2,837		SCANA Corp		114,246
6,490		Sempra Energy		326,123
4,965	*	Sierra Pacific Resources		71,198
648		SJW Corp		19,382
672		South Jersey Industries, Inc		20,100
18,852		Southern Co		649,640
2,494		Southern Union Co		65,888
1,030		Southwest Gas Corp		34,320
487		Southwest Water Co		5,956
1,143	*	Stericycle, Inc		79,770
1,592		Synagro Technologies, Inc		6,718
5,187		TECO Energy, Inc		81,177
11,638		TXU Corp		727,608
2,660		UGI Corp		65,037
575		UIL Holdings Corp		21,563
758		Unisource Energy Corp		25,264
2,064		Vectren Corp		55,418

38

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
1,137	*	Waste Connections, Inc	$	43,104
565	*	Waste Services, Inc		5,164
2,264		Westar Energy, Inc		53,227
1,375		WGL Holdings, Inc		43,092
15,063		Williams Cos, Inc		359,554
2,853		Wisconsin Energy Corp		123,078
1,065		WPS Resources Corp		52,856
10,609		Xcel Energy, Inc		219,076
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		15,235,015
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.44%
722	*	Actel Corp		11,227
1,166		Acuity Brands, Inc		52,936
2,884	*	Adaptec, Inc		12,718
3,168	*	ADC Telecommunications, Inc		47,520
1,713		Adtran, Inc		40,838
938	*	Advanced Analogic Technologies, Inc		5,150
609	*	Advanced Energy Industries, Inc		10,377
12,177	*	Advanced Micro Devices, Inc		302,598
1,672	*	Aeroflex, Inc		17,188
4,255	*	Agere Systems, Inc		63,527
9,348	*	Altera Corp		171,816
4,357		American Power Conversion Corp		95,680
687	*	American Superconductor Corp		6,362
1,842		Ametek, Inc		80,219
982	*	AMIS Holdings, Inc		9,319
2,073	*	Amkor Technology, Inc		10,697
2,296		Amphenol Corp (Class A)		142,191
1,240	*	Anadigics, Inc		8,878
9,319		Analog Devices, Inc		273,885
4,336	*	Andrew Corp		40,021
21,656	*	Apple Computer, Inc		1,668,162
9,310	*	Applied Micro Circuits Corp		26,906
2,569	*	Arris Group, Inc		29,441
1,331	*	Atheros Communications, Inc		24,131
10,601	*	Atmel Corp		64,030
973	*	ATMI, Inc		28,285
4,326	*	Avanex Corp		7,484
3,411	*	Avnet, Inc		66,924
1,162		AVX Corp		20,556
810		Baldor Electric Co		24,972
257		Bel Fuse, Inc (Class B)		8,247
1,878	*	Benchmark Electronics, Inc		50,481
1,449	*	Bookham, Inc		4,666
11,700	*	Broadcom Corp (Class A)		354,978
1,990	*	Broadwing Corp		25,114
7,166	*	Brocade Communications Systems, Inc		50,592
580	*	CalAmp Corp		3,532
2,707	*	Capstone Turbine Corp		3,817
931	*	C-COR, Inc		7,988
673	*	Ceradyne, Inc		27,654
1,008	*	Checkpoint Systems, Inc		16,642
717	*	China BAK Battery, Inc		4,818
2,233	*	Ciena Corp		60,849

39

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
155,190	*	Cisco Systems, Inc	$	3,569,370
600	*	Color Kinetics, Inc		10,188
456	*	Comtech Telecommunications Corp		15,267
5,207	*	Comverse Technology, Inc		111,638
10,588	*	Conexant Systems, Inc		21,176
2,139	*	Cree, Inc		43,015
1,104		CTS Corp		15,213
360		Cubic Corp		7,049
3,443	*	Cypress Semiconductor Corp		61,182
513	*	Diodes, Inc		22,146
695	*	Ditech Networks, Inc		5,358
721	*	Dolby Laboratories, Inc (Class A)		14,312
795	*	DSP Group, Inc		18,166
473	*	DTS, Inc		10,018
1,002	*	Electro Scientific Industries, Inc		20,641
1,200	*	Emcore Corp		7,104
10,398		Emerson Electric Co		871,976
383	*	EMS Technologies, Inc		7,193
1,595	*	Energizer Holdings, Inc		114,824
1,010	*	Energy Conversion Devices, Inc		37,410
1,186	*	EnerSys		19,023
1,721	*	Evergreen Solar, Inc		14,284
901	*	Exar Corp		11,974
3,140	*	Fairchild Semiconductor International, Inc		58,718
4,657	*	Finisar Corp		16,905
576		Franklin Electric Co, Inc		30,609
10,224	*	Freescale Semiconductor, Inc (Class B)		388,614
1,189	*	FuelCell Energy, Inc		9,048
6,578	*	Gemstar-TV Guide International, Inc		21,839
625	*	Genlyte Group, Inc		44,500
2,670	*	GrafTech International Ltd		15,593
567	*	Greatbatch, Inc		12,826
1,653		Harman International Industries, Inc		137,926
2,383	*	Harmonic, Inc		17,515
3,396		Harris Corp		151,088
2,411	*	Hexcel Corp		34,116
332	*	Hittite Microwave Corp		14,774
20,974		Honeywell International, Inc		857,837
593	*	Hutchinson Technology, Inc		12,471
296	*	ID Systems, Inc		6,994
534	*	Ikanos Communications, Inc		6,285
1,062		Imation Corp		42,639
5,405	*	Integrated Device Technology, Inc		86,804
148,570		Intel Corp		3,056,085
1,494	*	Interdigital Communications Corp		50,945
832	*	International DisplayWorks, Inc		5,300
1,847	*	International Rectifier Corp		64,349
3,852		Intersil Corp (Class A)		94,567
499		Inter-Tel, Inc		10,778
916	*	InterVoice, Inc		5,807
290	*	iRobot Corp		5,817
529	*	IXYS Corp		4,438
42,194	*	JDS Uniphase Corp		92,405
2,675	*	Kemet Corp		21,587

40

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
3,151		L-3 Communications Holdings, Inc	$	246,818
358	*	Lamson & Sessions Co		8,528
2,469	*	Lattice Semiconductor Corp		16,839
1,041		Lincoln Electric Holdings, Inc		56,682
7,834		Linear Technology Corp		243,794
463	*	Littelfuse, Inc		16,066
293	*	Loral Space & Communications, Inc		7,712
508		LSI Industries, Inc		8,255
10,469	*	LSI Logic Corp		86,055
114,997	*	Lucent Technologies, Inc		269,093
1,123	*	Mattson Technology, Inc		9,321
8,278		Maxim Integrated Products, Inc		232,363
375	*	Maxwell Technologies, Inc		7,628
3,375	*	McData Corp (Class A)		16,976
366	*	Medis Technologies Ltd		9,044
3,609	*	MEMC Electronic Materials, Inc		132,198
597	*	Mercury Computer Systems, Inc		7,074
1,436		Methode Electronics, Inc		13,656
160	*	Metrologic Instruments, Inc		2,906
1,757	*	Micrel, Inc		16,850
5,430		Microchip Technology, Inc		176,041
18,229	*	Micron Technology, Inc		317,185
1,829	*	Microsemi Corp		34,477
1,400	*	Microtune, Inc		6,804
2,839	*	Mindspeed Technologies, Inc		4,911
1,154	*	MIPS Technologies, Inc		7,790
696	*	Mobility Electronics, Inc		3,870
3,603		Molex, Inc		140,409
700	*	Monolithic Power Systems, Inc		6,622
867	*	Moog, Inc		30,050
603	*	MoSys, Inc		4,058
62,726		Motorola, Inc		1,568,150
2,667	*	MRV Communications, Inc		7,361
300	*	Multi-Fineline Electronix, Inc		7,611
128		National Presto Industries, Inc		7,075
8,503		National Semiconductor Corp		200,076
300	*	Netlogic Microsystems, Inc		7,611
9,543	*	Network Appliance, Inc		353,186
3,326	*	Novellus Systems, Inc		91,997
8,924	*	Nvidia Corp		264,061
1,167	*	Omnivision Technologies, Inc		16,653
3,389	*	ON Semiconductor Corp		19,927
2,142	*	Openwave Systems, Inc		20,049
752	*	Oplink Communications Inc		15,025
517	*	Optical Communication Products, Inc		1,018
347	*	OSI Systems, Inc		6,801
400		Park Electrochemical Corp		12,672
474	*	Parkervision, Inc		3,446
271	*	Pericom Semiconductor Corp		2,642
1,081	*	Photronics, Inc		15,275
1,280		Plantronics, Inc		22,438
1,179	*	Plexus Corp		22,637
557	*	PLX Technology, Inc		5,776
4,913	*	PMC - Sierra, Inc		29,183

41

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
2,444	*	Polycom, Inc	$	59,951
391	*	Portalplayer, Inc		4,410
108	*	Powell Industries, Inc		2,390
2,364	*	Power-One, Inc		17,115
2,962	*	Powerwave Technologies, Inc		22,511
4,162	*	QLogic Corp		78,662
42,570		Qualcomm, Inc		1,547,420
1,165	*	Quantum Fuel Systems Technologies Worldwide, Inc		2,307
3,459		RadioShack Corp		66,759
455	*	Radyne Corp		5,569
2,024	*	Rambus, Inc		35,299
354		Raven Industries, Inc		10,624
794		Regal-Beloit Corp		34,539
4,968	*	RF Micro Devices, Inc		37,657
4,414		Rockwell Collins, Inc		242,064
458	*	Rogers Corp		28,282
14,370	*	Sanmina-SCI Corp		53,744
1,640	*	Semtech Corp		20,926
2,200	*	Silicon Image, Inc		27,984
1,289	*	Silicon Laboratories, Inc		39,985
2,309	*	Silicon Storage Technology, Inc		9,513
642	*	Sirenza Microdevices, Inc		5,072
36,213	*	Sirius Satellite Radio, Inc		141,593
3,963	*	Skyworks Solutions, Inc		20,568
850	*	Spansion, Inc		14,170
1,075	*	Spectrum Brands, Inc		9,073
398	*	Standard Microsystems Corp		11,311
2,467	*	Stratex Networks, Inc		10,953
200	*	Sunpower Corp		5,548
400	*	Supertex, Inc		15,548
5,522	*	Sycamore Networks, Inc		20,873
1,400	*	Symmetricom, Inc		11,298
620	*	Synaptics, Inc		15,109
1,002		Technitrol, Inc		29,910
1,594	*	Tekelec		20,658
991		Teleflex, Inc		55,139
11,241	*	Tellabs, Inc		123,201
1,148	*	Tessera Technologies, Inc		39,927
39,616		Texas Instruments, Inc		1,317,232
1,611	*	Thomas & Betts Corp		76,861
5,130	*	Transmeta Corp		5,900
2,723	*	Transwitch Corp		3,839
1,456	*	Trident Microsystems, Inc		33,867
2,542	*	Triquint Semiconductor, Inc		13,218
1,148	*	TTM Technologies, Inc		13,432
100	*	Ulticom, Inc		1,041
400	*	Universal Display Corp		4,412
400	*	Universal Electronics, Inc		7,600
2,735	*	Utstarcom, Inc		24,259
1,441	*	Varian Semiconductor Equipment Associates, Inc		52,885
559	*	Viasat, Inc		14,020
270		Vicor Corp		3,116
4,556	*	Vishay Intertechnology, Inc		63,966
392	*	Volterra Semiconductor Corp		6,370

42

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
1,812		Whirlpool Corp	$	152,407
8,756		Xilinx, Inc		192,194
652	*	Zhone Technologies, Inc		698
359	*	Zoltek Cos, Inc		9,172
1,164	*	Zoran Corp		18,717
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		24,144,735
ENGINEERING AND MANAGEMENT SERVICES - 0.75%
499	*	Advisory Board Co		25,209
2,651	*	Amylin Pharmaceuticals, Inc		116,830
1,934	*	Applera Corp (Celera Genomics Group)		26,921
1,473	*	Ariad Pharmaceuticals, Inc		6,422
462		CDI Corp		9,568
8,967	*	Celgene Corp		388,271
304	*	Cornell Cos, Inc		5,253
1,045		Corporate Executive Board Co		93,956
193	*	CRA International, Inc		9,198
1,159	*	CV Therapeutics, Inc		12,911
1,224	*	deCODE genetics, Inc		6,732
656	*	Diamond Management & Technology Consultants, Inc		7,308
2,311	*	Digitas, Inc		22,232
800	*	Diversa Corp		6,416
1,615	*	eResearch Technology, Inc		13,098
444	*	Essex Corp		7,726
2,026	*	Exelixis, Inc		17,646
338	*	Exponent, Inc		5,634
557	*	First Consulting Group, Inc		5,431
2,206		Fluor Corp		169,619
1,427	*	Gen-Probe, Inc		66,912
1,141	*	Harris Interactive, Inc		6,960
1,368	*	Hewitt Associates, Inc		33,188
446	*	Huron Consulting Group, Inc		17,483
1,608	*	ICOS Corp		40,296
1,684	*	Incyte Corp		7,123
688	*	Infrasource Services, Inc		12,074
2,316	*	Isis Pharmaceuticals, Inc		16,629
1,506	*	Jacobs Engineering Group, Inc		112,543
319	*	Kendle International, Inc		10,214
230		Landauer, Inc		11,673
620	*	LECG Corp		11,631
1,784	*	Lexicon Genetics, Inc		6,726
800	*	Lifecell Corp		25,776
563	*	Luminex Corp		10,263
643		MAXIMUS, Inc		16,782
393	*	Maxygen, Inc		3,266
3,141	*	Monogram Biosciences, Inc		4,806
6,083		Moody's Corp		397,706
265	*	MTC Technologies, Inc		6,371
1,022	*	Myriad Genetics, Inc		25,192
1,293	*	Navigant Consulting, Inc		25,938
692	*	Omnicell, Inc		12,380
8,444		Paychex, Inc		311,161
956	*	Per-Se Technologies, Inc		21,778
551	*	PharmaNet Development Group, Inc		10,706

43

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
4,074		Quest Diagnostics, Inc	$	249,166
1,461	*	Regeneron Pharmaceuticals, Inc		22,923
3,534	*	Rentech, Inc		16,362
1,302	*	Resources Connection, Inc		34,881
682	*	Rigel Pharmaceuticals, Inc		7,004
1,380	*	Savient Pharmaceuticals, Inc		8,984
539	*	Senomyx, Inc		8,284
2,024	*	Shaw Group, Inc		47,847
700	*	Symyx Technologies, Inc		14,833
325	*	Tejon Ranch Co		13,790
1,200	*	Telik, Inc		21,348
1,586	*	Tetra Tech, Inc		27,628
482	*	Trimeris, Inc		4,242
1,320	*	URS Corp		51,335
700		Washington Group International, Inc		41,202
1,094		Watson Wyatt & Co Holdings		44,766
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,796,553
ENVIRONMENTAL QUALITY AND HOUSING - 0.00% **
962	*	Home Solutions of America, Inc		5,272
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		5,272
FABRICATED METAL PRODUCTS - 0.39%
822	*	Alliant Techsystems, Inc		66,631
298		Ameron International Corp		19,799
919		Aptargroup, Inc		46,759
2,667		Ball Corp		107,880
500		CIRCOR International, Inc		15,275
3,196		Commercial Metals Co		64,975
325	*	Commercial Vehicle Group, Inc		6,260
1,378		Crane Co		57,600
4,184	*	Crown Holdings, Inc		77,822
400		Dynamic Materials Corp		12,968
1,009	*	Griffon Corp		24,085
100		Gulf Island Fabrication, Inc		2,609
12,691		Illinois Tool Works, Inc		569,826
367		Insteel Industries, Inc		7,292
2,538	*	Jacuzzi Brands, Inc		25,355
362	*	Ladish Co, Inc		10,455
201		Lifetime Brands, Inc		3,723
913	*	Mobile Mini, Inc		25,938
657	*	Mueller Water Products, Inc		9,599
551	*	NCI Building Systems, Inc		32,052
2,626		Pentair, Inc		68,775
576		Silgan Holdings, Inc		21,635
954		Simpson Manufacturing Co, Inc		25,787
744	*	Smith & Wesson Holding Corp		10,327
1,508		Snap-On, Inc		67,181
2,026	*	Taser International, Inc		15,519
566		Valmont Industries, Inc		29,574
763		Watts Water Technologies, Inc (Class A)		24,233
		TOTAL FABRICATED METAL PRODUCTS		1,449,934

44

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
FOOD AND KINDRED PRODUCTS - 2.89%
19,651		Anheuser-Busch Cos, Inc	$	933,619
16,620		Archer Daniels Midland Co		629,566
300	*	Boston Beer Co, Inc (Class A)		9,855
651	*	Burger King Holdings, Inc		10,390
5,866		Campbell Soup Co		214,109
200		Coca-Cola Bottling Co Consolidated		12,396
51,807		Coca-Cola Co		2,314,737
7,894		Coca-Cola Enterprises, Inc		164,432
13,090		ConAgra Foods, Inc		320,443
5,012	*	Constellation Brands, Inc (Class A)		144,245
1,935		Corn Products International, Inc		62,965
1,501	*	Darling International, Inc		6,289
5,488		Del Monte Foods Co		57,350
401		Diamond Foods, Inc		5,738
300		Farmer Bros Co		6,162
1,356		Flowers Foods, Inc		36,449
8,804		General Mills, Inc		498,306
1,344	*	Gold Kist, Inc		28,009
8,452		H.J. Heinz Co		354,392
1,572	*	Hansen Natural Corp		51,059
4,466		Hershey Co		238,708
1,903		Hormel Foods Corp		68,470
296		Imperial Sugar Co		9,212
568		J&J Snack Foods Corp		17,665
1,464		J.M. Smucker Co		70,199
561	*	Jones Soda Co		5,021
6,175		Kellogg Co		305,786
5,244		Kraft Foods, Inc (Class A)		187,001
532		Lancaster Colony Corp		23,812
991		Lance, Inc		21,822
274	*	M&F Worldwide Corp		4,028
3,422		McCormick & Co, Inc		129,968
239		MGP Ingredients, Inc		5,084
1,229		Molson Coors Brewing Co (Class B)		84,678
283	*	Peet's Coffee & Tea, Inc		7,078
3,429		Pepsi Bottling Group, Inc		121,730
1,453		PepsiAmericas, Inc		31,007
42,059		PepsiCo, Inc		2,744,770
1,022	*	Performance Food Group Co		28,708
358		Premium Standard Farms, Inc		6,820
708	*	Ralcorp Holdings, Inc		34,147
427		Reddy Ice Holdings, Inc		10,333
466		Sanderson Farms, Inc		15,080
19,234		Sara Lee Corp		309,090
2,442	*	Smithfield Foods, Inc		65,983
923		Tootsie Roll Industries, Inc		27,053
1,164		Topps Co, Inc		10,429
784	*	TreeHouse Foods, Inc		18,542
5,837		Tyson Foods, Inc (Class A)		92,692
5,917		Wrigley (Wm.) Jr Co		272,537
		TOTAL FOOD AND KINDRED PRODUCTS		10,827,964
FOOD STORES - 0.26%
35		Arden Group, Inc (Class A)		4,074

45

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
453		Great Atlantic & Pacific Tea Co, Inc	$	10,908
636		Ingles Markets, Inc (Class A)		16,778
18,259		Kroger Co		422,513
839	*	Panera Bread Co (Class A)		48,872
588	*	Pantry, Inc		33,146
1,200	*	Pathmark Stores, Inc		11,940
1,005		Ruddick Corp		26,160
5,098		Supervalu, Inc		151,156
314		Weis Markets, Inc		12,497
3,598		Whole Foods Market, Inc		213,829
665	*	Wild Oats Markets, Inc		10,753
		TOTAL FOOD STORES		962,626
FORESTRY - 0.12%
1,965		Rayonier, Inc		74,277
6,321		Weyerhaeuser Co		388,931
		TOTAL FORESTRY		463,208
FURNITURE AND FIXTURES - 0.30%
856		Ethan Allen Interiors, Inc		29,669
1,351		Furniture Brands International, Inc		25,723
1,706		Herman Miller, Inc		58,362
1,519		Hillenbrand Industries, Inc		86,553
1,341		HNI Corp		55,759
164		Hooker Furniture Corp		2,404
1,255	*	Interface, Inc (Class A)		16,164
4,985		Johnson Controls, Inc		357,624
620		Kimball International, Inc (Class B)		11,966
1,120		La-Z-Boy, Inc		15,635
4,711		Leggett & Platt, Inc		117,916
9,956		Masco Corp		272,994
522		Sealy Corp		6,817
1,137	*	Select Comfort Corp		24,878
340		Stanley Furniture Co, Inc		7,245
1,121	*	Tempur-Pedic International, Inc		19,248
764	*	Williams Scotsman International, Inc		16,319
		TOTAL FURNITURE AND FIXTURES		1,125,276
FURNITURE AND HOME FURNISHINGS STORES - 0.21%
7,282	*	Bed Bath & Beyond, Inc		278,609
4,606		Circuit City Stores, Inc		115,657
707	*	Cost Plus, Inc		8,463
1,692	*	GameStop Corp		78,306
672	*	Guitar Center, Inc		30,025
768		Haverty Furniture Cos, Inc		12,250
864		Knoll, Inc		17,453
1,303	*	Mohawk Industries, Inc		97,008
2,367		Pier 1 Imports, Inc		17,563
741	*	Restoration Hardware, Inc		6,424
1,989		Steelcase, Inc (Class A)		31,207
668		Tuesday Morning Corp		9,272
2,484		Williams-Sonoma, Inc		80,457
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		782,694

46

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
GENERAL BUILDING CONTRACTORS - 0.34%
90	*	Avatar Holdings, Inc	$	5,315
1,053		Beazer Homes USA, Inc		41,109
344		Brookfield Homes Corp		9,687
165	*	Cavco Industries, Inc		5,199
3,132		Centex Corp		164,806
7,940		DR Horton, Inc		190,163
1,288	*	Hovnanian Enterprises, Inc (Class A)		37,790
2,070		KB Home		90,666
3,324		Lennar Corp (Class A)		150,411
325		Levitt Corp (Class A)		3,822
266		M/I Homes, Inc		9,403
139	v*	Mascotech (Escrow)		0
532		McGrath RentCorp		13,619
834		MDC Holdings, Inc		38,739
586	*	Meritage Homes Corp		24,383
120	*	NVR, Inc		64,200
429	*	Palm Harbor Homes, Inc		6,418
514	*	Perini Corp		10,732
5,494		Pulte Homes, Inc		175,039
1,022		Ryland Group, Inc		44,161
1,437		Standard-Pacific Corp		33,770
382		Technical Olympic USA, Inc		3,755
3,278	*	Toll Brothers, Inc		92,046
1,122		Walter Industries, Inc		47,887
909	*	WCI Communities, Inc		15,853
		TOTAL GENERAL BUILDING CONTRACTORS		1,278,973
GENERAL MERCHANDISE STORES - 1.81%
1,137	*	99 Cents Only Stores		13,451
3,096	*	Big Lots, Inc		61,332
1,740	*	BJ's Wholesale Club, Inc		50,773
801	*	Cabela's, Inc		17,406
1,339		Casey's General Stores, Inc		29,820
207	*	Conn's, Inc		4,320
11,963		Costco Wholesale Corp		594,322
1,749		Dillard's, Inc (Class A)		57,245
8,151		Dollar General Corp		111,098
3,892		Family Dollar Stores, Inc		113,802
13,912		Federated Department Stores, Inc		601,138
1,283		Fred's, Inc		16,191
5,970		JC Penney Co, Inc		408,288
373	*	Retail Ventures, Inc		5,748
3,234		Saks, Inc		55,884
556		Stein Mart, Inc		8,457
22,018		Target Corp		1,216,495
11,817		TJX Cos, Inc		331,231
62,571		Wal-Mart Stores, Inc		3,086,002
		TOTAL GENERAL MERCHANDISE STORES		6,783,003
HEALTH SERVICES - 1.70%
1,059	*	Alliance Imaging, Inc		8,271
507	*	Amedisys, Inc		20,113
5,438		AmerisourceBergen Corp		245,798

47

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
793	*	Amsurg Corp	$	17,652
796	*	Apria Healthcare Group, Inc		15,713
500	*	Bio-Reference Labs, Inc		11,225
315		Brookdale Senior Living, Inc		14,622
11,218		Caremark Rx, Inc		635,724
2,993		Cigna Corp		348,146
2,381	*	Community Health Systems, Inc		88,930
90	*	Corvel Corp		3,157
1,241	*	Covance, Inc		82,378
4,158	*	Coventry Health Care, Inc		214,220
941	*	Cross Country Healthcare, Inc		15,997
2,701	*	DaVita, Inc		156,307
1,437	*	Edwards Lifesciences Corp		66,950
604	*	Enzo Biochem, Inc		7,363
3,138	*	Express Scripts, Inc		236,888
817	*	Five Star Quality Care, Inc		8,791
517	*	Genesis HealthCare Corp		24,625
671	*	Gentiva Health Services, Inc		11,031
9,795		HCA, Inc		488,673
5,904		Health Management Associates, Inc (Class A)		123,394
867	*	Healthways, Inc		38,668
270	*	Horizon Health Corp		4,123
708	*	Kindred Healthcare, Inc		21,049
3,121	*	Laboratory Corp of America Holdings		204,644
404		LCA-Vision, Inc		16,689
294	*	LHC Group, Inc		6,562
1,383	*	LifePoint Hospitals, Inc		48,848
2,396	*	Lincare Holdings, Inc		82,997
959	*	Magellan Health Services, Inc		40,853
1,989		Manor Care, Inc		103,985
450	*	Matria Healthcare, Inc		12,506
7,816		McKesson Corp		412,060
170	*	Medcath Corp		5,115
7,588	*	Medco Health Solutions, Inc		456,115
175		National Healthcare Corp		9,403
2,300	*	Nektar Therapeutics		33,143
631	*	Odyssey HealthCare, Inc		8,948
3,130		Omnicare, Inc		134,872
1,087		Option Care, Inc		14,555
1,266	*	Pediatrix Medical Group, Inc		57,730
2,609		Pharmaceutical Product Development, Inc		93,115
1,358	*	Psychiatric Solutions, Inc		46,294
400	*	Radiation Therapy Services, Inc		11,692
500	*	RehabCare Group, Inc		6,550
1,449	*	Sierra Health Services, Inc		54,830
610	*	Stereotaxis, Inc		6,314
594	*	Sun Healthcare Group, Inc		6,380
1,145	*	Sunrise Senior Living, Inc		34,201
467	*	Symbion, Inc		8,574
12,116	*	Tenet Healthcare Corp		98,624
2,123	*	Triad Hospitals, Inc		93,476
1,188	*	United Surgical Partners International, Inc		29,498
1,141		Universal Health Services, Inc (Class B)		68,380
309	*	VistaCare, Inc (Class A)		3,214

48

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
16,197	*	WellPoint, Inc	$	1,247,979
		TOTAL HEALTH SERVICES		6,367,954
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.02%
933		Granite Construction, Inc		49,776
529	*	Matrix Service Co		6,925
231	*	Sterling Construction Co, Inc		4,634
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		61,335
HOLDING AND OTHER INVESTMENT OFFICES - 2.80%
1,000		Aames Investment Corp		3,520
690		Acadia Realty Trust		17,595
861	*	Affiliated Managers Group, Inc		86,195
695	*	Affordable Residential Communities		6,735
496		Agree Realty Corp		16,294
54	*	Alexander's, Inc		16,754
586		Alexandria Real Estate Equities, Inc		54,967
3,428		Allied Capital Corp		103,560
2,246		AMB Property Corp		123,777
400		American Campus Communities, Inc		10,204
3,293		American Financial Realty Trust		36,750
1,135		American Home Mortgage Investment Corp		39,577
4,212		Annaly Mortgage Management, Inc		55,346
1,284		Anthracite Capital, Inc		16,512
1,557		Anworth Mortgage Asset Corp		13,001
2,490		Apartment Investment & Management Co (Class A)		135,481
2,088		Apollo Investment Corp		42,825
197		Arbor Realty Trust, Inc		5,035
5,410		Archstone-Smith Trust		294,520
1,164		Ashford Hospitality Trust, Inc		13,887
1,906		AvalonBay Communities, Inc		229,482
1,443		BioMed Realty Trust, Inc		43,781
2,922		Boston Properties, Inc		301,959
2,273		Brandywine Realty Trust		73,986
1,328		BRE Properties, Inc (Class A)		79,321
1,452		Camden Property Trust		110,367
637		Capital Lease Funding, Inc		7,064
79		Capital Southwest Corp		9,413
373		Capital Trust, Inc		15,192
1,657		CBL & Associates Properties, Inc		69,445
777		Cedar Shopping Centers, Inc		12,564
309		CentraCore Properties Trust		9,811
300		Cherokee, Inc		10,983
1,100		Colonial Properties Trust		52,591
336		Compass Diversified Trust		5,141
957		Corporate Office Properties Trust		42,835
936		Cousins Properties, Inc		32,021
2,446		Crescent Real Estate Equities Co		53,347
1,329		Deerfield Triarc Capital Corp		17,423
2,785		Developers Diversified Realty Corp		155,292
1,659		DiamondRock Hospitality Co		27,556
300		Digital Realty Trust, Inc		9,396
3,522		Duke Realty Corp		131,547
570		EastGroup Properties, Inc		28,420

49

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
600		Education Realty Trust, Inc	$	8,856
87	*	Enstar Group, Inc		8,312
663		Entertainment Properties Trust		32,699
1,440		Equity Inns, Inc		22,925
476		Equity Lifestyle Properties, Inc		21,758
9,249		Equity Office Properties Trust		367,740
800		Equity One, Inc		19,176
7,352		Equity Residential		371,864
618		Essex Property Trust, Inc		75,025
1,100		Extra Space Storage, Inc		19,041
1,367		Federal Realty Investment Trust		101,568
1,572		FelCor Lodging Trust, Inc		31,519
1,272		Fieldstone Investment Corp		11,105
1,143		First Industrial Realty Trust, Inc		50,292
423		First Potomac Realty Trust		12,783
1,277		Franklin Street Properties Corp		25,361
3,885		Friedman Billings Ramsey Group, Inc		31,197
4,334		General Growth Properties, Inc		206,515
629		Getty Realty Corp		18,417
236		Gladstone Capital Corp		5,194
430		Gladstone Investment Corp		6,278
847		Glenborough Realty Trust, Inc		21,793
789		Glimcher Realty Trust		19,551
390		Global Signal, Inc		19,726
800		GMH Communities Trust		10,096
400		Gramercy Capital Corp		10,084
350		Harris & Harris Group, Inc		4,298
3,586		Health Care Property Investors, Inc		111,345
1,541		Health Care REIT, Inc		61,655
1,251		Healthcare Realty Trust, Inc		48,051
713		Heritage Property Investment Trust		25,996
706		Hersha Hospitality Trust		6,778
1,539		Highland Hospitality Corp		22,054
1,624		Highwoods Properties, Inc		60,429
936		Home Properties, Inc		53,502
1,700		HomeBanc Corp		10,455
1,756		Hospitality Properties Trust		82,883
13,064		Host Marriott Corp		299,558
5,594		HRPT Properties Trust		66,848
2,165		IMPAC Mortgage Holdings, Inc		20,286
1,748		Inland Real Estate Corp		30,625
920		Innkeepers U.S.A. Trust		14,987
1,600		Investors Real Estate Trust		15,616
6,900		iShares Russell 3000 Index Fund		530,541
2,822		iStar Financial, Inc		117,677
674		JER Investors Trust, Inc		11,566
800		Kilroy Realty Corp		60,272
5,410		Kimco Realty Corp		231,927
700		Kite Realty Group Trust		11,928
1,771		KKR Financial Corp		43,460
931		LaSalle Hotel Properties		40,350
1,363		Lexington Corporate Properties Trust		28,868
2,152		Liberty Property Trust		102,844
597		LTC Properties, Inc		14,477

50

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
1,028		Luminent Mortgage Capital, Inc	$	10,578
1,853		Macerich Co		141,495
1,407		Mack-Cali Realty Corp		72,883
956		Maguire Properties, Inc		38,947
1,021		Medical Properties Trust, Inc		13,671
2,141		MFA Mortgage Investments, Inc		15,950
569		Mid-America Apartment Communities, Inc		34,834
1,511		Mills Corp		25,249
500		MortgageIT Holdings, Inc		7,040
913		National Health Investors, Inc		25,865
1,410		National Retail Properties, Inc		30,456
1,874		Nationwide Health Properties, Inc		50,111
1,272		New Century Financial Corp		50,002
2,873		New Plan Excel Realty Trust		77,715
1,140		Newcastle Investment Corp		31,247
496		Newkirk Realty Trust, Inc		8,174
700		NorthStar Realty Finance Corp		8,890
704		Novastar Financial, Inc		20,550
6,657		NTL, Inc		169,288
1,305		Omega Healthcare Investors, Inc		19,588
1,067		Pan Pacific Retail Properties, Inc		74,071
509		Parkway Properties, Inc		23,663
1,044		Pennsylvania Real Estate Investment Trust		44,443
4,762		Plum Creek Timber Co, Inc		162,098
1,037		Post Properties, Inc		49,278
1,045		Potlatch Corp		38,770
6,156		Prologis		351,261
437		PS Business Parks, Inc		26,351
3,147		Public Storage, Inc		270,611
731		RAIT Investment Trust		21,089
311		Ramco-Gershenson Properties		9,936
6,357	*	Realogy Corp		144,177
2,302		Realty Income Corp		56,882
2,127		Reckson Associates Realty Corp		91,036
514		Redwood Trust, Inc		25,890
1,682		Regency Centers Corp		115,654
650		Republic Property Trust		7,163
340		Saul Centers, Inc		15,300
1,300		Saxon Capital, Inc		18,252
1,653		Senior Housing Properties Trust		35,275
5,559		Simon Property Group, Inc		503,757
474		Sizeler Property Investors, Inc		7,124
1,116		SL Green Realty Corp		124,657
368		Sovran Self Storage, Inc		20,442
2,128		Spirit Finance Corp		24,706
478	*	Star Maritime Acquisition Corp		4,594
1,893		Strategic Hotels & Resorts, Inc		37,633
366		Sun Communities, Inc		11,697
1,496		Sunstone Hotel Investors, Inc		44,461
766		Tanger Factory Outlet Centers, Inc		27,285
273		Tarragon Corp		2,842
1,400		Taubman Centers, Inc		62,188
2,804		Thornburg Mortgage, Inc		71,418
2,431		Trizec Properties, Inc		70,280

51

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
1,750		Trustreet Properties, Inc	$	21,893
3,488		United Dominion Realty Trust, Inc		105,338
488		Universal Health Realty Income Trust		17,495
562		Urstadt Biddle Properties, Inc (Class A)		10,212
1,218		U-Store-It Trust		26,138
2,686		Ventas, Inc		103,518
3,088		Vornado Realty Trust		336,592
1,105		Washington Real Estate Investment Trust		43,979
2,101		Weingarten Realty Investors		90,385
524		Windrose Medical Properties Trust		9,264
600		Winston Hotels, Inc		7,392
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		10,498,646
HOTELS AND OTHER LODGING PLACES - 0.50%
632		Ameristar Casinos, Inc		13,721
950	*	Aztar Corp		50,360
469	*	Bluegreen Corp		5,379
1,136		Boyd Gaming Corp		43,668
890		Choice Hotels International, Inc		36,401
1,045	*	Gaylord Entertainment Co		45,823
665	*	Great Wolf Resorts, Inc		7,953
9,942		Hilton Hotels Corp		276,885
243	*	Isle of Capri Casinos, Inc		5,118
3,584	*	Las Vegas Sands Corp		244,966
530	*	Lodgian, Inc		7,038
485		Marcus Corp		11,140
8,814		Marriott International, Inc (Class A)		340,573
3,085	*	MGM Mirage		121,827
268	*	Monarch Casino & Resort, Inc		5,197
464	*	Morgans Hotel Group Co		5,800
300	*	Riviera Holdings Corp		6,129
5,427		Starwood Hotels & Resorts Worldwide, Inc		310,370
1,308		Station Casinos, Inc		75,642
720	*	Trump Entertainment Resorts, Inc		12,211
796	*	Vail Resorts, Inc		31,856
5,086	*	Wyndham Worldwide Corp		142,255
1,247	*	Wynn Resorts Ltd		84,808
		TOTAL HOTELS AND OTHER LODGING PLACES		1,885,120
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.28%
19,164		3M Co		1,426,185
128		Aaon, Inc		2,920
696		Actuant Corp		34,870
2,424	*	AGCO Corp		61,448
741		Albany International Corp (Class A)		23,579
359	*	Allis-Chalmers Energy, Inc		5,256
4,597		American Standard Cos, Inc		192,936
190		Ampco-Pittsburgh Corp		5,877
39,579		Applied Materials, Inc		701,736
455	*	Astec Industries, Inc		11,489
354	*	ASV, Inc		5,278
1,413	*	Asyst Technologies, Inc		9,552
2,844	*	Axcelis Technologies, Inc		20,079
1,861		Black & Decker Corp		147,670

52

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
472		Black Box Corp	$	18,370
776	*	Blount International, Inc		7,776
1,362		Briggs & Stratton Corp		37,523
2,121	*	Brooks Automation, Inc		27,679
796		Bucyrus International, Inc (Class A)		33,766
813		Carlisle Cos, Inc		68,373
328		Cascade Corp		14,973
17,085		Caterpillar, Inc		1,124,193
1,514		CDW Corp		93,384
2,247	*	Cirrus Logic, Inc		16,381
465	*	Columbus McKinnon Corp		8,384
1,196		Cummins, Inc		142,599
1,061		Curtiss-Wright Corp		32,201
1,006	*	Cymer, Inc		44,173
5,956		Deere & Co		499,768
59,015	*	Dell, Inc		1,347,903
1,867		Diebold, Inc		81,271
1,931		Donaldson Co, Inc		71,254
5,106		Dover Corp		242,229
802	*	Dresser-Rand Group, Inc		16,361
288	*	Dril-Quip, Inc		19,492
3,825		Eaton Corp		263,351
1,285	*	Electronics for Imaging, Inc		29,401
60,677	*	EMC Corp		726,910
1,918	*	Emulex Corp		34,850
549	*	EnPro Industries, Inc		16,503
3,733	*	Entegris, Inc		40,727
2,903	*	Extreme Networks, Inc		10,538
368	*	Flanders Corp		3,150
904	*	Flow International Corp		11,725
1,341	*	Flowserve Corp		67,841
1,696	*	FMC Technologies, Inc		91,075
1,308	*	Gardner Denver, Inc		43,269
6,285	*	Gateway, Inc		11,879
261	*	Gehl Co		6,990
265,734		General Electric Co		9,380,410
996	*	Global Imaging Systems, Inc		21,982
602	*	Goodman Global, Inc		8,037
125		Gorman-Rupp Co		4,088
1,799		Graco, Inc		70,269
3,382	*	Grant Prideco, Inc		128,617
71,258		Hewlett-Packard Co		2,614,456
465	*	Hydril		26,068
1,320		IDEX Corp		56,826
1,307	*	Intermec, Inc		34,453
39,422		International Business Machines Corp		3,230,239
8,569		International Game Technology		355,614
471	*	Intevac, Inc		7,913
4,717		Jabil Circuit, Inc		134,765
3,127		Joy Global, Inc		117,606
277	*	Kadant, Inc		6,803
816		Kaydon Corp		30,208
1,026		Kennametal, Inc		58,123
700	*	Komag, Inc		22,372

53

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
1,778	*	Kulicke & Soffa Industries, Inc	$	15,718
3,482	*	Lam Research Corp		157,839
264	*	LB Foster Co		4,250
1,559		Lennox International, Inc		35,701
2,577	*	Lexmark International, Inc		148,590
347		Lindsay Manufacturing Co		9,976
400		Lufkin Industries, Inc		21,168
1,577		Manitowoc Co, Inc		70,634
987	*	Micros Systems, Inc		48,284
126	*	Middleby Corp		9,710
907		Modine Manufacturing Co		22,067
142		Nacco Industries, Inc (Class A)		19,299
375	*	NATCO Group, Inc		10,800
909	*	Netgear, Inc		18,716
286		NN, Inc		3,383
806		Nordson Corp		32,127
1,282	*	Oil States International, Inc		35,255
3,241		Pall Corp		99,855
2,354	*	Palm, Inc		34,274
3,106		Parker Hannifin Corp		241,429
1,062	*	Paxar Corp		21,219
590	*	ProQuest Co		7,682
3,577	*	Quantum Corp		7,798
714	*	Rackable Systems, Inc		19,542
535	*	RBC Bearings, Inc		12,920
115		Robbins & Myers, Inc		3,556
4,481		Rockwell Automation, Inc		260,346
3,122	*	Safeguard Scientifics, Inc		6,119
5,016	*	SanDisk Corp		268,557
270		Sauer-Danfoss, Inc		6,475
706	*	Scansource, Inc		21,413
1,684	*	Scientific Games Corp (Class A)		53,551
200	*	Semitool, Inc		2,068
571	*	Sigma Designs, Inc		8,536
5,444		Smith International, Inc		211,227
23,271	*	Solectron Corp		75,863
1,571		SPX Corp		83,954
344		Standex International Corp		9,591
2,097		Stanley Works		104,535
6,474		Symbol Technologies, Inc		96,204
367	*	Tecumseh Products Co (Class A)		5,582
468		Tennant Co		11,391
2,594	*	Terex Corp		117,301
2,153		Timken Co		64,116
989		Toro Co		41,706
341	*	TurboChef Technologies, Inc		4,740
810	*	Ultratech, Inc		10,789
1,608	*	VA Software Corp		6,464
3,445	*	Varian Medical Systems, Inc		183,929
1,003	*	VeriFone Holdings, Inc		28,636
719		Watsco, Inc		33,081
5,786	*	Western Digital Corp		104,727
900		Woodward Governor Co		30,186
1,879	*	Zebra Technologies Corp (Class A)		67,155
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		27,294,020

54

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
INSTRUMENTS AND RELATED PRODUCTS - 4.15%
492	*	Abaxis, Inc	$	11,508
429	*	Abiomed, Inc		6,345
266	*	ADE Corp		8,517
1,770	*	Advanced Medical Optics, Inc		70,004
1,784	*	Affymetrix, Inc		38,463
10,763	*	Agilent Technologies, Inc		351,842
1,500	*	Align Technology, Inc		17,070
3,774		Allergan, Inc		424,990
1,794	*	American Medical Systems Holdings, Inc		33,063
214	*	American Science & Engineering, Inc		10,383
360		Analogic Corp		18,475
700	*	Anaren, Inc		14,749
310	*	Angiodynamics, Inc		6,420
4,635		Applera Corp (Applied Biosystems Group)		153,465
232	*	Argon ST, Inc		5,561
785	*	Armor Holdings, Inc		45,004
547		Arrow International, Inc		17,400
700	*	Arthrocare Corp		32,802
449	*	Aspect Medical Systems, Inc		7,664
288		Badger Meter, Inc		7,255
2,673		Bard (C.R.), Inc		200,475
1,394		Bausch & Lomb, Inc		69,881
16,606		Baxter International, Inc		754,909
1,612		Beckman Coulter, Inc		92,787
6,185		Becton Dickinson & Co		437,094
6,352		Biomet, Inc		204,471
432	*	Bio-Rad Laboratories, Inc (Class A)		30,555
365	*	Biosite, Inc		16,874
31,430	*	Boston Scientific Corp		464,850
446	*	Bruker BioSciences Corp		3,126
414	*	Candela Corp		4,517
1,175	*	Cepheid, Inc		8,484
708	*	Cerus Corp		3,929
372		CNS, Inc		10,502
793	*	Coherent, Inc		27,485
475		Cohu, Inc		8,469
987	*	Conmed Corp		20,836
1,094		Cooper Cos, Inc		58,529
2,710	*	Credence Systems Corp		7,724
555	*	Cyberonics, Inc		9,729
6,055		Danaher Corp		415,797
446		Datascope Corp		14,928
3,900		Dentsply International, Inc		117,429
931	*	Depomed, Inc		3,798
440	*	DexCom, Inc		4,897
526	*	Dionex Corp		26,794
503	*	DJ Orthopedics, Inc		20,890
992		DRS Technologies, Inc		43,321
7,483		Eastman Kodak Co		167,619
656		EDO Corp		15,009
866	*	Encore Medical Corp		5,456

55

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
600	*	ESCO Technologies, Inc	$	27,624
565	*	Esterline Technologies Corp		19,074
127	*	ev3, Inc		2,160
245	*	Excel Technology, Inc		7,250
815	*	FEI Co		17,205
3,184	*	Fisher Scientific International, Inc		249,116
1,894	*	Flir Systems, Inc		51,441
1,180	*	Formfactor, Inc		49,713
1,212	*	Fossil, Inc		26,106
357	*	Foxhollow Technologies, Inc		12,206
675	*	Haemonetics Corp		31,590
888	*	HealthTronics, Inc		5,479
463	*	Herley Industries, Inc		5,732
1,179	*	Hologic, Inc		51,310
283	*	ICU Medical, Inc		12,871
511	*	I-Flow Corp		6,142
600	*	II-VI, Inc		14,952
1,080	*	Illumina, Inc		35,683
1,834	*	Input/Output, Inc		18,212
454	*	Integra LifeSciences Holdings Corp		17,016
1,099	*	Intermagnetics General Corp		29,728
343	*	Intralase Corp		6,761
937	*	Intuitive Surgical, Inc		98,807
737		Invacare Corp		17,334
900	*	Ionatron, Inc		4,329
420	*	IRIS International, Inc		4,830
593	*	Itron, Inc		33,089
995	*	Ixia		8,865
75,336		Johnson & Johnson		4,892,320
207	*	Kensey Nash Corp		6,059
5,143		Kla-Tencor Corp		228,709
2,526	*	Kopin Corp		8,462
1,137	*	Kyphon, Inc		42,547
1,243	*	L-1 Identity Solutions, Inc		16,221
1,706	*	LTX Corp		8,547
293	*	Measurement Specialties, Inc		5,464
233	*	Medical Action Industries, Inc		6,265
30,762		Medtronic, Inc		1,428,587
1,051		Mentor Corp		52,960
814	*	Merit Medical Systems, Inc		11,054
1,091	*	Mettler-Toledo International, Inc		72,170
1,370	*	Millipore Corp		83,981
801		Mine Safety Appliances Co		28,548
854	*	MKS Instruments, Inc		17,345
369	*	Molecular Devices Corp		6,823
404		Movado Group, Inc		10,270
609		MTS Systems Corp		19,695
1,411		National Instruments Corp		38,577
475	*	Natus Medical, Inc		6,484
200	*	Neurometrix, Inc		3,802
1,300	*	Newport Corp		21,190
855	*	NuVasive, Inc		17,194
609		Oakley, Inc		10,383
99	*	OYO Geospace Corp		5,618

56

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
446	*	Palomar Medical Technologies, Inc	$	18,821
3,347		PerkinElmer, Inc		63,359
500	*	Photon Dynamics, Inc		6,635
5,739		Pitney Bowes, Inc		254,639
677		PolyMedica Corp		28,982
1,950	*	Resmed, Inc		78,488
1,862	*	Respironics, Inc		71,892
311	*	Rofin-Sinar Technologies, Inc		18,899
2,220		Roper Industries, Inc		99,323
814	*	Rudolph Technologies, Inc		14,921
1,331	*	Sirf Technology Holdings, Inc		31,931
432		Sirona Dental Systems, Inc		14,226
491	*	Sonic Solutions, Inc		7,483
600	*	SonoSite, Inc		17,040
784	*	Spectranetics Corp		9,173
9,176	*	St. Jude Medical, Inc		323,821
1,571		STERIS Corp		37,798
7,542		Stryker Corp		374,008
892	*	Symmetry Medical, Inc		13,460
1,152	*	Techne Corp		58,591
2,257		Tektronix, Inc		65,295
901	*	Teledyne Technologies, Inc		35,680
5,161	*	Teradyne, Inc		67,919
4,198	*	Thermo Electron Corp		165,107
1,256	*	ThermoGenesis Corp		4,861
1,349	*	Thoratec Corp		21,058
1,427	*	Trimble Navigation Ltd		67,183
775	*	TriPath Imaging, Inc		6,998
152		United Industrial Corp		8,132
804	*	Varian, Inc		36,879
647	*	Veeco Instruments, Inc		13,037
702	*	Ventana Medical Systems, Inc		28,663
1,005	*	Viasys Healthcare, Inc		27,376
400	*	Vital Images, Inc		12,632
178		Vital Signs, Inc		10,077
2,746	*	Waters Corp		124,339
754	*	Wright Medical Group, Inc		18,285
23,280	*	Xerox Corp		362,237
544		X-Rite, Inc		5,843
300		Young Innovations, Inc		10,788
6,414	*	Zimmer Holdings, Inc		432,945
300	*	Zoll Medical Corp		10,767
471	*	Zygo Corp		6,005
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		15,551,640
INSURANCE AGENTS, BROKERS AND SERVICE - 0.43%
8,065		AON Corp		273,161
2,944		Brown & Brown, Inc		89,969
454		Clark, Inc		5,117
364		Crawford & Co (Class B)		2,471
2,498		Gallagher (Arthur J.) & Co		66,622
7,689		Hartford Financial Services Group, Inc		667,021
977		Hilb Rogal & Hobbs Co		41,669
229	*	James River Group, Inc		6,721

57

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
14,038		Marsh & McLennan Cos, Inc	$	395,170
917		National Financial Partners Corp		37,624
993	*	USI Holdings Corp		13,455
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,599,000
INSURANCE CARRIERS - 4.63%
637		21st Century Insurance Group		9,523
14,336		Aetna, Inc		566,989
400		Affirmative Insurance Holdings, Inc		5,860
12,674		Aflac, Inc		579,962
988		Alfa Corp		17,063
110	*	Alleghany Corp		31,791
16,103		Allstate Corp		1,010,141
2,628		Ambac Financial Group, Inc		217,467
1,449		American Equity Investment Life Holding Co		17,779
1,365		American Financial Group, Inc		64,059
56,163		American International Group, Inc		3,721,360
259		American National Insurance Co		30,018
300	*	American Physicians Capital, Inc		14,514
1,329	*	AMERIGROUP Corp		39,272
1,024		AmerUs Group Co		69,642
723	*	Argonaut Group, Inc		22,435
3,189		Assurant, Inc		170,324
437		Baldwin & Lyons, Inc (Class B)		10,584
426		Bristol West Holdings, Inc		6,198
1,142	*	Centene Corp		18,774
10,546		Chubb Corp		547,970
3,818		Cincinnati Financial Corp		183,493
643	*	CNA Financial Corp		23,161
362	*	CNA Surety Corp		7,312
1,312		Commerce Group, Inc		39,426
3,868	*	Conseco, Inc		81,189
1,095		Delphi Financial Group, Inc (Class A)		43,669
652		Direct General Corp		8,776
156		Donegal Group, Inc		3,154
100		EMC Insurance Group, Inc		2,884
1,223		Erie Indemnity Co (Class A)		64,049
572		FBL Financial Group, Inc (Class A)		19,145
4,465		Fidelity National Financial, Inc		185,967
768		Fidelity National Title Group, Inc		16,097
576	*	First Acceptance Corp		6,618
2,132		First American Corp		90,269
226	*	Fpic Insurance Group, Inc		8,952
11,467		Genworth Financial, Inc		401,460
101		Great American Financial Resources, Inc		2,114
1,381		Hanover Insurance Group, Inc		61,634
475		Harleysville Group, Inc		16,620
2,843		HCC Insurance Holdings, Inc		93,478
2,813	*	Health Net, Inc		122,422
701	*	HealthExtras, Inc		19,845
481	*	Healthspring, Inc		9,259
887		Horace Mann Educators Corp		17,057
4,245	*	Humana, Inc		280,552
180		Independence Holding Co		3,917

58

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
582		Infinity Property & Casualty Corp	$	23,938
91		Kansas City Life Insurance Co		4,144
473		LandAmerica Financial Group, Inc		31,119
4,218		Leucadia National Corp		110,385
7,061		Lincoln National Corp		438,347
11,241		Loews Corp		426,034
256	*	Markel Corp		105,129
3,328		MBIA, Inc		204,472
667	*	Meadowbrook Insurance Group, Inc		7,510
753		Mercury General Corp		37,356
11,647		Metlife, Inc		660,152
2,059		MGIC Investment Corp		123,478
306		Midland Co		13,256
200	*	Molina Healthcare, Inc		7,072
410		National Interstate Corp		10,086
59		National Western Life Insurance Co (Class A)		13,564
1,262		Nationwide Financial Services, Inc (Class A)		60,702
300	*	Navigators Group, Inc		14,403
151		NYMAGIC, Inc		4,787
329		Odyssey Re Holdings Corp		11,114
1,636		Ohio Casualty Corp		42,323
6,043		Old Republic International Corp		133,852
1,344	*	Philadelphia Consolidated Holding Co		53,464
2,899		Phoenix Cos, Inc		40,586
1,362	*	PMA Capital Corp (Class A)		12,013
2,108		PMI Group, Inc		92,351
370		Presidential Life Corp		8,277
6,951		Principal Financial Group		377,300
741	*	ProAssurance Corp		36,516
19,806		Progressive Corp		486,039
1,841		Protective Life Corp		84,226
12,503		Prudential Financial, Inc		953,354
2,126		Radian Group, Inc		127,560
834		Reinsurance Group Of America, Inc		43,310
488		RLI Corp		24,786
3,079		Safeco Corp		181,445
282		Safety Insurance Group, Inc		13,722
259	*	SCPIE Holdings, Inc		6,097
500	*	SeaBright Insurance Holdings, Inc		6,985
742		Selective Insurance Group, Inc		39,037
17,699		St. Paul Travelers Cos, Inc		829,906
1,458		Stancorp Financial Group, Inc		65,071
374		State Auto Financial Corp		11,426
432		Stewart Information Services Corp		15,021
2,491		Torchmark Corp		157,207
435		Tower Group, Inc		14,507
598		Transatlantic Holdings, Inc		36,125
263	*	Triad Guaranty, Inc		13,458
398		United Fire & Casualty Co		12,457
34,273		UnitedHealth Group, Inc		1,686,232
1,256		Unitrin, Inc		55,478
650	*	Universal American Financial Corp		10,446
7,761		UnumProvident Corp		150,486
4,018		W.R. Berkley Corp		142,197

59

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
844	*	WellCare Health Plans, Inc	$	47,796
20		Wesco Financial Corp		8,740
951		Zenith National Insurance Corp		37,935
		TOTAL INSURANCE CARRIERS		17,349,023
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
1,552	*	Corrections Corp of America		67,124
400	*	Geo Group, Inc		16,900
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		84,024
LEATHER AND LEATHER PRODUCTS - 0.13%
9,750	*	Coach, Inc		335,400
254	*	CROCS, Inc		8,623
646	*	Genesco, Inc		22,268
914	*	Iconix Brand Group, Inc		14,715
402		Steven Madden Ltd		15,774
1,374	*	Timberland Co (Class A)		39,530
150		Weyco Group, Inc		3,356
1,306		Wolverine World Wide, Inc		36,973
		TOTAL LEATHER AND LEATHER PRODUCTS		476,639
LEGAL SERVICES - 0.01%
1,106	*	FTI Consulting, Inc		27,716
162		Pre-Paid Legal Services, Inc		6,427
		TOTAL LEGAL SERVICES		34,143
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
2,498		Laidlaw International, Inc		68,270
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		68,270
LUMBER AND WOOD PRODUCTS - 0.03%
174		American Woodmark Corp		5,862
2,253	*	Champion Enterprises, Inc		15,546
347		Deltic Timber Corp		16,538
2,601		Louisiana-Pacific Corp		48,821
134		Skyline Corp		5,120
458		Universal Forest Products, Inc		22,465
		TOTAL LUMBER AND WOOD PRODUCTS		114,352
METAL MINING - 0.35%
1,204		Cleveland-Cliffs, Inc		45,884
6,691	*	Coeur d'Alene Mines Corp		31,515
1,177		Foundation Coal Holdings, Inc		38,099
4,863		Freeport-McMoRan Copper & Gold, Inc (Class A)		259,003
2,577	*	Hecla Mining Co		14,792
10,558		Newmont Mining Corp		451,355
5,166		Phelps Dodge Corp		437,560
429		Royal Gold, Inc		11,639
197		Southern Copper Corp		18,223
702	*	Stillwater Mining Co		5,897
		TOTAL METAL MINING		1,313,967
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
870		Blyth, Inc		21,167

60

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
1,930		Callaway Golf Co	$	25,302
1,004		Daktronics, Inc		20,773
3,689		Fortune Brands, Inc		277,081
4,349		Hasbro, Inc		98,940
815	*	Jakks Pacific, Inc		14,531
1,500	*	K2, Inc		17,595
10,061		Mattel, Inc		198,202
699		Nautilus, Inc		9,611
1,187	*	Progressive Gaming International Corp		9,733
537	*	RC2 Corp		18,006
239	*	Russ Berrie & Co, Inc		3,642
1,005	*	Shuffle Master, Inc		27,145
189	*	Steinway Musical Instruments, Inc		5,292
1,163		Yankee Candle Co, Inc		34,041
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		781,061
MISCELLANEOUS RETAIL - 1.30%
1,405	*	1-800-FLOWERS.COM, Inc (Class A)		7,390
564	*	AC Moore Arts & Crafts, Inc		10,733
7,951	*	Amazon.com, Inc		255,386
1,303		Barnes & Noble, Inc		49,436
10,147		Best Buy Co, Inc		543,473
500		Big 5 Sporting Goods Corp		11,400
389	*	Blue Nile, Inc		14,140
369		Books-A-Million, Inc		6,587
1,498		Borders Group, Inc		30,559
388	*	Build-A-Bear Workshop, Inc		8,835
681		Cash America International, Inc		26,613
1,324	*	CKX, Inc		16,484
1,531	*	Coldwater Creek, Inc		44,032
20,736		CVS Corp		666,040
511	*	dELiA*s, Inc		3,935
844	*	Dick's Sporting Goods, Inc		38,419
2,556	*	Dollar Tree Stores, Inc		79,134
1,400	*	Drugstore.com, Inc		4,830
310	*	Ezcorp, Inc		11,991
1,021	*	GSI Commerce, Inc		15,152
988	*	Hibbett Sporting Goods, Inc		25,866
819		Longs Drug Stores Corp		37,682
3,411		Michaels Stores, Inc		148,515
980		MSC Industrial Direct Co (Class A)		39,925
829	*	Nutri/System, Inc		51,638
7,231	*	Office Depot, Inc		287,071
1,867		OfficeMax, Inc		76,062
306	*	Overstock.com, Inc		5,364
1,428	*	Petco Animal Supplies, Inc		40,898
3,618		Petsmart, Inc		100,400
719	*	Priceline.com, Inc		26,452
12,886	*	Rite Aid Corp		58,502
2,202	*	Sears Holdings Corp		348,114
490	*	Stamps.com, Inc		9,339
18,399		Staples, Inc		447,648
3,683		Tiffany & Co		122,276
394	*	Valuevision International, Inc (Class A)		4,566

61

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
25,680		Walgreen Co	$	1,139,935
606		World Fuel Services Corp		24,513
1,236	*	Zale Corp		34,287
373	*	Zumiez, Inc		10,071
		TOTAL MISCELLANEOUS RETAIL		4,883,693
MOTION PICTURES - 1.47%
1,023	*	Avid Technology, Inc		37,258
4,898	*	Blockbuster, Inc (Class A)		18,808
216		Carmike Cinemas, Inc		3,711
17,041		CBS Corp		480,045
7,297	*	Discovery Holding Co (Class A)		105,515
1,054	*	DreamWorks Animation SKG, Inc (Class A)		26,255
407	*	Gaiam, Inc		5,254
1,186	*	Macrovision Corp		28,096
58,436		News Corp (Class A)		1,148,267
1,631		Regal Entertainment Group (Class A)		32,326
2,657	*	Time Warner Telecom, Inc (Class A)		50,510
102,428		Time Warner, Inc		1,867,262
55,787		Walt Disney Co		1,724,376
		TOTAL MOTION PICTURES		5,527,683
NONDEPOSITORY INSTITUTIONS - 1.78%
460	*	Accredited Home Lenders Holding Co		16,532
1,900		Advance America Cash Advance Centers, Inc		27,398
391		Advanta Corp (Class B)		14,428
3,441		American Capital Strategies Ltd		135,816
27,532		American Express Co		1,543,995
3,209	*	AmeriCredit Corp		80,193
977		Ares Capital Corp		17,019
261		Asta Funding, Inc		9,785
7,653		Capital One Financial Corp		601,985
2,310		CapitalSource, Inc		59,644
1,377		CharterMac		27,485
5,146		CIT Group, Inc		250,250
629	*	CompuCredit Corp		19,002
15,634		Countrywide Financial Corp		547,815
246	*	Credit Acceptance Corp		7,301
2,470		Doral Financial Corp		16,277
24,643		Fannie Mae		1,377,790
210		Federal Agricultural Mortgage Corp (Class C)		5,559
661		Financial Federal Corp		17,715
660	*	First Cash Financial Services, Inc		13,589
787		First Marblehead Corp		54,508
17,640		Freddie Mac		1,170,061
1,184	*	INVESTools, Inc		12,586
1,244		MCG Capital Corp		20,315
370		Medallion Financial Corp		4,081
451	*	Nelnet, Inc		13,864
458		NGP Capital Resources Co		6,682
815	*	Ocwen Financial Corp		12,144
10,408		SLM Corp		541,008
27		Student Loan Corp		5,189
503		Technology Investment Capital Corp		7,359

62

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
259	*	United PanAm Financial Corp	$	4,009
401	*	World Acceptance Corp		17,636
		TOTAL NONDEPOSITORY INSTITUTIONS		6,659,020
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
401		AMCOL International Corp		9,989
831		Compass Minerals International, Inc		23,526
1,127		Florida Rock Industries, Inc		43,626
2,598		Vulcan Materials Co		203,294
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		280,435
OIL AND GAS EXTRACTION - 1.69%
11,637		Anadarko Petroleum Corp		510,050
278	*	Arena Resources, Inc		8,929
561	*	Atlas America, Inc		23,943
470	*	ATP Oil & Gas Corp		17,362
724	*	Atwood Oceanics, Inc		32,558
1,725	*	Aurora Oil & Gas Corp		5,279
8,704		Baker Hughes, Inc		593,613
318	*	Basic Energy Services, Inc		7,759
803		Berry Petroleum Co (Class A)		22,612
737	*	Bill Barrett Corp		18,101
8,134		BJ Services Co		245,077
436	*	Bois d'Arc Energy, Inc		6,671
625	*	Brigham Exploration Co		4,231
300	*	Bronco Drilling Co, Inc		5,274
1,179		Cabot Oil & Gas Corp (Class A)		56,509
353	*	Callon Petroleum Co		4,787
2,994	*	Cameron International Corp		144,640
498	*	Carrizo Oil & Gas, Inc		12,843
1,459	*	Cheniere Energy, Inc		43,347
8,809		Chesapeake Energy Corp		255,285
2,117		Cimarex Energy Co		74,497
92	*	Clayton Williams Energy, Inc		2,788
718	*	CNX Gas Corp		16,636
675	*	Complete Production Services, Inc		13,325
1,066	*	Comstock Resources, Inc		28,942
190	*	Dawson Geophysical Co		5,643
1,045		Delta & Pine Land Co		42,323
1,376	*	Delta Petroleum Corp		30,988
3,080	*	Denbury Resources, Inc		89,012
1,544		Diamond Offshore Drilling, Inc		111,739
365	*	Edge Petroleum Corp		6,012
1,281	*	Encore Acquisition Co		31,180
870	*	Energy Partners Ltd		21,446
3,945		ENSCO International, Inc		172,909
3,178		Equitable Resources, Inc		111,166
1,000	*	EXCO Resources, Inc		12,410
737	*	Exploration Co of Delaware, Inc		7,053
1,291	*	Forest Oil Corp		40,783
1,694	*	Gasco Energy, Inc		4,574
2,243	*	Global Industries Ltd		34,901
206	*	GMX Resources, Inc		6,466
273	*	Goodrich Petroleum Corp		8,223

63

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
4,422	*	Grey Wolf, Inc	$	29,539
26,252		Halliburton Co		746,869
2,636	*	Hanover Compressor Co		48,028
1,312	*	Harvest Natural Resources, Inc		13,579
2,356	*	Helix Energy Solutions Group, Inc		78,690
2,566		Helmerich & Payne, Inc		59,095
519	*	Hercules Offshore, Inc		16,115
808	*	Houston Exploration Co		44,561
1,881	*	Mariner Energy, Inc		34,554
716	*	McMoRan Exploration Co		12,702
1,700	*	Meridian Resource Corp		5,202
410	*	Metretek Technologies, Inc		4,895
4,485	*	National Oilwell Varco, Inc		262,597
1,860	*	Newpark Resources, Inc		9,914
1,358	*	Oceaneering International, Inc		41,826
793	*	Parallel Petroleum Corp		15,908
2,546	*	Parker Drilling Co		18,026
4,247		Patterson-UTI Energy, Inc		100,909
144	v*	PetroCorp		0
4,209	*	PetroHawk Energy Corp		43,689
421	*	Petroleum Development Corp		16,794
1,072	*	Petroquest Energy, Inc		11,181
1,074	*	Pioneer Drilling Co		13,790
3,400		Pioneer Natural Resources Co		133,008
2,021	*	Plains Exploration & Production Co		86,721
1,361		Pogo Producing Co		55,733
4,125	*	Pride International, Inc		113,108
497	*	Quest Resource Corp		4,413
1,611	*	Quicksilver Resources, Inc		51,391
3,394		Range Resources Corp		85,665
1,110	*	Rosetta Resources, Inc		19,059
2,739		Rowan Cos, Inc		86,635
554		RPC, Inc		10,149
525	*	SEACOR Holdings, Inc		43,313
4,404	*	Southwestern Energy Co		131,547
1,510		St. Mary Land & Exploration Co		55,432
607	*	Stone Energy Corp		24,571
884	*	Sulphco, Inc		5,490
2,023	*	Superior Energy Services		53,124
288	*	Superior Well Services, Inc		5,702
743	*	Swift Energy Co		31,072
790	*	Syntroleum Corp		3,784
1,686	*	Tetra Technologies, Inc		40,734
1,559		Tidewater, Inc		68,892
1,595	*	Todco		55,187
565	*	Toreador Resources Corp		10,407
1,788	*	Transmeridian Exploration, Inc		7,063
302	*	Trico Marine Services, Inc		10,193
341	*	Union Drilling, Inc		3,751
1,202	*	Unit Corp		55,256
1,473	*	Vaalco Energy, Inc		10,576
838	*	Veritas DGC, Inc		55,157
335		W&T Offshore, Inc		9,785
1,376	*	Warren Resources, Inc		16,760

64

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
248	*	Warrior Energy Service Corp	$	6,386
822	*	W-H Energy Services, Inc		34,088
955	*	Whiting Petroleum Corp		38,296
9,407		XTO Energy, Inc		396,317
		TOTAL OIL AND GAS EXTRACTION		6,339,114
PAPER AND ALLIED PRODUCTS - 0.53%
2,762		Bemis Co		90,759
1,495		Bowater, Inc		30,752
827	*	Buckeye Technologies, Inc		7,030
696	*	Caraustar Industries, Inc		5,547
1,296	*	Cenveo, Inc		24,391
780		Chesapeake Corp		11,162
1,264		Glatfelter		17,127
2,067	*	Graphic Packaging Corp		7,565
400		Greif, Inc (Class A)		32,044
12,524		International Paper Co		433,706
11,667		Kimberly-Clark Corp		762,555
1,760		Longview Fibre Co		35,763
4,536		MeadWestvaco Corp		120,249
921	*	Mercer International, Inc		8,694
406		Neenah Paper, Inc		13,897
1,682		Packaging Corp of America		39,022
1,450	*	Playtex Products, Inc		19,430
826		Rock-Tenn Co (Class A)		16,355
456		Schweitzer-Mauduit International, Inc		8,655
6,769	*	Smurfit-Stone Container Corp		75,813
2,474		Sonoco Products Co		83,225
2,850		Temple-Inland, Inc		114,285
1,197		Wausau Paper Corp		16,160
		TOTAL PAPER AND ALLIED PRODUCTS		1,974,186
PERSONAL SERVICES - 0.15%
3,588		Cintas Corp		146,498
576	*	Coinstar, Inc		16,577
554		G & K Services, Inc (Class A)		20,182
8,328		H&R Block, Inc		181,051
800		Jackson Hewitt Tax Service, Inc		24,008
1,185		Regis Corp		42,482
8,069		Service Corp International		75,364
241		Unifirst Corp		7,529
1,182		Weight Watchers International, Inc		52,410
		TOTAL PERSONAL SERVICES		566,101
PETROLEUM AND COAL PRODUCTS - 5.91%
313		Alon USA Energy, Inc		9,230
8,352		Apache Corp		527,846
1,595		Ashland, Inc		101,729
56,418		Chevron Corp		3,659,271
42,009		ConocoPhillips		2,500,796
11,155		Devon Energy Corp		704,438
524		ElkCorp		14,227
6,086		EOG Resources, Inc		395,894
153,986		Exxon Mobil Corp		10,332,461

65

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
2,800		Frontier Oil Corp	$	74,424
377	*	Giant Industries, Inc		30,612
952	*	Headwaters, Inc		22,229
6,192		Hess Corp		256,473
1,200		Holly Corp		51,996
9,263		Marathon Oil Corp		712,325
4,816		Murphy Oil Corp		229,001
3,392	*	Newfield Exploration Co		130,728
4,584		Noble Energy, Inc		208,985
21,902		Occidental Petroleum Corp		1,053,705
3,342		Sunoco, Inc		207,839
1,826		Tesoro Corp		105,871
15,585		Valero Energy Corp		802,160
552		WD-40 Co		19,690
410		Western Refining, Inc		9,528
		TOTAL PETROLEUM AND COAL PRODUCTS		22,161,458
PRIMARY METAL INDUSTRIES - 0.94%
2,561	*	AK Steel Holding Corp		31,091
22,061		Alcoa, Inc		618,590
784	*	Aleris International, Inc		39,623
2,590		Allegheny Technologies, Inc		161,072
1,171		Belden CDT, Inc		44,767
472	*	Brush Engineered Materials, Inc		11,739
658		Carpenter Technology Corp		70,742
500	*	Century Aluminum Co		16,825
1,276		Chaparral Steel Co		43,461
1,678	*	CommScope, Inc		55,139
39,510	*	Corning, Inc		964,439
605	*	Encore Wire Corp		21,350
1,176	*	General Cable Corp		44,935
474		Gibraltar Industries, Inc		10,513
1,542		Hubbell, Inc (Class B)		73,862
818	*	Lone Star Technologies, Inc		39,575
774		Matthews International Corp (Class A)		28,491
983	*	Maverick Tube Corp		63,728
999		Mueller Industries, Inc		35,135
516	*	NS Group, Inc		33,308
8,049		Nucor Corp		398,345
212		Olympic Steel, Inc		5,270
800	*	Oregon Steel Mills, Inc		39,096
3,520		Precision Castparts Corp		222,323
901		Quanex Corp		27,345
657	*	RTI International Metals, Inc		28,632
450		Schnitzer Steel Industries, Inc (Class A)		14,193
1,227		Steel Dynamics, Inc		61,902
300		Steel Technologies, Inc		5,889
442	*	Superior Essex, Inc		15,139
638		Texas Industries, Inc		33,214
1,615	*	Titanium Metals Corp		40,827
741		Tredegar Corp		12,404
2,833		United States Steel Corp		163,407
2,063		Worthington Industries, Inc		35,195
		TOTAL PRIMARY METAL INDUSTRIES		3,511,566

66

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
PRINTING AND PUBLISHING - 0.62%
990	*	ACCO Brands Corp	$	22,037
1,535		American Greetings Corp (Class A)		35,489
663		Banta Corp		31,559
2,378		Belo (A.H.) Corp Series A		37,596
539		Bowne & Co, Inc		7,697
295	*	Consolidated Graphics, Inc		17,750
337		Courier Corp		12,516
162		CSS Industries, Inc		4,815
1,526		Dow Jones & Co, Inc		51,182
1,673	*	Dun & Bradstreet Corp		125,458
422		Ennis, Inc		9,136
2,041		EW Scripps Co		97,825
5,938		Gannett Co, Inc		337,457
1,303		Harte-Hanks, Inc		34,334
739		John H Harland Co		26,937
1,195		John Wiley & Sons, Inc (Class A)		43,032
721		Journal Communications, Inc		8,126
1,179		Journal Register Co		6,685
1,300		Lee Enterprises, Inc		32,812
590		Martha Stewart Living Omnimedia, Inc (Class A)		10,478
1,418		McClatchy Co (Class A)		59,825
9,035		McGraw-Hill Cos, Inc		524,301
574		Media General, Inc (Class A)		21,651
802		Meredith Corp		39,563
3,415		New York Times Co (Class A)		78,477
550	*	Playboy Enterprises, Inc (Class B)		5,176
703	*	Presstek, Inc		3,789
4,589	*	Primedia, Inc		6,975
1,381		R.H. Donnelley Corp		73,055
5,587		R.R. Donnelley & Sons Co		184,148
2,596		Reader's Digest Association, Inc (Class A)		33,644
234		Schawk, Inc		4,263
1,013	*	Scholastic Corp		31,555
338		Standard Register Co		4,462
1,952		Sun-Times Media Group, Inc		12,844
5,118		Tribune Co		167,461
1,194	*	Valassis Communications, Inc		21,074
144		Washington Post Co (Class B)		106,128
		TOTAL PRINTING AND PUBLISHING		2,331,312
RAILROAD TRANSPORTATION - 0.60%
9,311		Burlington Northern Santa Fe Corp		683,800
11,216		CSX Corp		368,221
842		Florida East Coast Industries		48,061
929	*	Genesee & Wyoming, Inc (Class A)		21,571
2,136	*	Kansas City Southern Industries, Inc		58,334
10,616		Norfolk Southern Corp		467,635
6,861		Union Pacific Corp		603,768
		TOTAL RAILROAD TRANSPORTATION		2,251,390
REAL ESTATE - 0.13%
946	*	Alderwoods Group, Inc		18,759

67

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
201		California Coastal Communities, Inc	$	4,133
4,771	*	CB Richard Ellis Group, Inc		117,367
151		Consolidated-Tomoka Land Co		9,690
1,722		Forest City Enterprises, Inc (Class A)		93,505
956		Jones Lang LaSalle, Inc		81,719
1,980		St. Joe Co		108,643
2,339		Stewart Enterprises, Inc (Class A)		13,707
991	*	Trammell Crow Co		36,181
		TOTAL REAL ESTATE		483,704
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.16%
186	*	AEP Industries, Inc		7,803
1,674		Cooper Tire & Rubber Co		16,840
252	*	Deckers Outdoor Corp		11,925
4,563	*	Goodyear Tire & Rubber Co		66,164
1,336	*	Jarden Corp		44,048
7,148		Newell Rubbermaid, Inc		202,431
272		PW Eagle, Inc		8,163
1,096		Schulman (A.), Inc		25,767
2,106		Sealed Air Corp		113,977
384	*	Skechers U.S.A., Inc (Class A)		9,028
757		Spartech Corp		20,265
500		Titan International, Inc		9,040
200	*	Trex Co, Inc		4,832
1,467		Tupperware Corp		28,548
815		West Pharmaceutical Services, Inc		32,005
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		600,836
SECURITY AND COMMODITY BROKERS - 3.03%
1,822		A.G. Edwards, Inc		97,076
5,547		Ameriprise Financial, Inc		260,154
3,070		Bear Stearns Cos, Inc		430,107
500		BlackRock, Inc		74,500
500		Calamos Asset Management, Inc (Class A)		14,660
1,364	*	Cbot Holdings, Inc		164,758
26,396		Charles Schwab Corp		472,488
893		Chicago Mercantile Exchange Holdings, Inc		427,077
342		Cohen & Steers, Inc		11,067
10,735	*	E*Trade Financial Corp		256,781
3,131		Eaton Vance Corp		90,361
2,221		Federated Investors, Inc (Class B)		75,092
4,378		Franklin Resources, Inc		462,974
175		GAMCO Investors, Inc		6,661
305	*	GFI Group, Inc		16,863
9,748		Goldman Sachs Group, Inc		1,649,069
454		Greenhill & Co, Inc		30,427
500	*	IntercontinentalExchange, Inc		37,535
987		International Securities Exchange, Inc		46,280
1,109	*	Investment Technology Group, Inc		49,628
5,681		Janus Capital Group, Inc		112,029
3,059		Jefferies Group, Inc		87,182
2,998	*	Knight Capital Group, Inc		54,564
1,377	*	LaBranche & Co, Inc		14,279
3,292		Legg Mason, Inc		332,031

68

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
13,624		Lehman Brothers Holdings, Inc	$	1,006,269
588	*	MarketAxess Holdings, Inc		6,156
23,484		Merrill Lynch & Co, Inc		1,836,918
27,250		Morgan Stanley		1,986,798
366	*	Morningstar, Inc		13,505
2,434	*	Nasdaq Stock Market, Inc		73,604
2,042		Nuveen Investments, Inc		104,612
4,023	*	NYSE Group, Inc		300,719
558		optionsXpress Holdings, Inc		15,557
544	*	Piper Jaffray Cos		32,977
2,489		Raymond James Financial, Inc		72,778
284		Sanders Morris Harris Group, Inc		3,553
1,632		SEI Investments Co		91,702
202	*	Stifel Financial Corp		6,411
376		SWS Group, Inc		9,359
6,788		T Rowe Price Group, Inc		324,806
7,854		TD Ameritrade Holding Corp		148,048
2,327		Waddell & Reed Financial, Inc (Class A)		57,593
		TOTAL SECURITY AND COMMODITY BROKERS		11,365,008
SOCIAL SERVICES - 0.02%
636	*	Bright Horizons Family Solutions, Inc		26,540
559	*	Capital Senior Living Corp		5,171
539	*	Providence Service Corp		14,871
491	*	Res-Care, Inc		9,864
		TOTAL SOCIAL SERVICES		56,446
SPECIAL TRADE CONTRACTORS - 0.05%
200		Alico, Inc		11,702
677		Chemed Corp		21,840
1,100		Comfort Systems USA, Inc		12,606
1,044	*	Dycom Industries, Inc		22,446
808	*	EMCOR Group, Inc		44,311
675	*	Insituform Technologies, Inc (Class A)		16,389
395	*	Integrated Electrical Services, Inc		6,245
277	*	Layne Christensen Co		7,914
3,042	*	Quanta Services, Inc		51,288
		TOTAL SPECIAL TRADE CONTRACTORS		194,741
STONE, CLAY, AND GLASS PRODUCTS - 0.08%
488		Apogee Enterprises, Inc		7,422
634	*	Cabot Microelectronics Corp		18,272
477		CARBO Ceramics, Inc		17,186
1,316		Eagle Materials, Inc		44,323
4,151		Gentex Corp		58,986
3,965	*	Owens-Illinois, Inc		61,140
861	*	US Concrete, Inc		5,605
1,674	b,m*	USG Corp		78,745
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		291,679
TEXTILE MILL PRODUCTS - 0.01%
310		Oxford Industries, Inc		13,302
513		Xerium Technologies, Inc		5,684
		TOTAL TEXTILE MILL PRODUCTS		18,986

69

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
TOBACCO PRODUCTS - 1.26%
53,106		Altria Group, Inc	$	4,065,264
2,409		Loews Corp (Carolina Group)		133,435
4,454		Reynolds American, Inc		276,014
617		Universal Corp		22,539
4,169		UST, Inc		228,586
687		Vector Group Ltd		11,143
		TOTAL TOBACCO PRODUCTS		4,736,981
TRANSPORTATION BY AIR - 0.47%
1,497	*	ABX Air, Inc		8,413
271	*	Air Methods Corp		6,396
2,312	*	Airtran Holdings, Inc		22,935
1,018	*	Alaska Air Group, Inc		38,725
5,444	*	AMR Corp		125,974
517	*	Atlas Air Worldwide Holdings, Inc		22,500
579	*	Bristow Group, Inc		19,918
2,163	*	Continental Airlines, Inc (Class B)		61,235
806	*	EGL, Inc		29,371
1,011	*	ExpressJet Holdings, Inc		6,683
7,776		FedEx Corp		845,096
799	*	Frontier Airlines Holdings, Inc		6,592
4,471	*	JetBlue Airways Corp		41,446
614	*	Mesa Air Group, Inc		4,765
353	*	PHI, Inc		10,756
836	*	Republic Airways Holdings, Inc		12,975
1,643		Skywest, Inc		40,286
20,269		Southwest Airlines Co		337,682
2,545	*	UAL Corp		67,621
1,570	*	US Airways Group, Inc		69,598
		TOTAL TRANSPORTATION BY AIR		1,778,967
TRANSPORTATION EQUIPMENT - 2.57%
467		A.O. Smith Corp		18,414
803	*	AAR Corp		19,143
500	*	Accuride Corp		5,505
603	*	Aftermarket Technology Corp		10,709
1,104		American Axle & Manufacturing Holdings, Inc		18,426
228		American Railcar Industries, Inc		6,637
468		Arctic Cat, Inc		7,769
1,592		ArvinMeritor, Inc		22,670
2,138		Autoliv, Inc		117,825
2,006	*	BE Aerospace, Inc		42,307
20,339		Boeing Co		1,603,730
2,390		Brunswick Corp		74,544
1,380		Clarcor, Inc		42,076
1,274		Federal Signal Corp		19,428
1,526	*	Fleetwood Enterprises, Inc		10,270
46,696		Ford Motor Co		377,771
300		Freightcar America, Inc		15,900
284	*	Fuel Systems Solutions, Inc		3,612
1,424	*	GenCorp, Inc		18,284
10,246		General Dynamics Corp		734,331

70

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
12,035		General Motors Corp	$	400,284
265	*	GenTek, Inc		7,317
4,456		Genuine Parts Co		192,187
3,219		Goodrich Corp		130,434
348		Greenbrier Cos, Inc		10,095
642		Group 1 Automotive, Inc		32,036
6,733		Harley-Davidson, Inc		422,496
1,105		Harsco Corp		85,803
719		Heico Corp		24,662
4,606		ITT Industries, Inc		236,150
2,732		JLG Industries, Inc		54,121
493	*	K&F Industries Holdings, Inc		9,258
885		Kaman Corp (Class A)		15,939
9,354		Lockheed Martin Corp		805,005
239	*	Miller Industries, Inc		4,366
783		Monaco Coach Corp		8,723
1,556	*	Navistar International Corp		40,176
268		Noble International Ltd		3,353
8,771		Northrop Grumman Corp		597,042
1,213	*	Orbital Sciences Corp		22,768
1,933		Oshkosh Truck Corp		97,558
6,303		Paccar, Inc		359,397
3,641	*	Pactiv Corp		103,477
1,070		Polaris Industries, Inc		44,031
11,321		Raytheon Co		543,521
233	*	Sequa Corp (Class A)		21,869
574		Superior Industries International, Inc		9,637
1,117	*	Tenneco, Inc		26,127
3,266		Textron, Inc		285,775
904		Thor Industries, Inc		37,218
289	*	TransDigm Group, Inc		7,057
2,034		Trinity Industries, Inc		65,434
316		Triumph Group, Inc		13,383
1,123	*	TRW Automotive Holdings Corp		27,031
25,694		United Technologies Corp		1,627,715
2,804		Visteon Corp		22,853
969		Wabash National Corp		13,266
1,181		Westinghouse Air Brake Technologies Corp		32,041
730		Winnebago Industries, Inc		22,907
		TOTAL TRANSPORTATION EQUIPMENT		9,631,863
TRANSPORTATION SERVICES - 0.18%
532		Ambassadors Group, Inc		15,045
4,462		CH Robinson Worldwide, Inc		198,916
400	*	Dynamex, Inc		8,300
5,370		Expeditors International Washington, Inc		239,395
1,234		GATX Corp		51,051
1,028	*	HUB Group, Inc		23,418
1,571		Lear Corp		32,520
966		Pacer International, Inc		26,816
1,200	*	RailAmerica, Inc		13,104
3,423		Sabre Holdings Corp		80,064
		TOTAL TRANSPORTATION SERVICES		688,629

71

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
TRUCKING AND WAREHOUSING - 0.43%
600		Arkansas Best Corp	$	25,818
594	*	Celadon Group, Inc		9,884
1,336		Con-way, Inc		59,880
909		Forward Air Corp		30,079
1,616		Heartland Express, Inc		25,339
2,869		J.B. Hunt Transport Services, Inc		59,589
1,380		Landstar System, Inc		58,926
385	*	Marten Transport Ltd		6,580
672	*	Old Dominion Freight Line		20,180
400	*	P.A.M. Transportation Services, Inc		10,024
399	*	Saia, Inc		13,007
900	*	SIRVA, Inc		2,394
1,374	*	Swift Transportation Co, Inc		32,591
200	*	U.S. Xpress Enterprises, Inc (Class A)		4,630
16,389		United Parcel Service, Inc (Class B)		1,179,025
151	*	Universal Truckload Services, Inc		3,921
1,281		Werner Enterprises, Inc		23,968
1,431	*	YRC Worldwide, Inc		53,004
		TOTAL TRUCKING AND WAREHOUSING		1,618,839
WATER TRANSPORTATION - 0.06%
1,029		Alexander & Baldwin, Inc		45,657
796	*	American Commercial Lines, Inc		47,322
484	*	Gulfmark Offshore, Inc		15,411
359		Horizon Lines, Inc		5,995
635	*	Hornbeck Offshore Services, Inc		21,273
1,364	*	Kirby Corp		42,734
226		Maritrans, Inc		8,272
772		Overseas Shipholding Group, Inc		47,686
		TOTAL WATER TRANSPORTATION		234,350
WHOLESALE TRADE-DURABLE GOODS - 0.37%
2,330		Adesa, Inc		53,846
1,111		Agilysys, Inc		15,598
1,302		Applied Industrial Technologies, Inc		31,769
3,068	*	Arrow Electronics, Inc		84,155
884		Barnes Group, Inc		15,523
1,124	*	Beacon Roofing Supply, Inc		22,750
700		BlueLinx Holdings, Inc		6,664
1,472		BorgWarner, Inc		84,154
728		Building Material Holding Corp		18,943
400		Castle (A.M.) & Co		10,736
578	*	Conceptus, Inc		10,225
2,908	*	Cytyc Corp		71,188
604	*	Digi International, Inc		8,154
332	*	Drew Industries, Inc		8,386
818	*	Genesis Microchip, Inc		9,628
3,161		IKON Office Solutions, Inc		42,484
3,621	*	Ingram Micro, Inc (Class A)		69,378
1,245	*	Insight Enterprises, Inc		25,659
704	*	Interline Brands, Inc		17,375
440	*	Keystone Automotive Industries, Inc		16,729
1,558		Knight Transportation, Inc		26,408

72

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES				VALUE
122		Lawson Products, Inc	$	5,114
1,160	*	LKQ Corp		25,485
1,179		Martin Marietta Materials, Inc		99,767
309	*	Merge Technologies, Inc		2,126
1,158		Owens & Minor, Inc		38,087
3,578	*	Patterson Cos, Inc		120,257
1,474		PEP Boys-Manny Moe & Jack		18,941
1,396		Pool Corp		53,746
1,667	*	PSS World Medical, Inc		33,323
1,612		Reliance Steel & Aluminum Co		51,810
644		Ryerson Tull, Inc		14,097
1,588	*	Tech Data Corp		58,010
1,740	*	Tyler Technologies, Inc		22,498
1,867		W.W. Grainger, Inc		125,126
1,246	*	WESCO International, Inc		72,305
441	*	West Marine, Inc		6,174
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,396,618
WHOLESALE TRADE-NONDURABLE GOODS - 0.80%
1,707		Airgas, Inc		61,742
1,145	*	Akorn, Inc		4,133
1,977		Alliance One International, Inc		8,106
1,194	*	Allscripts Healthcare Solutions, Inc		26,805
1,496		Brown-Forman Corp (Class B)		114,668
10,582		Cardinal Health, Inc		695,661
873	*	Central European Distribution Corp		20,437
256	*	Core-Mark Holding Co, Inc		8,023
3,424	*	Dean Foods Co		143,876
3,432	*	Endo Pharmaceuticals Holdings, Inc		111,712
200	*	Green Mountain Coffee Roasters, Inc		7,360
797	*	Hain Celestial Group, Inc		20,371
2,300	*	Henry Schein, Inc		115,322
300		Kenneth Cole Productions, Inc (Class A)		7,311
648		K-Swiss, Inc (Class A)		19,479
1,144		Men's Wearhouse, Inc		42,568
685		Myers Industries, Inc		11,645
331		Nash Finch Co		7,788
4,952		Nike, Inc (Class B)		433,894
1,471		Nu Skin Enterprises, Inc (Class A)		25,772
278	*	Nuco2, Inc		7,478
377	*	Perry Ellis International, Inc		11,642
11,320		Safeway, Inc		343,562
596	*	School Specialty, Inc		21,033
352	*	Smart & Final, Inc		6,009
857	*	Source Interlink Cos, Inc		8,142
535		Spartan Stores, Inc		9,042
1,173		Stride Rite Corp		16,375
15,669		Sysco Corp		524,128
2,443	*	Terra Industries, Inc		18,836
342		The Andersons, Inc		11,679
932	*	Tractor Supply Co		44,978
1,020	*	United Natural Foods, Inc		31,610
711		United Stationers, Inc		33,069
340	*	Volcom, Inc		7,664
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,981,920

73

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
				VALUE
		TOTAL COMMON STOCKS	$	374,452,339
		(Cost $297,659,154)
		TOTAL PORTFOLIO - 99.90%		374,452,339
		(Cost $297,659,154)
		OTHER ASSETS & LIABILITIES, NET - 0.10%		360,702
		NET ASSETS - 100.00%	$	374,813,041
	*	Non-income producing
	**	Percentage represents less than 0.01%
	b	In bankruptcy
	m	Indicates a security has been deemed illiquid.
	v	Security valued at fair value.

74

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
TIAA-CREF MUTUAL FUNDS
SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
SHARES				VALUE
COMMON STOCKS - 99.87%
AGRICULTURAL PRODUCTION-CROPS - 0.00% **
22		Chiquita Brands International, Inc	$	294
		TOTAL AGRICULTURAL PRODUCTION-CROPS		294
APPAREL AND ACCESSORY STORES - 0.84%
2,100		American Eagle Outfitters, Inc		92,043
400	*	AnnTaylor Stores Corp		16,744
801		Bebe Stores, Inc		19,849
871	*	Charming Shoppes, Inc		12,438
2,890	*	Chico's FAS, Inc		62,222
2,765		Foot Locker, Inc		69,816
13,478		Gap, Inc		255,408
5,151	*	Kohl's Corp		334,403
7,247		Limited Brands, Inc		191,973
4,148		Nordstrom, Inc		175,460
151	*	Payless Shoesource, Inc		3,760
2,144		Ross Stores, Inc		54,479
450		Stage Stores, Inc		13,203
2,031	*	Urban Outfitters, Inc		35,928
		TOTAL APPAREL AND ACCESSORY STORES		1,337,726
APPAREL AND OTHER TEXTILE PRODUCTS - 0.10%
900	*	Hartmarx Corp		6,093
100		Kellwood Co		2,883
1,619		Liz Claiborne, Inc		63,967
700		Polo Ralph Lauren Corp		45,283
600		VF Corp		43,770
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		161,996
AUTO REPAIR, SERVICES AND PARKING - 0.02%
567		Bandag, Inc		23,270
248		Central Parking Corp		4,092
68		Ryder System, Inc		3,514
		TOTAL AUTO REPAIR, SERVICES AND PARKING		30,876
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
337	*	Autozone, Inc		34,812
435	*	Carmax, Inc		18,144
400	*	Copart, Inc		11,276
600	*	Rush Enterprises, Inc (Class A)		10,008
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		74,240
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.17%
852		Fastenal Co		32,862
32,484		Home Depot, Inc		1,178,195
22,800		Lowe's Cos, Inc		639,768
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,850,825

75

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
BUSINESS SERVICES - 6.35%
202	*	24/7 Real Media, Inc	$	1,725
5,432	*	3Com Corp		23,955
6,064	*	Activision, Inc		91,566
302		Administaff, Inc		10,177
8,249	*	Adobe Systems, Inc		308,925
2,519	*	Akamai Technologies, Inc		125,925
1,014	*	Alliance Data Systems Corp		55,963
326	*	aQuantive, Inc		7,700
800	*	Ariba, Inc		5,992
2,815	*	Art Technology Group, Inc		7,206
888	*	Audible, Inc		6,447
3,858	*	Autodesk, Inc		134,181
15,483		Automatic Data Processing, Inc		732,965
49	*	Avocent Corp		1,476
6,868	*	BEA Systems, Inc		104,394
3,286	*	BearingPoint, Inc		25,828
858	*	BISYS Group, Inc		9,318
358	*	Blue Coat Systems, Inc		6,448
689	*	Cerner Corp		31,281
1,200	*	Checkfree Corp		49,584
612	*	Ciber, Inc		4,058
888	*	Click Commerce, Inc		20,087
17,828	*	CMGI, Inc		18,898
2,668	*	CNET Networks, Inc		25,559
1,465	*	Cogent Communications Group, Inc		16,979
2,191	*	Cogent, Inc		30,082
5,069	*	Compuware Corp		39,488
1,964	*	Convergys Corp		40,557
100	*	CSG Systems International, Inc		2,643
842		Deluxe Corp		14,398
100	*	Digital Insight Corp		2,932
261	*	Digital River, Inc		13,342
764	*	DST Systems, Inc		47,116
400	*	Earthlink, Inc		2,908
17,234	*	eBay, Inc		488,756
196	*	Eclipsys Corp		3,510
43	*	eFunds Corp		1,040
4,897	*	Electronic Arts, Inc		272,665
3,757	*	Emdeon Corp		43,994
714	*	Equinix, Inc		42,911
2,861	*	Evergreen Energy, Inc		30,069
3,843	*	Expedia, Inc		60,258
300		Fair Isaac Corp		10,971
400	*	First Advantage Corp		8,344
3,936	*	Fiserv, Inc		185,346
50	*	Gartner, Inc (Class A)		880
1,054	*	Getty Images, Inc		52,363
2,553	*	Google, Inc (Class A)		1,026,051
295	*	Hudson Highland Group, Inc		2,891
366	*	iGate Corp		1,808
3,736		IMS Health, Inc		99,527

76

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
2,300	*	Infocrossing, Inc	$	30,843
1,705	*	Informatica Corp		23,171
7,966	*	Innovative Solutions & Support, Inc		115,746
1,907	*	Internap Network Services Corp		29,025
4,136	*	Intuit, Inc		132,724
1,900	*	Ipass, Inc		8,892
1,277	*	Iron Mountain, Inc		54,834
620		Jack Henry & Associates, Inc		13,497
328	*	Jupitermedia Corp		2,840
600	*	Kanbay International, Inc		12,336
861	*	Kinetic Concepts, Inc		27,087
938	*	Lamar Advertising Co		50,099
2,204	*	Lawson Software, Inc		15,979
801	*	Lionbridge Technologies		6,112
1,013		Manpower, Inc		62,067
900	*	Marchex, Inc		13,806
746	*	Mentor Graphics Corp		10,504
114,821		Microsoft Corp		3,138,058
1,574	*	Midway Games, Inc		13,820
1,644		MoneyGram International, Inc		47,775
1,966	*	Monster Worldwide, Inc		71,150
1,102	*	NIC, Inc		5,675
6,916	*	Novell, Inc		42,326
2,906	*	Nuance Communications, Inc		23,742
4,313		Omnicom Group, Inc		403,697
1,848	*	Opsware, Inc		16,650
687	*	Parametric Technology Corp		11,995
1,100		QAD, Inc		8,888
1,390	*	Quest Software, Inc		19,849
1,527	*	RealNetworks, Inc		16,201
2,625		Robert Half International, Inc		89,171
1,832	*	Salesforce.com, Inc		65,732
4,349	*	Sapient Corp		23,702
48		ServiceMaster Co		538
399	*	Smith Micro Software, Inc		5,738
350	*	Sohu.com, Inc		7,707
7,211	*	Sonus Networks, Inc		37,930
1,789	*	Spherion Corp		12,791
3,200		Startek, Inc		39,904
56,610	*	Sun Microsystems, Inc		281,352
1,000	*	SYKES Enterprises, Inc		20,350
17,596	*	Symantec Corp		374,443
4,220	*	TIBCO Software, Inc		37,896
2,725	*	Tiens Biotech Group USA, Inc		7,903
1,828		Total System Services, Inc		41,733
175	*	Travelzoo, Inc		5,044
580	*	Trizetto Group, Inc		8,781
5,669	*	Unisys Corp		32,087
1,246		United Online, Inc		15,176
935	*	United Rentals, Inc		21,739
600	*	Universal Compression Holdings, Inc		32,070
1,335	*	Vasco Data Security International		13,831
4,563	*	VeriSign, Inc		92,173
200	*	WebEx Communications, Inc		7,804
		TOTAL BUSINESS SERVICES		10,056,470

77

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
CHEMICALS AND ALLIED PRODUCTS - 10.26%
25,277		Abbott Laboratories	$	1,227,451
2,685	*	Abraxis BioScience, Inc		74,589
354	*	Adolor Corp		4,910
1,973	*	ADVENTRX Pharmaceuticals, Inc		5,406
8,213		Air Products & Chemicals, Inc		545,097
64	*	Alexion Pharmaceuticals, Inc		2,175
809	*	Alkermes, Inc		12,823
19,591	*	Amgen, Inc		1,401,344
1,260	*	Arena Pharmaceuticals, Inc		15,095
300	*	Array Biopharma, Inc		2,556
392	*	Atherogenics, Inc		5,163
475	*	AVANIR Pharmaceuticals		3,287
3,718		Avery Dennison Corp		223,712
112	*	AVI BioPharma, Inc		407
6,444		Avon Products, Inc		197,573
450		Balchem Corp		8,906
2,656	*	Barr Pharmaceuticals, Inc		137,953
1,749	*	Bentley Pharmaceuticals, Inc		20,988
2,200	*	Bioenvision, Inc		12,122
812	*	BioMarin Pharmaceuticals, Inc		11,555
30,664		Bristol-Myers Squibb Co		764,147
1,225		Cabot Corp		45,570
1,400		Calgon Carbon Corp		6,188
1,400	*	Caraco Pharmaceutical Laboratories Ltd		14,224
2,008	*	Cell Genesys, Inc		9,177
822	*	Cephalon, Inc		50,759
600	*	Charles River Laboratories International, Inc		26,046
1,623		Clorox Co		102,249
10,194		Colgate-Palmolive Co		633,047
1,271	*	Combinatorx, Inc		7,918
1,600	*	Connetics Corp		17,440
811	*	Cotherix, Inc		5,726
1,400		Dade Behring Holdings, Inc		56,224
3,385	*	Dendreon Corp		15,131
298	*	Digene Corp		12,859
5,738	*	Durect Corp		23,526
6,992		Ecolab, Inc		299,397
828	*	Encysive Pharmaceuticals, Inc		3,560
700	*	Enzon Pharmaceuticals, Inc		5,775
7,198	*	Forest Laboratories, Inc		364,291
6,647	*	Genentech, Inc		549,707
4,347	*	Genzyme Corp		293,292
860	*	Geron Corp		5,392
7,506	*	Gilead Sciences, Inc		515,662
136		H.B. Fuller Co		3,188
1,041	*	Hospira, Inc		39,839
1,961	*	Human Genome Sciences, Inc		22,630
1,486	*	Huntsman Corp		27,045
595	*	Idenix Pharmaceuticals, Inc		5,772
159	*	Idexx Laboratories, Inc		14,491
1,545	*	Inverness Medical Innovations, Inc		53,704

78

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
800	*	Invitrogen Corp	$	50,728
6,847	*	King Pharmaceuticals, Inc		116,604
903	*	Kos Pharmaceuticals, Inc		44,626
1,200		Lubrizol Corp		54,876
1,851		Mannatech, Inc		32,800
1,010	*	Medarex, Inc		10,847
1,712		Medicis Pharmaceutical Corp (Class A)		55,383
3,855	*	Medimmune, Inc		112,605
43,148		Merck & Co, Inc		1,807,901
688	*	MGI Pharma, Inc		11,840
4,469	*	Millennium Pharmaceuticals, Inc		44,467
7,494		Mylan Laboratories, Inc		150,854
130	*	Myogen, Inc		4,560
573	*	Nabi Biopharmaceuticals		3,312
1,484	*	Nastech Pharmaceutical Co, Inc		22,646
700	*	NBTY, Inc		20,489
2,019	*	Neurocrine Biosciences, Inc		21,704
1,937	*	Noven Pharmaceuticals, Inc		46,720
217	*	NPS Pharmaceuticals, Inc		827
700	*	Nuvelo, Inc		12,768
319	*	OraSure Technologies, Inc		2,565
751	*	Pacific Ethanol, Inc		10,544
900	*	Par Pharmaceutical Cos, Inc		16,416
1,466	*	PDL BioPharma, Inc		28,147
2,010	*	Penwest Pharmaceuticals Co		33,467
4,279		Perrigo Co		72,615
1,200	*	Pharmion Corp		25,860
924	*	Pozen, Inc		11,883
1,403		PPG Industries, Inc		94,113
10,918		Praxair, Inc		645,909
1,133	*	Prestige Brands Holdings, Inc		12,622
53,557		Procter & Gamble Co		3,319,463
937	*	Progenics Pharmaceuticals, Inc		21,982
617	*	Renovis, Inc		8,490
6,483		Rohm & Haas Co		306,970
2,600		RPM International, Inc		49,374
1,668	*	Salix Pharmaceuticals Ltd		22,618
23,272		Schering-Plough Corp		514,078
1,235	*	Sepracor, Inc		59,823
2,106		Sigma-Aldrich Corp		159,361
1,261	*	Sirna Therapeutics, Inc		7,024
109	*	Somaxon Pharmaceuticals, Inc		1,342
1,211	*	SuperGen, Inc		5,643
530	*	Tanox, Inc		6,265
235	*	United Therapeutics Corp		12,347
962	*	USANA Health Sciences, Inc		42,896
2,200		Valspar Corp		58,520
1,302	*	VCA Antech, Inc		46,950
1,138	*	Vertex Pharmaceuticals, Inc		38,294
3,448	*	Watson Pharmaceuticals, Inc		90,234
400	*	Zymogenetics, Inc		6,748
		TOTAL CHEMICALS AND ALLIED PRODUCTS		16,266,208

79

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
COMMUNICATIONS - 5.10%
6,049		Alltel Corp	$	335,720
4,800	*	American Tower Corp (Class A)		175,200
59,268		AT&T, Inc		1,929,766
27,532		BellSouth Corp		1,176,993
3,966		Cablevision Systems Corp (Class A)		90,068
5,900		Citadel Broadcasting Corp		55,460
968	*	Covad Communications Group, Inc		1,442
1,500	*	Crown Castle International Corp		52,860
1,653	*	Crown Media Holdings, Inc (Class A)		7,422
864		Embarq Corp		41,792
400		Entercom Communications Corp		10,080
500	*	Entravision Communications Corp (Class A)		3,720
602	*	FiberTower Corp		5,689
400	*	Fisher Communications, Inc		16,620
421		Global Payments, Inc		18,528
2,200		Gray Television, Inc		14,102
3,430	*	IAC/InterActiveCorp		98,647
7,237	*	Level 3 Communications, Inc		38,718
9,835	*	Liberty Global, Inc		253,153
4,375	*	Liberty Media Holding Corp (Capital)		365,619
10,483	*	Liberty Media Holding Corp (Interactive)		213,644
2,100	*	Lin TV Corp (Class A)		16,338
1,600	*	Mediacom Communications Corp		11,392
384	*	NeuStar, Inc		10,656
1,800	*	NII Holdings, Inc (Class B)		111,888
1,042	*	Novatel Wireless, Inc		10,034
659	*	Pegasus Wireless Corp		402
1,179	*	Radio One, Inc (Class D)		7,369
400		Salem Communications Corp (Class A)		4,524
350	*	SAVVIS, Inc		9,975
285	*	SBA Communications Corp		6,934
2,000	*	Spanish Broadcasting System, Inc (Class A)		8,740
37,789		Sprint Nextel Corp		648,081
2,625	*	TiVo, Inc		19,924
4,861	*	Univision Communications, Inc (Class A)		166,927
208		USA Mobility, Inc		4,751
46,176		Verizon Communications, Inc		1,714,515
6,996	*	Viacom, Inc		260,111
142	*	West Corp		6,859
6,254		Windstream Corp		82,490
5,905	*	XM Satellite Radio Holdings, Inc		76,115
		TOTAL COMMUNICATIONS		8,083,268
DEPOSITORY INSTITUTIONS - 10.86%
8,493		AmSouth Bancorp		246,637
59,586		Bank of America Corp		3,192,022
14,107		BB&T Corp		617,604
20,771		Cadence Financial Corp		421,028
4,369		Comerica, Inc		248,683
400		Commerce Bancorp, Inc		14,684
400		Compass Bancshares, Inc		22,792
14,358		Fifth Third Bancorp		546,753
1,200		First Horizon National Corp		45,612
1,700		Fremont General Corp		23,783

80

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
5,088		Golden West Financial Corp	$	393,048
1,191		IndyMac Bancorp, Inc		49,022
11,672		Keycorp		437,000
1,600		M&T Bank Corp		191,936
4,800		Marshall & Ilsley Corp		231,264
10,665		Mellon Financial Corp		417,002
17,280		National City Corp		632,448
2,400		New York Community Bancorp, Inc		39,312
9,302		North Fork Bancorporation, Inc		266,409
3,981		Northern Trust Corp		232,610
7,664		PNC Financial Services Group, Inc		555,180
4,720		Popular, Inc		91,757
1,000		R & G Financial Corp (Class B)		7,450
13,454		Regions Financial Corp		494,973
4,092		Sovereign Bancorp, Inc		88,019
7,399		State Street Corp		461,698
9,054		SunTrust Banks, Inc		699,693
100	*	Superior Bancorp		1,150
5,386		Synovus Financial Corp		158,187
1,400		TD Banknorth, Inc		40,432
1,800		UnionBanCal Corp		109,620
40,458		US Bancorp		1,344,015
30,695		Wachovia Corp		1,712,781
23,057		Washington Mutual, Inc		1,002,288
57,098		Wells Fargo & Co		2,065,806
1,300		Zions Bancorporation		103,753
		TOTAL DEPOSITORY INSTITUTIONS		17,206,451
EATING AND DRINKING PLACES - 1.34%
2,300	*	AFC Enterprises		33,212
1,000		Applebees International, Inc		21,510
3,240		Darden Restaurants, Inc		137,603
300		Lone Star Steakhouse & Saloon, Inc		8,331
31,363		McDonald's Corp		1,226,921
700	*	O'Charleys, Inc		13,279
200		Ruby Tuesday, Inc		5,638
13,780	*	Starbucks Corp		469,209
400	*	The Cheesecake Factory, Inc		10,876
865		Tim Hortons, Inc		22,750
2,697		Wendy's International, Inc		180,699
		TOTAL EATING AND DRINKING PLACES		2,130,028
ELECTRIC, GAS, AND SANITARY SERVICES - 5.67%
16,683	*	AES Corp		340,166
5,496		AGL Resources, Inc		200,604
3,433		Allete, Inc		149,164
4,312		Alliant Energy Corp		154,068
2,000		Aqua America, Inc		43,880
6,200		Atmos Energy Corp		177,010
9,085		Avista Corp		215,133
2,200		Cascade Natural Gas Corp		57,398
1,800		CH Energy Group, Inc		92,646
7,601		Cleco Corp		191,849
9,467		Consolidated Edison, Inc		437,375

81

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
1,313		Crosstex Energy, Inc	$	117,605
1,900		Duquesne Light Holdings, Inc		37,354
12,627		El Paso Corp		172,232
10,686		Empire District Electric Co		239,153
2,600		Energen Corp		108,862
2,165		Energy East Corp		51,354
800		EnergySouth, Inc		27,000
10,710		Hawaiian Electric Industries, Inc		289,813
7,750		Idacorp, Inc		293,028
600		ITC Holdings Corp		18,720
10,534		KeySpan Corp		433,369
5,670		Kinder Morgan, Inc		594,500
400		Laclede Group, Inc		12,832
2,270		Markwest Hydrocarbon, Inc		63,560
1,700		Metal Management, Inc		47,328
3,914		MGE Energy, Inc		126,735
6,291		National Fuel Gas Co		228,678
862		Nicor, Inc		36,859
22,178		NiSource, Inc		482,150
2,575		Northeast Utilities		59,920
3,726	*	NRG Energy, Inc		168,788
3,400		NSTAR		113,424
14,869		OGE Energy Corp		536,920
3,100		Oneok, Inc		117,149
3,714		Otter Tail Corp		108,597
22,084		Pepco Holdings, Inc		533,770
2,700		Piedmont Natural Gas Co, Inc		68,337
966	*	Plug Power, Inc		3,932
22,459		Puget Energy, Inc		510,493
3,400		Questar Corp		278,018
897		Resource America, Inc (Class A)		18,658
7,894	*	Sierra Pacific Resources		113,200
1,200		SJW Corp		35,892
1,400		South Jersey Industries, Inc		41,874
3,400		Synagro Technologies, Inc		14,348
4,164		TECO Energy, Inc		65,167
2,900		UGI Corp		70,905
1,100		UIL Holdings Corp		41,250
5,063		Unisource Energy Corp		168,750
1,480	*	Waste Services, Inc		13,527
4,100		WGL Holdings, Inc		128,494
13,440		Williams Cos, Inc		320,813
400		WPS Resources Corp		19,852
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		8,992,503
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.81%
7,379	*	Advanced Micro Devices, Inc		183,368
3,820	*	Agere Systems, Inc		57,033
3,200		American Power Conversion Corp		70,272
1,454		Ametek, Inc		63,322
10,479	*	Apple Computer, Inc		807,197
2,545	*	Arris Group, Inc		29,166
1,216	*	Atheros Communications, Inc		22,046
961		Baldor Electric Co		29,628

82

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
114	*	Benchmark Electronics, Inc	$	3,064
233	*	Bookham, Inc		750
5,687	*	Brocade Communications Systems, Inc		40,150
1,000	*	CalAmp Corp		6,090
3,799	*	Capstone Turbine Corp		5,357
821	*	C-COR, Inc		7,044
76,463	*	Cisco Systems, Inc		1,758,649
12	*	Color Kinetics, Inc		204
16,506	*	Conexant Systems, Inc		33,012
1,090	*	Cree, Inc		21,920
2,030	*	Ditech Networks, Inc		15,651
2,324	*	Emcore Corp		13,758
13,578		Emerson Electric Co		1,138,651
300	*	Energizer Holdings, Inc		21,597
393	*	Energy Conversion Devices, Inc		14,557
709	*	Evergreen Solar, Inc		5,885
9,228	*	Finisar Corp		33,498
5,913	*	Freescale Semiconductor, Inc (Class B)		224,753
594	*	FuelCell Energy, Inc		4,520
1,601	*	GrafTech International Ltd		9,350
300	*	Greatbatch, Inc		6,786
900		Harman International Industries, Inc		75,096
2,048	*	Harmonic, Inc		15,053
77,157		Intel Corp		1,587,119
1,135	*	Interdigital Communications Corp		38,704
2,483	*	InterVoice, Inc		15,742
136		Lincoln Electric Holdings, Inc		7,405
286		LSI Industries, Inc		4,648
7,142	*	LSI Logic Corp		58,707
79,380	*	Lucent Technologies, Inc		185,749
1,388	*	McData Corp (Class A)		6,982
730	*	Medis Technologies Ltd		18,038
12,043	*	Micron Technology, Inc		209,548
1,197	*	Microtune, Inc		5,817
4,735		Molex, Inc		184,523
36,247		Motorola, Inc		906,175
5,740	*	MRV Communications, Inc		15,842
5,801		National Semiconductor Corp		136,498
1,193	*	Novellus Systems, Inc		32,998
1,177	*	Omnivision Technologies, Inc		16,796
4,933	*	ON Semiconductor Corp		29,006
6,139	*	Optical Communication Products, Inc		12,094
1,526		Plantronics, Inc		26,751
644	*	Plexus Corp		12,365
183	*	PLX Technology, Inc		1,898
1,279	*	Polycom, Inc		31,374
1,716	*	Power-One, Inc		12,424
3,075	*	Powerwave Technologies, Inc		23,370
1,986	*	QLogic Corp		37,535
24,073		Qualcomm, Inc		875,054
4,296	*	Quantum Fuel Systems Technologies Worldwide, Inc		8,506
571		RadioShack Corp		11,020
3,582	*	RF Micro Devices, Inc		27,152
772	*	Silicon Image, Inc		9,820

83

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
28,640	*	Sirius Satellite Radio, Inc	$	111,982
2,651	*	Sycamore Networks, Inc		10,021
200	*	Symmetricom, Inc		1,614
900		Technitrol, Inc		26,865
700	*	Tekelec		9,072
2,441		Teleflex, Inc		135,817
9,443	*	Tellabs, Inc		103,495
16	*	Tessera Technologies, Inc		556
23,374		Texas Instruments, Inc		777,186
1,538	*	Thomas & Betts Corp		73,378
7,174	*	Transmeta Corp		8,250
5,767	*	Transwitch Corp		8,131
1,102	*	Trident Microsystems, Inc		25,633
1,390	*	Triquint Semiconductor, Inc		7,228
700		Whirlpool Corp		58,877
6,538		Xilinx, Inc		143,509
3,425	*	Zhone Technologies, Inc		3,665
216	*	Zoltek Cos, Inc		5,519
485	*	Zoran Corp		7,799
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		10,785,684
ENGINEERING AND MANAGEMENT SERVICES - 0.76%
1,300	*	Amylin Pharmaceuticals, Inc		57,291
1,251	*	Applera Corp (Celera Genomics Group)		17,414
436	*	Ariad Pharmaceuticals, Inc		1,901
4,150	*	Celgene Corp		179,695
200		Corporate Executive Board Co		17,982
360	*	CV Therapeutics, Inc		4,010
731	*	Digitas, Inc		7,032
1,000	*	First Consulting Group, Inc		9,750
200	*	Gen-Probe, Inc		9,378
1,400	*	Harris Interactive, Inc		8,540
39	*	Hewitt Associates, Inc		946
504	*	ICOS Corp		12,630
2,197	*	Incyte Corp		9,293
2,102	*	Isis Pharmaceuticals, Inc		15,092
1,827	*	Lexicon Genetics, Inc		6,888
473	*	Lifecell Corp		15,240
400	*	Maxygen, Inc		3,324
1,900	*	Monogram Biosciences, Inc		2,907
4,442		Moody's Corp		290,418
6,720		Paychex, Inc		247,632
3,832		Quest Diagnostics, Inc		234,365
608	*	Regeneron Pharmaceuticals, Inc		9,540
3,603	*	Rentech, Inc		16,682
1,573	*	Savient Pharmaceuticals, Inc		10,240
19	*	Symyx Technologies, Inc		403
620	*	Tetra Tech, Inc		10,800
590	*	Trimeris, Inc		5,192
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,204,585
FABRICATED METAL PRODUCTS - 0.66%
400		Ameron International Corp		26,576
4,164		Commercial Metals Co		84,654

84

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
1,344		Dynamic Materials Corp	$	43,573
1,944		Gulf Island Fabrication, Inc		50,719
14,402		Illinois Tool Works, Inc		646,650
2,000		Pentair, Inc		52,380
1,700		Silgan Holdings, Inc		63,852
900		Snap-On, Inc		40,095
583		Valmont Industries, Inc		30,462
		TOTAL FABRICATED METAL PRODUCTS		1,038,961
FOOD AND KINDRED PRODUCTS - 2.62%
7,203		Campbell Soup Co		262,910
6,359		Coca-Cola Enterprises, Inc		132,458
8,864		General Mills, Inc		501,702
7,208		H.J. Heinz Co		302,231
676	*	Hansen Natural Corp		21,957
3,964		Hershey Co		211,876
911		Imperial Sugar Co		28,350
2,700	*	Jones Soda Co		24,165
8,464		Kellogg Co		419,137
1,500		Pepsi Bottling Group, Inc		53,250
29,074		PepsiCo, Inc		1,897,369
6,377		Sara Lee Corp		102,478
4,225		Wrigley (Wm.) Jr Co		194,604
		TOTAL FOOD AND KINDRED PRODUCTS		4,152,487
FOOD STORES - 0.30%
13,265		Kroger Co		306,952
2,280		Supervalu, Inc		67,602
1,587		Whole Foods Market, Inc		94,316
		TOTAL FOOD STORES		468,870
FORESTRY - 0.07%
1,913		Weyerhaeuser Co		117,707
		TOTAL FORESTRY		117,707
FURNITURE AND FIXTURES - 0.53%
1,230		Hillenbrand Industries, Inc		70,085
5,194		Johnson Controls, Inc		372,618
3,685		Leggett & Platt, Inc		92,236
11,028		Masco Corp		302,388
533	*	Tempur-Pedic International, Inc		9,152
		TOTAL FURNITURE AND FIXTURES		846,479
FURNITURE AND HOME FURNISHINGS STORES - 0.11%
3,353	*	Bed Bath & Beyond, Inc		128,286
1,379		Circuit City Stores, Inc		34,627
1,000		Pier 1 Imports, Inc		7,420
76		Williams-Sonoma, Inc		2,462
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		172,795
GENERAL BUILDING CONTRACTORS - 0.47%
121	*	Avatar Holdings, Inc		7,146
500		Beazer Homes USA, Inc		19,520
2,224		Centex Corp		117,027

85

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
5,669		DR Horton, Inc	$	135,773
1,068	*	Hovnanian Enterprises, Inc (Class A)		31,335
2,940		Lennar Corp (Class A)		133,035
64		Lennar Corp (Class B)		2,689
600		MDC Holdings, Inc		27,870
149	*	Meritage Homes Corp		6,200
42	*	NVR, Inc		22,470
3,996		Pulte Homes, Inc		127,313
600		Ryland Group, Inc		25,926
700		Standard-Pacific Corp		16,450
2,653	*	Toll Brothers, Inc		74,496
273	*	WCI Communities, Inc		4,761
		TOTAL GENERAL BUILDING CONTRACTORS		752,011
GENERAL MERCHANDISE STORES - 1.26%
41	*	BJ's Wholesale Club, Inc		1,196
424		Bon-Ton Stores, Inc		12,610
10,498		Costco Wholesale Corp		521,541
3,008		Dollar General Corp		40,999
2,521		Family Dollar Stores, Inc		73,714
3,991		JC Penney Co, Inc		272,944
14,778		Target Corp		816,485
9,354		TJX Cos, Inc		262,193
		TOTAL GENERAL MERCHANDISE STORES		2,001,682
HEALTH SERVICES - 1.49%
1,915	*	Alliance Imaging, Inc		14,956
900	*	Bio-Reference Labs, Inc		20,205
939		Brookdale Senior Living, Inc		43,588
1,234	*	Community Health Systems, Inc		46,090
300	*	Corvel Corp		10,524
1,957	*	DaVita, Inc		113,252
207	*	Edwards Lifesciences Corp		9,644
2,590	*	Express Scripts, Inc		195,519
304	*	Five Star Quality Care, Inc		3,271
5,341		Health Management Associates, Inc (Class A)		111,627
699	*	Healthways, Inc		31,176
1,570	*	Hythiam, Inc		11,336
2,955	*	Laboratory Corp of America Holdings		193,759
900	*	LHC Group, Inc		20,088
994	*	LifePoint Hospitals, Inc		35,108
1,209	*	Lincare Holdings, Inc		41,880
900	*	Medcath Corp		27,081
100		National Healthcare Corp		5,373
3,064	*	Nektar Therapeutics		44,152
2,234		Omnicare, Inc		96,263
800		Option Care, Inc		10,712
500	*	Pediatrix Medical Group, Inc		22,800
2,157		Pharmaceutical Product Development, Inc		76,983
856	*	Psychiatric Solutions, Inc		29,181
800	*	RehabCare Group, Inc		10,480
1,435	*	Sierra Health Services, Inc		54,300
1,338	*	Sunrise Senior Living, Inc		39,966
400	*	Symbion, Inc		7,344

86

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
845	*	Triad Hospitals, Inc	$	37,205
400		Universal Health Services, Inc (Class B)		23,972
1,500	*	VistaCare, Inc (Class A)		15,600
12,419	*	WellPoint, Inc		956,884
		TOTAL HEALTH SERVICES		2,360,319
HOLDING AND OTHER INVESTMENT OFFICES - 2.77%
8,224		Allied Capital Corp		248,447
584		AMB Property Corp		32,184
1,800		American Financial Realty Trust		20,088
1,100		Annaly Mortgage Management, Inc		14,454
6,691		Archstone-Smith Trust		364,258
1,147		AvalonBay Communities, Inc		138,099
2,085		Boston Properties, Inc		215,464
1,100		Cherokee, Inc		40,271
1,632		Crescent Real Estate Equities Co		35,594
200		Developers Diversified Realty Corp		11,152
3,050		Duke Realty Corp		113,918
11,489		Equity Office Properties Trust		456,803
8,962		Equity Residential		453,298
2,980		General Growth Properties, Inc		141,997
700		Gladstone Capital Corp		15,407
1,600		Harris & Harris Group, Inc		19,648
1,300		Health Care Property Investors, Inc		40,365
800		Hospitality Properties Trust		37,760
7,900		Host Marriott Corp		181,147
2,700		HRPT Properties Trust		32,265
2,829		iStar Financial, Inc		117,969
4,500		Kimco Realty Corp		192,915
2,900		Luminent Mortgage Capital, Inc		29,841
1,300		MFA Mortgage Investments, Inc		9,685
800		NorthStar Realty Finance Corp		10,160
1,718		NTL, Inc		43,689
817		Potlatch Corp		30,311
5,933		Prologis		338,537
2,182		Public Storage, Inc		187,630
5,237		Simon Property Group, Inc		474,577
3,003		Vornado Realty Trust		327,327
300		Weingarten Realty Investors		12,906
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,388,166
HOTELS AND OTHER LODGING PLACES - 0.26%
2,300		Choice Hotels International, Inc		94,070
2,851	*	Gaylord Entertainment Co		125,016
6,000	*	Great Wolf Resorts, Inc		71,760
4,400	*	Lodgian, Inc		58,432
2,256		Marcus Corp		51,820
600	*	Outdoor Channel Holdings, Inc		6,534
		TOTAL HOTELS AND OTHER LODGING PLACES		407,632
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.89%
20,466		3M Co		1,523,080
2,700	*	AGCO Corp		68,445
4,100		American Standard Cos, Inc		172,077

87

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
500		Ampco-Pittsburgh Corp	$	15,465
27,711		Applied Materials, Inc		491,316
700	*	Astec Industries, Inc		17,675
169	*	Asyst Technologies, Inc		1,142
359	*	Axcelis Technologies, Inc		2,535
2,047		Black & Decker Corp		162,429
900		Briggs & Stratton Corp		24,795
1,010	*	Brooks Automation, Inc		13,181
1,034		Cummins, Inc		123,284
6,567		Deere & Co		551,037
31,801	*	Dell, Inc		726,335
300		Donaldson Co, Inc		11,070
37,954	*	EMC Corp		454,689
539	*	Emulex Corp		9,794
266	*	ENGlobal Corp		1,647
233	*	Extreme Networks, Inc		846
300	*	Flowserve Corp		15,177
1,300	*	FMC Technologies, Inc		69,810
843	*	Gehl Co		22,576
696		Graco, Inc		27,186
2,598	*	Grant Prideco, Inc		98,802
39,947		Hewlett-Packard Co		1,465,655
26,031		International Business Machines Corp		2,132,980
314	*	Intevac, Inc		5,275
67	*	Komag, Inc		2,141
2,287	*	Lam Research Corp		103,670
1,700	*	LB Foster Co		27,370
1,488	*	Lexmark International, Inc		85,798
500		Lufkin Industries, Inc		26,460
1,625		Manitowoc Co, Inc		72,784
992		Modine Manufacturing Co		24,135
500		NN, Inc		5,915
787		Nordson Corp		31,370
700	*	Oil States International, Inc		19,250
2,100		Pall Corp		64,701
324	*	Rackable Systems, Inc		8,868
2,459	*	Semitool, Inc		25,426
5,584		Smith International, Inc		216,659
24,230	*	Solectron Corp		78,990
948		SPX Corp		50,661
2,100		Stanley Works		104,685
2,800		Tennant Co		68,152
650	*	TurboChef Technologies, Inc		9,035
1,328	*	VA Software Corp		5,339
1,870	*	Varian Medical Systems, Inc		99,839
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,339,551
INSTRUMENTS AND RELATED PRODUCTS - 5.35%
267	*	Advanced Medical Optics, Inc		10,560
856	*	Affymetrix, Inc		18,455
300		Analogic Corp		15,396
1,892		Bard (C.R.), Inc		141,900
583		Bausch & Lomb, Inc		29,226
14,531		Baxter International, Inc		660,579

88

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
1,022		Beckman Coulter, Inc	$	58,826
6,035		Becton Dickinson & Co		426,493
5,106		Biomet, Inc		164,362
19,140	*	Boston Scientific Corp		283,081
864	*	Bruker BioSciences Corp		6,057
533	*	Cepheid, Inc		3,848
300		Cooper Cos, Inc		16,050
4,403	*	Credence Systems Corp		12,549
2,612		Dentsply International, Inc		78,647
1,700	*	Depomed, Inc		6,936
118	*	DexCom, Inc		1,313
500	*	DJ Orthopedics, Inc		20,765
1,808	*	Fisher Scientific International, Inc		141,458
311	*	Formfactor, Inc		13,102
348	*	Hologic, Inc		15,145
18	*	Illumina, Inc		595
1,074	*	Input/Output, Inc		10,665
454	*	Intuitive Surgical, Inc		47,874
1,710	*	Ixia		15,236
55,522		Johnson & Johnson		3,605,599
3,411		Kla-Tencor Corp		151,687
82	*	L-1 Identity Solutions, Inc		1,070
2,123	*	LTX Corp		10,636
21,676		Medtronic, Inc		1,006,633
695	*	Millipore Corp		42,604
305	*	MKS Instruments, Inc		6,195
301	*	OYO Geospace Corp		17,082
4,442		Pitney Bowes, Inc		197,092
315		Roper Industries, Inc		14,093
5,480	*	St. Jude Medical, Inc		193,389
6,192		Stryker Corp		307,061
1,500		Tektronix, Inc		43,395
2,650	*	Thermo Electron Corp		104,225
1,349	*	TriPath Imaging, Inc		12,181
1,647	*	Waters Corp		74,576
13,987	*	Xerox Corp		217,638
4,086	*	Zimmer Holdings, Inc		275,805
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		8,480,079
INSURANCE AGENTS, BROKERS AND SERVICE - 0.49%
1,640		Brown & Brown, Inc		50,118
1,400		Clark, Inc		15,778
3,500		Crawford & Co (Class B)		23,765
7,996		Hartford Financial Services Group, Inc		693,653
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		783,314
INSURANCE CARRIERS - 4.46%
9,924		Aetna, Inc		392,494
400		Affirmative Insurance Holdings, Inc		5,860
14,694		Aflac, Inc		672,397
3,000		Ambac Financial Group, Inc		248,250
700		American Financial Group, Inc		32,851
1,549	*	AMERIGROUP Corp		45,773
2,300		Assurant, Inc		122,843

89

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
742	*	Centene Corp	$	12,198
12,896		Chubb Corp		670,076
8,075		Cincinnati Financial Corp		388,085
800		Commerce Group, Inc		24,040
737		Erie Indemnity Co (Class A)		38,597
900		HCC Insurance Holdings, Inc		29,592
561	*	HealthExtras, Inc		15,882
9,786		Lincoln National Corp		607,515
3,793		MBIA, Inc		233,042
900		Mercury General Corp		44,649
2,005		MGIC Investment Corp		120,240
648	*	Molina Healthcare, Inc		22,913
900		Phoenix Cos, Inc		12,600
1,000		PMI Group, Inc		43,810
8,228		Principal Financial Group		446,616
17,932		Progressive Corp		440,051
300		Protective Life Corp		13,725
13,359		Prudential Financial, Inc		1,018,624
1,400		Radian Group, Inc		84,000
4,593		Safeco Corp		270,665
17,554		St. Paul Travelers Cos, Inc		823,107
1,100		Tower Group, Inc		36,685
2,700		W.R. Berkley Corp		95,553
1,049	*	WellCare Health Plans, Inc		59,405
		TOTAL INSURANCE CARRIERS		7,072,138
LEATHER AND LEATHER PRODUCTS - 0.15%
5,576	*	Coach, Inc		191,814
1,700		Weyco Group, Inc		38,029
		TOTAL LEATHER AND LEATHER PRODUCTS		229,843
LUMBER AND WOOD PRODUCTS - 0.01%
1,174	*	Champion Enterprises, Inc		8,101
300		Skyline Corp		11,463
		TOTAL LUMBER AND WOOD PRODUCTS		19,564
METAL MINING - 0.07%
4,351		Royal Gold, Inc		118,043
		TOTAL METAL MINING		118,043
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.15%
709		Callaway Golf Co		9,295
900		Marine Products Corp		8,748
9,534		Mattel, Inc		187,820
161		Nautilus, Inc		2,214
1,783	*	Russ Berrie & Co, Inc		27,173
87	*	Steinway Musical Instruments, Inc		2,436
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		237,686
MISCELLANEOUS RETAIL - 1.40%
4,539	*	Amazon.com, Inc		145,793
5,851		Best Buy Co, Inc		313,380
49	*	Coldwater Creek, Inc		1,409
12,418		CVS Corp		398,866

90

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
326	*	GSI Commerce, Inc	$	4,838
956		Michaels Stores, Inc		41,624
151	*	Nutri/System, Inc		9,406
3,460	*	Office Depot, Inc		137,362
351		Petsmart, Inc		9,740
129	*	Priceline.com, Inc		4,746
12,734		Staples, Inc		309,818
594		Tiffany & Co		19,721
16,790		Walgreen Co		745,308
1,762		World Fuel Services Corp		71,273
		TOTAL MISCELLANEOUS RETAIL		2,213,284
MOTION PICTURES - 2.13%
5,902	*	Discovery Holding Co (Class A)		85,343
522		Regal Entertainment Group (Class A)		10,346
109,162		Time Warner, Inc		1,990,023
41,546		Walt Disney Co		1,284,187
		TOTAL MOTION PICTURES		3,369,899
NONDEPOSITORY INSTITUTIONS - 3.17%
347	*	Accredited Home Lenders Holding Co		12,471
1,014		Advanta Corp (Class A)		34,446
4,068		American Capital Strategies Ltd		160,564
29,253		American Express Co		1,640,508
2,446	*	AmeriCredit Corp		61,126
100		Ares Capital Corp		1,742
500		Asta Funding, Inc		18,745
5,333		Capital One Financial Corp		419,494
2,678		CapitalSource, Inc		69,146
5,580		CIT Group, Inc		271,355
300	*	CompuCredit Corp		9,063
11,307		Countrywide Financial Corp		396,197
1,453	*	Credit Acceptance Corp		43,125
2,900		Doral Financial Corp		19,111
1,200		Federal Agricultural Mortgage Corp (Class C)		31,764
879		First Marblehead Corp		60,880
15,980		Freddie Mac		1,059,953
4,300		MCG Capital Corp		70,219
3,800		Medallion Financial Corp		41,914
11,005		SLM Corp		572,040
608	*	World Acceptance Corp		26,740
		TOTAL NONDEPOSITORY INSTITUTIONS		5,020,603
NONMETALLIC MINERALS, EXCEPT FUELS - 0.18%
2,751		AMCOL International Corp		68,527
600		Florida Rock Industries, Inc		23,226
2,397		Vulcan Materials Co		187,565
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		279,318
OIL AND GAS EXTRACTION - 3.18%
16,522		Anadarko Petroleum Corp		724,159
798	*	Atlas America, Inc		34,059
959	*	ATP Oil & Gas Corp		35,425
2,981		Baker Hughes, Inc		203,304

91

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
1,400		Berry Petroleum Co (Class A)	$	39,424
1,950		Cabot Oil & Gas Corp (Class A)		93,464
2,100	*	Callon Petroleum Co		28,476
2,400	*	Cameron International Corp		115,944
1,500	*	Cheniere Energy, Inc		44,565
8,196		Chesapeake Energy Corp		237,520
4,009		Cimarex Energy Co		141,077
500	*	Delta Petroleum Corp		11,260
4,330	*	Denbury Resources, Inc		125,137
2,000	*	Edge Petroleum Corp		32,940
1,600	*	Encore Acquisition Co		38,944
1,136	*	Energy Partners Ltd		28,002
4,417		ENSCO International, Inc		193,597
8,666		Equitable Resources, Inc		303,137
2,600	*	Exploration Co of Delaware, Inc		24,882
3,043	*	Forest Oil Corp		96,128
854	*	Gasco Energy, Inc		2,306
2,700	*	Global Industries Ltd		42,012
700	*	Goodrich Petroleum Corp		21,084
4,000	*	Grey Wolf, Inc		26,720
1,548	*	Helix Energy Solutions Group, Inc		51,703
3,998		Helmerich & Payne, Inc		92,074
1,600	*	Houston Exploration Co		88,240
5,079	*	Meridian Resource Corp		15,542
3,887	*	National Oilwell Varco, Inc		227,584
200	*	Oceaneering International, Inc		6,160
2,200	*	Parallel Petroleum Corp		44,132
7,423	*	PetroHawk Energy Corp		77,051
623	*	Petroleum Development Corp		24,851
3,147	*	Petroquest Energy, Inc		32,823
4,916		Pioneer Natural Resources Co		192,314
2,509	*	Plains Exploration & Production Co		107,661
3,597		Pogo Producing Co		147,297
3,452	*	Pride International, Inc		94,654
199	*	Quicksilver Resources, Inc		6,348
3,504		Range Resources Corp		88,441
2,457		Rowan Cos, Inc		77,715
200		RPC, Inc		3,664
2,329	*	Southwestern Energy Co		69,567
2,000		St. Mary Land & Exploration Co		73,420
1,555	*	Stone Energy Corp		62,946
600	*	Superior Energy Services		15,756
1,641	*	Swift Energy Co		68,627
2,200		Tidewater, Inc		97,218
949	*	Toreador Resources Corp		17,481
1,000	*	Unit Corp		45,970
1,000		W&T Offshore, Inc		29,210
1,400	*	Warrior Energy Service Corp		36,050
1,000	*	Whiting Petroleum Corp		40,100
10,886		XTO Energy, Inc		458,627
		TOTAL OIL AND GAS EXTRACTION		5,036,792
PAPER AND ALLIED PRODUCTS - 0.96%
2,400		Bemis Co		78,864

92

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
1,600		Bowater, Inc	$	32,912
3,300	*	Buckeye Technologies, Inc		28,050
2,100		Chesapeake Corp		30,051
800		Glatfelter		10,840
6,425		International Paper Co		222,498
9,800		Kimberly-Clark Corp		640,528
7,876		MeadWestvaco Corp		208,793
2,200		Packaging Corp of America		51,040
900		Rock-Tenn Co (Class A)		17,820
108	*	Smurfit-Stone Container Corp		1,210
2,871		Sonoco Products Co		96,580
2,422		Temple-Inland, Inc		97,122
		TOTAL PAPER AND ALLIED PRODUCTS		1,516,308
PERSONAL SERVICES - 0.01%
300		Weight Watchers International, Inc		13,302
		TOTAL PERSONAL SERVICES		13,302
PETROLEUM AND COAL PRODUCTS - 2.54%
2,101		Alon USA Energy, Inc		61,958
11,234		Apache Corp		709,989
13,034		Devon Energy Corp		823,097
6,516		EOG Resources, Inc		423,866
5,344		Frontier Oil Corp		142,044
978	*	Headwaters, Inc		22,836
5,042		Hess Corp		208,840
1,871		Holly Corp		81,070
5,181		Murphy Oil Corp		246,357
3,996	*	Newfield Exploration Co		154,006
6,762		Noble Energy, Inc		308,280
4,034		Sunoco, Inc		250,874
10,668		Valero Energy Corp		549,082
1,949		Western Refining, Inc		45,295
		TOTAL PETROLEUM AND COAL PRODUCTS		4,027,594
PRIMARY METAL INDUSTRIES - 1.37%
2,100	*	Aleris International, Inc		106,134
238	*	Brush Engineered Materials, Inc		5,919
1,451	*	Century Aluminum Co		48,826
1,854		Chaparral Steel Co		63,147
661	*	CommScope, Inc		21,720
22,383	*	Corning, Inc		546,369
2,368		Gibraltar Industries, Inc		52,522
1,700		Hubbell, Inc (Class B)		81,430
1,023	*	Lone Star Technologies, Inc		49,493
1,852	*	Maverick Tube Corp		120,065
2,369		Mueller Industries, Inc		83,318
1,624	*	NS Group, Inc		104,829
5,843		Nucor Corp		289,170
1,190		Olympic Steel, Inc		29,583
1,575		Quanex Corp		47,801
2,530		Steel Dynamics, Inc		127,639
2,300		Steel Technologies, Inc		45,149
3,180		Tredegar Corp		53,233

93

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
2,855		United States Steel Corp	$	164,676
2,400	*	Wheeling-Pittsburgh Corp		41,064
5,088		Worthington Industries, Inc		86,801
		TOTAL PRIMARY METAL INDUSTRIES		2,168,888
PRINTING AND PUBLISHING - 0.82%
919		Dow Jones & Co, Inc		30,823
908	*	Dun & Bradstreet Corp		68,091
4,090		EW Scripps Co		196,034
9,270		McGraw-Hill Cos, Inc		537,938
2,996		New York Times Co (Class A)		68,848
200	*	Presstek, Inc		1,078
417		R.H. Donnelley Corp		22,059
6,297		Tribune Co		206,038
137	*	Valassis Communications, Inc		2,418
218		Washington Post Co (Class B)		160,666
		TOTAL PRINTING AND PUBLISHING		1,293,993
RAILROAD TRANSPORTATION - 0.56%
8,228		CSX Corp		270,125
2,161	*	Kansas City Southern Industries, Inc		59,017
12,674		Norfolk Southern Corp		558,290
		TOTAL RAILROAD TRANSPORTATION		887,432
REAL ESTATE - 0.06%
2,517	*	CB Richard Ellis Group, Inc		61,918
400		Forest City Enterprises, Inc (Class A)		21,720
2,380		Stewart Enterprises, Inc (Class A)		13,947
		TOTAL REAL ESTATE		97,585
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.07%
1,671		Cooper Tire & Rubber Co		16,810
1,295		Sealed Air Corp		70,085
1,100		Spartech Corp		29,447
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		116,342
SECURITY AND COMMODITY BROKERS - 3.08%
990		A.G. Edwards, Inc		52,747
1,886		Ameriprise Financial, Inc		88,453
307	*	Cbot Holdings, Inc		37,083
20,486		Charles Schwab Corp		366,699
500		Chicago Mercantile Exchange Holdings, Inc		239,125
4,328	*	E*Trade Financial Corp		103,526
900		Eaton Vance Corp		25,974
796		Federated Investors, Inc (Class B)		26,913
5,236		Franklin Resources, Inc		553,707
6,636		Goldman Sachs Group, Inc		1,122,612
51	*	IntercontinentalExchange, Inc		3,829
440		International Securities Exchange, Inc		20,632
3,086		Janus Capital Group, Inc		60,856
2,096		Legg Mason, Inc		211,403
18,286		Merrill Lynch & Co, Inc		1,430,331
968	*	Nasdaq Stock Market, Inc		29,272
1,996	*	NYSE Group, Inc		149,201

94

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
738		SEI Investments Co	$	41,468
6,726		T Rowe Price Group, Inc		321,839
		TOTAL SECURITY AND COMMODITY BROKERS		4,885,670
SOCIAL SERVICES - 0.02%
3,600	*	Capital Senior Living Corp		33,300
		TOTAL SOCIAL SERVICES		33,300
SPECIAL TRADE CONTRACTORS - 0.05%
1,404	*	Layne Christensen Co		40,112
2,119	*	Quanta Services, Inc		35,726
		TOTAL SPECIAL TRADE CONTRACTORS		75,838
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
241		Apogee Enterprises, Inc		3,666
48	*	Cabot Microelectronics Corp		1,383
450		CARBO Ceramics, Inc		16,214
541		Eagle Materials, Inc		18,221
3,242		Gentex Corp		46,069
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		85,553
TRANSPORTATION BY AIR - 0.73%
800	*	Air Methods Corp		18,880
2,858	*	Airtran Holdings, Inc		28,351
705	*	Alaska Air Group, Inc		26,818
2,505	*	Continental Airlines, Inc (Class B)		70,917
3,091	*	ExpressJet Holdings, Inc		20,432
4,890		FedEx Corp		531,445
2,968	*	Frontier Airlines Holdings, Inc		24,486
4,578	*	JetBlue Airways Corp		42,438
1,732	*	Mesa Air Group, Inc		13,440
1,722		Skywest, Inc		42,223
19,931		Southwest Airlines Co		332,051
		TOTAL TRANSPORTATION BY AIR		1,151,481
TRANSPORTATION EQUIPMENT - 0.92%
1,500		American Axle & Manufacturing Holdings, Inc		25,035
1,603		ArvinMeritor, Inc		22,827
2,760		Autoliv, Inc		152,104
6,000	*	BE Aerospace, Inc		126,540
1,937		Brunswick Corp		60,415
200		Federal Signal Corp		3,050
8,030		Genuine Parts Co		346,334
5,276		Harley-Davidson, Inc		331,069
1,727		Harsco Corp		134,102
2,966		JLG Industries, Inc		58,756
932	*	Navistar International Corp		24,064
1,050		Noble International Ltd		13,136
1,600		Superior Industries International, Inc		26,864
1,182	*	Tenneco, Inc		27,647
300		Thor Industries, Inc		12,351
1,600	*	TRW Automotive Holdings Corp		38,512
3,511		Visteon Corp		28,615
1,200		Westinghouse Air Brake Technologies Corp		32,556
		TOTAL TRANSPORTATION EQUIPMENT		1,463,977

95

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES				VALUE
TRANSPORTATION SERVICES - 0.10%
500		CH Robinson Worldwide, Inc	$	22,290
1,000		Expeditors International Washington, Inc		44,580
2,183	*	RailAmerica, Inc		23,838
2,816		Sabre Holdings Corp		65,866
		TOTAL TRANSPORTATION SERVICES		156,574
TRUCKING AND WAREHOUSING - 0.63%
13,857		United Parcel Service, Inc (Class B)		996,873
		TOTAL TRUCKING AND WAREHOUSING		996,873
WATER TRANSPORTATION - 0.05%
1,000	*	Gulfmark Offshore, Inc		31,840
1,200	*	Hornbeck Offshore Services, Inc		40,200
		TOTAL WATER TRANSPORTATION		72,040
WHOLESALE TRADE-DURABLE GOODS - 0.49%
1,000		Adesa, Inc		23,110
5,538		Barnes Group, Inc		97,247
1,298		BorgWarner, Inc		74,207
2,116		Castle (A.M.) & Co		56,793
496	*	Cytyc Corp		12,142
240		Martin Marietta Materials, Inc		20,309
140	*	Merge Technologies, Inc		963
700	*	MWI Veterinary Supply, Inc		23,471
2,096	*	Patterson Cos, Inc		70,447
3,984		Reliance Steel & Aluminum Co		128,046
3,530		Ryerson Tull, Inc		77,272
2,424		W.W. Grainger, Inc		162,456
614	*	WESCO International, Inc		35,630
		TOTAL WHOLESALE TRADE-DURABLE GOODS		782,093
WHOLESALE TRADE-NONDURABLE GOODS - 0.86%
300		Airgas, Inc		10,851
150	*	Akorn, Inc		542
590	*	Allscripts Healthcare Solutions, Inc		13,246
3,200	*	Endo Pharmaceuticals Holdings, Inc		104,160
486	*	Henry Schein, Inc		24,368
300		Men's Wearhouse, Inc		11,163
600		Nash Finch Co		14,118
5,700		Nike, Inc (Class B)		499,434
8,400		Safeway, Inc		254,940
1,270		Spartan Stores, Inc		21,463
12,294		Sysco Corp		411,234
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,365,519
		TOTAL COMMON STOCKS		158,278,739
		(Cost $144,051,172)

96

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
PRINCIPAL				VALUE
SHORT-TERM INVESTMENTS - 0.82%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.82%
$     1,300,000		Federal Home Loan Bank (FHLB) 4.750% 10/02/06	$	1,300,000
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,300,000
		TOTAL SHORT-TERM INVESTMENTS		1,300,000
		(Cost $1,299,828)
		TOTAL PORTFOLIO - 100.69%		159,578,739
		(Cost $145,351,000)
		OTHER ASSETS & LIABILITIES, NET - (0.69%)		(1,096,120	)
		NET ASSETS - 100.00%	$	158,482,619
	*	Non-income producing
	**	percentage is less than .01%

97

TIAA-CREF MUTUAL FUNDS - Managed Allocation Fund
TIAA-CREF MUTUAL FUNDS
MANAGED ALLOCATION FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
SHARES			VALUE
	TIAA-CREF MUTUAL FUNDS - 100.06%
19,715,598	TIAA-CREF Bond Plus Fund	$	198,338,924
12,244,828	TIAA-CREF Growth Equity Fund		117,795,251
1,511,228	TIAA-CREF High-Yield Bond Fund		13,721,957
7,719,569	TIAA-CREF Institutional Large-Cap Value Fund - Retail Class		118,572,587
111,422	TIAA-CREF Institutional Real Estate Securities Fund - Retail Class		1,701,423
1,230,776	TIAA-CREF Institutional Small-Cap Equity Fund - Retail Class		19,273,967
5,012,534	TIAA-CREF International Equity Fund		70,075,229
213,271	TIAA-CREF Money Market Fund		213,271
787,993	TIAA-CREF Short-Term Bond Fund		8,132,096
	TOTAL TIAA-CREF MUTUAL FUNDS		547,824,705
	(Cost $518,797,129)
	TOTAL PORTFOLIO - 100.06%
	(Cost $518,797,129)		547,824,705
	OTHER ASSETS & LIABILITIES, NET - (0.06%)		(343,256	)
	NET ASSETS - 100.00%	$	547,481,449

98

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
TIAA-CREF MUTUAL FUNDS
HIGH-YIELD BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
CORPORATE BONDS - 95.92%
AGRICULTURAL PRODUCTION-CROPS - 0.25%
$     707,000		Dole Food Co, Inc	8.625%	05/01/09	B3	$	691,093
		TOTAL AGRICULTURAL PRODUCTION-CROPS					691,093
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.27%
720,000		Pilgrim's Pride Corp	9.625	09/15/11	Ba3		756,000
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK					756,000
AGRICULTURAL SERVICES - 0.37%
1,000,000		American Rock Salt Co LLC	9.500	03/15/14	Caa1		1,032,500
		TOTAL AGRICULTURAL SERVICES					1,032,500
AMUSEMENT AND RECREATION SERVICES - 1.94%
1,000,000		Mohegan Tribal Gaming Authority	6.125	02/15/13	Baa2		977,500
375,000		Mohegan Tribal Gaming Authority	6.875	02/15/15	Ba2		365,625
1,950,000	g	Pokagon Gaming Authority	10.375	06/15/14	B3		2,079,188
2,000,000		Speedway Motorsports, Inc	6.750	06/01/13	Ba2		1,980,000
		TOTAL AMUSEMENT AND RECREATION SERVICES					5,402,313
APPAREL AND OTHER TEXTILE PRODUCTS - 1.22%
3,500,000		Broder Brothers	11.250	10/15/10	B2		3,412,500
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS					3,412,500
AUTO REPAIR, SERVICES AND PARKING - 3.00%
1,320,000	g	Avis Budget Car Rental LLC	7.625	05/15/14	Ba3		1,280,400
530,000	g	Hertz Corp	8.875	01/01/14	B1		555,175
2,560,000	g	Hertz Corp	10.500	01/01/16	B2		2,816,000
3,946,000		Keystone Automotive Operations, Inc	9.750	11/01/13	Caa1		3,709,240
		TOTAL AUTO REPAIR, SERVICES AND PARKING					8,360,815
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.99%
1,780,000		Asbury Automotive Group, Inc	8.000	03/15/14	B3		1,757,750
1,000,000	g	Autonation, Inc	7.000	04/15/14	Ba2		997,500
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					2,755,250
BUSINESS SERVICES - 4.67%
1,750,000		Advanstar Communications, Inc	10.750	08/15/10	B1		1,885,625
1,000,000		Advanstar, Inc	15.000	10/15/11	NR		1,045,000
2,500,000		Iron Mountain, Inc	8.625	04/01/13	B3		2,556,250
1,000,000		Lamar Media Corp	7.250	01/01/13	Ba3		1,006,250
1,420,000	g	Lamar Media Corp	6.625	08/15/15	Ba3		1,361,425
720,000	g	Sensata Technologies BV	8.000	05/01/14	Caa1		700,200
979,000		Serena Software, Inc	10.375	03/15/16	Caa1		1,025,502
1,000,000		Stena AB	9.625	12/01/12	Ba3		1,075,000
1,390,000		United Rentals North America, Inc	7.750	11/15/13	B3		1,369,150

99

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     1,000,000		Universal Compression, Inc	7.250%	05/15/10	B1	$	1,007,500
		TOTAL BUSINESS SERVICES					13,031,902
CHEMICALS AND ALLIED PRODUCTS - 5.25%
2,125,000		BCP Crystal US Holdings Corp	9.625	06/15/14	B3		2,305,625
700,000	g	Berry Plastics Holding Corp	8.875	09/15/14	B2		703,500
1,000,000		Hercules, Inc	6.750	10/15/29	Ba3		951,250
616,000		Huntsman International LLC	9.875	03/01/09	B2		642,180
2,160,000	g	Ineos Group Holdings plc	8.500	02/15/16	B2		2,057,400
690,000		Koppers Holdings, Inc (Step Bond, 0.000% -
		9.875% until 11/15/09)	0.000	11/15/14	B3		507,150
1,022,000		Koppers, Inc	9.875	10/15/13	B2		1,106,315
1,000,000		Nalco Co	7.750	11/15/11	B1		1,020,000
2,500,000	g	Nell AF SARL	8.375	08/15/15	B2		2,481,250
2,100,000	g	Reichhold Industries, Inc	9.000	08/15/14	B2		2,068,500
729,000		Rockwood Specialties Group, Inc	10.625	05/15/11	B3		780,030
		TOTAL CHEMICALS AND ALLIED PRODUCTS					14,623,200
COAL MINING - 0.52%
1,000,000		Arch Western Finance LLC	6.750	07/01/13	B1		960,000
500,000		Foundation PA Coal Co	7.250	08/01/14	Ba3		502,500
		TOTAL COAL MINING					1,462,500
COMMUNICATIONS - 14.13%
3,402,000		Allbritton Communications Co	7.750	12/15/12	B1		3,427,515
2,450,000		American Cellular Corp	10.000	08/01/11	B3		2,566,375
1,000,000	g	Charter Communications Operating LLC	8.000	04/30/12	B3		1,007,500
1,000,000		Citizens Communications Co	9.250	05/15/11	Ba2		1,102,500
2,026,000		Citizens Communications Co	9.000	08/15/31	Ba2		2,172,885
750,000		CSC Holdings, Inc	8.125	07/15/09	B2		776,250
2,100,000		CSC Holdings, Inc	7.625	04/01/11	B2		2,155,125
1,450,000		Echostar DBS Corp	6.375	10/01/11	Ba3		1,411,938
1,500,000		Gray Television, Inc	9.250	12/15/11	B1		1,569,375
4,210,000	g	Intelsat Bermuda Ltd	11.250	06/15/16	Caa1		4,473,125
1,080,000		Intelsat Subsidiary Holding Co Ltd	8.250	01/15/13	B2		1,093,500
1,000,000		Liberty Media Corp	8.250	02/01/30	Ba2		998,167
814,000	g	Nordic Telephone Co Holdings ApS	8.875	05/01/16	B2		855,717
1,315,000		PanAmSat Corp	9.000	08/15/14	B2		1,357,738
165,000		Quebecor Media, Inc	7.750	03/15/16	B2		165,206
3,980,000		Qwest Communications International, Inc	7.250	02/15/11	B2		3,980,000
1,500,000		Qwest Corp	8.875	03/15/12	Ba2		1,636,875
710,000	g	Qwest Corp	7.500	10/01/14	Ba2		733,075
800,000		Qwest Corp	7.250	10/15/35	Ba2		758,000
1,000,000		Rogers Cable, Inc	7.875	05/01/12	Ba2		1,067,500
1,750,000		Rogers Wireless, Inc	9.625	05/01/11	Ba2		1,977,500
1,550,000		Shaw Communications, Inc	8.250	04/11/10	Ba2		1,635,250
1,000,000		Videotron Ltee	6.875	01/15/14	Ba2		985,000
1,410,000	g	Windstream Corp	8.125	08/01/13	Ba3		1,496,362
		TOTAL COMMUNICATIONS					39,402,478

100

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 11.86%
$     500,000		AES Corp	9.375%	09/15/10	B1	$	540,000
1,000,000		AES Corp	8.875	02/15/11	B1		1,070,000
750,000		AES Corp	7.750	03/01/14	B1		780,000
500,000	g	AES Corp	9.000	05/15/15	Ba3		538,750
1,000,000		Allied Waste North America, Inc	5.750	02/15/11	B2		958,750
2,000,000		Allied Waste North America, Inc	7.875	04/15/13	B2		2,045,000
250,000		Allied Waste North America, Inc	6.125	02/15/14	B2		233,125
81,000		Aquila, Inc	9.950	02/01/11	B2		88,845
1,500,000		CMS Energy Corp	8.500	04/15/11	Ba3		1,620,000
1,000,000		Dynegy Holdings, Inc	8.375	05/01/16	B2		1,017,500
2,175,000	g	Edison Mission Energy	7.500	06/15/13	B1		2,196,750
2,840,000	g	El Paso Performance-Linked Trust	7.750	07/15/11	B2		2,918,100
1,000,000		General Cable Corp	9.500	11/15/10	B2		1,070,000
1,250,000		Inergy LP	8.250	03/01/16	B1		1,293,750
2,479,385		Midwest Generation LLC	8.300	07/02/09	Ba2		2,528,973
2,690,000		Mirant North America LLC	7.375	12/31/13	B2		2,693,362
1,340,296	i,v	NRG Energy, Inc	4.645	02/01/13	Ba1		1,346,161
306,344	i,v	NRG Energy, Inc	4.645	02/01/13	Ba1		307,493
2,000,000		NRG Energy, Inc	7.375	02/01/16	B1		1,987,500
250,000		Orion Power Holdings, Inc	12.000	05/01/10	B2		283,125
1,500,000		Reliant Energy, Inc	9.500	07/15/13	B2		1,556,250
700,000		Reliant Energy, Inc	6.750	12/15/14	B2		665,875
2,000,000		Sierra Pacific Resources	8.625	03/15/14	B1		2,159,434
1,000,000		Southern Natural Gas Co	8.000	03/01/32	Ba1		1,105,629
1,000,000		Williams Cos, Inc	8.125	03/15/12	Ba2		1,067,500
1,000,000		Williams Cos, Inc	7.750	06/15/31	Ba2		1,000,000
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					33,071,872
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.97%
1,905,000		L-3 Communications Corp	7.625	06/15/12	Ba3		1,962,150
710,000	g	Nortel Networks Ltd	10.125	07/15/13	B3		749,050
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					2,711,200
FABRICATED METAL PRODUCTS - 0.82%
1,000,000		Ball Corp	6.875	12/15/12	Ba2		1,007,500
		Crown Americas LLC and Crown Americas Capital
1,250,000	g	Corp	7.625	11/15/13	B1		1,265,625
		TOTAL FABRICATED METAL PRODUCTS					2,273,125
FOOD AND KINDRED PRODUCTS - 0.87%
1,171,000		Constellation Brands, Inc	7.250	09/01/16	Ba2		1,184,174
500,000		Del Monte Corp	8.625	12/15/12	B2		524,375
750,000		Del Monte Corp	6.750	02/15/15	B2		723,750
		TOTAL FOOD AND KINDRED PRODUCTS					2,432,299
FOOD STORES - 2.09%
1,700,000		Delhaize America, Inc	8.125	04/15/11	Ba1		1,824,590
3,983,000		Stater Brothers Holdings	8.125	06/15/12	B1		4,002,915
		TOTAL FOOD STORES					5,827,505
FURNITURE AND HOMEFURNISHINGS STORES - 1.03%
2,800,000		GSC Holdings Corp	8.000	10/01/12	B1		2,884,000
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES					2,884,000

101

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
GENERAL BUILDING CONTRACTORS - 1.30%
$     1,000,000		Beazer Homes USA, Inc	8.375%	04/15/12	Ba1	$	995,000
1,250,000		K Hovnanian Enterprises, Inc	8.000	04/01/12	Ba1		1,231,250
250,000		KB Home	8.625	12/15/08	Ba2		256,218
500,000		KB Home	6.375	08/15/11	Ba1		483,088
820,000		Stanley-Martin Communities LLC	9.750	08/15/15	B3		649,850
		TOTAL GENERAL BUILDING CONTRACTORS					3,615,406
HEALTH SERVICES - 2.21%
1,000,000		DaVita, Inc	6.625	03/15/13	B2		976,250
1,500,000		DaVita, Inc	7.250	03/15/15	B3		1,473,750
1,000,000		HCA, Inc	7.875	02/01/11	Ba2		956,250
1,000,000		HCA, Inc	6.300	10/01/12	Ba2		846,250
1,650,000		HCA, Inc	6.500	02/15/16	Ba2		1,320,000
750,000		HCA, Inc	7.500	11/06/33	Ba2		585,000
		TOTAL HEALTH SERVICES					6,157,500
HOLDING AND OTHER INVESTMENT OFFICES - 1.74%
2,000,000		Sungard Data Systems, Inc	9.125	08/15/13	Caa1		2,070,000
2,690,000		Sungard Data Systems, Inc	10.250	08/15/15	Caa1		2,770,700
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					4,840,700
HOTELS AND OTHER LODGING PLACES - 1.61%
750,000		MGM Mirage	8.500	09/15/10	Ba2		797,813
2,750,000		MGM Mirage	6.750	09/01/12	Ba2		2,712,187
1,000,000		Station Casinos, Inc	6.000	04/01/12	Ba2		965,000
		TOTAL HOTELS AND OTHER LODGING PLACES					4,475,000
INDUSTRIAL MACHINERY AND EQUIPMENT - 1.24%
1,450,000		Case New Holland, Inc	9.250	08/01/11	Ba3		1,537,000
2,000,000		Scientific Games Corp	6.250	12/15/12	Ba3		1,925,000
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					3,462,000
INSTRUMENTS AND RELATED PRODUCTS - 1.08%
1,250,000		Fisher Scientific International, Inc	6.750	08/15/14	Ba2		1,271,875
500,000		Xerox Corp	9.750	01/15/09	Ba1		541,250
1,150,000		Xerox Corp	6.875	08/15/11	Ba1		1,184,500
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					2,997,625
JUSTICE, PUBLIC ORDER AND SAFETY - 0.53%
1,500,000		Corrections Corp of America	6.250	03/15/13	Ba3		1,470,000
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY					1,470,000
LEGAL SERVICES - 0.79%
2,177,000	g	FTI Consulting, Inc	7.750	10/01/16	Ba2		2,198,770
		TOTAL LEGAL SERVICES					2,198,770
MISCELLANEOUS RETAIL - 2.42%
1,250,000		AmeriGas Partners Lp	7.125	05/20/16	B1		1,231,250
1,000,000		Couche-Tard US Lp	7.500	12/15/13	Ba2		1,015,000
944,000		FTD, Inc	7.750	02/15/14	B3		929,840

102

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     1,000,000		Rite Aid Corp	7.500%	01/15/15	B2	$	947,500
2,450,000	g	Stripes Acquisition LLC	10.625	12/15/13	B2		2,609,250
		TOTAL MISCELLANEOUS RETAIL					6,732,840
NONDEPOSITORY INSTITUTIONS - 4.17%
1,250,000		Ford Motor Credit Co	5.700	01/15/10	B1		1,154,809
1,300,000		Ford Motor Credit Co	7.875	06/15/10	B1		1,266,041
980,000	g	Ford Motor Credit Co	9.750	09/15/10	B1		1,011,825
710,000		Ford Motor Credit Co	9.875	08/10/11	B1		734,717
1,250,000		Ford Motor Credit Co	7.000	10/01/13	B1		1,159,798
830,000		General Motors Acceptance Corp	6.150	04/05/07	Ba1		829,054
800,000		General Motors Acceptance Corp	6.125	08/28/07	Ba1		798,860
1,450,000		General Motors Acceptance Corp	5.625	05/15/09	Ba1		1,413,998
710,000		General Motors Acceptance Corp	7.750	01/19/10	Ba1		727,497
1,600,000		General Motors Acceptance Corp	7.250	03/02/11	Ba1		1,609,147
885,000		General Motors Acceptance Corp	8.000	11/01/31	Ba1		925,339
		TOTAL NONDEPOSITORY INSTITUTIONS					11,631,085
OIL AND GAS EXTRACTION - 4.77%
1,060,000		Chesapeake Energy Corp	7.625	07/15/13	Ba2		1,082,525
750,000		Chesapeake Energy Corp	7.500	09/15/13	Ba2		761,250
2,000,000		Chesapeake Energy Corp	7.750	01/15/15	Ba2		2,040,000
2,500,000		Chesapeake Energy Corp	6.875	11/15/20	Ba2		2,362,500
1,080,000		Denbury Resources, Inc	7.500	04/01/13	B1		1,080,000
1,450,000		Encore Acquisition Co	6.000	07/15/15	B1		1,326,750
425,000		Encore Acquisition Co	7.250	12/01/17	B1		409,063
1,000,000		Hanover Compressor Co	9.000	06/01/14	B2		1,060,000
649,000		Magnum Hunter Resources, Inc	9.600	03/15/12	B1		686,317
1,440,000	g	Pogo Producing Co	7.875	05/01/13	B1		1,467,000
1,030,000		Range Resources Corp	7.500	05/15/16	B1		1,035,150
		TOTAL OIL AND GAS EXTRACTION					13,310,555
PAPER AND ALLIED PRODUCTS - 5.84%
1,929,000		Abitibi-Consolidated, Inc	8.550	08/01/10	B2		1,914,533
850,000		Abitibi-Consolidated, Inc	6.000	06/20/13	B2		690,625
710,000		Bowater, Inc	9.000	08/01/09	B2		734,850
888,000		Bowater, Inc	6.500	06/15/13	B2		788,100
1,421,000		Caraustar Industries, Inc	7.375	06/01/09	B3		1,335,740
3,355,000		Cenveo Corp	7.875	12/01/13	B3		3,178,862
810,000		Domtar, Inc	7.125	08/15/15	B2		753,300
820,000		Georgia-Pacific Corp	8.125	05/15/11	B2		840,500
2,500,000		Graphic Packaging International Corp	8.500	08/15/11	B2		2,556,250
2,005,000		Greif, Inc	8.875	08/01/12	Ba3		2,095,225
1,450,000		Jefferson Smurfit Corp US	8.250	10/01/12	B2		1,388,375
		TOTAL PAPER AND ALLIED PRODUCTS					16,276,360
PERSONAL SERVICES - 0.70%
1,900,000		Mac-Gray Corp	7.625	08/15/15	B2		1,938,000
		TOTAL PERSONAL SERVICES					1,938,000
PETROLEUM AND COAL PRODUCTS - 1.94%
2,500,000		Equistar Chemicals Lp	8.750	02/15/09	B1		2,587,500
2,100,000		Lyondell Chemical Co	8.000	09/15/14	B1		2,126,250

103

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     710,000	g	Tesoro Corp	6.250%	11/01/12	Ba1	$	684,262
		TOTAL PETROLEUM AND COAL PRODUCTS					5,398,012
PRIMARY METAL INDUSTRIES - 1.20%
3,050,000	g	Novelis, Inc	8.250	02/15/15	B3		2,897,500
421,000		United States Steel Corp	9.750	05/15/10	Ba1		449,417
		TOTAL PRIMARY METAL INDUSTRIES					3,346,917
PRINTING AND PUBLISHING - 3.81%
1,080,000	g,j	AAC Group Holding Corp	12.750	10/01/12	Caa1		1,128,600
1,200,000		American Achievement Corp	8.250	04/01/12	B1		1,212,000
720,000		Morris Publishing Group LLC	7.000	08/01/13	B1		680,400
1,000,000		Primedia, Inc	8.875	05/15/11	B2		977,500
2,128,000	g	Quebecor World Capital Corp	8.750	03/15/16	B1		2,048,200
3,060,000		RH Donnelley Corp	8.875	01/15/16	B3		3,067,650
1,500,000		Visant Corp	7.625	10/01/12	B2		1,507,500
		TOTAL PRINTING AND PUBLISHING					10,621,850
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.38%
1,220,000		Solo Cup Co	8.500	02/15/14	Caa2		1,053,775
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					1,053,775
SECURITY AND COMMODITY BROKERS - 0.29%
800,000		E*Trade Financial Corp	7.375	09/15/13	Ba2		818,000
		TOTAL SECURITY AND COMMODITY BROKERS					818,000
SOCIAL SERVICES - 0.62%
1,860,000	g	Knowledge Learning Corp, Inc	7.750	02/01/15	B2		1,739,100
		TOTAL SOCIAL SERVICES					1,739,100
STONE, CLAY, AND GLASS PRODUCTS - 1.02%
1,000,000		Owens Brockway Glass Container, Inc	8.875	02/15/09	Ba2		1,027,500
1,250,000		Owens Brockway Glass Container, Inc	7.750	05/15/11	Ba2		1,284,375
500,000		Owens Brockway Glass Container, Inc	8.750	11/15/12	Ba2		527,500
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					2,839,375
TRANSPORTATION EQUIPMENT - 3.18%
1,000,000	g	Bombardier, Inc	6.750	05/01/12	Ba2		952,500
2,000,000		Ford Motor Co	6.625	10/01/28	B3		1,492,500
1,420,000		Ford Motor Co	7.450	07/16/31	B3		1,096,950
700,000		General Motors Corp	7.200	01/15/11	Caa1		644,875
1,100,000		General Motors Corp	7.700	04/15/16	Caa1		958,375
800,000		General Motors Corp	8.800	03/01/21	Caa1		708,000
2,250,000		General Motors Corp	8.375	07/15/33	Caa1		1,946,250
1,000,000		Sequa Corp	9.000	08/01/09	B2		1,061,250
		TOTAL TRANSPORTATION EQUIPMENT					8,860,700
TRANSPORTATION SERVICES - 0.64%
1,850,000		United Rentals North America, Inc	6.500	02/15/12	B1		1,785,250
		TOTAL TRANSPORTATION SERVICES					1,785,250
WATER TRANSPORTATION - 0.90%
2,500,000		Gulfmark Offshore, Inc	7.750	07/15/14	B1		2,512,500
		TOTAL WATER TRANSPORTATION					2,512,500

104

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
WHOLESALE TRADE-DURABLE GOODS - 3.29%
$     1,420,000	g	Baker & Taylor, Inc	11.500%	07/01/13	B2	$	1,398,700
2,500,000		IKON Office Solutions, Inc	7.750	09/15/15	Ba3		2,568,750
1,273,000		Interline Brands, Inc	8.125	06/15/14	B3		1,288,912
750,000		Russel Metals, Inc	6.375	03/01/14	Ba2		708,750
3,250,000		Ryerson, Inc	8.250	12/15/11	B3		3,217,500
		TOTAL WHOLESALE TRADE-DURABLE GOODS					9,182,612
		TOTAL CORPORATE BONDS					267,394,484
		(Cost $266,857,488)
SHARES
WARRANTS - 0.00%**
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.00%**
500		Travelcenters Of America, Inc (Expires 05/01/09)					1,500
1,500		Travelcenters Of America, Inc (Expires 05/01/09)					4,500
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					6,000
HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**
1,500	v	Advanstar Holdings Corp (Expires 10/15/11)					15
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					15
PAPER AND ALLIED PRODUCTS - 0.00%**
250	v	Pliant Corp (Expires 06/01/10)					3
		TOTAL PAPER AND ALLIED PRODUCTS					3
		TOTAL WARRANTS					6,018
		(Cost $162,890)
PRINCIPAL
SHORT - TERM INVESTMENTS - 2.56%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.56%
$     7,140,000		Federal Home Loan Bank (FHLB)	4.750	10/02/06			7,140,000
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					7,140,000
		TOTAL SHORT-TERM INVESTMENTS					7,140,000
		(Cost $7,139,058)
		TOTAL PORTFOLIO - 98.48%					274,540,502
		(Cost $274,159,436)
		OTHER ASSETS & LIABILITIES, NET - 1.52%					4,234,262
		NET ASSETS - 100.00%				$	278,774,764

105

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
	**	Represents less than 0.01%
	+	As provided by Moody's Investor Service.
	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 September 30, 2006, the value of these securities amounted to $51,470,300 or 18.46% of net assets.
	i	Floating rate or variable rate securities reflects the rate at September 30, 2006.
	j	Payment-in-kind security.
	v	Security valued at fair value.
		ABBREVIATION:
		NR - Not Rated

106

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
TIAA-CREF MUTUAL FUNDS
SHORT-TERM BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
BONDS - 98.70%
CORPORATE BONDS - 49.34%
ASSET BACKED - 13.85%
$     100,817	g	Asset Backed Funding Corp NIM Trust Series 2005-
		WMC1 (Class N1)	5.900%	07/26/35	NR	$	100,693
1,500,000	i	Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	A2		1,473,342
500,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		485,803
500,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1M2)	5.700	02/25/34	A2		494,880
500,000		Chase Manhattan Auto Owner Trust Series 2004-A
		(Class A4)	2.830	09/15/10	Aaa		489,326
1,320,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		1,305,184
622,656	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class BF)	6.830	06/25/33	Ba1		585,680
460,892	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class MF2)	6.390	12/25/30	A3		461,110
2,500,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class
		A3)	5.706	07/25/36	Aaa		2,511,500
600,000	i	GMAC Mortgage Corp Loan Trust Series 2005-HE2
		(Class A3)	4.622	11/25/35	Aaa		593,277
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV
		A3	5.590	03/01/30	Aaa		2,004,426
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV
		A4	5.810	03/01/36	Aaa		2,008,338
500,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		505,495
577,258	g	Long Beach Asset Holdings Corp Series 2006-4 (Class
		N1)	5.877	06/25/46	NR		575,806
2,112,319	g	Marriott Vacation Club Owner Trust Series 2006-1A
		(Class A)	5.737	04/20/28	Aaa		2,141,473
1,000,000	g,v	New York City Tax Lien Series 2006-AA (Class A)	5.930	07/01/36	Aaa		999,894
3,000,000		Residential Funding Mortgage Securities II, Inc Series
		2006-H12 (Class A3)	5.790	02/25/36	Aaa		3,021,036
2,000,000	i	Residential Funding Mortgage Securities II, Inc Series
		2006-HI1 (Class A3)	5.570	02/25/36	Aaa		2,002,956
500,000	i	Residential Funding Mortgage Securities II, Inc Series
		2006-HI1 (Class M2)	6.060	02/25/36	Aa2		503,013
1,000,000		Residential Funding Mortgage Securities II, Inc Series
		2006-HI3 (Class A2)	5.950	02/25/36	Aaa		1,006,377
1,300,000		Residential Funding Mortgage Securities II, Inc Series
		2006-HI3 (Class A3)	5.960	02/25/36	Aaa		1,314,579
500,000	i	Saxon Asset Securities Trust Series 2002-2 (Class AF6)	5.620	11/25/30	Aaa		498,154
1,701,992	g,v	Sierra Receivables Funding Co Series 2006-1A (Class
		A1)	5.840	05/20/18	Aaa		1,723,747
		TOTAL ASSET BACKED					26,806,089

107

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
CHEMICALS AND ALLIED PRODUCTS - 0.76%
$     250,000		Abbott Laboratories	5.600%	05/15/11	A1	$	254,507
1,000,000		Eli Lilly & Co	2.900	03/15/08	Aa3		967,466
250,000		Lubrizol Corp	4.625	10/01/09	Baa3		242,918
		TOTAL CHEMICALS AND ALLIED PRODUCTS					1,464,891
COMMUNICATIONS - 1.39%
500,000		CBS Corp	5.625	05/01/07	Baa3		500,378
1,000,000		Sprint Capital Corp	6.000	01/15/07	Baa3		1,001,072
500,000		Verizon Global Funding Corp	7.375	09/01/12	A3		547,521
500,000		Verizon Wireless Capital LLC	5.375	12/15/06	A2		499,821
150,000	g	Viacom, Inc	5.750	04/30/11	Baa3		149,722
		TOTAL COMMUNICATIONS					2,698,514
DEPOSITORY INSTITUTIONS - 5.79%
500,000		Bank of America Corp	5.250	02/01/07	Aa2		499,664
250,000		Bank of America Corp	5.375	08/15/11	Aa2		252,219
1,000,000		Bank One NA	3.700	01/15/08	Aa2		981,477
2,500,000		Citigroup, Inc	5.100	09/29/11	Aa1		2,494,006
1,000,000		JP Morgan Chase & Co	3.500	03/15/09	Aa3		963,099
250,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		247,396
500,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		487,870
500,000		Mellon Funding Corp	4.875	06/15/07	A1		498,374
250,000		National City Bank of Indiana	4.875	07/20/07	Aa3		248,787
250,000		Popular North America, Inc	3.875	10/01/08	A3		242,222
250,000		Popular North America, Inc	5.650	04/15/09	A3		251,119
500,000		US Bank NA	5.700	12/15/08	Aa2		505,209
500,000		Wachovia Bank NA	4.850	07/30/07	Aa2		497,818
500,000	i	Wachovia Capital Trust III	5.800	12/30/49	A2		501,357
250,000		Washington Mutual, Inc	5.500	08/24/11	A3		251,209
1,750,000		Wells Fargo & Co	5.300	08/26/11	Aa1		1,760,043
500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		524,223
		TOTAL DEPOSITORY INSTITUTIONS					11,206,092
EATING AND DRINKING PLACES - 0.26%
500,000		McDonald's Corp	5.950	01/15/08	A2		503,235
		TOTAL EATING AND DRINKING PLACES					503,235
ELECTRIC, GAS, AND SANITARY SERVICES - 3.86%
500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		480,645
250,000		Consumers Energy Co	4.400	08/15/09	Baa2		243,324
2,000,000		Duke Energy Corp	3.750	03/05/08	A2		1,957,585
300,000		FirstEnergy Corp	5.500	11/15/06	Baa3		299,988
500,000		Midamerican Energy Holdings Co	4.625	10/01/07	Baa1		496,451
1,000,000		Nisource Finance Corp	3.200	11/01/06	Baa3		998,179
1,000,000		Ohio Power Co	5.300	11/01/10	A3		997,459
500,000		ONEOK Partners Lp	5.900	04/01/12	Baa2		501,963
500,000		Pepco Holdings, Inc	5.500	08/15/07	Baa3		499,884
1,000,000		Tampa Electric Co	5.375	08/15/07	Baa2		999,146
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					7,474,624

108

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.64%
$     500,000		Cisco Systems, Inc	5.250%	02/22/11	A1	$	502,402
500,000		Cooper Industries, Inc	5.250	07/01/07	A3		497,773
250,000		Hewlett-Packard Co	3.625	03/15/08	A3		244,306
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					1,244,481
FABRICATED METAL PRODUCTS - 0.78%
500,000		Fortune Brands, Inc	5.125	01/15/11	Baa2		490,174
1,000,000		Illinois Tool Works, Inc	5.750	03/01/09	Aa3		1,014,158
		TOTAL FABRICATED METAL PRODUCTS					1,504,332
FINANCE, TAXATION AND MONETARY POLICY - 0.53%
1,000,000		Grand Prairie Sports Facilities	7.130	09/15/18	Aaa		1,016,930
		TOTAL FINANCE, TAXATION AND MONETARY POLICY					1,016,930
FOOD AND KINDRED PRODUCTS - 1.28%
500,000	g	Cadbury Schweppes US Finance LLC	3.875	10/01/08	Baa2		486,337
500,000		Diageo Capital plc	5.125	01/30/12	A3		494,996
1,000,000		General Mills, Inc	5.125	02/15/07	Baa1		998,776
500,000		Kraft Foods, Inc	4.000	10/01/08	A3		488,395
		TOTAL FOOD AND KINDRED PRODUCTS					2,468,504
FOOD STORES - 0.52%
500,000		Fred Meyer, Inc	7.450	03/01/08	Baa2		513,562
500,000		Safeway, Inc	4.125	11/01/08	Baa2		487,027
		TOTAL FOOD STORES					1,000,589
FURNITURE AND FIXTURES - 0.26%
500,000		Masco Corp	4.625	08/15/07	Baa1		495,107
		TOTAL FURNITURE AND FIXTURES					495,107
GENERAL BUILDING CONTRACTORS - 0.28%
500,000		DR Horton, Inc	9.750	09/15/10	Ba1		549,365
		TOTAL GENERAL BUILDING CONTRACTORS					549,365
GENERAL MERCHANDISE STORES - 1.27%
1,000,000		May Department Stores Co	3.950	07/15/07	Baa1		986,604
500,000		Target Corp	3.375	03/01/08	A1		487,744
500,000		Wal-Mart Stores, Inc	4.375	07/12/07	Aa2		497,009
500,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		483,435
		TOTAL GENERAL MERCHANDISE STORES					2,454,792
HOLDING AND OTHER INVESTMENT OFFICES - 0.26%
500,000		Simon Property Group Lp	5.600	09/01/11	Baa1		502,847
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					502,847
INSURANCE CARRIERS - 0.64%
250,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		244,195
500,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		498,516
500,000		WellPoint, Inc	5.000	01/15/11	Baa1		493,614
		TOTAL INSURANCE CARRIERS					1,236,325

109

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
MOTION PICTURES - 0.39%
$     250,000		Walt Disney Co	5.700%	07/15/11	A3	$	254,636
500,000		Walt Disney Co	5.500	12/29/06	A3		500,298
		TOTAL MOTION PICTURES					754,934
NONDEPOSITORY INSTITUTIONS - 6.16%
250,000		American General Finance Corp	2.750	06/15/08	A1		239,920
1,000,000	g	American Honda Finance Corp	5.125	12/15/10	A1		997,595
250,000		Caterpillar Financial Services Corp	4.875	06/15/07	A2		249,170
1,000,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		958,965
500,000		CIT Group Funding Co of Canada	4.650	07/01/10	A2		489,180
140,000		FIA Card Services NA	5.375	01/15/08	Aa1		140,256
500,000		Ford Motor Credit Co	5.700	01/15/10	B1		461,924
200,000		Ford Motor Credit Co	9.875	08/10/11	B1		206,962
1,000,000		General Electric Capital Corp	6.000	06/15/12	Aaa		1,038,720
500,000		General Motors Acceptance Corp	6.125	08/28/07	Ba1		499,287
1,000,000		HSBC Finance Corp	5.250	01/14/11	Aa3		999,728
1,500,000		HSBC Finance Corp	5.700	06/01/11	Aa3		1,526,564
1,000,000	g	IBM Canada Credit Services Co	3.750	11/30/07	A1		981,890
500,000		International Lease Finance Corp	5.450	03/24/11	A1		502,259
500,000		National Rural Utilities Cooperative Finance Corp	6.500	03/01/07	A2		502,397
500,000		Residential Capital Corp	6.125	11/21/08	Baa3		501,989
250,000		SLM Corp	4.000	01/15/10	A2		240,912
400,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		383,383
900,000		Western Financial Bank	9.625	05/15/12	Aa3		995,724
		TOTAL NONDEPOSITORY INSTITUTIONS					11,916,825
OIL AND GAS EXTRACTION - 0.48%
500,000		Anadarko Petroleum Corp	3.250	05/01/08	Baa2		483,514
200,000		BJ Services Co	5.750	06/01/11	Baa1		201,814
250,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		247,133
		TOTAL OIL AND GAS EXTRACTION					932,461
OTHER MORTGAGE BACKED SECURITIES - 2.52%
475,517		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		477,353
471,912		First Horizon Asset Securities, Inc Series 2003-9 (Class
		1A4)	5.500	11/25/33	NR		471,765
2,000,000		LB-UBS Commercial Mortgage Trust Series 2005-C3
		(Class A2)	4.553	07/15/30	Aaa		1,964,306
1,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	NR		990,840
969,309		Residential Asset Securitization Trust Series 2006-A6
		(Class 2A6)	6.000	07/25/36	Aaa		974,570
		TOTAL OTHER MORTGAGE BACKED SECURITIES					4,878,834
PETROLEUM AND COAL PRODUCTS - 0.39%
750,000		Conoco Funding Co	5.450	10/15/06	NR		750,003
		TOTAL PETROLEUM AND COAL PRODUCTS					750,003
PIPELINES, EXCEPT NATURAL GAS - 1.65%
750,000		Enbridge Energy Partners Lp	4.000	01/15/09	Baa2		726,159
1,000,000		Enterprise Products Operating Lp	4.000	10/15/07	Baa3		985,528
500,000		Enterprise Products Operating Lp	4.950	06/01/10	Baa3		489,404

110

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
			MATURITY
PRINCIPAL		RATE	DATE	RATING+		VALUE
$     500,000	Panhandle Eastern Pipe Line	4.800%	08/15/08	Baa3	$	495,066
500,000	Plains All American Pipeline Lp	4.750	08/15/09	Baa3		489,612
	TOTAL PIPELINES, EXCEPT NATURAL GAS					3,185,769
PRINTING AND PUBLISHING - 0.49%
1,000,000	RR Donnelley & Sons Co	3.750	04/01/09	Baa2		953,649
	TOTAL PRINTING AND PUBLISHING					953,649
RAILROAD TRANSPORTATION - 0.31%
87,000	Norfolk Southern Corp	7.350	05/15/07	Baa1		87,954
500,000	Union Pacific Corp	5.750	10/15/07	Baa2		502,233
	TOTAL RAILROAD TRANSPORTATION					590,187
SECURITY AND COMMODITY BROKERS - 1.92%
500,000	Bear Stearns Cos, Inc	5.700	01/15/07	A1		500,244
500,000	Franklin Resources, Inc	3.700	04/15/08	A2		488,894
500,000	Goldman Sachs Group, Inc	6.600	01/15/12	Aa3		528,057
1,000,000	Merrill Lynch & Co, Inc	4.125	09/10/09	Aa3		971,858
500,000	Morgan Stanley	5.800	04/01/07	Aa3		500,832
750,000	Morgan Stanley	3.625	04/01/08	Aa3		732,956
	TOTAL SECURITY AND COMMODITY BROKERS					3,722,841
TRANSPORTATION BY AIR - 0.10%
200,000	FedEx Corp	5.500	08/15/09	Baa2		200,890
	TOTAL TRANSPORTATION BY AIR					200,890
TRANSPORTATION EQUIPMENT - 2.05%
500,000	Boeing Capital Corp	5.750	02/15/07	A2		500,948
500,000	DaimlerChrysler NA Holding Corp	5.875	03/15/11	Baa1		501,340
1,000,000	General Dynamics Corp	3.000	05/15/08	A2		965,412
2,000,000	United Technologies Corp	4.875	11/01/06	A2		1,998,312
	TOTAL TRANSPORTATION EQUIPMENT					3,966,012
WHOLESALE TRADE-NONDURABLE GOODS - 0.51%
1,000,000	Gillette Co	4.125	08/30/07	Aa3		986,174
	TOTAL WHOLESALE TRADE-NONDURABLE GOODS					986,174
	TOTAL CORPORATE BONDS					95,465,296
	(Cost $95,963,026)
GOVERNMENT BONDS - 49.36%
AGENCY SECURITIES - 23.78%
750,000	Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		730,012
750,000	FFCB	4.125	04/15/09	Aaa		736,503
4,000,000	FFCB	5.375	07/18/11	Aaa		4,082,313
2,000,000	Federal Home Loan Bank (FHLB)	5.375	08/19/11	Aaa		2,039,553
2,750,000	Federal Home Loan Mortgage Corp (FHLMC)	4.375	11/16/07	Aaa		2,727,290
500,000	FHLMC	3.750	02/27/09	Aaa		484,512
8,200,000	FHLMC	7.000	03/15/10	Aaa		8,742,683
750,000	FHLMC	5.250	07/18/11	Aaa		760,704
1,200,000	Federal National Mortgage Association (FNMA)	4.125	06/16/08	Aaa		1,181,831
2,000,000	FNMA	5.000	09/15/08	Aaa		2,002,361

111

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     750,000		FNMA	5.210%	03/16/09	Aaa	$	748,497
3,000,000	d	FNMA	5.375	08/15/09	Aaa		3,039,141
8,900,000		FNMA	7.125	06/15/10	Aaa		9,563,864
3,500,000		FNMA	6.250	02/01/11	Aa2		3,660,837
5,500,000		FNMA	5.800	06/07/11	Aaa		5,515,030
		TOTAL AGENCY SECURITIES					46,015,131
FOREIGN GOVERNMENT BONDS - 2.91%
250,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		249,506
1,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		971,895
1,000,000		International Finance Corp	5.125	05/02/11	Aaa		1,011,349
1,250,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		1,261,915
150,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		152,102
1,000,000		Province of Manitoba Canada	4.250	11/20/06	Aa2		998,718
1,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa2		986,034
		TOTAL FOREIGN GOVERNMENT BONDS					5,631,519
MORTGAGE BACKED SECURITIES - 2.51%
35,071		Federal Home Loan Mortgage Corp (FHLMC)	6.000	04/15/30			35,011
260,593		FHLMC	6.000	12/15/30			262,486
151,605		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	12/01/17			153,791
664,342		FGLMC	5.500	01/01/19			665,402
591,709		FGLMC	5.500	01/01/19			592,653
557,118		Federal National Mortgage Association (FNMA)	6.143	02/01/08			557,837
862,921		FNMA	6.366	12/01/08			864,901
131,810		FNMA	5.000	06/01/13			131,126
536,612		FNMA	5.000	02/25/35			527,900
848,669		Freddie Mac Reference REMIC	5.125	10/15/15			841,286
227,744	i	Government National Mortgage Association (GNMA)	6.235	06/16/21			229,859
		TOTAL MORTGAGE BACKED SECURITIES					4,862,252
U.S. TREASURY SECURITIES - 20.16%
3,000,000	i	BECCS (Step Bond, 0.000% - 14.000% until 11/15/06)	0.000	11/15/11			2,981,730
310,183	k	United States Treasury Inflation Indexed Bond	3.875	01/15/09			319,150
9,950,000		United States Treasury Note	4.375	12/31/07			9,890,897
500,000		United States Treasury Note	4.875	04/30/08			500,725
2,400,000		United States Treasury Note	5.000	07/31/08			2,411,232
5,000,000		United States Treasury Note	4.875	05/15/09			5,028,851
9,280,000		United States Treasury Note	4.875	07/31/11			9,389,505
8,500,000		United States Treasury Note	4.500	09/30/11			8,467,462
		TOTAL U.S. TREASURY SECURITIES					38,989,552
		TOTAL GOVERNMENT BONDS					95,498,454
		(Cost $96,036,615)
		TOTAL BONDS					190,963,750
		(Cost $191,999,641)
SHORT-TERM INVESTMENTS - 2.15%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.15%
4,160,000		Federal Home Loan Bank (FHLB)	4.750	10/02/06			4,160,000
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					4,160,000
		TOTAL SHORT-TERM INVESTMENTS					4,160,000
		(Cost $4,159,451)

112

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				VALUE
		TOTAL PORTFOLIO - 100.85%	$	195,123,750
		(Cost $196,159,092)
		OTHER ASSETS & LIABILITIES, NET - (0.85%)		(1,638,462	)
		NET ASSETS - 100.00%	$	193,485,288
	+	As provided by Moody's Investors Service.
	d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed
		delivery basis.
	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 September 30, 2006, the value of these securities amounted to $9,373,247 or 4.84% of net assets.
	i	Floating rate or variable rate securities reflects the rate at September 30, 2006.
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
	v	Security valued at fair value.
		ABBREVIATION:
		NR - Not Rated

113

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
TIAA-CREF MUTUAL FUNDS
TAX-EXEMPT BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
LONG -TERM MUNICIPAL BONDS - 99.05%
ALABAMA - 1.46%
$     440,000	a	Birmingham Industrial Water Board, ETM	6.000%	07/01/07	NR	$	448,540
2,300,000		Courtland IDB, International Paper Project, Series 2003A	5.000	11/01/13	Baa3		2,412,976
		TOTAL ALABAMA					2,861,516
ARIZONA - 3.69%
1,000,000		Arizona Health Facilities Authority	6.375	12/01/37	NR		1,154,630
650,000		Arizona State Transportation Board, Grant Anticipation Note	5.000	07/01/14	Aa3		705,484
1,535,000		Arizona Water Infrastructure Finance Authority, Water Quality	5.000	10/01/16	Aaa		1,692,322
2,045,000		Greater Arizona Development Authority	5.000	08/01/14	Aaa		2,224,081
1,310,000		Tucson AZ, COP	5.250	07/01/14	Aaa		1,441,013
		TOTAL ARIZONA					7,217,530
ARKANSAS - 2.59%
1,260,000		Arkansas Development Finance Authority	5.000	11/01/14	NR		1,365,172
1,750,000		Arkansas Development Finance Authority, Waste Water Rev,
		Series 2001-A	5.500	12/01/18	NR		1,995,262
345,000		Arkansas Housing Development Agency, ETM	8.375	07/01/10	NR		377,251
340,000	a	Jefferson County Health Care & Residential Facilities Board,
		ETM	7.250	12/01/10	NR		378,553
820,000		North Little Rock	6.500	07/01/15	Aaa		950,560
		TOTAL ARKANSAS					5,066,798
CALIFORNIA - 2.38%
3,185,000		California State Department of Water Resources	5.500	05/01/12	A1		3,469,643
500,000		California State GO	5.250	12/01/12	A1		542,880
550,000		California State GO	5.000	09/01/16	A1		600,727
45,000	*	Delta Counties Home Mortgage Finance Authority, AMT	6.700	06/01/24	Aaa		45,144
		TOTAL CALIFORNIA					4,658,394
COLORADO - 0.56%
1,065,000		Colorado Health Facilities Authority	5.250	10/01/26	Aaa		1,100,763
		TOTAL COLORADO					1,100,763
CONNECTICUT - 0.77%
1,240,000		Connecticut Municipal Electric Energy Cooperative, ETM	7.000	01/01/15	Aaa		1,510,184
		TOTAL CONNECTICUT					1,510,184
DISTRICT OF COLUMBIA - 0.17%
300,000		District of Columbia, Hospital Rev Midlantic, ETM	6.000	08/15/10	Aaa		326,418
		TOTAL DISTRICT OF COLUMBIA					326,418
FLORIDA - 6.66%
2,000,000		Broward County School Board, COP	5.250	07/01/16	Aaa		2,216,960
1,500,000		Broward County School Board, COP	5.250	07/01/15	Aaa		1,654,530
1,600,000	*	First Florida Governmental Financing Commission, Series
		2001B	5.500	07/01/15	Aaa		1,800,608
725,000		Florida State Board of Education, Lottery Rev	5.000	07/01/18	Aaa		776,975
2,000,000		Lake County School Board, COP	5.250	06/01/17	Aaa		2,227,980
1,925,000		Lake County School Board, COP	5.250	06/01/18	Aaa		2,151,168
1,000,000		Palm Beach County Solid Waste Authority, Series 1997-A	6.000	10/01/10	Aaa		1,086,550
1,000,000		Pinellas County Health Facility Authority, Baycare	5.500	11/15/33	Aa3		1,103,470
		TOTAL FLORIDA					13,018,241

114

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
GEORGIA - 1.16%
$     1,015,000		Atlanta, GA, Water & Wastewater, Series 1999-A	5.500%	11/01/14	Aaa	$	1,130,253
1,055,000		Georgia State GO	5.000	07/01/13	Aaa		1,143,968
		TOTAL GEORGIA					2,274,221
ILLINOIS - 3.64%
730,000		Chicago Metropolitan Water Reclamation District-Greater
		Chicago, ETM	7.000	01/01/11	Aaa		801,708
860,000		Cook County Community Consolidated School District No 64	5.500	12/01/14	Aaa		962,968
1,185,000		Kendall-Grundy Etc Counties High School District No 308	5.000	10/01/14	Aaa		1,286,471
1,000,000		Madison County Community Unit School District No 7-
		Edwardsville, ETM	5.850	02/01/13	Aaa		1,099,800
1,255,000		Madison-Bond Etc Counties Community Unit School District
		No 5	5.000	02/01/19	Aaa		1,367,172
1,460,000		Metropolitan Pier & Exposition Authority	5.375	06/01/13	Aaa		1,606,701
		TOTAL ILLINOIS					7,124,820
INDIANA - 4.95%
1,365,000		Anderson School Building Corp, 1st Mtge, ETM	5.250	07/15/14	Aaa		1,486,567
1,340,000		Benton School Improvement Building Corp	5.000	07/15/15	NR		1,460,064
1,200,000		Center Grove School Building Corp	5.000	07/15/14	Aaa		1,300,344
1,000,000		Griffith Multi-School Building Corp	5.000	07/15/15	Aaa		1,089,600
2,000,000		New Albany Floyd County School Building Corp, 1st Mtge	5.000	07/15/15	NR		2,179,200
2,000,000		South Madison Elementary School Building Corp, 1st Mtge	5.000	07/15/15	Aaa		2,158,840
		TOTAL INDIANA					9,674,615
KENTUCKY - 0.96%
1,775,000	a	Kentucky Turnpike Authority, Toll Rev, ETM	6.000	07/01/11	Aaa		1,884,908
		TOTAL KENTUCKY					1,884,908
LOUISIANA - 2.67%
2,235,000		Desoto Parish, PCR, International Paper, Series 2002A	5.000	10/01/12	Baa3		2,333,653
650,000		Louisiana State GO	5.000	07/15/15	Aaa		703,196
2,000,000		Louisiana State GO	5.000	05/01/16	Aaa		2,177,660
		TOTAL LOUISIANA					5,214,509
MARYLAND - 1.60%
1,550,000		Maryland State GO	5.500	08/01/12	Aaa		1,710,286
1,280,000		Maryland State GO	5.000	03/01/16	Aaa		1,412,224
		TOTAL MARYLAND					3,122,510
MICHIGAN - 5.49%
2,020,000		Ann Arbor School District	5.000	05/01/15	Aaa		2,203,638
1,710,000		Bedford Public School District	5.000	05/01/14	Aaa		1,855,641
1,705,000		Caledonia Community Schools	5.000	05/01/15	Aaa		1,860,001
1,000,000		Detroit Water Supply System	5.000	07/01/14	Aaa		1,086,760
800,000		Forest Hills Public Schools	5.000	05/01/15	Aaa		872,728
1,750,000		L'Anse Creuse Public Schools	5.000	05/01/15	Aaa		1,909,092
850,000		New Haven Community Schools	5.250	05/01/16	Aaa		947,410
		TOTAL MICHIGAN					10,735,270
MINNESOTA - 0.19%
330,000		Western Minnesota Municipal Power Agency, ETM	6.375	01/01/16	Aaa		366,660
		TOTAL MINNESOTA					366,660

115

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
MISSISSIPPI - 0.75%
$     1,120,000	a	Harrison County Wastewater Management District, ETM	5.000%	02/01/15	Baa1	$	1,208,894
250,000		Mississippi Development Bank Special Obligation, Biloxi	5.000	11/01/18	Aaa		263,910
		TOTAL MISSISSIPPI					1,472,804
MISSOURI - 1.49%
1,575,000		Missouri Environmental Improvement & Energy Resources
		Authority	5.500	07/01/12	Aaa		1,731,460
1,000,000		Missouri Health & Educational Facilities Authority, BJC
		Health Project, ETM	6.750	05/15/13	Aaa		1,179,370
		TOTAL MISSOURI					2,910,830
NEVADA - 0.41%
800,000		Clark County, NV, PCR Nevada Power Project	5.300	10/01/11	NR		801,512
		TOTAL NEVADA					801,512
NEW JERSEY - 7.07%
4,010,000		Garden State Preservation Trust, Series 2005-C	5.125	11/01/18	Aaa		4,504,032
2,550,000		New Jersey Economic Development Authority, School
		Facilities Construction	5.250	09/01/14	Aaa		2,813,262
350,000		New Jersey State GO	5.500	07/15/16	Aaa		398,205
1,185,000		New Jersey State Turnpike Authority	6.500	01/01/16	Aaa		1,383,203
1,765,000		New Jersey State Turnpike Authority, ETM	5.700	05/01/13	Aaa		1,872,665
500,000		New Jersey Transportation Trust Fund Authority	5.500	12/15/15	Aaa		565,015
2,000,000		New Jersey Transportation Trust Fund Authority, ETM	5.750	12/15/14	Aaa		2,293,600
		TOTAL NEW JERSEY					13,829,982
NEW MEXICO - 0.24%
280,000		Dona Ana County, NM, County Administrative Facilities
		Project, Series 2004A	5.500	12/01/17	NR		307,544
150,000	a	New Mexico Mortgage Finance Authority, ETM	6.000	07/01/10	Aaa		162,816
		TOTAL NEW MEXICO					470,360
NEW YORK - 14.17%
350,000		Dutchess County Resource Recovery Agency, AMT	5.000	01/01/10	Aaa		357,339
2,000,000		Long Island Power Authority	5.250	12/01/14	A3		2,195,800
2,000,000		Metropolitan Transportation Authority	5.500	11/15/13	Aaa		2,231,220
2,050,000		Metropolitan Transportation Authority, Dedicated Tax	5.500	11/15/16	Aaa		2,342,146
2,750,000		Metropolitan Transportation Authority, Service Contract	5.500	07/01/16	A1		3,082,447
1,500,000		Metropolitan Transportation Authority, Service Contract	5.750	01/01/18	Aaa		1,750,515
500,000	h	New York State Dormitory Authority	4.050	02/15/16	NR		500,365
2,500,000		New York State Dormitory Authority	5.500	05/15/17	Aaa		2,858,850
1,825,000		New York State Environmental Facilities Corp	5.000	03/15/14	NR		1,974,467
2,800,000		New York State Environmental Facilities Corp	5.250	06/15/18	Aaa		3,041,920
1,830,000		New York State Thruway Authority, Service Contract	5.500	04/01/12	A1		1,996,146
5,000,000		Tobacco Settlement Financing Authority, Series 2003 B-1C	5.500	06/01/16	A1		5,379,400
		TOTAL NEW YORK					27,710,615
NORTH CAROLINA - 0.17%
40,000		North Carolina Municipal Power Agency No 1 Catawba	6.000	01/01/11	Aaa		43,693
250,000		North Carolina Municipal Power Agency No 1 Catawba	5.500	01/01/15	Aaa		281,133
		TOTAL CAROLINA					324,826

116

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
OHIO - 2.76%
$     1,800,000		Akron Sewer System Rev	5.000%	12/01/17	Aaa	$	1,984,518
1,820,000	h	Cincinnati City School District GO	5.000	12/01/16	Aaa		2,000,926
200,000		Dayton Senior Facilities Rev, Emery Air	6.050	10/01/09	NR		213,604
75,000		Ohio State Water Development Authority, ETM	6.000	12/01/16	Aaa		84,412
1,000,000		Olentangy Local School District	5.500	12/01/19	Aaa		1,111,290
		TOTAL OHIO					5,394,750
OKLAHOMA - 0.24%
440,000	a	Tulsa County Home Finance Authority, ETM	6.900	08/01/10	Aaa		467,878
		TOTAL OKLAHOMA					467,878
OREGON - 1.11%
2,010,000		Oregon State Department of Administrative Services, Lottery
		Rev	5.000	04/01/13	Aaa		2,165,574
		TOTAL OREGON					2,165,574
PENNSYLVANIA - 6.02%
1,845,000		Carbon County Hospital Authority	5.400	11/15/14	Aaa		2,045,312
2,220,000		Carbon County IDA, Panter Creek	6.650	05/01/10	NR		2,321,032
335,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.000	11/01/06	A3		335,285
975,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.000	11/01/08	A3		1,009,291
1,030,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.000	11/01/09	A3		1,079,595
1,250,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.500	11/01/16	A3		1,369,525
130,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.250	11/01/31	A3		141,041
120,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.375	11/01/41	A3		130,703
235,000		Pennsylvania Economic Development Financing Authority,
		Fayetle Thermal	5.250	12/01/16	NR		245,991
600,000		Philadelphia Water & Wastewater Rev	5.000	07/01/15	Aaa		655,428
810,000		Pittsburgh GO	5.000	09/01/13	Aaa		870,070
1,350,000	a	Pittsburgh Water & Wastewater, ETM	6.000	09/01/16	Aaa		1,573,493
		TOTAL PENNSYLVANIA					11,776,766
PUERTO RICO - 7.01%
2,645,000		Puerto Rico Commonwealth GO	5.000	07/01/12	Baa3		2,794,628
1,200,000		Puerto Rico Commonwealth GO	5.250	07/01/12	Baa3		1,283,184
520,000		Puerto Rico Commonwealth GO	5.000	07/01/13	Baa3		552,640
1,000,000		Puerto Rico Commonwealth GO	5.250	07/01/16	Baa3		1,094,900
1,270,000		Puerto Rico Commonwealth GO, Mandatory Put 07/01/12	5.000	07/01/30	Baa3		1,323,911
1,000,000		Puerto Rico Government Development Bank	5.000	12/01/16	Baa3		1,074,110
2,400,000		Puerto Rico Highway & Transportation Authority, Series
		2005A	5.000	07/01/14	Baa3		2,563,224
1,000,000		Puerto Rico Public Buildings Authority	5.500	07/01/13	Baa3		1,089,040
1,800,000		Puerto Rico Public Finance Corp	5.750	08/01/27	Ba1		1,939,788
		TOTAL PUERTO RICO					13,715,425
RHODE ISLAND - 0.54%
950,000		Rhode Island State & Providence Plantations, COP	5.250	10/01/14	Aaa		1,049,000
		TOTAL RHODE ISLAND					1,049,000

117

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
SOUTH CAROLINA - 0.97%
$     1,200,000		Georgetown County School District GO	5.000%	03/01/17	Aaa	$	1,285,680
585,000		Greenville County, COP, Greenville Technical College	5.000	04/01/17	Aaa		609,558
		TOTAL SOUTH CAROLINA					1,895,238
TENNESSEE - 2.16%
890,000		Memphis-Shelby County Airport Authority, Federal Express
		Project	5.000	09/01/09	Baa2		917,875
535,000		Shelby County Health Educational & Housing Facilities Board,
		ETM	5.500	08/15/19	Aaa		604,117
2,500,000		Tennessee Energy Acquisition Corp	5.000	09/01/16	Aa3		2,700,650
		TOTAL TENNESSEE					4,222,642
TEXAS - 8.36%
3,495,000		Brazos River Authority, Houston Industries Project, Series
		1998-D	4.900	10/01/15	Aaa		3,779,947
440,000		Brazos River Authority, Houston Industries Project, Series
		1998-A	5.125	05/01/19	Aaa		456,834
1,390,000		Corpus Christi, Utility System Rev, Series 2005-A	5.000	07/15/15	Aaa		1,513,460
500,000		Cypress-Fairbanks Independent School District	5.000	02/15/16	Aaa		544,415
2,575,000		Dallas, Water & Sewer System rev	5.375	10/01/13	Aaa		2,835,229
1,000,000		Guadalupe-Blanco River Authority, Western Canyon Water	5.250	04/15/19	Aaa		1,076,560
1,035,000		Harris County Flood Control District GO	5.000	10/01/14	Aa1		1,120,646
345,000		Houston Air System, ETM	5.800	07/01/10	Aaa		359,438
1,425,000		Houston Utility System Rev	5.000	11/15/14	Aaa		1,545,455
1,550,000		Lower Colorado River Authority	5.000	05/15/17	Aaa		1,652,207
520,000		Lower Colorado River Authority, ETM	6.000	01/01/17	Aaa		615,306
765,000		Texas Public Building Authority, ETM	7.125	08/01/11	Aaa		846,855
		TOTAL TEXAS					16,346,352
VIRGINIA - 0.88%
1,700,000		Hopewell GO	5.000	07/15/09	A2		1,728,849
		TOTAL VIRGINIA					1,728,849
WASHINGTON - 3.78%
125,000		Cowlitz County Public Utility District No 1	5.000	09/01/11	Aaa		132,574
75,000		Cowlitz County Public Utility District No 1, ETM	5.000	09/01/11	Aaa		79,822
2,190,000		Kings County School District No 401	5.125	12/01/20	Aaa		2,330,204
1,050,000		Port of Seattle	5.000	03/01/15	Aaa		1,141,508
2,925,000		Port of Seattle	5.500	09/01/17	Aaa		3,334,676
350,000		Washington Public Power Supply System Project #1, Series
		98-A	5.000	07/01/13	Aaa		364,577
		TOTAL WASHINGTON					7,383,361
WISCONSIN - 1.98%
3,500,000		Wisconsin GO	5.250	05/01/15	Aaa		3,879,120
		TOTAL WISCONSIN					3,879,120
		TOTAL LONG-TERM MUNICIPAL BONDS
		(Cost $191,091,627)					193,703,241
SHORT -TERM MUNICIPAL BONDS - 0.77%
NEW YORK - 0.77%
1,300,000	*	City of New York NY, Series 1993-B2	3.650	08/15/20	Aa2		1,300,000
200,000	*	New York City Municipal Water Finance Authority, Series
		2003-F2	3.760	06/15/35	Aa2		200,000

118

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				VALUE
		TOTAL NEW YORK	$	1,500,000
		TOTAL SHORT-TERM MUNICIPAL BONDS
		(Cost $1,500,000)		1,500,000
		TOTAL PORTFOLIO - 99.82%
		(Cost $192,591,627)		195,203,241
		OTHER ASSETS AND LIABILITIES, NET - 0.18%		360,003
		NET ASSETS - 100.00%	$	195,563,244
	*	Variable Rate Demand Note (VRDN)
	+	As provided by Moody's Investors Service.
	a	The Fund has been escrowed to maturity or to call in U.S. Government
		Securities.
	h	These securities were purchased on a delayed delivery basis.
		ABBREVIATION:
		AMT - Alternative Minimum Tax
		COP - Certificate of Participation
		ETM - Escrowed to Maturity
		GO - General Obligation
		NR - Not Rated

119

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
TIAA-CREF MUTUAL FUNDS
BOND PLUS FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
BONDS - 98.48%
CORPORATE BONDS - 45.13%
AMUSEMENT AND RECREATION SERVICES - 0.05%
$     250,000		Harrah's Operating Co, Inc	6.500%	06/01/16	Baa3	$	247,479
		TOTAL AMUSEMENT AND RECREATION SERVICES					247,479
ASSET BACKED - 10.71%
206,633	g,i	AQ Finance NIM Trust Series 2004-RN2	5.530	04/25/09	Aaa		206,595
83,995	g,i,v	AQ Finance NIM Trust Series 2004-RN3	5.510	05/25/09	Aaa		83,996
2,540,105		Centex Home Equity Series 2002-A (Class AF6)	5.540	01/25/32	Aaa		2,531,253
505,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		506,483
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		971,606
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M1)	5.700	02/25/34	Aa2		995,334
1,000,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)
622,656	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class BF)	6.830	06/25/33	Ba1		585,680
460,892	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class MF2)	6.390	12/25/30	A3		461,110
307,502	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	5.550	02/15/29	Aaa		307,792
266,026		Detroit Edison Securitization Funding LLC Series
		2001-1 (Class A3)	5.875	03/01/10	Aaa		267,548
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV
		A3	5.590	03/01/30	Aaa		2,004,426
2,000,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV
		A4	5.810	03/01/36	Aaa		2,008,338
1,367,335	g,i	Golden Securities Corp Series 2003-A (Class A1)	5.630	12/02/13	Aaa		1,363,151
500,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		505,496
2,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1 (Class
		A2)	5.470	03/25/36	Aaa		2,001,106
962,096	g	Long Beach Asset Holdings Corp Series 2006-4 (Class
		N1)	5.877	06/25/46	NR		959,677
1,691,268	g,v	Long Beach Asset Holdings Corp Series 2006-6 (Class
		N1)	6.072	09/25/46	NR		1,691,260
1,689,855	g	Marriott Vacation Club Owner Trust Series 2006-1A
		(Class A)	5.737	04/20/28	Aaa		1,713,178
1,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.450	01/25/36	Aaa		1,000,571
250,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)	5.950	10/15/42	NR		257,412
1,200,000	g,v	New York City Tax Lien Series 2006-AA (Class A)	5.930	07/01/36	Aaa		1,199,873

120

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     1,000,000		Peco Energy Transition Trust Series 1999-A (Class
		A7)	6.130%	03/01/09	Aaa	$	1,011,544
450,610		Public Service New Hampshire Funding LLC Series
		2001-1 (Class A2)	5.730	11/01/10	Aaa		453,343
500,000	i,v	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		501,719
5,000,000	i	Residential Asset Mortgage Products, Inc Series 2004-
		RS11 (Class M1)	5.950	11/25/34	Aa1		5,032,470
662,230		Residential Asset Securities Corp Series 2001-KS2
		(Class AI6)	6.489	10/25/30	Aaa		662,815
6,000,000		Residential Funding Mortgage Securities II, Inc Series
		2006-H12 (Class A3)	5.790	02/25/36	Aaa		6,042,072
500,000	i	Residential Funding Mortgage Securities II, Inc Series
		2006-HI1 (Class M1)	6.010	02/25/36	Aa1		503,262
1,500,000	i	Residential Funding Mortgage Securities II, Inc Series
		2006-HI1 (Class M2)	6.060	02/25/36	Aa2		1,509,037
1,000,000		Residential Funding Mortgage Securities II, Inc Series
		2006-HI3 (Class A3)	5.960	02/25/36	Aaa		1,011,215
3,528,000	v	Residential Funding Mortgage Securities II, Inc Series
		2006-HI4 (Class A3)	5.440	09/25/36	Aaa		3,526,898
3,000,000	i	Residential Funding Mortgage Securities II, Inc Series
		2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		3,003,879
500,000	i	Saxon Asset Securities Trust Series 2002-2 (Class
		AF6)	5.620	11/25/30	Aaa		498,154
3,403,984	g,v	Sierra Receivables Funding Co Series 2006-1A (Class
		A1)	5.840	05/20/18	Aaa		3,447,494
584,577	g,i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.690	05/25/35	NR		584,912
		TOTAL ASSET BACKED					50,399,475
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.16%
500,000		Home Depot, Inc	5.400	03/01/16	Aa3		496,281
250,000		Lowe's Cos, Inc	8.250	06/01/10	A1		274,911
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					771,192
CHEMICALS AND ALLIED PRODUCTS - 0.63%
500,000		Abbott Laboratories	5.600	05/15/11	A1		509,014
500,000		Chemtura Corp	6.875	06/01/16	Ba1		493,125
250,000		Genentech, Inc	5.250	07/15/35	A1		233,755
500,000		Lubrizol Corp	4.625	10/01/09	Baa3		485,837
500,000		Lubrizol Corp	5.500	10/01/14	Baa3		486,412
750,000		Procter & Gamble Co	4.950	08/15/14	Aa3		736,470
		TOTAL CHEMICALS AND ALLIED PRODUCTS					2,944,613
COMMUNICATIONS - 2.66%
250,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		238,745
500,000		AT&T, Inc	5.100	09/15/14	A2		481,889
250,000		AT&T, Inc	6.150	09/15/34	A2		242,791
750,000		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		855,261
500,000		Comcast Corp	6.500	01/15/17	Baa2		521,597
250,000		Comcast Corp	5.650	06/15/35	Baa2		226,632
500,000		Comcast Corp	6.500	11/15/35	Baa2		502,435

121

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     500,000		COX Communications, Inc	5.450%	12/15/14	Baa3	$	482,599
250,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		305,926
250,000	i	France Telecom S.A.	7.750	03/01/11	A3		273,977
250,000		Gray Television, Inc	9.250	12/15/11	B1		261,563
250,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa1		273,753
250,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa1		320,500
500,000		Rogers Cable, Inc	6.750	03/15/15	Ba2		505,000
500,000		Rogers Wireless, Inc	7.500	03/15/15	Ba2		533,750
1,750,000		Sprint Capital Corp	8.375	03/15/12	Baa3		1,959,701
250,000		Telecom Italia Capital S.A.	5.250	11/15/13	Baa2		237,140
500,000		Telecom Italia Capital S.A.	6.375	11/15/33	Baa2		468,416
250,000		Verizon Global Funding Corp	7.375	09/01/12	A3		273,760
250,000		Verizon Global Funding Corp	5.850	09/15/35	A3		235,036
2,000,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		2,017,277
250,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		233,065
500,000		Verizon Wireless Capital LLC	5.375	12/15/06	A2		499,822
250,000	g	Viacom, Inc	5.750	04/30/11	Baa3		249,536
300,000	g	Viacom, Inc	6.875	04/30/36	Baa3		296,719
		TOTAL COMMUNICATIONS					12,496,890
DEPOSITORY INSTITUTIONS - 2.78%
250,000		Bank of America Corp	6.250	04/15/12	Aa2		262,058
500,000		Bank of America Corp	4.875	01/15/13	Aa2		489,202
250,000		Bank of America Corp	5.750	08/15/16	Aa3		254,473
250,000		Bank One Corp	5.900	11/15/11	A1		256,804
250,000		Bank One Corp	5.250	01/30/13	A1		248,368
1,000,000		Bank One NA	5.500	03/26/07	Aa2		1,000,408
250,000		Branch Banking & Trust Co	5.625	09/15/16	Aa3		253,096
250,000		Capital One Bank	5.125	02/15/14	A3		243,456
500,000		Citigroup, Inc	5.100	09/29/11	Aa1		498,801
500,000		Citigroup, Inc	5.125	05/05/14	Aa1		493,899
500,000		Citigroup, Inc	5.850	12/11/34	Aa1		505,353
250,000		Golden West Financial Corp	4.750	10/01/12	Aa3		242,742
250,000		Greenpoint Financial Corp	3.200	06/06/08	A2		241,458
500,000		JPMorgan Chase & Co	7.875	06/15/10	A1		543,706
250,000		JPMorgan Chase & Co	4.500	01/15/12	Aa3		241,813
250,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		247,396
550,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		536,657
1,000,000		Mellon Funding Corp	6.400	05/14/11	A2		1,048,855
250,000		Popular North America, Inc	5.650	04/15/09	A3		251,119
250,000	g,i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		241,309
500,000		Regions Financial Corp	6.375	05/15/12	A2		525,430
500,000		US Bank NA	5.700	12/15/08	Aa2		505,208
750,000		Wachovia Bank NA	4.800	11/01/14	Aa3		718,833
250,000	i	Wachovia Capital Trust III	5.800	12/30/49	A2		250,679
750,000		Wachovia Corp	5.250	08/01/14	A1		740,876
1,000,000		Wells Fargo & Co	5.300	08/26/11	Aa1		1,005,739
500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		524,223
750,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		718,410
		TOTAL DEPOSITORY INSTITUTIONS					13,090,371
ELECTRIC, GAS, AND SANITARY SERVICES - 2.18%
500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		480,645

122

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     250,000		Carolina Power & Light Co	5.700%	04/01/35	A3	$	242,604
500,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		556,050
250,000		Consolidated Edison Co of New York	5.500	09/15/16	A1		250,923
750,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa1		777,800
250,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa1		239,600
500,000		Consumers Energy Co	4.400	08/15/09	Baa2		486,648
1,000,000		FirstEnergy Corp	6.450	11/15/11	Baa3		1,042,057
500,000		Florida Power & Light Co	4.850	02/01/13	Aa3		489,792
500,000		Florida Power Corp	4.500	06/01/10	A2		485,258
250,000	i	FPL Group Capital, Inc	6.350	10/01/66	A3		253,462
250,000		National Fuel Gas Co	5.250	03/01/13	Baa1		246,891
500,000		National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		508,014
250,000	g	Nevada Power Co	6.650	04/01/36	Ba1		258,375
250,000		Northern States Power Co	6.250	06/01/36	A2		265,372
500,000		Northern States Power-Minnesota	5.250	07/15/35	A2		457,003
1,000,000		Pacific Gas & Electric Co	4.200	03/01/11	Baa1		957,338
250,000		Public Service Co of Colorado	5.500	04/01/14	A3		251,348
200,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		203,892
250,000		Southern California Edison Co	5.350	07/15/35	A2		233,265
500,000		Texas Eastern Transmission Lp	5.250	07/15/07	Baa1		498,110
250,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		238,904
250,000		Waste Management, Inc	7.750	05/15/32	Baa3		298,961
500,000		Westar Energy, Inc	6.000	07/01/14	Baa2		512,966
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					10,235,278
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.43%
1,000,000		Cisco Systems, Inc	5.250	02/22/11	A1		1,004,805
250,000		Cisco Systems, Inc	5.500	02/22/16	A1		251,595
500,000		Cooper Industries, Inc	5.250	07/01/07	A3		497,773
250,000		International Business Machines Corp	6.220	08/01/27	A1		265,334
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					2,019,507
FABRICATED METAL PRODUCTS - 0.10%
250,000		Fortune Brands, Inc	5.125	01/15/11	Baa2		245,087
250,000		Fortune Brands, Inc	4.875	12/01/13	Baa2		236,134
		TOTAL FABRICATED METAL PRODUCTS					481,221
FOOD AND KINDRED PRODUCTS - 0.60%
250,000		Anheuser-Busch Cos, Inc	4.700	04/15/12	A1		243,792
250,000		Bottling Group LLC	4.625	11/15/12	Aa3		241,875
250,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		248,541
250,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		233,459
500,000		Cia Brasileira de Bebidas	8.750	09/15/13	Baa3		579,265
500,000		Coors Brewing Co	6.375	05/15/12	Baa2		519,856
500,000		Kraft Foods, Inc	6.500	11/01/31	A3		540,233
250,000		WM Wrigley Jr Co	4.650	07/15/15	A1		237,642
		TOTAL FOOD AND KINDRED PRODUCTS					2,844,663
FOOD STORES - 0.21%
500,000	d	Kroger Co	6.800	04/01/11	Baa2		522,872
500,000		Safeway, Inc	4.125	11/01/08	Baa2		487,026
		TOTAL FOOD STORES					1,009,898

123

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
FURNITURE AND FIXTURES - 0.11%
$     500,000		Masco Corp	4.625%	08/15/07	Baa1	$	495,107
		TOTAL FURNITURE AND FIXTURES					495,107
GENERAL BUILDING CONTRACTORS - 0.46%
700,000		Centex Corp	5.250	06/15/15	Baa2		653,406
500,000		Centex Corp	6.500	05/01/16	Baa2		505,233
500,000		DR Horton, Inc	9.750	09/15/10	Ba1		549,365
450,000		DR Horton, Inc	6.500	04/15/16	Baa3		441,188
		TOTAL GENERAL BUILDING CONTRACTORS					2,149,192
GENERAL MERCHANDISE STORES - 0.48%
1,000,000		Target Corp	5.875	07/15/16	A1		1,035,531
500,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		483,435
750,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		722,337
		TOTAL GENERAL MERCHANDISE STORES					2,241,303
HEALTH SERVICES - 0.11%
500,000		Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		495,477
		TOTAL HEALTH SERVICES					495,477
HOLDING AND OTHER INVESTMENT OFFICES - 0.37%
250,000		Archstone-Smith Trust	5.750	03/15/16	Baa1		250,686
250,000		Colonial Properties Trust	6.250	06/15/14	Baa3		255,304
500,000		Simon Property Group Lp	5.600	09/01/11	Baa1		502,847
500,000		iStar Financial, Inc	5.150	03/01/12	Baa2		487,476
250,000		iStar Financial, Inc	5.700	03/01/14	Baa2		248,544
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					1,744,857
HOTELS AND OTHER LODGING PLACES - 0.05%
250,000		MGM Mirage	6.000	10/01/09	Ba2		246,875
		TOTAL HOTELS AND OTHER LODGING PLACES					246,875
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.11%
500,000		Caterpillar, Inc	6.050	08/15/36	A2		523,300
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					523,300
INSTRUMENTS AND RELATED PRODUCTS - 0.15%
250,000		Johnson & Johnson	3.800	05/15/13	Aaa		233,097
250,000		Medtronic, Inc	4.750	09/15/15	A1		237,865
250,000		Thermo Electron Corp	5.000	06/01/15	Baa1		235,182
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					706,144
INSURANCE CARRIERS - 0.94%
500,000		Aetna, Inc	6.625	06/15/36	A3		527,777
250,000		Allstate Corp	5.000	08/15/14	A1		243,147
500,000		American International Group, Inc	5.050	10/01/15	Aa2		485,867
250,000	i	ING Groep NV	5.775	12/30/49	A2		246,365
250,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa3		238,494
250,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		244,195
500,000		Metlife, Inc	5.000	06/15/15	A2		483,465
250,000		Metlife, Inc	5.700	06/15/35	A2		241,025
500,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		485,653

124

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     500,000		UnitedHealth Group, Inc	5.250%	03/15/11	A3	$	498,516
500,000		WellPoint, Inc	5.000	01/15/11	Baa1		493,614
250,000		WellPoint, Inc	5.850	01/15/36	Baa1		241,426
		TOTAL INSURANCE CARRIERS					4,429,544
METAL MINING - 0.15%
250,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		238,417
250,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		235,892
250,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		247,500
		TOTAL METAL MINING					721,809
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.16%
250,000	g	Controladora Mabe S.A. C.V.	6.500	12/15/15	NR		252,327
500,000		Harsco Corp	5.125	09/15/13	A3		493,844
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					746,171
MISCELLANEOUS RETAIL - 0.04%
200,000		CVS Corp	6.125	08/15/16	Baa2		204,492
		TOTAL MISCELLANEOUS RETAIL					204,492
MOTION PICTURES - 0.80%
250,000		Historic TW, Inc	6.625	05/15/29	Baa2		248,904
1,000,000		News America Holdings, Inc	8.250	08/10/18	Baa2		1,176,554
250,000		News America, Inc	7.625	11/30/28	Baa2		275,716
1,250,000		Time Warner, Inc	6.875	05/01/12	Baa2		1,318,610
500,000		Walt Disney Co	5.500	12/29/06	A3		500,298
250,000		Walt Disney Co	5.700	07/15/11	A3		254,636
		TOTAL MOTION PICTURES					3,774,718
NONDEPOSITORY INSTITUTIONS - 3.19%
500,000	g	American Honda Finance Corp	5.125	12/15/10	A1		498,797
500,000	g,i	BOI Capital Funding No. 2 Lp	5.571	12/30/49	A2		482,293
500,000		Capital One Financial Corp	5.700	09/15/11	Baa1		504,158
500,000		Capital One Financial Corp	5.500	06/01/15	Baa1		490,464
250,000		Capital One Financial Corp	6.150	09/01/16	Baa2		252,911
500,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		479,482
750,000		CIT Group Funding Co of Canada	4.650	07/01/10	A2		733,770
250,000		CIT Group, Inc	5.125	09/30/14	A2		242,403
250,000		FIA Card Services NA	5.375	01/15/08	Aa1		250,457
500,000		Ford Motor Credit Co	5.700	01/15/10	B1		461,923
500,000		Ford Motor Credit Co	9.875	08/10/11	B1		517,406
2,500,000		General Electric Capital Corp	6.000	06/15/12	Aaa		2,596,799
250,000	g,i	HSBC Capital Funding Lp	4.610	12/30/49	A1		231,752
500,000		HSBC Finance Corp	5.250	01/14/11	Aa3		499,864
1,000,000		HSBC Finance Corp	5.700	06/01/11	Aa3		1,017,710
500,000		HSBC Finance Corp	5.250	04/15/15	Aa3		492,510
1,250,000		HSBC Finance Corp	5.500	01/19/16	Aa3		1,249,746
500,000		International Lease Finance Corp	5.450	03/24/11	A1		502,259
250,000		John Deere Capital Corp	7.000	03/15/12	A3		268,535
250,000		MBNA Corp	6.125	03/01/13	Aa2		260,371
1,000,000		MBNA Corp	5.000	06/15/15	Aa2		970,295
500,000		Residential Capital Corp	6.125	11/21/08	Baa3		501,989
1,000,000		Residential Capital Corp	6.500	04/17/13	Baa3		1,016,888

125

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     250,000		SLM Corp	4.000%	01/15/10	A2	$	240,912
250,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		239,614
		TOTAL NONDEPOSITORY INSTITUTIONS					15,003,308
OIL AND GAS EXTRACTION - 1.22%
250,000		Anadarko Petroleum Corp	5.950	09/15/16	Baa2		252,961
250,000		Baker Hughes, Inc	6.875	01/15/29	A2		281,255
250,000		BJ Services Co	5.750	06/01/11	Baa1		252,267
500,000		Burlington Resources Finance Co	6.400	08/15/11	A2		525,236
250,000		Burlington Resources Finance Co	7.200	08/15/31	A2		295,322
1,000,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		937,500
250,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		263,912
250,000		Equitable Resources, Inc	5.150	11/15/12	A2		245,709
250,000		Nexen, Inc	5.050	11/20/13	Baa2		242,963
750,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		741,400
250,000		PC Financial Partnership	5.000	11/15/14	Baa2		238,082
250,000		Pemex Project Funding Master Trust	5.750	12/15/15	Baa1		243,688
500,000		Petro-Canada	5.950	05/15/35	Baa2		476,128
500,000		Weatherford International Ltd	6.500	08/01/36	Baa1		510,482
250,000		XTO Energy, Inc	6.100	04/01/36	Baa2		247,571
		TOTAL OIL AND GAS EXTRACTION					5,754,476
OTHER MORTGAGE BACKED SECURITIES - 11.42%
3,000,000	d	Banc of America Commercial Mortgage, Inc Series
		2002-2 (Class A3)	5.118	07/11/43	NR		2,989,248
1,000,000	i	Banc of America Commercial Mortgage, Inc Series
		2005-1 (Class B)	5.158	11/10/42	NR		990,471
225,000	i	Banc of America Commercial Mortgage, Inc Series
		2005-6 (Class AJ)	5.354	09/10/47	Aaa		222,458
500,000	h,v	Banc of America Commercial Mortgage, Inc Series
		2006-5 (Class A4)	5.460	09/10/16	Aaa		502,524
951,035		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		954,707
258,534		Bank of America Alternative Loan Trust Series 2004-8
		(Class 3A1)	5.500	09/25/19	Aaa		258,699
3,000,000	i	Bear Stearns Commercial Mortgage Securities Series
		2004-PWR5 (Class A5)	4.978	07/11/42	Aaa		2,935,782
700,000	i	Bear Stearns Commercial Mortgage Securities Series
		2005-PW10 (Class AJ)	5.614	12/11/40	NR		706,364
500,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-PW11 (Class A4)	5.625	03/11/39	NR		507,078
200,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-PW12 (Class A4)	5.896	09/11/38	Aaa		206,843
1,000,000		Bear Stearns Commercial Mortgage Securities Series
		2006-PW13 (Class A4)	5.540	09/11/41	NR		1,013,756
300,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-T22 (Class A4)	5.634	04/12/38	Aaa		305,204
1,000,000		Citicorp Mortgage Securities, Inc Series 2005-4 (Class
		1A7)	5.500	07/25/35	Aa1		969,209
3,000,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class
		A3)	5.706	07/25/36	Aaa		3,013,800
1,700,000	v	Citicorp Mortgage Securities, Inc Series 2006-2 (Class
		A3)	5.563	09/25/36	Aaa		1,700,000

126

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     1,940,377		Citimortgage Alternative Loan Trust Series 2006-A1
		(Class 2A1)	5.250%	03/25/21	Aaa	$	1,915,517
1,468,000		Countrywide Alternative Loan Trust Series 2003-3T1
		(Class A10)	5.500	05/25/33	NR		1,456,180
433,472	i	Countrywide Alternative Loan Trust Series 2004-31T1
		(Class A2)	5.680	09/25/34	NR		434,175
2,000,000		Countrywide Alternative Loan Trust Series 2005-37T1
		(Class A4)	5.500	09/25/35	Aaa		1,969,068
1,400,000		Countrywide Alternative Loan Trust Series 2005-
		42CB (Class A12)	5.500	10/25/35	Aa1		1,346,649
500,000		Countrywide Alternative Loan Trust Series 2005-J8
		(Class 1A5)	5.500	07/25/35	Aaa		488,294
952,173	i	Countrywide Alternative Loan Trust Series 2006-
		12CB (Class A10)	5.680	05/25/36	Aaa		950,556
915,256		Countrywide Home Loan Mortgage Pass Through
		Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	NR		910,945
650,000		Credit Suisse Mortgage Capital Certificates Series
		2006-C4 (Class A3)	5.467	09/15/39	Aaa		655,073
2,000,000	g,i	Credit Suisse/Morgan Stanley Commercial Mortgage
		Certificate Series HC1A (Class A1)	5.520	05/15/23	Aaa		2,000,644
1,671,244		CS First Boston Mortgage Securities Corp Series 2004-
		8 (Class 7A1)	6.000	12/25/34	NR		1,675,070
1,000,000		Ge Capital Commercial Mortgage Corp Series 2003-
		C2 (Class A4)	5.145	07/10/37	Aaa		993,745
1,000,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		999,597
700,000		LB-UBS Commercial Mortgage Trust Series 2005-C3
		(Class A2)	4.553	07/15/30	Aaa		687,507
1,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5
		(Class AJ)	5.057	09/15/40	NR		975,923
251,499		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.000	10/25/20	Aaa		248,929
697,062		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.500	11/25/33	Aaa		682,215
1,000,000	i	Merrill Lynch Mortgage Trust Series 2003-KEY1
		(Class A4)	5.236	11/12/35	NR		995,915
1,000,000	i	Merrill Lynch Mortgage Trust Series 2004-BPC1
		(Class AJ)	4.922	10/12/41	NR		968,157
425,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class
		A4)	5.291	01/12/44	Aaa		422,914
200,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class
		A4)	5.844	05/12/39	NR		205,708
250,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2006-1 (Class A4)	5.619	02/12/39	NR		253,206
1,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	NR		990,840
550,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.641	03/12/44	Aaa		557,322
690,000		Residential Accredit Loans, Inc Series 2005-QS6
		(Class A7)	5.750	05/25/35	Aa1		678,281
689,000		Residential Accredit Loans, Inc Series 2005-QS7
		(Class A6)	5.500	06/25/35	Aa1		668,288

127

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     1,000,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2005-C20 (Class A7)	5.118%	07/15/42	Aaa	$	982,562
1,353,900		Wamu Alternative Mortgage Pass-Through Certificates
		Series 2006-2 (Class 2CB)	6.500	03/25/36	Aaa		1,370,402
4,898,262		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500	10/25/18	NR		4,739,534
2,919,766		Wells Fargo Mortgage Backed Securities Trust Series
		2004-7 (Class 1A1)	4.500	07/25/19	NR		2,792,027
2,363,727		Wells Fargo Mortgage Backed Securities Trust Series
		2005-1 (Class 2A1)	5.000	01/25/20	Aaa		2,341,703
126,715		Wells Fargo Mortgage Backed Securities Trust Series
		2005-5 (Class 1A1)	5.000	05/25/20	Aaa		123,627
		TOTAL OTHER MORTGAGE BACKED SECURITIES					53,756,716
PAPER AND ALLIED PRODUCTS - 0.53%
500,000		Bemis Co	4.875	04/01/12	Baa1		485,535
2,000,000		Kimberly-Clark Corp	7.100	08/01/07	Aa2		2,030,428
		TOTAL PAPER AND ALLIED PRODUCTS					2,515,963
PETROLEUM AND COAL PRODUCTS - 0.22%
1,000,000		Conoco Funding Co	6.350	10/15/11	A1		1,051,507
		TOTAL PETROLEUM AND COAL PRODUCTS					1,051,507
PIPELINES, EXCEPT NATURAL GAS - 0.57%
250,000		Enbridge Energy Partners Lp	4.000	01/15/09	Baa2		242,053
250,000		Enterprise Products Operating Lp	4.000	10/15/07	Baa3		246,382
500,000		Enterprise Products Operating Lp	4.950	06/01/10	Baa3		489,404
250,000		Enterprise Products Operating Lp	5.600	10/15/14	Baa3		244,753
500,000		Plains All American Pipeline Lp	4.750	08/15/09	Baa3		489,612
500,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		495,066
250,000		TransCanada Corp	5.850	03/15/36	A2		248,880
250,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		231,022
		TOTAL PIPELINES, EXCEPT NATURAL GAS					2,687,172
PRIMARY METAL INDUSTRIES - 0.20%
500,000		Alcan, Inc	5.000	06/01/15	Baa1		477,219
250,000		Alcan, Inc	5.750	06/01/35	Baa1		235,877
225,000		Alcoa, Inc	6.000	01/15/12	A2		230,962
		TOTAL PRIMARY METAL INDUSTRIES					944,058
RAILROAD TRANSPORTATION - 0.42%
250,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		264,750
250,000		CSX Corp	6.000	10/01/36	Baa2		254,123
500,000		Canadian National Railway Co	4.400	03/15/13	A3		474,566
250,000		Canadian National Railway Co	6.200	06/01/36	A3		266,945
174,000		Norfolk Southern Corp	7.350	05/15/07	Baa1		175,907
500,000		Union Pacific Corp	6.500	04/15/12	Baa2		526,220
		TOTAL RAILROAD TRANSPORTATION					1,962,511
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
250,000	g	Sealed Air Corp	5.375	04/15/08	Baa3		249,640
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					249,640

128

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
SECURITY AND COMMODITY BROKERS - 1.63%
$     250,000		Bear Stearns Cos, Inc	5.700%	11/15/14	A1	$	253,523
500,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa3		504,534
500,000		Franklin Resources, Inc	3.700	04/15/08	A2		488,894
250,000		Goldman Sachs Group Lp	4.500	06/15/10	Aa3		243,701
500,000		Goldman Sachs Group, Inc	6.600	01/15/12	Aa3		528,057
250,000		Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		249,149
450,000		Goldman Sachs Group, Inc	6.450	05/01/36	A1		460,071
750,000		Lehman Brothers Holdings, Inc	6.625	01/18/12	A1		793,706
750,000		Lehman Brothers Holdings, Inc	5.500	04/04/16	A1		746,620
250,000		Merrill Lynch & Co, Inc	5.770	07/25/11	Aa3		254,969
250,000		Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		243,375
250,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		255,109
1,250,000		Morgan Stanley	3.625	04/01/08	Aa3		1,221,594
1,250,000		Morgan Stanley	4.750	04/01/14	A1		1,189,947
250,000		Morgan Stanley	6.250	08/09/26	Aa3		258,294
		TOTAL SECURITY AND COMMODITY BROKERS					7,691,543
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
250,000		CRH America, Inc	6.400	10/15/33	Baa1		246,141
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					246,141
TOBACCO PRODUCTS - 0.05%
250,000		Reynolds American, Inc	6.500	06/01/07	Ba3		250,659
		TOTAL TOBACCO PRODUCTS					250,659
TRANSPORTATION BY AIR - 0.11%
500,000		FedEx Corp	5.500	08/15/09	Baa2		502,224
		TOTAL TRANSPORTATION BY AIR					502,224
TRANSPORTATION EQUIPMENT - 0.93%
450,000		Boeing Capital Corp	5.800	01/15/13	A2		463,518
250,000		DaimlerChrysler NA Holding Corp	5.875	03/15/11	Baa1		250,670
250,000		DaimlerChrysler NA Holding Corp	5.750	09/08/11	Baa1		249,300
250,000		DaimlerChrysler NA Holding Corp	6.500	11/15/13	Baa1		256,242
250,000		General Dynamics Corp	3.000	05/15/08	A2		241,353
500,000	g	Lockheed Martin Corp	6.150	09/01/36	Baa1		526,012
250,000		Northrop Grumman Corp	7.750	02/15/31	Baa2		311,941
500,000		United Technologies Corp	4.875	11/01/06	A2		499,578
1,000,000		United Technologies Corp	6.350	03/01/11	A2		1,041,809
500,000		United Technologies Corp	6.050	06/01/36	A2		532,932
		TOTAL TRANSPORTATION EQUIPMENT					4,373,355
WHOLESALE TRADE-NONDURABLE GOODS - 0.10%
500,000		Sysco Corp	5.375	09/21/35	A1		472,889
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					472,889
		TOTAL CORPORATE BONDS					212,481,738
		(Cost $212,339,052)
GOVERNMENT BONDS - 53.35%
AGENCY SECURITIES - 12.91%
2,919,041		Cal Dive International, Inc	4.930	02/01/27	NR		2,821,866

129

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     3,000,000		Federal Farm Credit Bank (FFCB)	5.375%	07/18/11	Aaa	$	3,061,735
500,000		Federal Home Loan Mortgage Corp (FHLMC)	4.260	07/19/07	Aaa		496,300
3,000,000		FHLMC	4.375	11/16/07	Aaa		2,975,226
2,000,000		FHLMC	3.000	05/13/08	Aaa		1,936,672
2,000,000		FHLMC	3.500	05/21/08	Aaa		1,953,448
1,500,000		FHLMC	5.000	09/16/08	Aaa		1,501,702
2,990,000		FHLMC	5.875	03/21/11	Aa2		3,087,783
3,000,000		FHLMC	6.250	03/05/12	Aa2		3,011,095
1,000,000		FHLMC	5.750	06/27/16	Aa2		1,041,591
3,500,000		Federal National Mortgage Association (FNMA)	5.250	12/03/07	Aaa		3,505,423
1,000,000		FNMA	5.000	09/15/08	Aaa		1,001,181
1,000,000		FNMA	5.210	03/16/09	Aaa		997,996
3,650,000	d	FNMA	7.125	06/15/10	Aaa		3,922,259
5,000,000		FNMA	5.800	06/07/11	Aaa		5,013,664
2,500,000		FNMA	4.125	01/30/12	Aaa		2,395,273
6,000,000		FNMA	5.250	08/01/12	Aa2		6,042,064
500,000		FNMA	2.000	08/17/12	Aaa		423,627
100,000		FNMA	5.250	09/15/16	Aaa		101,947
5,000,000	h	FNMA	5.000	10/25/36	NR		4,804,690
1,000,000		FNMA	6.210	08/06/38	Aaa		1,165,074
8,514,000		Housing Urban Development	4.790	08/01/11	NR		8,454,376
1,000,000		Private Export Funding Corp	7.200	01/15/10	Aaa		1,066,116
		TOTAL AGENCY SECURITIES					60,781,108
FOREIGN GOVERNMENT BONDS - 3.41%
500,000		African Development Bank	3.250	08/01/08	Aaa		485,280
500,000		Brazilian Government International Bond	10.500	07/14/14	Ba2		628,250
250,000		Chile Government International Bond	5.500	01/15/13	A2		251,935
500,000		China Development Bank	5.000	10/15/15	A2		484,750
250,000		Development Bank of Japan	4.250	06/09/15	Aaa		234,188
500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		484,051
1,000,000		Eksportfinans A/S	5.500	05/25/16	Aaa		1,030,763
225,000		European Investment Bank	5.250	06/15/11	NR		228,440
250,000		European Investment Bank	4.875	02/15/36	Aaa		239,199
500,000		Federal Republic of Germany	3.875	06/01/10	NR		485,948
500,000		Inter-American Development Bank	5.125	09/13/16	Aaa		506,734
400,000		International Finance Corp	5.125	05/02/11	Aaa		404,539
250,000		Italy Government International Bond	5.250	09/20/16	NR		252,478
1,000,000		Italy Government International Bond	6.875	09/27/23	Aa2		1,166,143
250,000		Korea Development Bank	5.750	09/10/13	A3		255,928
250,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		252,383
400,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		405,605
148,000	d	Mexico Government International Bond	6.375	01/16/13	Baa1		155,415
879,000		Mexico Government International Bond	5.875	01/15/14	Baa1		898,391
500,000		Mexico Government International Bond	5.625	01/15/17	Baa1		495,475
500,000		Mexico Government International Bond	6.750	09/27/34	Baa1		531,330
500,000		Province of Manitoba Canada	4.450	04/12/10	Aa2		493,017
2,500,000		Province of Ontario	2.650	12/15/06	Aa2		2,487,460
500,000		Province of Ontario	4.750	01/19/16	Aa2		488,521
1,000,000		Province of Quebec Canada	5.000	03/01/16	Aa3		989,492
500,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa2		578,712
450,000		Republic of Colombia	7.375	09/18/37	Ba2		455,625

130

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     250,000		Turkey Government International Bond	7.375%	02/05/25	Ba3	$	246,875
500,000		Turkey Government International Bond	6.875	03/17/36	Ba3		453,750
		TOTAL FOREIGN GOVERNMENT BONDS					16,070,677
MORTGAGE BACKED SECURITIES - 30.29%
1,884,353		Fannie Mae Benchmark REMIC	6.000	06/25/16			1,896,125
2,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.000	06/15/29			1,970,470
73,240		FHLMC	6.000	04/15/30			73,115
543,560		FHLMC	6.000	12/15/30			547,510
3,000,000		FHLMC	5.000	06/15/31			2,928,039
1,500,000		FHLMC	5.500	05/15/33			1,479,230
936,353		FHLMC	4.500	09/15/35			898,393
67,865		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10			68,926
166,519		FGLMC	6.500	12/01/16			170,053
1,479,272		FGLMC	5.500	01/01/19			1,481,632
112,410		FGLMC	7.000	10/01/20			116,230
351,581	d	FGLMC	6.500	01/01/29			360,373
33,045		FGLMC	8.000	01/01/31			34,743
4,564,767		FGLMC	5.500	12/01/33			4,517,522
2,555,303		FGLMC	5.000	01/01/34			2,465,871
1,106,814		FGLMC	4.500	10/01/34			1,038,191
868,874		FGLMC	5.500	12/01/34			858,567
1,989,850		FGLMC	5.500	03/01/35			1,963,332
2,872,900		FGLMC	6.000	05/01/35			2,888,684
1,281,243		FGLMC	5.500	06/01/35			1,264,168
2,965,484		FGLMC	5.500	06/01/35			2,925,963
463,434		FGLMC	5.000	10/01/35			445,959
935,369		FGLMC	5.000	11/01/35			900,098
1,473,986		FGLMC	7.000	01/01/36			1,514,634
862,921		Federal National Mortgage Association (FNMA)	6.366	12/01/08			864,901
87,873		FNMA	5.000	06/01/13			87,417
3,317,710		FNMA	4.777	02/01/14			3,247,661
2,923,860		FNMA	4.640	11/01/14			2,828,619
471,183		FNMA	4.551	01/01/15			454,444
353,832	d	FNMA	6.500	10/01/16			361,737
145,395		FNMA	6.500	11/01/16			148,644
268,794		FNMA	6.500	02/01/18			274,836
515,404		FNMA	5.500	04/01/18			516,297
195,343		FNMA	5.500	05/01/18			195,682
255,341	d	FNMA	6.000	01/01/19			259,549
1,000,000		FNMA	4.000	02/25/19			904,344
1,682,528		FNMA	4.500	04/01/19			1,625,636
10,000,000	h	FNMA	6.000	10/25/21			10,150,000
65,002		FNMA	8.000	03/01/23			68,628
901,861		FNMA	5.500	02/01/24			897,537
2,098,619		FNMA	5.500	07/01/24			2,086,689
4,632,088		FNMA	5.000	10/01/25			4,496,670
31,921		FNMA	9.000	11/01/25			34,661
29,702		FNMA	7.500	01/01/29			30,852
580,114	d	FNMA	7.000	07/01/32			597,072
219,246		FNMA	5.000	02/01/33			211,417
1,000,000		FNMA	4.500	03/25/33			963,755
1,476,558		FNMA	5.500	06/01/33			1,458,809

131

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE		VALUE
$     1,475,836		FNMA	4.500%	08/01/33	$	1,383,853
1,040,654		FNMA	5.000	08/01/33		1,003,490
1,500,000		FNMA	5.500	08/25/33		1,486,773
1,541,343		FNMA	4.500	10/01/33		1,445,278
690,607		FNMA	5.000	10/01/33		665,945
693,779		FNMA	5.000	10/01/33		669,003
1,405,285		FNMA	5.000	11/01/33		1,355,100
1,401,174		FNMA	5.000	11/01/33		1,351,136
1,346,398		FNMA	5.000	11/01/33		1,298,316
1,111,728		FNMA	5.500	12/01/33		1,098,364
604,387		FNMA	5.500	12/01/33		597,122
568,217		FNMA	5.500	12/01/33		561,387
702,961		FNMA	5.500	01/01/34		694,511
338,417		FNMA	5.000	03/01/34		326,332
1,374,952		FNMA	5.000	03/01/34		1,325,850
276,647		FNMA	5.000	03/01/34		266,768
339,506		FNMA	5.000	03/01/34		327,382
2,185,483		FNMA	5.000	04/01/34		2,104,356
600,000		FNMA	5.500	10/25/34		587,905
887,813		FNMA	5.500	01/01/35		876,358
2,683,062		FNMA	5.000	02/25/35		2,639,498
5,082,952		FNMA	5.500	05/01/35		5,010,210
4,210,239		FNMA	5.500	05/01/35		4,149,987
3,397,510		FNMA	6.000	05/01/35		3,414,043
180,367		FNMA	7.500	06/01/35		186,391
776,600		FNMA	6.000	07/01/35		780,380
5,886,561	d	FNMA	6.000	08/01/35		5,915,206
289,325		FNMA	5.000	10/01/35		278,192
1,279,795		FNMA	5.500	12/01/35		1,261,480
1,933,288		FNMA	6.000	03/01/36		1,942,204
187,262		FNMA	6.000	03/01/36		187,310
986,416		FNMA	5.500	04/01/36		966,811
3,854,845		FNMA	5.000	05/01/36		3,687,882
983,102		FNMA	6.500	07/01/36		1,001,154
1,000,000	h	FNMA	5.500	10/25/36		985,000
5,000,000	h	FNMA	6.000	10/25/36		5,021,875
13,000,000	h	FNMA	6.500	10/25/36		13,235,625
62,215		Government National Mortgage Association (GNMA)	6.500	09/15/23		63,856
65,956		GNMA	7.500	11/15/23		68,682
6,525		GNMA	7.500	08/15/28		6,798
95,370		GNMA	6.500	12/15/28		98,107
173,082		GNMA	6.500	03/15/29		178,040
68,884		GNMA	8.500	10/20/30		73,647
22,918		GNMA	7.000	06/20/31		23,585
2,750,921		GNMA	5.000	09/15/33		2,677,920
559,320		GNMA	5.500	11/20/33		554,388
2,384,782		GNMA	5.500	02/20/35		2,361,662
814,660		GNMA	5.500	03/20/35		806,762
		TOTAL MORTGAGE BACKED SECURITIES				142,575,609
U.S. TREASURY SECURITIES - 6.74%
19,709,000	d	United States Treasury Bond	8.000	11/15/21		26,374,781

132

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL			RATE	DATE		VALUE
$     1,645,000		United States Treasury Bond	5.375%	02/15/31	$	1,777,784
20,000		United States Treasury Bond	4.500	02/15/36		19,175
1,926,462	k	United States Treasury Inflation Indexed Bonds	3.375	01/15/07		1,910,164
930,548	k	United States Treasury Inflation Indexed Bonds	3.875	01/15/09		957,450
705,000		United States Treasury Note	4.625	08/31/11		705,895
		TOTAL U.S. TREASURY SECURITIES				31,745,249
		TOTAL GOVERNMENT BONDS				251,172,643
		(Cost $252,939,551)
		TOTAL BONDS				463,654,381
		(Cost $465,278,603)
SHARES
PREFERRED STOCKS - 0.05%
DEPOSITORY INSTITUTIONS - 0.05%
10,000		Bank of America Corp				255,200
		TOTAL DEPOSITORY INSTITUTIONS				255,200
		TOTAL PREFERRED STOCKS				255,200
		(Cost $250,000)
TIAA-CREF MUTUAL FUNDS - 0.79%
408,150		TIAA-CREF High-Yield Bond Fund				3,706,006
		TOTAL TIAA-CREF MUTUAL FUNDS				3,706,006
		(Cost $3,825,370)
PRINCIPAL
SHORT-TERM INVESTMENTS - 7.11%
COMMERCIAL PAPER - 2.92%
$     3,755,000	c	Greyhawk Funding LLC	5.250	10/04/06		3,753,879
5,000,000	c,d	Park Avenue Receivables Corp	5.260	10/05/06		4,997,754
5,000,000		Societe Generale North America, Inc	5.240	10/02/06		5,000,000
		TOTAL COMMERCIAL PAPER				13,751,633
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 4.19%
7,050,000		Federal Home Loan Bank (FHLB)	4.750	10/02/06		7,050,000
12,665,000		Federal Home Loan Bank (FHLB)	5.115	10/11/06		12,648,979
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				19,698,979
		SHORT-TERM INVESTMENTS				33,450,612
		(Cost $ 33,445,823)
		TOTAL PORTFOLIO - 106.43%
		(Cost $ 502,799,796)				501,066,199
		OTHER ASSETS & LIABILITIES, NET - (6.43)%				(30,281,673	)
		NET ASSETS - 100.00%			$	470,784,526
	+	As provided by Moody's Investors Service.
	c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.
	d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed
		delivery basis.

133

TIAA-CREF MUTUAL FUNDS- Bond Plus Fund

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 September 30, 2006, the value of these securities amounted to $18,005,686 or 3.82% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflects the rate at September 30, 2006.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index
v	Security valued at fair value.
	ABBREVIATION:
	NR - Not Rated

134

TIAA-CREF MUTUAL FUNDS - Money Market Fund
TIAA-CREF MUTUAL FUNDS
MONEY MARKET FUND
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
				MATURITY
PRINCIPAL			RATE	DATE		VALUE
SHORT-TERM INVESTMENTS - 100.40%
BANK NOTES - 1.75%
$     5,000,000		Deutche Bank	5.440%	10/11/06	$	5,000,014
2,905,000		Dexia Bank	5.425	10/27/06		2,905,021
4,000,000		Royal Bank of Canada	5.400	11/01/06		4,000,068
		TOTAL BANK NOTES				11,905,103
CERTIFICATES OF DEPOSIT - 4.10%
7,000,000		American Express Bank	5.565	01/08/07		7,000,375
2,000,000		American Express Centurion Bank	5.270	10/12/06		2,000,006
4,000,000		Harris Trust and Savings Bank	5.280	10/18/06		4,000,000
6,900,000		Wells Fargo	5.270	10/02/06		6,900,000
8,000,000		Wells Fargo	5.270	11/07/06		8,000,000
		TOTAL CERTIFICATES OF DEPOSIT				27,900,381
COMMERCIAL PAPER - 89.84%
8,000,000		American Honda Finance Corp	5.250	10/03/06		7,997,667
2,800,000		American Honda Finance Corp	5.240	10/05/06		2,798,370
5,000,000		American Honda Finance Corp	5.250	10/27/06		4,981,042
6,132,000		American Honda Finance Corp	5.230	11/06/06		6,099,908
3,000,000		American Honda Finance Corp	5.230	11/09/06		2,983,002
560,000	c	Atlantis One Funding Corp	5.260	02/21/07		548,299
1,600,000		Bank of America	5.250	11/20/06		1,588,553
8,128,000		Bank of America	5.245	12/01/06		8,055,760
2,200,000		Bank of America	5.270	12/06/06		2,179,013
5,000,000		Bank of Nova Scotia	5.250	12/19/06		4,942,396
1,000,000		Barclays U.S. Funding Corp	5.360	10/20/06		997,171
5,000,000		Barclays U.S. Funding Corp	5.260	10/26/06		4,981,667
4,700,000		Barclays U.S. Funding Corp	5.260	11/21/06		4,664,889
6,000,000		Barclays U.S. Funding Corp	5.260	11/27/06		5,950,030
1,900,000		Barclays U.S. Funding Corp	5.250	12/07/06		1,881,435
11,100,000	c	Beta Finance, Inc	5.370	10/06/06		11,091,721
1,915,000	c	Beta Finance, Inc	5.270	10/16/06		1,910,795
2,000,000	c	Beta Finance, Inc	5.250	01/16/07		1,968,792
3,000,000		Calyon	5.230	11/13/06		2,981,259
2,060,000		Canadian Imperial Holding, Inc	5.225	11/28/06		2,042,659
7,000,000		Canadian Imperial Holding, Inc	5.211	12/26/06		6,912,860
9,200,000		CC (USA), Inc	5.370	10/10/06		9,187,649
2,000,000		CC (USA), Inc	5.370	10/25/06		1,992,840
1,900,000		CC (USA), Inc	5.265	10/30/06		1,891,942
2,000,000	c	CC (USA), Inc	5.260	11/29/06		1,983,009
5,000,000	c	CC (USA), Inc	5.230	03/09/07		4,884,504
2,925,000	c	Ciesco Lp	5.280	10/12/06		2,920,281
6,000,000	c	Ciesco Lp	5.270	10/17/06		5,985,947
2,000,000	c	Ciesco Lp	5.260	10/18/06		1,995,032
3,000,000	c	Ciesco Lp	5.260	11/07/06		2,983,782

135

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL			RATE	DATE		VALUE
$     5,000,000	c	Ciesco Lp	5.270%	11/17/06	$	4,965,969
4,000,000		Citigroup Funding, Inc	5.350	10/02/06		3,999,406
4,900,000		Citigroup Funding, Inc	5.250	10/13/06		4,891,425
1,800,000		Citigroup Funding, Inc	5.250	10/31/06		1,792,125
3,766,000		Citigroup Funding, Inc	5.250	11/13/06		3,742,709
8,725,000		Citigroup Funding, Inc	5.250	11/14/06		8,669,015
1,850,000		Citigroup Funding, Inc	5.310	11/16/06		1,837,448
955,000	c	Corporate Asset Funding Corp, Inc	5.260	11/06/06		949,977
2,200,000	c	Corporate Asset Funding Corp, Inc	5.320	11/07/06		2,187,971
5,000,000	c	Corporate Asset Funding Corp, Inc	5.250	11/08/06		4,972,292
1,000,000	c	Danske Corp	5.270	10/30/06		995,755
2,040,000	c	Danske Corp	5.370	11/27/06		2,022,655
3,830,000	c	Danske Corp	5.285	12/18/06		3,786,143
1,800,000	c	Danske Corp	5.270	12/21/06		1,778,737
6,000,000	c	Danske Corp	5.225	12/28/06		5,923,367
2,000,000	c	Dorada Finance, Inc	5.270	10/10/06		1,997,355
5,000,000		Dorada Finance, Inc	5.370	10/12/06		4,991,796
2,480,000	c	Dorada Finance, Inc	5.270	12/04/06		2,456,765
5,000,000	c	Edison Asset Securitization, LLC	5.300	10/17/06		4,988,222
2,000,000	c	Edison Asset Securitization, LLC	5.250	10/30/06		1,991,542
3,893,000	c	Edison Asset Securitization, LLC	5.390	11/01/06		3,874,931
1,400,000	c	Edison Asset Securitization, LLC	5.100	11/14/06		1,391,273
7,000,000	c	Edison Asset Securitization, LLC	5.270	11/21/06		6,947,739
1,182,000	c	Edison Asset Securitization, LLC	5.270	11/28/06		1,171,983
1,272,000	c	Edison Asset Securitization, LLC	5.270	12/11/06		1,258,930
16,918,000	c	Fairway Finance Co, LLC	5.260	10/13/06		16,888,363
1,800,000	c	Fairway Finance Co, LLC	5.260	11/21/06		1,786,587
6,272,000	c	Fairway Finance Co, LLC	5.285	11/22/06		6,224,054
4,700,000		General Electric Capital Corp	5.300	10/12/06		4,692,389
6,000,000		General Electric Capital Corp	5.360	10/13/06		5,989,280
5,000,000		General Electric Capital Corp	5.290	10/18/06		4,987,510
620,000		General Electric Capital Corp	5.250	11/16/06		615,841
2,000,000		Goldman Sachs Group, Inc	4.810	11/02/06		1,991,482
1,600,000	c	Govco, Inc	5.390	10/12/06		1,597,365
11,000,000	c	Govco, Inc	5.390	10/19/06		10,970,433
4,370,000	c	Govco, Inc	5.370	10/25/06		4,354,355
2,190,000	c	Govco, Inc	5.320	11/02/06		2,179,644
990,000	c	Govco, Inc	5.290	11/15/06		983,454
4,250,000	c	Govco, Inc	5.265	12/18/06		4,200,957
400,000	c	Govco, Inc	5.430	12/26/06		394,830
350,000	c	Govco, Inc	5.240	03/16/07		341,590
1,550,000	c	Grampian Funding LLC	5.160	10/02/06		1,549,783
5,000,000	c	Grampian Funding LLC	5.390	10/17/06		4,988,560
2,000,000	c	Grampian Funding LLC	5.240	10/25/06		1,992,927
1,700,000	c	Grampian Funding LLC	5.280	11/07/06		1,690,896
2,000,000	c	Grampian Funding LLC	5.150	11/17/06		1,986,161
5,000,000	c	Greenwich Capital Holdings, Inc	5.340	10/19/06		4,986,650
2,305,000	c	Greenwich Capital Holdings, Inc	5.430	10/23/06		2,297,413
5,000,000		Greenwich Capital Holdings, Inc	5.240	12/01/06		4,956,951
6,000,000		Greenwich Capital Holdings, Inc	5.240	12/14/06		5,935,373
1,930,000	c	Greyhawk Funding LLC	5.270	10/30/06		1,921,807
2,000,000	c	Greyhawk Funding LLC	5.225	01/26/07		1,966,037
6,800,000	c	Harley-Davidson Funding Corp	5.225	10/20/06		6,781,248

136

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL			RATE	DATE		VALUE
$     8,860,000	c	Harrier Finance Funding LLC	5.265%	10/04/06	$	8,856,109
2,950,000		Harrier Finance Funding LLC	5.270	10/27/06		2,938,772
7,000,000	c	Harrier Finance Funding LLC	5.280	11/03/06		6,966,691
2,500,000		Harrier Finance Funding LLC	5.270	11/15/06		2,483,531
2,100,000		HBOS Treasury Services plc	5.300	10/26/06		2,092,271
3,000,000		HBOS Treasury Services plc	5.380	10/30/06		2,987,134
1,750,000		HBOS Treasury Services plc	5.270	11/01/06		1,741,998
1,525,000		HBOS Treasury Services plc	5.290	11/06/06		1,516,933
1,500,000		HBOS Treasury Services plc	5.320	11/08/06		1,491,577
3,775,000		HBOS Treasury Services plc	5.265	11/21/06		3,746,816
4,125,000		HBOS Treasury Services plc	5.270	11/29/06		4,089,697
3,250,000		HBOS Treasury Services plc	5.270	12/13/06		3,215,651
2,800,000		HBOS Treasury Services plc	5.230	12/27/06		2,764,610
6,000,000		HSBC Finance Corp	5.370	10/18/06		5,984,785
4,000,000		HSBC Finance Corp	5.250	10/23/06		3,987,167
3,000,000		ING Finance	5.350	10/24/06		2,989,746
4,204,000		ING Finance	5.240	11/29/06		4,169,043
5,029,000	c	Kitty Hawk Funding Corp	5.255	10/25/06		5,011,382
5,000,000	c	Kitty Hawk Funding Corp	5.260	10/26/06		4,981,736
1,967,000	c	Kitty Hawk Funding Corp	5.375	10/27/06		1,959,426
6,940,000	c	Links Finance LLC	5.270	12/07/06		6,871,932
1,555,000	c	Links Finance LLC	5.260	12/18/06		1,537,278
5,000,000	c	Links Finance LLC	5.315	02/08/07		4,904,035
3,640,000		Merrill Lynch & Co, Inc	5.280	10/02/06		3,639,466
2,895,000		Morgan Stanley Dean Witter	5.250	10/20/06		2,886,978
3,065,000		Paccar Financial Corp	5.340	10/06/06		3,062,727
1,815,000		Paccar Financial Corp	5.230	11/09/06		1,804,716
6,695,000		Paccar Financial Corp	5.240	11/15/06		6,651,064
1,150,000		Paccar Financial Corp	5.250	11/29/06		1,140,105
2,000,000		Paccar Financial Corp	5.250	12/01/06		1,982,208
3,214,000		Paccar Financial Corp	5.250	12/12/06		3,180,660
1,548,000		Paccar Financial Corp	5.240	12/13/06		1,531,791
5,000,000	c	Park Avenue Receivables Corp	5.260	10/05/06		4,997,078
15,000,000	c	Preferred Receivables Funding Corp	5.260	10/02/06		14,997,808
5,000,000	c	Private Export Funding Corp	5.245	10/31/06		4,978,146
2,640,000	c	Private Export Funding Corp	5.260	12/19/06		2,609,527
4,885,000	c	Private Export Funding Corp	5.260	01/11/07		4,812,197
6,225,000	c	Private Export Funding Corp	5.260	01/17/07		6,126,769
5,000,000	c	Private Export Funding Corp	5.230	01/18/07		4,920,824
1,500,000	c	Private Export Funding Corp	5.220	01/25/07		1,474,982
1,000,000		Rabobank USA Financial Corp	5.340	10/03/06		999,703
1,855,000		Rabobank USA Financial Corp	5.250	10/11/06		1,852,295
4,000,000	c	Ranger Funding Co LLC	5.250	10/24/06		3,986,583
1,527,000	c	Ranger Funding Co LLC	5.250	10/26/06		1,521,401
1,230,000	c	Ranger Funding Co LLC	5.265	11/01/06		1,224,423
9,217,000	c	Scaldis Capital LLC	5.275	10/16/06		9,196,843
1,000,000	c	Scaldis Capital LLC	5.380	10/27/06		996,114
1,042,000	c	Scaldis Capital LLC	5.420	12/18/06		1,029,763
4,000,000	c	Sedna Finance, Inc	5.285	11/30/06		3,965,146
6,000,000	c	Sedna Finance, Inc	5.270	12/08/06		5,940,273
6,580,000	c	Sheffield Receivables Corp	5.260	10/05/06		6,576,154
3,660,000		Sigma Finance, Inc	5.360	10/11/06		3,654,551
5,000,000		Sigma Finance, Inc	5.330	11/03/06		4,975,571

137

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL			RATE	DATE		VALUE
$     3,000,000		Sigma Finance, Inc	5.140%	11/30/06	$	2,974,300
1,300,000		Societe Generale North America, Inc	5.390	10/11/06		1,298,054
2,645,000		Societe Generale North America, Inc	5.360	10/12/06		2,640,663
1,900,000		Societe Generale North America, Inc	5.220	12/21/06		1,877,385
1,145,000		Societe Generale North America, Inc	5.250	01/08/07		1,128,469
3,200,000		Societe Generale North America, Inc	5.245	01/19/07		3,148,716
4,815,000		Societe Generale North America, Inc	5.240	02/20/07		4,715,479
3,130,000		Swedish Export Credit Corp	5.370	10/03/06		3,129,066
1,365,000		Swedish Export Credit Corp	5.230	11/08/06		1,357,464
3,000,000		Swedish Export Credit Corp	5.240	11/20/06		2,978,525
1,200,000		Toronto-Dominion Holdings USA, Inc	4.800	10/27/06		1,195,840
3,425,000		Toronto-Dominion Holdings USA, Inc	5.230	12/27/06		3,381,711
3,960,000		Toronto-Dominion Holdings USA, Inc	5.195	01/29/07		3,891,426
2,605,000		Toyota Motor Credit Corp	5.245	10/24/06		2,596,271
6,435,000		Toyota Motor Credit Corp	5.275	10/30/06		6,407,656
6,600,000		Toyota Motor Credit Corp	5.260	11/20/06		6,551,783
4,400,000		Toyota Motor Credit Corp	5.260	11/28/06		4,362,712
1,000,000		UBS Finance, (Delaware), Inc	5.380	10/06/06		999,264
5,500,000		UBS Finance, (Delaware), Inc	5.255	10/23/06		5,482,618
1,600,000		UBS Finance, (Delaware), Inc	5.255	10/24/06		1,594,582
4,300,000		UBS Finance, (Delaware), Inc	5.255	10/31/06		4,281,170
1,740,000		UBS Finance, (Delaware), Inc	5.250	11/16/06		1,728,327
1,600,000		UBS Finance, (Delaware), Inc	5.250	12/01/06		1,585,767
1,900,000		UBS Finance, (Delaware), Inc	5.220	01/11/07		1,871,899
2,000,000		UBS Finance, (Delaware), Inc	5.185	02/28/07		1,956,792
2,590,000	c	Variable Funding Capital Corp	5.360	10/02/06		2,589,614
6,965,000	c	Variable Funding Capital Corp	5.270	11/09/06		6,925,236
2,667,000	c	Yorktown Capital, LLC	5.270	10/20/06		2,659,582
4,844,000	c	Yorktown Capital, LLC	5.260	11/02/06		4,821,352
2,457,000	c	Yorktown Capital, LLC	5.090	11/10/06		2,443,104
		TOTAL COMMERCIAL PAPER				610,798,757
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.74%
313,000		Federal Farm Credit Bank (FFCB)	4.800	11/01/06		311,706
3,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.160	11/14/06		2,981,622
677,000		FHLMC	5.145	01/09/07		667,240
200,000		FHLMC	5.170	01/30/07		196,551
865,000		Federal National Mortgage Association (FNMA)	5.150	11/29/06		857,805
		TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES				5,014,924
VARIABLE NOTES - 3.97%( i )
5,000,000		International Business Machines Corp	5.364	06/28/07		5,001,676
5,000,000		National City Corp	5.428	06/04/07		5,002,430
3,000,000		Paccar Financial Corp	5.310	12/20/06		2,999,676
5,000,000		Suntrust	5.300	05/01/07		5,000,152
4,000,000		Suntrust	5.181	09/27/07		3,999,787
5,000,000		Toyota Motor Credit Corp	5.270	10/10/06		4,999,997
		TOTAL VARIABLE NOTES				27,003,718
		TOTAL SHORT-TERM INVESTMENTS				682,622,883
		(Cost $682,622,883)
		TOTAL PORTFOLIO - 100.40%				682,622,883
		(Cost $682,622,883)

138

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				VALUE
		OTHER ASSETS & LIABILITIES, NET - (0.40%)	$	(2,686,900	)
		NET ASSETS - 100.00%	$	679,935,983
	c	Commercial paper issued under the Private Placement exemption under Section 4(2) of the Securities
		Act of 1933, as amended.
	i	Floating rate or variable rate securities reflects the rate at September 30, 2006.

139

Item 2. 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 quarterly 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 last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer (EX-99.CERT)

3(b) Section 302 certification of the principal financial officer (EX-99.CERT)

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:  November 29, 2006	By:	/s/ Scott C. Evans
		Scott C. Evans
		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:  November 29, 2006	By:	/s/ Scott C. Evans
		Scott C. Evans
		Executive Vice President
		(principal executive officer)
Date:  November 29, 2006	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and
		Chief Financial Officer,
		(principal financial officer)

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer (EX-99.CERT)

3(b) Section 302 certification of the principal financial officer (EX-99.CERT)